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Viking Mines Limited
(Sydney:VKA)
Viking Mines Limited (VKA) vs. iShares MSCI Australia ETF (EWA)
Viking Mines Limited Business Overview & Revenue Model
Viking Mines Limited Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 460.78K | 147.86K | 4.43M | 4.16M | 152.38K |
| Gross Profit | 460.78K | 147.86K | 4.35M | 4.09M | 150.15K |
| EBITDA | -3.04M | -2.70M | 2.31M | 1.45M | -4.66M |
| Net Income | -3.12M | -2.77M | 1.21M | 1.39M | -4.66M |
Balance Sheet | |||||
| Total Assets | 8.43M | 8.78M | 11.69M | 8.75M | 7.72M |
| Cash, Cash Equivalents and Short-Term Investments | 2.63M | 3.90M | 4.13M | 4.45M | 3.08M |
| Total Debt | 135.81K | 0.00 | 69.49K | 136.12K | 194.50K |
| Total Liabilities | 370.98K | 1.60M | 2.15M | 556.25K | 993.77K |
| Stockholders Equity | 8.06M | 7.18M | 9.54M | 8.19M | 7.47M |
Cash Flow | |||||
| Free Cash Flow | -3.20M | 133.37K | -479.45K | 1.02M | -3.29M |
| Operating Cash Flow | -3.20M | 133.37K | -370.22K | 1.04M | -3.26M |
| Investing Cash Flow | -710.60K | -214.71K | -109.97K | 83.58K | -162.25K |
| Financing Cash Flow | 2.54M | -69.49K | -66.63K | -58.38K | 5.19M |
Viking Mines Limited Peers Comparison
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% | |
49 Neutral | AU$46.05M | -2.31 | -41.19% | ― | ― | 14.81% | |
46 Neutral | AU$18.38M | -31.53 | -24.31% | ― | ― | 46.67% | |
44 Neutral | AU$6.37M | -3.28 | ― | ― | ― | -237.50% | |
43 Neutral | AU$9.88M | -1.29 | -390.08% | ― | ― | 19.94% | |
37 Underperform | AU$56.99M | -8.77 | -32.90% | ― | ― | 42.86% |
Viking Mines Limited Corporate Events
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. The first-stage process delivered 63.7% recovery at a coarse grind, suggesting a potentially low-capex, mechanically simple processing route that avoids expensive reagents.
The company is fast-tracking flowsheet refinement, including staged grinding, cleaner gravity testwork and subsequent flotation of gravity tails, with the aim of boosting overall tungsten recovery. Viking is also in strategic discussions with processing specialist Mineral Technologies to assess modular, low-cost gravity units for a rapid development start, positioning the project to benefit from near-record tungsten prices and supportive demand for critical minerals.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 company’s technical competence and reliance on qualified geological and metallurgical experts, signaling a structured approach to advancing its U.S. critical minerals strategy while reiterating standard investment and disclosure disclaimers.
The presentation underscores that the information is current only to late February 2026 and is not intended as a formal offer of securities, reflecting a focus on informing existing and prospective stakeholders rather than raising capital directly. By stressing confidentiality, risk disclosures and the involvement of independent metallurgical consultants, Viking aims to enhance investor confidence in its project data and operational rigor as it develops its Nevada tungsten assets.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 these shares can be freely traded under the exemption in section 708A(5), thereby facilitating on-market liquidity for the new securities.
The board states that Viking is up to date with its financial reporting and continuous disclosure obligations under Chapters 2M, 674 and 674A of the Corporations Act. It also confirms there is no undisclosed information that investors would reasonably require to assess the company’s financial position, prospects or the rights attached to the newly issued shares, supporting regulatory compliance and investor confidence.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 increased by 15,000,000 ordinary shares, acquired at $0.005 each, and 30,000,000 performance rights issued for nil consideration, lifting his total indirect holding to 33,602,380 shares and 71,000,000 performance rights, underscoring stronger director alignment with the company’s equity structure and capital-raising efforts.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 quoted on the ASX, reflects the company’s use of equity-based remuneration to align staff incentives with shareholder interests and may lead to future dilution if the rights vest and convert into ordinary securities.
The notification, lodged as an Appendix 3G, confirms that the new securities are performance-based instruments rather than immediately tradeable shares. This move underscores Viking Mines’ emphasis on performance-linked compensation to attract and retain key personnel in a competitive mining sector while managing cash outflows by relying more on non-cash incentive structures.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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’s tradable equity base, potentially enhancing liquidity and broadening participation by staff in the company’s equity, which may help align employee interests with those of shareholders.
