VKA now listed on the US OTC market
Our US tungsten Investment Viking Minerals (ASX: VKA) just got listed on the US OTC market.
Here is a link to the listing where we are tracking US trading: OTC:VKALF.
Nice to see VKA get some interest already - VKA closed at 1.4c in USD so ~2c per share in AUD (a nice premium to the ASX price - albeit on very low volumes).
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US listing, another step ticked off in our "US critical Minerals playbook" - which is something we track for all of our US critical minerals exposures.
For context, we developed the framework as a list of things we think would help companies attract capital inflows, corporate interest and maybe even government interest into their projects.
Here is everything VKA has hit on that list so far:
- ✅ own or acquire a US based critical minerals project - (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 - (listed yesterday)
- ⬜ acquire, license or partner with downstream processing technology -
- ✅ deliver early metwork and processing of bulk samples, ahead of drilling - VKA has already produced a high grade concentrate form testing (source)
- ✅ attract interest from private US investors - not quite private investors, BUT VKA has received a $750k investment from $210M capped American Tungsten Corp (CSE: TUNG) (source)
- 🔄 outline plan for small, cheap and fast mine - VKA has engaged Mineral technologies to look into tungsten processing technology (source)
- 🔄 deliver drilling success on project (doesn't need to be huge), just commercial for a small mine (drilling expected this quarter)
On the last two points - VKA started sampling the old tailings dam at its project AND its stockpiles to see if there is additional material VKA could use to produce tungsten as quickly as possible.
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Ultimately, we think that the more of those boxes small companies can tick off (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.
We are Invested in VKA to see the company produce tungsten from its project while the tungsten price is hot (as it is now).
Tungsten prices are still rising, up over 12.5% in 2 weeks and 294% since it acquired the project in Mid December (~5 months ago):
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.
Recent results feed directly into that study - the gravity-led flowsheet is looking increasingly viable.
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 May/early June).
VKA is submitting a Notice of Intent to Federal Agencies for drill permitting.
The expanded geophysics showed that 89% of the prospective contact zone has never been tested - so there's a lot of ground to cover.
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🔄 Permitting and 3D geological model
WSP (~C$28BN WSP Global) is running baseline environmental and permitting work.
A 3D geology model is being completed using recently digitised mapping and drillhole data.
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Here is a gantt chart VKA recently put out that details everything being worked on more broadly:
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