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
16 July 2026
Operational review for the year ended 30 June 2026
Record iron ore and ~2 Mt copper production, disciplined cost performance and
strengthened growth pipeline
"We finished the year strongly, delivering safe and reliable operations while
setting several performance records across the business.
For the second consecutive year, we produced around 2 Mt of copper and delivered
record iron ore production, demonstrating the power of a disciplined operating
system and world-class assets. We achieved this against a backdrop of stronger
realised prices for both copper and iron ore, with copper prices around 35 per
cent higher than a year ago. Cost control was particularly strong, with every
asset expected to be within unit cost guidance despite headwinds from inflation,
higher diesel prices and global supply chain disruptions.
Importantly, we delivered these results while continuing to build the next phase
of growth. During the year we progressed applications to restart Cerro Colorado
in Chile, defined development pathways for Copper South Australia, Escondida and
Spence, and expanded our future copper options in the US through progress at
Resolution and our investment in Faraday, while Vicuna received RIGI approval.
In Canada, Jansen is on track to begin potash production next year, adding a new
commodity and further diversifying our portfolio.
We enter the new year with momentum and significant opportunities to accelerate
improvements in safety, productivity and reliability through our operating
system and the adoption of technology.
The broader economic picture remains resilient amid recent commodity market
volatility. We continue to see strength in the US and China, even as the global
economy adjusts to evolving trade dynamics. We remain confident in the demand
for our core commodities, supported by the long-term trends shaping the world,
including industrialisation, urbanisation, digitalisation, the energy
transition, population growth and food security."
Brandon Craig, BHP Chief Executive Officer
Summary
---------------------------------------------------------------------------------------------------------------------------------
Operational excellence Copper growth
Copper ~2 Mt; record iron ore production Progressing copper growth options
We delivered copper production of ~2 Mt for the second In June, Vicuna received approval for the inclusion of the
consecutive year driven by strong performance at Escondida. Josemaria and Filo del Sol deposits to Argentina's Incentive
WAIO achieved record iron ore production, BMA delivered the Regime for Large Investments (RIGI) under the Long-Term
highest stripping volumes in five years, and NSWEC exceeded the Strategic Export Projects designation (PEELP). Vicuna is the
top end of its production guidance range. first mining project to be granted the RIGI PEELP status which
ensures the fiscal framework under which Vicuna will operate
FY26 unit costs are expected to be at the bottom end of the remains unchanged for 40 years. Vicuna remains on track for a
guidance ranges for all copper assets, within the range for Stage 1 FID in CY26.
WAIO and towards the top end for BMA, demonstrating strong cost
management, resilience in a challenging macro-economic BHP also advanced its Chilean copper growth options with
environment and the benefits of by-product credit submission of the Environmental Impact Assessment (EIA) for a
contributions. potential restart of the Cerro Colorado operations.
FY27 production guidance remains strong underpinned by the We plan to host a site visit to Copper SA in November, where we
world's largest copper portfolioi and continued growth in will provide further detail regarding our strategy and plans to
steelmaking commodities. potentially double the asset's copper production.
---------------------------------------------------------------------------------------------------------------------------------
Strategic partnerships Executive and Board updates
Unlocking value through trusted relationships Strengthening leadership to deliver strategy
In July, BHP signed definitive agreements for the previously Brandon Craig commenced as CEO and a Director of BHP and
announced transaction for Faraday Copper Corp (Faraday) to announced the Executive Leadership Team (ELT). On 1 July 2026,
acquire BHP's legacy asset San Manuel in Arizona, USA in Jessica Farrell commenced as President North America and acting
exchange for a 30% equity interest in Faraday on a fully President South America. From 1 September 2026, Geraldine
diluted basis. Spence also signed a MOU with Sierra Gorda SCM Slattery's role as President Australia will expand to include
to explore commercial collaboration opportunities aimed at responsibility for Copper SA, while Edgar Basto will transition
improving the efficiency and long-term competitiveness of these to the role of Chief Enterprise Performance Officer. The
two adjacent operations. broader ELT remains unchanged, providing leadership continuity.
We progressed the trial of two Cat(R) 793 XE battery-electric On 1 June 2026, Mark Vassella joined the BHP Board as a
haul trucks at WAIO, in an industry-first collaboration with Non-executive Director.
Rio Tinto and Caterpillar, supporting efforts to lower GHG
emissions in large-scale mining.
---------------------------------------------------------------------------------------------------------------------------------
Quarter performance Full year performance Guidance
----------------------------- --------------------- -----------------------------
Production Q4 FY26 v Q3 FY26 v Q4 FY25 FY26 v FY25 FY26e FY27e
--------------------------------------------- --------- --------- --------- ---------- ---------- -------------- --------------
Copper (kt).................................. 491.9 3% (5%) 1,952.8 (3%) 1,900 - 2,000 1,650- 1,800
Escondida (kt)............................ 311.9 3% (5%) 1,261.2 (3%) 1,200 - 1,275 1,000 - 1,100
Pampa Norte (Spence) (kt)................. 54.5 22% (26%) 212.6 (21%) 210 - 220 210 - 230
Copper South Australia (kt)............... 90.2 9% (2%) 320.7 2% 310 - 340 290 - 320
Antamina (kt)............................. 35.3 (20%) 67% 151.5 27% 150 - 160 120 - 140
Carajas (kt)/1/........................... - - - 6.8 (28%) - -
Iron ore (Mt)................................ 68.1 8% (3%) 264.7 1% 258 - 269 260 - 272
WAIO (Mt)................................. 66.2 9% (3%) 256.9 0% 251 - 262 253 - 264
WAIO (100% basis) (Mt).................... 74.8 7% (3%) 291.2 0% 284 - 296 286 - 298
Samarco (Mt).............................. 2.0 4% 0% 7.8 25% 7 - 7.5 7.5 - 8.0
Steelmaking coal - BMA (Mt).................. 5.7 48% 10% 18.6 3% 18 - 20 18.5 - 20.5
BMA (100% basis) (Mt)..................... 11.3 48% 10% 37.3 3% 36 - 40 37 - 41
Energy coal - NSWEC (Mt)..................... 4.2 4% 3% 16.4 9% 14 - 16 14 - 16
1. The divestment of Carajas was completed on 2 April 2026.
Summary of disclosures
BHP expects its financial results for the second half of FY26
(H2 FY26) to reflect certain items summarised in the table
below. The table does not provide a comprehensive list of all
items impacted during the period. The financial statements are
the subject of ongoing work that will not be finalised until
the release of the financial results on 18 August 2026.
Accordingly, the information in the table below contains
preliminary information that is subject to update and
finalisation.
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
H2 FY26 impact/i/
Description (US$M) Classification/ii/
--------------------------------------------------------------------------------------------- ----------------- -------------------
Unit costs
Unit costs for FY26 (at guidance FX rates and by-product prices) are expected to be at the
bottom end of the guidance ranges at Escondida, Spence and Copper SA, within the guidance
range at WAIO and towards the top end of the guidance range at BMA. - Operating costs
Note: Average realised exchange rates for FY26 of AUD/USD 0.68 (guidance rate AUD/USD 0.65)
and USD/CLP 920 (guidance rate USD/CLP 940). Copper SA unit cost guidance is calculated using
the following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb. -
Income statement
Higher depreciation and amortisation compared to H1 FY26 due to the capitalisation
of various projects across the Group
~450 Depreciation and amortisation
Negative EBITDA for WA Nickel ~150 EBITDA
Negative EBITDA for Jansen ~150 EBITDA
Resources Community Investment Initiative (RCII) funding - Iron ore 100 - 150 Operating costs
Gain on disposal of BHP's entire equity interest in SolGold ~100 Other income
The Group's adjusted effective tax rate for FY26 is expected to be in the lower half of the
guidance range of 36 - 40% - Taxation expense
Cash flow statement
Net cash tax paid 5,400 - 5,500 Operating cash flow
Dividends received from equity-accounted investments ~550 Operating cash flow
Decrease in working capital (higher operating cash flow) 600 - 700 Operating cash flow
Impact of BHP Brasil's obligations relating to the Samarco dam failure:
- Proceeds received from forward exchange hedging contracts ~350 Operating cash flow
- Settlement payments made in relation to the agreement with Brazil public authorities ~900 Investing cash flow
Capital and exploration spend ~5,000 Investing cash flow
Proceeds received from sale of assets ~700 Investing cash flow
Proceeds received from the Antamina silver streaming transaction ~4,300 Financing cash flow
Payment of the H1 FY26 dividend ~3,700 Financing cash flow
Dividends paid to non-controlling interests ~1,400 Financing cash flow
Balance sheet
The Group's net debt balance as at 30 June 2026 is expected to be ~US$9 bn - Net debt
Exceptional items
Jansen project impairment (pre and post-tax) ~2,300 Exceptional item
Financial impact of the Samarco dam failure Refer footnote/iii/ Exceptional item
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.
ii Financial impact is the subject of ongoing work and is not yet finalised. See iron ore section for further
information on Samarco operations.
--------------------------------------------------------------------------------------------------------------
[GRAPHIC] Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
--------------------------------------------------------------------------------------------------------------
2
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Segment and asset performance | FY26 v FY25
Copper
Production Total copper production decreased 3% to 1,953 kt. Copper production for
FY27 is expected to be between 1,650 and 1,800 kt predominately as a result
1,953 kt Down 3% of the forecast grade decline at Escondida.
FY25 2,017 kt Escondida 1,261 kt Down 3% (100% basis)
FY27e 1,650 - 1,800 kt Production decreased due to planned lower concentrator feed grade of 0.90%
(FY25: 1.02%). This was partially offset by continued strong operational
performance and productivity improvements, with record material mined, record
Average realised price concentrator throughput and improved recoveries, driven by operational
enhancements, including the introduction of new reagents. Cathode production
US$5.74/lb Up 35% increased, supported by higher Full SaL recoveries and improved operational
performance enabling additional sulphide leach pad irrigation.
FY25 US$4.25/lb
Production guidance for FY27 remains unchanged at between 1,000 and 1,100 kt.
Concentrator feed grade for FY27 is expected to be ~0.70%.
Pampa Norte 213 kt Down 21%
Spence production decreased due to ongoing challenges with processing
complex ore at the concentrator and the planned decline in stacked
feed grade at the cathode plant, as we progress deeper into the
hypogene mineralisation of the ore body. The Spence Concentrator
Upgrade Recovery project, which upgrades the flotation circuit to
increase residence time and improve recoveries, was sanctioned in June
2026, with first production expected during FY28. Once commissioned,
we expect the project will allow us to more effectively manage
Spence's ore complexity and variability. The Spence Chalcopyrite
Leaching project was also sanctioned in June 2026, which includes the
implementation of BHP's sulphide leaching technology, Simple Approach
to Leaching 2, to enable processing of hypogene ores and to utilise
latent capacity in the cathode infrastructure, with first production
expected in CY28.
Spence production for FY27 is expected to be between 210 and 230 kt as
we continue to manage ore variability via blending at the concentrator
before the concentrator upgrades come online in FY28.
Cerro Colorado submitted an Environmental Impact Assessment (EIA) in
June, setting out a plan to restart operations and extend the mine
life for an additional 20 years through upgrading existing
infrastructure and developing a sustainable water solution. The
project aims to leverage existing resources and proven BHP chloride
leaching technology to produce copper cathodes.
Copper South Australia 321 kt Up 2%
Production increased due to strong operational performance, including
record material mined and ore milled, as well as the weather-related
power outage in the prior period which impacted FY25 production.
Olympic Dam achieved a 20-year copper production record, while
Prominent Hill benefited from higher feed grades. Carrapateena
achieved record material mined and milled, which partially offset the
impact of planned lower grades.
By-product volumes were also strong with record gold production,
including record refined gold, capitalising on strong prices, while
uranium production also increased 16%.
