ANNUAL REPORT
2024
30 JUNE 2024
ASX:VKA
Annual Report
Viking Mines Limited
Page 2 of 63
Contents
3
Corporate Directory
4
Chairman’s Letter
5
Review of Operations
17
Directors' Report
31
Auditor's Independence declaration
32
Consolidated Statement of Profit or Loss and Other Comprehensive Income
33
Consolidated Statement of Financial Position
34
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements
52
Consolidated Entity Disclosure Statement
53
Director’s Declaration
54
Independent Auditor's Report to the Members of Viking Mines Limited
58
Annual Mineral Resource and Ore Reserves Statement
60
Shareholder Information
Tenement Schedule
35
36
63
Annual Report
Viking Mines Limited
Page 3 of 63
Corporate Directory
Directors
Mr Charles Thomas - Non-Executive Chairman
Mr Julian Woodcock - Managing Director and CEO
Mr Michael Cox - Non-Executive Director
Mr Bevan Tarratt – Non-Executive Director
Registered Office and Principal Place of Business
15-17 Old Aberdeen Place, West Perth WA 6005
Telephone: +61 8 6245 0870
Share Register
Automic Pty Ltd
Level 5, 191 St Georges Terrace, Perth WA 6000
Telephone: 1300 288 664 (within Australia)
Telephone: +61 2 9698 5414 (outside Australia)
Email: hello@automic.com.au
Auditor
BDO Audit Pty Ltd
Level 9, Mia Yellagonga Tower 2, 5 Spring Street, Perth WA 6000
Solicitors
Bennett
Level 14, Westralia Square, 141 St Georges Terrace, Perth WA 6000
Stock Exchange Listing
Viking Mines Limited shares are listed on the Australian Securities Exchange (ASX: VKA)
Website
www.vikingmines.com
Corporate Governance Statement
The Corporate Governance Statement can be found on the Company's website:
www.vikingmines.com/corporate-governance
Annual Report
Viking Mines Limited
Page 4 of 63
Chairman’s Letter
Dear Shareholders,
The 2024 Financial Year marked a pivotal period for our Company, highlighted by significant
progress in the Canegrass Battery Mineral Project, located in the Murchison region of Western
Australia. This year, we achieved remarkable milestones, reflecting our commitment to advancing
our Projects and creating value for our stakeholders.
One of the most significant achievements was the substantial enhancement of the Mineral Resource
Estimate (MRE) at Canegrass. We successfully increased the contained V2O5 by an impressive 103%,
reaching 2.2 billion pounds within the total MRE (>0.5% V2O5) of 146Mt at 0.70% V2O5. This
remarkable growth underpins our confidence in the Project's potential.
The updated MRE formed the basis for completing the Pit Optimisation Study (POS). The POS
confirmed the potential for positive economic viability, resulting in a substantial pit-constrained high-
grade low strip-ratio MRE of 61Mt at 0.81% V2O5, 35.9% Fe, 7.6% TiO2. This study reinforces our
belief in the Project's long-term economic prospects and positions us well for future development.
Our ongoing metallurgical testwork continues to de-risk the Project. This year, we achieved a critical
milestone at Canegrass with the delivery of Vanadium Pentoxide flake. This breakthrough unlocks
the pathway to a flowsheet for Vanadium production, further advancing our goal of becoming a
leading player in the Vanadium Redox Flow Battery sector.
In addition to our progress at Canegrass, we recommenced exploration activities at the First Hit
Lithium Gold Project, located in the Eastern Goldfields of Western Australia. An extensive auger
programme defined nineteen lithium anomalies throughout the area, with eight immediate priority
targets identified. This exploration activity underscores our commitment to diversifying our Project
portfolio and creating additional growth opportunities.
As we look forward to the coming year, we remain focused on advancing our Projects, de-risking our
operations, and delivering value to our shareholders. We are confident that our strategic initiatives
will position us for continued success.
Thank you for your continued support and trust in our Company. We look forward to sharing more
updates on our progress in the future.
Sincerely,
Charles Thomas
Non-Executive Chairman
Annual Report
Viking Mines Limited
Page 5 of 63
Review of Operations
30 June 2024
The 2024 Financial Year marked a pivotal period for the Company, highlighted by significant
progress in the Canegrass Battery Mineral Project (Canegrass or the Project), located in the
Murchison region of Western Australia. This included a substantial enhancement of the Mineral
Resource Estimate (MRE), enabling the completion of a Pit Optimisation Study (POS).
The Company successfully increased the contained V2O5 at Canegrass by 103%, reaching 2.2 billion
pounds within the total MRE (>0.5% V2O5) of 146Mt at 0.70% V2O5, 31.8% Fe, and 6.6% TiO2. Notably,
a high-grade subset of the MRE comprises 27.5Mt at 0.87% V2O5,1 forming the basis for completing
the POS. The POS confirmed the potential for positive economic viability, resulting in a substantial
pit-constrained high-grade low strip-ratio Inferred category JORC (2012) MRE of 61Mt at 0.81% V2O5,
35.9% Fe, 7.6% TiO2, 714ppm Cu, 687ppm Ni, and 177ppm Co.2
Additionally, the Company recommenced exploration activities at its First Hit Lithium Gold Project
(First Hit), located in the Eastern Goldfields of Western Australia, with an extensive auger programme
defining nineteen lithium anomalies throughout the area with eight immediate priority targets.
Figure 1: Viking Mines Project Locations.
1 Viking Mines (ASX:VKA) ASX Announcement 20 November 2023 – VKA Resource Update Delivers Over 100% Growth at Canegrass
2 Viking Mines (ASX:VKA) ASX Announcement 18 March 2024 – VKA Delivers Successful Pit Optimisation 61Mt at 0.81% V2O5
Annual Report
Viking Mines Limited
Page 6 of 63
Review of Operations
30 June 2024
Canegrass Battery Minerals Project
In November 2022 the Company signed a binding agreement between Viking Critical Minerals Pty
Ltd, a wholly owned subsidiary of Viking Mines Ltd, and Flinders Canegrass Pty Ltd, a wholly owned
subsidiary of Red Hawk Mining Ltd (ASX:RHK) (formerly Flinders Mines Ltd (ASX:FMS)).3
Under the terms of the agreement, Viking can earn up to 99% of the Canegrass Battery Minerals
Project (“Canegrass Project”) via a Farm-In Arrangement (“FIA“), with the remaining 1% attainable
with milestone and production related payments. The Project is located in the Murchison Region,
620km north-east of Perth, Western Australia and 60km SE from the township of Mt Magnet.
Mineral Resource Estimate (MRE) Upgrade
The Company completed an extensive 7,500m drill programme at Canegrass, with the receipt of the
final assays during the September 2023 Quarter, returning significant high-grade intervals of
Vanadium Pentoxide (V2O5). Significant results included
Fold Nose Deposit: (VCRC0027)4
•
42m at 0.74% V2O5 (>0.5%) from 79m, inc;
17m at 0.80% V2O5 (>0.8%) from 83m &
8m at 0.99% V2O5 (>0.8%) from 108m
Kinks Deposit: (VCRC0021)5
•
40m at 0.75% V2O5 (>0.5%) from 202m inc
27m at 0.83% V2O5 (>0.5%) from 203m
Kinks South Target: (VCRC0011)6
•
38m at 0.76% V2O5 (>0.5%) from 114m, inc;
15m at 0.95% V2O5 (>0.8%) from 118m &
7m at 0.98% V2O5 (>0.8%) from 145m
Following the receipt of final assays from the Canegrass drilling programme, the Company
successfully completed an updated Inferred JORC (2012) MRE for the Project totaling 146Mt at
0.70% V2O5, 31.8% Fe & 6.6% TiO2 (>0.5% V2O5 cut-off)1. This represented a 103% increase in the
MRE, now containing >2.2 Billion Pounds of Vanadium Pentoxide, with a high-grade subset of the
MRE containing 27.5Mt at 0.87% V2O5.
The tonnage increased substantially, with improvements in grade for all the target commodities.
Further, the grade of the deleterious elements has decreased, which results in a higher quality ore
more amenable to processing to produce a magnetic concentrate.
With the extensive drilling completed by the Company and the completion of the MRE, opportunities
for further growth have been identified at each of the three deposit areas. This provides further
upside opportunity to both increase the tonnes and grade of the high-grade subset of the total MRE.
3 ASX Announcement Viking Mines (ASX:VKA) 30 November 2022 – Viking to Farm-in to Substantial Battery Mineral Resource
4 ASX Announcement Viking Mines (ASX:VKA) 4 September 2023 - Viking Drills Massive Vanadium Zone with 42m at 0.75% V2O5
5 ASX Announcement Viking Mines (ASX:VKA) 24 August 2023 – Viking Hits High-Grade at Kinks – 40m at 0.75% V2O5
6 ASX Announcement Viking Mines (ASX:VKA) 21 August 2023 – Viking Discovers Extensive Vanadium System at Kinks South
Annual Report
Viking Mines Limited
Page 7 of 63
Review of Operations
30 June 2024
Figure 2: Map of the Canegrass Project showing the JORC (2012) MRE for each of the deposit areas and the total
combined estimate. Note all Resources are Inferred category reported above a 0.5% V2O5 cut-off. Totals may vary due to
rounding.
Pit Optimisation Study (POS)
The completion of an updated MRE for the Canegrass Project allowed the Company to undertake a
POS, which proved highly successful with all scenarios producing pit shells that demonstrated the
potential for positive economic viability under the assumptions used.2
The Company selected the Base Case scenario at a 0.7% V2O5 processing cut-off for ongoing further
evaluation of the Project. This delivers a substantial pit constrained high grade, low strip-ratio
Inferred category JORC (2012) MRE of 61Mt at 0.81% V2O5, 35.9% Fe, 7.6% TiO2, 714ppm Cu,
687ppm Ni & 177ppm Co.
Annual Report
Viking Mines Limited
Page 8 of 63
Review of Operations
30 June 2024
Table 1: Base Case Canegrass Project MRE broken out by deposit and reported within pit constrained mineral resources.
Results are reported to JORC (2012) guidelines and are in-situ tonnage and grades.
Figure 3: Isometric view to NE showing the pits generated at the Fold Nose, Kinks South, and Kinks Deposits with the pit
constrained JORC (2012) MRE’s noted respectively. Note all Mineral Resources are Inferred category reported above a
0.7% V2O5 cut-off.
Annual Report
Viking Mines Limited
Page 9 of 63
Review of Operations
30 June 2024
The Company plans to increase the confidence in the Mineral Resource to Indicated+ category
(JORC 2012) with further drilling in the future. The Company will initially focus on the Fold Nose
Deposit as the in-pit MRE is of sufficient size (39Mt at 0.81% V2O5) to assess the potential for a 15+
year mine life Project, with optionality remaining for further feed from Kinks and Kinks South.
Metallurgical Testwork
Throughout the year the Company continued to derisk the Project by progressing metallurgical
testwork. Initially 36 samples were collected from hole VCRC0006 and submitted to ALS metallurgy
for Davis Tube Wash (DTW) testwork with a target P80 75-micron grind to ascertain recovery of
Vanadium by magnetic separation methods.
High recoveries of 90.9% were achieved for the main interval of 17m at 0.98% V2O5, with the
concentrate grading 1.44% V2O5, 60.3% Fe, 10.6% TiO2, 1.13% SiO2 and 1.72% Al2O3 and a high
mass recovery of 59.6%.7 Mass recoveries for all samples averaged 45.7% by weight which is
significantly higher than typical titaniferous magnetite deposits (30% Wt/Wt). This will lead to
improved economics when processing this ore compared to other ores where the yield is typically
30% by weight.
The Company commenced Stage 2 Metallurgical Testwork on a composite sample derived from 29
samples collected from hole VCRC0026 (which was drilled as part of the 7,500m RC drill programme
completed mid CY2023). The samples are from the main mineralised zone of the Fold Nose Deposit.
A 43.5kg bulk composite sample was created by combining 1.5kg of material from each of the 29
samples provided to the laboratory. 5 x 150g splits of this bulk composite sample underwent grind
establishment tests to determine the optimum grind size. Samples were ground to different size
fractions ranging from 212 to 45µm (P98) and underwent subsequent Davis Tube Recovery (DTR)
testing to produce a magnetic concentrate.
The examination of the magnetic concentrate and tail produced has identified the following
significant attributes, with the detailed findings below:8
•
The ore has a low sensitivity to grind size to produce a quality concentrate.
