Viking Mines (ASX:VKA) has entered into a drill-for-equity agreement with Topdrill, a private drilling company, to offset drilling costs at the Riverina East Project in Western Australia. The agreement allows Viking to issue up to 25 million shares to Topdrill, covering up to 40% of invoiced drilling expenses, capped at $1 million. The issuance of these shares would result in Topdrill holding a 1.88% stake in Viking Mines. The share value will be calculated using a 10% discount on the 20-day volume-weighted average price.
The deal, set to expire at the end of October, enables Viking Mines to expand its drilling program without significantly impacting its balance sheet. CEO Julian Woodcock anticipates the first assay results from the phase two drilling program at Riverina East between late April and early May 2025. The Riverina East Project, which includes the historical First Hit Gold Mine, spans 479.9km2 and is located within the Eastern Goldfields region of Western Australia. Viking Mines focuses on gold and critical minerals exploration and development within Western Australia.
