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6-K 1 d174327d6k.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

20 January 2026

 

 

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 “BHP delivered another half of very strong performance with operational records at our copper and iron ore assets.

 

 
 


 

LOGO          20 January 2026

Operational review for the half year ended 31 December 2025

Strong operational performance and increased copper production guidance capitalising on strong prices

This was achieved safely and in a positive commodity price environment, with copper prices up 32% and iron ore prices 4% higher year on year.

We have increased FY26 group copper production guidance off the back of stronger delivery across our assets. Our flagship copper operation, Escondida, achieved record concentrator throughput and we have increased the FY26 production guidance range. Antamina has also lifted its production guidance, and Spence and Copper SA are tracking to plan, with Copper SA achieving record refined gold output.

In iron ore, WAIO achieved record first half production and shipments, positioning us well ahead of the typically wet third quarter. Volumes from Samarco rose as a result of strong operational performance at the second concentrator following its restart at the end of H1 FY25. We also announced a transaction with Global Infrastructure Partners involving WAIO’s inland power network which, once completed, will see us realise proceeds of ~US$2 bn while retaining ownership and operational control in an innovative and value accretive transaction.

Steelmaking coal production increased, supported by a five-year high stripping performance at BMA, and energy coal was up 10%.

The Jansen potash project in Canada is on track to begin production in mid-2027. Jansen will be a long life, low cost and scalable asset that will add a new, future facing commodity to BHP’s portfolio, which we expect will generate value for shareholders over many decades. We have separately provided an updated cost estimate for Jansen Stage 1 today.

China’s commodity demand remains resilient, supported by targeted policy measures and solid exports. Momentum moderated in H2 CY25, notably in construction, manufacturing and infrastructure investments. India is emerging as a key engine of demand, with strong domestic activity sustaining steel and rising copper needs. Forecast global growth in 2026 is around 3%, creating a positive backdrop for commodity demand.

BHP enters the second half of FY26 with strong operating momentum. We’re investing for the decade ahead, with a significant copper growth pipeline and a pathway to ~2 Mt of attributable copper production in the 2030s.”

Mike Henry,

BHP Chief Executive Officer

 

Summary

 

  
   

Operational excellence

  

Copper growth

Strong performance. Guidance upgrades

  

Capitalising on stronger prices

At Escondida, we achieved record concentrator throughput, while Copper SA delivered record material mined. WAIO achieved record H1 production and shipments. Production at BMA increased 2%, while NSWEC production increased 10%.

 

  

We have increased our FY26 copper production guidance, which enables us to further capitalise on record copper prices. The strong copper price is being driven by healthy demand and by supply disruptions at a number of competitors.

 

FY26 production guidance has increased for Group copper, Escondida and Antamina. NSWEC and Samarco are also now guiding to the upper half of their ranges, while BMA is now guiding to the lower half due to ongoing geotechnical challenges at Broadmeadow. FY26 unit cost guidance remains unchanged for all assets, with Escondida now guiding to the bottom end and BMA guiding to the upper half of their respective ranges.

  

We are also advancing our copper growth options. In December, Vicuña submitted its application for the Incentive Regime for Large Investments (RIGI) in Argentina. Vicuña remains on track to complete its integrated technical report in Q1 CY26. In Chile, the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, the centre piece of the growth program, remains on track to be submitted in H2 FY26.

 

   

Disciplined capital management

  

Social value

Extracting greater returns from our assets

  

Progressing decarbonisation in the Pilbara

In December, BHP entered into a US$2 bn infrastructure agreement with Global Infrastructure Partners involving WAIO’s power consumption. This innovative arrangement strengthens our balance sheet flexibility, supports long-term value creation and enhances BHP’s shareholder value.    In November, two battery-electric haul trucks arrived at BHP’s Jimblebar iron ore mine in the Pilbara, marking the start of on-site testing of Caterpillar’s battery-electric technology. Australia’s first purpose-built battery-electric heavy haulage locomotives also arrived in WA for trials on the WAIO rail network.

 

       
 Production    Quarter performance     YTD performance     FY26 guidance  
   
     Q2 FY26      v Q1 FY26     v Q2 FY25     HY26      v HY25     Previous      Current      Change  
                 

Copper (kt)

     490.5        (1 %)      (4 %)      984.1        0     1,800 – 2,000        1,900 – 2,000        Increased  
   

Escondida (kt)

     317.2        (4 %)      (7 %)      646.1        0     1,150 – 1,250        1,200 – 1,275        Increased  
   

Pampa Norte (Spence) (kt)

     57.7        3     (13 %)      113.5        (10 %)      230 – 250        230 – 250        -  
   

Copper South Australia (kt)

     75.1        3     5     147.7        2     310 – 340        310 – 340        -  
   

Antamina (kt)

     38.2        13     25     72.1        8     120 – 140        140 – 150        Increased  
   

Carajás (kt)

     2.3        (2 %)      (22 %)      4.7        (12 %)      -        -        -  
                 

Iron ore (Mt)

     69.7        9     5     133.8        2     258 – 269        258 – 269        -  
   

WAIO (Mt)

     67.8        9     5     129.8        1     251 – 262        251 – 262        -  
   

WAIO (100% basis) (Mt)

     76.3        9     4     146.6        1     284 – 296        284 – 296        -  
   

Samarco (Mt)

     1.9        (6 %)      34     4.0        48     7 – 7.5        7 – 7.5        Upper half  
                 

Steelmaking coal – BMA (Mt)ii

     4.3        (12 %)      (3 %)      9.2        2     18 – 20        18 – 20           
   

BMA (100% basis) (Mt)ii

     8.6        (12 %)      (3 %)      18.3        2     36 – 40        36 – 40        Lower half  
                 

Energy coal – NSWEC (Mt)

     4.6        31     25     8.1        10     14 – 16        14 – 16        Upper half  


BHP | Operational review for the half year ended 31 December 2025

 

Summary of disclosures

BHP expects its financial results for the first half of FY26 (HY26) 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 17 February 2026. Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation.

