Announcement PDF Annual Report 2026 ABN 38 126 200 280 Contents 01 Corporate directory 02 Operations Report 20 Directors’ report 36 Auditor’s independence declaration 37 Consolidated statement of profit or loss and other comprehensive income 38 Consolidated statement of financial position 39 Consolidated statement of changes in equity 40 Consolidated statement of cash flows 41 Notes to the consolidated financial statements 72 Consolidated entity disclosure statement 73 Directors’ declaration 74 Independent auditor’s report to the members of Viking Mines Limited Shareholder information Annual Mineral Resource and Ore Reserves 80 Tenement Schedule 85 87 Viking Mines Limited Corporate directory 30 June 2026 1 Directors Mr Charles Thomas - Non-Executive Chairman Mr Julian Woodcock - Managing Director & CEO Dr Julian Stephens - Non-Executive Director Company Secretary Mrs 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 Horizon Nexus (WA) Audit Pty Ltd (formerly Nexia Perth Audit Services Pty Ltd) Level 4, 88 William 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 Viking Mines Limited Operations Report 30 June 2026 2 The 2026 Financial Year was a transformational period for Viking Mines Limited (“Viking” or “the Company”), defined by the Company’s strategic entry into the United States critical minerals sector through the acquisition of a portfolio of six production-proven tungsten projects in Nevada, USA. Following execution of a binding terms sheet in December 2025, the Company moved rapidly to establish the Linka Tungsten Project as its flagship asset. Systematic work programmes across validation sampling, historical data acquisition, high-resolution geophysics and metallurgical testwork delivered consistent success, culminating in a premium scheelite concentrate grading 56.9% WO₃ at 76.0% recovery and a fully permitted 63-hole maiden drilling programme (the first drilling at Linka in more than 40 years). The independent Concept Processing Study was completed shortly after year end. In Western Australia, exploration at the Riverina East Gold Project delivered an extensive new gold nugget field at the Southern Structural Target and completion of the Phase 3 drilling programme. Consistent with the Company’s sharpened focus on tungsten, Viking subsequently entered into binding agreements to divest the non-core First Hit Gold Project to First Au Limited (ASX: FAU) for total consideration of up to $5.0 million. The divestment crystallises value while retaining exposure to exploration success through shares and milestone-linked performance rights. The Canegrass Battery Minerals Project and Narndee Project were retained. Figure 1: Location of Viking’s USA Tungsten Projects, Nevada, USA Viking Mines Limited Operations Report 30 June 2026 3 USA Tungsten Projects, Nevada, USA Acquisition of a Production-Proven Tungsten Portfolio In December 2025, Viking executed a binding Terms Sheet with BLK Group LLC to acquire 100% of six tungsten projects in Nevada, USA (Linka, Alpine, Long, Terrell, Ragged and Victory), comprising 44 lode mineral claims across six claim groups1 . The staged acquisition totals US$2.88 million over up to seven years, with title passing on completion of payments and Viking retaining the right to withdraw at any time or accelerate payment. The vendor retains a 2% Net Smelter Return royalty, of which half may be bought back by Viking for US$2.0 million. The acquisition delivered Viking a portfolio with recorded historical production of approximately 123,000 tonnes at 0.54% WO₃ from the claims, increasing to approximately 233,000 tonnes at 0.76% WO₃ when adjoining historical mines are included2 . Tungsten is designated a Critical Mineral in the USA, which is currently 100% import-reliant, with China accounting for the majority of global supply. Against this backdrop, the price of Ammonium Paratungstate (APT) rose from approximately US$800/mtu at the time of the acquisition announcement to more than US$3,000/mtu by the end of the financial year. In addition, US Government policy (including the