Wrap Text
Quarterly Activities Report
BHP Group Limited
BHP Group Limited ABN 49 004 028 077
Registered in Australia
Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000
Share code: BHG
ISIN: AU000000BHP4
20 October 2026
Operational review for the quarter ended 30 September 2026
Safety a key focus; strong price realisation with no change to production
guidance.
"The deaths of two colleagues at Escondida and Peak Downs are a profound loss.
Our thoughts remain with their families and friends. No loss of life is
acceptable. Investigations are underway and we will keep strengthening the
controls that keep people safe in our pursuit of being a fatality free
business.
Copper production was lower in the first quarter, reflecting planned grade
declines and scheduled maintenance, alongside temporary disruptions from severe
weather in Chile, stops for safety and the conveyor failure at Carrapateena.
Our bulk commodities delivered a strong start to FY27 through a
maintenance-intensive quarter. WAIO set records at both the mine and port, while
BMA and NSW Energy Coal both delivered higher production than the same period
last year. Stronger commodity prices provided a tailwind for earnings, particularly in
copper where prices were around 50 per cent higher than a year ago.
We are building the next phase of growth in copper and potash. We continued to
strengthen one of the world's largest copper portfolios, from funding the
Escondida New Concentrator in Chile to growing our resource base and long-term
production potential at Copper South Australia, while also expanding our copper
growth pipeline across the Americas. Jansen is rapidly taking shape, with Stage
1 now 87 per cent complete and on track for first production in mid-2027, adding
a new and important commodity to our portfolio.
Global markets remain volatile, with geopolitical tensions, trade uncertainty
and elevated energy and freight costs continuing to create headwinds across the
industry. At the same time, demand for commodities remains resilient, supported
by continued industrialisation and urbanisation in China and India, alongside
unprecedented investment in data centres and enabling infrastructure globally,
which is reinforcing the long-term outlook for copper. That demand plays to the
strength of our portfolio, which touches almost every part of how the world
builds, powers and feeds itself."
Brandon Craig, BHP Chief Executive Officer
Summary
---------------------------------------------------------------------------------------------------------------------------------
Operational excellence Copper growth
Full year guidance remains unchanged Progressing our organic growth options
Copper production decreased due to lower planned concentrator
feed grades and operational disruptions across our assets
including planned maintenance and severe weather in Chile.
Our bulk commodities delivered a strong start to the year. We are advancing our strategy to grow Copper SA's copper
WAIO increased production 4% during a period of significant production to ~500ktpa by 2035 and up to 650ktpa by 2040 and
planned maintenance, demonstrating the strength and resilience today we announced an increase to Olympic Dam's mineral
of our integrated supply chain. Production at BMA was also resource base. At our November site visit, we will provide
strong reflecting improved operating performance, while further detail regarding our strategy. We also renamed the Oak
NSWEC's production increased due to higher bypass coal. Dam exploration project 'Ankata' in recognition of the
cultural significance of the area to the Kokatha people.
At Escondida, US$0.8 bn (100% basis) of pre-commitment funding
was approved to enable execution readiness for the Escondida
New Concentrator and we remain on track to deliver first
potash production at our Jansen project in mid-CY27.
---------------------------------------------------------------------------------------------------------------------------------
Strategic partnerships Social value
Supporting growth Building long-term, sustainable value
In September, BHP signed an MOU with KGHM Polska Miedz S.A. In July 2026, BMA became BHP’s first operated Australian asset
(55% owner of Sierra Gorda) to explore opportunities for both to reach 100% renewable electricity, based on current forecast
parties to collaborate and unlock synergy value at Spence and demand. We also partnered with Amazon Web Services (AWS) on an industry-first
Sierra Gorda. The focus areas of collaboration include pilot to sell credits to AWS for lower greenhouse-emissions associated with copper from
technical expertise, exploration and future development Escondida, helping to develop a market-based mechanism that
projects. connects lower-emissions copper production with customer
demand.
We also completed a transaction with Faraday to divest BHP's
San Manuel legacy asset and increase BHP's interest in the In September, we held our ESG Roundtable covering safety,
emerging US copper developer to 32% (non-diluted basis). operational decarbonisation, climate and social value.
---------------------------------------------------------------------------------------------------------------------------------
Quarter performance Production guidance
----------------------------- -----------------------------
Production Q1 FY27 v Q4 FY26 v Q1 FY26 FY27 guidance
--------------------------------------------- --------- --------- --------- --------------
Copper (kt).................................. 400.7 (19%) (19%) 1,650 - 1,800
Escondida (kt)............................ 252.6 (19%) (23%) 1,000 - 1,100 Unchanged
Pampa Norte (Spence) (kt)................. 47.4 (13%) (15%) 210 - 230 Unchanged
Copper South Australia (kt)............... 60.7 (33%) (16%) 290 - 320 Unchanged
Antamina (kt)............................. 40.0 13% 18% 120 - 140 Unchanged
Iron ore (Mt)................................ 66.5 (2%) 4% 260 - 272
WAIO (Mt)................................. 64.3 (3%) 4% 253 - 264 Unchanged
WAIO (100% basis) (Mt).................... 71.9 (4%) 2% 286 - 298 Unchanged
Samarco (Mt).............................. 2.2 10% 4% 7.5 - 8.0 Unchanged
Steelmaking coal - BMA (Mt).................. 4.9 (13%) 1% 18.5 - 20.5
BMA (100% basis) (Mt)..................... 9.8 (13%) 1% 37 - 41 Unchanged
Energy coal - NSWEC (Mt)..................... 4.4 6% 26% 14 - 16 Unchanged
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Segment and asset performance | FY27 YTD v FY26 YTD
--------------------------------------------------------------------------------------------------------------
[GRAPHIC] Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
--------------------------------------------------------------------------------------------------------------
Copper
Production Total copper production decreased 19% to 401 kt. Copper production guidance for
FY27 remains unchanged at between 1,650 and 1,800 kt.
401 kt Down 19%
Escondida 252.6 kt Down 23% (100% basis)
Q1 FY26 494 kt
A fatal incident involving one of our employees occurred at Escondida on 23
FY27e 1,650 - 1,800 kt September. An investigation is underway and we are working closely with local
authorities.
Average realised price Production decreased due to lower concentrate production, reflecting planned
lower feed grade of 0.81% (Q1 FY26: 0.94%) and scheduled maintenance in the
US$7.01/lb Up 53% quarter. The fatal incident also led to a temporary suspension of all mining
activities and severe weather in July and August constrained operational
Q1 FY26 US$4.59/lb logistics and truck fleet utilisation. Cathode production increased, supported
by higher Full SaL recoveries and improved sulphide leaching performance.
A new collective agreement with Union N°2 of Supervisors was signed and became
effective for 36 months from 14 October 2026.
Production guidance for FY27 remains unchanged at between 1,000 and 1,100 kt.
Concentrator feed grade guidance of ~0.70% for the full year also remains
unchanged.
We continue to make progress on the Escondida Growth Program, with US$0.8 bn
(100% basis) of pre-commitment funding approved to enable further engineering,
permitting and execution readiness for the Escondida New Concentrator.
Pampa Norte (Spence) 47.4 kt Down 15%
Production decreased due to lower concentrate production, reflecting planned
lower feed grade of 0.53% (Q1 FY26: 0.65%) and ongoing challenges in managing
ore variability. Progress continues towards first production from the
Concentrator Upgrade Recovery project in FY28 and the Spence Chalcopyrite
Leaching project in CY28.
Production guidance for FY27 remains unchanged at between 210 and 230 kt, with
volumes weighted to the second half.
Copper South Australia 60.7 kt Down 16%
Production decreased primarily due to the underground conveyor belt failure at
Carrapateena, disclosed with the FY26 results. A replacement belt was installed
and was operational within seven weeks, followed by a progressive ramp-up
through September. The conveyor is now operating at full capacity. Olympic Dam
started to build anode inventory as planned ahead of the Smelter Campaign
Maintenance 27 program (scheduled for H1 FY28).
At Prominent Hill, concentrate sales were higher than production during the
quarter, reflecting the drawdown of inventory built up in H2 FY26.
Production guidance for FY27 remains unchanged at between 290 and 320 kt.
Other copper
At Antamina, copper production increased 18% to 40 kt as a result of planned
higher feed grades and strong operational performance. Zinc production
decreased 70% to 11 kt, as a result of planned lower feed grades.
FY27 copper production guidance of between 120 and 140 kt and zinc production
guidance of between 35 and 55 kt remain unchanged.
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
--------------------------------------------------------------------------------------------------------------
Iron ore
Production Iron ore production increased 4% to 66.5 Mt. Production guidance for FY27
remains unchanged at between 260 and 272 Mt.
66 Mt Up 4%
WAIO 64.3 Mt Up 4% | 71.9 Mt (100% basis)
Q1 FY26 64 Mt
Production increased as a result of strong operational performance across our
FY27e 260 - 272 Mt mine, rail and port operations, in a quarter of significant planned maintenance,
with Q1 records achieved at both the mine and port.
Average realised price We are currently undertaking a major rebuild of Car Dumper 4 at Port Hedland,
which had a 1.4 Mt (100% basis) volume impact in Q1. The project is progressing
US$76.27/wmt Down 9% well, at ~40% complete and remains on track for completion in H1 FY27.
Q1 FY26 US$84.04/wmt We are also making strong progress on our investments to deliver production of
>305Mt by the end of FY28. The sixth car dumper (CD6) is on track for completion
in Q4 FY28. Once operational, we expect CD6 will assist in offsetting the
production impact from major car dumper renewals beginning in FY29, while also
enhancing ore blending and screening capability at the port. The Western Ridge
Crusher project remains on track, with first ore scheduled for H1 FY27.
Production guidance for FY27 remains unchanged at between 253 and 264 Mt (286
and 298 Mt on a 100% basis).
Samarco 2.2 Mt Up 4% | 4.3 Mt (100% basis)
Production increased due to strong concentrator performance. Production
guidance for FY27 remains unchanged at between 7.5 and 8 Mt.
--------------------------------------------------------------------------------------------------------------
Coal
Steelmaking coal
Production BMA 4.9 Mt Up 1% | 9.8 Mt (100% basis)
4.9 Mt Up 1% Production increased reflecting strong operational performance and mine
sequencing. BMA's focus remains on stabilising raw coal inventory levels and
Q1 FY26 4.9 Mt normalising strip ratio over the medium term. Operations at all mines were
suspended following the fatality of a team member, with mining suspended
FY27e 18.5 - 20.5 Mt for one week at Peak Downs and 24 hours across other operations. Investigations
are ongoing.
Average realised price A longwall move at Broadmeadow is scheduled to commence late in Q2 FY27.
US$242.82/t Up 34% Production guidance for FY27 remains unchanged at between 18.5 and 20.5 Mt (37
and 41 Mt on a 100% basis), with volumes weighted to the second half.
Q1 FY26 US$180.67/t
--------------------------------------------------------------------------------------------------------------
Energy coal
Production NSWEC 4.4 Mt Up 26%
4.4 Mt Up 26% Production increased driven by higher bypass coal as mining progressed into
lower strip ratio areas and improved wash plant throughput.
Q1 FY26 3.5 Mt
Production guidance for FY27 remains unchanged at between 14 and 16 Mt, with
FY27e 14 - 16 Mt volumes weighted to the first half.
Average realised price
US$116.60/t Up 23%
Q1 FY26 US$95.18/t
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Quarterly performance | Q1 FY27 v Q4 FY26
----------------------------------------------------------------- ----------------------------------------------------------------
Copper Iron ore
401 kt Down 19% Lower production at Escondida and Spence 66 Mt Down 2% Lower production at WAIO as a result of
due to planned lower grades, scheduled planned maintenance including the rebuild
Q4 FY26 492 kt maintenance, the safety incident at Q4 FY26 68 Mt of Car Dumper 4.
Escondida and severe weather impacts.
