Quarterly Production Report

BHP Group Limited

18 April 2024

 

                                                                                                                                18 April 2024

BHP Group Limited

Operational review for the nine months ended 31 March 2024

Solid operational performance in copper, iron ore and energy coal.

"We remain on track to meet copper, iron ore and energy coal production for the year. Copper volumes have increased by 10 per cent reflecting strong performance and additional tonnes from Copper South Australia, record year-to-date performance from Spence, and improved grades and production at Escondida.

"Western Australia Iron Ore, the lowest cost iron ore producer globally, delivered another consistent period of production despite heavy rainfall. We continue to invest in improvements to our rail and port operations, which are essential for growth in the medium term to 305 million tonnes per annum and beyond.

"At our BMA metallurgical coal operations in Queensland, significant wet weather including the impact of two tropical cyclones and operational challenges impacted production and unit costs, and we have revised guidance for the year. We successfully completed the sale of the Blackwater and Daunia mines on 2 April for a total of up to US$4.1 bn (100%).

"In Canada, the Jansen Stage 1 project remains ahead of its initial schedule and is now 44 per cent complete. In Western Australia, we expect to announce a decision on the future of our nickel business in the coming months, where efforts to optimise operations and preserve value are underway."

Mike Henry

BHP Chief Executive Officer

Summary

Operational performance				Portfolio
Copper production increased 10%				Completed sale of Blackwater and Daunia
Increased copper production driven by record production at Spence, strong operational performance at Copper South Australia (and the contribution from Prominent Hill and Carrapateena), and improved performance and grade at Escondida. FY24 production guidance for BMA has been lowered to 21.5 - 22.5 Mt (43 - 45 Mt at 100%). Other updates to FY24 production guidance are reflected in the table below. FY24 unit cost guidance1 for BMA has been increased to US$119/t - US$125/t.				We completed the strategic reshaping of our metallurgical coal business with the divestment of BHP Mitsubishi Alliance's (BMA) Blackwater and Daunia mines to Whitehaven Coal on 2 April for a total cash consideration of up to US$4.1 bn (100%). BMA now has a more focused operational footprint and a greater portion of higher quality metallurgical coal (>85%) which is expected to achieve higher relative margins in a decarbonising world.
ESG				Governance
MSCI upgrade				Board update
In March 2024, ESG ratings provider MSCI upgraded BHP's overall company score based on their assessment of performance under the Social Pillar. This reflects the progress made in Brazil, including in negotiations, and our commitment to deliver full and fair remediation and compensation.				In March, we announced the appointment of Ross McEwan and Don Lindsay as Non-executive Directors, effective 3 April 2024 and 1 May 2024 respectively. We also announced the retirement of Ian Cockerill as a Non-executive Director, effective 4 April 2024.
Production	Quarter performance				YTD performance		FY24 production guidance
	Q3 FY24	v Q2 FY24	v Q3 FY23		YTD Mar FY24	v YTD Mar FY23	Previous	Current
Copper (kt)	465.9	7%	15%		1,360.3	10%	1,720 - 1,910	1,720 - 1,910
Escondida (kt)	288.2	13%	15%		816.1	7%	1,080 - 1,180	1,080 - 1,180	Unchanged
Pampa Norte (kt)	61.6	3%	(16%)		199.7	(9%)	210 - 250i	210 - 250i	Upper end
Copper South Australia (kt)	79.0	(4%)	53%		232.7	49%	310 - 340	310 - 340	Unchanged
Antamina (kt)	33.9	(14%)	15%		105.6	4%	120 - 140	120 - 140	Unchanged
Carajás (kt)	3.2	78%			6.2		-	-	-
Iron ore (Mt)	61.5	(7%)	3%		190.5	(1%)	254 - 264.5	254 - 264.5
WAIO (Mt)	60.3	(6%)	3%		186.8	(1%)	250 - 260	250 - 260	Unchanged
WAIO (100% basis) (Mt)	68.1	(6%)	3%		210.2	(1%)	282 - 294	282 - 294	Unchanged
Samarco (Mt)	1.2	(10%)	12%		3.7	13%	4 - 4.5	4 - 4.5	Upper end
Metallurgical coal - BMA (Mt)	6.0	6%	(13%)		17.4	(16%)	23 - 25	21.5 - 22.5	Lowered
BMA (100% basis) (Mt)	12.1	6%	(13%)		34.7	(16%)	46 - 50	43 - 45	Lowered
Energy coal - NSWEC (Mt)	4.1	8%	5%		11.6	23%	13 - 15	13 - 15	Upper end
Nickel - Western Australia Nickel (kt)	18.8	(4%)	(4%)		58.6	1%	77 - 87	77 - 87	Lower half

Note: changes made to FY24 production guidance since the Q2 FY24 Operational review are shown in italics.

i        Production guidance for FY24 is for Spence only and excludes Cerro Colorado which produced 11 kt before ceasing production on 9 November 2023.