•
Mass recovery remains high, ranging between 52.2% to 54.6%
•
Concentrate grade remains consistent for key target elements, ranging between;
o
V2O5: 1.40% to 1.41%
o
Fe: 58.0% to 58.6%
o
TiO2: 11.2% to 11.7%
•
Combined silica and alumina levels are low (from 4.1% to 4.6%) but require a further regrind
and cleaning stage to achieve target levels.
7 Viking Mines (ASX:VKA) ASX Announcement 4 August 2023 – Viking Achieves Exceptional Vanadium Recoveries up to 99.3% at
Canegrass Project
8 Viking Mines (ASX:VKA) ASX Announcement 15 December 2023 – Viking Receives Excellent Met Testwork Results at 1.4% V2O5
Annual Report
Viking Mines Limited
Page 10 of 63
Review of Operations
30 June 2024
Figure 4: Photos showing A) Samples being prepared for filtration after DTR testwork completed, B) Eirez Davis Tube tester
setup for sighter DTR testing and C) Magnetic concentrate produced after filtration.
Bulk magnetic separation was completed to produce a high-quality magnetite concentrate via LIMS
methodology grading 1.43% V2O5, 59% Fe and 11.7% TiO2. Recoveries from the ore are high at
93.0%, 83.7% and 79.5% respectively,9 with an overall mass pull of 53.2%. Importantly, SiO2 and
Al2O3 had a combined total of 3.8%, which is below the threshold of 4% required for roasting of the
concentrate to liberate the V2O5.
Following the receipt of the LIMS testwork the Company commenced sighter roasting on 16 sub-
samples of the magnetic concentrate. The sighter roasting was extremely successful and delivered
recoveries of Vanadium up to 93.2% into solution from the magnetic concentrate feed.10
Each of the 16 tests used a 200g sample collected from the bulk magnetic concentrate and was
combined with 4 different reagents, subjected to 2 different temperature and 2 different roasting
durations. After roasting, a water leach was used to extract the Vanadium into solution. Excellent
recoveries of Vanadium into solution were achieved, up to a maximum of 93.2% and with 11 tests
attaining >80%.
9 Viking Mines (ASX:VKA) ASX Announcement 6 March 2024 – VKA Achieves 1.43% V2O5 & 59% Fe in High Quality Concentrate
10 Viking Mines (ASX:VKA) ASX Announcement 11 March 2024 – Viking Achieves Roasting Success and 93.2% V2O5 Recovery
Annual Report
Viking Mines Limited
Page 11 of 63
Review of Operations
30 June 2024
Figure 5: Photos showing A) Magnetic concentrate prior to roasting, B) Sample removed from oven after roasting, C) Water
leaching from roasted sample & D) Filtered liquor containing leached Vanadium.
Figure 6: Schematic diagram showing industry standard flowsheet stages used to process Canegrass mineralisation with
the stages completed to date (dark blue) and the stages yet to be completed (grey).
Annual Report
Viking Mines Limited
Page 12 of 63
Review of Operations
30 June 2024
Bulk roasting testwork was undertaken on a larger sample of the magnetic concentrate using the
optimum conditions determined from the sighter roasting testwork. Subsequently, the roasted
concentrate was leached to produce a Vanadium rich liquor. This liquor underwent a process of
desilication, evaporation and precipitation to produce V2O5 flake.
The production of V2O5 flake is a first for the Project and is a critical milestone as it demonstrates that
the metallurgy is amenable to producing the highly valuable Vanadium found within this large
Mineral Resource.
On completion of the Stage 2 metallurgical testwork and in the reporting period, stage 3
metallurgical testwork commenced. Two drillhole intervals of Vanadium mineralisation from the Fold
Nose Deposit were delivered to ALS Metallurgy in Perth, Western Australia.
This testwork programme had been designed with two primary objectives:
1. Determine the viability of producing a sulphide concentrate to recover the Cu, Ni and Co
minerals present in the mineralisation, through sulphide flotation testwork.
2. Improve the Iron grade of the magnetic concentrate by trialing alternate magnetic separation
techniques to separate the titanium minerals (Ilmenite).
Prior to sulphide flotation, samples undergo magnetic separation to concentrate the magnetic
minerals using parameters determined from the Stage 2 testwork. The sulphide flotation will be
undertaken on the non-magnetic tail. A substantial quantity of magnetic concentrate will be
produced in this process (>40kg expected), which will support future testwork for Vanadium
recovery. The testwork is ongoing at the end of the reporting period.
Farm-In Agreement Status
Table 3 below outlines the schedule of the Farm-In Agreement (FIA), as announced on 30 November
2022. During the reporting period, the Company completed stage 1 and secured 25% of the
Project.11
Subsequent to the end of the reporting period, the Company completed the requirements for Stage
2 and secured a further 24% of the Project, taking the total ownership via Vikings wholly owned
subsidiary Viking Critical Minerals Pty Ltd to 49%.12
In addition, the Company entered into a Share Sale Agreement with Red Hawk Mining (ASX:RHK) to
acquire their subsidiary Flinders Canegrass Pty Ltd, which holds the remaining 51% of the Project.
Through this acquisition, Viking now controls 100% of the Project.
11 ASX Announcement 16 August 2023 – Viking Proceeds to Stage 2 of Canegrass Project Farm-In
12 ASX Announcement 5 September 2024 - Viking moves to 100% ownership of Canegrass Project
Annual Report
Viking Mines Limited
Page 13 of 63
Review of Operations
30 June 2024
Table 2: Farm-In Agreement terms for Viking to acquire up to 99% of the Canegrass Battery Minerals Project as of 31st
August 2024.
Item
Cash Payment
at completion of
each stage
Exploration
Spend
Duration
(months)
Stage Equity
Earned
(VKA)
Cumulative
Equity
Earned (VKA)
Status
Signing of
agreement
$50,000
$0
1
0%
0%
COMPLETE
Stage 1
earn-in
$225,000
$1,000,000
18
25%
25%
COMPLETE
Stage 2
earn-in
$275,000
$1,000,000
12
24%
49%
COMPLETE
Stage 3
earn-in
$325,000
$1,000,000
12
26%
75%
Stage 4
earn-in
$375,000
$1,000,000
12
24%
99%
TOTAL
$1,250,000
$4,000,000
54*
-
-
* Excludes 1-month due diligence period
First Hit Gold Project
The Company’s First Hit Project is located 50km west of Menzies in the Western Australia Goldfields.
During the year, the Company recommenced lithium focused exploration activities, initially
completing a review of historical data, which identified lithium anomalies in soil samples and rock
chips.
In addition, the Company completed a transaction to acquire 95% of tenement E30/505, located to
the NW of the First Hit mine. The Company has assessed rock chip data with results up to 400ppm
Lithium and corresponding high elevated Rubidium values up to 3,000ppm.13
Viking also successfully won two of the four ballots held in association with Vikings tenement
application E30/571 during the March quarter. The additional tenure is located to the West of the
Company’s existing tenure, providing an additional 32.8km2 and adjacent to Ora Banda Mining
(ASX:OBM).
The total land position now stands at 493km2, with 281km2 granted tenure and 213km2 under
application (Figure 7).14
13 Viking Mines (ASX:VKA) ASX Announcement 27 November 2023 – VKA Grows Tenure and Starts Lithium Exploration at First Hit
14 Viking Mines (ASX:VKA) ASX Announcement 2 February 2024 – Viking Wins Ballot for Lithium Tenure – Updated
Annual Report
Viking Mines Limited
Page 14 of 63
Review of Operations
30 June 2024
Figure 7: Location of the First Hit Project tenements and adjoining Company landholdings.
Annual Report
Viking Mines Limited
Page 15 of 63
Review of Operations
30 June 2024
Auger Drill Programme
Results were received for a 1,220-hole auger drilling programme (completed in the December 2023
quarter) testing ~55km2 of Viking’s tenure encompassing the highly prospective Ida Shear Zone.
Nineteen (19) individual anomalies have been defined within the newly acquired auger data and
historical soil sampling data. The location of the anomalies and results are shown in Figure 8. From
the nineteen anomalies, eight (8) targets are high-priority and require immediate follow-up field
work and exploration.15
Figure 8: Map showing Lithium results in ppm for the recently completed auger drilling programme and historical soil
sampling by previous explorers with background of interpolated lithium and magnetic geophysics.
Six of these groups contain the eight highest priority anomalies and relate to high lithium values
>50ppm in the raw data, with peak values up to 138ppm Li. All high-priority target areas also have
results with low K/Rb ratios and +/- LCT Pegmatite pathfinder elements associated with them (Sn, Tl,
Be, Cs, Nb, Ta).
15 Viking Mines (ASX:VKA) ASX Announcement 19 February 2024 – Viking Defines Large Lithium Anomalies on IDA Fault
Annual Report
Viking Mines Limited
Page 16 of 63
Review of Operations
30 June 2024
Ghana
Akoase Gold Project
During the reporting period, the defendants made a payment of US$2.12M (A$3.3016) towards the
Court ruled debt of US$2.88m. The funds received are considered as final payment towards the
judgement of 24 January 2023, ordering the Defendants to pay US$2.88M.17
No further activity will be conducted by the Company in Ghana.
Business Development
The Company continues to review and conduct due diligence on a vast array of mineral acquisition
opportunities, to compliment the Company’s existing project portfolio, with the objective of
acquiring mature exploration assets with the potential to deliver long-term shareholder returns.
The Board believes the Company is uniquely positioned to capitalise on some of the opportunity’s
that currently exist in the sector and has particular focus on acquiring advanced precious and future
metal projects.
The Company will update the market should any of these opportunities that are being reviewed
proceed to a more formal stage in line with the Company’s continuous disclosure obligations.
Competent Persons Statements
Information in this release that relates to Exploration Results and exploration target is based on information compiled by Mr Julian Woodcock, who
is a member of the Australian Institute of Mining and Metallurgy (MAusIMM(CP) – 305446). Mr Woodcock is a full-time employee of Viking Mines
Ltd. Mr Woodcock has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’. The Company confirms that the form and context in which the Competent Person’s findings are
presented have not been materially modified from the original market announcements.
The information in this announcement that relates to the Mineral Resource estimate is derived from information compiled by Mr Dean O’Keefe, a
Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM, #112948), and Competent Person for this style of mineralisation. Mr O’Keefe
is a consultant to Viking Mines Limited, and is employed by MEC Mining, an independent mining and exploration consultancy. Mr O’Keefe has
sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to
qualify as Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources,
and Ore Reserves (JORC Code). The Company confirms that the form and context in which the results are presented and all material assumptions
and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed
from the original announcement and that the form and context in which the Competent Person’s findings are presented have not been materially
modified from the original announcements on 20 November 2023 and 18 March 2024.
16 Calculated using ofx.com on 24 September 2023 using an exchange rate of 1USD = 1.5535986 AUD
17 Viking Mines (ASX:VKA) ASX Announcement 30 January 2023 – Viking Succeeds in Ghana Legal Claim with greater than A$4M due
Annual Report
Viking Mines Limited
Page 17 of 63
Directors’ Report
30 June 2024
The Directors present their report, together with the financial statements, on the consolidated entity
(referred to hereafter as the 'consolidated entity') consisting of Viking Mines Limited (referred to
hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or
during, the year ended 30 June 2024.
Directors
The following persons held office as Directors of Viking Mines Limited from the start of the financial
year and up to the date of this report. Directors were in office for this entire period unless otherwise
stated.
Charles Thomas
Non-Executive Chairman
Julian Woodcock
Managing Director and CEO
Michael Cox
Non-Executive Director
Bevan Tarratt
Non-Executive Director (appointed 3 October 2023)
Principal Activities
The principal activity of the consolidated entity during the financial year was investment in mineral
exploration projects.
Dividends
No dividends have been paid, recommended or declared during the current or previous financial
year.
Review of Operations
The loss after income tax expense for the consolidated entity amounted to $2,766,113 (30 June
2023: profit $1,212,405). A more detailed review of operations is included in the Operations
Report accompanying this annual report.
Material Business Risks
The Group considers the following to be the key material business risks:
i.
Funding for operational activities and capital availability
ii.
Exploration & discovery risk
iii.
Environmental and heritage risk
Risk associated with future capital requirements
Mineral exploration and resource companies without an operating mine (including the Company)
do not generate cashflow via sale of a commodity or product.
Annual Report
Viking Mines Limited
Page 18 of 63
Directors’ Report
30 June 2024
Financing of future operating costs and expenditure commitments will ultimately at some point in
the future exceed the current cash reserves. To meet future expenses, the company may be required
to either secure debt funding or raise new equity via capital raisings through the issue of new shares
in the Company.