Production was also lower at Copper SA due
to planned maintenance and the Carrapateena
belt rip. This was partially offset by
higher production at Antamina due to higher
concentrator throughput.
----------------------------------------------------------------- ----------------------------------------------------------------
Steelmaking coal Energy coal
4.9 Mt Down 13% Production decreased due to planned higher 4.4 Mt Up 6% Higher production due to increased bypass
strip ratio and scheduled maintenance. coal. This was supported by the completion
Q4 FY26 5.7 Mt Operations were also impacted following the Q4 FY26 4.2 Mt ahead of schedule of the annual wash plant
safety incident at Peak Downs. maintenance.
----------------------------------------------------------------- ----------------------------------------------------------------
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Appendix 1
Average realised prices/i/
Quarter
----------------------------
Q1 FY27 v Q4 FY26 v Q1 FY26
-------------------------------------- -------- --------- ---------
Copper (US$/lb)....................... 7.01 7% 53%
Iron ore (US$/wmt, FOB)............... 76.27 (9%) (9%)
Steelmaking coal (US$/t).............. 242.82 4% 34%
Energy coal (US$/t)/ii/............... 116.60 (1%) 23%
i Based on provisional, unaudited estimates. Prices exclude sales from equity
accounted investments, third party product and internal sales, and
represent the weighted average of various sales terms (for example: FOB,
CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii Export sales only. Includes thermal coal sales from steelmaking coal mines.
Current year unit cost guidance
Unit cost FY27 guidance/i/
-------------------------------------- -----------------------------
Escondida (US$/lb).................... 1.20 - 1.50 Unchanged
Spence (US$/lb)....................... 2.40 - 2.70 Unchanged
Copper South Australia (US$/lb)/ii/... 0.30 - 0.80 Unchanged
WAIO (US$/t).......................... 20.25 - 21.75 Unchanged
BMA (US$/t)........................... 126 - 137 Unchanged
i FY27 unit cost guidance ranges are based on exchange rates of AUD/USD 0.70
and USD/CLP 890. WAIO and BMA's FY27 unit cost guidance ranges are subject
to movements in the diesel benchmark.
ii Copper SA unit cost guidance is calculated using the following assumptions
for by-products: gold US$4,300/oz and uranium US$80/lb.
Medium term guidance/i/
Production Unit cost
guidance guidance
----------------- ------------------
Escondida....................... 900 - 1,000 ktpa US$1.30 - 1.60/lb
Spence.......................... ~235 ktpa US$2.10 - 2.40/lb
WAIO (100% basis)............... >305 Mtpa <US$19.00/t
BMA (100% basis)................ 43 - 45 Mtpa <US$120/t
i Medium-term unit cost guidance ranges are based on exchange rates of
AUD/USD 0.70 and USD/CLP 890. Medium-term guidance target refers to an
average between FY28 and FY31 for Escondida and Spence. At WAIO this is
expected to be achieved in FY29 and at BMA by the end of the five-year
medium-term horizon.
Major projects
Estimated project
expenditure/1/ First production
Commodity Project and ownership Capacity US$M target date Progress
--------- --------------------- ------------------------------ ----------------------- ------------------------ -------------------
Potash Jansen Stage 1 Design, engineering and 8,400 Mid-CY27 Project is 87%
(Canada) construction of an underground complete
100% potash mine and surface
infrastructure, with capacity
to produce 4.15 Mtpa
Potash Jansen Stage 2 Development of additional 6,900 Late-FY31 Project is 18%
(Canada) mining districts, completion complete
100% of the second shaft hoist
infrastructure, expansion of
processing facilities and
addition of rail cars to
facilitate production of an
incremental 4.36 Mtpa
1 Includes project capital expenditure, project operating expenditure, cost
to construct right-of-use assets (i.e. Westshore port terminal and
third-party rail line) and related contingencies.
Exploration
Minerals exploration and evaluation expenditure was US$87 m for Q1 FY27 (Q1
FY26: US$90 m), of which US$67 m was expensed (Q1 FY26: US$76 m).
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Appendix 2
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted. Throughout this
report figures in italics indicate that this figure has been adjusted since it
was previously reported.
Copper Payable metal in concentrate kt 374.0 366.5 347.7 337.6 277.0 277.0 374.0 (26%)
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 282.4 270.5 248.3 245.6 197.9 197.9 282.4 (30%)
Pampa Norte (Spence) kt 35.4 33.3 25.7 26.9 27.2 27.2 35.4 (23%)
Copper South Australia kt 19.9 22.2 27.5 29.8 11.9 11.9 19.9 (40%)
Antamina kt 33.9 38.2 44.1 35.3 40.0 40.0 33.9 18%
Carajas/1/ kt 2.4 2.3 2.1 -- -- -- 2.4 --
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 119.6 124.0 129.1 154.3 123.7 123.7 119.6 3%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 46.5 46.7 54.9 66.3 54.7 54.7 46.5 18%
Pampa Norte (Spence) kt 20.4 24.4 18.9 27.6 20.2 20.2 20.4 (1%)
Copper South Australia kt 52.7 52.9 55.3 60.4 48.8 48.8 52.7 (7%)
Total kt 493.6 490.5 476.8 491.9 400.7 400.7 493.6 (19%)
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 754 91 209 225 73 73 754 (90%)
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 754 91 209 225 73 73 754 (90%)
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 35,991 27,003 17,723 15,410 10,952 10,952 35,991 (70%)
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 35,991 27,003 17,723 15,410 10,952 10,952 35,991 (70%)
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 76,242 73,585 105,321 84,889 70,710 70,710 76,242 (7%)
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 35,348 31,927 52,473 39,706 40,946 40,946 35,348 16%
Pampa Norte (Spence) troy oz 2,589 2,724 3,800 3,595 5,379 5,379 2,589 108%
Copper South Australia troy oz 36,489 36,993 47,264 41,588 24,385 24,385 36,489 (33%)
Carajas/1/ troy oz 1,816 1,941 1,784 -- -- -- 1,816 --
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 50,716 61,910 54,511 63,888 49,656 49,656 50,716 (2%)
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 50,716 61,910 54,511 63,888 49,656 49,656 50,716 (2%)
Total troy oz 126,958 135,495 159,832 148,777 120,366 120,366 126,958 (5%)
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 4,114 4,109 4,839 3,709 3,493 3,493 4,114 (15%)
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,942 2,176 2,780 2,193 1,790 1,790 1,942 (8%)
Pampa Norte (Spence) troy koz 358 316 375 241 356 356 358 (1%)
Copper South Australia troy koz 182 179 222 219 114 114 182 (37%)
Antamina troy koz 1,632 1,438 1,462 1,056 1,233 1,233 1,632 (24%)
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 227 284 308 281 224 224 227 (1%)
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 227 284 308 281 224 224 227 (1%)
Total troy koz 4,341 4,393 5,147 3,990 3,717 3,717 4,341 (14%)
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 819 903 778 1,147 817 817 819 0%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 819 903 778 1,147 817 817 819 0%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 341 281 341 288 599 599 341 76%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte (Spence) t 257 269 194 163 303 303 257 18%
Antamina t 84 12 147 125 296 296 84 252%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia
Iron Ore (WAIO) kt 62,015 67,766 60,922 66,174 64,299 64,299 62,015 4%
Samarco kt 2,066 1,938 1,882 1,954 2,151 2,151 2,066 4%
Total kt 64,081 69,704 62,804 68,128 66,450 66,450 64,081 4%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 4,865 4,291 3,816 5,654 4,913 4,913 4,865 1%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,518 4,610 4,037 4,196 4,449 4,449 3,518 26%
------- ------- ------- ------- ------- ------- ------- -------
1 The divestment of Carajas was completed on 2 April 2026.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted. Throughout this
report figures in italics indicate that this figure has been adjusted since it
was previously reported.
Copper Payable metal in concentrate kt 343.0 373.8 350.0 321.2 302.2 302.2 343.0 (12%)
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 258.3 277.7 252.1 233.6 210.7 210.7 258.3 (18%)
Pampa Norte (Spence) kt 33.2 27.9 34.9 24.4 32.2 32.2 33.2 (3%)
Copper South Australia kt 15.9 24.8 18.0 27.3 22.9 22.9 15.9 44%
Antamina kt 33.1 40.4 43.3 35.9 36.4 36.4 33.1 10%
Carajas/1/ kt 2.5 3.0 1.7 -- -- -- 2.5 --
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 105.9 130.7 118.7 162.1 115.1 115.1 105.9 9%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 38.1 50.0 50.1 71.8 48.4 48.4 38.1 27%
Pampa Norte (Spence) kt 17.9 25.4 17.4 29.3 20.0 20.0 17.9 12%
Copper South Australia kt 49.9 55.3 51.2 61.0 46.7 46.7 49.9 (6%)
Total kt 448.9 504.5 468.7 483.3 417.3 417.3 448.9 (7%)
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 1,469 551 14 207 236 236 1,469 (84%)
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 1,469 551 14 207 236 236 1,469 (84%)
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 41,499 26,046 18,573 14,703 11,413 11,413 41,499 (72%)
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 41,499 26,046 18,573 14,703 11,413 11,413 41,499 (72%)
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 66,377 82,099 87,012 87,621 81,378 81,378 66,377 23%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 35,348 31,927 52,473 39,706 40,946 40,946 35,348 16%
Pampa Norte (Spence) troy oz 2,589 2,724 3,800 3,595 5,379 5,379 2,589 108%
Copper South Australia troy oz 26,476 45,024 29,234 44,320 35,053 35,053 26,476 32%
Carajas/1/ troy oz 1,964 2,424 1,505 -- -- -- 1,964 --
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 51,147 59,054 57,336 55,962 48,038 48,038 51,147 (6%)
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 51,147 59,054 57,336 55,962 48,038 48,038 51,147 (6%)
Total troy oz 117,524 141,153 144,348 143,583 129,416 129,416 117,524 10%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 4,136 4,252 4,518 3,573 3,319 3,319 4,136 (20%)
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,942 2,176 2,780 2,193 1,790 1,790 1,942 (8%)
Pampa Norte (Spence) troy koz 358 316 375 241 356 356 358 (1%)
Copper South Australia troy koz 131 207 162 192 180 180 131 37%
Antamina troy koz 1,705 1,553 1,201 947 993 993 1,705 (42%)
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 255 250 340 249 234 234 255 (8%)
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 255 250 340 249 234 234 255 (8%)
Total troy koz 4,391 4,502 4,858 3,822 3,553 3,553 4,391 (19%)
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 649 815 650 1,552 494 494 649 (24%)
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 649 815 650 1,552 494 494 649 (24%)
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 347 322 263 225 500 500 347 44%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte (Spence) t 208 256 205 132 339 339 208 63%
Antamina t 139 66 58 93 161 161 139 16%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia
Iron Ore (WAIO) kt 62,430 66,909 58,608 66,430 66,306 66,306 62,430 6%
Samarco kt 2,042 2,512 1,590 1,950 1,941 1,941 2,042 (5%)
Total kt 64,472 69,421 60,198 68,380 68,247 68,247 64,472 6%
------- ------- ------- ------- ------- ------- ------- -------
Steelmaking
coal BHP Mitsubishi Alliance (BMA) kt 4,472 4,413 3,852 5,905 4,821 4,821 4,472 8%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 3,707 4,372 4,048 4,538 3,931 3,931 3,707 6%
