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Fortune Bay

Investor Insight

A cycle-aware gold developer-explorer focused on value creation at the steepest part of the Lassonde Curve – pairing a de-risked Canadian gold project with transformational discovery potential in Mexico, and overlaying partner-funded uranium exposure.

Advancing community partnerships in both jurisdictions underpin the strategy, ensuring responsible advancement and alignment with stakeholders.

With a tight share structure and disciplined approach, Fortune Bay is positioned for multiple near-term catalysts as capital flows back into quality juniors.

Overview

Fortune Bay (TSXV:FOR,FWB:5QN,OTCQB:FTBYF) is a technically driven gold exploration and development company whose strategy is to create value at the steepest part of the Lassonde Curve. The company advances assets through discovery, resource expansion and early-stage development, then seeks monetization routes (sales, JV buyouts, M&A, royalties or equity) before the project enters capital-intensive build phases. This cycle-aware approach aims to maximize per-share value while minimizing dilution.

The current portfolio spans two 100-percent-owned gold projects – Goldfields in Saskatchewan, Canada, and Poma Rosa (formerly Ixhuatán) in Chiapas, Mexico. These projects are complemented by three uranium assets in Saskatchewan – Murmac, Strike and The Woods – that are being advanced under partner funding.

In 2025, Fortune Bay entered into an agreement with Cormark Securities Inc., as lead underwriter and sole bookrunner, for a “bought deal” private placement totaling C$8,000,071. Proceeds of the placement will help accelerate permitting and pre-feasibility work at the Goldfields Gold Project, launch exploration at Poma Rosa, and support ongoing growth and operations.

Overall, Fortune Bay’s business strategy blends a de-risked development asset (Goldfields) with transformational discovery potential (Poma Rosa), and non-dilutive uranium exposure, positioning the company for multiple catalysts and potential re-rating as market capital flows into quality juniors.

Company Highlights

  • Cycle-smart model: Advancing projects through discovery, resource expansion and early-stage development, then monetizing before the capital-intensive build phase.
  • Poma Rosa Project (Mexico): Historical gold resource at Campamento (1.04 Moz measured and indicated; 0.70 Moz inferred) sitting atop an untested porphyry system – offering both near-term ounces and discovery blue-sky; community re-engagement progressing to enable exploration restart. Historical estimate, not treated as current under NI 43-101.
  • Uranium optionality, non-dilutive: Advancing Murmac & Strike (optioned to Aero Energy) and The Woods (optioned to Neu Horizon) under partner capital while Fortune Bay remains operator, leveraging uranium expertise, offsetting overhead and preserving discovery upside and exposure to uranium market tailwinds.
  • Strong leadership: Led by discovery-driven geologists and capital-markets veterans with a track record of building and monetizing companies.
  • Fully Funded: Fortune Bay raises C$8.0 million in a bought deal with Cormark Securities.

Key Projects

Goldfields Project

Located in Saskatchewan, Canada, Goldfields sits in one of the world’s top mining jurisdictions with road access, nearby hydropower, historical mining infrastructure and well-advanced permitting groundwork. The project’s 2022 preliminary economic assessment (PEA) outlined 101 koz/yr average production over 8.3 years with C$234 million initial capex and life-of-mine all-in sustaining cost of US$889/oz (base case US$1,650/oz), with strong sensitivity to higher gold prices.

In 2025, Fortune Bay released an updated preliminary economic assessment (PEA) for the Goldfields project in Saskatchewan, outlining a sub-5,000 tpd open-pit mine designed to leverage existing infrastructure and permits. At a base gold price of US$2,600/oz, the project delivers an after-tax NPV5 percent of C$610 million and a 44 percent IRR, rising to C$1,253 million NPV and 74 percent IRR at spot gold (~US$3,650/oz). The plan includes a 13.9-year mine life with 896,000 ounces of payable gold, cash costs of US$1,207/oz and AISC of US$1,330/oz, supported by an initial capex of C$301 million. With 97 percent of ounces in the mine plan classified as indicated and additional upside from expansion drilling, the project demonstrates both low risk and strong growth potential.

An updated mineral resource estimate (MRE), effective September 11, 2025, was completed as part of the updated PEA to account for a slightly lower cut-off grade reflecting higher gold prices. The resources are constrained within a conceptual open-pit shell. Prepared by SRK Consulting (Canada) in accordance with CIM Guidelines and NI 43-101, this MRE replaces the previous estimate dated September 1, 2022. SRK used the same resource estimation procedures and also developed the supporting mineralization models, which were informed by structural and petrographic studies.

The MRE reconciles to within 1 percent of historical mine production at Box when the historically reported process plant recovery of 96 percent is applied, providing additional confidence in the estimate.