 

 Description    HY26 impacti
(US$M)
    Classificationii  

Unit costs (at guidance FX)

                

At HY26, unit costs at Escondida and Spence are expected to be at the bottom end of their respective guidance ranges. Unit costs at Copper SA and WAIO are expected to be within their respective guidance ranges. Unit costs at BMA are expected to be in the upper half of its guidance range due to higher planned major maintenance in the first half.

     -       Operating costs  

For FY26, unit cost guidance remains unchanged for all assets, with unit costs at Escondida now expected to be at the bottom end of its guidance range, while BMA is expected to be in the upper half of its unit cost range – refer to page 6.

     -       Operating costs  

Average realised exchange rates for HY26 of AUD/USD 0.66 (guidance rate AUD/USD 0.65) and USD/CLP 947 (guidance rate USD/CLP 940)

     -          

Income statement

                

Negative EBITDA for WA Nickel

     ~100       EBITDA  

Negative EBITDA for Potash

     ~150       EBITDA  

The Group’s adjusted effective tax rate for HY26 is expected to be within the FY26 guidance range of 36 – 40%

     -       Taxation expense  

Cash flow statement

                

Increase in working capital (lower operating cash flow)

     2,300 – 2,400       Operating cash flow  

Net cash tax paid

     3,600 – 3,700       Operating cash flow  

Dividends received from equity-accounted investments

     ~350       Operating cash flow  

Capital and exploration expenditure

     ~5,300       Investing cash flow  

Cash outflow of BHP Brasil’s obligations relating to the Samarco dam failure

     ~1,100       Investing cash flow  

Proceeds received from sale of assets

     100 – 200       Investing cash flow  

Payment of the H2 FY25 dividend

     ~3,100       Financing cash flow  

Dividends paid to non-controlling interests

     ~1,000       Financing cash flow  

Balance sheet

                

The Group’s net debt balance as at 31 December 2025 is expected to be between US$14 and US$15 bn.

     -       Net debt  

Exceptional items

                

Financial impact of the Samarco dam failure

     Refer footnote iii      Exceptional item  

 

i

Amounts 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

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

 

LOGO   

 

Further information in Appendix 1

 

Detailed production and sales information for all operations in Appendix 2

 

2


BHP | Operational review for the half year ended 31 December 2025

 

Segment and asset performance | FY26 YTD v FY25 YTD

 

Copper

 

  

Production

 

984 kt 0%

 

HY25 987 kt

 

FY26e 1,900 – 2,000 kt

 

Average realised price

 

US$5.28/lb é32%

 

HY25 US$3.99/lb

  

Total copper production was broadly in line at 984 kt. Copper production guidance for FY26 has increased to between 1,900 and 2,000 kt (from between 1,800 and 2,000 kt previously).

 

Escondida 646 kt 0% (100% basis)

 

Strong operational performance, with record concentrator throughput and improved recoveries driven by operational enhancements, including the introduction of new reagents. This was partially offset by planned lower concentrator feed grade of 0.93% (H1 FY25: 1.03%).

 

Production guidance for FY26 has been increased to between 1,200 and 1,275 kt (from between 1,150 and 1,250 kt previously) and is expected to be weighted to the first half, in line with higher concentrator feed grade. Concentrator feed grade is now expected to be between 0.85 and 0.90% for the full year (from ~0.85% previously). We are reviewing FY27 production and expect that it will be higher than the existing medium term production guidance (of between 900 and 1,000 kt).

   We continue to make progress on the optimised Escondida Growth Program. The DIA permit for the Escondida New Concentrator remains on track to be submitted in H2 FY26.
  

Pampa Norte (Spence) 114 kt ê10%

   Spence production decreased in line with planned lower cathode production as a result of a decline in stacked feed grade through the leaching circuit, driven by ore mineralogy as we transition into the deeper hypogene mineral deposits of the orebody. This was partially offset by improved leaching performance through optimising reagent usage.
   We continue to test the implementation of BHP’s Simple Approach to Leaching 2 (SaL2) technology at the operation, to further utilise latent capacity in the cathode infrastructure.
   Production guidance for FY26 remains unchanged at between 230 and 250 kt.
  

Copper South Australia 148 kt é2%

   Production increased as a result of solid operational performance including record material mined (and the weather-related power outage in the prior period). Improved performance included an increase in the transfer of ore to surface at Carrapateena which was offset by planned lower grades of 1.19% (H1 FY25: 1.41%).
   Production guidance for FY26 remains unchanged at between 310 and 340 kt, weighted to the second half as planned.
   By-product production was also strong, including record refined gold production.
  

Other copper

   At Antamina, copper production increased 8% to 72 kt as a result of planned higher feed grades and improved safety and operational performance. Zinc production was 49% higher at 63 kt, as a result of planned higher feed grades. Copper production guidance for FY26 has been increased to between 140 and 150 kt (from between 120 and 140 kt previously), while zinc production guidance for FY26 remains unchanged at between 90 and 110 kt.
   Carajás produced 4.7 kt of copper and 3.8 troy koz of gold. The divestment of Carajás is expected to close in Q1 CY26, subject to the satisfaction of customary closing conditions (including regulatory approvals).

 

3


BHP | Operational review for the half year ended 31 December 2025

 

Iron ore

 

  

Production

 

134 Mt é2%

 

HY25 131 Mt

 

FY26e 258 – 269 Mt

 

Average realised price

 

US$84.71/wmt é4%

 

HY25 US$81.11/wmt

  

Iron ore production increased 2% to 134 Mt. Production guidance for FY26 remains unchanged at between 258 and 269 Mt.