REEShore Act and DFARS procurement restrictions) mandates the removal of Chinese-origin tungsten from US defence supply chains from the end of calendar 2026. As part of the transaction, American Tungsten Corp (CSE: TUNG) made a $750,000 strategic cornerstone investment in Viking under the Company’s two-tranche Placement, becoming a substantial shareholder and providing in-country technical support3 . Due diligence was completed in February 2026 and the Company formally entered the acquisition phase4 . Viking also staked additional mining claims around the projects, expanding the total USA land package to approximately 20km² and securing interpreted strike extensions and the margins of the interpreted source intrusion at Linka5 . Linka Tungsten Project: Flagship Asset The Linka Project in Lander County, Nevada, hosts three historical tungsten mines (Linka, Hillside and Conquest) across approximately 820m of outcropping mineralised strike, open in both directions. Mineralisation is skarn-hosted (tactite) scheelite developed on the contact between a quartz monzonite intrusion and the Antelope Valley Limestone. Recorded historical production at Linka totals approximately 65,000 tonnes at 0.49% WO₃ (1941–1956), processed through an on- site 360tpd flotation mill, with high-grade stopes at Conquest of up to 3.0% WO₃6 . The project enjoys excellent infrastructure, located 7km south of Highway 50 with a 230kV powerline 4.5km to the west. Due Diligence Validation Sampling Viking’s due diligence field programmes provided strong validation of the historical grades. Four composite metallurgical samples totalling 295.2kg returned head assays of 1.3% WO₃ (Linka open pit), 1.0% WO₃ (Conquest open pit), 0.9% WO₃ (Hillside shaft entrance) and 0.8% WO₃ (Linka coarse ore stockpile), for a weighted average of 1.0% WO₃7 . This compares favourably with operating tungsten mines globally at grades as low as 0.2% WO₃. A further 64 due diligence surface samples across four of the projects delivered exceptional results8 , including: 1ASX Announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects 2ASX Announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects 3ASX Announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects 4ASX Announcement 20 February 2026 – Viking Completes Due Diligence; Accelerates Strategy for U.S. Tungsten Independence 5ASX Announcement 15 January 2026 – Viking Mines Expands USA Tungsten Portfolio with New Mining Claims 6ASX Announcement 16 December 2025 – Viking to Acquire High-Grade Production Proven USA Tungsten Projects 7ASX Announcement 14 January 2026 – High Grade Assays up to 1.3% WO₃ from Linka Tungsten Project, USA 8ASX Announcement 4 February 2026 – Exceptional Tungsten Assays up to 14.7% (WO₃) Validate Nevada High-Grade Strategy Viking Mines Limited Operations Report 30 June 2026 4 • A peak face-chip sample of 14.7% WO₃ and a second high-grade sample of 5.2% WO₃ at the Conquest Pit; • A 4.4m channel at 0.6% WO₃ across the tactite zone above the Hillside shaft; • A 15m channel at the Linka Pit ramp identifying an unmined subvertical zone of 5m at 0.7% WO₃, with elevated pathfinders including 3.0g/t silver and 0.15% bismuth; • Grab samples of 0.4% to 0.8% WO₃ from a pillar at the Long Project, and 0.5% and 0.7% WO₃ from the historical pit and adit at the Alpine Project. Figure 2: Linka Project claim and geology map showing the three historical mines and the ~1.6km mineralised target corridor. Viking Mines Limited Operations Report 30 June 2026 5 Figure 3: Face sample LKGB0005 from the Conquest Pit which assayed 14.7% WO₃, with scheelite fluorescing under UV light. Historical Data Acquisition and Digitisation In January 2026, Viking purchased a comprehensive historical technical dataset for the Linka Project for US$35,000, estimated to cost in excess of A$1.0 million and up to 12 months of field programmes to replicate9,10 . The dataset covers the Linka (Main), Hillside and Conquest areas, including detailed underground mapping, trenching and surface sampling records. Digitisation was completed