Viking Mines Confirms High-Grade Tungsten Stockpile at Linka, Nevada

Viking Mines Confirms Mineralised Stockpile at Linka with Grades Up to 1.1% WO₃ — Two-Track Strategy Takes Shape

Viking Mines Limited (ASX: VKA, OTC: VKALF) has delivered an encouraging exploration result from its Linka Tungsten Project in Nevada, USA, confirming that a historical surface stockpile carries meaningful tungsten grades — and that the pathway toward producing a bulk concentrate sample for offtake assessment is firmly in sight. The Viking Mines Linka tungsten stockpile results in Nevada are notably compelling, with 41 samples returning an average of 0.4% WO₃ and peak grades hitting 1.1% WO₃.

The Phase 1 stockpile sampling campaign has validated one of the Company's most immediate near-term opportunities, all while a broader programme of metallurgical testing, ore sorting trials, and maiden drilling advances in parallel.

What the Linka Stockpile Sampling Results Actually Tell Us

The Phase 1 sampling programme was conducted in April 2026 across the Linka stockpile, with 41 grab samples collected on an approximate 2m x 4m grid pattern to provide representative coverage of the material. Samples were personally delivered by field geologists (WSP consultants) to ALS Laboratories in Reno, Nevada, maintaining a robust chain of custody throughout.

Key Results at a Glance

The most significant takeaway is the direct comparability between the current stockpile average of 0.5% WO₃ (above cut-off) and the historical average mined grade of 0.5% WO₃. This is not a coincidence to be glossed over — it means the surface stockpile material is essentially of equivalent grade to what was economically mined from the Linka Mine during its active production years in the 1940s and 1950s.

Furthermore, high-grade samples were not isolated anomalies concentrated in one corner of the stockpile. The distribution map confirms repeated high-grade results occurring throughout the stockpile, lending confidence to the grade continuity of the material.

Managing Director and CEO Julian Woodcock commented: "The sampling results confirm that we have identified a surface stockpile of mineralisation at comparable grades to the historical average mined grade from the Linka Mine. Having access to this previously mined mineralisation presents an opportunity to process the material to generate a future bulk concentrate sample for offtake assessment."

Understanding WO₃ Grades — Why the Numbers Matter

What Is WO₃?

WO₃ stands for tungsten trioxide, and it is the standard unit used to express the concentration of tungsten in ore or stockpile material. When geologists and mining companies report tungsten grades, they convert the elemental tungsten content (W%) into its oxide equivalent (WO₃) using a standard stoichiometric factor of 1.261.

Why Does Grade Matter to Investors?

Tungsten is a dense, high-melting-point metal prized for its use in cemented carbides (cutting tools, drill bits), defence applications, and high-performance alloys. Unlike bulk commodities such as iron ore, tungsten is a critical specialty metal — even modest-sized deposits with consistent grades can carry significant economic value, particularly when tungsten prices are elevated.

Quick Glossary

• WO₃ (Tungsten Trioxide): The oxide form of tungsten used to express ore grade. A grade of 0.5% WO₃ means 5 kilograms of tungsten trioxide per tonne of material.
• APT (Ammonium Paratungstate): The primary refined tungsten intermediate product traded globally, priced in US dollars per metric tonne unit (mtu).
• mtu (Metric Tonne Unit): A unit equal to 10 kg of contained WO₃ per tonne — the standard pricing denomination for tungsten.
• Scheelite: A calcium tungstate mineral (CaWO₄) — the primary ore mineral at the Linka Project, visible under UV light.
• Skarn: A metamorphic rock type formed at the contact between intrusive granite and carbonate rocks (limestone), which is the characteristic geological setting for tungsten mineralisation at Linka.
• Cut-off grade: The minimum grade at which material is considered economically worthwhile to process. Viking applied a 0.1% WO₃ cut-off to isolate the most relevant portion of the stockpile.
• NSR (Net Smelter Return): A royalty calculated as a percentage of the revenue received from the sale of minerals after deductions for smelting and refining costs.

In addition, the Viking Mines Linka tungsten stockpile results in Nevada demonstrate the company's ability to identify and validate surface mineralisation that could support near-term processing initiatives, bypassing the traditional exploration-to-production timeline.

Ore Sorting Adds Another Dimension to the Story

Alongside the stockpile sampling results, Viking has commenced ore sorting testwork at TOMRA in Germany — one of the world's leading sensor-based sorting technology providers. Two samples have been submitted:

1. A ~20 kg sample grading 0.4% WO₃ collected from the Linka stockpile
2. A ~20 kg sample grading 0.6% WO₃ collected from the Conquest open pit

Ore sorting is a pre-processing technique that uses sensors to separate higher-grade material from waste rock before it enters a processing circuit. If successful at Linka, it could serve a dual purpose:

• Upgrading the historical stockpile material ahead of processing to improve feed grade and reduce processing costs
• Upgrading future mined mineralisation as part of the operational processing circuit — potentially improving overall economics materially

The inclusion of a Conquest open pit sample (grading 0.6% WO₃) is also notable — this broadens the scope of the testwork beyond just the Linka stockpile and signals that ore sorting is being evaluated as a project-wide tool rather than a one-off exercise.

The Two-Track Strategy: Stockpile Processing Meets Maiden Drilling

Viking is deliberately running two parallel work streams at Linka, and understanding both is key to appreciating the near-term news flow investors can expect.

