Viking Mines (ASX:VKA) Highlights New Gold Anomalies and Inferred Resource for June Quarter

Highlights

• Auger drilling at the Bifrost prospect identified a second >300m long >40ppb gold anomaly.
• Phase 2 regional drill program at Riverina East returned significant intercepts, including 2m @ 23.6g/t Au with visible gold.
• An Underground Mining Study at the First Hit mine outlined an inferred mineral resource of 53,100 tonnes with an average gold grade of 7.2 grams per tonne (g/t Au) for 12,400 ounces.
• VKA inked an agreement with Topdrill for drilling at Riverina East.
• Cash reserves stood at AUD 2.72 million at the end of June 2025.
• Planned activities for the September quarter include Phase 3 drilling at Riverina East and magnetic survey completion at the Bifrost target.

Viking Mines Limited (ASX:VKA) has released its quarterly activities report for the period ended 30 June 2025, highlighting encouraging exploration results, including the definition of a second surface gold target at the Bifrost prospect within the Riverina East Project. With 72% of Phase 2 drilling assays received, the company has confirmed the presence of visible gold and broad mineralised zones at Bifrost. The company also executed a Drill-for-Equity agreement to support drilling activities at Riverina East.

Meanwhile, an Underground Mining Study (UMS) at the historic First Hit mine outlined an inferred resource.

Second Surface Gold Target Defined at Bifrost

Assay results and interpretations from the remaining 355 samples of the 575-sample infill auger program over key targets at the Bifrost prospect confirmed the presence of a second substantial gold anomaly, extending over 300m with values exceeding 40ppb, situated within a broader 700m anomaly above 20ppb gold.

While minor associations with silver, mercury, and selenium were noted, the anomaly is primarily characterised by elevated gold concentrations.

Drilling Yields High-Grade Gold Intercepts

Viking completed its phase 2 regional drill program targeting first-pass drilling at the Central Duplex Target and follow up testing at Bifrost.

The assays from hole VKRC0180 at Bifrost returned significant intercepts above the 0.5g/t Au cut-off, including:

Data source: Company update

These intercepts occur within three broader anomalous gold zones >50ppb of 21m at 0.4g/t Au from 96m, 6m at 8.0g/t Au from 123m and 8m at 0.2g/t Au from 135m. The presence of visible gold and the scale of the broad gold anomaly suggest substantial mineralising fluid flow through the host rocks. The mineralisation remains open along strike and at depth, with plans underway for immediate follow-up drilling to test for potential high-grade extensions from VKRC0180.

Underground Mining Study Highlights Potential at First Hit

The company also completed an Underground Mining Study (UMS) at the First Hit gold mine. The study outlined an inferred mineral resource of 53.1kt @ 7.2g/t Au for 12.4k ounces, based on a 1.3g/t Au stoping cut-off.

This equates to a 65% conversion rate from the broader First Hit resource base of 83.8k tonnes at 7.0g/t Au for 19.0k ounces (JORC 2012).

Capital-Efficient Approach with Drill-for-Equity Deal

To support its drilling activities at Riverina East, VKA executed a ‘Drill-for-Equity’ Agreement with Topdrill Pty Ltd. The deal allows the company to issue up to 25 million shares to offset up to 40% of drilling costs (up to AUD 1 million), helping preserve cash reserves.

As of 30 June 2025, the company maintained a cash balance of AUD 2.72 million and issued over 15.8 million shares to Topdrill under the agreement.

Planned Activities for September Quarter

During the September quarter, the company’s primary focus will be on advancing exploration at the Riverina East, while also progressing work at the Canegrass and Narndee Projects. Key initiatives planned include:

• Launching Phase 3 drilling at Riverina East.
• Completing a magnetic geophysics survey over Bifrost.
• Continuing data analysis and interpretation of results from Phase 3 drilling and planning the next phase of exploration planning across the Riverina East.
• Assessing monetisation opportunities for the First Hit underground mining assessment.

VKA shares traded at AUD 0.006 per share on 28 July 2025.