LOCKSLEY RESOURCES LIMITED — Capital/Financing Update 2024

Apr 22, 2024

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ASX RELEASE
23 April 2024
LOCKSLEY RESOURCES LIMITED
ACN 629 672 144
Level 8, London House
216 St Georges Terrace
Perth Western Australia 6000
Tel: +61 (08) 9481 0389
Facsimile: +61 (08) 9463 6103
CONTACT
Mr Stephen Woodham
Managing Director
Tel: +61 417 293 449
woodhams@locksleyresources.com.au
DIRECTORS
Nathan Lude
Stephen Woodham
Stephen Brockhurst
TICKER
ASX: LKY
SHARES ON ISSUE
146,666,665
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EXPLORATION UPDATE

LOCATION: Southern California, USA

OPERATIONAL UPDATE – MOJAVE PROJECT

Highlights:

• Drilling approvals received to follow-up the high-grade El Campo ‘lode’ • The El Campo ‘lode’ returned 12.1% (121,388ppm) TREO from rock-chip samples[1]

• Locksley has staked an additional 5.7km[2] of mineral claims to the northeast of, and contiguous with, the North Claim Block

• Assays received from follow-up sampling of the North Claim Block, with further interpretation required to determine source of samples containing anomalous total rare earth oxide values

• The Mojave Project is immediately adjacent to the Mountain Pass REE Mine, the only operating REE mine in the US

Locksley Resources Limited (ASX:LKY) (“Locksley” or “the Company”) is pleased to announce it has received approvals to proceed with drilling at El Campo to follow-up the high-grade rare earth mineralization discovered on the El Campo Block (12.1% TREO1) and completion of the follow-up stream sediment sampling program within the North Claim Block – Mojave Project, CA.

Locksley Resources Limited Managing Director, Steve Woodham commented:

“With the receipt of the drill program approvals from the BLM for the El Campo Prospect, the Company is pleased to be able to follow-up on the sampling program which previously identified a prospective zone that continues for over 800 metres, including a rock chip assay of over 12% TREO.

The Company intends to mobilise a field team and drill rig to the El Campo Prospect as soon as practicable to execute the drilling program.

Furthermore, the previous stream sediment and rock chip sampling in the North Block Claim are indicative of the REE potential of the Mojave Project as a whole, such that the Company has now increased its land holdings in this area by 5.7 km[2] .

Additional surface sampling and mapping activities are being planned to explore this newly acquired area, as well as the yet to be explored South Block Claim.

The Company remains well funded to commence further work and the Board look forward to informing the market closer to the commencement of drilling.”

1. LKY ASX Announcement – 20 September 2023

www.locksleyresources.com.au

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Drilling Approval Received

The United States Bureau of Land Management (BLM) has determined that Locksley’s Notice of Intent (NOI) for exploration operations by drilling is complete and satisfies all requirements to ensure that unnecessary environmental degradation is prevented. Therefore, the Company can proceed with the planned drill program once the financial guarantee is posted.

The approved drill plan for the El Campo Block includes 5 (five) drill sites spanning north-northwest with outcropping mineralisation that has returned up to 12.1% TREO in rock chip samples. Each of the five drill holes will be advanced to a drill depth of approximately 155m to test the vertical continuity and width of this mineralised feature, for a program total of 775m. Figure 1 displays an example of one of the drill sites showing the distribution of rock chip assays (reported in Locksley’s 20 September 2023 ASX announcement) along the strike of the outcropping feature, and a planned drill trace (A-A’).

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Figure 1. El Campo ‘lode’ gossan high-grade TREO rock-chip samples (on drone orthomosaic)[2]

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North Block Stream Sediment and Rock Chip Sampling Program

As previously reported on 30 January 2024, Locksley has collected over 245 stream sediment samples across the North Claim Block. These results returned highly anomalous values up to 1.44% (14,400 ppm) TREO. Due to the high assay values returned for the sample material type, the Company completed follow-up sampling in February 2024 to test sampling procedures, and to further investigate the distribution of REEs in various sediment grain sizes.

