Locksley Resources Limited

Locksley Resources Limited is an Australian-based minerals exploration company primarily focused on critical minerals. Its mission is to unlock a secure U.S. supply of rare earth elements and antimony, while also exploring for copper and gold in Australia. The company's headquarters are located in Perth, Australia. [2, 3, 4, 5, 10, 12, 20]

The company's key projects include the Mojave Project in California, USA, which targets rare earth elements (REEs) and antimony, and the Tottenham Project in New South Wales, Australia, focused on copper and gold. The Mojave Project is strategically situated near the Mountain Pass rare earth mine, the only operating rare earth mine in the United States. [1, 2, 3, 4, 7, 9, 10, 12, 15, 20]

In October 2025, Kerrie Matthews was appointed Managing Director and CEO, leading the company's U.S. mine-to-metal strategy. Recent activities in early 2026 include the commencement of diamond drilling at the El Campo REE Prospect and Desert Antimony Mine within the Mojave Project, and the successful production of 99.5% purity antimony trioxide. Locksley Resources is also expanding its reach to U.S. investors through a sponsored American Depositary Receipt (ADR) program, aligning its operations with U.S. national policy for critical mineral supply chain security. [6, 7, 10, 11, 12, 13, 14, 15, 18, 19]

Latest updates

Locksley Advances REE Processing Pathways with Columbia University Collaboration

Event summary

  • Locksley Resources is collaborating with Columbia University to develop processing pathways for rare earth elements (REEs) at its Mojave Project in California.
  • The research, led by Professor Greeshma Gadikota, focuses on recovering, separating, and metallizing REEs from carbonatite and bastnasite mineral systems.
  • Locksley is using samples from its El Campo REE project within the Mojave Project for the research.
  • The collaboration is part of Locksley’s broader strategy of partnering with U.S. research institutions to advance critical minerals processing technologies.
  • Locksley’s Mojave Project is located adjacent to MP Materials’ Mountain Pass Mine, the only REE producing mine in the United States.

The big picture

The U.S. government's push for domestic critical mineral supply chains is driving increased investment in REE processing technologies. Locksley's strategy of combining resource development with innovative processing, particularly through partnerships with academic institutions, reflects a broader trend toward localized and technologically advanced mineral production. The success of this approach will be vital for reducing reliance on foreign sources and bolstering U.S. industrial competitiveness.

What we're watching

Processing Efficiency
The success of the Columbia University collaboration hinges on whether the developed processing routes can demonstrably simplify Locksley’s downstream flowsheet and reduce processing costs, impacting the project's overall economic viability.
Exploration Synergy
The parallel advancement of exploration at El Campo and the processing research will determine if the geological characteristics of the deposit align with the processing pathways being developed, potentially influencing resource estimates and mine planning.
Competitive Landscape
Locksley’s proximity to MP Materials’ Mountain Pass mine means the company’s ability to innovate in processing and secure offtake agreements will be crucial to establishing a differentiated market position and securing funding.

Locksley Begins Drilling at El Campo REE Prospect Near Mountain Pass

Event summary

  • Locksley Resources has commenced a four-hole diamond drilling program at the El Campo Rare Earth Element (REE) Prospect within its Mojave Project in California.
  • The drilling aims to evaluate the scale and continuity of REE mineralization, targeting sheared carbonatite-hosted deposits along a 900-meter strike.
  • Surface sampling at El Campo has previously returned results of up to 12.1% TREO (Total Rare Earth Oxide).
  • El Campo is located approximately four miles southeast of MP Materials’ Mountain Pass REE Mine.

The big picture

The commencement of drilling at El Campo underscores the intensifying global race to secure critical mineral supply chains, particularly for rare earth elements. Locksley’s strategy to target both REEs and antimony, coupled with a focus on domestic supply chains and downstream partnerships, positions the company to capitalize on U.S. government initiatives promoting critical mineral independence. The success of this initial drilling program will be a key indicator of the broader potential of the Mojave Project and Locksley’s ability to compete in the increasingly competitive REE landscape.

What we're watching

Drill Results
The initial drill results will be critical in determining the economic viability of the El Campo prospect and will likely influence Locksley’s broader Mojave Project development strategy.
Competitive Landscape
Locksley’s proximity to MP Materials’ Mountain Pass mine creates a competitive dynamic; the success of El Campo’s exploration will be weighed against the established production and infrastructure already in place.
Processing Tech
Locksley’s stated focus on innovative processing and separation technologies will be key to unlocking the economic potential of the REEs, and the company's ability to secure and deploy these technologies will impact project timelines and costs.

