Alignment with the U.S. Export-Import Bank (“EXIM”) positions Mojave as a flagship initiative under White House directive to rebuild domestic U.S. supply and processing capacity for antimony and rare earths
HIGHLIGHTS:
– The U.S. Export-Import Bank has issued a Letter of Interest (LOI) indicating the potential for funding support of up to $191 million for Locksley’s Mojave Project in California
– EXIM is the official export credit agency of the U.S. government, charged with strengthening domestic industrial resilience and reducing foreign supply dependence in strategic sectors
– The potential EXIM funding is an initial cornerstone step in a broader U.S. government funding path providing access to programs under the Defense Production Act Title III and Department of War (DOW)
– The agreement reinforces Locksley’s strategy to establish a 100% US antimony and REE supply chain, following the successful production of the company’s US antimony bar
– Locksley executives will attend key meetings in Washington DC in mid-November to advance discussions on the company’s US mine-to-market partnership
A fully independent agency of the U.S. government, EXIM operates under a mandate from Congress to advance U.S. economic and national security interests through project and export financing. The recent Supply Chain Resiliency Initiative (SCRI) and the China and Transformational Exports Program (CTEP) prioritize financing critical mineral projects that reduce dependence on foreign supply and rebuild U.S. industrial capacity.
The LOI represents a cornerstone step in Locksley’s engagement with U.S. federal agencies and paves the way for detailed due diligence and underwriting to advance a comprehensive financing package for the Mojave Project.
In light of the recent US-China trade deal of November 2025, whereby China suspended export controls on new rare earths/critical minerals, and the US publicly reaffirmed its support for Western-based critical mineral supply chains, the Mojave Antimony Project is uniquely positioned to provide a low-risk, US-hosted, anti-China supply dependency solution. This alignment strengthens the strategic arguments that the Export-Import Bank of the United States (EXIM) must consider under its mandate for supply chain resilience and critical minerals.
Milestone of 100% American Made Ingot – Alignment with US Policy
Locksley recently announced the successful casting of the 100% American antimony rod, using raw materials sourced from the Mojave Project and processed entirely on American soil.
This achievement validated the company’s Mine-to-Metal business model and provides the foundation for commercial scale under the Defense Production Act and the Inflation Reduction Act.
Following the signing of the landmark US-Australian Critical Minerals Framework Agreement in Washington DC between President Donald Trump and Prime Minister Anthony Albanese, Locksley’s Mojave project is recognized as directly aligned with this bilateral initiative, which is also supported by commitments from the Australian Export Finance Agency (EFA).
The EXIM support, in addition to Locksley’s strategic partnership with Rice University, provides a clear path for Mojave to move beyond exploration and toward the development of downstream aligned supply chains for the US.
Drew Horn, Chief Executive of GreenMet and former White House Advisor on Critical Minerals, noted:
“EXIM’s Letter of Interest represents more than just financial support, it reflects a coordinated directive from the U.S. government to rebuild domestic capacity for critical minerals. The fact that EXIM’s involvement aligns with current White House priorities underscores how strategically important Locksley’s Mojave Project has become. We are now entering a period where nearly all federal funding in this sector is managed through White House-led initiatives, and Locksley is at the forefront of that effort. The combination of EXIM support and the successful production of a 100% American antimony bar shows tangible progress toward full independence from the U.S. supply chain.”
Kerrie Matthews, Managing Director & CEO, commented:
“EXIM’s involvement represents a strong statement of support for Locksley’s U.S. strategy and the momentum we have built with government and industry partners. The LOI provides a foundation to continue formal financing discussions while advancing our downstream and offtake plans. As our 100% U.S. antimony rod is produced, we are proving Locksley’s ability to deliver the next generation of U.S. critical mineral supply chains.”
Material terms of the LOI
The Letter of Interest (LOI) is a non-binding expression of interest and does not constitute a final commitment or financing agreement. A final commitment is conditional on Locksley meeting EXIM’s acceptance criteria, completing full due diligence (including technical, financial and legal reviews) and completing final documentation. The potential financing is up to $191 million with a 10-year repayment term. However, the final amount, interest rate and specific repayment terms will be determined upon completion of the due diligence process.
Rapid mine-to-market approach
Locksley continues to accelerate development planning and apply innovative thinking to traditional project timelines through government support in parallel workstreams:
– Upstream: accelerated development of the Desert Antimony mine through both conventional and non-traditional methods, enabling short-term ore supply
– Downstream: Collaboration with Rice University’s DeepSolv(TM) program and processing capabilities to rapidly build U.S. refining capacity
– Integrated supply chain: directly align with US defense, energy transition and industrial partners to deliver 100% Made in America antimony to the US market
– Locksley’s approach embodies the principles of the Mines of the Future framework, which integrates innovation, digital modeling and processing to quickly restore strategic mineral production on American soil.
This parallel approach positions Mojave as the fastest-moving U.S. antimony development, directly supporting national security and clean energy priorities.
Next steps
Locksley will now pursue the following key initiatives to move the Mojave Project toward development readiness:
– Progress of the formal application to EXIM, triggering due diligence and acceptance processes
– Securing additional U.S. government and institutional support under DPA Title III, DOE loan guarantees, and supply chain initiatives
– Locksley executives will attend key meetings in Washington DC in mid-November to advance discussions on US mine-to-market cooperation
– Initiate preparatory workflows for both mine development and downstream processing pathways
– Advancing pilot-scale commercial production to demonstrate US-based refining capabilities and accelerate initial metal production from the Mojave Project
About Locksley Resources Limited:
Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) is an ASX-listed explorer focused on critical minerals in the United States of America. The company is actively advancing exploration of two key assets: the Mojave project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development in this highly promising mineral region.
Mojave Project
Located in the Mojave Desert, California, the Mojave Project includes more than 250 claims spread across two contiguous prospect areas, the North Block/Northeast Block and the El Campo Prospect. The North Block is directly adjacent to MP Materials’ claims, while El Campo lies along the Mountain Pass Mine strike and is surrounded by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.
In addition to rare earths, the Mojave Project is home to the historic “Desert Antimony Mine,” which last operated in 1937. Although the United States currently has no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With significant surface sampling results, the Desert Mine prospect represents one of the highest known antimony occurrences in the US
Locksley’s North American position is further strengthened by the increasing geopolitical urgency to diversify supply chains away from China, the global leader in both REE and antimony production. With the first drilling program now planned, the Mojave project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.
Tottenham project
Locksley’s Australian portfolio includes the advanced Tottenham Copper-Gold Project in New South Wales, targeting VMS-style mineralization
Source:
Locksley Resources Limited
Contact:
Kerrie Matthews
General manager
Locksley Resources Limited
T: +61 8 9481 0389
Kerrie@locksleyresources.com.au
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