REG - BHP Group Limited - Quarterly Activities Report
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RNS Number : 3964B BHP Group Limited 21 April 2026
BHP
22 April 2026
Operational review for the nine months ended 31 March 2026
Strong operational performance in copper and iron ore, as we continue to
advance our growth projects
"BHP has delivered strong performance over the past nine months, including
record material mined and concentrator throughput at Escondida and record
production at WAIO. These results reflect the consistency of our operations
and the strength of our high margin diversified portfolio in an evolving
operating environment.
In copper, strong performance at Escondida and Antamina supports our
expectation of delivering production in the upper half of FY26 Group copper
guidance. We continue to make steady progress across our copper growth
program, consistent with our focus on long-life, high-quality copper supply
and disciplined capital allocation. During the quarter we submitted a permit
application for Escondida's new concentrator, and Resolution Copper achieved a
key milestone, allowing the project to progress drilling required to complete
its mine design and feasibility study.
Our balance sheet remains strong, and in the last month we have realised
~US$4.8 bn by completing the Antamina silver streaming transaction and
finalising the divestment of Carajás, as well as cash received in relation to
the earlier divestment of Blackwater and Daunia.
Our centralised procurement capability and our low-cost operations have
positioned us advantageously in the face of industry wide pressure on the cost
of energy and consumables as a result of the conflict in the Middle East.
From 1 July 2026, Brandon Craig will assume the role of CEO, taking BHP
forward from a strong position with reliable operations and a significant
pipeline of copper and potash growth projects, to deliver long term value
through the cycle."
Mike Henry,
BHP Chief Executive Officer
Summary
Operational excellence CEO succession
Upper half copper; iron ore on track Brandon Craig to succeed Mike Henry
FY26 Group copper production is now expected to be in the upper half of the In March, the Board of BHP announced that Brandon Craig will become Chief
guidance range, with Escondida (upper half) and Antamina (increased) Executive Officer (CEO)
offsetting Spence (lowered due to the ongoing challenges of managing variable (https://www.bhp.com/news/media-centre/releases/2026/03/brandon-craig-to-succeed-mike-henry-as-bhp-ceo)
ore characteristics). Samarco is now expected to achieve the top end of its and a Director of BHP Group Limited on 1 July 2026, succeeding the current
FY26 production guidance range. CEO, Mike Henry, who will step down after six and a half years in the role.
FY26 unit cost guidance has been improved at Escondida, with BMA now guiding Brandon brings more than 25 years of operational and corporate leadership
to the top end of its range. All other assets remain unchanged, however we experience at BHP to the role, most recently as BHP's President Americas.
continue to actively manage the impacts of higher diesel and consumables During his time in this role, BHP became the world's largest copper producer
costs, as well as movements in foreign exchange rates, on the underlying cost and advanced high quality growth options in copper and potash across Canada,
base of our assets. the United States and South America.
Disciplined capital management Copper growth
Extracting value from non-core assets Advancing copper growth projects
In April, we completed a silver streaming transaction In March, we submitted the Environmental Impact Declaration (DIA) permit for
(https://www.bhp.com/news/media-centre/releases/2026/04/bhp-completes-silver-streaming-agreement-with-wheaton-precious-metals) the Escondida New Concentrator, which is the centre piece of Escondida's
with Wheaton Precious Metals and received total upfront consideration of growth program. Resolution Copper, a joint venture between Rio Tinto (55% and
US$4.3 bn. We also finalised the divestment of the Carajás assets with US$240 operator) and BHP (45%), completed a land exchange in Arizona, United States.
m received on completion (plus cash adjustments), and with potential for up to Resolution Copper can now advance further resource data collection and
an additional US$225 m to be received as contingent payments based on initiate early underground development at one of the largest untapped,
performance targets. high‑grade copper resources in the world.
Production Quarter performance YTD performance FY26 guidance
Q3 FY26 v Q2 FY26 v Q3 FY25 YTD Mar FY26 v YTD Mar FY25 Previous Current
Copper (kt) 476.8 (3%) (7%) 1,460.9 (3%) 1,900 - 2,000 1,900 - 2,000 Upper half
Escondida (kt) 303.2 (4%) (9%) 949.3 (3%) 1,200 - 1,275 1,200 - 1,275 Upper half
Pampa Norte (Spence) (kt) 44.6 (23%) (34%) 158.1 (19%) 230 - 250 210 - 220 Lowered
Copper South Australia (kt) 82.8 10% 5% 230.5 3% 310 - 340 310 - 340 -
Antamina (kt) 44.1 15% 43% 116.2 19% 140 - 150 150 - 160 Increased
Carajás (kt) 2.1 (11%) 10% 6.8 (6%) - - -
Iron ore (Mt) 62.8 (10%) 2% 196.6 2% 258 - 269 258 - 269 -
WAIO (Mt) 60.9 (10%) 1% 190.7 1% 251 - 262 251 - 262 -
WAIO (100% basis) (Mt) 69.8 (9%) 3% 216.3 2% 284 - 296 284 - 296 -
Samarco (Mt) 1.9 (3%) 17% 5.9 37% 7 - 7.5 7 - 7.5 Top end
Steelmaking coal - BMA (Mt) 3.8 (11%) (3%) 13.0 1% 18 - 20 18 - 20 -
BMA (100% basis) (Mt) 7.6 (11%) (3%) 25.9 1% 36 - 40 36 - 40 Lower half
Energy coal - NSWEC (Mt) 4.0 (12%) 12% 12.2 11% 14 - 16 14 - 16 Upper half
Note: Updates with respect to FY26 production guidance since the HY26 Results
Announcement are shown in italics.
