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Quarterly Activities Report
BHP Group Limited
BHP Group Limited ABN 49 004 028 077
Registered in Australia
Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000
Share code: BHG
ISIN: AU000000BHP4 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 Carajas, 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 In March, the Board of BHP announced that Brandon Craig
upper half of the guidance range, with Escondida (upper will become Chief Executive Officer (CEO) and a Director of
half) and Antamina (increased) offsetting Spence (lowered BHP Group Limited on 1 July 2026, succeeding the current
due to the ongoing challenges of managing variable ore CEO, Mike Henry, who will step down after six and a half
characteristics). Samarco is now expected to achieve the years in the role.
top end of its FY26 production guidance range.
Brandon brings more than 25 years of operational and
FY26 unit cost guidance has been improved at Escondida, corporate leadership experience at BHP to the role, most
with BMA now guiding to the top end of its range. All other recently as BHP's President Americas. During his time in
assets remain unchanged, however we continue to actively this role, BHP became the world's largest copper producer
manage the impacts of higher diesel and consumables costs, and advanced high quality growth options in copper and
as well as movements in foreign exchange rates, on the potash across Canada, the United States and South America.
underlying cost base of our assets.
-----------------------------------------------------------------------------------------------------------------------------
Disciplined capital management Copper growth
Extracting value from non-core assets Advancing copper growth projects
In April, we completed a silver streaming transaction with In March, we submitted the Environmental Impact Declaration
Wheaton Precious Metals and received total upfront (DIA) permit for the Escondida New Concentrator, which is
consideration of US$4.3 bn. We also finalised the the centre piece of Escondida's growth program. Resolution
divestment of the Carajas assets with US$240 m received on Copper, a joint venture between Rio Tinto (55% and
completion (plus cash adjustments), and with potential for operator) and BHP (45%), completed a land exchange in
up to an additional US$225 m to be received as contingent Arizona, United States. Resolution Copper can now advance
payments based on performance targets. further resource data collection and initiate early
underground development at one of the largest untapped,
high-grade copper resources in the world.
-----------------------------------------------------------------------------------------------------------------------------
Production Quarter performance YTD performance FY26 guidance
------------------------------------- ------------------------- --------------- --------------------------------------
YTD Mar v YTD Mar
Q3 FY26 v Q2 FY26 v Q3 FY25 FY26 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
Carajas (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.
1
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BHP | Operational review for the nine months ended 31 March 2026
Segment and asset performance | FY26 YTD v FY25 YTD
Copper
Production 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
1,461 kt Down 3% the range.
YTD Mar FY25 1,500 kt Escondida 949 kt Down 3% (100% basis)
FY26e 1,900 - 2,000 kt 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
Average realised price enhancements, including the introduction of new reagents. Cathode production increased,
supported by higher sulphide leach production and additional leach pad irrigation.
US$5.47/lb Up 31%
Production guidance for FY26 remains unchanged at between 1,200 and 1,275 kt and is now
YTD Mar FY25 US$4.19/lb 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 Down 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 Up 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.
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 Carajas 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, Carajas had produced 6.8 kt of copper and 5.5 troy
koz of gold.
2
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BHP | Operational review for the nine months ended 31 March 2026
Iron ore
Production Iron ore production increased 2% to 197 Mt. Iron ore production guidance for FY26 remains
unchanged at between 258 and 269 Mt.
197 Mt Up 2%
WAIO 191 Mt Up 1% | 216 Mt (100% basis)
YTD Mar FY25 193 Mt
WAIO achieved record production. At the mines, record material mined (up 7%) and draw down
FY26e 258 - 269 Mt of inventory helped deliver record volumes from the Central Pilbara hub (South Flank and
Mining Area C) with South Flank exceeding annualised nameplate capacity.
Average realised price (WAIO) 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
US$84.91/wmt Up 2% activity on the multi-year Rail Technology Program (RTP1), generated increased efficiency
across the rail network and higher inflow.
YTD Mar FY25 US$82.93/wmt
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 Up 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 BMA 13.0 Mt Up 1% | 25.9 Mt (100% basis)
13.0 Mt Up 1% 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
YTD Mar FY25 12.9 Mt 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
FY26e 18 - 20 Mt into care and maintenance.