Based on the recent interpretations from the stream sediment sampling, further work has commenced on detailed mapping and rock chip sampling using publicly available airborne geophysics data and interpreted structural trends to focus the continued effort. During the February 2024 field exercise, additional rock chip samples were collected across the North Claim Block at a reconnaissance level. Results from this sampling effort returned anomalous samples up to 0.36% TREO including six greater than 0.1% TREO in the north-east corner of the claim blocks. (Figure 2)

Locksley intends to refocus the surface sampling effort on rock chip sampling, and is currently evaluating strategies for more detailed mapping and rock chip sampling across this rugged terrain.

Additional North-East Claims

The stratigraphy around the Mountain Pass Mine is striking north-west, which is evident in the aerial photography. Interpretation of the radiometric and magnetic imagery has identified features interpreted to be displacements of this north-west oriented stratigraphy. These north-west oriented stratigraphic features show a complex array of displacements perpendicular to the strike which may represent cross cutting structures that create the pathway for REE rich intrusions and mineralisation.

Based on the results of the geological field work completed to date and structural interpretation, Locksley has pegged an additional 5.7km² of claims to the north-east of the closing off a possible north-west prospective area not previously held (Figure 2).

This brings the total land tenure for the Mojave Project to 24.4km[2] held within three distinctive contiguous claim blocks. The Company will immediately integrate these claims into the ongoing exploration activities.

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Figure 2. February 2024 rock chip samples across the North Claim Block, overlain on the regional magnetics data.

The Board of Directors of Locksley Resources Limited authorised the release of this announcement.

Further information contact:

Mr Stephen Woodham Managing Director T: +61 8 9481 0389 E: woodhams@locksleyresources.com.au

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ASX RELEASE
23 April 2024
LOCKSLEY RESOURCES LIMITED
ACN 629 672 144
Level 8, London House
216 St Georges Terrace
Perth Western Australia 6000
Tel: +61 (08) 9481 0389
Facsimile: +61 (08) 9463 6103
CONTACT
Mr Stephen Woodham
Managing Director
Tel: +61 417 293 449
woodhams@locksleyresources.com.au
DIRECTORS
Nathan Lude
Stephen Woodham
Stephen Brockhurst
TICKER
ASX: LKY
SHARES ON ISSUE
146,666,665
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Compliance Statements

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. Actual values, results or events may be materially different to those expressed or implied in this document. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. No representation is made that, in relation to the tenements the subject of this presentation, the Company has now or will at any time the future develop resourcesor reserves within the meaning of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves.

Cautionary Statement

Visual estimates described in the announcement are a guide only and should never be considered a proxy or substitute for laboratory analysis. Only subsequent laboratory geochemical assay can be used to determine grade of mineralisation. LKY will always update shareholders when laboratory results become available.

Competent Persons

The information in this document that relates to exploration targets, exploration results, mineral resources or ore reserves is based on information compiled by David Ward BSc, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM), (Member 228604). David Ward is a shareholder of Locksley Resources Ltd. David Ward has over 25 years of experience in metallic minerals mining, exploration and development and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a ‘Competent Person’ as defined under the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Ward consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

www.locksleyresources.com.au

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ASX RELEASE
23 April 2024
LOCKSLEY RESOURCES LIMITED
ACN 629 672 144
Level 8, London House
216 St Georges Terrace
Perth Western Australia 6000
Tel: +61 (08) 9481 0389
Facsimile: +61 (08) 9463 6103
CONTACT
Mr Stephen Woodham
Managing Director
Tel: +61 417 293 449
woodhams@locksleyresources.com.au
DIRECTORS
Nathan Lude
Stephen Woodham
Stephen Brockhurst
TICKER
ASX: LKY
SHARES ON ISSUE
146,666,665
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About Locksley Resources Limited

Locksley Resources Limited (ASX:LKY) is an ASX-listed minerals explorer with a focus on copper, gold and base metal assets throughout Australia. LKY is also active in exploring for Rare-Earth Element (REE) projects located in the United States of America (USA), positioning LKY as a player in the fast-growing REE exploration market. LKY aims to build shareholder wealth through the discovery and development of mineral deposits across various Australian and USA projects; being the Tottenham Project and Mojave Project.