At Prominent Hill, wet weather affecting site access and logistics in
Q3 resulted in lower concentrate and associated by-product sales and
higher FY26 closing inventories. This inventory is expected to be sold
in H1 FY27.
In July 2026, there was an unplanned failure of the underground
conveyor belt at Carrapateena. No one was injured, however a
replacement belt will be required to be installed. The recovery and
replacement process is expected to result in up to eight weeks of mine
production impact. We also plan to increase our anode inventory in
FY27 to supply the refinery during the (six yearly) smelter campaign
maintenance scheduled for H1 FY28. As a result, production for FY27 is
expected to be between 290 and 320 kt.
--------------------------------------------------------------------------------------------------------------
3
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Other copper
At Antamina, copper production increased to a financial year record of
152 kt as a result of higher feed grades and improved operational
performance. Zinc production decreased to 96 kt due to lower feed
grades. Production for FY27 is expected to be between 120 and 140 kt
for copper and between 35 and 55 kt for zinc due to planned lower feed
grades.
The definitive agreements signed with Faraday provide a pathway for
the development by Faraday of a new copper hub in Arizona, combining
existing infrastructure and mineral inventory at San Manuel with
Faraday's adjacent Copper Creek project. Consolidated development will
support future investment, employment opportunities, and help advance
domestic US copper supply. Including shares acquired through a private
placement completed in March 2026, BHP's overall shareholding in
Faraday will increase to ~32.5% on a non-diluted basis at completion,
which is expected in Q1 FY27, subject to satisfaction of customary
closing conditions. BHP also holds interests in other projects within
the broader Arizona copper district, including at Resolution and
Globe-Miami.
--------------------------------------------------------------------------------------------------------------
Iron ore
Production Iron ore production increased 1% to a record 265 Mt. Iron ore
production for FY27 is expected to be between 260 and 272 Mt.
265 Mt Up 1%
WAIO 257 Mt Up 0% | 291 Mt (100% basis)
FY25 263 Mt
WAIO delivered record production as a result of strong operational
FY27e 260 - 272 Mt performance across the supply chain. WAIO achieved record material
mined (up 6%), with South Flank exceeding annual nameplate capacity. A
draw down of inventory at the Central Pilbara Hub (South Flank and
Average realised price (WAIO) Mining Area C) supported record volumes and provided value chain
resilience. At port, Car Dumper (CD) performance improved following
US$84.56/wmt Up 3% the completion of the CD3 rebuild in Q1 FY26 (4.3 Mt impact, 100%
basis), which alongside the planned reduction in tie-in activity on
FY25 US$82.13/wmt the multi-year Rail Technology Program (RTP1) and combined with
operational improvements across the rail network, generated increased
efficiency, record inflow and record shipments (100% basis).
Production for FY27 is expected to be between 253 and 264 Mt (286 and
298 Mt on a 100% basis) and includes the renewal of CD4 in H1 FY27.
In June, the execution of the Ministers North project was approved for an
investment of ~US$0.9 bn (100% basis). Ministers North is a high-grade
Brockman ore deposit and is expected to deliver ~20 Mtpa once ramped
up, supporting sustained production of >305 Mtpa (100% basis). The
project is expected to generate attractive returns of >30%/i/ as a
result of utilising existing Yandi infrastructure. First ore is
expected in FY29. Refer to Appendix 3 for more information.
Samarco 7.8 Mt Up 25% | 15.7 Mt (100% basis)
Production increased due to better than planned concentrator
performance.
Production for FY27 is expected to be between 7.5 and 8.0 Mt.
--------------------------------------------------------------------------------------------------------------
Coal
Steelmaking coal
Production BMA 18.6 Mt Up 3% | 37.3 Mt (100% basis)
18.6 Mt Up 3% Production increased with strong operational performance at the open
cut operations, delivering the highest stripping volumes in five
FY25 18.0 Mt years. Improved wet weather operating performance enabled BMA to
partially mitigate the impacts of higher-than-average rainfall
FY27e 18.5 - 20.5 Mt including Tropical Cyclone Koji, weather-related mine sequencing
impacts on yield, and ongoing geotechnical challenges at Broadmeadow.
BMA also increased raw coal inventory levels by ~30%, reflecting BMA's
Average realised price continuing focus on strengthening supply chain stability and
resilience.
US$210.21/t Up 8%
Production for FY27 is expected to be between 18.5 and 20.5 Mt (37 and
FY25 US$193.82/t 41 Mt on a 100% basis), weighted to the second half.
4
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Energy coal
Production NSWEC 16.4 Mt Up 9%
16.4 Mt Up 9% Strong operational performance resulted in NSWEC exceeding the top end
of production guidance in FY26, primarily as a result of increased
FY25 15.0 Mt bypass coal due to mine sequencing. This was further supported by
mining lower strip ratio areas as part of pathway to 2030 closure.
FY27e 14 - 16 Mt
Production for FY27 is expected to be between 14 and 16 Mt.
Average realised price
US$104.28/t Down 3%
FY25 US$107.80/t
Quarterly performance | Q4 FY26 v Q3 FY26
----------------------------------------------------------------- ------------------------------------------------------------------
Copper Iron ore
492 kt Up 3% Higher cathode production at Escondida, 68 Mt Up 8% Higher production at WAIO driven by strong
increased cathode production and supply chain performance following wet
Q3 FY26 477 kt concentrator throughput at Spence, and Q3 FY26 63 Mt weather, operational adjustments and
record concentrate production at Copper SA, planned maintenance in the prior period.
partially offset by lower concentrator
throughput at Antamina.
----------------------------------------------------------------- ------------------------------------------------------------------
Steelmaking coal Energy coal
5.7 Mt Up 48% Higher production due to strong recovery in 4.2 Mt Up 4% Higher production due to mine sequencing
stripping performance and improved yield and mining lower strip ratio areas.
Q3 FY26 3.8 Mt following Tropical Cyclone Koji, as well as Q3 FY26 4.0 Mt
the completion of the longwall move at
Broadmeadow in Q3.
----------------------------------------------------------------- ------------------------------------------------------------------
Footnotes:
i BHP’s FY27 copper production guidance relative to CY26 copper production guidance provided by other major copper producers on a consolidated basis.
ii Calculated based on long-term consensus iron ore price.
5
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Appendix 1
Average realised prices/i/
Quarter performance H2 performance Full year performance
---------------------------- ---------------------------- ---------------------
Average realised prices/i/ Q4 FY26 v Q3 FY26 v Q4 FY25 H2 FY26 v H1 FY26 v H2 FY25 FY26 v FY25
-------------------------------------- -------- --------- --------- -------- --------- --------- ---------- ----------
Copper (US$/lb)/ii/, /iii/............ 6.53 11% 47% 6.21 18% 38% 5.74 35%
Iron ore (US$/wmt, FOB)/iv/........... 83.58 (2%) 5% 84.42 0% 2% 84.56 3%
Steelmaking coal (US$/t)/v/........... 232.88 3% 31% 230.37 22% 28% 210.21 8%
Energy coal (US$/t)/vi/............... 117.74 11% 37% 112.15 17% 23% 104.28 (3%)
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 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 concentrate sales, with price
differentials applied for location and treatment costs.
iii At 30 June 2026, the Group had 429 kt of outstanding copper sales that were
revalued at a weighted average price of US$6.07/lb. The final price of
these sales will be determined in FY27. In addition, 434 kt of copper sales
from FY25 were subject to a finalisation adjustment in the current period.
iv The majority of iron ore shipments were linked to index pricing for the
month of shipment, with price differentials reflecting market fundamentals
and product quality. Iron ore sales for FY26 and Q4 FY26 were based on an
average moisture rate of 6.7% and 6.6% respectively (FY25 and Q4 FY25: 7.1%).
v The majority of steelmaking coal and energy coal exports were either linked
to index pricing for the month of scheduled shipment or priced on the spot
market at fixed or index-linked prices, with price differentials reflecting
product quality.
vi Export sales only. Includes energy coal sales from steelmaking coal mines.
Unit cost guidance
FY26 unit cost guidance/i/
-----------------------------------------
Unit cost Previous Current
-------------------------------------- -------------- --------------------------
Escondida (US$/lb).................... 1.00 - 1.20 1.00 - 1.20 Bottom end
Spence (US$/lb)....................... 2.10 - 2.40 2.10 - 2.40 Bottom end
Copper SA (US$/lb)/ii/................ 1.00 - 1.50 1.00 - 1.50 Bottom end
WAIO (US$/t).......................... 18.25 - 19.75 18.25 - 19.75 -
BMA (US$/t)........................... 116 - 128 116 - 128 Top end
i FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and
USD/CLP 940. Italics signify an update since the Q3 FY26 Operational
Review.
ii Copper SA unit cost guidance is calculated using the following assumptions
for by-products: gold US$2,900/oz, and uranium US$70/lb. Medium term
guidance/i/
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$110/t
i Medium term refers to a five-year time horizon unless otherwise noted.
ii Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940.
iii FY27 production guidance of 1,000 - 1,100 kt. Medium term refers to an
average for FY28 to FY31.
iv Sustained production of >305 Mtpa (100% basis) from Q4 FY28.
Major projects
Project First
expenditure/i/ production
Commodity Project and ownership Project scope / capacity US$M target date Progress
--------- --------------------- ------------------------------ ---------------- --------------- -------------------------
Potash Jansen Stage 1 Design, engineering and 8,400 Mid-CY27 Project is 84% complete
(Canada) construction of an underground
100% potash mine and surface
infrastructure, with capacity
to produce 4.15 Mtpa.
Potash Jansen Stage 2 Development of the next stage 6,900 Late-FY31 Project is 16% complete
(Canada) of the project, including
100% 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.
i Includes: project capital expenditure, project operating expenditure, cost
to construct right-of-use assets (i.e. Westshore port terminal and
third-party rail line) and related contingencies.
Exploration
Minerals exploration and evaluation expenditure was US$408 m for FY26 (FY25:
US$396 m), of which US$347 m was expensed (FY25: US$346 m).
