# EDGAR Filing Document

**Accession Number:** 0000811809
**File Stem:** 0001193125-25-160800
**Filing Date:** 2025-7
**Character Count:** 80583
**Document Hash:** 2056882a3e61d2035328622e1db7b500
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-160800.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001193125-25-160800

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250718

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BHP Group Ltd
- **CENTRAL INDEX KEY:** 0000811809
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09526
- **FILM NUMBER:** 251132562

**BUSINESS ADDRESS:**
- **STREET 1:** 16/171 COLLINS STREET
- **STREET 2:** MELBOURNE
- **CITY:** VICTORIA AUSTRALIA
- **STATE:** C3
- **ZIP:** 3000
- **BUSINESS PHONE:** 011611300554757

**MAIL ADDRESS:**
- **STREET 1:** GPO BOX 86
- **STREET 2:** MELBOURNE
- **CITY:** VICTORIA AUSTRALIA
- **STATE:** C3
- **ZIP:** 3001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BHP BILLITON LTD
- **DATE OF NAME CHANGE:** 20010629

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BHP LTD
- **DATE OF NAME CHANGE:** 20010129

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROKEN HILL PROPRIETARY CO LTD
- **DATE OF NAME CHANGE:** 19960116

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**18 July 2025** 

## BHP GROUP LIMITED
**(ABN 49 004 028 077)** 

**(Exact name of Registrant as specified in its charter)** 

**VICTORIA, AUSTRALIA** 

**(Jurisdiction of incorporation or organisation)** 

**171 COLLINS STREET, MELBOURNE,** 

**VICTORIA 3000 AUSTRALIA** 

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): <u>n/a</u>

------

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| | |
|:---|:---|
| ![LOGO](g938594dsp2.jpg) | 18 July 2025 |

---

**Operational review for the year ended 30 June 2025** 

**Record copper and iron ore production drives strong 2025 performance** 

"BHP delivered record iron ore and copper production, which demonstrates the strength and resilience of our business and underpins our ability to deliver growth and returns to shareholders amid global volatility and uncertainty.

BHP's WA iron ore operations set multiple records, including for full year production. South Flank exceeded name plate capacity production in its first full year of operation after being delivered on time and on budget in FY24. The efficiency of our infrastructure hubs continues to strengthen performance with rail, port and technology investments delivering tangible production outcomes. Our steelmaking coal business increased production by 5% with improved truck productivity offsetting heavy wet weather and geotechnical challenges at Broadmeadow.

BHP produced more than 2 million tonnes of copper across the group - a record level of production in a commodity critical to urbanisation, digitisation and electrification. In Chile, Escondida achieved its highest production in 17 years, and Spence delivered record production. In Australia, Copper SA finished the year strongly with copper production records in June and for the final three months of the year.

In Canada, Jansen Stage 1 continues to progress. Today, we are providing an update on the cost and schedule estimates for Stage 1. We estimate capital expenditure to be in the range of US$7.0 bn to US$7.4 bn (including contingencies), versus our original estimate of US$5.7 bn, and first production to revert to the original schedule of mid-CY27. Our Group capex guidance remains ~US$11 bn for each of FY26 and FY27.

Commodity demand globally has remained resilient so far in 2025. That resilience largely reflects China's ongoing ability to grow its overall export base despite a significant decline in exports to the USA, and its ability to deliver robust domestic demand despite the dislocation in the property sector. Copper and steel demand have benefited from a sharp acceleration in renewable energy investment, electricity grid build out, strong machinery exports and EV sales. While slower economic growth and a fragmenting trading system remain potential headwinds, stimulus efforts by China and the USA would help to mitigate the near-term impact. Going forward, China's 15th 5-year plan is likely to provide more visibility on policies to sustain longer term growth and development."

---

| | |
|:---|:---|
| <br>**Summary**<br>| **Mike Henry,**<br>**BHP Chief Executive Officer** |
|  **Operational excellence** | **Guidance** |
|  **Record iron ore and copper production** | **Production achieved and unit costs on track** |
| BHP delivered record group copper production of >2.0 Mt, up 8%, driven by strong performances across all operated copper assets, including a 16% production increase at Escondida, record production at Spence and record quarterly (Q4) production from Copper SA.<br>| We exceeded the top end of our production guidance ranges at Escondida and NSWEC, while Spence, WAIO and BMA were all in the upper half of their production guidance ranges, and Copper SA achieved the mid-point of its revised production guidance (and was within its original guidance).<br>|
| We also delivered record iron ore production, with WAIO producing 290 Mt (100% basis), overcoming the impacts of Tropical Cyclone Zelia and Tropical Storm Sean in Q3. The ramp up of the second concentrator at Samarco ahead of schedule, also contributed to our record iron ore production. | We remain on track to achieve FY25 unit cost guidance at Escondida, Spence, Copper SA and WAIO, and revised guidance at BMA.<br>After delivering 28% copper production growth between FY22 and FY25, guidance for FY26 is between 1.8 to 2.0 Mt.<br>|
|  **Portfolio** | **Social value** |
|  **Jansen project update** | **Agreements to reduce value chain emissions** |
| The Jansen Stage 1 (JS1) potash project is 68% complete. We estimate capex for JS1 to be in the range of US$7.0 bn – US$7.4 bn, and first production to revert to the original schedule of mid-CY27.<br>We are also considering the extension of first production from Jansen Stage 2 (JS2) to FY31 as part of our regular review of capex sequencing under the Capital Allocation Framework and given potential for additional potash supply coming to market in the medium-term.<br>Group capital expenditure for FY26 and FY27 will remain at ~US$11 bn. | <u>BHP has signed contracts with COSCO Shipping</u> for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers, capable of reducing GHG emissions by at least 50% and up to 95% on a per voyage basis when run on lower or low to zero GHG emissions ammonia.<sup>i</sup><br><u>Copper SA has partnered with Aurizon</u> to deliver a major logistics solution that will significantly reduce emissions in South Australia.<br><u>BHP and China Baowu celebrated successful commercial-scale DRI trials using BHP's Pilbara iron ores</u> to support potential pathway for steelmaking decarbonisation. |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Production** | **Quarter performance** | **Quarter performance** | **Quarter performance** | **Full year performance** | **Full year performance** | **Guidance** | **Guidance** |
| | **Q4 FY25** | **v Q3 FY25** | **v Q4 FY24** | **FY25** | **v FY24** | **FY25e** | **FY26e** |
| &nbsp;&nbsp;&nbsp; **Copper (kt)** | **516.2** | **1%** | **2%** | **2016.7** | **8%** | **1845 – 2045** | **1800 – 2000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escondida (kt) | 327.3 | (2%) | 6% | 1304.9 | 16% | 1180 – 1300 | 1150 – 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pampa Norte (kt)<sup>ii</sup>  | 73.4 | 8% | 11% | 267.6 | 1% | 240 – 270ii | 230 – 250ii |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper South Australia (kt) | 92.1 | 16% | 3% | 315.9 | (2%) | 300 – 325 | 310 – 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antamina (kt) | 21.2 | (31%) | (45%) | 118.9 | (17%) | 115 – 135 | 120 – 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carajás (kt) | 2.2 | 18% | 8% | 9.4 | 15% | - | - |
| &nbsp;&nbsp;&nbsp; **Iron ore (Mt)** | **70.3** | **14%** | **2%** | **263.0** | **1%** | **255 – 265.5** | **258 – 269** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WAIO (Mt) | 68.3 | 14% | 0% | 256.6 | 1% | 250 – 260 | 251 – 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WAIO (100% basis) (Mt) | 77.5 | 14% | 1% | 290.0 | 1% | 282 – 294 | 284 – 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samarco (Mt) | 2.0 | 22% | 91% | 6.4 | 34% | 5 – 5.5 | 7.0 – 7.5 |
| &nbsp;&nbsp;&nbsp; **Steelmaking coal – BMA (Mt)<sup>iii</sup>**  | **5.1** | **31%** | **5%** | **18.0** | **(19** **%)** | **16.5 – 19** | **18 – 20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BMA (100% basis) (Mt)<sup>iii</sup>  | 10.3 | 31% | 5% | 36.0 | (19%) | 33 – 38 | 36 – 40 |
| &nbsp;&nbsp;&nbsp; **Energy coal – NSWEC (Mt)** | **4.1** | **13%** | **8%** | **15.0** | **(2** **%)** | **13 – 15** | **14 – 16** |
| &nbsp;&nbsp;&nbsp; **Nickel – Western Australia Nickel (kt)<sup>iv</sup>**  | **0.3** | **(87** **%)** | **(99** **%)** | **30.2** | **(63** **%)** | **-** | **-** |

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Note: Refer to page 7 for footnotes.

