Source : BUSINESS NEWS
Locksley Resources chair Bevan Tarratt says the junior will be shifting its focus away from antimony in FY27, following a strategic review of its assets.
At the start of 2026, the Perth-based junior appeared to be making waves at its Mojave project in the American state of Nevada, located an hour away from Las Vegas.
Aside from project producing its first antimony ingot in October last year, Locksley also appointed retired lieutenant general Mark Schwartz – who served in the US Army for 33 years – as its strategic advisor, in a bid to further both dialogue and engagement with key US federal departments relating to the project’s development and production.
Despite this progress, the junior had two key executives depart during the first seven months of this year.
Aside from Pat Burke resigning as chair on February 10 and subsequently being succeeded by Mr Tarratt – who had resigned as director in November 2025 – Locksley told the market on July 22 that its managing director and chief executive Kerrie Matthews and the company had agreed to a “mutual separation”.
The company’s ASX statement regarding Ms Matthews’ was brief, with limited details surrounding the reason for the mutual parting of ways.
On August 17, Locksley said its board had completed the finalisation of a strategic review of its portfolio, and elected to not proceed with further exploration across its critical minerals assets – both at Mojave and its rare earth prospects in California.
Citing a significant drop in the global antimony spot price, the junior’s board said it felt ongoing exploration expenditure was “not viable”, along with the fact results to date at these assets had “not demonstrated sufficient scale” or “geological continuity” to extend such expenses.
On Thursday, Locksley released its annual report, with Mr Tarratt saying it wasn’t an easy decision and told shareholders about the junior’s renewed focus for FY27.
“This was not a decision taken lightly, but it reflects our commitment to deploying shareholder capital only where it can generate the strongest risk-adjusted returns,” he said.
“The DeepSolv research collaboration with Rice University continues, and the Mojave Project retains its strategic optionality should market conditions improve.
“Looking ahead to the 2027 financial year, our focus is on advancing the Tottenham and Iron Duke copper-gold assets, completing the Iron Duke option work programme, and prudent capital management.
“With a strengthened balance sheet and a refreshed board, Locksley is well placed to pursue value-creating opportunities.”
Tottenham is located in Central NSW, located 15km away from Iron Duke.
The junior posted a net loss after tax of $15.6 million in FY26, up from a $1.5 million loss in FY25.
Despite this, its total equity rose from $8.7 million to $20 million as of June 30 2026, aided by raising $22.4 million across the year – predominantly through tapping investors for $17 million in early-December last year.
Locksley last traded at 6.7 cents, up 5 per cent, as of 1.17pm AWST.
