Locksley Resources (ASX:LKY) has halted active field exploration at its US critical minerals projects following a strategic portfolio review.
The company stopped field exploration at the Desert Antimony Mine and El Campo prospects in California after determining the projects do not justify further material expenditure under current market conditions.
The decision follows a 57% collapse in spot antimony prices over the past 12 months, dropping from mid-2025 peaks of US$63,000 ($88,690) per tonne to US$27,000 per tonne, according to S&P Global market data.
Non-executive Technical Director Ian Stockton says the technical review considered previously reported drilling, mapping, and sampling results across the Mojave projects.
“While previously reported exploration confirmed mineralisation at DAM and El Campo, the review identified that additional work, including further drilling, would be required to establish geological continuity and scale,” Stockton says.
“When considered together with the material downturn in global antimony prices and the company’s capital allocation priorities, the projects do not currently justify further material exploration expenditure.”
The technical review identified structural complexity and limited demonstrated continuity at the Desert Antimony Mine, where diamond drilling had confirmed antimony mineralisation within subvertical quartz-stibnite veins and associated vein breccias.
At El Campo, drilling confirmed rare earth element mineralisation below surface exposures, but the company determined additional exploration would be required to establish the geological confidence necessary for future resource definition.
Chairman Bevan Tarratt says the priority is to allocate capital to opportunities with a credible pathway to commercial scale.
“Maintaining the claims on a low cost basis preserves optionality while allowing the company to focus its capital and management resources on higher-priority opportunities,” Tarratt says.
Locksley intends to maintain its existing claims in good standing through applicable Bureau of Land Management fees and regulatory compliance, subject to periodic board reviews.
The company is also reviewing collaborative technical work on its DeepSolv hydrometallurgical technology with Rice University to determine if additional work will be undertaken.
Locksley Resources is a mineral explorer focused on critical minerals, including antimony, copper, and gold, in the US and Australia.
Write to Paula Fabe at Mining.com.au
Images: Mining.com.au
