Viking Mines : RECEIVES FINAL ASSAYS FOR FIRST HIT RC DRILL PROGRAM

ASX ANNOUNCEMENT

19 April 2022

VIKING RECEIVES FINAL ASSAYS FOR FIRST HIT PROJECT

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RC DRILL PROGRAMME

• • Assays returned for remaining 33 holes drilled as part of the 71 hole 6,723m Reverse Circulation (RC) drill programme

• • Twin Peaks target intersects shallow near surface mineralisation, including 2m at 3.71g/t Au from 53m

• • First Hit South target returns:

  • o 1m at 7.66 g/t Au from 45m, 480m South of historic First Hit gold mine

  • o 2m at 4.49g/t Au from 147m, immediately adjacent to the historic First Hit gold mine

• • Jana's Reward gold anomaly1 open to the East with broad low-grade gold intercepts returned in final 2 holes

Viking Mines Limited (ASX: VKA) ("Viking" or "the Company") is pleased to update the market on the results received for the remaining 33 holes that were drilled as part of the 71 hole, 6,723m RC Drilling Programme at the First Hit Project ("First Hit" or "the Project"), 50km west of Menzies in the WA Goldfields (Figure 1).

All assays have now been received and gold has been intersected at all 4 targets areas tested as part of the First Hit RC drill programme which was completed in the December Quarter.

Newly received results include near surface mineralisation intersected at the Twin Peaks and First Hit South target areas, confirming the presence of gold bearing structures. New significant intersections include:

• o VKRC0043: 2m at 3.71 g/t Au from 53m

• o VKRC0041: 1m at 7.66 g/t Au from 45m

• o VKRC0028: 2m at 4.49 g/t Au from 147m

These results are in addition to the previously reported discovery success realised at the First Hit North and Jana's Reward targets1&2.

• 1. First Hit North target: The previously announced Camp 1 and Hilton Shoots2 discovered as part of the First Hit North drilling confirm the continuity of the First Hit structure >800m to the North of the mine workings. The Camp 1 shoot includes grades up to 9.67 g/t Au2 and the Hilton shoot grades up to 13.52 g/t Au2.

• 2. Jana's Reward target with results of up to 36.49 g/t Au1 (Figure 4) this target shows potential for newly identified parallel high-grade mineralised structures, open in all directions.

The highlights from this final batch of analysis results and the interpretations for each of the target areas reported are detailed below. A selection of the highest-grade results returned from the drill -programme is shown onFigure 1.

• 1 - ASX Announcement - Viking intersects bonanza grades up to 36 g/t Au in first bedrock drilling at Jana's Reward, 3 Mar 2022

• 2 - ASX Announcement - Viking receives remaining assays for First Hit North target, 14 Feb 2022

• 3 - ASX Announcement - Viking adds 60km2 of highly prospective gold and lithium tenure 2km east of First Hit Project, 4 Mar 2022

Figure 1; Location of completed RC drill holes over the VKA First Hit tenements and a selection of the highest Au grade intercepts encountered in the VKRC drilling from each of the targets. Note section locations A-A' (Twin Peaks), B-B' (First Hit South) and C-C' (Jana's Reward) which are referred to later in this release.

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Twin Peaks

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Viking drilling targeted a >220m long geological contact between mafic and ultramafic rocks(Figure 2)with abundant historical workings, striking in a N-S direction. Drilling confirmed the presence of gold mineralisation and significant results include:

• o VKRC0043: 2m at 3.71 g/t Au from 53m

• o VKRC0042: 2m at 1.65 g/t Au from 21m; and 1m at 0.88g/t Au from 25m

• o VKRC0047: 2m at 1.29 g/t Au from 0m; and 1m at 1.68 g/t Au from 39m

In addition to the results obtained from Vikings RC drill programme, they are supported by 5 historic RC holes and 9 historic RAB holes drilled by Barminco in 1995 and 1997. Significant results identified in the historic drilling include:

• o BTC003: 2m at 3.6 g/t Au from 69m

• o BTC005: 5m at 1.27 g/t Au from 55m

• o BTC004: 5m at 1.16 g/t Au from 50m

The results from the Viking RC drill programme have confirmed the identification of a continuous N-S striking gold bearing structure that extends >300m along the full length of Vikings tenure which is open at depth(Figure 2). This structure will be wireframed in the future and an assessment made on potential gold content. Whilst low grade, the shallow nature of the mineralisation could make it a potential future open pit target.

Figure 2; Cross Section A-A' through the Twin Peaks target(Figure 1)showing the results received within two recent Viking RC holes (VKRC0042 & 43) and historic hole (TCR006) with the interpreted >100ppb gold contour. Note shallow mineralisation open at depth.

First Hit South

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All assays have been received from the fourteen holes drilled at the First Hit South Extension target. The drill programme successfully intersected the First Hit structure and extended it for ~420m to the SSW from the historic First Hit gold mine. Highlights of the results include:

• o VKRC0041: 1m at 7.66 g/t Au from 45m

• o VKRC0028: 2m at 4.49 g/t Au from 147m; 1m at 1.02 g/t Au from 133m; and 1m at 1.03 g/t from 143m

Results up to 2m at 4.49g/t Au in VKRC0028 confirm the continuity of mineralisation adjacent to the mine workings. Of significance is hole VKRC0041 which intersected 1m at 7.66g/t from 45m downhole in the most southern hole of the programme(Figure 3). This warrants further investigation as the results could be related to the formation of another shoot to the south which remains open and untested.

Anomalous ppb level gold is present along the length of the structure as seen in the recent drilling (VKRC holes) and historic holes drilled by Barra Resources (BFHS holes), accompanied by shearing of the mafic rock. This confirms that the structure is a mineralised pathway for gold bearing fluids even though no new high-grade shoots have yet been identified.

Jana's Reward

The remaining two holes from the Jana's Reward target (VKRC0061 and VKRC0062) returned broad low-grade halos (>15ppb) up to 19m wide (Figure 4) which are comparable in tenor to those intersected in holes within the section traverse. The importance of this observation is that there is no drilling to the North, South and East of this position, leaving the opportunity open for further mineralised structures to be encountered. Of note is that the gold halos to the East of the interpreted structures which were targeted in the initial traverse. This suggests that there is potential for mineralising fluids which are not constrained to the structures already identified.

These mineralised pathways all occur in positions which are parallel to the First Hit structure (containing the historic high-grade First Hit gold mine and the recently discovered Hilton and Camp 1 shoots2 -Figure 1).

This Jana's Reward drill traverse has been successful in identifying the existence of significant high-grade gold intercepts1 in an area that is untested by bedrock drilling(Figure 1 & Figure 4).The geological complexity of the area combined with the presence of high-grade intercepts and associated low grade haloes all indicate that the Jana's Reward target has significant potential to host high grade gold mineralisation, and requires further investigation.

First Hit North Traverse

The RC drilling programme at First Hit North Traverse was targeted to intersect the First Hit structure with a 320m step out North of the last RC hole drilled as part of the First Hit North Extension drilling, ~1,200m North of the First Hit mine.

No significant intercepts were returned in the step out traverse and at this time it is uncertain if the structure has been missed by the drilling or that it has closed off. Further evaluation of the drilling completed will be completed by Viking.

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Figure 3; Long section B-B'(Figure 1)showing the First Hit South target area with the location of 2021 RC drilling pierce points Note the 1m at 7.66g/t Au intersected in hole VKRC0041 which is open to the south and downdip. No significant results were received in the remainder of the drilling; however the continuity of the structure has been confirmed.

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