BHP GROUP LIMITED - BHP Announces Silver Streaming Transaction

BHP Announces Silver Streaming Transaction

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




BHP Group Limited
Exchange release
17 February 2026


BHP enters into a silver streaming agreement with Wheaton
Precious Metals relating to its share of Antamina silver
production

BHP, through a wholly owned subsidiary, has entered into a long-term streaming agreement
with Wheaton Precious Metals International Ltd. (a wholly-owned subsidiary of Wheaton
Precious Metals Corp.) (Wheaton) (the Agreement). Under the Agreement, BHP will receive
an upfront payment of US$4.3 billion at completion (Upfront Consideration). In exchange,
BHP will deliver silver to Wheaton calculated by reference to its share of silver produced at
the Antamina mine. The Agreement represents the most valuable streaming transaction to
date based on Upfront Consideration received.

BHP is a shareholder of the Antamina mine, located in Peru, through its 33.75% investment
in Compañía Minera Antamina S.A. (CMA). Antamina is operated independently by CMA.
CMA is not a party to the Agreement. BHP's rights as a shareholder of CMA and its obligations
under the joint venture agreement are unaffected by the Agreement. The Agreement will have
no impact to BHP's existing customer agreements.

Supported by strong silver market conditions, the Agreement maximises shareholder value by
unlocking capital from a non-core commodity that can be reallocated to BHP's high-return
growth projects and shareholder returns, consistent with our capital allocation framework. The
transaction is not expected to increase BHP's reported debt levels. The transaction will allow
BHP to realise the value of silver as a by-product at Antamina and retain full exposure to all
copper, zinc and lead production from its share of this large-scale, long-life asset.

BHP Chief Executive Officer, Mike Henry, commented:
"We are pleased to partner with Wheaton – a global leader in precious metals streaming.
BHP's investment in Antamina has delivered value to investors through strong copper
production performance, and this agreement further unlocks additional value from the asset
in an innovative and disciplined way."

BHP Chief Financial Officer, Vandita Pant, commented:
"Today's announcement is a further example of our active capital management in action, and
focus on strategically unlocking value from our portfolio. The Upfront Consideration compares
favourably with the consensus estimates of our entire share of Antamina. Together with the
recent transaction with Global Infrastructure Group and subject to closing of both transactions,
we expect to unlock over $6 billion of cash to strengthen our balance sheet flexibility, support
long-term value creation and enhance BHP's shareholder value."

Transaction terms
The key transaction terms of the Agreement include:
•   Upfront Consideration: Wheaton will pay Upfront Consideration of US$4.3 billion to BHP
    at completion.
•   Production transfer payments: Wheaton will also pay BHP 20% of the spot silver price
    at the time of delivery for each ounce of silver delivered to Wheaton under the Agreement.
•   Streamed metal: In return for the Upfront Consideration and ongoing production transfer
    payments, BHP will deliver the equivalent of 33.75% of the silver produced by Antamina
    (subject to a fixed payable rate of 90%). After 100 million ounces of silver have been
    delivered to Wheaton, the stream will be reduced and BHP will deliver the equivalent of
    22.5% of silver produced by Antamina over the remaining life of mine. The settlement of
    the stream is completed via metals credits with no physical delivery of silver to Wheaton.
•   Effective date: the Agreement has an effective date of 1 April 2026
•   Guarantees: Certain obligations will be guaranteed by BHP Group Limited and the entity
    holding BHP's interest in Antamina.

Completion is expected on or around 1 April 2026. Completion is not subject to any regulatory
approvals. The transaction is subject only to completion of corporate matters and customary
conditions to closing.

About Wheaton
Wheaton is the world's largest precious metals streaming company, focused primarily on gold
and silver streaming agreements across a global portfolio of high-quality mining operations.
Its business model offers investors commodity price leverage and exploration upside.
Wheaton is committed to strong ESG practices and giving back to the communities where
Wheaton and its mining partners operate. Wheaton creates sustainable value through
streaming for all of its stakeholders.

About Antamina
Antamina is a large copper and zinc mine located 270 kilometres north of Lima, Peru.
Antamina is independently operated by CMA. The shareholders of CMA are BHP (33.75%),
Glencore plc (33.75%), Teck Resources Limited (22.5%) and Mitsubishi Corporation (10%).
In calendar year 2025, Antamina produced 124,200 tonnes of copper, 129,400 tonnes of zinc,
and 5.4 million ounces of silver (on a BHP share basis).

Overview of precious metal streaming transactions
A stream is a long-term contract under which the purchaser, in exchange for an upfront
payment, acquires the right to receive a percentage of future precious metal production,
calculated by reference to underlying production from a mine subject to the agreement.
Ongoing payments to the seller are typically structured either as a fixed price per ounce or as
a fixed percentage of the prevailing spot price at the time of delivery.

A stream does not impose fixed annual delivery obligations; deliveries fluctuate with actual
production from the mine. A stream does not affect the way the mine owner operates the mine.



Advisers
BMO Capital Markets is acting as financial advisor to BHP and Davies Ward Phillips &
Vineberg LLP is acting as legal counsel.




Authorised for release by Stefanie Wilkinson, Group General Counsel and Group Company Secretary.
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Contacts

Media                                        Investor Relations
media.relations@bhp.com                      investor.relations@bhp.com


Australia and Asia                           Australia and Asia
Gabrielle Notley                             John-Paul Santamaria
+61 411 071 715                               +61 499 006 018

Europe, Middle East and Africa               Europe, Middle East and Africa
Amanda Saunders                              Adam Sanderson
+44 7887 468 926                             +44 7884 735 515

North America                                Americas
Megan Hjulfors                               Li Hua
+1 403 605 2314                              +1 647 828 9830


Latin America
Renata Fernandez
+56 9 8229 5357



BHP Group Limited
ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Level 18, 171 Collins Street
Melbourne
Victoria 3000 Australia
Tel: +61 1300 55 4757 Fax: +61 3 9609 3015
BHP Group is headquartered in Australia


bhp.com

Date: 17-02-2026 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.