SEC Form 6-K filed by BHP Group Limited

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6-K 1 d938594d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

18 July 2025

BHP GROUP LIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

VICTORIA, AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE,

VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

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

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

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

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

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


				18 July 2025

Operational review for the year ended 30 June 2025

Record copper and iron ore production drives strong 2025 performance

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

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

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

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

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


		Mike Henry,
		BHP Chief Executive Officer
Summary

Operational excellence		Guidance

Record iron ore and copper production		Production achieved and unit costs on track

BHP delivered record group copper production of >2.0 Mt, up 8%, driven by strong performances across all operated copper assets, including a 16% production increase at Escondida, record production at Spence and record quarterly (Q4) production from Copper SA.		We exceeded the top end of our production guidance ranges at Escondida and NSWEC, while Spence, WAIO and BMA were all in the upper half of their production guidance ranges, and Copper SA achieved the mid-point of its revised production guidance (and was within its original guidance).

We also delivered record iron ore production, with WAIO producing 290 Mt (100% basis), overcoming the impacts of Tropical Cyclone Zelia and Tropical Storm Sean in Q3. The ramp up of the second concentrator at Samarco ahead of schedule, also contributed to our record iron ore production.		We remain on track to achieve FY25 unit cost guidance at Escondida, Spence, Copper SA and WAIO, and revised guidance at BMA. After delivering 28% copper production growth between FY22 and FY25, guidance for FY26 is between 1.8 to 2.0 Mt.

Portfolio		Social value

Jansen project update		Agreements to reduce value chain emissions

The Jansen Stage 1 (JS1) potash project is 68% complete. We estimate capex for JS1 to be in the range of US$7.0 bn – US$7.4 bn, and first production to revert to the original schedule of mid-CY27. We are also considering the extension of first production from Jansen Stage 2 (JS2) to FY31 as part of our regular review of capex sequencing under the Capital Allocation Framework and given potential for additional potash supply coming to market in the medium-term. Group capital expenditure for FY26 and FY27 will remain at ~US$11 bn.		BHP has signed contracts with COSCO Shipping for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers, capable of reducing GHG emissions by at least 50% and up to 95% on a per voyage basis when run on lower or low to zero GHG emissions ammonia.ⁱ Copper SA has partnered with Aurizon to deliver a major logistics solution that will significantly reduce emissions in South Australia. BHP and China Baowu celebrated successful commercial-scale DRI trials using BHP’s Pilbara iron ores to support potential pathway for steelmaking decarbonisation.



Production	Quarter performance								Full year performance					Guidance

	Q4 FY25		v Q3 FY25			v Q4 FY24			FY25		v FY24			FY25e		FY26e

Copper (kt)		516.2		1	%		2	%		2,016.7		8	%		1,845 – 2,045		1,800 – 2,000

Escondida (kt)		327.3		(2	%)		6	%		1,304.9		16	%		1,180 – 1,300		1,150 – 1,250

Pampa Norte (kt)ⁱⁱ		73.4		8	%		11	%		267.6		1	%		240 – 270ii		230 – 250ii

Copper South Australia (kt)		92.1		16	%		3	%		315.9		(2	%)		300 – 325		310 – 340

Antamina (kt)		21.2		(31	%)		(45	%)		118.9		(17	%)		115 – 135		120 – 140

Carajás (kt)		2.2		18	%		8	%		9.4		15	%		-		-

Iron ore (Mt)		70.3		14	%		2	%		263.0		1	%		255 – 265.5		258 – 269

WAIO (Mt)		68.3		14	%		0	%		256.6		1	%		250 – 260		251 – 262

WAIO (100% basis) (Mt)		77.5		14	%		1	%		290.0		1	%		282 – 294		284 – 296

Samarco (Mt)		2.0		22	%		91	%		6.4		34	%		5 – 5.5		7.0 – 7.5

Steelmaking coal – BMA (Mt)ⁱⁱⁱ		5.1		31	%		5	%		18.0		(19	%)		16.5 – 19		18 – 20

BMA (100% basis) (Mt)ⁱⁱⁱ		10.3		31	%		5	%		36.0		(19	%)		33 – 38		36 – 40

Energy coal – NSWEC (Mt)		4.1		13	%		8	%		15.0		(2	%)		13 – 15		14 – 16

Nickel – Western Australia Nickel (kt)^iv		0.3		(87	%)		(99	%)		30.2		(63	%)		-		-

Note: Refer to page 7 for footnotes.

BHP | Operational Review for the year ended 30 June 2025

Summary of disclosures

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


Description	H2 FY25 impactⁱ(US$M)			Classificationⁱⁱ
Unit costs (at guidance FX)
Unit costs for FY25 are expected to be at the bottom end of the guidance range at Escondida, within the guidance range at Spence and the revised guidance range at BMA, and in the upper half of the guidance ranges at Copper SA and WAIO		-			Operating costs
Note: Average realised exchange rates for FY25 of AUD/USD 0.65 (guidance rate AUD/USD 0.66) and USD/CLP 951 (guidance rate USD/CLP 842)		-
Income statement
Negative EBITDA for WA Nickel		250 – 300			i EBITDA
Increase in closure and rehabilitation provision for closed sites (predominantly in Group and Unallocated)		~100			h Operating costs
The Group’s adjusted effective tax rate for FY25 is expected to be towards the top end of the guidance range of 33 – 38%		-			Taxation expense
Cash flow statement
Working capital movements		600 – 700			h Operating cash flow
Net cash tax paid		3,800 – 3,900			i Operating cash flow
Dividends received from equity-accounted investments		~150			h Operating cash flow
Capital and exploration spend is expected to be broadly in line with full year guidance of ~US$10 bn		~4,600			i Investing cash flow
Proceeds received from the sale of BHP’s 50% interest in the Blackwater and Daunia minesⁱⁱⁱ		~250			h Investing cash flow
Impact of BHP Brasil’s obligations relating to the Samarco dam failure		~1,100			i Investing cash flow
Payment for the completion of the Vicuña transaction		~2,000			i Investing cash flow
Dividends paid to non-controlling interests		~800			i Financing cash flow
Payment of the H1 FY25 dividend		~2,500			i Financing cash flow
Balance sheet
The Group’s net debt balance as at 30 June 2025 is expected to be ~US$13 bn		-			Net debt
Exceptional items
Financial impact of the Samarco dam failure		Refer footnote	^iv		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.

