BHP maintains FY26 guidance as copper rises 4% to 494 kt

Rhea-AI Filing Summary

BHP Group (BHP) posted a solid Q1 FY26 operational start. Copper production was 494 kt, up 4% year over year, helped by record concentrator throughput at Escondida. Iron ore production was 64 Mt, down 1%, as Western Australia Iron Ore completed significant planned maintenance, including a car dumper rebuild finished about 8% ahead of schedule. Steelmaking coal reached 4.9 Mt, up 8%, while energy coal was 3.5 Mt, down 4%. Average realised prices moved mixed: copper US$4.59/lb (up 8%), iron ore US$84.04/wmt (up 5%), steelmaking coal US$180.67/t (down 16%), and energy coal US$95.18/t (down 23%).

Full‑year production guidance remains unchanged across major commodities, including copper at 1,800–2,000 kt and WAIO at 251–262 Mt (284–296 Mt on a 100% basis). The company advanced key growth and decarbonisation milestones: environmental approval for the Laguna Seca Expansion at Escondida and Copper South Australia’s largest renewable electricity agreement. In Canada, Jansen Stage 1 is 73% complete and Stage 2 is 13% complete. BHP also executed EUR 1.4 bn and US$1.5 bn in bonds and refinanced its US$5.5 bn revolving credit facility, underscoring balance sheet strength.

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

21 October 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

21 October 2025

Operational review for the quarter ended 30 September 2025

Delivering operational and project excellence into a constructive commodity price environment

“We’ve made a strong start to the year, highlighted by disciplined operating performance and execution of scheduled maintenance.

Group copper production rose 4%, with record concentrator throughput at Escondida.

In iron ore, WAIO delivered another standout quarter, achieving record material mined while completing critical infrastructure upgrades ahead of schedule.

In steelmaking coal, production rose 8%, supported by strong mining rates at Broadmeadow and increased stripping at our open cut mines.

We progressed key growth and decarbonisation milestones in the quarter, including securing environmental approval for the Laguna Seca Expansion at Escondida and Copper South Australia entering into its largest renewable electricity agreement.

Both stages of the Jansen potash project in Canada are advancing, with Stage 1 reaching 73% completion and on track for production to begin in 2027, while Stage 2 is now 13% complete. The long-term demand fundamentals for potash are attractive and Jansen is expected to be one of the lowest cost producers.

Overall macro-economic signals for commodity demand remain resilient, and global growth forecasts are moving higher. While we expect some deceleration in growth in H2 CY25, in China we still expect GDP growth of ~5% for the year. In copper, major disruptions at some of our competitors’ mines have tightened overall market fundamentals, benefitting our world-class portfolio of assets.

With momentum from a strong first quarter, BHP is on track to deliver on full-year guidance and we are making progress on our growth pipeline across Australia and the Americas.”

		Mike Henry,
		BHP Chief Executive Officer
Summary
Operational and project excellence		Portfolio
Strong performance; maintenance executed		Progressing our organic growth options
Copper production increased 4% driven by record concentrator throughput at Escondida. Performance at Copper SA was strong and major planned maintenance was safely executed. In our steelmaking commodities, WAIO achieved record Q1 material mined and a 5% increase in lump sales, while delivering the planned rebuild of Car Dumper 3 (CD3) ~8% ahead of schedule. BMA production increased 8% enabled by strong stripping performance and improved mining rates at Broadmeadow.		In September, we received approval for the Environmental Impact Declaration (DIA) for the Laguna Seca Expansion at Escondida. The DIA permit for the Escondida New Concentrator remains on track to be submitted in H2 FY26. BHP welcomed state and federal ministers for a site visit to Copper SA, where we are progressing initiatives aimed at increasing growth through strengthening mining productivity as we continue building a world-class copper province.
Strong balance sheet		Social value
Successful capital management		A continued evolution as we grow
During the quarter, BHP issued EUR bonds totalling EUR 1.4 bn and USD bonds totalling US$1.5 bn competitively priced across four tranches and refinanced its US$5.5 bn revolving credit facility. These demonstrate disciplined execution underpinning our strong balance sheet.		In September, we held an ESG Roundtable covering operational decarbonisation, Scope 3 steelmaking emissions, Indigenous partnerships, and the Doce River Basin Agreement (Samarco). Copper South Australia entered into its largest renewable electricity supply agreement, taking another step forward in its operational decarbonisation journey.

Production		Quarter performance												Production guidance
		Q1 FY26				v Q4 FY25				v Q1 FY25				FY26 guidance
Copper (kt)			493.6				(4	%)			4	%			1,800 – 2,000
Escondida (kt)			328.9				0	%			8	%			1,150 – 1,250				Unchanged
Pampa Norte (Spence) (kt)			55.8				(24	%)			(7	%)			230 – 250				Unchanged
Copper South Australia (kt)			72.6				(21	%)			(1	%)			310 – 340				Unchanged
Antamina (kt)			33.9				60	%			(7	%)			120 – 140				Unchanged
Carajás (kt)			2.4				7	%			2	%			-				-
Iron ore (Mt)			64.1				(9	%)			(1	%)			258 – 269
WAIO (Mt)			62.0				(9	%)			(2	%)			251 – 262				Unchanged
WAIO (100% basis) (Mt)			70.2				(9	%)			(2	%)			284 – 296				Unchanged
Samarco (Mt)			2.1				6	%			64	%			7 – 7.5				Unchanged
Steelmaking coal – BMA (Mt)			4.9				(5	%)			8	%			18 – 20
BMA (100% basis) (Mt)			9.7				(5	%)			8	%			36 – 40				Unchanged
Energy coal – NSWEC (Mt)			3.5				(13	%)			(4	%)			14 – 16				Unchanged

