BHP has entered into a definitive option and earn-in agreement to acquire 100% of Magma Resources doo, Elemental Royalty’s wholly owned Serbian subsidiary, which holds three exploration licences in the Bor Mining District. Under the agreement, BHP will pay Elemental Royalty a series of $200,000 instalments: the first on the six-month anniversary and annual payments thereafter until completion. In addition, BHP must incur a minimum of $5 million in cumulative exploration expenditures over five years. Upon exercise of the option and fulfilment of work commitments, Elemental Royalty will retain a 2% net smelter return royalty on each project, with BHP granted the right to repurchase up to 0.5% of the royalty in two 0.25% tranches at $5 million each—one tranche due by year eight and the second by year 11. BHP will also make annual advance royalty payments of $200,000 until the start of commercial production.

Under two non-binding memoranda of understanding, BHP and Rio Tinto will jointly develop Rio’s Wunbye deposit and integrate up to 200 million tonnes of BHP’s Yandi Lower Channel ore into Rio Tinto’s existing Pilbara processing facilities. The arrangement builds on a 2023 cooperation framework and targets first ore shipments in the early 2030s. By leveraging nearby infrastructure, the partners aim to minimize incremental capital expenditure while maximizing throughput at existing plants. Both companies expect the collaboration to unlock incremental annual production of up to 40 million tonnes once fully ramped, enhancing Pilbara output without the need for new greenfield developments.