Announcement PDF ASX:VKA OTCID: VKALF INVESTOR WEBINAR PRESENTATION 29th April 2026 High-Grade, Past-Producing Assets, Nevada, USA Securing America's Tungsten Future ASX:VKA Disclaimer & Competent Persons Statements 2 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 28 April 2026 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. 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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 Statements Information in this presentation that relates to Exploration Results is based on information compiled by Mr Julian Woodcock, who is a Member 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 consents to the disclosure of the information in this report in the form and context in which it appears. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements. The information contained in this presentation, relating to metallurgical results, is based on, and fairly and accurately represent the information and supporting documentation prepared by Mr Peter Adamini, BSc (Mineral Science and Chemistry), who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Adamini is a full-time employee of SGS Australia owned Independent Metallurgical Operations Pty Ltd, a wholly owned subsidiary of SGS Australia Holdings Pty Ltd. Mr Adamini is an independent consultant engaged by Viking Mines Limited for metallurgical representation. Mr Adamini consents to the disclosure of the information in this report in the form and context in which it appears. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements. ASX:VKA USA Tungsten: Flagship Linka Project High-grade, past-producing tungsten asset advancing rapidly towards maiden drilling. Robust Project Performance 63.6% gravity concentrate achieved, high-grade surface sampling; geophysics confirming potential scale & opportunity. Investment Highlights 3 Extensive Work Programme Tailings dam and stockpile sampling completed, assessment underway. Metallurgy and conceptual processing study ongoing. Maiden drilling scheduled for June quarter. Market Dynamics Tungsten at all time highs; APT: US$3,050/mtu, ~10x rise since start-2025. Supply shortages resulting in a structural deficit of a strategic critical mineral ASX:VKA Company Overview 4 ASX Code VKA Share Price $0.013 Shares on Issue 2.426B Market Cap $31.5M (Undiluted) Cash $4.68M at 31 Mar 2026 Enterprise Value $26.9M Board and Management Charles Thomas Chairman Julian Woodcock Managing Director & CEO Dr Julian Stephens Non-Executive Director Corporate Snapshot Share Price Chart Main Focus Nevada USA Riverina East High Grade narrow vein gold with Inferred MRE of 83.8kt at 7.0g/t Au for 19.0kozi 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)ii Nevada Tungsten 6 Projects hosting high-grade Tungsten in Skarn Deposits with historical production of 123kt at 0.54% WO3 iii 28 April 2026 4 Additional Projects Western Australia Top 20 (excl Dir) 39.5% Directors 4.0% Other Shareholders 56.5% 0 20 40 60 80 100 120 $- $0.005 $0.010 $0.015 $0.020 $0.025 Volume (m) Price (A$/share) ASX:VKA Why Tungsten? Why Now? Why Linka? 5 Critical Defence Vulnerability Zero US Domestic Supply 100% import-dependent for a mineral essential to munitions, aerospace and cutting tools. The Legislative Mandate US REEShore Act bans Chinese tungsten from military supply chains from December 2026. Speed to Market Brownfield Advantage Past-producing mines with mineralisation accessible at surface. High-Grade, Low-Capex Historic stopes to 3.0% WO3 and drill hits up to 4.8% WO3 support “rapid start”development strategy.i i. ASX Announcement 24 February 2026 Price Advantage APT pricing trading at $3,050/mtu and near all time highs. ~3x increase in APT price since start- 2026. Supply Chain Challenges ~85% of global supply controlled by China. Structural supply chain deficit with stockpiles diminished and supplies consumed by global conflicts. Perfect Market Timing ASX:VKA Viking Nevada Tungsten Projects: Scale, Jurisdiction, and Infrastructure 6 Rapid Start Strategy Advancing Linka via parallel technical work streams to maximise development opportunity in shortest timeframe Historical Production Proven production historyii of ~123kt @ 0.54% WO3 Technical Advantage Historical dataset acquired for Linka, fast-tracking towards resource definition; saving >1yr and >A$1Miii Strategic Assets 6 high-grade tungsten projects in the world leading mining jurisdiction of Nevada, USA ASX:VKA 0.90% 0.70% 0.50% 0.50% 0.44% 0.40% 0.30% 0.200% 0.195% 0.14% 0.12% 0.11% 0.095% 0.062% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% Grade (% WO3) Tungsten Deposit Benchmarking Global Tungsten Projects 7 As at 25 March 2026, not an exhaustive list Refer to Appendix 1 for Global Tungsten Grade