BHP | Operational Review for the quarter ended 30 September 2025

Segment and asset performance | FY26 YTD v FY25 YTD

  Further information in Appendix 1   Detailed production and sales information for all operations in Appendix 2

Copper
Production 494 kt é 4% Q1 FY25 476 kt FY26e 1,800 – 2,000 kt Average realised price US$4.59/lb é 8% Q1 FY25 US$4.24/lb		Total copper production increased 4% to 494 kt. Copper production guidance for FY26 remains unchanged at between 1,800 and 2,000 kt. Escondida 328.9 kt é 8% (100% basis) We are investigating an incident on 9 October where a contracting team member passed away. Our thoughts are with the team member’s family. We are working closely with the relevant authorities. There have been no operational impacts as a result of the event. Increased production was driven by record concentrator throughput and improved recoveries, partially offset by a lower concentrator feed grade of 0.94% (Q1 FY25: 1.00%). Cathode production was higher in line with the continued ramp-up of the Full SaL leaching project which achieved first production in Q4 FY25. Production guidance for FY26 remains unchanged at between 1,150 and 1,250 kt and is expected to be weighted to the first half in line with higher concentrator feed grade. Concentrator feed grade of ~0.85% for the full year remains unchanged.
		We continue to make progress on the optimised Escondida Growth Program. In September, the Antofagasta Environmental Evaluation Committee approved the DIA for the Laguna Seca Expansion, enabling early infrastructure development, while the Escondida New Concentrator DIA permit remains on track to be submitted in H2 FY26. Pampa Norte (Spence) 55.8 kt ê 7%
		Spence production decreased 7% as expected, as a result of lower cathode production, in line with a planned decline in stacked feed grade due to an increase in the volume of transitional ore processed.
		Production guidance for Spence remains unchanged at between 230 and 250 kt for FY26 with production expected to increase from Q2 FY26.
		Copper South Australia 72.6 kt ê 1%
		Production was stable, driven by improved mine productivity at Olympic Dam and Prominent Hill, with strong smelter and refinery throughput, offsetting lower grade. We successfully completed planned major maintenance at Olympic Dam on the underground materials handling system, mills and the refinery, and continued the integration of HydroFloat technology at Carrapateena.
		Production guidance for FY26 remains unchanged at between 310 and 340 kt, weighted to the second half.
		Gold production increased 24%, supported by strong operating performance and higher grades at Olympic Dam.
		Other copper
		At Antamina, copper production decreased 7% to 34 kt. Zinc production was 86% higher at 36 kt, as a result of planned higher feed grades. FY26 copper production guidance of between 120 and 140 kt and zinc production guidance of between 90 and 110 kt remain unchanged.
		Carajás produced 2.4 kt of copper and 1.8 troy koz of gold. As announced in August, the divestment of Carajás is expected to close in early CY26, subject to the satisfaction of customary closing conditions (including regulatory approvals).

2

BHP | Operational Review for the quarter ended 30 September 2025

Iron ore
Production 64 Mt ê1% Q1 FY25 65 Mt FY26e 258 – 269 Mt Average realised price US$84.04/wmt é 5% Q1 FY25 US$80.10/wmt		Iron ore production decreased 1% to 64 Mt. Production guidance for FY26 remains unchanged at between 258 and 269 Mt. WAIO 62.0 Mt ê 2% | 70.2 Mt (100% basis) Production was solid as WAIO demonstrated continued supply chain excellence with record material mined (up 9%) and strong shipments, in a quarter of significant planned maintenance. The major rebuild of Car Dumper 3 at Port Hedland, which had a 4.3 Mt (100% basis) volume impact, was safely completed ~8% ahead of schedule, demonstrating disciplined execution and project delivery excellence. Progress continued on the multi-year Rail Technology Program (RTP1), with tie-in activities advancing as scheduled — supporting long-term infrastructure uplift and future logistics resilience. Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt on a 100% basis). Sales were broadly in line with the prior year, with a 5% increase in sales of higher-value lump. We sell and ship iron ore products via different commercial distribution channels, this includes seaborne sales, and portside sales in China which have increased over recent years in line with our strategy. We will continue to optimise distribution channels to support product placement.
		Samarco 2.1 Mt é 64% | 4.1 Mt (100% basis)
		Production increased following recommissioning of latent pelletising plant capacity and the ramp up of the second concentrator. Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt with planned maintenance across the year.
Coal Steelmaking coal
Production 4.9 Mt é8% Q1 FY25 4.5 Mt FY26e 18 – 20 Mt Average realised price US$180.67/t ê 16% Q1 FY25 US$214.86/t		BMA 4.9 Mt é 8% | 9.7 Mt (100% basis) Production increased 8% due to higher underground production rates at Broadmeadow and increased prime stripping, which offset the impact of planned higher strip ratios at our open cut operations. Due to market conditions and the unsustainable impact of the Queensland Government’s coal royalties on business returns, Saraji South, part of the Saraji mine complex, will be placed into a period of care and maintenance from November 2025. Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt on a 100% basis). Volumes will be weighted to H2 FY26, with continued safe management of geotechnical characteristics in the current longwall panel and a longwall move at Broadmeadow scheduled in Q2 FY26. We expect to continue building raw coal inventory into CY27, to further improve operating stability.

