New Risk • Feb 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 76% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 6.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (76% increase in shares outstanding). Revenue is less than US$1m (AU$461k revenue, or US$326k). Minor Risk Market cap is less than US$100m (AU$26.8m market cap, or US$19.0m). Announcement • Feb 18
Viking Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 4.495693 million. Viking Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 4.495693 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 339,938,637
Price\Range: AUD 0.005
Discount Per Security: AUD 0.00035
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 559,200,001
Price\Range: AUD 0.005
Discount Per Security: AUD 0.00035
Transaction Features: Subsequent Direct Listing New Risk • Jan 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 6.2% per year over the past 5 years. Revenue is less than US$1m (AU$461k revenue, or US$307k). Market cap is less than US$10m (AU$14.4m market cap, or US$9.64m). Minor Risk Shareholders have been diluted in the past year (28% increase in shares outstanding). Announcement • Dec 17
Viking Mines Limited (ASX:VKA) entered into a binding terms sheet to acquire Six tungsten projects located in the Tier 1 jurisdiction of Nevada from BLK Group LLC for $2.3 million. Viking Mines Limited (ASX:VKA) entered into a binding terms sheet to acquire Six tungsten projects located in the Tier 1 jurisdiction of Nevada from BLK Group LLC for $2.3 million on December 16, 2025. The transaction will be financed through private placement of $4.3 million. The transaction is subject to approval by regulatory board / committee and consummation of due diligence investigation. Announcement • Dec 16
Viking Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 4.295693 million. Viking Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 4.295693 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 339,938,637
Price\Range: AUD 0.005
Discount Per Security: AUD 0.00035
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 519,200,001
Price\Range: AUD 0.005
Discount Per Security: AUD 0.00035
Transaction Features: Subsequent Direct Listing Announcement • Sep 22
Viking Mines Limited, Annual General Meeting, Nov 12, 2025 Viking Mines Limited, Annual General Meeting, Nov 12, 2025. Location: at 15-17 old aberdeen place, west perth wa 6005 Australia New Risk • Sep 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.2m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 6.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m (AU$461k revenue, or US$303k). Market cap is less than US$10m (AU$9.41m market cap, or US$6.18m). New Risk • May 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m (AU$159k revenue, or US$102k). Market cap is less than US$10m (AU$9.41m market cap, or US$6.03m). Announcement • Mar 12
Viking Mines Limited Board Changes Viking Mines Ltd. announced the appointment of Dr. Julian Stephens to its Board of Directors, as Non-Executive Director, effective 11 March 2025. Viking further wishes to advise that Mr. Michael Cox will step down as a Non-Executive Director, effective 31 March 2025. Dr. Stephens is a seasoned professional in the field of mineral resource discovery and strategic exploration, with more than 25 years of extensive industry experience. He has a track record of proven leadership and exploration success, demonstrated in his term as Managing Director at Sovereign Metals Limited. He led the team that discovered the world's largest rutile deposit at Kasiya in Malawi and helped secure a strategic investment of approximately $40 million from Rio Tinto. Dr. Stephens conducted his PhD on RIRG Systems (reduced intrusion-related gold) and has substantial experience in Archaean and Paleoproterozoic greenstone-hosted gold exploration, including in the broader Davyhurst-Riverina area. His impressive career is marked by considerable contributions to the discovery and development of multiple mineral deposits worldwide, showcasing his strategic and effective leadership in exploration and project management. Dr. Stephens is a member of the Australian Institute of Geoscientists and continues to contribute to the industry in his other current role as a Non-Executive Director of Sovereign Metals Limited. New Risk • Jan 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m (AU$148k revenue, or US$93k). Market cap is less than US$10m (AU$12.0m market cap, or US$7.49m). Minor Risk Shareholders have been diluted in the past year (30% increase in shares outstanding). Announcement • Nov 28
Viking Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 2.39 million. Viking Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 2.39 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 265,555,556
Price\Range: AUD 0.009
Discount Per Security: AUD 0.00054
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Nov 18
Viking Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 2.39 million. Viking Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 2.39 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 265,555,556
Price\Range: AUD 0.009
Discount Per Security: AUD 0.00054
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Sep 24
Viking Mines Limited, Annual General Meeting, Nov 13, 2024 Viking Mines Limited, Annual General Meeting, Nov 13, 2024. Location: at 15-17 old aberdeen place, west perth wa 6005 Australia New Risk • Jun 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Market cap is less than US$10m (AU$7.18m market cap, or US$4.74m). Minor Risk Revenue is less than US$5m (AU$4.5m revenue, or US$3.0m). New Risk • Apr 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Market cap is less than US$10m (AU$11.3m market cap, or US$7.23m). Minor Risk Revenue is less than US$5m (AU$4.5m revenue, or US$2.9m). Reported Earnings • Mar 13
First half 2024 earnings released: AU$0.002 loss per share (vs AU$0 in 1H 2023) First half 2024 results: AU$0.002 loss per share (further deteriorated from AU$0 in 1H 2023). Revenue: AU$51.7k (up AU$48.2k from 1H 2023). Net loss: AU$1.79m (loss widened 181% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Announcement • Oct 05
Viking Mines Limited, Annual General Meeting, Nov 22, 2023 Viking Mines Limited, Annual General Meeting, Nov 22, 2023, at 10:00 W. Australia Standard Time. New Risk • Jun 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m (AU$28k revenue, or US$19k). Market cap is less than US$10m (AU$8.20m market cap, or US$5.51m). Reported Earnings • Mar 17
First half 2023 earnings released: EPS: AU$0 (vs AU$0.002 in 1H 2022) First half 2023 results: EPS: AU$0 (down from AU$0.002 in 1H 2022). Net loss: AU$638.1k (down 129% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
Viking Mines Ltd Provides Update on Review of Historical Metallurgical Testwork Completed on the Canegrass Battery Minerals Project Viking Mines Ltd. provide an update on a review of historical metallurgical testwork completed on the Canegrass Battery Minerals Project (‘Canegrass’ or ‘the Project’). Viking has identified three rounds of metallurgical testwork that has been conducted on samples collected from Canegrass. The objectives of the respective programmes have varied over time and not been focussed on producing a concentrate optimised for V2O5 recovery. This presents a unique opportunity for the Project as the true value of the vanadium has not been effectively assessed. Even with the lack of focus however, the results of the testwork completed demonstrate that high V2O5 can be achieved into a magnetic concentrate. Discussion: Maximus Resources Ltd. (‘Maximus’) commissioned ProMet Engineers to review results from Davis Tube Recovery (‘DTR’) tests completed on 15 samples collected from five RC drillholes across the Project tenements. Of the 15 samples tested, eight are from the Alpha domain of the Fold Nose JORC (2012) Inferred Mineral Resource (59Mt at 0.66% V2O52), with the remaining seven samples collected from drillholes located in different parts of the stratigraphy outside of the calculated Mineral Resource. The objective of the testwork was to determine if a magnetite concentrate could be produced for the purpose of direct shipping. As such, the strategy adopted by Maximus appears to have been focussed on