Aussie investors are excited about this ASX mineral explorer amid growing interest in rare earths due to China's dominance as a supplier.

Rare earths are used in wind turbines, electric cars, robotics, defence systems, and everyday tech gadgets like smartphones.

China has restricted its exports, which prompted the US to do a $US8.5 billion deal with Australia to secure more supply in October.

Meanwhile, investors are learning much more about antimony, a key input in defence systems, semiconductors, and metal alloys, amid a global defence spending surge and high demand for semiconductors due to expanding investment in artificial intelligence (AI).

Locksley Resources is sitting pretty amid all these developments.

Its flagship project in California's Mojave Desert sits 1.4km from America's only actively producing rare earths mine, Mountain Pass.

Mountain Pass is owned by MP Materials Corp, and Aussie mining baroness Gina Rinehart just became its biggest shareholder.

Rhinehart invested more than $200 million in MP Materials last month, giving her a 5.3% stake.

Locksley's Mojave Project encompasses the El Campo rare earths deposit and the historical Desert Antimony Mine (DAM).

DAM last operated in 1937. Currently, the US has no domestic antimony production and demand for the metal is rising strongly.

Based on surface sample results, Locksley Resources says DAM is "one of the highest-grade known antimony occurrences in the US".

Locksley sees a bright future ahead, commenting last week:

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.

Outlook for Locksley Resources shares

Locksley Resources shares peaked at an all-time high of 69 cents per share on 22 September.

At the time, that represented an astounding 3,959% capital gain for 2025 and a 2,350% uplift over 12 months.

That month, Niv Dagan from Peak Asset Management warned that short-term profit-taking was likely after such incredible gains.

He was right.

Since 22 September, the Locksley Resources share price has more than halved to 31 cents today.

What should investors do now?

Analyst's view on Locksley Resources shares

Dagan maintains a hold rating on Locksley Resources shares.

On The Bull this week, Dagan commented:

On November 17, the company announced a partnership with Columbia University, which it expects to strengthen its rare earth recovery capability amid expanding the mine-to-market critical minerals platform.

This latest development complements LKY's existing green DeepSolv antimony processing partnership with Rice University.

LKY's active engagement comes at a time when the US is expanding critical minerals development.

What's the latest news from Locksley Resources?

Last week, Locksley Resources announced operational commencement of its maiden five-hole diamond drilling program at El Campo.

It also announced final approval for an expanded drilling program involving up to 16 drill holes at DAM.

Drilling will occur sequentially, with the diamond drill rig commencing at El Campo, then moving to DAM.

Locksley Resources said this would ensure a continuous flow of exploration news and data throughout 1Q and 2Q CY26.

Meanwhile, the company is fast-tracking a mine-to-market strategy for antimony.

In partnership with Rice University in Texas, it's also developing a faster processing method for antimony called DeepSolv.

Locksley Resources recently announced the casting of the first 100% US-made antimony ingot metal in decades.

Kerrie Matthews, Managing Director and CEO, commented last week:

We are finishing 2025 with strong momentum.

By commencing operations at El Campo and finalising the bond for DAM, we have effectively opened two fronts for exploration.

Locksley Resources reported cash of approximately $7.24 million at the end of the September quarter, with 4.57 quarters of funding left.

The post Down 55% in 10 weeks, is it time to cut and run on Locksley Resources shares? appeared first on The Motley Fool Australia.

In the mining space, small-caps are typically junior producers or mineral explorers that are still focused on test drilling.

Resilient commodity prices are supporting ASX mining shares in 2025, leading to an outperformance against the benchmark.

The S&P/ASX 300 Metal & Mining Index (ASX: XMM) is up 23.4% while the S&P/ASX 300 Index (ASX: XKO) has lifted 7.8% in 2025.

In terms of commodity prices, silver has been the standout.

The silver price has soared 67% in the year to date to US$48.30 per ounce yesterday, supporting ASX small-cap silver mining shares.

The gold price is 52% higher in the year to date, and reached a new record above US$4,300 per ounce last month.

As we reported last month, many ASX small-cap gold mining shares are shooting the lights out this year.

Copper has also risen strongly, up 26% to US$5 per pound in the year to date, supporting pure-play copper shares and major diversified miners with expanding copper segments.

