Investor Presentation • Aug 19, 2025
Investor Presentation
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The information in this presentation is current as at 19 August 2025. It is in summary form and is not necessarily complete. It should be read together with the BHP Results for the year ended 30 June 2025.
This presentation contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements other than statements of historical or present facts, including: statements regarding: trends in commodity prices and currency exchange rates; demand for commodities; global market conditions; reserves and resources estimates; development and production forecasts; guidance; expectations, plans, strategies and objectives of management; climate scenarios; approval of projects and consummation of transactions; closure, divestment, acquisition or integration of certain assets, ventures, operations or facilities (including associated costs or benefits); anticipated production or construction commencement dates; capital costs and scheduling; operating costs, and availability of materials and skilled employees; anticipated productive lives of projects, mines and facilities; the availability, implementation and adoption of new technologies, including artificial intelligence; provisions and contingent liabilities; and tax, legal and other regulatory developments.
Forward-looking statements may be identified by the use of terminology, including, but not limited to, 'aim', 'ambition', 'anticipate', 'aspiration', 'believe', 'commit', 'continue', 'could', 'desire', 'ensure', 'estimate', 'expect', 'forecast', 'goal', 'guidance', 'intend', 'likely', 'may', 'milestone', 'must', 'need', 'objective', 'outlook', 'pathways', 'plan', 'project', 'schedule', 'seek', 'should', 'strategy', 'target', 'trend', 'will', 'would' or similar words. These statements discuss future expectations or performance, or provide other forward-looking information.
Forward-looking statements are based on management's expectations and reflect judgements, assumptions, estimates and other information available as at the date of this presentation.
These statements do not represent guarantees or predictions of future financial or operational 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 presentation. BHP cautions against reliance on any forward-looking statements.
For example, our future revenues from our assets, projects or mines described in this presentation will be based, in part, on the market price of the commodities produced, which may vary significantly from current levels or those reflected in our reserves and resources estimates. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing assets.
Other factors that may affect our future operations and performance, including the actual construction or production commencement dates, revenues, costs or production output and anticipated lives of assets, mines or facilities include our ability to profitably produce and deliver the products extracted to applicable markets; the development and use of new technologies and related risks; the impact of economic and geopolitical factors, including foreign currency exchange rates on the market prices of the commodities we produce and competition in the markets in which we operate; activities of government authorities in or impacting the countries where we sell our products and in the countries where we are exploring or developing projects, facilities or mines, including increases in taxes and royalties or implementation or expansion of trade or export restrictions; changes in environmental and other regulations; political or geopolitical uncertainty and conflicts; labour unrest; weather, climate variability or other manifestations of climate change; and other factors identified in the risk factors discussed in section 8.1 of the Operating and Financial Review (OFR) in the BHP Annual Report 2025 and BHP's filings with the U.S. Securities and Exchange Commission (the 'SEC') (including in Annual Reports on Form 20-F) which are available on the SEC's website at www.sec.gov .
Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.
Due to the inherent uncertainty and limitations in measuring greenhouse gas (GHG) emissions and operational energy consumption under the calculation methodologies used in the preparation of such data, all GHG emissions and operational energy consumption data or references to GHG emissions and operational energy consumption volumes (including ratios or percentages) in this presentation are estimates. There may also be differences in the manner that third parties calculate or report GHG emissions or operational energy consumption data compared to BHP, which means third-party data may not be comparable to our data. For information on how we calculate our GHG emissions, refer to the BHP GHG Emissions Calculation Methodology 2025, available at bhp.com. Numbers presented may not add up precisely to the totals provided due to rounding. All footnote content (except in the Annexures) is contained on slide 27 and 28.
Unless expressly stated otherwise: variance analysis relates to the relative performance of BHP and/or its operations during the year ended 30 June 2025 compared with the year ended 30 June 2024; references to Underlying EBITDA margin excludes third-party products; data from subsidiaries are shown on a 100% basis and data from equity accounted investments and other operations is presented, with the exception of net operating assets, reflecting BHP's share; medium-term refers to a five-year horizon, unless otherwise noted. Throughout this presentation, production volumes and financials for the operations from BHP's acquisition of OZ Minerals Limited (OZL) during FY23 are for the period of 1 May to 30 June 2023, whilst the acquisition completion date was 2 May 2023. Data in relation to the Daunia and Blackwater mines is shown for the period up to completion on 2 April 2024, unless expressly stated otherwise. Unless expressly stated otherwise, for information and data in this presentation related to BHP's social value or sustainability position or performance: former OZL operations that form part of BHP's Copper South Australia asset and the West Musgrave Project are included for FY24 and FY25 but excluded for prior financial years; former OZL Brazil assets are excluded; and all such information and data excludes BHP's interest in non-operated assets. Some of the land and tenements related to the Daunia and Blackwater mines are pending transfer following completion, however given that the assets are no longer under BMA's control or operated for BMA's benefit (except for periods prior to completion or where specifically stated) data related to the land and tenements has been excluded from this presentation.
We use various Non-IFRS information to reflect our underlying performance. For further information, the reconciliation of non-IFRS financial information to our statutory measures, reasons for usefulness and calculation methodology, please refer to 'Non-IFRS financial information' in the BHP Annual Report 2025.
Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell BHP securities, in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP.
The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP.
BHP does not provide any financial or investment 'advice' as that term is defined in the South African Financial Advisory and Intermediary Services Act, 37 of 2002, and we strongly recommend that you seek professional advice.
In this presentation, the terms 'BHP', the 'Company, the 'Group', 'BHP Group', 'our business', 'organisation', 'we', 'us', 'our' and ourselves' refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28 'Subsidiaries' of the Financial Statements in the BHP Annual Report 2025 for a list of our significant subsidiaries. Those terms do not include non-operated assets. Our non-operated assets include Antamina, Samarco and Vicuña. This presentation covers BHP's functions and assets (including those under exploration, projects in development or execution phases, sites and operations that are closed or in the closure phase) that have been wholly owned and operated by BHP or that have been owned as a joint venture1 operated by BHP (referred to in this presentation as 'operated assets' or 'operations') from 1 July 2024 to 30 June 2025 unless otherwise stated. BHP also holds interests in assets that are owned as a joint venture but not operated by BHP (referred to in this presentation as 'non-operated joint ventures' or 'non-operated assets'). Notwithstanding that this presentation 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.
Mike Henry Chief Executive Officer
Western Australia Iron Ore
Highly attractive commodities, growing value through operational excellence, disciplined capital allocation and distinctive social value