during the year, finalising the database at 70 drillholes for approximately 2,881m drilled by Min-Ex in 1977–78, and drove a rapid uplift in geological understanding11 . Integration of the historical data doubled the mineralised corridor target at Linka to approximately 1.6km of strike12 . A historical surface sample (0.6% WO₃) located 800m southwest of the Linka (Main) workings confirms that the system persists where the target geology re-emerges from beneath younger volcanic cover. Historical sampling at the Linka (Main) Pit included an 8.5m channel at 1.0% WO₃. Significant historical drill intercepts (downhole widths) from the digitised dataset include13,14 : • 12.2m at 1.3% WO₃ from 26.5m, including 1.5m at 4.8% WO₃ (CR-19, Conquest); • 22.9m at 0.6% WO₃ from 19.8m, including 6.1m at 1.2% WO₃ (CR-02, Conquest); • 22.9m at 0.5% WO₃ from 15.5m (CR-20, Conquest) and 18.3m at 0.5% WO₃ from 21.3m (CR-07, Conquest); • 7.9m at 0.9% WO₃ from 7.6m (LR-11, Linka Main), directly above the historical underground workings; • 9.8m at 0.5% WO₃ from 61.9m (DH-04, Linka Main) and 1.5m at 1.2% WO₃ from 4.6m (LR-79-H(A)); • 1.5m at 1.0% WO₃ from 12.2m (HR-03, Hillside) and 3.1m at 0.6% WO₃ from 16.8m (HR-02, Hillside). 9ASX Announcement 22 January 2026 – Viking Acquires Extensive Historical Data for Linka Project 10ASX Announcement 17 February 2026 – Viking Data Integration Reveals 1.6km Strike and Major Scale Potential at Linka Tungsten Project 11ASX Announcement 24 February 2026 – Viking Accelerates Strategy for Early Production; High-Grade Intercepts Expand Linka Scale 12ASX Announcement 17 February 2026 – Viking Data Integration Reveals 1.6km Strike and Major Scale Potential at Linka Tungsten Project 13ASX Announcement 19 February 2026 – Viking Accelerates Linka Project with High-Grade Results from Historical Data Digitisation 14ASX Announcement 24 February 2026 – Viking Accelerates Strategy for Early Production; High-Grade Intercepts Expand Linka Scale Viking Mines Limited Operations Report 30 June 2026 6 Importantly, the historical drilling was very shallow, averaging approximately 30m at Conquest and approximately 62m at Linka (Main). This leaves the primary intrusive contact effectively untested at depth and provides multiple immediate expansion targets below and along strike of the historical workings. Cautionary Statement: The historical Exploration Results referred to in this report were not reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical Exploration Results in accordance with the JORC Code 2012 and it is possible that, following evaluation and/or further exploration work, the confidence in the prior reported results may not be able to be verified. Refer to the ASX announcements cited for full details, including JORC Table 1 disclosures. Figure 4: Cross-section through Linka (Main) showing shallow historical drilling and tactite mineralisation open at depth Viking Mines Limited Operations Report 30 June 2026 7 Figure 5: Schematic cross-section through the Conquest area showing high-grade historical intercepts and untested targets. High-Resolution Geophysics An ultra-high-resolution drone orthophoto survey (2cm pixel resolution) and Digital Elevation Model were completed in January 2026, recovering original 1970s survey markers and enabling the historical dataset to be georeferenced with high confidence15 . Ground magnetic surveying totaling 5.9km² defined the interpreted source intrusion at approximately 2km in diameter, with a prospective contact circumference potentially exceeding 7km. Only around 11% of this contact is exposed at 15ASX Announcement 27 January 2026 – Viking Completes High-Resolution Airborne Survey at Linka Tungsten Project Viking Mines Limited Operations Report 30 June 2026 8 surface, where all historical mining and drilling is located. Approximately 89% of the prospective contact position is concealed beneath shallow cover and completely untested16,17 . A 1.2km² high-density ground gravity survey (726 stations) confirmed gravity as a direct detection tool for the dense scheelite-bearing garnetite skarn (specific gravity >3.5 versus 2.5–3.0 for host rocks). Gravity highs coincide with the known mineralisation at Linka (Main), Hillside and Conquest. Numerous new gravity anomalies significantly expanded the drill target inventory, including concealed targets beneath volcanic cover at Linka Southwest18 . Figure 6: Ground magnetics image showing the interpreted outline of the buried intrusion at Linka. 