BHP has entered into an option and earn-in agreement with Elemental Royalty covering three copper-gold exploration licences in Serbia’s Bor Mining District. The licences, held through Elemental’s local subsidiary, span more than 150 square kilometres in a region known for large-scale porphyry and epithermal deposits. BHP can earn 100% ownership by spending up to US$5 million on exploration over five years.
This deal positions BHP to build exposure to a highly prospective European district already hosting major operations, including Zijin Mining’s Čukaru Peki and Majdanpek projects. Two of the licences sit directly south of these mines, while the third lies nearby, giving BHP a strong foothold in ground with meaningful discovery potential.
For Elemental, the agreement adds another royalty interest operated by a major partner. It retains a 2% net smelter return royalty on each licence, with BHP having the right to buy back 0.25% tranches for US$5 million each. BHP will also make annual advance royalty payments before production begins.
Elemental Royalty Corporation (NASDAQ:ELE, TSX:ELE) is a globally diverse, gold-focused portfolio featuring world-class royalties contributing to peer-leading revenue and strong growth.