3

BHP | Operational Review for the quarter ended 30 September 2025

Energy coal
Production		NSWEC 3.5 Mt ê 4%
3.5 Mt ê 4% Q1 FY25 3.7 Mt FY26e 14 – 16 Mt Average realised price US$95.18/t ê 23% Q1 FY25 US$124.32/t		Production decreased due to additional wash plant maintenance resulting in lower plant throughput. Strong mining performance, with improved truck availability, resulted in a build of raw coal inventory. Production guidance for FY26 remains unchanged at between 14 and 16 Mt. In September 2025, we received the final approval from the Australian Federal Government to extend mining to 30 June 2030, following the NSW Government extension granted in April 2025.

Quarterly performance | Q1 FY26 v Q4 FY25

Copper				Iron ore
494 kt ê 4% Q4 FY25 516 kt		Higher production at Escondida due to higher concentrator throughput, partially offset by lower production at Spence due to lower grades and Copper SA due to planned major maintenance.		64 Mt ê 9% Q4 FY25 70 Mt		Lower production at WAIO as a result of planned maintenance including the rebuild of Car Dumper 3, which had a 4.3 Mt (100% basis) volume impact.
Steelmaking coal				Energy coal
4.9 Mt ê 5% Q4 FY25 5.1 Mt		Lower production due to planned higher strip ratio as a result of mine sequencing. This was partially offset by increased prime stripping and inventory drawdown.		3.5 Mt ê 13% Q4 FY25 4.1 Mt		Lower production due to planned annual wash plant maintenance and lower bypass coal.

4

BHP | Operational Review for the quarter ended 30 September 2025

Appendix 1

Average realised pricesⁱ

		Quarter
			Q1 FY26				v Q4 FY25				v Q1 FY25
Copper (US$/lb)			4.59				4%				8%
Iron ore (US$/wmt, FOB)			84.04				5%				5%
Steelmaking coal (US$/t)			180.67				2%				(16%	)
Energy coal (US$/t)ii			95.18				11%				(23%	)

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

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

Current year unit cost guidance

Unit cost		Current FY26 guidancei
Escondida (US$/lb)			1.20 – 1.50				Unchanged
Spence (US$/lb)			2.10 – 2.40				Unchanged
Copper SA (US$/lb)			1.00 – 1.50	ii			Unchanged
WAIO (US$/t)			18.25 – 19.75				Unchanged
BMA (US$/t)			116 – 128				Unchanged

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

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

Medium term 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		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.		Under review Estimated range US$7.0 – 7.4 bn		Under review Estimated mid-CY27		Project is 73% 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		FY31		Project is 13% complete

Exploration

Minerals exploration and evaluation expenditure was US$90 m for Q1 FY26 (Q1 FY25: US$104 m), of which US$76 m was expensed (Q1 FY25: US$91 m).