Aluminium is up 12% to US$2,863 per tonne, cobalt has doubled to US$48,570 per tonne, and tin is up 23% to US$35,814 per tonne.

Iron ore was trading at US$104.73 per tonne yesterday, up 1.1% in 2025, providing support for the three major ASX 200 iron ore shares.

In 2025, BHP Group Ltd (ASX: BHP) and Fortescue Ltd (ASX: FMG) shares are both up 8% and Rio Tinto Ltd (ASX: RIO) is up 11%.

The mining segment's strong performance relative to the broader market is particularly evident among small-cap mining shares.

Let's check out some examples.

4 ASX small-cap mining shares that have doubled in 2025

Here are four ASX small-cap mining shares that have doubled in value in the year to date.

Kingsgate Consolidated Ltd (ASX: KCN)

The Kingsgate share price has ripped 242% in the year to date, closing at $4.41 yesterday.

Kingsgate is an Australian gold and silver producer and the owner and operator of the Chatree Gold Mine in central Thailand.

It also owns and operates the Nueva Esperanza Gold-Silver Project in the renowned Maricunga Belt in northern Chile.

Kingsgate Consolidated shares have a market capitalisation of $1.1 billion.

Cyprium Metals Ltd (ASX: CYM)

Cyprium Metals shares are up 1,850% in the year to date, closing at 39 cents yesterday.

Cyprium's flagship property is the Nifty Copper Complex in Western Australia.

Nifty previously produced significant copper oxide and sulphide.

The site has a Mineral Resource Estimate of 1,038,000 tonnes of copper and a mineral inventory of 91,000 tonnes of copper.

Cyprium Metals intends to redevelop Nifty, which has current operational approvals and recent new investment backing.

This ASX small-cap copper mining share a market capitalisation of $109 million.

Locksley Resources Ltd (ASX: LKY)

The Locksley Resources share price is up 1,650% in the year to date, closing at 35 cents yesterday.

Locksley Resources is a critical minerals explorer advancing its flagship Mojave project in California in the US.

The Mojave project includes the Desert Antimony project and El Campo rare earths prospect.

On The Bull, Niv Dagan from Peak Asset Management warned of a likely period of profit-taking on Locksley Resources shares.

The ASX small-cap mining share streaked to a record 69 cents in September.

Despite its recent tumble, the stock's 2025 gain remains impressive.

Locksley Resources shares have a market cap of $96 million.

Aeris Resources Ltd (ASX: AIS)

The Aeris Resources share price is up 125% in the year to date, closing at 41 cents on Thursday.

Aeris Resources is a mid-tier base and precious metals producer, with a copper-dominant portfolio.

Its main copper project is Tritton, which is a long life mine in Cobar, NSW.

In Queensland, Aeris Resources has the high-grade gold project, Cracow, in the state's centre, as well as North Queensland operations.

In Victoria's East Gippsland, Aeris has an advanced copper and zinc development project called Stockman.

Aeris Resources shares have a market capitalisation of $374 million.

The post 4 ASX small-cap mining shares up 100% or more in 2025 appeared first on The Motley Fool Australia.

The company, which was valued at just less than $100 million at the close of trade on Friday, said in a statement to the ASX that the US Export-Import Bank (EXIM) had issued a letter of interest indicating the potential to supply the funding.

EXIM, Locksley said, is the official export credit agency of the US, "tasked with strengthening domestic industrial resilience and reducing foreign supply dependence in strategic sectors''.

Locksley shares were trading 23.2% higher at 42.5 cents early on Monday. The stock has traded in a wide range this year, from as low as 1.4 cents to as high as 69 cents.

Encouraging first step

The company said the potential financing was also a first step in a broader US government funding pathway, which could open up access to programs funded by the US Department of War.

Locksley said its Mojave project aligned with US strategic interests.

It said in its statement to the ASX:

In light of the recent November 2025 U.S.–China trade agreement whereby China has suspended new rare-earth/critical minerals export controls, and the U.S. has publicly reaffirmed its support for Western based critical mineral supply chains, the Mojave Antimony Project is uniquely positioned to deliver a low risk, U.S. hosted, anti-dependent on China supply solution.

Locksley said it had recently cast its first American-made antimony ingot using feedstock from the Mojave project, with the metal processed entirely in the US.