1

BHP | Operational review for the nine months ended 31 March 2024

Segment and asset performance | FY24 YTD v FY23 YTD

Further information in Appendix 1 Detailed production and sales information for all operations in Appendix 2

Copper

Production 1,360 kt Up 10% YTD Mar FY23 1,240 kt FY24e 1,720 - 1,910 kt Average realised price US$3.72/lb Up 5% HY24 US$3.66/lb

Total copper production increased by 10% to 1,360 kt. Copper production guidance for FY24 remains unchanged at between 1,720 and 1,910 kt. Escondida 816 kt Up 7% (100% basis) Increased production was primarily due to a higher concentrator feed grade of 0.85%, increasing from 0.79%, as mining progressed into areas of high grade ore as planned following the implementation of measures to manage geotechnical events. Concentrator feed grade for FY24 is expected to be between 0.85% and 0.90%, with 0.92% grade achieved in Q3 FY24. Production guidance for FY24 remains unchanged at between 1,080 and 1,180 kt. Pampa Norte 200 kt Down 9% Spence production increased by 3% to a nine-month record of 189 kt, driven by improved concentrator throughput and higher recoveries. Record concentrate production was partially offset by lower cathode production, in line with an expected decline in stacked feed grade. The concentrator plant modifications which commenced in August 2022 are expected to be completed in FY24. In March 2024, Spence achieved fully autonomous mine haulage operations (ahead of the Q4 FY24 target date) and has deployed a total of 33 autonomous trucks. FY24 production for Spence is expected to be at the upper end of the guidance range of between 210 and 250kt. Cerro Colorado entered temporary care and maintenance in December 2023, after producing 11 kt for the period. Copper South Australia 233 kt Up 49% Production increased by 49% due to the addition of volumes this year from Prominent Hill and Carrapateena, and strong underlying operational performance at Olympic Dam including the highest quarter of material mined in over 10 years in Q3 FY24. Strong smelter performance at Olympic Dam was supported by ongoing transfers of concentrate from Prominent Hill and initial transfers from Carrapateena in Q3 FY24, for processing to higher margin cathode. Crusher 2 at Carrapateena was commissioned in Q3 FY24 and remains on track to ramp up in Q4 FY24. Production guidance for FY24 remains unchanged at between 310 and 340 kt. We are continuing exploration drilling across the Copper South Australia province to enhance our resource knowledge in support of our growth studies. At Oak Dam, we are progressing the external approval process for an underground access decline to enable faster and lower cost resource definition drilling of the mineral deposit, and we expect to be able to provide an Inferred Mineral Resource for Oak Dam later this calendar year. Other copper At Antamina, copper production increased by 4% to 106 kt, while zinc production was 2% higher at 88 kt, both as a result of higher throughput offsetting planned lower concentrator feed grades. Production guidance remains unchanged for FY24, with copper production of between 120 and 140 kt, and zinc production of between 85 and 105 kt. Carajás produced 6.2 kt of copper and 4.1 troy koz of gold. In Q3 FY24 operations continued to ramp back up, and shipments also resumed, following the temporary stoppage of operations between August and October 2023 due to a geotechnical event.

2

BHP | Operational review for the nine months ended 31 March 2024

Iron ore

Production 190 Mt Down 1% YTD Mar FY23 192 Mt FY24e 254 - 264.5 Mt Average realised price US$104.53/wmt Up 3% HY24 US$103.70/wmt

Total iron ore production decreased by 1% to 190 Mt. Production guidance for FY24 remains unchanged at between 254 and 264.5 Mt. WAIO 187 Mt Down 1% | 210 Mt (100% basis) Production was marginally lower due to heavy rainfall throughout Q3 FY24, the continued tie-in activity for the Rail Technology Programme (RTP1), the impacts of the ongoing ramp up of the Central Pilbara hub (South Flank and Mining Area C) and a bushfire near Yandi. South Flank remains on track to ramp up to full production capacity of 80 Mtpa (100% basis) by the end of FY24. The Port Debottlenecking Project (PDP1) was commissioned in December 2023 and ramp up remains on track to be completed in CY24. Production guidance for FY24 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a 100% basis). Samarco 3.7 Mt Up 13% | 7.4 Mt (100% basis) Production increased as a result of higher concentrator throughput. FY24 production is expected to be at the upper end of the 4 - 4.5 Mt guidance range.

Coal

Metallurgical coal

Production 17.4 Mt Down 16% YTD Mar FY23 20.5 Mt FY24e 21.5 - 22.5 Mt Average realised price US$272.09/t Up 6% HY24 US$266.43/t

BMA 17.4 Mt Down 16% | 34.7 Mt (100% basis) Following the tragic fatality of a team member in January 2024, BMA operations were suspended for 24 hours while a safety stop was implemented across all mines, and for a further 3.5 days at Saraji. Production has been impacted by increased planned maintenance, an extended longwall move at Broadmeadow as well as increased stripping to improve supply chain stability at our open cut operations to restore depleted inventory positions arising from extended weather impacts and labour constraints over recent years. Our focus on restoring depleted inventory will continue into CY25. Despite improved production in Q3 FY24, the impacts of higher than planned wet weather, including two tropical cyclones in the region, and the temporary suspension of operations following the fatality at Saraji have impacted our FY24 production estimates. Production for FY24 is now expected to be between 21.5 and 22.5 Mt (43 and 45 Mt on a 100% basis). This has been lowered from 23 - 25 Mt (46 - 50 Mt on a 100% basis). As a result, unit cost guidance for FY241 has increased to between US$119/t and US$125/t, from US$110 - US$116/t.

