Announcement PDF Gold nuggets totalling 9.84g discovered at the Riverina East Project 2025 Annual Report 30 June 2025 A SX :V K A | ABN 38 126 200 280 Viking Mines Limited Contents 30 June 2025 Corporate directory 2 Chairman's Letter 3 Directors' report 22 Auditor's independence declaration 39 Consolidated statement of profit or loss and other comprehensive income 40 Consolidated statement of financial position 41 Consolidated statement of changes in equity 42 Consolidated statement of cash flows 43 Notes to the consolidated financial statements 44 Consolidated entity disclosure statement 64 Directors' declaration 65 Independent auditor's report to the members of Viking Mines Limited 66 Shareholder information 70 Annual Mineral Resource and Ore Reserves 72 Tenement Schedule 74 1 Viking Mines Limited Corporate directory 30 June 2025 Directors Mr Charles Thomas - Non-Executive Chairman Mr Julian Woodcock - Managing Director & CEO Mr Bevan Tarratt - Non-Executive Director Dr Julian Stephens - Non-Executive Director Company Secretary Michaela Stanton-Cook Registered Office and Principal Place of Business 15-17 Old Aberdeen Place, West Perth WA 6005 Telephone: +61 8 6245 0870 Share Register Automic Pty Ltd Level 5, 191 St Georges Terrace, Perth WA 6000 Telephone: 1300 288 664 (within Australia) Telephone: +61 2 9698 5414 (outside Australia) Email: hello@automic.com.au Auditor BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2, 5 Spring Street, Perth WA 6000 Solicitors Bennett Level 14, Westralia Square, 141 St Georges Terrace, Perth WA 6000 Stock Exchange Listing Viking Mines Limited shares are listed on the Australian Securities Exchange (ASX code: VKA) Website www.vikingmines.com Corporate Governance Statement The Corporate Governance Statement can be found on the Company's website: www.vikingmines.com/corporate-governance 2 Viking Mines Limited Chairman's Letter 30 June 2025 Dear Shareholders, The 2025 Financial Year has been a defining period for Viking Mines, marked by a sharpened strategic focus and important achievements across our portfolio. I am pleased to report on a year of meaningful progress, highlighted by exciting earlystage exploration success in a new greenfields area and disciplined corporate management, both of which have positioned the Company strongly for future growth. During the year, we made the strategic decision to concentrate our primary efforts on the significant gold potential of our Riverina East Project (formerly the First Hit Project) in Western Australia’s Eastern Goldfields. This decision was underpinned by the region’s world-class gold endowment, the Project’s high-grade historical profile, and our confidence in uncovering substantial new discoveries along the underexplored Zuleika Shear. Encouragingly, our exploration programs have already delivered results, with systematic drilling producing standout intersections, most notably 2m at 23.6g/t Au, including visible gold. In parallel with our exploration programs, we successfully advanced the historic First Hit Gold Mine by defining a highgrade JORC Inferred Mineral Resource of 19,000 ounces. An accompanying Underground Mining Study further enhanced its potential, constraining 12,400 ounces of gold within a conceptual mine design and providing a clear pathway for possible future monetisation. At our Canegrass Battery Minerals Project, we consolidated the ownership and now own 100% of the Project, ensuring Viking shareholders have full exposure to the Project’s upside. Our team also progressed the Project with metallurgical testwork, which confirmed the processing flowsheet and demonstrated the potential to recover valuable co-products, including copper, nickel, and cobalt. In addition, our generative exploration pipeline has been further strengthened with the addition of the Narndee Project. Financially, Viking remains in a solid position, having raised A$2.39 million during the year and entered into a prudent 'Drill-for-Equity' agreement to sustain exploration momentum in a cost-effective manner. Looking ahead, we are energised by the potential of the high-grade drilling results at Riverina East and the inherent value across our broader portfolio. On behalf of the Board, I extend my sincere gratitude to our talented management team and loyal shareholders for your continued support. With a clear focus and disciplined strategy, we are confident Viking Mines is well placed to continue unlocking value for shareholders. Yours sincerely, Charles Thomas Non-Executive Chairman 3 Viking Mines Limited Review of Operations 30 June 2025 The 2025 Financial Year marked a period of significant strategic advancement and early stage exploration success for Viking Mines. The Company sharpened its focus on gold exploration at its newly renamed Riverina East Project in the Eastern Goldfields, delivering high-grade drill intercepts and defining