diff --git a/rpcs3/Emu/Cell/SPUThread.cpp b/rpcs3/Emu/Cell/SPUThread.cpp
index 84bd80b4c6..05e7faa3b2 100644
--- a/rpcs3/Emu/Cell/SPUThread.cpp
+++ b/rpcs3/Emu/Cell/SPUThread.cpp
@@ -2599,10 +2599,14 @@ bool spu_thread::do_putllc(const spu_mfc_cmd& args)
 		if (raddr)
 		{
 			// Last check for event before we clear the reservation
-			if (raddr == addr || rtime != vm::reservation_acquire(raddr, 128) || !cmp_rdata(rdata, vm::_ref<spu_rdata_t>(raddr)))
+			if (raddr == addr)
 			{
 				set_events(SPU_EVENT_LR);
 			}
+			else
+			{
+				get_events(SPU_EVENT_LR);
+			}
 		}
 
 		if (!vm::check_addr(addr, 1, vm::page_writable))
@@ -2974,7 +2978,7 @@ bool spu_thread::process_mfc_cmd()
 		if (raddr && raddr != addr)
 		{
 			// Last check for event before we replace the reservation with a new one
-			if (vm::reservation_acquire(raddr, 128) != rtime || !cmp_rdata(temp, vm::_ref<spu_rdata_t>(raddr)))
+			if (reservation_check(raddr, temp))
 			{
 				set_events(SPU_EVENT_LR);
 			}
@@ -3146,6 +3150,28 @@ bool spu_thread::process_mfc_cmd()
 		ch_mfc_cmd.cmd, ch_mfc_cmd.lsa, ch_mfc_cmd.eal, ch_mfc_cmd.tag, ch_mfc_cmd.size);
 }
 
+bool spu_thread::reservation_check(u32 addr, const decltype(rdata)& data)
+{
+	if (!addr)
+	{
+		// No reservation to be lost in the first place
+		return false;
+	}
+
+	if ((vm::reservation_acquire(addr, 128) & -128) != rtime)
+	{
+		return true;
+	}
+
+	// Ensure data is allocated (HACK: would raise LR event if not)
+	vm::range_lock<false>(range_lock, addr, 128);
+
+	const bool res = *range_lock && cmp_rdata(data, vm::_ref<decltype(rdata)>(addr));
+
+	range_lock->release(0);
+	return !res;
+}
+
 spu_thread::ch_events_t spu_thread::get_events(u32 mask_hint, bool waiting, bool reading)
 {
 	if (auto mask1 = ch_events.load().mask; mask1 & ~SPU_EVENT_IMPLEMENTED)
@@ -3157,10 +3183,13 @@ retry:
 	u32 collect = 0;
 
 	// Check reservation status and set SPU_EVENT_LR if lost
-	if (mask_hint & SPU_EVENT_LR && raddr && ((vm::reservation_acquire(raddr, sizeof(rdata)) & -128) != rtime || !cmp_rdata(rdata, vm::_ref<spu_rdata_t>(raddr))))
+	if (mask_hint & SPU_EVENT_LR)
 	{
-		collect |= SPU_EVENT_LR;
-		raddr = 0;
+		if (reservation_check(raddr, rdata))
+		{
+			collect |= SPU_EVENT_LR;
+			raddr = 0;
+		}
 	}
 
 	// SPU Decrementer Event on underflow (use the upper 32-bits to determine it)
diff --git a/rpcs3/Emu/Cell/SPUThread.h b/rpcs3/Emu/Cell/SPUThread.h
index 8a1d53520c..a5fae796cd 100644
--- a/rpcs3/Emu/Cell/SPUThread.h
+++ b/rpcs3/Emu/Cell/SPUThread.h
@@ -807,6 +807,10 @@ public:
 		return thread_type;
 	}
 
+	// Returns true if reservation existed but was just discovered to be lost
+	// It is safe to use on any address, even if not directly accessed by SPU (so it's slower)
+	bool reservation_check(u32 addr, const decltype(rdata)& data);
+
 	bool read_reg(const u32 addr, u32& value);
 	bool write_reg(const u32 addr, const u32 value);
 
diff --git a/rpcs3/Emu/Memory/vm.cpp b/rpcs3/Emu/Memory/vm.cpp
index 96c5ee845f..25babbf44c 100644
--- a/rpcs3/Emu/Memory/vm.cpp
+++ b/rpcs3/Emu/Memory/vm.cpp
@@ -188,7 +188,7 @@ namespace vm
 					break;
 				}
 
-				range_lock->store(0);
+				range_lock->release(0);
 			}
 
 			std::shared_lock lock(g_mutex, std::try_to_lock);
@@ -289,7 +289,35 @@ namespace vm
 		// Block or signal new range locks
 		g_range_lock = addr | u64{size} << 35 | flags;
 
+		const auto range = utils::address_range::start_length(addr, size);
 
+		while (true)
+		{
+			const u64 bads = for_all_range_locks([&](u32 addr2, u32 size2)
+			{
+				// TODO (currently not possible): handle 2 64K pages (inverse range), or more pages
+				if (g_shareable[addr2 >> 16])
+				{
+					addr2 &= 0xffff;
+				}
+
+				ASSUME(size2);
+
+				if (range.overlaps(utils::address_range::start_length(addr2, size2))) [[unlikely]]
+				{
+					return 1;
+				}
+
+				return 0;
+			});
+
+			if (!bads) [[likely]]
+			{
+				break;
+			}
+
+			_mm_pause();
+		}
 	}
 
 	void passive_lock(cpu_thread& cpu)
diff --git a/rpcs3/Emu/Memory/vm_locking.h b/rpcs3/Emu/Memory/vm_locking.h
index 9d7865f0b2..d0d1e7ab5a 100644
--- a/rpcs3/Emu/Memory/vm_locking.h
+++ b/rpcs3/Emu/Memory/vm_locking.h
@@ -40,6 +40,7 @@ namespace vm
 	void range_lock_internal(atomic_t<u64, 64>* range_lock, u32 begin, u32 size);
 
 	// Lock memory range
+	template <bool TouchMem = true>
 	FORCE_INLINE void range_lock(atomic_t<u64, 64>* range_lock, u32 begin, u32 size)
 	{
 		const u64 lock_val = g_range_lock.load();
@@ -59,7 +60,7 @@ namespace vm
 			addr = addr & 0xffff;
 		}
 
-		if (addr + size <= lock_addr || addr >= lock_addr + lock_size || ((lock_val >> 32) ^ (range_locked >> 32)) & (range_full_mask >> 32)) [[likely]]
+		if (addr + size <= lock_addr || addr >= lock_addr + lock_size || (TouchMem && ((lock_val >> 32) ^ (range_locked >> 32)) & (range_full_mask >> 32))) [[likely]]
 		{
 			// Optimistic locking.
 			// Note that we store the range we will be accessing, without any clamping.
@@ -69,10 +70,30 @@ namespace vm
 
 			if (!new_lock_val || new_lock_val == lock_val) [[likely]]
 			{
+				if constexpr (!TouchMem)
+				{
+					if (!vm::check_addr(begin, size, vm::page_writable))
+					{
+						range_lock->release(0);
+					}
+				}
+	
 				return;
 			}
 
-			range_lock->store(0);
+			range_lock->release(0);
+
+			if constexpr (!TouchMem)
+			{
+				return;
+			}
+		}
+
+		if constexpr (!TouchMem)
+		{
+			// Give up
+			range_lock->release(0);
+			return;
 		}
 
 		// Fallback to slow path