LOCKSLEY RESOURCES LIMITED — Capital/Financing Update 2026

Feb 2, 2026

ASX Announcement

HIGH-GRADE ANTIMONY RESULTS FROM BATCH SAMPLING PROGRAM AT THE MOJAVE PROJECT

HIGHLIGHTS

• Batch sampling program completed at the Desert Antimony Mine (DAM)

• Assay results return exceptional high-grade antimony (Sb) values up to 26.1%

• Significant grade improvement over previous sampling (7.6%–7.8% Sb), with weighted averages reaching up to 25.7% Sb

• Total mass of 287 kg collected for metallurgical testwork and pilot design for domestic production of antimony trioxide and trisulfide, both critical for the U.S. defence industrial base

Locksley Resources Limited (ASX: LKY / OTCQX: LKYRF / ADR: LKYLY) (“ Locksley ” or the “ Company ”), is pleased to announce the results of a batch sampling program at the DAM antimony (Sb) deposit, part of the Mojave Project in California, USA.

Following the technical milestones achieved in late 2025, which included a 325kg sample and the production of a 68.1% Sb premium concentrate[1] , this recent batch sampling program was designed to further evaluate the high-grade antimony mineralisation at DAM. The material collected will be used to optimise the flotation process and support the development of the Company’s Phase 1 pilot processing facility.

The batch sampling program, targeted specific mineralised vein material within the historical workings (Figures 1 and 2). The results exceeded expectations, with Batch 1 sampling returning a weighted average of 25.7% Sb (see Table 1). Batch 2 and 3 sampling focused on both high-grade and low-grade material to provide a representative range for metallurgical testwork, returning weighted averages of 21.3% Sb and 11.4% Sb , respectively. The total weighted average grade of all samples combined (287kg) was 18.7% Sb .

STRATEGIC SIGNIFICANCE

The assay results from the batch sampling program confirm high-grade material present at DAM. While many of the world’s largest antimony resources are polymetallic (where antimony is a lower-grade byproduct of gold or silver mining), the DAM deposit demonstrates primary, high-grade mineralisation.

1 LKY ASX Announcement dated 13 November 2025 – “Locksley Advances Toward U.S. Antimony Production”

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HIGH-GRADE ADVANTAGE

The double-digit batch sample grades at DAM present the opportunity for operational advantages, particularly regarding processing efficiency. The high-grade nature of the DAM deposit potentially reduces the required mass-pull and energy consumption for grinding. This leads to faster flotation kinetics and a smaller equipment footprint, which optimises capital expenditure for the planned 2026 pilot plant and enhances overall recovery rates.

The high-grade results complement the Company’s choice of technology and provides a potential pathway toward production. By targeting high-purity stibnite-rich veins, the project can produce premium concentrates with lower reagent costs and simplified flowsheets to ultimately deliver enhanced recovery rates.

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Figure 1: Projected historical underground development at DAM showing location of batch samples.

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Figure 2: Batch samples collected from historical underground development at DAM.

Table 1: Assay results from the sampling program.

Sample ID Notes	Mass(kg) % Sb
BS1.0 Batch 1 stibnite-rich material BS1.1 Batch 1 stibnite-rich material **Average **	28.16 25.3 27.40 26.1
	55.56 25.7
BS2.0 Batch 2 high-grade material BS2.1 Batch 2 high-grade material BS2.2 Batch 2 high-grade material BS2.3 Batch 2 high-grade material BS2.4 Batch 2 high-grade material **Average **	25.20 22.9 24.90 17.4 27.74 22.9 26.22 21.5 27.82 21.6
	131.88 21.3
BS3.0 Batch 3 low-grade material BS3.1 Batch 3 low-grade material BS3.2 Batch 3 low-grade material BS3.3 Batch 3 low-grade material **Average **	28.82 12.8 24.42 10.8 21.02 11.4 24.96 10.2
	99.22 11.4
TOTAL AVERAGE	286.66 18.7

Note: BS - batch sample

Kerrie Matthews, Managing Director & CEO, commented:

“For Locksley to consistently return double-digit percentages at over 25% underscores the potential of the Desert Antimony Mine. We aren't just looking at byproduct antimony, we are looking at a rich, primary source of a metal that the U.S. Department of Defence and the energy sector desperately need. With these results, the completion of pad preparation and other pre-drilling activities, added to the imminent arrival of the drill rig at Mojave, we are entering a very exciting time for Locksley.”