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

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

Further information in Appendix 1

Detailed production and sales information for all operations in Appendix 2

BHP | Operational Review for the year ended 30 June 2025

Segment and asset performance | FY25 v FY24


Copper
Production 2,017 kt é8% FY24 1,865 kt FY26e 1,800 – 2,000 kt Average realised price US$4.25/lb é7% FY24 US$3.98/lb		Total copper production increased for a third consecutive year, a 28% increase from FY22, to a record 2,017 kt. Copper production for FY26 is expected to be between 1,800 and 2,000 kt reflecting planned lower grade in Chile. Escondida 1,305 kt é16% (100% basis) Escondida achieved its highest production in 17 years, increasing 16% due to record concentrator throughput, improved recoveries, higher concentrator feed grade of 1.02% (FY24: 0.88%) and the Full SaL leaching project which achieved first production in Q4 FY25. Production for FY26 is expected to be between 1,150 and 1,250 kt. Concentrator feed grade for FY26 is expected to be approximately 0.85%. Pampa Norte 268 kt é1%

		Pampa Norte consists of Spence and Cerro Colorado.

		Spence production increased 5% to a record 268 kt due to improved stacked feed grade. Concentrator throughput, feed grade and recovery was broadly in line with the prior period.

		Production at Spence for FY26 is expected to be between 230 and 250 kt due to expected lower concentrator feed grades and increased volume of transitional ore processed. Cerro Colorado remains in temporary care and maintenance, having contributed 11 kt of copper production in FY24.

		Copper South Australia 316 kt ê2%

		Strong underlying performance continued in Q4, with record quarterly copper production achieved. Full year production declined marginally due to the significant two-week weather-related power outage in Q2.

		Copper South Australia performed strongly across all three operations following the outage, delivering an 18% uplift in copper production in H2. The smelter and refinery demonstrated continued operating stability and performance improvement, achieving record half-year copper production at Olympic Dam (under BHP ownership) and record full year concentrate smelted. Carrapateena achieved higher productivity from the sub-level cave, resulting in strong annual copper production and record gold production.

		Production for FY26 is expected to increase to between 310 and 340 kt, weighted to the second half.

		Other copper

		At Antamina, copper production decreased 17% to 119 kt reflecting lower concentrator throughput and a decline in feed grade. Zinc production was 5% higher at 109 kt, as a result of higher zinc feed grade.

		For FY26, at Antamina, copper production is expected to increase to between 120 and 140 kt and zinc production is expected to be between 90 and 110 kt.

		Carajás produced 9.4 kt of copper and 7.3 troy koz of gold.

BHP | Operational Review for the year ended 30 June 2025


Iron ore
Production 263 Mt é1% FY24 260 Mt FY26e 258 – 269 Mt Average realised price US$82.13/wmt ê19% FY24 US$101.04/wmt		Iron ore production increased to a record 263 Mt. Production for FY26 is expected to increase to between 258 and 269 Mt. WAIO 257 Mt é1% \| 290 Mt (100% basis) WAIO delivered another full year production record of 257 Mt (290 Mt on a 100% basis) and record shipments. This strong performance reflects supply chain excellence with record productive movement, in addition to improved rail cycle times, and enhanced car dumper and ship loader performance unlocked by the Port Debottlenecking Project 1 (PDP1). South Flank exceeded nameplate capacity of 80 Mt (100% basis) in its first year following ramp up, contributing to record Ore for Rail (OFR) volumes from the Central Pilbara hub (South Flank and Mining Area C).

		The record production was delivered despite the impact of Tropical Cyclone Zelia and Tropical Storm Sean in Q3, and the planned increase in tie-in activity of the multi-year Rail Technology Programme (RTP1). Production for FY26 is expected to be between 251 and 262 Mt (284 and 296 Mt on a 100% basis), incorporating the planned rebuild of Car Dumper 3 in HY26 and the ongoing tie-in activities for RTP1. Samarco 6.4 Mt é34% \| 12.8 Mt (100% basis) Production increased following the ramp up of the second concentrator. FY26 production is expected to increase to between 7.0 and 7.5 Mt with the second concentrator now online, somewhat offset by planned maintenance expected during the financial year. Since the October 2024 Agreement with the Public Authorities, Samarco has incurred R$10.3 bn^von performance obligations (‘Obligations to Perform’), including approximately R$5.5 bn^vpaid directly to people impacted by the 2015 Fundão dam failure. Another R$10.9 bn^vhas been paid to Public Authorities (‘Obligations to Pay’) in the same period.

