LOCKSLEY RESOURCES COMMENCES DRILLING AT ITS HIGH-GRADE DESERT ANTIMONY MINE LOCATED WITHIN THE COMPANY'S MOJAVE PROJECT IN CALIFORNIA

Rhea-AI Summary

Locksley Resources (OTCQX: LKYRF) commenced diamond drilling at the high-grade Desert Antimony Mine within its Mojave Project in California on Feb 23, 2026. Site establishment and detailed surface mapping confirmed stibnite vein orientation and drill-target continuity.

The company is also supplying representative material for downstream metallurgical testwork to Rice University and the Department of Energy to support pilot-scale processing and U.S. critical minerals supply-chain positioning.

Positive

• Diamond drilling commenced at Desert Antimony Mine on Feb 23, 2026
• Detailed surface mapping confirmed stibnite vein orientation and continuity
• Downstream metallurgical testwork planned with Rice University and Department of Energy
• Project aligns with U.S. designation of antimony as a critical mineral

Negative

• Project remains at exploration stage with no production timeline disclosed
• No reported resource or reserve estimates included in the announcement

News Market Reaction – LKYRF

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+0.41% News Effect

On the day this news was published, LKYRF gained 0.41%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SAN BERNARDINO, Calif., Feb. 23, 2026 /PRNewswire/ -- Locksley Resources Limited (ASX: LKY, OTCQX: LKYRF and LKYLY-ADR) announced the company has commenced diamond drilling at the high-grade Desert Antimony Mine (DAM), located within the company's Mojave Project in California.

The drilling follows successful completion of site establishment activities including necessary earthworks and construction of drill pads. During these site preparations, the company also conducted detailed surface explore mapping that provided critical geological data and confirmed the orientation and continuity of the primary stibnite veins at surface. More information is available here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03059509-6A1313161&v=undefined.

Kerrie Matthews, Managing Director and CEO of Locksley said, "The start of drilling at DAM is a key milestone for us. We have strong momentum as we move decisively to unlock a potential asset that can play an important role in reshaping the future of critical minerals supply." She noted that the commencement of drilling reflects a strong technical foundation and focus on high-confidence target areas.

"In parallel to our drilling program, we are also carrying out our downstream metallurgical testwork, with representative materials to be supplied to Rice University and the Department of Energy to support evaluation of pilot-scale processing and strengthen strategic positioning within critical mineral supply chains," Matthews said.

Antimony is designated as a critical mineral by the U.S. government, with limited current domestic production. The Desert Antimony Mine represents a rare opportunity to establish a primary, high-grade antimony source within the U.S. aligned with national security, defense and advanced materials supply chains.

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 targeted approach, combined with resource development with innovative processing and separation technologies, positions Locksley to play a role in advancing U.S. critical materials 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-resources-commences-drilling-at-its-high-grade-desert-antimony-mine-located-within-the-companys-mojave-project-in-california-302694272.html

SOURCE Locksley Resources

FAQ

What did Locksley Resources (LKYRF) announce on Feb 23, 2026 about drilling?

Locksley announced diamond drilling began at Desert Antimony Mine on Feb 23, 2026. According to the company, site establishment and surface mapping were completed to confirm high-confidence stibnite vein targets before drilling.

How does the LKYRF drilling program affect the Mojave Project's critical minerals plan?

The drilling advances exploration of high-grade antimony targets and supports domestic supply goals. According to the company, this work ties into a mine-to-market strategy and downstream processing partnerships for critical materials.

What downstream testwork did Locksley (LKYRF) say it will carry out and with whom?

Locksley will supply representative material for metallurgical testwork to Rice University and the Department of Energy. According to the company, this supports pilot-scale processing evaluation and strategic positioning in U.S. supply chains.

Why is the Desert Antimony Mine significant for U.S. critical mineral supply as per Locksley (LKYRF)?

The site is described as a rare opportunity to establish a primary U.S. antimony source aligned with defense and advanced materials needs. According to the company, domestic antimony production is currently limited.

Does the Feb 23, 2026 announcement from LKYRF include a production timeline or resource numbers?

No production timeline or resource/reserve figures were provided in the announcement. According to the company, the release focuses on drilling commencement, site works and planned metallurgical testwork.

Where is Locksley Resources conducting exploration and what commodities are targeted (LKYRF)?

Exploration is at the Mojave Project in California, targeting antimony and rare earth elements. According to the company, the Desert Antimony Mine is a high-grade antimony target within that project.