# LKY: FY26 Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146825 Publisher: asx Original announcement: 2026-09-30T09:15:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T10:12:49.522Z Atlas analysis updated: 2026-09-30T10:12:49.522Z - Company: Locksley Resources Limited - Ticker: LKY - Exchange: ASX - Region: Unavailable - Primary commodity: Antimony - Secondary commodities: Rare earth elements, Copper, Gold - Document categories: Drill results, Resource update, Metallurgy - Extracted: 2026-09-30 10:12:50 UTC Narrative sentiment: -0.30 · Bearish ## Minestarters Atlas summary Locksley Resources Limited's FY26 Annual Report highlights maiden diamond drilling at its Mojave Critical Minerals Project, yielding high-grade antimony intercepts up to 33.51% Sb and rare earth intercepts up to 6.03% TREO. Metallurgical test work produced a 68.1% Sb concentrate and 99.5% purity antimony trioxide. However, a strategic shift away from US critical minerals due to declining antimony prices resulted in asset impairment, with future focus on Australian copper-gold assets including the Tottenham Inferred Mineral Resource and an option over the Iron Duke Project. The company also raised A$22.4 million through placements. Reasoning: The company reported positive maiden drill results for antimony and rare earth elements, and achieved high purity antimony trioxide, but the antimony concentrate recovery was low \(68.1%\). A significant strategic shift away from its US critical minerals strategy due to declining antimony prices led to asset impairment. The company also secured significant capital. - Positive factor: Maiden drilling at Desert Antimony Mine and El Campo prospect yielded high-grade intercepts for antimony and rare earth elements. - Positive factor: Successful production of 99.5% purity antimony trioxide from DAM feedstock. - Positive factor: Research and development into DeepSolv™ deep eutectic solvent antimony extraction shows potential for high-grade product recovery. - Positive factor: Company successfully completed two capital placements, raising A$22.4 million. - Negative factor: Strategic decision to cease active US field exploration and impair assets due to a material decline in antimony prices. - Negative factor: Antimony concentrate recovery of 68.1% from flotation test work is below the weak threshold for base metals. - Negative factor: Drill results for both antimony and rare earth elements are reported as downhole widths only, with true widths not yet known. - Negative factor: Tottenham Mineral Resource is an Inferred category estimate and is unchanged from the prior year, indicating no new geological confidence. - Negative factor: Iron Duke Project's copper-gold estimate is historical \(JORC 2004\) and not compliant with JORC 2012 standards. Facts used in scoring: 19 ## Classification and evidence **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 0.4 m @ 33.51% Sb is exceptionally high-grade for antimony, well above typical economic thresholds. Evidence · text > 0.4 m @ 33.51% Sb **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 0.7 m @ 6.03% TREO is exceptionally high-grade for rare earth elements, indicating very strong mineralization. Evidence · text > peak 0.7 m @ 6.03% TREO **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The document explicitly states that 'All reported intersections are downhole widths; true widths are not yet known' for the drill results. Evidence · text > All reported intersections are downhole widths; true widths are not yet known. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The drilling at Desert Antimony Mine and El Campo prospect is described as 'Maiden diamond drilling', indicating the first formal drilling program for these targets. Evidence · text > Maiden diamond drilling at DAM \(eight holes, 1,065 m, February–April 2026\) **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: The 68.1% Sb concentrate recovery from flotation test work is below the 80% threshold for 'weak' recovery in base metals, indicating significant challenges. Evidence · text > Flotation test work on DAM surface samples produced a 68.1% Sb concentrate **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The production of 99.5% purity antimony trioxide was achieved 'at bench scale', indicating it has not yet progressed to larger-scale testing. Evidence · text > 99.5% purity antimony trioxide achieved at bench scale **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The development of a 'DeepSolv™ deep eutectic solvent antimony extraction' process implies that the antimony ore has complex metallurgy requiring specialized treatment. Evidence · text > DeepSolv™ deep eutectic solvent antimony extraction **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Tottenham Mineral Resource is explicitly stated as a 'JORC \(2012\) Inferred Mineral Resource', which is the lowest confidence category. Evidence · text > Tottenham Inferred Mineral Resource at 0.72% Cu and 0.22 g/t Au **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The Tottenham Mineral Resource 'is unchanged from that reported in the 2025 Annual Report', indicating no new data or update for the current reporting period. Evidence · text > The estimate is unchanged from that reported in the 2025 Annual Report. