Locksley Resources (ASX:LKY) moves to accelerate drilling at high grade Mojave Project

Locksley Resources (ASX:LKY) is gearing up for its most ambitious campaign yet after securing $1.47 million in funding to launch exploration at its Mojave Project in California, a rare earths and antimony opportunity that is drawing increasing attention in light of shifting global supply chains.

The placement ensures Locksley Resources is fully funded to execute a targeted exploration program focused on critical minerals that are strategically prioritised by the United States government.

“This raise represents a pivotal moment for Locksley,” said Non Executive Chairman Nathan Lude.

The company’s Mojave Project sits adjacent to one of the world’s highest grade rare earth operations and has demonstrated early promise with assays of up to 12.1 percent total rare earth oxides and antimony grades up to 46 percent.

With permitting underway and drill plans finalised, the September quarter of 2025 is shaping up as a critical window for delivery.

Targeting Rare Earths and Antimony

Located in southeastern California, the Mojave Project offers a dual commodity opportunity targeting rare earth elements and antimony, both of which are classified as critical minerals under U.S. federal policy and are currently dominated by Chinese supply.

With its combination of high grade mineralisation, project scale and favourable location, Mojave stands out as one of the few ASX listed opportunities that directly align with and support U.S. critical mineral security ambitions.

“Mojave presents a rare opportunity to deliver local supply of these essential materials,” Lude said. “Our project has the scale, grade and jurisdictional advantage to emerge as a key contributor in North America’s resource future.”

The strategic value of Mojave goes beyond geology.

It positions Locksley in a region where funding, permitting and policy are increasingly aligned to support new entrants capable of supplying domestic industry with rare earths and defence critical elements like antimony.

Capital Deployment and Exploration Plan

The $1.47 million in capital raised will be deployed directly into Mojave, with a comprehensive exploration program that includes detailed fieldwork, surface sampling, structural mapping and drilling.

The drilling campaign will comprise five reverse circulation holes at El Campo to test rare earth mineralisation and three holes at the Desert Antimony Mine.

Early stage metallurgical work and geophysical modelling will also form part of the program, alongside continued progress on permitting and local engagement.

Locksley is also expanding its U.S. based team and has commenced discussions with drilling and earthworks contractors.

“This funding gives us flexibility to not only execute but also accelerate our program,” Lude said.

Permitting and Timelines

Drilling is planned for the September quarter, subject to final permitting from the U.S. Bureau of Land Management. Site preparation and collar location mapping are already underway.

The company has flagged active engagement with local collaborators and federal authorities as part of its strategy to streamline approvals and reduce lead times.

“The timeframe is realistic and achievable,” Lude said. “Our permitting efforts are being supported by proactive engagement with U.S. federal authorities and local collaborators.”

The mobilisation of the exploration team is imminent, with preparations already in progress to enable a rapid transition from permitting to drilling.

A Diversified Growth Strategy

The Mojave campaign represents more than a single asset play for Locksley.

It is a key milestone in the company’s broader international growth strategy, adding exposure to critical minerals in a Tier 1 jurisdiction alongside its Australian copper and gold assets.

Locksley’s model is based on identifying projects that combine geological potential with jurisdictional leverage.

The company sees Mojave as a blueprint for the type of asset that can deliver shareholder value during the global energy transition.

“Our broader strategy is to deliver data led, discovery driven value while positioning Locksley as a relevant player in the global energy transition,” Lude said.

With its next phase of exploration now funded and a clear execution plan in place, Locksley is entering a critical window that could define its role in future facing supply chains.

The coming months will reveal whether Mojave has the potential to deliver on both its geological promise and its strategic value.

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