Highlights

• Viking Mines has entered into a Drill-for-Equity agreement with Topdrill for Riverina East drilling.
• Agreement allows Viking to preserve cash while funding drilling with share issuance.
• Topdrill may receive up to 25 million shares in lieu of up to 40% of drilling costs (excluding fuel and GST), capped at AU$1 million.
• Drilling program targets 25km strike length along the Zuleika Shear, home to major gold deposits.
• Initial results from the second phase of regional drilling at the Riverina East project are anticipated in late April/early May.

Viking Mines Limited (ASX:VKA) has executed a Drill-for-Equity agreement with Topdrill Pty Ltd, a leading drilling contractor, for drilling at the Riverina East project. The agreement allows Viking to settle invoiced drilling costs, excluding fuel and GST through the issuance of shares.

This strategic arrangement enables the company to preserve its cash reserves while enabling an extensive drilling program at its emerging Bifrost discovery and other high-priority gold targets at Riverina East.

Transaction Details

Under the terms of the agreement, Viking has the option to issue up to 25 million shares to Topdrill (or its nominee) to cover up to 40% of drilling costs at Riverina East, with a maximum value of AU$1,000,000. The share will be issued at a 10% discount to Viking’s 20-day volume weighted average price (VWAP), based on the number of shares issued to Topdrill.

The shares will be issued under the company’s existing capacity within its shareholder-approved Employee Securities Incentive Plan and will be subject to a six-month holding lock from the date of issue. If the full 25 million shares are issued, Topdrill would hold approximately 1.88% of Viking Mines' total issued capital.

The agreement is valid until 31 October 2025.

Exploration Program Update

Viking’s ongoing exploration program is focused on a 25km strike length along the Zuleika Shear, a geologically significant zone that hosts major deposits including the Riverina/Mulline Camp (>1.3Moz) owned by ASX-listed Ora Banda Mining and the 1.2Moz Davyhurst Cam.

Initial results from the second phase of regional drilling at Riverina East are anticipated between late April and early May 2025.

VKA shares were trading at AU$0.007 per share at the time of writing on 9 April 2025.