SEC Form 6-K filed by BHP Group Limited

SEC Form 6-K filed by BHP Group Limited

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6-K 1 d906735d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

21 October 2025

BHP GROUP LIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

VICTORIA, AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE,

VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a


				21 October 2025

Operational review for the quarter ended 30 September 2025

Delivering operational and project excellence into a constructive commodity price environment

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

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

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

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

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

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

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

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


		Mike Henry,
		BHP Chief Executive Officer
Summary

Operational and project excellence		Portfolio

Strong performance; maintenance executed		Progressing our organic growth options

Copper production increased 4% driven by record concentrator throughput at Escondida. Performance at Copper SA was strong and major planned maintenance was safely executed. In our steelmaking commodities, WAIO achieved record Q1 material mined and a 5% increase in lump sales, while delivering the planned rebuild of Car Dumper 3 (CD3) ~8% ahead of schedule. BMA production increased 8% enabled by strong stripping performance and improved mining rates at Broadmeadow.		In September, we received approval for the Environmental Impact Declaration (DIA) for the Laguna Seca Expansion at Escondida. The DIA permit for the Escondida New Concentrator remains on track to be submitted in H2 FY26. BHP welcomed state and federal ministers for a site visit to Copper SA, where we are progressing initiatives aimed at increasing growth through strengthening mining productivity as we continue building a world-class copper province.

Strong balance sheet		Social value

Successful capital management		A continued evolution as we grow

During the quarter, BHP issued EUR bonds totalling EUR 1.4 bn and USD bonds totalling US$1.5 bn competitively priced across four tranches and refinanced its US$5.5 bn revolving credit facility. These demonstrate disciplined execution underpinning our strong balance sheet.		In September, we held an ESG Roundtable covering operational decarbonisation, Scope 3 steelmaking emissions, Indigenous partnerships, and the Doce River Basin Agreement (Samarco). Copper South Australia entered into its largest renewable electricity supply agreement, taking another step forward in its operational decarbonisation journey.



Production	Quarter performance								Production guidance

	Q1 FY26		v Q4 FY25			v Q1 FY25			FY26 guidance

Copper (kt)		493.6		(4	%)		4	%		1,800 – 2,000

Escondida (kt)		328.9		0	%		8	%		1,150 – 1,250	Unchanged

Pampa Norte (Spence) (kt)		55.8		(24	%)		(7	%)		230 – 250	Unchanged

Copper South Australia (kt)		72.6		(21	%)		(1	%)		310 – 340	Unchanged

Antamina (kt)		33.9		60	%		(7	%)		120 – 140	Unchanged

Carajás (kt)		2.4		7	%		2	%		-	-

Iron ore (Mt)		64.1		(9	%)		(1	%)		258 – 269

WAIO (Mt)		62.0		(9	%)		(2	%)		251 – 262	Unchanged

WAIO (100% basis) (Mt)		70.2		(9	%)		(2	%)		284 – 296	Unchanged

Samarco (Mt)		2.1		6	%		64	%		7 – 7.5	Unchanged

Steelmaking coal – BMA (Mt)		4.9		(5	%)		8	%		18 – 20

BMA (100% basis) (Mt)		9.7		(5	%)		8	%		36 – 40	Unchanged

Energy coal – NSWEC (Mt)		3.5		(13	%)		(4	%)		14 – 16	Unchanged

BHP | Operational Review for the quarter ended 30 September 2025

Segment and asset performance | FY26 YTD v FY25 YTD

Further information in Appendix 1

Detailed production and sales information for all operations in Appendix 2


Copper
Production 494 kt é4% Q1 FY25 476 kt FY26e 1,800 – 2,000 kt Average realised price US$4.59/lb é8% Q1 FY25 US$4.24/lb		Total copper production increased 4% to 494 kt. Copper production guidance for FY26 remains unchanged at between 1,800 and 2,000 kt. Escondida 328.9 kt é8% (100% basis) We are investigating an incident on 9 October where a contracting team member passed away. Our thoughts are with the team member’s family. We are working closely with the relevant authorities. There have been no operational impacts as a result of the event. Increased production was driven by record concentrator throughput and improved recoveries, partially offset by a lower concentrator feed grade of 0.94% (Q1 FY25: 1.00%). Cathode production was higher in line with the continued ramp-up of the Full SaL leaching project which achieved first production in Q4 FY25. Production guidance for FY26 remains unchanged at between 1,150 and 1,250 kt and is expected to be weighted to the first half in line with higher concentrator feed grade. Concentrator feed grade of ~0.85% for the full year remains unchanged.

