Locksley Resources

What Locksley Resources does

Locksley Resources Limited (ASX: LKY; OTCQX: LKYRF; FSE: X5L; ADR: LKYLY) is an Australian-listed critical minerals exploration company developing a vertically integrated Mine to Market strategy aimed at establishing a domestic U.S. supply chain for antimony and rare earth elements (REE). The company's primary asset is the Mojave Project in southeast California, comprising the Desert Antimony Mine (peak drill intercept 33.51% Sb over 0.4m, surface assays up to 46% Sb), the El Campo REE prospect (up to 12.1% TREO rock chip, peak intercept 6.03% TREO over 0.7m), and the Dam Antimony Mine, all strategically located approximately 1.4 km from MP Materials' Mountain Pass REE Mine. A secondary portfolio in New South Wales, Australia, consists of the Tottenham Project (JORC 2012 inferred resource of 9.86 Mt at 0.72% Cu, 0.22 g/t Au, 2 g/t Ag) and the option-stage Iron Duke Copper-Gold Project (65 exploration licences, Cobar District), providing non-U.S. base metals diversification.

The company's product stack includes metallic antimony and antimony trioxide (produced at 99%+ and 99.5% purity respectively), NdPr-enriched light rare earth feedstock, and advanced antimony-graphite battery anode materials (up to 20% antimony loading) developed jointly with Rice University. Its proprietary Deepsolv™ solvometallurgical processing technology underpins the antimony refining pathway and is positioned to serve third-party ore sources beyond internal Mojave feedstock. The Australian Tottenham Project remains an exploration asset with no current production. Research collaborations with Rice University (US$550K funded over 12 months), Columbia University, and Hazen Research form the technology backbone, supplemented by Affiliate Membership in the U.S. Department of Energy's Critical Materials Innovation Hub.

Locksley operates a pre-revenue, capital-intensive model with revenue expected to derive from long-term offtake agreements with U.S. federal agencies (DoD, DOE) and defense contractors such as Lockheed Martin, as well as direct sales to industrial and clean energy end-users. Pricing is undetermined pending offtake execution, and the go-to-market is enterprise sales-led, emphasizing U.S. government funding pathways (EXIM Bank, Defense Production Act, DOE R&D), strategic advisory relationships, and a wholly-owned U.S. subsidiary (Enigma Strategic Minerals LLC) managing California operations. Distribution is single-country/domestic, with no international product sales infrastructure. The company is financed primarily through equity capital raises, the most recent being an oversubscribed A$17 million placement in December 2025 led by U.S. institutional investors.

Name

Locksley Resources

Legal name

Locksley Resources Limited

Website

https://locksleyresources.com.au

Company type

Public

Operating status

Operating

Headcount range

1–10 employees

Short description

Locksley Resources is an ASX-listed critical minerals explorer developing the Mojave Project in California to produce domestically sourced antimony and rare earth elements for U.S. defense, energy, and industrial end-users via a vertically integrated mine-to-market strategy.

Ownership category

akta.pro rank

Product category

Critical Minerals Mining and Processing

NAICS

Other Metal Ore Mining (21229), Gold Ore and Silver Ore Mining (212220), Metal Ore Mining (2122)

SIC

Metal Mining (1000), Gold And Silver Ores (1040), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Critical Minerals Trading, Offtake & Marketing (IMAKAFAJ), Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

Keywords

• Critical minerals exploration
• Antimony mining production
• Rare earth elements processing
• Solvometallurgical refining technology
• Copper gold exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Critical Minerals Production (Antimony and REE): Pre-revenue exploration stage. Future revenue anticipated from mining and selling antimony and rare earth elements to U.S. defense, industrial, and clean energy sectors. Mine-to-market strategy includes downstream processing to produce antimony trioxide, metallic antimony, and advanced materials.
2. Copper and Gold Production (Australia): The Tottenham Project in NSW Australia contains JORC 2012 compliant inferred mineral resource of 9.86Mt @ 0.72% Cu, 0.22g/t Au, 2g/t Ag. Future copper and gold production anticipated.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels8 records