1
Segment and asset performance | FY26 YTD v FY25 YTD
Copper
Production Total copper production decreased 3% to 1,461 kt. Copper production guidance
for FY26 remains unchanged at between 1,900 and 2,000 kt and is now expected
1,461 kt Down 3% to be in the upper half of the range.
Escondida 949 kt Down 3% (100% basis)
YTD Mar FY25 1,500 kt
Production decreased primarily due to planned lower concentrator feed grade of
0.91% (FY25 YTD: 1.05%). This was partially offset by strong operational
FY26e 1,900 - 2,000 kt performance, with record material mined and record concentrator throughput, as
well as improved recoveries driven by operational enhancements, including the
introduction of new reagents. Cathode production increased, supported by
higher sulphide leach production and additional leach pad irrigation.
Average realised price
Production guidance for FY26 remains unchanged at between 1,200 and 1,275 kt
US$5.47/lb Up 31% and is now expected to be in the upper half of the range. Concentrator feed
grade guidance remains unchanged at between 0.85 and 0.90% for the full year.
YTD Mar FY25 US$4.19/lb Unit cost guidance for FY26 has been lowered to between US$1.00 and US$1.20/lb
(from US$1.20 to US$1.50/lb previously), reflecting the increased contribution
of by-product credits and strong operational performance.
The Environmental Impact Declaration (DIA) permit for the Escondida New
Concentrator, the centre piece of the growth program, was submitted in March
2026. The new concentrator is expected to require an investment of between
US$4.4 and US$5.9 bn to deliver between 220 and 260 ktpa of copper, more than
offsetting the existing production capacity of the current Los Colorados
plant. Subject to environmental permit approval, the project will progress
towards an expected final investment decision (FID) in CY27-28, with potential
first production between CY31-32.
Pampa Norte (Spence) 158kt Down 19%
Production decreased due to challenges with managing the ore complexity,
variation and declining grades at both the concentrator and the cathode plant.
At the cathode plant, production decreased due to the planned decline in
stacked feed grade as we progress deeper into the hypogene mineral area of the
ore body. We continue to test the implementation of BHP's Simple Approach to
Leaching 2 (SaL2) technology at the sulphide leach pad to enable processing of
hypogene ores and utilise latent capacity in the cathode infrastructure.
At the concentrator, ongoing challenges associated with managing ore
complexity and variability have reduced recoveries which requires additional
ore blending and flotation time to address these impacts. We plan to invest in
upgraded flotation cells, which are expected to enable improved processing and
recoveries, with a potential FID in H1 FY27.
Production guidance for FY26 has been lowered to between 210 and 220 kt (from
between 230 and 250 kt previously).
Copper South Australia 231 kt Up 3%
Production increased primarily driven by strong underlying operational
performance, and the weather-related power outage in the prior period. Olympic
Dam achieved record material mined, ore milled and concentrate smelted while
production also benefited from higher feed grades at Prominent Hill. Material
mined at Carrapateena increased 11%, including record performance in Q3 FY26,
which partially offset the impact of planned lower grades.
Production guidance for FY26 remains unchanged at between 310 and 340 kt.
By-product production was also strong, including record refined gold volumes.
In Q3 FY26, concentrate and associated by-product sales decreased due to wet
weather impacts at Prominent Hill, including site access road closures which
affected logistics. This is expected to result in higher FY26 closing
inventories.
Other copper
At Antamina, copper production increased 19% to 116 kt as a result of planned
higher feed grades and improved operational performance. Zinc production is
18% higher at 81 kt, as a result of planned higher feed grades. We now expect
Antamina's copper production for FY26 to be between 150 and 160 kt (from 140
to 150 kt previously). Zinc production guidance for FY26 remains unchanged at
between 90 and 110kt.
The divestment of Carajás to a subsidiary of CoreX Holding was completed on 2
April 2026 with US$240 m (plus cash adjustments) received on completion, and
with potential for up to an additional US$225 m to be received as contingent
payments based on a range of production and project related targets. Prior to
divestment, Carajás had produced 6.8 kt of copper and 5.5 troy koz of gold.
2
Iron ore
Production Iron ore production increased 2% to 197 Mt. Iron ore production guidance for
FY26 remains unchanged at between 258 and 269 Mt.
197 Mt Up 2%
WAIO 191 Mt Up 1% | 216 Mt (100% basis)
WAIO achieved record production. At the mines, record material mined (up 7%)
YTD Mar FY25 193 Mt and draw down of inventory helped deliver record volumes from the Central
Pilbara hub (South Flank and Mining Area C) with South Flank exceeding
FY26e 258 - 269 Mt annualised nameplate capacity.
At port, Car Dumper (CD) performance improved following the completion of the
CD3 rebuild in Q1 FY26 (4.3 Mt impact, 100% basis), which alongside the
Average realised price (WAIO) planned reduction in tie-in activity on the multi-year Rail Technology Program
(RTP1), generated increased efficiency across the rail network and higher
US$84.91/wmt Up 2% inflow.