The extent of funding required will depend on the level of activity being undertaken at that time and
at this time cannot be determined. There are no assurances that the amount of any potential future
financing can be met on terms acceptable to the Company, however the current cash reserves of
the company are sufficient to meet the planned operating and exploration expenses for FY25 and
as such the Board of Directors deems this a low risk for the coming financial year.
In the event funding is required and the Company is unable to secure sufficient finance either
through debt or equity, the Company may be required to reduce the scope of its operations and
exploration activity to ensure solvency.
Risk of failure in exploration, discovery, development or production
The nature of exploration for commodities carries the risk of being unsuccessful in the discovery of
the commodities. When resources are discovered, significant ongoing expenditure is required to
advance the discovered commodities to sufficient level and understanding to be able to determine
and estimate Mineral Resources & Reserves.
By the nature of the activity and exploring for commodities, there is no guarantee of success in
defining economic deposits. In exploration, the probability of discovery is inherently low, however
with effective strategies and systematic exploration, projects can be tested and assessed to minimise
the expenditure required to determine the likelihood of success.
For this reason and to mitigate the risk as effectively as possible, the Company adopts a staged
exploration approach with exploration programmes planned to meet key objectives before
committing to further expenditure.
All exploration programmes are expensed until they reach a level of confidence which the Company
feels confident that a future economic return can be made from the Project being evaluated. This
has the effect of not overstating the balance sheet of the company for expenses which may not in
future generate returns for the Company through either divestment or development.
The Company further mitigates this risk by focusing on more mature and advanced projects which
inherently have a higher probability of success as opposed to early-stage grass roots or Greenfields
projects which have a lower probability of success.
Environmental & Heritage
The Company recognises the environmental risks associated with both exploration activity and any
future production related activity. The risks relate to meeting legal requirements associated with the
activity, social risks associated with the perception of the activity being undertaken and the physical
risks associated with undertaking the activity. The consequences of not managing these risks can be
in the form of penalties/fines, loss of social licence to operate and damaging the natural
environment.
Annual Report
Viking Mines Limited
Page 19 of 63
Directors’ Report
30 June 2024
The Company manages the Environmental risk by ensuring that all work is completed to a high
standard and to all legal requirements as determined in the jurisdictions within which we operate.
Experienced, skilled and professional contractors are engaged in the exploration activity when
fieldwork is undertaken, minimising the environmental impact of our operations. All required
permits and approvals are obtained, and external parties are engaged to assist and manage the
submission of required environmental reports. The effect of these controls is to reduce and mitigate
the risk of liability from a legal perspective and limit the impact of our exploration programmes on
the natural environment.
Heritage is managed through the engagement of external parties and the completion of heritage
surveys to identify any areas of potential concern. In the event heritage sites are located, the
Company ensures that sites are avoided and excluded from ground disturbing activity.
Given the stage that the Company’s projects are at, no baseline environmental studies have yet been
completed. As the Company’s projects advance, it will be necessary to conduct these studies. If any
endangered or rare species of flora or fauna are identified, this could have an impact on further
advancement of the projects.
Canegrass Farm-In Agreement
On 30 November 2022 the Company’s wholly owned subsidiary, Viking Critical Minerals Pty Ltd
(VCM), entered into a Farm-In Agreement (FIA) with Flinders Canegrass Pty Ltd, a wholly owned
subsidiary of Red Hawk Mining Pty Ltd (formerly Flinders Mines Ltd) to acquire an equity stake in
the Canegrass Battery Minerals Project.
Under the terms of the FIA, the Company can earn up to 99% of the six Project tenements for all
minerals via a Farm-In Arrangement, by spending $4m on exploration over 54 months and
making staged cash payments for a total consideration of $1.25m to Flinders Mines Ltd. The
remaining 1% can be acquired by the Company for future production related payments in the
project advances to mining.
The Canegrass Battery Minerals Project hosts substantial Vanadium inferred JORC (2012) resource
of 79Mt at 0.66% V205.
As referred to in the operations report, the Company satisfied the conditions for Stage 1 of the FIA
in the reporting period and acquired a 25% equity stake in the Project tenements, which are held by
VCM.
First Hit Project, Western Australia
The Company continued to progress the activity on its First Hit Project during the reporting period.
Refer to the Operations Report for further details.
Annual Report
Viking Mines Limited
Page 20 of 63
Directors’ Report
30 June 2024
Ghana
As reported in the previous reporting period, a successful judgement was received from the High
Court, awarding the Company's subsidiary, Resolute Amansie Limited, the full extent of the claim
plus costs and interest.
A settlement payment of US$2.12M (AUD3.25M) was received during the reporting period which
the Company has accepted as full and final payment. No further activity will be conducted by the
Company in Ghana.
Likely developments and expected results of operations
The Company continues to identify and evaluate new value-creating opportunities in the mining
and resources sector.
The Company continues its review of mineral project farm-in/acquisition opportunities with the
objective of acquiring resource assets that have the potential of being world class.
Events subsequent to the end of the reporting year
As announced on 5 September 2024, the Company satisfied the conditions required to complete
Stage 2 of the FIA and acquired a further 24% of the Canegrass Project, bringing the total equity
stake in the tenements held by VCM to 49%.
In addition, the Company entered into a Share Sale Agreement with Red Hawk to purchase Flinders
Canegrass Pty Ltd, which holds the remaining 51%. This transaction effectively secures 100% of the
Project via the ownership of the two entities which hold the Project tenements.
No other matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may
significantly affect the consolidated entity's operations, the results of those operations, or the
consolidated entity's state of affairs in future financial years.
Environmental regulation
The consolidated entity is subject to significant environmental legal regulations in respect to its
exploration and evaluation activities in the countries where it holds tenements. The Company has
complied with all environmental obligations.
Annual Report
Viking Mines Limited
Page 21 of 63
Directors’ Report
30 June 2024
Information on Directors
Name:
Charles Thomas
Title:
Non-Executive Chairman
Experience and expertise:
Mr Thomas holds a Bachelor of Commerce from UWA majoring
in Corporate Finance. Mr Thomas is an Executive Director and
Founding Partner of GTT a leading boutique corporate
advisory firm based in Australia.
Mr Thomas has worked in the financial service industry for
more than 18 years and has extensive experience in capital
markets as well as the structuring of corporate transactions. Mr
Thomas has significant experience sitting on numerous ASX
boards spanning the mining, resources and technology space.
Mr Thomas’s previous directorships include among others AVZ
Minerals Ltd (ASX:AVZ), Liberty Resources Ltd (ASX:LBY),
Force
Commodities
Limited
(ASX:4CE)
and
Applabs
Technologies Ltd (ASX:ALA) where he was responsible for the
sourcing and funding of numerous projects. Mr Thomas is
currently the Executive Chairman of Marquee Resources
Limited (ASX:MQR), Non-Executive Chairman of High-Tech
Metals Ltd (ASX:HTM) and Non-Executive Chairman of Green
Critical Minerals (ASX:GCM).
Other current ASX Listed
Directorships:
Executive Chairman of Marquee Resources Limited (ASX:
MQR) since 2016, Non-Executive Chairman of High-Tech Metals
Ltd (ASX:HTM) since February 2022 and Non-Executive
Chairman of Green Critical Minerals (ASX:GCM) since 2018.
Former Directorships (last 3
years):
Nil
Interests in shares:
20,000,000
Interests in unquoted
securities:
20,000,000 Performance Rights
Name:
Julian Woodcock
Title:
Managing Director and CEO
Experience and expertise:
Mr Woodcock holds both a Bachelor of Science in Geology
from the University of Manchester (UK) and a Master of Science
in Mining Geology from the University of Exeter (UK).
Mr Woodcock joined the Company as CEO on 4 January 2021
and became the Managing Director in July 2021.
Mr Woodcock is a Geologist and has over 20 years’ experience
in all aspects of the extractive and mineral exploration industry
and has been directly associated with notable multimillion
once gold discoveries.
Annual Report
Viking Mines Limited
Page 22 of 63
Directors’ Report
30 June 2024
In his former role as Exploration Manager for Gold Road
Resources he led a large exploration team to discover new
orebodies and define 300 k oz of new Indicated Resources and
converted 1.3M oz from Inferred to Indicated Resources at the
Gruyere
gold
mine.
Previous
appointments
include
Exploration Manager for Evolution Mining Mungari Operations
and for Gold Fields Australia at the St Ives Gold Mine as well as
various international positions for Gold Fields Ltd and Kinross
Gold.
Other current ASX Listed
Directorships:
Nil
Former Directorships (last 3
years):
Nil
Interests in shares:
18,602,380
Interests in unquoted
securities:
21,000,000 Performance Rights
Name:
Michael Cox
Title:
Non-Executive Director
Experience and expertise:
Mr Cox holds both a Bachelor of Science (Geology) degree
from the University of Sydney and a Bachelor of Laws degree
from University of Technology, Sydney. He has run a private
corporate advisory services firm since 2008.
He commenced his career as a mining analyst for
stockbroking firms followed by a role being responsible for
the delineation and grade control of a developing bentonite
deposit. He then moved into various board positions and
corporate development roles with a number of listed and
unlisted public companies including NSX Ltd, CEAL Ltd,
Syngas Ltd, Benitec Ltd, Queensland Opals NL and Multi-E-
Media Ltd.
Other current ASX Listed
Directorships:
Nil
Former Directorships (last 3
years):
Nil
Interests in shares:
Nil
Interests in unquoted
securities:
10,000,000 Performance Rights
Annual Report
Viking Mines Limited
Page 23 of 63
Directors’ Report
30 June 2024
Name:
Bevan Tarratt
Title:
Non-Executive Director
Experience and expertise:
Mr Tarratt is well experienced in executive and non-executive
board roles with over 20 years of experience.
He has an extensive background in the accounting industry and
this experience has allowed Mr Tarratt to develop an in-depth
understanding of the resource sector within Western Australia
and globally, allowing Mr Tarratt to systemically evaluate project
and corporate opportunities.
Other current ASX Listed
Directorships:
Mr Tarratt is currently the Non-Executive Chair of Hartshead
Resources NL (ASX:HHR)
Former Directorships (last 3
years):
Mr Tarratt previously held the role of Non-Executive Director of
Jacka Resources Ltd (ASX:JKA)
Interests in shares:
91,500,000
Interests in unquoted
securities:
20,000,000 Performance Rights
17,595,000 Performance Shares
Company Secretary
Michaela Stanton-Cook (appointed 8 December 2023)
Sarah Wilson (resigned 2 February 2024)
Ms Stanton-Cook is a Chartered Secretary with national governance service provider, Source
Governance, and is experienced in providing company secretarial and corporate advisory
services to ASX listed and private companies across various industries. Michaela is a qualified
lawyer and member of the Governance Institute of Australia.
Meetings of Directors
The number of meetings of the Company's Board of Directors ('the Board') held during the year
ended 30 June 2024, and the number of meetings attended by each Director were:
Directors Meetings - Held
Directors Meetings - Attended
Charles Thomas
7
7
Julian Woodcock
7
7
Michael Cox
7
7
Bevan Tarratt*
5
5
*Mr Tarratt was appointed on 3 October 2023
Held: represents the number of meetings held during the time the Director held office.
Annual Report
Viking Mines Limited
Page 24 of 63
Directors’ Report
30 June 2024
Audited remuneration report
This report outlines the remuneration arrangements in place for the Key Management Personnel of
Viking Mines Limited (the “Company”) for the financial year ended 30 June 2024. The information
provided in this remuneration report in relation to the current financial year has been audited as
required by Section 308(3C) of the Corporations Act 2001.
The remuneration report details the remuneration arrangements for Key Management
Personnel (“KMP”) who are defined as those persons having authority and responsibility for
planning, directing and controlling the major activities of the Company, directly or indirectly,
including any Director (whether Executive or otherwise) of the Company, and includes all Executives
of the Company and the consolidated entity.
The remuneration report is set out under the following main headings:
•
Principles used to determine the nature and amount of remuneration
•
Details of remuneration
•
Employment contracts/Consultancy agreements
•
Share-based compensation
•
Additional information
•
Additional disclosures relating to key management personnel
Principles used to determine the nature and amount of remuneration
The objective of the Company’s Executive reward framework is to ensure reward for performance is
competitive and appropriate for the results delivered. The framework aims to align executive
reward with the creation of value for shareholders. The key criteria for good reward governance
practices adopted by the Board are:
•
Competitiveness and reasonableness
•
Acceptability to shareholders
•
Performance incentives
•
Transparency
•
Capital Management
The framework provides a mix of fixed salary, consultancy agreement-based remuneration, and
share based incentives.