Coal Steelmaking coal
Production 18.0 Mt ê19% FY24 22.3 Mt FY26e 18 – 20 Mt Average realised price US$193.82/t ê27% FY24 US$266.06/t		BMA 18 Mt ê19% \| 36 Mt (100% basis) Production increased 5% (excluding the contribution of Blackwater and Daunia in FY24), and raw coal inventory levels increased 12%. The strong performance was underpinned by improved truck productivity and led to increased production across all open cut mines. Our focus on rebuilding raw coal inventory enabled us to stabilise operating performance across the asset and increase production despite the geotechnical challenges at Broadmeadow and a 36% year-on-year increase in rainfall.^vi Production guidance for FY26 is expected to increase to between 18 and 20 Mt (36 and 40 Mt on a 100% basis), weighted to the second half. We expect the inventory rebuild to continue into CY27.

BHP | Operational Review for the year ended 30 June 2025


Energy coal

Production		NSWEC15 Mt ê2%

15.0 Mt ê2% FY24 15.4 Mt FY26e 14 – 16 Mt Average realised price US$107.80/t ê11% FY24 US$121.52/t		NSWEC exceeded the top end of production guidance again in FY25. Production decreased slightly due to increased wet weather impacting truck productivity, as well as a higher proportion of washed coal and reduced truck availability in Q1. This was partially offset by a draw down of inventory. Production for FY26 is expected to be between 14 and 16 Mt. In April 2025, we received approval from the NSW government to extend mining to 30 June 2030. We also entered into an agreement with renewable energy and infrastructure company ACCIONA Energía to explore the development of a pumped hydro energy storage project, located in part of the Mt Arthur Coal operation.

Group & Unallocated

Nickel

Production		Western Australia Nickel 30 kt ê63%

30 kt ê63% FY24 82 kt		Western Australia Nickel (WAN) transitioned into temporary suspension in HY25. As previously announced, BHP intends to review the decision to temporarily suspend WAN by February 2027. As part of this review, BHP is assessing the potential divestment of the WAN assets. Any decision to divest will be subject to an assessment against other options, including continuing temporary suspension, restart or closure.

		During the review process, BHP is committed to:

		• support the workforce with a people first approach;

		• ensure the ongoing safety and integrity of the mines and related infrastructure;

		• work closely with Traditional Owners, governments and suppliers, and to invest in local communities via the A$20 m Community Fund established in 2024; and

		• invest in exploration to extend the resource life of WAN and preserve optionality.

Quarterly performance | Q4 FY25 v Q3 FY25


Copper		Iron ore
516 kt é 1% Q3 FY25 513 kt	Copper SA achieved record copper production in Q4. Spence production also increased driven by higher concentrator feed grade. Escondida cathode production increased as Full SaL ramped up, offset by lower concentrate feed grade.	70 Mt é 14% Q3 FY25 62 Mt	Record quarterly production at WAIO underpinned by strong supply chain performance with record productive movement, following significant weather impacts in Q3. Samarco production continued to increase as the ramp up of the second concentrator was completed.
Steelmaking coal		Energy coal
5.1 Mt é 31% Q3 FY25 3.9 Mt	Higher production, including improved mining rates at Broadmeadow despite ongoing geotechnical challenges, and increased stripping and inventory build following significant weather in Q3.	4.1 Mt é 13% Q3 FY25 3.6 Mt	Higher production due to improved wash plant performance, including record feed volumes and increased yield, as well as inventory draw down. This was partially offset by significant wet weather.
Nickel
0.3 kt ê87% Q3 FY25 2.3 kt	Additional saleable production recovered from inventory during temporary suspension.

BHP | Operational Review for the year ended 30 June 2025

Major projects


Commodity	Project and ownership	Capacity	Capital expenditure US$M	First production target date	Progress

Potash	Jansen Stage 1 (Canada) 100%	Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa	Currently under review. Expected range is 7,000 – 7,400	Currently under review. Expected date may revert to original project timeline of mid-CY27	Approved in August 2021. Project is 68% complete¹

Potash	Jansen Stage 2 (Canada) 100%	Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa	Currently under review	Currently under review. Expected date may extend by two years to FY31	Approved in October 2023. Project is 11% complete

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

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

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

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

BHP | Operational Review for the year ended 30 June 2025

Footnotes

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

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

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

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

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

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

BHP | Operational Review for the year ended 30 June 2025

Appendix 1

Average realised prices


	Quarter performance						H2 performance						Full year performance

Average realised pricesⁱ		Q4 FY25	v Q3 FY25		v Q4 FY24			H2 FY25	v H1 FY25		v H2 FY24			FY25	v FY24

Copper (US$/lb)^{ii, iii, iv}		4.43	(3%	)	(3%	)		4.50	13%		5%			4.25	7%

Iron ore (US$/wmt, FOB)^v		79.93	(8%	)	(12%	)		83.15	3%		(16%	)		82.13	(19%	)

Steelmaking coal (US$/t)^vi, vii		177.32	(4%	)	(28%	)		180.65	(12%	)	(32%	)		193.82	(27%	)

Energy coal (US$/t)^viii		85.70	(12%	)	(31%	)		91.28	(27%	)	(24%	)		107.80	(11%	)

