LOCKSLEY RESOURCES LIMITED — Capital/Financing Update 2025

Jul 16, 2025

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ASX RELEASE
17 July 2025
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 Nathan Lude
Non-Executive Chairperson
Tel: +61 8 9481 0389
DIRECTORS
Nathan Lude
Stephen Woodham
Julian Woodcock
Bevan Tarratt
TICKER
ASX : LKY / OTCQB: LKYRF
SHARES ON ISSUE
183,333,330
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INVESTOR UPDATE

LOCKSLEY CONFIRMS EXPANDED ANTIMONY & REE TARGETS FOLLOWING STRUCTURAL MAPPING AT MOJAVE

Highlights:

• Multiple mineralised trends confirmed at both the Antimony & REE prospects

Desert Antimony Mine (DAM):

• Up to three antimony rich vein positions within a NNE-SSW corridor; additional E-W trending structures mapped, expanding the mineralised target footprint

El Campo:

• Steep 70-80° SW dipping REE hosting shear confirmed, increasing mineralisation potential within Locksley claims and amenable to underground mining methods

• New exploration targets defined at El Campo REE Project:

• South Fault mapped and identified as a potentially mineralised structure for REEs

• Surface samples are interpreted to have under sampled the main breccia horizon, leaving high-grade REE zones potentially untested

• 3D geological models completed for both prospects to refine drill targeting and assist in defining JORC Exploration Targets

• Expanded drilling program being planned at DAM:

• New Plan of Operations (POO) to be submitted to the BLM in late July

• Approval expected early September, enabling expanded RC drilling program in Q3 2025

• Apple’s recent US$500 million investment into MP Materials to secure domestic rare earth magnets underscores the strategic importance of the Mojave region

www.locksleyresources.com.au

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Locksley Resources Limited ( ASX: LKY / OTCQB: LKYRF ) (“ Locksley ” or “ the Company ”) is pleased to report that structural geology mapping completed in late June at the Desert Antimony Mine (DAM) and El Campo prospects has delivered significant new insights to support drill targeting and potential JORC Exploration Target definition at the Company’s Mojave Critical Minerals Project in California.

The program, undertaken by a specialist structural geologist, achieved three key objectives:

• Detailed geological surface maps across both prospects, providing detailed lithological and structural constraints on the geological architecture

• Enhanced understanding of mineralised structures and controls

• Initial 3D geological models to guide drill targeting and JORC Exploration Target preparation

• The mapping has confirmed and expanded the understanding of mineralisation at both prospects, resulting in refined additional drill targeting and an expanded drilling strategy.

Desert Antimony Mine (DAM)

• Mapping confirmed up to three discrete vein positions within a NNE-SSW trending mineralised corridor, with massive stibnite observed in and around historical underground workings.

• Stibnite veining mapped directly at surface extends some 200m along strike

• Quartz-carbonate veins locally up to 1m wide host antimony rich stringer veins anastomosing within broader structures.

• E-W trending potential secondary mineralisation identified, introducing three geological models for testing, including a potential network of interconnected vein sets.

• An expanded drill program is now planned to test these additional targets, with a new Plan of Operations (POO) to be submitted to the Bureau of Land Management (BLM) in late July. Approval is anticipated in early September to allow RC drilling to expand during the September quarter.

• A 3D solid geology model of DAM has been completed, enabling refined drill planning and assisting with potential JORC Exploration Target definition (Figure 1).

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Figure 1 - Isometric view to the NE of the 3D geological model which has been constructed from surface geology mapping at the Desert Antimony Mine Prospect. The ‘Broader Mineralisation Zone’ target horizon is annotated and defined from surface mapping of the occurrence of Stibnite rich Quartz Carbonate Veins. Discrete Stibnite veins have also been modelled and interpreted from surface exposures.

El Campo (Rare Earth Elements)

• Structural mapping has substantially refined targeting of the REE mineralised shear, confirming a steep 70-80° SW dip which is highly favourable for hosting more mineralisation within Locksley’s leases and potentially amenable to underground mining methods.

• Historical trenching is now considered to have under sampled the main shear horizon, leaving high-grade REE zones potentially untested.

• The E-W trending South Fault was mapped and confirmed at surface, representing a new exploration target to be tested as part of the September 2025 RC drill program.

• A 3D solid geology model of El Campo has been completed, enabling refined drill planning and assisting with potential JORC Exploration Target definition (Figure 2).

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Figure 2 -Isometric view to the NE of the 3D geological model which has been constructed from surface geology mapping at the El Campo Prospect. Surface geological map draped over the solid geology model with structural measurements shown as discs. Note high grade TREO result location in the southern part of the target area and interpreted steep dipping hosting shear zone (annotated).