producing iron ore, and not vanadium, as the direct shipping of a magnetite concentrate to a blast furnace would likely not receive credits for the vanadium content. Notwithstanding the focus of the testwork and sample selection being on the Iron content, the testwork has proved useful in the context of assessing vanadium recovery. The results presented above are focussed on those from the Alpha Domain of the Fold Nose Mineral Resource. The eight samples that fall in the Alpha domain have demonstrated moderate to high vanadium recoveries, especially given that the samples selected are from the oxidised upper portion of the deposit. This oxide zone would be expected to see lower recoveries than samples collected from fresh rock found below the oxidation profile. This improvement in recovery is evident with the results from four samples in hole MNRC0017 reaching 76.3% vs. a maximum of 63.0% in hole MNRC0016. Most encouraging of all is the grade of the concentrate reaching as high as 1.54% V2O5. This demonstrates that whilst the total recovery is lower in the oxide zone, a suitable concentrate grade can be achieved. Discussion: Flinders Mines Ltd. (‘Flinders’) commissioned WorleyParsons to conduct a range of staged testwork on samples collected from nine RC drillholes from across the project tenure. Important to note is that only one of these drillholes sampled the Alpha Domain of the Fold Nose Mineral Resource as part of the Canegrass Project and is the focus of this discussion. The remainder of the samples are not representative of the mineralisation found at the Fold Nose Mineral Resource and provide regional context but not direct information on the metallurgy of the Project. As with the ProMet testwork, the objective was to produce a magnetite concentrate as a direct shipping product and as such was not optimised for vanadium and unlikely to see any value if shipped to a blast furnace as iron ore. This is especially apparent in the low vanadium head-grades of the samples used from the Fold Nose Mineral Resource. It is unclear why samples below the mineral resource cut-off grade were selected and can only be assumed that the focus was not on vanadium extraction due to the envisaged product being shipped to a blast furnace. The priority appears to be to determine the recovery of iron (as magnetite) and that the substantial value of the vanadium does not seem to have been considered in the selection of the samples. However, even with the sub-optimal sample selection, positive results were received with vanadium recovery up to 86.3%. This has helped to provide insights into the metallurgical characteristics of the VTM mineralisation at the Canegrass Project. The report details Stage 1 involved DTR tests on 25 composite samples, from which two subsequent composites were produced from the one drillhole within the Alpha Domain of the Fold Nose Mineral Resource. The results in the report have been reported by domain and not by individual samples so there remains some uncertainty around individual sample performance. The Stage 2 testwork involved the combination of the samples used for DTR testwork to produce larger samples for LIMS testwork. NAGROM Testwork (2020): Three samples from two drillholes are selected from north of the Canegrass Project Kinks Inferred Mineral Resource within the fresh rock profile; Wet High Gradient Magnetic Separation (WHGMS) testwork at various grind sizes was completed with follow up mineralogy of the concentrates using INCA Mineralogy tests. A grind size of P100 -1mm was initially used with a low magnetic field strength of 100 Gauss to produce a rougher concentrate; Average of WHGMS results: V2O5 recovery 89.0%; Head (feed) grade of 0.61% V2O5; Concentrate grade of 1.03% V2O5. High recoveries were obtained at a very coarse grind size and low magnetic field strength; Progressive regrinds saw concentrate grade increase whilst recovery decreases; Chalcopyrite (copper sulphide mineral) was identified in the non-magnetic tail confirming presence of this battery mineral. Discussion Flinders commissioned NAGROM laboratories to undertake a series of Wet High Gradient Magnetic Separation (WHGMS) testwork and mineralogical studies on the concentrates to better understand the metallurgical properties of the mineralisation. As with the previous testwork, there appears to be limited thought applied to the appropriate selection of samples. Two drillholes (that are located 180m and 1,400m North of the Kinks Mineral Resource respectively) were used to provide chips for analysis, with no samples from within the current Inferred Mineral Resource areas. That said, the samples do appear to be located from extensions of the known mineralisation and can be considered useful in providing insight into potential vanadium recovery from the Project. The testwork completed a series of WHGMS tests at various grind sizes with a low magnetic field strength to determine the various recoveries at different grind sizes (Appendix 1). Importantly, and noted in the reports, the presence of chalcopyrite (copper sulphide mineral) was identified in the non-magnetic tail. This reaffirms the potential for copper credits at the Project and that further metallurgical testwork to produce a sulphide concentrate is required in future testwork programmes. Buying Opportunity • Feb 10
Now 24% undervalued Over the last 90 days, the stock is up 38%. The fair value is estimated to be AU$0.014, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 125% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Michael Cox was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 01
Full year 2022 earnings released: EPS: AU$0.001 (vs AU$0.008 loss in FY 2021) Full year 2022 results: EPS: AU$0.001 (up from AU$0.008 loss in FY 2021). Revenue: AU$4.16m (up AU$4.00m from FY 2021). Net income: AU$1.39m (up AU$6.05m from FY 2021). Profit margin: 33% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Sep 23
Viking Mines Limited, Annual General Meeting, Nov 15, 2022 Viking Mines Limited, Annual General Meeting, Nov 15, 2022, at 10:00 W. Australia Standard Time. Location: 15-17 Old Aberdeen Place West Perth Western Australia Australia Board Change • May 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Michael Cox was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 19
Viking Mines Announces Resignation of David Hall, Non-Executive Director Viking Mines Limited advised that Non-Executive Director Mr. David Hall has resigned, effective immediately. Announcement • Apr 20
Viking Mines Limited Appoints Charles Thomas as Non-Executive Chairman Viking Mines Limited updated the market with changes to the structure of the Board with the appointment of Mr. Charles Thomas as Non-Executive Chairman effective immediately, taking over the Chair from Mr. Michael Cox who has been acting as Interim Chair since 3 August 2021. Mr. Thomas holds a Bachelor of Commerce from UWA majoring in Corporate Finance and is a Founding Director of GTT Ventures Pty Ltd, a specialist corporate advisory and investment firm who have previously worked with and advised Viking, most recently with the acquisition of the First Hit Project. Mr. Thomas has worked in the financial service industry for more than 15 years and has extensive experience in capital markets as well as the structuring of corporate transactions. Announcement • Apr 19
Viking Receives Final Assays for First Hit RC Drill Program Viking Mines Limited updated the market on the results received for the remaining 33 holes that were drilled as part of the 71 hole, 6,723m RC Drilling Programme at the First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the WA Goldfields. All assays have now been received and gold has been intersected at all 4 targets areas tested as part of the First Hit RC drill programme which was completed in the December Quarter. Newly received results include near surface mineralisation intersected at the Twin Peaks and First Hit South target areas, confirming the presence of gold bearing structures. New significant intersections include: VKRC0043: 2m at 3.71 g/t Au from 53m; VKRC0041: 1m at 7.66 g/t Au from 45m; VKRC0028: 2m at 4.49 g/t Au from 147m. Reported Earnings • Mar 10