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

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

iii

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

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

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

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

vii

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

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

Unit cost guidance


Unit cost	Current FY25 guidanceⁱ

Escondida (US$/lb)		1.30 – 1.60	Bottom end

Spence (US$/lb)		2.00 – 2.30	Unchanged

Copper SA (US$/lb)ⁱⁱ		1.30 – 1.80	Upper half

WAIO (US$/t)		18.00 – 19.50	Upper half

BMA (US$/t)		128 – 133	Unchanged

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

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

Exploration

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

BHP | Operational Review for the year ended 30 June 2025

Appendix 2


			Production																	Sales
			Quarter ended										Year to date							Quarter ended										Year to date
			Jun		Sep		Dec		Mar		Jun		Jun		Jun		Var			Jun		Sep		Dec		Mar		Jun		Jun		Jun		Var
			2024		2024		2024		2025		2025		2025		2024		%			2024		2024		2024		2025		2025		2025		2024		%
Group production and sales summary
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		370.4		360.9		391.4		379.8		375.9		1,508.0		1,335.4		13	%		378.7		391.5		372.8		399.0		377.6		1,540.9		1,274.7		21	%
	Escondida	kt		258.5		264.8		295.4		288.4		278.6		1,127.2		926.7		22	%		261.3		273.2		275.0		309.2		285.5		1,142.9		886.5		29	%
	Pampa Norte	kt		39.4		35.7		36.6		36.1		42.2		150.6		150.3		0	%		49.3		44.0		36.5		36.5		37.3		154.3		142.4		8	%
	Copper South Australia	kt		32.1		21.8		25.9		22.5		31.7		101.9		106.3		(4	)%		28.0		30.4		25.9		23.8		30.9		111.0		98.9		12	%
	Antamina	kt		38.3		36.3		30.5		30.9		21.2		118.9		143.9		(17	)%		37.4		39.6		33.3		27.4		21.8		122.1		139.8		(13	)%
	Carajás	kt		2.1		2.3		3.0		1.9		2.2		9.4		8.2		15	%		2.7		4.3		2.1		2.1		2.1		10.6		7.1		49	%
	Cathode	kt		134.4		115.4		119.4		133.6		140.3		508.7		529.6		(4	)%		142.3		110.7		120.0		133.3		148.4		512.4		531.9		(4	)%
	Escondida	kt		50.7		39.4		44.4		45.2		48.7		177.7		198.6		(11	)%		54.6		37.6		43.2		47.4		52.7		180.9		200.3		(10	)%
	Pampa Norte	kt		26.5		24.4		29.6		31.8		31.2		117.0		115.3		1	%		26.5		24.1		30.0		30.7		34.1		118.9		116.3		2	%
	Copper South Australia	kt		57.2		51.6		45.4		56.6		60.4		214.0		215.7		(1	)%		61.2		49.0		46.8		55.2		61.6		212.6		215.3		(1	)%
	Total	kt		504.8		476.3		510.8		513.4		516.2		2,016.7		1,865.0		8	%		521.0		502.2		492.8		532.3		526.0		2,053.3		1,806.6		14	%
Lead	Payable metal in concentrate	t		131		21		148		234		1,829		2,232		332		572	%		9		125		35		181		837		1,178		362		225	%
	Antamina	t		131		21		148		234		1,829		2,232		332		572	%		9		125		35		181		837		1,178		362		225	%
Zinc	Payable metal in concentrate	t		15,839		19,374		22,792		26,026		40,415		108,607		103,392		5	%		14,118		19,609		25,328		22,249		37,263		104,449		102,681		2	%
	Antamina	t		15,839		19,374		22,792		26,026		40,415		108,607		103,392		5	%		14,118		19,609		25,328		22,249		37,263		104,449		102,681		2	%
Gold	Payable metal in concentrate	troy oz		100,013		85,668		90,468		89,841		95,949		361,926		362,960		0	%		92,323		98,936		89,174		92,357		95,523		375,990		349,377		8	%
	Escondida	troy oz		45,410		46,963		37,293		44,527		40,292		169,075		181,061		(7	)%		45,410		46,963		37,293		44,527		40,292		169,075		181,061		(7	)%
	Pampa Norte	troy oz		4,676		4,043		2,635		3,341		2,961		12,980		13,280		(2	)%		4,676		4,043		2,635		3,341		2,961		12,980		13,280		(2	)%
	Copper South Australia	troy oz		48,355		32,928		48,309		40,457		50,871		172,565		163,061		6	%		40,507		44,761		47,719		42,825		50,577		185,882		150,301		24	%
	Carajás	troy oz		1,572		1,734		2,231		1,516		1,825		7,306		5,558		31	%		1,730		3,169		1,527		1,664		1,693		8,053		4,735		70	%
	Refined gold	troy oz		49,139		37,385		47,478		57,006		46,789		188,658		207,123		(9	)%		52,687		40,326		43,479		57,982		49,241		191,028		203,782		(6	)%
	Copper South Australia	troy oz		49,139		37,385		47,478		57,006		46,789		188,658		207,123		(9	)%		52,687		40,326		43,479		57,982		49,241		191,028		203,782		(6	)%
	Total	troy oz		149,152		123,053		137,946		146,847		142,738		550,584		570,083		(3	)%		145,010		139,262		132,653		150,339		144,764		567,018		553,159		3	%
Silver	Payable metal in concentrate	troy koz		3,317		3,150		3,277		3,418		3,911		13,756		11,593		19	%		3,137		3,126		3,084		3,198		3,526		12,934		11,033		17	%
	Escondida	troy koz		1,549		1,546		1,619		1,787		1,906		6,858		5,446		26	%		1,549		1,546		1,619		1,787		1,906		6,858		5,446		26	%
	Pampa Norte	troy koz		583		503		451		428		441		1,823		1,654		10	%		583		503		451		428		441		1,823		1,654		10	%
	Copper South Australia	troy koz		312		223		253		186		251		913		1,134		(19	)%		311		295		218		173		226		912		1,122		(19	)%
	Antamina	troy koz		873		878		954		1,017		1,313		4,162		3,359		24	%		694		782		796		810		953		3,341		2,811		19	%
	Refined silver	troy koz		265		206		133		462		216		1,017		995		2	%		329		202		110		486		213		1,011		958		6	%
	Copper South Australia	troy koz		265		206		133		462		216		1,017		995		2	%		329		202		110		486		213		1,011		958		6	%
	Total	troy koz		3,582		3,356		3,410		3,880		4,127		14,773		12,588		17	%		3,466		3,328		3,194		3,684		3,739		13,945		11,991		16	%
Uranium	Payable metal in concentrate	t		929		672		725		783		974		3,154		3,603		(12	)%		1,554		677		640		710		1,230		3,257		3,324		(2	)%
	Copper South Australia	t		929		672		725		783		974		3,154		3,603		(12	)%		1,554		677		640		710		1,230		3,257		3,324		(2	)%
Molybdenum	Payable metal in concentrate	t		699		1,084		751		801		337		2,973		2,616		14	%		678		862		872		839		714		3,287		2,387		38	%
	Pampa Norte	t		117		182		136		187		189		694		794		(13	)%		134		181		138		223		190		732		818		(11	)%
	Antamina	t		582		902		615		614		148		2,279		1,822		25	%		544		681		734		616		524		2,555		1,569		63	%
Iron ore	Western Australia Iron Ore (WAIO)	kt		68,173		63,363		64,751		60,137		68,348		256,599		254,936		1	%		67,323		63,408		64,341		59,234		67,830		254,813		255,977		0	%
	Samarco	kt		1,041		1,285		1,471		1,635		1,991		6,382		4,748		34	%		1,043		1,002		1,508		1,445		2,013		5,968		4,766		25	%
	Total	kt		69,214		64,648		66,222		61,772		70,339		262,981		259,684		1	%		68,366		64,410		65,849		60,679		69,843		260,781		260,743		0	%
Steelmaking coal¹	BHP Mitsubishi Alliance (BMA)	kt		4,922		4,515		4,430		3,919		5,146		18,010		22,275		(19	)%		4,904		4,273		4,726		3,791		5,030		17,820		22,294		(20	)%
Energy coal	NSW Energy Coal (NSWEC)	kt		3,751		3,675		3,698		3,596		4,067		15,036		15,368		(2	)%		3,678		3,951		3,803		3,509		3,926		15,189		15,167		0	%
Nickel²	Western Australia Nickel	kt		23.0		19.6		8.0		2.3		0.3		30.2		81.6		(63	)%		23.2		19.9		11.2		2.2		0.2		33.5		80.9		(59	)%
Cobalt²	Western Australia Nickel	t		181		294		121		35		-		450		734		(39	)%		181		294		121		-		-		415		662		(37	)%

