Highlights

• Locksley Resources secures a letter of interest from EXIM Bank for up to US$191 million to finance the Mojave Project.
• The project targets high-grade antimony and rare earths adjacent to the Mountain Pass Mine in California.
• Surface assays show promising grades up to 46% antimony and 12.1% TREO, but no defined resource exists yet.
• Drilling is planned for Q3 2025 to determine the project's economic viability.
• EXIM's interest reflects alignment with White House critical minerals policy.
• The letter indicates potential financing only, not approval, highlighting the need for investors to distinguish strategic momentum from operational proof.

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Locksley Resources has announced (opens in a new tab) a letter of interest from the Export-Import Bank of the United States (EXIM) for up to US $191 million in potential financing for its Mojave Project in California — described by the company as a “flagship” initiative under the White House’s domestic supply-chain mandate for antimony (opens in a new tab) and rare-earth elements (opens in a new tab) (REEs). The Mojave Project lies adjacent to the historic MP Materials / Mountain Pass Mine rare-earth complex, targeting high-grade antimony (Sb) mineralization and rare-earth oxides including neodymium-praseodymium (NdPr).

Why It Matters for the U.S. Supply Chain

Antimony is officially listed by the U.S. government as a critical mineral, yet domestic production is nonexistent; the nation depends on imports, mainly from China. Rare earth elements like NdPr are essential for permanent-magnet supply chains — spanning EVs, wind turbines, and defense systems — and the U.S. is eager to diversify away from Chinese dominance.

The Mojave Project’s dual-commodity approach addresses both needs. Permitting progress is tangible: the Bureau of Land Management has approved drilling for the Desert Antimony Mine portion of the project.

Drill-Ready but Not Yet Defined

Surface assays headline the story: antimony grades up to 46 % Sb and rare-earth rock chips reporting 12.1 % TREO with 3.19 % NdPr in one sample. However — and this is key — no defined resource exists yet. Drilling is planned for Q3 2025.

According to GreenMet's chief executive and former White House Advisor on critical minerals, Drew Horn (opens in a new tab), as published via NS Energy (opens in a new tab), “EXIM’s letter of interest represents more than just financial support, it reflects a coordinated US Government directive to rebuild domestic critical minerals capability.

The fact that EXIM’s engagement aligns with current White House priorities underscores how strategically important Locksley’s Mojave project has become.  “We are now entering a period where nearly all federal funding in this sector is being directed under White House-led initiatives and Locksley stands at the forefront of that effort. The combination of EXIM support and the successful production of a 100% American-made antimony ingot demonstrates tangible progress toward full US supply chain independence.” 

In the Fine Print: Substance vs. Story

Locksley’s Mojave Project sits on solid ground in a few key respects. The claim blocks are confirmed and positioned near Mountain Pass, anchoring the project within a legitimate U.S. rare-earth district. Surface assays—reporting up to 46 percent antimony and roughly 12 percent total rare earth oxides—have been independently verified, offering early evidence of promising mineralization. Meanwhile, the Bureau of Land Management’s drilling approval and the project’s alignment with the current White House critical minerals policy add real procedural and political weight to the venture.

Plus as Drew Horn articulates above, the makings of nascent industrial policy in the Trump administration are undeniable at this point.

Yet beyond these verifiable facts lies a layer of uncertainty. The much-touted EXIM letter of interest represents potential, not commitment; it signals intent to explore financing but stops well short of an approved loan. Economic viability will hinge on results from the upcoming drill campaign and subsequent metallurgical testing—both essential steps before any resource estimate can be declared. And while the company has branded Mojave as a “flagship” initiative, that label reflects ambition and timing within a favorable policy moment more than established technical certainty.

Locksley’s media messaging, meanwhile, leans into patriotic appeal—phrases like “low-risk solution” and “independence from China” abound. Such framing resonates with Washington’s industrial narrative (frankly a healthy bias given the totality of the circumstances) but risks overstating the project’s maturity. Investors should recognize the difference between strategic aspiration and operational reality: no public economic model or drill intersections have yet substantiated the Mojave story.

If the company ultimately delivers, the upside could be significant. A domestic source of high-grade antimony would close a glaring gap in U.S. supply, while successful rare-earth development could extend America’s footprint beyond Mountain Pass. The dual-commodity profile—antimony and REEs under one roof—aligns neatly with defense and industrial-policy priorities. But for now, Mojave remains an exploration-stage venture, rich in potential yet awaiting the proof that only drilling, metallurgy, and financing can provide.

Conclusion

This Rare Earth Exchanges analysis distinguishes verifiable facts (location, assays, permits, policy alignment) from what’s more like marketing ambition (financing certainty, resource definition). It reminds investors that EXIM’s interest does not equal approval and that execution risk remains high despite strategic momentum.

The good news: The Trump administration has done more for the rebuilding of American critical mineral and rare earth element supply chain then any other administration. But we are in the first inning of a nine inning game.

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