6
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Appendix 2
Production
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
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 375.9 374.0 366.5 347.7 337.6 1,425.8 1,508.0 (5)%
------- --------- ------- ------- ------- ------- ------- -----
Escondida kt 278.6 282.4 270.5 248.3 245.6 1,046.8 1,127.2 (7)%
Pampa Norte (Spence) kt 42.2 35.4 33.3 25.7 26.9 121.3 150.6 (19)%
Copper South Australia kt 31.7 19.9 22.2 27.5 29.8 99.4 101.9 (2)%
Antamina kt 21.2 33.9 38.2 44.1 35.3 151.5 118.9 27%
Carajas/1/ kt 2.2 2.4 2.3 2.1 -- 6.8 9.4 (28)%
------- --------- ------- ------- ------- ------- ------- -----
Cathode kt 140.3 119.6 124.0 129.1 154.3 527.0 508.7 4%
------- --------- ------- ------- ------- ------- ------- -----
Escondida kt 48.7 46.5 46.7 54.9 66.3 214.4 177.7 21%
Pampa Norte (Spence) kt 31.2 20.4 24.4 18.9 27.6 91.3 117.0 (22)%
Copper South Australia kt 60.4 52.7 52.9 55.3 60.4 221.3 214.0 3%
Total kt 516.2 493.6 490.5 476.8 491.9 1,952.8 2,016.7 (3)%
------- --------- ------- ------- ------- ------- ------- -----
Lead Payable metal in concentrate t 1,829 754 91 209 225 1,279 2,232 (43)%
------- --------- ------- ------- ------- ------- ------- -----
Antamina t 1,829 754 91 209 225 1,279 2,232 (43)%
------- --------- ------- ------- ------- ------- ------- -----
Zinc Payable metal in concentrate t 40,415 35,991 27,003 17,723 15,410 96,127 108,607 (11)%
------- --------- ------- ------- ------- ------- ------- -----
Antamina t 40,415 35,991 27,003 17,723 15,410 96,127 108,607 (11)%
------- --------- ------- ------- ------- ------- ------- -----
Gold Payable metal in concentrate troy oz 95,949 76,242 73,585 105,321 84,889 340,037 361,926 (6)%
------- --------- ------- ------- ------- ------- ------- -----
Escondida troy oz 40,292 35,348 31,927 52,473 39,706 159,454 169,075 (6)%
Pampa Norte (Spence) troy oz 2,961 2,589 2,724 3,800 3,595 12,708 12,980 (2)%
Copper South Australia troy oz 50,871 36,489 36,993 47,264 41,588 162,334 172,565 (6)%
Carajas/1/ troy oz 1,825 1,816 1,941 1,784 -- 5,541 7,306 (24)%
------- --------- ------- ------- ------- ------- ------- -----
Refined gold troy oz 46,789 50,716 61,910 54,511 63,888 231,025 188,658 22%
------- --------- ------- ------- ------- ------- ------- -----
Copper South Australia troy oz 46,789 50,716 61,910 54,511 63,888 231,025 188,658 22%
Total troy oz 142,738 126,958 135,495 159,832 148,777 571,062 550,584 4%
------- --------- ------- ------- ------- ------- ------- -----
Silver Payable metal in concentrate troy koz 3,911 4,114 4,109 4,839 3,709 16,771 13,756 22%
------- --------- ------- ------- ------- ------- ------- -----
Escondida troy koz 1,906 1,942 2,176 2,780 2,193 9,091 6,858 33%
Pampa Norte (Spence) troy koz 441 358 316 375 241 1,290 1,823 (29)%
Copper South Australia troy koz 251 182 179 222 219 802 913 (12)%
Antamina troy koz 1,313 1,632 1,438 1,462 1,056 5,588 4,162 34%
------- --------- ------- ------- ------- ------- ------- -----
Refined silver troy koz 216 227 284 308 281 1,100 1,017 8%
------- --------- ------- ------- ------- ------- ------- -----
Copper South Australia troy koz 216 227 284 308 281 1,100 1,017 8%
Total troy koz 4,127 4,341 4,393 5,147 3,990 17,871 14,773 21%
------- --------- ------- ------- ------- ------- ------- -----
Uranium Payable metal in concentrate t 974 819 903 778 1,147 3,647 3,154 16%
------- --------- ------- ------- ------- ------- ------- -----
Copper South Australia t 974 819 903 778 1,147 3,647 3,154 16%
------- --------- ------- ------- ------- ------- ------- -----
Molybdenum Payable metal in concentrate t 337 341 281 341 288 1,251 2,973 (58)%
------- --------- ------- ------- ------- ------- ------- -----
Pampa Norte (Spence) t 189 257 269 194 163 883 694 27%
Antamina t 148 84 12 147 125 368 2,279 (84)%
------- --------- ------- ------- ------- ------- ------- -----
Iron ore Western Australia
Iron Ore(WAIO) kt 68,348 62,015 67,766 60,922 66,174 256,877 256,599 0%
Samarco kt 1,951 2,066 1,938 1,882 1,954 7,840 6,254 25%
Total kt 70,299 64,081 69,704 62,804 68,128 264,717 262,853 1%
------- --------- ------- ------- ------- ------- ------- -----
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 5,146 4,865 4,291 3,816 5,654 18,626 18,010 3%
------- --------- ------- ------- ------- ------- ------- -----
Energy coal NSW Energy Coal (NSWEC) kt 4,067 3,518 4,610 4,037 4,196 16,361 15,036 9%
------- --------- ------- ------- ------- ------- ------- -----
Nickel/2/ Western Australia Nickel kt 0.3 -- -- -- -- -- 30.2 --
------- --------- ------- ------- ------- ------- ------- -----
Cobalt/2/ Western Australia Nickel t -- -- -- -- -- -- 450 --
------- ---------- ------- ------- ------- ------- ------- -----
1 The divestment of Carajas was completed on 2 April 2026.
2 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
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 377.6 343.0 373.8 350.0 321.2 1,388.0 1,540.9 (10)%
------- --------- ------- ------- ------- ------- ------- -----
Escondida kt 285.5 258.3 277.7 252.1 233.6 1,021.7 1,142.9 (11)%
Pampa Norte (Spence) kt 37.3 33.2 27.9 34.9 24.4 120.4 154.3 (22)%
Copper South Australia kt 30.9 15.9 24.8 18.0 27.3 86.0 111.0 (23)%
Antamina kt 21.8 33.1 40.4 43.3 35.9 152.7 122.1 25%
Carajas/1/ kt 2.1 2.5 3.0 1.7 -- 7.2 10.6 (32)%
------- --------- ------- ------- ------- ------- ------- -----
Cathode kt 148.4 105.9 130.7 118.7 162.1 517.4 512.4 1%
------- --------- ------- ------- ------- ------- ------- -----
Escondida kt 52.7 38.1 50.0 50.1 71.8 210.0 180.9 16%
Pampa Norte (Spence) kt 34.1 17.9 25.4 17.4 29.3 90.0 118.9 (24)%
Copper South Australia kt 61.6 49.9 55.3 51.2 61.0 217.4 212.6 2%
Total kt 526.0 448.9 504.5 468.7 483.3 1,905.4 2,053.3 (7)%
------- --------- ------- ------- ------- ------- ------- -----
Lead Payable metal in concentrate t 837 1,469 551 14 207 2,241 1,178 90%
------- --------- ------- ------- ------- ------- ------- -----
Antamina t 837 1,469 551 14 207 2,241 1,178 90%
------- --------- ------- ------- ------- ------- ------- -----
Zinc Payable metal in concentrate t 37,263 41,499 26,046 18,573 14,703 100,821 104,449 (3)%
------- --------- ------- ------- ------- ------- ------- -----
Antamina t 37,263 41,499 26,046 18,573 14,703 100,821 104,449 (3)%
------- --------- ------- ------- ------- ------- ------- -----
Gold Payable metal in concentrate troy oz 95,523 66,377 82,099 87,012 87,621 323,109 375,990 (14)%
------- --------- ------- ------- ------- ------- ------- -----
Escondida troy oz 40,292 35,348 31,927 52,473 39,706 159,454 169,075 (6)%
Pampa Norte (Spence) troy oz 2,961 2,589 2,724 3,800 3,595 12,708 12,980 (2)%
Copper South Australia troy oz 50,577 26,476 45,024 29,234 44,320 145,054 185,882 (22)%
Carajas/1/ troy oz 1,693 1,964 2,424 1,505 -- 5,893 8,053 (27)%
------- --------- ------- ------- ------- ------- ------- -----
Refined gold troy oz 49,241 51,147 59,054 57,336 55,962 223,499 191,028 17%
------- --------- ------- ------- ------- ------- ------- -----
Copper South Australia troy oz 49,241 51,147 59,054 57,336 55,962 223,499 191,028 17%
Total troy oz 144,764 117,524 141,153 144,348 143,583 546,608 567,018 (4)%
------- --------- ------- ------- ------- ------- ------- -----
Silver Payable metal in concentrate troy koz 3,526 4,136 4,252 4,518 3,573 16,479 12,934 27%
------- --------- ------- ------- ------- ------- ------- -----
Escondida troy koz 1,906 1,942 2,176 2,780 2,193 9,091 6,858 33%
Pampa Norte (Spence) troy koz 441 358 316 375 241 1,290 1,823 (29)%
Copper South Australia troy koz 226 131 207 162 192 692 912 (24)%
Antamina troy koz 953 1,705 1,553 1,201 947 5,406 3,341 62%
------- --------- ------- ------- ------- ------- ------- -----
Refined silver troy koz 213 255 250 340 249 1,094 1,011 8%
------- --------- ------- ------- ------- ------- ------- -----
Copper South Australia troy koz 213 255 250 340 249 1,094 1,011 8%
Total troy koz 3,739 4,391 4,502 4,858 3,822 17,573 13,945 26%
------- --------- ------- ------- ------- ------- ------- -----
Uranium Payable metal in concentrate t 1,230 649 815 650 1,552 3,666 3,257 13%
------- --------- ------- ------- ------- ------- ------- -----
Copper South Australia t 1,230 649 815 650 1,552 3,666 3,257 13%
------- --------- ------- ------- ------- ------- ------- -----
Molybdenum Payable metal in concentrate t 714 347 322 263 225 1,157 3,287 (65)%
------- --------- ------- ------- ------- ------- ------- -----
Pampa Norte (Spence) t 190 208 256 205 132 801 732 9%
Antamina t 524 139 66 58 93 356 2,555 (86)%
------- --------- ------- ------- ------- ------- ------- -----
Iron ore Western Australia
Iron Ore(WAIO) kt 67,830 62,430 66,909 58,608 66,430 254,377 254,813 0%
Samarco kt 1,973 2,042 2,512 1,590 1,950 8,094 5,849 38%
Total kt 69,803 64,472 69,421 60,198 68,380 262,471 260,662 1%
------- --------- ------- ------- ------- ------- ------- -----
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 5,030 4,472 4,413 3,852 5,905 18,642 17,820 5%
------- --------- ------- ------- ------- ------- ------- -----
Energy coal NSW Energy Coal (NSWEC) kt 3,926 3,707 4,372 4,048 4,538 16,665 15,189 10%