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

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

BHP | Operational Review for the year ended 30 June 2025


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Jun 2024		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Jun 2025		Jun 2024		Var %		Jun 2024		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Jun 2025		Jun 2024		Var %
Production and sales
By asset
Copper

Metals production is payable metal unless otherwise noted.
Escondida, Chile¹		BHP interest 57.5%
	Material mined	kt		102,752		100,416		116,083		117,038		122,386		455,923		389,254		17%
	Concentrator throughput	kt		34,377		32,488		35,293		32,889		36,490		137,160		134,114		2%
	Average copper grade - concentrator	%		0.99%		1.00%		1.06%		1.09%		0.95%		1.02%		0.88%		16%
	Production ex mill	kt		279.5		269.9		309.8		295.6		291.0		1,166.3		961.4		21%
	Payable copper	kt		258.5		264.8		295.4		288.4		278.6		1,127.2		926.7		22%		261.3		273.2		275.0		309.2		285.5		1,142.9		886.5		29%
	Copper cathode (EW)	kt		50.7		39.4		44.4		45.2		48.7		177.7		198.6		(11)%		54.6		37.6		43.2		47.4		52.7		180.9		200.3		(10)%
	Oxide leach	kt		13.8		7.8		12.2		14.3		16.3		50.6		62.7		(19)%
	Sulphide leach	kt		36.9		31.6		32.2		30.9		32.4		127.1		135.9		(6)%
	Total copper	kt		309.2		304.2		339.8		333.6		327.3		1,304.9		1,125.3		16%		315.9		310.8		318.2		356.6		338.2		1,323.8		1,086.8		22%
	Payable gold concentrate	troy oz		45,410		46,963		37,293		44,527		40,292		169,075		181,061		(7)%		45,410		46,963		37,293		44,527		40,292		169,075		181,061		(7)%
	Payable silver concentrate	troy koz		1,549		1,546		1,619		1,787		1,906		6,858		5,446		26%		1,549		1,546		1,619		1,787		1,906		6,858		5,446		26%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte, Chile		BHP interest 100%
Copper	Payable metal in concentrate	kt		39.4		35.7		36.6		36.1		42.2		150.6		150.3		0%		49.3		44.0		36.5		36.5		37.3		154.3		142.4		8%
	Cathode	kt		26.5		24.4		29.6		31.8		31.2		117.0		115.3		1%		26.5		24.1		30.0		30.7		34.1		118.9		116.3		2%
	Total copper	kt		65.9		60.1		66.2		67.9		73.4		267.6		265.6		1%		75.8		68.1		66.5		67.2		71.4		273.2		258.7		6%
Gold		troy oz		4,676		4,043		2,635		3,341		2,961		12,980		13,280		(2)%		4,676		4,043		2,635		3,341		2,961		12,980		13,280		(2)%
Silver		troy koz		583		503		451		428		441		1,823		1,654		10%		583		503		451		428		441		1,823		1,654		10%
Molybdenum		t		117		182		136		187		189		694		794		(13)%		134		181		138		223		190		732		818		(11)%