Locksley’s Strategic Position within the U.S Critical Minerals Supply Chain

The recent announcement of Apple’s US$500 million investment into MP Materials to secure domestically produced rare earth magnets, further validates the strategic importance of the Mojave region as a critical hub for U.S. rare earth supply. Locksley’s Mojave Project, located just 1.4km from MP’s Mountain Pass operation, is now confirmed to host expanded antimony and rare earth element targets, following detailed structural mapping. With the U.S. government and global technology leaders prioritising domestic sourcing of critical minerals, Locksley is ideally positioned to capitalise on this shift as it advances its exploration programs in the heart of America’s rare earth supply chain.

Locksley Technical Director, Julian Woodcock, commented:

“The structural mapping program has significantly advanced our understanding of both the Desert Antimony and El Campo prospects, confirming the mineralised trends we are targeting and provided us with a solid geology model which is being used to refine our drill targeting. These results support our strategy to rapidly unlock the critical minerals potential of the Mojave Project at a time when U.S. government support for domestic supply chains is accelerating.”

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Next Steps

• Submission of expanded drilling POO to BLM late July

• Complete drill tender process to secure RC drilling contractor

• Q3 2025 RC drilling scheduled to test both antimony and REE targets, including the South Fault at El Campo

• Ongoing integration of structural data into updated 3D models and JORC exploration target preparation

For further information, please contact:

Nathan Lude

Chairman, Locksley Resources Limited

T: +61 8 9481 0389

This announcement has been authorised for release by the Board of Directors of Locksley Resources.

Competent Persons Statement:

Information in this release that relates to Exploration Results and is based on information compiled by Mr Julian Woodcock, who is a Member and of the Australian Institute of Mining and Metallurgy (MAusIMM(CP) – 305446). Mr Woodcock is a Technical Director of Locksley Resources Limited.

Mr Woodcock has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Woodcock consents to the disclosure of the information in this report in the form and context in which it appears.

Forward-Looking Statement:

This document may includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Locksley Resources Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Although Locksley Resources Limited believes that its expectations reflected in these forwardlooking statements are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements.

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www.locksleyresources.com.au
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ASX RELEASE
17 July 2025
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 Nathan Lude
Non-Executive Chairperson
Tel: +61 8 9481 0389
DIRECTORS
Nathan Lude
Stephen Woodham
Julian Woodcock
Bevan Tarratt
TICKER
ASX : LKY / OTCQB: LKYRF
SHARES ON ISSUE
183,333,330
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About Locksley Resources Limited

Locksley Resources Limited is an ASX listed explorer focused on critical minerals and base metals, with assets in both the United States of America and Australia. The Company is actively advancing exploration across two key assets: the Mojave Project in California, targeting rare earth elements (REEs) and antimony, alongside the Tottenham Copper Gold Project in New South Wales. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development in highly prospective mineral regions.

Mojave Project

Located in the Mojave Desert, California, the Mojave Project comprises over 250 claims across two contiguous prospect areas, namely, the North Block/Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.

In addition to rare earths, the Mojave Project hosts the historic “Desert Antimony Mine”, which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With surface samples grading up to 46% Sb as well as silver up to 1,022 g/t Ag, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.

Locksley’s North American position is further strengthened by rising geopolitical urgency to diversify supply chains away from China, the global leader in both REE & antimony production. With its maiden drilling program planned, the Mojave Project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.

Tottenham Project

Locksley’s Australian portfolio comprises the advanced Tottenham Copper-Gold Project in New South Wales, focused on VMS-style mineralisation in a wellestablished mining region.

Locksley is committed to delivering value through discovery, development, and strategic partnerships, with a focus on securing access to U.S. aligned funding and downstream collaborations.

www.locksleyresources.com.au

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

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•No sampling data being reported.
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.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•No drilling reported.
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 ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	•No drilling reported.
recovery	and results assessed.
	• 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/gainof fine/coarse material.
Logging	• Whether core and chip samples have been geologically and	•Outcrop mapping was geologically logged and quantitative nature.
	geotechnically logged to a level of detail to support appropriate	Structural measurements were taken and plotted on stereonets to
	Mineral Resource estimation, mining studies and metallurgical	assist in geological structural interpretation.
	studies.	•Photographswere takenofoutcrops androcktypes to aidin

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Criteria	JORC Code explanation	Commentary
	• Whether logging is qualitative or quantitative in nature. Core (or	reporting.
	costean, channel, etc) photography.
	• _The total length and percentage of the relevant intersections logged. _
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•No sampling data being reported.
techniques	taken.
and sample	• If non-core, whether riffled, tube sampled, rotary split, etc and
preparation	whether sampled wet or dry.
	• For all sample types, the nature, quality and appropriateness of the
	sample preparation technique.
	• 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	•No assay results being reported.
assay data	laboratory procedures used and whether the technique is considered
and	partial or total.
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,
tests	the parameters used in determining the analysis including instrument
	make and model, reading times, calibrations factors applied and their
	derivation, etc.
	• Nature of quality control procedures adopted (eg standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels
	_of accuracy (ie lack of bias) and precision have been established. _
Verification of	• The verification of significant intersections by either independent or	•No sampling or assay data being reported.
sampling and	alternative company personnel.	•All primary data (structural geology readings) captured and recorded
assaying	• The use of twinned holes.	in to digital software during mapping.
	• Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•Methods used to obtain location of samples are a hand-held GPS
data points	down-hole surveys), trenches, mine workings and other locations	with an accuracy of +-5m.
	used in Mineral Resource estimation.	•All stream outcrop mapping locations were obtained using Universal
	• Specification of the grid system used.	Transverse Mercator NAD83 Zone11 format.
	• Quality and adequacy of topographic control.

