SEC Form 6-K filed by BHP Group Limited

Mike Henry

BHP Chief Executive Officer

Summary

Operational excellence

Guidance

Record iron ore and copper production

Production on track; Escondida MT updated

BHP delivered record nine-month group copper production of 1.5 million tonnes, driven by a 20% increase at Escondida and strong underlying performances across all other operated copper assets.

We also delivered record nine-month iron ore production, with WAIO demonstrating its resilience to offset the impact of Tropical Cyclone Zelia and Tropical Storm Sean, and as Samarco continues to ramp up.

We are on track to deliver production in the upper half of the FY25 guidance ranges at Escondida, Pampa Norte and NSWEC, with Samarco expected at the upper end. FY25 production guidance ranges at all assets remain unchanged, with BMA now no longer guided to the upper half due to wet weather. We also remain on track to deliver FY25 unit cost guidance across all assets, except BMA where we expect unit costs to be higher due to weather and geotechnical challenges at Broadmeadow.

We have optimised the growth program schedule at Escondida, including extending the expected life of the Los Colorados concentrator beyond FY29. This and other operational measures add ~400 kt of incremental production and extend medium term guidance of 900 – 1,000 ktpa to FY31.

Growth

Social value

Growing in copper and potash

Progress on decarbonisation

Copper (kt)

Escondida (kt)

Pampa Norte (kt)ⁱⁱ

Copper South Australia (kt)

Antamina (kt)

Carajás (kt)

Iron ore (Mt)

WAIO (Mt)

WAIO (100% basis) (Mt)

Samarco (Mt)

Steelmaking coal – BMA (Mt)ⁱⁱⁱ

BMA (100% basis) (Mt)ⁱⁱⁱ

Energy coal – NSWEC (Mt)

Nickel – Western Australia Nickel (kt)^iv

Further information in Appendix 1

Detailed production and sales information for all operations in Appendix 2

Production

1,500 kt _10%

YTD Mar FY24 1,360 kt

FY25e 1,845 – 2,045 kt

Average realised price

US$4.19/lb _13%

YTD Mar FY24 US$3.72/lb

Total copper production increased 10% to a record 1,500 kt. Copper production guidance for FY25 remains unchanged at between 1,845 and 2,045 kt.

Escondida _{978 kt 20% (100% basis)}

Production increased primarily due to strong material mined, higher concentrator feed grade of 1.05%, increasing from 0.85%, and higher concentrator throughput. This was partially offset by planned lower cathode production, as the integration of the Full SaL leaching project continued. The project remains on track for first production later in FY25.

Production guidance for FY25 remains unchanged at between 1,180 and 1,300 kt and is now expected to be in the upper half of this range, as strong operational performance across the year offset the challenges of Union N°1 strike action, sea swells at Puerto Coloso and the national Chilean power outage in February. Concentrator feed grade is now expected to be above 0.95% (previously above 0.90%) for FY25.

Following the site visit in November 2024, we have continued to optimise our growth program schedule to reduce production impacts. It is expected the operation of the Los Colorados concentrator will be extended beyond FY29, without any impact to the remainder of the growth program. We anticipate this extension and other operational measures will increase production across the period from 2027 to 2031, to between 900 – 1,000 ktpa, extending current medium term guidance. The actions have the potential to add an incremental ~400 kt of production across the period.

Pampa Norte _{194 kt 3%}

Copper South Australia _{224 kt 4%}

Other copper

Production

193 Mt _1%

YTD Mar FY24 190 Mt

FY25e 255 – 265.5 Mt

Average realised price

US$82.93/wmt _21%

YTD Mar FY24 US$104.53/wmt

Iron ore production increased 1% to a record 193 Mt. Production guidance for FY25 remains unchanged at between 255 and 265.5 Mt.

WAIO _{188 Mt 1% | 213 Mt (100% basis)}

Production increased as a result of continued strong supply chain performance, with record volumes delivered from the Central Pilbara hub (South Flank and Mining Area C) following the completion of the ramp up of South Flank in FY24 and a 13% increase in productive movement.

The Port Debottlenecking Project 1 (PDP1), which was delivered in CY24, has continued to unlock improved car dumper and ship loader performance with record nine-month shipments of iron ore.

This strong performance was partially offset by the impact of Tropical Cyclone Zelia and Tropical Storm Sean, and the planned increase in tie-in activity of the multi-year Rail Technology Programme (RTP1).

Production guidance for FY25 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a 100% basis).

Samarco _{4.4 Mt 18% | 8.8 Mt (100% basis)}

Production continues to increase following the restart of the second concentrator in December. Ramp up is progressing well and production capacity is expected to increase to ~16 Mtpa of pellets (100% basis) once fully ramped up by the end of FY25 (ahead of schedule).

Production guidance for FY25 remains unchanged at between 5 and 5.5 Mt, with production expected to be at the upper end of the range.