Note: WAIO – Western Australia Iron Ore; BMA – BHP Mitsubishi Alliance; NOCF – net operating cash flow; CAGR – compound annual growth rate.
Financial results
19 August 2025 4

A year of continued operational excellence, record production and solid financial results
Achieved FY25 production guidance; records in iron ore and copper
2 Mt7 of copper production in FY25; 28% growth delivered across FY22-257
Another year of sector-leading margins1 , strong cash flow and returns
Leveraging our strong balance sheet to fund attractive and high-quality organic growth
Resequencing of growth project pipeline to optimise capital allocation
Estimated Jansen Stage 1 project capex and schedule updates8 ; Stage 2 extended9


Focused on enhancing safety culture and leadership, and using technology to keep our people safe

Vandita Pant Chief Financial Officer


Strong operational performance partially offsets weaker commodity prices
(US\$ bn)

Production: 263 Mt EBITDA margin: 63%

Production: 2,017 kt EBITDA margin: 59%

Gold: 551 koz | Silver: 14,773 koz | Uranium: 3.2 kt Copper SA: 5th largest gold producer on ASX, top 10 global uranium producer
BMA production: 18 Mt BMA EBITDA margin: 17%


Energy coal18
NSWEC production: 15 Mt NSWEC EBITDA margin: 10%


Operational excellence is consistently delivering as we leverage the BHP Operating System (BOS)

Record iron ore production, with WAIO producing 290 Mt (100%), ✓ overcoming cyclone and storm impacts in Q3 FY25

Escondida achieved its highest production in 17 years and ✓ Spence had record production

Copper SA delivered H2 production record offsetting ✓ impacts of the Q2 weather-related power outage

BMA production was up 5% (excluding Blackwater and ✓ Daunia) and raw coal inventory was up 12%
FY25 unit costs ~4.7%20 lower across our major assets; Escondida delivered an ~18% reduction and WAIO remains the lowest cost major iron ore business ✓ 19
Note: WAIO – Western Australia Iron Ore; Copper SA – Copper South Australia; BMA – BHP Mitsubishi Alliance; NSWEC – New South Wales Energy Coal. Arrow indicates movement relative to FY24.
Financial results
Maximising value though our well-established, disciplined approach to capital allocation and targeted capital optimisation initiatives