The company said:

This achievement validated the company's mine-to-metal business model and provides the foundation for commercial scaling under the Defense Production Act and Inflation Reduction Act frameworks.

The company stated that its project also aligns well with the critical minerals framework recently signed between Australia and the US, which aims to reduce reliance on China for critical minerals.

Key meetings imminent

Locksley managing director Kerrie Matthews said the EXIM announcement was a strong endorsement of the company's plans.

She went on to say:

The letter of interest provides a foundation to progress formal financing discussions while advancing our downstream and offtake plans. With our 100% American made antimony ingot now produced, we are proving Locksley's capacity to deliver the next generation of U.S critical mineral supply chains.

Locksley said it will now progress a formal application with EXIM, triggering due diligence and underwriting processes.

Locksley executives will also be attending key meetings in Washington DC in mid-November to advance discussions around the project.

The post Why are shares in this junior critical minerals company surging more than 20%? appeared first on The Motley Fool Australia.

The steep fall for this ASX mineral explorer follows the release of the company's quarterly activities report this morning.

Locksley Resources shares have plunged in recent weeks after peaking at an all-time high of 69 cents on 22 September.

That historical high represented a stunning 3,959% skyrocketing over the year to date, and a 2,350% rise over 12 months.

Niv Dagan from Peak Asset Management recently warned of a likely period of profit-taking ahead after such stunning gains.

Let's take a look at the report.

Locksley Resources shares tank on quarterly update

Locksley Resources is a critical minerals explorer with drill-ready rare earths and antimony exploration projects in the US.

It also has a copper and gold exploration target called Tottenham in NSW, but nothing much is happening with it right now.

In terms of the financials, Locksley Resources reported cash of approximately $7.24 million at the end of the September quarter.

The explorer spent $875,000 on exploration and evaluations, as well as metallurgical test work for downstream processing.

Locksley Resources said it has 4.57 quarters worth of funding currently available.

Drilling to commence shortly

In terms of exploration activities, Locksley Resources said it achieved significant advancements at its flagship Mojave Project.

The project is located in California's Mojave Desert, in a Tier One area 1.4 km from Mountain Pass, the only active rare earths mine in the US.

The explorer said final preparations are now underway for two programs at Mojave.

They are the maiden drill program at El Campo (rare earths) and the expanded drill program at Desert Antimony (DAM).

Rare earths are used in wind turbines, electric cars, robotics, defence systems, and everyday technology products like smartphones.

Antimony is used to harden metals and is mixed in an alloy to make lead-acid batteries and bullets.

Locksley Resources also said it aggressively advanced its strategy to establish an independent US supply chain for antimony last quarter.

It is working with Rice University in Texas to develop a faster processing method for antimony called DeepSolv.

Locksley describes Deepsolv as an innovative green hydrometallurgical solvent system for extracting antimony from stibnite ores and concentrates.

The explorer and Rice are also investigating using antimony in next-generation energy storage systems.

Locksley Resources says its two research goals with Rice "directly align with U.S. energy and national security mandates".

What else happened during the quarter?

Locksley Resources began trading on the US OTCQX Best Market and Frankfurt Stock Exchange to raise its profile with investors.

The miner appointed CEO, Kerrie Matthews, and COO, Danny George, whose first priority is fast-tracking a mine-to-market strategy for antimony in the US.

Last week, Locksley Resources announced the successful casting of the first 100% US-made antimony ingot metal in decades.

The ingot was produced using concentrate sourced from non-Chinese feedstock and was processed entirely in the US.

Locksley Resources said:

This breakthrough demonstrated the technical feasibility of restoring antimony refinement in America for the first time in decades and provided a tangible foundation for future downstream processing and government engagement under the Defense Production Act and Inflation Reduction Act frameworks.

In terms of Tottenham in NSW, Locksley Resources said limited exploration activities occurred during the quarter due to its focus on Mojave.

The explorer is now carrying out a review to determine the best path forward for the project amid rising gold and copper prices.

The post Why are Locksley Resources shares diving 17%? appeared first on The Motley Fool Australia.

Just one year ago, the critical minerals explorer was trading at 2.4 cents per share.

