Viking Mines Limited (AU:VKA)
ASX:VKA
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Viking Mines Limited
(Sydney:VKA)
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Rating:46Neutral
Price Target:
AU$0.02
â–²(60.00% Upside)
Action:ReiteratedDate:03/24/26
The score is primarily held back by weak financial performance—ongoing losses and a shift to meaningful cash burn—despite a strong low-debt balance sheet. Technicals are broadly neutral with signs of recent weakness, and valuation is unattractive due to negative earnings and no dividend support.
Positive Factors
Low leverage / strong balance sheet
Minimal debt and low leverage provide durable financial flexibility for an exploration miner. This reduces refinancing and interest-rate risk, preserves capacity to fund drilling or development through drawdowns or equity when needed, and protects against short-term commodity swings.
Negative Factors
Operating cash flow deterioration
A switch to meaningful negative operating and free cash flow is a persistent risk for an exploration company: it increases reliance on external financing, heightens dilution or debt needs, and constrains the ability to fund ongoing exploration or development without altering capital structure.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Minimal debt and low leverage provide durable financial flexibility for an exploration miner. This reduces refinancing and interest-rate risk, preserves capacity to fund drilling or development through drawdowns or equity when needed, and protects against short-term commodity swings.
Read all positive factors
Viking Mines Limited (VKA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$33.96M
Dividend YieldN/A
Average Volume (3M)1.72M
Price to Earnings (P/E)―
Beta (1Y)0.02
Revenue GrowthN/A
EPS Growth14.81%
CountryAU
Employees3
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,425,643,000
10 Day Avg. Volume2,946,963
30 Day Avg. Volume1,722,439
Financial Highlights & Ratios
PEG Ratio0.62
Price to Book (P/B)0.89
Price to Sales (P/S)15.65
P/FCF Ratio-2.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Viking Mines Limited Business Overview & Revenue Model
Company Description
Viking Mines Limited operates as a mineral exploration company in Australia. Its flagship project is the First Hit gold property located in the Eastern Goldfields of Western Australia. The company was formerly known as Viking Ashanti Limited. Viki...
How the Company Makes Money
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Viking Mines Limited Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
71
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 397.67K | 460.78K | 147.86K | 4.43M | 4.16M | 152.38K |
| Gross Profit | 363.88K | 460.78K | 147.86K | 4.35M | 4.09M | 150.15K |
| EBITDA | -3.76M | -3.04M | -2.70M | 2.31M | 1.45M | -4.66M |
| Net Income | -3.74M | -3.12M | -2.77M | 1.21M | 1.39M | -4.66M |
Balance Sheet | ||||||
| Total Assets | 8.76M | 8.43M | 8.78M | 11.69M | 8.75M | 7.72M |
| Cash, Cash Equivalents and Short-Term Investments | 2.87M | 2.63M | 3.90M | 4.13M | 4.45M | 3.08M |
| Total Debt | 106.20K | 135.81K | 0.00 | 69.49K | 136.12K | 194.50K |
| Total Liabilities | 822.21K | 370.98K | 1.60M | 2.15M | 556.25K | 993.77K |
| Stockholders Equity | 7.94M | 8.06M | 7.18M | 9.54M | 8.19M | 7.47M |
Cash Flow | ||||||
| Free Cash Flow | -3.49M | -3.20M | 133.37K | -479.45K | 1.02M | -3.29M |
| Operating Cash Flow | -3.49M | -3.20M | 133.37K | -370.22K | 1.04M | -3.26M |
| Investing Cash Flow | -296.76K | -710.60K | -214.71K | -109.97K | 83.58K | -162.25K |
| Financing Cash Flow | 1.77M | 2.54M | -69.49K | -66.63K | -58.38K | 5.19M |
Viking Mines Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | AU$17.10M | -18.62 | -16.36% | ― | ― | 46.67% | |
46 Neutral | AU$33.96M | -1.54 | -46.73% | ― | ― | 14.81% | |
43 Neutral | AU$8.32M | -1.15 | -373.61% | ― | ― | 19.94% | |
42 Neutral | AU$34.33M | -1.84 | -96.19% | ― | ― | 42.86% | |
40 Underperform | AU$6.04M | -4.23 | 114.73% | ― | ― | -237.50% |
* Basic Materials Sector Average
AU:VKA
Viking Mines Limited
0.01
<0.01
40.00%
AU:TRM
Truscott Mining Corporation Ltd
0.08
0.02
33.33%
AU:FAU
First AU Ltd.