Core offering

Locksley Resources is a critical minerals exploration and development company focused on producing antimony, rare earth elements (particularly NdPr), copper, and gold. The company's core offerings center on the Mojave Project in California (Desert Antimony Mine, El Campo REE Prospect, Dam Antimony Mine) and the Tottenham and Iron Duke copper-gold projects in New South Wales, Australia, with downstream processing capability via its proprietary Deepsolv™ solvometallurgical technology. Future revenue is anticipated from the sale of refined antimony ingots, antimony trioxide, and rare earth feedstock to U.S. defense, energy, and industrial customers.

Product overview

Locksley Resources is a critical minerals exploration and development company with two principal programs: a U.S.-focused Mine to Market strategy anchored by the Mojave Project in California (containing the Desert Antimony Mine, El Campo REE Prospect, and Dam Antimony Mine), and an Australian copper-gold portfolio anchored by the Tottenham Project with the newly acquired Iron Duke Copper-Gold Project. The Mojave Project is the strategic priority, targeting high-grade antimony and rare earth elements (especially NdPr) to supply U.S. defense, energy, and industrial markets through a vertically integrated approach. Downstream, the company operates the proprietary Deepsolv™ antimony processing technology and is developing antimony-graphite battery materials through a partnership with Rice University. Exploration drilling, metallurgical processing, and U.S. government engagement form the core commercial activities.

Differentiator

Problem solved

Functional benefit

Products and services

• El Campo (REE) Prospect A rare earth element exploration prospect within the Mojave Project in California, located along strike from Mountain Pass Mine. Features rock chip grades up to 12.1% TREO and NdPr values up to 3.19%, targeting light rare earth elements essential for permanent magnets used in EVs, robotics, and defense applications.
• Desert Antimony Mine A historic antimony mine within the Mojave Project in San Bernardino, California, featuring surface assays up to 46% Sb and outcropping quartz-calcite-stibnite veins. Locksley is advancing drilling and permitting to reintroduce domestic antimony production for defense, semiconductors, flame retardants, and energy storage applications.
• Deepsolv™ Antimony Processing Technology A proprietary solvometallurgical processing technology for antimony extraction and refining that enables ore-source-agnostic antimony processing and addresses a critical U.S. domestic processing gap, offered for both internal Mojave project use and potential third-party ore processing.
• Antimony-Graphite Battery Materials (Advanced Energy Systems) Next-generation antimony-based energy storage materials developed in partnership with Rice University, designed to improve performance in sodium-ion and lithium-ion battery chemistries with up to 20% antimony loading, enhanced cycling stability, and higher theoretical capacity compared to conventional graphite anodes.
• Tottenham Project A copper and gold exploration project in the Cobar-Girilambone district of central New South Wales, Australia, covering four granted Exploration Licences (~470 km²) with a JORC 2012 compliant inferred mineral resource of 9.86Mt at 0.72% Cu, 0.22g/t Au, and 2g/t Ag.
• Iron Duke Copper-Gold Project An early-stage copper and gold exploration project covering 65 exploration licence units in the Cobar District of New South Wales, Australia, acquired through a binding option agreement with Balmain Minerals.
• Dam Antimony Mine An antimony exploration target within the Mojave Project where Locksley intersected antimony mineralisation beneath historical workings, with mineralisation extending to the south and at depth, supporting the company's U.S. antimony supply chain objectives.

