BHP Xplor 2026 has launched, with ten companies joining the accelerator programme, picked from the largest number of applications yet.

The programme, which unlocks the potential in exploration companies worldwide, is in its fourth year. Previous cohorts have spoken about the value the programme brings to each company enrolled, with some saying it is like completing an MBA in exploration.

BHP Xplor provides US$500,000 grants and comprehensive support to junior mining companies. It sees the diversified mining giant act as a sort of venture capital company, putting seed capital into promising geological ideas and nurturing a new crop of juniors. Prior to this year, this has focused on exploration of junior mining companies. But the 2026 cohort is a little different.

Speaking to Mining Journal, Marley Palin, head of BHP Xplor and innovation, explained more.

"The big shift for us this year is an evolution of the cohort away from just straight exploration plays to a mix of three-quarters or two-thirds exploration projects, and then four companies which are actually exploration technologies or techniques," she explained.

"And I don't think that is unusual, but signals what we're seeing in the rest of the market, which is with declining discovery rates, you can't keep doing things the way you've always done them. And so this year was about: how do we find some amazing projects? But also, how do we find some great up-and-coming technologies and tools to be able to reshape BHP's toolkit at the same time?"

Value

While the focus is often on the $500,000 cheque issued to the companies, Palin is keen to emphasise that the value lies in the programme itself. Modelled on the Silicon Valley tech accelerators, the point is to take a great idea and coach it to life.

"Whilst there's a financial incentive for the programme, I would say the most value is in the programme that they participate in. They receive technical coaching, leadership coaching, and business coaching every two weeks to months, depending on the team and where they're at," Palin said.

"They have access to the full range of BHP experts, so if they need some specialist capability in a particular region, such as geophysics, geochem, a particular deposit or commodity, then they have access to that," she added.

"It's about really building the explorer of the future and really strong teams. And for us, it gives us a very interesting option into a number of projects through the programme, but the value that BHP gets out of it is very much stronger, more capable teams."

Certainly, the value can be underlined by the fact that cohorts that previously went through the programme as Kingrose have been accepted once again as Frontier X.

Ex-Kingrose chief executive Fabian Baker and Andrew Tunningly were part of the 2023 cohort, but this time round, the pair are focusing on uranium exploration.

"Our founders, Fabian Baker and Andrew Tunningley, were fortunate to be a part of Xplor round one in 2023, an industry-first initiative that was instrumental in shaping the FrontierX model. We are thrilled to be back working alongside the forward-thinking BHP team," the company posted on LinkedIn.

"It is very flattering that they still want to jump through Xplore again," Palin said.

"But I think it also speaks to the kind of relationship and partnership we've been able to build through Xplore. Our technical teams really rate that team, how they operate businesses. We continue to be in the Kingsrose Alliance. It's a great team, and they're always bringing interesting projects," she added.

Palin also outlined that this year, there was a higher level of female representation in the cohort. 

"We're almost at 50-50 representation within the cohort, and we're benchmarked with BHP's internal female representation," Palin said.

"This has been high on my priority list since I started with Xplor four years ago," she explained.

"We're an almost all-female team. Xplor has only ever had a female leader. Yet when we looked at our cohort, it didn't feel representative of the industry of the future. So it's continued to be a priority - how do we create a programme or a kind of space where all sorts of leaders can thrive."

Utah and the US

The other outlier, apart from the technical companies, is the Utah Geological Survey. Unlike the other companies, which could see a 'deal' being made with BHP at the end of their six-month tenure, BHP would use this as an opportunity to build a collaborative framework, Palin said.

"For the Utah Survey, it's less about a deal," she said.

"If we find something interesting out of that piece of work, BHP will apply for ground through a normal, typical process within Utah. I think what we see is using the programme to set up a really good frame of how to collaborate."

"So, co-funding different projects with the Survey, using Xplor as a chance to sort of set that up, test it and try it."

"And then not only do that again with Utah, but also replicate that across other states in the US. The US continues to be a priority region for us, and working in a really effective way with all of the states and their geologic societies is a continued priority for us moving forward."