		We continue to make progress on the optimised Escondida Growth Program. In September, the Antofagasta Environmental Evaluation Committee approved the DIA for the Laguna Seca Expansion, enabling early infrastructure development, while the Escondida New Concentrator DIA permit remains on track to be submitted in H2 FY26. Pampa Norte (Spence) 55.8 kt ê7%

		Spence production decreased 7% as expected, as a result of lower cathode production, in line with a planned decline in stacked feed grade due to an increase in the volume of transitional ore processed.

		Production guidance for Spence remains unchanged at between 230 and 250 kt for FY26 with production expected to increase from Q2 FY26.

		Copper South Australia 72.6 kt ê1%

		Production was stable, driven by improved mine productivity at Olympic Dam and Prominent Hill, with strong smelter and refinery throughput, offsetting lower grade. We successfully completed planned major maintenance at Olympic Dam on the underground materials handling system, mills and the refinery, and continued the integration of HydroFloat technology at Carrapateena.

		Production guidance for FY26 remains unchanged at between 310 and 340 kt, weighted to the second half.

		Gold production increased 24%, supported by strong operating performance and higher grades at Olympic Dam.

		Other copper

		At Antamina, copper production decreased 7% to 34 kt. Zinc production was 86% higher at 36 kt, as a result of planned higher feed grades. FY26 copper production guidance of between 120 and 140 kt and zinc production guidance of between 90 and 110 kt remain unchanged.

		Carajás produced 2.4 kt of copper and 1.8 troy koz of gold. As announced in August, the divestment of Carajás is expected to close in early CY26, subject to the satisfaction of customary closing conditions (including regulatory approvals).

BHP | Operational Review for the quarter ended 30 September 2025


Iron ore
Production 64 Mt ê1% Q1 FY25 65 Mt FY26e 258 – 269 Mt Average realised price US$84.04/wmt é5% Q1 FY25 US$80.10/wmt		Iron ore production decreased 1% to 64 Mt. Production guidance for FY26 remains unchanged at between 258 and 269 Mt. WAIO 62.0 Mt ê2% \| 70.2 Mt (100% basis) Production was solid as WAIO demonstrated continued supply chain excellence with record material mined (up 9%) and strong shipments, in a quarter of significant planned maintenance. The major rebuild of Car Dumper 3 at Port Hedland, which had a 4.3 Mt (100% basis) volume impact, was safely completed ~8% ahead of schedule, demonstrating disciplined execution and project delivery excellence. Progress continued on the multi-year Rail Technology Program (RTP1), with tie-in activities advancing as scheduled — supporting long-term infrastructure uplift and future logistics resilience. Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt on a 100% basis). Sales were broadly in line with the prior year, with a 5% increase in sales of higher-value lump. We sell and ship iron ore products via different commercial distribution channels, this includes seaborne sales, and portside sales in China which have increased over recent years in line with our strategy. We will continue to optimise distribution channels to support product placement.
		Samarco 2.1 Mt é64% \| 4.1 Mt (100% basis)
		Production increased following recommissioning of latent pelletising plant capacity and the ramp up of the second concentrator. Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt with planned maintenance across the year.

Coal Steelmaking coal
Production 4.9 Mt é8% Q1 FY25 4.5 Mt FY26e 18 – 20 Mt Average realised price US$180.67/t ê16% Q1 FY25 US$214.86/t		BMA 4.9 Mt é8% \| 9.7 Mt (100% basis) Production increased 8% due to higher underground production rates at Broadmeadow and increased prime stripping, which offset the impact of planned higher strip ratios at our open cut operations. Due to market conditions and the unsustainable impact of the Queensland Government’s coal royalties on business returns, Saraji South, part of the Saraji mine complex, will be placed into a period of care and maintenance from November 2025. Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt on a 100% basis). Volumes will be weighted to H2 FY26, with continued safe management of geotechnical characteristics in the current longwall panel and a longwall move at Broadmeadow scheduled in Q2 FY26. We expect to continue building raw coal inventory into CY27, to further improve operating stability.

BHP | Operational Review for the quarter ended 30 September 2025


Energy coal

Production		NSWEC 3.5 Mt ê4%

3.5 Mt ê4% Q1 FY25 3.7 Mt FY26e 14 – 16 Mt Average realised price US$95.18/t ê23% Q1 FY25 US$124.32/t		Production decreased due to additional wash plant maintenance resulting in lower plant throughput. Strong mining performance, with improved truck availability, resulted in a build of raw coal inventory. Production guidance for FY26 remains unchanged at between 14 and 16 Mt. In September 2025, we received the final approval from the Australian Federal Government to extend mining to 30 June 2030, following the NSW Government extension granted in April 2025.