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$0.002 (up from AU$0.002 loss in 1H 2021). Revenue: AU$4.13m (up AU$4.08m from 1H 2021). Net income: AU$2.22m (up AU$2.88m from 1H 2021). Profit margin: 54% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Mar 04
Viking Viking Mines Limited Hits Bonanza Gold Up to 36G/T Au 1.5Km from First Hit At Jana's Reward Target Viking Mines Limited announced update the market on the assays received from 9 of the 11 holes drilled at the Jana's Reward target as part of the 71-hole, 6,723m RC Drilling Programme at the First Hit Project, 50km west of Menzies in the WA Goldfields. These assay results bring the total number of holes reported from the December quarter drill programme to 38 (54% of the total 71 holes drilled). New high-grade assays received as part of the recent drilling programme include: VKRC0057: 1m at 36.49g/t Au from 17m VKRC0053: 1m at 17.83g/t Au from 16m These high-grade gold intersections at the Jana's Reward target (Figure 1) are hosted in a newly identified structural position which is parallel to the First Hit structure (host to the historic high-grade First Hit gold mine and the recently discovered Hilton and Camp 1 shoots1). This success further supports the Company strategy of identifying additional shoots and mineralised structures outside the limits of the previously defined First Hit mine to provide growth options for shareholders through discovery. VKRC0053Drilling intersected a combination of rock types with basalt, intermediate volcanics and pegmatites. The mineralisation occurs near the contact between the basalt and the intermediate volcanic unit and is characterised by a broad gold halo of 15m >40ppb Au (Figure 3). Within this zone two intercepts have been encountered above a 0.5g/t Au cut-off. 1m at 17.83g/t Au from 16m. 1m at 1.73g/t Au from 29m. The high-grade intercept at 16m downhole occurs within the intermediate volcanic unit and is characterised by increased quartz and shearing of the host rock. Elevated biotite and minor sulphides in the form of pyrite is also present. VKRC0057 Drilling intersected pre-dominantly basalt host rocks with pegmatites occurring at the top and bottom of the hole. The mineralisation occurs near the top of the hole within the basalt and is characterised by a lower-level broad gold halo of 31m >15ppb Au and a higher-level halo of 16m >40ppb (Figure 3). Within this broad anomalous zone of elevated gold values, two intervals have been encountered above a 0.5g/tAu cut-off grade.1m at 1.15g/t Au from 2m,2m at 18.71g/t Au from 17m.Including 1m at 36.49g/t Au. Announcement • Feb 16
Viking Mines Limited Receives Remaining Assays for First Hit North Target Viking Mines Limited updated the market on the assays received for the remaining holes drilled in the First Hit North target as part of the 71-hole, 6,723m RC Drilling Programme at the First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the WA Goldfields. These assay results bring the total number of holes reported to 29 (41% of the total 71 holes drilled). As reported on 22 December 2021, two potential mineralised shoots have been identified north of the historic First Hit Gold Mine. These results further support this theory and will be added to the wireframe model under development for the First Hit North target. The historic First Hit Mine pursued a narrow vein, high grade gold deposit and to date, these two additional shoots continue to demonstrate geological similarity. New high-grade assays received as part of the recent drilling programme include: VKRC0001: 1m at 7.48g/t Au from 88m; VKRC0004: 1m at 5.97g/t Au from 36m; and VKRC0021: 2m at 4.10g/t Au from 15m. The wide spaced design (80m drill sections) of this drilling programme was used to test ~800m strike of the First Hit structure north from the historic mine. The successful identification of two potential shoots along the structure has achieved the primary objective of identifying high-grade mineralised positions along this previously under explored trend. First Hit North: All assay results have now been received for the First Hit North target. In total 29 drillholes tested this target, which represents 41% of the 71 holes drilled across the 4 target areas. Drilling was completed in December 2021. The two new shoots that have been identified have been named Camp 1 (720m North of the First Hit historic mine workings) and Hilton (220m North of the First Hit historic mine workings). The newly discovered Camp 1 shoot has been encountered over ~125m strike length and to a depth of ~70m from surface. Drilling has confirmed the presence of a continuously mineralised zone with demonstrated capability to generate high-grade gold intercepts with visible gold. Upon review of the drilling data, the mineralised zone appears steeper in cross section than predicted prior to drilling. This, combined with drillholes steepening due to excessive deviation whilst drilling, has resulted in holes VKRC0020, VKRC0022, VKRC0024 & VKRC0026 potentially not reaching the mineralised position. This is significant as is means the shoot has not been effectively tested downdip from the intersected mineralisation in the shallower holes. Further evaluation and assessment is required to test the down dip potential of this shoot. The potential for drilling diamond tails off the RC holes is under consideration. Announcement • Dec 23
Viking Mines Limited Reports Completion of Its 72 Hole, 6,723M RC Drilling Programme At the Flagship First Hit Project, 50Km West of Menzies in the WA Goldfields Viking Mines Limited reported completion of its 72 hole, 6,723m RC Drilling Programme at the flagship First Hit Project, 50km west of Menzies in the WA Goldfields. Viking is also pleased to announce the first set of assay results have been received for 7 of the 72 holes completed (10% of the programme). These first results are from the First Hit North target area and, importantly, confirm the presence of high-grade gold mineralisation 720m north of the historic high grade First Hit gold mine. Hole VKRC0023 returned 2m at 9.67g/t Au from 26m downhole and hole VKRC0066 returned 2m at 4.26g/t Au from 75m (located 40m to the south and 40m downdip of hole VKRC0023). Whilst many results are still pending and interpretation is required, the first set of results support the potential for a mineralised shoot 720m north of the historic First Hit gold mine. Additional assays received also confirmed the presence of gold 220m north of the historic First Hit mine workings with 2 additional potential shoot positions identified outside of the limits of the First Hit mine workings. In total, the 72 hole, 6,723m drill programme tested 4 targets, with visible gold identified in 5 drillholes to date1&2. Included in this total are 7 additional holes for 724m that were planned and completed to test additional areas at the First Hit North and Jana's Reward targets which were identified as drilling progressed. The additional holes were planned based on the visible gold seen at First Hit North. The visible gold gave the exploration team the confidence for an additional drill traverse testing 300m north of the planned limits of drilling. Additionally, based on gold nuggets and gold in quartz identified in historic workings at Jana's Reward, the Company planned and drilled one hole to 70m. Assay results for these holes are pending. Assay results have been received for 735 samples at the time of this release. This represents only 7 drillholes (26%) of the 27 holes completed at the First Hit North target and <10% of the 72 holes drilled in total across the 4 target areas. The results include all the samples for the 5 drillholes where visible gold has been observed at the expected target intervals1&2. Significant results received to date are: 720m North of the First Hit historic mine workings: VKRC0023: 2m at 9.67g/t Au from 26m; VKRC0066: 2m at 4.26g/t Au from 75m. These results confirm the presence of high-grade gold and the potential for a newly discovered high-grade shoot 720m North of the historic First Hit mine. Importantly, these results also support the observation of visible gold at the target intervals. 