 

WAIO 130 Mt é1% | 147 Mt (100% basis)

 

WAIO achieved record first half production and shipments as a result of strong supply chain performance across our mine, rail and port operations, including record material mined (up 9%). Car Dumper (CD) performance improved following the completion of the CD3 rebuild in Q1 (4.3 Mt impact, 100% basis), which alongside the planned reduction in tie-in activity on the multi-year Rail Technology Program (RTP1), generated increased efficiency across the rail network and higher inflow to the port.

  

 

Sales were higher than the prior year, with lump sales up 3%. We are currently negotiating annual contract terms with the China Mineral Resources Group (CMRG). During negotiations, we continue to optimise product placement distribution channels and take actions within our operations to preserve operational flexibility and productivity. This has seen some impact to realised price.

 

Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt on a 100% basis).

 

We have also announced an agreement with Rio Tinto to explore opportunities to mine up to 200 Mt of iron ore at BHP’s Yandi and Rio Tinto’s neighbouring Yandicoogina iron ore operations in the Pilbara. These new opportunities build on a history of successful Rio Tinto and BHP collaboration across these operations to enable mining up to the shared tenure boundary.

 

Samarco 4.0 Mt é48% | 8 Mt (100% basis)

 

Production increased as a result of stronger performance at the second concentrator following ramp up, and higher feed grades and recoveries.

 

In October, the Samarco Board approved the phase 3 concentrator project. Samarco will invest US$2.4 bn (100% basis) to lift production capacity to ~26 Mtpa (100% basis) through the staged recommissioning of remaining latent capacity in concentrator and pelletising plant infrastructure across CY28 and CY29.

 

Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt, with production now expected to be in the upper half of the range and planned maintenance in the second half.

 

Coal

 

Steelmaking coal

 

  

Production

 

9.2 Mt é2%

 

HY25 8.9 Mt

 

FY26e 18 – 20 Mt

 

Average realised price

 

US$188.58/t ê9%

 

HY25 US$206.37/t

  

BMA 9.2 Mt é2% | 18.3 Mt (100% basis)

 

Production increased due to strong operational performance at our open cut operations, supported by the highest H1 stripping volumes in five years, which offset the impact of planned higher strip ratios.

 

We continue to safely manage ongoing geotechnical challenges at Broadmeadow. While underground production rates were strong in Q1, further deterioration in ground conditions in Q2 materially impacted operations and led to the deferral of the planned longwall move from Q2 to Q3 FY26. As announced in October, Saraji South transitioned into care and maintenance in Q2 in response to market conditions and the unsustainable impact of the Queensland Government’s coal royalties on business returns.

 

Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt on a 100% basis), with production now expected to be in the lower half of the range. Unit cost guidance for FY26 also remains unchanged at between US$116/t and US$128/t, with unit costs now expected to be in the upper half of the range.

 

We expect to continue building raw coal inventory into CY27, to further improve operating stability.

 

 

4


BHP | Operational review for the half year ended 31 December 2025

 

 

Energy coal  
Production  

NSWEC 8.1 Mt é10%

8.1 Mt é10%

 

HY25 7.4 Mt

 

FY26e 14 – 16 Mt

 

Average realised price

 

US$95.76/t ê23%

 

HY25 US$124.42/t

 

Strong operational performance due to increased bypass coal as well as mining lower strip ratio areas.

 

Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production now expected to be in the upper half of the range, with minor planned wash plant maintenance scheduled in Q3 FY26.

Quarterly performance | Q2 FY26 v Q1 FY26

 

 

Copper

 

     

 

Iron ore

 

   

491 kt ê1%

 

Q1 FY26 494 kt

  Lower production at Escondida due to planned lower grades, partially offset by increased production at Copper SA and Spence following planned maintenance in the prior quarter, and strong performance at Antamina.  

70 Mt é9%

 

Q1 FY26 64 Mt

  Higher production at WAIO driven by improved supply chain performance following the planned rebuild of Car Dumper 3 in the prior quarter.

 

Steelmaking coal

 

 

 

Energy coal

 

4.3 Mt ê12%

 

Q1 FY26 4.9 Mt

  Lower production due to ongoing geotechnical challenges impacting underground performance and higher rainfall which impacted stripping.  

4.6 Mt é31%

 

Q1 FY26 3.5 Mt

 

Higher production due to increased bypass coal combined with favourable weather and mining lower strip ratio areas coal. Record wash plant throughput, following planned annual wash plant maintenance in Q1.

 

 

5


BHP | Operational review for the half year ended 31 December 2025

 

Appendix 1

Average realised pricesi

 

      Quarter performance     YTD performance  
 
       Q2 FY26        v Q1 FY26       v Q2 FY25       HY26        v HY25  
 

 Copper (US$/lb)ii, iii

     5.90        29     58     5.28        32
 

 Iron ore (US$/wmt, FOB)iv

     85.33        2     4     84.71        4
 

 Steelmaking coal (US$/t)v

     196.72        9     (1 %)      188.58        (9 %) 
 

 Energy coal (US$/t)vi

     96.24        1     (23 %)      95.76        (23 %) 

 

i

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

 

ii

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 31 December 2025, the Group had 456 kt of outstanding copper sales that were revalued at a weighted average price of US$5.65/lb. The final price of these sales will be determined over the remainder of FY26. In addition, 434 kt of copper sales from FY25 were subject to a finalisation adjustment in the current period. The displayed prices include the impact of these provisional pricing and finalisation adjustments.

 

iv

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 H1 FY26 were based on an average moisture rate of 6.8% (H1 FY25: 7.0%).

 

v

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.

 

vi

Export sales only. Includes thermal coal sales from steelmaking coal mines.