Poma Rosa Gold-Copper Project

In Chiapas, Mexico, Poma Rosa hosts the Campamento epithermal gold-silver system with a historical resource of 1.04 Moz gold, measured and indicated, and 0.70 Moz gold inferred, and sits above a large, under-evaluated copper-gold porphyry system evidenced by broad mineralized intercepts, including 601.4 m @ 0.3 percent copper, 0.7 g/t gold and 2.7 g/t silver at Cerro La Mina, and multiple target areas across the tenement.

Fortune Bay is re-establishing community relationships to enable exploration agreements and a restart of field programs, with a pathway that includes updating the historical resource to current NI 43-101 standards and testing porphyry/skarn targets. The Campamento estimate is historical and not treated as current.

Uranium Portfolio

The Murmac and Strike projects are optioned to Aero Energy, while The Woods is optioned to Neu Horizon. Together, they cover more than 60,000 hectares on and near the Athabasca Basin’s northern rim, targeting shallow, basement-hosted high-grade deposits. Drilling at Murmac/Strike has confirmed Athabasca-style mineralization with multiple shallow uranium intercepts. Meanwhile, The Woods offers district-scale potential along the Grease River Shear Zone with extreme surface/lake-sediment uranium anomalism. Fortune Bay remains the operator for these assets, while partners fund exploration, generating non-dilutive income and preserving discovery leverage.

Management Team

Wade Dawe – Executive Chairman

Wade Dawe is an accomplished entrepreneur, financier and investor . He has founded or co-founded a number of successful companies, including Keeper Resources, which was sold for $51.6 million in 2008, and Brigus Gold, which was acquired by Primero Mining in 2014 in an all-share deal valued at $351 million. Dawe is currently a director of TSX-listed Pivot Technology Solutions and of TSXV-listed kneat.com. He holds a Bachelor of Commerce degree from Memorial University (MUN), where he serves on the Advisory Board to the Faculty of Business Administration.

Dale Verran – Chief Executive Officer

Dale Verran is an exploration geologist and mining executive with over 25 years of international experience. He has a track-record of successful project generation, discovery and project advancement, in both Africa and Canada. Prior to joining Fortune Bay, Verran served as vice-president, exploration for Denison Mines, where he was involved in the discovery of over 70 million pounds of U3O8. He is a former executive technical director for a large independent exploration group operating in Africa, Remote Exploration Services, and former exploration manager for Manica Minerals, a private prospect generator company with an extensive multi-commodity portfolio of projects in Africa.

Sarah Oliver – Chief Financial Officer

Sarah Oliver has more than 10 years of experience working in the accounting and finance industries – most recently as the chief financial officer of the predecessor company to Fortune Bay. She worked with PwC Canada in their consulting and deals group and then in their assurance practice, as a senior manager where she assisted her clients through various acquisitions and mergers, public and private financings and advising on accounting policy and control implementation. Oliver has been a chartered professional accountant, chartered accountant since 2007.

Gareth Garlick – VP Technical Services

Gareth Garlick has approximately 25 years of international experience in the mining and mineral exploration industry. He is experienced in all aspects of the mining cycle, ranging from grassroots exploration to resource estimation and resource reconciliation on producing mines, and has been overseeing all of Fortune Bay’s operational and development-related work. Garlick is a registered P.Geo (EGBC) and holds a Bachelor of Science (Honours) in Geology from the University of Cape Town.

This post appeared first on investingnews.com

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Kimberly-Clark to buy Kenvue in $48.7 billion deal

Kimberly-Clark said on Monday it will buy Tylenol maker Kenvue KVUE.N in a cash-and-stock deal valued at about $48.7 billion, to create one of the biggest consumer health goods companies in the United States.

Shares of Kenvue were up 18% in premarket trading, while Kimberly-Clark‘s shares were down 12.5%.

Kenvue has been under a strategic review, leadership shake-up, and mounting litigation risks. It came under fresh scrutiny following President Donald Trump’s comments linking its popular pain medicine Tylenol to autism.

The deal will bring together brands including Neutrogena, Huggies and Kleenex under a consumer health and personal care company with expected combined annual revenues of roughly $32 billion.

Sources in June told Reuters the strategic review of its operations could include a sale or breakup of the company that had been spun off from healthcare conglomerate Johnson & Johnson JNJ.N in 2023.

Kenvue‘s shareholders will receive $3.50 per share and 0.15 Kimberly-Clark shares for each Kenvue share held. That implies a per-share deal value of $21.01, or an equity value of $40.32 billion, according to Reuters calculations.

This post appeared first on NBC NEWS

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Eight players earn their first career Gold Glove awards

Eight players earned their first career Gold Glove award while New York Yankees pitcher Max Fried, Cleveland Guardians left fielder Steven Kwan and Chicago Cubs left fielder Ian Happ each won their fourth career Gold Gloves when this season’s winners were announced Sunday night.

Fried becomes the fourth Yankee pitcher to win a Gold Glove, the first since Mike Mussina in 2008. He won three consecutive Gold Gloves with the Atlanta Braves between 2020-22.

