SEC Form 6-K filed by BHP Group Limited

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6-K 1 d174327d6k.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

20 January 2026

BHP GROUP LIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

VICTORIA, AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE,

VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

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

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

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

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

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


				20 January 2026

Operational review for the half year ended 31 December 2025

Strong operational performance and increased copper production guidance capitalising on strong prices

“BHP delivered another half of very strong performance with operational records at our copper and iron ore assets. This was achieved safely and in a positive commodity price environment, with copper prices up 32% and iron ore prices 4% higher year on year.

We have increased FY26 group copper production guidance off the back of stronger delivery across our assets. Our flagship copper operation, Escondida, achieved record concentrator throughput and we have increased the FY26 production guidance range. Antamina has also lifted its production guidance, and Spence and Copper SA are tracking to plan, with Copper SA achieving record refined gold output.

In iron ore, WAIO achieved record first half production and shipments, positioning us well ahead of the typically wet third quarter. Volumes from Samarco rose as a result of strong operational performance at the second concentrator following its restart at the end of H1 FY25. We also announced a transaction with Global Infrastructure Partners involving WAIO’s inland power network which, once completed, will see us realise proceeds of ~US$2 bn while retaining ownership and operational control in an innovative and value accretive transaction.

Steelmaking coal production increased, supported by a five-year high stripping performance at BMA, and energy coal was up 10%.

The Jansen potash project in Canada is on track to begin production in mid-2027. Jansen will be a long life, low cost and scalable asset that will add a new, future facing commodity to BHP’s portfolio, which we expect will generate value for shareholders over many decades. We have separately provided an updated cost estimate for Jansen Stage 1 today.

China’s commodity demand remains resilient, supported by targeted policy measures and solid exports. Momentum moderated in H2 CY25, notably in construction, manufacturing and infrastructure investments. India is emerging as a key engine of demand, with strong domestic activity sustaining steel and rising copper needs. Forecast global growth in 2026 is around 3%, creating a positive backdrop for commodity demand.

BHP enters the second half of FY26 with strong operating momentum. We’re investing for the decade ahead, with a significant copper growth pipeline and a pathway to ~2 Mt of attributable copper production in the 2030s.”

Mike Henry,

BHP Chief Executive Officer


Summary

Operational excellence		Copper growth

Strong performance. Guidance upgrades		Capitalising on stronger prices

At Escondida, we achieved record concentrator throughput, while Copper SA delivered record material mined. WAIO achieved record H1 production and shipments. Production at BMA increased 2%, while NSWEC production increased 10%.		We have increased our FY26 copper production guidance, which enables us to further capitalise on record copper prices. The strong copper price is being driven by healthy demand and by supply disruptions at a number of competitors.

FY26 production guidance has increased for Group copper, Escondida and Antamina. NSWEC and Samarco are also now guiding to the upper half of their ranges, while BMA is now guiding to the lower half due to ongoing geotechnical challenges at Broadmeadow. FY26 unit cost guidance remains unchanged for all assets, with Escondida now guiding to the bottom end and BMA guiding to the upper half of their respective ranges.		We are also advancing our copper growth options. In December, Vicuña submitted its application for the Incentive Regime for Large Investments (RIGI) in Argentina. Vicuña remains on track to complete its integrated technical report in Q1 CY26. In Chile, the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, the centre piece of the growth program, remains on track to be submitted in H2 FY26.

Disciplined capital management		Social value

Extracting greater returns from our assets		Progressing decarbonisation in the Pilbara

In December, BHP entered into a US$2 bn infrastructure agreement with Global Infrastructure Partners involving WAIO’s power consumption. This innovative arrangement strengthens our balance sheet flexibility, supports long-term value creation and enhances BHP’s shareholder value.		In November, two battery-electric haul trucks arrived at BHP’s Jimblebar iron ore mine in the Pilbara, marking the start of on-site testing of Caterpillar’s battery-electric technology. Australia’s first purpose-built battery-electric heavy haulage locomotives also arrived in WA for trials on the WAIO rail network.



Production	Quarter performance								YTD performance					FY26 guidance

	Q2 FY26		v Q1 FY26			v Q2 FY25			HY26		v HY25			Previous		Current		Change

Copper (kt)		490.5		(1	%)		(4	%)		984.1		0	%		1,800 – 2,000		1,900 – 2,000		Increased

Escondida (kt)		317.2		(4	%)		(7	%)		646.1		0	%		1,150 – 1,250		1,200 – 1,275		Increased

Pampa Norte (Spence) (kt)		57.7		3	%		(13	%)		113.5		(10	%)		230 – 250		230 – 250		-

Copper South Australia (kt)		75.1		3	%		5	%		147.7		2	%		310 – 340		310 – 340		-

Antamina (kt)		38.2		13	%		25	%		72.1		8	%		120 – 140		140 – 150		Increased

Carajás (kt)		2.3		(2	%)		(22	%)		4.7		(12	%)		-		-		-

Iron ore (Mt)		69.7		9	%		5	%		133.8		2	%		258 – 269		258 – 269		-

WAIO (Mt)		67.8		9	%		5	%		129.8		1	%		251 – 262		251 – 262		-

WAIO (100% basis) (Mt)		76.3		9	%		4	%		146.6		1	%		284 – 296		284 – 296		-

Samarco (Mt)		1.9		(6	%)		34	%		4.0		48	%		7 – 7.5		7 – 7.5		Upper half

Steelmaking coal – BMA (Mt)ⁱⁱ		4.3		(12	%)		(3	%)		9.2		2	%		18 – 20		18 – 20

BMA (100% basis) (Mt)ⁱⁱ		8.6		(12	%)		(3	%)		18.3		2	%		36 – 40		36 – 40		Lower half

