Viking Mines Limited
Viking Mines Limited (ASX: VKA) is an explorer focused on tungsten in Nevada, USA. Its flagship is the Linka Tungsten Project in Lander County, one of six Nevada tungsten projects it agreed to acquire from BLK Group in December 2025; its maiden drill program at Linka began in late July 2026, and Linka has no mineral resource yet. In Western Australia it keeps the 100%-owned Canegrass Battery Minerals Project, which hosts an Inferred Mineral Resource of 146 Mt at 0.70% V2O5 (about 1.02 Mt of contained vanadium pentoxide), and the Narndee project. Viking sold its former lead asset, the First Hit gold project including the Riverina East ground, to First Au Limited on 27 July 2026 for up to A$5.0 million in cash, First Au shares and milestone-linked performance rights.
Lifecycle Milestones
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
Jurisdiction (40%)9/10
Nevada: Fraser PPI 2025 is 100.00 of 100 (rank 1 of 68), which maps to 9 on this site's scale. The flagship Linka Tungsten Project is in Lander County, Nevada, USA, a Tier-1 mining jurisdiction. Viking sold its former lead asset, the First Hit gold project in Western Australia, to First Au in July 2026.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Linka Tungsten Project, Nevada, USA (checked Sep 26, 2026; recheck due Mar 25, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Round Mountain (Kinross Gold Corporation), 71 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.3/10
Nearest producing mine: Round Mountain (Kinross Gold Corporation), 71 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
United States: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director & Chief Executive Officer of Viking Mines Limited. Technical Director of Locksley Resources, appointed 6 November 2024, overseeing the Tottenham and Mojave critical-minerals projects.
Non-Executive Chairman of Viking Mines Limited (ASX: VKA); also a non-executive director of Chase Mining Corporation Limited and Executive Chairman of Marquee Resources Limited. Non-Executive Chairman of High-Tech Metals Limited (ASX: HTM) until he retired from its board on 6 October 2026. Executive Director and Founding Partner of GTT Ventures (corporate advisory); 17+ years in financial services and capital markets. Concurrently Non-Executive Director of Chase Mining Corporation Limited, Non-Executive Chairman of Viking Mines Ltd (ASX: VKA) and Executive Chairman of Marquee Resources Limited (ASX: MQR). B.Com (Corporate Finance), UWA.
Non-Executive Director of Viking Mines Limited (ASX: VKA), appointed 11 Mar 2025. Member, Australian Institute of Geoscientists; 25+ years' industry experience. Led Sovereign Metals Limited (ASX: SVM) as Managing Director from 2016, growing its market capitalisation from ~A$13M to over A$230M and leading the team that discovered the world's largest rutile deposit at Kasiya, Malawi, helping secure a ~US$40M strategic investment from Rio Tinto; transitioned to Non-Executive Director of Sovereign effective 20 Oct 2023 when Frank Eagar was appointed MD/CEO (current, concurrent NED seat retained at Sovereign). Holds a BSc (Hons) and a doctorate conferred by James Cook University in 2003, on Reduced Intrusion-Related Gold (RIRG) systems in the Yukon, Canada; a Member of the Australian Institute of Geoscientists and of the Society of Economic Geologists.
Joint Company Secretary of Culpeo Minerals Ltd, alongside Sue Wong, since 2026, and Company Secretary of Viking Mines Limited.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Voya Investment Management, a large generalist US asset manager rather than a resource specialist, holds 5.97%. The company lodged several director's-interest and substantial-holding notices in early 2026.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Viking Mines is an explorer focused on tungsten in Nevada, where its flagship is the Linka Tungsten Project in Lander County, one of six Nevada tungsten projects it agreed to acquire from BLK Group in December 2025. Its maiden drill program at Linka, which began in late July 2026, has returned 14m at 0.56% WO3 and 18m at 0.42% WO3 from 62m, with assays for 7 more holes expected in mid-October, and all four samples in its testwork have produced gravity concentrates grading above 50% WO3; Linka has no mineral resource yet. In Western Australia it keeps the 100%-owned Canegrass Battery Minerals Project, which hosts an inferred resource of 146 Mt at 0.70% V2O5, and the Narndee project. Viking sold its former lead asset, the First Hit gold project, to First Au Limited on 27 July 2026 for up to A$5.0 million in cash, shares and performance rights.