Key Highlights

  • Locksley Resources Ltd (ASX:LKY) shares were priced at $0.06 during the 20 October 2026 session, a gain of 11.11%.
  • The company's 15 October 2026 announcement cited a Tottenham JORC 2012 Mineral Resource of 9.86 Mt at 0.73% Cu, 0.22 g/t Au and 2 g/t Ag.
  • Locksley said an independent Mineral Resource Estimate is near complete and that it expects to update investors on drilling sequencing in the coming weeks.

During the Trading session on 20 October 2026, Locksley Resources Ltd (ASX:LKY) shares were priced at $0.06, a gain of 11.11%. Separately, the company released an announcement on 15 October 2026 setting out its Greater Tottenham copper growth strategy in central New South Wales, including its current resource base, target areas and planned work programs. That release was published several days before the session described here.

Company Background

Locksley Resources Limited is listed on the ASX and also trades on the OTCQB under LKYRF and on the Frankfurt exchange as X5L, with an ADR program under LKYLY. Its office is in Northbridge, Western Australia. The company says it is focused on an Australian copper area of more than 1,000 square kilometres, known as Greater Tottenham.

Greater Tottenham sits in the Girilambone Basin of the Lachlan Fold Belt in central New South Wales. The company says the area is in the same broader mineralised and infrastructure corridor as Tritton, Nymagee and Hera, Mineral Hill and the Cobar operations. It combines the Tottenham Copper Project with the Iron Duke copper-gold hub, which Locksley gained an option over.

Resource Base and Two-Pillar Strategy

Locksley cited two existing resources. Tottenham holds a JORC 2012 Mineral Resource of 9.86 million tonnes at 0.73% copper, 0.22 grams per tonne gold and 2 grams per tonne silver, as announced on 1 April 2022. Iron Duke holds a historical JORC 2004 Inferred Mineral Resource of 1.3 million tonnes at 1.0% copper and 0.6 grams per tonne gold, as announced on 19 May 2026.

The strategy rests on two pillars. The first, resource growth, covers testing extensions to the Carolina mineralisation, testing Mount Royal and Orange Plains extensions, re-evaluating Bogan River, ranking brownfields geophysical and geochemical targets, and advancing drilling at Iron Duke and exploration at Christmas Gift.

The second pillar, increasing economic viability, covers metallurgical testwork across oxide, supergene and fresh sulphide domains, pit optimisation and mineability studies, transport and regional processing assessments, permitting and environmental baseline work, and assessment of toll treatment and campaign processing options.

Target Areas and Data Work

Carolina is described as the highest-grade part of the Tottenham resource, open down-plunge and to the north. Historical airborne, ground and downhole electromagnetic data are being integrated to identify targets north and north-east of the deposit. Mount Royal and Orange Plains contribute the majority of the metal in the Tottenham resource and host sulphide lenses that remain open along strike and down dip.

Locksley said geological and geophysical interpretation has identified more than 50 kilometres of prospective trends across the district. It is integrating more than 20 years of geophysical, geochemical and geological data, supported by a near-complete independent Mineral Resource Estimate intended to set a unified reporting baseline across Tottenham and Iron Duke.

Sector Backdrop

Copper developers and explorers are exposed to the global copper price. According to a London Metal Exchange report, copper closed at 625.731 US cents per pound on 30 July 2026, a 2026 high, with the year-to-date average of 596.363 cents about 38.63% above the same period in 2025. London inventories were reported at 255,400 tonnes on that date.

Central New South Wales has an established copper Mining history, and the company itself points to nearby operations at Tritton, Nymagee, Mineral Hill and Cobar. Projects in such districts can be assessed against existing infrastructure, although permitting, processing access and metallurgy still need to be worked through for each deposit.

Risks Shareholders Should Weigh

Locksley's release includes a forward-looking statement caveat noting that such statements involve risks and uncertainties and that no assurance can be given that actual results will match them. The Tottenham resource dates from 2022 and the Iron Duke estimate is a historical JORC 2004 Inferred resource, which the company is working to update with a new independent estimate.

The company said commencement of drilling is subject to required approvals and access. Resource growth depends on drilling outcomes, and the viability of any development depends on metallurgy, mineability, permitting and processing Options that remain under study. Copper prices, funding availability and regulatory processes are further factors that affect projects at this stage.

What's Next

Locksley listed four workstreams across Greater Tottenham. These are advancing the mineral resource estimates and target definition, preparing a staged drilling program with approvals, access and contractor arrangements, commencing drilling at selected growth areas subject to approvals and access, and progressing metallurgical work on existing drill core alongside early assessment of development options.

The company said it expects to update investors on the sequencing of its planned drilling programs in the coming weeks, and that drilling programs at Iron Duke are being scoped alongside the updated resource estimate. It added that it will provide updates as key milestones are achieved.