Energy coal – NSWEC (Mt)		4.6		31	%		25	%		8.1		10	%		14 – 16		14 – 16		Upper half

BHP | Operational review for the half year ended 31 December 2025

Summary of disclosures

BHP expects its financial results for the first half of FY26 (HY26) to reflect certain items summarised in the table below. The table does not provide a comprehensive list of all items impacting the period. The financial statements are the subject of ongoing work that will not be finalised until the release of the financial results on 17 February 2026. Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation.


Description	HY26 impactⁱ(US$M)			Classificationⁱⁱ
Unit costs (at guidance FX)
At HY26, unit costs at Escondida and Spence are expected to be at the bottom end of their respective guidance ranges. Unit costs at Copper SA and WAIO are expected to be within their respective guidance ranges. Unit costs at BMA are expected to be in the upper half of its guidance range due to higher planned major maintenance in the first half.		-			Operating costs
For FY26, unit cost guidance remains unchanged for all assets, with unit costs at Escondida now expected to be at the bottom end of its guidance range, while BMA is expected to be in the upper half of its unit cost range – refer to page 6.		-			Operating costs
Average realised exchange rates for HY26 of AUD/USD 0.66 (guidance rate AUD/USD 0.65) and USD/CLP 947 (guidance rate USD/CLP 940)		-
Income statement
Negative EBITDA for WA Nickel		~100			EBITDA
Negative EBITDA for Potash		~150			EBITDA
The Group’s adjusted effective tax rate for HY26 is expected to be within the FY26 guidance range of 36 – 40%		-			Taxation expense
Cash flow statement
Increase in working capital (lower operating cash flow)		2,300 – 2,400			Operating cash flow
Net cash tax paid		3,600 – 3,700			Operating cash flow
Dividends received from equity-accounted investments		~350			Operating cash flow
Capital and exploration expenditure		~5,300			Investing cash flow
Cash outflow of BHP Brasil’s obligations relating to the Samarco dam failure		~1,100			Investing cash flow
Proceeds received from sale of assets		100 – 200			Investing cash flow
Payment of the H2 FY25 dividend		~3,100			Financing cash flow
Dividends paid to non-controlling interests		~1,000			Financing cash flow
Balance sheet
The Group’s net debt balance as at 31 December 2025 is expected to be between US$14 and US$15 bn.		-			Net debt
Exceptional items
Financial impact of the Samarco dam failure		Refer footnote	ⁱⁱⁱ		Exceptional item

i	Amounts are not tax effected, unless otherwise noted.

ii	There will be a corresponding balance sheet, cash flow and/or income statement impact as relevant, unless otherwise noted.

iii	Financial impact is the subject of ongoing work and is not yet finalised. See iron ore section for further information on Samarco operations.

Further information in Appendix 1

Detailed production and sales information for all operations in Appendix 2

BHP | Operational review for the half year ended 31 December 2025

Segment and asset performance | FY26 YTD v FY25 YTD


Copper
Production 984 kt 0% HY25 987 kt FY26e 1,900 – 2,000 kt Average realised price US$5.28/lb é32% HY25 US$3.99/lb		Total copper production was broadly in line at 984 kt. Copper production guidance for FY26 has increased to between 1,900 and 2,000 kt (from between 1,800 and 2,000 kt previously). Escondida 646 kt 0% (100% basis) Strong operational performance, with record concentrator throughput and improved recoveries driven by operational enhancements, including the introduction of new reagents. This was partially offset by planned lower concentrator feed grade of 0.93% (H1 FY25: 1.03%). Production guidance for FY26 has been increased to between 1,200 and 1,275 kt (from between 1,150 and 1,250 kt previously) and is expected to be weighted to the first half, in line with higher concentrator feed grade. Concentrator feed grade is now expected to be between 0.85 and 0.90% for the full year (from ~0.85% previously). We are reviewing FY27 production and expect that it will be higher than the existing medium term production guidance (of between 900 and 1,000 kt).

		We continue to make progress on the optimised Escondida Growth Program. The DIA permit for the Escondida New Concentrator remains on track to be submitted in H2 FY26.

		Pampa Norte (Spence) 114 kt ê10%

		Spence production decreased in line with planned lower cathode production as a result of a decline in stacked feed grade through the leaching circuit, driven by ore mineralogy as we transition into the deeper hypogene mineral deposits of the orebody. This was partially offset by improved leaching performance through optimising reagent usage.

		We continue to test the implementation of BHP’s Simple Approach to Leaching 2 (SaL2) technology at the operation, to further utilise latent capacity in the cathode infrastructure.

		Production guidance for FY26 remains unchanged at between 230 and 250 kt.

		Copper South Australia 148 kt é2%

		Production increased as a result of solid operational performance including record material mined (and the weather-related power outage in the prior period). Improved performance included an increase in the transfer of ore to surface at Carrapateena which was offset by planned lower grades of 1.19% (H1 FY25: 1.41%).

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

		By-product production was also strong, including record refined gold production.