YTD Mar FY25 US$82.93/wmt We have concluded iron ore sales contract negotiations with the China Mineral
Resources Group (CMRG). Production guidance for FY26 remains unchanged at
between 251 and 262 Mt (284 and 296 Mt, 100% basis).
Samarco 5.9 Mt Up 37% | 11.8 Mt (100% basis)
Production increased as a result of stronger performance at the second
concentrator following ramp up, and higher feed grades and recoveries.
Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt and is
now expected to be at the top end of the range, as a result of strong
operating performance.
Coal
Steelmaking coal
Production BMA 13.0 Mt Up 1% | 25.9 Mt (100% basis)
Production increased with strong operational performance at the open cut
13.0 Mt Up 1% operations, supported by the highest YTD stripping volumes in five years. This
was partially offset by lower yield driven by mine sequencing in response to
YTD Mar FY25 12.9 Mt significant wet weather (the highest rainfall recorded in 15 years), ongoing
geotechnical challenges at Broadmeadow, and Saraji South being placed into
FY26e 18 - 20 Mt care and maintenance.
The planned longwall move at Broadmeadow commenced in February and was
completed in early April.
Average realised price
Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and
US$200.25/t 0% 40 Mt, 100% basis), with production expected to be in the lower half of the
range. Unit cost guidance for FY26 remains unchanged at between US$116 and
YTD Mar FY25 US$200.12/t US$128/t and is now expected to be at the top end of the range (previously
upper half of the range).
We expect to continue building raw coal inventory into CY27, to further
improve operating stability.
3
Energy coal
Production NSWEC 12.2 Mt Up 11%
Strong operational performance as a result of increased bypass coal due to
12.2 Mt Up 11% mine sequencing. This was further supported by mining lower strip ratio areas.
YTD Mar FY25 11.0 Mt Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with
production expected to be in the upper half of the range.
FY26e 14 - 16 Mt
Average realised price
US$99.04/t Down 15%
YTD Mar FY25 US$115.99/t
Quarterly performance | Q3 FY26 v Q2 FY26
Copper Iron ore
477 kt Down 3% Lower production at Escondida due to planned lower grades and at Spence due to 63 Mt Down 10% Lower production at WAIO driven by weather impacts from Tropical Cyclone
the impact of complex ore characteristics on processing and recovery rates at
Mitchell and Tropical Cyclone Narelle that led to a temporary port closure,
Q2 FY26 491 kt the concentrator and lower stacked grades at the leach pad, partially offset Q2 FY26 70 Mt operational adjustments and higher planned maintenance.
by increased production at Copper SA and strong performance at Antamina.
Steelmaking coal Energy coal
3.8 Mt Down 11% Lower production due to significantly higher rainfall as a result of Tropical 4.0 Mt Down 12% Lower production due to lower bypass coal, wash plant feed and yield due to
Cyclone Koji, which restricted pit access and impacted stripping performance
mine sequence, minor planned wash plant maintenance and unfavourable weather.
Q2 FY26 4.3 Mt and yield during and after the event. This was partially offset by inventory Q2 FY26 4.6 Mt
drawdowns.
4
Appendix 1
Average realised prices(i)
Quarter performance YTD performance
Q3 FY26 v Q2 FY26 v Q3 FY25 YTD Mar FY26 v YTD Mar FY25
Copper (US$/lb) 5.86 (1%) 29% 5.47 31%
Iron ore (US$/wmt, FOB) 85.35 0% (2%) 84.91 2%
Steelmaking coal (US$/t) 226.76 15% 23% 200.25 0%
Energy coal (US$/t)(i)(i) 105.61 10% 8% 99.04 (15%)
i Based on provisional, unaudited estimates. Prices exclude
sales from equity accounted investments, third party product and internal
sales, and represent the weighted average of various sales terms (for example:
FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii Export sales only. Includes thermal coal sales from
steelmaking coal mines.
Current year unit cost guidance
FY26 unit cost guidance(i)
Unit cost Previous Current
Escondida (US$/lb) 1.20 - 1.50 1.00 - 1.20 Lowered
Spence (US$/lb) 2.10 - 2.40 2.10 - 2.40 -
Copper SA (US$/lb)(ii) 1.00 - 1.50 1.00 - 1.50 -
WAIO (US$/t) 18.25 - 19.75 18.25 - 19.75 -
BMA (US$/t) 116 - 128 116 - 128 Top end
i FY26 unit cost guidance is based on exchange rates of
AUD/USD 0.65 and USD/CLP 940. Italics signify an update since the HY26 Results
Announcement.
ii Copper SA unit cost guidance is calculated using the
following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb.
Medium term guidance(i)
Production Unit cost
guidance guidance(ii)
Escondida(iii) 900 - 1,000 ktpa US$1.50 - 1.80/lb
Spence ~235 ktpa US$2.05 - 2.35/lb
WAIO (100% basis)(iv) >305 Mtpa 305 Mtpa (100% basis) from Q4 FY28.