Kwan’s streak of four straight Gold Gloves in as many major league seasons is the third-longest streak to begin a career in history, trailing only Ichiro Suzuki and Nolan Arenado, who each began their careers with 10 consecutive Gold Gloves.

Happ also won his fourth consecutive award after leading all National League players with +9 defensive runs saved.

The list of first-time winners included Detroit catcher Dillon Dingler, Twins/Blue Jays first baseman Ty France, Royals third baseman Maikel Garcia, Red Sox center fielder Ceddanne Rafaela, St. Louis shortstop Masyn Wynn, Cubs center fielder Pete Crow-Armstrong, Giants pitcher Logan Webb and Marlins utility player Javier Sanoja.

The Platinum Glove awards, given out to the best defensive player in each league, will be announced Nov. 7.

Here are the 2025 Gold Glove Award winners:

American League

Pitcher: Max Fried, Yankees (4th)

Catcher: Dillon Dingler, Tigers (1st)

First base: Ty France, Twins/Blue Jays (1st)

Second base: Marcus Semien, Rangers (2nd)

Third base: Maikel Garcia, Royals (1st)

Shortstop: Bobby Witt Jr., Royals (2nd)

Left field: Steven Kwan, Guardians (4th)

Center field: Ceddanne Rafaela, Red Sox (1st)

Right field: Wilyer Abreu, Red Sox (2nd)

Utility: Mauricio Dubon, Astros (2nd)

National League

Pitcher: Logan Webb, Giants (1st)

Catcher: Patrick Bailey, Giants (2nd)

First base: Matt Olson, Braves (3rd)

Second base: Nico Hoerner, Cubs (2nd)

Third base: Ke’Bryan Hayes, Pirates/Reds (2nd)

Shortstop: Masyn Wynn, Cardinals (1st)

Left field: Ian Happ, Cubs (4th)

Center field: Pete Crow-Armstrong, Cubs (1st)

Right field: Fernando Tatis Jr., Padres (2nd)

Utility: Javier Sanoja, Marlins (1st)

This post appeared first on USA TODAY

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It’s high time for Bengals to end charade and trade this star

  • DE Trey Hendrickson had an NFL-high 35 sacks between the 2023 and ’24 seasons.
  • Cincinnati fell to 3-6 after another awful home loss Sunday to Chicago.
  • The Bengals defense has been terrible in recent years despite Hendrickson’s exploits.

The Cincinnati Bengals have shown progress in recent years, insomuch as they don’t completely resemble a franchise operating as if the Reagan administration was still in effect – though the franchise’s heyday did coincide with Ronnie’s political peak.

But if the Stripes’ (needed) evolution is going to take a quantum leap, they need to face reality and deal defensive end Trey Hendrickson ahead of the NFL’s trade deadline, which expires at 4 p.m. ET on Tuesday.

Cincinnati miraculously lost 47-42 at home to the Chicago Bears on Sunday, dropping its record to 3-6 after surrendering 30 points in the second half. Injured quarterback Joe Burrow is nowhere in sight, and neither is a postseason berth for the Bengals – and they didn’t manage to qualify for the playoffs last season, when Burrow and Hendrickson were fully healthy. Yet after pouring hundreds of millions into the roster this year, basically to keep last year’s failed 9-8 edition intact, it’s high time to look to the future.

Burrow suffered a toe injury in Week 2 and hasn’t played since. He may or may not return next month. Hendrickson, who held out of the team’s offseason program and the early part of training camp before extracting a deserved raise for the 2025 season, has been dealing with a hip issue and has missed most of the past three games – inactive in Week 7 and again on Sunday. He’s scheduled to reach free agency in March.

Rather than let him do that – and likely get no more (eventually) than a third-round compensatory pick in return – Bengals owner Mike Brown should break with organizational form and induce a bidding war for the man who is, by far, his best defender. Hendrickson should spark quite a market considering the valuable position he plays, his historical level of production – his 17½ sacks last season topped the NFL, and his 35 spanning the 2023 and ’24 campaigns were also the most league-wide – and, given the fact he’s still only 30 years old, an acquiring team might be willing to offer a little more to get him, then take the opportunity to extend his contract.

It was pretty clear after their summer standoff that Hendrickson and the Bengals wouldn’t be renewing their vows, even if Brown – and he still seems to think NFL contracts should be ironclad commitments – correctly caved to bring the four-time Pro Bowler’s compensation appreciably nearer to peers like Myles Garrett, T.J. Watt, Maxx Crosby and others, that trio set to earn more than double (based on average annual value) the $16 million Hendrickson was initially due. After doling out nine-figure, multi-year extensions to wideouts Ja’Marr Chase and Tee Higgins in March – at the urging of Burrow – Brown begrudgingly agreed at the end of August to pay Hendrickson $29 million in sum for 2025.

But now? Brown can literally cut his losses while benefiting from what is shaping up as a sellers’ market.

