Wrap Text
Quarterly Activities Report
BHP Group Limited
BHP Group Limited ABN 49 004 028 077
Registered in Australia
Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000
Share code: BHG
ISIN: AU000000BHP4
21 October 2025
Operational review for the quarter ended 30 September 2025
Delivering operational and project excellence into a constructive commodity
price environment
"We've made a strong start to the year, highlighted by disciplined operating
performance and execution of scheduled maintenance.
Group copper production rose 4%, with record concentrator throughput at
Escondida.
In iron ore, WAIO delivered another standout quarter, achieving record material
mined while completing critical infrastructure upgrades ahead of schedule.
In steelmaking coal, production rose 8%, supported by strong mining rates at
Broadmeadow and increased stripping at our open cut mines.
We progressed key growth and decarbonisation milestones in the quarter,
including securing environmental approval for the Laguna Seca Expansion at
Escondida and Copper South Australia entering into its largest renewable
electricity agreement.
Both stages of the Jansen potash project in Canada are advancing, with Stage 1
reaching 73% completion and on track for production to begin in 2027, while
Stage 2 is now 13% complete. The long-term demand fundamentals for potash are
attractive and Jansen is expected to be one of the lowest cost producers.
Overall macro-economic signals for commodity demand remain resilient, and global growth forecasts are moving higher.
While we expect some deceleration in growth in H2 CY25, in China we still expect GDP growth of ~5% for the year.
In copper, major disruptions at some of our competitors’ mines have tightened overall market
fundamentals, benefitting our world-class portfolio of assets.
With momentum from a strong first quarter, BHP is on track to deliver on
full-year guidance and we are making progress on our growth pipeline across
Australia and the Americas."
Mike Henry, BHP Chief Executive Officer
Summary
---------------------------------------------------------------------------------------------------------------------------------
Operational and project excellence Portfolio
Strong performance; maintenance executed Progressing our organic growth options
Copper production increased 4% driven by record concentrator In September, we received approval for the Environmental
throughput at Escondida. Performance at Copper SA was strong Impact Declaration (DIA) for the Laguna Seca Expansion at
and major planned maintenance was safely executed. Escondida. The DIA permit for the Escondida New Concentrator
remains on track to be submitted in H2 FY26.
In our steelmaking commodities, WAIO achieved record Q1
material mined and a 5% increase in lump sales, while BHP welcomed state and federal ministers for a site visit to
delivering the planned rebuild of Car Dumper 3 (CD3) ~8% ahead Copper SA, where we are progressing initiatives aimed at
of schedule. BMA production increased 8% enabled by strong increasing growth through strengthening mining productivity as
stripping performance and improved mining rates at we continue building a world-class copper province.
Broadmeadow.
---------------------------------------------------------------------------------------------------------------------------------
Strong balance sheet Social value
Successful capital management A continued evolution as we grow
During the quarter, BHP issued EUR bonds totalling EUR 1.4 bn In September, we held an ESG Roundtable covering operational
and USD bonds totalling US$1.5 bn competitively priced across decarbonisation, Scope 3 steelmaking emissions, Indigenous
four tranches and refinanced its US$5.5 bn revolving credit partnerships, and the Doce River Basin Agreement (Samarco).
facility.
Copper South Australia entered into its largest renewable
These demonstrate disciplined execution underpinning our electricity supply agreement, taking another step forward in
strong balance sheet. its operational decarbonisation journey.
---------------------------------------------------------------------------------------------------------------------------------
Quarter performance Production guidance
----------------------------- -----------------------------
Production Q1 FY26 v Q4 FY25 v Q1 FY25 FY26 guidance
--------------------------------------------- --------- --------- --------- --------------
Copper (kt).................................. 493.6 (4%) 4% 1,800 - 2,000
Escondida (kt)............................ 328.9 0% 8% 1,150 - 1,250 Unchanged
Pampa Norte (Spence) (kt)................. 55.8 (24%) (7%) 230 - 250 Unchanged
Copper South Australia (kt)............... 72.6 (21%) (1%) 310 - 340 Unchanged
Antamina (kt)............................. 33.9 60% (7%) 120 - 140 Unchanged
Carajas (kt).............................. 2.4 7% 2% - -
Iron ore (Mt)................................ 64.1 (9%) (1%) 258 - 269
WAIO (Mt)................................. 62.0 (9%) (2%) 251 - 262 Unchanged
WAIO (100% basis) (Mt).................... 70.2 (9%) (2%) 284 - 296 Unchanged
Samarco (Mt).............................. 2.1 6% 64% 7 - 7.5 Unchanged
Steelmaking coal - BMA (Mt).................. 4.9 (5%) 8% 18 - 20
BMA (100% basis) (Mt)..................... 9.7 (5%) 8% 36 - 40 Unchanged
Energy coal - NSWEC (Mt)..................... 3.5 (13%) (4%) 14 - 16 Unchanged
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BHP | Operational review for the quarter ended 30 September 2025
Segment and asset performance | FY26 YTD v FY25 YTD
--------------------------------------------------------------------------------------------------------------
[GRAPHIC] Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
--------------------------------------------------------------------------------------------------------------
Copper
Production Total copper production increased 4% to 494 kt. Copper production guidance
for FY26 remains unchanged at between 1,800 and 2,000 kt.