5

BHP | Operational Review for the quarter ended 30 September 2025

Appendix 2

						Production																																												Sales
						Quarter ended																								Year to date																				Quarter ended																								Year to date
						Sep				Dec				Mar				Jun				Sep								Sep				Sep				Var												Sep				Dec				Mar				Jun				Sep								Sep				Sep				Var
						2024				2024				2025				2025				2025								2025				2024				%												2024				2024				2025				2025				2025								2025				2024				%
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper		Payable metal in concentrate		kt			360.9				391.4				379.8				375.9				374.0								374.0				360.9				4	%											391.5				372.8				399.0				377.6				343.0								343.0				391.5				(12	)%
		Escondida		kt			264.8				295.4				288.4				278.6				282.4								282.4				264.8				7	%											273.2				275.0				309.2				285.5				258.3								258.3				273.2				(5	)%
		Pampa Norte (Spence)		kt			35.7				36.6				36.1				42.2				35.4								35.4				35.7				(1	)%											44.0				36.5				36.5				37.3				33.2								33.2				44.0				(25	)%
		Copper South Australia		kt			21.8				25.9				22.5				31.7				19.9								19.9				21.8				(9	)%											30.4				25.9				23.8				30.9				15.9								15.9				30.4				(48	)%
		Antamina		kt			36.3				30.5				30.9				21.2				33.9								33.9				36.3				(7	)%											39.6				33.3				27.4				21.8				33.1								33.1				39.6				(16	)%
		Carajás		kt			2.3				3.0				1.9				2.2				2.4								2.4				2.3				2	%											4.3				2.1				2.1				2.1				2.5								2.5				4.3				(42	)%
		Cathode		kt			115.4				119.4				133.6				140.3				119.6								119.6				115.4				4	%											110.7				120.0				133.3				148.4				105.9								105.9				110.7				(4	)%
		Escondida		kt			39.4				44.4				45.2				48.7				46.5								46.5				39.4				18	%											37.6				43.2				47.4				52.7				38.1								38.1				37.6				1	%
		Pampa Norte (Spence)		kt			24.4				29.6				31.8				31.2				20.4								20.4				24.4				(16	)%											24.1				30.0				30.7				34.1				17.9								17.9				24.1				(26	)%
		Copper South Australia		kt			51.6				45.4				56.6				60.4				52.7								52.7				51.6				2	%											49.0				46.8				55.2				61.6				49.9								49.9				49.0				2	%
		Total		kt			476.3				510.8				513.4				516.2				493.6								493.6				476.3				4	%											502.2				492.8				532.3				526.0				448.9								448.9				502.2				(11	)%
Lead		Payable metal in concentrate		t			21				148				234				1,829				754								754				21				3,490	%											125				35				181				837				1,469								1,469				125				1,075	%
		Antamina		t			21				148				234				1,829				754								754				21				3,490	%											125				35				181				837				1,469								1,469				125				1,075	%
Zinc		Payable metal in concentrate		t			19,374				22,792				26,026				40,415				35,991								35,991				19,374				86	%											19,609				25,328				22,249				37,263				41,499								41,499				19,609				112	%
		Antamina		t			19,374				22,792				26,026				40,415				35,991								35,991				19,374				86	%											19,609				25,328				22,249				37,263				41,499								41,499				19,609				112	%
Gold		Payable metal in concentrate		troy oz			85,668				90,468				89,841				95,949				76,242								76,242				85,668				(11	)%											98,936				89,174				92,357				95,523				66,377								66,377				98,936				(33	)%
		Escondida		troy oz			46,963				37,293				44,527				40,292				35,348								35,348				46,963				(25	)%											46,963				37,293				44,527				40,292				35,348								35,348				46,963				(25	)%
		Pampa Norte (Spence)		troy oz			4,043				2,635				3,341				2,961				2,589								2,589				4,043				(36	)%											4,043				2,635				3,341				2,961				2,589								2,589				4,043				(36	)%
		Copper South Australia		troy oz			32,928				48,309				40,457				50,871				36,489								36,489				32,928				11	%											44,761				47,719				42,825				50,577				26,476								26,476				44,761				(41	)%
		Carajás		troy oz			1,734				2,231				1,516				1,825				1,816								1,816				1,734				5	%											3,169				1,527				1,664				1,693				1,964								1,964				3,169				(38	)%
		Refined gold		troy oz			37,385				47,478				57,006				46,789				50,716								50,716				37,385				36	%											40,326				43,479				57,982				49,241				51,147								51,147				40,326				27	%
		Copper South Australia		troy oz			37,385				47,478				57,006				46,789				50,716								50,716				37,385				36	%											40,326				43,479				57,982				49,241				51,147								51,147				40,326				27	%
		Total		troy oz			123,053				137,946				146,847				142,738				126,958								126,958				123,053				3	%											139,262				132,653				150,339				144,764				117,524								117,524				139,262				(16	)%
Silver		Payable metal in concentrate		troy koz			3,150				3,277				3,418				3,911				4,114								4,114				3,150				31	%											3,126				3,084				3,198				3,526				4,136								4,136				3,126				32	%
		Escondida		troy koz			1,546				1,619				1,787				1,906				1,942								1,942				1,546				26	%											1,546				1,619				1,787				1,906				1,942								1,942				1,546				26	%
		Pampa Norte (Spence)		troy koz			503				451				428				441				358								358				503				(29	)%											503				451				428				441				358								358				503				(29	)%
		Copper South Australia		troy koz			223				253				186				251				182								182				223				(18	)%											295				218				173				226				131								131				295				(56	)%
		Antamina		troy koz			878				954				1,017				1,313				1,632								1,632				878				86	%											782				796				810				953				1,705								1,705				782				118	%
		Refined silver		troy koz			206				133				462				216				227								227				206				10	%											202				110				486				213				255								255				202				26	%
		Copper South Australia		troy koz			206				133				462				216				227								227				206				10	%											202				110				486				213				255								255				202				26	%
		Total		troy koz			3,356				3,410				3,880				4,127				4,341								4,341				3,356				29	%											3,328				3,194				3,684				3,739				4,391								4,391				3,328				32	%
Uranium		Payable metal in concentrate		t			672				725				783				974				819								819				672				22	%											677				640				710				1,230				649								649				677				(4	)%
		Copper South Australia		t			672				725				783				974				819								819				672				22	%											677				640				710				1,230				649								649				677				(4	)%
Molybdenum		Payable metal in concentrate		t			1,084				751				801				337				341								341				1,084				(69	)%											862				872				839				714				347								347				862				(60	)%
		Pampa Norte (Spence)		t			182				136				187				189				257								257				182				41	%											181				138				223				190				208								208				181				15	%
		Antamina		t			902				615				614				148				84								84				902				(91	)%											681				734				616				524				139								139				681				(80	)%
Iron ore		Western Australia Iron Ore (WAIO)		kt			63,363				64,751				60,137				68,348				62,015								62,015				63,363				(2	)%											63,408				64,341				59,234				67,830				62,430								62,430				63,408				(2	)%
		Samarco		kt			1,259				1,441				1,603				1,951				2,066								2,066				1,259				64	%											982				1,477				1,416				1,973				2,042								2,042				982				108	%
		Total		kt			64,622				66,192				61,740				70,299				64,081								64,081				64,622				(1	)%											64,390				65,818				60,650				69,803				64,472								64,472				64,390				0	%
Steelmaking coal		BHP Mitsubishi Alliance (BMA)		kt			4,515				4,430				3,919				5,146				4,865								4,865				4,515				8	%											4,273				4,726				3,791				5,030				4,472								4,472				4,273				5	%
Energy coal		NSW Energy Coal (NSWEC)		kt			3,675				3,698				3,596				4,067				3,518								3,518				3,675				(4	)%											3,951				3,803				3,509				3,926				3,707								3,707				3,951				(6	)%
Nickel1		Western Australia Nickel		kt			19.6				8.0				2.3				0.3				-								-				19.6				(100	)%											19.9				11.2				2.2				0.2				-								-				19.9				(100	)%
Cobalt1		Western Australia Nickel		t			294				121				35				-				-								-				294				(100	)%											294				121				-				-				-								-				294				(100	)%