Assumptions and Sources ASX:VKA 8 Linka Project: Advanced Brownfields High-Grade Past Producer Consolidated Scale 8.5km² mining claims covering; • Three historic mines • 1.6km target horizon extending under post mineral cover i • Conceptual ~7km target around regional intrusive Historical Production Treated 65kt of ore at 0.54% WO3 through an on-site 360tpd mill (operational until 1956)ii Existing Infrastructure Brownfields asset featuring pits, underground workings, and ready access to power and logistics • Historical surface stockpiles (LKMET0001: 0.8% WO3)iii • Outcropping mineralisation • Conquest: LKGB0005: 14.7% WO3 iv • Linka Main: A065145: 8.5m @ 1.0% WO3 • Shallow high-grade intercepts (LR-11: 7.9m @ 0.8% WO3 from 7.6m)v Conquest Pit & Shaft; 50ft & 100ft levels Hillside Shaft Inclined ~80ft No levels mined Linka Pit & Shaft 150ft level Stockpile LKMET0001 0.8%WO3 Surface Sample A065181 0.6% WO3 Historic Mill Site & ROM Pad & Tailings Limited shallow historical drilling 72 holes for 2,908m completed in the 1970’s ASX:VKA Linka Project: Conquest; Shallow & High-Grade 9 High Quality • Exceptional grades and intervals from near surface e.g. CR-02: 22.9m at 0.6% WO3 & CR-19: 12.2m at 1.3% WO3 i • Outcropping mineralisation and high-grade surface samples up to 14.7% WO3 ii Opportunities • Shallow, high-grade zone identified for potential early mining scenarios • Priority untested contact area southwest of current drilling • Deeper contact to Antelope Valley Limestone not tested ASX:VKA Linka Project: Linka Main 10 Main Historical Producer • Shallow open pit and 150ft (~46m) shaft with one level of workings • Thick high-grade underground channel sampling including; i 6.1m at 1.5% WO3 & 6.1m at 1.0% WO3 • Shallow, high-grade mineralisation; 8.5m at 1.0% WO3 (Linka Pit channel sample) ii 7.9m @ 0.9% WO3 from 7.6m (drillhole LR-11)iii • Depth potential; 9.8m @ 0.5% WO3 from 61.9m (DH-04)iii • Drilling equipment limitations in 1970’s prevented testing below 125m depth • Depth extensions below workings not tested Opportunities • High-grade tungsten outcropping and available in existing pit faces • At surface mining opportunities to be targeted for ‘grade control’ level drilling • Evaluate existing surface stockpiles for processing to generate concentrate sample for offtake assessment • Tailings dam sampling completed and assessment underway i. ASX Announcement 16 December 2025 ii. ASX Announcement 17 February 2026 iii. ASX Announcement 19 February 2026 ASX:VKA Linka Project: Massive Exploration Upside – The Tip of the Iceberg i. VKA ASX Announcement 17 February 2026 ii. VKA ASX Announcement 26 March 2026 11 89% of the interpreted prospective contact zone remains undercover & untested Geophysics deployed to identify “blind” targets and maximise discovery opportunity Significant "Blue Sky" potential identified outside the historic mining footprint Targeting the contact zone between intrusive and limestone Multi-kilometre horizon interpreted with potential to host undiscovered mineralisation Layering magnetics and gravity geophysics to develop High-Confidence Drill Targeting Maiden drilling to test SW extensions under cover ASX:VKA Linka Project: Advancing Metallurgical Testwork 12 Simple Mineralogy • Primary waste mineral is garnet (60%) with minimal calcite (2%), positive for flowsheet. No deleterious elements identified Simple Processing Pathway • Testwork advancing using proven gravity and flotation methods • Targeting >50% WO3 @ >70% recovery Delivering Results Gravity Separation: • 63.6% WO3 premium scheelite concentrate achieved • 46% recovered into a saleable 56.4% WO3 scheelite concentrate Flotation: • +37.8% recovered via rougher flotation (+gravity = total recovery 83.8%) • Cleaning testwork underway to maintain saleable grades Modular Strategy • Results support evaluation of utilising low-capex modular processing units Testwork Supports a low-capex flowsheet Refer to VKA ASX Announcements 14 January 2026, 3 March 2026 & 31 March 2026 Scheelite (CaWO4) Calcite LKMET0004: 1.3% WO3 LKMET0004: GRAVITY CONCENTRATE 63.6% WO3 ASX:VKA Linka Project: Processing Concept Study 13 Modular Processing • Mineral Technologies completing Processing Concept Study for Linka • Employing “FlexSeries” technology to reduce lead times and simplify onsite construction • Key study deliverables: • Process flow diagram • Mass & water balances • CAPEX estimate (inc. equipment listing) • OPEX inputs (inc. labour, power, water, reagents and spares) • 3D Design/model • Construction timeline estimates Simple flowsheet • Conceptual processing rate of 43tph adopted for evaluation purposes • Crushing > grinding > gravity separation > flotation Refer to VKA ASX Announcements 17 March 2026 & 27 April 2026 