Had you put just $2,000 into Locksley Resources shares back then, you'd have $40,833 today.

Argh, the agony of opportunities missed.

It's worth noting though, that this ASX micro-cap stock has tumbled 25% over the past month.

Perhaps this pullback presents an opportunity for investors who felt they'd missed the boat?

Critical minerals are a hot topic these days. They are essential in industries like clean energy, electronics, and defence.

The US is looking for new suppliers to reduce its reliance on China, and also wants to expand its local supplies and production capacity.

This week, Australian Prime Minister Anthony Albanese will meet with US President Donald Trump, and critical minerals are expected to be on the agenda, given Australia's rich supplies of lithium, rare earths, cobalt, and nickel.

Let's find out more about why this ASX mining share has been so hot over the past 12 months.

What is Locksley Resources?

Locksley Resources has rare earths and antimony exploration projects in the US, plus a copper and gold mine in NSW.

Locksley's flagship Mojave Project in California's Mojave Desert sits in a Tier One location adjoining the Mountain Pass Project.

Mountain Pass has high grade rare earths and is the only producing rare earths mine in the US.

Locksley now has permits for drilling and full funding for two of its explored sites, El Campo (rare earths) and Desert Antimony.

El Campo's assays reveal Neodymium-Praseodymium (NdPr) of up to 3.19%. NdPr is mixed in an alloy to produce high-performance magnets for wind turbines, electric cars, robotics, and defence systems.

Meanwhile at Desert Antimony, a metallurgical test work program on surface samples produced high-grade concentrate of up to 68.1%, significantly exceeding the minimum marketable requirement of 55%.

Antimony hardens metals and is used in an alloy to make lead-acid batteries and bullets.

Why is this ASX mining share up 2,350% in a year?

Locksley Resources has shared a lot of exciting news over the past 12 months, including excellent assay results and drilling approvals.

The miner reckons its Mojave Project is "emerging as a district-scale critical minerals hub".

Two capital raises this year have given the miner enough cash to start drilling at El Campo and Desert Antimony.

Locksley Resources has been granted a NATO Commercial and Government Entity (NCAGE) Code, which is a requirement for US and allied government contracts and funding programs.

The miner completed a US OTCQB Venture Market listing and also listed on the Frankfurt Stock Exchange to improve access to US and European investors.

What's the latest news from Locksley Resources?

Last week, Locksley announced it had qualified to trade on the US OTCQX Best Market, which is an upgrade from the OTCQB market.

Locksley also announced the appointment of former US Air Force Major General (Retired) Peter J. Lambert to its advisory board.

Major General Lambert brings more than 30 years of leadership experience in US intelligence, defence, and advanced technology integration.

The Major General's appointment follows the company introducing a new CEO, Kerrie Matthews, and COO, Danny George, last month.

The executives say their first priority is fast-tracking a mine-to-market strategy for antimony in the US.

Locksley doesn't just want to dig antimony out of the ground.

The miner has partnered with Rice University to develop a faster and more eco-friendly processing method for antimony.

Rice University is a global leader in advanced materials and energy research.

The Deep Eutectic Solvent (DES) system that Locksley and Rice University are working on is dubbed 'Deepsolv'.

Locksley describes Deepsolv as an innovative green hydrometallurgical solvent system for extracting antimony from stibnite ores and concentrates.

If the technology is successfully developed and commercialised, it would potentially position Locksley Resources as an attractive local processing partner for other US antimony miners as well as the US Government.

The miner issued an update about Deepsolv on Thursday.

Why has this ASX mining share fallen 25% in a month?

The ASX mining share's closing price on Friday represented a 10.9% daily fall.

There was no news from the miner on Friday.

The Locksley Resources share price peaked at an all-time high of 69 cents on 22 September.

That represented a staggering 3,959% ripsnort over the year to date, and a 2,350% rise over 12 months.

Last month on The Bull, Niv Dagan from Peak Asset Management said he had a hold rating on Locksley Resources shares.

Dagan explained that he expected some profit-taking to occur after the ASX mining share's rapid price ascension.

Looks like he might have been right.

The post If you'd invested $2,000 in this ASX mining share a year ago, you'd have $40,833 today appeared first on The Motley Fool Australia.