The planned longwall move at Broadmeadow commenced in February and was completed in early April.
Average realised price
Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt,
US$200.25/t 0% 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
YTD Mar FY25 US$200.12/t 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.
-------------------------------------------------------------------------------------------------------------------------------------
Energy coal
Production NSWEC 12.2 Mt Up 11%
12.2 Mt Up 11% Strong operational performance as a result of increased bypass coal due to mine sequencing.
This was further supported by mining lower strip ratio areas.
YTD Mar FY25 11.0 Mt
Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production
FY26e 14 - 16 Mt expected to be in the upper half of the range.
Average realised price
US$99.04/t Down 15%
YTD Mar FY25 US$115.99/t
3
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BHP | Operational review for the nine months ended 31 March 2026
--------------------------------------------------------------------------------------------------------------
Quarterly performance | Q3 FY26 v Q2 FY26
---------------------------------------------------------------- ----------------------------------------------------------------
Copper Iron ore
477 kt Down 3% Lower production at Escondida due to 63 Mt Down 10% Lower production at WAIO driven by
planned lower grades and at Spence due to weather impacts from Tropical Cyclone
Q2 FY26 491 kt the impact of complex ore characteristics Q2 FY26 70 Mt Mitchell and Tropical Cyclone Narelle
on processing and recovery rates at the that led to a temporary port closure,
concentrator and lower stacked grades at operational adjustments and higher
the leach pad, partially offset by planned maintenance.
increased production at Copper SA and
strong performance at Antamina.
---------------------------------------------------------------- ----------------------------------------------------------------
Steelmaking coal Energy coal
3.8 Mt Down 11% Lower production due to significantly 4.0 Mt Down 12% Lower production due to lower bypass
higher rainfall as a result of Tropical coal, wash plant feed and yield due to
Q2 FY26 4.3 Mt Cyclone Koji, which restricted pit access Q2 FY26 4.6 Mt mine sequence, minor planned wash plant
and impacted stripping performance and maintenance and unfavourable weather.
yield during and after the event. This
was partially offset by inventory
drawdowns.
---------------------------------------------------------------- ----------------------------------------------------------------
4
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BHP | Operational review for the nine months ended 31 March 2026
Appendix 1
Average realised prices/i/
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$/t)/ii/................. 105.61 10% 8% 99.04 (15%)
i Based on provisional, unaudited estimates. Prices exclude sales from equity
accounted investments, third party product and internal sales, and
represent the weighted average of various sales terms (for example: FOB,
CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii Export sales only. Includes thermal coal sales from steelmaking coal mines.
Current year unit cost guidance
FY26 unit cost guidance/i/
-------------------------------------
Unit cost Previous Current
----------------------------------------- ------------- ------------- -------
Escondida (US$/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 guidance/i/
Production Unit cost
guidance guidance/ii/
---------------- ------------------
Escondida/iii/..................... 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$110/t
i Medium term refers to a five-year time horizon unless otherwise noted.
ii Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP
940.
iii FY27 production guidance of 1,000 - 1,100 kt. Medium term refers to an
average for FY28 to FY31.
iv Sustained production of >305 Mtpa (100% basis) from Q4 FY28.
Major projects
Project First
expenditure/i/ production
Commodity Project and ownership Project scope / capacity US$M target date Progress
--------- --------------------- ------------------------------------- ------------------- ------------------- ---------------
Potash Jansen Stage 1 Design, engineering and construction 8,400 Mid-CY27 Project is 78%
(Canada) of an underground potash mine and complete
100% surface infrastructure, with capacity
to produce 4.15 Mtpa.
Potash Jansen Stage 2 Development of additional mining Under review - FY31 Project is 15%
(Canada) districts, completion of the second update expected in complete
100% shaft hoist infrastructure, expansion Q4 FY26
of processing facilities and addition
of rail cars to facilitate production
of an incremental 4.36 Mtpa.
