BHP posts strong FY26 Q3 production update

BHP Group Limited reports a strong operational review for the nine months ended 31 March 2026, led by copper and iron ore.

Rhea-AI Filing Summary

BHP Group Limited reports a strong operational review for the nine months ended 31 March 2026, led by copper and iron ore. Total copper production was 1,461 kt, down 3%, but FY26 copper guidance of 1,900–2,000 kt is now expected in the upper half of the range.

Escondida delivered record material mined and concentrator throughput, with FY26 production expected in the upper half of 1,200–1,275 kt and unit cost guidance lowered to US$1.00–1.20/lb. Iron ore output rose 2% to 197 Mt, with WAIO achieving record production and FY26 guidance unchanged at 258–269 Mt.

BHP realised about US$4.8 bn from a US$4.3 bn silver streaming transaction with Wheaton Precious Metals and the US$240 m divestment of Carajás, plus potential contingent payments of up to US$225 m. The Board has appointed Brandon Craig as CEO effective 1 July 2026, succeeding Mike Henry.

Insights

Mining sector equity analyst

BHP combines strong volumes, guidance tweaks, major streaming deal and a planned CEO transition.

BHP shows broadly resilient operations. Copper volumes fell 3% to 1,461 kt, yet FY26 guidance of 1,900–2,000 kt is reaffirmed and steered to the upper half, helped by strong Escondida and Antamina performance. Iron ore production increased 2% to 197 Mt with record WAIO output.

Cost signals are mixed but stable overall. Escondida’s FY26 unit cost guidance was cut to US$1.00–1.20/lb, while BMA steelmaking coal unit costs are now expected at the top end of US$116–128/t. Spence copper guidance was reduced to 210–220 kt amid ore complexity, partly offset by higher Antamina guidance of 150–160 kt.

Capital management and portfolio reshaping are notable. BHP received US$4.3 bn upfront from a silver streaming transaction with Wheaton Precious Metals and US$240 m from the Carajás sale, with potential contingent payments up to US$225 m. The announced CEO succession to Brandon Craig from 1 July 2026 appears orderly, following his tenure as President Americas.

Key Figures

Copper production: 1,461 kt Copper FY26 guidance: 1,900–2,000 kt Escondida unit cost guidance FY26: US$1.00–1.20/lb +5 more

8 metrics

Copper production 1,461 kt Total copper production, YTD to 31 March 2026, down 3%

Copper FY26 guidance 1,900–2,000 kt Group copper production guidance for FY26, expected in upper half

Escondida unit cost guidance FY26 US$1.00–1.20/lb Lowered from US$1.20–1.50/lb on by‑product credits and strong performance

Iron ore production 197 Mt Total iron ore production YTD to 31 March 2026, up 2%

Silver streaming upfront proceeds US$4.3 bn Upfront consideration from Wheaton Precious Metals transaction

Carajás divestment consideration US$240 m + up to US$225 m Cash received on completion plus potential contingent payments

Jansen Stage 1 capex US$8,400 m Potash project to deliver 4.15 Mtpa, 78% complete, mid‑CY27 first production

Exploration expenditure US$275 m Minerals exploration and evaluation spend YTD March 2026

Key Terms

silver streaming transaction, Environmental Impact Declaration (DIA), unit cost guidance, final investment decision (FID), +2 more

6 terms

silver streaming transaction financial

"In April, we completed a silver streaming transaction with Wheaton Precious Metals and received total upfront consideration of US$4.3 bn."

Environmental Impact Declaration (DIA) regulatory

"In March, we submitted the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator…"

unit cost guidance financial

"Unit cost guidance for FY26 has been lowered to between US$1.00 and US$1.20/lb…"

final investment decision (FID) financial

"Subject to environmental permit approval, the project will progress towards an expected final investment decision (FID) in CY27-28…"

A final investment decision (FID) is the point when a company or investor commits to proceeding with a project or purchase after reviewing all relevant information and options. It is like deciding to buy a house after careful consideration, signaling that plans are now set in motion. This decision is important because it marks the official start of spending significant money and resources on the project.

Mtpa technical

"Jansen Stage 1…with capacity to produce 4.15 Mtpa… Jansen Stage 2…production of an incremental 4.36 Mtpa."

mtpa stands for million tonnes per annum and is a measure of how much material a facility or industry — such as mining, oil, gas, chemicals, or cement — can produce in one year. Investors care because it quantifies production capacity like a factory’s hourly output, which helps estimate potential revenue, assess supply impact on prices, and compare scale between projects or companies.

medium term guidance financial

"Medium term guidance… Escondida 900 – 1,000 ktpa; Spence ~235 ktpa; WAIO (100% basis) >305 Mtpa."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did BHP (BHP) copper operations perform in the nine months to 31 March 2026?

BHP’s total copper production was 1,461 kt, a 3% decrease versus the prior period. Escondida produced 949 kt, down 3%, while Pampa Norte (Spence) fell 19% to 158 kt and Copper South Australia rose 3% to 231 kt on strong Olympic Dam and Prominent Hill performance.

What are BHP (BHP) FY26 copper and iron ore production guidance levels?

FY26 Group copper production guidance remains 1,900–2,000 kt and is now expected in the upper half of that range. Iron ore guidance is unchanged at 258–269 Mt, with WAIO at 251–262 Mt and Samarco 7–7.5 Mt, now expected at the top end after stronger performance.

What major portfolio and capital management moves did BHP (BHP) complete?

BHP completed a silver streaming transaction with Wheaton Precious Metals, receiving US$4.3 bn upfront. It also finalised the Carajás divestment, receiving US$240 m plus potential contingent payments up to US$225 m, contributing to roughly US$4.8 bn realised alongside earlier coal divestment cash flows.

What is happening with BHP’s (BHP) Escondida New Concentrator project?

BHP submitted the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator in March 2026. The project is expected to require US$4.4–5.9 bn to deliver 220–260 ktpa of copper and could reach final investment decision in CY27–28, with potential first production between CY31–32.

