Viking Mines : Quarterly Report for the period ended 31 December 2021

ASX ANNOUNCEMENT

27 January 2022

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QUARTERLY REPORT FOR THE PERIOD ENDED

31 DECEMBER 2021

• Completion of 72-hole, 6,723, RC drilling program at First Hit
• First assay results received for 7 holes, delivering high-grade,near-surface intercepts, with key results including:

• 1. VKRC0023: 2m at 9.67g/t Au from 26m1 o VKRC0066: 2m at 4.26g/t Au from 75m1
• First set of results support the potential for an additional mineralised shoot 720m north of the historic, high-grade First Hit Gold Mine
• Additional hole planned and drilled at Jana's Reward following identification of gold nuggets and gold in quartz associated with historic workings
• Results for remaining 65 holes expected this quarter and post assessment and release, VKA to commence planning for follow-up drill programs
• Exploration Licence E29/1133 granted, 68 block (~200km2) tenement located 25km North of First Hit with geological review underway
• Continued positive progress of Ghana litigation, with Viking successfully applying for appointment of independent expert
• Strong cash position of $5.6M as of 31 December 2021

Viking Mines Ltd (Viking or the Company) is pleased to present its quarterly activities report for the period ended 31 December 2021 (December quarter).

The Company's primary focus remained on the execution and completion of the RC drilling programme at the First Hit high-grade gold project (First Hit), located in Western Australia.

AUSTRALIA

First Hit Project, Western Australia

Viking completed its 72 hole, 6,723m RC drilling program at First Hit (Error! Reference source not found.), with visible gold identified in 5 of the 72 drill holes.

Prospect	No Holes	Metres
First Hit North	30	2,437
First Hit North additional traverse	6	654
First Hit South	14	1,669
Twin Peaks	10	903
Jana's Reward	11	990
Jana's Reward additional hole testing old workings	1	70
TOTAL	72	6,723

Table 1; First Hit Project targets tested as part of the 2021 RC drill programme with number of holes and metres drilled detailed

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Included in this total is 7 additional holes for 724 metres that were planned and completed to test additional areas at the First Hit North and Jana's Reward targets, which were identified as drilling progressed. To accommodate this drilling in the programme, holes initially planned on the Emerald target 10km North of First Hit were postponed to focus on these higher priority targets proximal to First Hit.

The 72-hole program was designed to identify narrow-vein,high-grade gold shoots, with a primary focus on replicating the high-grade shoot of the historic First Hit gold mine, which produced ~30koz ounces of gold at an average grade of ~7.7g/t Au.

Importantly, the first 7 holes reported on 22 December 2021 highlight the excellent potential of First Hit to host multiple additional mineralised shoots, with significant results outlined below (Figure 1 & Figure 2).

720m North of the First Hit historic mine workings:

• VKRC0023: 2m at 9.67g/t Au from 26m1
• VKRC0066: 2m at 4.26g/t Au from 75m1

These results confirmed the presence of high-grade gold and the potential for a newly discovered high-grade shoot 720 metres north of the First Hit gold mine and support the observation of visible gold at the target intervals as announced on 1 and 15 November 2021.

220m North of the First Hit historic mine workings:

• VKRC0008: 1m at 4.56g/t Au from 64m2
• VKRC0009: 1m at 2.55g/t Au from 98m2

These results confirmed the continuity of the First Hit structure from historic workings and compare with the variable nature of the mineralisation as previously observed at First Hit.

The frequency and occurrence of high-grade gold identified 720m North of the First Hit mine workings demonstrated potential for a high-grade shoot to be defined with further drilling. At 80m drill spacing, a single high-grade result leaves sufficient untested strike length either side of the intercept to host a mineralised shoot up to 160m in length (distance to the adjoining drill sections). The planning of additional holes in the field (VKRC0066 & VKRC0067) to reduce the drill spacing and the subsequent intersection of gold in hole VKRC0066 confirmed continuity of a potential shoot.

Due to ongoing laboratory delays outside of the Company's control, turnaround time has been extended to >12 weeks. The Company still expects all the results for the holes to be received before the end of the March quarter (subject to no further delays) and will announce the results for each of the 4 drill targets tested once they are received and evaluated. Whilst these delays are very frustrating to Viking (and our shareholders), work continues on the following activities in advance of the assays being received:

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	• Loading of all drilling data and verification in 3D software as assays are returned
only	• Commencement of 3D modelling of the First Hit structure observed in drilling with
the objective of assessing the >1.5km of strike of the First Hit structure which has
now been drill tested by Viking
• Photon assay technique to be applied on identified mineralised zones to
determine if any coarse gold is present which could increase the variability of
grade observed in the assay results (Photon assay techniques vs fire assay)
• Selection of key samples for multielement analysis to assist in geological
interpretation of host rock types and potential vectoring to high grade
personal use	mineralisation and targeting
Once all results have been received, the Company will assess and evaluate and plan the
follow up drill campaign.

Forigure 1; Long section of First Hit North target area showing assay results received up to the date of the news release (7 of the 27 completed drillholes) Note the high-grade results identified ~720m North of the historic mine workings. Outlines of potential lode positions (light orange) are based of the outline of mineralisation which occurs at the historic First Hit mine. All Viking results shown were reported on either 22 December 2021 (VKRC series1) or 30 August 2021 (VKDD series2)

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Figure 2; First Hit North target area with the assay results received as of and as released on 22 December 20211. Note the location of the additional step out line 300m further North of the Viking RC drilling.

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Figure 3; View to the south along the First Hit North target showing the RC drill rig drilling hole VKRC0067.

Exploration Licence E29/1133 Granted

On 5 January 2022, the Department of Mines, Industry, Regulation and Safety (DMIRS) informed Viking Mines it had granted exploration licence E29/1133 which covers >200km2 of poorly explored tenure (Figure 4).

The tenement was pegged by Viking due to its prospective location to the east of the Zuleika & Ida Shears and its proximity 22km to the North of the First Hit Project. The tenement encompasses up to ~20 km strike length of deformed and highly metamorphosed Archean greenstone stratigraphy which lies underneath younger cover. There has been extremely limited prior exploration with no surface sampling or drilling previously recorded.

The tenement is well placed to compliment First Hit and can be serviced by exploration programmes associated with the First Hit project and infrastructure. It is well located between the Red Dirt Metals' Mt Ida Lithium and Gold Projects to the northwest and the Ora Banda Mining tenure to the southwest.

Viking pegged the tenement due to its lack of prior exploration and its location in a prospective greenstone belt and emerging lithium province.

Now that the tenure has been granted, conceptual targeting and exploration planning will commence with the objective of undertaking fieldwork late in FY22.

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