494 kt Up 4%
Escondida 328.9 kt Up 8% (100% basis)
Q1 FY25 476 kt
We are investigating an incident on 9 October where a contracting team
FY26e 1,800 - 2,000 kt member passed away. Our thoughts are with the team member's family. We are
working closely with the relevant authorities. There have been no
operational impacts as a result of the event.
Average realised price
Increased production was driven by record concentrator throughput and
US$4.59/lb Up 8% improved recoveries, partially offset by a lower concentrator feed grade of
0.94% (Q1 FY25: 1.00%). Cathode production was higher in line with the
Q1 FY25 US$4.24/lb continued ramp-up of the Full SaL leaching project which achieved first
production in Q4 FY25.
Production guidance for FY26 remains unchanged at between 1,150 and 1,250
kt and is expected to be weighted to the first half in line with higher
concentrator feed grade. Concentrator feed grade of ~0.85% for the full
year remains unchanged.
We continue to make progress on the optimised Escondida Growth Program. In
September, the Antofagasta Environmental Evaluation Committee approved the
DIA for the Laguna Seca Expansion, enabling early infrastructure
development, while the Escondida New Concentrator DIA permit remains on
track to be submitted in H2 FY26.
Pampa Norte (Spence) 55.8 kt Down 7%
Spence production decreased 7% as expected, as a result of lower cathode
production, in line with a planned decline in stacked feed grade due to an
increase in the volume of transitional ore processed.
Production guidance for Spence remains unchanged at between 230 and 250 kt
for FY26 with production expected to increase from Q2 FY26.
Copper South Australia 72.6 kt Down 1%
Production was stable, driven by improved mine productivity at Olympic Dam
and Prominent Hill, with strong smelter and refinery throughput, offsetting
lower grade. We successfully completed planned major maintenance at Olympic
Dam on the underground materials handling system, mills and the refinery,
and continued the integration of HydroFloat technology at Carrapateena.
Production guidance for FY26 remains unchanged at between 310 and 340 kt,
weighted to the second half.
Gold production increased 24%, supported by strong operating performance
and higher grades at Olympic Dam.
Other copper
At Antamina, copper production decreased 7% to 34 kt. Zinc production was
86% higher at 36 kt, as a result of planned higher feed grades. FY26 copper
production guidance of between 120 and 140 kt and zinc production guidance
of between 90 and 110 kt remain unchanged.
Carajas produced 2.4 kt of copper and 1.8 troy koz of gold. As announced in
August, the divestment of Carajas is expected to close in early CY26,
subject to the satisfaction of customary closing conditions (including
regulatory approvals).
2
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BHP | Operational review for the quarter ended 30 September 2025
--------------------------------------------------------------------------------------------------------------
Iron ore
Production Iron ore production decreased 1% to 64 Mt. Production guidance for FY26
remains unchanged at between 258 and 269 Mt.
64 Mt Down 1%
WAIO 62.0 Mt Down 2% | 70.2 Mt (100% basis)
Q1 FY25 65 Mt
Production was solid as WAIO demonstrated continued supply chain excellence
FY26e 258 - 269 Mt with record material mined (up 9%) and strong shipments, in a quarter of
significant planned maintenance.
Average realised price The major rebuild of Car Dumper 3 at Port Hedland, which had a 4.3 Mt (100%
basis) volume impact, was safely completed ~8% ahead of schedule,
US$84.04/wmt Up 5% demonstrating disciplined execution and project delivery excellence.
Progress continued on the multi-year Rail Technology Program (RTP1), with
Q1 FY25 US$80.10/wmt tie-in activities advancing as scheduled -- supporting long-term
infrastructure uplift and future logistics resilience.
Production guidance for FY26 remains unchanged at between 251 and 262 Mt
(284 and 296 Mt on a 100% basis).
Sales were broadly in line with the prior year, with a 5% increase in sales of higher-value lump. We sell and ship iron
ore products via different commercial distribution channels, this includes seaborne sales, and portside sales in China
which have increased over recent years in line with our strategy. We will continue to optimise distribution channels to
support product placement.
Samarco 2.1 Mt Up 64% | 4.1 Mt (100% basis)
Production increased following recommissioning of latent pelletising plant
capacity and the ramp up of the second concentrator. Production guidance
for FY26 remains unchanged at between 7 and 7.5 Mt with planned maintenance
across the year.
--------------------------------------------------------------------------------------------------------------
Coal
Steelmaking coal
Production BMA 4.9 Mt Up 8% | 9.7 Mt (100% basis)
4.9 Mt Up 8% Production increased 8% due to higher underground production rates at
Broadmeadow and increased prime stripping, which offset the impact of
Q1 FY25 4.5 Mt planned higher strip ratios at our open cut operations.
FY26e 18 - 20 Mt Due to market conditions and the unsustainable impact of the Queensland
Government's coal royalties on business returns, Saraji South, part of the
Saraji mine complex, will be placed into a period of care and maintenance
Average realised price from November 2025.