How is BHP (BHP) managing costs across key assets in FY26?

Escondida’s FY26 unit cost guidance was reduced to US$1.00–1.20/lb from US$1.20–1.50, reflecting strong performance and by‑product credits. WAIO unit cost guidance is unchanged at US$18.25–19.75/t. BMA’s US$116–128/t unit cost range is unchanged but now expected at the top end.

What leadership changes are planned at BHP (BHP)?

BHP’s Board announced that Brandon Craig will become Chief Executive Officer and a Director of BHP Group Limited on 1 July 2026. He will succeed current CEO Mike Henry, who steps down after about six and a half years, bringing more than 25 years of BHP operational and corporate experience.

What progress has BHP (BHP) made on its Jansen potash projects?

Jansen Stage 1, designed for 4.15 Mtpa of potash, has approved project expenditure of US$8.4 bn and is 78% complete, targeting first production in mid‑CY27. Jansen Stage 2, adding 4.36 Mtpa, is 15% complete with expenditure under review and an FY31 first production target.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/22/2026 - 06:03 AM Learn about SEC filing dates

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

22 April 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

22 April 2026

Operational review for the nine months ended 31 March 2026

Strong operational performance in copper and iron ore, as we continue to advance our growth projects

“BHP has delivered strong performance over the past nine months, including record material mined and concentrator throughput at Escondida and record production at WAIO. These results reflect the consistency of our operations and the strength of our high margin diversified portfolio in an evolving operating environment.

In copper, strong performance at Escondida and Antamina supports our expectation of delivering production in the upper half of FY26 Group copper guidance. We continue to make steady progress across our copper growth program, consistent with our focus on long-life, high-quality copper supply and disciplined capital allocation. During the quarter we submitted a permit application for Escondida’s new concentrator, and Resolution Copper achieved a key milestone, allowing the project to progress drilling required to complete its mine design and feasibility study. Our balance sheet remains strong, and in the last month we have realised ~US$4.8 bn by completing the Antamina silver streaming transaction and finalising the divestment of Carajás, as well as cash received in relation to the earlier divestment of Blackwater and Daunia.

Our centralised procurement capability and our low-cost operations have positioned us advantageously in the face of industry wide pressure on the cost of energy and consumables as a result of the conflict in the Middle East.

From 1 July 2026, Brandon Craig will assume the role of CEO, taking BHP forward from a strong position with reliable operations and a significant pipeline of copper and potash growth projects, to deliver long term value through the cycle.”

Mike Henry,

BHP Chief Executive Officer

Summary
Operational excellence		CEO succession
Upper half copper; iron ore on track		Brandon Craig to succeed Mike Henry
FY26 Group copper production is now expected to be in the upper half of the guidance range, with Escondida (upper half) and Antamina (increased) offsetting Spence (lowered due to the ongoing challenges of managing variable ore characteristics). Samarco is now expected to achieve the top end of its FY26 production guidance range. FY26 unit cost guidance has been improved at Escondida, with BMA now guiding to the top end of its range. All other assets remain unchanged, however we continue to actively manage the impacts of higher diesel and consumables costs, as well as movements in foreign exchange rates, on the underlying cost base of our assets.		In March, the Board of BHP announced that Brandon Craig will become Chief Executive Officer (CEO) and a Director of BHP Group Limited on 1 July 2026, succeeding the current CEO, Mike Henry, who will step down after six and a half years in the role. Brandon brings more than 25 years of operational and corporate leadership experience at BHP to the role, most recently as BHP’s President Americas. During his time in this role, BHP became the world’s largest copper producer and advanced high quality growth options in copper and potash across Canada, the United States and South America.
Disciplined capital management		Copper growth
Extracting value from non-core assets		Advancing copper growth projects
In April, we completed a silver streaming transaction with Wheaton Precious Metals and received total upfront consideration of US$4.3 bn. We also finalised the divestment of the Carajás assets with US$240 m received on completion (plus cash adjustments), and with potential for up to an additional US$225 m to be received as contingent payments based on performance targets.		In March, we submitted the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, which is the centre piece of Escondida’s growth program. Resolution Copper, a joint venture between Rio Tinto (55% and operator) and BHP (45%), completed a land exchange in Arizona, United States. Resolution Copper can now advance further resource data collection and initiate early underground development at one of the largest untapped, high-Ggrade copper resources in the world.

Production		Quarter performance												YTD performance								FY26 guidance
		Q3 FY26				v Q2 FY26				v Q3 FY25				YTD Mar FY26				v YTD Mar FY25				Previous				Current
Copper (kt)			476.8				(3	%)			(7	%)			1,460.9				(3	%)			1,900 – 2,000				1,900 – 2,000				Upper half
Escondida (kt)			303.2				(4	%)			(9	%)			949.3				(3	%)			1,200 – 1,275				1,200 – 1,275				Upper half
Pampa Norte (Spence) (kt)			44.6				(23	%)			(34	%)			158.1				(19	%)			230 – 250				210 – 220				Lowered
Copper South Australia (kt)			82.8				10	%			5	%			230.5				3	%			310 – 340				310 – 340				-
Antamina (kt)			44.1				15	%			43	%			116.2				19	%			140 – 150				150 – 160				Increased
Carajás (kt)			2.1				(11	%)			10	%			6.8				(6	%)			-				-				-
Iron ore (Mt)			62.8				(10	%)			2	%			196.6				2	%			258 – 269				258 – 269				-
WAIO (Mt)			60.9				(10	%)			1	%			190.7				1	%			251 – 262				251 – 262				-
WAIO (100% basis) (Mt)			69.8				(9	%)			3	%			216.3				2	%			284 – 296				284 – 296				-
Samarco (Mt)			1.9				(3	%)			17	%			5.9				37	%			7 – 7.5				7 – 7.5				Top end
Steelmaking coal – BMA (Mt)			3.8				(11	%)			(3	%)			13.0				1	%			18 – 20				18 – 20				-
BMA (100% basis) (Mt)			7.6				(11	%)			(3	%)			25.9				1	%			36 – 40				36 – 40				Lower half
Energy coal – NSWEC (Mt)			4.0				(12	%)			12	%			12.2				11	%			14 – 16				14 – 16				Upper half

Note: Updates with respect to FY26 production guidance since the HY26 Results Announcement are shown in italics.

