Cullen Resources (ASX:CUL) Returns Gold Drill Intercepts at Yardilla Project With Minimal Cash Remaining

Aditi Sarkar

29 October 2026 04:54 PM AEDT

Cullen Resources (ASX:CUL) Returns Gold Drill Intercepts at Yardilla Project With Minimal Cash Remaining

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Highlights

• Cullen Resources Cullen said air core drilling at Yardilla confirmed and extended historical gold prospects, while its cash.

• Cullen Resources Limited , a Perth-based explorer focused mainly on gold, released its quarterly report and Appendix 5B.

• Air core drilling at Lila and Cleanthes confirmed and extended historical prospects, each with about 2km of strike.

• The results are early-stage and are based mostly on five-metre composite samples with limited drilling.

Cullen Resources (ASX:CUL) — Cullen said air core drilling at Yardilla confirmed and extended historical gold prospects, while its cash covers less than one quarter of operating outflows.

Cullen Resources Limited , a Perth-based explorer focused mainly on gold, released its quarterly report and Appendix 5B for the quarter ended 30 September 2026 on 29 October 2026. The company said air core drilling at the Lila and Cleanthes prospects in its Yardilla gold project in Western Australia confirmed and extended historical gold mineralisation, but it also reported cash of A$176k, down from A$293k, and an estimated funding runway of 0.81 quarters.

Yardilla gold project

Air core drilling at Lila and Cleanthes confirmed and extended historical prospects, each with about 2km of strike. The best one-metre results were 2.42 grams per tonne gold, 2,610 parts per million copper and 6.7 grams per tonne silver, and the report also cites 20m at 0.11 grams per tonne gold from 30m. The mineralisation is hosted in weathered gneisses linked to the Cundeelee Fault. The company said follow-up, deeper air core and/or reverse circulation drilling is a priority.

The results are early-stage and are based mostly on five-metre composite samples with limited drilling. The report describes Cullen as having earned a 20 per cent interest in licence E63/2463, with an option to acquire up to 90 per cent, yet the tenement schedule shows 90 per cent, so Cullen's current interest is unclear from the document.

Other projects

At North Tuckabianna, a moving-loop electromagnetic survey found a bedrock conductor of about 500 siemens, modelled at roughly 200m depth, and a 200m drill hole is proposed. No work was carried out at Marymia this quarter, where first-pass mapping and sampling is planned over about 75 square kilometres, and reconnaissance mapping is planned at Errabiddy, which covers about 250 square kilometres.

Joint ventures

At Mt Eureka, where Cullen holds a 25 per cent carried interest, the joint venture manager High Tech Metals identified four priority targets and plans to change its name to Beyond Discovery Limited. At Killaloe, where Cullen has a 20 per cent free-carried interest, Lachlan Star completed a gravity survey of about 16 square kilometres, heritage clearances are done and a program of work is in place. In northern Finland, where Cullen holds 20 per cent, two diamond holes totalling 669.2m returned up to 0.98 per cent copper over 1.0m with no significant gold, and Tümad discontinued funding while retaining a one per cent net smelter royalty.

Corporate and cash

Cullen sold its Bromus project to Sinclair Gold for A$350,000 in Sinclair Gold shares and A$100,000 in cash. Only the A$100,000 cash component was received during the quarter. Operating outflow was A$217k, made up of A$89k on exploration, A$81k on staff and A$47k on administration, and related-party payments were A$81k.

The company has no debt facilities. The estimated funding runway of 0.81 quarters is well under the two-quarter level the filing refers to as a threshold, and a capital raising or asset sale is likely to be needed in the near term.

What the quarter shows

The quarter's work consisted of drilling at Yardilla and desktop and survey work elsewhere, with partner-funded activity at the joint ventures. The A$350,000 balance of the Bromus consideration is payable in Sinclair Gold shares, so it does not extend the cash runway.

Potential royalty income

The report also refers to potential royalty payments: A$900,000 from Fortescue if mining starts at Wyloo North, and A$1m from Mt Stuart if a final investment decision is made. Neither is near-term or certain.

Risks and next steps

The company's confirmed priorities are deeper drilling at Yardilla, a proposed drill test of the North Tuckabianna conductor, and first-pass work at Marymia and Errabiddy. Cullen's ability to carry out these programs depends on raising funds or realising assets, given its cash balance, and exploration results of this type do not constitute a mineral resource.

FAQs

Q: What is the main development reported by Cullen Resources?

A: Cullen Resources — Cullen said air core drilling at Yardilla confirmed and extended historical gold prospects, while its cash covers less than one quarter of operating outflows.

Q: What should readers watch next for Cullen Resources?

A: The company's confirmed priorities are deeper drilling at Yardilla, a proposed drill test of the North Tuckabianna conductor, and first-pass work at Marymia and Errabiddy. Cullen's ability to carry out these programs depends on raising funds or realising assets, given its cash balance, and exploration results of this type do not

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