a Mineral Resource at the historic First Hit Mine. Corporate activities were highlighted by the consolidation of the Canegrass Battery Minerals Project to 100% ownership, where metallurgical studies continued to de-risk the asset. The Company also expanded its exploration pipeline with generative work at the new Narndee Project. Figure 1: Viking Mines project locations 4 Viking Mines Limited Review of Operations 30 June 2025 Riverina East Gold Project During the year, the Company commenced a strategic review of its extensive ~480km² land package on the Zuleika Shear, renaming the project from First Hit to Riverina East to reflect the broader regional potential beyond the historic mine. This review led to major drilling programs and technical studies that have significantly advanced the project. First Hit Mine - Mineral Resource1 Viking engaged MEC Mining, a leading global technical consulting firm dedicated to servicing the mining industry, to undertake a Mineral Resource Estimation (MRE) of its 100%-owned First Hit Gold Mine (First Hit), located 45 km west of Menzies and 2 hours north of Kalgoorlie in the Eastern Goldfields region of Western Australia. The MRE undertaken by MEC Mining focused on reviewing the following aspects of the First Hit Deposit: 1. 2. 3. 4. Geological model of mineralisation. Pegmatite model which stopes out mineralisation. Extent of historical mine workings. Potential for remaining unmined mineralisation. This assessment was completed to estimate the remaining unmined mineralisation that has the potential to be economic in the current high gold price climate. The Company announced the definition of an Inferred MRE of 83.8kt @ 7.0g/t Au for 19,000 ounces for the historical First Hit Mine. The existing decline at First Hit extends to 220m below surface, providing an opportunity to access the mineralisation (subject to dewatering). Figure 2: Long section view looking west showing the un-depleted January 2025 MRE for the First Hit Deposit 1 ASX Announcement 20 January 2025 – Viking Defines High-Grade Gold Mineral Resource at First Hit Mine 5 Viking Mines Limited Review of Operations 30 June 2025 Figure 3: Long section looking west showing January 2025 MRE and historical underground workings at the First Hit Deposit Figure 4: Long section looking west showing the depleted January 2025 MRE of 83.8Kt at 7.0g/t Au for 19.0Koz Au 6 Viking Mines Limited Review of Operations 30 June 2025 First Hit Mine - Underground Mining Study2 Following the MRE, the Company engaged an external engineering consultancy that specialises in underground mine design and evaluation to complete an Underground Mining Study (UMS) to assess the economic potential of the remaining mineralisation2. The study successfully delineated a potentially mineable portion of the MRE, defining an in-situ Inferred Resource of 53.1kt @ 7.2g/t Au for 12,400 ounces constrained within a conceptual underground mine design (Figure 5). Cautionary Statement: The Underground Mining Study referred to in this report is based on low-level technical and economic assessments and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Underground Mining Study will be realised. For avoidance of doubt, the stated MRE determined by the UMS is the in situ Mineral Resource and this announcement does not contain any forecast financial information and does not include a Production Target. A detailed series of steps were undertaken to establish the portion of the Global MRE that could be extracted under defined assumptions for mining engineering parameters, geotechnical conditions, dewatering parameters, processing recoveries, operating costs and gold price. It was assumed that the same mining method of sub-level open stoping would be employed as was used successfully when First Hit was previously in operation in the early 2000’s. These assumptions (Table 1) were used as the inputs into Deswik SO software to generate a set of stope shapes. These stope shapes were then manually assessed and a mine design completed (Figure 5) to extract the maximum mineral resource with a positive cashflow. These assumptions will need refining when further information becomes available and as the study level progresses. Figure 5: Isometric view to the NW showing new mine design developed as part of the Underground Mining Study with new development and stopes in green an existing development in Orange 2 ASX Announcement 10 June 2025 – Viking Delivers 12Koz in First Hit Underground Mining Study 7 Viking Mines Limited Review of Operations 30 June 2025 Table 1: Input assumptions used in Deswik SO software to determine minable stopes for mine design. Riverina East Project - Regional Exploration Viking engaged Topdrill to undertake Reverse Circulation (RC) drilling at Riverina East to test priority targets within Viking's ~25km strike of the Zuleika Shear. Throughout FY25, two