LKY samples high grade antimony from US project

Our US critical minerals Investment Locksley Resources (ASX: LKY) just released high grade antimony samples from a recent batch sampling program.

LKY’s samples came from the historic Desert Antimony Mine (DAM) - which during WW1 and WW2 produced between 100 and 1000 tonnes of antimony (source), it was one of the highest grade known antimony occurrences in the US.

In 2025, LKY sampled the old mine, managed to produce antimony ingots with ore from the project (the first US sourced, US processed antimony ingot in decades).

AND LKY outlined a full mine restart plan - which we covered in our last LKY note here: More on LKY’s historic antimony mine - can it be re-started?

They also released a video with quite detailed early rendering of what it may look like:

Locksley Resources - Desert Antimony Processing Facility

Today LKY announced results from a batch sampling program along one section of the project, returning weighted averages of up to 25.7% antimony…

The 3 batches in total contained 287kg of material and had a weighted average grade overall of 18.7% antimony, which is still extremely high, especially across a sample of this size.

(a major improvement on the previously sampled 7.6-7.8% grades).

This is where the samples came from, which is right where historical workings have been mapped by LKY toward the end of last year:

(source)

Here is the workings mapped by LKY prior, so there is quite a bit of ground to work with here as these samples appear to have come from the first cross cut section only:

(Source)

As part of this program, 287 kg of material has been collected for metallurgical testwork which will be used for optimising the flotation process and pilot facility development.

As mentioned earlier - today’s news will go into further refining that mine restart plan from the video earlier in our Quick Take:

Locksley Resources - Desert Antimony Processing Facility

LKY is aiming to re-establish a part of domestic antimony supply chains in the US.

Antimony was one of the first critical minerals the US government targeted with government funding and support in 2025.

We think there is a good chance that support/funding continues going into 2026…

Especially after the news overnight - where the Trump administration announced another major funding package for the domestic critical minerals industry…

(source)

The US$12BN in funding announced consists of US$2BN in private capital and a US$10BN loan from EXIM, with the goal being to build up stockpiles of critical minerals.

So early movers in this space could have plenty of demand to supply into as the reserves are stockpiled up…

We note LKY has explicitly stated they have applied for US$43M in funding through the Defense Production Act Title III”.

(Source)

What’s next for LKY?

Drilling (drilling preparation works began last quarter) 🔄

LKY expects to be drilling its project very soon. (Source)

First will be the rare earth targets to the south (that sit within MP Material’s ground package).

There, LKY will be testing areas where previous rock chip sampling returned grades as high as ~6.87% TREO (rare earths) - here is where those targets sit.

Then, straight after that round of drilling, LKY will be drilling the antimony targets to the north (where the old Desert Antimony Mine sits):

(Source)

We are especially looking forward to seeing if LKY can prove whether or not its Desert Antimony Mine extends over the entire 1.2km of strike mapped earlier in the year…

(Source)

Updates on LKY’s processing tech partnerships 🔄

Now LKY has signed partnership agreements with Rice University, Columbia University and Hazen Research.

With Rice the next stage for this partnership 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

LKY also recently signed a MOU to develop for processing of its antimony ore with Hazen research.

Hazen Research is a Colorado based R&D firm with 55+ years’ experience. They can provide global laboratory, pilot plant, and analytical services, specialising in developing processing and refining solutions for base and critical minerals.

LKY has now also signed an agreement with Columbia University.

This agreement is focused on the REE processing side.

Between the three partners, LKY is working on:

• Pilot plant design and metallurgical test work
• Production of representative samples for US industrial and defence qualification
• Commercial analysis and process optimisation