------- ------- ------- ------- ------- ------- ------- -------
1 The divestment of Carajas was completed on 2 April 2026.
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt 114,527 112,808 114,506 130,749 107,802 107,802 114,527 (6%)
Concentrator throughput kt 36,721 35,628 34,225 35,862 31,429 31,429 36,721 (14%)
Average copper grade -
concentrator % 0.94% 0.91% 0.88% 0.85% 0.81% 0.81% 0.94% (14%)
Production ex mill kt 294.2 279.7 255.1 253.5 210.0 210.0 294.2 (29%)
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 282.4 270.5 248.3 245.6 197.9 197.9 282.4 (30%)
Copper cathode (EW) kt 46.5 46.7 54.9 66.3 54.7 54.7 46.5 18%
Oxide leach kt 16.8 11.1 19.9 29.3 22.3 22.3 16.8 33%
Sulphide leach kt 29.7 35.6 35.0 37.0 32.4 32.4 29.7 9%
Total copper kt 328.9 317.2 303.2 311.9 252.6 252.6 328.9 (23%)
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 35,348 31,927 52,473 39,706 40,946 40,946 35,348 16%
Payable silver concentrate troy koz 1,942 2,176 2,780 2,193 1,790 1,790 1,942 (8%)
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile/1/ BHP interest 100%
Material mined kt 24,695 22,895 21,690 22,066 21,201 21,201 24,695 (14%)
Ore stacked kt 5,652 5,354 4,435 5,146 5,386 5,386 5,652 (5%)
Average copper grade - stacked % 0.61% 0.58% 0.66% 0.64% 0.56% 0.56% 0.61% (8%)
Concentrator throughput kt 7,778 8,002 7,329 8,107 7,459 7,459 7,778 (4%)
Average copper grade -
concentrator % 0.65% 0.60% 0.53% 0.50% 0.53% 0.53% 0.65% (18%)
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 35.4 33.3 25.7 26.9 27.2 27.2 35.4 (23%)
Copper cathode (EW) kt 20.4 24.4 18.9 27.6 20.2 20.2 20.4 (1%)
Total copper kt 55.8 57.7 44.6 54.5 47.4 47.4 55.8 (15%)
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 2,589 2,724 3,800 3,595 5,379 5,379 2,589 108%
Payable silver concentrate troy koz 358 316 375 241 356 356 358 (1%)
Payable molybdenum t 257 269 194 163 303 303 257 18%
------- ------- ------- ------- ------- ------- ------- -------
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado
entered temporary care and maintenance in December 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt
Concentrator throughput kt
Average copper grade -
concentrator %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 258.3 277.7 252.1 233.6 210.7 210.7 258.3 (18%)
Copper cathode (EW) kt 38.1 50.0 50.1 71.8 48.4 48.4 38.1 27%
Oxide leach kt
Sulphide leach kt
Total copper kt 296.4 327.7 302.2 305.4 259.1 259.1 296.4 (13%)
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 35,348 31,927 52,473 39,706 40,946 40,946 35,348 16%
Payable silver concentrate troy koz 1,942 2,176 2,780 2,193 1,790 1,790 1,942 (8%)
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile/1/ BHP interest 100%
Material mined kt
Ore stacked kt
Average copper grade - stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 33.2 27.9 34.9 24.4 32.2 32.2 33.2 (3%)
Copper cathode (EW) kt 17.9 25.4 17.4 29.3 20.0 20.0 17.9 12%
Total copper kt 51.1 53.3 52.3 53.7 52.2 52.2 51.1 2%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 2,589 2,724 3,800 3,595 5,379 5,379 2,589 108%
Payable silver concentrate troy koz 358 316 375 241 356 356 358 (1%)
Payable molybdenum t 208 256 205 132 339 339 208 63%
------- ------- ------- ------- ------- ------- ------- -------
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado
entered temporary care and maintenance in December 2023.
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 25.5 24.8 28.3 30.7 17.7 17.7 25.5 (31%)
Cathode kt 52.7 52.9 55.3 60.4 48.8 48.8 52.7 (7%)
Total copper kt 78.2 77.7 83.6 91.1 66.5 66.5 78.2 (15%)
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt (5.6) (2.6) (0.8) (0.9) (5.8) (5.8) (5.6) 4%
Net copper kt 72.6 75.1 82.8 90.2 60.7 60.7 72.6 (16%)
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 47,893 41,351 48,532 43,408 33,159 33,159 47,893 (31%)
Refined gold troy oz 50,716 61,910 54,511 63,888 49,656 49,656 50,716 (2%)
Total gold troy oz 98,609 103,261 103,043 107,296 82,815 82,815 98,609 (16%)
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz (11,404) (4,358) (1,268) (1,820) (8,774) (8,774) (11,404) (23%)
Net gold troy oz 87,205 98,903 101,775 105,476 74,041 74,041 87,205 (15%)
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 213 193 226 224 139 139 213 (35%)
Refined silver troy koz 227 284 308 281 224 224 227 (1%)
Total silver troy koz 440 477 534 505 363 363 440 (18%)
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz (31) (14) (4) (5) (25) (25) (31) (19%)
Net silver troy koz 409 463 530 500 338 338 409 (17%)
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 819 903 778 1,147 817 817 819 0%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,818 2,763 2,732 2,927 2,851 2,851 2,818 1%
Ore milled kt 2,640 2,926 2,565 2,769 2,764 2,764 2,640 5%
Average copper grade % 1.97% 1.97% 1.92% 2.14% 1.98% 1.98% 1.97% 1%
Average uranium grade kg/t 0.55 0.56 0.57 0.65 0.58 0.58 0.55 5%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 52.7 52.9 55.3 60.4 48.8 48.8 52.7 (7%)
Refined gold troy oz 50,716 61,910 54,511 63,888 49,656 49,656 50,716 (2%)
Refined silver troy koz 227 284 308 281 224 224 227 (1%)
Payable uranium t 819 903 778 1,147 817 817 819 0%
Prominent Hill
Material mined kt 1,049 1,014 1,026 1,271 975 975 1,049 (7%)
Ore milled kt 1,621 1,376 1,494 1,651 1,211 1,211 1,621 (25%)
Average copper grade % 0.71% 0.83% 0.90% 0.94% 0.84% 0.84% 0.71% 18%
Concentrate produced kt 19.0 19.1 25.7 30.7 20.5 20.5 19.0 8%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 9.9 9.7 11.8 13.1 8.8 8.8 9.9 (11%)
Payable gold concentrate troy oz 24,105 17,406 23,664 18,941 19,072 19,072 24,105 (21%)
Payable silver concentrate troy koz 61 49 60 63 40 40 61 (34%)
Carrapateena
Material mined kt 1,488 1,479 1,632 1,751 753 753 1,488 (49%)
Ore milled kt 1,511 1,415 1,516 1,713 962 962 1,511 (36%)
Average copper grade % 1.18% 1.20% 1.22% 1.17% 1.07% 1.07% 1.18% (9%)
Concentrate produced kt 52.4 53.4 61.4 65.2 32.6 32.6 52.4 (38%)
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 15.6 15.1 16.5 17.6 8.9 8.9 15.6 (43%)
Payable gold concentrate troy oz 23,788 23,945 24,868 24,467 14,087 14,087 23,788 (41%)
Payable silver concentrate troy koz 152 144 166 161 99 99 152 (35%)
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 15.9 24.8 18.0 27.3 22.9 22.9 15.9 44%
Cathode kt 49.9 55.3 51.2 61.0 46.7 46.7 49.9 (6%)
Total copper kt 65.8 80.1 69.2 88.3 69.6 69.6 65.8 6%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam kt
Net copper kt
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 26,476 45,024 29,234 44,320 35,053 35,053 26,476 32%
Refined gold troy oz 51,147 59,054 57,336 55,962 48,038 48,038 51,147 (6%)
Total gold troy oz 77,623 104,078 86,570 100,282 83,091 83,091 77,623 7%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy oz
Net gold troy oz
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 131 207 162 192 180 180 131 37%
Refined silver troy koz 255 250 340 249 234 234 255 (8%)
Total silver troy koz 386 457 502 441 414 414 386 7%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam troy koz
Net silver troy koz
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 649 815 650 1,552 494 494 649 (24%)
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 49.9 55.3 51.2 61.0 46.7 46.7 49.9 (6%)
Refined gold troy oz 51,147 59,054 57,336 55,962 48,038 48,038 51,147 (6%)
Refined silver troy koz 255 250 340 249 234 234 255 (8%)
Payable uranium t 649 815 650 1,552 494 494 649 (24%)
Prominent Hill
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 4.4 7.5 3.1 12.2 9.4 9.4 4.4 114%
Payable gold concentrate troy oz 9,033 17,671 5,894 23,401 15,199 15,199 9,033 68%
Payable silver concentrate troy koz 29 45 20 61 48 48 29 66%
Carrapateena
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 11.5 17.3 14.9 15.1 13.5 13.5 11.5 17%
Payable gold concentrate troy oz 17,443 27,353 23,340 20,919 19,854 19,854 17,443 14%
Payable silver concentrate troy koz 102 162 142 131 132 132 102 29%
------- ------- ------- ------- ------- ------- ------- -------
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 58,970 57,442 54,819 60,871 61,562 61,562 58,970 4%
Concentrator throughput kt 13,307 13,725 13,783 10,984 12,617 12,617 13,307 (5%)
Average head grade - copper % 0.86% 0.98% 1.12% 1.08% 1.02% 1.02% 0.86% 19%
Average head grade - zinc % 1.26% 1.01% 0.79% 0.74% 0.56% 0.56% 1.26% (56%)
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 33.9 38.2 44.1 35.3 40.0 40.0 33.9 18%
Payable zinc t 35,991 27,003 17,723 15,410 10,952 10,952 35,991 (70%)
Payable silver troy koz 1,632 1,438 1,462 1,056 1,233 1,233 1,632 (24%)
Payable lead t 754 91 209 225 73 73 754 (90%)
Payable molybdenum t 84 12 147 125 296 296 84 252%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt 134 147 148 -- -- -- 134 --
Ore milled kt 160 172 156 -- -- -- 160 --
Average copper grade % 1.63% 1.51% 1.48% -- -- -- 1.63% --
Production ex mill kt 10.3 9.8 8.8 -- -- -- 10.3 --
Average gold grade g/t 0.46 0.47 0.47 -- -- -- 0.46 --
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 2.4 2.3 2.1 -- -- -- 2.4 --
Payable gold concentrate troy oz 1,816 1,941 1,784 -- -- -- 1,816 --
------- ------- ------- ------- ------- ------- ------- -------
1 The divestment of Carajas was completed on 2 April 2026.
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 13,724 13,340 13,517 12,100 11,300 11,300 13,724 (18%)
Area C Joint Venture kt 29,415 32,265 33,584 33,762 29,149 29,149 29,415 (1%)
Yandi Joint Venture kt 3,498 2,899 2,941 3,252 2,671 2,671 3,498 (24%)
Jimblebar/1/ kt 15,378 19,262 10,880 17,060 21,179 21,179 15,378 38%
Total kt 62,015 67,766 60,922 66,174 64,299 64,299 62,015 4%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 70,246 76,326 69,752 74,840 71,909 71,909 70,246 2%
------- ------- ------- ------- ------- ------- ------- -------
Lump kt
Fines kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 2,066 1,938 1,882 1,954 2,151 2,151 2,066 4%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt
Concentrator throughput kt
Average head grade - copper %
Average head grade - zinc %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 33.1 40.4 43.3 35.9 36.4 36.4 33.1 10%
Payable zinc t 41,499 26,046 18,573 14,703 11,413 11,413 41,499 (72%)
Payable silver troy koz 1,705 1,553 1,201 947 993 993 1,705 (42%)
Payable lead t 1,469 551 14 207 236 236 1,469 (84%)
Payable molybdenum t 139 66 58 93 161 161 139 16%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
Average gold grade g/t
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 2.5 3.0 1.7 -- -- -- 2.5 --
Payable gold concentrate troy oz 1,964 2,424 1,505 -- -- -- 1,964 --
------- ------- ------- ------- ------- ------- ------- -------
1 The divestment of Carajas was completed on 2 April 2026.
Iron ore
Iron ore production is reported on the basis of saleable product, which is wet
metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
Lump kt 20,250 20,595 19,878 22,014 18,505 18,505 20,250 (9%)
Fines kt 42,180 46,314 38,730 44,416 47,801 47,801 42,180 13%
Total kt 62,430 66,909 58,608 66,430 66,306 66,306 62,430 6%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 70,592 75,397 67,001 75,105 73,953 73,953 70,592 5%
------- ------- ------- ------- ------- ------- ------- -------
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 2,042 2,512 1,590 1,950 1,941 1,941 2,042 (5%)
------- ------- ------- ------- ------- ------- ------- -------
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt 1,880 1,254 1,124 1,995 1,909 1,909 1,880 2%
Peak Downs kt 1,111 967 1,176 1,584 1,191 1,191 1,111 7%
Saraji kt 884 1,146 849 1,073 846 846 884 (4%)
Caval Ridge kt 990 924 667 1,002 967 967 990 (2%)
Total/1/ kt 4,865 4,291 3,816 5,654 4,913 4,913 4,865 1%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%)/1/ kt 9,730 8,582 7,632 11,308 9,826 9,826 9,730 1%
------- ------- ------- ------- ------- ------- ------- -------
Hard coking coal kt
Energy coal kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Production figures include some energy coal.