5
Major projects
Commodity Project and ownership Project scope / capacity Project expenditure(i) US$M First production target date Progress
Potash Jansen Stage 1 Design, engineering and construction of an underground potash mine and surface 8,400 Mid-CY27 Project is 78% complete
(Canada) infrastructure, with capacity to produce 4.15 Mtpa.
100%
Potash Jansen Stage 2 Development of additional mining districts, completion of the second shaft Under review - update expected in Q4 FY26 FY31 Project is 15% complete
(Canada) hoist infrastructure, expansion of processing facilities and addition of rail
100% cars to facilitate production of an incremental 4.36 Mtpa.
i Includes: project capital expenditure, project operating
expenditure, cost to construct right-of-use assets (i.e. Westshore port
terminal and third-party rail line) and related contingencies.
Exploration
Minerals exploration and evaluation expenditure was US$275 m for YTD March
FY26 (YTD March FY25: US$279 m), of which US$235 m was expensed (YTD March
FY25: US$241 m).
6
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
2025 2025 2025 2025 2026 2026 2025 % 2025 2025 2025 2025 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 379.8 375.9 374.0 366.5 347.7 1,088.2 1,132.1 (4)% 399.0 377.6 343.0 373.8 350.0 1,066.8 1,163.3 (8)%
Escondida kt 288.4 278.6 282.4 270.5 248.3 801.2 848.6 (6)% 309.2 285.5 258.3 277.7 252.1 788.1 857.4 (8)%
Pampa Norte (Spence) kt 36.1 42.2 35.4 33.3 25.7 94.4 108.4 (13)% 36.5 37.3 33.2 27.9 34.9 96.0 117.0 (18)%
Copper South Australia kt 22.5 31.7 19.9 22.2 27.5 69.6 70.2 (1)% 23.8 30.9 15.9 24.8 18.0 58.7 80.1 (27)%
Antamina kt 30.9 21.2 33.9 38.2 44.1 116.2 97.7 19% 27.4 21.8 33.1 40.4 43.3 116.8 100.3 16%
Carajás kt 1.9 2.2 2.4 2.3 2.1 6.8 7.2 (6)% 2.1 2.1 2.5 3.0 1.7 7.2 8.5 (15)%
Cathode kt 133.6 140.3 119.6 124.0 129.1 372.7 368.4 1% 133.3 148.4 105.9 130.7 118.7 355.3 364.0 (2)%
Escondida kt 45.2 48.7 46.5 46.7 54.9 148.1 129.0 15% 47.4 52.7 38.1 50.0 50.1 138.2 128.2 8%
Pampa Norte (Spence) kt 31.8 31.2 20.4 24.4 18.9 63.7 85.8 (26)% 30.7 34.1 17.9 25.4 17.4 60.7 84.8 (28)%
Copper South Australia kt 56.6 60.4 52.7 52.9 55.3 160.9 153.6 5% 55.2 61.6 49.9 55.3 51.2 156.4 151.0 4%
Total kt 513.4 516.2 493.6 490.5 476.8 1,460.9 1,500.5 (3)% 532.3 526.0 448.9 504.5 468.7 1,422.1 1,527.3 (7)%
Lead Payable metal in concentrate t 234 1,829 754 91 209 1,054 403 162% 181 837 1,469 551 14 2,034 341 496%
Antamina t 234 1,829 754 91 209 1,054 403 162% 181 837 1,469 551 14 2,034 341 496%
Zinc Payable metal in concentrate t 26,026 40,415 35,991 27,003 17,723 80,717 68,192 18% 22,249 37,263 41,499 26,046 18,573 86,118 67,186 28%
Antamina t 26,026 40,415 35,991 27,003 17,723 80,717 68,192 18% 22,249 37,263 41,499 26,046 18,573 86,118 67,186 28%
Gold Payable metal in concentrate troy oz 89,841 95,949 76,242 73,585 105,321 255,148 265,977 (4)% 92,357 95,523 66,377 82,099 87,012 235,488 280,467 (16)%
Escondida troy oz 44,527 40,292 35,348 31,927 52,473 119,748 128,783 (7)% 44,527 40,292 35,348 31,927 52,473 119,748 128,783 (7)%
Pampa Norte (Spence) troy oz 3,341 2,961 2,589 2,724 3,800 9,113 10,019 (9)% 3,341 2,961 2,589 2,724 3,800 9,113 10,019 (9)%
Copper South Australia troy oz 40,457 50,871 36,489 36,993 47,264 120,746 121,694 (1)% 42,825 50,577 26,476 45,024 29,234 100,734 135,305 (26)%
Carajás troy oz 1,516 1,825 1,816 1,941 1,784 5,541 5,481 1% 1,664 1,693 1,964 2,424 1,505 5,893 6,360 (7)%
Refined gold troy oz 57,006 46,789 50,716 61,910 54,511 167,137 141,869 18% 57,982 49,241 51,147 59,054 57,336 167,537 141,787 18%
Copper South Australia troy oz 57,006 46,789 50,716 61,910 54,511 167,137 141,869 18% 57,982 49,241 51,147 59,054 57,336 167,537 141,787 18%
Total troy oz 146,847 142,738 126,958 135,495 159,832 422,285 407,846 4% 150,339 144,764 117,524 141,153 144,348 403,025 422,254 (5)%
Silver Payable metal in concentrate troy koz 3,418 3,911 4,114 4,109 4,839 13,062 9,845 33% 3,198 3,526 4,136 4,252 4,518 12,906 9,408 37%
Escondida troy koz 1,787 1,906 1,942 2,176 2,780 6,898 4,952 39% 1,787 1,906 1,942 2,176 2,780 6,898 4,952 39%
Pampa Norte (Spence) troy koz 428 441 358 316 375 1,049 1,382 (24)% 428 441 358 316 375 1,049 1,382 (24)%
Copper South Australia troy koz 186 251 182 179 222 583 662 (12)% 173 226 131 207 162 500 686 (27)%
