Cullen’s Exploration Funding Strengthened by Wyloo Royalty Sale Amid Drilling Plans

Yardilla Project Gains Momentum

Cullen Resources Limited has made significant strides in its Yardilla Gold Project during the September 2025 quarter. The company signed a Heritage Protection Agreement, a critical step in ensuring responsible exploration practices, and secured the grant of the key tenement E63/2463. This tenement, combined with adjoining ground held by Cullen, forms a substantial 325 square kilometre land package in the Eastern Goldfields of Western Australia, an area known for its gold potential.

Following these approvals, Cullen has submitted a request for heritage clearance to commence drilling activities. Air core and reverse circulation drilling are planned to test historical shallow gold anomalies at the Cleanthes and Lila prospects, with soil sampling programs extended at Ten Mile and Lila West prospects. These efforts aim to delineate gold mineralisation along a 25-kilometre structural trend analogous to the Tropicana gold deposit, highlighting the project's promising geological setting.

Royalty Sale Boosts Financial Position

In a notable corporate development, Cullen completed the sale of its Wyloo Iron Ore Royalty to Vox Royalty Australia Pty Ltd for A$1.5 million in cash. This transaction provides a timely injection of funds to support ongoing exploration activities. Importantly, Cullen retains a contingent right to receive a further A$900,000 from Fortescue Metals Group Pilbara Pty Ltd upon any commercial mining decision at Wyloo, preserving future upside potential.

Joint Ventures Drive Exploration Progress

Cullen’s joint ventures continue to advance exploration across multiple fronts. At the Mt Eureka JV with High Tech Metals, drilling programs are progressing towards a pre-feasibility study, targeting a historic resource of approximately 63,000 ounces of gold. Meanwhile, the Killaloe JV with Lachlan Star has reported encouraging drill results, including high-grade intercepts that have expanded known mineralised zones. Assay results from recent drilling are expected in the December quarter, with further air core drilling planned.

Internationally, Cullen’s Finland JV with Capella Minerals has entered a strategic partnership with Turkish mining company Tümad. This collaboration aims to explore extensions of former gold-copper operations and test historical anomalies, with drilling scheduled for the Northern Finland winter season.

Financial and Corporate Updates

Exploration expenditure for the quarter was modest at $121,000, reflecting focused activities on Yardilla and Wongan Hills projects. The company maintained a strong cash balance of approximately A$1.4 million at quarter-end, supported by director loans which were fully repaid shortly after the period. Cullen also continues to manage its portfolio actively, with plans to divest non-core projects such as Barlee, Bromus South, and Cue when suitable opportunities arise.

Overall, Cullen Resources is positioning itself for a pivotal phase of exploration and development, leveraging its strengthened financial base and collaborative joint ventures to unlock value across its gold and base metal assets.