NSWEC, Australia BHP interest 100%
Energy coal - Export kt
Energy coal - Domestic kt
Total kt 3,518 4,610 4,037 4,196 4,449 4,449 3,518 26%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Sep Dec Mar Jun Sep Sep Sep Var
2025 2025 2026 2026 2026 2026 2025 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt
Peak Downs kt
Saraji kt
Caval Ridge kt
Total/1/ kt
Total (100%)/1/ kt
------- ------- ------- ------- ------- ------- ------- -------
Hard coking coal kt 4,428 4,302 3,842 5,522 4,733 4,733 4,428 7%
Energy coal kt 44 111 10 383 88 88 44 100%
Total kt 4,472 4,413 3,852 5,905 4,821 4,821 4,472 8%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 8,944 8,826 7,704 11,810 9,642 9,642 8,944 8%
------- ------- ------- ------- ------- ------- ------- -------
1 Production figures include some energy coal.
NSWEC, Australia BHP interest 100%
Energy coal - Export kt 3,549 4,190 3,935 4,224 3,879 3,879 3,549 9%
Energy coal - Domestic kt 158 182 113 314 52 52 158 (67%)
Total kt 3,707 4,372 4,048 4,538 3,931 3,931 3,707 6%
------- ------- ------- ------- ------- ------- ------- -------
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
Appendix 3
Executive Summary
Olympic Dam - Updated Mineral Resources
Table 1: Updated Olympic Dam Mineral Resources (inclusive of Ore Reserves) as at 1st September 2026/1/
Measured Resources Indicated Resources
------------------------------------ ------------------------------------
U\\3\\O\\8\\ Au Ag U\\3\\O\\8\\ Au Ag
Material type Mt Cu % kg/t g/t g/t Mt Cu % kg/t g/t g/t
----------------------------- ----- ----- ------------ ----- ----- ----- ----- ------------ ----- -----
UG Sulphide (Block
Cave)/2/,/3/,/4,/5/,/6/.... 4,000 0.61 0.19 0.21 1 4,130 0.57 0.18 0.21 1
UG Sulphide (SLOS)/7/........ 840 1.59 0.47 0.62 3 540 1.56 0.45 0.57 3
OC Sulphide/8/............... -- -- -- -- -- -- -- -- -- --
Inferred Resources Total Resources
------------------------------------ ------------------------------------
U\\3\\O\\8\\ Au Ag U\\3\\O\\8\\ Au Ag
Material type Mt Cu % kg/t g/t g/t Mt Cu % kg/t g/t g/t
----------------------------- ----- ----- ------------ ----- ----- ------ ----- ------------ ----- -----
UG Sulphide (Block
Cave)/2/,/3/,/4,/5/,/6/.... 2,600 0.60 0.19 0.23 1 10,730 0.59 0.19 0.21 1
UG Sulphide (SLOS)/7/........ 210 1.44 0.42 0.63 3 1,590 1.56 0.46 0.60 3
OC Sulphide/8/............... -- -- -- -- -- -- -- -- -- --
Footnotes for Table 1
1. The information in this report that relates to Mineral Resources is based
on and fairly represent the information and supporting documentation
compiled by MP O'Hare, a Competent Person who is a Member of The
Australasian Institute of Mining and Metallurgy (MAusIMM). The Competent
Person is a full-time employee of BHP and has sufficient experience that is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the 'Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.
The Competent Person confirms they have no conflict of interest, perceived
or otherwise, and consents to the inclusion in the report of the matters
based on their information in the form and context in which it appears.
Tonnes and grades have been rounded so small differences may present in the
totals.
2. Block cave Mineral Resource assumes prior mining of declared underground
(UG) sub-level open stoping (SLOS) Mineral Resource.
3. A break-even economic cut-off of (greater than or equal) 0.35% Cu was
applied to each selective mining unit (SMU) (after depletion for existing
mining and entire SLOS Mineral Resource).
4. Minimum SMU comprised of three connected regularised blocks with dimensions
of 100 m by 100 m in XY and minimum of 200 m in Z, and a maximum depth of
~1,500 m from surface.
5. SMU which contained (greater than or equal) 50% backfill (actual or future)
was classified as Inferred.
6. Geological confidence is informed by drilling samples, with drill spacing
of <80 m for Measured, 80 m to 180 m for Indicated, and 180 m to 300 m for
Inferred Resources.
7. The UG Sulphide (SLOS) Mineral Resource is unchanged from that reported in
BHP's FY26 Annual Report (www.bhp.com), where it is referred to as 'UG
sulphide'.
8. The UG Sulphide (SLOS) and UG Sulphide Block Cave (BC) Mineral Resources
together account for the majority of the shallower mineralisation. The
remaining mineralisation is insufficient to warrant ongoing reporting of an
Open Cut (OC) Mineral Resource, and has been removed.
Table 2: Olympic Dam Ore Reserves as at 30th June 2026/1/
Proved Ore Reserve Probable Ore Reserve Total Ore Reserve
------------------------------- ------------------------------- -------------------------------
U\\3\\O\\8\\ Au Ag U\\3\\O\\8\\ Au Ag U\\3\\O\\8\\ Au Ag
Material type Mt Cu % kg/t g/t g/t Mt Cu % kg/t g/t g/t Mt Cu % kg/t g/t g/t
----------------------------- --- ---- ------------ ---- ---- --- ---- ------------ ---- ---- --- ---- ------------ ---- ----
UG Sulphide/2/,/3/,/5/,/6/... 355 1.89 0.59 0.72 4 254 1.68 0.53 0.62 3 609 1.80 0.56 0.68 4
Low grade/4/................. -- -- -- -- -- 44 0.83 0.28 0.34 2 44 0.83 0.28 0.34 2
Footnotes for Table 2
1. The information in this report that relates to Ore Reserves is based on and
fairly represent the information and supporting documentation compiled by
Naveen S Kinthada, a Competent Person who is a Member of The Australasian
Institute of Mining and Metallurgy (MAusIMM). The Competent Person is a
full-time employee of BHP and has sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration and to
the activity being undertaken to qualify as a Competent Person as defined
in the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. The Competent Person confirms
they have no conflict of interest, perceived or otherwise, and consents to
the inclusion in the report of the matters based on their information in
the form and context in which it appears. Tonnes and grades have been
rounded so small differences may present in the totals.
2. Ore Reserves are declared using a SLOS mining method and are unchanged from
that reported in BHP's FY26 Annual Report (www.bhp.com).
3. Variable cut-off between 1.0% and 1.7% Cu
4. Low-grade is (greater than or equal)0.6 Cu%
5. Approximate drill-hole spacing used to classify the reserves were: 20 m to
35 m for Proved Reserves and 35 m to 70m for Probable Reserves.
6. The metallurgical recoveries: Cu 94%, U\\3\\O\\8\\ 65%, Au 71%, Ag 63%.
--------------------------------------------------------------------------------
BHP | Financial results for the year ended 30 June 2026
1 Introduction
This report is issued in support of the first-time reporting of an underground
block cave (BC) Mineral Resource at Olympic Dam, alongside the existing
underground sub-level open stoping (SLOS) Mineral Resource. Ore Reserves remain
unchanged from that reported in the FY26 Annual Report and is included for
transparency and completeness. The newly reported Block Cave Mineral Resource
has not been converted to Ore Reserve. The UG Sulphide (SLOS) and UG Sulphide
Block Cave (BC) Mineral Resources together account for the majority of the
shallower mineralisation. The remaining mineralisation is insufficient to
warrant ongoing separate reporting of an Open Cut (OC) Mineral Resource and has
been removed. These changes reflect the application of updated mining scenarios
for the Olympic Dam Deposit: selective sub-level open stoping for higher-grade
material and bulk underground mining, such as block caving, for large continuous
volumes. Together, these scenarios support assessment of future mining options
as studies progress.
Olympic Dam is an integrated copper (Cu), uranium (U\\3\\O\\8\\), gold (Au) and silver
(Ag) mine located on traditional Kokatha Country in South Australia, 16
kilometres north of Roxby Downs and approximately 570 kilometres north-northwest
of Adelaide, the capital of South Australia (Figure 1). The operation consists
of an underground mine, mineral processing plant, copper smelter and refinery,
as well as associated infrastructure. These are contained within the Olympic
Dam's special mining lease (SML) (Figure 2).
The updated Mineral Resource is based on the underlying resource model reported
in BHP's FY2026 Annual report as at 30 June 2026 (www.bhp.com). Material outside
the existing SLOS Mineral Resource, including the relevant portion of
mineralisation previously reported as OC, was reassessed for reasonable
prospects of eventual economic extraction under a block-caving scenario. Total
drilling for the updated Olympic Dam Mineral Resource is approximately 4,070 km,
with a nominal drill hole spacing ranging from 20 m to >300 m, and approximately
perpendicular to the interpreted orebody orientation. Resource definition
drilling activities continue at Olympic Dam.
The Olympic Dam BC Mineral Resource is 10,730 Mt at 0.59 % Cu, 0.19 kg/t
U\\3\\O\\8\\, 0.21 g/t Au, and 1 g/t Ag (Table 1). This considers a
non-selective underground block caving scenario, reporting all material within a
continuous shape designed to capture material generally above 0.35% Cu, where
all material was deemed to have reasonable prospects of eventual economic
extraction. As such, zero-grade waste material was included as internal dilution
to account for the non-selective nature of block caving. As mining studies
progress, the constraint (and therefore the reported Olympic Dam Mineral
Resource) may change; block-cave mining remains at an early stage of assessment,
and its potential development timeframe is not yet known.
The inclusion of an underground bulk mining method provides an updated total
classified underground Mineral Resource for Olympic Dam, estimated to contain
88.1 Mt of Cu, 2.8 Mt of U\\3\\O\\8\\, 103 Moz of Au and 498 Moz of Ag, where
Moz is million troy ounces. Contained metal estimates are calculated from the
rounded total Resource tonnages and grades reported in Table 1, and are not an
estimate of recoverable metal. Totals may differ due to rounding.
Mineralisation remains open at depth/1/.
2 Mineral tenement and land tenure
The Roxby Downs (Indenture Ratification) Act 1982 (SA) provides statutory
authority for an agreement (Indenture) between BHP and the State of South
Australia. The Indenture establishes the legal framework for existing and future
operations at Olympic Dam and defines the roles and responsibilities of the
South Australian Government and BHP. Part of the Indenture provided the grant of
Olympic Dam's special mining lease (SML).
The Indenture confers continuous mining rights (via the SML) to BHP until the
deposit is economically depleted. The current 50-year term of the SML ends in
2036. Under key amendments to the Indenture agreed between the South Australian
Government and BHP in 2026, a Final Investment Decision (FID) by BHP for the
first phase of the Smelter Refinery Expansion Project would trigger rights for
the expansion of the SML boundaries and extension of the SML term by 10 years to
2046. A subsequent FID by BHP for the Mine Concentrator Growth Project would
trigger a right to extend the SML term for a further 40 years to 2086. In
addition to these specific extension rights, the Indenture still provides rights
for further SML term extensions linked to the expected life of the mine
(regardless of any FIDs by BHP). All agreements are in place as part of the
normal operating practices.
