Locksley Resources (ASX:LKY) From Ore to 99.5% Antimony, Proof Beats Promises

Locksley 99.5% Purity, The Antimony Story Gets Real

Lockley Resources is beginning to show strong signs of progress after successfully producing 99.5% purity antimony trioxide at bench scale using ore feedstock from its Desert Antimony Mine in the Mojave Desert, California.

That purity was verified using X-ray diffraction, or XRD analysis, which is a standard laboratory method used to confirm chemical composition. In simple terms, the company took raw ore from its California mine, ran it through a refining process, and produced a high-grade antimony product that could potentially be sold into defence and industrial markets.

This is important because it shows the ore is not just sitting in the ground. It suggests Lockley’s material can actually be refined into premium-quality product, which is a key step in proving the broader value of the project.

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Locksley Critical Mineral With a Domestic Bottleneck

At 99.5% purity, the company also opens the door to much higher-value end markets that lower-grade antimony cannot access. That includes uses such as primers, military electronics, and flame retardants used in aerospace and other industrial applications.

The timing also matters. US antimony demand is around 27,500 tonnes, while estimated domestic refining capacity is only about 1,500 tonnes. That gap is significant, especially now that the US government has classified antimony as a critical mineral and remains heavily reliant on China’s supply chain.

No Debt, 99.5% Purity, Now Prove Economics

The result came from Locksley’s metallurgical optimisation program, which began in Q4 2025 and uses pyrometallurgy, or high-temperature processing, to refine the ore. The team tested different temperature settings, oxidative and reductive chemical environments, and impurity removal methods across multiple rounds of laboratory work.

Locksley is also running a second processing pathway in parallel using its proprietary DeepSolv technology, which is a solvent-based refining approach. That is strategically important because it gives the company two separate routes to process the ore. If one pathway runs into technical or economic issues, the other provides a fallback, which helps reduce overall project risk.

Looking at Locksley’s financial position, the company has no debt and around A$2.2M in cash. That gives it roughly 1.6 years of runway before it may need to raise equity again.

Given the sharp selloff from its highs, we think this is a reasonable point to start paying closer attention to the stock.