Mojave Project

The Mojave Project is in the Mojave Desert, California, USA. Consisting of three areas: The North Block is 14.9km², North East Block 5.7km², South Block 3.5km² and El Campo Prospect totalling 0.34km². This brings the total land tenure for the Mojave Project to 24.4km2 held within three distinctive contiguous claim blocks.

The Mojave Project is positioned next to one of the highest-grade REE mines in the world and multiple significant carbonatite REE veins have been identified. The Mojave Project has returned high grade TREO rock-chip results of up to 9.49%.

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MOJAVE PROJECT – Location of the Mojave Project Blocks in south-eastern California, USA

www.locksleyresources.com.au

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ASX RELEASE
23 April 2024
LOCKSLEY RESOURCES LIMITED
ACN 629 672 144
Level 8, London House
216 St Georges Terrace
Perth Western Australia 6000
Tel: +61 (08) 9481 0389
Facsimile: +61 (08) 9463 6103
CONTACT
Mr Stephen Woodham
Managing Director
Tel: +61 417 293 449
woodhams@locksleyresources.com.au
DIRECTORS
Nathan Lude
Stephen Woodham
Stephen Brockhurst
TICKER
ASX: LKY
SHARES ON ISSUE
146,666,665
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Tottenham Project

The Tottenham Project is an advanced Cu-Au exploration project that consists of four Exploration Licences, (EL6592, EL6656, EL8384, EL9307), covering 470km2, located in the Lachlan Fold Belt of central New South Wales.

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TOTTENHAM PROJECT – Location of the Tottenham Project in central NSW, Australia

The Tottenham deposits are hosted within the Ordovician Girilambone Group that also host the Tritton and Girilambone Mines and Constellation Deposit, 110km to the north-northwest (Aeris Resources Ltd.), and is immediately along strike from the CZ Copper Deposit (Helix Resources Ltd). Resources have been defined at both the Mount Royal to Orange Plains and Carolina Deposits for a global inferred resource of:

9.86Mt @ 0.72% Cu, 0.22g/t Au, 2g/t Ag at a 0.3% Cu cut off

The Competent Person for the Tottenham Project 2022 Resource is Mr Jeremy Peters FAusIMM CP(Geo, Min), a Director of Burnt Shirt Pty Ltd. The Mineral Resource estimate is stated in accordance with the provisions of the JORC Code (2012). Mr Peters has more than five years’ experience in the estimation and reporting of Mineral Resources for base metals mineralisation in Australia and overseas, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Peters consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

www.locksleyresources.com.au

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Table 2: Mojave Rockchip Assay Results