		Other copper

		At Antamina, copper production increased 8% to 72 kt as a result of planned higher feed grades and improved safety and operational performance. Zinc production was 49% higher at 63 kt, as a result of planned higher feed grades. Copper production guidance for FY26 has been increased to between 140 and 150 kt (from between 120 and 140 kt previously), while zinc production guidance for FY26 remains unchanged at between 90 and 110 kt.

		Carajás produced 4.7 kt of copper and 3.8 troy koz of gold. The divestment of Carajás is expected to close in Q1 CY26, subject to the satisfaction of customary closing conditions (including regulatory approvals).

BHP | Operational review for the half year ended 31 December 2025


Iron ore
Production 134 Mt é2% HY25 131 Mt FY26e 258 – 269 Mt Average realised price US$84.71/wmt é4% HY25 US$81.11/wmt		Iron ore production increased 2% to 134 Mt. Production guidance for FY26 remains unchanged at between 258 and 269 Mt. WAIO 130 Mt é1% \| 147 Mt (100% basis) WAIO achieved record first half production and shipments as a result of strong supply chain performance across our mine, rail and port operations, including record material mined (up 9%). Car Dumper (CD) performance improved following the completion of the CD3 rebuild in Q1 (4.3 Mt impact, 100% basis), which alongside the planned reduction in tie-in activity on the multi-year Rail Technology Program (RTP1), generated increased efficiency across the rail network and higher inflow to the port.
		Sales were higher than the prior year, with lump sales up 3%. We are currently negotiating annual contract terms with the China Mineral Resources Group (CMRG). During negotiations, we continue to optimise product placement distribution channels and take actions within our operations to preserve operational flexibility and productivity. This has seen some impact to realised price. Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt on a 100% basis). We have also announced an agreement with Rio Tinto to explore opportunities to mine up to 200 Mt of iron ore at BHP’s Yandi and Rio Tinto’s neighbouring Yandicoogina iron ore operations in the Pilbara. These new opportunities build on a history of successful Rio Tinto and BHP collaboration across these operations to enable mining up to the shared tenure boundary. Samarco 4.0 Mt é48% \| 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. In October, the Samarco Board approved the phase 3 concentrator project. Samarco will invest US$2.4 bn (100% basis) to lift production capacity to ~26 Mtpa (100% basis) through the staged recommissioning of remaining latent capacity in concentrator and pelletising plant infrastructure across CY28 and CY29. Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt, with production now expected to be in the upper half of the range and planned maintenance in the second half.

Coal Steelmaking coal
Production 9.2 Mt é2% HY25 8.9 Mt FY26e 18 – 20 Mt Average realised price US$188.58/t ê9% HY25 US$206.37/t		BMA 9.2 Mt é2% \| 18.3 Mt (100% basis) Production increased due to strong operational performance at our open cut operations, supported by the highest H1 stripping volumes in five years, which offset the impact of planned higher strip ratios. We continue to safely manage ongoing geotechnical challenges at Broadmeadow. While underground production rates were strong in Q1, further deterioration in ground conditions in Q2 materially impacted operations and led to the deferral of the planned longwall move from Q2 to Q3 FY26. As announced in October, Saraji South transitioned into care and maintenance in Q2 in response to market conditions and the unsustainable impact of the Queensland Government’s coal royalties on business returns. Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt on a 100% basis), with production now expected to be in the lower half of the range. Unit cost guidance for FY26 also remains unchanged at between US$116/t and US$128/t, with unit costs now expected to be in the upper half of the range. We expect to continue building raw coal inventory into CY27, to further improve operating stability.

BHP | Operational review for the half year ended 31 December 2025


Energy coal

Production		NSWEC 8.1 Mt é10%

8.1 Mt é10% HY25 7.4 Mt FY26e 14 – 16 Mt Average realised price US$95.76/t ê23% HY25 US$124.42/t		Strong operational performance due to increased bypass coal as well as mining lower strip ratio areas. Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production now expected to be in the upper half of the range, with minor planned wash plant maintenance scheduled in Q3 FY26.

Quarterly performance | Q2 FY26 v Q1 FY26


Copper		Iron ore
491 kt ê1% Q1 FY26 494 kt	Lower production at Escondida due to planned lower grades, partially offset by increased production at Copper SA and Spence following planned maintenance in the prior quarter, and strong performance at Antamina.	70 Mt é9% Q1 FY26 64 Mt	Higher production at WAIO driven by improved supply chain performance following the planned rebuild of Car Dumper 3 in the prior quarter.
Steelmaking coal		Energy coal
4.3 Mt ê12% Q1 FY26 4.9 Mt	Lower production due to ongoing geotechnical challenges impacting underground performance and higher rainfall which impacted stripping.	4.6 Mt é31% Q1 FY26 3.5 Mt	Higher production due to increased bypass coal combined with favourable weather and mining lower strip ratio areas coal. Record wash plant throughput, following planned annual wash plant maintenance in Q1.