3

BHP | Operational review for the nine months ended 31 March 2024

Energy coal

Production 11.6 Mt Up 23% YTD Mar FY23 9.4 Mt FY24e 13 - 15 Mt Average realised price US$120.97/t Down 6% HY24 US$123.29/t

NSWEC 11.6 Mt Up 23% Increased production as a result of continued strong operating performance as improved weather conditions enabled an uplift in truck productivity. Domestic sales under the NSW Government Coal Market Price Emergency (Directions for Coal Mines) Notice commenced in Q4 FY23, which has resulted in a lower proportion of washed coal and further contributed to the higher volumes. Production for FY24 is expected to be at the upper end of the guidance range of between 13 and 15 Mt. The approval process in relation to the modification request submitted to the NSW Government to extend mining approval to 30 June 2030 will continue into FY25. The approval would allow NSWEC to continue mining beyond its current mining consent that expires in 2026 and proceed with a managed process to cease mining at the asset by the end of FY30.

Group & Unallocated

Nickel

Production 59 kt Up 1% YTD Mar FY23 58 kt FY24e 77 - 87 kt Average realised price US$18,104/t Down 1% HY24 US$18,602/t

Western Australia Nickel 59 kt Up 1% Production increased, despite significant wet weather impacts in Q3 FY24. Production for FY24 is expected to be in the lower half of the guidance range of between 77 and 87 kt. As announced in our HY24 results in February 2024, we continue to review our plans for Western Australia Nickel with a focus on preserving cash. This includes optimising operations and maintenance schedules, reviewing capital plans, and reducing contractor spend and equipment hire. Our review also includes assessing the potential to place Nickel West into a period of care and maintenance and the phasing and capital spend for the development of the West Musgrave project. We expect to provide an update on the longer-term future of Western Australia Nickel by the FY24 results in August 2024.

Quarterly performance | Q3 FY24 v Q2 FY24

Copper		Iron ore
466 kt Up 7% Q2 FY24 437 kt	Higher concentrator grade at Escondida and concentrator throughput at Spence, partially offset by lower volumes at Copper South Australia due to planned maintenance and the commissioning of Crusher 2 at Carrapateena in Q3 FY24.	61 Mt Down 7% Q2 FY24 66 Mt	Lower production at WAIO as a result of wet weather, a bushfire near Yandi and the impacts of the RTP1 tie-in activity, partially offset by improved underlying mine performance.
Metallurgical coal		Energy coal
6.0 Mt Up 6% Q2 FY24 5.7 Mt	Production increased due to improved strip ratio and yield despite unfavourable weather. Operations were temporarily suspended for safety stops following the fatality of a team member at Saraji.	4.1 Mt Up 8% Q2 FY24 3.9 Mt	Increased production as a result of favourable mining sequence, strong production performance and a reduced proportion of washed coal.
Nickel
19 kt Down 4% Q2 FY24 20 kt	Lower volumes due to planned maintenance at the Kwinana Refinery and a severe weather event in March.

The following footnotes apply to this Operational Review:

1          FY24 unit cost guidance is based on exchange rate of AUD/USD 0.67.

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BHP | Operational review for the nine months ended 31 March 2024

Appendix 1

Average realised prices¹

	Q3 FY24	YTD Mar FY24	Q3 FY24 v Q2 FY24	YTD Mar FY24 v H1 FY24
Copper (US$/lb)2	3.85	3.72	5%	5%
Iron ore (US$/wmt, FOB)	106.30	104.53	(3)%	3%
Metallurgical coal (US$/t)	281.51	272.09	(4)%	6%
Hard coking coal (US$/t)3	293.94	281.98	(4)%	7%
Weak coking coal (US$/t)3	208.91	206.38	(2)%	2%
Thermal coal (US$/t)4	116.11	120.97	(4)%	(6)%
Nickel metal (US$/t)5	16,581	18,104	(1)%	(1)%

1       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.

2       Does not include sales from assets acquired through the purchase of OZL.

3       Hard coking coal (HCC) refers generally to those metallurgical coals with a Coke Strength after Reaction (CSR) of 35 and above, which includes coals across the spectrum from Premium Coking to Semi Hard Coking coals, while weak coking coal (WCC) refers generally to those metallurgical coals with a CSR below 35.

4       Export sales only. Includes thermal coal sales from metallurgical coal mines.

5       Relates to refined nickel metal only, excludes intermediate products and nickel sulphate.

Current year unit cost guidance

	Previous	Current
	FY24 guidance1	FY24 guidance1
Escondida unit cost (US$/lb)2	1.40 - 1.70	1.40 - 1.70	Unchanged
Spence unit cost (US$/lb)	2.00 - 2.30	2.00 - 2.30	Unchanged
WAIO unit cost (US$/t)	17.40 - 18.90	17.40 - 18.90	Unchanged
BMA unit cost (US$/t)	110 - 116	119 - 125	Increased

1       FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.

2       Escondida unit costs for FY24 onwards exclude revenue-based government royalties.

Medium term guidance

	Production	Unit cost
	guidance	guidance1
Escondida2	1,200 - 1,300 kt	US$1.30 - $1.60/lb3
Spence4	~250 kt
WAIO (100% basis)	>305 Mt	<US$17/t

1       Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.

2       Medium term refers to an average across FY25 and FY26.

3       Escondida unit costs for FY24 onwards exclude revenue-based government royalties.

4       Average of 250 ktpa over five years on the basis that remediation of the previously identified TSF anomalies does not impact operations.