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TREO_
SAMPLES X Y Ce2O3 Dy2O3 Er2O3 Eu2O3 Gd2O3 Ho2O3 La2O3 Lu2O3 Nd2O3 Pr2O3 Sc2O3 Sm2O3 Tb2O3 Tm2O3 Y2O3 Yb2O3
ppm
258401 635773 3928988 2 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 5
258402 635850 3928997 12 0 0 0 1 0 12 0 10 4 5 2 0 0 4 0 49
258403 635904 3928998 29 2 0 0 5 0 29 0 31 12 3 7 0 0 6 0 125
258404 634651 3929441 15 0 0 0 0 0 15 0 10 4 8 3 0 0 5 0 61
258405 635585 3928672 148 13 3 3 25 0 148 0 150 50 20 24 0 0 47 2 635
258406 635616 3928697 90 8 3 3 21 0 90 0 104 28 15 21 0 0 36 3 423
258407 635864 3929002 14 3 1 0 2 0 14 0 17 4 17 3 0 0 20 1 98
258408 635045 3929422 157 16 7 2 25 0 157 0 147 51 15 23 2 0 70 3 677
258409 635036 3929413 138 13 5 2 22 0 138 0 131 44 14 20 1 0 51 1 580
258410 635092 3929378 54 6 3 1 8 0 54 0 50 13 9 10 0 0 33 2 244
258411 635138 3929305 194 15 6 3 28 0 195 0 180 67 15 26 1 0 63 3 796
258412 635158 3929316 128 16 6 2 27 0 128 0 138 44 15 23 1 0 69 3 600
258413 636870 3929249 247 7 1 2 27 0 247 0 225 88 3 28 0 0 23 0 898
258414 636868 3929255 481 14 3 2 51 0 482 0 450 174 6 55 1 0 42 0 1762
258415 636865 3929267 616 17 5 2 65 0 617 0 575 222 12 67 2 0 53 0 2254
252324 638072 3927766 89 1 0 0 3 0 43 0 34 10 12 5 0 0 0 0 198
252325 638136 3927629 176 3 1 0 8 0 84 0 73 20 2 12 1 0 0 1 380
252326 638142 3927627 53 2 1 0 3 0 26 0 23 6 12 4 0 0 0 0 131
252327 638143 3927635 51 2 1 0 3 0 24 0 21 6 4 4 0 0 0 0 116
252328 637928 3928046 11 0 0 0 1 0 6 0 4 1 2 1 0 0 0 0 26
252329 636580 3929058 211 3 1 1 8 0 103 0 87 24 1 13 1 0 0 0 453
252330 636635 3929097 80 3 1 1 6 0 48 0 31 9 1 6 1 0 0 0 186
252331 636642 3929089 62 3 1 1 6 0 31 0 28 7 2 6 1 0 0 1 148
252332 636707 3929385 80 2 1 0 4 0 42 0 32 9 6 5 0 0 0 0 182
252333 636752 3929341 95 2 1 0 4 0 50 0 39 11 5 7 0 0 0 0 215
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TREO_
SAMPLES X Y Ce2O3 Dy2O3 Er2O3 Eu2O3 Gd2O3 Ho2O3 La2O3 Lu2O3 Nd2O3 Pr2O3 Sc2O3 Sm2O3 Tb2O3 Tm2O3 Y2O3 Yb2O3
ppm
252334 636716 3929538 7 2 1 0 2 0 3 0 4 1 16 1 0 0 0 1 39
252335 636642 3929362 93 2 1 0 4 0 46 0 38 11 7 6 0 0 0 1 210
252336 637089 3929321 82 2 1 0 4 0 42 0 34 10 8 6 0 0 0 0 190
252337 637080 3929403 306 3 1 1 9 0 154 0 120 34 2 15 1 0 0 0 646
252338 637078 3929402 711 8 2 1 21 1 347 0 287 80 7 37 2 0 0 1 1504
252339 636922 3929417 99 2 1 0 5 0 51 0 40 11 10 7 1 0 0 1 228
252346 636961 3929143 1697 18 4 2 55 2 805 0 693 195 5 97 5 0 0 1 3579
252347 636874 3929240 1051 13 3 1 37 2 511 0 431 120 7 59 3 0 0 1 2239
252348 636842 3929285 6 1 0 0 1 0 4 0 3 1 9 1 0 0 0 0 26
252349 636866 3929273 831 10 2 1 27 1 403 0 339 95 14 47 3 0 0 1 1774
252350 636874 3929240 5 2 1 1 1 0 3 0 4 1 16 1 0 0 0 1 36
252369 635992 3929539 82 2 1 0 4 0 41 0 33 10 9 6 0 0 0 1 190
252370 635990 3929537 39 1 0 0 2 0 18 0 15 4 1 3 0 0 0 0 84
252371 635952 3929525 73 2 1 0 3 0 30 0 26 8 1 5 0 0 0 0 150
284497 638692 3927959 9 2 1 0 1 0 4 0 5 1 16 1 0 0 0 1 42
284801 633932 3928702 24 2 1 1 2 0 11 0 12 3 27 3 0 0 0 1 87
284802 633992 3928581 216 2 1 1 5 0 110 0 77 23 1 10 1 0 0 0 446
284803 634010 3928264 59 2 1 0 3 0 31 0 22 7 6 4 0 0 0 0 134
284811 633310 3928708 48 1 0 1 2 0 22 0 15 4 17 2 0 0 0 0 113
284812 634295 3928635 74 1 1 0 3 0 37 0 30 9 7 5 0 0 0 0 169
284829 635607 3928455 120 4 1 0 6 1 61 0 52 14 17 9 1 0 0 1 287
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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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(Criteria in this section apply to all succeeding sections.)