BHP | Operational review for the half year ended 31 December 2025

Appendix 1

Average realised pricesⁱ


	Quarter performance						YTD performance

		Q2 FY26	v Q1 FY26		v Q2 FY25			HY26	v HY25

Copper (US$/lb)^ii, iii		5.90	29	%	58	%		5.28	32	%

Iron ore (US$/wmt, FOB)^iv		85.33	2	%	4	%		84.71	4	%

Steelmaking coal (US$/t)^v		196.72	9	%	(1	%)		188.58	(9	%)

Energy coal (US$/t)^vi		96.24	1	%	(23	%)		95.76	(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	The large majority of copper cathodes sales were linked to index price for quotation periods one month after month of shipment, and three to four months after month of shipment for copper concentrates sales with price differentials applied for location and treatment costs.

iii

At 31 December 2025, the Group had 456 kt of outstanding copper sales that were revalued at a weighted average price of US$5.65/lb. The final price of these sales will be determined over the remainder of FY26. In addition, 434 kt of copper sales from FY25 were subject to a finalisation adjustment in the current period. The displayed prices include the impact of these provisional pricing and finalisation adjustments.

iv	The large majority of iron ore shipments were linked to index pricing for the month of shipment, with price differentials predominantly a reflection of market fundamentals and product quality. Iron ore sales for H1 FY26 were based on an average moisture rate of 6.8% (H1 FY25: 7.0%).

v	The large majority of steelmaking coal and energy coal exports were linked to index pricing for the month of scheduled shipment or priced on the spot market at fixed or index-linked prices, with price differentials reflecting product quality.

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

Current year unit cost guidance

FY26 guidanceⁱ

Unit cost

Previous

Current

Change

Escondida (US$/lb)

1.20 – 1.50

Bottom end

Spence (US$/lb)

2.10 – 2.40

Copper SA (US$/lb)ⁱⁱ

1.00 – 1.50

ⁱⁱ

1.00 – 1.50

ⁱⁱ

WAIO (US$/t)

18.25 – 19.75

BMA (US$/t)

116 – 128

Upper half

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	Project expenditureⁱ US$M	First production target date	Progress

Potash	Jansen Stage 1ⁱⁱ (Canada) 100%	Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.	US$8.4 bn	Mid-CY27	Project is 75% complete

Potash	Jansen Stage 2 (Canada) 100%	Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa.	Under review – update expected in Q4 FY26	FY31	Project is 14% complete

i	Includes: project capital expenditure, project operating expenditure, cost to construct right-of-use assets (i.e. Westshore port terminal and third-party rail line) and related contingencies.

ii	Refer to separate exchange announcement for more details: Update - Jansen Stage 1 Potash Project.

Exploration

Minerals exploration and evaluation expenditure was US$193 m for HY26 (HY25: US$199 m), of which US$167 m was expensed (HY25: US$174 m).