220m North of the First Hit historic mine workings: VKRC0008: 1m at 4.56g/t Au from 64m VKRC0009: 1m at 2.55g/t Au from 98m. These results confirm the continuity of the First Hit structure from the historic workings and compare with the variable nature of the mineralisation as previously observed at First Hit. Further assessment of the samples received is required, including additional Photon assay analysis on the remaining portion of the high-grade samples to determine the variability due to the relatively coarse nature of the gold seen in the RC chips. This will determine if there is a significant nugget effect occurring. A nugget effect is where repeat assays have a much higher or lower grade due to the nuggety nature of the mineralisation which is common with high-grade narrow vein deposits. The frequency and occurrence of high-grade gold identified 720m North of the historic First Hit mine workings demonstrates the potential for a high-grade shoot to be defined with further drilling. At 80m drill spacing, a single high-grade result leaves sufficient untested strike length either side of the intercept to host a mineralised shoot up to 160m in length (distance to the adjoining drill sections). The planning of additional holes in the field (VKRC0066 & VKRC0067) to reduce the drill spacing and the subsequent intersection of gold in hole VKRC0066 confirms the continuity of a potential shoot. On receipt of the remaining assays for First Hit North, follow up drill programmes will be assessed. Announcement • Oct 09
Viking Mines Limited Commences RC Drilling on High Priority Targets Viking Mines Limited announced that field crews have been mobilised to site and drilling has commenced on the important follow-up -6,500m, ~65 hole RC program at the company's flagship First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the WA Goldfields. Site preparation works are well advanced and drilling has started on the first target of the programme, focussing immediately around the high grade step out diamond hole VDD016 drilled earlier this year, returning 1m at 13.52g/t Au1, 165m North of the historic workings. The initial focus will be testing the First Hit structure North and South of the historic mine workings (Figure 3). Once drilling has been completed on these targets, the programme will move on to the other prospects. Viking has mobilised the exploration team to site and field activities have commenced. The immediate priorities are focussed around the safe and efficient execution of the drill programme. Priority works include: Complete drill pad preparation activities, Ramp up drilling productivity, Focus on drill testing the First Hit structure to the North and South, Detailed logging of drill chips and cross-section generation, Identification of the First Hit structure in the drill chips and logging of geology on to cross-sections. Ongoing review of drill hole locations as data is collected to ensure effective targeting of the First Hit structure. Shipment of the first batch of samples to the laboratory by mid-October. Reported Earnings • Oct 04
Full year 2021 earnings released: AU$0.008 loss per share (vs AU$0.002 loss in FY 2020) Full year 2021 results: Net loss: AU$4.66m (loss widened AU$3.95m from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Sep 23
Viking Mines Limited Completes New Viking Drill Programme to Focus on High Priority Gold Targets Viking Mines Limited announced planning has been completed for the important follow-up RC drilling program on the Company's First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the WA Goldfields. The Company will undertake a 6,500m RC drill programme with 65 drillholes to test five priority gold targets across the First Hit Project tenements. The drill programme will follow up on results received from the Diamond1 (DD) and Air Core2 (AC) drilling programmes completed in the first half of CY2021 and subsequent field visits. The primary objective of the programme is to obtain additional data to advance the priority targets and to identify new gold bearing mineralised shoots close to surface which, if identified, could be rapidly advanced. Executive Departure • Aug 04
Executive Chairman of the Board Raymond Whitten has left the company On the 2nd of August, Raymond Whitten's tenure as Executive Chairman of the Board ended after 6.8 years in the role. As of March 2021, Raymond still personally held 2.63m shares (AU$105k worth at the time). A total of 2 executives have left over the last 12 months. Announcement • Jun 25
Viking Mines Limited Receives First Diamond Results & Sights Visible Gold Viking Mines Limited announced the release of the first assay results for the First Hit Project (the Project). Results have completed all QAQC verification, and a significant intercept has been received with associated visible gold in the core. The distribution and tenor of gold grades received reflects those observed in the historical data sets. Of the 14 diamond holes drilled into First Hit by Viking (excluding 4 step out holes), 11 drillholes attained target testing the lode position. 2 holes hit old workings and one hole deviated above the recently identified plunge of the lode system. Of these 11 holes, assay results have been received for only 3 so far, with assays pending for the remaining 8 holes. Results have been received for 6 holes in total with only 3 of these intercepting the targeted Kylie/Evans lode position. 3 drillholes attained the target lode position identified from the recent plunge/foliation relationship observed from the drillcore1, intersecting the mineralised horizon. 2 drillholes that deviated and hit workings. No significant assays to report. Broader zones 10m to 15m wide displaying weak (>10ppb) elevated gold content
are observed around the mineralised positions (Appendix 1 Results >0.1g/t Au (10ppb)). This provides context for the level of anomaly in regional targeting in Air Core for follow up drill testing. Results are pending from the laboratory for holes VDD002, VDD005, VDD006, VDD009, VDD010, VDD013, VDD014 & VDD015 at First Hit. Expected results timeframes remain in line with the forecast. Core from the step out holes VDD0018 and VDD0019 has been cut and sampled and delivered to the laboratory for analysis. Core from step out holes VDD0016 and VDD0017 is in process to be cut and sampled and is expected to be delivered to the laboratory before the end of June. Two zones of gold bearing mineralisation have been identified in hole VDD012 and are reported below 1.0m at 47.05g/t Au from 173m and 1.0m at 3.73g/t Au from 167m. Significant coarse gold has been seen in the drill core within the associated interval. The thickness and grade of the interval is in line with historical grade ranges seen in the historical drilling and face sampling. The location of the two zones of mineralisation is being reviewed to determine which lodes and interpretation they are associated with. One zone of gold bearing mineralisation has been identified in hole VDD008 and is reported below, 1.0m at 2.97g/t Au from 156m. The location of the mineralisation is being reviewed with adjoining historical data to determine the extents of the lode position in this area and associated mineralisation characteristics. One zone of gold bearing mineralisation has been identified in hole VDD007 and is reported below, 1.0m at 1.15g/t Au from 184m. The location of the mineralisation is being reviewed with adjoining historical data to determine the extent of the lode position in this area and associated mineralisation characteristics. Holes VDD004 & VDD003A both intersected old workings1. Core was analysed to determine if any low-grade gold halo mineralisation occurs outside of the lode position to assist with regional targeting. No significant assays have been received indicating that the gold mineralisation is tightly controlled. The tight control of the mineralisation will be considered in the regional targeting model. The results in these drillholes indicate that low level gold anomalies in the range of 10-40ppb may be of significance. Multielement data are currently being assessed to determine which pathfinder elements may have a broader anomaly to be used with the air core multielement data sets. Hole VDD001 deviated during drilling, intersecting above the planned target position. With the recent interpretation of the plunging mineralised shoot at First Hit and the association to foliation, it is interpreted that the drillhole has intercepted the structure above the plunge of high-grade mineralisation. No significant assays have been received in the hole, however a broad >10ppb halo is evident in the drillhole above the plunging mineralised shoot. Work is ongoing to incorporate the logging data and the results received to date in developing the interpretation and understanding of the First Hit mineralised system. To achieve this objective, the following activities are progressing: 3D model of the First Hit mineralisation at the mine scale is advancing with preliminary wireframes constructed for mineralised lodes, faults and lithologies. This model, when completed, will be used to undertake further targeting and plan follow up drilling. 3D modelling of the regional geology and structure at the tenement scale has commenced with a site visit completed and review of data underway. Office and warehouse has been established in Perth and diamond drill core is being shipped with 50% of the core received. Having the drill core available for review in Perth as further assay results are received will be of significant value to improving the interpretation and understanding at First Hit. Announcement • Jun 16