BHP | Operational review for the nine months ended 31 March 2026

Segment and asset performance | FY26 YTD v FY25 YTD

Copper
Production 1,461 kt ê 3% YTD Mar FY25 1,500 kt FY26e 1,900 – 2,000 kt Average realised price US$5.47/lb é 31% YTD Mar FY25 US$4.19/lb		Total copper production decreased 3% to 1,461 kt. Copper production guidance for FY26 remains unchanged at between 1,900 and 2,000 kt and is now expected to be in the upper half of the range. Escondida 949 kt ê 3% (100% basis) Production decreased primarily due to planned lower concentrator feed grade of 0.91% (FY25 YTD: 1.05%). This was partially offset by strong operational performance, with record material mined and record concentrator throughput, as well as improved recoveries driven by operational enhancements, including the introduction of new reagents. Cathode production increased, supported by higher sulphide leach production and additional leach pad irrigation. Production guidance for FY26 remains unchanged at between 1,200 and 1,275 kt and is now expected to be in the upper half of the range. Concentrator feed grade guidance remains unchanged at between 0.85 and 0.90% for the full year. Unit cost guidance for FY26 has been lowered to between US$1.00 and US$1.20/lb (from US$1.20 to US$1.50/lb previously), reflecting the increased contribution of by-product credits and strong operational performance. The Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, the centre piece of the growth program, was submitted in March 2026. The new concentrator is expected to require an investment of between US$4.4 and US$5.9 bn to deliver between 220 and 260 ktpa of copper, more than offsetting the existing production capacity of the current Los Colorados plant. Subject to environmental permit approval, the project will progress towards an expected final investment decision (FID) in CY27-28, with potential first production between CY31-32.
		Pampa Norte (Spence) 158kt ê 19%
		Production decreased due to challenges with managing the ore complexity, variation and declining grades at both the concentrator and the cathode plant.
		At the cathode plant, production decreased due to the planned decline in stacked feed grade as we progress deeper into the hypogene mineral area of the ore body. We continue to test the implementation of BHP’s Simple Approach to Leaching 2 (SaL2) technology at the sulphide leach pad to enable processing of hypogene ores and utilise latent capacity in the cathode infrastructure.
		At the concentrator, ongoing challenges associated with managing ore complexity and variability have reduced recoveries which requires additional ore blending and flotation time to address these impacts. We plan to invest in upgraded flotation cells, which are expected to enable improved processing and recoveries, with a potential FID in H1 FY27.
		Production guidance for FY26 has been lowered to between 210 and 220 kt (from between 230 and 250 kt previously).
		Copper South Australia 231 kt é 3%
		Production increased primarily driven by strong underlying operational performance, and the weather-related power outage in the prior period. Olympic Dam achieved record material mined, ore milled and concentrate smelted while production also benefited from higher feed grades at Prominent Hill. Material mined at Carrapateena increased 11%, including record performance in Q3 FY26, which partially offset the impact of planned lower grades.
		Production guidance for FY26 remains unchanged at between 310 and 340 kt.
		By-product production was also strong, including record refined gold volumes.
		In Q3 FY26, concentrate and associated by-product sales decreased due to wet weather impacts at Prominent Hill, including site access road closures which affected logistics. This is expected to result in higher FY26 closing inventories.

2

BHP | Operational review for the nine months ended 31 March 2026

		Other copper
		At Antamina, copper production increased 19% to 116 kt as a result of planned higher feed grades and improved operational performance. Zinc production is 18% higher at 81 kt, as a result of planned higher feed grades. We now expect Antamina’s copper production for FY26 to be between 150 and 160 kt (from 140 to 150 kt previously). Zinc production guidance for FY26 remains unchanged at between 90 and 110kt.
		The divestment of Carajás to a subsidiary of CoreX Holding was completed on 2 April 2026 with US$240 m (plus cash adjustments) received on completion, and with potential for up to an additional US$225 m to be received as contingent payments based on a range of production and project related targets. Prior to divestment, Carajás had produced 6.8 kt of copper and 5.5 troy koz of gold.
Iron ore
Production 197 Mt é2% YTD Mar FY25 193 Mt FY26e 258 – 269 Mt Average realised price (WAIO) US$84.91/wmt é2% YTD Mar FY25 US$82.93/wmt		Iron ore production increased 2% to 197 Mt. Iron ore production guidance for FY26 remains unchanged at between 258 and 269 Mt. WAIO 191 Mt é 1% | 216 Mt (100% basis) WAIO achieved record production. At the mines, record material mined (up 7%) and draw down of inventory helped deliver record volumes from the Central Pilbara hub (South Flank and Mining Area C) with South Flank exceeding annualised nameplate capacity. At port, Car Dumper (CD) performance improved following the completion of the CD3 rebuild in Q1 FY26 (4.3 Mt impact, 100% basis), which alongside the planned reduction in tie- in activity on the multi-year Rail Technology Program (RTP1), generated increased efficiency across the rail network and higher inflow. We have concluded iron ore sales contract negotiations with the China Mineral Resources Group (CMRG). Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt, 100% basis). Samarco 5.9 Mt é 37% | 11.8 Mt (100% basis) Production increased as a result of stronger performance at the second concentrator following ramp up, and higher feed grades and recoveries. Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt and is now expected to be at the top end of the range, as a result of strong operating performance.
Coal Steelmaking coal
Production 13.0 Mt é 1% YTD Mar FY25 12.9 Mt FY26e 18 – 20 Mt Average realised price US$200.25/t 0% YTD Mar FY25 US$200.12/t		BMA 13.0 Mt é 1% | 25.9 Mt (100% basis) Production increased with strong operational performance at the open cut operations, supported by the highest YTD stripping volumes in five years. This was partially offset by lower yield driven by mine sequencing in response to significant wet weather (the highest rainfall recorded in 15 years), ongoing geotechnical challenges at Broadmeadow, and Saraji South being placed into care and maintenance. The planned longwall move at Broadmeadow commenced in February and was completed in early April. Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt, 100% basis), with production expected to be in the lower half of the range. Unit cost guidance for FY26 remains unchanged at between US$116 and US$128/t and is now expected to be at the top end of the range (previously upper half of the range). We expect to continue building raw coal inventory into CY27, to further improve operating stability.