Major projects

Commodity	Project and ownership	Project scope / capacity	Capital expenditure US$M	First production target date	Progress
Potash	Jansen Stage 1 (Canada) 100%	Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.	5,723	End-CY26	Project is 44% complete
Potash	Jansen Stage 2 (Canada) 100%	Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa.	4,859	FY29	Approval announced October 2023

Exploration

Minerals exploration and evaluation expenditure was US$311 m for YTD March 24 (YTD Mar 23: US$239 m) of which US$267 m was expensed (YTD Mar 23: US$196 m).

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BHP | Operational review for the nine months ended 31 March 2024

Appendix 2

				Production											Sales
				Quarter ended						Year to date					Quarter ended						Year to date
				Mar	Jun	Sep	Dec	Mar		Mar	Mar	Var			Mar	Jun	Sep	Dec	Mar		Mar	Mar	Var
				2023	2023	2023	2023	2024		2024	2023	%			2023	2023	2023	2023	2024		2024	2023	%
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		262.4	310.7	317.3	308.7	339.1		965.1	807.2	20%			268.4	323.1	298.0	316.5	281.6		896.1	801.4	12%
	Escondida	kt		200.8	220.5	221.3	207.7	239.2		668.2	612.2	9%			197.3	220.3	209.5	211.7	204.0		625.2	610.0	2%
	Pampa Norte	kt		32.0	32.2	38.8	32.6	39.5		110.9	93.1	19%			38.7	38.6	31.3	34.9	26.9		93.1	86.7	7%
	Copper South Australia	kt			19.9	23.5	27.4	23.3		74.2						27.6	22.2	31.6	17.1		70.9
	Antamina	kt		29.6	36.5	32.5	39.2	33.9		105.6	101.9	4%			32.4	34.5	32.8	38.3	31.3		102.4	104.7	(2)%
	Carajás	kt			1.6	1.2	1.8	3.2		6.2						2.1	2.2	-	2.3		4.5
	Cathode	kt		143.5	165.5	139.7	128.7	126.8		395.2	433.1	(9)%			130.3	179.9	131.9	137.6	120.1		389.6	420.4	(7)%
	Escondida	kt		50.8	72.5	52.0	46.9	49.0		147.9	150.1	(1)%			43.8	78.0	49.2	52.2	44.3		145.7	143.2	2%
	Pampa Norte	kt		41.0	36.3	39.5	27.2	22.1		88.8	127.2	(30)%			36.0	42.4	36.6	31.1	22.1		89.8	124.0	(28)%
	Copper South Australia	kt		51.7	56.7	48.2	54.6	55.7		158.5	155.8	2%			50.5	59.5	46.1	54.3	53.7		154.1	153.2	1%
	Total	kt		405.9	476.2	457.0	437.4	465.9		1,360.3	1,240.3	10%			398.7	503.0	429.9	454.1	401.7		1,285.7	1,221.8	5%
Lead	Payable metal in concentrate	t		169	146	96	105	-		201	511	(61)%			181	143	154	91	108		353	402	(12)%
	Antamina	t		169	146	96	105	-		201	511	(61)%			181	143	154	91	108		353	402	(12)%
Zinc	Payable metal in concentrate	t		23,612	38,822	35,669	33,475	18,409		87,553	86,226	2%			25,851	37,629	33,912	37,092	17,559		88,563	88,798	0%
	Antamina	t		23,612	38,822	35,669	33,475	18,409		87,553	86,226	2%			25,851	37,629	33,912	37,092	17,559		88,563	88,798	0%
Gold	Payable metal in concentrate	troy oz		57,106	96,655	89,024	94,794	79,284		263,102	153,140	72%			57,106	108,552	87,703	98,969	70,493		257,165	153,140	68%
	Escondida	troy oz		48,954	53,503	48,063	48,633	38,955		135,651	135,592	0%			48,954	53,503	48,063	48,633	38,955		135,651	135,592	0%
	Pampa Norte	troy oz		8,152	9,263	3,931	2,854	1,819		8,604	17,548	(51)%			8,152	9,263	3,931	2,854	1,819		8,604	17,548	(51)%
	Copper South Australia	troy oz			32,736	36,228	42,051	36,427		114,706						44,098	34,176	47,482	28,136		109,794
	Carajás	troy oz			1,153	802	1,256	2,083		4,141						1,688	1,533	-	1,583		3,116
	Refined gold	troy oz		49,086	46,479	53,028	55,828	49,128		157,984	139,550	13%			47,300	49,182	54,036	55,349	41,710		151,095	138,742	9%
	Copper South Australia	troy oz		49,086	46,479	53,028	55,828	49,128		157,984	139,550	13%			47,300	49,182	54,036	55,349	41,710		151,095	138,742	9%
	Total	troy oz		106,192	143,134	142,052	150,622	128,412		421,086	292,690	44%			104,406	157,734	141,739	154,318	112,203		408,260	291,882	40%
Silver	Payable metal in concentrate	troy koz		2,556	2,592	2,582	3,074	2,620		8,276	7,886	5%			2,523	2,409	2,527	2,938	2,431		7,896	7,605	4%
	Escondida	troy koz		1,346	1,008	1,168	1,401	1,328		3,897	4,066	(4)%			1,346	1,008	1,168	1,401	1,328		3,897	4,066	(4)%
	Pampa Norte	troy koz		409	412	356	388	327		1,071	906	18%			409	412	356	388	327		1,071	906	18%
	Copper South Australia	troy koz			201	260	310	252		822						242	258	364	189		811
	Antamina	troy koz		801	971	798	975	713		2,486	2,914	(15)%			768	747	745	785	587		2,117	2,633	(20)%
	Refined silver	troy koz		277	256	261	221	248		730	833	(12)%			307	270	219	222	188		629	860	(27)%
	Copper South Australia	troy koz		277	256	261	221	248		730	833	(12)%			307	270	219	222	188		629	860	(27)%
	Total	troy koz		2,833	2,848	2,843	3,295	2,868		9,006	8,719	3%			2,830	2,679	2,746	3,160	2,619		16,421	16,070	2%
Uranium	Payable metal in concentrate	t		833	813	825	986	863		2,674	2,593	3%			683	1,275	481	895	394		1,770	2,082	(15)%
	Copper South Australia	t		833	813	825	986	863		2,674	2,593	3%			683	1,275	481	895	394		1,770	2,082	(15)%
Molybdenum	Payable metal in concentrate	t		636	666	612	481	824		1,917	1,496	28%			789	594	564	468	677		1,709	1,578	8%
	Pampa Norte	t		407	333	329	145	203		677	657	3%			492	367	303	162	219		684	733	(7)%
	Antamina	t		229	333	283	336	621		1,240	839	48%			297	227	261	306	458		1,025	845	21%
Iron ore	Western Australia Iron Ore (WAIO)	kt		58,725	64,074	62,004	64,460	60,299		186,763	188,457	(1)%			59,204	62,926	64,180	62,606	61,868		188,654	185,957	1%
	Samarco	kt		1,048	1,221	1,231	1,302	1,174		3,707	3,291	13%			1,111	1,160	1,136	1,329	1,258		3,723	3,354	11%
	Total	kt		59,773	65,295	63,235	65,762	61,473		190,470	191,748	(1)%			60,315	64,086	65,316	63,935	63,126		192,377	189,311	2%
Metallurgical coal¹	BHP Mitsubishi Alliance (BMA)	kt		6,929	8,477	5,601	5,717	6,035		17,353	20,543	(16)%			6,186	8,876	5,325	5,706	6,359		17,390	19,695	(12)%
Energy coal	NSW Energy Coal (NSWEC)	kt		3,934	4,765	3,613	3,855	4,149		11,617	9,407	23%			3,667	4,894	3,307	4,250	3,932		11,489	8,970	28%
Nickel	Western Australia Nickel	kt		19.6	22.0	20.2	19.6	18.8		58.6	58.0	1%			19.6	23.4	18.9	20.0	18.8		57.7	58.7	(2)%
Cobalt	Western Australia Nickel	t		175	246	192	182	179		553	506	9%			175	246	192	110	179		481	506	(5)%
1 Includes BMA thermal coal sales.