The broad remuneration policy for determining the nature and amount of emoluments of Board
members and senior Executives of the Company is governed by the full Board. Although there is
no separate remuneration committee the Board’s aim is to ensure the remuneration packages
properly reflect Directors and Executives duties and responsibilities. The Board assesses the
appropriateness of the nature and amount of emoluments of such officers on a periodic basis by
reference to relevant employment market conditions with the overall objective of ensuring
maximum stakeholder benefit from the retention and motivation of a high-quality Board and
Executive team.
Annual Report
Viking Mines Limited
Page 25 of 63
Directors’ Report
30 June 2024
The current remuneration policy adopted is that no element of any Director/Executive package
be directly related to the Company’s financial performance. There are no elements of any Director
or Executive remuneration that are dependent upon the satisfaction of any specific condition. The
overall remuneration policy framework however is structured in an endeavor to advance/create
shareholder wealth.
Further details of the share-based payment vesting conditions can be found in note 15.
Non-Executive Directors
Fees and payments to Non-Executive Directors reflect the demands which are made on, and the
responsibilities of, the Directors. Non-Executive Directors’ fees and payments are reviewed annually
by the Board and are intended to be in line with the market.
Directors’ fees
Non-Executive Directors receive a separate fixed fee for their services as Directors. The total
aggregate fixed sum to be paid to non-executive directors pursuant to Clause 13.7 of the Company’s
Constitution, as approved by Shareholders on 15 November 2022 is currently at $500,000 per
annum to be allocated at the discretion of the Board.
Retirement allowances for Directors
Apart from superannuation payments paid on salaries, there are no retirement allowances for
Directors.
Executive pay
The Executive pay and reward framework has the following components:
• Base pay and benefits such as superannuation.
• Long term incentives through participation in employee equity issues.
Base pay
All Executives are either full time employees or consultants that are paid on an agreed basis that
have been formalised in consultancy agreements.
Benefits
Apart from superannuation paid on Executive salaries, there are no additional benefits paid to
Executives.
Short-term incentives
The Performance of the Managing Director /CEO, Executives (if any) and KMP are monitored on an
informal basis throughout the year. A formal evaluation is performed annually.
Discretionary cash bonuses may be paid to senior executives subject to Board approval following
the recommendations of the Chair (based on a review of the performance of the KMP and senior
executives).
Annual Report
Viking Mines Limited
Page 26 of 63
Directors’ Report
30 June 2024
Details of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out
in the following tables. The key management personnel of the consolidated entity consisted of the
following Directors of Viking Mines Limited:
-
Charles Thomas
-
Julian Woodcock
-
Michael Cox
-
Bevan Tarratt
Short-term
benefits
Post
employment
benefits
Long-
term
benefits
Share-based payments
Total
Salary/Fees
Superannuation
Long
Service
Equity
based
Performance
Rights
2024
$
$
$
$
$
$
Non-Executive Directors:
Charles Thomas
48,000
5,280
-
-
23,352
76,632
Michael Cox
36,000
3,960
-
-
11,676
51,636
Bevan Tarratt*
27,000
-
-
23,352
50,352
Executive Director:
Julian Woodcock^
340,417**
37,446
19,789
-
166,026
563,678
Total
451,417
46,686
19,789
-
224,406
742,298
* Payment for services provided by Bevan Tarratt via his service company, Advantage Ventures Pty Ltd.
** The cash salary paid to Julian Woodcock included a discretionary bonus of $25,000
^ Cash salary and fees include the movement in annual leave provision and long-service leave provision for all KMPs excluding
Non-Executive Directors.
Short-term
benefits
Post
employment
benefits
Long-
term
benefits
Share-based payments
Total
Salary/Fees
Superannuation
Long
Service
Equity
based
Performance
Rights
2023
$
$
$
$
$
$
Non-Executive Directors:
Charles Thomas
48,000
5,040
-
-
-
53,040
Michael Cox
36,000
3,780
-
-
-
39,780
Executive Director:
Julian Woodcock^
265,000
27,825
13,781
-
27,146
333,752
Total
349,000
36,645
13,781
-
27,146
426,572
*** Mr Woodcock's $72,000 total equity-settled shares relate to the value of 4,000,000 shares issued, upon completion of his continuous
employment on 30 November 2021, as approved by Shareholders on 25 November 2021.
*^ Mr Woodcock's performance rights relate to the amortisation of the expected value of Tranche A and Tranche B. The conditions of
the performance rights have not been met and shares have not been issued.
^ Cash salary and fees include the movement in annual leave provision and long-service leave provision for all KMPs excluding Non-
Executive Directors.
Annual Report
Viking Mines Limited
Page 27 of 63
Directors’ Report
30 June 2024
Employment contracts/Consultancy agreements
Remuneration and other terms of employment for key management personnel are formalised in
service agreements. Details of these agreements are as follows:
Name:
Julian Woodcock
Title:
Managing Director and CEO
Agreement
commenced:
4 January 2021
Term of
agreement:
Remuneration: fixed annual salary $325,000 (effective 20 March 2024) plus
employer superannuation guarantee contribution.
Termination: the Company and Mr Woodcock may terminate the
employment at any time by giving 3 month’s notice in writing. The
Company may terminate Mr Woodcock's employment at any time by
giving 6 month’s notice in writing.
Share-based compensation
Issue of shares
No shares were issued affecting remuneration of Directors and other Key Management Personnel in
this financial year.
The table below summarises the shares held by the Directors and other Key Management Personnel
(including their associated entities)
Balance on
1 July 2023
Movement
Balance on
30 June
2024
Julian Woodcock
14,000,000
602,380^
14,602,380
Michael Cox
-
-
-
Charles Thomas
20,000,000
-
20,000,000
Bevan Tarratt*
-
91,500,000
91,500,000
34,000,000 92,102,380 126,102,380
*Recognizing shares held by Bevan Tarrant (including his associated entities) on the date of joining the Company as a Director
^ Shares purchased by Julian Woodcock at full market value
Options
No options were granted over ordinary shares affecting remuneration of Directors and other Key
Management Personnel in this financial year. No current Directors and other Key Management
Personnel hold options.
Annual Report
Viking Mines Limited
Page 28 of 63
Directors’ Report
30 June 2024
Performance Rights
On 8 December 2023, 16m performance rights held by Julian Woodcock were cancelled and 71m
performance rights were issued to the Directors of Viking Mines Limited as approved by shareholders
at the Annual General Meeting held on 22 November 2023.
The performance rights were issued for nil consideration.
Each performance right represents a right to acquire one fully paid ordinary share in the capital of the
Company, subject to the satisfaction of the applicable vesting conditions. The performance rights will
vest anytime between their grant date and 7 December 2028 upon the share price achieving a 15-day
VWAP of at least $0.02. An independent valuation using the Hoadley Option Valuation Model was
used to calculate the fair value of the performance rights granted on 22 November 2023, giving a fair
value of $738,400.
The key inputs for the Performance Rights are as follows:
•
Spot price - $0.011 (or 1.1 cent) as at the grant date, 22 November 2023
•
Exercise price - nil (as provided in the terms of the Performance Rights)
•
Share price targets – vest upon the share price of Viking Mines achieving a 15-day VWAP
of at least $0.02 prior to the expiry date (as provided in the terms of the Performance
Rights)
•
Implied barrier price – approximately $0.0276 (calculated from Hoadley’s Parisian Model
based on the share price target of the Performance Rights and the equivalent of 21
calendar days based on the ‘15 consecutive trading day or 15-day VWAP’ requirement)
•
Days to vesting/expiry - 1842 days (being 5 years from the issue date of 8 December
2023)
•
Volatility – approximately 108% (estimated based on the GARCH long-run forecast and
Exponentially Weighted Moving Average volatility models using the share price data over
the relevant five-year historical period; to this end, we note that the volatilities over various
periods have been reasonably stable)
•
Interest rate – 4.06% per annum (continuously compounded interpolated rate based on
the five-year and 10-year discrete Australian Government bond yields on 22 November
2023)
•
Dividend yield – nil
Annual Report
Viking Mines Limited
Page 29 of 63
Directors’ Report
30 June 2024
The fair value of the share price at the time was $0.0104. There have been no alterations to the terms
and conditions of the above share-based payment arrangements since grant date.
Performance
Rights
Balance on
1 July 2023
Issued
Expired / Forfeited /
Other
Balance on
30 June 2024
Julian Woodcock
20,000,000
21,000,000
(16,000,000)
25,000,000
Michael Cox
-
10,000,000
-
10,000,000
Charles Thomas
-
20,000,000
-
20,000,000
Bevan Tarratt
-
20,000,000
-
20,000,000
20,000,000
71,000,000
(16,000,000)
75,000,000
Earnings
The earnings of the consolidated entity for the five years to 30 June 2024 are summarised below:
2024
2023
2022
2021
2020
2019
$
$
$
$
$
$
Profit/(loss) after income
tax
(2,766,113)
1,212,405
1,389,400
(4,650,715) (710,959)
(496,472)
Share price at financial
year end
$0.009
$0.01
$0.006
$0.029
$0.007
$0.01
Basic earnings per share
(cents per share)
(0.27)
0.12
0.14
(0.78)
(0.23)
(0.16)
Diluted earnings per
share (cents per share)
(0.27)
0.11
0.12
(0.78)
(0.23)
(0.16)
This concludes the remuneration report, which has been audited.
Annual Report
Viking Mines Limited
Page 30 of 63
Directors’ Report
30 June 2024
Shares issued on the exercise of options
During the current financial year, there were no shares issued upon the exercise of options.
Indemnity and insurance of officers
During the financial year, the Company has paid premiums in respect of a contract to insure all
Directors and officers of the Company and its controlled entities against liabilities incurred as
Directors or officers to the extent permitted by the Corporations Act 2001. Due to a confidentiality
clause in the contract, the amount of the premium has not been disclosed.
Proceedings on behalf of the Company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to
bring proceedings on behalf of the Company, or to intervene in any proceedings to which the
Company is a party for the purpose of taking responsibility on behalf of the Company for all or
part of those proceedings.
Indemnity and insurance of auditor
The Company has not, during or since the end of the financial year, indemnified or agreed to
indemnify the auditor of the Company or any related entity against a liability incurred by the
auditor.
During the financial year, the Company has not paid a premium in respect of a contract to insure the
auditor of the Company or any related entity.
Auditor’s independence and non-audit services
No non-audit services were provided during the financial year by the auditor.
A copy of the auditor's independence declaration as required under section 307C of the
Corporations Act 2001 is set out on the following page.
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the
Corporations Act 2001.
On behalf of the Directors
___________________________
Charles Thomas
Non-Executive Chairman
Annual Report
Viking Mines Limited
Page 31 of 63
Auditor's Independence declaration
[this page is intentionally left blank for the insertion of the auditor’s
independence declaration]
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an
Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form
part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
DECLARATION OF INDEPENDENCE BY PHILLIP MURDOCH TO THE DIRECTORS OF VIKING MINES
LIMITED
As lead auditor of Viking Mines Limited for the year ended 30 June 2024, I declare that, to the best of
my knowledge and belief, there have been:
1.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2.
No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Viking Mines Limited and the entities it controlled during the period.