------- --------- ------- ------- ------- ------- ------- -----
Nickel/2/ Western Australia Nickel kt 0.2 -- -- -- -- -- 33.5 --
------- --------- ------- ------- ------- ------- ------- -----
Cobalt/2/ Western Australia Nickel t -- -- -- -- -- -- 415 --
------- --------- ------- ------- ------- ------- ------- -----
1 The divestment of Carajas was completed on 2 April 2026.
2 WA Nickel ramped down and entered temporary suspension in December 2024.
7
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Production
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt 122,386 114,527 112,808 114,506 130,749 472,590 455,923 4%
Concentrator throughput kt 36,490 36,721 35,628 34,225 35,862 142,436 137,160 4%
Average copper grade -
concentrator % 0.95% 0.94% 0.91% 0.88% 0.85% 0.90% 1.02% (13)%
Production ex mill kt 291.0 294.2 279.7 255.1 253.5 1,082.5 1,166.3 (7)%
------- --------- ------- ------- ------- ------- ------- -----
Payable copper kt 278.6 282.4 270.5 248.3 245.6 1,046.8 1,127.2 (7)%
Copper cathode (EW) kt 48.7 46.5 46.7 54.9 66.3 214.4 177.7 21%
Oxide leach kt 16.3 16.8 11.1 19.9 29.3 77.1 50.6 52%
Sulphide leach kt 32.4 29.7 35.6 35.0 37.0 137.3 127.1 8%
Total copper kt 327.3 328.9 317.2 303.2 311.9 1,261.2 1,304.9 (3)%
------- --------- ------- ------- ------- ------- ------- -----
Payable gold concentrate troy oz 40,292 35,348 31,927 52,473 39,706 159,454 169,075 (6)%
Payable silver concentrate troy koz 1,906 1,942 2,176 2,780 2,193 9,091 6,858 33%
------- --------- ------- ------- ------- ------- ------- -----
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 25,944 24,695 22,895 21,690 22,066 91,346 96,290 (5)%
Ore stacked kt 5,413 5,652 5,354 4,435 5,146 20,587 21,899 (6)%
Average copper
grade - stacked % 0.67% 0.61% 0.58% 0.66% 0.64% 0.62% 0.71% (12)%
Concentrator throughput kt 7,792 7,778 8,002 7,329 8,107 31,216 30,815 1%
Average copper
grade - concentrator % 0.66% 0.65% 0.60% 0.53% 0.50% 0.57% 0.64% (11)%
------- --------- ------- ------- ------- ------- ------- -----
Payable copper kt 42.2 35.4 33.3 25.7 26.9 121.3 150.6 (19)%
Copper cathode (EW) kt 31.2 20.4 24.4 18.9 27.6 91.3 117.0 (22)%
Total copper kt 73.4 55.8 57.7 44.6 54.5 212.6 267.6 (21)%
------- --------- ------- ------- ------- ------- ------- -----
Payable gold
concentrate troy oz 2,961 2,589 2,724 3,800 3,595 12,708 12,980 (2)%
Payable silver
concentrate troy koz 441 358 316 375 241 1,290 1,823 (29)%
Payable molybdenum t 189 257 269 194 163 883 694 27%
------- --------- ------- ------- ------- ------- ------- -----
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
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
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 285.5 258.3 277.7 252.1 233.6 1,021.7 1,142.9 (11)%
Copper cathode (EW) kt 52.7 38.1 50.0 50.1 71.8 210.0 180.9 16%
Oxide leach kt
Sulphide leach kt
Total copper kt 338.2 296.4 327.7 302.2 305.4 1,231.7 1,323.8 (7)%
------- ---------- ------- ------- ------- ------- ------- -----
Payable gold
concentrate troy oz 40,292 35,348 31,927 52,473 39,706 159,454 169,075 (6)%
Payable silver
concentrate troy koz 1,906 1,942 2,176 2,780 2,193 9,091 6,858 33%
------- ---------- ------- ------- ------- ------- ------- -----
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 37.3 33.2 27.9 34.9 24.4 120.4 154.3 (22)%
Copper cathode (EW) kt 34.1 17.9 25.4 17.4 29.3 90.0 118.9 (24)%
Total copper kt 71.4 51.1 53.3 52.3 53.7 210.4 273.2 (23)%
------- ---------- ------- ------- ------- ------- ------- -----
Payable gold
concentrate troy oz 2,961 2,589 2,724 3,800 3,595 12,708 12,980 (2)%
Payable silver
concentrate troy koz 441 358 316 375 241 1,290 1,823 (29)%
Payable molybdenum t 190 208 256 205 132 801 732 9%
------- ---------- ------- ------- ------- ------- ------- -----
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered
temporary care and maintenance in December 2023.
8
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Production
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 33.2 25.5 24.8 28.3 30.7 109.3 113.9 (4)%
Cathode kt 60.4 52.7 52.9 55.3 60.4 221.3 214.0 3%
Total copper kt 93.6 78.2 77.7 83.6 91.1 330.6 327.9 1%
------- ---------- ------- ------- ------- ------- ------- -----
Payable metal in concentrate
transfer to Olympic Dam kt (1.5) (5.6) (2.6) (0.8) (0.9) (9.9) (12.0) (18)%
Net copper kt 92.1 72.6 75.1 82.8 90.2 320.7 315.9 2%
------- ---------- ------- ------- ------- ------- ------- -----
Gold Payable metal in concentrate troy oz 53,055 47,893 41,351 48,532 43,408 181,184 197,892 (8)%
Refined gold troy oz 46,789 50,716 61,910 54,511 63,888 231,025 188,658 22%
Total gold troy oz 99,844 98,609 103,261 103,043 107,296 412,209 386,550 7%
------- ---------- ------- ------- ------- ------- ------- -----
Payable metal in concentrate
transfer to Olympic Dam troy oz (2,184) (11,404) (4,358) (1,268) (1,820) (18,850) (25,327) (26)%
Net gold troy oz 97,660 87,205 98,903 101,775 105,476 393,359 361,223 9%
------- ---------- ------- ------- ------- ------- ------- -----
Silver Payable metal in concentrate troy koz 258 213 193 226 224 856 974 (12)%
Refined silver troy koz 216 227 284 308 281 1,100 1,017 8%
Total silver troy koz 474 440 477 534 505 1,956 1,991 (2)%
------- ---------- ------- ------- ------- ------- ------- -----
Payable metal in concentrate
transfer to Olympic Dam troy koz (7) (31) (14) (4) (5) (54) (61) (11)%
Net silver troy koz 467 409 463 530 500 1,902 1,930 (1)%
------- ---------- ------- ------- ------- ------- ------- -----
Uranium t 974 819 903 778 1,147 3,647 3,154 16%
------- ---------- ------- ------- ------- ------- ------- -----
Olympic Dam
Material mined kt 2,587 2,818 2,763 2,732 2,927 11,240 9,737 15%
Ore milled kt 2,859 2,640 2,926 2,565 2,769 10,900 10,345 5%
Average copper grade % 2.05% 1.97% 1.97% 1.92% 2.14% 2.00% 2.03% (1)%
Average uranium grade kg/t 0.56 0.55 0.56 0.57 0.65 0.58 0.58 1%
------- ---------- ------- ------- ------- ------- ------- -----
Copper cathode (ER and EW) kt 60.4 52.7 52.9 55.3 60.4 221.3 214.0 3%
Refined gold troy oz 46,789 50,716 61,910 54,511 63,888 231,025 188,658 22%
Refined silver troy koz 216 227 284 308 281 1,100 1,017 8%
Payable uranium t 974 819 903 778 1,147 3,647 3,154 16%
Prominent Hill
Material mined kt 1,210 1,049 1,014 1,026 1,271 4,360 4,367 0%
Ore milled kt 1,998 1,621 1,376 1,494 1,651 6,142 6,682 (8)%
Average copper grade % 0.92% 0.71% 0.83% 0.90% 0.94% 0.84% 0.80% 5%
Concentrate produced kt 33.0 19.0 19.1 25.7 30.7 94.5 93.3 1%
------- ---------- ------- ------- ------- ------- ------- -----
Payable copper kt 16.2 9.9 9.7 11.8 13.1 44.5 46.3 (4)%
Payable gold concentrate troy oz 28,593 24,105 17,406 23,664 18,941 84,116 99,323 (15)%
Payable silver concentrate troy koz 98 61 49 60 63 233 294 (21)%
Carrapateena
Material mined kt 1,583 1,488 1,479 1,632 1,751 6,350 5,731 11%
Ore milled kt 1,557 1,511 1,415 1,516 1,713 6,155 5,738 7%
Average copper grade % 1.24% 1.18% 1.20% 1.22% 1.17% 1.19% 1.34% (11)%
Concentrate produced kt 58.7 52.4 53.4 61.4 65.2 232.4 226.1 3%
------- ---------- ------- ------- ------- ------- ------- -----
Payable copper kt 17.0 15.6 15.1 16.5 17.6 64.8 67.6 (4)%
Payable gold concentrate troy oz 24,462 23,788 23,945 24,868 24,467 97,068 98,569 (2)%
Payable silver concentrate troy koz 160 152 144 166 161 623 680 (8)%
------- ---------- ------- ------- ------- ------- ------- -----
Sales
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 30.9 15.9 24.8 18.0 27.3 86.0 111.0 (23)%
Cathode kt 61.6 49.9 55.3 51.2 61.0 217.4 212.6 2%
Total copper kt 92.5 65.8 80.1 69.2 88.3 303.4 323.6 (6)%
------- ---------- ------- ------- ------- ------- ------- -----
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper kt
------- ---------- ------- ------- ------- ------- ------- -----
Gold Payable metal in concentrate troy oz 50,577 26,476 45,024 29,234 44,320 145,054 185,882 (22)%
Refined gold troy oz 49,241 51,147 59,054 57,336 55,962 223,499 191,028 17%
Total gold troy oz 99,818 77,623 104,078 86,570 100,282 368,553 376,910 (2)%
------- ---------- ------- ------- ------- ------- ------- -----
Payable metal in concentrate
transfer to Olympic Dam troy oz
Net gold troy oz
------- ---------- ------- ------- ------- ------- ------- -----
Silver Payable metal in concentrate troy koz 226 131 207 162 192 692 912 (24)%
Refined silver troy koz 213 255 250 340 249 1,094 1,011 8%
Total silver troy koz 439 386 457 502 441 1,786 1,923 (7)%
------- ---------- ------- ------- ------- ------- ------- -----
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ---------- ------- ------- ------- ------- ------- -----
Uranium t 1,230 649 815 650 1,552 3,666 3,257 13%
------- ---------- ------- ------- ------- ------- ------- -----
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ---------- ------- ------- ------- ------- ------- -----
Copper cathode (ER and EW) kt 61.6 49.9 55.3 51.2 61.0 217.4 212.6 2%
Refined gold troy oz 49,241 51,147 59,054 57,336 55,962 223,499 191,028 17%
Refined silver troy koz 213 255 250 340 249 1,094 1,011 8%
Payable uranium t 1,230 649 815 650 1,552 3,666 3,257 13%
Prominent Hill
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ---------- ------- ------- ------- ------- ------- -----
Payable copper kt 12.8 4.4 7.5 3.1 12.2 27.2 41.2 (34)%
Payable gold concentrate troy oz 25,222 9,033 17,671 5,894 23,401 55,999 86,213 (35)%
Payable silver concentrate troy koz 69 29 45 20 61 155 241 (36)%
Carrapateena
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ---------- ------- ------- ------- ------- ------- -----
Payable copper kt 18.1 11.5 17.3 14.9 15.1 58.8 69.8 (16)%
Payable gold concentrate troy oz 25,355 17,443 27,353 23,340 20,919 89,055 99,669 (11)%
Payable silver concentrate troy koz 157 102 162 142 131 537 671 (20)%
------- ---------- ------- ------- ------- ------- ------- -----
9
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Production
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 39,369 58,970 57,442 54,819 60,871 232,102 212,489 9%