3

BHP | Operational review for the nine months ended 31 March 2026

Energy coal
Production		NSWEC 12.2 Mt é 11%
12.2 Mt é 11% YTD Mar FY25 11.0 Mt FY26e 14 – 16 Mt Average realised price US$99.04/t ê 15% YTD Mar FY25 US$115.99/t		Strong operational performance as a result of increased bypass coal due to mine sequencing. This was further supported by mining lower strip ratio areas. Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production expected to be in the upper half of the range.

Quarterly performance | Q3 FY26 v Q2 FY26

Copper				Iron ore
477 kt ê 3% Q2 FY26 491 kt		Lower production at Escondida due to planned lower grades and at Spence due to the impact of complex ore characteristics on processing and recovery rates at the concentrator and lower stacked grades at the leach pad, partially offset by increased production at Copper SA and strong performance at Antamina.		63 Mt ê 10% Q2 FY26 70 Mt		Lower production at WAIO driven by weather impacts from Tropical Cyclone Mitchell and Tropical Cyclone Narelle that led to a temporary port closure, operational adjustments and higher planned maintenance.
Steelmaking coal				Energy coal
3.8 Mt ê 11% Q2 FY26 4.3 Mt		Lower production due to significantly higher rainfall as a result of Tropical Cyclone Koji, which restricted pit access and impacted stripping performance and yield during and after the event. This was partially offset by inventory drawdowns.		4.0 Mt ê 12% Q2 FY26 4.6 Mt		Lower production due to lower bypass coal, wash plant feed and yield due to mine sequence, minor planned wash plant maintenance and unfavourable weather.

4

BHP | Operational review for the nine months ended 31 March 2026

Appendix 1

Average realised pricesⁱ

		Quarter performance												YTD performance
			Q3 FY26				v Q2 FY26				v Q3 FY25				YTD Mar FY26				v YTD Mar FY25
Copper (US$/lb)			5.86				(1	%)			29	%			5.47				31	%
Iron ore (US$/wmt, FOB)			85.35				0	%			(2	%)			84.91				2	%
Steelmaking coal (US$/t)			226.76				15	%			23	%			200.25				0	%
Energy coal (US$/t)ii			105.61				10	%			8	%			99.04				(15	%)

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

FY26 unit cost guidancei

Unit cost

Previous

Current

Escondida (US$/lb)

1.20 – 1.50

1.00 – 1.20

Lowered

Spence (US$/lb)

2.10 – 2.40

2.10 – 2.40

-

Copper SA (US$/lb)ii

1.00 – 1.50

1.00 – 1.50

-

WAIO (US$/t)

18.25 – 19.75

18.25 – 19.75

-

BMA (US$/t)

116 – 128

116 – 128

Top end

i FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940. Italics signify an update since the HY26 Results Announcement.

ii Copper SA unit cost guidance is calculated using the following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb.

Medium term 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 FY27 production guidance of 1,000 – 1,100 kt. Medium term refers to an average for FY28 to FY31.

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

Major projects

Commodity		Project and ownership		Project scope / capacity		Project expenditurei 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.		8,400		Mid-CY27		Project is 78% 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 15% 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.

Exploration

Minerals exploration and evaluation expenditure was US$275 m for YTD March FY26 (YTD March FY25: US$279 m), of which US$235 m was expensed (YTD March FY25: US$241 m).

