BHP (NYSE: BHP) closes $4.3B Antamina silver streaming deal with Wheaton

Rhea-AI Filing Summary

BHP Group Limited has completed a long-term silver streaming agreement with Wheaton Precious Metals covering its share of silver production from the Antamina mine in Peru.

BHP received US$4.3 billion in upfront consideration and will also receive production transfer payments equal to 20% of the spot silver price per ounce delivered. In return, BHP will deliver to Wheaton the equivalent of 33.75% of Antamina’s silver production, subject to a fixed payable rate of 90%. After 100 million ounces of silver have been delivered, the stream reduces to 22.5% of silver produced over the remaining life of the mine. Settlement is via metal credits, with no physical silver delivery.

Insights

Mining finance analyst

BHP monetizes Antamina silver via US$4.3B streaming deal with Wheaton.

BHP has turned a portion of its Antamina silver by-product into immediate cash by completing a long-term streaming agreement with Wheaton Precious Metals. BHP receives US$4.3 billion upfront plus ongoing payments at 20% of the spot silver price per ounce.

In exchange, BHP will deliver 33.75% of Antamina’s silver output, subject to a 90% payable rate, stepping down to 22.5% after 100 million ounces have been delivered over the life of mine. The structure provides predictable non-physical settlement via metal credits while committing a fixed share of future silver production to Wheaton.

Key Figures

Upfront consideration: US$4.3 billion Initial streamed silver share: 33.75% of silver production Post-threshold streamed share: 22.5% of silver production +3 more

6 metrics

Upfront consideration US$4.3 billion Paid by Wheaton to BHP under silver streaming agreement

Initial streamed silver share 33.75% of silver production BHP’s Antamina silver delivered to Wheaton, 90% payable rate

Post-threshold streamed share 22.5% of silver production Applies after 100 million ounces delivered to Wheaton

Price participation 20% of spot silver price Ongoing production transfer payments per ounce delivered

Delivery threshold 100 million ounces Silver delivered before stream reduces from 33.75% to 22.5%

Payable rate 90% Fixed payable rate applied to silver delivered under stream

Key Terms

silver streaming transaction, Upfront Consideration, production transfer payments, life of mine, +1 more

5 terms

silver streaming transaction financial

"has completed its long-term silver streaming transaction with Wheaton Precious Metals"

Upfront Consideration financial

"BHP has received total upfront consideration of US$4.3 billion (Upfront Consideration)"

An upfront consideration is the portion of money or value paid immediately when a deal is agreed and signed, similar to a down payment on a purchase. It matters to investors because it affects short-term cash flow, reduces the amount at risk for future payments, and signals how confident parties are about the deal’s value; larger up-front sums often indicate stronger commitment and quicker impact on financial statements.

production transfer payments financial

"ongoing production transfer payments (payable at 20% of the spot silver price per ounce of silver delivered)"

life of mine financial

"22.5% of silver produced by Antamina over the remaining life of mine"

The life of mine is the estimated time span during which a mining operation will produce economically recoverable minerals from a deposit. Think of it as the mine’s usable lifespan, like how long a factory or battery can keep making product before it runs out or becomes uneconomical; it matters to investors because it drives projected revenue, reserve valuation, capital spending schedules, and long‑term profitability.

metal credits financial

"The settlement of the stream is completed via metal credits with no physical delivery of silver"

Form 6-K: How Foreign Companies Report to the SEC →

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

2 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

Exchange release

2 April 2026

BHP completes silver streaming agreement with Wheaton Precious Metals

Further to BHP’s announcement on 17 February 2026, BHP, through a wholly owned subsidiary, has completed its long-term silver streaming transaction with Wheaton Precious Metals International Ltd. (a wholly owned subsidiary of Wheaton Precious Metals Corp.) (Wheaton) relating to BHP’s share of silver production from the Antamina Mine in Peru.

Under the silver streaming agreement (the Agreement), BHP has received total upfront consideration of US$4.3 billion (Upfront Consideration) from Wheaton.

In return for the Upfront Consideration and ongoing production transfer payments (payable at 20% of the spot silver price per ounce of silver delivered pursuant to the Agreement), BHP will deliver to Wheaton the equivalent of 33.75% of the silver produced by Antamina (subject to a fixed payable rate of 90%). After 100 million ounces of silver have been delivered to Wheaton, the stream will be reduced and BHP will deliver the equivalent of 22.5% of silver produced by Antamina over the remaining life of mine. The settlement of the stream is completed via metal credits with no physical delivery of silver to Wheaton.

About Wheaton

Wheaton is the world’s largest precious metals streaming company, focused primarily on gold and silver streaming agreements across a global portfolio of high-quality mining operations. Its business model offers investors commodity price leverage and exploration upside. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.

Authorised for release by Stefanie Wilkinson, Group General Counsel and Group Company Secretary

BHP Group Limited ABN 49 004 028 077

Contacts

Media media.relations@bhp.com		Investor Relations investor.relations@bhp.com
Australia and Asia Gabrielle Notley +61 411 071 715		Australia and Asia John-Paul Santamaria +61 499 006 018
Europe, Middle East and Africa Amanda Saunders +44 7887 468 926		Europe, Middle East and Africa Adam Sanderson +44 7884 735 515
North America Megan Hjulfors +1 403 605 2314		Americas Li Hua +1 647 828 9830
Latin America Renata Fernandez +56 9 8229 5357
BHP Group Limited ABN 49 004 028 077 LEI WZE1WSENV6JSZFK0JC28 Registered in Australia 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
bhp.com

BHP Group Limited ABN 49 004 028 077

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: 2 April 2026				By:		/s/ Stefanie Wilkinson
				Name:		Stefanie Wilkinson
				Title:		Group General Counsel and Group Company Secretary

FAQ

What transaction did BHP (BHP) announce regarding Antamina silver production?

BHP completed a long-term silver streaming agreement with Wheaton Precious Metals. The deal covers BHP’s share of silver production from the Antamina mine in Peru in exchange for upfront cash and ongoing payments.

How much upfront consideration did BHP (BHP) receive from the Wheaton silver stream?

BHP received US$4.3 billion in upfront consideration from Wheaton Precious Metals. This large cash payment is in return for a share of future Antamina silver production plus ongoing production transfer payments.

What percentage of Antamina silver will BHP (BHP) deliver to Wheaton?

BHP will deliver the equivalent of 33.75% of Antamina’s silver production, subject to a 90% payable rate. After 100 million ounces have been delivered, this commitment drops to 22.5% for the remaining life of the mine.

How are ongoing payments under BHP’s (BHP) silver streaming agreement calculated?

Wheaton will make production transfer payments equal to 20% of the spot silver price per ounce delivered. These payments are made alongside the upfront consideration and are tied directly to actual silver delivered under the agreement.

Does BHP (BHP) physically deliver silver to Wheaton under this agreement?

No, the stream is settled via metal credits rather than physical delivery. This means Wheaton receives economic exposure to silver from Antamina without BHP shipping physical metal, simplifying logistics for both parties.

When does the silver streaming percentage change for BHP (BHP) and Wheaton?

The streaming percentage changes after 100 million ounces of silver have been delivered to Wheaton. At that point, BHP’s delivery obligation falls from 33.75% of Antamina silver production to 22.5% for the remaining mine life.