Quarterly performance | Q1 FY26 v Q4 FY25


Copper		Iron ore
494 kt ê4% Q4 FY25 516 kt	Higher production at Escondida due to higher concentrator throughput, partially offset by lower production at Spence due to lower grades and Copper SA due to planned major maintenance.	64 Mt ê9% Q4 FY25 70 Mt	Lower production at WAIO as a result of planned maintenance including the rebuild of Car Dumper 3, which had a 4.3 Mt (100% basis) volume impact.
Steelmaking coal		Energy coal
4.9 Mt ê5% Q4 FY25 5.1 Mt	Lower production due to planned higher strip ratio as a result of mine sequencing. This was partially offset by increased prime stripping and inventory drawdown.	3.5 Mt ê13% Q4 FY25 4.1 Mt	Lower production due to planned annual wash plant maintenance and lower bypass coal.

BHP | Operational Review for the quarter ended 30 September 2025

Appendix 1

Average realised pricesⁱ


	Quarter

		Q1 FY26	v Q4 FY25	v Q1 FY25

Copper (US$/lb)		4.59	4%	8%

Iron ore (US$/wmt, FOB)		84.04	5%	5%

Steelmaking coal (US$/t)		180.67	2%	(16%	)

Energy coal (US$/t)ⁱⁱ		95.18	11%	(23%	)

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

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

Current year unit cost guidance


Unit cost	Current FY26 guidanceⁱ

Escondida (US$/lb)		1.20 – 1.50		Unchanged

Spence (US$/lb)		2.10 – 2.40		Unchanged

Copper SA (US$/lb)		1.00 – 1.50	ⁱⁱ	Unchanged

WAIO (US$/t)		18.25 – 19.75		Unchanged

BMA (US$/t)		116 – 128		Unchanged

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

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

Medium term guidanceⁱ


	Production guidance		Unit cost guidanceⁱⁱ

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

Spence		~235 ktpa		US$2.05 – 2.35/lb

WAIO (100% basis)^iv		>305 Mtpa		<US$17.50/t

BMA (100% basis)		43 – 45 Mtpa		<US$110/t

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

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

iii	Medium term refers to FY27 to FY31.

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

Major projects


Commodity	Project and ownership	Project scope / capacity	Capital expenditure US$M	First production target date	Progress

Potash	Jansen Stage 1 (Canada) 100%	Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.	Under review Estimated range US$7.0 – 7.4 bn	Under review Estimated mid-CY27	Project is 73% complete

Potash	Jansen Stage 2 (Canada) 100%	Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa.	Under review	FY31	Project is 13% complete

Exploration

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

BHP | Operational Review for the quarter ended 30 September 2025

Appendix 2


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

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

BHP | Operational Review for the quarter ended 30 September 2025


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep 2024		Dec 2024		Mar 2025		Jun 2025		Sep 2025		Sep 2025		Sep 2024		Var %		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Sep 2025		Sep 2025		Sep 2024		Var %
Production and sales
By asset
Copper