Cerro Colorado¹
	Material mined	kt		-		-		-		-		-		-		-		-
	Ore stacked	kt		-		-		-		-		-		-		154		(100)%
	Average copper grade - stacked	%		-		-		-		-		-		-		0.58%		(100)%
	Copper cathode (EW)	kt		-		-		-		-		-		-		11.1		(100)%		-		-		-		-		-		-		12.5		(100)%

Spence
	Material mined	kt		19,951		23,260		25,238		21,848		25,944		96,290		89,546		8%
	Ore stacked	kt		5,926		4,928		5,974		5,584		5,413		21,899		21,791		0%
	Average copper grade - stacked	%		0.54%		0.73%		0.81%		0.62%		0.67%		0.71%		0.57%		24%
	Concentrator throughput	kt		7,766		7,547		7,722		7,754		7,792		30,815		31,445		(2)%
	Average copper grade - concentrator	%		0.70%		0.64%		0.62%		0.63%		0.66%		0.64%		0.66%		(3)%
	Payable copper	kt		39.4		35.7		36.6		36.1		42.2		150.6		150.3		0%		49.3		44.0		36.5		36.5		37.3		154.3		142.4		8%
	Copper cathode (EW)	kt		26.5		24.4		29.6		31.8		31.2		117.0		104.2		12%		26.5		24.1		30.0		30.7		34.1		118.9		103.8		15%
	Total copper	kt		65.9		60.1		66.2		67.9		73.4		267.6		254.5		5%		75.8		68.1		66.5		67.2		71.4		273.2		246.2		11%
	Payable gold concentrate	troy oz		4,676		4,043		2,635		3,341		2,961		12,980		13,280		(2)%		4,676		4,043		2,635		3,341		2,961		12,980		13,280		(2)%
	Payable silver concentrate	troy koz		583		503		451		428		441		1,823		1,654		10%		583		503		451		428		441		1,823		1,654		10%
	Payable molybdenum	t		117		182		136		187		189		694		794		(13)%		134		181		138		223		190		732		818		(11)%

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

BHP | Operational Review for the year ended 30 June 2025


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Jun 2024		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Jun 2025		Jun 2024		Var %		Jun 2024		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Jun 2025		Jun 2024		Var %
Copper (continued)
Copper South Australia, Australia		BHP interest 100%
Copper	Payable metal in concentrate	kt		34.7		27.9		28.0		24.8		33.2		113.9		118.9		(4)%		28.0		30.4		25.9		23.8		30.9		111.0		98.9		12%
	Cathode	kt		57.2		51.6		45.4		56.6		60.4		214.0		215.7		(1)%		61.2		49.0		46.8		55.2		61.6		212.6		215.3		(1)%
	Total copper	kt		91.9		79.5		73.4		81.4		93.6		327.9		334.6		(2)%		89.2		79.4		72.7		79.0		92.5		323.6		314.2		3%
	Payable metal in concentrate transfer to Olympic Dam	kt		(2.6)		(6.1)		(2.1)		(2.3)		(1.5)		(12.0)		(12.6)		(5)%
	Net copper	kt		89.3		73.4		71.3		79.1		92.1		315.9		322.0		(2)%
Gold	Payable metal in concentrate	troy oz		52,045		46,452		52,288		46,097		53,055		197,892		184,729		7%		40,507		44,761		47,719		42,825		50,577		185,882		150,301		24%
	Refined gold	troy oz		49,139		37,385		47,478		57,006		46,789		188,658		207,123		(9)%		52,687		40,326		43,479		57,982		49,241		191,028		203,782		(6)%
	Total gold	troy oz		101,184		83,837		99,766		103,103		99,844		386,550		391,852		(1)%		93,194		85,087		91,198		100,807		99,818		376,910		354,083		6%
	Payable metal in concentrate transfer to Olympic Dam	troy oz		(3,690)		(13,524)		(3,979)		(5,640)		(2,184)		(25,327)		(21,668)		17%
	Net gold	troy oz		97,494		70,313		95,787		97,463		97,660		361,223		370,184		(2)%
Silver	Payable metal in concentrate	troy koz		333		254		264		198		258		974		1,209		(19)%		311		295		218		173		226		912		1,122		(19)%
	Refined silver	troy koz		265		206		133		462		216		1,017		995		2%		329		202		110		486		213		1,011		958		6%
	Total silver	troy koz		598		460		397		660		474		1,991		2,204		(10)%		640		497		328		659		439		1,923		2,080		(8)%
	Payable metal in concentrate transfer to Olympic Dam	troy koz		(21)		(31)		(11)		(12)		(7)		(61)		(75)		(19)%
	Net silver	troy koz		577		429		386		648		467		1,930		2,129		(9)%
Uranium		t		929		672		725		783		974		3,154		3,603		(12)%		1,554		677		640		710		1,230		3,257		3,324		(2)%

Olympic Dam
	Material mined	kt		2,815		2,734		1,918		2,498		2,587		9,737		10,754		(9)%
	Ore milled	kt		2,912		2,617		2,407		2,462		2,859		10,345		10,653		(3)%
	Average copper grade	%		2.00%		1.99%		2.09%		1.99%		2.05%		2.03%		2.01%		1%
	Average uranium grade	kg/t		0.58		0.60		0.59		0.56		0.56		0.58		0.58		(1)%
	Copper cathode (ER and EW)	kt		57.2		51.6		45.4		56.6		60.4		214.0		215.7		(1)%		61.2		49.0		46.8		55.2		61.6		212.6		215.3		(1)%
	Refined gold	troy oz		49,139		37,385		47,478		57,006		46,789		188,658		207,123		(9)%		52,687		40,326		43,479		57,982		49,241		191,028		203,782		(6)%
	Refined silver	troy koz		265		206		133		462		216		1,017		995		2%		329		202		110		486		213		1,011		958		6%
	Payable uranium	t		929		672		725		783		974		3,154		3,603		(12)%		1,554		677		640		710		1,230		3,257		3,324		(2)%