phases of drilling were undertaken. These phases of drilling form part of a larger Riverina East drilling programme of up to ~20,000 metres of RC drilling3 envisaged to be completed across the 25km strike length of the Zuleika Shear under Vikings Control. Phase 1 Drilling Programme The Phase 1 regional RC drill programme of ~7,400m was completed at the Bifrost Target (formerly Northern Duplex Target)4. Prior to this programme, there had been no bedrock drill testing on Viking's 100% controlled tenure for more than 20km4. The drilling successfully discovered gold mineralisation across multiple wide-spaced drill traverses5. The Company completed a review of all the RC chips from the Phase 1 programme and selected ~200 samples for additional geochemical analysis with the objective of identifying which of the elevated gold zones contain other pathfinder mineralisation. The results will be used to inform future sampling and drill planning to assist vectoring towards prospective structures. The primary objective of the Phase 1 drill programme was to identify gold bearing pathways along any of the multiple structural positions interpreted from the airborne magnetics. This objective has been successfully achieved with highly positive results and the identification of previously unidentified zones of gold mineralisation. This drilling provided priority targets for further follow up exploration. Bifrost - Traverse 14,5 Several zones of anomalous gold were intersected. The strongest, is a broad intercept in VKRC0083 of 27m at 0.4g/t Au (>0.1g/t cut-off) from 69m. Within this zone there are multiple intercepts reporting >1g/t (Figure 6 & Figure 7): • • • 1m at 2.9g/t Au from 76m. 1m at 1.1g/t Au from 81m. 1m at 1.5g/t Au from 91m. Two additional continuous ppb level anomalous zones have been intersected in the same traverse. • • VKRC0084 returned 20m at 78ppb from 20m and is located in the adjoining hole to the west of the larger intercept in VKRC0083 reported above. VKRC0085 returned 28m at 38ppb from 76m. Although these additional intercepts are of a lower tenor than seen in VKRC0083, the anomalies confirm additional structural positions which have seen gold-related alteration and mineralisation and provide additional target horizons. 3 ASX Announcement 18 November 2024 – Viking Expands First Hit Gold Project Drilling Programme ASX Announcement 18 February 2025 - Viking Confirms Gold Discovery at Northern Duplex Greenfields Target 5 ASX Announcement 3 February 2025 – Viking Discovers Gold at Northen Duplex Greenfields Target 4 8 Viking Mines Limited Review of Operations 30 June 2025 Other narrow (<8m) ppb level intercepts have also been encountered in several other holes indicating discrete structural zones which warrant further interpretation and understanding as to the relevance in the mineralising system. Figure 6: Chip samples from VKRC0083 and analysis results reported as g/t gold. 27m at 0.4g/t Au from 69m with higher grade intercepts up to 2.9g/t as annotated. Figure 7: Cross section through drill traverse 1 at the Bifrost Target Assay results were also received for VKRC0068, a scissor hole drilled at the Bifrost Target on the first drill traverse, following up on the intercept in hole VKRC0083 of 27m at 0.4g/t Au (>0.1g/t cut-off) from 69m. This hole was planned late in the programme based on visual alteration identified in VKRC0083 and designed to test the orientation and continuity of the observed zone. VKRC0068 returned a significant intercept of 17m at 1.1g/t Au from 28m containing multiple +1g/t Au intercepts including (Figure 7 & Figure 8); • • • 1m at 1.6g/t Au from 28m; 2m at 3.1g/t Au from 34m; and 3m at 1.3g/t Au from 38m. 9 Viking Mines Limited Review of Operations 30 June 2025 This drillhole confirms the presence of a steep dipping gold hosting structure which is open along strike with no constraining drillholes. The true extent of the zone cannot be determined, with the next drill traverses located 0.8km North and 1.7km South. Figure 8: Chip samples from VKRC0068 and analysis results reported as g/t gold. 17m at 1.1g/t Au from 28m with higher grade intercepts up to 3.2g/t as annotated. Bifrost - Traverse 26 Assay results received for the 17 holes drilled along the 2nd drill traverse at Bifrost (Figure 9) returned multiple anomalous zones (>40ppb), with the most significant being VKRC0103 which returned 23m at 0.4g/t Au from 97m, and contains two contiguous intercepts >0.5g/t Au cut-off grade (Figure 9 & Figure 10) of; • • 5m at 1.0g/t Au from 102m. 3m at 1.3g/t Au from 115m. Hole VKRC0103 confirms the presence of a steep dipping gold hosting structure which is open along strike with no constraining drillholes. Figure 9: Cross section through drill traverse #2 at the Bifrost Target with multiple >40ppb zones highlighted 6 VKA ASX Announcement 25 February 2025 – Viking Hits Gold in 2nd Regional Drill Traverse, 1.7km South 10 Viking Mines Limited Review of Operations 30 June 2025 Figure 10: Chip samples from VKRC0103 and analysis results reported as g/t gold. Broad >50ppb zone of 23m at 0.4g/t Au from 97m with higher grade intercepts of 5m at 1.0g/t Au from 102m and 3m at 1.3g/t Au from 115m with max grades up to 1.95g/t as annotated. Figure 11: Map showing the 25km strike length of the Zuleika Shear controlled by Viking, the location of known gold deposits, and the structurally complex geological targets being tested for gold mineralisation. Background image is 1VD-RTP magnetics. 