Resources Top 5: Locksley climbs higher on ladder to US critical minerals success

• Locksley Resources climbs 140% this week on the back of strong news 
• EVR is undertaking a $1 million follow-on placement to Tribeca Capital 
• Desktop study identifies four rare earths target zones at BMM’s Desert Star projects in California

Your standout small cap resources stocks for Friday, September 12, 2025

Locksley Resources (ASX:LKY)

A regular Resources Top 5 placeholder of late has been Locksley Resources (ASX:LKY), which features again after climbing another 47.23% to a new record of 53c on volume of more than 56 million.

This makes it a trifecta of appearances this week. After closing at 22c on September 9, LKY stepped up 27% and the following day progressed a few more rungs up the ladder to US critical minerals success with a 30% gain.

Since closing at 1.8c on May 1, 2025, it has been a bullish rise of almost 30-fold on the back of positive developments in its US critical minerals strategy. The market cap is now around $116m.

This week Locksley staked 249 additional claims adjoining its Mojave rare earths and antimony project in California and signed a non-binding heads of agreement with EV Resources (ASX:EVR) to purchase EVR’s antimony material from its project in Mexico and potentially its new project in Nevada.

If the deal proceeds it will open access to the US$1 billion domestic US antimony market, while also expanding and diversifying feedstock for the DeepSolv processing technology, which is being developed by LKY in collaboration with Rice University.

The new claims will double LKY’s strategic footprint in the Mojave region to more than 40km2 and they are adjacent to MP Materials’ claims hosting the Mountain Pass rare earths mine.

They strengthen Locksley’s position within one of the most prospective critical minerals regions in the US by securing additional acreage adjacent to recently identified antimony, rare earth elements and polymetallic mineralisation.

LKY will start registration activities with the required federal and state agencies, and will also begin compiling and integrating new geological data, design stream sediment and rock chip sampling programs, and carry out systematic exploration.

“This expansion materially enhances our strategic footprint in the Mojave Corridor, a region central to US critical minerals security,” technical director Julian Woodcock said.

“With additional ground abutting our existing claims and adjoining the MP Materials Mountain Pass larger claim package, we are exceptionally well positioned to advance a diversified pipeline of exploration and downstream opportunities across antimony, rare earths, other critical minerals and precious metals potential.”

EV Resources (ASX:EVR)

Antimony focused EV Resources (ASX:EVR) has this week forged links with Locksley Resources (ASX:LKY) with both aiming to supply domestic critical minerals into the US supply chain.

After taking full ownership of the Dollar Antimony project in Nevada, giving it a foothold in a US critical minerals hub, EVR signed a non-binding antimony ore sales agreement with Locksley.

This will see EVR supply antimony concentrate from its Los Lirios operations in Mexico to expand and diversify feedstock for the development of LKY’s DeepSolv processing technology.

As part of this agreement, EVR is raising up to $5.5m in a placement to sophisticated and professional investors, with around $750,000 of that tied to finalising the deal with LKY.

Subsequently, EVR is also undertaking a $1 million follow-on placement to Tribeca Capital on the same terms.

Tribeca Capital is a substantial investor and leading strategic advisor to Locksley, supporting US critical minerals growth, downstream commercialisation and government engagement programs.

The investment in EVR further builds on Tribeca’s role with LKY and demonstrates strong institutional endorsement of EVR’s antimony growth agenda.

It also marks an important step in connecting EVR’s resource development programs with US aligned supply chain and downstream partners. 

The proceeds will be applied to progress the Los Lirios and Dollar Antimony projects including drilling, resource definition, pilot plant upgrade and further validation of concentrate for downstream US applications.

The follow-on placement will comprise about 125m new shares at 0.8c per share and the issue of 62.5m attaching listed options with a 2c exercise price and expiry date of November 30, 2026.

“We welcome Tribeca Capital as a strategic investor and believe their deep expertise in advanced materials, global resource funding and US supply chain policy will significantly enhance EVR’s ability to realise its vision of becoming a key antimony supplier to US and allied markets,” EV Resources’ chairman Shane Menere said.

“This capital raising further cements our partnerships with Tribeca and Locksley Resources, strengthening our position in a rapidly evolving critical minerals landscape.”

Bayan Mining and Minerals (ASX:BMM)

A desktop study has identified four coherent, high-priority rare earths target zones at Bayan Mining and Minerals’ Desert Star projects in California.

The targets across the Desert Star and Desert Star North blocks were defined by integrating US Geological Survey airborne geophysical data, satellite spectral analysis and reconnaissance radiometric data.

All targets are supported by coincident geophysical and geochemical anomalies.

Bayan Mining and Minerals (ASX:BMM) says the targets are in structurally favourable positions along the regional corridor that also hosts the Mountain Pass rare earth mine about 4.5km to the southwest and the Colosseum gold mine 3km south.

BMM is planning detailed ground magnetic and radiometric surveys across Desert Star while a detailed gravity survey will begin shortly.

Data will be integrated with the results of the desktop study and previous surface geochemical sampling to refine the geometry of the defined target areas.

This will provide a robust basis for prioritising zones for follow-up exploration ahead of scout drilling.

St George Mining (ASX:SGQ)

Forging a key alliance for its Araxa niobium-rare earths project in Brazil has been welcomed by St George Mining (ASX:SGQ) investors with shares increasing 15.4% to 7.5c.

The company has teamed up with REAlloys, a Ohio-based leader in the US magnet supply chain, to bring Araxa closer to commercial reality.

REAlloys plans to complete metallurgical testwork on rare earths from the Araxa project with a view to maximising recoveries of magnet rare earth elements.

The partners will review the planned rare earths production at Araxá, including new methods that build on REAlloys’ patented, industry-leading technology.

This aims to optimise the production of REE products with the aim of producing a product most amenable to magnet making.

St George and REAlloys will also collaborate on marketing plans for Araxá’s rare earths, including a potential long-term offtake of up to 40% by REAlloys.

Lightning Minerals (ASX:L1M)

On completing the acquisition of Lotus Minerals and two advanced and highly prospective brownfields gold and copper assets in Queensland and NSW, Lightning Minerals (ASX:L1M) lifted 50% to 6c.

Acquisition of the Mt Turner project in Queensland and the Lachlan Fold copper porphyry project in NSW provides L1M with exposure to the buoyant gold and copper markets.

This comes through near-term, drill-ready targets and projects that demonstrate strong prospectivity, historic mining and encouraging previous results.

Up to 1,300m of diamond drilling across five high priority gold targets will begin on high-priority gold targets along the Drummer Fault at Mt Turner next week.

The acquisition terms were the issue of 30m consideration shares and the issue of up to 60m deferred consideration shares, subject to achievement of various milestones.

This acquisition was approved by shareholders at an EGM on August 26, 2025 with the consideration shares issued on September 5.