Highlights

• Locksley Resources raises A$5.3 million to fund exploration of antimony and rare earth elements at its Mojave project in California.
• Project is strategically located adjacent to MP Materials' Mountain Pass mine, positioning itself within U.S. critical mineral reshoring efforts.
• Early-stage exploration with promising surface sampling results.
• Potential alignment with U.S. defense and commercial mineral strategies.

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Locksley Resources (opens in a new tab) (ASX: LKY) has secured a major cash injection—raising A$5.3 million in an oversubscribed placement at 9.5c per share—to fund its exploration and development plans at the Mojave antimony and rare earths project in California. The raise, led by Tribeca Investment Partners as cornerstone investor, signals growing institutional appetite for U.S.-centered critical mineral strategies.

The Mojave project is no random patch of desert—it sits immediately adjacent to MP Materials’ Mountain Pass mine, the only commercial rare earth mine and processor in the U.S. This geographic positioning could prove strategic, particularly as the U.S. doubles down on reshoring REE supply chains with heavy Department of Defense backing.

Drilling Dollars and Strategic Signposts

According to Stockhead reporting, Locksley will use the funds for exploration, permitting, and downstream planning at Mojave. Surface sampling at the El Campo and North Block tenements has already turned up promising numbers: up to 46% antimony (Sb) and 1,022 g/t silver (Ag). The rare earths component, while less defined at this stage, is positioned along strike from Mountain Pass—a tantalizing clue.

Locksley Chair Nathan Lude said the raise brings more than a dozen new institutions onto the registry. “Having Tribeca cornerstone the raise is a strong endorsement of our team and strategy,” Lude noted, describing the company as well-capitalized to execute its vision.

Unanswered Questions: Resource Definition and Regulatory Risk

Despite the capital and credibility boost, Locksley has yet to define a JORC-compliant resource for rare earths or antimony at Mojave. Moreover, the project’s location in California raises ESG and permitting questions. Can LKY navigate California’s regulatory terrain, which has stalled other mining efforts, particularly for surface-disruptive operations?

The proximity to MP Materials is promising—but also raises potential land-use conflicts, water constraints, and environmental scrutiny. There’s also no word yet on offtake agreements or strategic partnerships in the U.S. refining chain.

A Bold Raise in a Hot Zone

Locksley’s raise is real, strategic, and investor-backed. But the path from drilling to dollars—especially in California’s complex permitting environment—is long. Still, the project’s location next to Mountain Pass puts it on the map. Investors should watch closely for drill results, resource estimates, and any signs of alignment with U.S. defense or commercial buyers.

Company Profile

Locksley controls 264 claims across two key zones—El Campo and the North Blocks—targeting both rare earth elements (REEs) and antimony, both classified as critical minerals under U.S. policy. Surface sampling has returned high-grade results, with rock chips from El Campo showing up to 12.1% TREO, including 3.19% NdPr, and antimony assays as high as 46% Sb.

The company positions itself as one of the first movers to benefit from the March 2025 U.S. Executive Order fast-tracking domestic mining of critical minerals. LKY is leveraging this policy shift through anticipated alignment with the Defense Production Act, and engagement with DoD, DoE, and EXIM Bank programs.

Corporate and Capital Highlights

As of June 2025, Locksley has:

• $25.66M market cap (as of Aug 1, 2025)
• $2.5M cash on hand
• 183M shares outstanding
• Board led by Chair Nathan Lude and Technical Director Julian Woodcock, both with experience in ASX-listed resource companies and North American exploration.

The company is also pursuing a U.S. OTCQB listing to better access U.S.-based capital for its American asset.

Critical Questions for Investors

Despite the eye-catching grades and strategic location, Locksley has not yet declared a JORC-compliant resource. Moreover, both the El Campo REE and Desert Antimony projects are in the early exploration phase, with drilling only set to begin in Q3 2025.

Permitting risk in California—a state not known for fast-tracking mining—could pose delays, and there's no current processing or offtake partner disclosed. Additionally, while the proximity to Mountain Pass is promising, it doesn’t automatically translate into synergy or infrastructure access.

Conclusion

Locksley is well-positioned to ride the U.S. critical mineral wave—but remains a high-risk, high-reward early-stage explorer. Its success depends on timely drilling, successful permitting, and strategic partnerships. One thing is clear: investors betting on LKY are betting on America’s appetite to secure REEs and antimony at home.

Source: The Australian (opens in a new tab) / Stockhead reporting, August 1, 2025; Company Corporate Presentation