16ASX Announcement 6 March 2026 – High Resolution Geophysical Surveys Identify Priority Targets at Linka Tungsten Project 17ASX Announcement 26 March 2026 – Expanded Linka Geophysics Identifies Large-Scale Tungsten System Potential 18ASX Announcement 9 April 2026 – Viking’s Gravity Survey at Linka De-Risks Drilling & Identifies New Targets Viking Mines Limited Operations Report 30 June 2026 9 Figure 7: Terrain-corrected Bouguer gravity image with gravity highs coincident with mineralisation at Linka (Main), Hillside and Conquest. Metallurgical Testwork: Premium Concentrate Produced A staged metallurgical programme, overseen by Independent Metallurgical Operations (IMO) at Base Met Labs (Tucson, Arizona), progressed rapidly from first principles to a premium saleable product during the second half of the year: • First-round gravity separation on the 1.3% WO₃ Linka Pit sample delivered a 16-times upgrade to a 22.9% WO₃ rougher concentrate at 63.7% recovery, with QEMSCAN mineralogy confirming garnet as the dominant gangue and minimal calcite19 ; 19ASX Announcement 3 March 2026 – Viking Achieves 16x Tungsten Grade Increase via Gravity Concentration Viking Mines Limited Operations Report 30 June 2026 10 • Cleaner gravity testwork produced a premium concentrate of 63.6% WO₃ (a 53-times upgrade), with first-pass flotation of the gravity tails demonstrating a pathway to high overall recoveries20 ; • Scaled up (10kg) combined gravity and cleaner flotation testwork delivered 62.5% WO₃ at 59.8% recovery21 , subsequently improved to 56.9% WO₃ at 76.0% recovery, exceeding the Company’s target of >70% recovery at >50% grade, with the standalone gravity concentrate grading 66.6% WO₃22 . These results place the Linka concentrate in the top tier of global scheelite products (a saleable scheelite concentrate is typically >50% WO₃) and support a low-capital, gravity-led, modular processing flowsheet. A further stretch target of >80% recovery at >50% WO₃ grade has been set, with reagent optimisation and variability testwork ongoing. In parallel, X-ray Transmission (XRT) ore sorting testwork was completed by TOMRA in Wedel, Germany, on samples from the Conquest Pit and the Linka stockpile, successfully directing 67.8% and 56.1% of sample mass respectively into product streams23 . Assays received subsequent to year end confirmed high-grade sorted products of 1.91% WO₃ (approximately 3.1 times feed grade) from the Conquest sample and 1.83% WO₃ (approximately 4.1 times feed grade) from the Linka stockpile sample, with reject streams grading approximately 0.2% WO₃24 . These results demonstrate the potential for sensor-based sorting to upgrade run-of-mine and stockpile material ahead of processing. Figure 8: Scheelite separation on the Wilfley gravity table during testwork on Linka mineralisation 20ASX Announcement 31 March 2026 – Viking’s Linka Project Achieves 63.6% WO₃ Concentrate 21ASX Announcement 28 May 2026 – Linka Metallurgy Success Delivers 62.5% WO₃ at 59.8% Recovery 22ASX Announcement 10 June 2026 – Linka Tungsten Project Recovery Improved to 76.0% at 56.9% WO₃ Grade 23ASX Announcement 18 June 2026 – Ore Sorting Successfully Produces Separate Products at Linka Project 24ASX Announcement 20 August 2026 – Assays Confirm Ore Sorting Delivers High Grade Products at Linka Project Viking Mines Limited Operations Report 30 June 2026 11 Figure 9: Progressive improvement in concentrate grade and recovery through the FY2026 metallurgical programme. Figure 10: High-grade ore-sorted product (1.91% WO₃) from the Conquest Pit sample fluorescing under UV light. Stockpile and Tailings Evaluation Field campaigns in April and