0.01
0.00
0.00%
AU:NME
Nex Metals Explorations Ltd
0.02
>-0.01
-33.33%
AU:CDT
Castle Minerals Limited
0.05
>-0.01
-13.79%
Viking Mines Limited Corporate Events
Viking Mines Issues 1.75 Million New Shares Under Secondary Trading Exemption
Apr 14, 2026
Viking Mines Limited has issued 1,750,000 fully paid ordinary shares without a disclosure document under Part 6D.2 of the Corporations Act and has notified the market via a secondary trading notice. The company confirms it is compliant with its fi...
Viking Mines Seeks ASX Quotation for 1.75 Million New Shares
Apr 14, 2026
Viking Mines Limited has applied to the ASX for quotation of 1,750,000 new ordinary fully paid shares under its VKA ticker, with an issue date of 14 April 2026. The additional quoted securities will modestly expand the company’s listed share...
Viking Mines Accelerates Low-Cost Development Work at Nevada Tungsten Project
Apr 13, 2026
Viking Mines has launched a multi-faceted field campaign at its Linka Tungsten Project in Nevada to quantify historical ore stockpiles and a tailings dam, targeting near “zero-mining-cost” material that could underpin rapid, low-capex ...
Viking Mines plans new share issue to raise capital
Apr 13, 2026
Viking Mines Limited has notified the ASX of a proposed issue of up to 1,750,000 ordinary fully paid shares. The new securities are to be issued via a placement or other type of issue, with the proposed issue date set for 15 April 2026, signaling ...
Viking Mines Targets U.S. Investors With OTC Listing as Nevada Tungsten Project Accelerates
Apr 13, 2026
Viking Mines has begun trading its ordinary shares on the U.S. OTC Markets under the ticker VKALF, in a move aimed at giving North American investors easier, real-time access to the stock in U.S. dollars. The company’s primary listing remain...
Viking Mines’ Gravity Survey De‑Risks Linka Drilling and Uncovers New Targets
Apr 9, 2026
Viking Mines has completed an expanded ground gravity survey at its Linka Project in Nevada, confirming a strong correlation between gravity highs and known mineralisation, thereby validating its exploration model. The work has identified numerous...
Viking Mines to Release 15.8 Million Escrowed Shares Without Changing Capital Base
Apr 7, 2026
Viking Mines Limited has announced that 15,805,798 fully paid ordinary shares will be released from voluntary escrow on 16 April 2026. The shares are already quoted on the ASX, and their release will not alter the company’s issued capital, i...
Viking Mines Accelerates Development of Linka Tungsten Project in Nevada
Apr 2, 2026
Viking Mines has mapped out an accelerated work program at its Linka Tungsten Project in Nevada, moving from data analysis to active development with a suite of metallurgical, processing, and engineering studies. The company aims to refine high-gr...
Viking Mines Discloses Director Bevan Tarratt’s Exit and Equity Interests
Apr 2, 2026
Viking Mines Limited has announced the cessation of director Bevan Tarratt from the board effective 31 March 2026, with a formal notice submitted to the ASX. The filing details Tarratt’s direct and indirect holdings in the company, including...
Viking Mines Uncovers Larger-Scale Tungsten System at Nevada Linka Project
Mar 25, 2026
Viking Mines has reported that expanded ground magnetics surveys at its Linka Tungsten Project in Nevada reveal the asset is part of a much larger intrusive system than previously thought. The new geophysical data show an interpreted source intrus...
Viking Mines Taps WSP to Fast-Track Permitting at Nevada Tungsten Project
Mar 18, 2026
Viking Mines has engaged global engineering and professional services firm WSP USA Inc. to lead permitting support and baseline data acquisition for its Linka Tungsten Project in Nevada, aiming to compress the project’s development timeline....
Viking Mines Outlines Corporate Framework in Half-Year Report
Mar 13, 2026
Viking Mines Limited, an ASX-listed mining and exploration company based in West Perth, Western Australia, maintains a conventional governance framework with a non-executive chairman, several non-executive directors, and a managing director and CE...
Viking Mines Uncovers New Priority Targets at Linka Tungsten Project After Geophysical Survey
Mar 5, 2026
Viking Mines has completed phase one of high-resolution ground magnetic and gravity surveys at its Linka Tungsten Project, which successfully mapped geological controls and confirmed coincident gravity anomalies over known mineralisation at the Li...
Viking Mines boosts tungsten grade 16-fold in low-cost gravity tests at Linka
Mar 2, 2026
Viking Mines has reported strong initial metallurgical results from gravity separation testwork on a high-grade sample from its Linka Pit tungsten project, achieving a 16-fold upgrade from a 1.4% WO3 feed to a 22.9% scheelite rougher concentrate. ...
