Highlights

  • Viking Mines Shares rose 7.14% on 31 March 2026, driven by favourable metallurgical results.
  • Linka testwork delivered a 63.6% WO₃ premium-grade concentrate from low-grade feed.
  • Simple gravity processing achieved a significant 53-fold grade uplift.
  • Combined recovery reached 83.8%, supporting favourable processing efficiency potential.
  • Stock has surged 50% over the past year, reflecting sustained investor interest.

Viking Mines Ltd (ASX:VKA) shares climbed 7.14% to AUD 0.015 on 31 March 2026, extending one year gain to 50%, as investors responded to a significant technical update from its Linka Tungsten Project in Nevada, USA.

Today’s share price strength follows the announcement of metallurgical testwork results demonstrating the ability to produce a high-grade tungsten concentrate through a simplified and potentially low-cost processing route.

High-Grade Concentrate Marks Key Technical Milestone

The company reported that testwork successfully upgraded ore from an initial 1.2% WO₃ feed to a premium-grade 63.6% WO₃ scheelite concentrate using gravity separation techniques. This represents an approximate 53-fold increase in grade.

At the same time, recovery rates remained robust, with 42.4% of tungsten recovered into the high-grade concentrate. When combined with additional material streams, recovery increased to 46.0% at a slightly lower grade of 56.4% WO₃, still within saleable levels.

These outcomes confirm that the Linka mineralisation responds effectively to relatively simple processing methods.

Combined Processing Enhances Overall Recovery

Beyond gravity separation, initial flotation testwork conducted on residual material further improved recoveries. The flotation stage recovered an additional 37.8% of tungsten, lifting total recovery across both processes to 83.8%.

This result was achieved at an early stage of testing, with further optimisation work underway to enhance concentrate quality and maximise recovery from flotation outputs.

Additional testing is ongoing, including the use of Falcon concentrators to assess recovery of finer material within the processing circuit.

Low-Cost Processing Pathway Supports Development Strategy

The results support the development of a streamlined processing flowsheet centred on gravity separation, which is typically less capital-intensive and avoids the need for complex chemical treatment.

This approach underpins a potential “rapid-start” development model, aimed at accelerating the pathway to production and early cash flow. The simplified design is expected to enable faster permitting and construction timelines compared to conventional processing plants.

The findings are being incorporated into a broader processing concept study to define plant design parameters and capital requirements.

Strategic Positioning Amid Favourable Tungsten Market

The update comes as global tungsten pricing continues to test elevated levels, with ammonium paratungstate prices recently reaching around US$2,800 per metric tonne unit.

At the same time, supply constraints persist globally, supporting the strategic relevance of new projects capable of delivering high-grade output. The ability to produce a premium concentrate through a low-cost flowsheet positions the Linka Project within this evolving supply landscape.

Investor Takeaway

The latest share price move reflects investor response to a key technical milestone that demonstrates both high-grade output and favourable recovery potential at Linka.

The ability to achieve premium concentrate grades using simplified processing methods may support improved project economics and faster development timelines. With further optimisation work underway and development studies progressing, the market is likely to monitor upcoming testwork results and project advancement milestones.