# VKA: FY26 Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146575 Publisher: asx Original announcement: 2026-09-30T07:33:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T08:23:17.366Z Atlas analysis updated: 2026-09-30T08:23:17.366Z - Company: Viking Mines Limited - Ticker: VKA - Exchange: ASX - Region: Unavailable - Primary commodity: Tungsten - Secondary commodities: Gold, Vanadium, Iron ore, Titanium, Silver, Bismuth - Document categories: Drill results, Metallurgy, Other, Resource update - Extracted: 2026-09-30 08:23:18 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Viking Mines Limited's 2026 Annual Report highlights a pivotal year marked by the strategic acquisition of six US tungsten projects, establishing Linka as its flagship. The company achieved significant metallurgical success at Linka, producing a premium scheelite concentrate with high recovery, and secured permits for a maiden 63-hole drilling program. The report also details historical high-grade tungsten drill intercepts, new gold drill results from Riverina East, and an updated vanadium resource for the Canegrass project, alongside the divestment of non-core gold assets and a successful capital raise. Reasoning: The company successfully acquired a portfolio of tungsten projects, advanced the flagship Linka project with strong metallurgical results and secured drilling permits, and strategically divested non-core assets, all supported by a capital raise. - Positive factor: Strategic Acquisition - Positive factor: Successful Metallurgical Testwork - Positive factor: Permit Granted - Positive factor: Resource Update - Positive factor: Capital Raise - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure for some drill results - Negative factor: All Resources Inferred - Negative factor: Bench Scale Only for some metallurgy Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 33 ## Classification and evidence **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: Historical drill results are re-released without JORC 2012 compliance, indicating lower novelty and verifiability. Evidence · text > The historical Exploration Results referred to in this report were not reported in accordance with the JORC Code 2012. **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The document explicitly states that a Competent Person has not done sufficient work to disclose historical results in accordance with JORC Code 2012, implying a lack of verifiable QA/QC. Evidence · text > A Competent Person has not done sufficient work to disclose the historical Exploration Results in accordance with the JORC Code 2012 **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: Intercepts are reported as downhole widths without true width or drill orientation, which may overstate true thickness. Evidence · text > Significant historical drill intercepts \(downhole widths\) **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 1.5m at 4.8% WO₃ is well above the exceptional threshold for tungsten in skarn deposits. Evidence · text > 1.5m at 4.8% WO₃ **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The release does not disclose QA/QC procedures for the new drill results. Evidence · text > Phase 3 RC drilling programme of 33 holes for 4,576m was completed... best assay returned was 1m at 1.7g/t Au \(VKRC0200\) **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The achieved recovery of 76.0% WO₃ exceeds the company's target of >70% recovery. Evidence · text > 76.0% recovery, exceeding the Company’s target of >70% recovery **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: QEMSCAN mineralogy confirmed garnet as the dominant gangue and minimal calcite, suggesting relatively simple mineralogy for processing. Evidence · text > QEMSCAN mineralogy confirming garnet as the dominant gangue and minimal calcite **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The recovery improved from 59.8% to 76.0% in subsequent testwork. Evidence · text > subsequently improved to 56.9% WO₃ at 76.0% recovery **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The metallurgical flowsheet involves gravity concentration and flotation, which are typical mill processing routes. Evidence · text > combined gravity and cleaner flotation testwork **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The scaled-up testwork was conducted at a 10kg scale, which is still considered bench-scale and not pilot-scale. Evidence · text > Scaled up \(10kg\) combined gravity and cleaner flotation testwork **Inferred Resource** Polarity: negative Story-specific tag Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: All reported mineral resources for both Canegrass and First Hit projects are classified as Inferred, which is a speculative category with limited geological confidence. Evidence · text > Combined Total Inferred MRE for the project increased to 146Mt at 0.70% V2O5 **JORC Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Both the Canegrass and First Hit Mineral Resource Estimates are prepared and disclosed under the JORC Code 2012 Edition, indicating a high reporting standard. Evidence · text > The Mineral Resource estimate released on 20 November 2023 was prepared and disclosed under the JORC Code 2012 Edition. **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Dean O’Keefe, a Fellow of the AusIMM, is named as the Competent Person responsible for the Mineral Resource estimates. Evidence · text > Information in this report that relates to the Mineral Resource estimate is derived from information compiled by Mr Dean O’Keefe, a Fellow of the Australasian Institute of Mining and Metallurgy \(AusIMM, \#112948\), and Competent Person for this style of mineralisation. **Resource Update** Polarity: neutral Story-specific tag Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports an updated Mineral Resource