Viking Mines Ltd. provided an update to market on exploration activities at the Canegrass Battery Minerals Project, located in the Murchison region of Western Australia. The company has successfully and safely completed an initial Reverse Circulation (RC) drill program totalling 6 holes for 543m at Canegrass. Significantly, 17m of massive magnetite VTM mineralisation was intersected at the estimated target depth in hole VCRC0006 along with multiple magnetite bearing horizons in hole VCRC0005.

Samples have been despatched to the laboratory and assay results are expected in April 2023. Drilling Programme Details: The company launched an initial limited drilling programme at the Canegrass Project to ensure annual tenement commitment activities were satisfied ahead of tenement anniversaries and prior to a major drill program of ~5,500m, scheduled to commence in the June Quarter. Drilling was completed between 8 to 12 March 2023.

The initial drill programme encompassed 6 holes for a total of 543m and tested two targets, Kinks South (vanadium target) and Honey Pot West (gold target). Kinks South VTM Target: In January 2023, Viking mapped and rock chip sampled the extensive VTM outcrop striking East-West at the target area. Six rock chip samples were collected at this target, with grades ranging from 1.17% to 1.44% V2O5.2. The company has projected the VTM horizon from outcrop, through the historical drilling completed in the 1980's (which returned grades up to 28m at 0.90% V2O5 from 36m in hole CGD01) and extended it >500m downdip to the north to drillhole FCRC0030 (66m at 0.74% V2O5 including 16m at 1.02% V2O5).

Drillholes VCRC0006 (124m) and VCRC0005 (162m) were designed 675m apart (E-W) to test the potential downdip continuity of the projected high-grade VTM horizon ahead of further drilling planned at the target as part of the major drill programme scheduled for later in the June Quarter. The company is targeting zones >0.8% V2O5, as this target grade has been determined as economic by other more advanced peer company projects in the region. Drillhole VCRC0006 intersected the expected lithologies observed in outcrop to the south (gabbro and leucogabbro), with a thick zone of VTM mineralisation occurring from 90-106m downhole (87m vertical depth).

Visual identification of the VTM is supported by the strongly magnetic nature of the rock chips which is a feature of magnetite mineralisation. Additional thin zones (<2m) of massive magnetite were also observed at different depths in the drillhole. Assay results will be required to confirm the Vanadium grade, however the company is confident based on the supporting data that a significant Vanadium intersection may have been intersected.

In addition to the observed magnetite horizon, minor sulphides have been observed associated with the magnetite. Pyrite is the dominant sulphide, however Chalcopyrite has also been seen in the RC chips. The level and quantity seen is unable to be visually estimated and assay results will determine the level of copper present in the samples.

The observation of chalcopyrite in the VTM horizon is significant as the company has noted the presence of the battery minerals copper, nickel and cobalt in the drillhole database previously. The presence of copper in the form of Chalcopyrite is important for the Project, as it allows the potential for a future processing option using floatation techniques if it can be liberated from the host rock. This process option is forming part of the comprehensive metallurgical testwork programme planned for later in the year.

Drillhole VCRC0005 was drilled 650m west of VCRC0006 and intersected the expected lithologies (gabbro and leucogabbro) as observed in outcrop to the south. Magnetite has been identified in several horizons within the gabbro and multiple intersections (including 5m at the expected target depth) demonstrating a magnetic response (chips are attracted to a magnet). The presence of magnetite throughout several horizons is a positive indicator that Vanadium is likely to be present.

The Company will assess the hole in detail when assays are received and build the results in to the geological model. Honey Pot West Gold Target: Four drillholes totalling 257m were designed and drilled to test the Honey Pot gold target. Drilling was planned to follow up on a historic intercept drilled by Flinders Mines in 2022.

Drilling intersected various lithologies including gabbro and granodiorite. Pyrite was also observed within the holes. Samples have been despatched to the laboratory for fire assay and multielement analysis and results are expected in April 2023.