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

6

BHP | Operational Review for the quarter ended 30 September 2025

						Production																																						Sales
						Quarter ended																						Year to date																Quarter ended																						Year to date
						Sep 2024				Dec 2024				Mar 2025				Jun 2025				Sep 2025						Sep 2025				Sep 2024				Var %								Sep 2024				Dec 2024				Mar 2025				Jun 2025				Sep 2025						Sep 2025				Sep 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			100,416				116,083				117,038				122,386				114,527						114,527				100,416				14%
		Concentrator throughput		kt			32,488				35,293				32,889				36,490				36,721						36,721				32,488				13%
		Average copper grade - concentrator		%			1.00%				1.06%				1.09%				0.95%				0.94%						0.94%				1.00%				(6)%
		Production ex mill		kt			269.9				309.8				295.6				291.0				294.2						294.2				269.9				9%
		Payable copper		kt			264.8				295.4				288.4				278.6				282.4						282.4				264.8				7%								273.2				275.0				309.2				285.5				258.3						258.3				273.2				(5)%
		Copper cathode (EW)		kt			39.4				44.4				45.2				48.7				46.5						46.5				39.4				18%								37.6				43.2				47.4				52.7				38.1						38.1				37.6				1%
		Oxide leach		kt			7.8				12.2				14.3				16.3				16.8						16.8				7.8				115%
		Sulphide leach		kt			31.6				32.2				30.9				32.4				29.7						29.7				31.6				(6)%
		Total copper		kt			304.2				339.8				333.6				327.3				328.9						328.9				304.2				8%								310.8				318.2				356.6				338.2				296.4						296.4				310.8				(5)%
		Payable gold concentrate		troy oz			46,963				37,293				44,527				40,292				35,348						35,348				46,963				(25)%								46,963				37,293				44,527				40,292				35,348						35,348				46,963				(25)%
		Payable silver concentrate		troy koz			1,546				1,619				1,787				1,906				1,942						1,942				1,546				26%								1,546				1,619				1,787				1,906				1,942						1,942				1,546				26%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile¹				BHP interest 100%
		Material mined		kt			23,260				25,238				21,848				25,944				24,695						24,695				23,260				6%
		Ore stacked		kt			4,928				5,974				5,584				5,413				5,652						5,652				4,928				15%
		Average copper grade - stacked		%			0.73%				0.81%				0.62%				0.67%				0.61%						0.61%				0.73%				(16)%
		Concentrator throughput		kt			7,547				7,722				7,754				7,792				7,778						7,778				7,547				3%
		Average copper grade - concentrator		%			0.64%				0.62%				0.63%				0.66%				0.65%						0.65%				0.64%				2%
		Payable copper		kt			35.7				36.6				36.1				42.2				35.4						35.4				35.7				(1)%								44.0				36.5				36.5				37.3				33.2						33.2				44.0				(25)%
		Copper cathode (EW)		kt			24.4				29.6				31.8				31.2				20.4						20.4				24.4				(16)%								24.1				30.0				30.7				34.1				17.9						17.9				24.1				(26)%
		Total copper		kt			60.1				66.2				67.9				73.4				55.8						55.8				60.1				(7)%								68.1				66.5				67.2				71.4				51.1						51.1				68.1				(25)%
		Payable gold concentrate		troy oz			4,043				2,635				3,341				2,961				2,589						2,589				4,043				(36)%								4,043				2,635				3,341				2,961				2,589						2,589				4,043				(36)%
		Payable silver concentrate		troy koz			503				451				428				441				358						358				503				(29)%								503				451				428				441				358						358				503				(29)%
		Payable molybdenum		t			182				136				187				189				257						257				182				41%								181				138				223				190				208						208				181				15%

1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023.