Estimate for Canegrass and confirms no change to the First Hit MRE since prior reports. Evidence · text > On 20 November 2023, the Company released an updated Mineral Resource Estimate \(MRE\) for the Canegrass Battery Minerals Project **Permit Granted** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Notice of Intent for the maiden Linka drilling programme was approved by the US Bureau of Land Management \(BLM\). Evidence · text > approved on 18 May 2026, ahead of the Company’s internal timeline. **Divestment** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company entered into binding agreements to divest its non-core First Hit Gold Project. Evidence · text > Viking entered into binding agreements to divest the 12 tenements comprising the non-core First Hit Gold Project **Placement** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company raised $4.50 million through a placement of ordinary shares to sophisticated and professional investors. Evidence · text > The Company raised $4.50 million \(before costs\) in December 2025 and February 2026, following a placement of 899,138,638 new fully paid ordinary shares **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 3 distinct composites were tested ## Extracted facts Stored fact records: 33. Some facts used in scoring do not have a stored record. ## Drill Results (18) ### CR-19 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-0) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: CR-19 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 1.3 - Grade Unit: % - Intercept: 12.2 m - From: 26.5 m - To: 38.7 m - Intercept Depth: 26.5 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: CR-19:26.5-38.7 #### Location - Location: Conquest - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a good grade over a significant width, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: High Grade - Positive factor: Significant Width - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 12.2m at 1.3% WO₃ from 26.5m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### CR-19 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-1) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: CR-19 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 4.8 - Grade Unit: % - Intercept: 1.5 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill #### Location - Location: Conquest - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval is exceptional for tungsten, but its historical, non-JORC compliant nature limits confidence. - Positive factor: Bonanza Intercept - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 1.5m at 4.8% WO₃ #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### CR-02 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-2) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: CR-02 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 0.6 - Grade Unit: % - Intercept: 22.9 m - From: 19.8 m - To: 42.7 m - Intercept Depth: 19.8 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: CR-02:19.8-42.7 #### Location - Location: Conquest - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a good grade over a significant width, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: Good Grade - Positive factor: Significant Width - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 22.9m at 0.6% WO₃ from 19.8m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### CR-02 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-3) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: CR-02 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 1.2 - Grade Unit: % - Intercept: 6.1 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill #### Location - Location: Conquest - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This high-grade sub-interval is strong for tungsten, but its historical, non-JORC compliant nature limits confidence. - Positive factor: High Grade - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 6.1m at 1.2% WO₃ #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### CR-20 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-4) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: CR-20 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 0.5 - Grade Unit: % - Intercept: 22.9 m - From: 15.5 m - To: 38.4 m - Intercept Depth: 15.5 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: CR-20:15.5-38.4 #### Location - Location: Conquest - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a good width with a grade near the historical average, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: Good Width - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 22.9m at 0.5% WO₃ from 15.5m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### CR-07 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-5) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: CR-07 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 0.5 - Grade Unit: % - Intercept: 18.3 m - From: 21.3 m - To: 39.6 m - Intercept Depth: 21.3 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: CR-07:21.3-39.6 #### Location - Location: Conquest - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a good width with a grade near the historical average, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: Good Width - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 18.3m at 0.5% WO₃ from 21.3m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### LR-11 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-6) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: LR-11 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 0.9 - Grade Unit: % - Intercept: 7.9 m - From: 7.6 m - To: 15.5 m - Intercept Depth: 7.6 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: LR-11:7.6-15.5 #### Location - Location: Linka Main - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong grade for