Phillip Murdoch
Director
BDO Audit Pty Ltd
Perth
19 September 2024
Annual Report
Viking Mines Limited
Page 32 of 63
Ann
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
30 June 2024
Note
2024
2023
$
$
Revenue
Other income
5
147,862
4,425,886
Expenses
Audit fees
18
(42,442)
(34,646)
Consultancy costs
(539,538)
(347,908)
Employee benefits expense
(476,795)
(380,028)
Superannuation expense
(46,024)
(36,645)
Depreciation and amortisation expense
(64,125)
(75,346)
Expenses relating to exploration and evaluation
9
(1,214,442)
(1,111,933)
Finance expenses
(1,637)
(5,297)
Share-based payments
15
(224,406)
-
Other expenses
(304,566)
(208,831)
Total expenses
(2,913,975)
(2,200,634)
Profit/(loss) before income tax expense
(2,766,113)
2,225,252
Income tax expense
7
-
(1,012,847)
Profit/(loss) after income tax expense for the year
attributable to the owners of Viking Mines Limited
(2,766,113)
1,212,405
Foreign currency translation
(20,387)
135,569
Total
comprehensive
income
for
the
year
attributable to the owners of Viking Mines Limited
(2,786,500)
1,347,974
Cents
Cents
Basic earnings per share
6
(0.27)
0.12
Diluted earnings per share
6
(0.27)
0.11
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
Annual Report
Viking Mines Limited
Page 33 of 63
Consolidated Statement of Financial Position
30 June 2024
Note
2024
2023 (restated)
$
$
Assets
Current assets
Cash and cash equivalents
8
3,899,615
4,132,137
Other receivables
73,817
122,020
Other receivable – proceeds from sale
-
3,167,421
Total current assets
3,973,432
7,421,578
Non-current assets
Right of use assets
-
60,389
Exploration and evaluation
9
4,808,699
4,305,000
Plant & equipment
-
3,736
Canegrass Farm-In
-
105,491
Total non-current assets
4,808,699
4,474,616
Total assets
8,782,131
11,896,194
Liabilities
Current liabilities
Trade and other payables
10
523,538
1,024,567
Employee benefits
41,925
31,628
Lease liabilities
-
69,489
Deferred tax liabilities
7
1,012,847
1,012,847
Total current liabilities
1,578,310
2,138,531
Non-current liabilities
Employee benefits
22,033
13,781
Total non-current liabilities
22,033
13,781
Total liabilities
1,600,343
2,152,312
Net assets
7,181,788
9,743,882
Equity
Issued capital
11
31,902,027
31,902,027
Reserves
12
(384,271)
(588,290)
Accumulated Losses
13
(24,335,968)
(21,569,855)
Total equity
7,181,788
9,743,882
The above statement of financial position should be read in conjunction with the accompanying notes
Annual Report
Viking Mines Limited
Page 34 of 63
Consolidated Statement of Changes in Equity
30 June 2024
Issued
capital
Reserves
Accumulated
losses
(restated)
Non-
controlling
interest
Total
equity
(restated)
Consolidated
$
$
$
$
$
Balance at 1 July 2022
31,902,027
(723,859)
(22,782,260)
-
8,395,908
Profit after income tax
expense for the year
-
-
1,212,405
-
1,212,405
Other comprehensive
income for the year,
net of tax
-
135,569
-
-
135,569
Total comprehensive
income for the year
-
135,569
1,212,405
-
1,347,974
Transactions with owners in their capacity as owners:
Options lapsed
-
-
-
-
-
Balance at 30 June
2023
31,902,027
(588,290)
(21,569,855)
-
9,743,882
Issued
capital
Reserves
Accumulate
d losses
Non-
controlling
interest
Total equity
Consolidated
$
$
$
$
$
Balance at 1 July
2023
31,902,027
(588,290)
(21,569,855)
-
9,743,882
Profit after income tax
expense for the year
-
-
(2,766,113)
-
(2,766,113)
Other comprehensive
income for the year,
net of tax
-
(20,387)
-
-
(20,387)
Total comprehensive
income for the year
-
(20,387)
(2,766,113)
-
(2,786,500)
Transactions with owners in their capacity as owners:
Share based payment –
see note 15
-
224,406
-
-
224,406
Balance at 30 June
2024
31,902,027
(384,271)
(24,335,968)
-
7,181,788
Annual Report
Viking Mines Limited
Page 35 of 63
Consolidated Statement of Cash Flows
30 June 2024
Note
2024
2023
$
$
Cash flows from operating activities
Payments to suppliers and employees
(3,180,273)
(1,623,390)
Interest received
142,187
37,553
Interest paid
(1,637)
(5,297)
Other income
5,675
-
Proceeds from legal dispute
3,167,421
1,220,912
Net cash flows from/(used in) operating activities
26
133,373
(370,222)
Cash flow from investing activities
Payment for plant and equipment
-
(3,736)
Payments for security deposits
10,294
(744)
Payment for expenses relating to Farm-In
(225,000)
(105,491)
Net cash flows used in investing activities
(214,706)
(109,971)
Cash flows from financing activities
Repayment of lease liabilities
(69,489)
(66,628)
Net cash flows used in financing activities
(69,489)
(66,628)
Net cash flows
(150,822)
(546,821)
Cash and cash equivalents
Cash and cash equivalents at beginning of year
4,132,137
4,445,411
Net change in cash for year
(150,822)
(546,821)
Effects of exchange rate changes on cash and cash
equivalents
(81,700)
233,547
Cash and cash equivalents at end of the financial year 8
3,899,615
4,132,137
The above statement of consolidated statement of cash flows should be read in conjunction with the accompanying
notes
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 36 of 63
Notes to the Financial Statements
30 June 2024
1.
General information
Viking Mines Limited ('the Company') is a consolidated entity consisting of Viking Mines Limited and the
entities it controlled at the end of, or during, the year ('the consolidated entity'). Viking Mines Limited is
a listed public Company limited by shares, incorporated and domiciled in Australia. Its registered office
and principal place of business is 15-17 Old Aberdeen Place, West Perth, Western Australia 6005.
A description of the nature of the consolidated entity's operations and its principal activities are included
in the Directors' report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of Directors, on 18
September 2024. The Directors have the power to amend and reissue the financial statements.
1.1 Basis of preparation
These general-purpose financial statements have been prepared in accordance with Australian Accounting
Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the
Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also
comply with International Financial Reporting Standards as issued by the International Accounting
Standards Board ('IASB').
The accounting policies have been consistently applied by all entities included in the Group and are
consistent with those applied in the prior year. Discussion of the Group’s material accounting policies are
located within the applicable notes to the financial statements.
Certain comparative amounts have been re-presented to conform with the financial year’s
presentations to better reflect the nature of the financial position and performance of the Company,
in particular, the restating of the comparative information to reflect the Stamp Duty, of $205,000
payable on the acquisition of Red Dirt Mining Pty Ltd in 2021, as a capitalized expense. This amount
is not considered material to the financial statements.
Historical cost convention
The financial statements have been prepared under the historical cost convention.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the consolidated
entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial statements, are disclosed in note 4.
2.
Operating segment
The consolidated entity is organised into one operating segment, being the exploration in Western
Australia.
This operating segment is based on the internal reports that are reviewed and used by the Board of
Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance
and in determining the allocation of resources. Accordingly, under the management approach outlined
only one operating segment has been identified and no further disclosures are required.
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 37 of 63
The CODM reviews EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting
policies adopted for internal reporting to the CODM are consistent with those adopted in the financial
statements. The information reported to the CODM is on a monthly basis.
3.
Summary of material accounting policies
Share-based payments
Share-based compensation benefits are provided to employees via the employee performance rights
plan and options approved by the Board from time to time.
The fair value of options and performance rights granted is recognised as an employee benefit expense
with a corresponding increase in equity. The fair value is measured at grant date and recognised over
the period during which the Directors or employees become unconditionally entitled to the options or
performance rights. The fair value at grant is independently valued using Monte Carlo pricing model
and the Hoadley Option Valuation Model.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any
remaining expense is recognised immediately.
Application of new or revised Accounting Standards
New and revised AASBs affecting amounts reported and/or disclosures in the financial statements
In the current year, the Company has applied several new and revised AASBs issued by the Australian
Accounting Standards Board (AASB) that are mandatorily effective for an accounting period that begins
on or after 1 July 2023.
The amendments did not have a significant impact on the Group’s financial statements.
New Accounting Standards issued but not yet effective.
There are no accounting standards that are not yet effective and that are expected to have a material
impact to the Company in the current or future reporting periods and on foreseeable future
transactions.
Principles of consolidation
The consolidated financial statements comprise the financial statements of Viking Mines Limited and its
controlled entities as at 30 June 2024 (the consolidated entity).
The financial statements of the controlled entities are prepared for the same reporting period as the
Parent, using consistent accounting policies.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity
controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to
the consolidated entity. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between entities in the
consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides
evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in
ownership interest, without the loss of control, is accounted for as an equity transaction, where the
difference between the consideration transferred and the book value of the share of the non-controlling
interest acquired is recognised directly in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 38 of 63
profit or loss and other comprehensive income, statement of financial position and statement of changes
in equity of the consolidated entity. Losses incurred by the consolidated entity are attributed to the non-
controlling interest in full, even if that results in a deficit balance.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including
goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation
differences recognised in equity. The consolidated entity recognises the fair value of the consideration
received and the fair value of any investment retained together with any gain or loss in profit or loss.
Foreign currency translation
The financial statements are presented in Australian dollars, which is Viking Mines Limited's functional
and presentation currency. The functional currencies of the Company's foreign subsidiaries are United
States Dollars ('USD').
Revenue recognition
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based
on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and
liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for
prior periods, where applicable.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be
applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted
or substantively enacted, except for:
•
When the deferred income tax asset or liability arises from the initial recognition of goodwill or
an asset or liability in a transaction that is not a business combination and that, at the time of the
transaction, affects neither the accounting nor taxable profits; or
•
When the taxable temporary difference is associated with interests in subsidiaries, associates or
joint ventures, and the timing of the reversal can be controlled, and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if
it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.
Exploration and evaluation assets
Exploration and evaluation assets acquired
Exploration and evaluation assets comprise of acquisition of mineral rights (such as joint ventures) and
fair value (at acquisition date) of exploration and expenditure assets from other entities. Exploration and
evaluation assets are assessed for impairment if:
•
the period for which the Group has the right to explore in the specific area has expired during
the period or will expire in the near future, and is not expected to be renewed; or
•
substantive expenditure on further exploration for and evaluation of mineral resources in the
specific area is neither budgeted nor planned; or
•
exploration for and evaluation of mineral resources in the specific area have not led to the
discovery of commercially viable quantities of mineral resources and the entity has decided to
discontinue such activities in the specific area; or
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 39 of 63
•
sufficient data exist to indicate that, although a development in the specific area is likely to
proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered
in full, from successful development or by sale; or
•
other facts and circumstances suggest that the carrying amount exceeds the recoverable
amount.
Exploration and evaluation costs
Exploration and evaluation costs for an area of interest in the early stages of the project life are expensed
as they are incurred except for acquisition costs, until they satisfy the requirements that are stated below.
Exploration and evaluation costs are capitalised in an identifiable area of interest upon announcement
of a JORC 2012 compliant resource and costs will be amortised in proportion to the depletion of the
mineral resources at the commencement of production. Costs are only capitalised that are expected to
be recovered either through successful development or sale of the relevant mining interest. To the
extent that capitalised costs are determined not to be recoverable in the future, they will be written off
in the period in which this determination is made.
4.
Critical accounting judgements, estimates and assumptions
Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will
commence commercial production in the future, from which time the costs will be amortised in proportion
to the depletion of the mineral resources. Key judgements are applied in considering costs to be
capitalised which includes determining expenditures directly related to these activities and allocating
overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are
expected to be recovered either through successful development or sale of the relevant mining interest.
Factors that could impact the future commercial production at the mine include the level of reserves and
resources, future technology changes, which could impact the cost of mining, future legal changes and
changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable
in the future, they will be written off in the period in which this determination is made.
5.
Other income
2024
2023
$
$
Proceeds from sale and legal cost reimbursement
-
4,388,333
Other revenue
147,862
37,553
Total other income
147,862
4,425,886
6.
Earnings per share
2024
2023
$
$
Profit/ (loss) after income tax attributable to the owners of Viking
Mines Ltd
(2,766,113)
1,212,405
Basic earnings per share - cents
(0.27)
0.12
Diluted earnings per share - cents
(0.27)
0.11
Weighted average number of ordinary shares used in calculating
basic earnings per share
1,025,592,678
1,025,592,678
Weighted average number of ordinary shares used in calculating
diluted earnings per share.
1,025,592,678
1,130,258,431
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 40 of 63
7.
Income tax expense
2024
2023
$
$
Profit/(loss) before income tax attributable to the owners of
Viking Mines Ltd
(2,766,113)
2,225,252
Tax at statutory tax rate of 25% (2023: 25%)
(691,528)
556,313
Tax effect of amounts which are not deductible/(taxable) in
calculating taxable income:
Impairment of assets
15,097
15,655
Share-based payments
224,406
-
Forex movement
39,823
45,433
Other net expenses (deductible)/not deductible
20,963
(16,681)
Sub Total
(391,239)
600,720
Difference in overseas tax rates
-
222,525
Current year tax losses not recognized
391,239
-
Profits covered by losses
-
(823,245)
Adjustment in respect of deferred tax liability
-
1,012,847
Income tax expense
-
1,012,847
The above potential tax benefit for the tax losses has not been recognised in the statement of financial
position as it is not considered probable that sufficient taxable amounts will be available in future periods
with which to be offset.