Concentrator throughput kt 10,154 13,307 13,725 13,783 10,984 51,799 49,713 4%
Average head grade - copper % 0.76% 0.86% 0.98% 1.12% 1.08% 1.01% 0.82% 24%
Average head grade - zinc % 1.70% 1.26% 1.01% 0.79% 0.74% 0.96% 0.97% (2)%
------- ---------- ------- ------- ------- ------- ------- -----
Payable copper kt 21.2 33.9 38.2 44.1 35.3 151.5 118.9 27%
Payable zinc t 40,415 35,991 27,003 17,723 15,410 96,127 108,607 (11)%
Payable silver troy koz 1,313 1,632 1,438 1,462 1,056 5,588 4,162 34%
Payable lead t 1,829 754 91 209 225 1,279 2,232 (43)%
Payable molybdenum t 148 84 12 147 125 368 2,279 (84)%
------- ---------- ------- ------- ------- ------- ------- -----
Carajas, Brazil/1/ BHP interest 100%
Material mined kt 148 134 147 148 -- 429 620 (31)%
Ore milled kt 176 160 172 156 -- 489 636 (23)%
Average copper grade % 1.40% 1.63% 1.51% 1.48% -- 1.54% 1.64% (6)%
Production ex mill kt 9.5 10.3 9.8 8.8 -- 28.9 39.9 (28)%
Average gold grade g/t 0.43 0.46 0.47 0.47 -- 0.47 0.48 (3)%
------- ---------- ------- ------- ------- ------- ------- -----
Payable copper kt 2.2 2.4 2.3 2.1 -- 6.8 9.4 (28)%
Payable gold concentrate troy oz 1,825 1,816 1,941 1,784 -- 5,541 7,306 (24)%
------- ---------- ------- ------- ------- ------- ------- -----
1 The divestment of Carajas was completed on 2 April 2026.
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 15,073 13,724 13,340 13,517 12,100 52,681 54,218 (3)%
Area C Joint Venture kt 32,824 29,415 32,265 33,584 33,762 129,026 119,110 8%
Yandi Joint Venture kt 3,854 3,498 2,899 2,941 3,252 12,590 15,890 (21)%
Jimblebar/1/ kt 16,597 15,378 19,262 10,880 17,060 62,580 67,381 (7)%
Total kt 68,348 62,015 67,766 60,922 66,174 256,877 256,599 0%
------- ---------- ------- ------- ------- ------- ------- -----
Total (100)% kt 77,480 70,246 76,326 69,752 74,840 291,164 289,988 0%
------- ---------- ------- ------- ------- ------- ------- -----
Lump kt
Fines kt
Total kt
Total (100)% kt
------- ---------- ------- ------- ------- ------- ------- -----
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,951 2,066 1,938 1,882 1,954 7,840 6,254 25%
------- ---------- ------- ------- ------- ------- ------- -----
Sales
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
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 21.8 33.1 40.4 43.3 35.9 152.7 122.1 25%
Payable zinc t 37,263 41,499 26,046 18,573 14,703 100,821 104,449 (3)%
Payable silver troy koz 953 1,705 1,553 1,201 947 5,406 3,341 62%
Payable lead t 837 1,469 551 14 207 2,241 1,178 90%
Payable molybdenum t 524 139 66 58 93 356 2,555 (86)%
------- ---------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
Average gold grade g/t
------- ---------- ------- ------- ------- ------- ------- -----
Payable copper kt 2.1 2.5 3.0 1.7 -- 7.2 10.6 (32)%
Payable gold concentrate troy oz 1,693 1,964 2,424 1,505 -- 5,893 8,053 (27)%
------- ---------- ------- ------- ------- ------- ------- -----
1 The divestment of Carajas was completed on 2 April 2026.
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 21,285 20,250 20,595 19,878 22,014 82,737 79,803 4%
Fines kt 46,545 42,180 46,314 38,730 44,416 171,640 175,010 (2)%
Total kt 67,830 62,430 66,909 58,608 66,430 254,377 254,813 0%
------- ---------- ------- ------- ------- ------- ------- -----
Total (100)% kt 76,723 70,592 75,397 67,001 75,105 288,095 287,625 0%
------- ---------- ------- ------- ------- ------- ------- -----
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total Kt 1,973 2,042 2,512 1,590 1,950 8,094 5,849 38%
------- ---------- ------- ------- ------- ------- ------- ------
10
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Production
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt 1,811 1,880 1,254 1,124 1,995 6,253 5,837 7%
Peak Downs kt 1,154 1,111 967 1,176 1,584 4,838 4,574 6%
Saraji kt 1,079 884 1,146 849 1,073 3,952 4,073 (3)%
Caval Ridge kt 1,102 990 924 667 1,002 3,583 3,526 2%
Total/1/ kt 5,146 4,865 4,291 3,816 5,654 18,626 18,010 3%
------- ---------- ------- ------- ------- ------- ------- ------
Total (100)%/1/ kt 10,292 9,730 8,582 7,632 11,308 37,252 36,020 3%
------- ---------- ------- ------- ------- ------- ------- ------
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 4,067 3,518 4,610 4,037 4,196 16,361 15,036 9%
------- ---------- ------- ------- ------- ------- ------- ------
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt -- -- -- -- -- -- 41.3 --
Average nickel grade % -- -- -- -- -- -- 17.0 --
------- ---------- ------- ------- ------- ------- ------- ------
Leinster Nickel concentrate kt -- -- -- -- -- -- 72.4 --
Average nickel grade % -- -- -- -- -- -- 8.8 --
------- ---------- ------- ------- ------- ------- ------- ------
Refined nickel kt -- -- -- -- -- -- 12.2 --
Nickel sulphate kt -- -- -- -- -- -- 0.3 --
Intermediates and nickel
by-products kt 0.3 -- -- -- -- -- 17.7 --
Total nickel kt 0.3 -- -- -- -- -- 30.2 --
------- ---------- ------- ------- ------- ------- ------- ------
Cobalt by-products t -- -- -- -- -- -- 450 --
------- ---------- ------- ------- ------- ------- ------- ------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
-------------------------------------------------------------------------
Quarter ended Year to date
---------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2025 2025 2025 2026 2026 2026 2025 %
------- --------- ------- ------- ------- ------- ------- -------
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 4,831 4,428 4,302 3,842 5,522 18,094 17,507 3%
Energy coal kt 199 44 111 10 383 548 313 75%
Total kt 5,030 4,472 4,413 3,852 5,905 18,642 17,820 5%
------- ---------- ------- ------- ------- ------- ------- -----
Total (100)% kt 10,060 8,944 8,826 7,704 11,810 37,284 35,640 5%
------- ---------- ------- ------- ------- ------- ------- -----
1 Production figures include some energy coal.
NSWEC, Australia BHP interest 100%
Energy coal - Export kt 3,554 3,549 4,190 3,935 4,224 15,898 13,569 17%
Energy coal - Domestic kt 372 158 182 113 314 767 1,620 (53)%
Total kt 3,926 3,707 4,372 4,048 4,538 16,665 15,189 10%
------- ---------- ------- ------- ------- ------- ------- ------
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 -- -- -- -- -- -- 14.3 --
Nickel sulphate kt 0.1 -- -- -- -- -- 1.1 --
Intermediates and nickel
by-products kt 0.1 -- -- -- -- -- 18.1 --
Total nickel kt 0.2 -- -- -- -- -- 33.5 --
------- ---------- ------- ------- ------- ------- ------- ------
Cobalt by-products t -- -- -- -- -- -- 415 --
------- ---------- ------- ------- ------- ------- ------- ------
1 WA Nickel ramped down and entered temporary suspension in December 2024.
11
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Appendix 3
A version of Appendix 3 with diagrams has been submitted to the FCA National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Executive Summary
Ministers North Project
Changes to Western Australia Iron Ore (WAIO) Ore Reserves for Brockman iron material type
. Ministers North project capital approval underpinned by a Definition Phase
Study (equivalent to Feasibility Study) and enabled the first-time
declaration of Ore Reserves of the Ministers North deposit.
. Ministers North Deposit hosts Brockman (BKM) material type and is included
within the WAIO Brockman Mineral Resources and Ore Reserves (see the
following JORC Table 1).
Table 1 WAIO Brockman material type Mineral Resources (inclusive of Ore
Reserves) as at 30 June 2026 in 100% terms reported in accordance with the JORC
Code (2012)
Measured Resources Indicated Resources
Material ------------------------------------------------ ------------------------------------------------
Type Mt %Fe %P %Si0//2// %Al//2//O//3// %LOI Mt %Fe %P %Si0//2// %Al//2//O//3// %LOI
-------- ----- ----- ----- --------- -------------- ----- ------ ----- ----- --------- -------------- ----
BKM 3,150 60.6 0.14 4.6 2.6 5.4 5,780 59.5 0.14 5.4 2.5 6.2
Inferred Resources Total Resources
Material ------------------------------------------------ ------------------------------------------------
Type Mt %Fe %P %Si0//2// %Al//2//O//3// %LOI Mt %Fe %P %Si0//2// %Al//2//O//3// %LOI
-------- ----- ----- ----- --------- -------------- ----- ------ ----- ----- --------- -------------- ----
BKM 9,910 59.1 0.14 5.5 2.6 6.7 18,840 59.4 0.14 5.3 2.6 6.3
Table 2 WAIO Brockman material type Ore Reserves as at 30 June 2026 in 100%
terms reported in accordance with the JORC Code (2012)
Proved Reserves Probable Reserves
Material ------------------------------------------------ ------------------------------------------------
Type Mt %Fe %P %Si0//2// %Al//2//O//3// %LOI Mt %Fe %P %Si0//2// %Al//2//O//3// %LOI
-------- ----- ----- ----- --------- -------------- ----- ------ ----- ----- --------- -------------- ----
BKM 1,290 62.1 0.13 3.5 2.3 4.8 1,210 61.3 0.13 3.9 2.4 5.3
Total Reserves
Material ------------------------------------------------
Type Mt %Fe %P %Si0//2// %Al//2//O//3// %LOI
-------- ----- ----- ----- --------- -------------- -----
BKM 2,500 61.7 0.13 3.7 2.4 5.0
Footnotes to Table 1 and Table 2
1. The information in this report that relates to Mineral Resources and Ore
Reserves is based on information compiled by E Maidens (MAIG), C Allison
(MAusIMM) and W Patton (MAusIMM) for Mineral Resources and R Fuentes
(MAusIMM), T Cockerill (MAusIMM) and PK Chhajer (MAusIMM) for Ore Reserves.
All are Competent Persons who are Members of the Australasian Institute of
Mining and Metallurgy (AusIMM), the Australian Institute of Geoscientists
(AIG) or a `Recognised Professional Organisation' (RPO). All are full-time
employees of BHP and have sufficient experience that is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in
the 2012 Edition of the `Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. All the Competent Persons
consent to the inclusion in the report of the matters based on his or her
information in the form and context in which it appears.
2. Tonnages are reported as wet million tonnes (Mt), including approximate
moisture content of 3% for BKM material type. Qualities (Fe - Iron, P -
Phosphorous, SiO//2// - Silica, Al//2//O//3// - Alumina) refer to in situ
mass percentage on a dry weight basis.
3. Mineral Resources and Ore Reserves are reported on a Pilbara basis by
material type which reflects our single logistics chain and associated
management system.
4. Mineral Resources are restricted to areas which have been identified for
inclusion based on a risk assessment, including heritage sites.
5. BHP ownership varies between 85% and 100%.
6. Product recovery (tonnage basis) is 100%.
7. Iron ore is marketed for WAIO as Lump (direct blast furnace feed) and Fines
(sinter plant feed).
8. Cut-off grades used to estimate Mineral Resources and Ore Reserves range
from 50 - 62% Fe for all material types. Ore delivered to process facility.
9. Ore Reserves are located on State Agreement mining leases that guarantee
the right to mine. Additional regulatory approvals are required prior to
mining operations. Included in the Ore Reserves are a few areas where one
or more approvals remain outstanding, but where, based on technical
investigations, company knowledge and experience expect that such approvals
will be obtained as part of the normal course of business and within the
time frame required by the current mine schedule.
10. Tonnes and grade/quality data have been rounded, so small differences may
be present in the totals.
11. Mineral Resources classification is based on drill spacing, assessments of
geostatistical parameters, geological confidence and data quality
considerations as appropriate and Ore Reserves classification is based on
the Mineral Resources classification.
12
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
JORC Table 1 (The JORC Code, 2012 Edition) for Ministers North Deposit
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections).
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Sampling techniques . WAIO has used Industry standard Reverse Circulation (RC) and diamond core
drilling methods to collect samples for geological logging and assay,
downhole wireline density and geotechnical / metallurgical test work.
. Chip samples from RC drilling (dominant sampling method) were collected at
3 m intervals to hole depth with each sample assayed using industry
standard X-ray fluorescence (XRF) and thermos-gravimetric analysis (TGA)
techniques. Sampling was completed using a static cone splitter (or riffle
splitter historically).
. Cores from the diamond core drilling provided samples for geotechnical and
metallurgical test work and were collected as HQ3 (61mm) or PQ3 (83mm) full
core using double or triple-tube techniques. The metallurgical sample
interval was typically 6 m intervals (split at geological contact). Assay
methodology was the same as those for chip samples.
. A small amount of percussion (open hole) and dual rotary drilling was
completed for hydrological purposes, however the results of these have only
informed the geological interpretation to a limited extent.
. Bulk density (inclusive of natural moisture) was derived from validated
geophysical downhole wireline gamma sondes.
. Downhole geophysical data was routinely collected from drill holes using a
standard set of wireline tools (natural gamma, magnetic susceptibility,
density, caliper, resistivity and optical televiewer / acoustic televiewer)
with WAIO maintaining a calibration hole for repeatability logging.
----------------------------------------------------------------------------------------------------
Drilling techniques . RC was the main drilling technique and diamond core, percussion and dual
rotatory techniques were used to a small extent depending on the
requirements.