19 August 2025 11 Financial results
Forecast group capex reduces by ~US\$1 bn per annum in medium term with continued flexibility to adjust spend for value
(US\$ bn, nominal)


Includes one-off items such as fleet replacements (WAIO and Escondida), Western Ridge Crusher and Ministers North replacement mines, and Escondida Truck Shop
Note: Medium term refers to FY28 – FY30 average.
Baseline sustaining includes 'maintenance and decarbonisation capital' for the purposes of the Capital Allocation Framework. In FY26, this is expected to be ~US\$1.6 bn (FY25 US\$1.8 bn). Capital and exploration expenditure guidance is subject to movements in exchange rates.
Financial results
A stronger and more resilient business has improved debt servicing capacity and provides investment options

Note: LTM – last 12 months EBITDA to FY25.
19 August 2025 13
Mike Henry Chief Executive Officer
Chilean copper
Long-term value creation starts with focusing on commodities with resilient demand and steep cost curves

19 August 2025 15 Financial results
A unique portfolio of world class, tier 1 assets with distinct competitive advantages in cost, product quality and scale
| WAIO | 5-year average ROCE of ~65% and strong FCF | FY25 C1 unit cost: US\$17.29/t19 |
|
|---|---|---|---|
| BMA | One of the largest producers of Premium Hard Coking Coal in the seaborne market22 |
\$ | Products priced based on PLV HCC indices: ~90% |
| Chilean copper | Escondida one of the lowest cost major copper producers in Chile23 | Escondida FY25 unit cost: US\$1.19/lb24 |
|
| Copper South Australia | Globally significant copper resource with by-products | >50 year mine life25 Pathway for growth to >500 ktpa26 |
|
| Jansen | Set to be low cost with strong FCF conversion once ramped up | FOB unit cost once ramped up: US\$105-120/t27 |
|
| Non-Operated Joint Venture copper |
BHP has interests in the following non-operated joint ventures: Antamina a top 10 producing copper asset with low costs |
Vicuña resource: 38 Mt28 copper contained |
|
| Vicuña FdS one of the largest copper deposit discoveries in last 30 years Resolution a large, high-grade resource in the United States |
Note: PLV HCC – Premium Low Volatility Hard Coking Coal; FOB – Free on Board. FdS – Filo del Sol.
Financial results
Our unique track record of continuous operational excellence has generated stable and consistent financial performance

Note: Iron ore competitors include Rio Tinto, Vale and Fortescue Metals. Copper competitors include Rio Tinto, Glencore, Teck Resources and Anglo American. Source: Wood Mackenzie (Q1 2025).

Note: Competitors include Anglo American, Glencore (ex-marketing), Rio Tinto and Vale. Source: Company Reports, Bloomberg.
… has supported industry-leading margins1
through the cycle
Optimises capital deployment while maintaining an aspirational pathway towards ~2 Mtpa of attributable copper production29

Note: WAIO – Western Australia Iron Ore; CD – car dumper; SRE – Smelter and Refinery Expansion.
19 August 2025 18

A high-quality asset in an attractive commodity


| Capex (US\$ bn) |
IRR (%) |
First ore | Payback period | |
|---|---|---|---|---|
| ~0.9 bn | > 30% | Q4 FY28 | < 3 years |
Note: FCF competitors include Vale, Rio Tinto and Fortescue. Source: Company Reports, BHP analysis.
19 August 2025 20 Financial results


| Capex (US\$ bn) |
Capital intensity35 (US\$k/t Cu Eq.) |
IRR36 (%) |
FID | First Cu | Total production37 (ktpa, Cu) |
Permitting |
|---|---|---|---|---|---|---|
| 4.4 – 5.9 |
15 – 21 |
13 – 16 |
CY27-28 | CY31-32 | 220 – 260 |
DIA Submit late FY26 |

FY26 guidance range (Mt)

Medium term guidance range (Mt)
Illustrative timeline FY26 FY27 FY28 FY29 FY30 FY31+ Execution Prominent Hill expansion Olympic Dam Southern Mining Area decline Carrapateena Block Cave SRE Phase One Smelter Campaign Maintenance 2027 Smelter and refinery expansion Olympic Dam Southern Mining Area expansion Studies Potential FID Execution Production MHS FID (CY26) Surface FID (CY27)