Antamina troy koz 1,017 1,313 1,632 1,438 1,462 4,532 2,849 59% 810 953 1,705 1,553 1,201 4,459 2,388 87%
Refined silver troy koz 462 216 227 284 308 819 801 2% 486 213 255 250 340 845 798 6%
Copper South Australia troy koz 462 216 227 284 308 819 801 2% 486 213 255 250 340 845 798 6%
Total troy koz 3,880 4,127 4,341 4,393 5,147 13,881 10,646 30% 3,684 3,739 4,391 4,502 4,858 13,751 10,206 35%
Uranium Payable metal in concentrate t 783 974 819 903 778 2,500 2,180 15% 710 1,230 649 815 650 2,114 2,027 4%
Copper South Australia t 783 974 819 903 778 2,500 2,180 15% 710 1,230 649 815 650 2,114 2,027 4%
Molybdenum Payable metal in concentrate t 801 337 341 281 341 963 2,636 (63)% 839 714 347 322 263 932 2,573 (64)%
Pampa Norte (Spence) t 187 189 257 269 194 720 505 43% 223 190 208 256 205 669 542 23%
Antamina t 614 148 84 12 147 243 2,131 (89)% 616 524 139 66 58 263 2,031 (87)%
Iron ore Western Australia Iron Ore (WAIO) kt 60,137 68,348 62,015 67,766 60,922 190,703 188,251 1% 59,234 67,830 62,430 66,909 58,608 187,947 186,983 1%
Samarco kt 1,603 1,951 2,066 1,938 1,882 5,886 4,303 37% 1,416 1,973 2,042 2,512 1,590 6,144 3,875 59%
Total kt 61,740 70,299 64,081 69,704 62,804 196,589 192,554 2% 60,650 69,803 64,472 69,421 60,198 194,091 190,858 2%
Steelmaking coal BHP Mitsubishi Alliance (BMA) kt 3,919 5,146 4,865 4,291 3,816 12,972 12,864 1% 3,791 5,030 4,472 4,413 3,852 12,737 12,790 0%
Energy coal NSW Energy Coal (NSWEC) kt 3,596 4,067 3,518 4,610 4,037 12,165 10,969 11% 3,509 3,926 3,707 4,372 4,048 12,127 11,263 8%
Nickel(1) Western Australia Nickel kt 2.3 0.3 - - - - 29.9 (100)% 2.2 0.2 - - - - 33.3 (100)%
Cobalt(1) Western Australia Nickel t 35 - - - - - 450 (100)% - - - - - - 415 (100)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.
7
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
2025 2025 2025 2025 2026 2026 2025 % 2025 2025 2025 2025 2026 2026 2025 %
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile¹ BHP interest 57.5%
Material mined kt 117,038 122,386 114,527 112,808 114,506 341,841 333,537 2%
Concentrator throughput kt 32,889 36,490 36,721 35,628 34,225 106,574 100,670 6%
Average copper grade - concentrator % 1.09% 0.95% 0.94% 0.91% 0.88% 0.91% 1.05% (13)%
Production ex mill kt 295.6 291.0 294.2 279.7 255.1 829.0 875.3 (5)%
Payable copper kt 288.4 278.6 282.4 270.5 248.3 801.2 848.6 (6)% 309.2 285.5 258.3 277.7 252.1 788.1 857.4 (8)%
Copper cathode (EW) kt 45.2 48.7 46.5 46.7 54.9 148.1 129.0 15% 47.4 52.7 38.1 50.0 50.1 138.2 128.2 8%
Oxide leach kt 14.3 16.3 16.8 11.1 19.9 47.8 34.3 39%
Sulphide leach kt 30.9 32.4 29.7 35.6 35.0 100.3 94.7 6%
Total copper kt 333.6 327.3 328.9 317.2 303.2 949.3 977.6 (3)% 356.6 338.2 296.4 327.7 302.2 926.3 985.6 (6)%
Payable gold concentrate troy oz 44,527 40,292 35,348 31,927 52,473 119,748 128,783 (7)% 44,527 40,292 35,348 31,927 52,473 119,748 128,783 (7)%
Payable silver concentrate troy koz 1,787 1,906 1,942 2,176 2,780 6,898 4,952 39% 1,787 1,906 1,942 2,176 2,780 6,898 4,952 39%
1 Presented on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte (Spence), Chile¹ BHP interest 100%
Material mined kt 21,848 25,944 24,695 22,895 21,690 69,280 70,346 (2)%
Ore stacked kt 5,584 5,413 5,652 5,354 4,435 15,441 16,486 (6)%
Average copper grade - stacked % 0.62% 0.67% 0.61% 0.58% 0.66% 0.61% 0.72% (15)%
Concentrator throughput kt 7,754 7,792 7,778 8,002 7,329 23,109 23,023 0%
Average copper grade - concentrator % 0.63% 0.66% 0.65% 0.60% 0.53% 0.59% 0.63% (6)%
Payable copper kt 36.1 42.2 35.4 33.3 25.7 94.4 108.4 (13)% 36.5 37.3 33.2 27.9 34.9 96.0 117.0 (18)%
Copper cathode (EW) kt 31.8 31.2 20.4 24.4 18.9 63.7 85.8 (26)% 30.7 34.1 17.9 25.4 17.4 60.7 84.8 (28)%
Total copper kt 67.9 73.4 55.8 57.7 44.6 158.1 194.2 (19)% 67.2 71.4 51.1 53.3 52.3 156.7 201.8 (22)%
Payable gold concentrate troy oz 3,341 2,961 2,589 2,724 3,800 9,113 10,019 (9)% 3,341 2,961 2,589 2,724 3,800 9,113 10,019 (9)%
Payable silver concentrate troy koz 428 441 358 316 375 1,049 1,382 (24)% 428 441 358 316 375 1,049 1,382 (24)%
Payable molybdenum t 187 189 257 269 194 720 505 43% 223 190 208 256 205 669 542 23%
1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered
temporary care and maintenance in December 2023.