Viking Mines Limited Completes Phase 2 Diamond Drilling Programme Viking Mines Limited announced the on schedule1 completion of the field activity of the Phase 2 drill programme, concluding the diamond drilling campaign which commenced on 24 February 20212. All teams have demobilised from site and the Company is now moving into the interpretation phase of the programme. 19 drillholes for 3,924m have been drilled as part of the Phase 1 & 2 diamond drill programme on the First Hit Project. CSA Global geology team have completed logging of all drillholes. The final batch of drill core for holes VDD016-VDD019 has been sent to Kalgoorlie for cutting, sampling and submission to the laboratory for analysis. Topdrive Drillers Australia (TDA) have demobilised from site. To date, 789 samples have been collected from the diamond core and sent for analysis to the MinAnalytical laboratory in Kalgoorlie. On completion of sampling from the final batch of core, a total of 967 samples will have been submitted. Results from the first batches of samples are currently going through final QAQC verification and consolidation. The laboratory is still experiencing an 8-week turnaround for samples from submission date, however Viking are continuing to liaise with the lab to ensure turnaround is maintained or improved upon and results are obtained as soon as possible. The exploration programme at First Hit has now moved into the interpretation stage. This involves consolidating the data collected and incorporating it into the geological model with the objective of understanding the cause of mineralisation. The purpose of this is to effectively target extensions and new shoots of gold mineralisation. To advance this phase, Viking has engaged specialists in geological modelling and interpretation and commenced with the following activities. 3D modelling of the First Hit mineralisation at the mine scale using the historical mining records and the newly acquired diamond drilling data. Mining Plus have been engaged to complete this work. 3D modelling of the regional geology and structure at the tenement scale using structural data and observations from the drill core combined with field mapping and the AC drilling data. Model Earth have been engaged to complete this work. All diamond drill core is being shipped to Perth for ongoing geological review and assessment as part of this modelling and interpretation activity. Announcement • May 29
Viking Mines Limited Announces an Update on the Progress of the Phase 2 Diamond Programme Viking Mines Limited announced an update on the progress of the Phase 2 diamond programme and the design and commencement of step out drillholes as a result of new information gained from the Phase 1 drill programme. Observations made from the drill core collected in the Phase 1 drilling has improved the Company's understanding of the First Hit mineralisation. Using this information Viking have planned four drillholes stepping out to the North and South of the historical high grade First Hit mine to test the structure and association with historical prospectors' workings. The Phase 2 drill programme is well advanced with 744m and 3 holes completed and logging and sampling is ongoing. Four additional holes have been planned to test step outs from the known mineralisation, bringing the Phase 2 programme to a total of ~1,580m and 6 holes. At the current rate of progress, drilling is expected to be completed by mid-June 2021, after which time the diamond rig will demobilise from site. High Grade Shoot Observations Two key observations have been made using both the historical and newly acquired drilling data. These observations support one another and have been used to confidently plan step out holes along strike from the known mineralisation at First Hit:. Plunging zones of high grade mineralisation within the First Hit system modelled from historical data; The modelled high grade shoots occur at an inflection point in the foliation measured from Viking's diamond drill core. This coincident relationship is an important observation only made possible through the use of diamond drilling allowing direct measurements from the diamond core collected. The significance of this observation is that it can be used to vector to potential new sites of mineralisation. Prospectors' Workings: As part of Viking's strategy to identify new mineralised shoots in addition to First Hit, Field mapping and a review of the high resolution drone imagery and LiDAR data collected by Sensorem has been used to assess the historical prospectors' workings along the First hit structure. Multiple shafts have been noted, some of which demonstrate extensive excavations. LiDAR scanning of a few of the shafts has yielded surprising information on the extent of the workings. The lateral extent of some of the workings indicates that the prospectors were potentially following mineralisation. Step Out Drillholes The identification of potential controls to the high grade shoots at First Hit, combined with the mapping of the prospectors' workings has been used to target step out diamond drilling. Historical RC drilling completed by Barra Resources has been assessed and determined to be ineffective by testing vertically below the shaft positions. In addition, no structural data has previously been collected and the new data will assist in the targeting for future drilling. A series of shoots have been modelled from the historic prospectors workings to the North and South of First Hit and four drill holes designed to test them, stepping out in excess of 150m and 300m from the current known mineralisation at First Hit. Next Steps: The following activity is ongoing as the next part of the Phase 2 diamond drill programme. The step out diamond holes have commenced and drilling will be monitored and holes completed to plan unless additional observations are made in the diamond core to extend the drillholes further; It is expected that drilling will be completed by mid-June at which time the drill rig will be demobilised from site; Logging and sampling of the remaining holes will be completed late June and samples sent to the laboratory for analysis. Executive Departure • Apr 24
Non-Executive Director has left the company On the 22nd of April, Charles Thomas' tenure as Non-Executive Director ended after 3.4 years in the role. As of December 2020, Charles personally held 19.38m shares (AU$543k worth at the time). Charles is the only executive to leave the company over the last 12 months. Announcement • Apr 18
Viking Mines Limited announced that it expects to receive AUD 4 million in funding Viking Mines Limited (ASX:VKA) announced a private placement of 111,111,111 shares at a price of AUD 0.036 per share for gross proceeds of AUD 3,999,999.996 on April 16, 2021. The transaction will include participation from sophisticated and professional investors. The transaction is oversubscribed and is expected to close on April 21, 2021. Reported Earnings • Mar 18
First half 2021 earnings released: AU$0.002 loss per share (vs AU$0.002 loss in 1H 2020) First half 2021 results: Net loss: AU$666.0k (loss widened 16% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Mar 17