----------
1 BHP Quarterly Activities Report, 18th Jan 2024 "Operational review for the
half year ended 31 December 2023". Appendix 3, Project status update -
Olympic Dam "Deeps" (OD Deeps). www.bhp.com
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[GRAPHIC]
Figure 1. Location of the Olympic Dam mine.
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[GRAPHIC]
Figure 2. Approximate Olympic Dam resource outline within Special Mining
Lease 1 (SML)
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3 Geology
The Olympic Dam deposit lies entirely within the Olympic Dam Breccia Complex
(Figure 3), which is hosted by the 1,593.28 (plus-minus)0.26 Ma Roxby Downs
Granite. The breccia complex contains the mineralised rock volume and covers
approximately 50 km/2/. It is about 6 km long and 3 km wide, typically extends
to a depth of 900 m, and locally reaches more than 2,000 m below surface.
Approximately 350 m of unaltered, unmineralised, flat-lying Neoproterozoic to
Cambrian sedimentary rocks unconformably overlie the breccia complex. The Roxby
Downs Granite is the principal host rock. Other important components are bedded
clastic facies; clasts of 1,594.63 +/- 0.71 Ma Gawler Range Volcanic felsic
feldspar-phyric lavas in hematite-rich breccias and dykes; and mafic-ultramafic
lavas and dykes (MDY). The MDY are pre-, syn- and post-mineralisation, and form
an integral part of the Olympic Dam ore-forming system. The breccia complex and
the surrounding unbrecciated Roxby Downs Granite are intruded by the regionally
extensive ca. 825 Ma Gairdner Dyke Swarm (dolerite).
Mineralisation is hosted by Roxby Downs Granite and other lithologies, including
bedded clastic facies, felsic lavas, mafic-ultramafic lavas, sills and dykes,
and subvolcanic quartz-phyric rhyolite. Tectonic, magmatic and hydrothermal
processes have weakly to intensely brecciated these rocks. Iron oxide alteration
has variably replaced them, producing a compositional continuum from
recognisable lithologies to iron oxide breccias in which primary lithological
textures have been obliterated. Faulting and brecciation commonly obscure
lithological contacts.
More than 100 minerals occur in the deposit, although 15 account for more than
98% of the rock mass. The principal gangue minerals are hematite, quartz,
muscovite, K-feldspar, chlorite, fluorite, siderite and barite. The dominant
sulphide minerals are chalcocite/digenite/djurleite (collectively referred to
here as chalcocite), bornite, chalcopyrite and pyrite. Sphalerite, galena,
molybdenite and tennantite-tetrahedrite are less abundant, while native copper
occurs only in trace amounts. Sulphides generally occur as disseminated grains
within the breccia matrix and clasts, ranging in size from <20 (mew)m to several
millimetres, with an average grain size of approximately 100 (mew)m. They only
rarely occur as veins in granite-dominated breccias.
At the deposit scale, Cu (plus-minus) Fe sulphides show a distinct upward and
inward zonation: pyrite (right arrow) chalcopyrite-pyrite (right arrow)
chalcopyrite exsolution lamellae in brown bornite (right arrow) purple
bornite-chalcocite symplectites (right arrow) digenite lamellae in chalcocite.
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[GRAPHIC]
Figure 3. Simplified geological plan of the Olympic Dam deposit, approximately
350 m below surface.
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[GRAPHIC]
Figure 4. Plan view of the Olympic Dam deposit, showing the spatial relationship
between a 0.35% Cu envelope, the outlines of mineral resource block cave and
sublevel stoping. Mined stope, development and drilling provided for context.
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[GRAPHIC]
Figure 5. Long section through the Olympic Dam deposit along A - A' (Figure 4)
looking NE. The ~500 m thick projection shows the spatial relationship between a
0.35% Cu envelope, the outlines of mineral resource block cave and sublevel
stoping. Mined stope, development and drilling provided for context
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BHP | Financial results for the year ended 30 June 2026
4 Data acquisition
4.1 Drilling and sampling
Drilling comprises oriented and unoriented diamond drilling from surface and
underground locations. The drilling includes parent holes and, where additional
trajectories are required, wedge holes. A parent hole is the primary drill hole;
a wedge hole is a subsidiary or "child" hole initiated from a parent hole at
depth, allowing several trajectories to be drilled from a single parent-hole
collar. Drill spacing varies across the deposit from approximately 20 m to >300
m, and drilling is generally oriented perpendicular to the interpreted orebody
geometry.
Surface drilling comprised parent holes and, where required, wedge holes drilled
from parent holes. Surface parent holes were collared in PQ3 diameter (83 mm)
through the overburden and continued in HQ3 (61.1 mm) or HQ (63.5 mm) core.
Wedge holes were generally drilled in NQ2 diameter (50.6 mm). Navigational
drilling was used in selected surface and underground programs to support
trajectory control, including parent-hole and wedge-hole drilling. Downhole
survey methods and quality control are described in Section 4.3 Surveys.
Longer underground parent holes were collared in HQ diameter (63.5 mm) to
approximately 500 m, continued in NQ2 diameter (50.6 mm) to approximately 1,700
m, and completed in BQ diameter (36.5 mm) where required. Underground infill and
grade-control holes were drilled in BQ diameter (36.5 mm) and were generally not
oriented. Longer holes were oriented using the REFLEX ACT III tool; at the end
of each run, the drillers marked the low side of the core, which was then used
as the reference for marking the core and recording structural measurements.
Grade-control holes were generally not oriented and were therefore not used for
oriented structural measurements.
The drilling data and distribution are considered sufficient to support
interpretation of geological and grade continuity for the declared Mineral
Resource for an underground bulk-mining scenario and the existing Mineral
Resource declaration for the selective-mining method. The geology is supported
by ongoing underground mapping and mining. Drilling orientations were selected
to test the interpreted mineralisation and structures, and the scale and
geometry of the mineralised system in relation to the drilling orientation is
unlikely to have introduced material sampling bias.
Sample recovery was estimated during logging by reconciling the cumulative
reconstructed core length with the drilled length for each core run. Estimated
recoveries were high, generally exceeding 99%. Fresh core is relatively
competent, and the sulphide minerals are generally not friable. There is no
clear relationship between sample recovery and grade in Olympic Dam drill core;
consequently, no material bias is expected from preferential loss or gain of
fine or coarse material.
Drill holes were logged in qualitative detail below the post-mineralised cover.
Logging included lithology, rock composition and texture, alteration minerals,
sulphide distribution, mineralisation characteristics and geotechnical
information for rock-mass qualification. Structural measurements were recorded
from oriented core, and core was photographed dry. Geological, geotechnical,
structural, sampling and assay data were managed in a SQL server-hosted
database. Logging was completed to a standard appropriate for Mineral Resource
estimation, mining studies and metallurgical studies.
Diamond core was split using an automatic core saw. One half was submitted for
assay and the other half was retained in labelled trays at the Olympic Dam core
storage facility. Retention of the half core provides material for geological
review and verification sampling, while the generally competent nature of the
fresh core and non-friable sulphide mineralisation supports preservation of
representative material in storage.
No dedicated twinned holes have been drilled. Wedge drilling, proximal or
cross-cutting drilling, close to existing mineralisation shows some short-scale
variations in the tenor of mineralisation. However, this close-spaced drilling
provides correlation and general support for the geological and grade modelling.
The majority (>91%) of mineralised diamond core was sampled at the standard
interval appropriate to the core diameter: predominantly 2 m and 1 m for NQ2
core, and 2.5 m for BQ/BQTK core. These interval lengths were selected to
provide representative sample masses of approximately 4-8 kg and are supported
by Olympic Dam site-specific sampling testwork and sample nomograms, which
demonstrated that the intervals provide an appropriate balance between sample
precision and practical sample-preparation requirements for the respective core
sizes. Minor (<9%) historical samples were collected at 1 m or 5 m intervals;
these data are retained and used subject to the applicable data validation,
compositing and estimation controls.
Samples were submitted to an analytical laboratory for final drying, staged
crushing to 2 mm, splitting to an approximately 2-3 kg portion and pulverisation
to produce a pulp with 90% passing 75 (mew)m. Duplicate samples were collected at
each preparation stage where a reduction in sample mass occurred. Bulk dry
density was measured on all assayed samples using the water-immersion method on
core samples at the Olympic Dam core-processing facilities.
The mineralisation is readily identifiable from alteration, brecciated textures
and the presence of sulphides, and is relatively pervasive through the broader
mineralised zones. Sample sizes and the sampling intervals are therefore
considered appropriate for the style of mineralisation. Sampling, assay and
quality-control methodologies have been established over several decades and are
applied consistently across the relevant drilling methods.
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4.2 Surveys
All surface drill hole collar locations (historic and recent) have been surveyed
with Leica GS16 Rover and transferred to Olympic Dam's acQuire database.
Underground drill hole collar locations have been surveyed using Leica TS16
Total Station, or TS15 / TS14 prior to 2006. All drilling survey methods are
considered appropriate for the estimation and mining of Olympic Dam.
Downhole surveying of surface diamond drilling was carried out at 18 m intervals
using a REFLEX GYRO SPRINT-IQ/TM/ tool using GYRO North Seeking (NS) single-shot
mode. At the completion of each hole a continuous survey was taken from the
collar to end of hole for comparison and quality control. Downhole surveying of
underground diamond drilling was undertaken using REFLEX magnetic camera tools.
BHP applies robust quality assurance and quality control (QA/QC) standards and
procedures to collar and downhole-survey data. Collar and downhole surveys are
managed in the acQuire database through controlled imports, validation checks
and review of survey type, grid and azimuth; downhole surveys are also assessed
for compliance with the planned drillhole orientation. Validated, appropriately
ranked survey data are exported for use in resource modelling, and sample
locations are therefore considered suitable for Mineral Resource estimation.
The topography at Olympic Dam is relatively flat, and along with any mining
excavations, has been surveyed by airborne LiDAR. The region has minimal
vegetation and cover. Surface topographic model is considered appropriate for
use in the resource model and mining of Olympic Dam.
4.3 Sample security
Core trays are transported by BHP contractors from the drill rigs to the core
processing facility at Olympic Dam, Roxby Downs. Samples in calico bags are
transported from Olympic Dam via road on trucks to the external laboratory
Intertek, Adelaide, South Australia. Calico bag numbers are automatically
generated. Intertek is informed of the sample number ranges for each pending
shipment, and these are recorded in Intertek's management system. Intertek use
these to create barcode labels for geochemical bags used for storing the
pulverised samples. On sample receipt, Intertek manually checks the submitted
sample list against all samples in the shipment. Once the samples are
pulverised, all further steps are tracked using the barcodes. BHP is informed of
any discrepancies.
BHP has internal governance and standards related to sample security and data
management. BHP undertakes routine verification of these practices.
4.4 Quality of assay data and laboratory tests
Samples were submitted to Intertek Group plc, Adelaide, and analysed using
either the routine Olympic Dam multi-element suite or the expanded Olympic Dam
multi-element suite, as detailed below. Intertek has ISO/IEC 17025 laboratory
accreditation.
The routine suite includes Cu, Ag, Co, Ni, Pb, Zn (3-acid digest, measured via
ICP-OES) and Li-borate fusion measured via ICP-OES/MS (Al, As, Ba, Bi, Ca, Ce,
Cr, Fe, K, La, Mg, Mn, Mo, Na, P, Sb, Sc, Si, Sr, Ti, U, V, Y, Zr). The expanded
suite includes 4-acid digest measured via ICP-OES/MS (Cu, Ni, Pb, Zn, Ag, As,
Bi, Cd, Co, Ge, In, Li, Re, Se, Te, Tl) and Li-borate fusion measured via
ICP-OES/MS (Al, As, Ba, Be, Bi, Ca, Ce, Cr, Cs, Dy, Er, Eu, Fe, Ga, Gd, Hf, Ho,
K, La, Lu, Mg, Mn, Mo, Na, Nb, Nd, P, Pr, Rb, Sb, Sc, Si, Sm, Sn, Sr, Ta, Tb,
Th, Ti, Tm, U, V, W, Y, Yb, Zr) and loss-on-ignition. All samples were assayed
for Au via 25-g fire assay with ICP-OES finish, and C and S via induction
furnace combustion, measured by infrared analyser.