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
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BHP | Operational review for the nine months ended 31 March 2026
Appendix 2
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
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)%
------- ------- ------- -------- ------- -------- -------- -----
Escondida kt 288.4 278.6 282.4 270.5 248.3 801.2 848.6 (6)%
Pampa Norte (Spence) kt 36.1 42.2 35.4 33.3 25.7 94.4 108.4 (13)%
Copper South Australia kt 22.5 31.7 19.9 22.2 27.5 69.6 70.2 (1)%
Antamina kt 30.9 21.2 33.9 38.2 44.1 116.2 97.7 19%
Carajas kt 1.9 2.2 2.4 2.3 2.1 6.8 7.2 (6)%
------- ------- ------- -------- ------- -------- -------- -----
Cathode kt 133.6 140.3 119.6 124.0 129.1 372.7 368.4 1%
------- ------- ------- -------- ------- -------- -------- -----
Escondida kt 45.2 48.7 46.5 46.7 54.9 148.1 129.0 15%
Pampa Norte (Spence) kt 31.8 31.2 20.4 24.4 18.9 63.7 85.8 (26)%
Copper South Australia kt 56.6 60.4 52.7 52.9 55.3 160.9 153.6 5%
Total kt 513.4 516.2 493.6 490.5 476.8 1,460.9 1,500.5 (3)%
------- ------- ------- -------- ------- -------- -------- -----
Lead Payable metal in concentrate t 234 1,829 754 91 209 1,054 403 162%
------- ------- ------- -------- ------- -------- -------- -----
Antamina t 234 1,829 754 91 209 1,054 403 162%
------- ------- ------- -------- ------- -------- -------- -----
Zinc Payable metal in concentrate t 26,026 40,415 35,991 27,003 17,723 80,717 68,192 18%
------- ------- ------- -------- ------- -------- -------- -----
Antamina t 26,026 40,415 35,991 27,003 17,723 80,717 68,192 18%
------- ------- ------- -------- ------- -------- -------- -----
Gold Payable metal in concentrate troy oz 89,841 95,949 76,242 73,585 105,321 255,148 265,977 (4)%
------- ------- ------- -------- ------- -------- -------- -----
Escondida troy oz 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)%
Copper South Australia troy oz 40,457 50,871 36,489 36,993 47,264 120,746 121,694 (1)%
Carajas troy oz 1,516 1,825 1,816 1,941 1,784 5,541 5,481 1%
------- ------- ------- -------- ------- -------- -------- -----
Refined gold troy oz 57,006 46,789 50,716 61,910 54,511 167,137 141,869 18%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia troy oz 57,006 46,789 50,716 61,910 54,511 167,137 141,869 18%
Total troy oz 146,847 142,738 126,958 135,495 159,832 422,285 407,846 4%
------- ------- ------- -------- ------- -------- -------- -----
Silver Payable metal in concentrate troy koz 3,418 3,911 4,114 4,109 4,839 13,062 9,845 33%
------- ------- ------- -------- ------- -------- -------- -----
Escondida troy koz 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)%
Copper South Australia troy koz 186 251 182 179 222 583 662 (12)%
Antamina troy koz 1,017 1,313 1,632 1,438 1,462 4,532 2,849 59%
------- ------- ------- -------- ------- -------- -------- -----
Refined silver troy koz 462 216 227 284 308 819 801 2%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia troy koz 462 216 227 284 308 819 801 2%
Total troy koz 3,880 4,127 4,341 4,393 5,147 13,881 10,646 30%
------- ------- ------- -------- ------- -------- -------- -----
Uranium Payable metal in concentrate t 783 974 819 903 778 2,500 2,180 15%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia t 783 974 819 903 778 2,500 2,180 15%