Staged approach to support earlier cash generation of a potential pathway to being a future top 10 copper asset
| Q1 CY26 | |||||
|---|---|---|---|---|---|
| Integrated technical report | |||||
| Potential development stages | |||||
| Josemaria | • Most advanced project in district • Large-scale open pit to provide infrastructure for district |
||||
| Filo oxides | • Oxide mineralisation easier to access • Helps with pre-stripping for sulphides • Envisions multi-stage leach circuit |
||||
| Infrastructure | • Buildout of concentrate slurry pipeline and desalination plant • Economic benefits to both Argentina and Chile |
||||
| Filo sulphides | • Envisions an expanded processing plant • Final phase in creating a large-scale copper operation |

Our attractive growth options are expected to generate significant value

Strong baseline production over the medium term42…

… beyond this, attractive potential growth in copper and potash
~8.5 Mt of potash production from Jansen5 Potash Copper Projects in execution and under study that could deliver ~2 Mtpa of attributable production4
19 August 2025 24 Financial results
| Winning strategy | The most resilient long-term portfolio of assets, in highly attractive commodities, and growing value through being excellent at operations, with disciplined capital allocation and distinctive social value |
||
|---|---|---|---|
| Operational excellence | Best track record of delivering production guidance amongst competitors |
World's lowest-cost major iron ore producer19 |
|
| Project execution | Disciplined execution of projects, with focus on predictability and efficiency |
Delivery of South Flank mine, Port Debottlenecking Project 1 and Escondida desalination projects |
|
| Long-term growth | Largest copper producer43 having delivered significant growth in recent years |
Attractive organic pipeline in copper and potash set to deliver long-term growth |
|
| Disciplined capital allocation | Highest margin1 producer delivering consistent returns and growth |
Project optimisation and sequencing across the portfolio |


Appendix
15
Unchanged focus on delivery for operational and value chain decarbonisation
Projected pathway to operational GHG emissions medium-term target GHG emissions (MtCO2 -e) 3
Diesel Electricity Growth Other sources Forecast Range of uncertainty

Over a decade of standardisation and aggregating of process optimisation capability across our end-to-end value chains



Automating steps in our recruitment processes at BMA has supported the reduction of time to fill critical operational role vacancies by ~17 days in FY25

Machine learning to optimise stocking strategies has supported reduced replanning of preventative maintenance due to parts unavailability at Escondida by 50% in FY25, reducing unscheduled maintenance and time between failures

Forecast group capex reduces by ~\$1 bn per annum over medium term; proportion of growth capex increases to ~40%

Baseline sustaining includes 'maintenance and decarbonisation capital' for the purposes of the Capital Allocation Framework. In FY26, this is expected to be ~US\$1.6 bn (FY25 US\$1.8 bn).
Capital and exploration expenditure guidance is subject to movements in exchange rates. SRE – Smelter and Refinery Expansion; WAIO – Western Australia Iron Ore.
WAIO: Car dumper 6

Note: ROCE represents profit after tax excluding exceptional items and net finance costs (after tax), which are annualised for half year results, divided by average capital employed. Average capital employed is net assets less net debt for the last two reporting periods.
(%)