US$180.67/t Down 16% Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36
and 40 Mt on a 100% basis). Volumes will be weighted to H2 FY26, with
Q1 FY25 US$214.86/t continued safe management of geotechnical characteristics in the current
longwall panel and a longwall move at Broadmeadow scheduled in Q2 FY26. We
expect to continue building raw coal inventory into CY27, to further
improve operating stability.
3
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BHP | Operational review for the quarter ended 30 September 2025
--------------------------------------------------------------------------------------------------------------
Energy coal
Production NSWEC 3.5 Mt Down 4%
3.5 Mt Down 4% Production decreased due to additional wash plant maintenance resulting in
lower plant throughput. Strong mining performance, with improved truck
Q1 FY25 3.7 Mt availability, resulted in a build of raw coal inventory.
FY26e 14 - 16 Mt Production guidance for FY26 remains unchanged at between 14 and 16 Mt.
In September 2025, we received the final approval from the Australian
Average realised price Federal Government to extend mining to 30 June 2030, following the NSW
Government extension granted in April 2025.
US$95.18/t Down 23%
Q1 FY25 US$124.32/t
Quarterly performance | Q1 FY26 v Q4 FY25
----------------------------------------------------------------- -----------------------------------------------------------------
Copper Iron ore
494 kt Down 4% Higher production at Escondida due to 64 Mt Down 9% Lower production at WAIO as a result of
higher concentrator throughput, partially planned maintenance including the rebuild
Q4 FY25 516 kt offset by lower production at Spence due to Q4 FY25 70 Mt of Car Dumper 3, which had a 4.3 Mt (100%
lower grades and Copper SA due to planned basis) volume impact.
major maintenance.
---------------------------------------------------------------------------------------------------------------------------------
Steelmaking coal Energy coal
4.9 Mt Down 5% Lower production due to planned higher 3.5 Mt Down 13% Lower production due to planned annual wash
strip ratio as a result of mine sequencing. plant maintenance and lower bypass coal.
Q4 FY25 5.1 Mt This was partially offset by increased Q4 FY25 4.1 Mt
prime stripping and inventory drawdown.
------------------------------------------------- -------------------------------------------------------------------------------
4
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BHP | Operational review for the quarter ended 30 September 2025
Appendix 1
Average realised prices/i/
Quarter
----------------------------
Q1 FY26 v Q4 FY25 v Q1 FY25
-------------------------------------- -------- --------- ---------
Copper (US$/lb)....................... 4.59 4% 8%
Iron ore (US$/wmt, FOB)............... 84.04 5% 5%
Steelmaking coal (US$/t).............. 180.67 2% (16%)
Energy coal (US$/t)/ii/............... 95.18 11% (23%)
i Based on provisional, unaudited estimates. Prices exclude sales from equity
accounted investments, third party product and internal sales, and
represent the weighted average of various sales terms (for example: FOB,
CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii Export sales only. Includes thermal coal sales from steelmaking coal mines.
Current year unit cost guidance
Current
Unit cost FY26 guidance/i/
-------------------------------- ------------------------------
Escondida (US$/lb).............. 1.20 - 1.50 Unchanged
Spence (US$/lb)................. 2.10 - 2.40 Unchanged
Copper SA (US$/lb).............. 1.00 - 1.50/ii/ Unchanged
WAIO (US$/t).................... 18.25 - 19.75 Unchanged
BMA (US$/t)..................... 116 - 128 Unchanged
i FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and
USD/CLP 940.
ii Calculated using the following assumptions for by-products: gold
US$2,900/oz, and uranium US$70/lb.
Medium term guidance/i/
Production Unit cost
guidance guidance/ii/
----------------- ------------------
Escondida/iii/.................. 900 - 1,000 ktpa US$1.50 - 1.80/lb
Spence.......................... ~235 ktpa US$2.05 - 2.35/lb
WAIO (100% basis)/iv/........... >305 Mtpa <US$17.50/t
BMA (100% basis)................ 43 - 45 Mtpa <US$110/t
i Medium term refers to a five-year time horizon unless otherwise noted.
ii Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP
940.
iii Medium term refers to FY27 to FY31.
iv Sustained production of >305 Mtpa (100% basis) from Q4 FY28.
Major projects
Capital First
expenditure production
Commodity Project and ownership Project scope / capacity US$M target date Progress
--------- --------------------- ------------------------------ ----------------------- ------------------------ -------------------
Potash Jansen Stage 1 Design, engineering and Under review Estimated Under review Estimated Project is 73%
(Canada) construction of an underground range US$7.0 - 7.4 bn mid-CY27 complete
100% potash mine and surface
infrastructure, with capacity
to produce 4.15 Mtpa.
Potash Jansen Stage 2 Development of additional Under review FY31 Project is 13%
(Canada) mining districts, completion complete
100% of the second shaft hoist
infrastructure, expansion of
processing facilities and
addition of rail cars to
facilitate production of
an incremental 4.36 Mtpa.