8
Production Sales
Year to date Quarter ended Year to date
Mar Jun Sep Dec Mar Mar Quarter ended Var Mar Jun Sep Dec Mar Mar Mar Var
2025 2025 2025 2025 2026 2026 Mar % Mar 2025 2025 2025 2026 2026 2025 %
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 24.8 33.2 25.5 24.8 28.3 78.6 80.7 (3)% 23.8 30.9 15.9 24.8 18.0 58.7 80.1 (27)%
Cathode kt 56.6 60.4 52.7 52.9 55.3 160.9 153.6 5% 55.2 61.6 49.9 55.3 51.2 156.4 151.0 4%
Total copper kt 81.4 93.6 78.2 77.7 83.6 239.5 234.3 2% 79.0 92.5 65.8 80.1 69.2 215.1 231.1 (7)%
Payable metal in concentrate transfer to Olympic Dam kt (2.3) (1.5) (5.6) (2.6) (0.8) (9.0) (10.5) (14)%
Net copper kt 79.1 92.1 72.6 75.1 82.8 230.5 223.8 3%
Gold Payable metal in concentrate troy oz 46,097 53,055 47,893 41,351 48,532 137,776 144,837 (5)% 42,825 50,577 26,476 45,024 29,234 100,734 135,305 (26)%
Refined gold troy oz 57,006 46,789 50,716 61,910 54,511 167,137 141,869 18% 57,982 49,241 51,147 59,054 57,336 167,537 141,787 18%
Total gold troy oz 103,103 99,844 98,609 103,261 103,043 304,913 286,706 6% 100,807 99,818 77,623 104,078 86,570 268,271 277,092 (3)%
Payable metal in concentrate transfer to Olympic Dam troy oz (5,640) (2,184) (11,404) (4,358) (1,268) (17,030) (23,143) (26)%
Net gold troy oz 97,463 97,660 87,205 98,903 101,775 287,883 263,563 9%
Silver Payable metal in concentrate troy koz 198 258 213 193 226 632 716 (12)% 173 226 131 207 162 500 686 (27)%
Refined silver troy koz 462 216 227 284 308 819 801 2% 486 213 255 250 340 845 798 6%
Total silver troy koz 660 474 440 477 534 1,451 1,517 (4)% 659 439 386 457 502 1,345 1,484 (9)%
Payable metal in concentrate transfer to Olympic Dam troy koz (12) (7) (31) (14) (4) (49) (54) (9)%
Net silver troy koz 648 467 409 463 530 1,402 1,463 (4)%
Uranium t 783 974 819 903 778 2,500 2,180 15% 710 1,230 649 815 650 2,114 2,027 4%
Olympic Dam
Material mined kt 2,498 2,587 2,818 2,763 2,732 8,313 7,150 16%
Ore milled kt 2,462 2,859 2,640 2,926 2,565 8,131 7,486 9%
Average copper grade % 1.99% 2.05% 1.97% 1.97% 1.92% 1.95% 2.02% (3)%
Average uranium grade kg/t 0.56 0.56 0.55 0.56 0.57 0.56 0.58 (4)%
Copper cathode (ER and EW) kt 56.6 60.4 52.7 52.9 55.3 160.9 153.6 5% 55.2 61.6 49.9 55.3 51.2 156.4 151.0 4%
Refined gold troy oz 57,006 46,789 50,716 61,910 54,511 167,137 141,869 18% 57,982 49,241 51,147 59,054 57,336 167,537 141,787 18%
Refined silver troy koz 462 216 227 284 308 819 801 2% 486 213 255 250 340 845 798 6%
Payable uranium t 783 974 819 903 778 2,500 2,180 15% 710 1,230 649 815 650 2,114 2,027 4%
Prominent Hill
Material mined kt 1,119 1,210 1,049 1,014 1,026 3,089 3,157 (2)%
Ore milled kt 1,364 1,998 1,621 1,376 1,494 4,491 4,684 (4)%
Average copper grade % 0.82% 0.92% 0.71% 0.83% 0.90% 0.81% 0.75% 8%
Concentrate produced kt 19.2 33.0 19.0 19.1 25.7 63.8 60.3 6%
Payable copper kt 9.7 16.2 9.9 9.7 11.8 31.4 30.1 4% 9.5 12.8 4.4 7.5 3.1 15.0 28.4 (47)%
Payable gold concentrate troy oz 24,309 28,593 24,105 17,406 23,664 65,175 70,730 (8)% 22,614 25,222 9,033 17,671 5,894 32,598 60,991 (47)%
Payable silver concentrate troy koz 63 98 61 49 60 170 196 (13)% 51 69 29 45 20 94 172 (45)%
Carrapateena