7

BHP | Operational Review for the quarter ended 30 September 2025

						Production																																												Sales
						Quarter ended																								Year to date																				Quarter ended																								Year to date
							Sep 2024				Dec 2024				Mar 2025				Jun 2025				Sep 2025								Sep 2025				Sep 2024				Var %												Sep 2024				Dec 2024				Mar 2025				Jun 2025				Sep 2025								Sep 2025				Sep 2024				Var %
Copper (continued)
Copper South Australia, Australia				BHP interest 100%
Copper		Payable metal in concentrate		kt			27.9				28.0				24.8				33.2				25.5								25.5				27.9				(9)%												30.4				25.9				23.8				30.9				15.9								15.9				30.4				(48)%
		Cathode		kt			51.6				45.4				56.6				60.4				52.7								52.7				51.6				2%												49.0				46.8				55.2				61.6				49.9								49.9				49.0				2%
		Total copper		kt			79.5				73.4				81.4				93.6				78.2								78.2				79.5				(2)%												79.4				72.7				79.0				92.5				65.8								65.8				79.4				(17)%
		Payable metal in concentrate transfer to Olympic Dam		kt			(6.1)				(2.1)				(2.3)				(1.5)				(5.6)								(5.6)				(6.1)				(8)%
		Net copper		kt			73.4				71.3				79.1				92.1				72.6								72.6				73.4				(1)%
Gold		Payable metal in concentrate		troy oz			46,452				52,288				46,097				53,055				47,893								47,893				46,452				3%												44,761				47,719				42,825				50,577				26,476								26,476				44,761				(41)%
		Refined gold		troy oz			37,385				47,478				57,006				46,789				50,716								50,716				37,385				36%												40,326				43,479				57,982				49,241				51,147								51,147				40,326				27%
		Total gold		troy oz			83,837				99,766				103,103				99,844				98,609								98,609				83,837				18%												85,087				91,198				100,807				99,818				77,623								77,623				85,087				(9)%
		Payable metal in concentrate transfer to Olympic Dam		troy oz			(13,524)				(3,979)				(5,640)				(2,184)				(11,404)								(11,404)				(13,524)				(16)%
		Net gold		troy oz			70,313				95,787				97,463				97,660				87,205								87,205				70,313				24%
Silver		Payable metal in concentrate		troy koz			254				264				198				258				213								213				254				(16)%												295				218				173				226				131								131				295				(56)%
		Refined silver		troy koz			206				133				462				216				227								227				206				10%												202				110				486				213				255								255				202				26%
		Total silver		troy koz			460				397				660				474				440								440				460				(4)%												497				328				659				439				386								386				497				(22)%
		Payable metal in concentrate transfer to Olympic Dam		troy koz			(31)				(11)				(12)				(7)				(31)								(31)				(31)				0%
		Net silver		troy koz			429				386				648				467				409								409				429				(5)%
Uranium				t			672				725				783				974				819								819				672				22%												677				640				710				1,230				649								649				677				(4)%
Olympic Dam
		Material mined		kt			2,734				1,918				2,498				2,587				2,818								2,818				2,734				3%
		Ore milled		kt			2,617				2,407				2,462				2,859				2,640								2,640				2,617				1%
		Average copper grade		%			1.99%				2.09%				1.99%				2.05%				1.97%								1.97%				1.99%				(1)%
		Average uranium grade		kg/t			0.60				0.59				0.56				0.56				0.55								0.55				0.60				(8)%
		Copper cathode (ER and EW)		kt			51.6				45.4				56.6				60.4				52.7								52.7				51.6				2%												49.0				46.8				55.2				61.6				49.9								49.9				49.0				2%
		Refined gold		troy oz			37,385				47,478				57,006				46,789				50,716								50,716				37,385				36%												40,326				43,479				57,982				49,241				51,147								51,147				40,326				27%
		Refined silver		troy koz			206				133				462				216				227								227				206				10%												202				110				486				213				255								255				202				26%
		Payable uranium		t			672				725				783				974				819								819				672				22%												677				640				710				1,230				649								649				677				(4)%
Prominent Hill
		Material mined		kt			927				1,111				1,119				1,210				1,049								1,049				927				13%
		Ore milled		kt			1,559				1,761				1,364				1,998				1,621								1,621				1,559				4%
		Average copper grade		%			0.73%				0.72%				0.82%				0.92%				0.71%								0.71%				0.73%				(3)%
		Concentrate produced		kt			19.6				21.5				19.2				33.0				19.0								19.0				19.6				(3)%
		Payable copper		kt			9.5				10.9				9.7				16.2				9.9								9.9				9.5				4%												10.9				8.0				9.5				12.8				4.4								4.4				10.9				(60)%
		Payable gold concentrate		troy oz			20,976				25,445				24,309				28,593				24,105								24,105				20,976				15%												18,719				19,658				22,614				25,222				9,033								9,033				18,719				(52)%
		Payable silver concentrate		troy koz			63				70				63				98				61								61				63				(3)%												73				48				51				69				29								29				73				(60)%
Carrapateena
		Material mined		kt			1,470				1,476				1,202				1,583				1,488								1,488				1,470				1%
		Ore milled		kt			1,446				1,429				1,306				1,557				1,511								1,511				1,446				4%
		Average copper grade		%			1.45%				1.37%				1.31%				1.24%				1.18%								1.18%				1.45%				(19)%
		Concentrate produced		kt			59.2				57.6				50.6				58.7				52.4								52.4				59.2				(11)%
		Payable copper		kt			18.4				17.1				15.1				17.0				15.6								15.6				18.4				(15)%												19.5				17.9				14.3				18.1				11.5								11.5				19.5				(41)%
		Payable gold concentrate		troy oz			25,476				26,843				21,788				24,462				23,788								23,788				25,476				(7)%												26,042				28,061				20,211				25,355				17,443								17,443				26,042				(33)%
		Payable silver concentrate		troy koz			191				194				135				160				152								152				191				(20)%												222				170				122				157				102								102				222				(54)%