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Iron Duke Project's estimate is described as a 'historical estimate \(prepared under the JORC Code 2004 by KBL Mining Limited in 2012, not reported in accordance with the JORC Code 2012\)', indicating it does not meet current reporting standards. Evidence · text > historical estimate \(prepared under the JORC Code 2004 by KBL Mining Limited in 2012, not reported in accordance with the JORC Code 2012\) of 1.3 Mt @ 1.0% Cu and 0.6 g/t Au **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report explicitly states that 'Competent Persons’ statements, appear in the Review of Operations and the Annual Mineral Resource and Ore Reserves statement' and names Mr Ian Stockton and Mr Jeremy Peters as Competent Persons for the estimates. Evidence · text > Competent Persons’ statements, appear in the Review of Operations and the Annual Mineral Resource and Ore Reserves statement. **Oversubscribed Placement** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The A$17.0 million placement is explicitly stated as 'Oversubscribed placement', indicating strong investor demand. Evidence · text > Oversubscribed placement, December 2025 **Strategic Shift** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company made a 'disciplined decision to cease active field exploration in the United States while maintaining our claims in good standing' and shifted focus to Australian assets due to declining antimony prices. Evidence · text > following a material decline in antimony prices, the Board completed a strategic review of the portfolio and made the disciplined decision to cease active field exploration in the United States while maintaining our claims in good standing. **Asset Impairment** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Directors' Report notes an 'Impairment of assets' of $1,936,864 related to the Mojave Project, following the strategic review and fall in antimony prices. Evidence · text > Impairment of assets 5 \(1,936,864\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 19. Some facts used in scoring do not have a stored record. ## Drill Results (9) ### DADD0005A [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-0) Mojave Critical Minerals · antimony #### Identity - Hole ID: DADD0005A - Project: Mojave Critical Minerals - Commodity: antimony - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 4.87 - Grade Unit: % - Intercept: 4 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: Desert Antimony Mine - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drilling at the Desert Antimony Mine yielded a high-grade antimony intercept, indicating potential, but true width is not yet determined. - Positive factor: High-grade antimony intercept. - Negative factor: True width not known, reported as downhole width only. Evidence · text > 4.0 m @ 4.87% Sb \(DADD0005A #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### DADD0005A [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-1) Mojave Critical Minerals · antimony #### Identity - Hole ID: DADD0005A - Project: Mojave Critical Minerals - Commodity: antimony - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 33.51 - Grade Unit: % - Intercept: 0.4 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: Desert Antimony Mine - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A very high-grade antimony sub-interval was reported from maiden drilling, indicating bonanza-grade mineralization, but true width is not yet determined. - Positive factor: Exceptional bonanza-grade antimony intercept. - Negative factor: True width not known, reported as downhole width only. Evidence · text > incl. 0.4 m @ 33.51% Sb #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### DADD0004 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-2) Mojave Critical Minerals · antimony #### Identity - Hole ID: DADD0004 - Project: Mojave Critical Minerals - Commodity: antimony - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 5.62 - Grade Unit: % - Intercept: 1.4 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: Desert Antimony Mine - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drilling at the Desert Antimony Mine yielded a high-grade antimony intercept, indicating potential, but true width is not yet determined. - Positive factor: High-grade antimony intercept. - Negative factor: True width not known, reported as downhole width only. Evidence · text > 1.4 m @ 5.62% Sb \(DADD0004\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### DADD0003 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-3) Mojave Critical Minerals · antimony #### Identity - Hole ID: DADD0003 - Project: Mojave Critical Minerals - Commodity: antimony - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 2.69 - Grade Unit: % - Intercept: 2 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: Desert Antimony Mine - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drilling at the Desert Antimony Mine yielded a high-grade antimony intercept, indicating potential, but true width is not yet determined. - Positive factor: High-grade antimony intercept. - Negative factor: True width not known, reported as downhole width only. Evidence · text > 2.0 m @ 2.69% Sb \(DADD0003\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### DADD0007 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-4) Mojave Critical Minerals · antimony #### Identity - Hole ID: DADD0007 - Project: Mojave Critical Minerals - Commodity: antimony - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 6.44 - Grade Unit: % - Intercept: 0.3 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: Desert Antimony Mine - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drilling at the Desert Antimony Mine yielded a high-grade antimony intercept, but the narrow width and unknown true width limit its materiality. - Positive factor: High-grade antimony intercept. - Negative factor: True width not known, reported as downhole width only. - Negative factor: Very narrow intercept length. Evidence · text > 0.3 m @ 6.44% Sb \(DADD0007\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ECDD0002 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-5) Mojave Critical Minerals · rare earth elements #### Identity - Hole ID: ECDD0002 - Project: Mojave Critical Minerals - Commodity: rare earth elements - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 2.93 - Grade Unit: % - Intercept: 7.2 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: El Campo prospect - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drilling at the El Campo prospect yielded a high-grade rare earth elements intercept, indicating potential, but true width is not yet determined. - Positive factor: High-grade rare earth elements intercept. - Negative factor: True width not known, reported as downhole width only. Evidence · text > 7.20 m @ 2.93% TREO \(incl. 3.75 m @ 4.45% TREO; peak 0.7 m @ 6.03% TREO\) in ECDD0002 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ECDD0002 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-6) Mojave Critical Minerals · rare earth elements #### Identity - Hole ID: ECDD0002 - Project: Mojave Critical Minerals - Commodity: rare earth elements - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 4.45 - Grade Unit: % - Intercept: 3.75 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: El Campo prospect - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A high-grade rare earth elements sub-interval was reported from maiden drilling, indicating strong mineralization, but true width is not yet determined. - Positive factor: High-grade rare earth elements sub-interval. - Negative factor: True width not known, reported as downhole width only. Evidence · text > 3.75 m @ 4.45% TREO #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ECDD0002 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-7) Mojave Critical Minerals · rare earth elements #### Identity - Hole ID: ECDD0002 - Project: Mojave Critical Minerals - Commodity: rare earth elements - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 6.03 - Grade Unit: % - Intercept: 0.7 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: El Campo prospect - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A very high-grade rare earth elements sub-interval was reported from maiden drilling, indicating bonanza-grade mineralization, but the narrow width and unknown true width limit its materiality. - Positive factor: Exceptional bonanza-grade rare earth elements sub-interval. - Negative factor: True width not known, reported as downhole width only. - Negative factor: Very narrow intercept length. Evidence · text > peak 0.7 m @ 6.03% TREO #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### ECDD0004 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-drill-facts-8) Mojave Critical Minerals · rare earth elements #### Identity - Hole ID: ECDD0004 - Project: Mojave Critical Minerals - Commodity: rare earth elements - Region: california - Reported Region: california - Ticker: LKY #### Geometry - Grade: 1.09 - Grade Unit: % - Intercept: 0.9 m #### Classification - Program: exploration - Sample Type: drill - Mining Method: unknown #### Location - Location: El Campo prospect - Loc. Source: document #### QA/QC - QP Signed: Yes - QA/QC Methods: standards #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Maiden drilling at the El Campo prospect yielded a rare earth elements intercept, but the narrow width and unknown true width limit its materiality. - Positive factor: Rare earth elements intercept. - Negative factor: True width not known, reported as downhole width only. - Negative factor: Very narrow intercept length. Evidence · text > 0.90 m @ 1.09% TREO in ECDD0004 