Exploration
Minerals exploration and evaluation expenditure was US$90 m for Q1 FY26 (Q1
FY25: US$104 m), of which US$76 m was expensed (Q1 FY25: US$91 m).
5
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BHP | Operational review for the quarter ended 30 September 2025
Appendix 2
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
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.
Copper Payable metal in concentrate kt 360.9 391.4 379.8 375.9 374.0 374.0 360.9 4%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 264.8 295.4 288.4 278.6 282.4 282.4 264.8 7%
Pampa Norte (Spence) kt 35.7 36.6 36.1 42.2 35.4 35.4 35.7 (1)%
Copper South Australia kt 21.8 25.9 22.5 31.7 19.9 19.9 21.8 (9)%
Antamina kt 36.3 30.5 30.9 21.2 33.9 33.9 36.3 (7)%
Carajas kt 2.3 3.0 1.9 2.2 2.4 2.4 2.3 2%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 115.4 119.4 133.6 140.3 119.6 119.6 115.4 4%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 39.4 44.4 45.2 48.7 46.5 46.5 39.4 18%
Pampa Norte (Spence) kt 24.4 29.6 31.8 31.2 20.4 20.4 24.4 (16)%
Copper South Australia kt 51.6 45.4 56.6 60.4 52.7 52.7 51.6 2%
Total kt 476.3 510.8 513.4 516.2 493.6 493.6 476.3 4%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 21 148 234 1,829 754 754 21 3,490%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 21 148 234 1,829 754 754 21 3,490%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 19,374 22,792 26,026 40,415 35,991 35,991 19,374 86%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 19,374 22,792 26,026 40,415 35,991 35,991 19,374 86%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 85,668 90,468 89,841 95,949 76,242 76,242 85,668 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 46,963 37,293 44,527 40,292 35,348 35,348 46,963 (25)%
Pampa Norte (Spence) troy oz 4,043 2,635 3,341 2,961 2,589 2,589 4,043 (36)%
Copper South Australia troy oz 32,928 48,309 40,457 50,871 36,489 36,489 32,928 11%
Carajas troy oz 1,734 2,231 1,516 1,825 1,816 1,816 1,734 5%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 37,385 47,478 57,006 46,789 50,716 50,716 37,385 36%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 37,385 47,478 57,006 46,789 50,716 50,716 37,385 36%
Total troy oz 123,053 137,946 146,847 142,738 126,958 126,958 123,053 3%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 3,150 3,277 3,418 3,911 4,114 4,114 3,150 31%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,546 1,619 1,787 1,906 1,942 1,942 1,546 26%
Pampa Norte (Spence) troy koz 503 451 428 441 358 358 503 (29)%
Copper South Australia troy koz 223 253 186 251 182 182 223 (18)%
Antamina troy koz 878 954 1,017 1,313 1,632 1,632 878 86%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 206 133 462 216 227 227 206 10%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 206 133 462 216 227 227 206 10%
Total troy koz 3,356 3,410 3,880 4,127 4,341 4,341 3,356 29%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 672 725 783 974 819 819 672 22%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 672 725 783 974 819 819 672 22%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 1,084 751 801 337 341 341 1,084 (69)%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte (Spence) t 182 136 187 189 257 257 182 41%
Antamina t 902 615 614 148 84 84 902 (91)%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia
Iron Ore (WAIO) kt 63,363 64,751 60,137 68,348 62,015 62,015 63,363 (2)%
Samarco kt 1,259 1,441 1,603 1,951 2,066 2,066 1,259 64%
Total kt 64,622 66,192 61,740 70,299 64,081 64,081 64,622 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 4,515 4,430 3,919 5,146 4,865 4,865 4,515 8%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,675 3,698 3,596 4,067 3,518 3,518 3,675 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Nickel/1/ Western Australia Nickel kt 19.6 8.0 2.3 0.3 -- -- 19.6 (100)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt/1/ Western Australia Nickel t 294 121 35 -- -- -- 294 (100)%
------- ------- ------- ------- ------- ------- ------- -------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
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.