BHP | Operational Review for the half year ended 31 December 2025

Appendix 2


			Production																	Sales
			Quarter ended										Year to date							Quarter ended										Year to date
			Dec		Mar		Jun		Sep		Dec		Dec		Dec		Var			Dec		Mar		Jun		Sep		Dec		Dec		Dec		Var
			2024		2025		2025		2025		2025		2025		2024		%			2024		2025		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		391.4		379.8		375.9		374.0		366.5		740.5		752.3		(2	)%		372.8		399.0		377.6		343.0		373.8		716.8		764.3		(6	)%
	Escondida	kt		295.4		288.4		278.6		282.4		270.5		552.9		560.2		(1	)%		275.0		309.2		285.5		258.3		277.7		536.0		548.2		(2	)%
	Pampa Norte (Spence)	kt		36.6		36.1		42.2		35.4		33.3		68.7		72.3		(5	)%		36.5		36.5		37.3		33.2		27.9		61.1		80.5		(24	)%
	Copper South Australia	kt		25.9		22.5		31.7		19.9		22.2		42.1		47.7		(12	)%		25.9		23.8		30.9		15.9		24.8		40.7		56.3		(28	)%
	Antamina	kt		30.5		30.9		21.2		33.9		38.2		72.1		66.8		8	%		33.3		27.4		21.8		33.1		40.4		73.5		72.9		1	%
	Carajás	kt		3.0		1.9		2.2		2.4		2.3		4.7		5.3		(12	)%		2.1		2.1		2.1		2.5		3.0		5.5		6.4		(14	)%
	Cathode	kt		119.4		133.6		140.3		119.6		124.0		243.6		234.8		4	%		120.0		133.3		148.4		105.9		130.7		236.6		230.7		3	%
	Escondida	kt		44.4		45.2		48.7		46.5		46.7		93.2		83.8		11	%		43.2		47.4		52.7		38.1		50.0		88.1		80.8		9	%
	Pampa Norte (Spence)	kt		29.6		31.8		31.2		20.4		24.4		44.8		54.0		(17	)%		30.0		30.7		34.1		17.9		25.4		43.3		54.1		(20	)%
	Copper South Australia	kt		45.4		56.6		60.4		52.7		52.9		105.6		97.0		9	%		46.8		55.2		61.6		49.9		55.3		105.2		95.8		10	%
	Total	kt		510.8		513.4		516.2		493.6		490.5		984.1		987.1		0	%		492.8		532.3		526.0		448.9		504.5		953.4		995.0		(4	)%
Lead	Payable metal in concentrate	t		148		234		1,829		754		91		845		169		400	%		35		181		837		1,469		551		2,020		160		1,163	%
	Antamina	t		148		234		1,829		754		91		845		169		400	%		35		181		837		1,469		551		2,020		160		1,163	%
Zinc	Payable metal in concentrate	t		22,792		26,026		40,415		35,991		27,003		62,994		42,166		49	%		25,328		22,249		37,263		41,499		26,046		67,545		44,937		50	%
	Antamina	t		22,792		26,026		40,415		35,991		27,003		62,994		42,166		49	%		25,328		22,249		37,263		41,499		26,046		67,545		44,937		50	%
Gold	Payable metal in concentrate	troy oz		90,468		89,841		95,949		76,242		73,585		149,827		176,136		(15	)%		89,174		92,357		95,523		66,377		82,099		148,476		188,110		(21	)%
	Escondida	troy oz		37,293		44,527		40,292		35,348		31,927		67,275		84,256		(20	)%		37,293		44,527		40,292		35,348		31,927		67,275		84,256		(20	)%
	Pampa Norte (Spence)	troy oz		2,635		3,341		2,961		2,589		2,724		5,313		6,678		(20	)%		2,635		3,341		2,961		2,589		2,724		5,313		6,678		(20	)%
	Copper South Australia	troy oz		48,309		40,457		50,871		36,489		36,993		73,482		81,237		(10	)%		47,719		42,825		50,577		26,476		45,024		71,500		92,480		(23	)%
	Carajás	troy oz		2,231		1,516		1,825		1,816		1,941		3,757		3,965		(5	)%		1,527		1,664		1,693		1,964		2,424		4,388		4,696		(7	)%
	Refined gold	troy oz		47,478		57,006		46,789		50,716		61,910		112,626		84,863		33	%		43,479		57,982		49,241		51,147		59,054		110,201		83,805		31	%
	Copper South Australia	troy oz		47,478		57,006		46,789		50,716		61,910		112,626		84,863		33	%		43,479		57,982		49,241		51,147		59,054		110,201		83,805		31	%
	Total	troy oz		137,946		146,847		142,738		126,958		135,495		262,453		260,999		1	%		132,653		150,339		144,764		117,524		141,153		258,677		271,915		(5	)%
Silver	Payable metal in concentrate	troy koz		3,277		3,418		3,911		4,114		4,109		8,223		6,427		28	%		3,084		3,198		3,526		4,136		4,252		8,388		6,210		35	%
	Escondida	troy koz		1,619		1,787		1,906		1,942		2,176		4,118		3,165		30	%		1,619		1,787		1,906		1,942		2,176		4,118		3,165		30	%
	Pampa Norte (Spence)	troy koz		451		428		441		358		316		674		954		(29	)%		451		428		441		358		316		674		954		(29	)%
	Copper South Australia	troy koz		253		186		251		182		179		361		476		(24	)%		218		173		226		131		207		338		513		(34	)%
	Antamina	troy koz		954		1,017		1,313		1,632		1,438		3,070		1,832		68	%		796		810		953		1,705		1,553		3,258		1,578		106	%
	Refined silver	troy koz		133		462		216		227		284		511		339		51	%		110		486		213		255		250		505		312		62	%
	Copper South Australia	troy koz		133		462		216		227		284		511		339		51	%		110		486		213		255		250		505		312		62	%
	Total	troy koz		3,410		3,880		4,127		4,341		4,393		8,734		6,766		29	%		3,194		3,684		3,739		4,391		4,502		8,893		6,522		36	%
Uranium	Payable metal in concentrate	t		725		783		974		819		903		1,722		1,397		23	%		640		710		1,230		649		815		1,464		1,317		11	%
	Copper South Australia	t		725		783		974		819		903		1,722		1,397		23	%		640		710		1,230		649		815		1,464		1,317		11	%
Molybdenum	Payable metal in concentrate	t		751		801		337		341		281		622		1,835		(66	)%		872		839		714		347		322		669		1,734		(61	)%
	Pampa Norte (Spence)	t		136		187		189		257		269		526		318		65	%		138		223		190		208		256		464		319		45	%
	Antamina	t		615		614		148		84		12		96		1,517		(94	)%		734		616		524		139		66		205		1,415		(86	)%
Iron ore	Western Australia Iron Ore (WAIO)	kt		64,751		60,137		68,348		62,015		67,766		129,781		128,114		1	%		64,341		59,234		67,830		62,430		66,909		129,339		127,749		1	%
	Samarco	kt		1,441		1,603		1,951		2,066		1,938		4,004		2,700		48	%		1,477		1,416		1,973		2,042		2,512		4,554		2,459		85	%
	Total	kt		66,192		61,740		70,299		64,081		69,704		133,785		130,814		2	%		65,818		60,650		69,803		64,472		69,421		133,893		130,208		3	%
Steelmaking coal	BHP Mitsubishi Alliance (BMA)	kt		4,430		3,919		5,146		4,865		4,291		9,156		8,945		2	%		4,726		3,791		5,030		4,472		4,413		8,885		8,999		(1	)%
Energy coal	NSW Energy Coal (NSWEC)	kt		3,698		3,596		4,067		3,518		4,610		8,128		7,373		10	%		3,803		3,509		3,926		3,707		4,372		8,079		7,754		4	%
Nickel¹	Western Australia Nickel	kt		8.0		2.3		0.3		0.0		-		-		27.6		(100	)%		11.2		2.2		0.2		0.0		-		-		31.1		(100	)%
Cobalt¹	Western Australia Nickel	t		121		35		-		-		-		-		415		(100	)%		121		-		-		-		-		-		415		(100	)%