May 2026 evaluated the historical surface stockpiles and tailings dam as potential sources of early, low-cost processing feed25 . Phase 1 grid sampling of the historical Linka (Main) stockpile (41 samples) returned an 25ASX Announcement 14 April 2026 – Stockpile and Tailings Evaluation Underway at Linka Tungsten Project Viking Mines Limited Operations Report 30 June 2026 12 average grade of 0.4% WO₃ with individual assays up to 1.1% WO₃26 , directly comparable to the historically reported mined grade of 0.5% WO₃. The second field campaign identified two previously unrecognised mineralised rock stockpiles adjacent to the historical Conquest mine27 . Follow-up assays received subsequent to year end averaged 0.5% WO₃ (up to 1.8% WO₃) at the historical mill ROM pad and confirmed tungsten-bearing material across the stockpiles; trench resampling returned results including 1m at 1.3% WO₃ and 5m at 0.4% WO₃28 . All 52 samples from the historical tailings dam averaged just 0.03% WO₃29 , indicating that historical processing recovered the majority of the tungsten (a positive metallurgical read-through for the primary mineralisation) while ruling the tailings out as a meaningful feed source. Figure 11: Linka (Main) stockpile sampling locations and WO₃ grades. 26ASX Announcement 9 June 2026 – Linka Stockpile Sampling Delivers up to 1.1% WO₃ 27ASX Announcement 21 May 2026 – Linka Tungsten Project Field Campaign Identifies Additional Stockpiles 28ASX Announcement 6 August 2026 – Historical Rock Stockpiles at Linka Return Tungsten Assays up to 1.8% WO₃ 29ASX Announcement 2 July 2026 – Linka Tailings Sampling Supports Strong Historical Processing Recovery as Viking Prepares to Drill Viking Mines Limited Operations Report 30 June 2026 13 Development Studies and Strategic Partnerships Viking engaged Mineral Technologies (a Downer Group company and global leader in gravity separation) to complete a Concept Processing Study for Linka based on its modular, pre-assembled “FlexSeries” plant technology. The study supports the Company’s low-capital “Rapid-Start” development model30 . A conceptual process flow diagram was finalised in April 2026 with a nominal design basis of 43 tonnes per hour31 . This was refined in the completed study to a flowsheet of staged crushing and high-pressure grinding, closed-circuit milling, multi-stage gravity concentration and flotation for fines recovery, with an upper design range of 300,000tpa32 . WSP USA Inc. was engaged to lead permitting support and environmental baseline data acquisition across a three-phase programme, running in parallel with the technical workstreams to compress the overall development timeline33 . Cautionary Statement: The Concept Processing Study is preliminary and conceptual in nature. The processing rate referred to above is a plant design basis adopted for evaluation purposes only and is not a production target or forecast; no Mineral Resource or Ore Reserve has been estimated at Linka and no forecast financial information has been disclosed. There is no certainty that the outcomes of the study will be realised. Figure 12: Conceptual render of the modular Linka processing facility from the Concept Processing Study. Permitting and Maiden Drilling Programme A Notice of Intent for the maiden Linka drilling programme (63 holes from 48 drill pads) was lodged with the US Bureau of Land Management (BLM) in early May 202634 and approved on 18 May 2026, ahead of the Company’s internal timeline. This rendered Linka fully permitted (subject to payment of standard bonds) for the first sub-surface exploration at the project in more than 40 years35 . 