. RC drilling rigs typically utilise a 140mm RC hammer face sampling bit to
produce chip samples of the rock mass. Sample mass is collected via a rig
mounted cyclone, which then drops down through a drop box into a static
cone splitter (or five tier riffle splitter pre-2006) to produce a final
sample split for assays and reject sample.
. Diamond drilling has been completed typically using triple core barrels to
collect HQ3 (61mm) or PQ3 (83mm) core. The core drilling has been done
starting from surface or as an extension of RC drilling.
. Most of the drilling was orientated vertically.
. Downhole deviation surveys are undertaken in long open holes (with no steel
casings) using a 3-axis magnetometer, which measures both the dip amount
and dip direction. An in-rod gyroscopic hole deviation survey is conducted
for all holes longer than 250m.
----------------------------------------------------------------------------------------------------
Drill sample . RC drilling was set up to capture the entire sample and a qualitative
recovery assessment of sample recovery recorded in a drill hole log.
. Sample weights were recorded at the laboratory upon receipt (and at the
drill rig for field duplicates). Duplicate sample performance did not
indicate any chemical bias because of inequalities in sample weights.
. Diamond core recovery was maximised using triple tube drilling for
geotechnical and metallurgical test work.
. Diamond drill core recovery was assessed by measuring the length of core
recovered in each drilling run and dividing that by the actual length of
each drilling run.
. Sample recovery analysis has found no indication of sample bias occurring
between sample recovery and grades or a preferential loss or gain of fine
and coarse fractions of RC chips.
----------------------------------------------------------------------------------------------------
Logging . All drill hole intervals were geologically logged using standard WAIO
logging codes. Selected diamond holes were also logged for geotechnical
information.
. Geophysical wireline data including natural gamma (open hole and in-rod),
magnetic susceptibility, density, caliper, and resistivity were collected
for each drill hole. Optical (OTV) supplemented with Acoustic Televiewer
(ATV) data was collected for selected portions of drill holes for
structural analysis.
. All RC samples and diamond cores have been digitally photographed since
2003 and stored on WAIO network servers.
. Wireline logging, using the Downhole Assay Tool (DHAT) was completed on
selected RC and diamond drill holes for Quality Assurance and Quality
Control (QAQC) purposes including assay sample verification.
----------------------------------------------------------------------------------------------------
Sub-sampling . Wet drilling was implemented for all RC samples post 2014 to reduce risks
techniques and associated with fibrous mineral intersections. Prior to 2014 drilling
sample preparation alternated between wet or dry depending on the RC technique utilised.
. Historically, a small amount of RC samples were collected using a static
cone splitter (or a 5-tier riffle splitter historically) connected to a rig
mounted cyclone and field duplicates collected at the rate of 1 in 25
samples since the early 2000s. Sampling precision levels were considered
appropriate, although these were not documented for the small amount of
drilling prior to 2005.
. Diamond drill core was sampled as whole core over each sample interval with
core loss measured and documented.
13
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Criteria Commentary
------------------- --------------------------------------------------------------------------------
. All samples from dual-rotary or percussion (open hole) drilling were
considered low-quality and discarded from use in the resource estimate.
. Bulk sampling programs have been conducted across a range of WAIO deposits,
where the entire reject sample from the rig mounted splitter was collected
to assess representivity of the routine RC sample. RC samples were
confirmed to be representative of the bulk sample.
. Diamond core and RC samples were oven dried at 105(degree)C and then
weighed. The whole of each sample was then crushed so that at least 90%
passes 2.8mm and was then split using a riffle splitter or a linear
splitter so that approximately 2kg of the sample is retained. The retained
split (or entire sample if it weighs less than approximately 3kg) was then
pulverized in a ring pulverizer so that at least 95% of the split passes
160(Mu)m.
. Since 2014, hyper-spectral data has been collected for diamond core and RC
samples, from pulverized laboratory samples.
. Diamond core samples for geometallurgical studies were crushed and screened
to produce lump and fines components. These were prepared in the same
manner as the RC samples ahead of assay analysis. The coarse and fine
assays were recombined to produce a head grade assay using sample weight
averaging.
. WAIO's standard RC and diamond drilling sub-sample sizes were considered
appropriate for iron ore geochemistry in Pilbara based on the historical
performance of similar samples over a long period.
----------------------------------------------------------------------------------------------------
Quality of assay . Assays for Fe, SiO//2//, Al//2//O//3//, P, MnO, CaO, K//2//O, MgO, S and
data and laboratory TiO//2// were determined through industry standard XRF techniques since the
tests 1990's. Loss on ignition (LOI) was determined through industry standard
thermo-gravimetric analysis (TGA).
. For drilling in 2002 until 2006, laboratory internal standards, duplicates
after crushing and pulp repeats were in place as controls. Since 2006,
duplicate RC samples, standards and blank samples inserted by WAIO
employees were in place in addition to laboratory internal controls. Since
2007, Certified Reference Material (CRM) standards (owned by BHP and
prepared by Ore Research & Exploration Lab) were inserted.
. Assay data acquired between the 1990's to 2002 (~3%) has limited QAQC
controls. The data is considered to be of acceptable standard for use.
. Data quality of the geophysical wireline logging was monitored through
calibration and borehole resurveys. Calibration of the standard logging
tools, including the single density tool, was conducted fortnightly at a
calibration / repeatability borehole.
. A Downhole Assay Tool (DHAT) is used for independent assay QAQC
verification. The DHAT utilises Pulsed Fast and Thermal Neutron Analysis
(PFTNA) to measure elemental concentrations in a material. The tool
collects the data within a 30 cm radius from the drill hole and therefore
is considered a twin with the added benefit of minimized short scale
geological variation.
. The DHAT was calibrated by comparing the measured spectra against known
conventional assay samples. Analytical drift was monitored by the
validation of repeat logs over an extended period and instrumental
stability is maintained by the repeat logging of a calibration hole located
near Newman town. Only the major elements Fe, SiO//2// and Al//2//O//3//
are used for QAQC analysis.
. The overall QAQC results were considered acceptable relative to industry
standards in terms of precision and accuracy for iron deposit samples.
----------------------------------------------------------------------------------------------------
Verification of . Drill hole sample assays are cross verified against sample logging and
sampling and downhole geophysical surveys before geological modelling peer reviews by
assaying qualified personnel.
. The DHAT has been used in lieu of diamond twin drill holes since 2014. Twin
assay results confirm the accuracy of the primary assay data. Nine diamond
core twins completed prior to 2014 indicate no bias trends in pre-2007
drill data.
. Drill data is stored in the WAIO geoscience database, which has automated
validation, restricted user access, standardised procedures and tracking of
approved changes.
. Post-drilling geochemical and geophysical QAQC reports document validation
against standard parameters. No adjustment to assay data was required.
. Location of data points Drill hole collar surveys (all holes) and down hole
surveys (all holes unless collapsed) were selectively check repeated and
within acceptable tolerance. Drill collar location was also checked
compared to topographic wireframes. Down hole surveys were checked for
survey artifacts (from environmental magnetic interference) and confirmed
before use.
. The grid system used was the internal WAIO CPG94 and YAN94 local mine grid.
. The topographic surface is based on aerial photogrammetry, LIDAR and
supplementary ground-based surveys. The topographic surface has a 5m
resolution (+/-2.5m horizontal, +/-1m vertical).
----------------------------------------------------------------------------------------------------
Data spacing and . Most of the drilling has been completed to a final drill-out exploration
distribution grid spacing of 50mE by 50mN on the mineralised portions of the northern
and southern fold limbs. Wider spaced drilling occurs distal to the main
mineralisation zone.
. The drill hole spacing is sufficient to establish geological and grade
continuity for Mineral Resource estimation purposes and for the Mineral
Resource classification applied under the 2012 JORC code guidelines
14
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Criteria Commentary
------------------- --------------------------------------------------------------------------------
. No sample compositing to a bulk sample lot is completed prior to assay
submission.
----------------------------------------------------------------------------------------------------
Orientation of data . Drilling has been completed mostly vertically, unless targeting a specific
in relation to geological structure, and on an orthogonal grid pattern across
geological mineralisation strike to achieve representative sampling of the deposit.
structure
. The orientation of mineralisation relevant to drilling is not considered to
have introduced any material sampling bias.
----------------------------------------------------------------------------------------------------
Sample security . The sample chain of custody is managed by WAIO and is considered acceptable.
. Drill samples are collected, validated and submitted to assay laboratory by
WAIO field staff. Transport is by road using an established third-party
freight service.
. Reconciliation of sample submissions and results is completed at the
laboratory and again by WAIO prior to finalisation in the WAIO geoscience
database.
----------------------------------------------------------------------------------------------------
Audits or reviews . An internal sample techniques and data collection audit in 2019 confirmed
the suitability of the process and systems.
. An external drill hole database audit in 2020 confirmed the current
database processes and systems.
. Inter-lab analytical checks have been undertaken with no conflicting
results.
. Internal WAIO technical reviews have been completed. Sampling techniques
and data collection are considered appropriate for bedrock iron deposits.
----------------------------------------------------------------------------------------------------
15
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Mineral tenement . Ministers North project lies within Section 10 of the Mining Lease M266SA
and land tenure held pursuant to the Iron Ore (McCamey's Monster) Agreement Authorisation
status Act 1972 (WA) with BHP Iron Ore (Jimblebar) Pty Ltd as the sole tenement
holder. BHP's economic interest in the Ministers North deposit is however
85%, with the remaining held by its joint venture partners namely Itochu
Minerals and Energy of Australia Pty Ltd (8%) and Mitsui & Co. Iron Ore
Exploration & Mining Pty Ltd (7%).
. There are currently no known or anticipated land tenure impediments which
would prevent development of the resources on this tenure.
----------------------------------------------------------------------------------------------------
Exploration done by . Geological mapping and a very small amount of drilling was completed before
other parties 2000 by Goldsworthy Mining Limited before acquisition by BHP.
----------------------------------------------------------------------------------------------------
Geology . Bedrock mineralisation is supergene enriched banded iron formation style
typical of the Central Pilbara region (Hamersley Range). The Brockman Iron
Formation is the principal mineralised stratum at Ministers North. Minor
pockets of detrital iron mineralisation overlie or are adjacent bedrock
mineralisation.
. Regionally, the Ministers North deposit is a portion of the hinge of the
Wirriba Anticline. At deposit scale it is a gently dipping east-west doubly
plunging anticline with shallowly dipping limbs in a north-south direction.
. Approximately 80% of bedrock mineralisation is above the water table.
----------------------------------------------------------------------------------------------------
Drill hole . A total of 1,998 drill holes for a total of 164,179 m has been completed on
Information the deposit, a summary of which is provided in the table below for holes
utilised by the resource model estimate.
Program by Reverse Circulation Diamond Holes
Year # Holes Metres # Holes Metres
----------------------------------- -------- ------- ------
1995-2015 169 17,071 10 983
2016 510 43,160 14 1,261
2017-2018 476 39,425 29 2,066
2019 346 24,675 -
2020 381 28,473 -
2021 10 1,404 2 240
2022 24 2,715 -
2023 - 27 2,705
----------------------------------- -------- ------- ------
TOTAL 1,916 156,923 82 7,256
----------------------------------- -------- ------- ------
. Additionally, 34 hydrological holes (4,477 m) with no or poor-quality
assays were excluded from resource grade estimation.
----------------------------------------------------------------------------------------------------
Data aggregation . RC drilling with a 3 m sample length is the dominant sampling method with
methods these samples submitted to the assay laboratory and results used in
geological modelling and mineral resource estimation.
. No grade truncations were undertaken.