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

BHP | Operational Review for the half year ended 31 December 2025


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Dec 2024		Mar 2025		Jun 2025		Sep 2025		Dec 2025		Dec 2025		Dec 2024		Var %		Dec 2024		Mar 2025		Jun 2025		Sep 2025		Dec 2025		Dec 2025		Dec 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		116,083		117,038		122,386		114,527		112,808		227,335		216,499		5%
	Concentrator throughput	kt		35,293		32,889		36,490		36,721		35,628		72,349		67,781		7%
	Average copper grade - concentrator	%		1.06%		1.09%		0.95%		0.94%		0.91%		0.93%		1.03%		(10)%
	Production ex mill	kt		309.8		295.6		291.0		294.2		279.7		573.9		579.7		(1)%
	Payable copper	kt		295.4		288.4		278.6		282.4		270.5		552.9		560.2		(1)%		275.0		309.2		285.5		258.3		277.7		536.0		548.2		(2)%
	Copper cathode (EW)	kt		44.4		45.2		48.7		46.5		46.7		93.2		83.8		11%		43.2		47.4		52.7		38.1		50.0		88.1		80.8		9%
	Oxide leach	kt		12.2		14.3		16.3		16.8		11.1		27.9		20.0		40%
	Sulphide leach	kt		32.2		30.9		32.4		29.7		35.6		65.3		63.8		2%
	Total copper	kt		339.8		333.6		327.3		328.9		317.2		646.1		644.0		0%		318.2		356.6		338.2		296.4		327.7		624.1		629.0		(1)%
	Payable gold concentrate	troy oz		37,293		44,527		40,292		35,348		31,927		67,275		84,256		(20)%		37,293		44,527		40,292		35,348		31,927		67,275		84,256		(20)%
	Payable silver concentrate	troy koz		1,619		1,787		1,906		1,942		2,176		4,118		3,165		30%		1,619		1,787		1,906		1,942		2,176		4,118		3,165		30%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile¹		BHP interest 100%
	Material mined	kt		25,238		21,848		25,944		24,695		22,895		47,590		48,498		(2)%
	Ore stacked	kt		5,974		5,584		5,413		5,652		5,354		11,006		10,902		1%
	Average copper grade - stacked	%		0.81%		0.62%		0.67%		0.61%		0.58%		0.60%		0.77%		(23)%
	Concentrator throughput	kt		7,722		7,754		7,792		7,778		8,002		15,780		15,269		3%
	Average copper grade - concentrator	%		0.62%		0.63%		0.66%		0.65%		0.60%		0.62%		0.63%		(1)%
	Payable copper	kt		36.6		36.1		42.2		35.4		33.3		68.7		72.3		(5)%		36.5		36.5		37.3		33.2		27.9		61.1		80.5		(24)%
	Copper cathode (EW)	kt		29.6		31.8		31.2		20.4		24.4		44.8		54.0		(17)%		30.0		30.7		34.1		17.9		25.4		43.3		54.1		(20)%
	Total copper	kt		66.2		67.9		73.4		55.8		57.7		113.5		126.3		(10)%		66.5		67.2		71.4		51.1		53.3		104.4		134.6		(22)%
	Payable gold concentrate	troy oz		2,635		3,341		2,961		2,589		2,724		5,313		6,678		(20)%		2,635		3,341		2,961		2,589		2,724		5,313		6,678		(20)%
	Payable silver concentrate	troy koz		451		428		441		358		316		674		954		(29)%		451		428		441		358		316		674		954		(29)%
	Payable molybdenum	t		136		187		189		257		269		526		318		65%		138		223		190		208		256		464		319		45%

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

BHP | Operational Review for the half year ended 31 December 2025


			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Dec 2024		Mar 2025		Jun 2025		Sep 2025		Dec 2025		Dec 2025		Dec 2024		Var %		Dec 2024		Mar 2025		Jun 2025		Sep 2025		Dec 2025		Dec 2025		Dec 2024		Var %
Copper (continued)
Copper South Australia, Australia		BHP interest 100%
Copper	Payable metal in concentrate	kt		28.0		24.8		33.2		25.5		24.8		50.3		55.9		(10)%		25.9		23.8		30.9		15.9		24.8		40.7		56.3		(28)%
	Cathode	kt		45.4		56.6		60.4		52.7		52.9		105.6		97.0		9%		46.8		55.2		61.6		49.9		55.3		105.2		95.8		10%
	Total copper	kt		73.4		81.4		93.6		78.2		77.7		155.9		152.9		2%		72.7		79.0		92.5		65.8		80.1		145.9		152.1		(4)%
	Payable metal in concentrate transfer to Olympic Dam	kt		(2.1)		(2.3)		(1.5)		(5.6)		(2.6)		(8.2)		(8.2)		0%
	Net copper	kt		71.3		79.1		92.1		72.6		75.1		147.7		144.7		2%
Gold	Payable metal in concentrate	troy oz		52,288		46,097		53,055		47,893		41,351		89,244		98,740		(10)%		47,719		42,825		50,577		26,476		45,024		71,500		92,480		(23)%
	Refined gold	troy oz		47,478		57,006		46,789		50,716		61,910		112,626		84,863		33%		43,479		57,982		49,241		51,147		59,054		110,201		83,805		31%
	Total gold	troy oz		99,766		103,103		99,844		98,609		103,261		201,870		183,603		10%		91,198		100,807		99,818		77,623		104,078		181,701		176,285		3%
	Payable metal in concentrate transfer to Olympic Dam	troy oz		(3,979)		(5,640)		(2,184)		(11,404)		(4,358)		(15,762)		(17,503)		(10)%
	Net gold	troy oz		95,787		97,463		97,660		87,205		98,903		186,108		166,100		12%
Silver	Payable metal in concentrate	troy koz		264		198		258		213		193		406		518		(22)%		218		173		226		131		207		338		513		(34)%
	Refined silver	troy koz		133		462		216		227		284		511		339		51%		110		486		213		255		250		505		312		62%
	Total silver	troy koz		397		660		474		440		477		917		857		7%		328		659		439		386		457		843		825		2%
	Payable metal in concentrate transfer to Olympic Dam	troy koz		(11)		(12)		(7)		(31)		(14)		(45)		(42)		7%
	Net silver	troy koz		386		648		467		409		463		872		815		7%
Uranium		t		725		783		974		819		903		1,722		1,397		23%		640		710		1,230		649		815		1,464		1,317		11%

