BHP Xplor is an exploration accelerator, established in August 2022 as part of the company's growth agenda.

It is a Silicon Valley-style program designed to support junior explorers and come up with new discovery concepts.

Successful applicants will receive up to US$500,000 each in grants, in-kind services, mentorship and coaching, and opportunities with BHP's network of suppliers and service providers.

There is also the potential for a longer-term partnership with BHP.

BHP Xplor project manager Charlee Johnson told MNN that Xplor had started as a four-page memo last year, based on the Silicon Valley accelerator model.

"But what we did is we picked up the business model and re-engineered it to be fit for exploration," she said.

Applications for the second round of BHP Xplor opened on August 23 and will remain open until October 11.

Johnson said the company had seen a high level of interest so far.

"So we closed week three of the application period and we're already seeing over double the number of applications than we did in the same period last year, which is exciting," she said.

"We're in a very different position than we were last year when we launched, because we had a very successful first year."

Johnson described Xplor as the next dimension of exploration.

"But what we really mean by that is, we believe that this has the potential to impact the industry, specifically the exploration industry and we've definitely demonstrated that in our first year, and I look forward to doing it again, as we recruit."

The program is open to prospectors and companies, private or public with a slant towards critical minerals.

Last year's cohort

The program's inaugural cohort was ASX-listed Nordic Nickel, Impact Minerals and Kingsrose Mining, and unlisted Tutume Metals, Asian Battery Metals, Red Ox Copper and Bronzite Exploration Corp.

From January to June, the cohort attend in-person events featuring BHP experts and service providers.

Johnson said BHP had learned the program was more than about just funding.

She said feedback from participants included that the program gave them confidence and broke down the walls between majors and juniors.

Impact managing director Dr Mike Jones describes Xplor as a "mini MBA for minerals exploration".

"And then the cohort itself, by establishing this community, the seven companies that we started with, we're building this global community of explorers, that have become a part of our program, Johnson said.

"And that's actually one of the other lessons learned. The power of an accelerator program is the power of the cohort community.

"And they now call themselves The Magnificent Seven, so they're pretty proud of their cohort."

The senior management team from BHP Xplor will be at the Pan Pacific on Thursday, September 21, for a free two-hour symposium, during which they will present the accelerator concept and explain the application process to the Perth-based exploration community across. Explorers interested in attending can register here.