ASX:VKA Exploration & Data Integration ▸ High-grade tungsten assays from early field sampling, peaking at up to 14.7% WO₃ ii ▸ Digitised historical data, identified high-grade intercepts, expanded Linka to 1.6km strike iii ▸ Geophysics identified new priority targets & “blue sky” potential along ~7km intrusive contact Permitting & Commercial Pathway ▸ Partnered with global engineering firm WSP to fast-track Linka environmental and regulatory permitting ▸ Aligned "fast-to-market" development strategy with US Government initiatives (REEShore Act) ▸ Maiden Drilling scheduled to commence in the June quarter Acquisition & Funding ▸ Binding Agreement to acquire 6 USA Tungsten Projects i ▸ A$4.7 million cash (31st March 2026) ▸ Strategic cornerstone investment from American Tungsten Corp (CSE: TUNG) Metallurgy & Processing ▸ Achieved a 53x tungsten grade increase, producing a 63.6% WO3 scheelite concentrate iv ▸ Engaged global specialist Mineral Technologies (Downer Group) to complete Processing Concept Study ASX:VKA Achievements and Activities Activity Q2 2026 Q3 2026 Q4 2026 May Jun Jul Aug Sep Oct Nov Dec Metallurgy Results (Gravity & Flotation) Processing Testwork (TOMRA & Sepro) Processing Concept Study Geological Field Activity Drilling Permitting (NOI) Approval Maiden Drilling Programme Drilling assay results Baseline Studies DIBC Membership For more information please contact: Julian Woodcock Managing Director & CEO P: +61 8 6245 0870 ASX:VKA Building a District: Near-Mine and Regional Targetsi Alpine Project Historic mining focused on high-grade (>0.5%), leaving unmined mineralisation behind Victory Project Historic production of 93kt @ 1.0% WO₃ at adjacent third-party "Victory Mine”, with no modern exploration outside the main workings 16 Ragged Top Historic production grades of 1.0% WO₃ from surface skarns on third-party claim, with extensive strike length never tested at depth Long Project ~200m exposed contact zone with reported grades up to 1.0% WO₃ with no drilling identified to date Terrell Project Noted for coarse-grained scheelite crystals (up to 7cm), indicating a robust mineralising system Alpine Ragged Long Linka Terrell Victory ASX:VKA Appendix 1 – Global Tungsten Grade Assumptions and Sources 17 Cautionary Statement Resource and project informationderived from publicly available resource data (see corresponding links), market data sourced from Iress Market Systems as of 25 March 2026. In the resources disclosed in the table above: Footnoted items 1: • the data are not reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (referred to as the “JORC Code (2012)”); • a Competent Person has not done sufficient work to classify the historical estimates or foreign estimates as Mineral Resources or Ore Reserves in accordance with the JORC Code (2012); and • it is uncertain that following evaluation if the historical estimates or foreign estimates will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code (2012). Last updated: 25/3/2026 Measured Indicated Inferred Total (M&I&I) Project Development Stage Owner Market Cap (AUD M) Resource Date Tonnes (Mt) Grade (% W03) Contained W03 (kt) Tonnes (Mt) Grade (% W03) Contained W03 (kt) Tonnes (Mt) Grade (% W03) Contained W03 (kt) Tonnes (Mt) Grade (% W03) Contained W03 (kt) Source Dolphin Operating Group 6 Metals 619 2022 - - - 9.6 0.90 86 - - - 9.6 0.90% 86 Link Mactung Study Fireweed Metals 798 2023 - - - 41.5 0.73 303 12.2 0.59 72 53.7 0.70% 375 Link Springer Mine Pre-development Blue Moon Metals1 603 2012 - - - 0.355 0.537 1.9 1.933 0.493 9.5 2.3 0.50% 11.4 Link IMA Mine Exploration American Tungsten1 159 1963 - - - - - - 0.352 0.5 1.8 0.352 0.50% 1.8 Link Sangdong Operating AlmontyIndustries 5,913 2025 - - - 8 0.51 40.8 50.7 0.43 218 58.7 0.44% 259 Link Tenessee Mountain Exploration American Tungsten & Antimony1 141 1957 - - - - - - 0.708 0.40 2.8 0.708 0.40% 2.8 Link Mt Carbine Operating EQ Resources 1,614 2023 - - - 18.06 0.30 54.2 10.68 0.30 32.0 28.74 0.30% 86.2 Link Pilot Mountain Study Guardian Metal 793 2025 - - - 8.7 0.206 17.9 1.8 0.169 3 10.5 0.200% 20.9 Link Barruecopardo Operating EQ Resources 1,614 2023 10.05 0.191 19.2 10.46 0.174 18.2 3.86 0.259 10.0 24.4 0.195% 47.5 Link Watershed Study Tungsten Mining 370 2018 9.5 0.16 15 28.4 0.14 40 11.5 0.15 17 49.3 0.14% 70 Link Hemerdon Development Tungsten West 778 2025 43.51 0.16 69.6 120.3 0.13 156.4 160 0.10 160 323.8 0.12% 386 Link Mt Mulgine Study Tungsten Mining 370 2025 - - - 175 0.11 190 72 0.11 80 247 0.11% 270 Link Northern Dancer Care & Maintenance Largo 157 2009 30.8 0.114 35.1 192.6 0.1 191.8 201.2 0.089 178.3 424.6 0.095% 405 Link Sisson Pre-Construction Northcliff Resources 221 2012 108 0.072 77.8 279 0.065 181.4 187 0.05 93.5 574 0.062% 352.7 Link