Though limited recently by his hip, Hendrickson has remained his typically productive self when on the field, collecting four sacks and, per PFF, 23 pressures this season despite playing for a defense on which he’s pretty much the lone threat opposing offensive coordinators fret about while devising their game plans. And given, much like last year, that the Bengals don’t have a snowball’s chance unless they score at least 30 points, what’s the point? Cincinnati wisely obtained veteran quarterback Joe Flacco to fill in for Burrow when it became clear previous understudy Jake Browning wasn’t up to the task. But after a 33-31 upset of the Pittsburgh Steelers in Week 7, the Bengals lost to the previously winless New York Jets 39-38 before Flacco futilely passed for 470 yards and four TDs in Sunday’s defeat.

Now? It’s over for this team.

On the other side of a Week 10 bye await the Steelers, Patriots, Bills and revitalized Ravens (twice). On the other side of 2025 awaits the task of overhauling a double agent defense, a task Cincy has kicked down the road even while placating Burrow with the offensive firepower he’s demanded – for all the good it’s done since the team reached Super Bowl 56 at the end of the 2021 season and then the 2022 AFC championship game. The Bengals D hasn’t ranked better than 25th overall since the start of the 2023 season.

And while Brown has been historically reluctant to hand out top-of the-market contracts – though he’s made progress there with Burrow and Chase – it’s time for him to get comfortable with significant midseason deals and (gasp!) eating some dead cap money ($15.7 million in Hendrickson’s case) … though he wouldn’t have to pay the remainder of his $16 million base salary for 2025. What he might add is something in the neighborhood of a second-round pick or at least a package with an equivalent value to fortify a defense that’s put so much inordinate pressure on Burrow and, now, Flacco. And, according to various reports Sunday morning (including one by FOX NFL insider Jay Glazer), the Bengals might finally be open to taking calls on Hendrickson given their increasingly apparent predicament.

It’s an easier concept to grasp than Reaganomics and might eventually help Burrow and Co. get a long-awaited Lombardi Trophy, the quarterback once boasting Cincinnati’s championship window was open as long as he was active. So far, the Burrow-era Bengals haven’t delivered the 57-year-old organization’s first title. But maybe by dealing Hendrickson – plus, perhaps, corner Cam Taylor-Britt and others – while embracing the way NFL business is conducted in the 21st century, they might finally get to the promised land.

Trey Hendrickson landing spots?

New England Patriots: With more than $51 million in available cap space, per Over The Cap, plus a surplus of 2026 draft picks boosted by deals consummated just last week, they have the money and draft capital to make Cincinnati a compelling offer while potentially providing Hendrickson a home he can thrive in to finish out his career.

Dallas Cowboys: Only the Patriots have a bigger cap overage than Jerry Jones’ $30 million. And his depleted defense certainly could use capable reinforcements given how it’s failed to recover from the summer trade of DE Micah Parsons to the Green Bay Packers. Parsons’ departure did line Jones’ draft coffers, though it’s hard to see him parting with one of his extra first-rounders for Hendrickson.

Detroit Lions: They just gave DE Aidan Hutchinson a four-year, $180 million extension. But there’s money left over for a team that’s also Super Bowl-caliber – and could certainly use another relentless QB hunter opposite its newly minted star.

This post appeared first on USA TODAY

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Dylan Harper injury update: Spurs rookie suffers leg injury vs. Suns

Rookie Dylan Harper left the San Antonio Spurs’ game on Sunday, Nov. 2 against the Phoenix Suns due to an injury.

Harper suffered a calf injury while defending Nick Richards’ dunk attempt during the second quarter.

Harper was ruled out by the team at halftime as a result of the injury.

The rookie guard was seen wincing in pain after initially suffering the injury and later went to the locker room.

The 19-year-old Harper — the No. 2 overall pick in the 2025 draft — had scored 12 points on 5-of-8 shooting in just 11 minutes of play on Sunday. He’s averaging 14.4 points, 4.6 rebounds and 2.4 assists in five games this season.

This post appeared first on USA TODAY

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Breaking down wild Bears-Bengals game by the numbers

Sometimes a big menu can be overwhelming.

The Cincinnati Bengals and Chicago Bears realized that simple is better, limiting their part of the Week 9 menu to only offense. Plenty of points and yards were available in the buffet as the two Midwest teams battled for a much-needed win.

Chicago ultimately walked away with the 47-42 victory, which included a few last-second lead changes. Cincinnati scored a pair of touchdowns with an onside kick recovery in between, totaling 15 points in the final two minutes.

Instead, it was the rookie tight end, Colston Loveland, who got the last laugh for the visitors, scoring the 58-yard touchdown with 17 seconds left.

On a day that included seven lead changes and some gaudy numbers on offense, we’ll do our best to piece together this Week 9 contest. Here’s a look at the Bengals and Bears showdown, by the numbers.

Bengals-Bears by the numbers

1,071

The combined total yards between Cincinnati and Chicago on Sunday. It is about half the amount of total yards gained by the Tennessee Titans (2,196 in nine games), Cleveland Browns (2,108 in eight games) and Arizona Cardinals (2,172 in seven games).