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**BHP** \| Operational Review for the year ended 30 June 2025

**Summary of disclosures** 

BHP expects its financial results for the second half of FY25 (H2 FY25) to reflect certain items summarised in the table below. The table does not provide a comprehensive list of all items impacting the period. The financial statements are the subject of ongoing work that will not be finalised until the release of the financial results on 19 August 2025. Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Description** | **H2 FY25 impact<sup>i</sup>(US$M)** | | **Classification<sup>ii</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Unit costs (at guidance FX)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Unit costs for FY25 are expected to be at the bottom end of the guidance range at Escondida, within the guidance range at Spence and the revised guidance range at BMA, and in the upper half of the guidance ranges at Copper SA and WAIO | - |  | Operating costs |
| &nbsp;&nbsp;&nbsp;&nbsp; Note: Average realised exchange rates for FY25 of AUD/USD 0.65 (guidance rate AUD/USD 0.66) and USD/CLP 951 (guidance rate USD/CLP 842) | - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income statement** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Negative EBITDA for WA Nickel | 250 – 300 |  | i EBITDA |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in closure and rehabilitation provision for closed sites (predominantly in Group and Unallocated) | ~100 |  | h Operating costs |
| &nbsp;&nbsp;&nbsp;&nbsp; The Group's adjusted effective tax rate for FY25 is expected to be towards the top end of the guidance range of 33 – 38% | - |  | Taxation expense |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash flow statement** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Working capital movements | 600 – 700 |  | h Operating cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash tax paid | 3800 – 3900 |  | i Operating cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends received from equity-accounted investments | ~150 |  | h Operating cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital and exploration spend is expected to be broadly in line with full year guidance of ~US$10 bn | ~4,600 |  | i Investing cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds received from the sale of BHP's 50% interest in the Blackwater and Daunia mines<sup>iii</sup>  | ~250 |  | h Investing cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of BHP Brasil's obligations relating to the Samarco dam failure | ~1,100 |  | i Investing cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment for the completion of the Vicuña transaction | ~2,000 |  | i Investing cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to non-controlling interests | ~800 |  | i Financing cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment of the H1 FY25 dividend | ~2,500 |  | i Financing cash flow |
| &nbsp;&nbsp;&nbsp;&nbsp; **Balance sheet** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Group's net debt balance as at 30 June 2025 is expected to be ~US$13 bn | - |  | Net debt |
| &nbsp;&nbsp;&nbsp;&nbsp; **Exceptional items** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial impact of the Samarco dam failure | Refer footnote | <sup>iv</sup> | Exceptional item |

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i Numbers are not tax effected, unless otherwise noted.

ii There will be a corresponding balance sheet, cash flow and/or income statement impact as relevant, unless otherwise noted.

iii For detail on future payments in relation to the divestment please refer to: <u>BHP completes the divestment of Daunia and Blackwater</u>.

iv Financial impact is the subject of ongoing work and is not yet finalised. See iron ore section for further information on Samarco operations.

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| | |
|:---|:---|
| ![LOGO](g938594dsp3.jpg) | <br> Further information in Appendix 1<br>Detailed production and sales information for all operations in Appendix 2 |

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**BHP** \| Operational Review for the year ended 30 June 2025

**Segment and asset performance \| FY25 v FY24** 

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| | |
|:---|:---|
| **Copper**<br>|  |
| **Production** <br>**2,017 kt** 🡹**8%** <br>**FY24** 1,865 kt <br>**FY26e** 1,800 – 2,000 kt<br>**Average realised price** <br>**US$4.25/lb** 🡹**7%** <br>**FY24** US$3.98/lb | Total copper production increased for a third consecutive year, a 28% increase from FY22, to a record 2,017 kt. Copper production for FY26 is expected to be between 1,800 and 2,000 kt reflecting planned lower grade in Chile.<br>**Escondida** **1,305 kt 🡹**16% (100% basis)**<br>Escondida achieved its highest production in 17 years, increasing 16% due to record concentrator throughput, improved recoveries, higher concentrator feed grade of 1.02% (FY24: 0.88%) and the Full SaL leaching project which achieved first production in Q4 FY25.<br>Production for FY26 is expected to be between 1,150 and 1,250 kt. Concentrator feed grade for FY26 is expected to be approximately 0.85%.<br>**Pampa Norte 268 kt 🡹**1%** |
|  | Pampa Norte consists of Spence and Cerro Colorado. |
|  | Spence production increased 5% to a record 268 kt due to improved stacked feed grade. Concentrator throughput, feed grade and recovery was broadly in line with the prior period. |
|  | Production at Spence for FY26 is expected to be between 230 and 250 kt due to expected lower concentrator feed grades and increased volume of transitional ore processed.<br>Cerro Colorado remains in temporary care and maintenance, having contributed 11 kt of copper production in FY24. |
|  | **Copper South Australia 316 kt 🡻**2%** |
|  | Strong underlying performance continued in Q4, with record quarterly copper production achieved. Full year production declined marginally due to the significant two-week weather-related power outage in Q2. |
|  | Copper South Australia performed strongly across all three operations following the outage, delivering an 18% uplift in copper production in H2. The smelter and refinery demonstrated continued operating stability and performance improvement, achieving record half-year copper production at Olympic Dam (under BHP ownership) and record full year concentrate smelted. Carrapateena achieved higher productivity from the sub-level cave, resulting in strong annual copper production and record gold production. |
|  | Production for FY26 is expected to increase to between 310 and 340 kt, weighted to the second half. |
|  | **Other copper** |
|  | At Antamina, copper production decreased 17% to 119 kt reflecting lower concentrator throughput and a decline in feed grade. Zinc production was 5% higher at 109 kt, as a result of higher zinc feed grade. |
|  | For FY26, at Antamina, copper production is expected to increase to between 120 and 140 kt and zinc production is expected to be between 90 and 110 kt. |
|  | Carajás produced 9.4 kt of copper and 7.3 troy koz of gold. |

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**BHP** \| Operational Review for the year ended 30 June 2025

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| | |
|:---|:---|
| **Iron ore**<br>|  |
|  **Production** <br>**263 Mt** 🡹**1%** <br>**FY24** 260 Mt <br>**FY26e** 258 – 269 Mt<br>**Average realised price** <br>**US$82.13/wmt 🡻**19%** <br>**FY24** US$101.04/wmt | Iron ore production increased to a record 263 Mt. Production for FY26 is expected to increase to between 258 and 269 Mt.<br>**WAIO 257 Mt 🡹**1% \| 290 Mt (100% basis)**<br>WAIO delivered another full year production record of 257 Mt (290 Mt on a 100% basis) and record shipments. This strong performance reflects supply chain excellence with record productive movement, in addition to improved rail cycle times, and enhanced car dumper and ship loader performance unlocked by the Port Debottlenecking Project 1 (PDP1). South Flank exceeded nameplate capacity of 80 Mt (100% basis) in its first year following ramp up, contributing to record Ore for Rail (OFR) volumes from the Central Pilbara hub (South Flank and Mining Area C). |
|  | The record production was delivered despite the impact of Tropical Cyclone Zelia and Tropical Storm Sean in Q3, and the planned increase in tie-in activity of the multi-year Rail Technology Programme (RTP1).<br>Production for FY26 is expected to be between 251 and 262 Mt (284 and 296 Mt on a 100% basis), incorporating the planned rebuild of Car Dumper 3 in HY26 and the ongoing tie-in activities for RTP1.<br>**Samarco 6.4 Mt 🡹**34% \| 12.8 Mt (100% basis)**<br>Production increased following the ramp up of the second concentrator. FY26 production is expected to increase to between 7.0 and 7.5 Mt with the second concentrator now online, somewhat offset by planned maintenance expected during the financial year.<br>Since the October 2024 Agreement with the Public Authorities, Samarco has incurred R$10.3 bn<sup>v</sup> on performance obligations ('Obligations to Perform'), including approximately R$5.5 bn<sup>v</sup> paid directly to people impacted by the 2015 Fundão dam failure. Another R$10.9 bn<sup>v</sup> has been paid to Public Authorities ('Obligations to Pay') in the same period.<br>|
| **Coal**<br>**Steelmaking coal**<br>|  |
|  **Production** <br>**18.0 Mt 🡻**19%** <br>**FY24** 22.3 Mt<br>**FY26e** 18 – 20 Mt<br>**Average realised price**<br>**US$193.82/t 🡻**27%** <br>**FY24** US$266.06/t | **BMA 18 Mt 🡻**19% \| 36 Mt (100% basis)**<br>Production increased 5% (excluding the contribution of Blackwater and Daunia in FY24), and raw coal inventory levels increased 12%. The strong performance was underpinned by improved truck productivity and led to increased production across all open cut mines.<br>Our focus on rebuilding raw coal inventory enabled us to stabilise operating performance across the asset and increase production despite the geotechnical challenges at Broadmeadow and a 36% year-on-year increase in rainfall.<sup>vi</sup><br>Production guidance for FY26 is expected to increase to between 18 and 20 Mt (36 and 40 Mt on a 100% basis), weighted to the second half. We expect the inventory rebuild to continue into CY27. |