Note: NSWEC has not been shown as ROCE is distorted by negative capital employed due to the rehabilitation provision being the primary balance remaining on Balance Sheet following previous impairments. Jansen has not been shown as it is under development. Western Australia Nickel ROCE has not been shown following the Group's decision to temporarily suspend operations.
| FY25 US\$m | Consolidated Financial Statements |
Exceptional items |
Consolidated Financial Statements excluding Exceptional items |
Exceptional items commentary |
|---|---|---|---|---|
| Revenue | 51,262 | − | 51,262 | |
| Other income | 368 | − | 368 | |
| Expenses excluding net finance costs, depreciation, amortisation and impairments |
(26,671) | (621) | (26,050) | Related to Western Australia Nickel temporary suspension and the Samarco dam failure |
| Depreciation and amortisation | (5,540) | − | (5,540) | |
| Net impairments | (108) | 90 | (198) | Related to Western Australia Nickel temporary suspension |
| Profit/(loss) from equity accounted investments, related impairments and expenses |
153 | (245) | 398 | Related to the Samarco dam failure |
| Profit from operations | 19,464 | (776) | 20,240 | |
| Financial expenses | (1,771) | (458) | (1,313) | Related to the Samarco dam failure |
| Financial income | 660 | − | 660 | |
| Net finance costs | (1,111) | (458) | (653) | |
| Profit before taxation | 18,353 | (1,234) | 19,587 | |
| Income tax expense | (6,130) | 96 | (6,226) | Tax impact of exceptional items |
| Royalty-related taxation (net of income tax benefit) | (1,080) | − | (1,080) | |
| Total taxation expense | (7,210) | 96 | (7,306) | |
| Profit after taxation | 11,143 | (1,138) | 12,281 | |
| Attributable to non-controlling interests | 2,124 | − | 2,124 | |
| Attributable to BHP shareholders | 9,019 | (1,138) | 10,157 |
Note: For further information, the reconciliation of non-IFRS financial information to our statutory measures, reasons for usefulness and calculation methodology, please refer to 'Non-IFRS financial information' in the BHP Annual Report 2025.
Financial results
Samarco has taken over the compensation, resettlement and environmental recovery actions
| Obligation to Pay R\$100 bn (100% basis) |
• Total of R\$10.9 bn paid in December 2024 and June 2025 instalments • Socio-economic programs managed by Public Authorities to benefit communities in the impacted regions • R\$8 bn allocated for impacted Traditional and Indigenous communities |
|---|---|
| Obligations to Perform Estimate R\$32 bn (100% basis) |
• R\$10.3 bn incurred in eight months to June 2025 • ~150k claims under new compensation system have already been paid. No proof of damages required. • Community resettlement 98% complete; 371 families have received the keys to their new properties • Ongoing environmental work, including promoting reforestation of 50k hectares and restoration of 5k springs |
Note: Amounts shown are total disbursements by Samarco on a 100% basis, which includes cash outflows as well as accruals relevant to the period from when the agreement was signed on 25 October 2024 to the end of the 2025 financial year on 30 June 2025. New compensation system payments reflect payments to 31 July 2025.
Future financial obligations are shown on a real, undiscounted and 100% basis and will accrue inflation at IPCA inflation rate. Payments are made in Brazilian Reais.

