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Viking Mines Limited
(Sydney:VKA)
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Rating:50Neutral
Price Target:
AU$0.01
▲(20.00% Upside)
Action:Reiterated
Date:10/03/26
The score is held back primarily by weak financial performance—ongoing losses and recent cash burn outweigh the benefit of a conservatively levered balance sheet. Technical indicators are neutral-to-slightly constructive, providing limited support. Valuation is difficult to assess favorably because the company is loss-making (negative P/E) and no dividend yield is available.
Positive Factors
Low leverage
Very low debt reduces leverage risk and preserves financial flexibility while Viking advances exploration assets. A lightly levered balance sheet can provide greater capacity to withstand project setbacks and direct available capital toward exploration and asset advancement.
Negative Factors
Persistent losses
Deep losses across the three most recent years weaken earnings quality and reduce the company’s ability to fund exploration internally. Continued unprofitability also makes future performance more dependent on successful asset advancement and access to additional capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Very low debt reduces leverage risk and preserves financial flexibility while Viking advances exploration assets. A lightly levered balance sheet can provide greater capacity to withstand project setbacks and direct available capital toward exploration and asset advancement.
Read all positive factors
Viking Mines Limited (VKA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$30.91M
Dividend YieldN/A
Average Volume (3M)14.91M
Price to Earnings (P/E)―
Beta (1Y)0.24
Revenue Growth2139.47%
EPS Growth-78.26%
CountryAU
Employees3
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,576,143,000
10 Day Avg. Volume27,728,085
30 Day Avg. Volume14,909,632
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)2.53
Price to Sales (P/S)24.20
P/FCF Ratio-5.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Viking Mines Limited Business Overview & Revenue Model
Company Description
Viking Mines Limited operates as a mineral exploration company in Australia. The company explores for vanadium, nickel, copper, cobalt, and gold deposits. It holds 100% in the Canegrass Battery Minerals project that covers 620 kilometers located i...
How the Company Makes Money
Viking Mines Limited does not typically generate recurring operating revenue while it is in the exploration stage; instead, it primarily funds activities through capital raising (e.g., issuing equity) and aims to create shareholder value by increa...
Viking Mines Limited Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
74
Positive
Cash Flow
22
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 735.50K | 460.78K | 147.86K | 4.43M | 4.16M |
| Gross Profit | 735.50K | 460.78K | 147.86K | 4.35M | 4.09M |
| EBITDA | -4.59M | -3.04M | -2.70M | 2.31M | 1.45M |
| Net Income | -7.30M | -3.12M | -2.77M | 1.21M | 1.39M |
Balance Sheet | |||||
| Total Assets | 7.77M | 8.43M | 8.78M | 11.69M | 8.75M |
| Cash, Cash Equivalents and Short-Term Investments | 3.37M | 2.63M | 3.90M | 4.13M | 4.45M |
| Total Debt | 147.35K | 135.81K | 0.00 | 83.27K | 136.12K |
| Total Liabilities | 733.50K | 370.98K | 1.60M | 2.15M | 556.25K |
| Stockholders Equity | 7.03M | 8.06M | 7.18M | 9.54M | 8.19M |
Cash Flow | |||||
| Free Cash Flow | -3.34M | -3.20M | 133.37K | -479.45K | 1.02M |
| Operating Cash Flow | -3.34M | -3.20M | 133.37K | -370.22K | 1.04M |
| Investing Cash Flow | -179.32K | -710.60K | -214.71K | -109.97K | 83.58K |
| Financing Cash Flow | 4.25M | 2.54M | -69.49K | -66.63K | -58.38K |
Viking Mines Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
53 Neutral | AU$33.28M | 0.70 | 79.65% | ― | ― | ― | |
50 Neutral | AU$30.91M | -4.44 | -97.49% | ― | 2139.47% | -78.26% | |
49 Neutral | AU$22.64M | -6.19 | -95.83% | ― | ― | -3.28% | |
47 Neutral | AU$144.03M | -19.64 | -95.49% | ― | -100.00% | -9.80% | |
45 Neutral | AU$29.60M | -5.00 | -31.63% | ― | ― | -58.33% | |
42 Neutral | AU$19.89M | -4.47 | -58.95% | ― | ― | 40.99% |
* Basic Materials Sector Average
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Viking Mines Limited Corporate Events
Viking Mines Director Boosts Shareholding via Performance Rights Conversion
Oct 2, 2026
Viking Mines Limited has disclosed a change in director Charles Thomas’s relevant interests, following the conversion of vested performance rights into ordinary shares. The transaction resulted in the issue of 50,000,000 new ordinary shares ...