Viking Mines Limited Commences AC Drilling on First Hit Project Tenements Viking Mines Limited announced that AC drilling has commenced at the First Hit Project. Gyro Australia mobilised to site and on 11th March drilled the first AC hole of the programme. Geological re-interpretation of geophysics datasets and an updated regolith study has been completed and used in the design of the AC drilling programme. WORK PROGRAMME STATUS: Air Core Drilling: Final AC programme design has been completed and drilling commenced on 11th March and is progressing well. ~350 holes have been planned across the First Hit Project tenements on a variable 400m x 50m and 200m x 50m grid. The programme is estimated to incorporate a total of ~6,000m and at the time of this release is approximately 25% completed. At current productivities, it is expected that the programme will be completed mid-April subject to hole depths encountered. The key objectives of the programme are to: Drill through transported cover sequences and weathered rock to obtain top of fresh rock samples; Determine rock types at the end of hole to combine with the regional geological interpretation to confirm structures and develop a bedrock geology map; Use this interpretation to vector into prospective target positions; Obtain end of hole geochemistry to provide rock classification and assessment for pathfinder elements and alteration signatures to identify fertile gold structures; Identify and trace the position of the First Hit structure across the tenure for follow up with Reverse Circulation (RC) or DD testing; Test geochemical anomalies identified in the historical soil/auger datasets; Identify new bedrock and/or supergene gold anomalies. Reinterpretation of Magnetic Geophysics: An updated structural interpretation has been completed over the tenements acquired as part of the Red Dirt Mining Transaction1(Figure 3). This was completed using re-processed 25m spaced airborne magnetics to identify and trace the magnetic units and determine the structural offsets. Key observations have been made, notably the identification and coincidence of the First Hit Mineralisation occurring at the flexure point in NE trending structures. This is significant as there are other similar structural positions which have not been tested by previous exploration activity (Figure 3) and have the potential to host gold mineralisation. The current AC programme will test across these zones with the objective of identifying anomalous gold or pathfinder elements for follow up bedrock testing. Diamond Drill Programme Update: As of 06:00 15th March 2021, DD on the First Hit Project has progressed with ~635m drilled of the 2,508m programme (25%). Holes VDD001 and VDD002 have been completed and hole VDD004 is nearing target depth. Activity at site is progressing with core markup, photography, structural and geological logging underway. First diamond drill core is scheduled to be shipped to Kalgoorlie by 22nd March to be cut and sampled ahead of being sent to the laboratory for analysis. The market will be updated with results once they have been received and have undergone the necessary QAQC checks evaluation. Announcement • Feb 26
Viking Mines Limited Commences Diamond Drilling At First Hit Project Viking Mines Limited announced that Diamond Drilling (DD) has commenced at the First Hit Project and the first DD core in more than 18 years has been retrieved. All site preparation works have been completed for the Phase 1 drilling programmes incorporating 2,500m of DD and 6,000m of AC. Supporting infrastructure has been advanced with the establishment of field camp operations, core yard and fuel supplies for the full phase 1 drill programme. Phase 1 Diamond Drilling (DD) has successfully commenced at the First Hit Project. First diamond drill core in >18 years has been retrieved from hole VDD001 testing for extensions of mineralisation along strike and down plunge. Phase 1 programme includes 11 drillholes for 2,508m Diamond Drilling (DD) and 6,000m Air Core (AC) drilling. Phase 2 DD programme planning completed and includes 7 drillholes for 2,152m. All ground clearing activities completed for DD and AC programmes Topdrive Drillers Australia (TDA) have been engaged for the Phase 1 DD programme. Drilling commenced on 24th February with hole VDD001 to test down plunge extensions of mineralisation. HQ diameter diamond core is being retrieved and drilling is progressing towards the potential mineralised target. In total, 18 drillholes for 4,660m have been planned and been separated in to Phase 1 (11 holes for 2,508m) and Phase 2 (7 holes for 2,152m). Announcement • Feb 11
Viking Mines Limited Identifies Exceptionally High-Grades in Face Samples Viking Mines Limited identified exceptionally high-grades in face samples. Review of underground (UG) face sampling data reveals exceptionally high-grade results from multiple levels in the historic workings. Selected intervals of +100-gram metre (gm) un-cut intercepts (>5g/t cut-off) include: 0.4m at 668.0 g/t Au for 267 gm (420S-009); 0.6m at 327.0 g/t Au for 196 gm (400N_003); 0.8m at 344.0 g/t Au for 275 gm (380S_010); 0.3m at 1,056.0 g/t Au for 317 gm (360S_004); 0.7m at 598.0 g/t Au for 419 gm (360S_007); 2.0m at 182.5 g/t Au for 365 gm (340X_001); 0.4m at 383.0 g/t Au for 153 gm (340N_032); 1.2m at 130.0 g/t Au for 156 gm (320S_011); 0.7m at 302.0 g/t Au for 211 gm (320N_003); 2.6m at 164.6 g/t Au for 428 gm (300S_018); 0.8m at 414.0 g/t Au for 331 gm (300S_028); 2.2m at 69.6 g/t Au for 153 gm (260S_017); 2.1m at 56.0 g/t Au for 118 gm (220S_038). High-grade results provide valuable information on the distribution of nuggety gold which is important for drill targeting and targeting potential strike extensions. Assessment of results and Diamond Drillhole (DD) planning ongoing. The company announced that through the ongoing collation of data and digitising of historical mining records, exceptionally high-grade face sampling results have been identified amongst the extensive face sampling dataset. Next Steps: Ongoing data collection, interpretation and planning is taking place focussing on: Capturing additional information off the face sheets to better understand the orebody. Assay data from the face samples are being used to guide and direct the drill hole planning by: Identifying areas where mineralisation remains open at the end of development drives to the North and South. Determining where unmined mineralisation is present above and below high grade face sample data and requiring verification. Geological modelling of mineralisation using the detail captured off the face sheets on rock type and vein morphology. Comparison of different historical data to see the impacts of different sampling methods (DD samples vs face Samples vs RC samples). Announcement • Feb 08
Viking Mines Limited Identifies Further Unmined High-Grade Drill Intercepts in First Hit Drilling Database Viking Mines Limited announced that through the ongoing collation of data and digitising of historical mining records, further high-grade historical drilling intercepts have been identified, outside of the known limits of the historical mining area. In addition, several intercepts have been identified outside of the currently defined limits of mineralization indicating that the fertile structures continue to the North and South. All drilling and UG face sampling data are being assessed in 3D, to produce an updated interpretation of the mineralization at First Hit. Through this assessment, Viking has determined 3 main gold bearing lodes that characterise the majority of the mineralization. Kylie Lode - Separately identified as the Evans and Kylie Lodes near surface and merge to form the Kylie lode at depth. Owens Lode - Forms in the footwall (FW) to the Kylie Lode as a splay from the main structure. A `cross-lode' connects the two at the 310 RL and has been mined in a different orientation indicating potential for other orientations of mineralisation. Ida Splay (Lode) - Forms in the hanging wall (HW) to the Kylie lode as a splay from the main structure. An initial 3D model of the underground mine workings at First Hit has been compiled by CSA Global and the Company to assist with drill programme planning and to minimise the risk of drilling into mining voids. Announcement • Feb 05