Prominent Hill
	Material mined	kt		1,175		927		1,111		1,119		1,210		4,367		4,504		(3)%
	Ore milled	kt		1,815		1,559		1,761		1,364		1,998		6,682		6,740		(1)%
	Average copper grade	%		0.94%		0.73%		0.72%		0.82%		0.92%		0.80%		0.87%		(8)%
	Concentrate produced	kt		28.4		19.6		21.5		19.2		33.0		93.3		98.1		(5)%
	Payable copper	kt		14.6		9.5		10.9		9.7		16.2		46.3		50.5		(8)%		7.3		10.9		8.0		9.5		12.8		41.2		32.8		26%
	Payable gold concentrate	troy oz		25,357		20,976		25,445		24,309		28,593		99,323		94,186		5%		12,955		18,719		19,658		22,614		25,222		86,213		63,168		36%
	Payable silver concentrate	troy koz		90		63		70		63		98		294		280		5%		48		73		48		51		69		241		198		22%

Carrapateena
	Material mined	kt		1,486		1,470		1,476		1,202		1,583		5,731		5,229		10%
	Ore milled	kt		1,450		1,446		1,429		1,306		1,557		5,738		5,213		10%
	Average copper grade	%		1.57%		1.45%		1.37%		1.31%		1.24%		1.34%		1.48%		(9)%
	Concentrate produced	kt		62.0		59.2		57.6		50.6		58.7		226.1		194.7		16%
	Payable copper	kt		20.1		18.4		17.1		15.1		17.0		67.6		68.4		(1)%		20.7		19.5		17.9		14.3		18.1		69.8		66.1		6%
	Payable gold concentrate	troy oz		26,688		25,476		26,843		21,788		24,462		98,569		90,543		9%		27,552		26,042		28,061		20,211		25,355		99,669		87,133		14%
	Payable silver concentrate	troy koz		243		191		194		135		160		680		929		(27)%		263		222		170		122		157		671		924		(27)%

BHP | Operational Review for the year ended 30 June 2025


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Jun 2024		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Jun 2025		Jun 2024		Var %		Jun 2024		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Jun 2025		Jun 2024		Var %
Copper (continued)

Antamina, Peru		BHP interest 33.75%
	Material mined	kt		62,481		64,094		57,497		51,529		39,369		212,489		243,563		(13)%
	Concentrator throughput	kt		14,534		13,096		13,323		13,140		10,154		49,713		57,916		(14)%
	Average head grade - copper	%		0.91%		0.91%		0.77%		0.81%		0.76%		0.82%		0.87%		(6)%
	Average head grade - zinc	%		0.68%		0.67%		0.84%		0.85%		1.70%		0.97%		0.89%		9%
	Payable copper	kt		38.3		36.3		30.5		30.9		21.2		118.9		143.9		(17)%		37.4		39.6		33.3		27.4		21.8		122.1		139.8		(13)%
	Payable zinc	t		15,839		19,374		22,792		26,026		40,415		108,607		103,392		5%		14,118		19,609		25,328		22,249		37,263		104,449		102,681		2%
	Payable silver	troy koz		873		878		954		1,017		1,313		4,162		3,359		24%		694		782		796		810		953		3,341		2,811		19%
	Payable lead	t		131		21		148		234		1,829		2,232		332		572%		9		125		35		181		837		1,178		362		225%
	Payable molybdenum	t		582		902		615		614		148		2,279		1,822		25%		544		681		734		616		524		2,555		1,569		63%


Carajás, Brazil		BHP interest 100%
	Material mined	kt		134		180		152		140		148		620		486		28%
	Ore milled	kt		135		161		170		128		176		636		488		30%
	Average copper grade	%		1.68%		1.61%		1.92%		1.64%		1.40%		1.64%		1.85%		(11)%
	Production ex mill	kt		8.8		9.9		12.6		7.9		9.5		39.9		34.5		16%
	Average gold grade	g/t		0.48		0.46		0.54		0.50		0.43		0.48		0.48		0%
	Payable copper	kt		2.1		2.3		3.0		1.9		2.2		9.4		8.2		15%		2.7		4.3		2.1		2.1		2.1		10.6		7.1		49%
	Payable gold concentrate	troy oz		1,572		1,734		2,231		1,516		1,825		7,306		5,558		31%		1,730		3,169		1,527		1,664		1,693		8,053		4,735		70%



Iron ore
Iron ore production and sales are reported on a wet tonnes basis.

WAIO, Australia		BHP interest 85%
	Newman Joint Venture	kt		14,368		13,358		13,796		11,991		15,073		54,218		58,102		(7)%
	Area C Joint Venture	kt		29,070		28,839		29,578		27,869		32,824		119,110		105,868		13%
	Yandi Joint Venture	kt		5,293		4,440		3,777		3,819		3,854		15,890		17,855		(11)%
	Jimblebar¹	kt		19,442		16,726		17,600		16,458		16,597		67,381		73,111		(8)%
	Total	kt		68,173		63,363		64,751		60,137		68,348		256,599		254,936		1%
	Total (100%)	kt		76,773		71,593		73,071		67,844		77,480		289,988		287,022		1%
	Lump	kt																		20,260		19,377		20,319		18,822		21,285		79,803		79,580		0%
	Fines	kt																		47,063		44,031		44,022		40,412		46,545		175,010		176,397		(1)%
	Total	kt																		67,323		63,408		64,341		59,234		67,830		254,813		255,977		0%
	Total (100%)	kt																		75,898		71,543		72,594		66,765		76,723		287,625		287,761		0%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.


