Cullen Faces Funding Crunch Despite Promising Gold Exploration Progress

Exploration Momentum in Western Australia

Cullen Resources Limited has made notable strides in its June 2025 quarterly activities, focusing on advancing its gold exploration projects across Western Australia. The Yardilla project, newly acquired and fully owned by Cullen, stands out with geological settings reminiscent of the giant Tropicana gold deposit. This similarity offers a promising model for Cullen’s exploration strategy, with plans to commence on-ground exploration in September following heritage approvals.

Meanwhile, the Marymia project, located north of Meekatharra, adds to Cullen’s portfolio with two exploration licences covering prospective granite-greenstone terranes. Historical data and recent geological interpretations suggest underexplored, Hermes-like gold settings, providing fertile ground for further investigation.

Joint Ventures Drive Resource Expansion

Cullen’s joint ventures continue to be a core part of its exploration approach. At the Mt Eureka JV, Cullen holds a 49% interest with High-Tech Metals Limited managing the project. High-Tech Metals has initiated a substantial 15,000-metre drilling campaign targeting resource extensions and new discoveries. Similarly, the Killaloe JV, managed by Lachlan Star Limited, has reported encouraging drilling results with multiple gold mineralisation zones identified near Norseman, Western Australia.

Strategic Partnership in Finland

Internationally, Cullen has strengthened its position through a strategic earn-in agreement with Tümad, a leading Turkish mining company, targeting Cullen Finland Oy’s exploration permits in the Central Lapland Greenstone Belt. This partnership allows Tümad to earn up to an 80% interest by investing in staged exploration and feasibility studies, including a minimum 4,000-metre core drilling program in the first year. The collaboration aims to unlock gold-copper deposits in a historically productive region, leveraging Cullen’s local expertise and Tümad’s operational capacity.

Financial Position and Future Outlook

Exploration expenditure for the quarter was $107,000, reflecting ongoing data compilation, project generation, and preparatory work for drilling programs. Operating cash outflows totaled $158,000, with cash reserves at a modest $7,000 at quarter-end. The company benefits from unsecured, interest-free loans totaling $60,000 from directors, providing short-term liquidity. Cullen also holds iron ore royalty interests linked to significant projects in Western Australia, which may offer future cash flow or monetisation opportunities.

Managing Director Dr. Chris Ringrose highlighted the exciting potential of the new exploration licences and joint ventures, emphasizing the company’s strategy of leveraging geological models and partnerships to build value. Cullen continues to evaluate its portfolio actively, considering divestments of non-core assets to maintain focus on high-potential gold and copper targets.