• Criteria JORC Code explanation Sampling • Nature and quality of sampling (eg cut channels, random chips, or techniques specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Commentary

• The stream sediment and rockchip samples referred to in this release were collected by Locksley Resources Limited staff. A total of 43 stream sediment and 15 rockchip samples were collected and assayed for a suite of elements including base metals, and rare earth elements.

• Sample site selection was entered into a Garmin GPS for sample crew field location.

• Sample sites were mostly dry with some sites containing some moisture. Samples were collected from intermittent stream beds with three holes dug ranging from 10-60cm in depth with a hole radius of 15 cm. Each hole was located approximately 1 meter apart. Material from each hole was screened through two sieve degradations and samples with fraction sizes greater than 2.35mm were collected for assaying. The material from the 3-hole composites was combined into one sample and bagged into a 5” x 8” olefin sample bag.

• Where streams were found to be narrow and located in difficult terrain, single hole samples sites were conducted in order to collect samples.

• Multi-element analysis was completed for 51 elements using 5 Acid Digest, ICP-OES analysis for stream sediment and rockchip analysis.

• Rockchips were crushed >70% to -2mm, rotary split 300g, and pulverized >85% passing 75 micron.

• Stream sediment samples were wet sieved retaining >10 mesh (2mm), dried, crushed >70% -2mm, rotary split 300g and pulversied >85% passing 75 micron.

Drilling	•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air
techniques		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
		or standard tube, depth of diamond tails, face-sampling bit or other
		_type, whether core is oriented and if so, by what method, etc). _

• Only planned drilling has been mentioned in the body of the announcement. No drilling results have been reported.

1

Criteria	JORC Code explanation	Commentary
Drill sample	• Method of recording and assessing core and chip sample recoveries	•Only planned drilling has been mentioned in the body of the
recovery	and results assessed.	announcement. No drilling results have been reported.
	• Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	• Whether a relationship exists between sample recovery and grade
	and whether sample bias may have occurred due to preferential
	loss/gain of fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•A digital database was constructed detailing the samples collected
	geotechnically logged to a level of detail to support appropriate	which included, sample ID, project name, sample location in X and Y
	Mineral Resource estimation, mining studies and metallurgical	coordinates with map datum noted, state, county, sampler, sample
	studies.	date, sample type, sample description, sample weight, lab certificate
	• Whether logging is qualitative or quantitative in nature. Core (or	number, and analysis results.
	costean, channel, etc) photography.	•Logging was qualitative or quantitative nature.
	• The total length and percentage of the relevant intersections logged.	• Stream sediment and rockchip samples were all collected within the
		North Block claim boundary within the Mojave Project.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•No sub-sampling
techniques	taken.	•Stream sediment samples were collected with the sample number
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and	written on each sample bag in permanent marker and a sample tag
preparation	whether sampled wet or dry.	was placed in each bag.
	• For all sample types, the nature, quality and appropriateness of the	•Each sample was recorded with a paper card description, sample
	sample preparation technique.	photo (rockchip only), and sample GPS location.
	• Quality control procedures adopted for all sub-sampling stages to
	maximise representivity of samples.
	• Measures taken to ensure that the sampling is representative of the in
	situ material collected, including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the grain size of the material
	being sampled.
Quality of	• The nature, quality and appropriateness of the assaying and	•The 43 stream sediment samples and 15 rockchip samples collected
assay data	laboratory procedures used and whether the technique is considered	and referred to within this release were systematically sampled and
and	partial or total.	numbered, and samples were submitted to American Assay
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	Laboratories (AAL) located in Sparks, Nevada, USA for processing
tests	the parameters used in determining the analysis including instrument	and assaying.
	make and model, reading times, calibrations factors applied and their	•No geophysical tools were used in the determination of assay results
	derivation, etc.	regarding the samples highlighted in the press release.
	• Nature of quality control procedures adopted (eg standards, blanks,	•Certified Reference Material was included and was within acceptable
	duplicates, external laboratory checks) and whether acceptable levels	levels of accuracy and precision.
	of accuracy (ie lack of bias) andprecision have been established.	•It is possible that the source of the anomalous REEs is via windblow

