BHP Group Limited has executed a definitive option and earn-in agreement with Elemental Royalty’s subsidiary Magma Resources doo, covering three exploration licenses in Serbia’s Bor Mining District. Under the deal, BHP will pay US$200,000 at the six-month anniversary of the agreement and US$200,000 on each subsequent anniversary until the earn-in is complete. In addition, BHP must incur cumulative exploration expenditures of US$5,000,000 within five years to earn a 100% interest in the projects. Upon exercise, Elemental will retain a 2% net smelter return royalty on each license, with BHP granted the right to buy back up to 0.5% of that royalty in two increments of 0.25% for US$5,000,000 each—one purchase before the eighth anniversary and the other before the 11th anniversary. BHP will also make annual advance royalty payments of US$200,000 until commercial production begins.

BHP and Rio Tinto have signed two non-binding memoranda of understanding to jointly develop deposits across their neighbouring Pilbara operations in Western Australia. The collaboration focuses on advancing Rio Tinto’s Wunbye deposit and processing ore from BHP’s Yandi Lower Channel Deposit at Rio Tinto’s existing wet processing plants. Together, the companies aim to unlock up to 200 million tonnes of high-grade iron ore, leveraging shared infrastructure to minimize capital outlay. Following a conceptual study and a subsequent order-of-magnitude study, first ore delivery is targeted for early next decade, subject to final investment decisions, regulatory approvals and engagement with Traditional Owners.