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BHP | Operational review for the nine months ended 31 March 2024

							Production												Sales
							Quarter ended						Year to date						Quarter ended						Year to date
							Mar	Jun	Sep	Dec	Mar		Mar	Mar		Var			Mar	Jun	Sep	Dec	Mar		Mar	Mar	Var
							2023	2023	2023	2023	2024		2024	2023		%			2023	2023	2023	2023	2024		2024	2023	%
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile¹				BHP interest 57.5%
		Material mined		kt			106,170	95,451	87,462	95,168	103,872		286,502	318,405	(10)%
		Concentrator throughput		kt			33,309	30,750	33,332	34,752	31,653		99,737	100,114	0%
		Average copper grade - concentrator		%			0.78%	0.93%	0.85%	0.78%	0.92%		0.85%	0.79%	8%
		Production ex mill		kt			210.0	228.9	225.7	217.6	238.6		681.9	637.4	7%
		Payable copper		kt			200.8	220.5	221.3	207.7	239.2		668.2	612.2	9%				197.3	220.3	209.5	211.7	204.0		625.2	610.0	2%
		Copper cathode (EW)		kt			50.8	72.5	52.0	46.9	49.0		147.9	150.1	(1)%				43.8	78.0	49.2	52.2	44.3		145.7	143.2	2%
		Oxide leach		kt			14.7	29.3	17.5	17.0	14.4		48.9	47.5	3%
		Sulphide leach		kt			36.1	43.2	34.5	29.9	34.6		99.0	102.6	(4)%
		Total copper		kt			251.6	293.0	273.3	254.6	288.2		816.1	762.3	7%				241.1	298.3	258.7	263.9	248.3		770.9	753.2	2%
		Payable gold concentrate		troy oz			48,954	53,503	48,063	48,633	38,955		135,651	135,592	0%				48,954	53,503	48,063	48,633	38,955		135,651	135,592	0%
		Payable silver concentrate		troy koz			1,346	1,008	1,168	1,401	1,328		3,897	4,066	(4)%				1,346	1,008	1,168	1,401	1,328		3,897	4,066	(4)%
1 Shown on a 100% basis.
Pampa Norte, Chile				BHP interest 100%
Copper		Payable metal in concentrate		kt			32.0	32.2	38.8	32.6	39.5		110.9	93.1	19%				38.7	38.6	31.3	34.9	26.9		93.1	86.7	7%
		Cathode		kt			41.0	36.3	39.5	27.2	22.1		88.8	127.2	(30)%				36.0	42.4	36.6	31.1	22.1		89.8	124.0	(28)%
		Total copper		kt			73.0	68.5	78.3	59.8	61.6		199.7	220.3	(9)%				74.7	81.0	67.9	66.0	49.0		182.9	210.7	(13)%
Gold				troy oz			8,152	9,263	3,931	2,854	1,819		8,604	17,548	(51)%				8,152	9,263	3,931	2,854	1,819		8,604	17,548	(51)%
Silver				troy koz			409	412	356	388	327		1,071	906	18%				409	412	356	388	327		1,071	906	18%
Molybdenum				t			407	333	329	145	203		677	657	3%				492	367	303	162	219		684	733	(7)%
Cerro Colorado¹
		Material mined		kt			172	145	-	-	-		-	3,934	(100)%
		Ore stacked		kt			3,567	3,928	154	-	-		154	12,059	(99)%
		Average copper grade - stacked		%			0.57%	0.53%	0.58%	-	-		0.58%	0.56%	4%
		Copper cathode (EW)		kt			12.0	12.2	9.5	1.6	-		11.1	37.0	(70)%				10.9	14.1	8.8	3.7	-		12.5	36.4	(66)%
Spence
		Material mined		kt			24,858	25,622	27,654	25,973	15,968		69,595	78,794	(12)%
		Ore stacked		kt			4,947	5,625	5,113	4,744	6,008		15,865	15,679	1%
		Average copper grade - stacked		%			0.60%	0.58%	0.60%	0.59%	0.56%		0.58%	0.66%	(12)%
		Concentrator throughput		kt			7,290	6,927	8,473	7,151	8,055		23,679	21,325	11%
		Average copper grade - concentrator		%			0.61%	0.61%	0.64%	0.65%	0.64%		0.64%	0.61%	5%
		Payable copper		kt			32.0	32.2	38.8	32.6	39.5		110.9	93.1	19%				38.7	38.6	31.3	34.9	26.9		93.1	86.7	7%
		Copper cathode (EW)		kt			29.0	24.1	30.0	25.6	22.1		77.7	90.2	(14)%				25.1	28.3	27.8	27.4	22.1		77.3	87.6	(12)%
		Total copper		kt			61.0	56.3	68.8	58.2	61.6		188.6	183.3	3%				63.8	66.9	59.1	62.3	49.0		170.4	174.3	(2)%
		Payable gold concentrate		troy oz			8,152	9,263	3,931	2,854	1,819		8,604	17,548	(51)%				8,152	9,263	3,931	2,854	1,819		8,604	17,548	(51)%
		Payable silver concentrate		troy koz			409	412	356	388	327		1,071	906	18%				409	412	356	388	327		1,071	906	18%
		Payable molybdenum		t			407	333	329	145	203		677	657	3%				492	367	303	162	219		684	733	(7)%
1 Cerro Colorado entered temporary care and maintenance in December 2023.

