BHP is backing these three ASX-listed battery metal explorers
Impact Minerals, Nordic Nickel and Kingrose received a juicy US$500,000 cash payment from BHP.
Source: iStock
Mentioned
KEY POINTS
- BHP will provide funding and support for seven companies under its Xplor accelerator program
- Three of these companies are listed on the ASX
- The cohort are all focused on discovering copper, nickel and other critical metals needed to support the energy transition
BHP (ASX: BHP) introduced the ‘BHP Xplor’ program back in August 2022 to support early-stage mineral exploration companies, with a focus for those searching for copper and nickel.
The mining heavyweight said the program will “offer candidates funding, in-kind services, mentorship and coaching, and opportunities with BHP’s network of suppliers and service providers.”
Earlier this month, BHP revealed its first cohort of seven companies to receive funding and support under the Xplor accelerator program. Each company will receive a cash payment of up to US$500,000 alongside the above benefits.
Seven companies to help bolster copper and nickel exploration
The following companies were selected to join the BHP Xplor program:
Company | ASX-listed | Prospective metals |
|---|---|---|
Impact Minerals | Yes | Diversified battery metals |
Nordic Nickel | Yes | Nickel |
Kingrose Mining | Yes | Nickel, copper and PGEs |
Tutume Metals | No | Diversified battery metals |
Asian Battery Minerals | No | Diversified battery metals |
Red Ox Copper | No | Diversified battery metals |
Bronzite Exploration Corp | No | Copper |
A closer look at ASX-listed candidates
The market cap and performance was obtained on 23 January 2023. Cash positions refer to the latest quarterlies.
Impact Minerals
Impact Minerals is focused on two of its early-stage projects based in WA - Broken Hill and Arkun-Beau.
The company said it “believes that there is significant untapped exploration potential at Broken Hill for copper mineralisation and has been working with world renowned geologist Prof. Tony Crawford.”
You can read more about Impact Minerals at our Company Deep Dive.
Nordic Nickel
Nordic Nickel made its ASX debut in June 2022 at a listing price of 20 cents per share. It’s been trading around the 20 to 30 cent range since.
The nickel sulphide explorer operates two projects – Pulju and Maaninkijoki 3 (MJ3) – both of which are located in Finland’s highly prospective Central Lapland Greenstone Belt and next two Europe’s only two nickel smelters. In July, Nordic Nickel delivered a maiden Mineral Resource Estimate for 278,530 tonnes of contained nickel at the Pulju Project.
Next steps: A maiden drilling campaign for Pulji is set to take place in January 2023. The company said that the maiden MRE represents just 5km<sup>2</sup> of Pulji’s total prospective project area of 395km<sup>2</sup>.
Kingrose Mining
Kingrose recently sold its Way Longgo Gold Project for US$7.5m to further transition towards the discovery of critical metals.
The company operates three early stage projects in Norway and Finland. Here’s a summary and proposed next steps:
Penikat Project, Finland: Early stage, field team currently checking proposed drill locations, access to routes and water supply as part of the exploration licence application process
Porsanger Project, Norway: Received results from historical drill cores which confirm the presence of anomalous rhodium associated with platinum and palladium mineralisation. A drill permit application has been submitted
Rana Project, Norway: Acquired by Kingrose on 18 January 2023. Kingrose has identified three priority prospects focused on high-grade nickel-copper-cobalt sulphide mineralisation. Drilling is expected to commence in the Norwegian summer (June - August)