Material mined kt 1,202 1,583 1,488 1,479 1,632 4,599 4,148 11%
Ore milled kt 1,306 1,557 1,511 1,415 1,516 4,442 4,181 6%
Average copper grade % 1.31% 1.24% 1.18% 1.20% 1.22% 1.20% 1.38% (13)%
Concentrate produced kt 50.6 58.7 52.4 53.4 61.4 167.2 167.4 0%
Payable copper kt 15.1 17.0 15.6 15.1 16.5 47.2 50.6 (7)% 14.3 18.1 11.5 17.3 14.9 43.7 51.7 (15)%
Payable gold concentrate troy oz 21,788 24,462 23,788 23,945 24,868 72,601 74,107 (2)% 20,211 25,355 17,443 27,353 23,340 68,136 74,314 (8)%
Payable silver concentrate troy koz 135 160 152 144 166 462 520 (11)% 122 157 102 162 142 406 514 (21)%
8
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
2025 2025 2025 2025 2026 2026 2025 % 2025 2025 2025 2025 2026 2026 2025 %
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 51,529 39,369 58,970 57,442 54,819 171,231 173,120 (1)%
Concentrator throughput kt 13,140 10,154 13,307 13,725 13,783 40,815 39,559 3%
Average head grade - copper % 0.81% 0.76% 0.86% 0.98% 1.12% 0.99% 0.83% 19%
Average head grade - zinc % 0.85% 1.70% 1.26% 1.01% 0.79% 1.02% 0.79% 29%
Payable copper kt 30.9 21.2 33.9 38.2 44.1 116.2 97.7 19% 27.4 21.8 33.1 40.4 43.3 116.8 100.3 16%
Payable zinc t 26,026 40,415 35,991 27,003 17,723 80,717 68,192 18% 22,249 37,263 41,499 26,046 18,573 86,118 67,186 28%
Payable silver troy koz 1,017 1,313 1,632 1,438 1,462 4,532 2,849 59% 810 953 1,705 1,553 1,201 4,459 2,388 87%
Payable lead t 234 1,829 754 91 209 1,054 403 162% 181 837 1,469 551 14 2,034 341 496%
Payable molybdenum t 614 148 84 12 147 243 2,131 (89)% 616 524 139 66 58 263 2,031 (87)%
Carajás, Brazil BHP interest 100%
Material mined kt 140 148 134 147 148 429 472 (9)%
Ore milled kt 128 176 160 172 156 489 460 6%
Average copper grade % 1.64% 1.40% 1.63% 1.51% 1.48% 1.54% 1.73% (11)%
Production ex mill kt 7.9 9.5 10.3 9.8 8.8 28.9 30.4 (5)%
Average gold grade g/t 0.50 0.43 0.46 0.47 0.47 0.47 0.50 (7)%
Payable copper kt 1.9 2.2 2.4 2.3 2.1 6.8 7.2 (6)% 2.1 2.1 2.5 3.0 1.7 7.2 8.5 (15)%
Payable gold concentrate troy oz 1,516 1,825 1,816 1,941 1,784 5,541 5,481 1% 1,664 1,693 1,964 2,424 1,505 5,893 6,360 (7)%
Iron ore
Iron ore production is reported on the basis of saleable product, which is wet
metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 11,991 15,073 13,724 13,340 13,517 40,581 39,145 4%
Area C Joint Venture kt 27,869 32,824 29,415 32,265 33,584 95,264 86,286 10%
Yandi Joint Venture kt 3,819 3,854 3,498 2,899 2,941 9,338 12,036 (22)%
Jimblebar¹ kt 16,458 16,597 15,378 19,262 10,880 45,520 50,784 (10)%
Total kt 60,137 68,348 62,015 67,766 60,922 190,703 188,251 1%
Total (100%) kt 67,844 77,480 70,246 76,326 69,752 216,324 212,508 2%
Lump kt 18,822 21,285 20,250 20,595 19,878 60,723 58,518 4%
Fines kt 40,412 46,545 42,180 46,314 38,730 127,224 128,465 (1)%
Total kt 59,234 67,830 62,430 66,909 58,608 187,947 186,983 1%
Total (100%) kt 66,765 76,723 70,592 75,397 67,001 212,990 210,902 1%
1 Presented on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,603 1,951 2,066 1,938 1,882 5,886 4,303 37% 1,416 1,973 2,042 2,512 1,590 6,144 3,875 59%
9
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Goonyella kt 1,228 1,811 1,880 1,254 1,124 4,258 4,026 6%
