Locksley Secures $1.47 Million to Fast-Track Critical Minerals Exploration at Mojave
Locksley Resources (ASX: LKY) has secured a heavily oversubscribed $1.47 million capital raise to accelerate drilling at its strategic Mojave Project in California, targeting high-grade rare earth elements and antimony.
Capital Raise Sets Stage for Critical Minerals Exploration Push
Locksley Resources has successfully secured $1.47 million in a heavily oversubscribed placement to sophisticated and institutional investors at $0.04 per share. The placement provides Locksley with the necessary funding to commence an aggressive exploration campaign at its Mojave Project in California, which hosts both rare earth elements (REEs) and antimony – two minerals designated as critical by the United States government.
The timing of this capital raise is significant as the company's exploration team is already mobilising to site to prepare for drilling expected to commence in the September Quarter 2025, subject to Bureau of Land Management (BLM) permitting approvals.
"We're extremely pleased with the strong support shown for this raise, which allows us to advance both antimony and REE drilling in one of the most strategic locations in the U.S. This funding puts us in a strong position to execute our exploration program and deliver key value catalysts in the months ahead." – Locksley Chairman, Nathan Lude
Targeting High-Grade REEs and Antimony at Mojave
The Mojave Project consists of three claim blocks totalling 20.94 km² in the Mojave Desert, California, strategically positioned adjacent to one of the highest-grade REE mines in the world. The upcoming drilling program will focus on two high-priority targets:
| Target | Planned Drilling | Highlights |
|---|---|---|
| El Campo Prospect (REEs) | 6 RC drill holes | Surface samples with TREO up to 12.1% |
| Desert Antimony Mine | 3 RC drill holes | Surface samples with antimony up to 46% |
Beyond drilling, Locksley's exploration team will conduct comprehensive follow-up activities including:
- Mapping and rock chip sampling across multiple targets
- Refining geophysical targets
- Additional surface sampling for geochemistry
- Structural mapping
- Petrological studies to inform future metallurgical testing
What Are Critical Minerals and Why Do They Matter?
Critical minerals are raw materials deemed essential to a country's economy and national security that face potential supply chain vulnerabilities. Both rare earth elements and antimony, Locksley's primary targets at Mojave, are classified as critical minerals by the U.S. government.
Rare Earth Elements (REEs)
REEs comprise 17 elements essential for high-tech applications including renewable energy technology, defence systems, and consumer electronics. Despite their name, REEs aren't actually rare in the Earth's crust, but economically viable concentrations are uncommon. The United States is actively seeking domestic sources to reduce dependence on imports, particularly from China which dominates global production.
The 17 rare earth elements include:
- Light REEs: Lanthanum, Cerium, Praseodymium, Neodymium, Promethium, Samarium
- Heavy REEs: Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, Lutetium
- Related elements: Scandium and Yttrium
REEs are crucial components in permanent magnets used in electric vehicles, wind turbines, hard disk drives, and military guidance systems. They're also used in catalytic converters, phosphors for displays, and various high-tech glass applications.
Antimony
Antimony is a critical mineral primarily used in flame retardants, lead-acid batteries, and military applications. The U.S. imports nearly 100% of its antimony, with China controlling much of the global supply. High-grade antimony deposits like those at Locksley's Desert Antimony Mine (with samples up to 46%) are particularly valuable given supply concerns.
The main applications for antimony include:
- Flame retardants: The largest use, accounting for approximately 60% of global consumption
- Lead-acid batteries: Used to harden lead in battery grids
- Military applications: Critical for ammunition, infrared sensors, and night-vision devices
- Semi-conductors: Used in certain specialised electronic applications
- Plastics and textiles: Added to materials to improve fire resistance
Strategic Positioning in the U.S. Critical Minerals Market
Locksley's Mojave Project is strategically positioned in California, providing several advantages:
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Domestic Supply Chain Development: The project aligns with U.S. government initiatives to develop domestic sources of critical minerals.
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Strategic Location: Positioned next to one of the world's highest-grade REE mines, the project benefits from established infrastructure and proven geological setting.
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Dual Commodity Exposure: The project offers exposure to both REEs and antimony, diversifying potential revenue streams while focusing on materials with strong demand fundamentals.
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Federal Collaboration: Locksley is advancing multiple U.S. federal submissions and collaborations to accelerate permitting and unlock critical minerals development opportunities.
Placement Details and Use of Funds
The $1.47 million placement was secured via the issue of 36,666,665 shares at a price of $0.04 per share. The shares were issued utilising the company's ASX Listing Rule 7.1 capacity (21,999,999 placement shares) and 7.1A capacity (14,666,666 placement shares). The placement shares rank equally with existing fully paid ordinary shares and were issued on 2 June 2025.
The funds will be directed towards:
- Drilling program execution at El Campo Prospect and Desert Antimony Mine
- Follow-up exploration activities across the project area
- Advancement of permit applications and regulatory approvals
- Working capital requirements
Why Investors Should Watch Locksley Resources
Locksley Resources presents a compelling investment case for investors seeking exposure to the critical minerals sector:
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Funded for Value Creation: With $1.47 million secured, Locksley is fully funded to execute its exploration program and deliver potential share price catalysts.
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High-Grade Surface Samples: Surface samples at El Campo showing up to 12.1% TREO and Desert Antimony Mine samples up to 46% antimony indicate significant mineralisation potential.
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Strategic Asset Location: The Mojave Project's position in California provides infrastructure advantages while meeting U.S. government objectives for domestic critical mineral supply.
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Near-Term Catalysts: With drilling planned for Q3 2025 and ongoing exploration activities, investors can expect regular news flow in the coming months.
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Exposure to Critical Minerals Demand: Both REEs and antimony face supply constraints while demand continues to grow, particularly for clean energy technologies and defence applications.
Locksley Resources has positioned itself at the intersection of critical mineral exploration and U.S. national security interests, with a funded exploration program targeting high-grade mineralisation in a strategic location. As the drilling campaign advances in the coming months, investors should watch closely for results that could validate the company's position in this high-potential sector.
Ready to Capitalise on Critical Minerals Potential?
Discover why Locksley Resources is strategically positioned to unlock significant value from high-grade rare earth elements and antimony at its Mojave Project. With $1.47 million in fresh funding and drilling set to commence in Q3 2025, now is the time to explore this compelling investment opportunity in the U.S. critical minerals sector. Visit locksleyresouces.com.au to learn more about Locksley's strategic assets and upcoming catalysts.