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**BHP** \| Operational Review for the year ended 30 June 2025

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| | |
|:---|:---|
| **Energy coal** |  |
| **Production** | **NSWEC15 Mt 🡻**2%** |
|  **15.0 Mt 🡻**2%**<br>**FY24** 15.4 Mt<br>**FY26e** 14 – 16 Mt<br>**Average realised price** <br>**US$107.80/t 🡻**11%**<br>**FY24** US$121.52/t | NSWEC exceeded the top end of production guidance again in FY25. Production decreased slightly due to increased wet weather impacting truck productivity, as well as a higher proportion of washed coal and reduced truck availability in Q1. This was partially offset by a draw down of inventory.<br>Production for FY26 is expected to be between 14 and 16 Mt.<br>In April 2025, we received approval from the NSW government to extend mining to 30 June 2030. We also <u>entered into an agreement with renewable energy and infrastructure company ACCIONA Energía</u> to explore the development of a pumped hydro energy storage project, located in part of the Mt Arthur Coal operation. |
| **Group & Unallocated** | **Group & Unallocated** |
| **Nickel** | **Nickel** |
| **Production** | **Western Australia Nickel 30 kt 🡻**63%** |
| **30 kt 🡻**63%** <br>**FY24** 82 kt | Western Australia Nickel (WAN) transitioned into temporary suspension in HY25.<br>As previously announced, BHP intends to review the decision to temporarily suspend WAN by February 2027. As part of this review, BHP is assessing the potential divestment of the WAN assets. Any decision to divest will be subject to an assessment against other options, including continuing temporary suspension, restart or closure. |
|  | During the review process, BHP is committed to: |
|  | • support the workforce with a people first approach; |
|  | • ensure the ongoing safety and integrity of the mines and related infrastructure; |
|  | • work closely with Traditional Owners, governments and suppliers, and to invest in local communities via the A$20 m Community Fund established in 2024; and |
|  | • invest in exploration to extend the resource life of WAN and preserve optionality. |

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**Quarterly performance \| Q4 FY25 v Q3 FY25** 

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| | | | |
|:---|:---|:---|:---|
|  <br> **Copper**<br>|  | <br> **Iron ore**<br>|  |
|  **516 kt 🡹 **1%** <br>**Q3 FY25** 513 kt | Copper SA achieved record copper production in Q4. Spence production also increased driven by higher concentrator feed grade. Escondida cathode production increased as Full SaL ramped up, offset by lower concentrate feed grade. | **70 Mt 🡹 **14%** <br>**Q3 FY25** 62 Mt | Record quarterly production at WAIO underpinned by strong supply chain performance with record productive movement, following significant weather impacts in Q3. Samarco production continued to increase as the ramp up of the second concentrator was completed. |
|  <br> **Steelmaking coal** | <br> **Steelmaking coal** | <br> **Energy coal** | <br> **Energy coal** |
|  **5.1 Mt 🡹 **31%**<br>**Q3 FY25** 3.9 Mt | Higher production, including improved mining rates at Broadmeadow despite ongoing geotechnical challenges, and increased stripping and inventory build following significant weather in Q3. | **4.1 Mt 🡹 **13%**<br>**Q3 FY25** 3.6 Mt | Higher production due to improved wash plant performance, including record feed volumes and increased yield, as well as inventory draw down. This was partially offset by significant wet weather.<br>|
|  <br> **Nickel**<br>|  |  |  |
|  **0.3 kt 🡻**87%**<br>**Q3 FY25** 2.3 kt | Additional saleable production recovered from inventory during temporary suspension. |  |  |

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**BHP** \| Operational Review for the year ended 30 June 2025

**Major projects** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commodity** | **Project and ownership** | **Capacity** | **Capital**<br> **expenditure**<br> **US$M** | **First**<br> **production**<br> **target date** | **Progress** |
|  Potash | Jansen Stage 1<br>(Canada)<br>100% | Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa | Currently under review. Expected range is 7,000 – 7,400 | Currently under review. Expected date may revert to original project timeline of mid-CY27 | Approved in August 2021. Project is 68% complete<sup>1</sup> |
|  Potash | Jansen Stage 2<br>(Canada)<br>100% | Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa | Currently under review | Currently under review. Expected date may extend by two years to FY31 | Approved in October 2023. Project is 11% complete |

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| | |
|:---|:---|
| 1 | Jansen Stage 1 completion percentage has been re-baselined since our Q3 FY25 Operational Review.  |

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We continue to make progress at Jansen with JS1 now 68% complete. We estimate capital expenditure for JS1 to increase from US$5.7 bn to be in the range of US$7.0 bn to US$7.4 bn (including contingencies) and first production to revert to the original schedule of mid-CY27. The estimated cost increase is driven by inflationary and real cost escalation pressures, design development and scope changes, and our current assessment of lower productivity outcomes over the construction period. We expect to update the market on JS1's timing and optimised capital expenditure estimate in H2 FY26.

Given potential for additional potash supply coming to market in the medium term, and as part of our regular review of the sequencing of capital projects under the Capital Allocation Framework, we are considering a two-year extension for the execution of JS2 from FY29 to FY31. We expect to update the market on JS2's timing estimate during H1 FY26, and optimised capital expenditure estimate in H2 FY26.

We have spent US$4.5 bn on JS1 and US$0.4 bn on JS2 since they commenced execution.

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**BHP** \| Operational Review for the year ended 30 June 2025

**Footnotes** 

i The comparison is to a conventionally fuelled voyage. Vessels expected to be delivered from 2028. Lower GHG emissions: Capable of between 5% to 80% lower GHG emissions intensity (gCO2-e/joule) on a well-to-wake basis compared to conventional fossil fuels used in shipping. Low to zero GHG emissions: Capable of between 81% to 100% lower GHG emissions intensity (gCO2-e/joule) on a well-to-wake basis compared to conventional fossil fuels used in shipping. Well-to-wake means inclusive of the GHG emissions across the entire process of fuel production, delivery and use onboard vessels. 

ii FY24 includes 11 kt from Cerro Colorado, which entered temporary care and maintenance in December 2023. Excluding these volumes, FY25 production increased 5%. Production guidance is for Spence only. Refer to copper and the production and sales report for further information. 

iii FY24 production includes 5 Mt (10 Mt on a 100% basis) from the Blackwater and Daunia mines, which were divested on 2 April 2024. Excluding these volumes, FY25 production increased 5%. Refer to steelmaking coal and the production and sales report for further information. 

iv Western Australia Nickel ramped down and entered temporary suspension in December 2024. Refer to nickel and the production and sales report for further information.

v Amounts shown are those incurred by Samarco on a 100% basis, which includes cash outflows as well as accruals relevant to the period from when the agreement was signed on 25 October 2024 to the end of the 2025 financial year on 30 June 2025. A portion of these payments were funded by cash generated from the Samarco operations. The cash impact of BHP Brasil's obligations relating to the Samarco dam failure for H2 FY25 is outlined on page 2. 

vi 821 mm of rainfall recorded at Moranbah Airport in FY25, 36% higher than FY24 (602 mm). 

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**BHP** \| Operational Review for the year ended 30 June 2025

**Appendix 1** 

**Average realised prices** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter performance** | **Quarter performance** | **Quarter performance** | **H2 performance** | **H2 performance** | **H2 performance** | **Full year performance** | **Full year performance** |
| <br> **Average realised prices<sup>i</sup>**  | **Q4 FY25** | **v Q3 FY25** | **v Q4 FY24** | **H2 FY25** | **v H1 FY25** | **v H2 FY24** | **FY25** | **v FY24** |
|  Copper (US$/lb)<sup>ii, iii, iv</sup> | 4.43 | (3%) | (3%) | 4.50 | 13% | 5% | 4.25 | 7% |
|  Iron ore (US$/wmt, FOB)<sup>v</sup>  | 79.93 | (8%) | (12%) | 83.15 | 3% | (16%) | 82.13 | (19%) |
|  Steelmaking coal (US$/t)<sup>vi, vii</sup> | 177.32 | (4%) | (28%) | 180.65 | (12%) | (32%) | 193.82 | (27%) |
|  Energy coal (US$/t)<sup>viii</sup>  | 85.70 | (12%) | (31%) | 91.28 | (27%) | (24%) | 107.80 | (11%) |

---

i Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments. 

ii The large majority of copper cathodes sales were linked to index price for quotation periods one month after month of shipment, and three to four months after month of shipment for copper concentrates sales with price differentials applied for location and treatment costs.

iii At 30 June 2025, the Group had 434 kt of outstanding copper sales that were revalued at a weighted average price of US$4.52/lb. The final price of these sales will be determined in FY26. In addition, 430 kt of copper sales from FY24 were subject to a finalisation adjustment in the current period. The displayed prices include the impact of these provisional pricing and finalisation adjustments. 

iv Sales from Carrapateena and Prominent Hill acquired through the purchase of OZL are included since the Q4 FY24 period.

v The large majority of iron ore shipments were linked to index pricing for the month of shipment, with price differentials predominantly a reflection of market fundamentals and product quality. Iron ore sales for FY25 and Q4 FY25 were based on an average moisture rate of 7.1% (FY24 6.7%; Q4 FY24 6.9%). 

vi The large majority of steelmaking coal and energy coal exports were linked to index pricing for the month of scheduled shipment or priced on the spot market at fixed or index-linked prices, with price differentials reflecting product quality.

vii From FY25, steelmaking coal refers to hard coking coal which is generally those steelmaking coals with a Coke Strength after Reaction (CSR) of 35 and above. Comparative periods include impacts from weak coking coal, which refers generally to those steelmaking coals with a CSR below 35, which were sold by Blackwater and Daunia mines, divested on 2 April 2024. 

viii Export sales only. Includes energy coal sales from steelmaking coal mines.

