Viking Mines has entered a binding agreement to acquire six high-grade tungsten projects in Nevada, backed by a strategic investment from American Tungsten Corp and a $4.29 million capital raise. The acquisition marks a significant expansion into the critical US tungsten market amid rising global demand.
- Binding agreement to acquire six tungsten projects in Nevada, USA
- Staged acquisition costing US$2.88 million over seven years with minimal upfront cash
- American Tungsten Corp invests $750,000 and provides technical support
- Strong historical production and high-grade exploration potential at flagship Linka Project
- Raised approximately $4.29 million to fund exploration and corporate activities
Strategic Acquisition in a Critical Mineral Hotspot
Viking Mines Limited (ASX, VKA) has taken a decisive step into the US tungsten sector with a binding agreement to acquire 100% of six tungsten projects in Nevada, a globally recognised Tier-1 mining jurisdiction. This acquisition, structured as a low-cost staged payment of US$2.88 million over seven years, positions Viking to tap into a critical mineral market increasingly shaped by geopolitical tensions and supply chain vulnerabilities.
The portfolio includes the flagship Linka Project, historically productive with approximately 123,000 tonnes mined at an average grade of 0.54% tungsten oxide (WO₃). Linka alone hosts three historical mines along an 820-metre strike length, with high-grade intercepts reaching up to 3.0% WO₃, underscoring the project's robust exploration upside.
Strategic Partnership and Capital Raising
American Tungsten Corp (CSE, TUNG) has committed a $750,000 strategic investment in Viking, becoming a substantial shareholder and providing in-country technical services. This partnership not only strengthens Viking’s operational capabilities but also enhances its profile within the US critical minerals landscape.
To support exploration and evaluation of the newly acquired US assets, Viking successfully raised approximately $4.29 million through a two-tranche placement. The first tranche of $1.69 million has been completed, while the second tranche, including American Tungsten’s investment, awaits shareholder approval. This capital injection complements Viking’s strong cash position of $2.88 million as of 31 December 2025, potentially increasing to $5.47 million post-approval.
Advancing Exploration and Development
Viking is progressing due diligence and has conducted on-ground assessments, including sampling and claim verification. The company’s three-pillar strategy focuses on aggressive exploration to define mineral resources, metallurgical testwork to optimise processing, and engagement with US government agencies to secure critical mineral funding.
Alongside the US tungsten projects, Viking continues to advance its Australian gold portfolio, notably the Riverina East Project in Western Australia. Recent prospecting has uncovered 102 additional gold nuggets, expanding the nugget field to a 600m by 500m area with an east-west structural trend, which aligns with magnetic geophysical anomalies. This discovery hints at a potentially high-grade primary gold source, with targeted drilling planned to test this new orientation.
Corporate and Financial Overview
During the quarter, Viking’s expenditure primarily focused on exploration activities related to the US tungsten acquisition and the Riverina East gold project. Corporate costs, including director fees and administration, were also reported. The company appointed Nexia Perth Audit Services Pty Ltd as its new auditor and held a successful Annual General Meeting in November 2025.
Looking ahead, Viking plans to complete due diligence on the US projects, advance metallurgical testwork at Linka, commence geophysical surveys, and initiate permitting for drilling. The company remains vigilant for further acquisition opportunities to complement its growing portfolio of strategic metals.
Bottom Line?
Viking Mines’ US tungsten acquisition and strategic partnerships set the stage for a pivotal growth phase amid soaring demand for critical minerals.
Questions in the middle?
- Will Viking’s staged acquisition model accelerate or delay project development timelines?
- How will American Tungsten’s technical support influence exploration success in Nevada?
- What impact will the evolving geopolitical landscape have on tungsten supply and Viking’s market positioning?