2024
2023
$
$
Deferred tax liability
1,012,847
1,012,847
Total deferred tax liability
1,012,847
1,012,847
2024
2023
Deferred tax assets not recognised
$
$
Deferred tax assets not recognised comprises temporary differences
attributable to:
Employee benefits
15,989
11,352
Total deferred tax assets not recognised
15,989
11,352
The above potential tax benefit, which excludes tax losses, for deductible temporary differences has not
been recognised in the statement of financial position as the recovery of this benefit is uncertain.
The Group’s accounting policy for taxation requires management’s judgment in assessing whether
deferred tax assets and certain deferred tax liabilities are recognised on the Statement of Financial Position.
Judgement is required in accounting for income taxes due to the complexity of legislation and the
jurisdiction to which it relates. Deferred tax assets related to carried forward tax losses are recognised on
the basis that the Group will satisfy applicable tax legislation requirements at the time of proposed
recoupment of those tax losses.
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 41 of 63
These judgments and assumptions are subject to risk and uncertainty, hence there is a possibility that
changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and
deferred tax liabilities recognised in the Consolidated Statement of Financial Position and the amount of
other tax losses and temporary differences not yet recognised. In such circumstances, some or all of the
carrying amounts of recognised deferred tax assets and liabilities may require adjustment, resulting in a
corresponding credit or charge to the Consolidated Statement of Comprehensive Income.
Where it has been determined that the availability of tax losses is uncertain, the Group recognises tax
liabilities until such time as a determination has been made or the uncertainty removed.
8.
Cash and cash equivalents
2024
2023
$
$
Cash at bank
3,899,615
4,132,137
Cash and cash equivalents
3,899,615
4,132,137
9.
Exploration and evaluation
2024
2023
Capitalised Expenditure
$
$
Exploration and evaluation acquired WA tenement assets
4,478,208
4,305,000
Exploration and evaluation acquired Canegrass Farm-in
330,491
-
Total exploration and evaluation
4,808,699
4,305,000
Reconciliations of the written down values at the beginning and end of the current and previous financial
year are set out below:
Western Australia
Gold Project
Western Australia
Canegrass Project
Total
$
$
$
Balance at 30 June 2023
4,305,000
-
4,305,000
Stamp duty
173,208
-
173,208
Recognition of acquisition of 25% of
Canegrass Project
-
330,491
330,491
Balance at 30 June 2024
4,478,208
330,491
4,808,699
2024
2023
Expenditure expensed
$
$
Expenses relating to WA exploration and evaluation
1,212,442
1,111,933
Total expenses relating to WA exploration and evaluation
1,212,442
1,111,933
This expenditure relates mostly to the Farm-In Agreement with Red Hawk Mining Ltd (formerly Flinders
Mines Limited) to acquire an entity interest in the Canegrass Battery Minerals Project (details in the
Operations, Directors’ Report).
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 42 of 63
10.
Trade and other payables
2024
2023
$
$
Trade payables
283,427
679,984
Accrued expenses
227,318
332,436
Other payables
12,793
12,147
Total trade and other payables
523,538
1,024,567
11.
Issued capital
2024
2023
2024
2023
Shares
Shares
$
$
Ordinary shares – fully paid
1,025,258,431
1,025,258,431
31,902,027
31,902,027
Ordinary shares
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled
to one vote per share at shareholders’ meetings. In the event of winding up of the parent entity, ordinary
shareholders rank after all creditors and are fully entitled to any proceeds on liquidation.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and
upon a poll each share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Options
5,000,000 Unlisted Options issued and vesting immediately on issue date 27 November 2021, to current
and former Directors, each with an exercise price of $0.0300 per option, expired on 15 December 2023.
No options were issued in the financial year.
Movements in options:
Details
Date
Number of
options
Balance
1 July 2023
5,000,000
Expired
15 December 2023
(5,000,000)
Balance
30 June 2024
-
Performance shares
85,000,000 Performance Shares were issued to the vendors of Red Dirt Mining Pty Ltd (RDM) on 1 February
2021 as consideration for 100% of the issued shares of RDM. These are convertible into one share at nil
consideration, subject to satisfaction of any one of the following vesting conditions:
•
200koz inferred resource (gold) at above 4g/t underground or 2g/t open pit combined calculated
(for both underground or open pit combined) at a cut-off of 0.5g/t;
•
undertaking 5,000 metres of drilling on the project with 6 holes of more than 8g/t over 3 metres
each;
•
establishment of a toll treatment or ore production agreement with a mill within 180km of project;
and
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 43 of 63
•
completion of a feasibility study with a net present value of not less than $50 million using a discount
rate of 10%.
The milestone must be achieved by 1 February 2026. On conversion, each of the Shares will rank equally
in all aspects with all existing Shares previously issued by the Company.
Movements in performance shares:
Details
Date
Number of
Performance
shares
Balance
1 July 2023
85,000,000
Issued
-
Expired
-
Balance
30 June 2024
85,000,000
Movements in performance rights:
These performance rights are in relation to Julian Woodcock’s service agreement. Further details can be
found in note 15.
Details
Date
Number of
Performance
Rights
Balance
1 July 2023
20,000,000
Issued
8 December 2023
21,000,000
Cancelled
8 December 2023
(16,000,000)
Balance
30 June 2024
25,000,000
In addition to the above, performance rights were issued to Charles Thomas and Bevan Tarrant (via their
associated entities) and to Michael Cox. Further details can be found in note 15.
Details
Date
Number of
Performance
Rights
Balance
1 July 2023
-
Issued
8 December 2023
50,000,000
Balance
30 June 2024
50,000,000
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a
going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to
maintain an optimum capital structure to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net
debt is calculated as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce
debt.
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 44 of 63
The consolidated entity would look to raise capital when an opportunity to invest in a business or
Company was seen as value adding relative to the current Company's share price at the time of the
investment. The consolidated entity is not actively pursuing additional investments in the short term as
it continues to integrate and grow its existing businesses to maximise synergies.
12.
Reserves
2024
2023
$
$
Foreign currency reserve
(867,501)
(847,114)
Share-based payments reserve
483,230
258,824
Total reserves
(384,271)
(588,290)
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial
statements of foreign operations to Australian dollars. It is also used to recognise gains and losses on
hedges of the net investments in foreign operations.
Share-based payments reserve
The reserve is used to recognise the value of equity benefits provided to employees and Directors as part
of their remuneration, and other parties as part of their compensation for services.
Movements in reserves
Movements in each class of reserve during the current and previous financial year are set out below:
Foreign
currency
reserve
Share based
payments
reserve
Total
$
$
Balance at 1 July 2023
(847,114)
258,824
(588,290)
Foreign currency translation
(20,387)
-
(20,387)
Share based payment (note 15)
-
224,406
224,406
Balance at 30 June 2024
(867,501)
483,230
(384,271)
13.
Accumulated losses
2024
2023
$
$
Accumulated losses at the beginning of the financial year
(21,569,855)
(22,782,260)
Profit/(loss) after income tax expense for the year
(2,766,113)
1,212,405
Accumulated losses at the end of the financial year
(24,335,968)
(21,569,855)
14.
Dividends
No dividends were paid, recommended or declared during the current or previous financial year.
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 45 of 63
15.
Share-based payments
Expenses arising from share-based payment transactions
2024
2023
$
$
Director performance rights issued
82,898
-
Accelerated vesting for cancelled performance rights
92,454
-
Julian Woodcock performance rights
49,054
-
224,406
-
Performance Rights – Julian Woodcock
Per Julian Woodcock's service agreement as Chief Executive Officer commencing 4 January 2021,
4,000,000 performance rights will vest upon achievement of a project acquisition – delivery M&A of one
of the hurdles:
(i) >50oz
(ii)>$2m acquisition costs
(iii)>$2m JV earn in spend
As vesting occurred on the acquisition of Flinders Canegrass Pty Ltd on 5 September 2024, the
probability percentage of 100% was applied to calculate the share-based payment.
In December 2023, 16,000,000 performance rights held by Julian Woodcock were cancelled as
approved by shareholders at the Annual General Meeting held on 22 November 2023. Accelerated
vesting for the cancelled performance rights. The tranches cancelled were:
(i)
4,000,000 performance rights – upon achievement of performance milestone – resource target
– attainment of 200koz
(ii)
4,000,000 performance rights – upon achievement of performance milestone – share price
tranche 1 $0.10
(iii)
4,000,000 performance rights – upon achievement of performance milestone – share price
tranche 1 $0.15
(iv)
4,000,000 performance rights – upon achievement of performance milestone – share price
tranche 1 $0.20
Performance Rights – Directors
On 8 December 2023, 71m performance rights were issued to the Directors of the Company as approved by
shareholders at the Annual General Meeting held on 22 November 2023. The performance rights have been
issued for nil consideration. Each performance right represents a right to acquire one fully paid ordinary share
in the capital of the Company, subject to the satisfaction of the applicable vesting conditions. The
performance rights will vest anytime between their grant date and 7 December 2028 upon the share price
achieving a 15-day VWAP of at least $0.02. An independent valuation using the Hoadley Option Valuation
Model was used to calculate the fair value of the performance rights granted on 22 November 2023, giving
a total of $738,400. The share price was $0.011 with an expected volatility rate of 108%, risk free interest rate
4.06%. The fair value of the share price at the time was $0.0104. There have been no alterations to the terms
and conditions of the above share-based payment arrangements since grant date. The current year vesting
expense of $82,898 (note 15).
16.
Financial instruments
Financial risk management objectives
The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 46 of 63
currency risk, price risk and interest rate risk) and liquidity risk. The consolidated entity's overall risk
management program focuses on the unpredictability of financial markets and seeks to minimise
potential adverse effects on the financial performance of the consolidated entity. The consolidated
entity uses different methods to measure different types of risk to which it is exposed.
These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price
risks, ageing analysis for credit risk and beta analysis in respect of investment portfolios to determine
market risk.
Risk management is carried out by senior finance executives ('Finance') under policies approved by the
Board of Directors ('the Board'). These policies include identification and analysis of the risk exposure
of the consolidated entity and appropriate procedures, controls and risk limits. Finance identifies,
evaluates and hedges financial risks within the consolidated entity's operating units. Finance reports
to the Board on a monthly basis.
Market risk
Foreign currency risk
The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed
to foreign currency risk through foreign exchange rate fluctuations.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and
financial liabilities denominated in a currency that is not the entity's functional currency. As each of the
individual entity within the group primarily transact in their own respective functional currency, foreign
currency risk is deemed to be minimal.
Interest rate risk
Interest rate risk is deemed to be minimal as the consolidated entity exposure on interest risk mainly on its
cash at bank.
Liquidity risk
The consolidated entity is not exposed to any significant liquidity risk. The consolidated entity manages
liquidity risk by maintaining adequate cash reserves and available borrowing facilities by continuously
monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and
liabilities.
Remaining contractual maturities
The following tables detail the consolidated entity's remaining contractual maturity for its financial
instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial
liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables
include both interest and principal cash flows disclosed as remaining contractual maturities and
therefore these totals may differ from their carrying amount in the statement of financial position.
2024
Weighted
average interest
rate
1 year or less
Between 1 and 2
years
Remaining
contractual
maturities
Non-derivatives
Non-interesting bearing
Trade payables
509,812
-
509,812
Other payables
12,793
-
12,793
Interest bearing - variable
Lease liability
5%
-
-
-
Total non-
derivatives
522,605
-
522,605
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 47 of 63
2023
Weighted
average interest
rate
1 year or less Between 1 and 2
years
Remaining
contractual
maturities
Non-derivatives
Non-interesting bearing
Trade payables
-
1,012,420
-
1,012,420
Other payables
-
12,147
-
12,147
Interest bearing - variable
Lease liability
5%
69,489
-
69,489
Total non-
derivatives
1,094,056
-
1,094,056
17.
Key Management Personal disclosures
The following persons were Directors of Viking Mines Limited during the financial year:
Charles Thomas - Non-Executive Chairman
Julian Woodcock - Managing Director and CEO
Michael Cox - Non-Executive Director Compensation
Bevan Tarratt – Non-Executive Director from (3 October 2023)
The aggregate compensation made to Directors and other members of Key Management Personnel of the
consolidated entity is set out below:
2024
2023
$
$
Short-term employee benefits
451,417
349,000
Post employment benefits
46,686
36,645
Long-term benefits
19,789
13,781
Share-based payments
224,406
27,146
Total
742,298
426,572
18.
