BHP may be the world’s biggest miner, but it knows the next great mineral discoveries are more likely to come from outside its walls.

This was the message from Sophie Proud, manager of the company’s Xplor accelerator, speaking at the Africa Down Under conference in Perth, Australia, on Wednesday.

“Xplor is built on the honest understanding that many of the best exploration concepts are sitting outside BHP,” Proud told delegates. “However, we also see that the junior capital market often does not incentivise the type of work needed to make discoveries at BHP scales.”

Launched four years ago, Xplor was conceived as a way to bring fresh ideas into the company’s exploration portfolio, borrowing heavily from Silicon Valley’s accelerator model. Since then, it has drawn more than 1 000 applications and supported 21 companies through its programme.

One of those is Cobre, the ASX-listed explorer operating in Botswana, which presented at the same session. “It’s really quite serendipitous to be speaking back to back with Adam [Wooldridge] today,” Proud said.

Cobre, which was part of the 2024 BHP Xplor cohort, used the grant funding to pioneer seismic activity in the Kalahari Copper Belt. “That really led to a complete change in the way we framed our sedimentary copper models,” Wooldridge recalled. Following the Xplor programme, Cobre entered into a partnership with BHP in the form of a $25-million earn-in to joint venture on two of its projects. “It is certainly a worthwhile programme.”

BORROWING FROM TECH
The accelerator concept scouts out early-stage companies, provide capital and mentoring, and helps them grow faster than they could alone. Proud explained that BHP adapted that model to address exploration’s unique challenges, re-engineering it into “a new form of partnership” between a major and juniors.

Each year, a cohort of selected companies receives $500 000 in nondilutive funding plus access to BHP’s global networks, technical expertise, and tailored coaching. Proud insisted the grant was only the beginning.

“While this funding is a great drawcard, participants quickly discover that the real value of Xplor goes much further,” she said. “Really, we just want to see what magic we can create when we combine the best of the junior industry with the best of a major like BHP.”

Past participants range from a sole academic researcher, who doubled his company size from one to two people on day one of the programme, to ASX-listed Kingsrose, which joined seeking support for exploration in a difficult jurisdiction. Both secured longer-term partnerships with BHP after completing the programme.

The programme runs for eight months, beginning with a “boot camp” in February and culminating in a showcase event in September. Along the way, participants attend masterclasses, receive one-on-one mentoring, and gather at milestones in mining hubs.

The next bootcamp will be held in Cape Town, South Africa, in the lead-up to the Mining Indaba in the first week of February.

The emphasis is on collaboration, said Proud. “We see the participants learn as much from each other as they do from us,” she said. “They have shared vendors, shared expertise, and we have even seen them share talent and team members.”

Xplor alumni now number 21, and Proud said the growing community had become an ecosystem in itself, feeding ideas and experience back into the next cohorts.

APPLICATIONS TO OPEN
Applications for the fourth cohort open on September 8 and run until October 15. Proud said Xplor was open to anyone with a bold concept – individuals, academics, private explorers or listed companies – and applicants did not need to hold tenements.

“No idea is a bad idea,” she said. “We are really interested in innovative, bold concepts, ideas that challenge conventions and could change how we think about things today.”

"We are searching for ideas with the potential to move the dial for BHP. So, if you considering applying, think big." She explained that the group is seeking "BHP-scale opportunities, or opportunities with the potential to be BHP scale".

Proud also said that applicants should focus on systems-based thinking. "Mineral systems is the backbone of how we approach exploration technically at BHP. We are looking for applicants open to this way of working."

Shortlisted applicants will take part in virtual technical discussions before final interviews in Toronto in November. Successful teams will be onboarded in December ahead of the 2026 programme.

Proud emphasised that Xplor was not simply a funding vehicle, but a way for BHP to keep pace with the innovation taking place across the global junior sector.

“Every year, during the applications window, we quite literally open BHP’s doors to the global exploration community,” she said. “This allows us to see the cutting edge of innovation happening around the world, and to meet the talented teams driving those opportunities.”

For BHP, the prize is clear – accelerating the next generation of copper, nickel and other critical mineral discoveries needed for the energy transition. For juniors, the benefit is access to capital and expertise without sacrificing ownership.

“Ultimately, this all sets the stage for more effective and more sustainable partnerships that we believe will shape the future of mineral exploration,” concluded Proud.