7

BHP | Operational review for the nine months ended 31 March 2024

				Production												Sales
				Quarter ended						Year to date						Quarter ended						Year to date
				Mar	Jun	Sep	Dec	Mar		Mar	Mar		Var			Mar	Jun	Sep	Dec	Mar		Mar	Mar		Var
				2023	2023	2023	2023	2024		2024	2023		%			2023	2023	2023	2023	2024		2024	2023		%
Copper (continued)
Copper South Australia, Australia		BHP interest 100%
Copper	Payable metal in concentrate	kt			19.9	26.2	30.6	27.4		84.2							27.6	22.2	31.6	17.1		70.9
	Cathode	kt		51.7	56.7	48.2	54.6	55.7		158.5	155.8	2%				50.5	59.5	46.1	54.3	53.7		154.1	153.2	1%
	Total copper	kt		51.7	76.6	74.4	85.2	83.1		242.7	155.8	56%				50.5	87.1	68.3	85.9	70.8		225.0	153.2	47%
	Payable metal in concentrate transfer to Olympic Dam¹	kt			-	(2.7)	(3.2)	(4.1)		(10.0)
	Net copper	kt		51.7	76.6	71.7	82.0	79.0		232.7	155.8	49%
Gold	Payable metal in concentrate	troy oz			32,736	41,424	48,051	43,209		132,684							44,098	34,176	47,482	28,136		109,794
	Refined gold	troy oz		49,086	46,479	53,028	55,828	49,128		157,984	139,550	13%				47,300	49,182	54,036	55,349	41,710		151,095	138,742	9%
	Total gold	troy oz		49,086	79,215	94,452	103,879	92,337		290,668	139,550	108%				47,300	93,280	88,212	102,831	69,846		260,889	138,742	88%
	Payable metal in concentrate transfer to Olympic Dam¹	troy oz			-	(5,196)	(6,000)	(6,782)		(17,978)
	Net gold	troy oz		49,086	79,215	89,256	97,879	85,555		272,690	139,550	95%
Silver	Payable metal in concentrate	troy koz			201	271	323	282		876							242	258	364	189		811
	Refined silver	troy koz		277	256	261	221	248		730	833	(12)%				307	270	219	222	188		629	860	(27)%
	Total silver	troy koz		277	457	532	544	530		1,606	833	93%				307	512	477	586	377		1,440	860	67%
	Payable metal in concentrate transfer to Olympic Dam¹	troy koz			-	(11)	(13)	(30)		(54)
	Net silver	troy koz		277	457	521	531	500		1,552	833	86%
Uranium		t		833	813	825	986	863		2,674	2,593	3%				683	1,275	481	895	394		1,770	2,082	(15)%
Olympic Dam
	Material mined	kt		2,317	2,356	2,655	2,537	2,747		7,939	6,993	14%
	Ore milled	kt		2,433	2,755	2,596	2,634	2,511		7,741	7,690	1%
	Average copper grade	%		1.95%	2.00%	1.96%	2.12%	1.96%		2.01%	2.06%	(2)%
	Average uranium grade	kg/t		0.59	0.55	0.56	0.62	0.57		0.58	0.58	0%
	Copper cathode (ER and EW)	kt		51.7	56.7	48.2	54.6	55.7		158.5	155.8	2%				50.5	59.5	46.1	54.3	53.7		154.1	153.2	1%
	Refined gold	troy oz		49,086	46,479	53,028	55,828	49,128		157,984	139,550	13%				47,300	49,182	54,036	55,349	41,710		151,095	138,742	9%
	Refined silver	troy koz		277	256	261	221	248		730	833	(12)%				307	270	219	222	188		629	860	(27)%
	Payable uranium	t		833	813	825	986	863		2,674	2,593	3%				683	1,275	481	895	394		1,770	2,082	(15)%
Prominent Hill²
	Material mined	kt			661	1,110	1,125	1,094		3,329
	Ore milled	kt			1,228	1,652	1,800	1,473		4,925
	Average copper grade	%			0.77%	0.85%	0.83%	0.86%		0.85%
	Production ex mill	kt			16.3	23.8	23.6	22.3		69.7
	Payable copper	kt			8.2	12.1	12.9	10.9		35.9							15.7	8.4	10.6	6.5		25.5
	Payable gold concentrate	troy oz			17,432	22,031	25,779	21,019		68,829							28,856	15,524	20,045	14,644		50,213
	Payable silver concentrate	troy koz			44	63	65	62		190							87	53	59	38		150
Carrapateena²
	Material mined	kt			880	1,201	1,310	1,232		3,743
	Ore milled	kt			856	1,230	1,307	1,226		3,763
	Average copper grade	%			1.52%	1.29%	1.52%	1.52%		1.44%
	Production ex mill	kt			30.1	37.6	49.2	45.9		132.7
	Payable copper	kt			11.7	14.1	17.7	16.5		48.3							11.9	13.8	21.0	10.6		45.4
	Payable gold concentrate	troy oz			15,304	19,393	22,272	22,190		63,855							15,242	18,652	27,437	13,492		59,581
	Payable silver concentrate	troy koz			157	208	258	220		686							155	205	305	151		661
1 Excludes prior year production previously reported and transferred during the period.