576

…represents the most total yards in a game this season. Chicago’s 576 surpassed the Denver Broncos’ 512 yards that they notched in Week 4 against these same Bengals.

15

Missed tackles. Per NextGenStats, Cincinnati entered Week 9 with a league-high 94 missed tackles for 645 additional yards and managed to add 15 more for 133 yards, including one on Loveland’s game-winning touchdown.

21.78

The top speed that Charlie Jones hit on his kick return touchdown the open the game. It puts the returner into the top 10 of fastest ball carriers during the 2025 season. It represents the seventh-fastest speed entering Week 9.

38

…points are apparently not enough to win. The Bengals scored at least 38 points in back-to-back weeks but lost in heartbreaking fashion to the Jets and the Bears. They are the first team since the 1966 Giants to score at least 38 points in back-to-back games and lose, per ESPN Insights.

The Bengals are also the first team in the Super Bowl era to allow more than 500 total yards, more than 38 points, and have zero takeaways in consecutive games, according to NFL researcher Dante Koplowitz-Fleming.

1961

The last time a Bears rookie tight end finished with at least 100 receiving yards in a game. Loveland joined Mike Ditka in that exclusive club after his 118 yards in Week 9, per NFL researcher Dante Koplowitz-Fleming.

This post appeared first on USA TODAY

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Thunder guard Shai Gilgeous-Alexander confirms home was burglarized

Oklahoma City Thunder guard Shai Gilgeous-Alexander confirmed that his home was broken into on Thursday, Oct. 30, when speaking to reporters after a game on Sunday, Nov. 2.

Gilgeous-Alexander mentioned that he and his loved ones were safe following the incident.

The reigning MVP was not at home at the time of the break-in as the Thunder earned a 127-108 victory over the Washington Wizards on Oct. 30.

‘Long story short, everybody’s safe, and that’s all that really matters in the whole thing,’ Gilgeous-Alexander said Sunday. ‘Everything else will come and go, but my loved ones are safe, so I’m OK. I’m happy.’

The suspects were said to have already left the home before members of the Nichols Hills (Oklahoma) Police Department arrived. No arrests were made, according to a police department statement.

Athletes continue to deal with break-ins

Gilgeous-Alexander is the latest athlete to have his house broken into.

Several other athletes have dealt with a similar incident at their homes, including fellow NBA star Luka Doncic.

NFL players such as Travis Kelce, Patrick Mahomes and Joe Burrow have also been victims. Given the athletes’ notoriety and how public their schedules are, there’s been a common thread of burglaries happening on the day of the athletes’ games.

This post appeared first on USA TODAY

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Investor Webinar, Wednesday 5th Nov, 11:30am AEDT

Locksley Resources Limited (ASX: LKY, OTCQX: LKYRF, FSE: X5L) (“Locksley” or the “Company”), advises that the Company will host an investor webinar to discuss the Company’s recent announcements and the next phase of its U.S expansion strategy.

DATE & TIME: Wednesday, 5th November 2025 at 11:30am AEDT / 8:30am AWST

REGISTRATION LINK: https://janemorganmanagement- au.zoom.us/webinar/register/WN_2qv_ztFDQQqRqr3xkut8DQ

The webinar will cover a series of material updates, including:

  • Receipt of Letter of Interest from the U.S Export-Import Bank (“EXIM”) for up to US$191M in potential project financing support for the Mojave Critical Minerals Project in California.1
  • Commencement of the high-resolution heli-mag and radiometrics survey to accelerate drill targeting across the Mojave Project, California.2
  • Mobilisation of the Diamond Drill rig for the upcoming El-Campo Rare Earths Program, positioned along strike from MP Materials’ Mountain Pass Mine.3
  • Production of a 100% American-made antimony ingot in decades, validating the Company’s U.S Mine-to-Metal supply chain strategy.4

Newly appointed Managing Director & CEO, Ms. Kerrie Matthews5 will present on these milestones and discuss Locksley’s next-phase growth plan and U.S strategy.

Click here for the full ASX Release

This post appeared first on investingnews.com

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CleanTech Lithium

Investor Insight

Executing a well-defined project development strategy for its lithium assets and advancing Direct Lithium Extraction (DLE), CleanTech Lithium is poised to become a key player in the supply of lithium carbonate and the global battery market.

Overview

CleanTech Lithium (AIM:CTL,Frankfurt:T2N) is a resource exploration and development company with three lithium assets in Chile, a world-renowned mining-friendly jurisdiction. The company aims to be a leading supplier of ‘green lithium’ to the electric vehicle (EV) market and growing Energy Storage Systems (ESS) market, leveraging direct lithium extraction (DLE) – a low-impact, low-carbon and low-water method of extracting lithium from brine. DLE enables lower grade projects to be economically viable. New projects using this method will be critical to meet the forecasted demand.