Novo Bento Rodrigues

Doce river

Our operational GHG emissions are the Scopes 1 and 2 emissions from our operated assets. GHG emissions data has been adjusted for acquisitions, divestments and methodology changes. This provides the data most relevant to assessing progress against our operational GHG emissions medium-term target and differs from annual total operational GHG emissions inventory (unadjusted for acquisitions, divestments and methodology changes. Excludes former OZL Brazil assets.
Area under stewardship that has a formal management plan that includes conservation, restoration or regenerative practices. For more information refer to the BHP ESG Standards and Databook 2025 available at bhp.com/sustainability.
Includes former OZL (except former OZL Brazil assets) for FY25 only.
Based on a 'point in time' snapshot of employees as at 30 June 2025, including employees on extended absence, as used in internal management reporting for the purposes of monitoring progress against our goals. Excludes former OZL Brazil assets. We define gender balance as a minimum 40% women and 40% men in line with the definitions used by entities such as the International Labour Organization.
During the year, we contributed US\$40.5 bn to suppliers, contractors, employees, governments and voluntary investment in social projects across the communities where we operate. This was 87% of our total economic contribution with shareholder payments of US\$6.3 bn (13%). For more information refer to the BHP Economic Contribution Report 2025.
| Key safety indicators1 | Target/Goal | FY25 | FY24 |
|---|---|---|---|
| Fatalities | Zero work-related fatalities | 0 | 1 |
| High-potential injury (HPI) frequency2 | Year-on-year improvement in HPI frequency | 0.09 | 0.11 |
| Total recordable injury frequency (TRIF)2 | Year-on-year improvement in TRIF | 4.5 | 4.8 |
| Social value: key indicators scorecard1 | Target/Goal | FY25 | FY24 |
| Operational GHG emissions (MtCO2 -e)3 |
Reduce operational GHG emissions by at least 30% from FY20 levels by FY30 | 8.7 | 9.2 |
| Value chain GHG emissions (Scope 3): Committed funding in steelmaking partnerships and ventures to date (US\$m) |
Steelmaking: 2030 goal to support industry to develop steel production technology capable of 30% lower GHG emissions intensity relative to conventional blast furnace steelmaking, with widespread adoption expected post-CY30 |
171 | 140 |
| Value chain GHG emissions: Reduction in GHG emissions intensity of BHP-chartered shipping of our products from CY08 (%)4 |
Maritime transportation: 2030 goal to support 40% GHG emissions intensity reduction of BHP-chartered shipping of BHP products | 44 | 42 |
| Social investment (US\$m BHP equity share) | Voluntary investment focused on the six pillars of our social value framework | 127.8 | 136.7 |
| Indigenous procurement spend (US\$m)5 | Key metric for part of our 2030 Indigenous partnerships goal, to support the delivery of mutually beneficial outcomes | 853 | 609 |
| Female employee representation (%)6 | Aspirational goal for gender balanced employee workforce7 by the end of CY25 | 41.3 | 37.1 |
| Indigenous employee participation6,8 (%) | Australia: aim to achieve 9.7% by the end of FY27 | 9.0 10.5 |
8.3 |
| Chile: aim to achieve 10.0% by the end of FY25 | 10.1 | ||
| Canada: aim to achieve 20.0% by the end of FY26 | 17.8 | 11.2 | |
| Area under nature-positive management practices9 (%) |
Create nature-positive10 outcomes by having at least 30% of the land and water we steward11 under conservation, restoration or regenerative practices12 |
1.5 | 1.3 |
Data includes former OZ Minerals (OZL) (except former OZL Brazil assets), except where specified otherwise.
Combined employee and contractor frequency per 1 million hours worked. FY24 data for HPIF and TRIF restated due to ongoing verification activities resulting in updated recordable injury and exposure hour data to exclude the Blackwater and Daunia mines divested by BMA (completed on 2 April 2024) and to add two HPIs due to re-classification.
Our operational GHG emissions are the Scopes 1 and 2 emissions from our operated assets. FY24 and FY25 GHG emissions data has been adjusted for acquisitions, divestments and methodology changes. This provides the data most relevant to assessing progress against our operational GHG emissions medium-term target and differs from annual total operational GHG emissions inventory (unadjusted for acquisitions, divestments and methodology changes).
Baseline year data and performance data have been adjusted to only include voyages associated with the transportation of commodities currently in BHP's portfolio due to the data availability challenges of adjusting by asset or operation for CY08 and subsequent year data. GHG emissions intensity calculations currently include the transportation of copper, iron ore, steelmaking coal, energy coal, molybdenum, uranium and nickel.
Includes former OZL (except former OZL Brazil assets) for FY25 only.
Based on a 'point in time' snapshot of employees as at the end of the relevant reporting period.
We define gender balance as a minimum 40% women and 40% men in line with the definitions used by entities such as the International Labour Organization.
Indigenous employee participation for Australia is at Minerals Australia operations; for Chile is at Minerals Americas operations in Chile; and for Canada is at the Jansen Potash project and operations in Canada.
Area under stewardship that has a formal management plan that includes conservation, restoration or regenerative practices. FY24 data restated primarily due to identification of additional former OZL land holdings and areas where we hold sub-surface mineral rights. For more information refer to the BHP ESG Standards and Databook 2025, available at bhp.com/sustainability.
Nature-positive is defined by the TNFD Glossary version 1.0 as 'A high-level goal and concept describing a future state of nature (e.g. biodiversity, ecosystem services and natural capital) which is greater than the current state'. We understand it to include land and water management practices that halt and reverse nature loss – that is, supporting healthy, functioning ecosystems. We are monitoring the evolving external nature landscape, including developments in nature frameworks, standards and methodologies and in definition of the global nature ambition.
Excluding areas we hold under greenfield exploration licences (or equivalent tenements), which are outside the area of influence of our existing mine operations. 30% will be calculated based on the areas of land and water that we steward at the end of FY30. For more information refer to the BHP ESG Standards and Databook 2025 available at bhp.com/sustainability.
In doing so we focus on areas of highest ecosystem value both within and outside our own operational footprint, in partnership with Indigenous peoples and local communities.



