VKA begins tungsten metallurgical works aiming for early production opportunities
Our US critical minerals Investment Viking Mines (ASX: VKA) just started metallurgical testwork at its US tungsten project.
VKA acquired its US tungsten assets back in December which is when we Invested in VKA.
Check out our initiation note here: Our Latest Investment: Viking Mines (ASX: VKA)
Today VKA took bulk samples from the historic Linka mine.
Linka has a history of production, where it was mined between 1941 and 1956... then the US government suspended its tungsten buying program and mining stopped in 1956.
Fast forward to today, the US now requires domestically sourced and produced tungsten, as it is 100% reliant on imports.
VKA is now taking the bulk samples which had tungsten grades up to 1.3% tungsten and will be trying to put together a processing flowsheet to produce tungsten metal.
In VKA’s words:
“Testing is evaluating a "Rapid Advancement" low-CAPEX model in parallel with a conventional high-recovery flowsheet”.
Initial results from the met testing are expected in February 2026.
We like the sound of rapidly advanced, low CAPEX US critical minerals strategies…
We think the urgency to get domestic critical minerals supply has opened up a 3-5 year window for companies to compete for US backing…
And the biggest winners from that will be the companies willing to move fast, show they have the capacity to produce a required critical metal and then backfill whatever demand is requested from them.
Our other US critical minerals Investment Locksley Resources (ASX: LKY) has done that - taking material from a historic antimony mine and turning it into an end product.
A big part of the reason why we Invested in VKA was because it’s backed by the same people at LKY.
And we think VKA can execute the same LKY’esc strategy but for Tungsten…
Tungsten is also a critical military mineral, from which the USA has zero domestic supply, so is currently 100% reliant on imports.
Tungsten has military uses in munitions (bullets), vehicles and body armour, missiles and radiation shielding.
Speaking of tungsten, tungsten prices are currently trading at all time highs…
(up ~28% from when VKA first announced its US tungsten acquisition) (source)
(source)
In 2025, antimony was the most popular critical mineral followed by rare earths.
We think tungsten could be the next critical mineral to become a market favourite next.
IF that was to happen, there are very few tungsten exposures on the ASX and even fewer with assets in the US.
Updating VKA’s progress on our US critical minerals playbook
In our initiation article we wrote about our playbook and the things we hope to see companies in this space aiming to achieve, see that section here: VKA can rollout the US critical minerals playbook
We are hoping to see VKA execute our US critical minerals playbook as follows:
(we came up with this playbook after years in the markets and more recently observing what builds value in the US critical minerals space)
- ✅ own or acquire a US based critical minerals project - (December 16 - VKA announced the acquisition of six new tungsten projects in Nevada)
- ⬜ appoint Washington lobbyist
- 🔄 spend time in USA or appoint US based operations person
- ⬜ appoint experienced, big name advisors or board members
- ⬜ list on the US OTC market
- ⬜ commence NASDAQ or NYSE listing process
- ⬜ acquire, license or partner with downstream processing technology - LKY was very successful doing this for antimony, it’s possible VKA does something similar with tungsten.
- 🔄 deliver early metwork and processing of bulk samples, ahead of drilling - Today - VKA has confirmed that it has shipped of bulk samples taken from the Linka Pit for early metwork with the goal to assess early production opportunities. We also want to see VKA sample/map its project and confirm all of the historic tungsten workings on the project.
- 🔄 prove samples can be processed - deliver down stream product - Today - VKA sent bulk samples to the lab to see if the material can be used to produce US sourced, US refined tungsten products.
- ⬜ secure US government funding
- ⬜ attract interest from private US investors
- 🔄 outline plan for small, cheap and fast mine - Today - VKA has confirmed that the met testing underway is exploring the viability of early production opportunities.
- ⬜ deliver drilling success on project (doesn’t need to be huge), just commercial for a small mine
- ⬜ use larger market cap to bolt on later stage/advanced projects in the USA
- ⬜ list on major US exchange
- ⬜ US investor roadshows
- ⬜ deliver domestic US critical minerals supply.
The more of those boxes the small companies can tick (and quickly), the better (we think) they can position themselves to capture US capital and attention.
It's a strategy that works against a macro backdrop where the US is looking to secure critical mineral supply chains fast - not just over a 10-20 year period.
(the other way around would involve years of drilling out a project, resource definition and then doing all of this work - which we still think works, but the US critical minerals macro seems to be rewarding speed).
Viking Mines
ASX: VKA
Check out the 9 reasons we Invested in VKA in our launch note, where we go into more detail on the 9 reasons: Our Latest Investment: Viking Mines (ASX: VKA)
The 9 Reasons We Invested in VKA
- Low market cap with room to re-rate higher
- VKA has the same team and backers as Locksley Resources (ASX: LKY).
- Tungsten prices trading at all time highs
- China dominates the global supply and has placed export restrictions on tungsten
- VKA’s tungsten assets are in Nevada, USA
- Very few companies with tungsten projects on the ASX - even less with projects inside the USA
- VKA’s projects have produced tungsten in the past
- Capital is flowing into US critical metals macro thematic
- VKA can follow the “US critical minerals playbook”
What do we want to see VKA do next?
🔄Complete the acquisition of the new tungsten assets.
Next, we want to see VKA complete the acquisition of its six tungsten assets in the US.
VKA set the notice of meeting to have the deal approved for 12th of February, so we should see that news soon.
🔄Early metwork testing
VKA has now sent off a bulk sample to test its viability for processing.
In particular there is a focus on exploring the viability for this to be used in an early production opportunity scenario, with results from this expected in February. (source)
🔄 Target generation work (mapping/sampling)
We want to see VKA complete rounds of sampling (including channel/rock chip sampling) to confirm historic tungsten mineralisation at the project.
We also want to see the project mapped with LiDAR to reveal the full extent of the underground workings on the project.
Milestones:
🔄 Mapping and sampling (soils and rock chips)
🔲 Geophysics/LiDAR
🔲 Drill targets confirmed