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Resource Estimates (7) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-resource-facts-9) Tottenham Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Tottenham Project - Commodity: copper - Region: australia\_nsw - Reported Region: New South Wales - Ticker: LKY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Jeremy Peters - Resource group id: resource:556dcdce0a744fc0b627 - Deposit or zone: Carolina and Mount Royal–Orange Plains deposits #### Resource Data - Category: inferred - Tonnes: 9860000 - Grade: 0.72 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Tottenham copper resource is an Inferred category estimate and is unchanged from the previous year, limiting its current materiality and novelty. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is unchanged from the prior year, indicating no new information or progress. Evidence · text > 9.86 Mt at 0.72% Cu and 0.22 g/t Au #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-resource-facts-10) Tottenham Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Tottenham Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: LKY #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Jeremy Peters - Resource group id: resource:556dcdce0a744fc0b627 - Deposit or zone: Carolina and Mount Royal–Orange Plains deposits #### Resource Data - Category: inferred - Tonnes: 9860000 - Grade: 0.22 - Grade Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Tottenham gold resource is an Inferred category estimate and is unchanged from the previous year, limiting its current materiality and novelty. - Negative factor: Resource is in the Inferred category, indicating lower geological confidence. - Negative factor: Estimate is unchanged from the prior year, indicating no new information or progress. Evidence · text > 9.86 Mt at 0.72% Cu and 0.22 g/t Au #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-resource-facts-11) Iron Duke Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Iron Duke Project - Commodity: copper - Region: australia\_nsw - Reported Region: New South Wales - Ticker: LKY #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Stockton, Mr Oliver Davies - Resource group id: resource:b18eb87793087803abe8 #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 1 - Grade Unit: % #### Prior Estimate - Resource Date: 2012-01-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Iron Duke copper estimate is historical and not JORC 2012 compliant, making it a low-confidence and non-novel fact. - Negative factor: Estimate is historical \(JORC 2004\) and not compliant with current JORC 2012 standards, reducing its reliability. - Negative factor: No new information or update provided, indicating very low novelty. Evidence · text > historical estimate \(prepared under the JORC Code 2004 by KBL Mining Limited in 2012, not reported in accordance with the JORC Code 2012\) of 1.3 Mt @ 1.0% Cu and 0.6 g/t Au #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 14.7 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-resource-facts-12) Iron Duke Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Iron Duke Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales - Ticker: LKY #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Qualified person names: Mr Stockton, Mr Oliver Davies - Resource group id: resource:b18eb87793087803abe8 #### Resource Data - Category: inferred - Tonnes: 1300000 - Grade: 0.6 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2012-01-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2012-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Iron Duke gold estimate is historical and not JORC 2012 compliant, making it a low-confidence and non-novel fact. - Negative factor: Estimate is historical \(JORC 2004\) and not compliant with current JORC 2012 standards, reducing its reliability. - Negative factor: No new information or update provided, indicating very low novelty. Evidence · text > historical estimate \(prepared under the JORC Code 2004 by KBL Mining Limited in 2012, not reported in accordance with the JORC Code 2012\) of 1.3 Mt @ 1.0% Cu and 0.6 g/t Au #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 14.7 years before this release ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-resource-facts-16) #### Identity - Ticker: LKY #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A substantial oversubscribed placement was completed, providing significant capital and demonstrating investor support. - Positive factor: Significant capital raised through an oversubscribed placement, strengthening the company's financial position. - Positive factor: Placement price of A$0.24 per share indicates investor confidence. Evidence · text > A$17.0 million placement at $0.24 \(settled 11 December 2025\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-resource-facts-17) #### Identity - Ticker: LKY #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: A capital placement was completed, providing