Coal

Steelmaking coal

Production

12.9 Mt _26%

YTD Mar FY24 17.4 Mt

FY25e 16.5 – 19 Mt

Average realised price

US$200.12/t _26%

YTD Mar FY24 US$272.09/t

BMA _{12.9 Mt 26% | 25.7 Mt (100% basis)}

Production increased 5% (excluding the contribution of Blackwater and Daunia in FY24). Strong performance across the open cut mines, underpinned by improved truck productivity and a draw down of inventory, helped mitigate the impact of significant wet weather^v in the December and March quarters.

At Broadmeadow, we are operating at slower mining rates to safely manage the geotechnical characteristics of the current longwall panel. We expect this will continue into Q1 FY26.

Production guidance for FY25 remains unchanged at between 16.5 and 19 Mt (33 and 38 Mt on a 100% basis). Following the impact of significant wet weather and geotechnical challenges at Broadmeadow, production is now no longer guided to the upper half of the range and unit costs for FY25 are now expected to be between US$128/t and US$133/t^vi.

Our work to improve raw coal inventory levels in prior periods has assisted in stabilising operating performance across the asset, as we have drawn down on inventory this quarter to help mitigate the impact of wet weather and geotechnical challenges. This will extend the inventory rebuild into CY27.

Energy coal

Production

11.0 Mt _6%

YTD Mar FY24 11.6 Mt

FY25e 13 – 15 Mt

Average realised price

US$115.99/t _4%

YTD Mar FY24 US$120.97/t

NSWEC _{11.0 Mt 6%}

Production decreased as a result of reduced truck availability, increased wet weather and a higher proportion of washed coal, partially offset by a draw down of inventory.

Production guidance for FY25 remains unchanged at between 13 and 15 Mt, with production expected to be in the upper half of the range.

On 16 April 2025, we received approval from the NSW Government to extend mining to 30 June 2030.

30 kt _49%

YTD Mar FY24 59 kt

Western Australia Nickel (WAN) transitioned into temporary suspension in HY25. No production guidance has been provided for FY25.

BHP intends to review the decision to temporarily suspend WAN by February 2027.

Copper

Iron ore

513 kt _-%

Q2 FY25 511 kt

62 Mt _7%

Q2 FY25 66 Mt

Steelmaking coal

Energy coal

3.9 Mt _12%

Q2 FY25 4.4 Mt

Lower production due to significant wet weather, partially offset by inventory draw down.

3.6 Mt _3%

Q2 FY25 3.7 Mt

Nickel

2.3 kt _71%

Q2 FY25 8.0 kt

Inventory was drawn down as operations transitioned into temporary suspension in HY25.

Our operational GHG emissions are the Scopes 1 and 2 emissions from our operated assets. Our FY30 reduction target is from our FY20 baseline, adjusted for acquisitions, divestments and greenhouse gas emission calculation methodology changes. The latest BHP GHG Emissions Calculation Methodology is available at bhp.com/climate.

YTD March FY24 includes 11 kt from Cerro Colorado, which entered temporary care and maintenance in December 2023. Excluding these volumes, YTD March FY25 production increased 3%. Production guidance for FY25 is for Spence only. Refer to copper and the production and sales report for further information.

YTD March FY24 production includes 5 Mt (10 Mt on a 100% basis) from the Blackwater and Daunia mines, which were divested on 2 April 2024. Excluding these volumes, YTD March FY25 production increased 5%. Following the impact of significant wet weather and geotechnical challenges, production is now no longer guided to the upper half of the guidance range. Refer to steelmaking coal and the production and sales report for further information.

Western Australia Nickel ramped down and entered temporary suspension in December 2024. Refer to nickel and the production and sales report for further information.

649mm of rainfall recorded at Moranbah in the nine months ended 31 March 2025, 32% higher than the nine months ended 31 March 2024 (493mm).

FY25 unit cost guidance is based on an exchange rate of AUD/USD 0.66.

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.

Sales from Carrapateena and Prominent Hill acquired through the purchase of OZL are included since Q4 FY24 period.

From FY25, steelmaking coal refers to hard coking coal which is generally those steelmaking coals with a Coke Strength after Reaction (CSR) of 35 and above. Comparative periods include impacts from weak coking coal, which refers generally to those steelmaking coals with a CSR below 35, which were sold by Blackwater and Daunia mines, divested on 2 April 2024.

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

Escondida (US$/lb)

Spence (US$/lb)

Copper SA (US$/lb)ⁱⁱ

WAIO (US$/t)

BMA (US$/t)

FY25 unit cost guidance is based on exchange rates of AUD/USD 0.66 and USD/CLP 842.

Calculated using the following assumptions for by-products: gold US$2,000/oz, and uranium US$80/lb.

Escondidaⁱⁱⁱ

Spence

WAIO (100% basis)

BMA (100% basis)

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

Unit cost guidance is based on exchange rates of AUD/USD 0.66 and USD/CLP 842.

Medium term refers to FY27 to FY31. Production for FY25 and FY26 is expected to average between 1,200 and 1,300 ktpa.

Potash

Project is 66%

complete

Potash

Project is 8%

complete

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

Lead

Zinc

Gold

Silver

Uranium

Molybdenum

Iron ore

Steelmaking coal¹

Energy coal

Nickel²

Cobalt²

Production and sales

By asset