Olympic Dam
	Material mined	kt		1,918		2,498		2,587		2,818		2,763		5,581		4,652		20%
	Ore milled	kt		2,407		2,462		2,859		2,640		2,926		5,566		5,024		11%
	Average copper grade	%		2.09%		1.99%		2.05%		1.97%		1.97%		1.97%		2.04%		(3)%
	Average uranium grade	kg/t		0.59		0.56		0.56		0.55		0.56		0.56		0.60		(7)%
	Copper cathode (ER and EW)	kt		45.4		56.6		60.4		52.7		52.9		105.6		97.0		9%		46.8		55.2		61.6		49.9		55.3		105.2		95.8		10%
	Refined gold	troy oz		47,478		57,006		46,789		50,716		61,910		112,626		84,863		33%		43,479		57,982		49,241		51,147		59,054		110,201		83,805		31%
	Refined silver	troy koz		133		462		216		227		284		511		339		51%		110		486		213		255		250		505		312		62%
	Payable uranium	t		725		783		974		819		903		1,722		1,397		23%		640		710		1,230		649		815		1,464		1,317		11%

Prominent Hill
	Material mined	kt		1,111		1,119		1,210		1,049		1,014		2,063		2,038		1%
	Ore milled	kt		1,761		1,364		1,998		1,621		1,376		2,997		3,320		(10)%
	Average copper grade	%		0.72%		0.82%		0.92%		0.71%		0.83%		0.77%		0.72%		6%
	Concentrate produced	kt		21.5		19.2		33.0		19.0		19.1		38.1		41.1		(7)%
	Payable copper	kt		10.9		9.7		16.2		9.9		9.7		19.6		20.4		(4)%		8.0		9.5		12.8		4.4		7.5		11.9		18.9		(37)%
	Payable gold concentrate	troy oz		25,445		24,309		28,593		24,105		17,406		41,511		46,421		(11)%		19,658		22,614		25,222		9,033		17,671		26,704		38,377		(30)%
	Payable silver concentrate	troy koz		70		63		98		61		49		110		133		(17)%		48		51		69		29		45		74		121		(39)%

Carrapateena
	Material mined	kt		1,476		1,202		1,583		1,488		1,479		2,967		2,946		1%
	Ore milled	kt		1,429		1,306		1,557		1,511		1,415		2,926		2,875		2%
	Average copper grade	%		1.37%		1.31%		1.24%		1.18%		1.20%		1.19%		1.41%		(16)%
	Concentrate produced	kt		57.6		50.6		58.7		52.4		53.4		105.8		116.8		(9)%
	Payable copper	kt		17.1		15.1		17.0		15.6		15.1		30.7		35.5		(14)%		17.9		14.3		18.1		11.5		17.3		28.8		37.4		(23)%
	Payable gold concentrate	troy oz		26,843		21,788		24,462		23,788		23,945		47,733		52,319		(9)%		28,061		20,211		25,355		17,443		27,353		44,796		54,103		(17)%
	Payable silver concentrate	troy koz		194		135		160		152		144		296		385		(23)%		170		122		157		102		162		264		392		(33)%

BHP | Operational Review for the half year ended 31 December 2025


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

Antamina, Peru		BHP interest 33.75%
	Material mined	kt		57,497		51,529		39,369		58,970		57,442		116,412		121,591		(4)%
	Concentrator throughput	kt		13,323		13,140		10,154		13,307		13,725		27,032		26,419		2%
	Average head grade - copper	%		0.77%		0.81%		0.76%		0.86%		0.98%		0.92%		0.84%		10%
	Average head grade - zinc	%		0.84%		0.85%		1.70%		1.26%		1.01%		1.13%		0.76%		50%
	Payable copper	kt		30.5		30.9		21.2		33.9		38.2		72.1		66.8		8%		33.3		27.4		21.8		33.1		40.4		73.5		72.9		1%
	Payable zinc	t		22,792		26,026		40,415		35,991		27,003		62,994		42,166		49%		25,328		22,249		37,263		41,499		26,046		67,545		44,937		50%
	Payable silver	troy koz		954		1,017		1,313		1,632		1,438		3,070		1,832		68%		796		810		953		1,705		1,553		3,258		1,578		106%
	Payable lead	t		148		234		1,829		754		91		845		169		400%		35		181		837		1,469		551		2,020		160		1,163%
	Payable molybdenum	t		615		614		148		84		12		96		1,517		(94)%		734		616		524		139		66		205		1,415		(86)%