Copper Payable metal in concentrate kt 391.5 372.8 399.0 377.6 343.0 343.0 391.5 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 273.2 275.0 309.2 285.5 258.3 258.3 273.2 (5)%
Pampa Norte (Spence) kt 44.0 36.5 36.5 37.3 33.2 33.2 44.0 (25)%
Copper South Australia kt 30.4 25.9 23.8 30.9 15.9 15.9 30.4 (48)%
Antamina kt 39.6 33.3 27.4 21.8 33.1 33.1 39.6 (16)%
Carajas kt 4.3 2.1 2.1 2.1 2.5 2.5 4.3 (42)%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 110.7 120.0 133.3 148.4 105.9 105.9 110.7 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 37.6 43.2 47.4 52.7 38.1 38.1 37.6 1%
Pampa Norte (Spence) kt 24.1 30.0 30.7 34.1 17.9 17.9 24.1 (26)%
Copper South Australia kt 49.0 46.8 55.2 61.6 49.9 49.9 49.0 2%
Total kt 502.2 492.8 532.3 526.0 448.9 448.9 502.2 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 125 35 181 837 1,469 1,469 125 1,075%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 125 35 181 837 1,469 1,469 125 1,075%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 19,609 25,328 22,249 37,263 41,499 41,499 19,609 112%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 19,609 25,328 22,249 37,263 41,499 41,499 19,609 112%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 98,936 89,174 92,357 95,523 66,377 66,377 98,936 (33)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 46,963 37,293 44,527 40,292 35,348 35,348 46,963 (25)%
Pampa Norte (Spence) troy oz 4,043 2,635 3,341 2,961 2,589 2,589 4,043 (36)%
Copper South Australia troy oz 44,761 47,719 42,825 50,577 26,476 26,476 44,761 (41)%
Carajas troy oz 3,169 1,527 1,664 1,693 1,964 1,964 3,169 (38)%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 40,326 43,479 57,982 49,241 51,147 51,147 40,326 27%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 40,326 43,479 57,982 49,241 51,147 51,147 40,326 27%
Total troy oz 139,262 132,653 150,339 144,764 117,524 117,524 139,262 (16)%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 3,126 3,084 3,198 3,526 4,136 4,136 3,126 32%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,546 1,619 1,787 1,906 1,942 1,942 1,546 26%
Pampa Norte (Spence) troy koz 503 451 428 441 358 358 503 (29)%
Copper South Australia troy koz 295 218 173 226 131 131 295 (56)%
Antamina troy koz 782 796 810 953 1,705 1,705 782 118%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 202 110 486 213 255 255 202 26%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 202 110 486 213 255 255 202 26%
Total troy koz 3,328 3,194 3,684 3,739 4,391 4,391 3,328 32%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 677 640 710 1,230 649 649 677 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 677 640 710 1,230 649 649 677 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 862 872 839 714 347 347 862 (60)%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte (Spence) t 181 138 223 190 208 208 181 15%
Antamina t 681 734 616 524 139 139 681 (80)%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia
Iron Ore (WAIO) kt 63,408 64,341 59,234 67,830 62,430 62,430 63,408 (2)%
Samarco kt 982 1,477 1,416 1,973 2,042 2,042 982 108%
Total kt 64,390 65,818 60,650 69,803 64,472 64,472 64,390 0%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 4,273 4,726 3,791 5,030 4,472 4,472 4,273 5%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,951 3,803 3,509 3,926 3,707 3,707 3,951 (6)%
------- ------- ------- ------- ------- ------- ------- -------
Nickel/1/ Western Australia Nickel kt 19.9 11.2 2.2 0.2 - - 19.9 (100)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt/1/ Western Australia Nickel t 294 121 - - - - 294 (100)%
------- ------- ------- ------- ------- ------- ------- -------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
6
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BHP | Operational review for the quarter ended 30 September 2025
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt 100,416 116,083 117,038 122,386 114,527 114,527 100,416 14%
Concentrator throughput kt 32,488 35,293 32,889 36,490 36,721 36,721 32,488 13%
Average copper grade -
concentrator % 1.00% 1.06% 1.09% 0.95% 0.94% 0.94% 1.00% (6)%
Production ex mill kt 269.9 309.8 295.6 291.0 294.2 294.2 269.9 9%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 264.8 295.4 288.4 278.6 282.4 282.4 264.8 7%
Copper cathode (EW) kt 39.4 44.4 45.2 48.7 46.5 46.5 39.4 18%
Oxide leach kt 7.8 12.2 14.3 16.3 16.8 16.8 7.8 115%
Sulphide leach kt 31.6 32.2 30.9 32.4 29.7 29.7 31.6 (6)%
Total copper kt 304.2 339.8 333.6 327.3 328.9 328.9 304.2 8%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 46,963 37,293 44,527 40,292 35,348 35,348 46,963 (25)%
Payable silver concentrate troy koz 1,546 1,619 1,787 1,906 1,942 1,942 1,546 26%
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile/1/ BHP interest 100%
Material mined kt 23,260 25,238 21,848 25,944 24,695 24,695 23,260 6%
Ore stacked kt 4,928 5,974 5,584 5,413 5,652 5,652 4,928 15%
Average copper grade - stacked % 0.73% 0.81% 0.62% 0.67% 0.61% 0.61% 0.73% (16)%
Concentrator throughput kt 7,547 7,722 7,754 7,792 7,778 7,778 7,547 3%
Average copper grade -
concentrator % 0.64% 0.62% 0.63% 0.66% 0.65% 0.65% 0.64% 2%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 35.7 36.6 36.1 42.2 35.4 35.4 35.7 (1)%
Copper cathode (EW) kt 24.4 29.6 31.8 31.2 20.4 20.4 24.4 (16)%
Total copper kt 60.1 66.2 67.9 73.4 55.8 55.8 60.1 (7)%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 4,043 2,635 3,341 2,961 2,589 2,589 4,043 (36)%
Payable silver concentrate troy koz 503 451 428 441 358 358 503 (29)%
Payable molybdenum t 182 136 187 189 257 257 182 41%
------- ------- ------- ------- ------- ------- ------- -------
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado
entered temporary care and maintenance in December 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt
Concentrator throughput kt
Average copper grade -
concentrator %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 273.2 275.0 309.2 285.5 258.3 258.3 273.2 (5)%
Copper cathode (EW) kt 37.6 43.2 47.4 52.7 38.1 38.1 37.6 1%
Oxide leach kt
Sulphide leach kt
Total copper kt 310.8 318.2 356.6 338.2 296.4 296.4 310.8 (5)%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 46,963 37,293 44,527 40,292 35,348 35,348 46,963 (25)%
Payable silver concentrate troy koz 1,546 1,619 1,787 1,906 1,942 1,942 1,546 26%
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile/1/ BHP interest 100%
Material mined kt
Ore stacked kt
Average copper grade - stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 44.0 36.5 36.5 37.3 33.2 33.2 44.0 (25)%
Copper cathode (EW) kt 24.1 30.0 30.7 34.1 17.9 17.9 24.1 (26)%
Total copper kt 68.1 66.5 67.2 71.4 51.1 51.1 68.1 (25)%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 4,043 2,635 3,341 2,961 2,589 2,589 4,043 (36)%
Payable silver concentrate troy koz 503 451 428 441 358 358 503 (29)%
Payable molybdenum t 181 138 223 190 208 208 181 15%
------- ------- ------- ------- ------- ------- ------- -------
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado
entered temporary care and maintenance in December 2023.