The critical minerals explorer hit a record 69 cents per share on 22 September, which represented a 3,959% climb in the year to date.

So, what's putting a rocket under this ASX stock?

Everything you need to know about this ASX mining share

Locksley Resources is a critical minerals explorer targeting rare earths and antimony in the United States.

It also has a copper and gold mine in NSW, but the US is its key focus right now.

Locksley Resources is seeking to leverage the US Government's strong desire for a domestic supply of critical minerals to support its defence, technology, and clean energy sectors and reduce its reliance on Chinese suppliers.

Locksley's flagship Mojave Project in California's Mojave Desert has rare earths, antimony, and potentially other metals, including high-grade silver. China is currently the world's biggest supplier of these critical minerals.

The Project is in a Tier One location adjoining the Mountain Pass Project.

Mountain Pass is one of the world's highest grade rare earths mines and the only producer in the US. It's owned by MP Materials Corp and backed by the US Department of Defense and Apple Inc.

Locksley has permits for drilling and full funding in place for two of its explored sites, El Campo and Desert Antimony.

El Campo has rare earths, with rock chip grades up to 12.1% total rare earth oxides (TREO).

Those oxides include Neodymium-Praseodymium (NdPr) of up to 3.19%. NdPr are two rare earth elements used in an alloy to produce high-performance magnets. These magnets are essential for wind turbines, electric cars, robotics, and defence systems.

The historical Desert Antimony Mine (DAM), which includes an on-site processing smelter, last operated in 1937. DAM has returned surface assays as high as 46% Sb (antimony) and outcropping quartz-calcite-stibnite veins.

Antimony is a metalloid, which means it has both metal and non-metal properties. It is used in an alloy to make lead-acid batteries and bullets. It makes low-friction metals stronger and harder. It's also used as a flame retardant in plastics, textiles, and electronics.

Antimony is not currently produced in the US, but is an essential ingredient for defence, industrial, and semiconductor applications.

Also, Locksley has partnered with Rice University in Texas to explore antimony's potential use in advanced energy storage systems.

What's been driving Locksley Resources shares higher in 2025?

Investors have been excited by a slew of excellent assay results, as well as drilling approvals for El Campo and Desert Antimony.

Locksley says its Mojave Project is "emerging as a district-scale critical minerals hub".

Assays indicate a broader polymetallic system beyond rare earths and antimony, including silver, zinc, lead, and copper.

Last month, Locksley Resources announced it had doubled its landholding at Mojave and increased its claims from 242 to 491.

Two capital raises in 2025 have given the company enough funding to commence drilling at El Campo and Desert Antimony.

On Friday, Locksley announced a 400% increase to the target mineralised corridor at Desert Antimony Mine (DAM) to 1.2 km.

The explorer said a metallurgical test work program on surface samples produced high-grade concentrate of up to 68.1% antimony.

This significantly exceeds the minimum marketable sales requirement of 55%.

Last month, Locksley received a NATO Commercial and Government Entity (NCAGE) Code.

This is required for participating in US and allied government contracting and funding programs. It means the explorer can now engage directly with the US departments of defence and energy for critical minerals funding.

In June, Locksley Resources completed an OTCQB listing in the US to improve local investor access and visibility. It also listed on the Frankfurt Stock Exchange to elevate visibility in Europe.

Last month, the company appointed a new CEO, Kerrie Matthews, and COO, Danny George.

Their first priority is fast-tracking a mine-to-market strategy for antimony in the US.

Matthews has more than 20 years of experience delivering complex projects. She was involved in South Flank for BHP Group Ltd (ASX: BHP) and Australia's first fully integrated rare earths refinery, Eneabba, for Iluka Resources Ltd (ASX: ILU).

Should you buy this ASX mining share?

Niv Dagan from Peak Asset Management has a hold rating on Locksley Resources shares.

Dagan noted the ASX mining share's skyward rise from 22 cents on 9 September to 50 cents on Friday after a bunch of positive announcements last month.

He explained his rating on The Bull late last month:

We retain a hold recommendation as some profit taking could occur in response to the rapid share price rise.

He may have been right, given Locksley Resources shares have fallen from a record 69 cents on 22 September to 50 cents on Friday.

The post Which ASX mining share is up 2,800% this year? appeared first on The Motley Fool Australia.