VKA to fast-track permitting for US tungsten project

Our US tungsten Investment Viking Mines (ASX: VKA) just engaged global engineering firm WSP to fast-track the permitting for its Linka Tungsten Project in Nevada.

So inside the last 2 days, VKA has announced:

1. Fast track permitting pathway - VKA engaged a subsidiary of ~C$28BN WSP Global who have expertise working on permitting for projects in Nevada.
2. Processing solution pathway - VKA engaged Mineral Technologies (a subsidiary of the $5BN Downer Group) to complete a processing concept study on the same project.

So in the space of this week, VKA has locked in both a processing partner and a permitting partner - running both in parallel with its exploration programs.

That's the "fast to market" approach we Invested in VKA for.

VKA’s project has historic production of a combined ~123,000t at 0.54% tungsten grades from an open pit.

We are Invested in VKA to see VKA rapidly define and get into production this project, taking a faster approach by producing a high grade concentrate it could ship to refiners for further processing.

Between 1955 and 1956, 360 tonne per day was milled from VKA’s project from an open pit mine - here is a photo of that old pit in December when VKA acquired the project:

(source)

Why permitting matters right now.

First of all because tungsten prices are running right now - up ~600% since the start of the year:

(source)

Secondly, the US currently has zero domestic tungsten production.

And with import bans for Chinese tungsten supply coming into effect (as part of the REEShore Act) (source) in December 2026 the US will be in a position inside the next 12-18 months where domestic production becomes even more strategically important.

Tungsten is also one of the 13 critical minerals that the US Pentagon was out soliciting supply for, just before the Iran war started (probably because it's used in munitions and armour applications…)

(source)

So the US Pentagon is explicitly out looking for supply to put into its critical minerals stockpile - which just so happens to be in Nevada too - ~200km away from VKA’s project:

(source - acquisition announcement in December)

We like that VKA is getting in front of things that typically take a lot longer than expected and are unrelated to the geology of a project (like permitting).

Most junior companies do things sequentially - drill first, study later, then start permitting after that.

That can add years to a development timeline.

VKA is running everything in parallel which we hope condenses the timelines to the first production from its project…

We first Invested in VKA back in mid-December 2025. Since then the company has:

• Bulk sampling from the old open pit that was mined on its project (averaging 1% grades across all samples - for context, most operating tungsten mines run at ~0.2% grades).
• Met testing results showing a 16X concentrate upgrade via simple gravity separation
• Completed geophysical surveys that confirmed anomalies directly over the known mineralisation.
• Digitised 68 historic drill holes - identifying tungsten intercepts outside the old workings including (see our note on those results here)
• Expanded its ground position to cover extensions north and south of the Linka mine area
• 2 days ago, engaged a processing partner (Mineral Technologies) to do a concept study.
  
  
• Today - engaged a global engineering firm (WSP) to fast-track the permitting

That's a lot of boxes ticked in three months for a ~A$36M capped company.

What's next for VKA?

Processing concept study results 🔄

Mineral Technologies is working on flowsheet design, metallurgical characterisation and CAPEX/OPEX estimates for a modular FlexSeries plant at Linka. We want to see this deliver a realistic, low-cost production blueprint.

Recently, VKA recently sent off a bulk sample to test its viability for processing which showed the viability for this to be used in an early production opportunity scenario, supporting a low capex near term production opportunity. (source)

Maiden drilling program 🔄

VKA is planning its first drill program for Q2 2026, using the targets generated from geophysics, digitised historic data and field mapping. We see this as the next big catalyst, modern drill results from a project that hasn't been systematically explored in decades.

Milestones:

✅ Mapping and sampling (soils and rock chips)

✅ Geophysics/LiDAR (geophysics commenced a few weeks ago, with the results released (and has been expanded to a phase 2 program covering more area) (source)

🔄 Drill targets confirmed

🔲 Drilling (planned for April) (source)

The magnetics/gravity survey phase 2 will be done in the areas of the orange callouts:

(source)

US government funding 🔲

With the Pentagon actively seeking domestic tungsten supply and offering US$100M-$500M+ in project funding, we want to see VKA position itself for a piece of that. The team behind LKY has contacts in the right US government departments through its management links directly to LKY. They have already secured a US$191M letter of interest from US EXIM and applied for US$41M from the Department of Defence.