7
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2025
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 27.9 28.0 24.8 33.2 25.5 25.5 27.9 (9)%
Cathode kt 51.6 45.4 56.6 60.4 52.7 52.7 51.6 2%
Total copper kt 79.5 73.4 81.4 93.6 78.2 78.2 79.5 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt (6.1) (2.1) (2.3) (1.5) (5.6) (5.6) (6.1) (8)%
Net copper kt 73.4 71.3 79.1 92.1 72.6 72.6 73.4 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 46,452 52,288 46,097 53,055 47,893 47,893 46,452 3%
Refined gold troy oz 37,385 47,478 57,006 46,789 50,716 50,716 37,385 36%
Total gold troy oz 83,837 99,766 103,103 99,844 98,609 98,609 83,837 18%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz (13,524) (3,979) (5,640) (2,184) (11,404) (11,404) (13,524) (16)%
Net gold troy oz 70,313 95,787 97,463 97,660 87,205 87,205 70,313 24%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 254 264 198 258 213 213 254 (16)%
Refined silver troy koz 206 133 462 216 227 227 206 10%
Total silver troy koz 460 397 660 474 440 440 460 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz (31) (11) (12) (7) (31) (31) (31) 0%
Net silver troy koz 429 386 648 467 409 409 429 (5)%
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 672 725 783 974 819 819 672 22%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,734 1,918 2,498 2,587 2,818 2,818 2,734 3%
Ore milled kt 2,617 2,407 2,462 2,859 2,640 2,640 2,617 1%
Average copper grade % 1.99% 2.09% 1.99% 2.05% 1.97% 1.97% 1.99% (1)%
Average uranium grade kg/t 0.60 0.59 0.56 0.56 0.55 0.55 0.60 (8)%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 51.6 45.4 56.6 60.4 52.7 52.7 51.6 2%
Refined gold troy oz 37,385 47,478 57,006 46,789 50,716 50,716 37,385 36%
Refined silver troy koz 206 133 462 216 227 227 206 10%
Payable uranium t 672 725 783 974 819 819 672 22%
Prominent Hill
Material mined kt 927 1,111 1,119 1,210 1,049 1,049 927 13%
Ore milled kt 1,559 1,761 1,364 1,998 1,621 1,621 1,559 4%
Average copper grade % 0.73% 0.72% 0.82% 0.92% 0.71% 0.71% 0.73% (3)%
Concentrate produced kt 19.6 21.5 19.2 33.0 19.0 19.0 19.6 (3)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 9.5 10.9 9.7 16.2 9.9 9.9 9.5 4%
Payable gold concentrate troy oz 20,976 25,445 24,309 28,593 24,105 24,105 20,976 15%
Payable silver concentrate troy koz 63 70 63 98 61 61 63 (3)%
Carrapateena
Material mined kt 1,470 1,476 1,202 1,583 1,488 1,488 1,470 1%
Ore milled kt 1,446 1,429 1,306 1,557 1,511 1,511 1,446 4%
Average copper grade % 1.45% 1.37% 1.31% 1.24% 1.18% 1.18% 1.45% (19)%
Concentrate produced kt 59.2 57.6 50.6 58.7 52.4 52.4 59.2 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 18.4 17.1 15.1 17.0 15.6 15.6 18.4 (15)%
Payable gold concentrate troy oz 25,476 26,843 21,788 24,462 23,788 23,788 25,476 (7)%
Payable silver concentrate troy koz 191 194 135 160 152 152 191 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 30.4 25.9 23.8 30.9 15.9 15.9 30.4 (48)%
Cathode kt 49.0 46.8 55.2 61.6 49.9 49.9 49.0 2%
Total copper kt 79.4 72.7 79.0 92.5 65.8 65.8 79.4 (17)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper kt
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 44,761 47,719 42,825 50,577 26,476 26,476 44,761 (41)%
Refined gold troy oz 40,326 43,479 57,982 49,241 51,147 51,147 40,326 27%
Total gold troy oz 85,087 91,198 100,807 99,818 77,623 77,623 85,087 (9)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz
Net gold troy oz
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 295 218 173 226 131 131 295 (56)%
Refined silver troy koz 202 110 486 213 255 255 202 26%
Total silver troy koz 497 328 659 439 386 386 497 (22)%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 677 640 710 1,230 649 649 677 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 49.0 46.8 55.2 61.6 49.9 49.9 49.0 2%
Refined gold troy oz 40,326 43,479 57,982 49,241 51,147 51,147 40,326 27%
Refined silver troy koz 202 110 486 213 255 255 202 26%
Payable uranium t 677 640 710 1,230 649 649 677 (4)%
Prominent Hill
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 10.9 8.0 9.5 12.8 4.4 4.4 10.9 (60)%
Payable gold concentrate troy oz 18,719 19,658 22,614 25,222 9,033 9,033 18,719 (52)%
