The agreement, to be carried out in three stages, will first see BHP funding up to $20 million in regional generative exploration over up to four years across areas of interest in the two Nordic countries. This gives BHP the exclusive right to select the targets it wants to see developed as projects.

Kingsrose Mining has been building a portfolio of critical minerals exploration projects targeting nickel, copper and platinum group metals in both Norway and Finland.

In the second phase, BHP may earn up to 75% in two stages by providing up to a further $36 million over seven years.

Kingsrose will operate the ventures in both phases and will be entitled to charge a management fee to cover overhead costs.

The agreement with BHP excludes Kingsrose’s Penikat and Råna projects, which the junior expect to continue advancing simultaneously. 

Shares in Kingsrose shot up more than 21% to 57 Australian cents by the end of the trading day in Sidney, which leaves the junior miner with a market capitalization of slightly over A$40 million ($27m).