Locksley Resources in line for US$191m Washington critical minerals funding
- James Pearson
- 2 days ago
- 3 min read
Locksley Resources’ (ASX: LKY) shares rocketed almost 25 per cent to 43 cents in early trade today after the company landed a crucial nod of financial support from Washington for its US critical minerals ambitions.
The US Government-backed Export-Import Bank (EXIM) has issued the company with a letter of interest (LOI) for up to US$191 million (A$288 million) potential funding package to fast-track its Mojave antimony and rare earths project in California.
EXIM is the official export credit agency of the US government and a cornerstone of President Donald Trump’s push to rebuild the US’ own antimony and rare earths supply chains which have been globally dominated by China for decades.
The company says the EXIM letter paves the way for due diligence and underwriting towards a full financing package in a move that could see Locksley tap deeper into programs under the Defense Production Act and Department of War mechanisms.
Washington is moving fast to rebuild its homegrown critical minerals supply chain after a global shortage exposed just how dependent the West has become on overseas sources — and antimony is suddenly at the top of the agenda.
China, which produces about 78 per cent of the world’s supply, stunned markets in 2024 with an export ban that sent prices soaring 300 per cent to more than US$55,000 (A$82,000) a tonne.
EXIM’s engagement represents a strong endorsement of Locksley’s U.S strategy and the momentum we have built with government and industry partners. The LOI provides a foundation to progress formal financing discussions while advancing our downstream and offtake plans.
Locksley Resources Managing Director and CEO Kerrie Matthews
As part of its U.S. expansion drive, Locksley has brought heavyweight advisory outfit GreenMet on board to help steer its Mojave Project into the heart of America’s critical minerals and defence supply chain.
GreenMet is led by founder and CEO Drew Horn, a former senior U.S. official who has held influential posts at the White House, Pentagon, Energy and Defence Departments and the Office of National Intelligence. A key architect of former President Biden’s Defense Production Act, Horn has deep Washington connections and policy expertise.
Mr Horn said; “EXIM’s LOI represents more than just financial support, it reflects a coordinated U.S. government directive to rebuild domestic critical minerals capability. The fact that EXIM’s engagement aligns with current White House priorities underscores how strategically important Locksley’s Mojave Project has become.”
Locksley says its executive will now travel to Washington later this month for high-level meetings to progress its collaboration and strengthen its position in the U.S. critical minerals push.
In a landmark moment, Locksley recently poured its first 100 per cent American-made antimony ingot, using ore from its Mojave project. The product was also refined entirely in country.
The pour marked the first domestic production for the US in decades and the company says it has laid the groundwork for the commercial development of antimony - a key metal used in semiconductors, batteries, and military-grade alloys.
Locksley’s Mojave project sits in California’s historic mining heartland and is adjacent to mining giant MP Materials’ Mountain Pass mining operation – the only producer of rare earths in America.
The company’s Desert antimony mine (DAM) - part of the broader Mojave project - is due east of Mountain Pass and is one of only four known high-grade antimony occurrences in the US.
Last mined in 1937, DAM has remained largely untouched, although recent rock chips sampling by Locksley returned grades up to a whopping 46 per cent and more than one kilogram per tonne of silver, setting the scene for a renewed exploration push at the old timer’s mine.
Meanwhile, to boost its downstream processing credentials, Locksley is collaborating with Houston’s Rice University - a leading institution in advanced materials research.
The partnership’s DeepSolv program is aiming to crack the code on low-cost, green antimony refining and separation technologies to help establish American-based processing capacity.
With Washington now likely in its corner, Locksley looks poised to play a starring role in America’s critical minerals comeback.
And the Mojave Project is shaping up as one of the nation’s most strategically placed antimony and rare earths developments - delivering not just a new mine, but a pathway to genuine US supply chain independence.
Punters will no doubt be watching closely as the company takes its next steps to secure funding in the nation’s capital.
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