Locksley Resources (ASX:LKY | OTCQX:LKYRF | FSE| X5L) Mojave’s high grade antimony sampling advances LKY’s pathway to production

Kerrie Matthews, Managing Director and Chief Executive Officer of Locksley Resources (ASX: LKY), joins MarketOpen today to discuss the breakthrough high grade antimony results from the batch sampling program at the Desert Antimony Mine within the Mojave Project in California. The conversation focuses on execution sequencing, processing readiness and slashing technical uncertainty as the company advances toward domestic U.S. antimony production.

What does this batch sampling result change in practical terms for the Mojave Project?

“This is an exciting set of results for us. Previously we were working off surface and smaller samples, but this time we went underground into the historic workings and pulled out a batch sample, 287 kg in total. The grades came back really strong. Weighted averages up to 25.7% antimony in the first batch and overall 18.7% across everything. That gives us real, representative material we can use for metallurgical testing.

So, what does that mean? It lets us make smarter decisions on pilot plant design, flowsheets, and equipment. Everything’s grounded in how the real ore behaves, not assumptions. That’s huge for de-risking the project and building confidence as we push toward production.”

The batch sampling program materially strengthens our understanding of the grade profile at the Desert Antimony Mine because it is based on batch material collected from within historic workings.

Weighted average grades of up to 25.7% antimony and a combined average of 18.7% across 287 kg provide a much clearer foundation for downstream work, particularly as this material is now suitable for advanced metallurgical testing rather than conceptual assessment.

This marks a shift from validating the presence of high grade material to actively designing processing pathways using representative feedstock.

From an execution standpoint, this allows us to progress pilot plant design decisions with greater confidence, knowing that grade distribution and material characteristics are grounded in sampling outcomes.

How should investors interpret the improvement in grades compared with earlier sampling?

“Earlier results were solid but which were around 7.6% to 7.8% from surface work. This looked promising. But we deliberately targeted the richer vein material inside the old mine this time around. Batch 1 hit that 25.7% weighted average, and even when we mixed in some lower-grade zones in the other batches to get a realistic range, we still saw 21.3% and 11.4%. Consistently double-digit, with peaks over 25%.

For investors, this is proof that as we are a mine restart we can readily access, isolate and test high-grade zones and that makes our downstream assumptions a lot more reliable. We’re showing the deposit has genuine high-grade potential we can target and process.”

Earlier sampling at the Desert Antimony Mine returned grades in the 7.6% to 7.8% range, which were already supportive of project potential, however the batch sampling program was intentionally targeted at specific mineralised vein material within historic underground workings.

The resulting weighted averages exceeding 25% in Batch 1, with consistent double digit results across all batches, demonstrate that materially higher grade zones are present and accessible at scale.

This improves confidence around downstream assumptions.

Why was the collection of 287 kg of material important from a risk perspective?

“With 287 kg, we’ve got enough volume to run meaningful flowsheet trials to test performance and assumptions. It lets us understand recovery rates and how the material really performs.

That reduces technical risk early on and supports our engineering and pilot decision and enables us to drive forward with our strategy.”

Collecting 287 kg of material allows metallurgical and processing testwork to be conducted using volumes that better reflect future operating conditions rather than laboratory scale approximations.

This supports a more realistic assessment of crushing requirements, flotation behaviour, and flowsheet design across a range of grades.

Using batch material at this stage materially reduces technical risk by allowing design decisions to be informed by how the material behaves in processing environments.

This approach aligns with our staged execution strategy, where each development step is underpinned by validated data before advancing further.

How do these results influence the planned Phase 1 pilot processing facility?

“They feed straight into it. Knowing we’ve got consistently high grades, means we can design a more efficient setup for the pilot. We get better control over variables like recovery, and it sets clearer performance targets.

The pilot becomes a true de-risking tool now. We’re engineering it based on feedstock behaviour which should give us stronger outcomes and make the whole pathway to larger-scale processing smoother.”

The batch sampling data feeds directly into the engineering design of the Phase 1 pilot processing facility, particularly in relation to equipment sizing, process efficiency and flowsheet configuration.

The consistently high grades support a more efficient processing design and clearer performance benchmarks for the pilot phase.

Higher grade feedstock at the pilot stage provides greater control over processing variables and improves confidence in engineering outcomes.

This allows the pilot facility to be designed as a deliberate de risking step rather than an exploratory exercise.

What are the immediate execution priorities following this announcement?

“Parallel streams of work focused on in field exploration activities and early design work for the pilot plant. So that is advancing our mid-stream understanding using this sample to lock in our final flowsheet. That data goes directly to our engineers for the pilot plant design.

At the same time, we’re pushing forward with our U.S. consultants and contractors on permitting and extraction planning, keeping everything moving in parallel. It’s a deliberate shift from sampling mode to metallurgical optimisation and engineering design.”

The next phase involves advanced crushing & flotation testwork on the sample material to finalise the processing flowsheet, with this data feeding directly into pilot plant engineering.

In parallel, the company continues engagement with US engineering consultants and contractors to progress permitting and extraction planning in a structured manner.

Execution now moves decisively from sampling into metallurgical optimisation and engineering design, supported by validated batch sample material.

This sequencing ensures that capital and technical decisions are made with a clear understanding of material performance and process requirements.

Translating grade confidence into execution discipline

In practice, Locksley Resources approach shows a clear, deliberate shift from grade validation to executing real processing, using batch sampling and metallurgical optimisation to reduce uncertainty before advancing development.

By basing the pilot plant design on truly representative material and rigorous, structured testwork, Kerrie Matthews and the LKY team are steadily advancing the Mojave Project through well-defined technical stages. This prioritises confidence, optionality and disciplined risk management as the company works toward reliable, domestic antimony processing outcomes in the United States.

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