tungsten, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: High Grade - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 7.9m at 0.9% WO₃ from 7.6m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### DH-04 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-7) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: DH-04 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 0.5 - Grade Unit: % - Intercept: 9.8 m - From: 61.9 m - To: 71.7 m - Intercept Depth: 61.9 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: DH-04:61.9-71.7 #### Location - Location: Linka Main - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a good width with a grade near the historical average, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: Good Width - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 9.8m at 0.5% WO₃ from 61.9m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### LR-79-H\(A\) [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-8) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: LR-79-H\(A\) - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 1.2 - Grade Unit: % - Intercept: 1.5 m - From: 4.6 m - To: 6.1 m - Intercept Depth: 4.6 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: LR-79-H\(A\):4.6-6.1 #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong grade for tungsten, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: High Grade - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 1.5m at 1.2% WO₃ from 4.6m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### HR-03 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-9) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: HR-03 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 1 - Grade Unit: % - Intercept: 1.5 m - From: 12.2 m - To: 13.7 m - Intercept Depth: 12.2 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: HR-03:12.2-13.7 #### Location - Location: Hillside - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a strong grade for tungsten, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: High Grade - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 1.5m at 1.0% WO₃ from 12.2m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### HR-02 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-10) Linka · tungsten Historical result Needs review: historical\_restatement #### Identity - Hole ID: HR-02 - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Geometry - Grade: 0.6 - Grade Unit: % - Intercept: 3.1 m - From: 16.8 m - To: 19.9 m - Intercept Depth: 16.8 m #### Classification - Deposit Type: skarn - Program: exploration - Sample Type: drill - Group ID: HR-02:16.8-19.9 #### Location - Location: Hillside - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This historical intercept shows a good grade for tungsten, but its reliability is limited by its historical, non-JORC compliant nature. - Positive factor: Good Grade - Negative factor: Historical Data Not JORC Compliant - Negative factor: No QA/QC Disclosure - Negative factor: Apparent Width Only Evidence · text > 3.1m at 0.6% WO₃ from 16.8m #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### VKRC0200 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-11) Riverina East · gold #### Identity - Hole ID: VKRC0200 - Project: Riverina East - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: VKA #### Geometry - Grade: 1.7 - Grade Unit: g/t - Intercept: 1 m #### Classification - Program: resource - Sample Type: drill #### Location - Location: Bifrost South - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This new drill result confirms gold mineralization but at a moderate grade, and QA/QC details are not disclosed. - Positive factor: New Drill Result - Negative factor: Moderate Grade - Negative factor: No QA/QC Disclosure Evidence · text > 1m at 1.7g/t Au \(VKRC0200\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### VKRC0223 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-12) Riverina East · gold #### Identity - Hole ID: VKRC0223 - Project: Riverina East - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: VKA #### Geometry - Grade: 1 - Grade Unit: g/t - Intercept: 3 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Southern Structural Target - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This new drill result confirms gold mineralization but at a moderate grade, and QA/QC details are not disclosed. - Positive factor: New Drill Result - Negative factor: Moderate Grade - Negative factor: No QA/QC Disclosure Evidence · text > 3m at 1.0g/t Au \(VKRC0223\) #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### VKRC0223 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-13) Riverina East · gold #### Identity - Hole ID: VKRC0223 - Project: Riverina East - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: VKA #### Geometry - Grade: 1.4 - Grade Unit: g/t - Intercept: 1 m #### Classification - Program: exploration - Sample Type: drill #### Location - Location: Southern Structural Target - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: No #### Deleterious - Deleterious Flag: No #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This new drill result confirms gold mineralization at a moderate grade, and QA/QC details are not disclosed. - Positive factor: New Drill Result - Negative factor: Moderate Grade - Negative factor: No QA/QC Disclosure Evidence · text > 1m at 1.4g/t Au #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-29) Linka Needs review: drill\_no\_hole\_id #### Identity - Project: Linka - Region: usa\_nv - Reported Region: usa\_nv - Ticker: VKA #### Classification - Sample Type: drill #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The approval of the maiden drilling program is a significant de-risking and advancement milestone for the flagship Linka project. - Positive factor: Permit Granted - Positive factor: Accelerates Project Development - Positive factor: First Drilling in Decades Evidence · text > A Notice of Intent for the maiden Linka drilling programme \(63 holes from 48 drill pads\) was lodged with the US Bureau of Land Management \(BLM\) in early May 2026 and approved on 18 May 2026 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-30) First Hit Needs review: drill\_no\_hole\_id #### Identity - Project: First Hit - Region: australia\_wa - Reported Region: australia\_wa - Ticker: VKA #### Classification - Sample Type: drill #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The divestment of a non-core gold project for significant consideration allows the company to focus on its tungsten strategy while retaining exposure to future success. - Positive factor: Crystallizes Value - Positive factor: Focus on Core Assets - Positive factor: Retains Exposure to Upside - Negative factor: Divestment of Assets Evidence · text > on 29 June 2026 Viking entered into binding agreements to divest the 12 tenements comprising the non-core First Hit Gold Project \(including the Riverina East tenure and the historical First Hit Gold Mine\) to First Au Limited \(ASX: FAU\) for total consideration of up to $5.0 million #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 17 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-31) Needs review: drill\_no\_hole\_id #### Identity - Region: australia - Reported Region: australia - Ticker: VKA #### Classification - Sample Type: drill #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The successful capital raise provides significant funding for the company's strategic initiatives, including the tungsten acquisition and exploration, and includes a strategic investor. - Positive factor: Strengthens Balance Sheet - Positive factor: Funds Strategic Initiatives - Positive factor: Strategic Cornerstone Investor - Negative factor: Share Dilution Evidence · text > The Company raised $4.50 million \(before costs\) in December 2025 and February 2026, following a placement of 899,138,638 new fully paid ordinary shares in the Company to sophisticated and professional investors at an issue price of $0.005 per share #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 18 [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-drill-facts-32) Needs review: drill\_no\_hole\_id #### Identity - Region: australia - Reported Region: australia - Ticker: VKA #### Classification - Sample Type: drill #### QA/QC - QA/QC Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a standard annual report providing a comprehensive overview of the company's activities and financial performance for the year. - Positive factor: Comprehensive Reporting Evidence · text > Annual Report 2026 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (8) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-resource-facts-21) Canegrass Battery Minerals Project · vanadium #### Identity - Project: Canegrass Battery Minerals Project - Commodity: vanadium - Region: australia\_wa - Reported Region: Western Australia - Ticker: VKA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:b682c89be97187f47615 - Deposit or zone: Fold Nose, Kinks South and Kinks deposits #### Resource Data - Category: inferred - Tonnes: 146000000 - Grade: 0.7 - Grade Unit: % V2O5 - Contained Metal: 2200000000 - Contained Unit: lb - Cutoff Grade: 0.5 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2023-11-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: An updated JORC-compliant Inferred resource for vanadium, providing a baseline but with low confidence for economic studies. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Resource Update - Negative factor: All Inferred Evidence · text > 146Mt at 0.70% V2O5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-resource-facts-22) Canegrass Battery Minerals Project · iron\_ore #### Identity - Project: Canegrass Battery Minerals Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VKA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:b682c89be97187f47615 - Deposit or zone: Fold Nose, Kinks South and Kinks deposits #### Resource Data - Category: inferred - Tonnes: 146000000 - Grade: 31.8 - Grade Unit: % - Cutoff Grade: 0.5 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2023-11-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: An updated JORC-compliant Inferred resource for iron, providing a baseline but with low confidence for economic studies. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Resource Update - Negative factor: All Inferred Evidence · text > 31.8% Fe #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-resource-facts-23) Canegrass Battery Minerals Project · titanium #### Identity - Project: Canegrass Battery Minerals Project - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: VKA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:b682c89be97187f47615 - Deposit or zone: Fold Nose, Kinks South and Kinks deposits #### Resource Data - Category: inferred - Tonnes: 146000000 - Grade: 6.6 - Grade Unit: % TiO2 - Cutoff Grade: 0.5 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2023-11-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: An updated JORC-compliant Inferred resource for titanium, providing a baseline but with low confidence for economic studies. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Resource Update - Negative factor: All Inferred Evidence · text > 6.6% TiO2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-resource-facts-24) Canegrass Battery Minerals Project · vanadium #### Identity - Project: Canegrass Battery Minerals Project - Commodity: vanadium - Region: australia\_wa - Reported Region: Western Australia - Ticker: VKA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:a2253e193ae9fb5245c4 - Deposit or zone: Fold Nose, Kinks South and Kinks deposits \(high-grade subset\) #### Resource Data - Category: inferred - Tonnes: 27500000 - Grade: 0.87 - Grade Unit: % V2O5 - Cutoff Grade: 0.5 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2023-11-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: An updated JORC-compliant high-grade Inferred resource for vanadium, providing a better quality subset but with low confidence for economic studies. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Resource Update - Positive factor: High Grade - Negative factor: All Inferred Evidence · text > 27.5Mt at 0.87% V2O5 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-resource-facts-25) Canegrass Battery Minerals Project · iron\_ore #### Identity - Project: Canegrass Battery Minerals Project - Commodity: iron\_ore - Region: australia\_wa - Reported Region: Western Australia - Ticker: VKA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:a2253e193ae9fb5245c4 - Deposit or zone: Fold Nose, Kinks South and Kinks deposits \(high-grade subset\) #### Resource Data - Category: inferred - Tonnes: 27500000 - Grade: 37.3 - Grade Unit: % - Cutoff Grade: 0.5 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2023-11-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: An updated JORC-compliant high-grade Inferred resource for iron, providing a better quality subset but with low confidence for economic studies. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Resource Update - Positive factor: High Grade - Negative factor: All Inferred Evidence · text > 37.3% Fe #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-resource-facts-26) Canegrass Battery Minerals Project · titanium #### Identity - Project: Canegrass Battery Minerals Project - Commodity: titanium - Region: australia\_wa - Reported Region: Western Australia - Ticker: VKA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:a2253e193ae9fb5245c4 - Deposit or zone: Fold Nose, Kinks South and Kinks deposits \(high-grade subset\) #### Resource Data - Category: inferred - Tonnes: 27500000 - Grade: 8 - Grade Unit: % TiO2 - Cutoff Grade: 0.5 - Cutoff Unit: % V2O5 #### Prior Estimate - Resource Date: 2023-11-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: An updated JORC-compliant high-grade Inferred resource for titanium, providing a better quality subset but with low confidence for economic studies. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Resource Update - Positive factor: High Grade - Negative factor: All Inferred Evidence · text > 8.0% TiO2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-resource-facts-27) First Hit Gold Mine · gold #### Identity - Project: First Hit Gold Mine - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: VKA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:641835629cc4031758c6 - Deposit or zone: First Hit Gold Mine #### Resource Data - Category: inferred - Tonnes: 83800 - Grade: 7 - Grade Unit: g/t - Contained Metal: 19000 - Contained Unit: oz #### Prior Estimate - Resource Date: 2025-01-20 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A JORC-compliant Inferred resource for gold, but the estimate is not new and the asset has been divested, reducing its relevance to the company. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: All Inferred - Negative factor: Stale Estimate - Negative factor: Divested Asset Evidence · text > 83.8kt @ 7.0g/t Au for 19,000 ounces of gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-resource-facts-28) First Hit Gold Mine · gold #### Identity - Project: First Hit Gold Mine - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: VKA #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:b94d77673c77beb637cf - Deposit or zone: First Hit Gold Mine \(potentially mineable portion\) #### Resource Data - Category: inferred - Tonnes: 53100 - Grade: 7.2 - Grade Unit: g/t - Contained Metal: 12400 - Contained Unit: oz - Cutoff Grade: 1.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2025-06-10 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A JORC-compliant Inferred resource for gold, constrained by an underground study, but the estimate is not new and the asset has been divested. - Positive factor: JORC Compliant - Positive factor: QP/CP Signed - Positive factor: Underground Mining Study - Negative factor: All Inferred - Negative factor: Stale Estimate - Negative factor: Divested Asset Evidence · text > 53.1kt @ 7.2g/t Au for 12,400 ounces of gold, constrained within a conceptual underground mine design and above a calculated stoping cut-off grade of 1.3g/t Au #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (7) ### gravity [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-metallurgical-facts-14) Linka · tungsten #### Identity - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: VKA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: gravity separation - Sample: Linka Pit sample #### Recovery - Recovery: 63.7 % - Recovery Basis: actual\_test - Head Grade: 1.3 - Head Grade Unit: % WO₃ - Conc. Grade: 22.9 - Conc. Grade Unit: % WO₃ #### Lab - Laboratory: Base Met Labs \(Tucson, Arizona\) - Consultant: Independent Metallurgical Operations \(IMO\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Initial gravity separation achieved good recovery and significant grade upgrade, indicating amenable ore, though it's from preliminary bench-scale testwork. - Positive factor: Good Recovery - Positive factor: Significant Grade Upgrade - Positive factor: Free Milling - Negative factor: Bench Scale Only Evidence · text > First-round gravity separation on the 1.3% WO₃ Linka Pit sample delivered a 16-times upgrade to a 22.9% WO₃ rougher concentrate at 63.7% recovery #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### gravity [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-metallurgical-facts-15) Linka · tungsten #### Identity - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: VKA #### Test Work - Program Status: preliminary - Test Type: gravity - Processing Route: cleaner gravity #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 63.6 - Conc. Grade Unit: % WO₃ #### Lab - Laboratory: Base Met Labs \(Tucson, Arizona\) - Consultant: Independent Metallurgical Operations \(IMO\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Cleaner gravity testwork produced a very high-grade concentrate, demonstrating the potential for a premium product, but from bench-scale tests. - Positive factor: Premium Concentrate Grade - Positive factor: Significant Grade Upgrade - Negative factor: Bench Scale Only Evidence · text > Cleaner gravity testwork produced a premium concentrate of 63.6% WO₃ #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-metallurgical-facts-16) Linka · tungsten #### Identity - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: VKA #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: combined gravity and cleaner flotation - Sample: 10kg scale #### Recovery - Recovery: 59.8 % - Recovery Basis: actual\_test - Conc. Grade: 62.5 - Conc. Grade Unit: % WO₃ #### Lab - Laboratory: Base Met Labs \(Tucson, Arizona\) - Consultant: Independent Metallurgical Operations \(IMO\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Scaled-up testwork achieved good concentrate grade and recovery, validating the combined flowsheet, but remains bench-scale. - Positive factor: Good Concentrate Grade - Positive factor: Good Recovery - Negative factor: Bench Scale Only Evidence · text > Scaled up \(10kg\) combined gravity and cleaner flotation testwork delivered 62.5% WO₃ at 59.8% recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-metallurgical-facts-17) Linka · tungsten #### Identity - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: VKA #### Test Work - Program Status: optimization - Test Type: flotation - Processing Route: combined gravity and cleaner flotation #### Recovery - Recovery: 76 % - Recovery Basis: actual\_test - Conc. Grade: 56.9 - Conc. Grade Unit: % WO₃ #### Lab - Laboratory: Base Met Labs \(Tucson, Arizona\) - Consultant: Independent Metallurgical Operations \(IMO\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Achieved high recovery exceeding company targets, demonstrating significant improvement in the processing route, though still from bench-scale. - Positive factor: High Recovery - Positive factor: Recovery Improving - Positive factor: Exceeds Company Target - Negative factor: Bench Scale Only Evidence · text > subsequently improved to 56.9% WO₃ at 76.0% recovery #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### gravity [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-metallurgical-facts-18) Linka · tungsten #### Identity - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: VKA #### Test Work - Program Status: optimization - Test Type: gravity - Processing Route: standalone gravity #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 66.6 - Conc. Grade Unit: % WO₃ #### Lab - Laboratory: Base Met Labs \(Tucson, Arizona\) - Consultant: Independent Metallurgical Operations \(IMO\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Standalone gravity produced a very high-grade concentrate, supporting a gravity-led flowsheet, but from bench-scale tests. - Positive factor: Premium Concentrate Grade - Negative factor: Bench Scale Only Evidence · text > with the standalone gravity concentrate grading 66.6% WO₃ #### Tags used in scoring **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: processing\_route matches the gravity signal ### ore\_sorting [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-metallurgical-facts-19) Linka · tungsten #### Identity - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: VKA #### Test Work - Program Status: preliminary - Test Type: ore\_sorting - Processing Route: X-ray Transmission \(XRT\) ore sorting - Sample: Conquest Pit sample #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 1.91 - Conc. Grade Unit: % WO₃ - Tailings Grade: 0.2 - Tailings Grade Unit: % WO₃ - Mass Pull: 67.8 % #### Lab - Laboratory: TOMRA \(Wedel, Germany\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: XRT ore sorting successfully upgraded material from the Conquest sample, demonstrating potential for pre-concentration, but from testwork. - Positive factor: Successful Ore Sorting - Positive factor: Significant Grade Upgrade - Negative factor: Bench Scale Only Evidence · text > high-grade sorted products of 1.91% WO₃ \(approximately 3.1 times feed grade\) from the Conquest sample and ... with reject streams grading approximately 0.2% WO₃ ### ore\_sorting [Link to this fact](https://atlas-staging.minestarters.com/news/vka-fy26-annual-report-to-shareholders--3bd8e8c5-d50e-4512-a897-4d661d8baf7d#fact-metallurgical-facts-20) Linka · tungsten #### Identity - Project: Linka - Commodity: tungsten - Region: usa\_nv - Reported Region: Nevada, USA - Ticker: VKA #### Test Work - Program Status: preliminary - Test Type: ore\_sorting - Processing Route: X-ray Transmission \(XRT\) ore sorting - Sample: Linka stockpile sample #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 1.83 - Conc. Grade Unit: % WO₃ - Tailings Grade: 0.2 - Tailings Grade Unit: % WO₃ - Mass Pull: 56.1 % #### Lab - Laboratory: TOMRA \(Wedel, Germany\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: XRT ore sorting successfully upgraded material from the Linka stockpile, demonstrating potential for pre-concentration, but from testwork. - Positive factor: Successful Ore Sorting - Positive factor: Significant Grade Upgrade - Negative factor: Bench Scale Only Evidence · text > 1.83% WO₃ \(approximately 4.1 times feed grade\) from the Linka stockpile sample, with reject streams grading approximately 0.2% WO₃ ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.