5

BHP | Operational Review for the nine months ended 31 March 2026

Appendix 2

						Production																																												Sales
						Quarter ended																								Year to date																				Quarter ended																								Year to date
						Mar				Jun				Sep				Dec				Mar								Mar				Mar				Var												Mar				Jun				Sep				Dec				Mar								Mar				Mar				Var
						2025				2025				2025				2025				2026								2026				2025				%												2025				2025				2025				2025				2026								2026				2025				%
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper		Payable metal in concentrate		kt			379.8				375.9				374.0				366.5				347.7								1,088.2				1,132.1				(4	)%											399.0				377.6				343.0				373.8				350.0								1,066.8				1,163.3				(8	)%
		Escondida		kt			288.4				278.6				282.4				270.5				248.3								801.2				848.6				(6	)%											309.2				285.5				258.3				277.7				252.1								788.1				857.4				(8	)%
		Pampa Norte (Spence)		kt			36.1				42.2				35.4				33.3				25.7								94.4				108.4				(13	)%											36.5				37.3				33.2				27.9				34.9								96.0				117.0				(18	)%
		Copper South Australia		kt			22.5				31.7				19.9				22.2				27.5								69.6				70.2				(1	)%											23.8				30.9				15.9				24.8				18.0								58.7				80.1				(27	)%
		Antamina		kt			30.9				21.2				33.9				38.2				44.1								116.2				97.7				19	%											27.4				21.8				33.1				40.4				43.3								116.8				100.3				16	%
		Carajás		kt			1.9				2.2				2.4				2.3				2.1								6.8				7.2				(6	)%											2.1				2.1				2.5				3.0				1.7								7.2				8.5				(15	)%
		Cathode		kt			133.6				140.3				119.6				124.0				129.1								372.7				368.4				1	%											133.3				148.4				105.9				130.7				118.7								355.3				364.0				(2	)%
		Escondida		kt			45.2				48.7				46.5				46.7				54.9								148.1				129.0				15	%											47.4				52.7				38.1				50.0				50.1								138.2				128.2				8	%
		Pampa Norte (Spence)		kt			31.8				31.2				20.4				24.4				18.9								63.7				85.8				(26	)%											30.7				34.1				17.9				25.4				17.4								60.7				84.8				(28	)%
		Copper South Australia		kt			56.6				60.4				52.7				52.9				55.3								160.9				153.6				5	%											55.2				61.6				49.9				55.3				51.2								156.4				151.0				4	%
		Total		kt			513.4				516.2				493.6				490.5				476.8								1,460.9				1,500.5				(3	)%											532.3				526.0				448.9				504.5				468.7								1,422.1				1,527.3				(7	)%
Lead		Payable metal in concentrate		t			234				1,829				754				91				209								1,054				403				162	%											181				837				1,469				551				14								2,034				341				496	%
		Antamina		t			234				1,829				754				91				209								1,054				403				162	%											181				837				1,469				551				14								2,034				341				496	%
Zinc		Payable metal in concentrate		t			26,026				40,415				35,991				27,003				17,723								80,717				68,192				18	%											22,249				37,263				41,499				26,046				18,573								86,118				67,186				28	%
		Antamina		t			26,026				40,415				35,991				27,003				17,723								80,717				68,192				18	%											22,249				37,263				41,499				26,046				18,573								86,118				67,186				28	%
Gold		Payable metal in concentrate		troy oz			89,841				95,949				76,242				73,585				105,321								255,148				265,977				(4	)%											92,357				95,523				66,377				82,099				87,012								235,488				280,467				(16	)%
		Escondida		troy oz			44,527				40,292				35,348				31,927				52,473								119,748				128,783				(7	)%											44,527				40,292				35,348				31,927				52,473								119,748				128,783				(7	)%
		Pampa Norte (Spence)		troy oz			3,341				2,961				2,589				2,724				3,800								9,113				10,019				(9	)%											3,341				2,961				2,589				2,724				3,800								9,113				10,019				(9	)%
		Copper South Australia		troy oz			40,457				50,871				36,489				36,993				47,264								120,746				121,694				(1	)%											42,825				50,577				26,476				45,024				29,234								100,734				135,305				(26	)%
		Carajás		troy oz			1,516				1,825				1,816				1,941				1,784								5,541				5,481				1	%											1,664				1,693				1,964				2,424				1,505								5,893				6,360				(7	)%
		Refined gold		troy oz			57,006				46,789				50,716				61,910				54,511								167,137				141,869				18	%											57,982				49,241				51,147				59,054				57,336								167,537				141,787				18	%
		Copper South Australia		troy oz			57,006				46,789				50,716				61,910				54,511								167,137				141,869				18	%											57,982				49,241				51,147				59,054				57,336								167,537				141,787				18	%
		Total		troy oz			146,847				142,738				126,958				135,495				159,832								422,285				407,846				4	%											150,339				144,764				117,524				141,153				144,348								403,025				422,254				(5	)%
Silver		Payable metal in concentrate		troy koz			3,418				3,911				4,114				4,109				4,839								13,062				9,845				33	%											3,198				3,526				4,136				4,252				4,518								12,906				9,408				37	%
		Escondida		troy koz			1,787				1,906				1,942				2,176				2,780								6,898				4,952				39	%											1,787				1,906				1,942				2,176				2,780								6,898				4,952				39	%
		Pampa Norte (Spence)		troy koz			428				441				358				316				375								1,049				1,382				(24	)%											428				441				358				316				375								1,049				1,382				(24	)%
		Copper South Australia		troy koz			186				251				182				179				222								583				662				(12	)%											173				226				131				207				162								500				686				(27	)%
		Antamina		troy koz			1,017				1,313				1,632				1,438				1,462								4,532				2,849				59	%											810				953				1,705				1,553				1,201								4,459				2,388				87	%
		Refined silver		troy koz			462				216				227				284				308								819				801				2	%											486				213				255				250				340								845				798				6	%
		Copper South Australia		troy koz			462				216				227				284				308								819				801				2	%											486				213				255				250				340								845				798				6	%
		Total		troy koz			3,880				4,127				4,341				4,393				5,147								13,881				10,646				30	%											3,684				3,739				4,391				4,502				4,858								13,751				10,206				35	%
Uranium		Payable metal in concentrate		t			783				974				819				903				778								2,500				2,180				15	%											710				1,230				649				815				650								2,114				2,027				4	%
		Copper South Australia		t			783				974				819				903				778								2,500				2,180				15	%											710				1,230				649				815				650								2,114				2,027				4	%
Molybdenum		Payable metal in concentrate		t			801				337				341				281				341								963				2,636				(63	)%											839				714				347				322				263								932				2,573				(64	)%
		Pampa Norte (Spence)		t			187				189				257				269				194								720				505				43	%											223				190				208				256				205								669				542				23	%
		Antamina		t			614				148				84				12				147								243				2,131				(89	)%											616				524				139				66				58								263				2,031				(87	)%
Iron ore		Western Australia Iron Ore (WAIO)		kt			60,137				68,348				62,015				67,766				60,922								190,703				188,251				1	%											59,234				67,830				62,430				66,909				58,608								187,947				186,983				1	%
		Samarco		kt			1,603				1,951				2,066				1,938				1,882								5,886				4,303				37	%											1,416				1,973				2,042				2,512				1,590								6,144				3,875				59	%
		Total		kt			61,740				70,299				64,081				69,704				62,804								196,589				192,554				2	%											60,650				69,803				64,472				69,421				60,198								194,091				190,858				2	%
Steelmaking coal		BHP Mitsubishi Alliance (BMA)		kt			3,919				5,146				4,865				4,291				3,816								12,972				12,864				1	%											3,791				5,030				4,472				4,413				3,852								12,737				12,790				0	%
Energy coal		NSW Energy Coal (NSWEC)		kt			3,596				4,067				3,518				4,610				4,037								12,165				10,969				11	%											3,509				3,926				3,707				4,372				4,048								12,127				11,263				8	%
Nickel1		Western Australia Nickel		kt			2.3				0.3				-				-				-								-				29.9				(100	)%											2.2				0.2				-				-				-								-				33.3				(100	)%
Cobalt1		Western Australia Nickel		t			35				-				-				-				-								-				450				(100	)%											-				-				-				-				-								-				415				(100	)%