Current year unit cost guidance

 

      FY26 guidancei  

 Unit cost

     Previous       Current       Change  

 Escondida (US$/lb)

     1.20 – 1.50       1.20 – 1.50       Bottom end  

 Spence (US$/lb)

     2.10 – 2.40       2.10 – 2.40       -  

 Copper SA (US$/lb)ii

     1.00 – 1.50 ii       1.00 – 1.50 ii       -  

 WAIO (US$/t)

     18.25 – 19.75       18.25 – 19.75       -  

 BMA (US$/t)

     116 – 128       116 – 128       Upper half  

 

i

FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940.

 

ii

Calculated using the following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb.

Medium term guidancei

 

      Production
guidance
     Unit cost
guidanceii
 

 Escondidaiii

     900 – 1,000 ktpa        US$1.50 – 1.80/lb  

 Spence

     ~235 ktpa        US$2.05 – 2.35/lb  

 WAIO (100% basis)iv

     >305 Mtpa        <US$17.50/t  

 BMA (100% basis)

     43 – 45 Mtpa        <US$110/t  

 

i

Medium term refers to a five-year time horizon unless otherwise noted.

 

ii

Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940.

 

iii

Medium term refers to FY27 to FY31.

 

iv

Sustained production of >305 Mtpa (100% basis) from Q4 FY28.

Major projects

 

Commodity    Project and ownership   Project scope /capacity   

Project

expenditurei

US$M

  

First

production
target date

   Progress

Potash

   Jansen Stage 1ii
(Canada)

100%

  Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.    US$8.4 bn    Mid-CY27    Project is 75% complete

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.    Under review – update expected in Q4 FY26    FY31    Project is 14% complete

 

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.

 

ii

Refer to separate exchange announcement for more details: Update - Jansen Stage 1 Potash Project.

Exploration

Minerals exploration and evaluation expenditure was US$193 m for HY26 (HY25: US$199 m), of which US$167 m was expensed (HY25: US$174 m).

 

6


BHP | Operational Review for the half year ended 31 December 2025

 

Appendix 2

 

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

Group production and sales summary

 

                     

By commodity

 

                     

Metals production is payable metal unless otherwise noted.

 

                                     

Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.

 

                                                                                                       

Copper

  Payable metal in concentrate   kt     391.4       379.8       375.9       374.0       366.5         740.5       752.3       (2 )%          372.8       399.0       377.6       343.0       373.8         716.8       764.3       (6 )% 
  Escondida   kt     295.4       288.4       278.6       282.4       270.5         552.9       560.2       (1 )%          275.0       309.2       285.5       258.3       277.7         536.0       548.2       (2 )% 
  Pampa Norte (Spence)   kt     36.6       36.1       42.2       35.4       33.3         68.7       72.3       (5 )%          36.5       36.5       37.3       33.2       27.9         61.1       80.5       (24 )% 
  Copper South Australia   kt     25.9       22.5       31.7       19.9       22.2         42.1       47.7       (12 )%          25.9       23.8       30.9       15.9       24.8         40.7       56.3       (28 )% 
  Antamina   kt     30.5       30.9       21.2       33.9       38.2         72.1       66.8       8         33.3       27.4       21.8       33.1       40.4         73.5       72.9       1
  Carajás   kt     3.0       1.9       2.2       2.4       2.3         4.7       5.3       (12 )%          2.1       2.1       2.1       2.5       3.0         5.5       6.4       (14 )% 
  Cathode   kt     119.4       133.6       140.3       119.6       124.0         243.6       234.8       4         120.0       133.3       148.4       105.9       130.7         236.6       230.7       3
  Escondida   kt     44.4       45.2       48.7       46.5       46.7         93.2       83.8       11         43.2       47.4       52.7       38.1       50.0         88.1       80.8       9
  Pampa Norte (Spence)   kt     29.6       31.8       31.2       20.4       24.4         44.8       54.0       (17 )%          30.0       30.7       34.1       17.9       25.4         43.3       54.1       (20 )% 
  Copper South Australia   kt     45.4       56.6       60.4       52.7       52.9         105.6       97.0       9         46.8       55.2       61.6       49.9       55.3         105.2       95.8       10
    Total   kt     510.8       513.4       516.2       493.6       490.5         984.1       987.1       0         492.8       532.3       526.0       448.9       504.5         953.4       995.0       (4 )% 

Lead

  Payable metal in concentrate   t     148       234       1,829       754       91             845       169       400         35       181       837       1,469       551         2,020       160       1,163
    Antamina   t     148       234       1,829       754       91         845       169       400         35       181       837       1,469       551         2,020       160       1,163

Zinc

  Payable metal in concentrate   t     22,792       26,026       40,415       35,991       27,003         62,994       42,166       49         25,328       22,249       37,263       41,499       26,046         67,545       44,937       50
    Antamina   t     22,792       26,026       40,415       35,991       27,003         62,994       42,166       49         25,328       22,249       37,263       41,499       26,046         67,545       44,937       50

Gold

  Payable metal in concentrate   troy oz     90,468       89,841       95,949       76,242       73,585         149,827       176,136       (15 )%          89,174       92,357       95,523       66,377       82,099         148,476       188,110       (21 )% 
  Escondida   troy oz     37,293       44,527       40,292       35,348       31,927         67,275       84,256       (20 )%          37,293       44,527       40,292       35,348       31,927         67,275       84,256       (20 )% 
  Pampa Norte (Spence)   troy oz     2,635       3,341       2,961       2,589       2,724         5,313       6,678       (20 )%          2,635       3,341       2,961       2,589       2,724         5,313       6,678       (20 )% 
  Copper South Australia   troy oz     48,309       40,457       50,871       36,489       36,993         73,482       81,237       (10 )%          47,719       42,825       50,577       26,476       45,024         71,500       92,480       (23 )% 
  Carajás   troy oz     2,231       1,516       1,825       1,816       1,941         3,757       3,965       (5 )%          1,527       1,664       1,693       1,964       2,424         4,388       4,696       (7 )% 
  Refined gold   troy oz     47,478       57,006       46,789       50,716       61,910         112,626       84,863       33         43,479       57,982       49,241       51,147       59,054         110,201       83,805       31
  Copper South Australia   troy oz     47,478       57,006       46,789       50,716       61,910         112,626       84,863       33         43,479       57,982       49,241       51,147       59,054         110,201       83,805       31
    Total   troy oz     137,946       146,847       142,738       126,958       135,495         262,453       260,999       1         132,653       150,339       144,764       117,524       141,153         258,677       271,915       (5 )% 

