Kobrea Exploration has secured an initial US$8 million package from BHP without issuing equity, but the agreement gives the mining major a route to own 75% of as many as four copper projects in Argentina. BHP Metals Exploration will pay Kobrea US$3 million upfront and fund at least US$5 million of exploration during an initial two-year program covering Kobrea’s Western Malargüe portfolio in Mendoza province. That creates a potential aggregate minimum of US$160 million if BHP exercises and completes all four earn-ins. Its 2024 option agreement requires aggregate payments of US$6.76 million in cash and 3.5 million Kobrea shares over five years, while the original owners retain a 1.5% net smelter return royalty. The trade-off is that successful projects selected for earn-in would ultimately be majority-controlled by BHP.