Locksley Resources Surges 20% on US EXIM’s US$191 Million Backing

Locksley Surges 20% After US EXIM Backs Mojave with Potential US$191 Million Financing

Locksley Resources (ASX: LKY) surged more than 20 percent today after announcing it had received a Letter of Interest from the US Export–Import Bank (EXIM), outlining potential financing support of up to US$191 million (about A$296 million) for its Mojave Project in California.

Even with recent tariff relief between the US and China, this move reinforces that Washington is still actively channeling capital into domestic critical-minerals projects, particularly those near the Mountain Pass region, the epicentre of America’s rare-earth revival.

EXIM, the official export-credit agency of the US government, plays a pivotal role in strengthening industrial resilience and reducing foreign supply dependence. Its engagement with Locksley marks a major milestone for the company, effectively placing Mojave within the scope of US federal funding priorities.

This development not only validates Locksley’s strategic positioning but also signals growing institutional recognition of its role in the US critical minerals supply chain. If the financing advances to a binding agreement, it could materially de-risk project development and unlock a new growth phase for the company.

It’s important to note that the agreement remains non-binding at this stage, but it still represents a major vote of confidence in Locksley’s strategic relevance to US national security and industrial policy. If advanced into a definitive commitment, the potential financing package could materially accelerate the Mojave Project’s development, funding mine construction, downstream processing capacity, and ultimately the commercial production of its rare earth and antimony resources.

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Locksley’s Mojave Find Delivers Antimony Grades up to 46%

Locksley Resources is best known for its Desert Antimony Prospect, located in California’s Mojave Desert within the Mountain Pass district, home to the only large-scale rare earths mine in North America. This location gives the project significant strategic and economic importance for the United States, particularly as the country seeks to strengthen its domestic critical minerals supply chain.

Recent exploration work at the Desert Antimony site has delivered highly encouraging results. Locksley’s geology team collected surface rock samples showing antimony concentrations as high as 46 percent, with an additional seven samples recording grades above 17 percent. To put this in context, most commercial antimony deposits globally range between 2 and 10 percent, meaning anything above 10 percent is considered high grade.

For investors, it’s important to note that these figures are based on surface sampling rather than full-scale drilling. While they provide a strong early indication of mineralisation, further exploration will be required to confirm the extent and continuity of the ore body at depth. Still, these initial results point to the Desert Antimony Prospect as one of the most promising high-grade antimony targets in the United States.

Where is Locksley Resources Now and Where Is It Headed

Locksley Resources is now entering the drill-ready phase at its Desert Antimony Prospect in California’s Mojave Desert. Following extensive sampling, survey work, and the finalisation of its drilling program outline, the company is preparing to commence drilling aimed at testing the depth, grade, and overall scale of the mineralised system below the surface.

From a financial standpoint, Locksley remains in a strong position for an early-stage explorer. As of June 30, the company held approximately A$2.2 million in cash and carries no debt, giving it roughly 12 months of funding runway before any potential capital raise is needed.

If the Letter of Interest from the US Export–Import Bank transitions into a binding agreement, it could be a major turning point. The proposed US$191 million financing package would provide the capital needed to accelerate drilling, advance development of a downstream processing facility, and move closer to commercial-scale production.