Viking Mines Ltd. announced that a ground magnetics geophysical survey has commenced at the Canegrass Battery Minerals Project (‘Canegrass' or ‘the Project'), located in the Murchison region of Western Australia. Vanadiferous titanomagnetite (‘VTM') mineralisation is hosted within a magnetite horizon at Canegrass and ground magnetics is considered an excellent tool to better define the horizon ahead of drilling. Close spaced data acquisition on 20m spaced lines will be undertaken over the Fold Nose and Kinks mineral resource areas as well as the Kinks South target.

40m spaced lines will be completed over the remainder of the 9km strike. Ground magnetic survey: The Company has engaged geophysical consultants, Planetary Geophysics Pty Ltd, to undertake the ground magnetic survey at Canegrass. The survey commenced on 18 February 2023 and is expected to take 3 weeks to complete.

Due to the fact that VTM mineralisation is hosted within a magnetite horizon, ground magnetics is considered an optimal tool in better defining the bedrock geology. Ground magnetics has been employed to good effect by other vanadium explorers in the Murchison region and aided target definition. Over the Fold Nose and Kinks mineral resource area as well as the Kinks South target area, data will be collected on 20m spaced lines, whereas for the remainder of the magnetite zone between the mineral resources, sampling will be completed at 40m spaced lines.

The close spaced lines are expected to provide much better definition than a comparable aeromagnetics program. The data will subsequently be processed with a magnetic inversion to assist in the geological interpretation of the VTM horizon for drill targeting and exploration target definition. The Company expects to commence drilling of targets generated by the ground magnetics survey in the June quarter.

NEXT STEPS: The Company is advancing multiple aspects of the Project in parallel with activity underway in exploration targeting, drill planning and metallurgical assessment. The ground magnetics data acquisition will complement the observations made in field mapping completed in December 2022 to develop a geological targeting model and define exploration targets outside of the existing Inferred (JORC 2012) Mineral Resource2 base of 79Mt at 0.64% V2O5 ahead of drilling in the June quarter. To achieve these objectives, the following activities are ongoing and advancing the Project forward: Complete ground magnetic survey to feed into structural geology model and exploration Targeting; Completing JORC exploration target assessment with a focus on high-grade (>0.9% V2O5) targets; Undertake heritage survey across the Project tenure in March 2023; Engaging with drill contractors to commence drilling in the June Quarter.