Locksley Resources: Pioneering U.S. Critical Mineral Independence Through the Desert Antimony Mine

In an era where global supply chains are increasingly weaponized, the U.S. government's push to secure domestic production of critical minerals has become a national security imperative. Among the companies leading this charge is Locksley Resources Ltd (ASX:LKY), which stands at the forefront of a pivotal project: the Desert Antimony Mine in California's Mojave Desert. With its recent drilling permit approvals and strategic alignment with federal priorities, Locksley is positioned to address a glaring vulnerability—the U.S. reliance on China for 82% of its antimony supply. Here's why investors should take notice.

The Antimony Imperative: A Critical Mineral in Defense and Industry

Antimony, classified as a critical mineral by the U.S. Department of the Interior, is indispensable for modern industries. It is used in semiconductors, lithium-ion batteries, and fire-retardant materials, but its most critical role lies in defense systems—from bulletproof vests to missile guidance components. Despite its importance, the U.S. has imported nearly all of its antimony since domestic production ceased in the 1990s. Locksley's Desert Antimony Mine, with surface samples showing grades up to 46% antimony and 1,022 g/t silver, could be the catalyst to reverse this dependency.

Federal Backing: Permitting Aligned with U.S. Critical Minerals Strategy

The Desert Antimony Mine's progress has been fast-tracked under the FAST-41 permitting process and the Defense Production Act (DPA) Title III, both of which prioritize critical minerals projects. The Bureau of Land Management (BLM) approved Locksley's drilling program in July 2025, with permits for three reverse circulation drill holes targeting high-grade antimony structures. This approval, expected by August 2025, marks a pivotal milestone. Drilling is set to begin in September 2025, with results expected by year-end—a critical catalyst for the stock.

The project's alignment with Executive Order 14017 (2021), which mandates reducing reliance on foreign critical minerals, ensures strong federal support. Partnerships with agencies like the Department of Defense (DoD) and the Critical Materials Institute (CMI) further underscore the project's strategic importance.

Resolving Title Disputes: Regulatory Clarity Achieved

A potential roadblock—MP Materials' challenge to Locksley's mining claims—was resolved in June 2024 when the BLM dismissed the dispute. This ruling, confirmed by the BLM's State Director, solidified Locksley's legal right to proceed. The resolution removes regulatory overhang, allowing the company to focus on exploration.

Dual Focus: Rare Earths and Antimony—A Compounding Thesis

While the Desert Antimony Mine is the immediate focus, Locksley's Mojave Critical Minerals Project also includes the El Campo rare earths prospect, which contains high-grade deposits of neodymium-praseodymium (NdPr), vital for electric vehicle (EV) magnets. This dual strategy—tackling two critical mineral shortages—creates a multi-tiered investment thesis.

Low Trading Volume: A Catalyst for Price Upside

Locksley's A$6.31 million market cap and volatile trading volume present a compelling risk/reward opportunity. Recent volumes have fluctuated between 2.5 million to 11 million shares daily, with an average of ~5.5 million shares. This low liquidity means even modest positive catalysts—like positive drilling results in Q4 2025—could trigger outsized price movements.

Risks and Considerations

• Execution risk: Delays in drilling timelines or metallurgical challenges could disappoint investors.
• Market volatility: The stock's small cap makes it sensitive to macroeconomic shifts.
• Regulatory reliance: Federal support is critical, though current policies favor domestic critical mineral projects.

Investment Thesis: A Strategic Play on U.S. Mineral Sovereignty

Locksley Resources is a high-risk, high-reward bet on U.S. critical mineral independence. The September drilling campaign at Desert Antimony is the most immediate catalyst, with results potentially validating the deposit's scale. Pair this with the El Campo rare earths project—a rare U.S.-based rare earth play—and the company becomes a two-front disruptor in a sector dominated by China.

For investors willing to take on volatility, Locksley offers a unique opportunity to capitalize on a structural shift in global supply chains. With federal backing, a resolved legal landscape, and imminent drilling results, the stock could be primed for a parabolic move in late 2025—if results meet expectations.

Bottom Line: Locksley Resources is more than a mining play—it's a national security play. With antimony and rare earths at the heart of defense and green tech, this tiny company could become a cornerstone of U.S. critical mineral resilience. Investors with a long-term horizon and tolerance for volatility should watch this space closely.

Disclosure: This analysis is for informational purposes only and not financial advice. Always conduct your own research or consult a licensed professional before making investment decisions.