11 Viking Mines Limited Review of Operations 30 June 2025 Augur Drilling Results – Bifrost Target6,7,8 The Company completed an infill auger drilling programme at Bifrost to reduce the sample spacing from the broad 100m x 400m grid to a 20m x 100m grid. The purpose of the infill auger sampling was to better define the target anomalies and zones identified in the RC drill traverses at Bifrost. Assay results and interpretation were announced for the 575 sample infill auger programme completed across prospective targets defined at Bifrost from Phase 1 drilling. The assay results from an initial 220 samples confirmed a large >400m long >40ppb gold anomaly (Figure 12), which overlaps with a >400m long >30ppm Arsenic anomaly (Figure 13). Arsenic has been directly associated with the gold intercepts in bedrock drilling via multi-element analysis and is a positive indicator for potential high-grade mineralisation. Assay results from the remaining 355 samples confirmed a second >300m long gold anomaly >40ppb, within a larger >700m 20ppb gold anomaly. The anomaly occurs 100m SSE of drillhole VKRC0103, which returned 23m at 0.4g/t Au, including 5m at 1.0g/t Au and 3m at 1.3g/t Au, with individual 1m samples returning up to 2.0g/t Au. The second anomaly has weak pathfinder elements associated with the gold of silver, mercury and selenium. The combination of gold and pathfinder elements were used to design the follow up drill programmes to test both geochemical targets, which was completed as part of the phase 2 drill programme. Figure 12: Bifrost target, northern infill auger programme results showing ppb gold contours. Note high >40ppb core which correlates with results from VKRC0068 and VKRC0083. Blue triangles are planned step out drillholes due to be completed by early April 2025. Background image is RTP magnetics. 7 8 ASX Announcement 27 March 2025 – Viking Bifrost Auger Results Define Large 400m Gold Target ASX Announcement 2 April 2025 – VKA Bifrost Auger Results Define Second Surface Gold Target 12 Viking Mines Limited Review of Operations 30 June 2025 Figure 13: Bifrost target, northern infill auger programme results showing ppm arsenic contours. Note high >100ppm core with southern edge correlating with results from VKRC0068 and VKRC0083. Blue triangles are planned step out drillholes due to be completed by early April 2025. Background image is RTP magnetics. 13 Viking Mines Limited Review of Operations 30 June 2025 Figure 14; Bifrost target, southern infill auger programme results showing ppb gold contours. Note high >40ppb core which correlates 100m to the SSE from VKRC0102. Blue triangles are drillholes completed to test the target. Background image is RTP TDR magnetics. 14 Viking Mines Limited Review of Operations 30 June 2025 Phase 2 Drilling Programme9 Viking subsequently completed the Phase 2 drill programme, with 50 holes for 5,956m drilled (including one re-entry of VKRC0102). This programme included first-pass drilling at the Central Duplex Target and follow-up drilling at the Bifrost Target. Bifrost South Target10 The Phase 2 drill programme included two new drillholes (VKRC0179 and VKRC0180) and one extension (VKRC0102) to follow up on previously reported results from hole VKRC01036 (23m at 0.4g/t Au from 97m incl. 5m at 1.0g/t from 102m and 3m at 1.3g/t from 115m) (Figure 18, Figure 19 & Figure 20). Both new holes intercepted anomalous and elevated gold mineralisation over broad zones and are associated with quartz veining, biotite alteration, sulphides and are hosted in a dolerite rock unit (Figure 16). VKRC0180 returned the most significant intercept of 2m at 23.6g/t Au from 124m with visible gold (Figure 15). There is further encouragement within VKRC0180 with additional intercepts of 1m at 1.5g/t Au from 108m and 3.2g/t Au from 112m. Of particular interest is the 2m thick quartz vein intersected from 111m (Figure 16). The vein confirms the capacity of the system to generate thicker gold hosting quartz veins in the area being explored by the Company. In addition, having multiple vein positions downhole presents an additional opportunity for several zones of mineralisation to be intersected across the target area. Figure 15; Photograph of RC chips from 125m downhole in VKRC0180 which assayed 45.5g/t Au. Image shows quartz vein with visible gold, sulphides and biotite. 