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

6

BHP | Operational review for the nine months ended 31 March 2026

						Production																																						Sales
						Quarter ended																						Year to date																Quarter ended																						Year to date
						Mar 2025				Jun 2025				Sep 2025				Dec 2025				Mar 2026						Mar 2026				Mar 2025				Var %								Mar 2025				Jun 2025				Sep 2025				Dec 2025				Mar 2026						Mar 2026				Mar 2025				Var %
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile¹				BHP interest 57.5%
		Material mined		kt			117,038				122,386				114,527				112,808				114,506						341,841				333,537				2%
		Concentrator throughput		kt			32,889				36,490				36,721				35,628				34,225						106,574				100,670				6%
		Average copper grade - concentrator		%			1.09%				0.95%				0.94%				0.91%				0.88%						0.91%				1.05%				(13)%
		Production ex mill		kt			295.6				291.0				294.2				279.7				255.1						829.0				875.3				(5)%
		Payable copper		kt			288.4				278.6				282.4				270.5				248.3						801.2				848.6				(6)%								309.2				285.5				258.3				277.7				252.1						788.1				857.4				(8)%
		Copper cathode (EW)		kt			45.2				48.7				46.5				46.7				54.9						148.1				129.0				15%								47.4				52.7				38.1				50.0				50.1						138.2				128.2				8%
		Oxide leach		kt			14.3				16.3				16.8				11.1				19.9						47.8				34.3				39%
		Sulphide leach		kt			30.9				32.4				29.7				35.6				35.0						100.3				94.7				6%
		Total copper		kt			333.6				327.3				328.9				317.2				303.2						949.3				977.6				(3)%								356.6				338.2				296.4				327.7				302.2						926.3				985.6				(6)%
		Payable gold concentrate		troy oz			44,527				40,292				35,348				31,927				52,473						119,748				128,783				(7)%								44,527				40,292				35,348				31,927				52,473						119,748				128,783				(7)%
		Payable silver concentrate		troy koz			1,787				1,906				1,942				2,176				2,780						6,898				4,952				39%								1,787				1,906				1,942				2,176				2,780						6,898				4,952				39%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile¹				BHP interest 100%
		Material mined		kt			21,848				25,944				24,695				22,895				21,690						69,280				70,346				(2)%
		Ore stacked		kt			5,584				5,413				5,652				5,354				4,435						15,441				16,486				(6)%
		Average copper grade - stacked		%			0.62%				0.67%				0.61%				0.58%				0.66%						0.61%				0.72%				(15)%
		Concentrator throughput		kt			7,754				7,792				7,778				8,002				7,329						23,109				23,023				0%
		Average copper grade - concentrator		%			0.63%				0.66%				0.65%				0.60%				0.53%						0.59%				0.63%				(6)%
		Payable copper		kt			36.1				42.2				35.4				33.3				25.7						94.4				108.4				(13)%								36.5				37.3				33.2				27.9				34.9						96.0				117.0				(18)%
		Copper cathode (EW)		kt			31.8				31.2				20.4				24.4				18.9						63.7				85.8				(26)%								30.7				34.1				17.9				25.4				17.4						60.7				84.8				(28)%
		Total copper		kt			67.9				73.4				55.8				57.7				44.6						158.1				194.2				(19)%								67.2				71.4				51.1				53.3				52.3						156.7				201.8				(22)%
		Payable gold concentrate		troy oz			3,341				2,961				2,589				2,724				3,800						9,113				10,019				(9)%								3,341				2,961				2,589				2,724				3,800						9,113				10,019				(9)%
		Payable silver concentrate		troy koz			428				441				358				316				375						1,049				1,382				(24)%								428				441				358				316				375						1,049				1,382				(24)%
		Payable molybdenum		t			187				189				257				269				194						720				505				43%								223				190				208				256				205						669				542				23%

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 nine months ended 31 March 2026