Silver

  Payable metal in concentrate   troy koz     3,277       3,418       3,911       4,114       4,109         8,223       6,427       28         3,084       3,198       3,526       4,136       4,252         8,388       6,210       35
  Escondida   troy koz     1,619       1,787       1,906       1,942       2,176         4,118       3,165       30         1,619       1,787       1,906       1,942       2,176         4,118       3,165       30
  Pampa Norte (Spence)   troy koz     451       428       441       358       316         674       954       (29 )%          451       428       441       358       316         674       954       (29 )% 
  Copper South Australia   troy koz     253       186       251       182       179         361       476       (24 )%          218       173       226       131       207         338       513       (34 )% 
  Antamina   troy koz     954       1,017       1,313       1,632       1,438         3,070       1,832       68         796       810       953       1,705       1,553         3,258       1,578       106
  Refined silver   troy koz     133       462       216       227       284         511       339       51         110       486       213       255       250         505       312       62
  Copper South Australia   troy koz     133       462       216       227       284         511       339       51         110       486       213       255       250         505       312       62
    Total   troy koz     3,410       3,880       4,127       4,341       4,393         8,734       6,766       29         3,194       3,684       3,739       4,391       4,502         8,893       6,522       36

Uranium

  Payable metal in concentrate   t     725       783       974       819       903         1,722       1,397       23         640       710       1,230       649       815         1,464       1,317       11
    Copper South Australia   t     725       783       974       819       903         1,722       1,397       23         640       710       1,230       649       815         1,464       1,317       11

Molybdenum

  Payable metal in concentrate   t     751       801       337       341       281         622       1,835       (66 )%          872       839       714       347       322         669       1,734       (61 )% 
  Pampa Norte (Spence)   t     136       187       189       257       269         526       318       65         138       223       190       208       256         464       319       45
    Antamina   t     615       614       148       84       12         96       1,517       (94 )%          734       616       524       139       66         205       1,415       (86 )% 

Iron ore

  Western Australia Iron Ore (WAIO)   kt     64,751       60,137       68,348       62,015       67,766         129,781       128,114       1         64,341       59,234       67,830       62,430       66,909         129,339       127,749       1
  Samarco   kt     1,441       1,603       1,951       2,066       1,938         4,004       2,700       48         1,477       1,416       1,973       2,042       2,512         4,554       2,459       85
    Total   kt     66,192       61,740       70,299       64,081       69,704         133,785       130,814       2         65,818       60,650       69,803       64,472       69,421         133,893       130,208       3

Steelmaking coal

  BHP Mitsubishi Alliance (BMA)   kt     4,430       3,919       5,146       4,865       4,291         9,156       8,945       2         4,726       3,791       5,030       4,472       4,413         8,885       8,999       (1 )% 

Energy coal

  NSW Energy Coal (NSWEC)   kt     3,698       3,596       4,067       3,518       4,610         8,128       7,373       10         3,803       3,509       3,926       3,707       4,372         8,079       7,754       4

Nickel1

  Western Australia Nickel   kt     8.0       2.3       0.3       0.0       -         -       27.6       (100 )%          11.2       2.2       0.2       0.0       -         -       31.1       (100 )% 

Cobalt1

  Western Australia Nickel   t     121       35       -       -       -         -       415       (100 )%          121       -       -       -       -         -       415       (100 )% 

1 WA Nickel ramped down and entered temporary suspension in December 2024.  1 Pampa Norte consists of Spence and Cerro Colorado.

 

7


BHP | Operational Review for the half year ended 31 December 2025

 

           

 

Production

 

           

 

Sales

 

 
            Quarter ended         Year to date             Quarter ended         Year to date  
           

Dec

2024

    Mar
2025
    Jun
2025
    Sep
2025
    Dec
2025
        Dec
2025
    Dec
2024
    Var
%
            Dec
2024
    Mar
2025
    Jun
2025
    Sep
2025
    Dec
2025
        Dec
2025
    Dec
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     116,083       117,038       122,386       114,527       112,808         227,335       216,499       5%                        
  Concentrator throughput   kt     35,293       32,889       36,490       36,721       35,628         72,349       67,781       7%                        
  Average copper grade - concentrator   %     1.06%       1.09%       0.95%       0.94%       0.91%         0.93%       1.03%       (10)%                        
  Production ex mill   kt     309.8       295.6       291.0       294.2       279.7         573.9       579.7       (1)%                                                                        
  Payable copper   kt     295.4       288.4       278.6       282.4       270.5         552.9       560.2       (1)%           275.0       309.2       285.5       258.3       277.7         536.0       548.2       (2)%  
  Copper cathode (EW)   kt     44.4       45.2       48.7       46.5       46.7         93.2       83.8       11%           43.2       47.4       52.7       38.1       50.0         88.1       80.8       9%  
  Oxide leach   kt     12.2       14.3       16.3       16.8       11.1         27.9       20.0       40%                        
  Sulphide leach   kt     32.2       30.9       32.4       29.7       35.6         65.3       63.8       2%                        
  Total copper   kt     339.8       333.6       327.3       328.9       317.2         646.1       644.0       0%           318.2       356.6       338.2       296.4       327.7         624.1       629.0       (1)%  

      

  Payable gold concentrate   troy oz     37,293       44,527       40,292       35,348       31,927         67,275       84,256       (20)%           37,293       44,527       40,292       35,348       31,927         67,275       84,256       (20)%  
    Payable silver concentrate   troy koz     1,619       1,787       1,906       1,942       2,176         4,118       3,165       30%           1,619       1,787       1,906       1,942       2,176         4,118       3,165       30%  

1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.

