Viking Mines (ASX:VKA) Reports Quarterly Progress Across Nevada Tungsten Assets

Highlights

• Viking Mines completed due diligence across its Nevada tungsten portfolio, confirming high-grade mineralisation and validating the geological model.
• The Linka Project has been prioritised as the flagship asset, with the mineralised corridor extended to nearly 1.6km.
• High-grade drill intercepts include results up to 14.7% WO₃.
• Metallurgical testwork produced a scheelite concentrate grading 63.6% WO₃.
• Field work is progressing to evaluate historical stockpiles and tailings. VKA commenced trading on the US OTC market under the ticker VKALF.
• Drill planning, permitting, and geophysical surveys advanced, with a maiden drilling programme scheduled for the June 2026 quarter.

Viking Mines Ltd (ASX:VKA) reported a busy March 2026 quarter, marked by continued advancement across its Nevada tungsten portfolio. Activities during the period centred on advancing the flagship Linka Project, supported by expanded geological understanding, metallurgical testing, and preparations for a maiden drilling campaign.

Linka Project Takes Priority in Nevada Portfolio

During the quarter, the company completed due diligence on its Nevada tungsten projects, confirming the presence of high-grade mineralisation and strengthening its confidence in the geological framework. The portfolio includes six projects situated in a Tier-1 mining jurisdiction, with historical production across four projects totalling approximately 123,000 tonnes at 0.54% WO₃.

The Linka Project has been established as the flagship asset under a “fast-to-market” strategy. The mineralised corridor at Linka has now been interpreted to extend approximately 1.6 kilometres following the digitisation of the acquired historical technical data.

Significant drill intercepts at Linka include-

• 2m @ 1.3% WO3 from 26.5m (CR-19), incl. 1.5m @ 4.8% WO3 from 32.6m
• 9m @ 0.6% WO3 from 19.8m (CR-02), incl. 6.1m @ 1.2% WO3 from 36.6m
• 9m @ 0.5% WO3 from 15.5m (CR-20), incl. 11.3m @ 0.6% WO3 from 26.2m
• 7m @ 0.6% WO3 from 14m (CR-17)
• 3m @ 0.5% WO3 from 21.3m (CR-07)
• 9m @ 0.9% WO3 from 7.6m (LR-11)
• 8m @ 0.5% WO3 from 61.9m (DH-04)

Additional surface sampling returned exceptional results up to 14.7% WO₃ and 5.2% WO₃ from pit face sampling at the Conquest area.

Furthermore, historical data acquired during the period has been digitised and integrated into updated geological models, enabling more precise targeting and reducing the need for early-stage fieldwork. This dataset includes drill records, underground mapping, and sampling results, providing a framework for upcoming exploration.

Metallurgy Confirms High GradesMetallurgical testwork conducted on four samples from Linka delivered grade ranging between 0.8% and 1.3% WO₃, with gravity separation testwork delivering a scheelite concentrate grading 63.6% WO₃.

Magnetic and gravity geophysical surveys were completed, identifying new targets and indicating the potential for a multi-kilometre scale system at Linka.

Drilling Plans Progress   

Viking progressed multiple workstreams aimed at advancing the Linka Project toward development. Drill planning advanced for a maiden drilling programme scheduled for the June 2026 quarter.

The company has commenced a field campaign designed to evaluate historical stockpiles and tailings. The programme targets a near zero-mining-cost opportunity for potential short-term commercialisation options. For more details, read here.

Metallurgical testing, geological validation, and upcoming mapping and trenching will support drilling plans, while rising tungsten prices enhance project economics.

US OTC Market Listing and Financial Position

Subsequent to the quarter, the company commenced trading on the US OTC market under the ticker VKALF, increasing access to North American investors.

As of 31 March 2026, Viking reported a cash balance of AUD 4.68 million, supporting ongoing exploration, drilling preparation, and technical studies across its portfolio.

The March 2026 quarter marked a period of technical consolidation and project advancement for Viking Mines, with the Linka Project emerging as the central focus of exploration activity. With drilling preparations underway, metallurgical progress achieved, and multiple datasets integration, the company is positioned for an active exploration phase across its Nevada tungsten assets

VKA shares traded at AUD 0.014 per share on 24 April 2026.