2

Criteria JORC Code explanation	Commentary	Commentary	Commentary
	dust and will be investigated.
Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	•Location data has been uploaded to the LKY database. •No sample pulps containing elevated REE have been re-assayed by either independent alternative company personnel for verification. •Data has been uploaded to the LKY geochemistry database. •Multielement results (REE) are converted to stoichiometric oxide (REO) using element to oxide stoichiometric conversion factors. Element Oxide Conversion Factor La La2O3 1.1728 Ce Ce2O3 1.1713 Pr Pr2O3 1.1703 Nd Nd2O3 1.1664 Sm Sm2O3 1.1596 Eu Eu2O3 1.1579 Gd Gd2O3 1.1526 Tb Tb2O3 1.151 Dy Dy2O3 1.1477 Ho Ho2O3 1.1455 Er Er2O3 1.1435 Tm Tm2O3 1.1421 Yb Yb2O3 1.1387 Lu Lu2O3 1.1371 Y Y2O3 1.2699 Sc Sc2O3 1.5338
	Element	Oxide	Conversion Factor
	La	La2O3	1.1728
	Ce	Ce2O3	1.1713
	Pr	Pr2O3	1.1703
	Nd	Nd2O3	1.1664
	Sm	Sm2O3	1.1596
	Eu	Eu2O3	1.1579
	Gd	Gd2O3	1.1526
	Tb	Tb2O3	1.151
	Dy	Dy2O3	1.1477
	Ho	Ho2O3	1.1455
	Er	Er2O3	1.1435
	Tm	Tm2O3	1.1421
	Yb	Yb2O3	1.1387
	Lu	Lu2O3	1.1371
	Y	Y2O3	1.2699
	Sc	Sc2O3	1.5338
Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	•Methods used to obtain location of samples are a hand-held GPS with an accuracy of +-5m. •All stream sediment and rockchip sample locations were obtained using Universal Transverse Mercator NAD83 Zone11 format.
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and	•Data spacing is variable. Stream sediment samples were collected within geochemical and geophysical anomalies represented by previous sampling and geophysical imagery sourced from USGS. •Sampling is not sufficient to calculate a mineral resource estimate.

3

Criteria	JORC Code explanation	Commentary
	classifications applied.	•No sample compositing has been applied.
	• Whether sample compositing has been applied.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•Stream sediment samples were collected within the boundary of the
data in	possible structures and the extent to which this is known, considering	North Block in catchment areas and dry stream beds located around
relation to	the deposit type.	low relief areas where surface run-off is likely to accumulate. 13 of the
geological	• If the relationship between the drilling orientation and the orientation	15 rockchip samples were collected from in-situ outcrops, and 2
structure	of key mineralised structures is considered to have introduced a	rockchip samples were noted as float samples and all samples fall
	sampling bias, this should be assessed and reported if material.	within the North Block claim.
Sample	• The measures taken to ensure sample security.	•The sample chain of custody was managed by the employees of
security		Locksley Resources Limited and were transferred to Tonopah, NV
		where they were transported by a third party from Tonopah to Sparks,
		NV.
		•Chain of Custody documentation was maintained through written
		communication.
		•QA/QC protocol was implemented for all samples collected.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•Data and sampling techniques have not been reviewed or audit.
reviews

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Type, reference name/number, location and ownership including	The Mojave Project combines to a total area of 18.74 km²and is a
tenement and	agreements or material issues with third parties such as joint	Rare Earth Element (REE) project located to the east and southeast
land tenure	ventures, partnerships, overriding royalties, native title interests,	of the Mount Pass Mine in San Bernardino Country, California. The
status	historical sites, wilderness or national park and environmental	project area lies to the north of and adjacent to Interstate-15 (I-15),
	settings.	approximately 24 km southwest of the California-Nevada state line
	• The security of the tenure held at the time of reporting along with any	and approximately 48 km northeast of Baker, California USA. This
	known impediments to obtaining a licence to operate in the area.	area is part of the historic Clark Mining District established in 1865
		and Mountain Pass is the only REE deposit identified within this
		district. The project is accessed via the Baily Road Interchange (Exit
		281 of I-15) and the southern extensions of the project area can be
		accessed via Zinc Mine road.
		The exact outline of the new application area (figure 2) is an estimate
		of what was pegged and yet to be confirmed 100%, the ultimate
		boundary of the claims shown should not be noticeably different from