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Criteria	JORC Code explanation	Commentary
Data spacing	• Data spacing for reporting of Exploration Results.	•Data spacing is random based on available outcrop locations and
and	• Whether the data spacing and distribution is sufficient to establish the	varies between close spaced (metre scale) to large scale 10’s t 100’s
distribution	degree of geological and grade continuity appropriate for the Mineral	metres.
	Resource and Ore Reserve estimation procedure(s) and	•Data is not being used for a Mineral Resource Estimate.
	classifications applied.
	• _Whether sample compositing has been applied. _
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•All measurements are taken from visible extents in outcrop.
data in	possible structures and the extent to which this is known, considering	•Where veins have been seen and thickness estimated they are based
relation to	the deposit type.	on the visual extents in the exposure.
geological	• If the relationship between the drilling orientation and the orientation	•Estimates of vein thickness reported are thought to be true width but
structure	of key mineralised structures is considered to have introduced a	further data is required to be collected.
	sampling bias, this should be assessed and reported if material.	•Estimates of mineralised zone length are based on out crop
		observations and interpreted connectivity but not confirmed. Further
		data is required to determine if mineralised zone is continuous.
		•No drilling is being reported and no sampling bias has been
		determined.
Sample	• The measures taken to ensure sample security.	•No sample (assay) data is being reported.
security
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 km².The El
tenement and	agreements or material issues with third parties such as joint	Campo Prospect is a Rare Earth Element (REE) prospect and the
land tenure	ventures, partnerships, overriding royalties, native title interests,	Desert Antimony Mine (DAM) Prospect is an antimony prospect
status	historical sites, wilderness or national park and environmental	located to the southeast and east of the Mountain Pass Mine
	settings.	respectively in San Bernardino Country, California. The project area
	• The security of the tenure held at the time of reporting along with any	lies to the north of and adjacent to Interstate-15 (I-15), approximately
	known impediments to obtaining a licence to operate in the area.	24 km southwest of the California-Nevada state line and
		approximately 48 km northeast of Baker, California USA. This 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 projectis accessedvia theBailyRoadInterchange (Exit281of I-

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Criteria	JORC Code explanation	Commentary
		15) and the southern extensions of the project area can be accessed
		via Zinc Mine road.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•Previously announced surface sampling was completed by Locksley
done by other		Resources staff in conjunction with MINEX staff, who assisted
parties		Locksley with site familiarisation, sampling, and logistical aspects of
		the surface sampling program.
		•The company has no substantial information on exploration
		completed 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.
		The Desert Antimony Mine is a quartz carbonate vein with Stibnite
		(Antimony Sulphide) stringer veins contained within it as the ore bearing
		mineral.
Drill hole	• A summary of all information material to the understanding of the	•No drilling reported.
Information	exploration results including a tabulation of the following information
	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 _

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Criteria	JORC Code explanation	Commentary
	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. _
Data	• In reporting Exploration Results, weighting averaging techniques,	•No data aggregation methods reported.
aggregation	maximum and/or minimum grade truncations (eg cutting of high
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 mineralization 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	•No drilling reported. Isometric view images of the interpreted solid
	intercepts should be included for any significant discovery being	geology models are included in the body of the release. No discovery
	reported These should include, but not be limited to a plan view of	is being reported.
	_drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•No assay results are being reported.
reporting	practicable, representative reporting of both low and high grades	•The geological models produced and show in the figures in the body
	and/or widths should be practiced to avoid misleading reporting of	of the release the mineralised horizons being targeted.
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be reported	•All material results have been previously reported and can be viewed
substantive	including (but not limited to): geological observations; geophysical	on the Company’s website.
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	•Ongoing development and refinement of the geological model.
	extensions or depth extensions or large-scale step-out drilling).	•Drill hole planning and submission of new Plan of Operations for
	• Diagrams clearly highlighting the areas of possible extensions,	additionaldrilling at theDesertAntimonyMine prospect

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Criteria	JORC Code explanation	Commentary
	including the main geological interpretations and future drilling areas,	•Commencement of drilling program at the El Campo and DAM
	provided this information is not commercially sensitive.	prospects planned for late in the September Quarter 2025

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