						Production																																												Sales
						Quarter ended																								Year to date																				Quarter ended																								Year to date
						Mar 2025				Jun 2025				Sep 2025				Dec 2025				Mar 2026								Mar 2026				Mar 2025				Var %												Mar 2025				Jun 2025				Sep 2025				Dec 2025				Mar 2026								Mar 2026				Mar 2025				Var %
Copper (continued)
Copper South Australia, Australia				BHP interest 100%
Copper		Payable metal in concentrate		kt			24.8				33.2				25.5				24.8				28.3								78.6				80.7				(3)%												23.8				30.9				15.9				24.8				18.0								58.7				80.1				(27)%
		Cathode		kt			56.6				60.4				52.7				52.9				55.3								160.9				153.6				5%												55.2				61.6				49.9				55.3				51.2								156.4				151.0				4%
		Total copper		kt			81.4				93.6				78.2				77.7				83.6								239.5				234.3				2%												79.0				92.5				65.8				80.1				69.2								215.1				231.1				(7)%
		Payable metal in concentrate transfer to Olympic Dam		kt			(2.3)				(1.5)				(5.6)				(2.6)				(0.8)								(9.0)				(10.5)				(14)%
		Net copper		kt			79.1				92.1				72.6				75.1				82.8								230.5				223.8				3%
Gold		Payable metal in concentrate		troy oz			46,097				53,055				47,893				41,351				48,532								137,776				144,837				(5)%												42,825				50,577				26,476				45,024				29,234								100,734				135,305				(26)%
		Refined gold		troy oz			57,006				46,789				50,716				61,910				54,511								167,137				141,869				18%												57,982				49,241				51,147				59,054				57,336								167,537				141,787				18%
		Total gold		troy oz			103,103				99,844				98,609				103,261				103,043								304,913				286,706				6%												100,807				99,818				77,623				104,078				86,570								268,271				277,092				(3)%
		Payable metal in concentrate transfer to Olympic Dam		troy oz			(5,640)				(2,184)				(11,404)				(4,358)				(1,268)								(17,030)				(23,143)				(26)%
		Net gold		troy oz			97,463				97,660				87,205				98,903				101,775								287,883				263,563				9%
Silver		Payable metal in concentrate		troy koz			198				258				213				193				226								632				716				(12)%												173				226				131				207				162								500				686				(27)%
		Refined silver		troy koz			462				216				227				284				308								819				801				2%												486				213				255				250				340								845				798				6%
		Total silver		troy koz			660				474				440				477				534								1,451				1,517				(4)%												659				439				386				457				502								1,345				1,484				(9)%
		Payable metal in concentrate transfer to Olympic Dam		troy koz			(12)				(7)				(31)				(14)				(4)								(49)				(54)				(9)%
		Net silver		troy koz			648				467				409				463				530								1,402				1,463				(4)%
Uranium				t			783				974				819				903				778								2,500				2,180				15%												710				1,230				649				815				650								2,114				2,027				4%
Olympic Dam
		Material mined		kt			2,498				2,587				2,818				2,763				2,732								8,313				7,150				16%
		Ore milled		kt			2,462				2,859				2,640				2,926				2,565								8,131				7,486				9%
		Average copper grade		%			1.99%				2.05%				1.97%				1.97%				1.92%								1.95%				2.02%				(3)%
		Average uranium grade		kg/t			0.56				0.56				0.55				0.56				0.57								0.56				0.58				(4)%
		Copper cathode (ER and EW)		kt			56.6				60.4				52.7				52.9				55.3								160.9				153.6				5%												55.2				61.6				49.9				55.3				51.2								156.4				151.0				4%
		Refined gold		troy oz			57,006				46,789				50,716				61,910				54,511								167,137				141,869				18%												57,982				49,241				51,147				59,054				57,336								167,537				141,787				18%
		Refined silver		troy koz			462				216				227				284				308								819				801				2%												486				213				255				250				340								845				798				6%
		Payable uranium		t			783				974				819				903				778								2,500				2,180				15%												710				1,230				649				815				650								2,114				2,027				4%
Prominent Hill
		Material mined		kt			1,119				1,210				1,049				1,014				1,026								3,089				3,157				(2)%
		Ore milled		kt			1,364				1,998				1,621				1,376				1,494								4,491				4,684				(4)%
		Average copper grade		%			0.82%				0.92%				0.71%				0.83%				0.90%								0.81%				0.75%				8%
		Concentrate produced		kt			19.2				33.0				19.0				19.1				25.7								63.8				60.3				6%
		Payable copper		kt			9.7				16.2				9.9				9.7				11.8								31.4				30.1				4%												9.5				12.8				4.4				7.5				3.1								15.0				28.4				(47)%
		Payable gold concentrate		troy oz			24,309				28,593				24,105				17,406				23,664								65,175				70,730				(8)%												22,614				25,222				9,033				17,671				5,894								32,598				60,991				(47)%
		Payable silver concentrate		troy koz			63				98				61				49				60								170				196				(13)%												51				69				29				45				20								94				172				(45)%
Carrapateena
		Material mined		kt			1,202				1,583				1,488				1,479				1,632								4,599				4,148				11%
		Ore milled		kt			1,306				1,557				1,511				1,415				1,516								4,442				4,181				6%
		Average copper grade		%			1.31%				1.24%				1.18%				1.20%				1.22%								1.20%				1.38%				(13)%
		Concentrate produced		kt			50.6				58.7				52.4				53.4				61.4								167.2				167.4				0%
		Payable copper		kt			15.1				17.0				15.6				15.1				16.5								47.2				50.6				(7)%												14.3				18.1				11.5				17.3				14.9								43.7				51.7				(15)%
		Payable gold concentrate		troy oz			21,788				24,462				23,788				23,945				24,868								72,601				74,107				(2)%												20,211				25,355				17,443				27,353				23,340								68,136				74,314				(8)%
		Payable silver concentrate		troy koz			135				160				152				144				166								462				520				(11)%												122				157				102				162				142								406				514				(21)%

8

BHP | Operational review for the nine months ended 31 March 2026

						Production																																						Sales
						Quarter ended																						Year to date																Quarter ended																						Year to date
						Mar 2025				Jun 2025				Sep 2025				Dec 2025				Mar 2026						Mar 2026				Mar 2025				Var %								Mar 2025				Jun 2025				Sep 2025				Dec 2025				Mar 2026						Mar 2026				Mar 2025				Var %
Copper (continued)
Antamina, Peru				BHP interest 33.75%
		Material mined		kt			51,529				39,369				58,970				57,442				54,819						171,231				173,120				(1)%
		Concentrator throughput		kt			13,140				10,154				13,307				13,725				13,783						40,815				39,559				3%
		Average head grade - copper		%			0.81%				0.76%				0.86%				0.98%				1.12%						0.99%				0.83%				19%
		Average head grade - zinc		%			0.85%				1.70%				1.26%				1.01%				0.79%						1.02%				0.79%				29%
		Payable copper		kt			30.9				21.2				33.9				38.2				44.1						116.2				97.7				19%								27.4				21.8				33.1				40.4				43.3						116.8				100.3				16%
		Payable zinc		t			26,026				40,415				35,991				27,003				17,723						80,717				68,192				18%								22,249				37,263				41,499				26,046				18,573						86,118				67,186				28%
		Payable silver		troy koz			1,017				1,313				1,632				1,438				1,462						4,532				2,849				59%								810				953				1,705				1,553				1,201						4,459				2,388				87%
		Payable lead		t			234				1,829				754				91				209						1,054				403				162%								181				837				1,469				551				14						2,034				341				496%
		Payable molybdenum		t			614				148				84				12				147						243				2,131				(89)%								616				524				139				66				58						263				2,031				(87)%
Carajás, Brazil				BHP interest 100%
		Material mined		kt			140				148				134				147				148						429				472				(9)%
		Ore milled		kt			128				176				160				172				156						489				460				6%
		Average copper grade		%			1.64%				1.40%				1.63%				1.51%				1.48%						1.54%				1.73%				(11)%
		Production ex mill		kt			7.9				9.5				10.3				9.8				8.8						28.9				30.4				(5)%
		Average gold grade		g/t			0.50				0.43				0.46				0.47				0.47						0.47				0.50				(7)%
		Payable copper		kt			1.9				2.2				2.4				2.3				2.1						6.8				7.2				(6)%								2.1				2.1				2.5				3.0				1.7						7.2				8.5				(15)%
		Payable gold concentrate		troy oz			1,516				1,825				1,816				1,941				1,784						5,541				5,481				1%								1,664				1,693				1,964				2,424				1,505						5,893				6,360				(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			11,991				15,073				13,724				13,340				13,517						40,581				39,145				4%
		Area C Joint Venture		kt			27,869				32,824				29,415				32,265				33,584						95,264				86,286				10%
		Yandi Joint Venture		kt			3,819				3,854				3,498				2,899				2,941						9,338				12,036				(22)%
		Jimblebar¹		kt			16,458				16,597				15,378				19,262				10,880						45,520				50,784				(10)%
		Total		kt			60,137				68,348				62,015				67,766				60,922						190,703				188,251				1%
		Total (100%)		kt			67,844				77,480				70,246				76,326				69,752						216,324				212,508				2%
		Lump		kt																																									18,822				21,285				20,250				20,595				19,878						60,723				58,518				4%
		Fines		kt																																									40,412				46,545				42,180				46,314				38,730						127,224				128,465				(1)%
		Total		kt																																									59,234				67,830				62,430				66,909				58,608						187,947				186,983				1%
		Total (100%)		kt																																									66,765				76,723				70,592				75,397				67,001						212,990				210,902				1%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil				BHP interest 50%
		Total		kt			1,603				1,951				2,066				1,938				1,882						5,886				4,303				37%								1,416				1,973				2,042				2,512				1,590						6,144				3,875				59%

