VKA finds additional surface stockpiles of tungsten at US project - potential low-cost feed source

Published 21-MAY-2026 14:34 P.M.

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Our US critical minerals Investment Viking Mines (ASX: VKA | OTC: VKALF) just completed a second round of sampling at its Tungsten Project in Nevada.

98 samples were collected across the program but the biggest takeaway for us was VKA finding two previously unrecognised historical rock stockpiles sitting next to the old Conquest mine.

With both stockpiles containing visible scheelite mineralisation under UV light, with estimated tungsten grades ranging between 0.4-1.0%.

(source)

Assays from both sampling programs are expected over the coming months.

Before today, VKA had already identified tungsten stockpiles that it could use in a near-term production scenario.

Now, we have another batch of feedstock that could be added into that plan.

VKA’s project had produced tungsten back in the 1950’s from small open pits - VKA is now putting together a restart plan that starts the tungsten stockpiles and eventually progress into mining out any remaining ore in those old pits.

(source)

The second stage of that restart plan is where VKA’s next round of drilling comes into play.

VKA has defined a prospective strike zone ~8x what was initially mapped on the project when VKA acquired it (the area surrounding the magnetic anomaly on the image below):

(source)

Drilling on those targets, to extend what’s known at the old pits and (hopefully) make new tungsten discoveries is scheduled to begin in late June 2026.

Here is everywhere VKA plans to drill with its 63-hole program with all of the data processed:

(source)

Why the tungsten macro still matters

A quick reminder on why we like the US tungsten macro setup right now.

Tungsten is on the US Critical Minerals List with effectively zero domestic production.

China dominates global supply and has imposed export controls.

The REEShore Act mandate kicks in December 2026 - banning Chinese-origin tungsten from US Department of Defense supply chains.

(source)

That deadline is now only ~7 months away.

So any domestic US tungsten asset progressing toward production COULD start to become more and more strategically important.

VKA’s Managing Director and CEO Julian Woodcock gave a really good update on the current US tungsten industry in a recent webinar here:

Viking Mines (ASX: VKA | OTC: VKALF) Investor Webinar | April 2026

What we want to see next from VKA:

Here are the key milestones we want to see VKA hit over the coming months:

🔄 Processing concept study with Mineral Technologies

Mineral Technologies (a subsidiary of the ~$5BN Downer Group) is working on flowsheet design and CAPEX/OPEX estimates.

VKA did mention today that a consultant (TOMRA) had been engaged in Germany to test ore sorting on samples from VKA’s project.

IF the tech works on VKA’s samples it could improve recoveries in whatever processing circuit VKA ends up designing.

Here are the milestones we are tracking for this:

✅ Rougher gravity testwork - 16x upgrade (source)
✅ Cleaner gravity testwork - 53x upgrade to 63.6% WO3 (source)
🔄 Cleaner flotation testwork - underway now to produce saleable grade from flotation circuit
🔄 Ore sorting testwork - ~40kg sample being tested
🔄 3D geological model - being finalised
🔄 Modular "Rapid-Start" gravity circuit design - to feed into development studies

🔲 Maiden drilling program (late June quarter).

VKA earlier in the week got approval from the Federal Agencies for drill permitting on a 63 hole program. (source)

So now VKA can lock in the drilling contractors and the schedule, which remains on track to mobilise to site in June with drilling in the same month, we should see drill pad preparation works begin in June also.