Payable silver concentrate troy koz 73 48 51 69 29 29 73 (60)%
Carrapateena
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 19.5 17.9 14.3 18.1 11.5 11.5 19.5 (41)%
Payable gold concentrate troy oz 26,042 28,061 20,211 25,355 17,443 17,443 26,042 (33)%
Payable silver concentrate troy koz 222 170 122 157 102 102 222 (54)%
------- ------- ------- ------- ------- ------- ------- -------
8
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2025
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 64,094 57,497 51,529 39,369 58,970 58,970 64,094 (8)%
Concentrator throughput kt 13,096 13,323 13,140 10,154 13,307 13,307 13,096 2%
Average head grade - copper % 0.91% 0.77% 0.81% 0.76% 0.86% 0.86% 0.91% (5)%
Average head grade - zinc % 0.67% 0.84% 0.85% 1.70% 1.26% 1.26% 0.67% 88%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 36.3 30.5 30.9 21.2 33.9 33.9 36.3 (7)%
Payable zinc t 19,374 22,792 26,026 40,415 35,991 35,991 19,374 86%
Payable silver troy koz 878 954 1,017 1,313 1,632 1,632 878 86%
Payable lead t 21 148 234 1,829 754 754 21 3,490%
Payable molybdenum t 902 615 614 148 84 84 902 (91)%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil BHP interest 100%
Material mined kt 180 152 140 148 134 134 180 (26)%
Ore milled kt 161 170 128 176 160 160 161 0%
Average copper grade % 1.61% 1.92% 1.64% 1.40% 1.63% 1.63% 1.61% 1%
Production ex mill kt 9.9 12.6 7.9 9.5 10.3 10.3 9.9 4%
Average gold grade g/t 0.46 0.54 0.50 0.43 0.46 0.46 0.46 0%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 2.3 3.0 1.9 2.2 2.4 2.4 2.3 2%
Payable gold concentrate troy oz 1,734 2,231 1,516 1,825 1,816 1,816 1,734 5%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore
Iron ore production is reported on the basis of saleable product, which is wet
metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 13,358 13,796 11,991 15,073 13,724 13,724 13,358 3%
Area C Joint Venture kt 28,839 29,578 27,869 32,824 29,415 29,415 28,839 2%
Yandi Joint Venture kt 4,440 3,777 3,819 3,854 3,498 3,498 4,440 (21)%
Jimblebar/1/ kt 16,726 17,600 16,458 16,597 15,378 15,378 16,726 (8)%
Total kt 63,363 64,751 60,137 68,348 62,015 62,015 63,363 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 71,593 73,071 67,844 77,480 70,246 70,246 71,593 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Lump kt
Fines kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil/1/ BHP interest 50%
Total kt 1,259 1,441 1,603 1,951 2,066 2,066 1,259 64%
------- ------- ------- ------- ------- ------- ------- -------
1 As of Q1 FY26, Samarco is reported on a dmt basis. Prior periods have
been restated from wmt to dmt for consistency.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt
Concentrator throughput kt
Average head grade - copper %
Average head grade - zinc %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 39.6 33.3 27.4 21.8 33.1 33.1 39.6 (16)%
Payable zinc t 19,609 25,328 22,249 37,263 41,499 41,499 19,609 112%
Payable silver troy koz 782 796 810 953 1,705 1,705 782 118%
Payable lead t 125 35 181 837 1,469 1,469 125 1,075%
Payable molybdenum t 681 734 616 524 139 139 681 (80)%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
Average gold grade g/t
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 4.3 2.1 2.1 2.1 2.5 2.5 4.3 (42)%
Payable gold concentrate troy oz 3,169 1,527 1,664 1,693 1,964 1,964 3,169 (38)%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore
Iron ore production is reported on the basis of saleable product, which is wet
metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
Lump kt 19,377 20,319 18,822 21,285 20,250 20,250 19,377 5%
Fines kt 44,031 44,022 40,412 46,545 42,180 42,180 44,031 (4)%
Total kt 63,408 64,341 59,234 67,830 62,430 62,430 63,408 (2)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 71,543 72,594 66,765 76,723 70,592 70,592 71,543 (1)%
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil/1/ BHP interest 50%
Total kt 982 1,477 1,416 1,973 2,042 2,042 982 108%
------- ------- ------- ------- ------- ------- ------- -------
1 As of Q1 FY26, Samarco is reported on a dmt basis. Prior periods have
been restated from wmt to dmt for consistency.
