PERTH — Viking Mines Ltd. announced Tuesday it has entered a binding agreement to acquire six tungsten projects in Nevada, a move designed to capitalize on soaring prices and U.S. efforts to build domestic supply of the critical mineral.
The ASX-listed company will acquire 100% of the portfolio from U.S.-based BLK Group LLC through staged payments over seven years, totaling $2.88 million. The deal includes the flagship Linka Project, which has a history of production and high-grade mineralization.
American Tungsten Corp. will make a $750,000 strategic investment in Viking and provide technical support, becoming a substantial shareholder.
Tungsten, essential for defense, aerospace and high-performance manufacturing, is listed as a U.S. critical mineral. The country currently relies entirely on imports, with China controlling about 85% of global supply.
“With tungsten designated as a critical defense mineral and prices reaching record highs, the macro environment is highly favorable for this acquisition,” said Julian Woodcock, Viking’s managing director and CEO.
The Linka Project includes three historical mines over an 820-meter strike length, with past production of about 65,000 metric tons at 0.49% tungsten oxide. Historical sampling results show high-grade intercepts, including 6.1 meters at 1.50% WO₃.
Viking has begun due diligence and recently completed a site visit. The company plans immediate work including data verification, sampling and drill permitting.
The acquisition is supported by a placement raising about $4.3 million, which will fund exploration and evaluation in the U.S. and existing assets in Western Australia.
Viking said it sees “significant opportunity” to define a critical mineral resource and pursue U.S. government funding under the Defense Production Act.
Tungsten prices have climbed throughout 2025, reaching all-time highs between $780 and $820 per metric tonne unit of ammonium paratungstate.