------- ------- ------- -------- ------- -------- -------- -----
Molybdenum Payable metal in concentrate t 801 337 341 281 341 963 2,636 (63)%
------- ------- ------- -------- ------- -------- -------- -----
Pampa Norte (Spence) t 187 189 257 269 194 720 505 43%
Antamina t 614 148 84 12 147 243 2,131 (89)%
------- ------- ------- -------- ------- -------- -------- -----
Iron ore Western Australia
Iron Ore (WAIO) kt 60,137 68,348 62,015 67,766 60,922 190,703 188,251 1%
Samarco kt 1,603 1,951 2,066 1,938 1,882 5,886 4,303 37%
Total kt 61,740 70,299 64,081 69,704 62,804 196,589 192,554 2%
------- ------- ------- -------- ------- -------- -------- -----
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 3,919 5,146 4,865 4,291 3,816 12,972 12,864 1%
------- ------- ------- -------- ------- -------- -------- -----
Energy coal NSW Energy Coal (NSWEC) kt 3,596 4,067 3,518 4,610 4,037 12,165 10,969 11%
------- ------- ------- -------- ------- -------- -------- -----
Nickel/1/ Western Australia Nickel kt 2.3 0.3 -- -- -- -- 29.9 (100)%
------- ------- ------- -------- ------- -------- -------- -----
Cobalt/1/ Western Australia Nickel t 35 -- -- -- -- -- 450 (100)%
------- ------- ------- -------- ------- -------- -------- -----
1 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
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 399.0 377.6 343.0 373.8 350.0 1,066.8 1,163.3 (8)%
------- ------- ------- -------- ------- -------- -------- -----
Escondida kt 309.2 285.5 258.3 277.7 252.1 788.1 857.4 (8)%
Pampa Norte (Spence) kt 36.5 37.3 33.2 27.9 34.9 96.0 117.0 (18)%
Copper South Australia kt 23.8 30.9 15.9 24.8 18.0 58.7 80.1 (27)%
Antamina kt 27.4 21.8 33.1 40.4 43.3 116.8 100.3 16%
Carajas kt 2.1 2.1 2.5 3.0 1.7 7.2 8.5 (15)%
------- ------- ------- -------- ------- -------- -------- -----
Cathode kt 133.3 148.4 105.9 130.7 118.7 355.3 364.0 (2)%
------- ------- ------- -------- ------- -------- -------- -----
Escondida kt 47.4 52.7 38.1 50.0 50.1 138.2 128.2 8%
Pampa Norte (Spence) kt 30.7 34.1 17.9 25.4 17.4 60.7 84.8 (28)%
Copper South Australia kt 55.2 61.6 49.9 55.3 51.2 156.4 151.0 4%
Total kt 532.3 526.0 448.9 504.5 468.7 1,422.1 1,527.3 (7)%
------- ------- ------- -------- ------- -------- -------- -----
Lead Payable metal in concentrate t 181 837 1,469 551 14 2,034 341 496%
------- ------- ------- -------- ------- -------- -------- -----
Antamina t 181 837 1,469 551 14 2,034 341 496%
------- ------- ------- -------- ------- -------- -------- -----
Zinc Payable metal in concentrate t 22,249 37,263 41,499 26,046 18,573 86,118 67,186 28%
------- ------- ------- -------- ------- -------- -------- -----
Antamina t 22,249 37,263 41,499 26,046 18,573 86,118 67,186 28%
------- ------- ------- -------- ------- -------- -------- -----
Gold Payable metal in concentrate troy oz 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)%
Pampa Norte (Spence) troy oz 3,341 2,961 2,589 2,724 3,800 9,113 10,019 (9)%
Copper South Australia troy oz 42,825 50,577 26,476 45,024 29,234 100,734 135,305 (26)%
Carajas troy oz 1,664 1,693 1,964 2,424 1,505 5,893 6,360 (7)%
------- ------- ------- -------- ------- -------- -------- -----
Refined gold troy oz 57,982 49,241 51,147 59,054 57,336 167,537 141,787 18%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia troy oz 57,982 49,241 51,147 59,054 57,336 167,537 141,787 18%
