Viking Mines : Quarterly Report for the period ended 31 March 2022

ASX ANNOUNCEMENT

13 April 2022

QUARTERLY REPORT FOR THE PERIOD ENDED

31 MARCH 2022

• • Two high-grade mineralised structures discovered at Jana's Reward1

  • o 1m at 36.49g/t Au from 17m

  • o 1m at 17.84g/t Au from 16m

• • Assays from First Hit North target continue to support the discovery of two mineralised shoots2

  • o 2m at 4.10g/t Au from 15m

  • o 1m at 7.48g/t Au from 88m

  • o 1m at 5.97g/t Au from 36m

• • Lithium bearing minerals identified in pegmatites in RC drilling3

• • 60km2 of new prospective gold and lithium exploration tenure acquired4

  • o Grant of E30/529 (21km2)

  • o Option agreement with Encounter Resources (ASX:ENR) for additional 39km2 of tenure adjacent to First Hit

• • Intercept of 4m at 5.1g/t Au on tenement E30/529 from historical exploration reports identified5

• • SRK Consulting appointed as independent expert by Ghanaian High Court in ongoing Akoase litigation6

• • Strong cash position of $4.56M as of 31 March 2022

Viking Mines Ltd (Viking or the Company) is pleased to present its quarterly activities report for the period ended 31 March 2022 (March quarter).

The Company's primary focus during the March quarter was the ongoing assessment of results as received, geological modelling and interpretation of data collected from the most recent drilling programme completed at the high-grade gold First Hit Project (First Hit), located in Western Australia, combined with review of historical exploration from the Company's newly acquired tenure.

AUSTRALIA

First Hit Project, Western Australia

As announced in the December quarter, the Company completed a 71 hole, 6,723m RC drilling program at First Hit. During the reporting period, assays have been received from the First Hit North and Jana's Reward targets, with significant results summarised below.

Jana's Reward

New shallow high-grade results received in the reporting period include1:

VKRC0057: 1m at 36.49g/t Au from 17m

VKRC0053: 1m at 17.84g/t Au from 16m

These high-grade gold intersections at the Jana's Reward target are hosted in a newly identified structural position which is parallel to the First Hit structure (host to the historic high-grade First Hit gold mine and the recently discovered Hilton and Camp 1 shoots). This success further supports the Company strategy of identifying additional shoots and mineralised structures outside the limits of the previously defined First Hit mine to add value for shareholders through discovery of new ounces.

Figure 1: Map showing the location of the Jana's Reward target in relation to the historic high-grade First Hit gold mine. Drillhole collars show the drilling completed by Viking in 2021 by drill type. Orange triangles highlight the drillholes for which assays have been reported from the December quarter RC drill programme with green triangles highlighting holes yet to be reported.

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First Hit North

New results received in the reporting period include2:

VKRC0021: 2m at 4.10g/t Au from 15m

VKRC0001: 1m at 7.48g/t Au from 88m

VKRC0004: 1m at 5.97g/t Au from 36m

The wide spaced design (80m drill sections) of this drilling programme was used to test ~800m strike of the First Hit structure north from the historic mine. The successful identification of two potential shoots along the structure has achieved the primary objective of identifying high-grade mineralised positions along this previously under explored trend.

Figure 2: Map of the First Hit North target area with the key assay results annotated (new results in the orange boxes and previously reported results in the dark boxes). Drilling has discovered 2 new shoots, 720m north of First Hit (Camp 1 shoot) and 220m North of First Hit (Hilton shoot). Holes VKRC0020 to VKRC0026 have potentially missed the target zone which has resulted in them being ineffective in testing the down dip potential of the Camp 1 shoot

Identification of Lithium Minerals in Pegmatite

As announced on 1 March 2022, the Company positively identified 5 lithium bearing minerals lepidolite, zinnwaldite, eucryptite, petalite and trilithionite. The minerals were observed in a pegmatite intersected from 61 - 72m in drillhole VKRC0030 which was completed at the First Hit South target. Whilst the Company's primary focus is targeting high-grade narrow vein gold, the identification of these minerals highlights the potential for lithium on the First Hit Project tenure.

Figure 3: Pegmatite intervals encountered in hole VKRC0030 from 61 to 72m. Top image shows the chip tray with the light-coloured intervals of pegmatite. Photo A: rock chip collected from 70-71m downhole composed of lepidolite, quartz and plagioclase. Photo B: Zoomed in image of the rock chip clearly demonstrating the deep lilac/purple colouration of lepidolite.

Pegmatites were encountered in 58 holes from the 71 hole drilling program, which was drilled during the December 2021 quarter. Multielement analysis is being undertaken to determine the chemistry of the pegmatites and ascertain if any vectoring can be determined to decide if further follow up exploration activity is warranted.

Additional 60km2 of highly prospective gold and lithium tenure

On 4 March 2022, the Company announced the acquisition of an additional 60km2 of prospective gold and lithium exploration tenure, proximal to First Hit.

Immediate access is now available for exploration activity to commence on tenements E30/517 (covering ~39km2) and E30/5291 (covering ~21km2). This additional tenure, combined with the grant of E29/1133 in the December Quarter brings the Company's total accessible land position in the Eastern Goldfields to >270km2.

Access to this highly prospective ground has been obtained through the grant of exploration licence E30/529 and the signing of a 5-year exclusive option agreement with Encounter Resources to acquire a 100% interest for all minerals over the prospective greenstone corridor containing the Zuleika shear which forms part of E30/517 (Figure 4).

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Figure 4; Map showing Viking's exploration tenure with the newly acquired ground and the location of regionally significant projects. Note the trend of the Zuleika Shear Zone which falls on the newly acquired tenure. Background image is magnetics image reduced to pole (RTP) 1st Vertical Derivative (1VD) map sheet 1057 (Menzies) - freely available from the WA DMIRS

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