**Unit cost guidance** 

---

| | | |
|:---|:---|:---|
| **Unit cost** | **Current FY25 guidance<sup>i</sup>** | |
|  Escondida (US$/lb) | 1.30 – 1.60 | Bottom end |
|  Spence (US$/lb) | 2.00 – 2.30 | Unchanged |
|  Copper SA (US$/lb)<sup>ii</sup>  | 1.30 – 1.80 | Upper half |
|  WAIO (US$/t) | 18.00 – 19.50 | Upper half |
|  BMA (US$/t) | 128 – 133 | Unchanged |

---

i FY25 unit cost guidance is based on exchange rates of AUD/USD 0.66 and USD/CLP 842.

ii Calculated using the following assumptions for by-products: gold US$2,000/oz, and uranium US$80/lb. 

**Exploration** 

Minerals exploration and evaluation expenditure was US$396 m for FY25 (FY24: US$457 m) of which US$346 m was expensed (FY24: US$399 m).

------

**BHP** \| Operational Review for the year ended 30 June 2025

**Appendix 2** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** |
|  |  |  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** |
|  |  |  | Jun | Sep | Dec | Mar | **Jun** | **Jun** | Jun | Var | Jun | Sep | Dec | Mar | **Jun** | **Jun** | Jun | Var |
|  |  |  | 2024 | 2024 | 2024 | 2025 | **2025** | **2025** | 2024 | % | 2024 | 2024 | 2024 | 2025 | **2025** | **2025** | 2024 | % |
|  **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** | **Group production and sales summary** |  |  |  |  |  |  |  |  |
|  **By commodity** | **By commodity** | **By commodity** | **By commodity** | **By commodity** | **By commodity** | **By commodity** | **By commodity** | **By commodity** | **By commodity** | **By commodity** |  |  |  |  |  |  |  |  |
|  Metals production is payable metal unless otherwise noted. | Metals production is payable metal unless otherwise noted. | Metals production is payable metal unless otherwise noted. | Metals production is payable metal unless otherwise noted. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. | Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. | Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. | Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. | Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. | Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. | Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Copper** | **Payable metal in concentrate** | **kt** | **370.4** | **360.9** | **391.4** | **379.8** | **375.9** | **1508.0** | **1335.4** | **13%** | **378.7** | **391.5** | **372.8** | **399.0** | **377.6** | **1540.9** | **1274.7** | **21%** |
|  | Escondida | kt | 258.5 | 264.8 | 295.4 | 288.4 | 278.6 | 1127.2 | 926.7 | 22% | 261.3 | 273.2 | 275.0 | 309.2 | 285.5 | 1142.9 | 886.5 | 29% |
|  | Pampa Norte | kt | 39.4 | 35.7 | 36.6 | 36.1 | 42.2 | 150.6 | 150.3 | 0% | 49.3 | 44.0 | 36.5 | 36.5 | 37.3 | 154.3 | 142.4 | 8% |
|  | Copper South Australia | kt | 32.1 | 21.8 | 25.9 | 22.5 | 31.7 | 101.9 | 106.3 | (4)% | 28.0 | 30.4 | 25.9 | 23.8 | 30.9 | 111.0 | 98.9 | 12% |
|  | Antamina | kt | 38.3 | 36.3 | 30.5 | 30.9 | 21.2 | 118.9 | 143.9 | (17)% | 37.4 | 39.6 | 33.3 | 27.4 | 21.8 | 122.1 | 139.8 | (13)% |
|  | Carajás | kt | 2.1 | 2.3 | 3.0 | 1.9 | 2.2 | 9.4 | 8.2 | 15% | 2.7 | 4.3 | 2.1 | 2.1 | 2.1 | 10.6 | 7.1 | 49% |
|  | **Cathode** | **kt** | **134.4** | **115.4** | **119.4** | **133.6** | **140.3** | **508.7** | **529.6** | **(4)%** | **142.3** | **110.7** | **120.0** | **133.3** | **148.4** | **512.4** | **531.9** | **(4)%** |
|  | Escondida | kt | 50.7 | 39.4 | 44.4 | 45.2 | 48.7 | 177.7 | 198.6 | (11)% | 54.6 | 37.6 | 43.2 | 47.4 | 52.7 | 180.9 | 200.3 | (10)% |
|  | Pampa Norte | kt | 26.5 | 24.4 | 29.6 | 31.8 | 31.2 | 117.0 | 115.3 | 1% | 26.5 | 24.1 | 30.0 | 30.7 | 34.1 | 118.9 | 116.3 | 2% |
|  | Copper South Australia | kt | 57.2 | 51.6 | 45.4 | 56.6 | 60.4 | 214.0 | 215.7 | (1)% | 61.2 | 49.0 | 46.8 | 55.2 | 61.6 | 212.6 | 215.3 | (1)% |
|  | **Total** | **kt** | **504.8** | **476.3** | **510.8** | **513.4** | **516.2** | **2016.7** | **1865.0** | **8%** | **521.0** | **502.2** | **492.8** | **532.3** | **526.0** | **2053.3** | **1806.6** | **14%** |
|  **Lead** | **Payable metal in concentrate** | **t** | **131** | **21** | **148** | **234** | **1829** | **2232** | **332** | **572%** | **9** | **125** | **35** | **181** | **837** | **1178** | **362** | **225%** |
|  | Antamina | t | 131 | 21 | 148 | 234 | 1829 | 2232 | 332 | 572% | 9 | 125 | 35 | 181 | 837 | 1178 | 362 | 225% |
|  **Zinc** | **Payable metal in concentrate** | **t** | **15839** | **19374** | **22792** | **26026** | **40415** | **108607** | **103392** | **5%** | **14118** | **19609** | **25328** | **22249** | **37263** | **104449** | **102681** | **2%** |
|  | Antamina | t | 15839 | 19374 | 22792 | 26026 | 40415 | 108607 | 103392 | 5% | 14118 | 19609 | 25328 | 22249 | 37263 | 104449 | 102681 | 2% |
|  **Gold** | **Payable metal in concentrate** | **troy oz** | **100013** | **85668** | **90468** | **89841** | **95949** | **361926** | **362960** | **0%** | **92323** | **98936** | **89174** | **92357** | **95523** | **375990** | **349377** | **8%** |
|  | Escondida | troy oz | 45410 | 46963 | 37293 | 44527 | 40292 | 169075 | 181061 | (7)% | 45410 | 46963 | 37293 | 44527 | 40292 | 169075 | 181061 | (7)% |
|  | Pampa Norte | troy oz | 4676 | 4043 | 2635 | 3341 | 2961 | 12980 | 13280 | (2)% | 4676 | 4043 | 2635 | 3341 | 2961 | 12980 | 13280 | (2)% |
|  | Copper South Australia | troy oz | 48355 | 32928 | 48309 | 40457 | 50871 | 172565 | 163061 | 6% | 40507 | 44761 | 47719 | 42825 | 50577 | 185882 | 150301 | 24% |
|  | Carajás | troy oz | 1572 | 1734 | 2231 | 1516 | 1825 | 7306 | 5558 | 31% | 1730 | 3169 | 1527 | 1664 | 1693 | 8053 | 4735 | 70% |
|  | **Refined gold** | **troy oz** | **49139** | **37385** | **47478** | **57006** | **46789** | **188658** | **207123** | **(9)%** | **52687** | **40326** | **43479** | **57982** | **49241** | **191028** | **203782** | **(6)%** |
|  | Copper South Australia | troy oz | 49139 | 37385 | 47478 | 57006 | 46789 | 188658 | 207123 | (9)% | 52687 | 40326 | 43479 | 57982 | 49241 | 191028 | 203782 | (6)% |
|  | **Total** | **troy oz** | **149152** | **123053** | **137946** | **146847** | **142738** | **550584** | **570083** | **(3)%** | **145010** | **139262** | **132653** | **150339** | **144764** | **567018** | **553159** | **3%** |
|  **Silver** | **Payable metal in concentrate** | **troy koz** | **3317** | **3150** | **3277** | **3418** | **3911** | **13756** | **11593** | **19%** | **3137** | **3126** | **3084** | **3198** | **3526** | **12934** | **11033** | **17%** |
|  | Escondida | troy koz | 1549 | 1546 | 1619 | 1787 | 1906 | 6858 | 5446 | 26% | 1549 | 1546 | 1619 | 1787 | 1906 | 6858 | 5446 | 26% |
|  | Pampa Norte | troy koz | 583 | 503 | 451 | 428 | 441 | 1823 | 1654 | 10% | 583 | 503 | 451 | 428 | 441 | 1823 | 1654 | 10% |
|  | Copper South Australia | troy koz | 312 | 223 | 253 | 186 | 251 | 913 | 1134 | (19)% | 311 | 295 | 218 | 173 | 226 | 912 | 1122 | (19)% |
|  | Antamina | troy koz | 873 | 878 | 954 | 1017 | 1313 | 4162 | 3359 | 24% | 694 | 782 | 796 | 810 | 953 | 3341 | 2811 | 19% |
|  | **Refined silver** | **troy koz** | **265** | **206** | **133** | **462** | **216** | **1017** | **995** | **2%** | **329** | **202** | **110** | **486** | **213** | **1011** | **958** | **6%** |
|  | Copper South Australia | troy koz | 265 | 206 | 133 | 462 | 216 | 1017 | 995 | 2% | 329 | 202 | 110 | 486 | 213 | 1011 | 958 | 6% |
|  | **Total** | **troy koz** | **3582** | **3356** | **3410** | **3880** | **4127** | **14773** | **12588** | **17%** | **3466** | **3328** | **3194** | **3684** | **3739** | **13945** | **11991** | **16%** |
|  **Uranium** | **Payable metal in concentrate** | **t** | **929** | **672** | **725** | **783** | **974** | **3154** | **3603** | **(12)%** | **1554** | **677** | **640** | **710** | **1230** | **3257** | **3324** | **(2)%** |
|  | Copper South Australia | t | 929 | 672 | 725 | 783 | 974 | **3154** | **3603** | **(12)%** | 1554 | 677 | 640 | 710 | **1230** | **3257** | 3324 | (2)% |
|  **Molybdenum** | **Payable metal in concentrate** | **t** | **699** | **1084** | **751** | **801** | **337** | **2973** | **2616** | **14%** | **678** | **862** | **872** | **839** | **714** | **3287** | **2387** | **38%** |
|  | Pampa Norte | t | 117 | 182 | 136 | 187 | 189 | 694 | 794 | (13)% | 134 | 181 | 138 | 223 | 190 | 732 | 818 | (11)% |
|  | Antamina | t | 582 | 902 | 615 | 614 | 148 | 2279 | 1822 | 25% | 544 | 681 | 734 | 616 | **524** | **2555** | 1569 | 63% |
|  **Iron ore** | Western Australia Iron Ore (WAIO) | kt | 68173 | 63363 | 64751 | 60137 | 68348 | 256599 | 254936 | 1% | 67323 | 63408 | 64341 | 59234 | 67830 | 254813 | 255977 | 0% |
|  | Samarco | kt | 1041 | 1285 | 1471 | 1635 | 1991 | 6382 | 4748 | 34% | 1043 | 1002 | 1508 | 1445 | 2013 | 5968 | 4766 | 25% |
|  | **Total** | **kt** | **69214** | **64648** | **66222** | **61772** | **70339** | **262981** | **259684** | **1%** | **68366** | **64410** | **65849** | **60679** | **69843** | **260781** | **260743** | **0%** |
|  **Steelmaking coal¹** | BHP Mitsubishi Alliance (BMA) | **kt** | **4922** | **4515** | **4430** | **3919** | **5146** | **18010** | **22275** | **(19)%** | **4904** | **4273** | **4726** | **3791** | **5030** | **17820** | **22294** | **(20)%** |
|  **Energy coal** | NSW Energy Coal (NSWEC) | **kt** | **3751** | **3675** | **3698** | **3596** | **4067** | **15036** | **15368** | **(2)%** | **3678** | **3951** | **3803** | **3509** | **3926** | **15189** | **15167** | **0%** |
|  **Nickel<sup>2</sup>**  | Western Australia Nickel | **kt** | **23.0** | **19.6** | **8.0** | **2.3** | **0.3** | **30.2** | **81.6** | **(63)%** | **23.2** | **19.9** | **11.2** | **2.2** | **0.2** | **33.5** | **80.9** | **(59)%** |
|  **Cobalt<sup>2</sup>**  | Western Australia Nickel | t | **181** | **294** | **121** | **35** | **-** | **450** | **734** | **(39)%** | **181** | **294** | **121** | **-** | **-** | **415** | **662** | **(37)%** |