Total troy oz 150,339 144,764 117,524 141,153 144,348 403,025 422,254 (5)%
------- ------- ------- -------- ------- -------- -------- -----
Silver Payable metal in concentrate troy koz 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%
Pampa Norte (Spence) troy koz 428 441 358 316 375 1,049 1,382 (24)%
Copper South Australia troy koz 173 226 131 207 162 500 686 (27)%
Antamina troy koz 810 953 1,705 1,553 1,201 4,459 2,388 87%
------- ------- ------- -------- ------- -------- -------- -----
Refined silver troy koz 486 213 255 250 340 845 798 6%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia troy koz 486 213 255 250 340 845 798 6%
Total troy koz 3,684 3,739 4,391 4,502 4,858 13,751 10,206 35%
------- ------- ------- -------- ------- -------- -------- -----
Uranium Payable metal in concentrate t 710 1,230 649 815 650 2,114 2,027 4%
------- ------- ------- -------- ------- -------- -------- -----
Copper South Australia t 710 1,230 649 815 650 2,114 2,027 4%
------- ------- ------- -------- ------- -------- -------- -----
Molybdenum Payable metal in concentrate t 839 714 347 322 263 932 2,573 (64)%
------- ------- ------- -------- ------- -------- -------- -----
Pampa Norte (Spence) t 223 190 208 256 205 669 542 23%
Antamina t 616 524 139 66 58 263 2,031 (87)%
------- ------- ------- -------- ------- -------- -------- -----
Iron ore Western Australia
Iron Ore (WAIO) kt 59,234 67,830 62,430 66,909 58,608 187,947 186,983 1%
Samarco kt 1,416 1,973 2,042 2,512 1,590 6,144 3,875 59%
Total kt 60,650 69,803 64,472 69,421 60,198 194,091 190,858 2%
------- ------- ------- -------- ------- -------- -------- -----
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 3,791 5,030 4,472 4,413 3,852 12,737 12,790 0%
------- ------- ------- -------- ------- -------- -------- -----
Energy coal NSW Energy Coal (NSWEC) kt 3,509 3,926 3,707 4,372 4,048 12,127 11,263 8%
------- ------- ------- -------- ------- -------- -------- -----
Nickel/1/ Western Australia Nickel kt 2.2 0.2 -- -- -- -- 33.3 (100)%
------- ------- ------- -------- ------- -------- -------- -----
Cobalt/1/ Western Australia Nickel t -- -- -- -- -- -- 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
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 2025 %
------- ------- ------- -------- ------- -------- -------- -----
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ 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)%
Copper cathode (EW) kt 45.2 48.7 46.5 46.7 54.9 148.1 129.0 15%
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)%
------- ------- ------- -------- ------- -------- -------- -----
Payable gold concentrate troy oz 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 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile/1/ 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)%
Copper cathode (EW) kt 31.8 31.2 20.4 24.4 18.9 63.7 85.8 (26)%
Total copper kt 67.9 73.4 55.8 57.7 44.6 158.1 194.2 (19)%
------- ------- ------- -------- ------- -------- -------- -----
Payable gold concentrate troy oz 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)%
Payable molybdenum t 187 189 257 269 194 720 505 43%
------- ------- ------- -------- ------- -------- -------- -----
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023.