additional funding for the company's operations. - Positive factor: Capital raised through a placement, contributing to the company's funding. Evidence · text > A$5.35 million placement at $0.095 \(August 2025\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-resource-facts-18) Iron Duke Copper-Gold Project #### Identity - Project: Iron Duke Copper-Gold Project - Region: australia\_nsw - Reported Region: New South Wales - Ticker: LKY #### Resource scope - Resource group id: resource:6e4b62cd83f44f6c415f #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company secured a binding option agreement for the Iron Duke Copper-Gold Project, expanding its portfolio with a clear path to acquisition and development. - Positive factor: Secured an option over a copper-gold project, expanding the company's portfolio and providing district-scale opportunity. - Positive factor: The option agreement has modest upfront cost and clear milestones for additional consideration. Evidence · text > Binding option agreement \(14 May 2026\) to acquire 100% of the Iron Duke Copper-Gold Project \(EL9191 and EL6064\), within 18 km of Tottenham #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (3) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-metallurgical-facts-13) Mojave Critical Minerals Project · antimony #### Identity - Project: Mojave Critical Minerals Project - Commodity: antimony - Region: california - Reported Region: California - Ticker: LKY #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: flotation - Sample: DAM surface samples #### Recovery - Recovery: 68.1 % - Recovery Basis: actual\_test - Conc. Grade: 68.1 - Conc. Grade Unit: % Sb #### Lab - Laboratory: Hazen Research #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Flotation test work produced an antimony concentrate, but the recovery rate is low, suggesting potential metallurgical challenges. - Positive factor: Successful production of an antimony concentrate. - Negative factor: Recovery of 68.1% is below the weak threshold for base metal flotation, indicating potential processing challenges or recovery concerns. Evidence · text > Flotation test work on DAM surface samples produced a 68.1% Sb concentrate #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### bench scale [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-metallurgical-facts-14) Mojave Critical Minerals Project · antimony #### Identity - Project: Mojave Critical Minerals Project - Commodity: antimony - Region: california - Reported Region: California - Ticker: LKY #### Test Work - Program Status: preliminary - Test Type: bench scale - Sample: DAM feedstock #### Recovery - Recovery Basis: actual\_test - Conc. Grade: 99.5 - Conc. Grade Unit: % purity antimony trioxide #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: High purity antimony trioxide was produced at bench scale, demonstrating strong product quality, though further scale-up validation is needed. - Positive factor: Achieved very high purity \(99.5%\) for antimony trioxide, indicating a high-quality product. - Negative factor: Test work was conducted at bench scale only, which may not fully represent commercial performance. Evidence · text > 99.5% Purity antimony trioxide produced ### Deep Eutectic Solvent \(DeepSolv™\) extraction, electrodeposition [Link to this fact](https://atlas-staging.minestarters.com/news/lky-fy26-annual-report-to-shareholders--327a6c33-d281-4dc7-9653-8de4e68ac249#fact-metallurgical-facts-15) Mojave Critical Minerals Project · antimony #### Identity - Project: Mojave Critical Minerals Project - Commodity: antimony - Region: california - Reported Region: California - Ticker: LKY #### Test Work - Program Status: optimization - Test Type: Deep Eutectic Solvent \(DeepSolv™\) extraction, electrodeposition - Processing Route: DeepSolv™ extraction, electrodeposition - Sample: antimony-bearing raw material and concentrates #### Recovery - Recovery Basis: actual\_test #### Lab - Laboratory: Rice University #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The DeepSolv™ program shows promising results for high-grade antimony recovery from complex materials, but it is still an R&D stage process for potentially refractory ore. - Positive factor: Successful progress in developing a novel DeepSolv™ process for high-grade antimony recovery, indicating potential for complex ores. - Positive factor: Demonstrated recovery of metallic antimony by electrodeposition. - Negative factor: The use of a novel process implies complex metallurgy for the antimony ore, which can carry higher risk and cost. - Negative factor: Work is still in the research and development phase, not yet at pilot or commercial scale. Evidence · text > laboratory results from the Rice University DeepSolv™ program demonstrating that antimony-bearing raw material and concentrates can be processed and recovered as high-grade antimony products, including recovery of metallic antimony by electrodeposition ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.