LKY adds new CEO and COO as mine fast track plan continues

Our Investment Locksley Resources (ASX: LKY) just announced it has strengthened its leadership team through the addition of a new CEO and COO.

LKY holds ground in and around the $19BN MP Materials’ Mountain Pass mine in California.

MP’s project is the only rare earth producing mine in the USA - and is currently one of the more well known mining assets in the world right now due to:

1. Having the Pentagon Invest $400M directly into MP Materials, and
2. Apple (yes tech giant, Apple) doing a US$600M offtake deal with the company.

Last week we visited the LKY site and shared our thoughts on Monday: What we saw at LKY’s antimony and rare earths projects right next door to $20B MP Materials

The appointments today are aimed at enhancing LKY’s ability to engage with stakeholders for potential future funding and partnerships.

This is well aligned with the company’s strategy of fast tracking its mine to market strategy.

Today’s appointments include Kerrie Matthews as CEO who brings over 20 years experience within complex and capital intensive projects including Iluka’s $1.8BN Eneabba Rare Earths Refinery.

Kerrie also has experience with streamlining approvals which feeds directly into LKY’s strategy.

Also appointed today was Danny George as COO who has an extensive background in feasibility studies and project execution in the mining sector including delivering major projects with the likes of Vale and BHP.

Like Kerrie, Danny has shown the ability to bring projects quickly online which will help LKY position itself to gain first mover advantage.

As a part of today’s appointment, Technical Director Julian Woodcock has stood down from that role.

Julian has played a key part in helping to position LKY to be in the strong position it is today, ready to accelerate towards continued development into near term production and will remain as a technical consultant.

These appointments feed straight into LKY’s strategy of establishing a fully integrated supply chain for US sourced and produced antimony.

The new members have the skillset and experience to take LKY through the next stages of project development and importantly to get LKY well positioned to benefit from the US critical minerals theme.

What’s next for LKY?

Drilling (next quarter) 🔄

LKY expects drilling to start next quarter, with first results expected before the end of this year. (Source)

Right now LKY is waiting for its expanded Plan of Operations (“POO”) to be approved (which is LKY expanding the size of its currently permitted drill program).

Here is where LKY’s initial drilling program is scheduled:

(Source)

With the rare earths drill program, LKY plans to test areas where a number of high grade rock chip samples were found, grading 1.20% to 6.87% TREO (rare earths).

With the antimony drill program, LKY plans to test for the extent of mineralisation near the historical antimony mine.

Over 24 surface samples 8 had over 17% antimony and 18 had over 1.4% antimony - these are very high grades for antimony projects.

Here is a video of Julian Woodcock, Technical Director of LKY talking through LKY’s upcoming drilling plans:

(watch the video)

Permitting for phase two drilling 🔄

LKY has lodged permits for an expanded Phase two drilling program on the North Block.

In the map below:

• Light blue stars = phase 1 drill program (fully permitted)
• Dark blue stars = phase 2 drill holes (permit pending)

Secure licence agreement with Rice University 🔄

Now that LKY has signed a partnership agreement with Rice University, the next stage will be to secure a larger licence deal over whatever technology is developed from the R&D agreement.

This will take some time to work out the IP sharing and mutual development of the technology.

Updates on potential funding opportunities🔄

With LKY’s appointment of GreenMet we would like to see progress on US funding pathways.

Identify rare earth targets on the northern blocks 🔄

LKY is now trying to work up some rare earth targets on the much larger blocks to the north, two of them as close as possible to MP Materials’ mine.

LKY will run structural and geological mapping, plus geophysics programmes on the areas shown above (we circled them in green).

Hopefully we get to see some nice looking rock chip samples as part of this field work too.

(Source)