8

BHP | Operational Review for the quarter ended 30 September 2025

						Production																																						Sales
						Quarter ended																						Year to date																Quarter ended																						Year to date
						Sep 2024				Dec 2024				Mar 2025				Jun 2025				Sep 2025						Sep 2025				Sep 2024				Var %								Sep 2024				Dec 2024				Mar 2025				Jun 2025				Sep 2025						Sep 2025				Sep 2024				Var %
Copper (continued)
Antamina, Peru				BHP interest 33.75%
		Material mined		kt			64,094				57,497				51,529				39,369				58,970						58,970				64,094				(8)%
		Concentrator throughput		kt			13,096				13,323				13,140				10,154				13,307						13,307				13,096				2%
		Average head grade - copper		%			0.91%				0.77%				0.81%				0.76%				0.86%						0.86%				0.91%				(5)%
		Average head grade - zinc		%			0.67%				0.84%				0.85%				1.70%				1.26%						1.26%				0.67%				88%
		Payable copper		kt			36.3				30.5				30.9				21.2				33.9						33.9				36.3				(7)%								39.6				33.3				27.4				21.8				33.1						33.1				39.6				(16)%
		Payable zinc		t			19,374				22,792				26,026				40,415				35,991						35,991				19,374				86%								19,609				25,328				22,249				37,263				41,499						41,499				19,609				112%
		Payable silver		troy koz			878				954				1,017				1,313				1,632						1,632				878				86%								782				796				810				953				1,705						1,705				782				118%
		Payable lead		t			21				148				234				1,829				754						754				21				3,490%								125				35				181				837				1,469						1,469				125				1,075%
		Payable molybdenum		t			902				615				614				148				84						84				902				(91)%								681				734				616				524				139						139				681				(80)%
Carajás, Brazil				BHP interest 100%
		Material mined		kt			180				152				140				148				134						134				180				(26)%
		Ore milled		kt			161				170				128				176				160						160				161				0%
		Average copper grade		%			1.61%				1.92%				1.64%				1.40%				1.63%						1.63%				1.61%				1%
		Production ex mill		kt			9.9				12.6				7.9				9.5				10.3						10.3				9.9				4%
		Average gold grade		g/t			0.46				0.54				0.50				0.43				0.46						0.46				0.46				0%
		Payable copper		kt			2.3				3.0				1.9				2.2				2.4						2.4				2.3				2%								4.3				2.1				2.1				2.1				2.5						2.5				4.3				(42)%
		Payable gold concentrate		troy oz			1,734				2,231				1,516				1,825				1,816						1,816				1,734				5%								3,169				1,527				1,664				1,693				1,964						1,964				3,169				(38)%
Iron ore
Iron ore production is reported on the basis of saleable product, which is wet metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco.
WAIO, Australia				BHP interest 85%
		Newman Joint Venture		kt			13,358				13,796				11,991				15,073				13,724						13,724				13,358				3%
		Area C Joint Venture		kt			28,839				29,578				27,869				32,824				29,415						29,415				28,839				2%
		Yandi Joint Venture		kt			4,440				3,777				3,819				3,854				3,498						3,498				4,440				(21)%
		Jimblebar¹		kt			16,726				17,600				16,458				16,597				15,378						15,378				16,726				(8)%
		Total		kt			63,363				64,751				60,137				68,348				62,015						62,015				63,363				(2)%
		Total (100%)		kt			71,593				73,071				67,844				77,480				70,246						70,246				71,593				(2)%
		Lump		kt																																									19,377				20,319				18,822				21,285				20,250						20,250				19,377				5%
		Fines		kt																																									44,031				44,022				40,412				46,545				42,180						42,180				44,031				(4)%
		Total		kt																																									63,408				64,341				59,234				67,830				62,430						62,430				63,408				(2)%
		Total (100%)		kt																																									71,543				72,594				66,765				76,723				70,592						70,592				71,543				(1)%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil¹				BHP interest 50%
		Total		kt			1,259				1,441				1,603				1,951				2,066						2,066				1,259				64%								982				1,477				1,416				1,973				2,042						2,042				982				108%

