In a world increasingly defined by the race for technological supremacy and national security, the humble minerals buried beneath the earth’s surface have become strategic assets, shaping the destinies of nations and alliances. Recent developments in the United States and Australia underscore just how high the stakes have become in the global contest for critical minerals—those essential raw materials underpinning everything from hypersonic missiles to clean energy systems.
On November 2, 2025, Locksley Resources Limited (ASX: LKY) announced a major breakthrough: the Export-Import Bank of the United States (EXIM) issued a non-binding Letter of Interest for up to US$191 million in potential financing for the company’s Mojave Project in California. According to reporting from industry sources, this move positions Locksley at the very heart of America’s bid for critical minerals independence, particularly in antimony and rare earth elements. The timing couldn’t be more strategic, coming on the heels of China’s suspension of new rare-earth export controls following the November 2025 U.S.-China trade agreement and a renewed U.S. focus on shoring up domestic supply chains.
Locksley’s achievement is more than a financial milestone. The company recently cast a 100% American-made antimony ingot using feedstock from its Mojave Project—a tangible validation of its mine-to-metal business model. This is no small feat. Antimony, a metal vital for flame retardants, military applications, and semiconductor manufacturing, has been a persistent vulnerability in the U.S. supply chain. The country currently has zero domestic production, yet demand from defense and industry remains high. China, meanwhile, controls roughly half of the world’s antimony output, creating a strategic choke point that has long worried U.S. policymakers.
EXIM’s involvement signals more than just a willingness to lend. As the official export-credit agency of the U.S. government, EXIM operates under a Congressional mandate to reduce foreign supply dependence in critical sectors. Its Supply Chain Resiliency Initiative (SCRI) and China and Transformational Exports Program (CTEP) specifically prioritize funding for projects like Locksley’s. When EXIM issues a Letter of Interest, it isn’t just about money—it’s a clear sign that the project aligns with White House directives and could unlock further federal support, from Defense Production Act Title III funds to Department of Energy loan guarantees.
“EXIM’s Letter of Interest represents more than just financial support, it reflects a coordinated U.S. government directive to rebuild domestic critical minerals capability. The fact that EXIM’s engagement aligns with current White House priorities underscores how strategically important Locksley’s Mojave Project has become,” said Drew Horn, CEO of GreenMet and a former White House Advisor on Critical Minerals.
Locksley’s project is uniquely positioned. With over 491 claims contiguous to MP Materials’ Mountain Pass rare earth operations, the company’s Desert Antimony Mine—last operated in 1937—boasts strong geological continuity and a prime location. The company’s partnership with Rice University’s DeepSolv™ program aims to enhance U.S. refining capacity, while its integrated mine-to-metal approach promises greater control over quality, improved margins, and tighter supply chain security. Managing Director & CEO Kerrie Matthews remarked, “EXIM’s engagement represents a strong endorsement of Locksley’s U.S strategy and the momentum we have built with government and industry partners. The LOI provides a foundation to progress formal financing discussions while advancing our downstream and offtake plans.”
The investment case for Locksley is compelling. Not only does the company have proven production capability, but its project aligns directly with the U.S.-Australia Critical Minerals Framework Agreement, signed between President Trump and Prime Minister Albanese. This bilateral pact enjoys support from both EXIM and Australia’s Export Finance Agency, reflecting a shared commitment to breaking China’s dominance over critical mineral supply chains.
This brings us to the other side of the Pacific, where Australia’s role in the critical minerals game is both pivotal and paradoxical. As reported by ABC and corroborated by trade data, Chinese companies are now the largest shareholders in two Australian mines producing minerals vital for Beijing’s hypersonic missile and nuclear programs. China depends heavily on imports for zirconium—a mineral crucial for hypersonic missiles and nuclear fuel rods—and Australia, as the world’s largest producer, supplies 41% of China’s imports. Australian regulators not only allowed Beijing-backed firms to take major stakes in these Western Australia mines but also provided a $160 million soft loan to one of them, helping it begin production.
At the same time, Australia is partnering with the United States to curb Chinese dominance over rare earth and critical mineral supply chains. Just last month, Prime Minister Anthony Albanese inked a $13 billion deal with U.S. President Donald Trump to ensure America has the raw materials needed for its defense and technology sectors. Yet, as military strategist David Kilcullen pointed out, “I think it’s really important for us to have an understanding of where our minerals go … it’s appropriate to be applying those [controls] to things that might be used for nuclear or missile production.”
The complexity deepens when considering the dual-use nature of minerals like zirconium. Traditionally used in bathroom tiles, zirconium’s high melting point makes it indispensable for hypersonic missiles and nuclear applications. China, with less than 1% of the world’s zirconium reserves, has sought to plug this gap by investing in Australian mines like Image Resources, whose largest shareholder is China’s LB Group. According to Image Resources’s 2024 annual report, zirconium’s potential applications range from nuclear energy to hypersonic vehicles. Trade data shows the LB Group has sent over $5 million worth of zirconium to Russia in the year to February 2025, fueling not just China’s ambitions but also, indirectly, Russia’s military machine.
Australia’s Defence Minister Richard Marles, however, remains cautious about tightening controls. “There are other sources of zirconium from around the world, such that Australia withdrawing from the zirconium market would not mean the military use of zirconium would also stop,” he said, emphasizing the country’s reliance on trade with China even as security concerns mount.
For investors and policymakers alike, the message is clear: the global contest for critical minerals is a high-stakes game, with alliances, security, and economic prosperity hanging in the balance. Locksley’s story is a microcosm of a much larger trend—one where national strategies, corporate ambitions, and geopolitical realities collide. As the U.S. government ramps up support for domestic mineral production and Australia navigates its complex relationship with China, the future of critical minerals will shape not just industries, but the very security architecture of the 21st century.
With proven production, robust government backing, and a seat at the table of strategic policymaking, Locksley Resources exemplifies the new era of mineral independence. Whether this marks the dawn of a renaissance in American-made critical minerals or simply the next chapter in a global tug-of-war remains to be seen. But one thing is certain: the world will be watching every move.