Comparative analysis between the 4- and 3-acid digest methods demonstrates equal
accuracy and precision within the Olympic Dam mineral system. The 4-acid digest
was used to expand the geochemical suite of elements when initially
characterising new parts of the deposit.
BHP maintains robust QA/QC standards and procedures for sampling and assay
quality. All routine assay QA/QC samples were analysed by Intertek Adelaide, the
external primary laboratory, including half-core field duplicates, coarse and
pulp duplicates; Intertek also inserted matrix-matched certified reference
materials and blanks at defined rates.
Quality-control samples comprised pulp duplicates at 3%, half-core field
duplicates at 1% and Boyd crusher/coarse duplicates at 1%, equivalent to
duplicates at a minimum rate of 1:20. Analytical blanks, including BHP supplied
blanks and additional laboratory blanks, were inserted at a minimum rate of
1:50. Intertek manages and inserts both blank types, and BHP reviews performance
internally and with Intertek on at least a monthly basis. Certified reference
materials were inserted at a minimum rate of 1:25, with actual rates varying by
analytical method.
Quality control results were reviewed when received and all results were within
acceptable accuracy and precision limits.
BHP has robust standards and procedures relating to data transfers (from
laboratory to Olympic Dam's acQuire database, and from database to user), with
strictly monitored permission controls relating to reviewers, approvers and
users of exported data. Data was electronically uploaded to Olympic Dam's
acQuire database as received from the external laboratory. All drill hole data
was managed internally via a SQL server-hosted database with strict validation
rules. Adjustments to the received assay data included; copper values converted
from parts per million (ppm) to percent (%), and values that returned below the
detection limit were assigned a value equal to half of the applicable detection
limit: 0.001% and 0.0025% for Cu (3- and 4-acid digests, respectively), 0.5 ppm
and 0.025 ppm for Ag (3- and 4-acid digests, respectively), 0.0025 ppm for Au,
and 0.25 ppm for U\\3\\O\\8\\.
A full pulp library, as well as all unsampled reference half core, is retained
at the Olympic Dam mine site. These samples are available for verification
sampling, if required, due to stable storage in a low humidity desert
environment. This is supplemented by core photography of all drilling.
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BHP | Financial results for the year ended 30 June 2026
Dr Francis Pitard reviewed Olympic Dam processing facilities, sampling stations
and Intertek Laboratory in 2023 with no material observations. BHP routinely
reviews standards, procedures and results from external laboratories. No issues
have been noted from any BHP review.
4.5 Database management and security
Geological and geotechnical logging are collected via company digital logging
tablets and loaded to Olympic Dam's acQuire geological database. Geologists
request sampling intervals through customised acQuire user interfaces. Entry of
assay data was through the direct loading of laboratory assay files into the
acQuire geological database.
Data validation steps included, but were not limited to the following:
. QAQC vetting of data by Intertek laboratory prior to transmission to BHP,
followed by further QAQC vetting by BHP prior to acceptance into Olympic
Dam's acQuire database.
. Additional validation through constraints and libraries set in the database
by the Database Manager (e.g. overlapping/missing intervals, intervals
exceeding maximum depth, valid geology codes, missing assays, prioritised
assay protocol).
. Post data-entry validation included secondary system checks and
visualisation in 3D software to check for collar, survey or assay import
errors.
4.6 Geophysical data
2D and pseudo 3D seismic data acquisition was undertaken in July 2022. In
June-August 2023 BHP acquired 3D seismic data. 3D seismic data is used to inform
known deposit scale structural continuity beyond drilling data.
4.7 Site visits
The Competent Person last visited the Olympic Dam mine in April 2026. The site
visit included a review of drilling practices, drilling results and geology, and
sampling and logging practices. While at the core processing site, checks
included validation of sampling, density data collection, and sample and pulp
storage.
5 Mineral Resource estimation
The first-time reporting of the underground block cave Mineral Resource at
Olympic Dam is presented in Table 1.
The Olympic Dam Mineral Resource is based on:
. 17,557 diamond drill holes (surface and underground drilling) comprising a
total of 4,660,620 m of drilling. Of this, 4,067,581 m of the drilling has
been sampled. A total of 2,613,301 m of the sampled drilling occurs within
copper-sulphide domains.
. Sampling was predominantly 1 m or 2.5 m, together accounting for more than
85% of all samples.
. Nominal drill hole spacing ranges from 20 m to >300 m.
The Olympic Dam mineralised deposit is approximately six kilometres long and
three kilometres wide and typically extends to depths of 900 m, and locally
beyond 2,000 m beneath the surface. The mineralisation at Olympic Dam is open at
depth in local areas.
Deterministic geological models (wireframes) of the sulphide species are built
in Leapfrog modelling software, using a combination of implicit geological
modelling combined with local updates driven by geological sectional
interpretation. Extensive peer reviews of the geological models are undertaken
prior to use in resource estimation.
The confidence of the geological interpretation of the Olympic Dam mineral
deposit is supported by a long history of diamond drilling, geological logging,
assay results, underground mapping, and reconciliation of mined material and
metal production. Confidence in the mineralised model is sufficient in areas
declared as Mineral Resource, where mineralisation orientations are adequately
constrained by data spacing and supported by lithological, alteration and
structural modelling. Areas outside the declared Mineral Resource generally have
lower confidence due to wider drill spacing, reduced geological confidence, or
insufficient demonstrated mineralisation continuity at a scale relevant to
potential underground mining methods, including both bulk and selective mining
scenarios. Future drilling and studies may refine these interpretations.
The Mineral Resource estimation process included:
. Raw assay data composited to 5 m lengths, due to consideration of sampling,
mineralisation style and mining method choices, with the relevant domains
flagged after compositing.
. Statistical analysis of the composites within key mineralisation domains.
. Variography modelling on mineralisation, sulphide and orientation domains.
. Identification of outliers and application of high yield thresholds to the
composites, determined by geostatistical domain analysis and calculated
using a metal-at-risk approach.
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BHP | Financial results for the year ended 30 June 2026
. For the mineralised domains being reported, estimation of grade and density
via either a combination of multiple-indicator kriging with ordinary
kriging (MIK-OK) or ordinary kriging (OK) methods within estimation domains
constrained by mineralisation through sulphide domains and orientation
domains.
Estimation was undertaken using Vulcan mining software (version 2023.4). Drill
hole information is exported from the acQuire database as ASCII format text
files and imported into a Vulcan format drill hole dataset. No top-cutting is
applied; extreme or outlier values are instead managed using the high yield
thresholds described above, which are customised to each stope area domain.
The block model uses estimation supports approximate to drilling density and
resource confidence. Measured blocks are estimated at 5 m X by 10 m Y by 5 m Z
support, while Indicated and Inferred blocks are estimated at 30 m X by 30 m Y
by 15 m Z support. The model is sub celled to a minimum of 2.5 m in each
dimension to represent geological domain boundaries accurately.
The classified elements reported in the Mineral Resource are Cu, U\\3\\O\\8\\,
Au and Ag. All four are estimated using the same MIK-OK methodology and the same
variography approach described below, with the exception that Au and Ag are
subject to an additional Indicator Kriging (IK) domaining step to account for
the portion of Au and Ag mineralisation not contained within the sulphide
domains. Dry bulk density is also estimated using this approach (see Section 5.5
Moisture and density). As Cu is the main economic element at Olympic Dam and
MIK-OK is the predominant estimation method applied, the following discussion of
variography modelling is framed in terms of Cu.
The MIK-OK methodology uses two estimation techniques: MIK and OK. The intent of
the MIK technique is to divide the grade distribution into 20 domains (classes)
using 19 strategic cut-offs. The spatial variability of grade within these 20
domains is modelled using three indicator variograms. The indicator cut-offs are
calculated based on a mixture of metal abundance in each class, the number of
sample composites within each class, and the overall shape of the grade
distribution. Typically, the three cut-offs occur at 50%, 30% and 20%,
respectively, of the available sample composites in the distribution, resulting
in apportionment of the distribution into low, medium and high-grade variography
components.
The OK component of the MIK-OK method uses the samples flagged against the MIK
estimate to derive the final block grade. The spatial variability of the flagged
samples is modelled using two variograms, which are based on a 50/50 split of
the 20 MIK classes described above.
The resource estimation process has well established procedures, including peer
reviews, that govern geological interpretation, resource estimation and
reporting of Mineral Resources. Documentation is stored electronically in a
secure centralised location. These documents contain information on deposit
geology, geometry, detailed geological and geostatistical modelling, data
preparation including compositing, and classification parameters.
The classified elements reported in deeper domains (known as Olympic Dam Deeps),
which run along the base of the deposit, are estimated using OK.
A large number of other unclassified elements are estimated in various ways for
use in assessment of economic elements, gangue elements, and gangue minerals
that may impact processing.
Validation of the Mineral Resource estimate has been conducted in several ways,
including but not limited to, visual drill hole section and plan data comparison
with the block model and various statistical and swath plot comparisons by
domain and element.
Olympic Dam has a long history of mining and processing and reconciliation with
production data provides confidence in Resource determination.
5.1 Cut-off parameters
A cut-off grade was chosen to reflect reasonable prospects for economic
extraction assuming a bulk underground mining method such as block caving. For
the block cave Mineral Resource, this was a cut-off greater than or equal to
0.35% Cu for any selective mining unit (see Mining Factors), which was based on
internal benchmarking studies combined with potential economic modelling. This
cut-off was used to filter potentially economic blocks from potentially
sub-economic blocks, where any material within the retained selective mining
unit (SMU) was deemed to have reasonable prospects of eventual economic
extraction. As such, zero grade material (in-situ waste material or current or
assumed future sub-level open stopes backfill) was included as internal dilution
to account for the non-selective nature of block caving.
For the UG Sulphide (SLOS), the cutoff grade used was variable between 0.6% Cu
and 1% Cu. There has been no change to the SLOS Mineral Resource from that
reported in the BHP FY26 Annual Report (www.bhp.com).
5.2 Mining factors
The total Olympic Dam Mineral Resource assumes both selective SLOS method and a
bulk underground mining method such as block caving. The UG Sulphide (SLOS) and
UG Sulphide Block Cave (BC) Mineral Resources together account for the majority
of the shallower mineralisation. The remaining mineralisation is insufficient to
warrant ongoing separate reporting of an Open Cut (OC) Mineral Resource and has
been removed.
It is assumed that the SLOS Mineral Resource would be extracted prior to block
caving (with zero grade backfill material replacing mineralisation). Future
mining studies are required and may determine that some areas of the deposit are
more economically amenable to block caving without extraction of the selective
SLOS Mineral Resource component, in which case, some of the SLOS Mineral
Resource may convert to block cave Mineral Resource in future.
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BHP | Financial results for the year ended 30 June 2026
A maximum depth threshold of -1,500 m from surface level (~-1400 mRL) for block
caving was applied to the BC Mineral Resource. This threshold was applied based
on benchmarking of deposits of similar style and tenor to account for modifying
factors, such as economic and geotechnical factors relating to the reasonable
prospects for economic extraction of deep block cave mining. Beyond this depth
there are uncertainties on management of geotechnical conditions, heat and
ventilation. Future mining studies may refine these assumptions and
considerations. No depth constraint exists for reporting of the SLOS Mineral
Resource.