Locksley's Antimony Processing Advances with Rice University Collaboration

Event summary

  • Locksley Resources is reporting advancements in antimony extraction and materials fabrication through a sponsored research program with Rice University.
  • The DeepSolv™ system processing optimization demonstrated strong antimony extraction performance using feedstock from Locksley’s Desert Antimony Mine (DAM).
  • Research is exploring both concentrate upgrading and direct ore processing pathways, potentially bypassing conventional flotation pre-treatment.
  • Locksley and Rice University are jointly developing antimony-based composite materials for next-generation battery systems.
  • Locksley is focused on critical minerals in the United States, targeting rare earth elements (REEs) and antimony at the Mojave Project.

The big picture

Locksley's partnership with Rice University underscores the growing strategic importance of antimony as a critical mineral for both defense and emerging technologies like advanced batteries. The US government's push for domestic supply chains and reduced reliance on foreign sources creates a favorable environment for companies like Locksley, but successful commercialization will depend on overcoming technical challenges and securing sufficient funding. The DeepSolv™ technology, if proven at scale, could represent a significant competitive advantage in the antimony processing landscape.

What we're watching

Processing Efficiency
The ability to bypass conventional flotation pre-treatment, if scalable, could significantly reduce processing costs and complexity for Locksley's operations, impacting profitability and project timelines.
Battery Adoption
The success of developing antimony-based composite materials for next-generation batteries will hinge on performance characteristics and cost competitiveness relative to existing battery chemistries.
Commercialization
The transition from laboratory results to commercially viable production of high-purity antimony and advanced materials will require substantial capital investment and faces technological and scaling risks.

Locksley Achieves High-Purity Antimony Trioxide, Bolstering US Critical Mineral Supply

Event summary

  • Locksley Resources achieved 99.5% purity antimony trioxide production from the Desert Antimony Mine feedstock.
  • The achievement validates the potential for producing high-purity, 100% American-made antimony products at the Mojave Project.
  • Locksley cites a lack of US antimony processing and refining capability as the primary barrier to domestic supply.
  • The company is pursuing a mine-to-market strategy, combining resource development with processing and separation technologies.

The big picture

Locksley’s achievement addresses a critical vulnerability in US supply chains for antimony, a vital material for defense and industrial applications. The US government's push for critical mineral independence, coupled with ongoing geopolitical tensions, is creating a favorable environment for domestic producers. However, the company faces challenges in competing with established, lower-cost foreign suppliers, requiring a focus on high-value, specialized markets.

What we're watching

Commercialization
The ability to scale production to commercially viable levels will be crucial, as achieving purity is only the first step in establishing a competitive market position.
Government Support
Continued government incentives and strategic partnerships will be necessary to offset the higher costs associated with domestic antimony production compared to imports from China.
Downstream Adoption
The pace at which defense and industrial customers qualify Locksley’s antimony trioxide for their applications will determine the speed of revenue generation and market penetration.

Locksley Resources Confirms Antimony Continuity at Desert Mine

Event summary

  • Locksley Resources reported high-grade antimony assays (peak 16.90%) from surface sampling at the Desert Antimony Mine.
  • The assays confirm continuity of mineralization along strike and above historical underground workings.
  • Surface earthworks, preceding a maiden drilling program, identified extensions of stibnite-bearing veins.
  • The Mojave Project in California targets both rare earth elements (REEs) and antimony.

The big picture

The announcement underscores the growing interest in domestic critical mineral supply chains, particularly antimony, which is vital for various industrial applications. Locksley's focus on a mine-to-market strategy, coupled with partnerships with U.S. research institutions, positions the company to capitalize on government initiatives aimed at reducing reliance on foreign sources. The success of this strategy will depend on the company's ability to efficiently extract and process the antimony ore while navigating potential regulatory hurdles and securing long-term offtake agreements.

What we're watching

Resource Potential
The geometry and extent of the mineralization will be crucial to determining the overall resource potential, and the ongoing drilling program will be key to refining these estimates.
Drilling Progress
The speed and results of the maiden drilling program will dictate the timeline for resource definition and potential future development decisions.
Downstream Partnerships
Locksley's success hinges on its ability to secure and scale its downstream technology partnerships to establish a viable mine-to-market antimony supply chain.