9
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2025
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt 1,359 1,439 1,228 1,811 1,880 1,880 1,359 38%
Peak Downs kt 1,249 1,073 1,098 1,154 1,111 1,111 1,249 (11)%
Saraji kt 940 1,171 883 1,079 884 884 940 (6)%
Caval Ridge kt 967 747 710 1,102 990 990 967 2%
Total/1/ kt 4,515 4,430 3,919 5,146 4,865 4,865 4,515 8%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%)/1/ kt 9,030 8,860 7,838 10,292 9,730 9,730 9,030 8%
------- ------- ------- ------- ------- ------- ------- -------
Hard coking coal kt
Energy coal kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Production figures include some energy coal.
NSWEC, Australia BHP interest 100%
Energy coal - Export kt
Energy coal - Domestic kt
Total kt 3,675 3,698 3,596 4,067 3,518 3,518 3,675 (4)%
------- ------- ------- ------- ------- ------- ------- -------
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt 35.9 5.4 -- -- -- -- 35.9 (100)%
Average nickel grade % 17.1 16.7 -- -- -- -- 17.1 (100)%
------- ------- ------- ------- ------- ------- ------- -------
Leinster Nickel concentrate kt 72.4 -- -- -- -- -- 72.4 (100)%
Average nickel grade % 8.8 -- -- -- -- -- 8.8 (100)%
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel kt 12.1 0.1 -- -- -- -- 12.1 (100)%
Nickel sulphate kt 0.3 -- -- -- -- -- 0.3 (100)%
Intermediates and
nickel by-products kt 7.2 7.9 2.3 0.3 -- -- 7.2 (100)%
Total nickel kt 19.6 8.0 2.3 0.3 -- -- 19.6 (100)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 294 121 35 -- -- -- 294 (100)%
------- ------- ------- ------- ------- ------- ------- -------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2024 2024 2025 2025 2025 2025 2024 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt
Peak Downs kt
Saraji kt
Caval Ridge kt
Total/1/ kt
Total (100%)/1/ kt
------- ------- ------- ------- ------- ------- ------- -------
Hard coking coal kt 4,273 4,695 3,708 4,831 4,428 4,428 4,273 4%
Energy coal kt -- 31 83 199 44 44 -- 100%
Total kt 4,273 4,726 3,791 5,030 4,472 4,472 4,273 5%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 8,546 9,452 7,582 10,060 8,944 8,944 8,546 5%
------- ------- ------- ------- ------- ------- ------- -------
1 Production figures include some energy coal.
NSWEC, Australia BHP interest 100%
Energy coal - Export kt 3,416 3,471 3,128 3,554 3,549 3,549 3,416 4%
Energy coal - Domestic kt 535 332 381 372 158 158 535 (70)%
Total kt 3,951 3,803 3,509 3,926 3,707 3,707 3,951 (6)%
------- ------- ------- ------- ------- ------- ------- -------
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel kt 13.5 0.8 -- -- -- -- 13.5 (100)%
Nickel sulphate kt 0.6 0.3 0.1 0.1 -- -- 0.6 (100)%
Intermediates and
nickel by-products kt 5.8 10.1 2.1 0.1 -- -- 5.8 (100)%
Total nickel kt 19.9 11.2 2.2 0.2 -- -- 19.9 (100)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 294 121 -- -- -- -- 294 (100)%
------- ------- ------- ------- ------- ------- ------- -------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
10
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2025
Variance analysis relates to the relative performance of BHP and/or its
operations during the three months ended September 2025 compared with the three
months ended September 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 time 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 tonnes (dmt);
free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic
centimetre (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); 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 28 - Subsidiaries of
the Financial Statements in BHP's 2025 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 Vicuna. 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 bhp.com
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Media Relations Investor Relations
Email: media.relations@bhp.com Email: investor.relations@bhp.com
Australia and Asia Australia and Asia
Gabrielle Notley John-Paul Santamaria
Mobile: +61 411 071 715 Mobile: +61 499 006 018
Europe, Middle East and Africa Europe, Middle East and Africa
Amanda Saunders James Bell
Mobile: +44 7887 468 926 Mobile: +44 7961 636 432
North America Americas
Megan Hjulfors James Bell
Mobile: +1 403 605 2314 Mobile: +44 7961 636 432
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
BHP Group Limited ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Registered Office: Level 18, 171 Collins Street
Melbourne Victoria 3000 Australia
Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Group is headquartered in Australia
Follow us on social media
11
--------------------------------------------------------------------------------
BHP | Operational review for the quarter ended 30 September 2025
Date: 21-10-2025 08:15:00
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