Remuneration of auditor
2024
2023
$
$
Audit services – BDO Audit Pty Ltd
42,442
34,646
Total remuneration
42,442
34,646
The BDO entity performing the audit of the group transitioned from BDO Audit (WA) to BDO Audit Pty Ltd
on 3 May 2024. The disclosures include amounts received or due and receivable by BDO Audit (WA) Pty
Ltd, BDO Audit Pty Ltd and their respective related entities.
19.
Contingent assets
The Company had no contingent assets as at 30 June 2024 and 30 June 2023.
20.
Contingent liabilities
The Company had no contingent liabilities as at 30 June 2024 and 30 June 2023.
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 48 of 63
21.
Commitments
Exploration Commitments
In order to maintain current rights of tenure to exploration tenements, the Group is required to meet the
minimum expenditure requirements specified by various States and Territory Governments. These
obligations are subject to renegotiation when application for a mining lease is made and at other times.
These obligations are not provided for in this financial report.
The Company is required to spend $275,000 on completion of Stage 2 of the earn-in and $175,000 to
acquire the remaining 51% of Flinders Canegrass Pty Ltd (further details in the Review of Operations Report
and note 25).
22.
Related party transactions
Parent entity
Viking Mines Limited is the Parent Entity.
Subsidiaries
Interests in the subsidiaries are set out in note 24.
Key Management Personnel
Disclosures relating to Key Management personnel are set out in note 17 and the remuneration report
included in the Directors’ report.
Transactions with related parties
The following transactions occurred with related parties:
2024
2023
$
$
Wages paid to administration staff, an employee related to Julian
Woodcock
-
460
Receivable from and payable to related parties
There were no trade receivables from or trade payables to related parties at the current and previous
reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates.
23.
Parent information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
2024
2023
$
$
Profit/(loss) after income tax
(1,409,900)
318,547
Total
(1,409,900)
318,547
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 49 of 63
2024
2023
Statement of financial position
$
$
Total current assets
3,927,708
4,137,029
Total assets
19,534,784
21,390,012
Total current liabilities
(369,593)
(975,051)
Total liabilities
(391,626)
(1,058,321)
Equity
Issued share capital
31,902,027
31,902,027
Share-based payments reserve
478,976
258,824
Accumulated losses
(13,237,845)
(11,829,160)
Total equity
19,143,158
20,331,691
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2024.
Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024.
Material accounting policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as
disclosed in note 1, except for the following:
•
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
•
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
•
Dividends received from subsidiaries are recognised as other income by the parent entity and its
receipt may be an indicator of an impairment of the investment.
24.
Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following
subsidiaries in accordance with the accounting policy described in note 1:
Name
Principal place of business/country of
incorporation
Ownership interest
2024
2023
Associated Gold Fields Pty Ltd
Australia
100%
100%
Resolute Amansie Ltd*
Ghana
90%
90%
Abore Mining Company Ltd*
Ghana
90%
90%
Kiwi Goldfields Ltd*
Ghana
90%
90%
Red Dirt Mining Pty Ltd
Australia
100%
100%
Viking Critical Minerals Pty Ltd
Australia
100%
100%
* 100% of rights to profits
The only transactions between Viking Mines Limited and its controlled entities during this financial year
consisted of loans between Viking Mines Limited and its controlled entities.
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 50 of 63
25.
Events after the reporting period
As announced on 5 September 2024 the Company satisfied the conditions required to complete Stage 2
of the FIA and acquired a further 24% of the Canegrass Project, bringing the total equity stake in the
tenements held by VCM to 49%.
In addition, the Company entered into a Share Sale Agreement with Red Hawk Mining Limited to purchase
Flinders Canegrass Pty Ltd, which holds the remaining 51%.
Consideration paid to Red Hawk Mining Limited for the acquisition comprised:
(i)
Cash consideration of $175,000
(ii)
15,000,000 Viking Options exercisable at $0.02 per Viking Share on or before the third anniversary
of the date of issue.
(iii)
33,333,333 Viking Shares, 50% of which will be subject to voluntary escrow for a period of 3 months
after the date of issue and 50% of which will be subject to voluntary escrow for a period of 6 months
after the date of issue.
This transaction effectively secures 100% of the Project via the ownership of the two entities which hold the
Project tenements.
No other matter or circumstance as arisen since 30 June 2024 that has significantly affected, or may
significantly affect the consolidated entity’s operations, the result of those operations, or the consolidated
entity’s state of affairs in future financial years.
26.
Reconciliation of loss after income to net cash used in operating activities
2024
2023
$
$
Profit/(loss) after income tax expense for the year
(2,766,113)
1,212,405
Adjustments for:
Depreciation and amortisation
64,125
75,346
Share-based payments
224,406
-
Foreign exchange differences
61,312
(97,979)
Other non-cash items
-
(2,154,574)
Change in operating assets and liabilities:
Decrease/(increase) in other receivables
32,504
(53,928)
Increase in prepayments
5,405
(1,335)
Increase/(decrease) in trade and other payables
(501,028)
641,142
Increase/(decrease) in employee benefits
18,549
8,701
Increase/(decrease) in other assets
3,167,421
-
Increase/(decrease) in tenement asset
(173,208)
-
Net cash used in operating activities
133,373
(370,222)
27.
Options
A share option plan has been established by the consolidated entity and approved by shareholders at
a general meeting, whereby the consolidated entity may, at the discretion of the Nomination and
Remuneration Committee, grant options over ordinary shares in the Company to certain key
management personnel of the consolidated entity. The options are issued for nil consideration and are
granted in accordance with performance guidelines established by the Nomination and Remuneration
Committee.
Notes to the Financial Statements
Annual Report
Viking Mines Limited
Page 51 of 63
Set out below are summaries of options granted under the plan:
Number
of
options
Weighted
average exercise
price
Number
of
options
Weighted
average
exercise price
2024
2024
2023
2023
Outstanding at beginning of
the year
5,000,000
$0.030
20,000,000
$0.030
Granted
$0.030
-
$0.030
Expired
(5,000,000)
$0.030
(15,000,000)
$0.030
Outstanding at end of the
year
-
5,000,000
$0.030
2024
Grant date Expiry
date
Exercise
price
Balance at
the start of
the year
Granted Exercised
Expired/
forfeited/
other
Balance at
the end of
the year
30/11/2021
15/12/2023 $0.030
5,000,000
-
-
(5,000,000)
-
Total
5,000,000
-
-
(5,000,000)
-
2023
Grant date Expiry
date
Exercise
price
Balance at
the start of
the year
Granted Exercised
Expired/
forfeited/other
Balance at
the end of
the year
27/11/2020 06/12/2021 $0.030
15,000,000
-
-
(15,000,000)
-
30/11/2021 15/12/2023 $0.030
5,000,000
-
-
-
5,000,000
Total
20,000,000
-
-
(15,000,000)
5,000,000
Weighted average exercise price = $0.030
Set out below are the options exercisable at the end of the financial year:
Grant date
Expiry date
2024
2023
Number
Number
30 November 2021
15 December 2023
-
5,000,000
Total
-
5,000,000
Annual Report
Viking Mines Limited
Page 52 of 63
Consolidated Entity Disclosure Statement
30 June 2024
In accordance with recent changes to the Corporation Act 2001 (s295(3A) (a) effective on or after
1 July 2023, the Directors make the following disclosure detailing all entities that were part of the
consolidated entity as at the end of the financial year.
Name of entity
Type of entity
Trustee of a
Trust,
Partner in a
Partnership
or
participant
in joint
venture
% of
share
capital
held
Country of
incorporation
Australian
resident or
foreign
resident (for
tax
purposes)
Viking Mines Ltd
Body
Corporate
n/a
100%
Australia
Australian
Associated Gold Fields Pty
Ltd
Body
Corporate
n/a
100%
Australia
Australian
Resolute Amansie Ltd
Body
Corporate
n/a
90%
Ghana
Australian*
Abore Mining Company
Ltd
Body
Corporate
n/a
90%
Ghana
Australian*
Kiwi Goldfields Ltd
Body
Corporate
n/a
90%
Ghana
Australian*
Red Dirt Mining Pty Ltd
Body
Corporate
n/a
100%
Australia
Australian
Viking Critical Minerals Pty
Ltd
Body
Corporate
n/a
100%
Australia
Australian
*The subsidiaries are also a tax resident of Ghana under the country’s laws.
Annual Report
Viking Mines Limited
Page 53 of 63
Directors’ Declaration
30 June 2024
In the Directors' opinion:
the attached financial statements and notes comply with the Corporations Act 2001, the
Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements;
the attached financial statements and notes comply with International Financial
Reporting Standards as issued by the International Accounting Standards Board as
described in note 1 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated
entity's financial position as at 30 June 2024 and of its performance for the financial year
ended on that date;
at the date of declaration, there are reasonable grounds to believe that the Company will
be able to pay its debts as and when they become due and payable; and
The information disclosed in the Consolidated Entity Disclosure Statement on page 52 is
true and correct.
The Directors have been given the declarations required by section 295A of the Corporations Act
2001.
Signed in accordance with a resolution of Directors made pursuant to section 295(5)(a)
of the Corporations Act 2001.
On behalf of the Directors
Charles Thomas
Non-Executive Chairman
19 September 2024
Annual Report
Viking Mines Limited
Page 54 of 63
Independent Auditor's Report to the Members of Viking
Mines Limited
30 June 2024
[This page has intentionally been left blank for the insertion of page one of the Independent
Auditor's Report]
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an
Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form
part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
INDEPENDENT AUDITOR'S REPORT
To the members of Viking Mines Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Viking Mines Limited (the Company) and its subsidiaries (the
Group), which comprises the consolidated statement of financial position as at 30 June 2024, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including material accounting policy information, the consolidated entity
disclosure statement and the directors’ declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Annual Report
Viking Mines
Independent Auditor's Report to the Members of Viking
Mines Limited
30 June 2024
[This page has intentionally been left blank for the insertion of page one of the Independent
Auditor's Report]
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Carrying value of exploration and evaluation assets
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 9 to the Financial Report, the
carrying value of capitalised exploration and evaluation
expenditure represents a material asset of the Group.
Refer to Note 3 and 4 of the Financial Report for a
description of the accounting policy and significant
judgments applied to capitalised exploration and
evaluation expenditure.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources (“AASB 6”), the
recoverability
of
exploration
and
evaluation
expenditure
requires
significant
judgment
by
management in determining whether there are any
facts or circumstances that exist to suggest that the
carrying amount of this asset may exceed its
recoverable amount. As a result, this is considered a
key audit matter.
Our procedures included, but were not limited to the
following:
•
Obtaining a schedule of the areas of interest held
by the Group and assessing whether the rights to
tenure of those areas of interest remained current
at balance date, which included obtaining and
assessing supporting documentation such as license
status records;
•
Considering the Group’s intention to carry out
ongoing exploration expenditure in the respective
areas of interest by holding discussions with
management, and reviewing the Group’s
exploration budgets, ASX announcements and
directors’ minutes;
•
Considering whether any such areas of interest had
reached a stage where a reasonable assessment of
economically recoverable reserves existed;
•
Considering whether any facts or circumstances
existed to suggest impairment testing was
required; and
•
Assessing the adequacy of the related disclosures
in Notes 3, 4 and 9 to the Financial Report.
Page 55 of 63
Annual Report
Viking Mines
Independent Auditor's Report to the Members of Viking
Mines Limited
30 June 2024
[This page has intentionally been left blank for the insertion of page one of the Independent
Auditor's Report]
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2024, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a)
the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i)
the financial report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error; and
ii)
the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
Page 56 of 63
Annual Report
Viking Mines
Independent Auditor's Report to the Members of Viking
Mines Limited
30 June 2024
[This page has intentionally been left blank for the insertion of page one of the Independent
Auditor's Report]
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 24 to 30 of the directors’ report for the
year ended 30 June 2024.
In our opinion, the Remuneration Report of Viking Mines Limited, for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit Pty Ltd
Phillip Murdoch
Director
Perth, 19 September 2024
Page 57 of 63
Annual Report
Viking Mines
Annual Mineral Resource and Ore Reserves Statement
30 June 2024
On 20 November 2023, the Company released an updated Mineral Resource Estimate (MRE) for the
Canegrass Battery Minerals Project18, estimated over the Fold Nose, Kinks South and Kinks deposits. The
Combined Total Inferred MRE for the project increased to 146Mt at 0.70% V205, 31.8% Fe and 6.6% TiO2
(>0.5% V205 cut-off) for 2.2 billion pounds of contained V205. The updated Inferred MRE also includes a
high-grade subset of 27.5Mt at 0.87% V205, 37.3% Fe and 8.0% TiO2 (>0.5% V205 cut-off).