Locksley Resources Begins Drilling at Desert Antimony Mine

Event summary

  • Locksley Resources has commenced diamond drilling at the Desert Antimony Mine (DAM) within its Mojave Project in California.
  • Site preparation, including earthworks and drill pad construction, has been completed, alongside surface mapping confirming stibnite vein orientation.
  • The company is conducting metallurgical testwork, supplying materials to Rice University and the Department of Energy for pilot-scale processing evaluation.
  • Locksley Resources is targeting both rare earth elements (REEs) and antimony within the Mojave Project.

The big picture

Locksley Resources' move to develop a domestic antimony source aligns with the U.S. government's push for critical mineral independence and reduces reliance on foreign suppliers. The company's mine-to-market strategy, coupled with partnerships with research institutions, positions it to capitalize on the growing demand for antimony in defense, advanced materials, and electric vehicle batteries. However, the success of the project hinges on demonstrating economically viable extraction and processing techniques.

What we're watching

Resource Confirmation
The drilling program's results will be critical in validating the mine's resource estimates and determining the economic viability of large-scale antimony production.
Processing Scale-Up
The success of the metallurgical testwork and subsequent pilot-scale processing will dictate Locksley’s ability to efficiently extract and refine antimony, impacting its competitiveness.
Geopolitical Risk
The U.S. government’s designation of antimony as a critical mineral creates a favorable environment, but ongoing geopolitical tensions could still impact supply chain stability and demand.

Locksley Resources Identifies New Antimony Target via Underground Mapping

Event summary

  • Locksley Resources discovered the 'Beefeater Shear' zone, a potential new antimony target, through underground mapping at its Desert Antimony Mine (DAM) in California.
  • The Beefeater Shear is estimated to be 10-15 meters wide and shares structural history with the existing DAM mineralized vein system.
  • The discovery resulted from a Stage III technical review focusing on the Northern Block, including high-resolution mapping and structural analysis.
  • Locksley is pursuing a 'mine-to-market' strategy for antimony, aiming to re-establish domestic supply chains and partnering with U.S. research institutions.

The big picture

The discovery underscores the renewed interest in domestic critical mineral supply chains, particularly antimony, driven by geopolitical concerns and industrial demand. Locksley's focus on a 'mine-to-market' strategy, combined with its partnership approach, positions it to capitalize on this trend, but the success hinges on proving the economic viability of the Mojave Project’s expanded resource base. The company’s ability to navigate permitting and environmental regulations in California will also be a crucial factor.

What we're watching

Exploration Success
The speed at which Locksley can validate the mineralization potential of the Beefeater Shear through targeted sampling and drilling will be a key indicator of the target's value.
Downstream Partnerships
The success of Locksley’s downstream technology partnerships will determine its ability to translate resource development into a viable, market-ready antimony product.
Geological Risk
The extent to which the Beefeater Shear’s structural history and mineralization characteristics mirror the existing DAM system will influence the overall resource potential and development timeline.

Locksley's Mojave Antimony Sampling Yields High-Grade Results

Event summary

  • Locksley Resources announced high-grade antimony results from a batch sampling program at the DAM deposit within its Mojave Project in California.
  • The program targeted mineralized vein material, with Batch 1 returning a weighted average of 25.7% antimony (Sb).
  • Subsequent batches, designed for metallurgical testwork, yielded 21.3% and 11.4% Sb averages, with a combined total of 18.7% Sb across 287kg of samples.
  • Locksley previously produced a 68.1% antimony concentrate in late 2025, following a 325kg sample.

The big picture

Locksley’s focus on antimony aligns with the broader push for critical mineral independence within the U.S., particularly driven by national security concerns and the energy transition. The company’s strategy of targeting primary antimony sources, rather than byproduct recovery, positions it to potentially capture a significant share of a market currently reliant on foreign imports. The results from the batch sampling program represent a positive step, but the company’s success will depend on translating these findings into a commercially viable mine.

What we're watching

Resource Definition
The consistency of high-grade antimony across multiple batches will be crucial in defining the extent and economic viability of the DAM deposit, and whether the initial results can be replicated across the broader Mojave Project.
Downstream Partnerships
The success of Locksley’s ‘mine-to-market’ strategy hinges on the ability to secure and scale downstream technology partnerships, particularly given the stated need for antimony in the defense and energy sectors.
Market Dynamics
The U.S. government’s stated demand for domestically sourced antimony will influence pricing and offtake agreements, and Locksley’s ability to capitalize on this demand will be a key indicator of long-term success.
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