9 ASX Announcement 12 March 2025 – Viking Commences ~6,000M RC Drilling Programme at First Hit VKA ASX Announcement 2 May 2025 – VKA Intersects High Grade Visible Gold in Riverina East 10 15 Viking Mines Limited Review of Operations 30 June 2025 Figure 16; Photo of chip samples from VKRC0180 from 80m to 160m with grades in g/t Au and host rock annotated. Not strong low-grade anomaly throughout the intercept and includes 45.5g/t au from 125m. Gold Haloes All intercepts reported within VKRC0180 occur within three broader anomalous gold haloes >50ppb (Figure 19) of: • 21m at 0.4g/t Au from 96m. • 6m at 8.0g/t Au from 123m. • 8m at 0.2g/t Au from 135m. The significance of these broader gold zones is twofold. Firstly, the broad gold anomaly is interpreted to represent a significant volume of mineralising fluid flow through the host rocks highlighting the potential of the system discovered. Secondly, the larger zones support the geochemical data collected via auger sampling and the exploration model being followed. Mineralisation Style These intercepts are significant due to the style of mineralisation being explored for being narrow vein high grade gold, which is characteristic of deposits found along the Zuleika shear, including Ora Banda Mining’s (ASX:OBM) high grade Riverina Deposit 10.6km to the SW (Figure 17). The thickness of the veins intersected at Riverina is comparable to that intercepted in hole VKRC0180 and demonstrates the significant potential that exists at Bifrost (Figure 17). 16 Viking Mines Limited Review of Operations 30 June 2025 Figure 17; Section through drillhole VKRC0180 drawn at the same scale as underground face photograph taken from the Ora Banda Mining corporate presentation from 7th March 2025. Image illustrates thee type and style of mineralisation being explored for by Viking. Host Rocks10 All mineralisation is within a dolerite rock unit (Figure 19 & Figure 20). This has significance as it is a different mafic unit compared to the more extensive and ductile ultramafic rocks encountered in much of the regional drilling. Dolerites are more brittle which provides a rheological contrast to the surrounding ultramafics. This results in a preferential host rock for mineralisation. This is demonstrated within regional significant gold deposits hosted within dolerites, such as many deposits associated with the Defiance Dolerite at the multi-Moz St Ives gold camp (Gold Fields). Additional Target6 In addition to the holes reported above, drillhole VKRC0178 was drilled testing updip of Phase 1 drillhole VKRC0117 which returned 1m at 2.3g/t Au from 98m. Again, the target meets the Company’s criteria for follow up due to being narrow vein and in the 1-5 gram metre range. Hole VKRC0178 was successful in confirming a sub-vertical trend and returned 1m at 3.3g/t Au from 51m, approximately 35m updip (above) the VKRC0178 intercept (Figure 19). Mineralisation is characterised by quartz veining and intense biotite sharing and alteration. This result confirms a second target structure at the Bifrost target warranting further follow up. The Company continues to interpret the geology at this location and will plan follow up activity for the next round of drilling. 17 Viking Mines Limited Review of Operations 30 June 2025 Figure 18; Map showing the Bifrost South Target area with large gold anomaly defined by auger drilling and phase 2 RC drilling results. Note eight drillholes with assays still pending. Figure 19; Cross section through Bifrost South target area on traverse 2 showing new drillhole results and previously reported drillhole results. Note two target areas in the western and central positions on the traverse. 18 Viking Mines Limited Review of Operations 30 June 2025 Figure 20; Cross section focussing on holes VKRC0103 and VKRC0180 showing location of high-grade intercepts including 2m at 23.6g/t Au. Central Duplex Target (CDT)6 As part of the Phase 2 drill programme, 31 holes for 3,624 metres were drilled at the Central Duplex Target across four wide-spaced traverses as a first-pass programme. Although no significant intercepts were encountered (highest returned in hole VKRC0155 with 1m at 1.5g/t Au from 38m), the presence of multiple ppb pathways, supporting pathfinder geochemistry and broad alteration zones indicates potential for this target area to host gold mineralisation (Figure 21). The Company will continue to assess the results and plan follow up activity which may include further infill auger drilling and potential for follow up RC drill testing. Figure 21: Cross section through the Central Duplex Target Traverse 2. Section highlights broad zone of gold anomalism, with holes annotated and zones of higher >100ppb results (pink). Note 1m at 1.5g/t Au in holes VKRC0155. 