The company lodged the application as a new announcement under the ASX Listing Rules Appendix 2A, confirming that these securities are to be quoted despite being connected with an incentive arrangement. The move underscores Viking Mines’ use of equity-based remuneration in a competitive resources employment market and signals a meaningful increase in the number of shares on issue that existing investors may factor into their valuation and dilution considerations.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 significant resource potential at the Linka project, and enables Viking to bypass early-stage exploration in favour of targeted drilling and rapid development.
The company has expanded its strategic landholding through aggressive staking, secured extensive historical production and technical data, and is advancing 3D geological modelling, geophysics, and permitting ahead of a maiden 2026 drilling campaign. Viking is also assessing near-term production opportunities from historical stockpiles and shallow open-pit mineralisation at Linka, aligning its accelerated development plans with growing U.S. demand for secure, non-Chinese tungsten supply under new defence supply chain rules.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 beneath shallow volcanic cover. By targeting density and magnetic contrasts between skarn mineralisation and surrounding host rocks, the company aims to build a 3D geological model of the key contact between intrusive monzonite and sedimentary units, which controls tungsten mineralisation.
The initial 0.5km² gravity survey and 2.2km² magnetic survey will test whether high-grade mineralised tactite zones can be directly identified, potentially allowing precise targeting of untested areas along the mineralised corridor, including under the Bates Mountain Tuff. If successful, Viking plans to expand these methods across its broader claim package to de-risk regional exploration, with survey results expected by late February, interpretation by mid-March, and a tightly focused drilling campaign targeted for April that could accelerate the project’s path toward discovery and enhance stakeholder value.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 samples returning robust, representative grades that align with historical mining records. The results, which include an unmined subvertical zone grading 5m at 0.7% WO3 at the Linka Pit ramp and grab samples up to 0.8% WO3 at the Long and Alpine projects, confirm widespread high-grade mineralisation and provide critical geological insight as the company advances 3D modelling and geophysical work to finalise drill targets for an upcoming Nevada drilling campaign, reinforcing the potential for near-surface mining opportunities and strengthening the company’s high-grade tungsten strategy.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 performance shares held indirectly for Tarratt have lapsed due to the expiration of a conditional right to those securities, leaving his remaining interests unchanged at 35,000,000 performance rights held directly and 91,500,000 fully paid ordinary shares held indirectly, with no consideration involved in the change and no trading during a closed period.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 satisfied, effective 1 February 2026. The lapse reduces the company’s pool of potential equity dilution from these performance-based instruments, simplifying its capital structure and potentially altering the incentives or expectations tied to those unfulfilled performance milestones for existing shareholders and stakeholders.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 quoted on the ASX until those restrictions end, are designed to align employee rewards with company performance and may impact future dilution and capital structure for existing shareholders.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 technical partnership from American Tungsten. The move gives Viking leveraged exposure to a US-designated critical mineral amid record tungsten prices and China-dominated supply, while the company also reports expanding nugget discoveries at its Riverina East gold project and a strengthened cash position of up to about $5.47 million including a recent placement to fund exploration and development across both its US tungsten and Australian gold portfolios.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 bedrock geology beneath younger volcanic cover. The dual-method program, using dense gravity and magnetics grids over and beyond the known 820m mineralised trend, will feed directly into a 3D geological model to define blind drill targets and prioritise future drilling, potentially extending the mineralised corridor and strengthening Viking’s ability to delineate a substantial tungsten system for stakeholders.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 site. By locating and validating five original 1970s survey markers, the company can now accurately digitise and georeference historical drilling and mapping data, underpinning the value of the legacy drilling database and enabling precise 3D geological modelling. The new dataset allows Viking to identify historical workings and potential twin-hole drill locations to move the project toward JORC compliance, estimate volumes of surface stockpiles for possible early-stage processing, and present a robust baseline of existing disturbance to regulators, which may reduce environmental bond requirements and streamline permitting, thereby accelerating exploration and development plans at Linka.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
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 about 2,816 metres of historical drilling across 68 holes, along with detailed cross-sections, maps, and records of underground workings, giving Viking immediate insight into high-grade zones and enabling rapid 3D geological modelling and planning of validation drilling to bring the project toward JORC-compliant standards, significantly reducing time, capital requirements and exploration risk for stakeholders.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
Viking Mines has expanded its US tungsten landholding in Nevada to about 20 square kilometres by staking additional mining claims across its Linka, Ragged Top, Long and Terrell projects, securing interpreted extensions of known high‑grade tungsten systems and the most prospective geological trends in these areas. The move consolidates control over key mineralised corridors, captures additional historical workings near Ragged Top, and positions Viking for the next exploration phase as it prepares to submit a Notice of Intent to federal agencies for drilling permits, potentially strengthening its strategic footprint in the US tungsten sector and enhancing future exploration upside for stakeholders.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
Viking Mines has reported high-grade tungsten oxide assay results from four metallurgical samples totalling 295kg at its Linka Tungsten Project in Nevada, with one sample from the Linka open pit returning 1.3% WO3 and the weighted average grade across all samples at 1.0% WO3. These results confirm the high-grade nature of scheelite mineralisation at Linka, compare favourably with operating mines globally, and come as tungsten prices for scheelite concentrates remain at record highs, supporting the company’s decision to advance metallurgical testwork and reinforcing the project’s potential strategic value within a Tier 1 jurisdiction as part of Viking’s broader US tungsten portfolio.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
Viking Mines Limited has notified shareholders that it will hold a General Meeting on 12 February 2026 in West Perth, with shareholder eligibility to vote determined as at 4:00pm WST on 10 February 2026. In line with Australian corporate law, the company will not mail hard copies of the Notice of Meeting unless specifically requested, instead directing investors to access the materials online and strongly encouraging shareholders to lodge directed proxy votes and submit questions in advance, underscoring the importance of broad participation in governance matters.