Carajás, Brazil		BHP interest 100%
	Material mined	kt		152		140		148		134		147		281		332		(15)%
	Ore milled	kt		170		128		176		160		172		333		332		0%
	Average copper grade	%		1.92%		1.64%		1.40%		1.63%		1.51%		1.57%		1.77%		(11)%
	Production ex mill	kt		12.6		7.9		9.5		10.3		9.8		20.1		22.5		(11)%
	Average gold grade	g/t		0.54		0.50		0.43		0.46		0.47		0.47		0.50		(7)%
	Payable copper	kt		3.0		1.9		2.2		2.4		2.3		4.7		5.3		(12)%		2.1		2.1		2.1		2.5		3.0		5.5		6.4		(14)%
	Payable gold concentrate	troy oz		2,231		1,516		1,825		1,816		1,941		3,757		3,965		(5)%		1,527		1,664		1,693		1,964		2,424		4,388		4,696		(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		13,796		11,991		15,073		13,724		13,340		27,064		27,154		0%
	Area C Joint Venture	kt		29,578		27,869		32,824		29,415		32,265		61,680		58,417		6%
	Yandi Joint Venture	kt		3,777		3,819		3,854		3,498		2,899		6,397		8,217		(22)%
	Jimblebar¹	kt		17,600		16,458		16,597		15,378		19,262		34,640		34,326		1%
	Total	kt		64,751		60,137		68,348		62,015		67,766		129,781		128,114		1%
	Total (100%)	kt		73,071		67,844		77,480		70,246		76,326		146,572		144,664		1%
	Lump	kt																		20,319		18,822		21,285		20,250		20,595		40,845		39,696		3%
	Fines	kt																		44,022		40,412		46,545		42,180		46,314		88,494		88,053		1%
	Total	kt																		64,341		59,234		67,830		62,430		66,909		129,339		127,749		1%
	Total (100%)	kt																		72,594		66,765		76,723		70,592		75,397		145,989		144,137		1%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.


Samarco, Brazil		BHP interest 50%
	Total	kt		1,441		1,603		1,951		2,066		1,938		4,004		2,700		48%		1,477		1,416		1,973		2,042		2,512		4,554		2,459		85%

BHP | Operational Review for the half year ended 31 December 2025


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

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

	Goonyella	kt		1,439		1,228		1,811		1,880		1,254		3,134		2,798		12%

	Peak Downs	kt		1,073		1,098		1,154		1,111		967		2,078		2,322		(11)%

	Saraji	kt		1,171		883		1,079		884		1,146		2,030		2,111		(4)%

	Caval Ridge	kt		747		710		1,102		990		924		1,914		1,714		12%

	Total¹	kt		4,430		3,919		5,146		4,865		4,291		9,156		8,945		2%

	Total (100%)¹	kt		8,860		7,838		10,292		9,730		8,582		18,312		17,890		2%

	Hard coking coal	kt																		4,695		3,708		4,831		4,428		4,302		8,730		8,968		(3)%

	Energy coal	kt																		31		83		199		44		111		155		31		400%

	Total	kt																		4,726		3,791		5,030		4,472		4,413		8,885		8,999		(1)%

	Total (100%)	kt																		9,452		7,582		10,060		8,944		8,826		17,770		17,998		(1)%

1 Production figures include some energy coal.

NSWEC, Australia		BHP interest 100%

	Energy coal - Export	kt																		3,471		3,128		3,554		3,549		4,190		7,739		6,887		12%

	Energy coal - Domestic	kt																		332		381		372		158		182		340		867		(61)%

	Total	kt		3,698		3,596		4,067		3,518		4,610		8,128		7,373		10%		3,803		3,509		3,926		3,707		4,372		8,079		7,754		4%



Other

Nickel production is reported on the basis of saleable product.

Western Australia Nickel, Australia¹		BHP interest 100%

Mt Keith	Nickel concentrate	kt		5.4		-		-		-		-		-		41.3		(100)%

	Average nickel grade	%		16.7		-		-		-		-		-		17.0		(100)%

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

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

	Refined nickel	kt		0.1		-		-		-		-		-		12.2		(100)%		0.8		-		-		-		-		-		14.3		(100)%

	Nickel sulphate	kt		-		-		-		-		-		-		0.3		(100)%		0.3		0.1		0.1		-		-		-		0.9		(100)%

	Intermediates and nickel by-products	kt		7.9		2.3		0.3		-		-		-		15.1		(100)%		10.1		2.1		0.1		-		-		-		15.9		(100)%

	Total nickel	kt		8.0		2.3		0.3		-		-		-		27.6		(100)%		11.2		2.2		0.2		-		-		-		31.1		(100)%

	Cobalt by-products	t		121		35		-		-		-		-		415		(100)%		121		-		-		-		-		-		415		(100)%

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

BHP | Operational Review for the half year ended 31 December 2025

Variance analysis relates to the relative performance of BHP and/or its operations during the six months ended December 2025 compared with the six months ended December 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 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

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Mobile: +61 411 071 715		Mobile: +61 499 006 018

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Amanda Saunders		Adam Sanderson
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Mobile: +1 403 605 2314		Mobile: +1 647 828 9830

Latin America

Renata Fernandez
Mobile: +56 9 8229 5357

BHP Group Limited ABN 49 004 028 077

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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
12/30/2025	$68.00	Hold → Buy	Argus
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

BHP Group Limited

Date: 20 January 2026

/s/ Stefanie Wilkinson

Stefanie Wilkinson

Group General Counsel and Group Company Secretary