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

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

BHP | Operational Review for the quarter ended 30 September 2025


			Production										Sales
			Quarter ended						Year to date				Quarter ended						Year to date
				Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025		Sep 2025	Sep 2024	Var %		Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025		Sep 2025	Sep 2024	Var %
Copper (continued)
Copper South Australia, Australia		BHP interest 100%
Copper	Payable metal in concentrate	kt		27.9	28.0	24.8	33.2	25.5		25.5	27.9	(9)%		30.4	25.9	23.8	30.9	15.9		15.9	30.4	(48)%
	Cathode	kt		51.6	45.4	56.6	60.4	52.7		52.7	51.6	2%		49.0	46.8	55.2	61.6	49.9		49.9	49.0	2%
	Total copper	kt		79.5	73.4	81.4	93.6	78.2		78.2	79.5	(2)%		79.4	72.7	79.0	92.5	65.8		65.8	79.4	(17)%
	Payable metal in concentrate transfer to Olympic Dam	kt		(6.1)	(2.1)	(2.3)	(1.5)	(5.6)		(5.6)	(6.1)	(8)%
	Net copper	kt		73.4	71.3	79.1	92.1	72.6		72.6	73.4	(1)%
Gold	Payable metal in concentrate	troy oz		46,452	52,288	46,097	53,055	47,893		47,893	46,452	3%		44,761	47,719	42,825	50,577	26,476		26,476	44,761	(41)%
	Refined gold	troy oz		37,385	47,478	57,006	46,789	50,716		50,716	37,385	36%		40,326	43,479	57,982	49,241	51,147		51,147	40,326	27%
	Total gold	troy oz		83,837	99,766	103,103	99,844	98,609		98,609	83,837	18%		85,087	91,198	100,807	99,818	77,623		77,623	85,087	(9)%
	Payable metal in concentrate transfer to Olympic Dam	troy oz		(13,524)	(3,979)	(5,640)	(2,184)	(11,404)		(11,404)	(13,524)	(16)%
	Net gold	troy oz		70,313	95,787	97,463	97,660	87,205		87,205	70,313	24%
Silver	Payable metal in concentrate	troy koz		254	264	198	258	213		213	254	(16)%		295	218	173	226	131		131	295	(56)%
	Refined silver	troy koz		206	133	462	216	227		227	206	10%		202	110	486	213	255		255	202	26%
	Total silver	troy koz		460	397	660	474	440		440	460	(4)%		497	328	659	439	386		386	497	(22)%
	Payable metal in concentrate transfer to Olympic Dam	troy koz		(31)	(11)	(12)	(7)	(31)		(31)	(31)	0%
	Net silver	troy koz		429	386	648	467	409		409	429	(5)%
Uranium		t		672	725	783	974	819		819	672	22%		677	640	710	1,230	649		649	677	(4)%

Olympic Dam
	Material mined	kt		2,734	1,918	2,498	2,587	2,818		2,818	2,734	3%
	Ore milled	kt		2,617	2,407	2,462	2,859	2,640		2,640	2,617	1%
	Average copper grade	%		1.99%	2.09%	1.99%	2.05%	1.97%		1.97%	1.99%	(1)%
	Average uranium grade	kg/t		0.60	0.59	0.56	0.56	0.55		0.55	0.60	(8)%
	Copper cathode (ER and EW)	kt		51.6	45.4	56.6	60.4	52.7		52.7	51.6	2%		49.0	46.8	55.2	61.6	49.9		49.9	49.0	2%
	Refined gold	troy oz		37,385	47,478	57,006	46,789	50,716		50,716	37,385	36%		40,326	43,479	57,982	49,241	51,147		51,147	40,326	27%
	Refined silver	troy koz		206	133	462	216	227		227	206	10%		202	110	486	213	255		255	202	26%
	Payable uranium	t		672	725	783	974	819		819	672	22%		677	640	710	1,230	649		649	677	(4)%

Prominent Hill
	Material mined	kt		927	1,111	1,119	1,210	1,049		1,049	927	13%
	Ore milled	kt		1,559	1,761	1,364	1,998	1,621		1,621	1,559	4%
	Average copper grade	%		0.73%	0.72%	0.82%	0.92%	0.71%		0.71%	0.73%	(3)%
	Concentrate produced	kt		19.6	21.5	19.2	33.0	19.0		19.0	19.6	(3)%
	Payable copper	kt		9.5	10.9	9.7	16.2	9.9		9.9	9.5	4%		10.9	8.0	9.5	12.8	4.4		4.4	10.9	(60)%
	Payable gold concentrate	troy oz		20,976	25,445	24,309	28,593	24,105		24,105	20,976	15%		18,719	19,658	22,614	25,222	9,033		9,033	18,719	(52)%
	Payable silver concentrate	troy koz		63	70	63	98	61		61	63	(3)%		73	48	51	69	29		29	73	(60)%

Carrapateena
	Material mined	kt		1,470	1,476	1,202	1,583	1,488		1,488	1,470	1%
	Ore milled	kt		1,446	1,429	1,306	1,557	1,511		1,511	1,446	4%
	Average copper grade	%		1.45%	1.37%	1.31%	1.24%	1.18%		1.18%	1.45%	(19)%
	Concentrate produced	kt		59.2	57.6	50.6	58.7	52.4		52.4	59.2	(11)%
	Payable copper	kt		18.4	17.1	15.1	17.0	15.6		15.6	18.4	(15)%		19.5	17.9	14.3	18.1	11.5		11.5	19.5	(41)%
	Payable gold concentrate	troy oz		25,476	26,843	21,788	24,462	23,788		23,788	25,476	(7)%		26,042	28,061	20,211	25,355	17,443		17,443	26,042	(33)%
	Payable silver concentrate	troy koz		191	194	135	160	152		152	191	(20)%		222	170	122	157	102		102	222	(54)%

