This ASX copper junior has nabbed a spot in BHP’s Xplor program

Two ASX explorers nab spots in the 2025 BHP’s Xplor program
BHP will provide US$500,000 in funding and technical support for global copper plays from Serbia to Saudi Arabia
FTL says spot is endorsement of innovative exploration at Peruvian project

ASX mining juniors constantly have to chase the next investment in a tough market. So how does the global search for critical minerals to fuel the green energy transition happen when the companies who need to make those discoveries are chasing fickle capital?

When one the world’s largest mining companies drops dough directly into the battery metals exploration space through a unique, six-month venture capital accelerator program – specifically designed to help find the next big discovery – hope is somewhat restored.

Launched in 2022, BHP’s Xplor program offers six carefully selected junior resources companies access to US$500,000 in funding, tools, expertise and a global network to transform budding mineral exploration ideas into reality.

BHP today this week announced the names of eight early-stage mineral exploration companies chosen from hundreds from around the world to participate in the 2025 Xplor accelerator program.

Companies selected for the 2025 program will receive an equity free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.

Plus, there’s the opportunity for follow-on investment and partnership with BHP once the program ends.

So, what’s in it for BHP? The program provides an opportunity to access some of the most exciting exploration prospects globally, enhancing the pipeline of opportunities that could shape the company’s future asset portfolio.

“As the energy transition gathers pace it becomes more urgent that we can identify, develop and commercialise the discoveries required to support the transition,” BHP group exploration officer Tim O’Connor said.

“The 2025 Xplor cohort are the sorts of explorers that naturally embrace innovation in bringing promising new projects to life.

“We are excited to be partnering with them as part of BHP’s strategy to aid the energy transition.”

ASX explorers make the cut  

The lucky juniors announced include two ASX players in Firetail Resources (ASX:FTL) with its Skyline VMS copper-zinc-silver project in Canada and the Picha copper-silver project in Peru and GreenX Metals (ASX:GRX) with its Tannenburg copper project in Germany.

FTL managing director Glenn Poole said earning a spot in the program was a strong endorsement of the company’s exploration strategy at Picha, where the company hasn’t had to look far to realise the area is prospective for epithermal, stratabound, carbonate replacement and porphyry related styles of copper mineralisation.

“We have always sought to operate at the cutting edge of exploration practices and it’s pleasing to be recognised for our approach by BHP Xplor, a clear industry leader,” he said.

“It’s hard to imagine a more desirable industry partner as we work to realise the potential of the Picha project.”

It’s a welcome boost for Firetail. Poole said juniors have struggled in recent years to attract funding. But having access to the extensive technical capabilities within the BHP business is something money can’t buy.

It also elevates the status of Picha, making clear one of the world’s top miners thinks it has world class potential – something that could produce hundreds of thousands of tonnes a year over decades.

“BHP Xplor acts as an incubator for non-dilutive funding for projects that BHP believes has the potential to be a discovery of size and scale to meet their investment criteria, they aren’t there for small scale anomalies,” Poole said.

“The access this opportunity gives us to tap into the technical resources of a resources powerhouse like BHP, who have been exploring for similar style copper deposits for decades, I don’t think can be quantified.

“I think the real benefit for Firetail will be the ability to interpret multiple layers of data at an accelerated pace, helping to refine targets and develop appropriate follow up plans.

“For Firetail to do this alone would take significantly longer and would rely on the availability of external parties.

“In the event that Firetail is successful in defining a substantial discovery, BHP would be the ideal development partner.”

Poole said the program funding will be used for generative exploration – property wide geophysics to help define areas of interest, with the aim to follow up with high resolution drone/ground-based geophysics and geochemistry.

“The aim, by the end of the program, is to have substantial targets defined that are drill ready, meeting the scale threshold of BHP style targets,” he said.

Picha project, Peru overview map. Source: FTL.

Copper the key commodity this year

A mix of public and private exploration companies were selected to take part in the first cycle in 2023, including nickel-PGE focused Kingsrose Mining (ASX:KRM), nickel sulphide explorer Nordic Nickel (ASX:NNL) and battery metals explorer Impact Minerals (ASX:IPT) , which described the program as a ‘mini-MBA’ for minerals exploration – complete with boot camps, tool kits, master classes and one-on-one coaching sessions to help speed up the path to discovery.

Kingsrose is a shining example of the access the project provides. After its involvement in 2023 the mining giant came back last year with two ‘industry-leading’ exploration alliance agreements.

They will see BHP sole fund up to US$20 million ($31m) over up to four years looking for belt-scale base metal targets in Norway and Finland. If it identifies a ‘defined project’ BHP can earn up to 75% in two stages by sole funding up US$36m over seven years from the start of an earn-in phase. Notably, that excludes Kingsrose’s existing Penikat and Råna projects, but plainly makes BHP an interested party should those assets deliver the sort of tier-1 critical minerals discovery the world’s biggest miner is frothing right now.

In 2024, six companies joined the program including technology-focused Equivest Minerals and Longreach Mineral, UK’s East Star Resources and Pallas Resources – both exploring Kazakhstan – WA’s Hamelin Gold (ASX:HMG), and Botswana based Cobre (ASX:CBE). The commodities covered included petroleum, copper, gold, nickel, lithium.

This year, BHP has made an obvious shift towards copper players.

“The field of applicants for BHP Xplor was extremely strong this year,” BHP’s head of Xplor, Marley Palin said.

“Successful applicants had to demonstrate not only that their critical-mineral projects were highly prospective but also that they were committed to pushing industry boundaries in their geological concepts and data-gathering, testing and processing to realise the project.

“Firetail and their Picha project more than met these criteria and we look forward to partnering with them.”

BHP famously failed in its bid to takeover Anglo American last year, a $70bn gambit designed to procure its low cost Peruvian copper mines. It later spent ~US$3bn on development stage assets in Argentina’s Vicuna region.

It’s a good time to be in copper. Poole sees copper remaining strong for many years as the world develops and increases its reliance on power supply and electronics.

“We have seen significant changes in generation, supply and storage technology and the metals associated, but copper has remained in constant demand,” he said.

“I think Firetail can play a crucial role in feeding that demand, with copper projects covering the full exploration spectrum.

“Skyline already has significant drilling completed and significant potential for growth, and we are only beginning to scratch the surface of the potential we see in Peru, and the selection of the Picha project in Peru for the BHP Xplor program further validates this.”

While South America is the largest player in copper supply, the mining giant cast a wide net.

Palin said the 2025 cohort was BHP’s most diverse cohort to date.

Other companies in the class of 2025

BHP also picked a range of companies in or near the US for this year’s Xplor program, including:

Scout Discoveries – Cuddy Mountain copper and Erickson Ridge gold projects in Idaho, USA
Orogen Royalties – Eight properties under option, six projects for sale or option, one exploration licence and 27 royalties in the portfolio
Viridian Metals – Kraken nickel, copper, cobalt project and Seden copper project in Labrador, Canada
Condor Prospecting – Holds multiple projects in Argentina and conducts exploration for companies like Belararox (ASX:BRX), which owns the TMT project.

Outside of America and its neighbours, the mining giant chose two more companies to round out the 2025 cohort in Saudi Arabia’s DesertEX and Electrum Discovery Corp, which holds the Timok East copper-gold and Novo Tlamino gold projects in Serbia.

BHP Xplor participants share prices today:

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