---

1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024. BMA includes thermal coal sales.

2 WA Nickel ramped down and entered temporary suspension in December 2024.

------

**BHP \|** Operational Review for the year ended 30 June 2025

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | <br> **Production** | <br> **Production** | <br> **Production** | <br> **Production** | <br> **Production** | <br> **Production** | <br> **Production** | <br> **Production** | <br> **Sales** | <br> **Sales** | <br> **Sales** | <br> **Sales** | <br> **Sales** | <br> **Sales** | <br> **Sales** | <br> **Sales** |
|  |  |  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** |
|  |  |  | Jun<br>2024 | Sep<br>2024 | Dec<br>2024 | Mar<br>2025 | **Jun<br>2025** | **Jun<br>2025** | Jun<br>2024 | Var% | Jun<br>2024 | Sep<br>2024 | Dec<br>2024 | Mar<br>2025 | **Jun<br>2025** | **Jun<br>2025** | Jun<br>2024 | Var% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Production and sales** | &nbsp;&nbsp;&nbsp;&nbsp; **Production and sales** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **By asset** | &nbsp;&nbsp;&nbsp;&nbsp; **By asset** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Copper** | &nbsp;&nbsp;&nbsp;&nbsp; **Copper** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals production is payable metal unless otherwise noted. | &nbsp;&nbsp;&nbsp;&nbsp; Metals production is payable metal unless otherwise noted. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Escondida, Chile¹** | &nbsp;&nbsp;&nbsp;&nbsp; **Escondida, Chile¹** | BHP interest 57.5% | BHP interest 57.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Material mined | kt | 102752 | 100416 | 116083 | 117038 | 122386 | 455923 | 389254 | 17% |  |  |  |  |  |  |  |  |
|  | Concentrator throughput | kt | 34377 | 32488 | 35293 | 32889 | 36490 | 137160 | 134114 | 2% |  |  |  |  |  |  |  |  |
|  | Average copper grade - concentrator | % | 0.99% | 1.00% | 1.06% | 1.09% | 0.95% | 1.02% | 0.88% | 16% |  |  |  |  |  |  |  |  |
|  | Production ex mill | kt | 279.5 | 269.9 | 309.8 | 295.6 | 291 | 1166.3 | 961.4 | 21% |  |  |  |  |  |  |  |  |
|  | Payable copper | kt | 258.5 | 264.8 | 295.4 | 288.4 | 278.6 | 1127.2 | 926.7 | 22% | 261.3 | 273.2 | 275 | 309.2 | 285.5 | 1142.9 | 886.5 | 29% |
|  | Copper cathode (EW) | kt | 50.7 | 39.4 | 44.4 | 45.2 | 48.7 | 177.7 | 198.6 | (11)% | 54.6 | 37.6 | 43.2 | 47.4 | 52.7 | 180.9 | 200.3 | (10)% |
|  | Oxide leach | kt | 13.8 | 7.8 | 12.2 | 14.3 | 16.3 | 50.6 | 62.7 | (19)% |  |  |  |  |  |  |  |  |
|  | Sulphide leach | kt | 36.9 | 31.6 | 32.2 | 30.9 | 32.4 | 127.1 | 135.9 | (6)% |  |  |  |  |  |  |  |  |
|  | **Total copper** | **kt** | **309.2** | **304.2** | **339.8** | **333.6** | **327.3** | **1304.9** | **1125.3** | **16%** | **315.9** | **310.8** | **318.2** | **356.6** | **338.2** | **1323.8** | **1086.8** | **22%** |
|  | Payable gold concentrate | troy oz | 45410 | 46963 | 37293 | 44527 | 40292 | 169075 | 181061 | (7)% | 45410 | 46963 | 37293 | 44527 | 40292 | 169075 | 181061 | (7)% |
|  | Payable silver concentrate | troy koz | 1549 | 1546 | 1619 | 1787 | 1906 | 6858 | 5446 | 26% | 1549 | 1546 | 1619 | 1787 | 1906 | 6858 | 5446 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 57.5%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 57.5%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 57.5%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 57.5%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 57.5%. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pampa Norte, Chile** | &nbsp;&nbsp;&nbsp;&nbsp; **Pampa Norte, Chile** | BHP interest 100% | BHP interest 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Copper** | Payable metal in concentrate | kt | 39.4 | 35.7 | 36.6 | 36.1 | 42.2 | 150.6 | 150.3 | 0% | 49.3 | 44 | 36.5 | 36.5 | 37.3 | 154.3 | 142.4 | 8% |
|  | Cathode | kt | 26.5 | 24.4 | 29.6 | 31.8 | 31.2 | 117 | 115.3 | 1% | 26.5 | 24.1 | 30 | 30.7 | 34.1 | 118.9 | 116.3 | 2% |
|  | **Total copper** | **kt** | **65.9** | **60.1** | **66.2** | **67.9** | **73.4** | **267.6** | **265.6** | **1%** | **75.8** | **68.1** | **66.5** | **67.2** | **71.4** | **273.2** | **258.7** | **6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gold** |  | troy oz | 4676 | 4043 | 2635 | 3341 | 2961 | 12980 | 13280 | (2)% | 4676 | 4043 | 2635 | 3341 | 2961 | 12980 | 13280 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Silver** |  | troy koz | 583 | 503 | 451 | 428 | 441 | 1823 | 1654 | 10% | 583 | 503 | 451 | 428 | 441 | 1823 | 1654 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Molybdenum** |  | t | 117 | 182 | 136 | 187 | 189 | 694 | 794 | (13)% | 134 | 181 | 138 | 223 | 190 | 732 | 818 | (11)% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cerro Colorado¹** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Material mined | kt | - | - | - | - | - | - | - | - |  |  |  |  |  |  |  |  |
|  | Ore stacked | kt | - | - | - | - | - | - | 154 | (100)% |  |  |  |  |  |  |  |  |
|  | Average copper grade - stacked | % | - | - | - | - | - | - | 0.58% | (100)% |  |  |  |  |  |  |  |  |
|  | Copper cathode (EW) | kt | - | - | - | - | - | - | 11.1 | (100)% | - | - | - | - | - | - | 12.5 | (100)% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spence** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Material mined | kt | 19951 | 23260 | 25238 | 21848 | 25944 | 96290 | 89546 | 8% |  |  |  |  |  |  |  |  |
|  | Ore stacked | kt | 5926 | 4928 | 5974 | 5584 | 5413 | 21899 | 21791 | 0% |  |  |  |  |  |  |  |  |
|  | Average copper grade - stacked | % | 0.54% | 0.73% | 0.81% | 0.62% | 0.67% | 0.71% | 0.57% | 24% |  |  |  |  |  |  |  |  |
|  | Concentrator throughput | kt | 7766 | 7547 | 7722 | 7754 | 7792 | 30815 | 31445 | (2)% |  |  |  |  |  |  |  |  |
|  | Average copper grade - concentrator | % | 0.70% | 0.64% | 0.62% | 0.63% | 0.66% | 0.64% | 0.66% | (3)% |  |  |  |  |  |  |  |  |
|  | Payable copper | kt | 39.4 | 35.7 | 36.6 | 36.1 | 42.2 | 150.6 | 150.3 | 0% | 49.3 | 44 | 36.5 | 36.5 | 37.3 | 154.3 | 142.4 | 8% |
|  | Copper cathode (EW) | kt | 26.5 | 24.4 | 29.6 | 31.8 | 31.2 | 117 | 104.2 | 12% | 26.5 | 24.1 | 30 | 30.7 | 34.1 | 118.9 | 103.8 | 15% |
|  | **Total copper** | **kt** | **65.9** | **60.1** | **66.2** | **67.9** | **73.4** | **267.6** | **254.5** | **5%** | **75.8** | **68.1** | **66.5** | **67.2** | **71.4** | **273.2** | **246.2** | **11%** |
|  | Payable gold concentrate | troy oz | 4676 | 4043 | 2635 | 3341 | 2961 | 12980 | 13280 | (2)% | 4676 | 4043 | 2635 | 3341 | 2961 | 12980 | 13280 | (2)% |
|  | Payable silver concentrate | troy koz | 583 | 503 | 451 | 428 | 441 | 1823 | 1654 | 10% | 583 | 503 | 451 | 428 | 441 | 1823 | 1654 | 10% |
|  | Payable molybdenum | t | 117 | 182 | 136 | 187 | 189 | 694 | 794 | (13)% | 134 | 181 | 138 | 223 | 190 | 732 | 818 | (11)% |

