VIKING MINES LIMITED — Capital/Financing Update 2017

May 24, 2017

ASX Announcement

25 May 2017

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ASX Code: VKA

Akoase Gold Project Sale Update

Viking Mines Limited (ASX: VKA) (“Viking” or the “Company”), is pleased to advise that it has now entered into a Deed of Acknowledgement ( Deed ) with ARL and BXC Ghana that both confirms the original USD10 million sale’s consideration and guarantees the payment of the remaining cash consideration of USD 6.0 million.

Features of Deed include:

1. An agreed payment schedule of

• USD2 million – already paid,

• USD1 million to be paid by 31 May 2017,

• USD2 million to be paid by 30 June 2017;

• and USD3 million to be paid by 31 December 2017

• a further USD2 million via royalties from production.

Each payment date is subject to a 30 day buffer before ARL/BXC Ghana are considered to be in default and penalty interest applies.

2. The Deed confirms that the sale is no longer subject to termination under any possible application of warranty/termination clause contained in the original sale agreement.

3. BXC Ghana now guarantees payment. A change in ownership of the purchaser, Ghanaian registered mining company, ARL, from private equity to BXC Ghana has caused some delay, but has resulted in this corporate guarantee for the payment of the balance of the sales proceeds

ABOUT BXC Ghana

BXC Ghana mainly operates in the electricity sector of Ghana, where it is a major supplier of power generation and distribution equipment. It engages with Ghana’s Electricity Commision in network optimization; it operates sophisticated retail metering and payment systems in joint venture and has recently invested some USD 30 million in Solar power generation. In addition, BXC Ghana has invested in other gold exploration and mining projects in Ghana.

BXC Ghana’s parent company is listed on the Shenzen Stock Exchange. It operates internationally as a leading industrial company, specializing in power management, manufacture electrical distribution equipment including switchgear, meters and accessories, as well as leading edge technologies that protect and enhance metering systems.

ENDS

Suite 2, Level 1, 47 Havelock Street, West Perth WA 6005 T +61 8 6313 5151 F +61 8 9324 2977 W www.vikingmines.com

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Jack Gardner Executive Chairman

For further information please contact: www.vikingmines.com info@vikingmines.com

Forward Looking Statements:

This document may include forward looking statements. Forward looking statements may include, but are not limited to statements concerning Viking Mines Limited’s planned exploration programs and other statements that are not historical facts. When used in this document, words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”, and similar expressions are forward looking statements. Although Viking Mines Limited believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward looking statements.

Suite 2, Level 1, 47 Havelock Street, West Perth WA 6005 T +61 8 6313 5151 F +61 8 9324 2977 W www.vikingmines.com