2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.

8

BHP | Operational review for the nine months ended 31 March 2024

				Production												Sales
				Quarter ended						Year to date						Quarter ended							Year to date
				Mar	Jun	Sep	Dec	Mar		Mar	Mar	Var				Mar	Jun	Sep		Dec	Mar		Mar	Mar	Var
				2023	2023	2023	2023	2024		2024	2023	%				2023	2023	2023		2023	2024		2024	2023	%
Copper (continued)
Antamina, Peru		BHP interest 33.75%
	Material mined	kt		57,939	62,894	63,310	61,539	56,233		181,082	190,554	(5)%
	Concentrator throughput	kt		12,349	13,897	14,246	14,824	14,312		43,382	40,479	7%
	Average head grade - copper	%		0.88%	0.88%	0.83%	0.90%	0.83%		0.85%	0.89%	(4)%
	Average head grade - zinc	%		1.06%	1.25%	1.17%	1.03%	0.68%		0.96%	1.05%	(9)%
	Payable copper	kt		29.6	36.5	32.5	39.2	33.9		105.6	101.9	4%				32.4	34.5	32.8	38.3		31.3		102.4	104.7	(2)%
	Payable zinc	t		23,612	38,822	35,669	33,475	18,409		87,553	86,226	2%				25,851	37,629	33,912	37,092		17,559		88,563	88,798	0%
	Payable silver	troy koz		801	971	798	975	713		2,486	2,914	(15)%				768	747	745	785		587		2,117	2,633	(20)%
	Payable lead	t		169	146	96	105	-		201	511	(61)%				181	143	154	91		108		353	402	(12)%
	Payable molybdenum	t		229	333	283	336	621		1,240	839	48%				297	227	261	306		458		1,025	845	21%
Carajás, Brazil¹		BHP interest 100%
	Material mined	kt			103	74	115	163		352
	Ore milled	kt			100	70	119	163		352
	Average copper grade	%			1.71%	1.91%	1.69%	1.93%		1.84%
	Production ex mill	kt			6.6	5.2	7.6	12.9		25.7
	Payable copper	kt			1.6	1.2	1.8	3.2		6.2							2.1	2.2	-		2.3		4.5
	Payable gold concentrate	troy oz			1,153	802	1,256	2,083		4,141							1,688	1,533	-		1,583		3,116
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia		BHP interest 85%
	Newman Joint Venture	kt		11,925	14,795	13,234	15,468	15,032		43,734	42,150	4%
	Area C Joint Venture	kt		25,284	28,818	25,804	26,074	24,920		76,798	78,557	(2)%
	Yandi Joint Venture	kt		4,941	5,359	3,150	4,978	4,434		12,562	16,051	(22)%
	Jimblebar¹	kt		16,575	15,102	19,816	17,940	15,913		53,669	51,699	4%
	Total	kt		58,725	64,074	62,004	64,460	60,299		186,763	188,457	(1)%
	Total (100%)	kt		66,163	72,717	69,448	72,670	68,131		210,249	212,590	(1)%
	Lump	kt														18,021	20,022	20,969	19,176		19,175		59,320	57,957	2%
	Fines	kt														41,183	42,904	43,211	43,430		42,693		129,334	128,000	1%
	Total	kt														59,204	62,926	64,180	62,606		61,868		188,654	185,957	1%
	Total (100%)	kt														66,580	71,172	71,748	70,340		69,775		211,863	209,544	1%
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil		BHP interest 50%
	Total	kt		1,048	1,221	1,231	1,302	1,174		3,707	3,291	13%				1,111	1,160	1,136	1,329		1,258		3,723	3,354	11%
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia		BHP interest 50%
	Blackwater	kt		1,107	1,505	1,295	1,182	1,070		3,547	3,550	0%
	Goonyella	kt		2,185	2,348	827	1,736	1,824		4,387	5,962	(26)%
	Peak Downs	kt		1,251	1,424	1,121	846	1,012		2,979	4,056	(27)%
	Saraji	kt		1,007	1,326	1,010	701	759		2,470	3,270	(24)%
	Daunia	kt		607	617	545	431	524		1,500	1,372	9%
	Caval Ridge	kt		772	1,257	803	821	846		2,470	2,333	6%
	Total¹	kt		6,929	8,477	5,601	5,717	6,035		17,353	20,543	(16)%
	Total  (100%)	kt		13,858	16,954	11,202	11,434	12,070		34,706	41,086	(16)%
	Coking coal	kt														5,372	7,448	4,497	4,756		5,410		14,663	16,859	(13)%
	Weak coking coal	kt														710	1,064	529	752		927		2,208	2,037	8%
	Thermal coal	kt														104	364	299	198		22		519	799	(35)%
	Total	kt														6,186	8,876	5,325	5,706		6,359		17,390	19,695	(12)%
	Total (100%)	kt														12,372	17,752	10,650	11,412		12,718		34,780	39,390	(12)%
1 Production figures include some thermal coal.