 

                                   

Pampa Norte (Spence), Chile¹

  BHP interest 100%

 

                                     
  Material mined   kt     25,238       21,848       25,944       24,695       22,895         47,590       48,498       (2)%                        
  Ore stacked   kt     5,974       5,584       5,413       5,652       5,354         11,006       10,902       1%                        
  Average copper grade - stacked   %     0.81%       0.62%       0.67%       0.61%       0.58%         0.60%       0.77%       (23)%                        
  Concentrator throughput   kt     7,722       7,754       7,792       7,778       8,002         15,780       15,269       3%                        
  Average copper grade - concentrator   %     0.62%       0.63%       0.66%       0.65%       0.60%         0.62%       0.63%       (1)%                                                                        
  Payable copper   kt     36.6       36.1       42.2       35.4       33.3         68.7       72.3       (5)%           36.5       36.5       37.3       33.2       27.9         61.1       80.5       (24)%  
  Copper cathode (EW)   kt     29.6       31.8       31.2       20.4       24.4         44.8       54.0       (17)%           30.0       30.7       34.1       17.9       25.4         43.3       54.1       (20)%  
  Total copper   kt     66.2       67.9       73.4       55.8       57.7         113.5       126.3       (10)%           66.5       67.2       71.4       51.1       53.3         104.4       134.6       (22)%  
  Payable gold concentrate   troy oz     2,635       3,341       2,961       2,589       2,724         5,313       6,678       (20)%           2,635       3,341       2,961       2,589       2,724         5,313       6,678       (20)%  
  Payable silver concentrate   troy koz     451       428       441       358       316         674       954       (29)%           451       428       441       358       316         674       954       (29)%  
    Payable molybdenum   t     136       187       189       257       269         526       318       65%           138       223       190       208       256         464       319       45%  

Cerro Colorado entered temporary care and maintenance in December 2023.

 

8


BHP | Operational Review for the half year ended 31 December 2025

 

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

Var

%

 

Copper (continued)

                                         

Copper South Australia, Australia

  BHP interest 100%

 

                                     

Copper

   Payable metal in concentrate   kt     28.0       24.8       33.2       25.5       24.8             50.3       55.9       (10)%                   25.9       23.8       30.9       15.9       24.8             40.7       56.3       (28)%  
   Cathode   kt     45.4       56.6       60.4       52.7       52.9         105.6       97.0       9%           46.8       55.2       61.6       49.9       55.3         105.2       95.8       10%  
   Total copper   kt     73.4       81.4       93.6       78.2       77.7         155.9       152.9       2%           72.7       79.0       92.5       65.8       80.1         145.9       152.1       (4)%  
   Payable metal in concentrate transfer to Olympic Dam   kt     (2.1)       (2.3)       (1.5)       (5.6)       (2.6)         (8.2)       (8.2)       0%                        
     Net copper   kt     71.3       79.1       92.1       72.6       75.1         147.7       144.7       2%                                                                        

Gold

   Payable metal in concentrate   troy oz     52,288       46,097       53,055       47,893       41,351         89,244       98,740       (10)%           47,719       42,825       50,577       26,476       45,024         71,500       92,480       (23)%  
   Refined gold   troy oz     47,478       57,006       46,789       50,716       61,910         112,626       84,863       33%           43,479       57,982       49,241       51,147       59,054         110,201       83,805       31%  
   Total gold   troy oz     99,766       103,103       99,844       98,609       103,261         201,870       183,603       10%           91,198       100,807       99,818       77,623       104,078         181,701       176,285       3%  
   Payable metal in concentrate transfer to Olympic Dam   troy oz     (3,979)       (5,640)       (2,184)       (11,404)       (4,358)         (15,762)       (17,503)       (10)%                        
     Net gold   troy oz     95,787       97,463       97,660       87,205       98,903         186,108       166,100       12%                                                                        

Silver

   Payable metal in concentrate   troy koz     264       198       258       213       193         406       518       (22)%           218       173       226       131       207         338       513       (34)%  
   Refined silver   troy koz     133       462       216       227       284         511       339       51%           110       486       213       255       250         505       312       62%  
   Total silver   troy koz     397       660       474       440       477         917       857       7%           328       659       439       386       457         843       825       2%  
   Payable metal in concentrate transfer to Olympic Dam   troy koz     (11)       (12)       (7)       (31)       (14)         (45)       (42)       7%                        
     Net silver   troy koz     386       648       467       409       463         872       815       7%                                                                        

Uranium

       t     725       783       974       819       903         1,722       1,397       23%           640       710       1,230       649       815         1,464       1,317       11%  
                                            

Olympic Dam

                                            
   Material mined   kt     1,918       2,498       2,587       2,818       2,763         5,581       4,652       20%                        
   Ore milled   kt     2,407       2,462       2,859       2,640       2,926         5,566       5,024       11%                        
   Average copper grade   %     2.09%       1.99%       2.05%       1.97%       1.97%         1.97%       2.04%       (3)%                        
   Average uranium grade   kg/t     0.59       0.56       0.56       0.55       0.56         0.56       0.60       (7)%                                                                        
   Copper cathode (ER and EW)   kt     45.4       56.6       60.4       52.7       52.9         105.6       97.0       9%           46.8       55.2       61.6       49.9       55.3         105.2       95.8       10%  
   Refined gold   troy oz     47,478       57,006       46,789       50,716       61,910         112,626       84,863       33%           43,479       57,982       49,241       51,147       59,054         110,201       83,805       31%  
   Refined silver   troy koz     133       462       216       227       284         511       339       51%           110       486       213       255       250         505       312       62%  
   Payable uranium   t     725       783       974       819       903         1,722       1,397       23%           640       710       1,230       649       815         1,464       1,317       11%  
                                            

