Australia's Viking Mines climbs on agreement to acquire battery project

Viking Mines

30/11/2022 01:02

** Shares of diversified miner Viking Mines Ltd  VKA.AX 
rise as much as 22.2% to A$0.011, their highest since May 6 
    ** Co signs binding agreement with peer Flinders Mines Ltd
 FMS.AX  to earn up to 99% of the Canegrass Battery Minerals
Project in Western Australia 
    ** Agreement through farm-in arrangement for A$1.25 mln
($835,875.00) cash and A$4 mln exploration spend over a 54-month
period
    ** Says project's primary commodity is vanadium, with
potential for nickel, copper, cobalt, platinum group elements
and gold 
    ** About 4.3 mln shares change hands, compared with the
30-day average of nearly 957,400 shares 
    ** Stock to mark its best day since Nov 18 if gains hold
    ** Stock down 40% this year, as of last close 
($1 = 1.4954 Australian dollars)
 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))