Lithium demand is soaring as a result of a rapidly expanding EV market and ESS proposed pipeline of projects. As part of Chile’s National Lithium Strategy, the company’s flagship Laguna Verde has been named one of six salars prioritized for development — positioning CleanTech Lithium as a key private partner in unlocking the country’s lithium potential.

With an experienced team in natural resources, CleanTech Lithium holds itself accountable to a responsible ESG-led approach, a critical advantage for governments and major car and battery manufacturers looking to secure a cleaner supply chain.

Laguna Verde is at pre-feasibility study stage which is to be completed imminently. Based on previous drilling campaigns from 2022 to 2024, the project has a JORC resource estimate of 1.63 Mt of lithium carbonate equivalent (LCE) while Viento Andino boasts 0.92 Mt LCE, each supporting 20,000 tons per annum (tpa) production with a 30-year and 12-year mine life, respectively and based on the Scoping Studies published in 2023. The latest drilling programme at Laguna Verde finished in June 2024, results from which will be used to convert resources into reserves.

The company is carrying out the necessary environmental impact assessments in partnership with the local communities. The indigenous communities will provide valuable data that will be included in the assessments. The company has signed agreements with three of the core communities to support the project development.

DLE Pilot Plant Inauguration event held in May 2024 with local stakeholders and indigenous communities in attendance

Salar de Atacama/Arenas Blancas comprises 140 licenses covering 377 sq km in the Salar de Atacama basin, one of the leading lithium-producing regions in the world with proven mineable deposits of 9.2 Mt.

CleanTech Lithium is committed to an ESG-led approach to its strategy and supporting its downstream partners looking to secure a cleaner supply chain. In line with this, the company plans to use renewable energy and the innovative DLE process across its projects. DLE is considered an efficient option for lithium brine extraction that makes the least environmental impact, with no use of evaporation ponds, no carbon-intensive processes and reduced levels of water consumption. In recognition, Chile’s government plans to prioritize DLE for all new lithium projects in the country.

CleanTech Lithium’s pilot DLE plant in Copiapó was commissioned in the first quarter of 2024. To date, the company has completed the first stage of production from the DLE pilot plant producing an initial volume of 88 cubic metres of concentrated eluate – the lithium carbonate equivalent (LCE) of approximately one tonne over an operating period of 384 hours with 14 cycles. Results show the DLE adsorbent achieved a lithium recovery rate of approximately 95 percent from the brine, with total recovery (adsorption plus desorption) achieving approximately 88 percent. The Company’s downstream conversion process is successfully producing pilot-scale samples of lithium carbonate . As of January 2025, the Company is producing lithium carbonate from Laguna Verde concentrated eluate at the downstream pilot plant – recently proven to be high purity (99.78 percent). Click for highlights video.

CTL’s experienced management team, with expertise throughout the natural resources industry, leads the company toward its goal of producing green lithium for the EV and ESS markets. Expertise includes geology, lithium extraction engineering and corporate administration.

Company Highlights

  • Proven Commitment to Chile’s Lithium Future: Over US$30 million invested and agreements with local indigenous communities reflect CleanTech Lithium’s commitment to developing sustainable, high-quality lithium assets aligned with Chile’s National Lithium Strategy.
  • Clean, Fast, and Efficient Extraction: Utilizing Direct Lithium Extraction (DLE) to deliver battery-grade lithium carbonate faster, at lower cost, and with minimal environmental impact.
  • Flagship Project Advancing: The Laguna Verde project is at the pre-feasibility stage, paving the way for strategic partnership discussions.
  • Operational DLE Pilot Plant: An active pilot plant in Copiapó designed to produce ~1 tonne LCE, validating scalable, low-impurity lithium production.
  • High-Purity Lithium Achieved: In January 2025, the company produced 99.78 percent purity lithium carbonate, confirming product quality.
  • Committed to ESG Excellence: An ESG-first approach ensures responsible operations aligned with clean supply chain and focused on developing the project with net-zero goals in mind.

Key Projects

Laguna Verde Lithium Project

The 217 sq km Laguna Verde project features a sq km hypersaline lake at the low point of the basin with a large sub-surface aquifer ideal for DLE. Laguna Verde is the company’s most advanced asset.

Project Highlights:

  • Prolific JORC-compliant Resource Estimate: The asset has a JORC-compliant resource estimate of 1.63 Mt of LCE at a grade of 200 mg/L lithium with further drilling planned.
  • Environmentally Friendly Extraction: The company’s asset is amenable to DLE. Instead of sending lithium brine to evaporation ponds, DLE uses a unique process where resin extracts lithium from brine, and then re-injects the brine back into the aquifer, with minimal depletion of the resources. The DLE process reduces the impact on environment, water consumption levels and production time compared with evaporation ponds and hard-rock mining methods.
  • Scoping Study: Scoping study completed in January 2023 indicated a production of 20,000 tons per annum LCE and an operational life of 30 years. Highlights of the study also includes:
    • Total revenues of US$6.3 billion
    • IRR of 45.1 percent and post-tax NPV8 of US$1.8 billion
    • Net cash flow of US$215 million

Pre-Feasibility Study and Project Development

The Pre-Feasibility Study (PFS) is nearly complete, with resource and wellfield design dependent on the finalized government polygon. This will allow CTL to expand its resources and develop wells on the newly acquired Minergy licences. Please refer to RNS dated 11th August 2025 available at www.ctlithium.com for more details.