30ASX Announcement 17 March 2026 – Linka Tungsten Project Development Accelerated via Global Processing Partnership 31ASX Announcement 27 April 2026 – Conceptual Process Established for the Linka Tungsten Project 32ASX Announcement 30 July 2026 – Linka Concept Processing Study Delivers Positive Outcomes Ahead of Maiden Drilling 33ASX Announcement 19 March 2026 – Viking Partners with Global Consultancy WSP to Fast-Track Linka Permitting 34ASX Announcement 4 May 2026 – Viking Positions for 63-Hole Drilling Campaign at Linka 35ASX Announcement 18 May 2026 – Linka Tungsten Project Maiden Drill Campaign Fully Permitted Viking Mines Limited Operations Report 30 June 2026 14 The programme is designed around three objectives: • Linka (Main) (36 holes): verification of historical high-grade intercepts and testing of down-dip continuity beneath the historical workings; • Linka Southwest (16 holes): maiden testing of the ~800m under-cover southwest extension across four sections; • Regional reconnaissance (11 holes): validation of the geophysical targeting along the interpreted intrusive contact. A drilling contractor was engaged for the RC programme in late May 2026, with earthworks and rig mobilisation scheduled for the June–July period36 . Figure 13: Planned maiden drillhole locations at the Linka Project over magnetic geophysics. 36ASX Announcement 26 May 2026 – Viking Locks in Driller for Linka Tungsten Maiden Campaign Viking Mines Limited Operations Report 30 June 2026 15 Subsequent to Year End Momentum at Linka continued after the reporting date. The drill rig was mobilised in late July 202637 and the first holes of the maiden programme intersected multiple broad zones of visible disseminated coarse-grained scheelite hosted in tactite, identified under UV light. These included a 12m continuous interval of visible scheelite from 40m in LKRC0002, 13m (within a 19m horizon) from 9m in LKRC0003 and 11m (within a 21m horizon) from 3m in LKRC0004. First assays are expected approximately four to six weeks from mid-August 202638 . The completed Concept Processing Study confirmed a conventional, modular processing pathway with an indicative plant build period of approximately 15 months39 . In August 2026, the BLM approved the collection of a bulk sample of up to 1,000 short tons (approximately 907 tonnes) from the historical stockpiles for toll treatment in the USA, to produce concentrate samples for offtake assessment with APT refineries40 . Figure 14: RC chips from LKRC0002 (40–60m) under UV light showing broad zones of fluorescing scheelite. 37ASX Announcement 22 July 2026 – Rig Mobilisation Commenced for Maiden Drilling at Linka Tungsten Project 38ASX Announcement 19 August 2026 – Significant Visual Tungsten Intercepts in First Drilling at Linka 39ASX Announcement 30 July 2026 – Linka Concept Processing Study Delivers Positive Outcomes Ahead of Maiden Drilling 40ASX Announcement 27 August 2026 – BLM Approves 900 Tonne Bulk Sample at Linka Tungsten Project Viking Mines Limited Operations Report 30 June 2026 16 Riverina East Gold Project, Western Australia At the start of the financial year, exploration continued across Viking’s ~25km strike of the Zuleika Shear in the Eastern Goldfields, following up the high-grade Phase 2 drilling success at the Bifrost Target (including 2m at 23.6g/t Au with visible gold in VKRC0180, reported in FY2025). Gold Nugget Field: Southern Structural Target In July 2025, a prospector operating under agreement recovered multiple gold nuggets totaling 9.84 grams from the Southern Structural Target. The largest nugget (3.37 grams) carried trace quartz, indicating a potentially proximal bedrock source41 . Continued prospecting expanded the find to a total of 120 gold nuggets weighing 54.7 grams across a 600m x 500m area, including 14 nuggets over one gram (largest 4.90 grams). Prospecting also recovered a specimen rock sample containing extensive coarse disseminated gold42 . The nugget distribution defines a dominant east-west trend coincident with a break in the magnetic geophysics, an orientation untested by all previous drilling and a potential high-grade structural target. Figure 15: Gold nuggets totaling 54.7 grams recovered from the Southern Structural Target. 