19 Viking Mines Limited Review of Operations 30 June 2025 Canegrass Battery Minerals Project Viking consolidated its interest in the Canegrass Project during the year, acquiring 100% ownership and continuing metallurgical programs to unlock the value of the substantial vanadium resource. Acquisition of 100% Ownership11 In the September 2024 quarter, the Company secured 100% of the Canegrass Project via the acquisition of Flinders Canegrass Pty Ltd from Red Hawk Mining Limited (ASX:RHK). This strategic transaction gives Viking shareholders full exposure to the project's value and removes all farm-in expenditure commitments, providing greater flexibility for project development. Metallurgical Testwork Program12 Metallurgical testwork throughout the year continued to de-risk the processing flowsheet (Figure 22) and explore valueadd opportunities. Stage 2 Testwork: This program focused on producing a final high-purity product. Roasting and leaching of a 5kg magnetic concentrate sample was successfully completed, producing 15 litres of vanadium solution with an 89.3% recovery of vanadium. This solution is now undergoing the final purification steps to produce high-purity V2O5 flake and vanadium electrolyte. Stage 3 Testwork: This stage investigated the potential for valuable co-products. Key outcomes include: • Sulphide Flotation: A bulk sulphide rougher flotation test on the non-magnetic tailings proved the concept that copper, nickel, and cobalt can be recovered into a separate concentrate. • Gold Discovery: Gold was identified for the first time at the project, with assays up to 0.33 g/t Au returned from the sulphide concentrate. Figure 22: Schematic flowsheet showing industry standard flowsheet stages used to process Canegrass mineralisation with the stages completed to date (dark blue) and the stages yet to be completed (grey). 11 12 ASX Announcement 5 September 2024 – Viking Moves to 100% Ownership of Canegrass Project ASX Announcement 11 September 2024 – Canegrass Metallurgical Testwork Update 20 Viking Mines Limited Review of Operations 30 June 2025 Narndee Project13 The Company expanded its generative exploration portfolio by securing the Narndee Project, located 85km ESE of Mt Magnet. The Project comprises four exploration licences covering ~75km² and is considered prospective for gold, PGEs, and Ni/Cu sulphides. The prospectivity for gold has been highlighted by prospectors operating under permit on the tenure, who have reported multiple gold nugget finds along a key structural trend (Figure 23). An initial auger sampling programme of 415 holes over a 7km strike at Narndee plus a further 250 holes at Canegrass over ~1.8km strike was completed in the March 2025 quarter, with results for gold and multi-element analysis pending. Figure 233: Narndee Project – Viking auger sampling Locations and reported prospector finds with GSWA geology map background Coolamaninu Sheet 2540. Note regional mapped structure (black dashed line) aligning with prospector gold finds and target of auger sampling programme. 13 ASX Announcement 10 February – Viking Completes Canegrass and Narndee Auger Sampling Program 21 Viking Mines Limited Directors' report 30 June 2025 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Viking Mines Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025. Directors The following persons were directors of Viking Mines Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Charles Thomas - Non-Executive Chairman Michael Cox - Non-Executive Director (resigned 31 March 2025) Bevan Tarratt - Non-Executive Director Julian Woodcock - Managing Director and CEO Julian Stephens - Non-Executive Director (appointed 11 March 2025) Principal activities During the financial year the principal continuing activities of the consolidated entity was investment in mineral exploration projects located in Western Australia. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the consolidated entity after providing for income tax amounted to $3,122,758 (30 June 2024: $2,766,113). A more detailed review of operations is included in the Operations Report accompanying this annual report. Material Business Risks The Group considers the following to be the key material business risks: i. ii. iii. Funding for operational activities and capital availability. Exploration & discovery risk. Environmental and heritage risk. 22 Viking Mines Limited Directors' report 30 June 2025 Risk associated with future capital requirements Mineral exploration and resource companies without an operating mine (including the Company) do not generate cashflow via sale of a commodity or product. Financing of future operating costs and expenditure commitments will ultimately at some point in the future exceed the current cash reserves. To meet future expenses, the company may be required to either secure debt funding or raise new equity via capital raisings through the issue of new shares in the Company.