----------------------------------------------------------------------------------------------------
Relationship . Drilling programs used vertical and angled holes where required to
between intersect mineralisation as close to perpendicular as possible. Variable
mineralisation stratigraphic / mineralisation folding may still result in down-hole
widths and intercepts greater than true widths.
intercept lengths
. Stratigraphy is graphically modelled in section and three-dimensions from
drilling and available surface mapping. Mineralisation has been
preferentially constrained to enriched Dales Gorge and Joffre Members of
the Brockman Iron Formation to represent the true thickness after
accounting for stratigraphic, weathering and structural controls.
16
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Diagrams Figure 1: Location Map
Figure 2: Geological Map showing mineralisation footprint and drill holes
Figure 3: A typical geological cross-section (C-C' looking west) showing
stratigraphy, mineralisation and drill holes
A version of Appendix 3 with Figures 1,2 and 3 has been submitted to the FCA National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
17
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Balanced reporting . Not applicable as no Exploration Result is being reported for this deposit.
----------------------------------------------------------------------------------------------------
Other substantive . Regional-scale mapping and detailed geological mapping from 1:20,000 down
exploration data to 1:2,500 scale has been carried out at Ministers North.
. Airborne radiometric, magnetic and gravity surveys were undertaken by WAIO
in mid-1990s / early 2000s over large parts of the Pilbara, including the
Ministers North deposit.
. Diamond core drilling for metallurgical and geotechnical test work
requirements of the study phases has been carried out as part of
exploration drilling campaigns.
. Drilling for hydrological test work and monitoring has been completed.
----------------------------------------------------------------------------------------------------
Further work . Tactical drilling and associated mine control model estimates will be
undertaken to infill areas of lower confidence prior to mining.
----------------------------------------------------------------------------------------------------
18
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Database integrity . All drill data is captured electronically, verified and stored securely in
the WAIO master geoscience database. The database has extensive automated
and user-controlled validation steps to ensure data integrity and robust
data storage.
. Validation checks ensure accurate data transfer between the master database
and estimation software packages.
. Data undergoes a quality review prior to resource model use and is also
validated visually by comparison to geological model domains.
----------------------------------------------------------------------------------------------------
Site visits . The Competent Person for Mineral Resource reporting visited the site in
August 2024 to verify exploration drilling and associated technical
information and to develop a detailed understanding of the geology of the
deposit. They also visited a similar Brockman deposit in March 2026 to gain
insight into exploration drilling and sampling activities there.
. There were no findings of concern from either visit.
----------------------------------------------------------------------------------------------------
Geological . Based on the available data quality and quantity as well as the
interpretation mineralisation style and continuity the Competent Person has confidence in
the geological interpretation.
. Confidence levels of the geological interpretations were captured for
geotechnical use.
. Geological interpretation was completed by WAIO geologists using drilling
information, surface mapping data and geophysical imaging data.
. Geological interpretations of stratigraphy, mineralisation and weathering
produced a series of three-dimensional wireframes then used to construct
the geological model and define the estimation domains.
. Mineralisation is continuous with shape and grades influenced by
stratigraphy, structure and weathering. The drill hole spacing is
sufficient to capture geological characteristics, grades and density for
the purpose of Mineral Resource reporting.
----------------------------------------------------------------------------------------------------
Dimensions . Ministers North deposit strikes approximately WNW-ESE with an along strike
extent of approximately 5.8 km semi-continuous and an average plan width of
0.8 km, occurring in two parallel fold limbs (northern and southern). The
mineralisation extends from surface to an average depth of 50 m and up to
300 m in some places.
----------------------------------------------------------------------------------------------------
Estimation and . Eleven grade attributes (five major - Fe, P, SiO//2//, Al//2//O//3//, LOI and six
modelling minor - CaO, K//2//O, MgO, Mn, S, TiO//2//) and density were estimated using
techniques Isatis Neo software.
. Estimation domains are based on combinations of stratigraphy, weathering,
mineralisation and structural or unfolded domains following exploratory
data review.
. Major bedrock and detrital mineralised domains were estimated using
Ordinary Kriging (OK) with a post-processing step of Localised Uniform
Conditioning (LUC) for the five major grade attributes (Fe, P, SiO//2//,
Al//2//O//3// and LOI) plus density (OK), and inverse distance weighting to the
power of two (IDW2) for the six minors (CaO, MgO, TiO//2//, K//2//O, S, and
Mn). Waste and small volume mineralised domains were estimated using IDW2
(11 grade attributes plus density). The Competent Person has deemed these
methods to be appropriate for the purposes of estimating and publicly
reporting Mineral Resources.
. Estimation domains were restrained to a local volume of influence
reflective of drill data support using estimation search pass distance,
minimum and maximum selected composites and maximum composites per
drillhole. No specific treatment of extreme outlier grades was required.
. Estimation cell size and search parameters have been developed with
consideration to the drill spacing, estimation method and likely mining
dimensions. Panel estimate size (OK and LUC) was 50mE x 50mN x 4mRL (while
final regularised selective mining unit (SMU) model output (LUC) was 10mE x
10mN x 4mRL).
. Estimations were restricted by an initial search radius which captured the
variability of composites along and across strike. A three-pass expanding
search ellipse was applied to complete domain estimates.
. The estimate was validated against input data using industry standard
methods including visual and statistical evaluation using mean grade
comparisons, performance parameters, swath plots, and stoichiometric
reconstitution of analyte estimate results. This included comparison to
previous resource estimate. The estimate was shown to be a reasonable
reflection of the underlying geological domains and associated sample data.
----------------------------------------------------------------------------------------------------
Moisture . Mineral Resource tonnages are estimated and reported on a wet basis
inclusive of natural moisture.
. Density measures used in the estimate are inclusive of natural moisture
with density measures made via down-hole wireline density (from geophysical
gamma-gamma logging).
----------------------------------------------------------------------------------------------------
Cut-off parameters . The cut-off grade for the Ministers North Brockman Mineral Resource is
greater than or equal to 54% Fe.
. Ministers North will be developed as a direct shipping ore operations like
other mines of WAIO in the Pilbara. To meet product specifications of
customers, mineralisation above these adopted cut-off grades have a
reasonable prospect of economic extraction based on experience from WAIO's
other similar mines.
----------------------------------------------------------------------------------------------------
19
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Mining factors or . Based on the studies already completed, this deposit will be developed as
assumptions an open pit mine like other WAIO mines in the region.
----------------------------------------------------------------------------------------------------
Metallurgical . Ministers North is planned for development as a direct shipping ore
factors or operation like other operating mines of WAIO in the Pilbara. The ore will
assumptions only be crushed and screened to produce a saleable iron ore product.
----------------------------------------------------------------------------------------------------
Environmental . WAIO has a rigorous approval process to ensure compliance with State and
factors or Federal Government regulations.
assumptions
. Restricted access Heritage / Environmental sites occur on the deposit and
have been flagged into the model using presumed mining stand-off slope
angle of 30 degrees.
. A pre-mining water table surface delineates additional restricted access
areas below this surface.
. The resource model has been coded for the potential of Acid and
Metalliferous Mine Drainage (AMD).
. Potentially fibrous stratigraphy has been flagged within the resource
model.
----------------------------------------------------------------------------------------------------
Bulk density . A dual receiver gamma-gamma density tool is used to measure the electron
density of the formation surrounding the drill hole, which is then
converted to an in-situ bulk density measurement. Since the measurement is
adversely affected by severe caving in the hole, the caliper data is used
to identify caved zones and exclude density data as required.
. This method of bulk density measurement is inclusive of natural moisture.
The data is collected at 10cm intervals on the up-hole traverse on all
available RC and diamond holes over the deposit.
. Density data is verified by QAQC logging and resurveys of geophysical
surveys with a minimum of 5% of the total drilled meters on a project
basis.
. All data is validated before being accepted for estimation use. Density has
been estimated using the wireline data for each estimation domain (in a
similar fashion to grade estimates).
----------------------------------------------------------------------------------------------------
Classification . The Mineral Resource was classified into Measured, Indicated and Inferred
categories in accordance with the JORC Code definitions. Important factors
influencing the classification included but not limited to:
- data density / spacing in three dimensions;
- geological continuity and/or complexity;
- location, assay, and geophysical data quality,
- grade variability;
- estimation quality; and
- the possibility of economic extraction.
. In the opinion of the Competent Person, the Mineral Resource estimate and
its classification are appropriate for the style of mineralisation and
incorporate all relevant factors from the deposit.
----------------------------------------------------------------------------------------------------
Audits or reviews. . The process of Mineral Resource estimation has been subject to internal
peer review at various stages and documented. The Mineral Resource estimate
has been prepared or supervised by the Competent Person.
. WAIO's resource modelling process has also been subject to periodic review
by BHP's Resource Centre of Excellence and no material issues regarding the
workflow with the procedures and process have been identified.
----------------------------------------------------------------------------------------------------
Discussion of . WAIO operates multiple iron ore mines of Brockman ore type similar to
relative accuracy/ Ministers North in the Pilbara region. The Mineral Resource data collection
confidence and estimation techniques used for Ministers North deposit are consistent
with those applied at those operating mines.
. Reconciliation of actual production for the operating mines of WAIO, on an
annual basis indicates reliability and high confidence in WAIO's Mineral
Resource estimates.
. The relative accuracy and confidence of the resource estimates are deemed
appropriate for their intended purpose of global Mineral Resource reporting
and long-term mine planning and public reporting purposes.
----------------------------------------------------------------------------------------------------
20
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in section 1, and where relevant in section 2 and 3, also apply
to this section.)
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Mineral Resource . Modifying factors generated for the Ministers North Ore Reserves estimate
estimate for were based on the most recent Mineral Resources estimate that was completed
conversion to Ore in February 2024.
Reserves
. Along with this Mineral Resource estimate, the latest update of pit designs
was used for estimating and reporting of Ore Reserves.
. The reported Ore Reserves for Ministers North deposit are of Brockman ore
type as they are hosted in the Brockman Iron formation.
. The Mineral Resources are reported inclusive of Ore Reserves.
----------------------------------------------------------------------------------------------------
Site visits . The Competent Person for estimation and reporting of Ore . Reserves has not
visited this particular deposit but has had several visits across other
WAIO Brockman deposits around and in the vicinity of Ministers North during
their nine years of employment with WAIO.
. This Ore Reserves estimate is based on the outcomes of technical studies,
mine designs and mine plans prepared by the study discipline engineers,
mine design engineer and mine planning engineer, all of whom have
undertaken multiple site visits, most recently in February 2026. The
Competent Person has reviewed and relied upon their inputs relating to site
conditions, access, topography, geotechnical context and practical mining
considerations.
. In addition, the Competent Person has supervised the application of the
modifying factors and reviewed the relevant study reports and the
appropriateness of those factors. The Competent Person considers the
information and work relied upon to be of sufficient quality and
reliability to support the estimation and reporting of Ore Reserves.
----------------------------------------------------------------------------------------------------
Study Status . A Definition Phase Study (BHP equivalent of a feasibility study, as defined
in the JORC Code) was completed during 2026 to enable Mineral Resources to
be converted to Ore Reserves.
----------------------------------------------------------------------------------------------------
Cut-off parameters . Variable cut-off grade has been used for Ministers North Ore Reserves
estimation, in alignment with several existing WAIO operations in the
Pilbara.
. Use of variable cut-off grade enables varying the head grade across the
life of the deposit and achieve the desired product quality, and suitable
for the characteristics of the ore body. The resulting average cut-off
grade is approximately 58% Fe over the mine life.
----------------------------------------------------------------------------------------------------
Mining factors or . The Mineral Resources model for the Ministers North deposit was converted
assumptions to a mining model (WAIO equivalent of a Reserve Model) by regularising the
blocks to a block size of 10m E x 10m N x 4m RL which was determined to be
the selective mining unit (SMU) following an analysis of a range of SMUs.
The selected size of the SMU reflects the mining method, the mining
equipment and integrity of the underlying resource model.
