Locksley secures third-party antimony feed to fast-track U.S. processing

Key highlights

• Non-binding Heads of Agreement with EV Resources (EVR) to supply antimony concentrate to Locksley; parties will seek a binding Ore Sales Agreement. 
• Locksley to make a A$0.75m strategic investment in EVR, subject to EVR shareholder approval and finalising the binding agreement. 
• DeepSolv™ solvometallurgical process (with Rice University) gains priority access to EVR ore for testwork—aimed at U.S. defence and energy-grade products and a US$1bn+ domestic antimony market. 
• Mine-to-market pathway strengthened: Mojave Desert Antimony Mine plus near-shore third-party feed to underpin early U.S. processing. 
• Ticker spread: ASX: LKY; OTCQB: LKYRF; FSE: X5L—Frankfurt listing enhances visibility in the DACH region and complements ongoing U.S. capital-markets evaluations (ADR/SPAC/IPO).
  
   

Locksley Resources has moved to lock in additional antimony feedstock to accelerate its U.S. processing strategy, signing a non-binding Heads of Agreement (HoA) with EV Resources to underpin a future, binding Ore Sales Agreement for concentrate from EVR’s Los Lirios operations. In parallel, Locksley intends to make a A$0.75 million strategic investment in EVR, contingent on EVR shareholder approval and the successful execution of a binding supply deal. The step is designed to de-risk feed availability for DeepSolv™, a solvometallurgical flow sheet being co-developed with Rice University, while Mojave mine planning advances in California. 

What today’s agreement covers—and why it matters

Under the HoA, EVR will provide representative samples for Locksley’s downstream testwork and seek a long-term supply partnership once performance is confirmed. Priority access to EVR’s concentrate gives DeepSolv™ a wider ore-type envelope for testing, helping validate the process across multiple feeds—a critical box to tick before commercial deployment. Locksley frames third-party supply as an explicit plank of its plan to access the US$1bn+ U.S. antimony market while domestic mining ramps, positioning the company to deliver non-Chinese feedstock into U.S.-based processing routes aimed at defence and energy applications. 

In practical terms, diversifying feed helps manage metallurgical risk: different crystal chemistries, gangue suites and impurity trains stress-test a flowsheet in ways that single-source ore cannot. If DeepSolv™ can demonstrate selective antimony extraction and clean product specifications across varied concentrates, the downstream case strengthens—especially for government-aligned offtakers who value supply security as much as unit cost. 

Management’s read-through

Chairman Pat Burke called the agreement a “potential strengthening of our mine-to-market strategy”, noting it complements Mojave with additional concentrate to accelerate the U.S. return to domestic antimony processing. He added that with Rice University’s support and the deployment of DeepSolv™, Locksley is assembling the resources, partnerships and technology to deliver secure, scalable and independent U.S. supply. 

Source: LKY ASX Announcement 

How DeepSolv™ fits the strategy

DeepSolv™—described as a proprietary solvometallurgical process—is being advanced with Rice University to produce defence-grade and energy-grade antimony products under U.S.-based refining. The HoA expands and diversifies ore feedstock for the ongoing program and gives priority access to EVR samples to validate process performance, with Mojave’s Desert Antimony Mine expected to provide domestic ore as mining progresses. The company stresses that multiple ore sources are “a key element” to establishing scale and demonstrating resilience in U.S. refining. 

Capital-markets footing: Frankfurt listing and U.S. options

Locksley now trades in Australia, the U.S. OTCQB and Frankfurt (X5L)—a spread that broadens liquidity and discovery among retail and institutional investors tuned to critical-minerals themes. The company has also flagged U.S. capital-markets pathways under evaluation—ADR program, SPAC merger, or a direct U.S. listing/IPO—which, if pursued, could align listing venue with the project footprint and funding sources for U.S.-centric processing. The multi-venue posture underscores a simple message: the end-market is American, and Locksley intends to meet it where scale capital pools reside.

Strategic context: why antimony—and why now

Antimony sits at the intersection of defence, energy and advanced materials—in alloys, munitions, semiconductors and flame retardants—yet U.S. domestic production is currently minimal. Against that backdrop, a U.S.-aligned processing flow sheet backed by diverse, near-shore ore is commercially attractive. Locksley’s Mojave Project lies in the Mojave Critical Minerals Corridor in California, within sight of MP Materials’ Mountain Pass rare-earth complex—a location that pairs geology with policy tailwinds (onshoring, supply-chain security, and defence readiness). The ability to show pilot-to-product progress—and to do it with non-Chinese feedstock—is the signal downstream buyers and government stakeholders will watch for. 

Near-term catalysts to watch

• Binding Ore Sales Agreement with EVR, including volumes, pricing mechanics and tenure. 
• DeepSolv™ testwork updates from Rice University: recoveries, impurity rejection, energy/reagent intensity and product specifications. 
• Mojave development milestones (access, drilling, permitting) that align mine ramp with refining timelines. 
• Funding signals: government programs, strategic partnerships or capital-markets moves that match the U.S.-processing focus.
  
   

Balanced view: upside and risks in context

The upside: Locksley is moving the controllables—feed diversity, process validation, and market access—in a logical order. If DeepSolv™ produces clean specs across Mojave ore and EVR concentrate, Locksley will have a stronger case with U.S. buyers who want security of supply as much as price. The Frankfurt listing and OTCQB status also widen the funnel for potential investors—helpful for funding a processing-first plan. 

The risks: The EVR deal is non-binding today; it must convert to a binding Ore Sales Agreement and pass EVR shareholder approval. Process scale-up is never automatic; bench results must carry through to continuous operation at cost and spec. Timelines can stretch as permitting and engineering move from paper to plant. And as with all specialty metals, antimony pricing and end-market cycles can swing project economics. 

Investor lens: today’s tape

At 1:55pm AEST on 10 September, Locksley traded at A$0.26 (+18.18%) on volume of ~12.25 million shares, within a 52-week band of A$0.014–0.330, implying a market capitalisation near A$65.5 million on ~251.91 million shares.