The Mineral Resource estimate released on 20 November 2023 was prepared and disclosed under the JORC
Code 2012 Edition. The Company confirms that it is not aware of any new information or data that materially
affects the Mineral Resource as reported on 20 November 2023 and all material assumptions and technical
parameters underpinning the estimates in the relevant market announcement continue to apply and have not
materially changed.
The Company carried out an annual review of its Mineral Resources and Ore Reserves, as required by the ASX
Listing Rules. The review was carried out as at 30 June 2024.
Canegrass Battery Minerals Project Inferred Mineral Resources as at 30 June 2024
Deposit
JORC
(2012)
Classification
Tonnage
(Mt)
V2O5
%
Fe
%
TiO2
%
Cu
%
Ni
%
Co
%
Al2O3
%
SiO2
%
P
%
LOI
%
Fold
Nose
Inferred
75.1
0.69
31.7
6.5
0.059
0.062
0.016
12.5
21.9
0.004
1.7
Kinks
South
Inferred
29.2
0.73
32.3
6.7
0.073
0.068
0.017
10.7
20.4
0.003
2.3
Kinks
Inferred
41.5
0.68
31.8
6.6
0.074
0.058
0.016
11.0
22.3
0.008
1.3
COMBINED TOTAL
145.8
0.70
31.8
6.6
0.066
0.062
0.016
11.7
21.7
0.005
1.7
Table 1; Canegrass Project Vanadium Mineral Resource estimate, >0.5% V2O5 cut-off grade, >210m RL (due
to the effects of rounding, the total may not represent the sum of all components).
Estimation Governance Statement
The Company ensures that all Mineral Resource and Ore Reserves estimations are subject to appropriate levels
of governance and internal controls.
Exploration results are collected and managed by an independent competent qualified geologist. All data
collection activities are conducted to industry standards based on a framework of quality assurance and quality
control protocols covering all aspects of sample collection, topographical and geophysical surveys, drilling,
sample preparation, physical and chemical analysis and data and sample management.
Mineral Resource and Ore Reserves estimates are prepared by appropriately qualified, independent
Competent Persons. If there is a material change in the estimate of a Mineral Resource or Ore Reserves, the
estimate and supporting documentation in question is reviewed by a suitable qualified independent
Competent Persons and announced to the ASX in accordance with the Listing Rules.
The Company reports its Mineral Resources and Ore Reserves on an annual basis in accordance with JORC
Code 2012.
Competent Person’s Statement
Information in this release that relates to Exploration Results and exploration target is based on information
compiled by Mr Julian Woodcock, who is a member of the Australian Institute of Mining and Metallurgy
(MAusIMM(CP) – 305446). Mr Woodcock is a full-time employee of Viking Mines Ltd. Mr Woodcock has
sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration
and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company
confirms that the form and context in which the Competent Person’s findings are presented have not been
materially modified from the original market announcements.
18 ASX Announcement 20 November 2023 - Viking Delivers 103% Growth at Canegrass with 2.2 Billion Lbs Of Vanadium Pentoxide
Page 58 of 63
Annual Report
Viking Mines
The information in this announcement that relates to the Mineral Resource estimate is derived from information
compiled by Mr Dean O’Keefe, a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM,
#112948), and Competent Person for this style of mineralisation. Mr O’Keefe is a consultant to Viking Mines
Limited, and is employed by MEC Mining, an independent mining and exploration consultancy. Mr O’Keefe
has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 edition of the
Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC
Code). Mr O’Keefe consents to the inclusion in the report of the matters based on the results in the form and
context in which they appear.
The information contained in this report, relating to metallurgical results, is based on, and fairly and accurately
represent the information and supporting documentation prepared by Mr Damian Connelly. Mr Connelly is a
full-time employee of METS Engineering who are a Contractor to Viking Mines Ltd, and a Fellow of The
Australasian Institute of Mining and Metallurgy. Mr Connelly has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify
as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration
Results, Exploration Targets, Mineral Resources and Ore Reserves. Mr Connelly consents to the inclusion in
the report of the matters based on the results in the form and context in which they appear.
Page 59 of 63
Annual Report
Viking Mines
Page 60 of 63
Shareholder Information
30 June 2024
The following additional information is required by the Australian Securities Exchange in respect of ASX listed
public companies and is current as at 27 August 2024.
Fully Paid Ordinary Shares
The Company has 1,025,258,431 ordinary fully paid shares on issue, held by 1,299 shareholders. Each ordinary
share is entitled to one vote when a poll is called, otherwise each member present at a meeting or by proxy
has one vote on a show of hands.
Distribution of Shareholders
Category (size of
holding)
Total Holders
Number
Ordinary
% Held of
Issued
Ordinary
Capital
1 – 1,000
43
9,327
0.00%
1,001 – 5,000
15
55,372
0.01%
5,001 – 10,000
48
434,017
0.04%
10,001 – 100,000
612
29,726,909
2.90%
100,001 – and over
581
995,032,806
97.05%
1,299
1,025,258,431
100.00%
Unmarketable Parcels
Number of Shares
Holders
14,748,336
541
As at 27 August 2024, there were 541 shareholders holding less than a marketable parcel of shares.
Performance Shares
The Company has 85,000,000 Performance Shares on issue. Performance Shares do not entitle the holders to
vote in respect of that Performance Share, nor participate in dividends, when declared, until such time as the
Performance Shares vest and are subsequently registered as ordinary shares.
Performance Shares (expiring on 1 February 2026)
Category (size of holding)
Total Holders
Units
% Held
1 – 1,000
-
-
-
1,001 – 5,000
-
-
-
5,001 – 10,000
-
-
-
10,001 – 100,000
-
-
-
100,001 – and over
81
85,000,000
100.00
8
85,000,000
100.00
1.
Vanguard Superannuation Pty Ltd hold 17,595,000 performance shares comprising
20.70% of this class; ING Investment Fund Pty Ltd hold 17,595,000 performance
shares comprising 20.70% of this class.
Performance Rights
The Company has 75,000,000 Performance Rights on issue. Performance Rights do not entitle the holders to
vote in respect of that performance right, nor participate in dividends, when declared, until such time as
the performance rights vest and are subsequently registered as ordinary shares.
Annual Report
Viking Mines
Page 61 of 63
Performance Rights (expiring on 30 November 2026)
Category (size of holding)
Total Holders
Units
% Held
1 – 1,000
-
-
-
1,001 – 5,000
-
-
-
5,001 – 10,000
-
-
-
10,001 – 100,000
-
-
-
100,001 – and over
11
4,000,000
100.00
1
4,000,000
100.00
1 Performance Rights held by Julian Woodcock, Managing Director/CEO
Performance Rights (expiring on 18 December 2028)
Category (size of holding)
Total Holders
Units
% Held
1 – 1,000
-
-
-
1,001 – 5,000
-
-
-
5,001 – 10,000
-
-
-
10,001 – 100,000
-
-
-
100,001 – and over
41
71,000,000
100.00
4
71,000,000
100.00
1 Performance Rights held by Julian Woodcock, Managing Director/CEO and Non-Executive Directors, Charles Thomas, Michael Cox and
Bevan Tarratt as approved by Shareholders on 22 November 2023
Substantial Shareholders
Number of Ordinary Fully Paid Shares Held
% Held of Issued Ordinary
Capital
LeSamourai Pty Limited1
60,000,000
5.58%
Vanguard Superannuation Pty Ltd2
91,500,000
8.92%
ING Investment Fund Pty Ltd3
91,300,000
8.93%
1.
As released on ASX on 17 August 2023
2.
As released on ASX on 11 September 2024
3.
As released on ASX on 10 May 2021
On-market Buy-Back
There is no current on-market buy-back.
Restricted Securities
The Company has no restricted securities on issue.
Corporate Governance Statement
The Company’s Corporate Governance Statement for the 202 financial year is available from the
Company’s website at https://vikingmines.com/corporate-governance/
Annual Report
Viking Mines
Page 62 of 63
Top 20 Shareholders
as at 27 August 2024
Position
Holder Name
Holding
% IC
1
Vanguard Superannuation Pty Ltd
91,500,000
8.92%
2
Ing Investment Fund Pty Ltd
81,300,000
7.93%
3
Lesamourai Pty Ltd
50,000,000
4.88%
4
Syracuse Capital Pty Ltd
41,000,000
4.00%
5
Barbary Coast Investments Pty Ltd
38,138,655
3.72%
6
Faraday Nominees Pty Limited
33,500,000
3.27%
7
Citicorp Nominees Pty Limited
28,848,238
2.81%
8
Syracuse Capital Pty Ltd
27,954,121
2.73%
9
Mr Anthony Keith Avotins
20,492,749
2.00%
10
Biltrad Global Investment Corporation Pty Ltd
16,500,000
1.61%
11
Gtt Global Opportunities Pty Ltd
15,000,000
1.46%
12
Bedrock Investment Group Pty Ltd
14,602,380
1.42%
13
Dr Leon Eugene Pretorius
13,000,000
1.27%
14
Two Tops Pty Ltd
12,550,000
1.22%
14
Alissa Bella Pty Ltd
12,550,000
1.22%
15
Brown Bricks Pty Ltd
12,000,000
1.17%
16
Mr Lino Cutugno
10,338,776
1.01%
17
Torona Pty Ltd
8,359,858
0.82%
18
Coco Investments Super Pty Ltd
8,045,561
0.78%
19
Mazza Resources Pty Ltd
8,000,000
0.78%
20
HSBC Custody Nominees (Australia) Limited
7,428,830
0.72%
Total
551,109,168
53.75%
Total issued capital
1,025,258,431
100.00%
Annual Report
Viking Mines Limited
Page 63 of 63
Tenement Schedule
30 June 2024
Project
License name
Location
License Type
License Holder/ JV Partners
Viking Mines Ownership/
Involvement
First Hit Project
M30/0091
Western Australia
Mining Licence
Red Dirt Mining Pty Ltd
100%
M30/0099
Western Australia
Mining Licence
Red Dirt Mining Pty Ltd
100%
P30/1144
Western Australia
Prospecting Licence
Red Dirt Mining Pty Ltd
100%
E29/1133
Western Australia
Exploration Licence
Viking Mines Limited
100%
E30/0529
Western Australia
Exploration Licence
Viking Mines Limited
100%
P29/2652
Western Australia
Prospecting Licence
Viking Mines Limited
100%
P30/1137
Western Australia
Prospecting Licence
Red Dirt Mining Pty Ltd
100%
E29/1131
Western Australia
Exploration Licence
Viking Mines Limited
100%
E30/0570
Western Australia
Exploration Licence
Viking Mines Limited
100%^
E30/0571
Western Australia
Exploration Licence
Viking Mines Limited
100%^
E30/505
Western Australia
Exploration Licence
Viking Mines Limited
95%
E30/0517
Western Australia
Exploration Licence
Baudin Resources Pty Ltd
0% (option over exclusive
area over part of the
tenement)
P30/1162
Western Australia
Prospecting Licence
Viking Mines Limited
100%
P30/1163
Western Australia
Prospecting Licence
Viking Mines Limited
100%
Canegrass Project
P58/1943
Western Australia
Prospecting Licence
Viking Critical Minerals Pty Ltd
100%
P58/1942
Western Australia
Prospecting Licence
Viking Critical Minerals Pty Ltd
100%
E58/0604
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd
100%
E58/0619
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd
100%^
E58/0621
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd
100%^^
E59/2902
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd
100%^
E58/0232
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd /
Flinders Canegrass Pty Ltd
100%
E58/0236
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd/
Flinders Canegrass Pty Ltd
25% acquired (under Farm-In
arrangement with pathway to
100%)
E58/0282
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd/
Flinders Canegrass Pty Ltd
E58/0520
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd/
Flinders Canegrass Pty Ltd
E58/0521
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd/
Flinders Canegrass Pty Ltd
E58/0522
Western Australia
Exploration Licence
Viking Critical Minerals Pty Ltd/
Flinders Canegrass Pty Ltd
Narndee Project
E59/2864
Western Australia
Exploration Licence
Viking Mines Limited
100%
E59/2865
Western Australia
Exploration Licence
Viking Mines Limited
100%^
E59/2866
Western Australia
Exploration Licence
Viking Mines Limited
100%
E59/2867
Western Australia
Exploration Licence
Viking Mines Limited
100%
^ under application
^^ subject to ballot
ASX:VKA
vikingmines.com