. A conventional open-cut mining method (drill & blast, load & haul) using
truck and shovel was selected, based on WAIO's experience, historical
performance and reconciliation at similar operations across Pilbara over
the past 50 years.
. Product tonnages and grades have been modelled by applying
geo-metallurgical models to the mining model.
. Geotechnical studies were informed by assessments of 58 drillholes
specifically drilled between 2012 and 2023 for geotechnical purposes on the
surrounding host rock. Assessment of additional holes occurred in parallel
with exploration drilling. Geotechnical parameters derived from these
studies have been applied. The resultant inter-ramp slope angles (IRA) vary
between 20(degree) and 48(degree) depending on the local rock mass and
structural geological conditions. The geotechnical domain parameters guide
the mine design to achieve the recommended IRA using a combination of
single/double batter height, berm width and batter slope angle.
. WAIO's in-house software, BlasorFlow, which is based on the Lerch-Grossman
(LG) algorithm, was used to undertake pit optimisation. The LG algorithm is
industry standard and the pit optimisation outputs from BlasorFlow are
similar to other industry standard software. Optimised pit limits are
determined utilising the mining model together with cost, revenue and
geotechnical inputs. The resultant pit shells were used to develop detailed
pit designs with due consideration of geotechnical, geometric and access
constraints including minimum mining width required for the mining
equipment. The mine design parameters are comparable to other WAIO
operations and suitable for type of mining equipment. These pit designs
were used as the basis for mine plan and production schedules.
. Ore loss (mining recovery) and dilution are applied by regularising the
Mineral Resources model to the SMU size. The mining recovery factor after
application of ore loss and dilution for Ministers North is approximately
95%.
. No Inferred Mineral Resources were used for the economic cashflow analysis
that underpins the Ore Reserves. Inferred Mineral Resources are assigned
costs only, with no revenue attributed.
. The Mining fleet including drills, excavators, haul trucks will primarily
be sourced from new procurement and supported from available fleet within
the existing WAIO operations. Other mining activities such as ancillary
mining equipment, mine services, workshop etc have been identified and will
be sourced per the Definition Phase Study (DPS) mine plan requirements.
----------------------------------------------------------------------------------------------------
21
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Metallurgical . Geometallurgical models have been developed after adequate test work using
factors or appropriate PQ diamond core drilled from across the deposit and applied
assumptions within the mining models for ore tonnage and grades. Modelling confirmed
Ministers North has mineralogy typical of Brockman ore type.
. Ministers North will produce direct shipping ore Fines product, using
standard dry crushing and screening.
. Ore from the Ministers North deposit will be processed through the existing
WAIO Yandi mine processing plant, with suitable modifications specific for
the processing of Brockman ores for Iron Ore Fines product.
----------------------------------------------------------------------------------------------------
Environmental . Environmental studies have been undertaken to support the
referral of the Ministers North Derived Proposal Request under Ministerial
Statement 1105 (Part IV of the Environmental Protection Act 1986 (EP Act)).
. Several studies have been undertaken and completed during the Feasibility
Study including:
- Air Quality Modelling
- Surface Water Modelling
- Terrestrial Fauna Surveys (including targeted surveys for Matters of
National Environmental Significance and short-range endemic fauna
surveys)
- Flora and Vegetation Surveys
- Subterranean Fauna Surveys
. At this stage, the Ministers North mine plan does not include the mining of
Mineral Resources below the water table. Any consideration of mining below
the water table in future would require a comprehensive impact assessment on nearby environmental receptors, and
appropriate regulatory approvals.
. Potential sources of AMD have been sampled in the deposit. The Ministers
North deposit has a very low to low AMD risk based on the assessment of
samples and rock characterisation from within the designed pit locations.
This risk is adequately controlled by pit and waste dump designs and
sequencing.
. WAIO has prepared a Project Management Plan that sets out how the
construction and operations of the Ministers North project will occur and
be managed to avoid, minimise or mitigate their effect on aboriginal,
cultural, heritage and social environmental values.
. A Regulatory Mine Closure Plan (MCP) has been developed for Ministers North
which documents the closure strategies for the project and incorporates the
closure and rehabilitation requirements. This MCP has been updated in
accordance with the Western Australia Department of Mines, Petroleum and
Exploration (DMPE), Guideline for Preparing Mine Closure Plans.
----------------------------------------------------------------------------------------------------
Infrastructure . Permanent access to site is via a new haul road (including a rail overpass)
linking Ministers North to the existing BHP Yandi mine.
. Supporting infrastructure to be constructed at Ministers North includes:
- Mining administration and crew facilities
- Mining fleet maintenance and refuelling facilities
. Power will be supplied via a new 33kv powerline connecting Ministers North
to the existing BHP Yandi operations. Existing powerline infrastructure
(BHP and third-party) will be relocated as required to support the mining
operations.
. Water will be supplied from existing BHP operations.
. Existing camp facilities at the BHP Yandi mine site will provide
accommodation for the Ministers North workforce
. Processing of Ministers North ore requires installation of a new crushing
circuit at the BHP Yandi mine specifically for Brockman Ore.
. Existing infrastructure at BHP Yandi mine will be utilised for the
screening and railing of Ministers North Ore.
. Ore will be railed to BHPs existing port facilities at Port Hedland. The
existing port and rail networks have sufficient capacity to accommodate
Ministers North ore.
----------------------------------------------------------------------------------------------------
Costs . Operating costs were derived from the internally approved WAIO two-year
budget. Activity-based costs were developed using first-principles and
validated through benchmarking against comparable WAIO operations.
. The capital costs are based on the DPS utilising experience from the
construction of similar WAIO projects in the Pilbara.
. Exchange rates were forecast by analysing and forecasting macro-economic
trends in the Australian and world economy.
. Transportation costs were based on existing operating experience at similar
WAIO operations in the Pilbara.
. Allowances have been made for royalties to the Western Australian
government and other private stakeholders. These are commercially sensitive
and not disclosed.
. Sustaining capital costs estimates are based on the major equipment
rebuild, replacement schedule and other capital required to sustain the
production level.
----------------------------------------------------------------------------------------------------
22
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Criteria Commentary
------------------- --------------------------------------------------------------------------------
Revenue factors . BHP uses a standardised and common process for deriving commodity prices
forecast for all its assets, including iron ore. This involves generating
long-term price curves based on industry capacity analysis, global
commodity consumption and economic growth trends.
. WAIO uses the BHP group approved commodity price curves over the life of
the project. This process of generating the commodity price curves is
commercially sensitive and is not disclosed.
----------------------------------------------------------------------------------------------------
Market assessment . The supply and demand for iron ore is affected by a wide range of factors
including changes in the global iron and steel consumption due to economic
development and other circumstances. The demand for Australian iron ore by
iron and steel producers mainly based in China, Japan and South Korea has
been very solid over the past two decades and is forecast to continue in
the future underpinned by steady growth in South-east Asia and India.
. WAIO aims to deliver products that are aligned with customer requirements
and optimises the utilisation of its Mineral Resources and Ore Reserves,
while remaining competitive in the market.
. It is planned that Ministers North will produce fine only product.
----------------------------------------------------------------------------------------------------
Economic . BHP has internal processes to generate economic inputs required for
economic analysis including foreign exchange rates, discount rates, carbon
pricing, and inflation rates. These processes are commercially sensitive
and are not disclosed.
. Economic analysis and sensitivity testing of the Ministers North project
was completed in the DPS, which demonstrated a positive and sufficient net
present value for the project as per BHP's investment criteria. Commodity
price is the primary sensitivity, and the project remains economically
viable across a range of price assumptions (low to high).
----------------------------------------------------------------------------------------------------
Social . BHP has a suite of policies and procedures in place that ensure appropriate
consideration and management of any potential community or human rights
impacts of its operations, capital projects and investment decisions (both
positive and negative) in line with public commitments set out in BHP's
Human Rights Policy Statement and Indigenous Peoples Policy Statement.
. There were no Human Rights risks identified for the Project.
. BHP and the Banjima People, the Traditional Owners and Native Title holders
of the area under the Native Title Act (1993), maintain a positive and
structured engagement focused on ongoing collaboration that delivers mutual
benefits and supports localised agreement-making.
. Banjima and BHP have entered into a Comprehensive Agreement and an
Indigenous Land Use Agreement (ILUA) that includes cultural, social, and
economic outcomes for both parties and confirms Banjima's ongoing support
for BHP operations on Banjima Country.
. Free, Prior, and Informed Consent (FPIC) for the Ministers North Project
was obtained at the Heritage Advisory Council (HAC) meeting in May 2025.
. The Ministers North Development Plan has been endorsed by the Banjima HAC
in May 2025. This approval covers the Heritage Exclusion Zones, sites
planned to be impacted, agreed stand-off distances from locations of
Aboriginal Cultural Heritage that are of the utmost significance and
importance to Banjima.
----------------------------------------------------------------------------------------------------
Other . Project risks were managed in accordance with the BHP Risk Management
framework.
. Appropriate risk assessments have been undertaken, and no material
naturally occurring risks have been identified.
----------------------------------------------------------------------------------------------------
Classification . Proved Ore Reserves are derived from the Measured Mineral Resources and
Probable Ore Reserves are derived from the Indicated Mineral Resources. No
Ore Reserves are derived from the Inferred Mineral Resources. This
classification reflects a high level of confidence in the modifying
factors, supported by demonstrated reconciliation performance from
comparable WAIO operations.
. No Probable Ore Reserves were derived from the Measured Mineral Resources.
. The Ore Reserves estimate and classification appropriately reflect the
Competent Person's views of the deposit and the outcome of technical and
economic studies.
----------------------------------------------------------------------------------------------------
Audits or reviews . An external independent review of the Ministers North Ore Reserves
estimation was completed by Snowden Optiro in May 2026. There were no
material issues identified with the Ore Reserves estimation process and no
actions recommended from this review.
----------------------------------------------------------------------------------------------------
Discussion on . WAIO currently mines multiple orebodies with characteristics similar to the
relative accuracy / Ministers North deposit. The Ore Reserves estimation techniques utilised
confidence for Ministers North are consistent with those applied at comparable
existing WAIO operations.
. The relative accuracy and confidence of the modifying factors are supported
by detailed study inputs, historical operating experience at WAIO and
validation of actual performance against prior estimates, including
operating cost performance. These are deemed appropriate for their intended
purpose of global Ore Reserves reporting and short to medium-term
production planning.
----------------------------------------------------------------------------------------------------
23
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Criteria Commentary
------------------- --------------------------------------------------------------------------------
. Reconciliation of actual production with Ore Reserves estimates for
operating WAIO mines demonstrates high level of accuracy, on an annual
basis. This indicates reliability and high confidence in WAIO's Ore
Reserves estimation techniques.
. The accuracy and confidence of the modifying factors for the Ore Reserves
estimate are consistent with the current level of study (Feasibility
Study).
24
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Variance analysis relates to the relative performance of BHP and/or its
operations during the 12 months ended 30 June 2026 compared with the 12 months
ended 30 June 2025, 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. FY26
and medium-term unit cost guidance ranges are based on exchange rates of AUD/USD
0.65 and USD/CLP 940, and for Copper SA by-product prices of US$2,900/oz for
gold, and US$70/lb for uranium. 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 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); joint
venture (JV); kilograms per tonne (kg/t); kilometre (km); million ounces per
annum (Mozpa); metres (m), million pounds (Mlb); Memorandum of Understanding
(MOU); 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 Adam Sanderson
Mobile: +44 7887 468 926 Mobile: +44 7884 735 515
North America Americas
Megan Hjulfors Li Hua
Mobile: +1 403 605 2314 Mobile: +1 647 828 9830
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
------------
/i/ Calculated based on a long-term consensus iron ore price of US$73/dmt.
25
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2026
Date: 16-07-2026 07:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