9

BHP | Operational review for the nine months ended 31 March 2024

					Production												Sales
					Quarter ended						Year to date						Quarter ended							Year to date
					Mar	Jun	Sep	Dec	Mar		Mar	Mar	Var				Mar	Jun	Sep		Dec	Mar		Mar	Mar	Var
					2023	2023	2023	2023	2024		2024	2023	%				2023	2023	2023		2023	2024		2024	2023	%
NSWEC, Australia			BHP interest 100%
		Export	kt														3,667	4,693	3,087	3,942		3,558		10,587	8,970	18%
		Domestic¹	kt															201	220	308		374		902
		Total	kt		3,934	4,765	3,613	3,855	4,149		11,617	9,407	23%				3,667	4,894	3,307	4,250		3,932		11,489	8,970	28%
1 Domestic sales are made under the NSW Government Coal Market Price Emergency (Directions for Coal Mines) Notice 2023.
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia			BHP interest 100%
Mt Keith		Nickel concentrate	kt		38.8	44.5	42.7	43.8	32.4		118.9	121.0	(2)%
		Average nickel grade	%		16.5	16.2	16.7	16.8	15.2		16.3	16.3	0%
Leinster		Nickel concentrate	kt		68.4	71.1	66.0	63.4	60.3		189.7	183.1	4%
		Average nickel grade	%		8.6	8.5	8.1	8.0	7.8		8.0	9.3	(14)%
		Refined nickel¹	kt		13.2	13.1	13.8	12.6	8.8		35.2	41.5	(15)%				13.0	13.1	13.2	13.0		8.6		34.8	41.3	(16)%
		Nickel sulphate²	kt		0.9	0.7	0.9	0.7	1.0		2.6	2.5	4%				0.9	0.8	0.8	0.7		0.8		2.3	2.2	5%
		Intermediates and nickel by-products³	kt		5.5	8.2	5.5	6.3	9.0		20.8	14.0	49%				5.7	9.5	4.9	6.3		9.4		20.6	15.2	36%
		Total nickel	kt		19.6	22.0	20.2	19.6	18.8		58.6	58.0	1%				19.6	23.4	18.9	20.0		18.8		57.7	58.7	(2)%
		Cobalt by-products	t		175	246	192	182	179		553	506	9%				175	246	192	110		179		481	506	(5)%
1 High quality refined nickel metal, including briquettes and powder.
2 Nickel sulphate crystals produced from nickel powder.
3 Nickel contained in matte and by-product streams.

10

BHP | Operational review for the nine months ended 31 March 2024

Variance analysis relates to the relative performance of BHP and/or its operations during the nine months ended March 2024 compared with the nine months ended March 2023, 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.

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

In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our' and 'ourselves' are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to note 30 'Subsidiaries' of the Financial Statements in BHP's 30 June 2023 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina and Samarco. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.

Further information on BHP can be found at bhp.com

Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

Media Relations Email: [e-mail]		Investor Relations Email: [e-mail]
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11

 

END