---

1 Cerro Colorado entered temporary care and maintenance in December 2023.

------

**BHP** \| Operational Review for the year ended 30 June 2025

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** |
|  |  |  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** |
|  |  |  | Jun<br>2024 | Sep<br>2024 | Dec<br>2024 | Mar<br>2025 | **Jun<br>2025** | **Jun<br>2025** | Jun<br>2024 | Var% | Jun<br>2024 | Sep<br>2024 | Dec<br>2024 | Mar<br>2025 | **Jun<br>2025** | **Jun<br>2025** | Jun<br>2024 | Var% |
|  **Copper (continued)** | **Copper (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Copper South Australia, Australia** | **Copper South Australia, Australia** | BHP interest 100% | BHP interest 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Copper** | Payable metal in concentrate | kt | 34.7 | 27.9 | 28.0 | 24.8 | 33.2 | 113.9 | 118.9 | (4)% | 28.0 | 30.4 | 25.9 | 23.8 | 30.9 | 111.0 | 98.9 | **12%** |
|  | Cathode | kt | 57.2 | 51.6 | 45.4 | 56.6 | 60.4 | 214.0 | 215.7 | (1)% | 61.2 | 49.0 | 46.8 | 55.2 | 61.6 | 212.6 | 215.3 | (1)% |
|  | **Total copper** | **kt** | **91.9** | **79.5** | **73.4** | **81.4** | **93.6** | **327.9** | **334.6** | **(2)%** | **89.2** | **79.4** | **72.7** | **79.0** | **92.5** | **323.6** | **314.2** | **3%** |
|  | Payable metal in concentrate transfer to Olympic Dam | kt | (2.6) | (6.1) | (2.1) | (2.3) | (1.5) | (12.0) | (12.6) | (5)% |  |  |  |  |  |  |  |  |
|  | **Net copper** | **kt** | **89.3** | **73.4** | **71.3** | **79.1** | **92.1** | **315.9** | **322.0** | **(2)%** |  |  |  |  |  |  |  |  |
|  **Gold** | Payable metal in concentrate | troy oz | 52045 | 46452 | 52288 | 46097 | 53055 | 197892 | 184729 | 7% | 40507 | 44761 | 47719 | 42825 | 50577 | 185882 | 150301 | 24% |
|  | Refined gold | troy oz | 49139 | 37385 | 47478 | 57006 | 46789 | 188658 | 207123 | (9)% | 52687 | 40326 | 43479 | 57982 | 49241 | 191028 | 203782 | (6)% |
|  | **Total gold** | **troy oz** | **101184** | **83837** | **99766** | **103103** | **99844** | **386550** | **391852** | **(1)%** | **93194** | **85087** | **91198** | **100807** | **99818** | **376910** | **354083** | **6%** |
|  | Payable metal in concentrate transfer to Olympic Dam | troy oz | (3690) | (13524) | (3979) | (5640) | (2184) | (25327) | (21668) | 17% |  |  |  |  |  |  |  |  |
|  | **Net gold** | **troy oz** | **97494** | **70313** | **95787** | **97463** | **97660** | **361223** | **370184** | **(2)%** |  |  |  |  |  |  |  |  |
|  **Silver** | Payable metal in concentrate | troy koz | 333 | 254 | 264 | 198 | 258 | 974 | 1209 | (19)% | 311 | 295 | 218 | 173 | 226 | 912 | 1122 | (19)% |
|  | Refined silver | troy koz | 265 | 206 | 133 | 462 | 216 | 1017 | 995 | 2% | 329 | 202 | 110 | 486 | 213 | 1011 | 958 | 6% |
|  | **Total silver** | **troy koz** | **598** | **460** | **397** | **660** | **474** | **1991** | **2204** | **(10)%** | **640** | **497** | **328** | **659** | **439** | **1923** | **2080** | **(8)%** |
|  | Payable metal in concentrate transfer to Olympic Dam | troy koz | (21) | (31) | (11) | (12) | (7) | (61) | (75) | (19)% |  |  |  |  |  |  |  |  |
|  | **Net silver** | **troy koz** | **577** | **429** | **386** | **648** | **467** | **1930** | **2129** | **(9)%** |  |  |  |  |  |  |  |  |
|  **Uranium** |  | **t** | **929** | **672** | **725** | **783** | **974** | **3154** | **3603** | **(12)%** | **1554** | **677** | **640** | **710** | **1230** | **3257** | **3324** | **(2)%** |
|  **Olympic Dam** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Material mined | kt | 2815 | 2734 | 1918 | 2498 | 2587 | 9737 | 10754 | (9)% |  |  |  |  |  |  |  |  |
|  | Ore milled | kt | 2912 | 2617 | 2407 | 2462 | 2859 | 10345 | 10653 | (3)% |  |  |  |  |  |  |  |  |
|  | Average copper grade | % | 2.00% | 1.99% | 2.09% | 1.99% | 2.05% | 2.03% | 2.01% | 1% |  |  |  |  |  |  |  |  |
|  | Average uranium grade | kg/t | 0.58 | 0.60 | 0.59 | 0.56 | 0.56 | 0.58 | 0.58 | (1)% |  |  |  |  |  |  |  |  |
|  | Copper cathode (ER and EW) | kt | 57.2 | 51.6 | 45.4 | 56.6 | 60.4 | 214.0 | 215.7 | (1)% | 61.2 | 49.0 | 46.8 | 55.2 | 61.6 | 212.6 | 215.3 | (1)% |
|  | Refined gold | troy oz | 49139 | 37385 | 47478 | 57006 | 46789 | 188658 | 207123 | (9)% | 52687 | 40326 | 43479 | 57982 | 49241 | 191028 | 203782 | (6)% |
|  | Refined silver | troy koz | 265 | 206 | 133 | 462 | 216 | 1017 | 995 | 2% | 329 | 202 | 110 | 486 | 213 | 1011 | 958 | 6% |
|  | Payable uranium | t | 929 | 672 | 725 | 783 | 974 | 3154 | 3603 | (12)% | 1554 | 677 | 640 | 710 | 1230 | 3257 | 3324 | (2)% |
|  **Prominent Hill** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Material mined | kt | 1175 | 927 | 1111 | 1119 | 1210 | 4367 | 4504 | (3)% |  |  |  |  |  |  |  |  |
|  | Ore milled | kt | 1815 | 1559 | 1761 | 1364 | 1998 | 6682 | 6740 | (1)% |  |  |  |  |  |  |  |  |
|  | Average copper grade | % | 0.94% | 0.73% | 0.72% | 0.82% | 0.92% | 0.80% | 0.87% | (8)% |  |  |  |  |  |  |  |  |
|  | Concentrate produced | kt | 28.4 | 19.6 | 21.5 | 19.2 | 33.0 | 93.3 | 98.1 | (5)% |  |  |  |  |  |  |  |  |
|  | Payable copper | kt | 14.6 | 9.5 | 10.9 | 9.7 | 16.2 | 46.3 | 50.5 | (8)% | 7.3 | 10.9 | 8.0 | 9.5 | 12.8 | 41.2 | 32.8 | 26% |
|  | Payable gold concentrate | troy oz | 25357 | 20976 | 25445 | 24309 | 28593 | 99323 | 94186 | 5% | 12955 | 18719 | 19658 | 22614 | 25222 | 86213 | 63168 | 36% |
|  | Payable silver concentrate | troy koz | 90 | 63 | 70 | 63 | 98 | 294 | 280 | 5% | 48 | 73 | 48 | 51 | 69 | 241 | 198 | 22% |
|  **Carrapateena** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Material mined | kt | 1486 | 1470 | 1476 | 1202 | 1583 | 5731 | 5229 | 10% |  |  |  |  |  |  |  |  |
|  | Ore milled | kt | 1450 | 1446 | 1429 | 1306 | 1557 | 5738 | 5213 | 10% |  |  |  |  |  |  |  |  |
|  | Average copper grade | % | 1.57% | 1.45% | 1.37% | 1.31% | 1.24% | 1.34% | 1.48% | (9)% |  |  |  |  |  |  |  |  |
|  | Concentrate produced | kt | 62.0 | 59.2 | 57.6 | 50.6 | 58.7 | 226.1 | 194.7 | 16% |  |  |  |  |  |  |  |  |
|  | Payable copper | kt | 20.1 | 18.4 | 17.1 | 15.1 | 17.0 | 67.6 | 68.4 | (1)% | 20.7 | 19.5 | 17.9 | 14.3 | 18.1 | 69.8 | 66.1 | 6% |
|  | Payable gold concentrate | troy oz | 26688 | 25476 | 26843 | 21788 | 24462 | 98569 | 90543 | 9% | 27552 | 26042 | 28061 | 20211 | 25355 | 99669 | 87133 | 14% |
|  | Payable silver concentrate | troy koz | 243 | 191 | 194 | 135 | 160 | 680 | 929 | (27)% | 263 | 222 | 170 | 122 | 157 | 671 | 924 | (27)% |

