Viking Mines secures 100% ownership of Canegrass Battery Minerals Project

Viking Mines Limited (ASX:VKA) has successfully negotiated the acquisition of Flinders Canegrass Pty Ltd, a subsidiary of Red Hawk Mining Limited (ASX:RHK), to secure 100% ownership of the Canegrass Battery Minerals Project located in the Murchison Region of Western Australia. This acquisition follows the completion of Stage 2 of the Farm-In Agreement, increasing the Company's stake to 49% and subsequently securing the remaining 51% of the Canegrass Project.

Executive Commentary on Canegrass Project Acquisition

The Managing Director & CEO of Viking Mines, Julian Woodcock, expressed satisfaction with the negotiated transaction, bringing 100% ownership of the Canegrass Battery Minerals Project under Viking's direct control. Woodcock highlighted the substantial technical advancements achieved during Stage 1 and 2 of the Farm-In, including a significant Mineral Resource Estimate upgrade and a highly positive Pit Optimisation Study. He emphasized the derisking of the Project through metallurgical testwork, unlocking the pathway for vanadium production and examining the opportunity of producing concentrates of Cu, Ni, Co, and Ti. Woodcock also noted the significant upside potential for the Canegrass Project, particularly in the growing vanadium sector driven by the adoption of Vanadium Redox Flow Batteries (VRFB's) as a critical long-term energy storage solution for the renewable energy sector.

Summary of Canegrass Project Acquisition and Outlook

Viking Mines' acquisition of Flinders Canegrass Pty Ltd secures full ownership of the Canegrass Battery Minerals Project, marking a significant milestone for the Company. The completion of Stage 2 of the Farm-In Agreement has led to substantial technical advancements, including a notable increase in the Mineral Resource Estimate and the successful Pit Optimisation Study. The derisking of the Project through metallurgical testwork and the unlocking of the pathway for vanadium production bode well for Viking Mines' future prospects. With the vanadium sector continuing to grow, driven by the increasing adoption of VRFB's as a long-term energy storage solution for the renewable energy sector, the Company is well-positioned to capitalize on the significant upside potential of the Canegrass Project.