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NEXT STEPS

• Metallurgical Optimisation: The 287kg of batch sample material will undergo advanced flotation and crushing testwork to finalise the process flowsheet.

• Pilot Plant Design: Data from this program will feed directly into the engineering design for the Phase 1 pilot processing facility.

• Permitting & Extraction: Ongoing engagement with U.S. engineering consultants and contractors to finalise plans for larger-scale mineral extraction.

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

For further information, please contact:

Kerrie Matthews Chief Executive Officer T: +61 8 9481 0389

Kerrie@locksleyresources.com.au

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Locksley Resources planned activities 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 forward-looking 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.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Mark Munro and Mr Harry West, who are both Members of the Australian Institute of Geoscientists and consultants to the Company through Model Earth and Linear Geoscience. They have sufficient experience which is relevant to the style of mineralisation to qualify as Competent Persons as defined in the 2012 Edition of the JORC Code.

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APPENDIX 1: Batch Sampling Assay Results

Sample ID	Sample Type	Northing	Easting	Elevation	Mass (kg)	Sb (%)
BS1.0	Rock chipbatch sample	3929826	634899	1288	28.16	25.3
BS1.1	Rock chip batch sample	3929826	634899	1288	27.40	26.1
BS2.0	Rock chip batch sample	3929827	634900	1290	25.20	22.9
BS2.1	Rock chip batch sample	3929827	634900	1290	24.90	17.4
BS2.2	Rock chip batch sample	3929827	634900	1290	27.74	22.9
BS2.3	Rock chipbatch sample	3929827	634900	1290	26.22	21.5
BS2.4	Rock chipbatch sample	3929827	634900	1290	27.82	21.6
BS3.0	Rock chip batch sample	3929827	634901	1292	28.82	12.8
BS3.1	Rock chip batch sample	3929827	634901	1292	24.42	10.8
BS3.2	Rock chip batch sample	3929827	634901	1292	21.02	11.4
BS3.3	Rock chip batch sample	3929827	634901	1292	24.96	10.2

Note: Rock chip batch samples were collected using a hand-held rock breaker

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MOJAVE PROJECT

Located in the Mojave Desert, California, the Mojave Project comprises over 491 claims across 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 significant surface sample results, 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.

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

CORPORATE INFORMATION

Level 8, London House 216 St Georges Terrace

ASX: LKY / OTCQX: LKYRF / FSE:X5L

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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	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•	Rock chip batch samples referenced in this announcement were
techniques	specific specialised industry standard measurement tools appropriate		collected in December 2025 by qualified geologists and experienced
	to the minerals under investigation, such as down hole gamma		field technicians from mineralised veins exposed within historical
	sondes, or handheld XRF instruments, etc). These examples should		underground adits/stopes of the Desert Antimony Mine (DAM),
	not be taken as limiting the broad meaning of sampling.		located in the Mojave Project, San Bernardino County, California. A
	• Include reference to measures taken to ensure sample representivity		total of 11 batch samples, each approximately 20–30 kg, were
	and the appropriate calibration of any measurement tools or systems		collected using a handheld rock breaker and analysed for a full suite
	used.		of elements including antimony, gold, and base metals.
	• Aspects of the determination of mineralisation that are Material to the	•	No specific measures were undertaken other than the visual
	Public Report.		inspection of the samples.
	• In cases where ‘industry standard’ work has been done this would be	•	Visual inspection of the mineralisation undertaken to ensure that
	relatively simple (eg ‘reverse circulation drilling was used to obtain 1		stibnite (antimony hosting mineral) was present in the sample and
	m samples from which 3 kg was pulverised to produce a 30 g charge		that the mineral composition represented that seen in the
	for fire assay’). In other cases more explanation may be required,		underground workings.
	such as where there is coarse gold that has inherent sampling	•	The objective of the batch sampling was to obtain 20-30kg samples
	problems. Unusual commodities or mineralisation types (eg		for analysis followed by later compositing for second stage
	submarine nodules) may warrant disclosure of detailed information.		metallurgical testwork.
		•
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	•	Not geologically logged. Visually inspected to ensure sample
	geotechnically logged to a level of detail to support appropriate		represented_in situ_mineralisation seen underground and presence of
	Mineral Resource estimation, mining studies and metallurgical		stibniteverified.