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Criteria	JORC Code explanation	Commentary
		what is presented at that map scale.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•Surface sampling was completed by Locksley Resources staff.
done by other
parties
Geology	• Deposit type, geological setting and style of mineralisation.	The Mojave Project is located in the southern part of the Clark Range in
		the northern Mojave Desert. The Mojave Desert is situated in the
		southwestern part of the Great Basin province, a region extending from
		central Utah to eastern California. The region is characterised by intense
		Tertiary regional extension deformation. This deformational event has
		resulted in broad north-south trending mountain ranges separated by
		gently sloping valleys, a characteristic of Basin and Range tectonic
		activity. The Mountain Pass Rare Earth deposit is located within an uplift
		block of Precambrian metamorphic and igneous rocks that are bounded
		on the southern and eastern margins by basin-fill formations in the
		Ivanpah Valley. The block is separated from Palaeozoic and Mesozoic
		rocks to the west by the Clark Mountain fault, which strikes north-
		northwest and dips steeply to the west.
		Mountain Pass, located within 1.4 km to the Mojave Project, is a
		carbonatite hosted rare earth deposit. The mineralisation is hosted
		principally in carbonatite igneous rock and Mountain Pass is the only
		known example of rare earth deposit in which bastnasite is mined in the
		primary magmatic economic mineral.
Drill hole	• A summary of all information material to the understanding of the	•Only planned drilling has been mentioned in the body of the
Information	exploration results including a tabulation of the following information	announcement. No drilling results have been reported.
	for all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	o dip and azimuth of the hole
	o down hole length and interception depth
	o hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should clearly
	explain why this is the case.

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Criteria	JORC Code explanation	Commentary
Data	• In reporting Exploration Results, weighting averaging techniques,	•No data aggregation, all results mentioned in the body of the press
aggregation	maximum and/or minimum grade truncations (eg cutting of high	release are reported.
methods	grades) and cut-off grades are usually Material and should be stated.
	• Where aggregate intercepts incorporate short lengths of high grade
	results and longer lengths of low grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
Relationship	• These relationships are particularly important in the reporting of	•No drilling reported. True widths of mineralisation cannot be
between	Exploration Results.	interpreted from the results received to date.
mineralisation	• If the geometry of the mineralisation with respect to the drill hole	•The geological boundaries of the prospective horizon were
widths and	angle is known, its nature should be reported.	interpreted by field geologists, who engaged in mapping of lithological
intercept	• If it is not known and only the down hole lengths are reported, there	boundaries and conducted outcrop orientation to determine dip and
lengths	should be a clear statement to this effect (eg ‘down hole length, true	dip direction.
	width not known’).
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•Only planned drilling has been mentioned in the body of the
	intercepts should be included for any significant discovery being	announcement. No drilling results have been reported. Locations of
	reported These should include, but not be limited to a plan view of	all significant results are shown in the body of the announcement.
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not	•All material results are shown in the body of the announcement.
reporting	practicable, representative reporting of both low and high grades	•Results of stream sediment samples mentioned in the announcement
	and/or widths should be practiced to avoid misleading reporting of	were calculated using a stoichiometric conversion table of recently
	Exploration Results.	received assay results, with the intention of calculating total rare earth
		oxides (TREO).
Other	• Other exploration data, if meaningful and material, should be reported	•All material results are shown in the body of the announcement.
substantive	including (but not limited to): geological observations; geophysical
exploration	survey results; geochemical survey results; bulk samples – size and
data	method of treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral	•The high grade REE stream sediment samples warrant further work
	extensions or depth extensions or large-scale step-out drilling).	at the Mojave North Block claim. Ongoing investigations are
	• Diagrams clearly highlighting the areas of possible extensions,	necessary to locate the source of REE mineralisation. Further work
	including the main geological interpretations and future drilling areas,	may, but not limited to additional stream sediment sampling, ridge
	provided this information is not commercially sensitive.	and spur sampling, soil sampling, rockchip sampling, mapping,
		geophysical surveys, and drilling.

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