Viking Mines touts Nevada tungsten assets in new investor briefing
Feb 25, 2026
Viking Mines Limited has released an investor presentation outlining its portfolio of high-grade, past-producing tungsten projects in Nevada, emphasizing their role in bolstering America’s future tungsten supply. The document highlights the ...
Viking Mines clears secondary trading for 634 million newly issued shares
Feb 24, 2026
Viking Mines Limited has issued 634,200,001 fully paid ordinary shares on 18 February 2026 without a prospectus or disclosure document under Part 6D.2 of the Corporations Act 2001. The company has lodged a secondary trading notice confirming that ...
Viking Mines Director Increases Indirect Equity Stake via Share Placement
Feb 24, 2026
Viking Mines has disclosed a significant change in the indirect holdings of director Julian Woodcock, following his participation via Bedrock Investment Group in a recent share placement approved by shareholders. Woodcock’s indirect interest...
Viking Mines Issues 120 Million Unquoted Performance Rights Under Incentive Scheme
Feb 23, 2026
Viking Mines Limited has notified the market of the issue of 120,000,000 unquoted performance rights under its employee incentive scheme, with an issue date of 24 February 2026. The large grant of performance rights, which are not intended to be q...
Viking Mines Seeks ASX Quotation for 90 Million New Shares
Feb 23, 2026
Viking Mines Limited has applied to the ASX for quotation of 90,000,000 new ordinary fully paid shares, to be issued on 24 February 2026. The securities were issued under an employee incentive scheme and, once quoted, will expand the company’...
Viking Mines Fast-Tracks Nevada Tungsten Push After Due Diligence Win
Feb 19, 2026
Viking Mines has completed due diligence on its planned acquisition of a portfolio of high-grade tungsten projects in Nevada and has formally entered the acquisition phase with BLK Group. The review validated historical geological data, confirmed ...
Viking Mines Launches High-Resolution Geophysics at Nevada Tungsten Project
Feb 10, 2026
Viking Mines has launched a high-resolution ground gravity and magnetic geophysics program at its Linka Tungsten Project in Nevada, designed to map the subsurface extent of a high-grade tungsten skarn system and define new drill targets concealed ...
Viking Mines Confirms High-Grade Nevada Tungsten With Standout 14.7% WO3 Assay
Feb 3, 2026
Viking Mines has reported exceptional assay results from a due diligence field sampling program across its Nevada tungsten portfolio, with a standout face sample grading 14.7% WO3 at the Linka Project’s Conquest pit and several channel sampl...
Viking Mines Director Sees Lapse of 17.6 Million Performance Shares
Feb 2, 2026
Viking Mines Limited has disclosed a change in the interests of director Bevan Tarratt, whose indirect holdings are held through Vanguard Superannuation Pty Ltd as trustee for the Vanguard Investment Trust. The company reported that 17,595,000 per...
Viking Mines Cancels 85 Million Performance Shares After Conditions Lapse
Feb 2, 2026
Viking Mines Limited has announced the cessation of 85 million performance shares (ASX code VKAAD) after the conditional rights attached to these securities lapsed because their specified conditions were not met or became incapable of being satisf...
Viking Mines Issues 12 Million Unquoted Performance Rights Under Incentive Scheme
Feb 2, 2026
Viking Mines Limited has notified the market that it has issued 12 million unquoted performance rights under its employee incentive scheme, effective 2 February 2026. The new securities, which are subject to transfer restrictions and will not be q...
Viking Mines Makes Transformational Move Into US Tungsten as Cash Backing Grows
Jan 30, 2026
Viking Mines has entered a binding agreement to acquire six high-grade, historically producing tungsten projects in Nevada in a low-cost, staged deal totalling US$2.88 million over seven years, supported by a strategic $750,000 investment and tech...
Viking Mines Launches High-Resolution Geophysics to Refine Drill Targets at Nevada Tungsten Project
Jan 28, 2026
Viking Mines has engaged Reno-based Rock Bottom Geosciences to conduct high-resolution gravity and ground magnetic surveys over its Linka tungsten project in Nevada starting mid-February, aiming to map subsurface structures, intrusive contacts and...
Viking Mines Completes High-Resolution Drone Survey to Fast-Track Linka Tungsten Project
Jan 27, 2026
Viking Mines has completed an ultra-high-resolution orthomosaic drone and ground survey at its Linka tungsten project in Nevada, generating 2cm pixel imagery and a detailed digital elevation model that create a precise spatial framework for the si...
Viking Mines Secures Low-Cost Historical Data to Fast-Track Linka Tungsten Project
Jan 21, 2026
Viking Mines has acquired a comprehensive historical technical dataset for its Linka tungsten project in Nevada for US$35,000, a fraction of the estimated more than A$1 million it would cost to replicate through new drilling. The package covers ab...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.