Announcement PDF ASX: VKA 22 December 2025 Acquiring High-Grade, Past-Producing Assets in Nevada, USA Securing America's Tungsten Future ASX:VKA Viking Nevada Tungsten Projects: Overview 2 US Strategic Asset Acquisition 100% acquisition of 6 tungsten projects in Nevada, Tier-1 Mining Jurisdiction Proven Production History Projects have combined historic production2 of ~123kt ore @ 0.54% WO₃ Strategic Backing Cornerstone investment of A$750k from US-focused American Tungsten (CSE:TUNG), validating the asset quality Perfect Macro Timing Tungsten prices at all-time highs (~US$900/mtu APT1) driven by critical defence demand and Chinese export restrictions Immediate Drill Targets High-grade historical hits2 (up to 2.11% WO₃) ready for immediate follow-up 2 1As per ShanghaiMetals Market on 21 December 2025, https://www.metal.com/en/prices/202511260001 2Viking Mines ASX announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects ASX:VKA Tungsten: The Critical Defence Metal 3 Critical Defence Vulnerability Zero Domestic Supply The USA relies 100% on imports (China controls ~85% of supply) Strategic Hawthorne Army Depot Location Projects are ~200km from the world’s largest munitions stockpile and Strategic Minerals hub Perfect Market Timing Record High Prices (~US$900/mtu ATP1, Dec 2025) Tungsten hit all-time highs on severe shortages and export bans Government Funding Active US DoD funding for domestic critical minerals offers a non-dilutive capital pathway for Viking Speed to Market Proven History Past-producing mines (123kt historic ore), avoiding high-risk greenfields exploration High-Grade With historic stopes2 up to 3.0% WO₃ and drill hits up to 2.11% WO₃, opportunity to target a rapid, low-capex mining operation 1As per ShanghaiMetals Market on 21 December 2025, https://www.metal.com/en/prices/202511260001 2Viking Mines ASX announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects ASX:VKA Linka: A Proven Production Hub 4 Proven Production Scale1 • Historical processing : Treated 65kt of ore through an on-site 360tpd mill (operational until 1956)2 • Three historical mines: Linka, Conquest & Hillside occurring over ~820m of strike length, remain open to the NE and SW, with extensions untested below shallow cover Tier-1 Infrastructure Advantages • Power: 230kV powerline runs 4.5km west of the pit, offering potential grid connection • Water: Accessible groundwater table (~60m depth) for future processing needs • Logistics: Located just 7km from Highway 50 with excellent road access to service hubs 1Viking Mines ASX announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects 2 Refer to Historical Exploration Results, as per FAQ 36 and ASX LR 5.7 6 ASX:VKA Linka Mine: High-Grade & Open at Depth 5 Exceptional Grade Profile1 • Historic mining targeted high-grade zones, with stopes recorded up to 3.0% WO₃ • Underground intercepts include 6.1m @ 1.50% WO₃ and 0.9m @ 2.40% WO₃ Ideal Mining Geometry • Steeply dipping historical orebody up to 12m wide, suited for low-cost Long Hole Open Stoping methods Immediate Depth Potential • Main shaft already sunk to 90m, yet mining only reached the 45m level before closure • Historical orebody remains open at depth below underground workings • Mineralised trend goes undercover along strike to the NE & SW 1Viking Mines ASX announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects ASX:VKA Building a District: Near-Mine Satellites Alpine Project2 Unfinished Business: Historic mining focussed on high-grade (>0.5%), leaving unmined mineralisation behind Growth Target: Historical exploration target of ~90kt @ 0.4% WO₃, untested to granodiorite contact Victory Project2 Proven Grade: Historic production1 of 93kt @ 1.0% WO₃ Strategic Positioning: Directly adjoins the third- party "Victory Mine," which is currently the subject of a restart study - validating the local geology Upside: 8 unpatented claims with no modern exploration outside the main workings 6 1Mining at Victory not located in VKA controlled claims. 2Viking Mines ASX announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects ASX:VKA Regional Pipeline: High-Grade Discovery Targets Ragged Top Project Exceptional Grade: Historic production1 grades of 1.0% WO₃ from surface skarns Geology: Tungsten-bearing "roof pendants" up to 50ft wide; extensive strike length never tested at depth Long Project Open Mineralisation: ~200m exposed contact zone with reported grades up to 1.0% WO₃ Undrilled: Zero drilling identified to date; mineralisation remains open at depth Terrell Project Coarse Potential: Noted for coarse-grained scheelite crystals (up to 7cm), indicating potential for high-grades and low beneficiation requirements 7 1Mining at Ragged Top not located in VKA controlled claims. Photo of grab samples collected from the Linka Project (Linka Mine 514065E, 4353242N) shown in visible and UV light. Dominant fluorescent mineral (white/blue colour) is interpreted to be scheelite. Visual estimate of abundance ~1.0 to 2.5% scheelite (0.8% to 1.8% WO3). Assay required to confirm WO3 content with results expected in Q1 2026. Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Refer to Viking Mines ASX announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects ASX:VKA Rapid Path to Value Creation Phase 1 Validation & Target Definition Boots on the Ground: Deployment of field teams for surface mapping and sampling to build the 3D exploration model Metallurgical De-Risking: Utilise historic stockpiles/access historic underground workings to collect bulk samples for modern metallurgical testwork Drill Planning: Planning of drill collar locations and commence permitting to test depth extensions at Linka and the granodiorite contact at Alpine Phase 2 Resource Definition Maiden Drill Program: Testing high-grade extensions at Linka, confirming unmined zones at Alpine and initial drilling at Ragged Top Met Results: Confirming recovery rates to validate the process flow sheet Phase 3 Development & Expansion JORC Resource: Delivery of maiden Mineral Resource Estimate DoW Engagement: Submission of grant applications for US Defence funding (Defence Production Act) 8 ASX:VKA Summary 9 9 9 High-Grade Strategic Entry into US Critical Minerals Tier-1 Location: Securing 100% of a historic, high- grade tungsten district in Nevada, a top-ranked global mining jurisdiction Critical Defense Asset: Addressing the urgent US need for domestic tungsten supply, strategically located near the Hawthorne Army Depot Macro Tailwinds: Capitalising on record tungsten prices and tightening geopolitical supply chains Immediate Catalysts: Aggressive exploration strategy targeting known high- grade zones with immediate drill programs planned Proven Team: Experienced board and management executing a clear strategy to unlock value for shareholders Conquest Hillside Linka Historic Mill Site ASX:VKA Company Overview 10 ASX Code VKA Share Price $0.009 Shares on Issue 1.699B Market Cap $15.2M (Undiluted) Cash $2.8M as at 19 Dec 25 Enterprise Value $12.4M Board and Management Charles Thomas Chairman Julian Woodcock Managing Director & CEO Dr Julian Stephens Non-Executive Director Bevan Tarratt Non-Executive Director Corporate Snapshoti Top 20 (excl Dir) 50.75% Directors 12.25% Other Shareholders 37% Share Price Chart ii. ASX Announcement 20 January 2025 - VIKING DEFINES HIGH-GRADE GOLD MINERAL RESOURCE AT FIRST HIT MINE iii. ASX Announcement 20 November 2023 – VIKING RESOURCE UPDATE DELIVERS OVER 100% GROWTH AT CANEGRASS Main Projects - 20.0 40.0 60.0 80.0 100.0 120.0 $- $0.002 $0.004 $0.006 $0.008 $0.010 $0.012 Volume (m) Price (A$/share) Riverina East High Grade narrow vein gold with Inferred MRE of 83.8kt at 7.0g/t Au for 19.0kozii Canegrass Battery Minerals Vanadium Magnetite (V, Fe, Ti, Cu, Ni, Co) with Inferred MRE of 146Mt at 0.70% V2O5, 31.8% Fe & 6.6% TiO2 (>0.5% V2O5 cut-off)iii Nevada Tungsten 6 Projects hosting high-grade Tungsten in Skarn Deposits with historical production of 123kt at 0.54% WO3 Western Australia Nevada USA 18 Dec 2025 10 i. Capital Structure post issue of Tranche 1 Shares. Refer to ASX announcement 16 December 2025. NB: Additional funds of ~$2.59M expected under Tranche 2, for the issue of an additional ~519M Shares, subject to Shareholder Approval in February 2026 For more information please contact: Julian Woodcock Managing Director & CEO P: +61 8 6245 0870 11 ASX:VKA Disclaimer This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have been prepared by Viking Mines Limited (Viking or the Company) and approved by the Board of the Company. The information contained in the Presentation (Information) is summary only and should be read in conjunction with any other documents provided to you by the Company. The Information is current as at 19 December 2025 and the Company does not undertake to provide any additional or update information, whether as a result of new information, future events or results or otherwise. By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. The Company has prepared the Presentation based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Viking, or related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, agents or advisers (Agents) guarantee or make any representations or warranties, express or implied, as to or take responsibility for, the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Viking does not represent or warrant that this Presentation is complete or that it contains all material information about Viking or which a prospective investor or purchaser may require in evaluating a possible investment in Viking or acquisition of shares. To the maximum extent permitted by law, Viking and its Agents expressly disclaim any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this Presentation, or otherwise arising in connection with it. Any forward-looking statements in this Presentation, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of Viking and which are subject to change without notice and could cause the actual results, performance or achievements of Viking to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and recipients of this Presentation are cautioned not to place undue reliance on such forward-looking statements. The information contained in this Presentation is for information purposes only, does not constitute investment or financial product advice (nor taxation, accounting or legal advice) and is not intended to be used as the basis for making an investment decision. In providing this Presentation, Viking has not considered the objectives, financial position or needs of any particular recipients. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. This Presentation is not a prospectus, product disclosure statement or other offer document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission or any other foreign regulator) and is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States. The information in this Presentation is strictly confidential. It may not be disclosed, reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Viking. Competent Person’s Statement – Exploration Results The information in this announcement that relates to the historical exploration results for the tungsten USA Projects is an accurate representation of the available data and studies for the project compiled by Mr Julian Woodcock, who is a Member and of the Australian Institute of Mining and Metallurgy (MAusIMM(CP) – 305446). Mr Woodcock is a full-time employee of Viking Mines Ltd. Mr Woodcock has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Woodcock notes that the information in the market announcement is an accurate representation of the available data and studies for the acquired projects and states the following cautionary note related to the reported Exploration Results: • The Exploration Results have not been reported in accordance with the JORC Code 2012; • Mr Woodcock has not done sufficient work to disclose the Exploration Results in accordance with the JORC Code 2012; • It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced when reported under the JORC Code 2012; • Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the former owner’s Exploration Results; and • The Company has not independently validated the former owner’s Exploration Results and therefore is not to be regarded as reporting, adopting or endorsing those results. Mr Woodcock consents to the disclosure of the information in this report in the form and context in which it appears. 