Commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) said in a press release last week that it has started accepting applications for Xplor 2025, the third edition of its critical minerals accelerator program.
"Once again, the program is seeking visionary teams focused on uncovering new sources of critical minerals crucial for a sustainable future," BHP said about Xplor, which is intended for early stage explorers.
Participants receive multiple benefits, such up to US$500,000 in equity-free funding, mentorship and the chance to network with a range of industry experts for technical, business and operational development support.
BHP fostering early stage exploration via Xplor
BHP introduced Xplor in 2022 with the aim of helping companies accelerate exploration opportunities and develop new sources of critical minerals. Participants are also able to foster relationships with BHP.
Xplor is split into three tracks — namely technical readiness, business readiness and operations readiness.
Technical readiness focuses on geologic concepts and tools, while business readiness revolves around key business aspects such as strategy, finance, legal, compliance and people and culture. Operations readiness is aimed at preparing Xplor program participants for work such as planning and executing exploration programs.
The Xplor program also includes several bootcamps where cohorts come together to talk about their journey and immerse themselves in workshops and masterclasses. Site visits are also included to mentor companies on the ground.
Previous Xplor program participants
Speaking about the 2024 edition of Xplor, Sonia Scarselli, vice president of BHP Xplor, commented, “Xplor in 2024 was an unforgettable journey filled with growth, innovation, and discovery. The program applications doubled from 2023 to 2024, and we are excited to see who will come forward for our 2025 program."
Seven companies were selected for Xplor in 2023, while in 2024 six cohorts were chosen.
The participating companies in 2024 were Cobre (ASX:CBE), East Star Resources (LSE:EST), Equivest Minerals, Hamelin Gold (ASX:HMG), Longreach Mineral and Pallas Resources.
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Watch Scarselli discuss the Xplor program in a 2023 interview.
BHP followed a rigorous screening process for applicants, with companies required to go through an interview before being selected as participants. The same process will be followed this year.
Interested companies may submit applications for Xplor 2025 here. The deadline is October 9, 2024, at 11:59 p.m. AEST.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