Viking Mines Limited Announces Drill Programmes Designed and Contractors Secured to Commence Drilling in February 2021 Viking Mines Limited announced that drill programmes have been designed and contractors secured to commence drilling in February 2021. This coupled with the completion of a gravity survey across the tenements follows the company's strategy to aggressively explore and advance the projects in the company's West Australian portfolio. Multiple phased field work programmes are being planned to rapidly assess and test the First Hit project area. These programmes are being designed to run concurrently to: Test the underground mine extensions at the First Hit gold mine. Commence exploration for additional mineralised gold shoots across the landholding. Enhance the Company's understanding of the geology. A gravity survey has been completed over the First Hit project tenure with an initial phase of data collection at 200m x 50m. The data is being processed and will be provided to Viking for evaluation in early February. The new gravity maps will assist in the detailed regional geological interpretation which is underway and will allow Viking to identify and prioritise targets and develop an understanding of the controls of mineralisation. A comprehensive phase 1 diamond drill programme has been designed to test the mineralisation at First Hit and is estimated to incorporate ~11 diamond holes for 2,500m. This programme is strategically designed to: Test for extensions of mineralisation along strike and down plunge. Drill in-between existing mined stopes to test remnant mineralisation. Test the structural and lode model which has been developed. Test the hanging wall geology to gain an understanding of the mineralisation controls. Determine geochemical fingerprint of mineralisation to assist in regional Air Core programme interpretation to identify the mineralised structures. A DD contractor has been secured and will commence as soon as DD planning has been completed and drill pads prepared. Based on the current state of progress it is expected that drilling will commence mid-February. A 1st phase regional AC programme has been designed to cover the First Hit tenements on a nominal 400m x 50m drill spacing with follow up programmes to be designed based on results. This programme is in the process of being evaluated and rationalised in conjunction with new information which is being obtained from the geological assessment and new gravity dataset. It is expected that the programme will be prioritised to test the most prospective parts of the tenure first. The phase 1 programme is estimated to incorporate 300 holes for 6,000m with the objective to: Drill through transported cover sequences and weathered rock to obtain top of fresh rock samples. Determine rock types at the end of hole to combine with the regional geological interpretation to confirm structures and develop a bedrock geology map. Use this interpretation to vector into prospective target positions. Obtain end of hole geochemistry to provide rock classification and assessment for pathfinder elements and alteration signatures to identify fertile gold structures. Identify and trace the position of the First Hit structure across the tenure for follow up with Reverse Circulation (RC) or DD testing. Test geochemical anomalies identified in the historical soil/auger datasets. Identify new bedrock and/or supergene gold anomalies. The main objective of the AC drill programme is to build the understanding of the geology and to vector towards follow up bedrock targets. This strategy is based around the objective of identifying and tracing the fertile structures hosting the First Hit ineralisation. Interpretation of the airborne magnetics has identified potential structural positions which will be tested by the AC drilling. Samples will be tested for both gold and other pathfinder elements to identify fertile structures, which will then be followed up with Reverse Circulation (RC) and/or DD drill testing. Whilst gold values from the AC drilling will provide immediate follow up targets, applying the geochemical fingerprint that is to be determined from the DD programme will allow the identification of broader halo anomalies of other pathfinder elements. This will in turn identify vectors towards narrower high-grade gold footprints (like that associated with First Hit) which will not necessarily be tested by the broader spacing of the AC drilling. This strategy allows Viking to assess the entire tenement in a first pass drill programme. Follow up RC and/or DD drilling will then take place on the most significant geochemical and/or gold anomalies to advance the project pipeline. This is especially important for parts of the tenure which sit under transported cover masking any surface gold anomalism. A contractor has been secured to undertake the AC drill programme on completion of their current work commitments. Forecast estimates indicate drilling will start in March 2021. The main priority over the coming weeks is to complete all the necessary works to commence the drill programmes on time, safely and effectively. Viking is focussed on refining and finalising the technical aspects of the DD and AC drill programmes and all data are being incorporated into the planning process and undergoing final checks. Follow up phases of DD and AC drilling are being planned and may continue directly after phase 1 results are received and assessed. Viking are closely monitoring the COVID-19 situation with regards to planned work programmes. Fieldwork will only take place subject to following government advice and requirements in relation to the recently announced lockdown in the SW region of WA. The First Hit project is not in an area subjected to any restrictions at the timing of this release. CSA Global will manage the safe execution and delivery of the exploration programme. A Principal Geologist has been appointed and is currently organising the logistics to commence drilling mid-February. A site visit is scheduled to take place prior to drilling and earthworks contractors are being engaged to prepare the drill pads. Further releases will be made to market with the details of the drill programmes as they are finalised. Announcement • Feb 02
Viking Mines Limited (ASX:VKA) completed the acquisition of Red Dirt Mining Pty Ltd from a group of investors. Viking Mines Limited (ASX:VKA) entered into a conditional agreement to acquire Red Dirt Mining Pty Ltd from a group of investors for AUD 10.4 million on November 25, 2020. The consideration will be settled with the issue of a total of 410 million fully paid ordinary shares in the capital of Viking Mines and 85 million performance shares, which shall vest and convert into Viking Mines shares on a one-for-one basis, subject to achievement of one of the agreed milestones. Prior to the acquisition, ING Investment Fund Pty Ltd holds 23% stake, Advantage Ventures Pty Ltd holds 14% stake, Janatar Pty Ltd holds 10% stake, Lilka Enterprises Pty Ltd holds 10% stake, Principal Global Investments Pty Ltd holds 10% stake, Titus Investments (WA) Pty Ltd holds 10% stake and Fluffy Duck Super Pty Limited holds 23% stake in Red Dirt Mining Pty Ltd. Post acquisition, Viking Mines Limited holds 100% stake in Red Dirt Mining Pty Ltd. The transaction is subject to all conditions to the agreement being satisfied or waived, raising a minimum of AUD 1.5 million in aggregate under the placement and rights Issue, the Viking Mines Limited obtaining all required regulatory approvals to complete the acquisition, all third party consents or waivers, shareholder approval to issue shares and performance shares, and there being no material adverse change or material breach of warranty prior to completion of the agreement. The Board of Directors considers that it is in the best interests that Viking Mines completes the acquisition, and accordingly, recommends that shareholders vote in favor of this resolution. The general meeting of shareholders of Viking Mines will be held on January 29, 2021. As of January 29, 2021, the shareholders of Viking Mines Limited approved the transaction. GTT Ventures Pty Ltd acted as financial advisor for Viking Mines.