For the block caving Smallest Mining Unit (SMU) and potential feasibility,
minimum mining widths and heights were considered. This included an assessment
of grade continuity, relative to potential SMU sizes, to quantitatively
demonstrate the degree of spatial consistency in mineral grade distribution. The
assessment utilised a model regularised to 100 m X by 100 m Y by 200 m Z, where
SMU selection required a minimum of three connected blocks in the XY plane, all
of which needed to be above the nominal economic cutoff. This criterion was
informed by technical studies, internal analysis, and consultation with mining
engineers and caving specialists.
The presence of current or future backfill (such as rockfill, concrete aggregate
fill or paste fill) in any future cave design could present a risk of mud rush
(wet or dry), poor cave propagation, breakages or particle comminution. This
material may act like other in-situ fine geological units (e.g. overburden) or
may have variable properties dependent on backfill formulation. Backfill
material could also act differently under varied seismic or stress conditions.
The Competent Person assumes that prior to any future mining, sufficient mining
controls relating to managing mud rush risks, geotechnical risks, grade
variability (of economic and any potential deleterious elements) would be
established to manage and maintain safe working and extraction practices.
There is no assumption related to potential concurrent caving, cave induced
seismicity or seismic interaction, or distance buffers required for concurrent
SLOS mining. The Competent Person assumes that any future caving would have
optimisation on spatial or temporal mining sequences, with controls established
prior to, during, or post-extraction of caved areas.
The Competent Person assumes that block caving, or other bulk underground mining
methods, could occur in the presence of backfill material. No assumption has
been made regarding the impact of non-homogeneous cave flow on the distribution
or forecasting of economic or deleterious elements or materials. Prior to any
consideration of conversion to Ore Reserves, future studies are required to
understand practical constraints, or absolute limits, of either geotechnical,
metallurgical, or other modifying factors. Due to the uncertainty of caving
where there might be a significant portion of backfill, a nominal limit of
(greater than equal)50% backfill, from current or future SLOS mining, is used to
constrain resource classification to Inferred.
It is expected that future studies and additional information will continue to
refine the Mineral Resource as it relates to modifying factors.
There is no assumption that all or any part of the block cave Mineral Resource
would convert to Ore Reserves with further mining studies required.
5.3 Metallurgical factors
The declared Mineral Resource reports on a 100% basis and does not account for
metallurgical recovery. No assumptions have been made regarding recovery of
by-products other than those reported, and no deleterious elements have been
factored into the reported Mineral Resource.
The declaration of Mineral Resource assumes that any future caving material that
include backfill material (such as rockfill, concrete aggregate fill, paste
fill) would be supported by suitable processing studies and blending strategies.
The block cave mineral resource assumes metallurgical recoveries similar to
current SLOS recoveries. Future studies are required prior to any conversion to
Ore Reserve.
5.4 Environmental factors
The Olympic Dam mine is currently in operation. It is assumed that there would
be sufficient data and studies on any impacts of block caving in terms of
surface disturbance, and appropriate waste, water, material disposal and
management options, prior to commencement of a new mining method. It also
assumes there are reasonable prospects of obtaining all necessary permits and
approvals prior to commencement of a new mining method.
5.5 Moisture and density
Tonnages are estimated on a dry basis using dry bulk density data collected for
every sampled interval of drill holes and domained in accordance with the copper
mineralisation.
Bulk density measurements were collected on all assayed samples using the water
immersion method from core samples at the Olympic Dam core processing
facilities. The majority of fresh Olympic Dam core has very low porosity and
negligible moisture content; therefore, no moisture correction is applied. The
estimation of density is performed using an approach similar to that used for Cu
(MIK-OK or OK).
6 Mineral Resource statement
6.1 Classification
A range of criteria was considered in determining the block cave Mineral
Resource classification, including:
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BHP | Financial results for the year ended 30 June 2026
. Drill hole and data density (i.e. informing samples).
. Sample and assay confidence.
. Geological interpretation confidence and, similarly, geological continuity.
. Grade continuity within mineralisation.
. Estimation performance through validation.
. Reasonable prospects for eventual economic extraction.
. Mining method with appropriate modifying factors.
Comparison to the SLOS Mineral Resource is provided for context where
appropriate. There has been no change to the SLOS Mineral Resource from that
reported in the BHP FY26 Annual Report (www.bhp.com).
Determination of the classification category relating to geological confidence
was undertaken using geological confidence shells (wireframes). These shells
were created as follows:
. Regular grids, at spacings corresponding to desired confidence, were
created using RMSP software (Python mining software). Grid spacings were
increased according to confidence levels.
. At each grid point, a search was conducted using radii which correspond to
twice the grid spacing to count the number of drill holes within that
volume. Doubling the grid spacing ensures that the search volume around
each grid centroid covers the entire area of influence for that cell and
its immediate neighbours.
. Boundaries were generated where the drill hole density transitions between
classification thresholds, creating 3D shells which reflect increasing
classification confidence. These shells were manually calibrated in
Leapfrog Geo (2023.3) with the current drilling database to resolve any
artefacts and ensure that drilling confidence levels matched expectations.
The following table provides a summary of parameters used in creating
geological confidence shells (Table 3) and corresponding nominal drill
spacings.
Table 3. Summary of spacing requirements for geological confidence for the
Olympic Dam block cave classification
Block cave Resource Sample drill hole Grid cell size Required Nominal spacing
Classification search radius (m) (m) drill holes (m)
---------------------- ----------------- -------------- ----------- ---------------
Measured.............. 60 m 30 4 <80 m
Indicated............. 120 m 60 3 80 m to 180 m
Inferred.............. 180 m 90 2 180 m to 300 m
For comparison, the nominal drilling density applied for SLOS Mineral Resource
classification are 20 m to 35 m for Measured, 35 m to 70 m for Indicated and
70 m to 200 m for Inferred.
Additional requirements for classifying of the block cave Mineral Resource
includes:
. Minimum SMU comprising three connected 100 m by 100 m regularised blocks in
the XY plane, with a vertical minimum of 200 m in Z.
. Maximum depth of ~1,500 m from surface (~-1400 mRL).
. Grade cut-off greater than or equal to 0.35% Cu for any SMU.
. Classification limit of Inferred for any SMU with (greater than equal)50%
backfill (current or future).
The classification is considered appropriate by the Competent Person.
6.2 Relative accuracy / confidence
Olympic Dam has a significant history of SLOS mining and has available
production data for comparative purposes which does not highlight any material
issues. Relative accuracy and confidence have been assessed through validation
of the model outlined above.
The Mineral Resource estimate comprises material categorised as Measured,
Indicated or Inferred Mineral Resource. These categories reflect the accuracy
and confidence as a global estimate.
Further drilling and mining studies will most likely result in changes to both
the Mineral Resource and future mine plans at Olympic Dam.
The Competent Person considers the classification approach and methodologies
applied are appropriate for this deposit.
7 Independent review
A review of the Mineral Resource estimate was undertaken by AMC Consultants in
2024. A review of the resource classification regarding block cave was completed
by AMC Consultants in 2026.
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BHP | Financial results for the year ended 30 June 2026
In the Competent Person's opinion, there are no outstanding issues arising from
these reviews that are not being addressed within the Mineral Resource report's
recommendations or included in assumptions outlined in this document.
8 Future work
Further drilling may be undertaken to test the lateral and depth extent of
mineralisation and improve confidence in grade continuity. Further studies are
required to assess modifying factors related to the potential application of
block caving. These may include mine design and sequencing, geotechnical
conditions, backfill interaction, seismicity, heat and ventilation, and
associated economic parameters.
9 Estimation and Reporting of Ore Reserves
The mine plan for the Olympic Dam Ore Reserves is underpinned by a Life of Mine
plan prepared in accordance with BHP requirements. There has been no change to
the Ore Reserves from those reported in the BHP FY26 Annual Report
(www.bhp.com). The following information relates to the reporting of SLOS Ore
Reserves. The newly reported Block Cave Mineral Resource has not been converted
to Ore Reserve. Study work is currently in progress to assess the mining method
and underlying factors.
9.1 Assumptions
9.1.1 Mineral Resources estimate for conversion to Ore Reserves
The relevant resource block model has been used as the basis for mine planning
and conversion to Ore Reserves. The reported SLOS Mineral Resources are
inclusive of Ore Reserves.
The Ore Reserve converts Measured Mineral Resource to Proved Ore Reserve and
Indicated Mineral Resource to Probable Ore Reserve, with the exception of
low-grade stockpiles where the Measured Mineral Resource converts to Probable
Ore Reserve.
9.1.2 Site visits
The Ore Reserve Competent Person has worked on site for four years and acquired
direct operational knowledge of Olympic Dam. There has been continuous
involvement with site teams with the most recent site visit undertaken in June
2025 to visit new underground workings and assess Critical controls.
9.1.3 Study status
Olympic Dam has been in continuous production since 1988 and prepares an annual
Life of Mine plan that supports the Ore Reserve estimate. The modifying factors
underpinning the Ore Reserves have been assessed to an appropriate level of
confidence for an operation with a long life of mine. Projects in later stages
of the mine plan will continue to be refined through future studies and
optimisation. These projects do not materially impact the confidence in the Ore
Reserve estimate.
9.1.4 Cut-off parameters
Olympic dam applies a variable cut-off grade strategy that is informed by a
study. Ore reserves are estimated at a cut-off grade of 1.0-1.7% Cu for UG
Sulphide and (greater than equal) 0.6% Cu for Low grade. UG Sulphide includes
ore from stopes and development, while low-grade and waste is the material from
development.
Mining block-specific cut-off grades exploit the unique geological properties of
each block to produce a relatively consistent ore feed. This seeks to maximise
throughput through a series of surface processing stages. This strategy enables
high-grade material to be targeted in early years of the mine plan. Lower grade
material is then exploited as higher-grade material is depleted.
Price and cost assumptions are used to support a variable cut-off. Operating
costs are inclusive of mining, surface processing, general and administration,
closure, marketing and royalties.
9.1.5 Mining factors
The mining method selected at Olympic Dam is underground SLOS with cemented
aggregate backfill. Paste fill has also been identified as an alternative
backfill strategy, with a paste plant currently under execution. The stopes are
sequentially extracted and progressively backfilled to control maximum
excavation spans and manage stresses in the rock mass.
The conversion of Mineral Resource to Ore Reserve is achieved by creating stope
shapes using manual (engineered stopes) and automated techniques (Stope
Optimiser tools). These stopes are incorporated into a mine schedule and
sequenced considering geotechnical parameters and ventilation constraints, and
operating parameters.
Detailed development and stope designs are generated with mine block specific
cut-off grades and schedules are prepared considering respective mine block
constraints.
The nominal stope mining dimension is 30 m by 30 m in plan, with stope heights
varying according to geotechnical parameters and ground conditions. Stope widths
range from 15 m to 30 m to accommodate irregular orebody geometries. The
development dimensions and profiles vary for different applications but are
typically in the ranges of 5 m by 5 m to 7 m by 7 m.
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BHP | Financial results for the year ended 30 June 2026
Overbreak (OB) and underbreak (UB) factors that inform dilution and recovery are
reviewed annually and updated as necessary. Modifying factors are informed
through reconciliation of site performance. They are applied by mine area to
reflect localised geotechnical conditions. Typical planned factors are; UB
tonnage factor: 5-11%, OB tonnage factor: 9-28%, OB grade factor: 47-77%. The
wide range of factors reflects area-specific geotechnical and mining conditions
across the operation. The use of these factors enhances the accuracy and
confidence of the Ore Reserve estimate.
The mine plan includes a new material handling system with new underground
crusher and conveyor to surface, supported by appropriate ventilation raises to
deliver production profile.
Inferred Mineral Resources were considered in the Life of Mine schedule but are
not included in the Ore Reserve estimate. To assess the impact of Inferred
Mineral Resources, revenue attributable to Inferred Resources was removed from
the valuation model while all associated costs were retained. The resulting
valuation generated a positive NPV, demonstrating that the Ore Reserve remains
economically viable without the contribution of Inferred Resources.