Samarco, Brazil		BHP interest 50%
	Total	kt		1,041		1,285		1,471		1,635		1,991		6,382		4,748		34%		1,043		1,002		1,508		1,445		2,013		5,968		4,766		25%

BHP | Operational Review for the year ended 30 June 2025


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Jun 2024		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Jun 2025		Jun 2024		Var %		Jun 2024		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Jun 2025		Jun 2024		Var %
Coal

Coal production is reported on the basis of saleable product.
BMA, Australia		BHP interest 50%

	Blackwater¹	kt		25		-		-		-		-		-		3,572		(100)%

	Goonyella	kt		2,047		1,359		1,439		1,228		1,811		5,837		6,434		(9)%

	Peak Downs	kt		1,238		1,249		1,073		1,098		1,154		4,574		4,217		8%

	Saraji	kt		817		940		1,171		883		1,079		4,073		3,287		24%

	Daunia¹	kt		13		-		-		-		-		-		1,513		(100)%

	Caval Ridge	kt		782		967		747		710		1,102		3,526		3,252		8%

	Total²	kt		4,922		4,515		4,430		3,919		5,146		18,010		22,275		(19)%

	Total (100%)²	kt		9,844		9,030		8,860		7,838		10,292		36,020		44,550		(19)%

	Coking coal	kt																		4,862		4,273		4,695		3,708		4,831		17,507		19,525		(10)%

	Weak coking coal	kt																		42		-		-		-		-		-		2,250		(100)%

	Thermal coal	kt																		-		-		31		83		199		313		519		(40)%

	Total¹	kt																		4,904		4,273		4,726		3,791		5,030		17,820		22,294		(20)%

	Total (100%)¹	kt																		9,808		8,546		9,452		7,582		10,060		35,640		44,588		(20)%

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

NSWEC, Australia		BHP interest 100%

	Export	kt																		3,254		3,416		3,471		3,128		3,554		13,569		13,841		(2)%

	Domestic	kt																		424		535		332		381		372		1,620		1,326		22	%

	Total	kt		3,751		3,675		3,698		3,596		4,067		15,036		15,368		(2)%		3,678		3,951		3,803		3,509		3,926		15,189		15,167		0%



Other

Nickel production is reported on the basis of saleable product.

Western Australia Nickel, Australia¹		BHP interest 100%

Mt Keith	Nickel concentrate	kt		42.6		35.9		5.4		-		-		41.3		161.5		(74)%

	Average nickel grade	%		17.8		17.1		16.7		-		-		17.0		16.7		2%

Leinster	Nickel concentrate	kt		76.6		72.4		-		-		-		72.4		266.3		(73)%

	Average nickel grade	%		9.0		8.8		-		-		-		8.8		8.3		6%

	Refined nickel²	kt		14.7		12.1		0.1		-		-		12.2		49.9		(76)%		14.8		13.5		0.8		-		-		14.3		49.6		(71)%

	Nickel sulphate³	kt		1.6		0.3		-		-		-		0.3		4.2		(93)%		1.5		0.6		0.3		0.1		0.1		1.1		3.8		(71)%

	Intermediates and nickel by-products⁴	kt		6.7		7.2		7.9		2.3		0.3		17.7		27.5		(36)%		6.9		5.8		10.1		2.1		0.1		18.1		27.5		(34)%

	Total nickel	kt		23.0		19.6		8.0		2.3		0.3		30.2		81.6		(63)%		23.2		19.9		11.2		2.2		0.2		33.5		80.9		(59)%

	Cobalt by-products	t		181		294		121		35		-		450		734		(39)%		181		294		121		-		-		415		662		(37)%

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

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

3	Nickel sulphate crystals produced from nickel powder.

4	Nickel contained in matte and by-product streams.

BHP | Operational Review for the year ended 30 June 2025

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

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

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

Further information on BHP can be found at bhp.com

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary


Media Relations		Investor Relations

Email: [email protected]		Email: [email protected]

Australia and Asia		Australia and Asia

Gabrielle Notley		John-Paul Santamaria
Mobile: +61 411 071 715		Mobile: +61 499 006 018

Europe, Middle East and Africa		Europe, Middle East and Africa

Amanda Saunders		James Bell
Mobile: +44 7887 468 926		Mobile: +44 7961 636 432

North America		Americas

Megan Hjulfors		Monica Nettleton
Mobile: +1 403 605 2314		Mobile: +1 416 518 6293

Latin America

Renata Fernandez
Mobile: +56 9 8229 5357

BHP Group Limited ABN 49 004 028 077

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

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Date	Price Target	Rating	Analyst
7/24/2025	$44.00	Hold → Sell	Berenberg
7/18/2025		Outperform → Neutral	Macquarie
6/13/2025		Buy → Hold	Argus
5/19/2025		Outperform → Mkt Perform	Bernstein
10/4/2024	$72.00 → $68.00	Buy → Hold	Jefferies
9/16/2024		Mkt Perform → Outperform	Bernstein
5/31/2024		Buy	Citigroup
3/5/2024		Buy → Hold	Liberum

BHP Group Limited

Date: July, 18 2025

/s/ Stefanie Wilkinson

Stefanie Wilkinson

Group General Counsel and Group Company Secretary