BHP | Operational Review for the quarter ended 30 September 2025


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Sep 2024		Dec 2024		Mar 2025		Jun 2025		Sep 2025		Sep 2025		Sep 2024		Var %		Sep 2024		Dec 2024		Mar 2025		Jun 2025		Sep 2025		Sep 2025		Sep 2024		Var %
Copper (continued)

Antamina, Peru		BHP interest 33.75%
	Material mined	kt		64,094		57,497		51,529		39,369		58,970		58,970		64,094		(8)%
	Concentrator throughput	kt		13,096		13,323		13,140		10,154		13,307		13,307		13,096		2%
	Average head grade - copper	%		0.91%		0.77%		0.81%		0.76%		0.86%		0.86%		0.91%		(5)%
	Average head grade - zinc	%		0.67%		0.84%		0.85%		1.70%		1.26%		1.26%		0.67%		88%
	Payable copper	kt		36.3		30.5		30.9		21.2		33.9		33.9		36.3		(7)%		39.6		33.3		27.4		21.8		33.1		33.1		39.6		(16)%
	Payable zinc	t		19,374		22,792		26,026		40,415		35,991		35,991		19,374		86%		19,609		25,328		22,249		37,263		41,499		41,499		19,609		112%
	Payable silver	troy koz		878		954		1,017		1,313		1,632		1,632		878		86%		782		796		810		953		1,705		1,705		782		118%
	Payable lead	t		21		148		234		1,829		754		754		21		3,490%		125		35		181		837		1,469		1,469		125		1,075%
	Payable molybdenum	t		902		615		614		148		84		84		902		(91)%		681		734		616		524		139		139		681		(80)%


Carajás, Brazil		BHP interest 100%
	Material mined	kt		180		152		140		148		134		134		180		(26)%
	Ore milled	kt		161		170		128		176		160		160		161		0%
	Average copper grade	%		1.61%		1.92%		1.64%		1.40%		1.63%		1.63%		1.61%		1%
	Production ex mill	kt		9.9		12.6		7.9		9.5		10.3		10.3		9.9		4%
	Average gold grade	g/t		0.46		0.54		0.50		0.43		0.46		0.46		0.46		0%
	Payable copper	kt		2.3		3.0		1.9		2.2		2.4		2.4		2.3		2%		4.3		2.1		2.1		2.1		2.5		2.5		4.3		(42)%
	Payable gold concentrate	troy oz		1,734		2,231		1,516		1,825		1,816		1,816		1,734		5%		3,169		1,527		1,664		1,693		1,964		1,964		3,169		(38)%



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

WAIO, Australia		BHP interest 85%
	Newman Joint Venture	kt		13,358		13,796		11,991		15,073		13,724		13,724		13,358		3%
	Area C Joint Venture	kt		28,839		29,578		27,869		32,824		29,415		29,415		28,839		2%
	Yandi Joint Venture	kt		4,440		3,777		3,819		3,854		3,498		3,498		4,440		(21)%
	Jimblebar¹	kt		16,726		17,600		16,458		16,597		15,378		15,378		16,726		(8)%
	Total	kt		63,363		64,751		60,137		68,348		62,015		62,015		63,363		(2)%
	Total (100%)	kt		71,593		73,071		67,844		77,480		70,246		70,246		71,593		(2)%
	Lump	kt																		19,377		20,319		18,822		21,285		20,250		20,250		19,377		5%
	Fines	kt																		44,031		44,022		40,412		46,545		42,180		42,180		44,031		(4)%
	Total	kt																		63,408		64,341		59,234		67,830		62,430		62,430		63,408		(2)%
	Total (100%)	kt																		71,543		72,594		66,765		76,723		70,592		70,592		71,543		(1)%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.