---

------

**BHP** \| Operational Review for the year ended 30 June 2025

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** |
|  |  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** |
|  |  | Jun<br>2024 | Sep<br>2024 | Dec<br>2024 | Mar<br>2025 | **Jun<br>2025** | **Jun<br>2025** | Jun<br>2024 | Var% | Jun<br>2024 | Sep<br>2024 | Dec<br>2024 | Mar<br>2025 | **Jun<br>2025** | **Jun<br>2025** | Jun<br>2024 | Var% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Copper (continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Antamina, Peru** | BHP interest 33.75% | BHP interest 33.75% | BHP interest 33.75% | BHP interest 33.75% | BHP interest 33.75% | BHP interest 33.75% | BHP interest 33.75% | BHP interest 33.75% | BHP interest 33.75% |  |  |  |  |  |  |  |  |
| Material mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 62481 | 64094 | 57497 | 51529 | 39369 | 212489 | 243563 | (13)% |  |  |  |  |  |  |  |  |
| Concentrator throughput | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 14534 | 13096 | 13323 | 13140 | 10154 | 49713 | 57916 | (14)% |  |  |  |  |  |  |  |  |
| Average head grade - copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | 0.91% | 0.91% | 0.77% | 0.81% | 0.76% | 0.82% | 0.87% | (6)% |  |  |  |  |  |  |  |  |
| Average head grade - zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | 0.68% | 0.67% | 0.84% | 0.85% | 1.70% | 0.97% | 0.89% | 9% |  |  |  |  |  |  |  |  |
| Payable copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 38.3 | 36.3 | 30.5 | 30.9 | 21.2 | 118.9 | 143.9 | (17)% | 37.4 | 39.6 | 33.3 | 27.4 | 21.8 | 122.1 | 139.8 | (13)% |
| Payable zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; t | 15839 | 19374 | 22792 | 26026 | 40415 | 108607 | 103392 | 5% | 14118 | 19609 | 25328 | 22249 | 37263 | 104449 | 102681 | 2% |
| Payable silver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; troy koz | 873 | 878 | 954 | 1017 | 1313 | 4162 | 3359 | 24% | 694 | 782 | 796 | 810 | 953 | 3341 | 2811 | 19% |
| Payable lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; t | 131 | 21 | 148 | 234 | 1829 | 2232 | 332 | 572% | 9 | 125 | 35 | 181 | 837 | 1178 | 362 | 225% |
| Payable molybdenum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; t | 582 | 902 | 615 | 614 | 148 | 2279 | 1822 | 25% | 544 | 681 | 734 | 616 | 524 | 2555 | 1569 | 63% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Carajás, Brazil** | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% |  |  |  |  |  |  |  |  |
| Material mined | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 134 | 180 | 152 | 140 | 148 | 620 | 486 | 28% |  |  |  |  |  |  |  |  |
| Ore milled | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 135 | 161 | 170 | 128 | 176 | 636 | 488 | 30% |  |  |  |  |  |  |  |  |
| Average copper grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | 1.68% | 1.61% | 1.92% | 1.64% | 1.40% | 1.64% | 1.85% | (11)% |  |  |  |  |  |  |  |  |
| Production ex mill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 8.8 | 9.9 | 12.6 | 7.9 | 9.5 | 39.9 | 34.5 | 16% |  |  |  |  |  |  |  |  |
| Average gold grade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; g/t | 0.48 | 0.46 | 0.54 | 0.50 | 0.43 | 0.48 | 0.48 | 0% |  |  |  |  |  |  |  |  |
| Payable copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 2.1 | 2.3 | 3.0 | 1.9 | 2.2 | 9.4 | 8.2 | 15% | 2.7 | 4.3 | 2.1 | 2.1 | 2.1 | 10.6 | 7.1 | 49% |
| Payable gold concentrate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; troy oz | 1572 | 1734 | 2231 | 1516 | 1825 | 7306 | 5558 | 31% | 1730 | 3169 | 1527 | 1664 | 1693 | 8053 | 4735 | 70% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron ore** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. | &nbsp;&nbsp;&nbsp;&nbsp; Iron ore production and sales are reported on a wet tonnes basis. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **WAIO, Australia** | BHP interest 85% | BHP interest 85% | BHP interest 85% | BHP interest 85% | BHP interest 85% | BHP interest 85% | BHP interest 85% | BHP interest 85% | BHP interest 85% |  |  |  |  |  |  |  |  |
| Newman Joint Venture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 14368 | 13358 | 13796 | 11991 | 15073 | 54218 | 58102 | (7)% |  |  |  |  |  |  |  |  |
| Area C Joint Venture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 29070 | 28839 | 29578 | 27869 | 32824 | 119110 | 105868 | 13% |  |  |  |  |  |  |  |  |
| Yandi Joint Venture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 5293 | 4440 | 3777 | 3819 | 3854 | 15890 | 17855 | (11)% |  |  |  |  |  |  |  |  |
| Jimblebar¹ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt | 19442 | 16726 | 17600 | 16458 | 16597 | 67381 | 73111 | (8)% |  |  |  |  |  |  |  |  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **kt** | **68173** | **63363** | **64751** | **60137** | **68348** | **256599** | **254936** | **1%** |  |  |  |  |  |  |  |  |
| **Total (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **kt** | **76773** | **71593** | **73071** | **67844** | **77480** | **289988** | **287022** | **1%** |  |  |  |  |  |  |  |  |
| Lump | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt |  |  |  |  |  |  |  |  | 20260 | 19377 | 20319 | 18822 | 21285 | 79803 | 79580 | 0% |
| Fines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; kt |  |  |  |  |  |  |  |  | 47063 | 44031 | 44022 | 40412 | 46545 | 175010 | 176397 | (1)% |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **kt** |  |  |  |  |  |  |  |  | **67323** | **63408** | **64341** | **59234** | **67830** | **254813** | **255977** | **0%** |
| **Total (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **kt** |  |  |  |  |  |  |  |  | **75898** | **71543** | **72594** | **66765** | **76723** | **287625** | **287761** | **0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Presented on a 100% basis. BHP interest in saleable production is 85%. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Samarco, Brazil** | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% |  |  |  |  |  |  |  |  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **kt** | **1041** | **1285** | **1471** | **1635** | **1991** | **6382** | **4748** | **34%** | **1043** | **1002** | **1508** | **1445** | **2013** | **5968** | **4766** | **25%** |