12 Disclaimer & Competent Persons Statements 12 ASX:VKA Historical Exploration Results, as per FAQ 36 and ASX LR 5.7 Cautionary Statement The information contained in this announcement is an accurate representation of the available data and historical reports for the Nevada Tungsten Projects acquisition (Exploration Results) and historical production data. The Company states the following cautionary note related to the references to the publicly available Exploration Results and historical production data: • The Exploration Results and historical production data referenced from previous public available reports, available at https://collections.nbmg.unr.edu/pages/home.php have not been reported in accordance with the JORC Code 2012; • The Company has not completed sufficient work to disclose the Exploration Results in accordance with the JORC Code 2012; • It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced when reported under the JORC Code 2012; • Nothing has come to the attention by the Company that causes it to question the accuracy or reliability of previous Exploration Results and/or historical production data; • The Company has not independently validated the previous Exploration Results and/or historical production data and therefore is not to be regarded as reporting, adopting or endorsing those results; and • The Company confirms that the inclusion of this information in this announcement is not considered to be misleading. Additional Information The information in this announcement was prepared by the former owners of the mineral claims, US Department of the Interior, US Geological Survey and other government and state agencies. The data were originally provided by the vendors of the Projects and subsequently verified by Viking mines as part of the ongoing due diligence. Interested readers can access the information at the links set out in the Reference Notes below. The information has not been updated since to comply with the JORC Code 2012 other than the information as reported in Table 1 below. As stated above, it is possible that following evaluation and/or further exploration work the confidence in the Exploration Results may be reduced when reported under and in accordance with the JORC Code 2012. JORC Table 1 which is contained in Appendix 3 sets out the available information relating to work programs for the Exploration Results as obtained from the historical reports, which includes the Company’s view on the reliability of the previously reported Exploration Results. Viking advises that the information pertaining to the Exploration Results is an accurate representation of publicly available information for the acquired projects at the time of acquisition however cautions that investors should note that the Exploration Results cannot currently be reported under the JORC Code 2012. Viking advises that there are no more recent results or data relevant to the Exploration Results available to the Company at this time. However, Viking continues to review the available data and is making efforts to establish in any additional information is available. The legal requirements in the USA do not require holders of mineral claims to lodge information with any federal or state government. As such publicly available information is limited and private sources of information need to be established (if available) i.e. from companies which have previously owned the mineral claims. The proposed future work programs on the mineral claims and time frames for completion are set out in the announcement under the heading “Strategic Development Plan & Next Steps” and under Table 1 section 2 “Further Work”. Reference Notes All data collated in this report have been obtained from both hardcopy sources and downloaded pdfs from the digital archives available on the Nevada Bureau of Mines and Geology (NBMG) website. To source the information from the NBMG website, searches need to be made using the criteria provided in the table below. Digital Document Sources: • Nevada Bureau of Mines and Geology collections: https://collections.nbmg.unr.edu/pages/home.php A summary of the search criteria used to collate the information contained within this report is provided in the table below. Note that not all documents sourced relate directly to the projects and need to be reviewed for their relevance: Hard Copy Document Sources: • Nevada Bureau of Mines and Geology, Bulletin 88, Geology and Mineral Deposits of Lander County, Nevada. 1977, John H. Stewart, Edwin H. McKee & Harold K. Stager. • Nevada Bureau of Mines and Geology, Bulletin 105, Tungsten Deposits in Nevada. 1988, Harold K. Stager & Joseph V. Tingley. Project NBMG Search Criteria Number of Results Linka Keyword: Linka, Type; Document, County: Lander 22 Alpine Keyword: Alpine, Type; Document, County: Pershing 10 Ragged Keyword: Ragged Top, Type; Document, County: Pershing 56 Long Keyword: Long, Type; Document, County: Nye 36 Victory Keyword: Victory, Type; Document, County: Nye 30 Terrell Keyword: Terrell, Type; Document, County: Nye 7 13