Viking Mines Details Streamlined Governance Framework Aligned to ASX Principles
Sep 30, 2026
Viking Mines Limited has released its Corporate Governance Statement outlining how its board aligns with the ASX Corporate Governance Council’s Principles and Recommendations. The company uses a Board Charter to define roles, responsibilitie...
Viking Mines Plans Auditor Change After 2026 AGM
Sep 25, 2026
Viking Mines Limited has announced a planned change of external auditor, with Hall Chadwick WA Audit Pty Ltd proposed to replace Horizon Nexus (WA) Audit Pty Ltd following the close of the company’s 2026 Annual General Meeting. The transitio...
Viking Mines Confirms Thick Tungsten Zones at Nevada’s Linka Project
Sep 24, 2026
Viking Mines has reported a second batch of assay results from its maiden drilling program at the Linka Tungsten Project in Nevada, confirming thick zones of tungsten mineralisation both above and below the historic Linka mine workings. Key interc...
Viking Mines Reports Strong Visual Tungsten Intercepts at Nevada’s Linka Project
Sep 17, 2026
Viking Mines has reported further strong visual intercepts of scheelite from its maiden RC drilling campaign at the Linka Tungsten Project in Nevada, with 20 holes completed to date and visible mineralisation in most holes at the Linka Main target...
Viking Mines Sets Timetable for 2026 Annual General Meeting and Director Nominations
Sep 16, 2026
Viking Mines Limited has announced details for its upcoming annual general meeting of shareholders, scheduled for 10:00am AWST on Thursday, 5 November 2026, at its West Perth office. The meeting forms part of the company’s regular corporate ...
Viking Mines’ Maiden Linka Drilling Confirms High-Grade Tungsten Below Historic Workings
Sep 10, 2026
Viking Mines has reported maiden reverse circulation drilling results from the historic Linka Mine area in Nevada, with the first hole delivering 14 metres at 0.56% WO3 from 40 metres downhole, including 5 metres at 0.81% WO3. The intercept, hoste...
Viking Mines Uncovers High-Grade Tungsten Across Nevada Portfolio
Sep 1, 2026
Viking Mines has reported reconnaissance sampling results from its Long and Terrell projects in Nevada, confirming high-grade tungsten mineralisation at both historic mine sites within intrusion-related skarn settings. Assays include standout grad...
Viking Mines Confirms High-Grade Tungsten at Nevada Projects
Sep 1, 2026
Viking Mines has reported high-grade tungsten assays from reconnaissance sampling at its Long and Terrell projects in Nevada, confirming significant mineralisation at historic mine sites that have seen no modern exploration. The findings suggest m...
Viking Mines Confirms High-Grade Tungsten Output From Linka Ore Sorting Tests
Aug 20, 2026
Viking Mines has reported assay results confirming that X-ray Transmission ore sorting at the Linka Tungsten Project can generate significantly higher-grade tungsten products while rejecting low-grade material. Tests on samples from the Conquest P...
Viking Mines Uncovers High-Grade Tungsten in Historic Linka Stockpiles
Aug 5, 2026
Viking Mines has reported assay results from its Phase 2 field mapping and sampling program at the Linka Tungsten Project in Nevada, confirming significant tungsten grades in both historical trenches and rock stockpiles. Resampling of historical t...
Viking Mines advances Linka Tungsten Project with positive modular processing study
Jul 30, 2026
Viking Mines has received an independent concept processing study from Mineral Technologies confirming that scheelite mineralisation at its Linka Tungsten Project can be treated through a conventional, modular processing plant. The proposed facili...
Viking Mines Advances Nevada Tungsten Strategy and Divests Non-Core Gold Asset
Jul 29, 2026
Viking Mines reported strong progress at its Linka Tungsten Project in Nevada during the June quarter, achieving metallurgical optimisation that produced a premium 56.9% WO₃ concentrate at 76% recovery and confirming a simple, low-capex grav...
Viking Mines Seeks ASX Quotation for 87 Million New Shares
Jul 28, 2026
Viking Mines Limited has applied for quotation on the ASX of 87 million ordinary fully paid shares, with an issue date of 28 July 2026. The securities relate to shares previously issued under an employee incentive scheme whose transfer restriction...
First Au completes acquisition of Riverina East Gold Project from Viking Mines
Jul 26, 2026
First Au Limited has completed the acquisition of the Riverina East Gold Project from Viking Mines, securing 11 mineral licences and one exploration licence application covering 255 square kilometres west of Menzies in Western Australia. The proje...
Viking Mines Mobilises Rig for First Drilling at Nevada Tungsten Project in 40 Years
Jul 21, 2026
Viking Mines has commenced mobilisation of an RC drill rig for a maiden drilling program at its Linka Tungsten Project in Nevada, marking the first drilling on the site in more than 40 years. Field teams and contractors are preparing drill pads, w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.