41ASX Announcement 31 July 2025 – Viking Recovers Gold Nuggets from Riverina East Project and Drilling Commenced 42ASX Announcement 20 October 2025 – High-Priority Target Area Defined by Extensive Gold Nuggets at Riverina East Viking Mines Limited Operations Report 30 June 2026 17 Figure 16: Nugget patch map showing the east-west trend of nugget finds and Phase 3 drill collars. Phase 3 Drilling Programme The Phase 3 RC drilling programme of 33 holes for 4,576m was completed during the September 2025 quarter43 . At Bifrost South, 10 holes for 1,725m tested the strike and dip continuity of the VKRC0180 discovery, confirming a continuous 240m- long north-south gold-hosting structure with associated quartz veining and alteration, open in both directions; the best assay returned was 1m at 1.7g/t Au (VKRC0200). At the Southern Structural Target, 23 holes for 2,851m confirmed bedrock gold mineralisation across the target area, with a best result of 1m at 1.4g/t Au within 3m at 1.0g/t Au (VKRC0223). A 20m line-spaced drone magnetic survey was also completed over Bifrost to refine structural targeting. 43ASX Announcement 20 October 2025 – High-Priority Target Area Defined by Extensive Gold Nuggets at Riverina East Viking Mines Limited Operations Report 30 June 2026 18 Divestment of the First Hit Gold Project Consistent with the Company’s strategic focus on the Linka Tungsten Project, on 29 June 2026 Viking entered into binding agreements to divest the 12 tenements comprising the non-core First Hit Gold Project (including the Riverina East tenure and the historical First Hit Gold Mine) to First Au Limited (ASX: FAU) for total consideration of up to $5.0 million44 : • Upfront consideration of $2.2 million, comprising $1.2 million in cash and $1.0 million in FAU shares on completion; • Up to $2.8 million in FAU performance rights, payable in four $700,000 tranches upon achievement within five years of: a drill intercept of 40 gram-metres; a Mineral Resource of at least 25,000oz (0.5g/t cut-off); 75,000oz; and 100,000oz respectively; • A minimum $500,000 drilling commitment by FAU on the tenements within 12 months of completion, continuing gold exploration at no cost to Viking. The transaction crystallises value from a non-core asset while retaining meaningful exposure to exploration success through Viking’s FAU shareholding and the milestone-linked consideration. The divestment completed on 27 July 2026, after year end.45 . Figure 17: Tenements comprising the First Hit Gold Project divested to First Au Limited. 44ASX Announcement 29 June 2026 – Viking Divests Non-Core Gold Project for up to $5M 45First Au Limited ASX Announcement 27 July 2026 – FirstAu Completes Acquisition of the Riverina East Gold Project Viking Mines Limited Operations Report 30 June 2026 19 Canegrass Battery Minerals Project, Western Australia No material exploration activities were undertaken at the 100%-owned Canegrass Battery Minerals Project during the year, as the Company prioritised the advancement of the Linka Tungsten Project. Canegrass hosts an Inferred Mineral Resource of 146Mt at 0.70% V₂O₅, 31.8% Fe and 6.6% TiO₂ (at a 0.5% V₂O₅ cut-off; refer to the Annual Mineral Resources and Ore Reserves Statement in this report). It remains a strategic asset with leverage to the energy-storage sector, supported by the metallurgical flowsheet and co-product testwork completed in prior years. Narndee Project, Western Australia The Narndee Project, comprising four exploration licences approximately 85km ESE of Mt Magnet and considered prospective for gold, PGEs and nickel-copper sulphides, was retained during the year. No material exploration activities were reported as the Company focused its resources on Nevada. Viking Mines Limited Directors' report 30 June 2026 20 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 2026. 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 Bevan Tarratt - Non-Executive Director (resigned 31 March 2026) Julian Stephens - Non-Executive Director Julian Woodcock - Managing Director and CEO Principal activities During the financial year the principal continuing activities of the consolidated entity were investment in mineral exploration projects located in Western Australia and Nevada, United States of America. 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 $7,298,350 (30 J