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 2025 %
------- ------- ------- -------- ------- -------- -------- -----
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt
Concentrator throughput kt
Average copper grade -
concentrator %
Production ex mill kt
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 309.2 285.5 258.3 277.7 252.1 788.1 857.4 (8)%
Copper cathode (EW) kt 47.4 52.7 38.1 50.0 50.1 138.2 128.2 8%
Oxide leach kt
Sulphide leach kt
Total copper kt 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)%
Payable silver concentrate troy koz 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), Chile/1/ BHP interest 100%
Material mined kt
Ore stacked kt
Average copper grade -
stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 36.5 37.3 33.2 27.9 34.9 96.0 117.0 (18)%
Copper cathode (EW) kt 30.7 34.1 17.9 25.4 17.4 60.7 84.8 (28)%
Total copper kt 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)%
Payable silver concentrate troy koz 428 441 358 316 375 1,049 1,382 (24)%
Payable molybdenum t 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
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 2025 %
------- ------- ------- -------- ------- -------- -------- -----
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)%
Cathode kt 56.6 60.4 52.7 52.9 55.3 160.9 153.6 5%
Total copper kt 81.4 93.6 78.2 77.7 83.6 239.5 234.3 2%
------- ------- ------- -------- ------- -------- -------- -----
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)%
Refined gold troy oz 57,006 46,789 50,716 61,910 54,511 167,137 141,869 18%
Total gold troy oz 103,103 99,844 98,609 103,261 103,043 304,913 286,706 6%
------- ------- ------- -------- ------- -------- -------- -----
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)%
Refined silver troy koz 462 216 227 284 308 819 801 2%
Total silver troy koz 660 474 440 477 534 1,451 1,517 (4)%
------- ------- ------- -------- ------- -------- -------- -----
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%
------- ------- ------- -------- ------- -------- -------- -----
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%
Refined gold troy oz 57,006 46,789 50,716 61,910 54,511 167,137 141,869 18%
Refined silver troy koz 462 216 227 284 308 819 801 2%
Payable uranium t 783 974 819 903 778 2,500 2,180 15%
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%
Payable gold concentrate troy oz 24,309 28,593 24,105 17,406 23,664 65,175 70,730 (8)%
Payable silver concentrate troy koz 63 98 61 49 60 170 196 (13)%
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)%
Payable gold concentrate troy oz 21,788 24,462 23,788 23,945 24,868 72,601 74,107 (2)%
Payable silver concentrate troy koz 135 160 152 144 166 462 520 (11)%
------- ------- ------- -------- ------- -------- -------- -----
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 2025 %
------- ------- ------- -------- ------- -------- -------- -----
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 23.8 30.9 15.9 24.8 18.0 58.7 80.1 (27)%
Cathode kt 55.2 61.6 49.9 55.3 51.2 156.4 151.0 4%
Total copper kt 79.0 92.5 65.8 80.1 69.2 215.1 231.1 (7)%
------- ------- ------- -------- ------- -------- -------- -----
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper kt
------- ------- ------- -------- ------- -------- -------- -----
Gold Payable metal in concentrate troy oz 42,825 50,577 26,476 45,024 29,234 100,734 135,305 (26)%
Refined gold troy oz 57,982 49,241 51,147 59,054 57,336 167,537 141,787 18%
Total gold troy oz 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
Net gold troy oz
------- ------- ------- -------- ------- -------- -------- -----
Silver Payable metal in concentrate troy koz 173 226 131 207 162 500 686 (27)%
Refined silver troy koz 486 213 255 250 340 845 798 6%
Total silver troy koz 659 439 386 457 502 1,345 1,484 (9)%
------- ------- ------- -------- ------- -------- -------- -----
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ------- ------- -------- ------- -------- -------- -----
Uranium t 710 1,230 649 815 650 2,114 2,027 4%
------- ------- ------- -------- ------- -------- -------- -----
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- -------- ------- -------- -------- -----
Copper cathode (ER and EW) kt 55.2 61.6 49.9 55.3 51.2 156.4 151.0 4%
Refined gold troy oz 57,982 49,241 51,147 59,054 57,336 167,537 141,787 18%
Refined silver troy koz 486 213 255 250 340 845 798 6%
Payable uranium t 710 1,230 649 815 650 2,114 2,027 4%
Prominent Hill
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 9.5 12.8 4.4 7.5 3.1 15.0 28.4 (47)%
Payable gold concentrate troy oz 22,614 25,222 9,033 17,671 5,894 32,598 60,991 (47)%
Payable silver concentrate troy koz 51 69 29 45 20 94 172 (45)%
Carrapateena
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 14.3 18.1 11.5 17.3 14.9 43.7 51.7 (15)%
Payable gold concentrate troy oz 20,211 25,355 17,443 27,353 23,340 68,136 74,314 (8)%
Payable silver concentrate troy koz 122 157 102 162 142 406 514 (21)%
------- ------- ------- -------- ------- -------- -------- -----
8
--------------------------------------------------------------------------------
