Permitting Delays Could Challenge Locksley’s Mojave Drilling Timeline Despite Capital Raise

Capital Raise Fuels Ambitious Mojave Exploration

Locksley Resources Limited (ASX: LKY) has successfully raised $1.47 million through a heavily subscribed placement to sophisticated and institutional investors, pricing shares at 4 cents each. This capital injection is earmarked to fund a fully funded exploration campaign at the company’s Mojave Project in California, a region known for its rich deposits of rare earth elements (REEs) and antimony.

The Mojave Project, situated in the Mojave Desert, comprises nearly 21 square kilometres of contiguous claims, including the El Campo Prospect and the Desert Antimony Mine. Both targets have previously returned promising surface samples, with rare earth oxides reaching up to 12.1% TREO and antimony grades as high as 46% in rock chips.

Exploration Activities Underway

Following the capital raise, Locksley’s exploration team has mobilized to the Mojave site to begin preparatory work. This includes confirming drill collar locations, establishing access routes, and engaging contractors for earthworks and drilling. The company plans to commence reverse circulation (RC) drilling in the September quarter of 2025, pending necessary approvals from the U.S. Bureau of Land Management (BLM).

The drilling program will focus on two key targets: six RC holes at the El Campo Prospect to test high-grade rare earth mineralisation, and three RC holes at the Desert Antimony Mine to assess antimony concentrations. Beyond drilling, the campaign includes detailed surface mapping, rock chip sampling, geophysical surveys, and petrological studies aimed at refining exploration targets and informing future metallurgical testing.

Strategic Positioning in Critical Minerals

Locksley’s chairman, Nathan Lude, emphasized the strategic importance of the Mojave Project, highlighting its proximity to one of the world’s highest-grade REE mines. The company is also advancing multiple U.S. federal submissions to accelerate permitting processes, reflecting a proactive approach to unlocking critical minerals development opportunities in a geopolitically significant jurisdiction.

With the placement shares to be issued under ASX Listing Rules 7.1 and 7.1A, they will rank equally with existing shares, ensuring no dilution of shareholder rights. The successful capital raise not only secures funding but also signals strong investor confidence in Locksley’s exploration strategy and the potential of its U.S. assets.

Looking Ahead

As Locksley advances its Mojave exploration program, the market will be watching closely for drilling results and assay confirmations that could validate the high-grade surface samples reported to date. The company’s ability to navigate permitting hurdles and execute its campaign efficiently will be critical to unlocking value and positioning itself in the growing critical minerals sector.