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Highlights

  • Locksley raises $1.47 million at $0.04 per share via oversubscribed placement to institutional and sophisticated investors.

  • Proceeds will fund an exploration campaign at the Mojave Project in California, with drilling scheduled for Q3 2025.

  • LKY shares surged 42.9% to AU$0.07 on 28 May 2025 following the announcement.

Locksley Resources Limited (ASX:LKY) has secured firm commitments for a heavily oversubscribed share placement, raising approximately AU$1.47 million to support exploration activities at its Mojave Project in California, United States. The company disclosed the development in a market announcement on 28 May 2025.

The placement, priced at AU$0.04 per share, was offered to sophisticated and institutional investors and will be executed under the company’s existing placement capacities pursuant to ASX Listing Rules 7.1 and 7.1A. Following the news, Locksley’s share price surged by 42.9% to reach AU$0.07.

Proceeds from the capital raise will directly support a fully funded exploration campaign at the Mojave Project. The company confirmed that its exploration team has been mobilised and is currently on-site to identify priority drilling targets and prepare for the commencement of operations.

Drilling at Mojave is scheduled for the September quarter of 2025, subject to permitting approvals from the U.S. Bureau of Land Management (BLM). The initial drill program includes:

  • El Campo Prospect (Rare Earth Elements): 6 reverse circulation (RC) drill holes, with previously recorded Total Rare Earth Oxide (TREO) grades of up to 12.1%.

  • Desert Antimony Mine: 3 RC drill holes targeting antimony, with historical grades reported as high as 46%.

Locksley is also progressing multiple federal submissions and collaborative efforts aimed at accelerating permitting processes and facilitating critical minerals development across its U.S. projects.