VKA to drill 63-holes into US tungsten project

Our US critical minerals Investment Viking Mines (ASX: VKA | OTC: VKALF) just lodged permits for a drill program on its tungsten project in Nevada.

VKA lodged a Notice of Intent (NOI) with the US Bureau of Land Management (BLM) for the first drill program on the project in over 40 years.

Approvals are expected this month.

With the rigs expected on site in June for a 63 hole program.

We are looking forward to seeing VKA test the targets that have been identified over the past few months - especially those extensions across those dotted purple lines below:

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And here is where VKA’s holes are planned for:

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More on the three areas VKA will be testing

1. Linka Main: near-surface resource testing

This is the part of the project where the historical mining took place. Linka produced 65k tonnes @ 0.54% WO3 until 1956, so VKA already has production data to utilise.

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Drilling will be aimed at verifying the historical high-grade intercepts including - 9.8m @ 0.5% tungsten and 7.9m @ 0.9% tungsten.

VKA will also drill down-dip of the historical workings to establish the depth potential of the system.

If those historical results hold up under modern drilling AND the system extends at depth…

2. Linka Southwest: system extensions

This is the higher-risk / higher-reward piece.

VKA will test for extensions of Linka Main mineralisation along an ~800m southwest extension where surface samples have already returned up to 0.6% tungsten.

Four sections spaced 125–150m apart will be drilled to establish bedrock geology and test continuity of the skarn mineralisation under shallow cover.

The exciting bit is that this is the part of the project that has never been drilled before.

So this is kind of like greenfield discovery drilling, but within a known mineralised and producing system.

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3. Regional targets based on geophysics

These will be the highest risk, proper exploration holes.

VKA will be drilling shallow vertical holes to test the depth of cover and validate the regional intrusive theory.

(remember that interpretation that the tungsten runs around the “contact zone” of the geophysical anomaly in the area):

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We covered the geophysics in detail in a Quick Take here: VKA geophysics reveals its US tungsten system is much bigger than expected

The macro setup keeps ticking along

Today’s announcement also mentioned the REEShore Act mandate taking effect in December 2026, which bans Chinese-origin tungsten from US military supply chains. (source)

This is just 7 months away.

This is a meaningful date for the US tungsten macro we have been writing about with VKA:

• Tungsten is a US critical mineral with zero domestic production
• Tungsten prices are running at all time highs
• The Pentagon has flagged US$100M to US$500M for domestic critical minerals
• The REEShore Act forces the US Department of Defense to source tungsten from non-Chinese supply by December 2026

VKA’s strategy is built around being a fast-to-market US tungsten producer with modular processing plant designed (43 t/hr), gravity concentrate already proven at 63.6% tungsten.

Now, the maiden drill campaign is set to begin in the coming weeks, with the drill crew expected to mobilise this quarter.

If the drilling validates the historical grades and the southwest extension comes in, VKA has a credible "rapid-start" tungsten production story sitting inside the US.

This could be at the most opportune of times, very much a right at the moment situation just as the REEShore Act mandate kicks in late in the year.

We covered the progress of the strategy that VKA is employing in our recent Quick Takes:

• VKA finalises processing plant design for US tungsten project
• VKA lays out accelerated roadmap for US tungsten project
• VKA produces tungsten concentrates from US project

So the next ~2 months will have a focus on exploration: drilling permits, drill contractor lock-in, mobilisation, and (assuming everything lands on time) the drill bit in the ground.

Last week VKA held a webinar going through the recent progress and forward plan which you can view 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.

Further testing is ongoing with more results from cleaner flotation testwork expected in late April / early May.

We also would like to see how existing tailings (that were recently sampled) performs with similar testing or even on this exact same circuit.

Recent/ongoing results will 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 June quarter).

VKA has today submitted a Notice of Intent to Federal Agencies for drill permitting on a 63 hole program.

Approvals are expected this month with rigs to mobilise to site in June.

🔄 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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