8

NCIs: dividends paid to non-controlling interests of US\$1.9 bn predominantly relate to Escondida.
Debt maturity profile: all debt balances are represented in notional USD inception values and based on financial years; as at 30 June 2025; subsidiary debt is presented in accordance with IFRS 10 and IFRS 11.
| Copper | FY26e | Medium-term | |
|---|---|---|---|
| Copper production (kt) | 1,800 – 2,000 |
(summary of operated assets below, includes Antamina 120 – 140kt). |
|
| Escondida | |||
| Copper production (kt, 100% basis) | 1,150 – 1,250 |
900 – 1,000 |
Medium-term for Escondida refers to an average for a period from FY27 - FY31 |
| Unit cash costs (US\$/lb) | 1.20 – 1.50 |
1.50 – 1.80 |
Medium-term for Escondida refers to an average for a period from FY27 – FY31. Excludes freight and government royalties; net of by product credits; based on an exchange rate of USD/CLP 940. |
| Spence | |||
| Copper production (kt) | 230 – 250 |
~235 | |
| Unit cash costs (US\$/lb) | 2.10 – 2.40 |
2.05 – 2.35 |
Excludes freight; net of by-product credits; based on an exchange rate of USD/CLP 940. |
| Copper South Australia | |||
| Copper production (kt) | 310 – 340 |
||
| Unit cash costs (US\$/lb) | 1.00 – 1.50 |
Based on an exchange rate of AUD/USD 0.65. Calculated using the following assumptions for by-products: gold US\$2,900/oz, and uranium US\$70/lb. |
|
| Iron Ore | FY26e | Medium-term | |
| Iron ore production (Mt) |
258 – 269 |
WAIO 251 – 262 Mt, Samarco 7.0 – 7.5 Mt. |
|
| Western Australia Iron Ore | |||
| Iron ore production (Mt, 100% basis) | 284 – 296 |
>305 | |
| Unit cash costs (US\$/t) |
18.25 – 19.75 |
<17.50 | Excludes freight and government royalties, based on an exchange rate of AUD/USD 0.65 |
| Sustaining capital expenditure (US\$/t) | ~6.5 | Medium-term average; +/- 50% in any given year. Excludes costs associated CD6, operational decarbonisation, automation programs. |
|
| Coal | FY26e | Medium-term | |
| BMA | |||
| Production (Mt, 100% basis) | 36 – 40 |
43 – 45 |
|
| Unit cash costs (US\$/t) | 116 – 128 |
<110 | Excludes freight and royalties; based on an exchange rate of AUD/USD 0.65. |
| NSWEC | |||
| Production (Mt) | 14 – 16 |
||
| Note: Medium-term refers to a five-year horizon, unless otherwise noted. Financial results |
| Group | FY26e | |
|---|---|---|
| Capital and exploration expenditure (US\$ bn) |
~11 | Cash basis. |
| Split by category: | ||
| Deferred stripping | 1.1 | |
| Baseline sustaining | 3.2 | |
| Non-recurring sustaining | 2.7 | |
| Growth and Exploration | 4.0 | |
| Split by segment: | ||
| Copper | 5.1 | |
| Iron ore | 3.3 | |
| Coal | 0.5 | |
| Potash | 1.9 | |
| Other | 0.2 |
| Approximate impact1 on FY25 Underlying EBITDA of changes of: |
US\$ m |
|---|---|
| US\$1/t on iron ore price2 | 232 |
| US\$1/t on steelmaking coal price | 11 |
| US¢1/lb on copper price2 | 42 |
| US\$1/t on energy coal price2,3 | 14 |
| AUD (US¢1/A\$) operations4 | 160 |
| CLP (US¢0.10/CLP) operations4 | 27 |
EBITDA sensitivities: assumes total volume exposed to price; determined on the basis of BHP's existing portfolio.
EBITDA sensitivities: excludes impact of equity accounted investments.