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Criteria	JORC Code explanation	Commentary	Commentary
	studies.	•	The nature and sample occurrence were noted.
	• Whether logging is qualitative or quantitative in nature. Core (or	•	Logging was qualitative or quantitative in nature.
	costean, channel, etc) photography.
	• The total length andpercentage of the relevant intersections logged.
Sub-	• If core, whether cut or sawn and whether quarter, half or all core	•	Rockchip batch samples, each approximately 20–30kg, were
sampling techniques and sample preparation	taken. • If non-core, whether riffled, tube sampled, rotary split, etc and 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.	• • •	collected using a handheld rock breaker at the geologist’s discretion. Sample sizes of 20-30kg each is deemed appropriate for the grain size of the material being sampled. At the metallurgical laboratory, the samples were dried, crushed and split into 2kg sub-samples and then pulverised. Planned analytical assaying technique are to be via aqua regia digest followed by ICP- OES finish. This technique may be considered partial, but industry standard for sulphide bearing minerals. Other assay methods such as peroxide fusion and 4 acid digest followed by ICP-OES finish will be conducted to confirm head assay grades. No duplicate samples collected.
Quality of	• The nature, quality and appropriateness of the assaying and	•	The 11 batch samples referred to in this announcement were
assay data	laboratory procedures used and whether the technique is considered		systematically collected, numbered and submitted to Base
and	partial or total.		Metallurgical Laboratories Limited (a member of Intertek Group).
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc,	•	No duplicate samples were collected.
tests	the parameters used in determining the analysis including instrument	•	Planned analytical assaying technique are to be via aqua regia digest
	make and model, reading times, calibrations factors applied and their		followed by ICP-OES. This technique may be considered partial, but
	derivation, etc.		industry standard for sulphide bearing minerals. Other assay methods
	• Nature of quality control procedures adopted (eg standards, blanks,		such as peroxide fusion and 4 acid digest followed by ICP-OES will
	duplicates, external laboratory checks) and whether acceptable levels		be conducted to confirm head assay grades.
	of accuracy (ie lack of bias) and precision have been established.	•	No QAQC samples were submitted by Locksley in the sample
			testwork. The metallurgical laboratory used internal QAQC with
			analytical methods involving the use of Certified Reference Materials
			(CRMs), blanks and duplicate checks. No issues were reported,
			indicating a suitable level of accuracy and precision was attained.
		•	No hand-held analytical or geophysical instruments, such as a
			portable XRF, were used in the determination of assay results
			regarding the rock chip batch sampling in this announcement.
Verification	• The verification of significant intersections by either independent or	•	No sample pulps containing elevated grades have been re-assayed
of sampling	alternative company personnel.		by an independent alternative laboratory for verification purposes.
	• _The use of twinned holes. _	•	Metallurgical laboratory providesresultsindigital formtometallurgical

