This article is a sponsored feature from Mining.com.au partner BHP Xplor. It is not financial advice. Talk to a registered financial expert before making investment decisions.
BHP (ASX:BHP) is breaking the mould when it comes to new discoveries given the increasingly dire need for more resources to support the rapid transition to clean energy.
The major has opened the fourth round of applications for its Xplor program, a six-to-nine month accelerator program for early stage explorers looking to fast-track and de-risk their projects.
Head of Xplor Marley Palin tells Mining.com.au BHP created Xplor to help solve one of the most pressing challenges for the mining industry: discovering the resources needed to support the energy transition.
“The discovery of new deposits is becoming more complex. It requires new thinking, new technologies, and diverse talent,” she explains.
“Xplor provides explorers with funding, technical expertise, and operational support so they can focus on testing ideas and advancing targets faster.
“By reducing barriers that often slow down early stage projects, we give these companies a better chance to progress discoveries that the world urgently needs.”
Data from the Australian Bureau of Statistics shows that during the June quarter, national greenfields exploration spend fell 17% year on year to $253.2 million.
Meanwhile, Australian brownfields exploration spend in the June quarter remained relatively flat at $753.1 million compared to the same quarter of 2024.
From concept to drill-ready in months
Palin says traditionally, junior explorers face long lead times to secure capital, limited access to technical expertise, and a high cost of failure.
“Xplor brings a different approach. We provide equity free funding, hands-on support from BHP experts, and structured capability building across exploration, business, and operations,” she says.
“This creates an environment where promising ideas can move quickly from concept to drill-ready.”
Equity free funding of US$500,000 ($756,514) means explorers retain control of their companies and projects, shifting the dynamic from ownership to partnership.
Rather than taking an early stake, BHP focuses on helping teams build the technical and operational readiness that can lead to long-term collaboration with the mining heavyweight or other partners.
BHP operates in over 90 locations globally and has more than 91,000 employees and contractors.
Companies chosen to participate in the Xplor program gain access to BHP’s geoscientists, data experts, and operational leaders, who provide guidance on technical workflows, safety, and project design.
“Just as importantly, they also receive training in business development, stakeholder engagement, and leadership,” Palin says.
“This combination helps small teams operate with the discipline of larger organisations while retaining their entrepreneurial edge.”
Turning junior ideas into major deals
BHP’s portfolio and strategy are focused on the future-facing commodities needed to respond to key global megatrends, such as population growth, rising living standards, urbanisation, and decarbonisation.
This has led to the miner increasing its exposure to copper and potash in particular.
The Xplor program, which began in 2023, has expanded the pool of exploration opportunities that could one day feed into BHP’s portfolio.
Since its inception, the program has supported 21 companies across the first two cohorts, advancing a range of early stage opportunities.
Prior successful applicants include GreenX Metals (ASX:GRX), Firetail Resources (ASX:FTL) — now known as Mammoth Minerals (ASX:M79), Hamelin Gold (ASX:HMG), Impact Minerals (ASX:IPT) and Kingsrose Mining (ASX:KRM).
Several have even progressed to long-term agreements with BHP, with the conversion rate higher than the industry average, according to Palin.
“A conversion rate of around 50% is well above industry norms. It demonstrates that when explorers are given the right support at the right time, they can advance concepts into compelling opportunities,” she says.
Kingsrose, which was part of the 2023 cohort, is one of the companies that BHP decided to continue working with. After completing the inaugural Xplor program, Kingsrose entered into two exploration alliance agreements with BHP covering highly prospective mineral belts in Norway and Finland.
Under these agreements, BHP is funding up to US$20 million in early regional exploration and may commit a further US$36 million through staged earn-ins.
Kingsrose continues to operate the alliances and remains a partner with BHP in-country.
“This outcome shows how Xplor can take a promising junior and position them for significant, long-term collaboration with a global major,” Palin notes.
Opening doors for first-time entrepreneurs
Of particular interest to BHP is first-time entrepreneurs, fresh from research and/or academia with a great exploration idea and data, who are ready to establish a company.
Palin pointed to Professor Jim Mungall, who joined BHP’s first cohort directly from academia, as a good example of what being part of the Xplor program can achieve.
“He entered Xplor as an individual with a concept, and during the nine-month program built a new company, Bronzite Exploration Corp,” she says.
“With support from the equity free grant, he was able to make his first hire and begin shaping a team. His journey shows how Xplor lowers the barrier to entry and provides a clear pathway for non-traditional entrants to bring new ideas into exploration.”
Applications for the program are open from 8 September to 15 October 2025.
The BHP Xplor program has a rigorous selection process starting with a first stage of screening and virtual technical discussions. Applicants successful in the first stage proceed to in-person interviews.
“You can be anywhere in your exploration journey, from a recent graduate through to a publicly listed company,” Palin says.
“If you’re thinking outside the box about how to find the resources the world will need, we’d love to hear from you.”
Write to Angela East at Mining.com.au
Images: Mining.com.au & BHP Xplor