Prominent Hill

                                            
   Material mined   kt     1,111       1,119       1,210       1,049       1,014         2,063       2,038       1%                        
   Ore milled   kt     1,761       1,364       1,998       1,621       1,376         2,997       3,320       (10)%                        
   Average copper grade   %     0.72%       0.82%       0.92%       0.71%       0.83%         0.77%       0.72%       6%                        
   Concentrate produced   kt     21.5       19.2       33.0       19.0       19.1         38.1       41.1       (7)%                                                                        
   Payable copper   kt     10.9       9.7       16.2       9.9       9.7         19.6       20.4       (4)%           8.0       9.5       12.8       4.4       7.5         11.9       18.9       (37)%  
   Payable gold concentrate   troy oz     25,445       24,309       28,593       24,105       17,406         41,511       46,421       (11)%           19,658       22,614       25,222       9,033       17,671         26,704       38,377       (30)%  
   Payable silver concentrate   troy koz     70       63       98       61       49         110       133       (17)%           48       51       69       29       45         74       121       (39)%  
                                            

Carrapateena

                                            
   Material mined   kt     1,476       1,202       1,583       1,488       1,479         2,967       2,946       1%                        
   Ore milled   kt     1,429       1,306       1,557       1,511       1,415         2,926       2,875       2%                        
   Average copper grade   %     1.37%       1.31%       1.24%       1.18%       1.20%         1.19%       1.41%       (16)%                        
   Concentrate produced   kt     57.6       50.6       58.7       52.4       53.4         105.8       116.8       (9)%                                                                        
   Payable copper   kt     17.1       15.1       17.0       15.6       15.1         30.7       35.5       (14)%           17.9       14.3       18.1       11.5       17.3         28.8       37.4       (23)%  
   Payable gold concentrate   troy oz     26,843       21,788       24,462       23,788       23,945         47,733       52,319       (9)%           28,061       20,211       25,355       17,443       27,353         44,796       54,103       (17)%  
     Payable silver concentrate   troy koz     194       135       160       152       144         296       385       (23)%           170       122       157       102       162         264       392       (33)%  

 

9


BHP | Operational Review for the half year ended 31 December 2025

 

             Production              Sales  
             Quarter ended          Year to date              Quarter ended          Year to date  
            

Dec

2024

    

Mar

2025

    

Jun

2025

    

Sep

2025

    

Dec

2025

        

Dec

2025

    

Dec

2024

    

Var

%

            

Dec

2024

    

Mar

2025

    

Jun

2025

    

Sep

2025

    

Dec

2025

        

Dec

2025

    

Dec

2024

    

Var

%

 

Copper (continued)

                                                         
 

Antamina, Peru

 

BHP interest 33.75%

 

      
 

Material mined

 

kt

     57,497        51,529        39,369        58,970        57,442          116,412        121,591        (4)%                                
 

Concentrator throughput

 

kt

     13,323        13,140        10,154        13,307        13,725          27,032        26,419        2%                                
 

Average head grade - copper

 

%

     0.77%        0.81%        0.76%        0.86%        0.98%          0.92%        0.84%        10%                                
  Average head grade - zinc  

%

     0.84%        0.85%        1.70%        1.26%        1.01%          1.13%        0.76%        50%                                                                                
 

Payable copper

 

kt

     30.5        30.9        21.2        33.9        38.2          72.1        66.8        8%            33.3        27.4        21.8        33.1        40.4          73.5        72.9        1%  
 

Payable zinc

 

t

     22,792        26,026        40,415        35,991        27,003          62,994        42,166        49%            25,328        22,249        37,263        41,499        26,046          67,545        44,937        50%  
 

Payable silver

 

troy koz

     954        1,017        1,313        1,632        1,438          3,070        1,832        68%            796        810        953        1,705        1,553          3,258        1,578        106%  
 

Payable lead

 

t

     148        234        1,829        754        91          845        169        400%            35        181        837        1,469        551          2,020        160        1,163%  
    Payable molybdenum  

t

     615        614        148        84        12          96        1,517        (94)%            734        616        524        139        66          205        1,415        (86)%  
                                                           
 

Carajás, Brazil

 

BHP interest 100%

 

      
 

Material mined

 

kt

     152        140        148        134        147          281        332        (15)%                                
 

Ore milled

 

kt

     170        128        176        160        172          333        332        0%                                
 

Average copper grade

 

%

     1.92%        1.64%        1.40%        1.63%        1.51%          1.57%        1.77%        (11)%                                
 

Production ex mill

 

kt

     12.6        7.9        9.5        10.3        9.8          20.1        22.5        (11)%                                
  Average gold grade  

g/t

     0.54        0.50        0.43        0.46        0.47          0.47        0.50        (7)%                                                                                
 

Payable copper

 

kt

     3.0        1.9        2.2        2.4        2.3          4.7        5.3        (12)%            2.1        2.1        2.1        2.5        3.0          5.5        6.4        (14)%  
    Payable gold concentrate  

troy oz

     2,231        1,516        1,825        1,816        1,941          3,757        3,965        (5)%            1,527        1,664        1,693        1,964        2,424          4,388        4,696        (7)%  
                             
                             
                             

Iron ore

                                                         

Iron ore production is reported on the basis of saleable product, which is wet metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco.

