Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

April 18, 2024

BHP GROUP LIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

VICTORIA, AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE,

VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form20-F ☐ Form40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

18 April 2024

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.

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%).

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.

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 McEwanand 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 - 250 i 210 - 250 i 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.

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 10%

YTD Mar FY23 1,240 kt

FY24e 1,720 - 1,910 kt

Average realised price

US$3.72/lb 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.

Escondida816 kt 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 Norte200 kt 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 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 1%

YTD Mar FY23 192 Mt

FY24e 254 - 264.5 Mt

Average realised price

US$104.53/wmt 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 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 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 16%

YTD Mar FY23 20.5 Mt

FY24e 21.5 - 22.5 Mt

Average realised price

US$272.09/t 6%

HY24 US$266.43/t

BMA 17.4 Mt 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.

Energy coal

Production

11.6 Mt 23%

YTD Mar FY23 9.4 Mt

FY24e 13 - 15 Mt

Average realised price

US$120.97/t 6%

HY24 US$123.29/t

NSWEC 11.6 Mt 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.

3

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

Group & Unallocated
Nickel
Production Western Australia Nickel 59 kt 1%

59 kt 1%

YTD Mar FY23 58 kt

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.

FY24e 77 - 87 kt

Average realised price

US$18,104/t 1%

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.
HY24 US$18,602/t

Quarterly performance | Q3 FY24 v Q2 FY24

Copper

Iron ore

466 kt 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 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 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 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 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.

4

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

FY24 guidance1

Current

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

guidance

Unit cost

guidance1

 Escondida2

1,200 -1,300 kt US$1.30 - $1.60/lb3

 Spence4

~250 kt

 WAIO (100% basis)

>305 Mt
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).

5

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.

6

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

Production

Sales

Quarter ended Year to date Quarter ended Year to date
Mar
2023
Jun
2023
Sep
2023
Dec
2023
Mar
2024
Mar
2024
Mar
2023

Var

%

Mar
2023
Jun
2023
Sep
2023
Dec
2023
Mar
2024
Mar
2024
Mar
2023

Var

%

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% 7%
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% (11)%
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

2023

Jun

2023

Sep

2023

Dec

2023

Mar

2024

Mar

2024

Mar

2023

Var

%

Mar

2023

Jun

2023

Sep

2023

Dec

2023

Mar

2024

Mar

2024

Mar

2023

Var

%

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% (8)%
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%

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

2023

Jun
2023

Sep

2023

Dec

2023

Mar

2024

Mar

2024

Mar

2023

Var

%

Mar

2023

Jun

2023

Sep

2023

Dec

2023

Mar

2024

Mar

2024

Mar

2023

Var

%

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.

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 Investor Relations
Email: media.relations@bhp.com Email: investor.relations@bhp.com
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Tel: +61 3 9609 3830 Mobile: +61 411 071 715 Mobile: +61 499 006 018
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11

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BHP Group Limited
Date: April 18, 2024 By:

/s/ Stefanie Wilkinson

Name: Stefanie Wilkinson
Title: Group Company Secretary

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BHP Group Limited published this content on 18 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2024 11:43:06 UTC.