EBITDA sensitivities: includes domestic sales.
EBITDA sensitivities: based on average exchange rate for the period applied to exposed revenue and operating costs.
Financial results
| Deposit | Material Type | Measured Resources | Indicated Resources | Inferred Resources | Total Resources | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes (Mt) | % Cu | Tonnes (Mt) | % Cu | Tonnes (Mt) | % Cu | Tonnes (Mt) | % Cu | Contained Metal (Cu kt) |
BHP Interest (%) | ||
| Escondida | Oxide | 83 | 0.58 | 14 | 0.54 | 2.0 | 0.51 | 98 | 0.57 | 559 | |
| Mixed | 47 | 0.48 | 37 | 0.48 | 20 | 0.45 | 104 | 0.47 | 489 | 57.5 | |
| Sulphide | 4,890 | 0.57 | 4,000 | 0.53 | 9,060 | 0.53 | 17,900 | 0.55 | 98,450 | ||
| Copper Projects | Tonnes (Mt) | % Cu | Tonnes (Mt) | % Cu | Tonnes (Mt) | % Cu | Tonnes (Mt) | % Cu | |||
| Pampa Escondida | Sulphide | 294 | 0.53 | 1,150 | 0.55 | 5,400 | 0.44 | 6,840 | 0.46 | 31,464 | 57.5 |
| Pinta Verde | Oxide | 104 | 0.59 | 64 | 0.52 | 15 | 0.54 | 183 | 0.56 | 1,025 | |
| Sulphide | – | – | 23 | 0.50 | 37 | 0.45 | 60 | 0.47 | 282 | 57.5 | |
| Chimborazo | Sulphide | – | – | 135 | 0.50 | 80 | 0.60 | 215 | 0.54 | 1,161 | 57.5 |
| Total Escondida Mineral Resources | 5,418 | 0.57 | 5,423 | 0.53 | 14,614 | 0.50 | 25,400 | 0.53 | 133,429 | 57.5 |
Compiled Western Australia Iron Ore Mineral Resources as at 30 June 2025
| Measured Resources | Indicated Resources | Inferred Resources | Total Resources | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deposit | Material Type | Tonnes (Mt) | % Fe | Tonnes (Mt) | % Fe | Tonnes (Mt) | % Fe | Tonnes (Mt) | % Fe | BHP Interest (%) | |
| BKM | 3,190 | 60.6 | 5,110 | 59.4 | 11,400 | 58.9 | 19,700 | 59.3 | 85 | ||
| CID | 310 | 55.7 | 340 | 56.2 | 870 | 54.7 | 1,520 | 55.2 | |||
| WAIO | DID | - | - | 190 | 62.0 | 100 | 60.1 | 290 | 61.3 | ||
| MM | 1,500 | 61.3 | 1,480 | 59.9 | 4.280 | 59.3 | 7,260 | 59.8 | |||
| Total | 5,000 | 60.5 | 7,120 | 59.4 | 16,650 | 58.8 | 28,770 | 59.2 |
| Deposit | Material Type | Measured Resources | Indicated Resources | Inferred Resources | Total Resources | BHP | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mt | %Cu | g/tAu | g/tAg | Mt | %Cu | g/tAu | g/tAg | Mt | %Cu | g/tAu | g/tAg | Mt | %Cu | g/tAu | g/tAg | Contained Metal | Interest (%) |
||||
| Filo del Sol | Sulphide | – | – | – | – | 1,190 | 0.54 | 0.39 | 8 | 6,080 | 0.37 | 0.20 | 3 | 7,270 | 0.40 | 0.23 | 4 | Cu (kt) | Au (Moz) |
Ag (Moz) |
50% |
| Copper Oxide | – | – | – | – | 434 | 0.34 | 0.28 | 2 | 331 | 0.25 | 0.21 | 2 | 765 | 0.30 | 0.25 | 2 | |||||
| Gold Oxide | – | – | – | – | 288 | - | 0.29 | 3 | 673 | - | 0.21 | 3 | 961 | - | 0.23 | 3 | |||||
| Silver Oxide | – | – | – | – | 77 | 0.34 | 0.37 | 91 | 72 | 0.10 | 0.17 | 26 | 149 | 0.22 | 0.27 | 60 | |||||
| Josemaria | Sulphide | 654 | 0.33 | 0.25 | 1 | 992 | 0.25 | 0.14 | 1 | 736 | 0.22 | 0.11 | 1 | 2,382 | 0.26 | 0.16 | 1 | ||||
| TOTAL Vicuña | 654 | 0.33 | 0.25 | 1 | 2,980 | 0.36 | 0.28 | 7 | 7,900 | 0.32 | 0.19 | 3 | 11,500 | 0.33 | 0.22 | 4 | 38,000 | 81 | 1,500 |
Note: Moz - Million troy ounces; g/t – grams per tonne.
19 August 2025 43 Financial results
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