9

BHP | Operational review for the nine months ended 31 March 2026

						Production																																						Sales
						Quarter ended																						Year to date																Quarter ended																						Year to date
						Mar 2025				Jun 2025				Sep 2025				Dec 2025				Mar 2026						Mar 2026				Mar 2025				Var %								Mar 2025				Jun 2025				Sep 2025				Dec 2025				Mar 2026						Mar 2026				Mar 2025				Var %
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia				BHP interest 50%
		Goonyella		kt			1,228				1,811				1,880				1,254				1,124						4,258				4,026				6%
		Peak Downs		kt			1,098				1,154				1,111				967				1,176						3,254				3,420				(5)%
		Saraji		kt			883				1,079				884				1,146				849						2,879				2,994				(4)%
		Caval Ridge		kt			710				1,102				990				924				667						2,581				2,424				6%
		Total1		kt			3,919				5,146				4,865				4,291				3,816						12,972				12,864				1%
		Total (100%)1		kt			7,838				10,292				9,730				8,582				7,632						25,944				25,728				1%
		Hard coking coal		kt																																									3,708				4,831				4,428				4,302				3,842						12,572				12,676				(1)%
		Energy coal		kt																																									83				199				44				111				10						165				114				45%
		Total		kt																																									3,791				5,030				4,472				4,413				3,852						12,737				12,790				0%
		Total (100%)		kt																																									7,582				10,060				8,944				8,826				7,704						25,474				25,580				0%
1 Production figures include some energy coal.
NSWEC, Australia				BHP interest 100%
		Energy coal - Export		kt																																									3,128				3,554				3,549				4,190				3,935						11,674				10,015				17%
		Energy coal - Domestic		kt																																									381				372				158				182				113						453				1,248				(64)%
		Total		kt			3,596				4,067				3,518				4,610				4,037						12,165				10,969				11%								3,509				3,926				3,707				4,372				4,048						12,127				11,263				8%
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia¹				BHP interest 100%
Mt Keith		Nickel concentrate		kt			-				-				-				-				-						-				41.3				(100)%
		Average nickel grade		%			-				-				-				-				-						-				17.0				(100)%
Leinster		Nickel concentrate		kt			-				-				-				-				-						-				72.4				(100)%
		Average nickel grade		%			-				-				-				-				-						-				8.8				(100)%
		Refined nickel		kt			-				-				-				-				-						-				12.2				(100)%								-				-				-				-				-						-				14.3				(100)%
		Nickel sulphate		kt			-				-				-				-				-						-				0.3				(100)%								0.1				0.1				-				-				-						-				1.0				(100)%
		Intermediates and nickel by-products		kt			2.3				0.3				-				-				-						-				17.4				(100)%								2.1				0.1				-				-				-						-				18.0				(100)%
		Total nickel		kt			2.3				0.3				-				-				-						-				29.9				(100)%								2.2				0.2				-				-				-						-				33.3				(100)%
		Cobalt by-products		t			35				-				-				-				-						-				450				(100)%								-				-				-				-				-						-				415				(100)%

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

10

BHP | Operational review for the nine months ended 31 March 2026

Variance analysis relates to the relative performance of BHP and/or its operations during the nine months ended 31 March 2026 compared with the nine months ended 31 March 2025, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100% basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding. FY26 and medium-term unit cost guidance ranges are based on exchange rates of AUD/USD 0.65 and USD/CLP 940, and for Copper SA by-product prices of US$2,900/oz for gold, and US$70/lb for uranium. Medium term refers to a five-year horizon, unless otherwise noted.

The following abbreviations may have been used throughout this release: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry metric tonnes (dmt); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic centimetre (g/cm3), grams per tonne (g/t); high-potential injury (HPI); joint venture (JV); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds (Mlb); 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
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Mobile: +61 411 071 715		Mobile: +61 499 006 018
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Mobile: +1 403 605 2314		Mobile: +1 647 828 9830
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
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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: April 22, 2026				By:		/s/ Stefanie Wilkinson
				Name:		Stefanie Wilkinson
				Title:		Group General Counsel and Group Company Secretary