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SAN BERNARDINO, Calif. - Locksley Resources Limited (ASX:LKY, OTCQX: LKYRF) has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) indicating potential project financing support of up to US$191 million for its Mojave Project in California, the company announced Monday. The news comes as LKY shares trade at $0.02, having experienced significant volatility recently. According to InvestingPro data, the stock has taken a big hit over the last week despite showing strong returns over the past three months.
EXIM, an independent agency of the U.S. Government, operates under a Congressional mandate to support American economic and national security interests. The bank's Supply Chain Resiliency Initiative and China and Transformational Exports Program prioritize funding for critical mineral projects aimed at reducing foreign supply dependence.
"This LOI represents a cornerstone in Locksley's engagement with U.S. federal agencies and paves the way for detailed due diligence and underwriting to advance a comprehensive financing package for the Mojave Project," said Kerrie Matthews, Managing Director and CEO of Locksley.
The company reports it is accelerating development of its Desert Antimony Mine while simultaneously working on establishing U.S. refining capacity through collaboration with Rice University's Deep Solve program and exploring modular processing options.
Drew Horn, former White House Advisor on Critical Minerals and Chief Executive of GreenMet, which consults for Locksley, stated that the LOI "reflects a coordinated U.S. government directive to rebuild domestic critical minerals capability."
Locksley Resources is focused on developing critical minerals in the U.S., with particular emphasis on rare earth elements and antimony at its Mojave Project. The company aims to establish domestic supply chains for these materials.
The information in this article is based on a company press release statement.
In other recent news, Locksley Resources has announced a strategic partnership with Rice University to advance antimony processing technology. This collaboration aims to establish domestic processing capabilities for U.S.-sourced antimony, addressing the current lack of commercial-scale processing in the country. The initiative will focus on developing environmentally friendly extraction processes from Locksley's Mojave Project and researching applications for antimony in energy storage systems. Additionally, Locksley Resources has appointed Major General (Ret.) Peter J. Lambert to its advisory board. Lambert, who has over 30 years of experience in intelligence, defense, and technology integration, is expected to contribute significantly to the company's critical minerals strategy in the United States. These developments are part of Locksley's ongoing efforts to strengthen its position in the critical minerals sector.
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