Track 1 — Surface Stockpile to Offtake Sample

The confirmed mineralisation in the Linka stockpile creates a relatively low-cost, near-term pathway to generate a bulk concentrate sample for offtake assessment. This does not require drilling or resource definition — the material already exists on surface. The steps to convert this into a tangible commercial product involve:

1. Confirming stockpile grade (Phase 1 sampling — complete)
2. Demonstrating processing capability (metallurgical testwork — ongoing)
3. Producing a saleable-grade bulk concentrate sample
4. Presenting this to potential offtake partners for assessment

The metallurgical programme has already delivered a strong early result — a saleable-grade scheelite concentrate of 62.5% WO₃ at 59.8% recovery (reported 28 May 2026). Flotation optimisation is continuing, with further updates expected shortly.

Track 2 — Maiden Drilling to Test Resource Potential

Drill permits have been approved. Site preparation is scheduled to commence in the June quarter, followed by the maiden drill programme — the first drilling at Linka since the 1970s. This is a significant milestone for a project with historical production dating back to World War II and a geological setting that has never been tested with modern drilling methods.

What's Coming Next — Catalysts Through June 2026

Viking has flagged multiple near-term updates, creating a dense pipeline of potential news flow for investors monitoring the story.

The Concept Processing Study being undertaken by Mineral Technologies is particularly noteworthy — it is designed to deliver CAPEX and OPEX estimates for a 300,000 tonne per year processing facility, providing the first quantitative economic framework for the Linka Project.

The tailings dam sampling adds yet another dimension, seeking to determine whether unrecovered tungsten mineralisation remains in historical tailings from the 1950s processing facility — which could represent additional recoverable material from historical operations.

The Tungsten Market Context — Pricing at Near All-Time Highs

Exploration and development activity is always more compelling when commodity prices are supportive — and tungsten's current market conditions are notably favourable. Western tungsten pricing, measured by CIF Rotterdam 88.5% APT, stands at US$3,100/mtu (approximately US$305,000 per tonne), near all-time highs as of early June 2026.

This is not background noise — it is directly relevant to the economics of any future production from Linka and to the attractiveness of securing offtake agreements with potential partners. The Viking Mines Linka tungsten stockpile results in Nevada occur at an opportune time for the tungsten market, with sustained high pricing supporting the commercial viability of processing historical stockpiles.

The Historical Foundation Beneath the Numbers

The Linka Project carries a deep exploration and production history that provides important context for interpreting the current results. The Linka Mine was active from 1943 to 1956, producing material across multiple campaigns:

The Conquest Mine, located adjacent to Linka, produced material averaging 2.7% WO₃ during World War II — a notably high-grade historical figure. The fact that Viking is now identifying a rock stockpile at Conquest (with assays still pending) adds further intrigue to the upcoming results.

The geological setting — scheelite mineralisation in skarn at the contact between Ordovician limestone and Jurassic granitic intrusions — is a well-understood and globally recognised tungsten deposit type. However, the geology works particularly in Viking's favour as it advances toward maiden drilling.

Understanding Skarn-Hosted Tungsten Deposits

Skarn-hosted tungsten deposits form when hot granite magma intrudes into limestone or other carbonate rocks. The interaction between the hot magma and the limestone creates intense heat and chemical changes that transform the limestone into a hard, crystalline rock called skarn. During this process, tungsten-bearing fluids from the granite migrate into the altered limestone, depositing tungsten minerals like scheelite.

This type of deposit is particularly valuable because:

• Predictable geology: The contact between granite and limestone creates well-defined exploration targets
• High-grade potential: Skarn environments can concentrate tungsten into economically viable grades
• Processing advantages: Scheelite can be separated from skarn minerals using established flotation techniques
• Historical success: Many of the world's major tungsten mines are hosted in skarn

In addition, the Viking Mines Linka tungsten stockpile results in Nevada confirm that this deposit type continues to host meaningful tungsten grades in surface stockpiles, validating both the geological model and the processing potential.

Why Investors Should Keep a Close Eye on Viking Mines

Viking Mines is executing a methodical, multi-pronged programme at a historically productive tungsten project in the United States, at a time when tungsten prices are near all-time highs. The Phase 1 stockpile sampling result is not merely a data point — it validates a near-term pathway to generating a physical concentrate sample that could attract offtake interest.

Furthermore, the broader project continues to be de-risked through metallurgical testing, ore sorting trials, and an imminent maiden drilling campaign. Several factors combine to make this a story worth tracking:

• Confirmed stockpile mineralisation at grades directly comparable to historical mining averages
• Strong metallurgical results already achieved (62.5% WO₃ concentrate at 59.8% recovery)
• Ore sorting testwork underway with a globally recognised technology provider
• Maiden drilling permitted — the first since the 1970s — targeting a deposit with known historical high-grade production
• Multiple near-term catalysts expected throughout June 2026 across sampling, metallurgy, processing studies, and drilling
• Favourable tungsten market with APT pricing near all-time highs

By leveraging existing surface mineralisation whilst simultaneously testing deeper resource potential through drilling, Viking has positioned itself to capitalise on multiple value creation pathways as tungsten markets remain robust.

Key Takeaway: Viking Mines has positioned itself as an emerging tungsten developer with a pragmatic two-track strategy — leveraging surface stockpile material for a near-term offtake sample while maiden drilling tests the full resource potential of a historically productive Nevada project. With a packed pipeline of catalysts expected in June 2026 and tungsten prices near record highs, investors should watch this space closely.

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