Cullen Resources Advances Yardilla Gold Project with Key JV Drilling Plans

Strategic Acquisition and Exploration at Yardilla

Cullen Resources Limited has taken a decisive step in its gold exploration strategy by exercising an option to acquire a 90% interest in the Yardilla Project, located in the Eastern Goldfields of Western Australia. The project, covering approximately 325 square kilometres, hosts significant gold-in-calcrete anomalies at the Lila and Cleanthes prospects, with historical soil assays showing elevated gold values up to 86 ppb and strong structural targets analogous to the Tropicana gold deposit.

Heritage clearance processes are advancing, with a draft Heritage Protection Agreement submitted to the Native Title Party, enabling Cullen to prepare for near-term drilling. The company’s geological interpretation highlights a ~25km thrust fault trend with multiple stacked mineralised sheets, offering a compelling exploration model that remains largely untested at depth and along strike.

Joint Venture Momentum: Mt Eureka and Killaloe

In parallel, Cullen’s joint ventures are gaining momentum. At the Mt Eureka JV in the Northern Goldfields, Cullen holds a 49% free carried interest following Rox Resources’ earned 51% stake. The recent acquisition completion by High-Tech Metals has paved the way for an aggressive 15,000-metre diamond drilling program targeting extensions of known mineralisation and new targets identified through recent geophysical surveys.

Meanwhile, at the Killaloe JV in the Eastern Goldfields, where Cullen retains a 20% free carried interest, exploration surveys and heritage clearances are progressing. Drilling is anticipated to commence in May, following the completion of regulatory approvals. Historical intercepts at Killaloe include significant shallow supergene gold mineralisation, underscoring the prospectivity of the area.

Financial Position and Corporate Strategy

During the quarter, Cullen invested $315,000 in exploration and evaluation activities, focusing on Yardilla, Wongan Hills, and other projects. The company ended the period with $68,000 in cash and raised $739,000 through equity issues, reflecting a proactive approach to funding ongoing operations and exploration programs.

Cullen also disclosed payments totaling $79,000 to related parties, primarily executive and director remuneration. The company maintains a disciplined capital management strategy, monitoring cash flow closely and preparing to access additional funding through equity or borrowings if required.

Broader Portfolio and Future Outlook

Beyond Australia, Cullen continues to advance its Finland JV with Capella Minerals, holding a 30% free carried interest focused on copper-gold targets in the Central Lapland Greenstone Belt. The company is evaluating key permits and planning initial diamond drilling to test geochemical anomalies associated with historical mining operations.

Additionally, Cullen is actively reviewing opportunities to divest non-core assets such as Barlee, Bromus South, and Cue projects, aiming to streamline its portfolio and concentrate on high-potential gold and copper exploration targets. This strategic focus aligns with the company’s objective to generate value through early-stage exploration success and joint venture partnerships.