1 As of Q1 FY26, Samarco is reported on a dmt basis. Prior periods have been restated from wmt to dmt for consistency.

9

BHP | Operational Review for the quarter ended 30 September 2025

						Production																																						Sales
						Quarter ended																						Year to date																Quarter ended																						Year to date
						Sep 2024				Dec 2024				Mar 2025				Jun 2025				Sep 2025						Sep 2025				Sep 2024				Var %								Sep 2024				Dec 2024				Mar 2025				Jun 2025				Sep 2025						Sep 2025				Sep 2024				Var %
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia				BHP interest 50%
		Goonyella		kt			1,359				1,439				1,228				1,811				1,880						1,880				1,359				38%
		Peak Downs		kt			1,249				1,073				1,098				1,154				1,111						1,111				1,249				(11)%
		Saraji		kt			940				1,171				883				1,079				884						884				940				(6)%
		Caval Ridge		kt			967				747				710				1,102				990						990				967				2%
		Total1		kt			4,515				4,430				3,919				5,146				4,865						4,865				4,515				8%
		Total (100%)1		kt			9,030				8,860				7,838				10,292				9,730						9,730				9,030				8%
		Hard coking coal		kt																																									4,273				4,695				3,708				4,831				4,428						4,428				4,273				4%
		Energy coal		kt																																									-				31				83				199				44						44				-				100%
		Total		kt																																									4,273				4,726				3,791				5,030				4,472						4,472				4,273				5%
		Total (100%)		kt																																									8,546				9,452				7,582				10,060				8,944						8,944				8,546				5%
1 Production figures include some energy coal.
NSWEC, Australia				BHP interest 100%
		Energy coal - Export		kt																																									3,416				3,471				3,128				3,554				3,549						3,549				3,416				4%
		Energy coal - Domestic		kt																																									535				332				381				372				158						158				535				(70)%
		Total		kt			3,675				3,698				3,596				4,067				3,518						3,518				3,675				(4)%								3,951				3,803				3,509				3,926				3,707						3,707				3,951				(6)%
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia¹				BHP interest 100%
Mt Keith		Nickel concentrate		kt			35.9				5.4				-				-				-						-				35.9				(100)%
		Average nickel grade		%			17.1				16.7				-				-				-						-				17.1				(100)%
Leinster		Nickel concentrate		kt			72.4				-				-				-				-						-				72.4				(100)%
		Average nickel grade		%			8.8				-				-				-				-						-				8.8				(100)%
		Refined nickel		kt			12.1				0.1				-				-				-						-				12.1				(100)%								13.5				0.8				-				-				-						-				13.5				(100)%
		Nickel sulphate		kt			0.3				-				-				-				-						-				0.3				(100)%								0.6				0.3				0.1				0.1				-						-				0.6				(100)%
		Intermediates and nickel by-products		kt			7.2				7.9				2.3				0.3				-						-				7.2				(100)%								5.8				10.1				2.1				0.1				-						-				5.8				(100)%
		Total nickel		kt			19.6				8.0				2.3				0.3				-						-				19.6				(100)%								19.9				11.2				2.2				0.2				-						-				19.9				(100)%
		Cobalt by-products		t			294				121				35				-				-						-				294				(100)%								294				121				-				-				-						-				294				(100)%

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

10

BHP | Operational Review for the quarter ended 30 September 2025

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

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

In this release, the terms ‘BHP’, the ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28 - Subsidiaries of the Financial Statements in BHP’s 2025 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina, Resolution, Samarco and 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: media.relations@bhp.com		Email: investor.relations@bhp.com
Australia and Asia		Australia and Asia
Gabrielle Notley		John-Paul Santamaria
Mobile: +61 411 071 715		Mobile: +61 499 006 018
Europe, Middle East and Africa		Europe, Middle East and Africa
Amanda Saunders		James Bell
Mobile: +44 7887 468 926		Mobile: +44 7961 636 432
North America		Americas
Megan Hjulfors		James Bell
Mobile: +1 403 605 2314		Mobile: +44 7961 636 432
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
BHP Group Limited ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Registered Office: Level 18, 171 Collins Street
Melbourne Victoria 3000 Australia
Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Group is headquartered in Australia
Follow us on social media

11

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: October, 21 2025				By:		/s/ Stefanie Wilkinson
				Name:		Stefanie Wilkinson
				Title:		Group General Counsel and Group Company Secretary

FAQ

What were BHP (BHP) Q1 FY26 copper and iron ore volumes?

Copper was 494 kt (up 4% YoY) and iron ore was 64 Mt (down 1% YoY).

Did BHP (BHP) change its FY26 production guidance?

No. Guidance remains unchanged, including copper 1,800–2,000 kt and WAIO 251–262 Mt (284–296 Mt on a 100% basis).

How did BHP’s realised prices move in Q1 FY26?

Copper US$4.59/lb (up 8%), iron ore US$84.04/wmt (up 5%), steelmaking coal US$180.67/t (down 16%), energy coal US$95.18/t (down 23%).

What progress did BHP (BHP) report at Jansen?

Jansen Stage 1 is 73% complete and Stage 2 is 13% complete.

What project approvals or milestones did BHP (BHP) achieve in copper?

BHP secured environmental approval for the Laguna Seca Expansion at Escondida and noted the New Concentrator DIA remains on track for H2 FY26 submission.

What financing actions did BHP (BHP) complete this quarter?

Issued EUR 1.4 bn and US$1.5 bn in bonds and refinanced its US$5.5 bn revolving credit facility.

How did steelmaking and energy coal volumes trend for BHP (BHP)?

Steelmaking coal was 4.9 Mt (up 8% YoY); energy coal was 3.5 Mt (down 4% YoY).