Viking Mines Limited (ASX:VKA) completed the acquisition of Red Dirt Mining Pty Ltd from a group of investors on February 1, 2021. Announcement • Jan 15
Viking Mines Limited (ASX:VKA) acquired P30/1126 license in Western Australia from Australia Menzies Emerald Pty Ltd for AUD 20 million. Viking Mines Limited (ASX:VKA) acquired P30/1126 license in Western Australia from Australia Menzies Emerald Pty Ltd for AUD 20 million on January 15, 2021. Under the terms of transaction, Viking paid consideration in cash, a 1% NSR and for the vendor to retain all rights to Emeralds on the tenement.
Viking Mines Limited (ASX:VKA) completed the acquisition of P30/1126 license in Western Australia from Australia Menzies Emerald Pty Ltd for AUD 20 million on January 15, 2021 Announcement • Jan 09
Viking Mines Limited Announces the Application for Tenement E30/529 in the Prospective Ida Greenstone Belt, Western Australia Viking Mines Limited announced the application for tenement E30/529 in the prospective Ida Greenstone belt, Western Australia. When granted, the 21km2 exploration tenement will complement Viking's new land position which will be secured with the proposed acquisition of Red Dirt Mining and the high grade First Hit historic gold mine. The new tenement is well placed, being only 11km to the south-southeast of the First Hit project and adjacent to the Ora Banda Mining Riverina open pit mine and underground resource. The land package being established by the Company in the Eastern Goldfields is strategically located 150km NW of Kalgoorlie and within 100km radius of 4 operating mills. An initial assessment of the geophysics shows there are significant variations in magnetic intensity. This confirms the presence of a variety of rock types throughout the tenement which, with local knowledge in the area and the association of the regional gold deposits with magnetic highs and interpreted mafic rock units as well as regional shear zones, implies prospectivity for gold. A review of open file Western Australian government datasets (WAMEX) shows very limited previous exploration drilling has been conducted over the tenement. This illustrates the sparse extent of historical drilling on the tenement, with a total of 167 AC and RAB holes previously drilled being recorded in the database. The most recent drilling activity recorded on the WAMEX search was completed by Salazar Gold with a small 20 drillhole Air Core programme in 2013. Prior to this, a series of RAB drilling programmes was completed in the 1990's, focussed on specific parts of the tenement. The lack of modern exploration methods and limited drilling coverage presents a unique opportunity for the Company to follow up. The Company is in the process of securing the freely available datasets and incorporating them into the internal Company database. A thorough geological assessment will be undertaken while the application process is underway and reinterpretation of the bedrock geology will be completed as part of a more comprehensive regional geological assessment in the coming months. This assessment will be used to generate drill targets to follow up once the tenement is granted. Announcement • Jan 05
Viking Mines Limited Appoints Julian Woodcock as Chief Executive Officer Viking Mines Limited advised that Mr. Julian Woodcock has been appointed Chief Executive Officer of the Company. Mr. Woodcock will commence in his role immediately and will actively work with CSA Global on the technical advancement of the high grade gold projects, located within the Eastern Goldfields, Western Australia, and that are subject to a conditional acquisition agreement with Red Dirt Mining Pty Ltd. Mr. Woodcock is a geologist with over 19 years experience in all aspects of the extractive and mineral exploration industry and with direct association to notable multi million ounce gold discoveries. In his most recent role as Exploration Manager for Gold Road Resources he led a large gold exploration team to discover new orebodies and define 300 koz of Indicated Resources and also converted 1.3 Moz from Inferred to Indicated Resources at the Gruyere gold mine. Previous appointments include Exploration Manager for Evolution Mining Mungari Operations and also for Gold Fields Australia at the St Ives Gold Mine. Announcement • Nov 26
Viking Mines Limited (ASX:VKA) entered into a conditional agreement to acquire Red Dirt Mining Pty Ltd from A group of investors. Viking Mines Limited (ASX:VKA) entered into a conditional agreement to acquire Red Dirt Mining Pty Ltd from A group of investors on November 26, 2020. Consideration will be settled with the issue of a total of 410 million fully paid ordinary shares in the capital of Viking Mines Limited (“VKA Shares”) to RD shareholders (all of whom are unrelated and non-associated parties) and 85 million performance shares in VKA (“Performance Shares”) to the shareholders of RD (“Vendors”), which shall vest and convert into VKA Shares on a one-for-one basis, subject to achievement of one of the Agreed Milestones. In a related transaction Viking has received firm and binding commitments via a placement to sophisticated and professional investors, raising AUD 0.75 million at AUD 0.01c per fully paid ordinary share which will result in the issue of a further 75 million fully paid ordinary shares in the capital of the Company (“Placement”). The transaction is subject to all conditions to the VKA-RD Agreement being satisfied or waived, raising a minimum of AUD 1.5 million in aggregate under the Placement and Rights Issue, the Company obtaining all required regulatory approvals to complete the acquisition of RD, including but not limited to obtaining all required shareholder approvals under Listing Rule 7.1 and LR 11.1.2 in respect of the issue of the VKA Shares and there being no material adverse change or material breach of warranty prior to completion of the VKA-RD Agreement. Reported Earnings • Oct 01
Full year earnings released - AU$0.0023 loss per share Over the last 12 months the company has reported total losses of AU$711.0k, with losses widening by 43% from the prior year. 