Viking Mines Limited provided an update to market on progress with the Canegrass Battery Minerals Project. EXPLORATION UDPATE: High Grade Rock Chip Samples: Immediately upon acquiring the Project, the Company commenced with a reconstruction of the geological database and data searches to ensure all historical data is captured for use in targeting and project assessment. While undertaking this process, Viking has discovered an extensive 188 historical rock chip sampling dataset completed by Maximus Resources in 2007.

The sampling returned impressive rock chip results up to 1.44% V2O5 with 97 of the 188 samples exceeding 1.0% V2O5. In addition to the consistent high grades observed, the rock chip sampling clearly highlights the significant occurrence of VTM mineralisation throughout the tenure. The results confirm the >8km trend as reported on 5 January 2023, with additional horizons clearly evident across the Project and definitively proves that the majority of the VTM horizon at the Canegrass Project not seeing any drilling activity.

Of particular importance is the extensive 3km trend continuing directly north of the Fold Nose resource which has seen no drilling. This area will form part of the exploration target assessment which the Company has commenced. Ground Magnetics Survey: Magnetic geophysics is the most powerful tool to assist in understanding the geology and aiding drill planning as the magnetite present in the mineralised horizon is directly detectable.

This method has proved extremely valuable to other explorers and developers advancing this type of VTM deposit. For this reason, Viking will be undertaking a ground magnetic survey using Planetary Geophysics Pty Ltd. across the entire 8km length of identified VTM mineralisation. The higher resolution to be gained from the ground survey is expected to greatly assist in the interpretation of the VTM horizon and allow detailed drill targeting later in the year.

The survey will commence mid-February 2023 and is expected to be completed by early March 2023. Geological Model & Geological Mapping: The subsurface geology model being produced by Model Earth is advancing with field mapping information being reviewed and incorporated into the geological model. The results of the ground magnetic survey will also be incorporated into the model prior to completion as this dataset will greatly assist in the geological interpretation.

In addition, a geological map completed by WMC Resources Ltd. in the period 1977-84 has been digitised into the Company's GIS system and is being used in conjunction with the geology mapping work completed by Viking in December 2022 to support and develop the geological model. This historical mapping has proved extremely valuable in aiding the Company to focus in on key areas for data collection and acquisition. Drill programme planning: The Company has completed an initial assessment and exploration targeting and is planning an RC drill programme in the range of 4,000m to 6,000m to test 4-6 target areas along the VTM trend which will take place later this year.

To deliver on this objective, the Company has been undertaking the necessary activity to allow drilling to proceed later this year to test the prospective VTM horizons prospective for economic Vanadium mineralisation. State government approvals have been received using the Permit of Work (POW) process for all drilling to take place on the tenements meaning the company can now undertake on ground activity. In addition, the Company has engaged with the local traditional owners, the Badamia People, to undertake a heritage survey at the Project.

The survey will take place in March 2023 and is a critical step before drilling is to commence. There are no recorded heritage sites across the target areas and previous surveys have been completed across parts of the tenure. This survey will supplement the information currently available.

The survey will cover the full 8km strike extent of the VTM horizon identified by Viking, and on completion will provide optionality for drilling and target testing. Core Library Visit ­ DH CGD01, CGD02, MNDD0004: The Geological Survey of Western Australia (GSWA) houses a substantial collection of historical diamond drillholes. Viking visited the core library and reviewed 3 drillholes from the Canegrass Project with Mark Munro of Model Earth Pty Ltd. The drillholes reviewed are CGD01 and CGD02 which were drilled at the Kinks South target in 1980 and MNDD004 drilled in 2008 at the Fold Nose Resource.

VTM mineralisation was observed in the holes, giving insights to the Company on the expected geology and style of mineralisation. Particularly encouraging is the thick VTM intercept containing massive magnetite seen in hole CGD-01.