The most recent analyst rating on (AU:VKA) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Viking Mines Limited stock, see the AU:VKA Stock Forecast page.
Viking Mines Limited has updated its previously announced capital raising to increase Tranche 2 of its placement by an additional 40 million shares, as disclosed in a new Appendix 3B filing with the ASX. The enlarged placement, which remains subject to shareholder approval at an upcoming general meeting, is intended to provide the company with increased funding capacity, potentially strengthening its balance sheet and supporting ongoing project and exploration activities, with implications for existing shareholders through further equity issuance.
Viking Mines Limited has issued 339,938,637 new fully paid ordinary shares, expanding its share capital on the ASX. The company has confirmed that these shares were issued without a prospectus under the Corporations Act and has lodged a secondary trading notice so that subsequent on-market sales can rely on the statutory exemption, while affirming its compliance with financial reporting and continuous disclosure obligations and stating there is no undisclosed price-sensitive information relevant to assessing the company or the rights attached to the new shares.
Viking Mines Limited has applied to the ASX for quotation of 339,938,637 ordinary fully paid shares under its ticker VKA, with an issue date of 23 December 2025. The application, lodged as a new Appendix 2A announcement, represents the formal step to have these previously flagged securities admitted to trading, potentially increasing the company’s free float, liquidity and access to capital for ongoing operations and project development.
Viking Mines has agreed to acquire 100% of six past-producing tungsten projects in Nevada, USA, which together have a historic production record of about 123,000 tonnes of ore at 0.54% WO₃ and include high-grade drill targets of up to 2.11% WO₃ ready for immediate follow-up. The transaction is strategically supported by a A$750,000 cornerstone investment from American Tungsten and comes as tungsten prices hit all-time highs amid critical defence demand and Chinese export restrictions, potentially strengthening Viking’s position in the critical minerals supply chain and enhancing its growth prospects in a key US jurisdiction.
Viking Mines Limited will host a free investor webinar on 24 December 2025 via MarketOpen Direct Connect, where Managing Director and CEO Julian Woodcock will outline the company’s recently acquired high-grade, proven tungsten projects in the United States and discuss the strategic investment from American Tungsten. The online event, which includes a Q&A session and will be recorded for later viewing, is aimed at updating shareholders on how the new U.S. tungsten assets and partnership could shape Viking’s growth trajectory and strengthen its positioning in the critical minerals sector.
Viking Mines Limited has announced a proposed issue of securities, with a maximum of 859,138,638 ordinary fully paid shares to be issued. This move is part of a placement or other type of issue, with the proposed issue date set for December 23, 2025. The announcement signifies a strategic effort by Viking Mines Limited to potentially raise capital, which could impact its market positioning and operational capabilities.
Viking Mines Limited has announced its acquisition of a 100% interest in six tungsten projects in Nevada, USA, a strategic move given the geopolitical importance of tungsten and its critical status in the US. This acquisition, supported by a $750,000 investment from American Tungsten, positions Viking to capitalize on the high demand and record prices for tungsten, as well as potential US government funding, enhancing its market position and offering substantial shareholder value.
Viking Mines Limited has requested a trading halt on its securities pending an announcement regarding the acquisition of a Nevada tungsten project and a proposed capital raising. This move is expected to impact the company’s operations by potentially expanding its resource portfolio and enhancing its financial position, which could influence its market standing and stakeholder interests.