---

------

**BHP \|** Operational Review for the year ended 30 June 2025

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** | **Sales** |
|  |  |  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year to date** | **Year to date** | **Year to date** |
|  |  |  | Jun<br>2024 | Sep<br>2024 | Dec<br>2024 | Mar<br>2025 | **Jun<br>2025** | **Jun<br>2025** | Jun<br>2024 | Var% | Jun<br>2024 | Sep<br>2024 | Dec<br>2024 | Mar<br>2025 | **Jun<br>2025** | **Jun<br>2025** | Jun<br>2024 | Var% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Coal** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Coal production is reported on the basis of saleable product. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **BMA, Australia** | &nbsp;&nbsp;&nbsp;&nbsp; **BMA, Australia** | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% | BHP interest 50% |  |  |  |  |  |  |  |  |
|  | Blackwater¹ | kt | 25 | - | - | - | - | - | 3572 | (100)% |  |  |  |  |  |  |  |  |
|  | Goonyella | kt | 2047 | 1359 | 1439 | 1228 | 1811 | 5837 | 6434 | (9)% |  |  |  |  |  |  |  |  |
|  | Peak Downs | kt | 1238 | 1249 | 1073 | 1098 | 1154 | 4574 | 4217 | 8% |  |  |  |  |  |  |  |  |
|  | Saraji | kt | 817 | 940 | 1171 | 883 | 1079 | 4073 | 3287 | 24% |  |  |  |  |  |  |  |  |
|  | Daunia¹ | kt | 13 | - | - | - | - | - | 1513 | (100)% |  |  |  |  |  |  |  |  |
|  | Caval Ridge | kt | 782 | 967 | 747 | 710 | 1102 | 3526 | 3252 | 8% |  |  |  |  |  |  |  |  |
|  | **Total<sup>2</sup>** | **kt** | **4922** | **4515** | **4430** | **3919** | **5146** | **18010** | **22275** | **(19)%** |  |  |  |  |  |  |  |  |
|  | **Total (100%)<sup>2</sup>** | **kt** | **9844** | **9030** | **8860** | **7838** | **10292** | **36020** | **44550** | **(19)%** |  |  |  |  |  |  |  |  |
|  | Coking coal | kt |  |  |  |  |  |  |  |  | 4862 | 4273 | 4695 | 3708 | 4831 | 17507 | 19525 | (10)% |
|  | Weak coking coal | kt |  |  |  |  |  |  |  |  | 42 | - | - | - | - | - | 2250 | (100)% |
|  | Thermal coal | kt |  |  |  |  |  |  |  |  |  |  | 31 | 83 | 199 | 313 | 519 | (40)% |
|  | **Total<sup>1</sup>** | **kt** |  |  |  |  |  |  |  |  | **4904** | **4273** | **4726** | **3791** | **5030** | **17820** | **22294** | **(20)%** |
|  | **Total (100%)<sup>1</sup>** | **kt** |  |  |  |  |  |  |  |  | **9808** | **8546** | **9452** | **7582** | **10060** | **35640** | **44588** | **(20)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. | &nbsp;&nbsp;&nbsp;&nbsp; 1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.<br> 2 Production figures include some thermal coal. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **NSWEC, Australia** | &nbsp;&nbsp;&nbsp;&nbsp; **NSWEC, Australia** | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% |  |  |  |  |  |  |  |  |
|  | Export | kt |  |  |  |  |  |  |  |  | 3254 | 3416 | 3471 | 3128 | 3554 | 13569 | 13841 | (2)% |
|  | Domestic | kt |  |  |  |  |  |  |  |  | 424 | 535 | 332 | 381 | 372 | 1620 | 1326 | 22% |
|  | **Total** | **kt** | **3751** | **3675** | **3698** | **3596** | **4067** | **15036** | **15368** | **(2)%** | **3678** | **3951** | **3803** | **3509** | **3926** | **15189** | **15167** | **0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Other** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. | &nbsp;&nbsp;&nbsp;&nbsp; Nickel production is reported on the basis of saleable product. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Western Australia Nickel, Australia¹** | &nbsp;&nbsp;&nbsp;&nbsp; **Western Australia Nickel, Australia¹** | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% | BHP interest 100% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mt Keith** | Nickel concentrate | kt | 42.6 | 35.9 | 5.4 | - | - | 41.3 | 161.5 | (74)% |  |  |  |  |  |  |  |  |
|  | Average nickel grade | % | 17.8 | 17.1 | 16.7 | - | - | 17.0 | 16.7 | 2% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leinster** | Nickel concentrate | kt | 76.6 | 72.4 | - | - | - | 72.4 | 266.3 | (73)% |  |  |  |  |  |  |  |  |
|  | Average nickel grade | % | 9.0 | 8.8 | - | - | - | 8.8 | 8.3 | 6% |  |  |  |  |  |  |  |  |
|  | Refined nickel² | kt | 14.7 | 12.1 | 0.1 | - | - | 12.2 | 49.9 | (76)% | 14.8 | 13.5 | 0.8 | - | - | 14.3 | 49.6 | (71)% |
|  | Nickel sulphate³ | kt | 1.6 | 0.3 | - | - | - | 0.3 | 4.2 | (93)% | 1.5 | 0.6 | 0.3 | 0.1 | 0.1 | 1.1 | 3.8 | (71)% |
|  | Intermediates and nickel by-products<sup>4</sup> | kt | 6.7 | 7.2 | 7.9 | 2.3 | 0.3 | 17.7 | 27.5 | (36)% | 6.9 | 5.8 | 10.1 | 2.1 | 0.1 | 18.1 | 27.5 | (34)% |
|  | **Total nickel** | **kt** | **23.0** | **19.6** | **8.0** | **2.3** | **0.3** | **30.2** | **81.6** | **(63)%** | **23.2** | **19.9** | **11.2** | **2.2** | **0.2** | **33.5** | **80.9** | **(59)%** |
|  | Cobalt by-products | t | 181 | 294 | 121 | 35 | - | 450 | 734 | (39)% | 181 | 294 | 121 | - | - | 415 | 662 | (37)% |

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1 WA Nickel ramped down and entered temporary suspension in December 2024.

2 High quality refined nickel metal, including briquettes and powder.

3 Nickel sulphate crystals produced from nickel powder.

4 Nickel contained in matte and by-product streams.

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**BHP** \| Operational Review for the year ended 30 June 2025

Variance analysis relates to the relative performance of BHP and/or its operations during the 12 months ended June 2025 compared with the 12 months ended June 2024, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100% basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding. Medium term refers to a five-year horizon, unless otherwise noted.

The following abbreviations may have been used throughout this release: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry metric tonne unit (dmtu); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic centimeter (g/cm3), grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); percentage point (ppt); ounces (oz); OZ Minerals Limited (OZL); part per million (ppm), pounds (lb); thousand ounces (koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).

In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our' and 'ourselves' are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 30 - Subsidiaries of the Financial Statements in BHP's 2024 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina, Resolution, Samarco and Vicuña. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.

Further information on BHP can be found at <u>bhp.com</u>

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

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| | |
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![LOGO](g938594dsp15.jpg)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | BHP Group Limited |
| Date: July, 18 2025 | By: | /s/ Stefanie Wilkinson |
|  | Name: | Stefanie Wilkinson |
|  | Title: | Group General Counsel and Group Company Secretary |

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