9.1.6 Metallurgical factors
The Olympic Dam metallurgical process is well established and has been in
operation since mining commenced in 1988. The integrated processing plant
produces copper cathode, uranium oxide, and gold and silver bullion, while
removing deleterious elements at various stages of the process.
A comprehensive geometallurgical program tests ore from both existing and new
mine areas, with results calibrated against operating plant performance.
Hundreds of samples are collected and tested every year based on the mine areas
identified in medium and long-term mine plans. These samples are combined into
monthly composite samples and assessed using the same characterisation
procedures. Metallurgical recovery factors applied in the mine plan are based on
this data and planned operating conditions for the plant.
Average metallurgical recoveries applied in the Ore Reserve estimate are 94% for
Cu, 65% for U\\3\\O\\8\\, 71% for Au, and 63% for Ag. Recovery assumptions are based on
a combination of operating performance and geometallurgical test work.
9.1.7 Environmental
Environmental performance is managed through a comprehensive Environmental
Protection and Management Program (EPMP), approved by both the Commonwealth and
South Australian governments. Required under the Roxby Downs (Indenture
Ratification) Act 1982 (SA) and associated project approval conditions. The EPMP
provides the framework for managing environmental impacts from operations. It is
reviewed and approved annually by the South Australian Minister for Energy and
Mining, including a reassessment of operational activities, environmental
aspects, and associated impacts. All material governmental approvals, licences
and permits required for current Ore Reserve extraction are in place or expected
to be renewed in the ordinary course of operations. There are no known
environmental issues that materially affect extraction of the declared Ore
Reserves.
The closure plan is reviewed regularly and updated to reflect changes as the
operation has a long life and will be subject to change over the remaining life
of the asset. Appropriate uncertainty has been built into the closure cost
estimate.
In the current closure plan, Tailings Storage Facility (TSF) and EP (Evaporation
Ponds) are planned to be progressively rehabilitated during operations, and
redundant infrastructure will be demolished when practicable. Given the
underground nature of Olympic Dam, most other major closure activities (e.g.,
the closure of operational TSF and EP, infrastructure and general land
rehabilitation) are scheduled to commence at the end of life. Active closure is
planned to take three years, and a 20-year post-closure monitoring and
maintenance period is planned.
9.1.8 Social factors
The Roxby Downs (Indenture Ratification) Act 1982 (SA) provides statutory
authority for an agreement (Indenture) between BHP and the State of South
Australia. Refer to Section 2 Mineral tenement and land tenure for further
details.
The Olympic Dam operation has been subject to multiple Environmental Impact
Statement (EIS) assessments under three separate South Australian and
Commonwealth processes since commencement of operations in 1988. All phases
considered expansion of operations over time and support current operations and
Ore Reserves.
Olympic Dam also holds a range of statutory approvals, licences, permits,
exemptions, registrations, certifications, memberships and leases that enable
Olympic Dam operations and are logged in Olympic Dam's Integrated Management
System.
BHP has a suite of policies and procedures in place that ensure appropriate
consideration and management of any potential community or human rights impacts
of its operations, capital projects and investment decisions (both positive and
negative) in line with public commitments set out in BHP's Human Rights Policy
Statement and Indigenous Peoples Policy Statement.
9.1.9 Infrastructure
The Olympic Dam mine has been in production for more than 35 years. Production
commenced in the northern portion of the orebody and subsequently expanded
south, which underpins a significant part of the Ore Reserves.
The underground mine plan incorporates incremental extension of the truck
haulage network to facilitate production from new mine areas. A new material
handling system, including conveyors to surface, ore passes, and haulage
corridors, is planned to enable material movement from new mine areas.
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BHP | Financial results for the year ended 30 June 2026
Underground and surface ventilation raises, supported by refrigeration for
deeper mine areas, are incorporated in the mine plan to facilitate access to new
mine areas.
Current operations utilise Cemented Aggregate Fill method to backfill stopes.
Paste Fill has been selected as an alternative backfill method to support
production in existing and future mining areas. Construction of the paste fill
plant and associated infrastructure supporting the Ore Reserves is in execution.
Surface processing facilities are in place and capital allocation for planned
processing infrastructure upgrades has been incorporated into the Life of Mine
plan.
10 Market and commodity price assumptions
10.1 Cost factors
Capital costs for new infrastructure are derived from the Life of Mine plan and
informed by relevant historical costs and study work where appropriate. Major
capital provisions include significant smelter shutdowns occurring every 6 to 10
years, and planned transition from single stage smelter configuration to twin
stage. Capital estimated includes progressive rehabilitation activities and
final closure costs consistent with ongoing closure planning. Sustaining capital
estimates are based on extensive study work and long-term asset integrity
programs targeting reliability of operations.
Operating cost estimates are derived from first principle models for mining,
processing and General and Administrative costs informed by historical operating
performance, budget forecasts and life of mine planning assumptions.
Transport, marketing and other off-site costs are incorporated in cost
estimations. As Olympic Dam produces final metal products on site, all treatment
costs and refining costs are based on current performance. Government royalties
and applicable taxes have been incorporated into the economic evaluation.
10.2 Revenue factors
Revenue is calculated by applying forecast commodity prices and foreign exchange
rates to the planned production in period, with production estimates reflecting
the applicable metallurgical recovery assumptions. Forecast commodity prices
(copper, uranium, gold and silver) and foreign exchange rates are determined in
accordance with BHP protocols and are used as inputs to the valuation model.
Ore Reserves are based on the Life of Mine plan and use latest BHP forecast
commodity prices forecasts for revenue projection.
The commodity price protocols and the process that establishes them is
commercially sensitive and is not disclosed in this report.
10.3 Market assessment
Olympic Dam is a polymetallic deposit that produces copper cathode, uranium
oxide concentrate, and gold and silver bullion. These products are sold to
various domestic and international markets.
Future copper demand growth is expected to be underpinned by development in
emerging economies as they electrify, industrialise, and urbanise. The global
energy transition provides further upside, as copper is widely used in electric
vehicles and renewable energy infrastructure.
Currently, the copper market is broadly balanced; however, demand is expected to
exceed committed supply in the coming years, requiring new supply to come to
market.
Nuclear power generation, and associated uranium demand, are expected to grow in
the future, requiring new sources of supply.
Unlike most industrial metals, gold and silver prices are influenced not only by
physical supply-demand balances but also by investment flows, monetary
conditions, and safe-haven demand.
10.4 Economics
A valuation model has been developed for the purposes of supporting the Ore
Reserves. All revenue and economic assumptions are as described within other
sections of this table. Calculation of the net present value (NPV) was conducted
using a discount rate, estimated inflation and tax rates adhering to BHP
protocols.
Sensitivity analysis was conducted on the mine plan using a range of prices,
exchange rates and costs, demonstrating a positive NPV across all sensitivities.
Inferred Mineral Resources were allowed to contribute to the mine schedule but
are not included in the Ore Reserves estimate. Sensitivity analysis was also
conducted on the mine plan by removing revenue attributable to Inferred
Resources while retaining all associated costs. The analysis demonstrates that
Inferred Resources make a minor contribution and that the NPV remains positive
following its removal.
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BHP | Financial results for the year ended 30 June 2026
11 Ore Reserve statement
There have been no changes to Ore Reserves since those reported in BHP's FY26
Annual Report. The Ore Reserve estimate is supported by a Life of Mine plan,
operating performance, modifying factors and assumptions previously disclosed.
11.1 Classification
The Ore Reserve classification is supported by the SLOS Mineral Resource
classification. Measured Mineral Resources are converted to Proved Ore Reserves
and Indicated Mineral Resources are converted to Probable Ore Reserves, except
for low-grade development material, where Measured Mineral Resources are
converted to Probable Ore Reserves. The low-grade material mined at a cut-off
grade of 0.6% Cu will be stockpiled to process towards end of life of mine.
Other than low-grade stockpiles, no Probable Ore Reserves have been derived from
Measured Mineral Resources.
11.2 Discussion of relative accuracy/confidence
The relative accuracy and therefore confidence in the Ore Reserves estimate is
deemed appropriate for its intended purpose of global Ore Reserves reporting.
The application of modifying factors affecting the accuracy and confidence as
stated in Section 9 Estimation and reporting of Ore Reserves are taken into
consideration during classification of the model and are therefore addressed by
the Competent Person in the attributed Reserve classification.
Confidence in the Ore Reserve estimate is supported by ongoing production
reconciliation, operational performance and validation of modifying factors
through established mining operations. In the Competent Person's opinion, there
is appropriate confidence in the modifying factors to support the Olympic Dam
Ore Reserve estimate.
11.3 Ore Reserves declared
Table 2 presents the statement of Ore Reserves for Olympic Dam and is unchanged
from that reported in BHP's FY26 Annual Report (www.bhp.com).
12 Reconciliation
Confidence in the Ore Reserve is supported through reconciliation against
production data. Annual reconciliation results are considered more
representative than shorter reporting periods due to timing differences
associated with ore movement through stockpiles and processing facilities.
Reconciliation performance provides confidence in the modifying factors and
assumptions applied in the Ore Reserve estimate.
13 Independent review
AMC Consultants conducted independent reviews of the 2019 and 2020 Ore Reserve
processes and estimates, which informed the FY2021 Ore Reserves. All actions
were closed in 2021, with no further findings for Olympic Dam. Since completion
of external reviews, there have been no material changes to the ore reserve
estimates that would warranted external independent review. BHP's internal
annual assurance program further ensures that any significant risks, assumptions
and controls relevant to Ore Reserve estimate are adequately managed.
14 References
Joint Ore Reserves Committee of The Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and Minerals Council of
Australia (JORC), 2012. Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves.
BHP Quarterly Activities Report, 18th Jan 2024 "Operational review for the half
year ended 31 December 2023". Appendix 3, Project status update - Olympic Dam
"Deeps" (OD Deeps). www.bhp.com
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BHP | Financial results for the year ended 30 June 2026
Variance analysis relates to the relative performance of BHP and/or its
operations during the three months ended September 2026 compared with the three
months ended September 2025, unless otherwise noted. Production volumes, sales
volumes and capital and exploration expenditure from subsidiaries are reported
on a 100% basis; production and sales volumes from equity accounted investments
and other operations are reported on a proportionate consolidation basis.
Numbers presented may not add up precisely to the totals provided due to
rounding. Medium term refers to a five-year time horizon, unless otherwise
noted.
The following abbreviations may have been used throughout this release: silver
(Ag); gold (Au); billion dollars (B/bn); billion troy ounces (Boz); billion
tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF); carbon
dioxide equivalent (CO2-e); compound annual growth rate (CAGR); copper (Cu);
copper equivalent (CuEq); dry metric tonne (dmt); final investment decision
(FID); free on board (FOB); foreign exchange (FX); greenhouse gas (GHG); grams
per tonne (g/t); high-potential injury (HPI); joint venture (JV); kilograms per
tonne (kg/t); kilometre (km); megalitres/million litres (ML); Memorandum of
Understanding (MOU); million troy ounces (Moz); million ounces per annum
(Mozpa); million pounds (Mlb); million tonnes (Mt); million tonnes per annum
(Mtpa); ounces (oz); pounds (lb); million dollars (M); 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); uranium (U); 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 the BHP Annual Report 2026 for a list of our
significant subsidiaries. Those terms do not include non-operated assets.
Notwithstanding that this release may include production, financial and other
information from non-operated assets, non-operated assets are not included in
the BHP Group and, as a result, statements regarding our operations, assets and
values apply only to our operated assets unless stated otherwise. Our
non-operated assets include Antamina, Resolution, Samarco and
Vicuna. BHP Group cautions against undue reliance on any forward-looking
statement or guidance in this release. These forward-looking statements are
based on information available as at the date of this release and are not
guarantees or predictions of future performance and involve known and unknown
risks, uncertainties and other factors, many of which are beyond our control and
which may cause actual results to differ materially from those expressed in the
statements contained in this release.
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BHP | Financial results for the year ended 30 June 2026
Date: 20/10/2026 09:20:00
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