Viking Mines Ltd Accelerates Linka Development Amid Record Tungsten Prices

Viking Mines Accelerates Linka Tungsten Development as Prices Hit 90-Year Highs

Viking Mines Limited (ASX: VKA) has mobilised field teams to its Linka Tungsten Project in Nevada, marking a pivotal shift from analysis to active development. With tungsten prices soaring to US$3,185/mtu and hitting 90-year highs, the company is executing a comprehensive evaluation programme targeting both historical stockpiles and tailings for potential near-term production opportunities.

The systematic field campaign aims to unlock immediate value from existing surface assets whilst advancing metallurgical testing and preparing for the maiden drilling programme scheduled for the June quarter. This multi-pronged approach positions Viking to capitalise on exceptional tungsten market conditions through what management describes as a "rapid, low-CAPEX pathway to production."

Strategic Focus on Zero-Mining-Cost Opportunities

Viking's current field programme targets two key surface assets that could provide immediate commercial value without traditional extraction costs. Furthermore, these opportunities represent significant advantages in the current market environment.

Historical Tailings Dam Evaluation:

• 52 systematic samples being collected across the tailings dam
• Grid sampling methodology to determine both WO3 grade and tailings thickness
• Volume and grade calculations will assess potential for reprocessing
• Could serve as low-cost supplemental feed for future modular plant

Historical Ore Stockpiles Assessment:

• Building on previous composite result of 0.8% WO3 from 97.4kg sample
• Volumetric estimates to determine total stockpile tonnage
• Early processing options via toll treatment or pilot plant being evaluated
• Potential to produce concentrate samples for offtake partner negotiations

"Viking has commenced a period of high activity, transitioning from analysis into active project development. Our workstreams target a rapid, low-CAPEX pathway to production. With tungsten at 90-year highs, the strategic value of our Nevada assets is clear." – Julian Woodcock, Managing Director & CEO

Advanced Metallurgical Testing Delivers Premium Results

Recent developments at Viking Mines Ltd continue building on metallurgical success that achieved a 53-fold upgrade to produce a premium 63.6% WO3 concentrate from primary mineralisation. In addition, the current field programme is collecting additional samples to support comprehensive comminution testing.

This comprehensive testing suite will provide definitive energy and operational expenditure data to support the ongoing Processing Concept Study being conducted by Mineral Technologies. Moreover, the results will directly inform the economic modelling for near-term production scenarios.

Geological Validation and Drilling Preparation

Field teams are systematically ground-truthing high-priority targets identified through the 3D geological model and recent geophysical surveys. However, the focus remains on areas with the highest potential for immediate value creation.

Key areas of focus include:

• 820-metre sub-cropping mineralised corridor validation
• 800-metre extension identified beneath volcanic cover to the southwest
• Confirmation of garnetite skarn signatures ahead of subsurface testing

Phase 2 Activities (Late April):

• Detailed follow-up geological mapping
• Trench and outcrop sampling for grade validation
• Drill site investigation and precise collar location planning
• Logistics preparation for the June Quarter drilling campaign

What is APT and Why Does It Matter?

Ammonium Paratungstate (APT) represents the primary traded form of tungsten, containing approximately 88.5% tungsten trioxide (WO3). Furthermore, it serves as the industry standard for pricing and represents the intermediate product that mining companies typically sell to end users.

Current APT prices of US$3,185/mtu represent exceptional market conditions driven by:

• Strategic metal classification and supply chain security concerns
• Industrial demand from aerospace, defence, and energy sectors
• Limited global production capacity
• Geopolitical factors affecting traditional supply sources

Understanding Tungsten's Strategic Importance

Tungsten maintains critical importance in modern manufacturing due to its unique properties. In addition, these characteristics make it irreplaceable in many high-technology applications.

Physical Characteristics:

• Highest melting point of all metals (3,422°C)
• Exceptional hardness and density
• Superior thermal and electrical conductivity
• Resistance to corrosion and wear

Industrial Applications:

• Aerospace and Defence: Jet engine components, armour-piercing ammunition
• Energy Sector: Oil and gas drilling equipment, nuclear applications
• Manufacturing: Cutting tools, automotive catalysts, electronics
• Construction: Heavy-duty machinery, mining equipment

For investors, these price levels significantly enhance project economics and provide strong commercial validation for tungsten development projects like Linka. However, developments at Viking Mines Ltd demonstrate particularly compelling timing given the current market dynamics.

Investment Thesis Strengthened by Market Timing

Viking's systematic approach to the Linka Project comes at an optimal time in the tungsten cycle. Moreover, these latest developments showcase the company's ability to capitalise on exceptional market conditions.

Near-Term Value Catalysts:

1. Surface asset monetisation through stockpile and tailings evaluation
2. Metallurgical optimisation building on proven 63.6% WO3 concentrate production
3. Drilling campaign initiation in June quarter with defined targets
4. Processing concept study completion providing CAPEX/OPEX framework

Strategic Positioning:

• Nevada location provides jurisdictional stability and infrastructure access
• Multiple pathways to production through surface assets and drilling targets
• Proven metallurgy with premium concentrate grades achieved
• Market timing with tungsten at exceptional price levels

Phase 2 Development Roadmap

The systematic progression through Phase 2 activities demonstrates the methodical approach underpinning developments at Viking Mines Ltd. Furthermore, late April activities will include comprehensive geological and logistical preparations.

Geological Mapping Programme:

• Detailed structural control analysis
• Expansion of mineralisation interpretation
• Integration with 3D geological modelling

Direct Access Sampling:

• Trench excavation for direct mineralised unit access
• Outcrop sampling programme for grade validation
• Enhanced geological confidence ahead of drilling

Drilling Infrastructure:

• Finalised collar positioning for optimal target testing
• Site logistics coordination with Bureau of Land Management
• Equipment and contractor coordination for June quarter commencement

Why Should Investors Track Viking Mines?

Recent developments at Viking Mines Ltd highlight the company's unique positioning in the tungsten sector by combining immediate surface asset opportunities with systematic exploration and development. However, the company's multi-faceted approach addresses both short-term cash flow potential and long-term resource development.

Key Tracking Points:

• Tailings and stockpile evaluation results providing near-term production insights
• Phase 2 field programme outcomes validating geological targets
• Maiden drilling programme commencement in June quarter
• Processing concept study completion defining project economics
• Tungsten price dynamics supporting exceptional project economics

Surface Asset Advantages

The evaluation of historical stockpiles and tailings represents a strategic opportunity for accelerated value creation. For instance, these assets bypass traditional mining costs and could provide immediate cash flow through:

• Toll treatment arrangements with nearby processing facilities
• Pilot plant operations producing concentrate for offtake discussions
• Supplemental feed for future modular processing operations

The convergence of proven metallurgy, systematic development approach, and exceptional market conditions creates a compelling investment narrative for tungsten exposure. Furthermore, developments at Viking Mines Ltd through a Nevada-based project offer multiple value realisation pathways.

Viking Mines is executing a comprehensive development strategy at Linka during optimal market conditions, with tungsten prices at 90-year highs and multiple near-term catalysts positioned to unlock value from both surface assets and subsurface exploration targets.

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