Publication of the PFS will be deferred until CTL enters the streamlined CEOL process for confidentiality reasons. With existing infrastructure at Laguna Verde and the carbonate plant in Copiapó, project development conditions remain highly favourable.

CleanTech Lithium is advancing its Special Lithium Operating Contract (CEOL) application with the Chilean Government, which grants rights to exploit and sell lithium within a defined area.

To meet CEOL criteria, CTL recently acquired Minergy’s 30 mining licences at Laguna Verde, increasing ownership to over 97 percent of the government’s proposed project polygon. The milestone-based purchase deal strengthens CTL’s position and, together with shareholder support, is expected to enable entry into the streamlined CEOL process — a key milestone that could drive a major revaluation as the company capitalizes on the lithium market recovery.

Viento Andino Lithium Project

CleanTech Lithium’s second-most advanced asset covers 127 square kilometers and is located within 100 km of Laguna Verde, with a current resource estimate of 0.92 Mt of LCE, including an indicated resource of 0.44 Mt LCE. The company’s planned second drill campaign aims to extend known deposits further.

Project Highlights:

  • 2022 Lithium Discovery: Recently completed brine samples from the initial drill campaign indicate an average lithium grade of 305 mg/L.
  • Scoping Study: A scoping study was completed in September 2023 indicating a production of up to 20,000 tons per annum LCE for an operational life of more than 12 years. Other highlights include:
    • Net revenues of US$2.5 billion
    • IRR of 43.5 percent and post-tax NPV 8 of US$1.1 billion
  • Additional Drilling: Once drilling at Laguna Verde is completed in 2024, CleanTech Lithium plans to commence further drilling at Viento Andino for a potential resource upgrade.

Arenas Blancas

The project comprises 140 licences covering 377 sq km in the Salar de Atacama basin, a known lithium region with proven mineable deposits of 9.2 Mt and home to two of the world’s leading battery-grade lithium producers SQM and Albermarle. Following the granting of the exploration licences in 2024, the Cleantech Lithium is designing a work programme for the project.

The Board

Steve Kesler – Independent Non-executive Chairman

Steve Kesler has 45 years of executive and board roles experience in the mining sector across all major capital markets including AIM. Direct lithium experience as CEO/director of European Lithium and Chile experience with Escondida and as the first CEO of Collahuasi, previously held senior roles at Rio Tinto and BHP.

Ignacio Mehech – CEO

Ignacio Mehech brings over a decade of senior leadership experience in the lithium and mining sectors. During his seven-year tenure at Albemarle—the world’s largest producer of battery-grade lithium—he spent the last three years as Country Manager in Chile, overseeing a workforce of 1,100 and managing critical relationships with government, indigenous communities, and other key stakeholders. Mehech brings deep expertise in lithium project development, regulatory engagement, and sustainability. He has led high-profile engagements with global investors, customers, NGOs, analysts, scientists, and international governments. He also played a key leadership role in the El Abra copper operation—a joint venture between Codelco and Freeport-McMoRan—where he led the legal strategy and contributed to corporate transformation initiatives. Mehech holds a law degree from the Universidad de Chile and a Master’s in Energy and Resources Law from the University of Melbourne.

Paul Atherton – Non-executive Director

Paul Atherton is a Chartered Accountant with extensive experience in corporate finance across professional services and resource companies in sub-Saharan Africa. He served as CFO and later CEO of Heritage Oil, a former FTSE 250 company, before pursuing his interests as an angel investor and board director across the resources, technology, and healthcare sectors. A resident of Jersey, Paul also chairs the Board’s Audit & Risk Committee.

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Locksley Resources LimitedReceives up to US$191M Potential Support from EXIM Bank

Perth, Australia (ABN Newswire) – Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) announced the receipt of a Letter of Interest (‘LOI’) from the Export-Import Bank of the United States (‘EXIM’), outlining the intent to provide up to US$191M in potential project financing support for the Company’s Mojave Project in California.