BHP | Operational review for the nine months ended 31 March 2026
Production
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 2025 %
------- ------- ------- -------- ------- -------- -------- -----
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%
Payable zinc t 26,026 40,415 35,991 27,003 17,723 80,717 68,192 18%
Payable silver troy koz 1,017 1,313 1,632 1,438 1,462 4,532 2,849 59%
Payable lead t 234 1,829 754 91 209 1,054 403 162%
Payable molybdenum t 614 148 84 12 147 243 2,131 (89)%
------- ------- ------- -------- ------- -------- -------- -----
Carajas, 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)%
Payable gold concentrate troy oz 1,516 1,825 1,816 1,941 1,784 5,541 5,481 1%
------- ------- ------- -------- ------- -------- -------- -----
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)%
Jimblebar/1/ 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
Fines kt
Total kt
Total (100%) kt
------- ------- ------- -------- ------- -------- -------- -----
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%
------- ------- ------- -------- ------- -------- -------- -----
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 2025 %
------- ------- ------- -------- ------- -------- -------- -----
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt
Concentrator throughput kt
Average head grade - copper %
Average head grade - zinc %
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 27.4 21.8 33.1 40.4 43.3 116.8 100.3 16%
Payable zinc t 22,249 37,263 41,499 26,046 18,573 86,118 67,186 28%
Payable silver troy koz 810 953 1,705 1,553 1,201 4,459 2,388 87%
Payable lead t 181 837 1,469 551 14 2,034 341 496%
Payable molybdenum t 616 524 139 66 58 263 2,031 (87)%
------- ------- ------- -------- ------- -------- -------- -----
Carajas, Brazil BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
Average gold grade g/t
------- ------- ------- -------- ------- -------- -------- -----
Payable copper kt 2.1 2.1 2.5 3.0 1.7 7.2 8.5 (15)%
Payable gold concentrate troy oz 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
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
------- ------- ------- -------- ------- -------- -------- -----
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 1,416 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
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 2025 %
------- ------- ------- -------- ------- -------- -------- -----
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%
Total/1/ 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
Energy coal kt
Total kt
Total (100%) kt
------- ------- ------- -------- ------- -------- -------- -----
1 Production figures include some energy coal.
NSWEC, Australia BHP interest 100%
Energy coal - Export kt
Energy coal - Domestic kt
Total kt 3,596 4,067 3,518 4,610 4,037 12,165 10,969 11%
------- ------- ------- -------- ------- -------- -------- -----
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia/1/ 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)%
Nickel sulphate kt -- -- -- -- -- -- 0.3 (100)%
Intermediates and nickel
by-products kt 2.3 0.3 -- -- -- -- 17.4 (100)%
Total nickel kt 2.3 0.3 -- -- -- -- 29.9 (100)%
------- ------- ------- -------- ------- -------- -------- -----
Cobalt by-products t 35 -- -- -- -- -- 450 (100)%
------- ------- ------- -------- ------- -------- -------- -----
1 WA Nickel ramped down and entered temporary suspension in December 2024.
Sales
-----------------------------------------------------------------------
Quarter ended Year to date
-------------------------------------------- -------------------------
Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 2025 %
------- ------- ------- -------- ------- -------- -------- -----
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt
Peak Downs kt
Saraji kt
Caval Ridge kt
Total/1/ kt
Total (100%)/1/ kt
------- ------- ------- -------- ------- -------- -------- -----
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 3,509 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, Australia/1/ BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
------- ------- ------- -------- ------- -------- -------- -----
Refined nickel kt -- -- -- -- -- -- 14.3 (100)%
Nickel sulphate kt 0.1 0.1 -- -- -- -- 1.0 (100)%
Intermediates and nickel
by-products kt 2.1 0.1 -- -- -- -- 18.0 (100)%
Total nickel kt 2.2 0.2 -- -- -- -- 33.3 (100)%
------- ------- ------- -------- ------- -------- -------- -----
Cobalt by-products t -- -- -- -- -- -- 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 Vicuna. 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
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
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 Adam Sanderson
Mobile: +44 7887 468 926 Mobile: +44 7884 735 515
North America Americas
Megan Hjulfors Li Hua
Mobile: +1 403 605 2314 Mobile: +1 647 828 9830
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
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BHP | Operational review for the nine months ended 31 March 2026
Date: 22-04-2026 07:05:00
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