Locksley Advances Toward US Antimony Production

Rhea-AI Summary

Locksley Resources (OTCQX: LKYRF) provided a project update for its Desert Antimony Mine (DAM) prospect in the Mojave Project on Nov 13, 2025. Key technical steps completed include LiDAR-confirmed 236m of underground development across four levels, an exploration target of 19,400–67,000 tons of antimony metal (conceptual, JORC 2012), and bulk sampling that returned 7.6–7.8% Sb head grades with a sighter test producing a 68.1% Sb concentrate.

The company says it has initiated development planning, received U.S. engineering interest, has drilling approval for up to 16 holes (pending bond), and is coordinating permitting, financing (EXIM LOI referenced) and pilot plant work with timelines into Q4 2025–Q1 2026.

Positive

• LiDAR confirmed 236m of underground development across four levels
• Exploration target of 19,400–67,000 tons antimony metal (JORC 2012)
• Bulk sample head grade of 7.6–7.8% Sb with sighter test producing 68.1% Sb concentrate
• Drilling approval for up to 16 holes at DAM (pending bond payment)

Negative

• Exploration target is conceptual and not an estimated Mineral Resource
• Pilot plant and commercial scale outcomes remain unproven from current testwork
• Drilling at DAM is conditional on bond payment and sequencing after El Campo

News Market Reaction

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+0.80% News Effect

On the day this news was published, LKYRF gained 0.80%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Fast-track execution positions Locksley among leaders in restoring America's antimony supply chain and processing capabilities.

SAN BERNARDINO, Calif., Nov. 13, 2025 /PRNewswire/ -- Locksley Resources, Ltd. (ASX: LKY; OTCQX: LKYRF) provided an update on the company's progress and immediate plans as they aggressively move forward their Desert Antimony Mine (DAM) Prospect, located within the Mojave Project in San Bernardino County.

Kerrie Matthews, Managing Director/CEO of Locksley said, "We are at a pivotal time for Locksley as we continue our rapid advancement toward becoming a developer, with an end-to-end supply chain strategy from Mine-to-Metal – all within the U.S." She noted that the successful execution of technical steps, including establishing the exploration target, achieving a 68.1% concentrate grade and evaluating the underground workings that have been part of the strategy have significantly advanced the company toward mitigating key uncertainties that are associated with planning for the next steps.

"We are focused on further enhancing our understanding of DAM and working in parallel with the U.S. government on permitting, finance, and ultimately physically delivering antimony product into the U.S. market," she affirmed. More information is available here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03022491-6A1296813&v=undefined.

The company has:

• Initiated development planning for extraction of mineralization, definitive financing (leveraging the recent EXIM LOI), permitting and pilot plant processing operations.
• Received expressions of interest from U.S. engineering contractors to commence with extraction of mineralization at the DAM mine, marking the start of development.
• DAM underground access assessment confirms the structural stability and accessibility of the historical workings, supporting safe re-entry and phased mine development planning toward future development.
• DAM site inspection by mining engineers scheduled for later this month as part of initial engineering and design studies to meet planned pilot plant throughput.
• Following underground LiDAR surveying that confirmed approximately 236m of Development across four levels spanning a 130m strike length, the company established an exploration target at DAM containing 19,400 to 67,000 tons of antimony metal. These estimates are conceptual in nature and there has been insufficient exploration to date to estimate a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the JORC Code (2012).
• The recently completed 325 kg bulk sampling delivered a high head grade of 7.6% to 7.8% Sb with flotation testwork underway and supported by the initial sighter testwork completed on a 23.1kg sample at 9.6% Sb, which delivered a 68.1% Sb premium concentrate, meeting industrial and defense specifications.

The company has multiple exploration activities in progress and planned with key activities and timeframes including:

• Underground mapping – currently underway and due for completion November 2025.
• Underground sampling – work planned to commence (assuming ability for safe working) in November 2025 with an approximate one-month time to assay results.
• Surface Sampling – initial program has commenced. Assays from previous samples taken are expected late November-early December 2025.
• Drilling – a plan of operations has been approved pending payment of required bond. Upon payment, Company is approved to drill up to 16 holes at DAM Prospect. The company currently expects to commence drilling at the El Campo Prospect in late Q4 2025/early Q1 2026 and anticipated commencing drilling at DAM subsequent to completing El Campo.
• Magnetic Geophysics Interpretation – Geophysical Consultants SGC has commenced with a regional magnetic image interpretation to define the structural geology across the Mojave Project. This will inform geological testing for new and additional structures and potentially further support the DAM exploration target. Work is expected to be completed by Q1 2026.
• Surface Structural & Geological Mapping – a third mapping program is scheduled to commence late November, expanding two previous phases of activity.
• Stream Sediment Sampling – a regional stream sediment sampling program is currently in the final planning phases. The field collection is scheduled to be completed in Q4 2025 (weather permitting). If samples are collected in Q4 2025 analysis results are anticipated in Q1 2026.

Locksley Resources (https://www.locksleyresources.com.au) is focused on critical minerals in the U.S. The company is actively advancing the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley is executing a mine-to-market strategy for antimony, aimed at reestablishing domestic supply chains for critical materials, underpinned by strategic downstream technology partnerships with leading U.S. research institutions and industry partners. This integrated approach combined with resource development with innovative processing and separation technologies, positions Locksley to play a key role in advancing U.S. critical minerals independence.

Contact: Beverly Jedynak, beverly.jedynak@viriathus.com, 312-943-1123; 773-350-5793 (cell)

View original content:https://www.prnewswire.com/news-releases/locksley-advances-toward-us-antimony-production-302613761.html

SOURCE Locksley Resources

FAQ

What did Locksley (LKYRF) announce about the Desert Antimony Mine on Nov 13, 2025?

Locksley reported LiDAR-confirmed underground development, an exploration target of 19,400–67,000 tons Sb (conceptual), bulk sample grades of 7.6–7.8% Sb, and a 68.1% Sb concentrate from sighter tests.

How material is Locksley's DAM exploration target for LKYRF investors?

The stated 19,400–67,000 ton range is a conceptual exploration target under JORC 2012 and is not a Mineral Resource; further drilling and assays are required.

When will Locksley (LKYRF) start drilling at DAM and how many holes are approved?

The company has approval to drill up to 16 holes at DAM pending payment of the required bond; drilling sequencing is expected after El Campo activity.

What testwork results did Locksley report that affect LKYRF's processing prospects?

A 23.1kg sighter sample produced a 68.1% Sb premium concentrate and a 325kg bulk sample returned 7.6–7.8% Sb head grades; flotation testwork is ongoing.

Does Locksley (LKYRF) have financing or government support for DAM development?

The update references definitive financing planning leveraging a recent EXIM LOI and ongoing coordination with U.S. agencies on permitting and finance.