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Criteria	JORC Code explanation	Commentary
and	• Documentation of primary data, data entry procedures, data	consultant for review. Excel worksheets stored on Locksley’s
assaying	verification, data storage (physical and electronic) protocols.	SharePoint file management system.
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•Universal Transverse Mercator NAD83 Zone11 format.
data points	down-hole surveys), trenches, mine workings and other locations	•Topographic control is high. The company uses the USGS LiDAR
	used in Mineral Resource estimation.	dataset for the area with a vertical accuracy of +/- 1m
	• Specification of the grid system used.	•Method used to obtain the location of batch samples was estimated
	• Quality and adequacy of topographic control.	using a specific LiDAR survey of the underground development
		viewed in Leapfrog Geo software with locations estimated to an
		accuracy of ±1m.
Data spacing	• Data spacing for reporting of Exploration Results.	•Data spacing is variable.
and	• Whether the data spacing and distribution is sufficient to establish the	•Sampling is not sufficient to calculate a mineral resource estimate.
distribution	degree of geological and grade continuity appropriate for the Mineral	•No sample compositing has been applied.
	Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• _Whether sample compositing has been applied. _
Orientation	• Whether the orientation of sampling achieves unbiased sampling of	•Batch samples were collected_in situ_from a mineralised vein located
of data in	possible structures and the extent to which this is known, considering	in a specific area of the historic underground development at the
relation to	the deposit type.	Desert Antimony Mine.
geological	• If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
Sample	• The measures taken to ensure sample security.	•Sample security protocols are high. The sample chain of custody has
security		been managed by the employees of Locksley Resources Limited.
		•Samples were collected, placed in suitable numbered plastic
		containers and sealed. Samples were stored at Locksley premises
		and then delivered by Locksley staff to Base Metallurgical
		Laboratories Limited (a member of Intertek Group) in Tucson,
		Arizona.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•Data and sampling techniques have not been reviewed or audited.
reviews

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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 ~40 km² and is a Rare
tenement	agreements or material issues with third parties such as joint	Earth Element (REE) and antimony project located to the east and
and land	ventures, partnerships, overriding royalties, native title interests,	southeast of the Mountain Pass Mine in San Bernardino Country,
tenure status	historical sites, wilderness or national park and environmental	California. The project area lies to the north and south of and
	settings.	adjacent to Interstate-15 (I-15), approximately 24 km southwest of the
	• The security of the tenure held at the time of reporting along with any	California-Nevada state line and approximately 48 km northeast of
	known impediments to obtaining a licence to operate in the area.	Baker, California USA. This area is part of the historic Clark Mining
		District established in 1865 and Mountain Pass is the only operating
		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.
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•Rock chip batch sampling was completed by Locksley Resources
done by		staff.
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-age regional extensional deformation. This deformation 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.
		The Desert Antimony Mine located in the northern portion of the North
		Block within the Clark Mountain District of San Bernadino, CA, contains
		quartz-stibnite veining hosted within a granite gneiss striking N20E and
		dipping 75W with a known width of 1.22m highlighted from historical
		reporting. The extent of the ore body is unknown.

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Criteria	JORC Code explanation	Commentary
		Historic production ranged from 100 to 1,000 tons with Sb grades
		ranging from 15 to 20%.
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
	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,	•All results reported as individual sample results or as aggregate
aggregation	maximum and/or minimum grade truncations (eg cutting of high	weighted averages. All results are disclosed in the announcement..
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 completed.
between	Exploration Results.	•True widths of mineralised vein where exposed in historic
mineralisatio	• If the geometry of the mineralisation with respect to the drill hole	underground workings is variable up to 1m.
n widths and intercept	angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there	•The orientation of the mineralised structures were not determined by field staff during batch sampling.
lengths	should be a clear statement to this effect (eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of	•No drilling completed
	intercepts should be included for any significant discovery being	•Locations of all samples and significant results are included in the
	reported These should include, but not be limited to a plan view of	announcement.
	_drill hole collar locations and appropriate sectional views. _
Balanced	• Where comprehensive reporting of all Exploration Results is not	•All material results are included in the announcement.
reporting	practicable, representative reporting of both low and high grades
	and/or widths should bepracticed to avoid misleading reporting of

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Criteria	JORC Code explanation	Commentary
	_Exploration Results. _
Other	• Other exploration data, if meaningful and material, should be reported	•All relevant information and material results are included in the
substantive	including (but not limited to): geological observations; geophysical	announcement.
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 rock chip batch sampling program was designed to test Sb-rich
	extensions or depth extensions or large-scale step-out drilling).	mineralisation located in the historic underground development at the
	• Diagrams clearly highlighting the areas of possible extensions,	Desert Antimony Mine. Further work will involve metallurgical
	including the main geological interpretations and future drilling areas,	testwork, and additional underground sampling and mapping of the
	provided this information is not commercially sensitive.	Sb mineralisation where present.

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