Peak Downs kt 1,098 1,154 1,111 967 1,176 3,254 3,420 (5)%
Saraji kt 883 1,079 884 1,146 849 2,879 2,994 (4)%
Caval Ridge kt 710 1,102 990 924 667 2,581 2,424 6%
Total(1) kt 3,919 5,146 4,865 4,291 3,816 12,972 12,864 1%
Total (100%)(1) kt 7,838 10,292 9,730 8,582 7,632 25,944 25,728 1%
Hard coking coal kt 3,708 4,831 4,428 4,302 3,842 12,572 12,676 (1)%
Energy coal kt 83 199 44 111 10 165 114 45%
Total kt 3,791 5,030 4,472 4,413 3,852 12,737 12,790 0%
Total (100%) kt 7,582 10,060 8,944 8,826 7,704 25,474 25,580 0%
1 Production figures include some energy coal.
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
2025 2025 2025 2025 2026 2026 2025 % 2025 2025 2025 2025 2026 2026 2025 %
NSWEC, Australia BHP interest 100%
Energy coal - Export kt 3,128 3,554 3,549 4,190 3,935 11,674 10,015 17%
Energy coal - Domestic kt 381 372 158 182 113 453 1,248 (64)%
Total kt 3,596 4,067 3,518 4,610 4,037 12,165 10,969 11% 3,509 3,926 3,707 4,372 4,048 12,127 11,263 8%
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia¹ BHP interest 100%
Mt Keith Nickel concentrate kt - - - - - - 41.3 (100)%
Average nickel grade % - - - - - - 17.0 (100)%
Leinster Nickel concentrate kt - - - - - - 72.4 (100)%
Average nickel grade % - - - - - - 8.8 (100)%
Refined nickel kt - - - - - - 12.2 (100)% - - - - - - 14.3 (100)%
Nickel sulphate kt - - - - - - 0.3 (100)% 0.1 0.1 - - - - 1.0 (100)%
Intermediates and nickel by-products kt 2.3 0.3 - - - - 17.4 (100)% 2.1 0.1 - - - - 18.0 (100)%
Total nickel kt 2.3 0.3 - - - - 29.9 (100)% 2.2 0.2 - - - - 33.3 (100)%
Cobalt by-products t 35 - - - - - 450 (100)% - - - - - - 415 (100)%
1 WA Nickel ramped down and entered temporary suspension in December 2024.
10
Variance analysis relates to the relative performance of BHP and/or its
operations during the nine months ended 31 March 2026 compared with the nine
months ended 31 March 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. FY26 and medium-term unit cost guidance ranges are based on
exchange rates of AUD/USD 0.65 and USD/CLP 940, and for Copper SA by-product
prices of US$2,900/oz for gold, and US$70/lb for uranium. Medium term refers
to a five-year horizon, unless otherwise noted.
The following abbreviations may have been used throughout this release:
billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight
(CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry
metric tonnes (dmt); free on board (FOB); giga litres (GL); greenhouse gas
(GHG); grams per cubic centimetre (g/cm3), grams per tonne (g/t);
high-potential injury (HPI); joint venture (JV); kilograms per tonne (kg/t);
kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds
(Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); percentage point
(ppt); ounces (oz); part per million (ppm), pounds (lb); thousand ounces
(koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand
tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total
recordable injury frequency (TRIF); wet metric tonnes (wmt); and year to date
(YTD).
In this release, the terms 'BHP', the 'Group', 'BHP Group', 'we', 'us', 'our'
and 'ourselves' are used to refer to BHP Group Limited and, except where the
context otherwise requires, our subsidiaries. Refer to Note 28 - Subsidiaries
of the Financial Statements in BHP's 2025 Annual Report for a list of our
significant subsidiaries. Those terms do not include non-operated assets.
Notwithstanding that this release may include production, financial and other
information from non-operated assets, non-operated assets are not included in
the BHP Group and, as a result, statements regarding our operations, assets
and values apply only to our operated assets unless stated otherwise. Our
non-operated assets include Antamina, Resolution, Samarco and Vicuña. BHP
Group cautions against undue reliance on any forward-looking statement or
guidance in this release. These forward-looking statements are based on
information available as at the date of this release and are not guarantees or
predictions of future performance and involve known and unknown risks,
uncertainties and other factors, many of which are beyond our control and
which may cause actual results to differ materially from those expressed in
the statements contained in this release.
Further information on BHP can be found at bhp.com (http://www.bhp.com/)
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Media Relations Investor Relations
Email: media.relations@bhp.com (mailto:media.relations@bhp.com) Email: investor.relations@bhp.com (mailto:investor.relations@bhp.com)
Australia and Asia Australia and Asia
Gabrielle Notley John-Paul Santamaria
Mobile: +61 411 071 715 Mobile: +61 499 006 018
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Amanda Saunders Adam Sanderson
Mobile: +44 7887 468 926 Mobile: +44 7884 735 515
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Megan Hjulfors Li Hua
Mobile: +1 403 605 2314 Mobile: +1 647 828 9830
Latin America
Renata Fernandez
Mobile: +56 9 8229 5357
BHP Group Limited ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Registered Office: Level 18, 171 Collins Street
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Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Group is headquartered in Australia
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