Samarco, Brazil¹		BHP interest 50%
	Total	kt		*1,259*		*1,441*		*1,603*		*1,951*		2,066		2,066		*1,259*		64%		*982*		*1,477*		*1,416*		*1,973*		2,042		2,042		*982*		108%

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

BHP | Operational Review for the quarter ended 30 September 2025


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

Coal production is reported on the basis of saleable product.
BMA, Australia		BHP interest 50%

	Goonyella	kt		1,359		1,439		1,228		1,811		1,880		1,880		1,359		38%

	Peak Downs	kt		1,249		1,073		1,098		1,154		1,111		1,111		1,249		(11)%

	Saraji	kt		940		1,171		883		1,079		884		884		940		(6)%

	Caval Ridge	kt		967		747		710		1,102		990		990		967		2%

	Total¹	kt		4,515		4,430		3,919		5,146		4,865		4,865		4,515		8%

	Total (100%)¹	kt		9,030		8,860		7,838		10,292		9,730		9,730		9,030		8%

	Hard coking coal	kt																		4,273		4,695		3,708		4,831		4,428		4,428		4,273		4%

	Energy coal	kt																		-		31		83		199		44		44		-		100%

	Total	kt																		4,273		4,726		3,791		5,030		4,472		4,472		4,273		5%

	Total (100%)	kt																		8,546		9,452		7,582		10,060		8,944		8,944		8,546		5%

1 Production figures include some energy coal.

NSWEC, Australia		BHP interest 100%

	Energy coal - Export	kt																		3,416		3,471		3,128		3,554		3,549		3,549		3,416		4%

	Energy coal - Domestic	kt																		535		332		381		372		158		158		535		(70)%

	Total	kt		3,675		3,698		3,596		4,067		3,518		3,518		3,675		(4)%		3,951		3,803		3,509		3,926		3,707		3,707		3,951		(6)%



Other

Nickel production is reported on the basis of saleable product.

Western Australia Nickel, Australia¹		BHP interest 100%

Mt Keith	Nickel concentrate	kt		35.9		5.4		-		-		-		-		35.9		(100)%

	Average nickel grade	%		17.1		16.7		-		-		-		-		17.1		(100)%

Leinster	Nickel concentrate	kt		72.4		-		-		-		-		-		72.4		(100)%

	Average nickel grade	%		8.8		-		-		-		-		-		8.8		(100)%

	Refined nickel	kt		12.1		0.1		-		-		-		-		12.1		(100)%		13.5		0.8		-		-		-		-		13.5		(100)%

	Nickel sulphate	kt		0.3		-		-		-		-		-		0.3		(100)%		0.6		0.3		0.1		0.1		-		-		0.6		(100)%

	Intermediates and nickel by-products	kt		7.2		7.9		2.3		0.3		-		-		7.2		(100)%		5.8		10.1		2.1		0.1		-		-		5.8		(100)%

	Total nickel	kt		19.6		8.0		2.3		0.3		-		-		19.6		(100)%		19.9		11.2		2.2		0.2		-		-		19.9		(100)%

	Cobalt by-products	t		294		121		35		-		-		-		294		(100)%		294		121		-		-		-		-		294		(100)%

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

BHP | Operational Review for the quarter ended 30 September 2025

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

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

In this release, the terms ‘BHP’, the ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28 - Subsidiaries of the Financial Statements in BHP’s 2025 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina, Resolution, Samarco and Vicuña. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.

Further information on BHP can be found at bhp.com

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary


Media Relations		Investor Relations

Email: [email protected]		Email: [email protected]

Australia and Asia		Australia and Asia

Gabrielle Notley		John-Paul Santamaria
Mobile: +61 411 071 715		Mobile: +61 499 006 018

Europe, Middle East and Africa		Europe, Middle East and Africa

Amanda Saunders		James Bell
Mobile: +44 7887 468 926		Mobile: +44 7961 636 432

North America		Americas

Megan Hjulfors		James Bell
Mobile: +1 403 605 2314		Mobile: +44 7961 636 432

Latin America

Renata Fernandez
Mobile: +56 9 8229 5357

BHP Group Limited ABN 49 004 028 077

LEI WZE1WSENV6JSZFK0JC28

Registered in Australia

Registered Office: Level 18, 171 Collins Street

Melbourne Victoria 3000 Australia

Tel +61 1300 55 4757 Fax +61 3 9609 3015

BHP Group is headquartered in Australia
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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.

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Date	Price Target	Rating	Analyst
8/21/2025		Buy → Neutral	Citigroup
7/28/2025		Outperform → Market Perform	BMO Capital Markets
7/24/2025	$44.00	Hold → Sell	Berenberg
7/18/2025		Outperform → Neutral	Macquarie
6/13/2025		Buy → Hold	Argus
5/19/2025		Outperform → Mkt Perform	Bernstein
10/4/2024	$72.00 → $68.00	Buy → Hold	Jefferies
9/16/2024		Mkt Perform → Outperform	Bernstein

BHP Group Limited

Date: October, 21 2025

/s/ Stefanie Wilkinson

Stefanie Wilkinson

Group General Counsel and Group Company Secretary