Viking Mines Ltd. announced that it has successfully completed the 30-day due diligence to its satisfaction, a condition precedent to the Farm-In Agreement ("FIA") with Flinders Canegrass Pty Ltd, a wholly owned subsidiary of Flinders Mines Ltd. (Flinders). The company will now progress towards earning an equity stake in the Canegrass Battery Minerals Project ("the Project" or "Canegrass") (also known as the Canegrass Project) in accordance with the terms of the FIA. As part of the Due Diligence process, Viking undertook a 5-day field visit to identify the continuation of the Vanadiferous Titanomagnetite ("VTM") horizon which is host to the Vanadium mineralisation in the JORC (2012) Resource of 79Mt at 0.64% V2O51.

The field visit identified outcropping VTM units at the locations with historical rock chip samples over a strike length of 8km at the Project which have been shown to contain high grade V2O5 up to 1.7%. These results have given the Company confidence that only a small portion of the prospective horizon has been effectively explored and that substantial upside remains to grow the Resource. The Company and Flinders have also executed a Deed of Covenant for the existing 2% NSR due to Maximus Resources ("the Deed") which satisfies all conditions precedent before the Stage 1 earn-in can commence.

The Stage 1 Earn-In Exploration Programme will comprise comprehensive work programmes throughout the first stage of the FIA to ensure that there is sufficient information available to make a well-informed decision on whether to proceed to the second stage of the FIA. The key information which the Company is focussed on obtaining is to determine Resource size potential with a focus on high-grade (targeting >1.0% V2O5). Assess the additional metal potential for Ni, Cu and Co.

Metallurgical properties of the mineralisation and ability to effectively extract value. During the 30-day due diligence period, Viking's Managing Director and CEO, Julian Woodcock undertook a 5-day field visit to the Project, accompanied by specialist resource industry geological consultants Model Earth Pty Ltd. The objective of the field trip was to locate and verify outcropping Vanadiferous Titanomagnetite (VTM) mineralisation (as recorded from historical rock chip sampling completed by WMC and Flinders Mines Ltd) and to collect structural data to produce a targeting geological model to be used for drillhole planning. The field trip was hugely successful with intermittent outcropping VTM identified along >8km strike length throughout the Project area at the expected horizon, with only approximately 1.9km being currently residing within the existing resource.

Large and substantial outcrops were identified at the Kinks South target which remains outside of the existing Resource model. Whilst drilling will be required to confirm the thickness and tenor of mineralization, the Company is confident that there is major potential to substantially grow the existing Resource base at the Project. A more detailed update will be provided to market in due course once the field data has been fully collated and interpreted.

Viking has commenced with a number of activities to advance the Project and envisaged to be undertaken as part of the Stage 1 FIA. Immediate priorities are as follows: Completion of preliminary geological model and identification of JORC defined exploration targets for drill targeting. Completion of the scope of works for metallurgical programme for the Project and historical metallurgical studies review.

Finalisation and confirmation of heritage survey timing for priority areas undergoing drill planning. Review and submission of Programme of Work applications to facilitate drilling in late Quarter 1 or early quarter 2 current year 2023.