Quantifiable outcome

• 99.5% purity antimony trioxide produced from Desert Antimony Mine feedstock
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Balmain Minerals (Sky Metals)minorOthers · 15 May 2026Binding option agreement to acquire 100% interest in Iron Duke Copper Gold Project. Transaction involves upfront option fee of A$100,000, initial consideration of A$500,000, and additional A$500,000 contingent on resource milestones or project sale. Project comprises 65 exploration licences in Cobar District, NSW, Australia.
• Hazen ResearchcoreStrategic or Co-development Partner · 16 February 2026Partnership with Hazen Research for metallurgical testwork to process ore exclusively within the U.S. Successfully produced metallic antimony at better than 99% purity, resulting in a 100% American-made antimony ingot meeting near defence-grade specifications.
• U.S. Department of Energy Critical Materials Innovation HubcoreStrategic or Co-development Partner · 11 February 2026Affiliate Membership status granted to U.S. subsidiary Enigma Strategic Minerals LLC after seven-month verification process. Provides access to world-class R&D and collaboration with leading U.S. national laboratories (Oak Ridge, Lawrence Livermore) for critical mineral supply chain development. Access to DOE-funded R&D projects worth millions of dollars.
• Columbia UniversitycoreStrategic or Co-development Partner · 17 November 2025Sponsored research agreement with Columbia University's Department of Earth and Environmental Engineering (led by Professor Greeshma Gadikota) to develop advanced sustainable processing technologies for rare earth elements and critical metal recovery. Research focuses on recovery, separation, and metallization of REEs from carbonatite and bastnasite-style mineral systems at the El Campo REE project.
• Rice UniversitycoreStrategic or Co-development Partner · 25 August 2025Sponsored Research and Development Agreement with Rice University researchers (led by Pulickel Ajayan) to develop America's first domestic antimony processing capabilities. Two parallel research initiatives: green hydrometallurgical extraction and antimony-based energy storage. US$550,000 advanced over 12 months. All IP jointly owned between Locksley and Rice University.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• MP Materials: Operator of Mountain Pass, the only producing REE mine in North America. Directly comparable as a U.S.-focused REE producer located adjacent to Locksley's Mojave Project, sharing the same customer set (DoD, magnet makers) and federal-policy tailwinds.
• Perpetua Resources: Developer of the Stibnite Gold Project in Idaho, which is one of the largest identified U.S. antimony resources. Comparable as a U.S. critical minerals developer targeting antimony supply for defense and seeking federal/EXIM-style financing.
• United States Antimony Corporation: The only currently listed U.S. antimony producer, operating smelting and processing facilities in Montana and Mexico. Directly comparable on antimony processing focus and U.S. domestic supply thesis.
• USA Rare Earth: U.S.-focused critical minerals developer pursuing domestic REE and heavy mineral sand production and downstream processing. Comparable as a U.S. REE/Magnet-materials play targeting Defense Production Act funding.
• Energy Fuels: U.S. uranium and rare earth processor operating White Mesa Mill, with growing REE and critical minerals processing capabilities. Comparable as a domestic mid-stream processor of critical minerals serving U.S. government and industrial customers.
• Australian Strategic Materials: Australian-listed critical minerals developer integrating mine-to-metals production of REEs, zirconium, and titanium alloys with Korean and U.S. processing partners. Comparable as a vertically integrated critical minerals producer targeting similar defense/clean energy customers.
• Peak Rare Earths: Developer of the Ngualla REE project in Tanzania, focused on light rare earth production including NdPr. Comparable as a single-asset REE developer targeting NdPr-rich mineralization for the global permanent-magnet supply chain.
• VHM Limited: Australian critical minerals developer advancing the Donald Project for REEs, mineral sands, and rare metals. Comparable as a small-cap Australian-listed REE/critical minerals developer at similar stage of project development.

Broad incumbents

• Iluka Resources: Major Australian mineral sands producer building the A$1.8B Eneabba rare earths refinery. Comparable as a more advanced, larger-cap REE refining play and former employer of Locksley's CEO.
• Lynas Rare Earths: World's largest non-Chinese REE producer with Mt Weld mine and Malaysian/Kalgoorlie processing. Comparable as a larger, more advanced REE mine-to-oxide producer serving similar end-markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/locksley_lky
• YouTubeyoutube.com/@LocksleyResources
• LinkedInlinkedin.com/company/locksley-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Locksley Resources