 

                             
 

WAIO, Australia

 

BHP interest 85%

 

      
  Newman Joint Venture  

kt

     13,796        11,991        15,073        13,724        13,340          27,064        27,154        0%                                
  Area C Joint Venture  

kt

     29,578        27,869        32,824        29,415        32,265          61,680        58,417        6%                                
  Yandi Joint Venture  

kt

     3,777        3,819        3,854        3,498        2,899          6,397        8,217        (22)%                                
  Jimblebar¹  

kt

     17,600        16,458        16,597        15,378        19,262          34,640        34,326        1%                                
  Total  

kt

     64,751        60,137        68,348        62,015        67,766          129,781        128,114        1%                                
  Total (100%)  

kt

     73,071        67,844        77,480        70,246        76,326          146,572        144,664        1%                                                                                
  Lump  

kt

                                   20,319        18,822        21,285        20,250        20,595          40,845        39,696        3%  
  Fines  

kt

                                   44,022        40,412        46,545        42,180        46,314          88,494        88,053        1%  
  Total  

kt

                                   64,341        59,234        67,830        62,430        66,909          129,339        127,749        1%  
    Total (100%)  

kt

                                                                                   72,594        66,765        76,723        70,592        75,397          145,989        144,137        1%  

1 Presented on a 100% basis. BHP interest in saleable production is 85%.

 

                             
                                        
 

Samarco, Brazil

 

BHP interest 50%

 

      
    Total  

kt

     1,441        1,603        1,951        2,066        1,938          4,004        2,700        48%            1,477        1,416        1,973        2,042        2,512          4,554        2,459        85%  

 

10


BHP | Operational Review for the half year ended 31 December 2025

 

             Production              Sales  
             Quarter ended          Year to date              Quarter ended          Year to date  
            

Dec

2024

    

Mar

2025

    

Jun

2025

    

Sep

2025

    

Dec

2025

        

Dec

2025

    

Dec

2024

    

Var

%

            

Dec

2024

    

Mar

2025

    

Jun

2025

    

Sep

2025

    

Dec

2025

        

Dec

2025

    

Dec

2024

    

Var

%

 

Coal

                                                           
 

Coal production is reported on the basis of saleable product.

 

 

                             

BMA, Australia

  BHP interest 50%

 

            
 
  Goonyella   kt      1,439        1,228        1,811        1,880        1,254          3,134        2,798        12%                                
 
  Peak Downs   kt      1,073        1,098        1,154        1,111        967          2,078        2,322        (11)%                                
 
  Saraji   kt      1,171        883        1,079        884        1,146          2,030        2,111        (4)%                                
 
  Caval Ridge   kt      747        710        1,102        990        924          1,914        1,714        12%                                
 
  Total1   kt      4,430        3,919        5,146        4,865        4,291          9,156        8,945        2%                                
 
  Total (100%)1   kt      8,860        7,838        10,292        9,730        8,582          18,312        17,890        2%                                                                                
 
  Hard coking coal   kt                                    4,695        3,708        4,831        4,428        4,302          8,730        8,968        (3)%  
 
  Energy coal   kt                                    31        83        199        44        111          155        31        400%  
 
  Total   kt                                    4,726        3,791        5,030        4,472        4,413          8,885        8,999        (1)%  
 
    Total (100%)   kt                                                                                      9,452        7,582        10,060        8,944        8,826          17,770        17,998        (1)%  
 

1 Production figures include some energy coal.

 

 

                             
 

NSWEC, Australia

  BHP interest 100%

 

            
 
  Energy coal - Export   kt                                    3,471        3,128        3,554        3,549        4,190          7,739        6,887        12%  
 
  Energy coal - Domestic   kt                                    332        381        372        158        182          340        867        (61)%  
 
    Total   kt      3,698        3,596        4,067        3,518        4,610            8,128        7,373        10%            3,803        3,509        3,926        3,707        4,372          8,079        7,754        4%  
 
                           
 

 

Other

                                                           
 

Nickel production is reported on the basis of saleable product.

 

                             
 

Western Australia Nickel, Australia¹

  BHP interest 100%

 

            
 

Mt Keith

  Nickel concentrate   kt      5.4        -        -        -        -          -        41.3        (100)%                                
 
    Average nickel grade   %      16.7        -        -        -        -          -        17.0        (100)%                                
 

Leinster

  Nickel concentrate   kt      -        -        -        -        -          -        72.4        (100)%                                
 
    Average nickel grade   %      -        -        -        -        -          -        8.8        (100)%                                                                                
 
  Refined nickel   kt      0.1        -        -        -        -          -        12.2        (100)%            0.8        -        -        -        -          -        14.3        (100)%  
 
  Nickel sulphate    kt      -        -        -        -        -          -        0.3        (100)%            0.3        0.1        0.1        -        -          -        0.9        (100)%  
 
  Intermediates and nickel by-products   kt      7.9        2.3        0.3        -        -          -        15.1        (100)%            10.1        2.1        0.1        -        -          -        15.9        (100)%  
 
  Total nickel   kt      8.0        2.3        0.3        -        -          -        27.6        (100)%            11.2        2.2        0.2        -        -          -        31.1        (100)%  
 
    Cobalt by-products   t      121        35        -        -        -          -        415        (100)%            121        -        -        -        -          -        415        (100)%  

 

1

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

 

11


BHP | Operational Review for the half year ended 31 December 2025

 

Variance analysis relates to the relative performance of BHP and/or its operations during the six months ended December 2025 compared with the six months ended December 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 tonnes (dmt); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic centimetre (g/cm3), grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); percentage point (ppt); ounces (oz); part per million (ppm), pounds (lb); thousand ounces (koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).

In this release, the terms ‘BHP’, the ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28—Subsidiaries of the Financial Statements in BHP’s 2025 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina, Resolution, Samarco and 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

 

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12


SIGNATURES

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

 

      BHP Group Limited
Date: 20 January 2026     By:  

/s/ Stefanie Wilkinson

    Name:   Stefanie Wilkinson
    Title:   Group General Counsel and Group Company Secretary