American Tungsten to acquire 150 million Viking shares

Executive Summary

• American Tungsten Corp. has entered into a letter of offer agreement to invest $750,000 AUD in Viking Mines Ltd. (VKA) by subscribing for 150 million ordinary shares at 0.5 Australian cents per share.
• The investment supports VKA’s planned $3.8-million AUD placement to acquire a 100% interest in six tungsten projects in Nevada, USA, which have historical production of approximately 123,000 tons at an average grade of 0.54% WO3.
• CEO Ali Haji describes the move as a strategic cornerstone to build a U.S.-based tungsten platform, complementing American Tungsten’s existing IMA mine project in Idaho.

Key Details

• Transaction Structure: Letter of offer agreement between American Tungsten Corp., GTT Ventures Pty. Ltd., and Viking Mines Ltd. (VKA).
• Investment Amount: $750,000 (Australian).
• Share Acquisition: 150 million ordinary shares in VKA.
• Price Per Share: 0.5 Australian cents.
• Use of Proceeds (VKA): The funds are part of a planned $3.8-million (Australian) placement intended to acquire a 100% interest in a portfolio of six tungsten projects in Nevada, United States.
• Target Asset Details:
  • Historical production: ~123,000 tons.
  • Average grade: 0.54% WO3.
• Closing Conditions: Financing expected to close in February 2026, contingent on VKA shareholder approval.
• Strategic Rationale: To align exploration, resource growth, and domestic supply development with American Tungsten’s existing IMA tungsten mine footprint.

Notable Quotes

• "This strategic cornerstone investment in Viking Mines strengthens our ability to build a meaningful U.S.-based tungsten platform. With tungsten's outlook at historic highs and secure Western supply more critical than ever, this investment directly complements our existing footprint at the IMA tungsten mine. Together, these assets create clear alignment across exploration, resource growth and the development of future domestic supply," said Ali Haji, chief executive officer of American Tungsten.