Viking Mines (ASX:VKA) exceptional tungsten assays validate Nevada execution pathway and next phase optionality

Julian Woodcock Managing Director and Chief Executive Officer of Viking Mines joins MarketOpen today to discuss the latest price sensitive announcement reporting high grade tungsten assays from its Nevada portfolio, with the Q&A focused on what the results confirm, how they reduce uncertainty, and how they shape the sequencing toward drilling and permitting.

What do these surface sampling results change in terms of confidence across the Nevada portfolio?

The results give us practical confidence that the assets perform broadly in line with historical records rather than relying on paper data alone. We collected 64 samples across four projects and saw consistent grades at Linka, Hillside, Conquest, Long and Alpine, including very high grade outcomes alongside more representative channel samples.

What matters for us is not the headline peak but the confirmation that mineralisation styles and grades observed historically are present today and accessible. This allows us to move forward knowing the projects physically exist as described and that the grades we are seeing are not anomalous but repeatable within the system.

How should investors interpret the very high assay results alongside lower channel grades?

We see them as complementary rather than competing data points. The high grade face samples demonstrate the quality potential within the system, while the channel samples provide a more realistic indication of average material across defined zones.

The combination supports a disciplined approach because it shows both upside and consistency. Importantly, the channel results align with grades achieved during historical mining operations, which anchors expectations in reality. That balance between exceptional results and representative sampling is central to how we assess risk before drilling. Its important however to note that the average grades of the channels >0.5% WO3 is a good grade for a tungsten project. It’s just that 14.7% is exceptional.

Why was validating historical production such a priority at Long and Alpine?

These sites were included specifically to confirm that the historical records we rely on match what is observable on the ground. Grab samples at both Long and Alpine returned grades that sit within the ranges reported from past production, which tells us the data is credible and the projects are not conceptual.

This matters because it reduces uncertainty across the broader portfolio and supports prioritisation decisions. The work was about confirming existence and grade rather than expanding scope, which is a necessary step before committing capital to drilling.

How does the current work program reduce risk ahead of drilling?

We are deliberately layering datasets rather than rushing into drilling, sequencing historical data digitisation, new surface sampling, planned geophysics, metallurgical testwork and 3D modelling so that drill targets are built on multiple independent inputs, allowing us to refine precise locations and avoid unnecessary holes.

Submitting the Notice of Intent only once targets are finalised ensures permitting aligns with execution readiness, with the objective of entering drilling with clarity rather than speculation.

That said, we are not taking it slow and anticipate having our permits submitted to the federal government this quarter with the objective of drilling in Q2 2026.

What does optionality look like across the wider Nevada tungsten portfolio from here?

Optionality comes from having multiple validated projects at different stages of readiness rather than a single dependency, with Linka as the immediate focus while work advances more steadily at the other five projects.

The additional projects provide flexibility in how we allocate future effort and capital, supported by ongoing technical evaluation that allows us to prioritise based on evidence as it emerges so progress is not binary and assets can be advanced, paused or sequenced without forcing decisions prematurely.

From validation to execution readiness

This program positions Viking Mines to translate historical assets into a modern, evidence based pipeline by confirming grades, digitising legacy data, integrating new datasets and aligning permitting with defined drill targets.

Julian Woodcock Managing Director and Chief Executive Officer has outlined a strategy that focuses on reducing uncertainty step by step while preserving portfolio flexibility as the company moves toward its Nevada drilling campaign.

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