U.S. Export-Import Bank Eyes US$191M Financing for Locksley’s Mojave Project

Strategic Financing Signal from U.S. Government

Locksley Resources Limited has taken a significant step forward in its ambition to establish a fully domestic supply chain for critical minerals in the United States. The company announced receipt of a Letter of Interest (LOI) from the U.S. Export-Import Bank (EXIM), indicating potential project financing support of up to US$191 million for its Mojave Project in California. While non-binding, this LOI signals strong alignment with U.S. government priorities to reduce foreign dependence on strategic minerals, particularly antimony and rare earth elements.

EXIM, as the official export-credit agency of the U.S. government, operates under mandates to bolster domestic industrial resilience and national security. Its recent initiatives, including the Supply Chain Resiliency Initiative and the China and Transformational Exports Program, prioritize funding projects that can rebuild American critical mineral capabilities. Locksley’s Mojave Project fits squarely within this framework, especially given the recent U.S.–China trade agreement easing export restrictions on rare earths, which underscores the strategic importance of secure, Western-based supply chains.

From Mine to Metal – Validating the American Supply Chain

One of the most tangible milestones for Locksley has been the successful production of a 100% American made antimony ingot, sourced and processed entirely on U.S. soil. This achievement validates the company’s integrated mine-to-metal business model and provides a foundation for scaling under key U.S. legislative frameworks such as the Defense Production Act and the Inflation Reduction Act.

Locksley’s Mojave Project, located in the Mojave Desert, is strategically positioned adjacent to established rare earth mining operations, reinforcing its geological potential. The project also includes the historic Desert Antimony Mine, which last operated in 1937, highlighting the opportunity to revive a critical mineral supply that the U.S. currently lacks. Antimony’s importance spans defense, semiconductor manufacturing, and metal alloys, making domestic production a national priority.

Advancing Development and Government Collaboration

With the LOI as a cornerstone, Locksley is preparing to enter formal financing discussions with EXIM, including comprehensive due diligence and underwriting. The company also aims to secure additional support from U.S. government programs under the Defense Production Act Title III and Department of War initiatives. Upcoming meetings in Washington D.C. will be pivotal in advancing these collaborations and refining the mine-to-market strategy.

Locksley’s approach is multifaceted – accelerating mine development through both conventional and innovative methods, partnering with Rice University’s DeepSolv™ program to fast-track downstream refining capacity, and aligning directly with U.S. defense and industrial partners. This integrated strategy embodies the principles of the Mines of the Future framework, combining innovation and digital modelling to rapidly re-establish strategic mineral production on American soil.

Positioned at the Forefront of U.S. Critical Minerals Independence

Industry experts, including former White House advisor Drew Horn, emphasize that EXIM’s engagement reflects a coordinated federal directive to rebuild domestic critical minerals capability. Locksley’s Mojave Project is emerging as a flagship initiative within this national effort, demonstrating tangible progress toward supply chain independence.

While the Letter of Interest is non-binding and subject to detailed due diligence, it nonetheless represents a strong endorsement of Locksley’s strategy and momentum. The company’s ability to produce a 100% American made antimony ingot and its strategic partnerships position it well to capitalize on growing geopolitical urgency to diversify away from Chinese supply dominance.