Locksley Resources Limited (“Locksley”) is pleased to announce it has received a Letter of Interest (“LOI”) from the Export-Import Bank of the United States (EXIM) indicating the potential to provide up to US $191 million in project financing support for the Company’s Mojave Project in California.
The LOI represents a cornerstone step in Locksley’s engagement with U.S. federal agencies and opens the door to additional government funding pathways, including programs under the Defense Production Act Title III and the Department of Energy’s Supply Chain Resiliency Initiative.
EXIM is the official export credit agency of the U.S. Government, tasked with strengthening domestic industrial resilience and reducing foreign dependence on critical minerals and rare earths. Its recent China and Transformational Exports Program prioritizes funding for projects that support national security and economic independence - directly aligning with Locksley’s vision to build a 100 % American-made antimony and rare earths supply chain.
Strategic Alignment with U.S. Critical Minerals Policy
Locksley’s Mojave Project has emerged as a flagship initiative under the White House’s directive to rebuild domestic supply and processing capacity for strategic minerals.
This follows the successful production of the Company’s first 100 % American-made antimony ingot, manufactured entirely on U.S. soil using ore sourced from the Mojave Project. The milestone validates Locksley’s Mine-to-Metal model and provides a foundation for commercial scaling under both the Defense Production Act and Inflation Reduction Act frameworks.
The timing of the LOI coincides with renewed U.S.–China trade developments, in which China has lifted rare-earth export controls, prompting the U.S. Government to reaffirm support for Western-based critical mineral supply chains. This places Locksley in a unique position to deliver a low-risk, U.S.-hosted, China-independent solution.
Drew Horn, Chief Executive of GreenMet and former White House Advisor on Critical Minerals, said:
“EXIM’s Letter of Interest represents more than just financial support, it reflects a coordinated U.S. government directive to rebuild domestic critical minerals capability. The fact that EXIM’s engagement 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 being directed under White House led initiatives and Locksley stands at the forefront of that effort. The combination of EXIM support and the successful production of a 100 % American made antimony ingot demonstrates tangible progress toward full U.S. supply chain independence.”
Kerrie Matthews, Managing Director & CEO of Locksley Resources, added:
“EXIM’s engagement represents a strong endorsement of Locksley’s U.S strategy and the momentum we have built with government and industry partners. The LOI provides a foundation to progress formal financing discussions while advancing our downstream and offtake plans. With our 100 % American made antimony ingot now produced, we are proving Locksley’s capacity to deliver the next generation of U.S critical mineral supply chains.”
Fast-Track Mine-to-Market Strategy
Locksley is accelerating development of the Mojave Project through a parallel workstream model designed to shorten timeframes from mine development to downstream processing.
This includes:
- Upstream: Fast-tracked development of the Desert Antimony Mine using both conventional and non-traditional methods to enable near-term ore supply.
- Downstream: Collaboration with Rice University’s DeepSolv™ Program to rapidly establish refining capacity on U.S. soil.
- Integrated Supply Chain: Aligning directly with U.S. defence, energy transition, and industrial partners to deliver a fully American supply chain
The Company’s approach embodies the Mines of the Future framework - integrating digital modelling and innovative processing to re-establish strategic mineral production in the United States.
Next Steps
Locksley will now progress:
- A formal financing application with EXIM, triggering due diligence and underwriting processes;
- Engagement with additional U.S. government and institutional programs including DOE loan guarantees and DPA Title III support;
- High-level meetings in Washington D.C. in mid-November to advance discussions on its U.S. mine-to-market collaboration;
- Preparatory workstreams for mine development and downstream pilot-scale production.