Alignment with U.S Export-Import Bank (‘EXIM’) Positions Mojave as a Flagship Initiative Under the White House’s Directive to Rebuild Domestic American Antimony and Rare Earths Supply and Processing Capability

HIGHLIGHTS:

– The U.S Export-Import Bank has issued a Letter of Interest (LOI) indicating the potential for financing support of up to US$191 million for Locksley’s Mojave Project in California

– EXIM is the official export-credit agency of the U.S Government, tasked with strengthening domestic industrial resilience and reducing foreign supply dependence in strategic sectors

– The potential EXIM financing is a cornerstone first step in a broader U.S. government funding pathway, opening access to programs under the Defense Production Act Title III and Department of War (DOW)

– The engagement reinforces Locksley’s strategy to establish a 100% American made antimony and REE supply chain, following the successful production of the Company’s U.S. antimony ingot

– Locksley executives will attend key meetings in Washington D.C. in mid November, to advance discussions on the Company’s U.S. mine-to-market collaboration

EXIM, a wholly owned independent agency of the U.S Government, operates under a Congressional mandate to promote American economic and national security interests through project and export financing. Its recent Supply Chain Resiliency Initiative (SCRI) and China and Transformational Exports Program (CTEP) prioritise funding for critical mineral projects that reduce foreign supply dependence and rebuild U.S industrial capability.

The LOI represents a cornerstone step 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.

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. This alignment strengthens the strategic case for consideration by Export-Import Bank of the United States (EXIM) under its supply chain resilience and criticalminerals mandates.

100% American Made Ingot Milestone – Alignment with U.S. Policy

Locksley recently announced the successful casting of the 100% American made antimony ingot, using feedstock sourced from its Mojave Project and processed entirely on U.S soil.

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.

Following the signing of the landmark U.S. and Australia Critical Minerals Framework Agreement in Washington DC between President Donald Trump and Prime Minister Anthony Albanese, Locksley’s Mojave Project has been recognised as aligning directly with this bilateral initiative, which is also supported by commitments from the Australian Export Finance Agency (EFA).

The EXIM support, alongside Locksley’s strategic collaboration with Rice University, provides a clear pathway for Mojave to progress beyond exploration and into the development of downstream aligned supply chains for the U.S.

Drew Horn, Chief Executive of GreenMet and former White House Advisor on Critical Minerals, commented:

‘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. We are now entering a period where nearly all federal funding in this sector is being directed under White House led initiatives and Locksley stands at the forefront of that effort. The combination of EXIM support and the successful production of a 100% American made antimony ingot demonstrates tangible progress toward full U.S. supply chain independence.’

Kerrie Matthews, Managing Director & CEO, commented:

‘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. 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.’

Material Terms of the LOI

The Letter of Interest (LOI) is a non-binding expression of interest and does not constitute a final commitment or a financing agreement. A definitive commitment is contingent upon Locksley satisfying EXIM’s underwriting criteria, completing full due diligence (including technical, financial, and legal reviews), and finalising definitive documentation. The potential financing is for up to US$191 million with a repayment tenor of 10 years. However, the final amount, interest rate, and specific repayment terms will be determined upon completion of the due diligence process.

Fast-Track Mine-to-Market Approach

Locksley continues to accelerate development planning and apply innovative thinking to traditional project timelines via government support across parallel workstreams:

– Upstream: Fast-tracked development of the Desert Antimony Mine through both conventional and non-traditional methods, enabling near-term ore supply

– Downstream: Collaboration with Rice University’s DeepSolv(TM) program and processing optionality to establish U.S. refining capacity at speed

– Integrated Supply Chain: Direct alignment with U.S. defence, energy transition, and industrial partners to deliver 100% Made in America antimony into the U.S. market

– Locksley’s approach embodies the principles of the Mines of the Future framework integrating innovation, digital modelling and processing to rapidly re-establish strategic mineral production on U.S. soil.

This parallel approach positions Mojave as the fastest moving U.S. antimony development, directly supporting national security and clean energy priorities.

Next Steps

Locksley will now progress the following key initiatives to advance the Mojave Project toward development readiness:

– Progress formal application with EXIM, triggering due diligence and underwriting processes

– Securing additional U.S. government and institutional support under DPA Title III, DOE loan guarantees, and supply chain initiatives

– Locksley executives will attend key meetings in Washington D.C. in mid- November, to advance discussions on the Company’s U.S. mine-to-market collaboration

– Commence preparatory workstreams for both mine development and downstream processing pathways

– Advancing commercial pilot-scale production to demonstrate U.S. based refining capability and accelerate first metal output from the Mojave Project

About Locksley Resources Limited:

Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) is an ASX listed explorer focused on critical minerals in the United States of America. The Company is actively advancing exploration across two key assets: the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development in this highly prospective mineral region.

Mojave Project

Located in the Mojave Desert, California, the Mojave Project comprises over 250 claims across two contiguous prospect areas, namely, the North Block/Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.

In addition to rare earths, the Mojave Project hosts the historic ‘Desert Antimony Mine’, which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With significant surface sample results, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.

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.

Tottenham Project

Locksley’s Australian portfolio comprises the advanced Tottenham Copper-Gold Project in New South Wales, focused on VMS-style mineralisation

Source:
Locksley Resources Limited

Contact:
Kerrie Matthews
Chief Executive Officer
Locksley Resources Limited
T: +61 8 9481 0389
Kerrie@locksleyresources.com.au

News Provided by ABN Newswire via QuoteMedia

This post appeared first on investingnews.com

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