Summary of J.P. Morgan Copper Dashboard Industry Overview - **Industry**: Copper Mining - **Current Trends**: Strong demand persists despite rising global inventories; LME copper price has increased by 13% year-to-date (YTD) to $4.46/lb [1][1][1] Key Takeaways 1. **Global Copper Production**: - Increased by 7.4% YTD as of May, with notable strength in the Democratic Republic of Congo (DRC) and Chile, while Peru showed weakness [1][1][1] - Global copper inventories rose approximately 160,000 tons from around 440,000 tons in late June to about 600,000 tons currently, nearing 2023/24 levels [1][1][1] 2. **China's Copper Market**: - Refined copper production in China rose by 11% YTD through July, matching a 12% increase in demand, although July demand saw a 4% decline year-over-year (YoY) [1][1][1] - Downstream purchases in China are reportedly weak, with onshore premiums declining from earlier in the year [2][2][2] 3. **Market Dynamics**: - High-frequency data presents mixed signals: - Positive indicators include falling TC/RCs (treatment and refining charges), rising cathode premiums, and increasing smelter operating rates in China [1][1][1] - Negative indicators include a decline in LME net speculative positioning returning to five-year average levels [1][1][1] 4. **Price and Inventory Trends**: - Despite rising inventories, the LME copper price has increased, with forward curves in contango, the highest in the past year [1][1][1] - The current LME copper price is $4.46/lb, reflecting a strong market position [1][1][1] 5. **Equity Preferences**: - J.P. Morgan continues to favor Capstone Copper (CSC) in Australia and Antofagasta in EMEA, both rated as Overweight [1][1][1] Additional Insights - **Future Outlook**: - The copper supply-demand balance is expected to remain in marginal surplus for 2025/26, but a positive long-term outlook is maintained [2][2][2] - **Analyst Ratings**: - Various companies in the copper sector have been rated, with BHP, Rio Tinto, and Glencore receiving Overweight ratings, while Southern Copper is rated Neutral [4][4][4] Conclusion - The copper industry is experiencing strong production and demand, particularly in China, despite rising inventories. The market remains optimistic about long-term prospects, with specific equities highlighted for investment.

墨尔本，澳大利亚, Sept. 10, 2025 (GLOBE NEWSWIRE) -- BHP Xplor 是一项旨在变革关键矿产勘探的加速器项目，为期九个月，现已正式开放 2026 届申请。 继 2023、2024 和 2025 届项目取得成功后，BHP Xplor 现为初级勘探公司开放下一期申请通道。 该项目寻求雄心勃勃的团体和人才，申请者应致力于发掘关键矿产新来源，助力打造可持续未来。 BHP Xplor 项目旨在强化参与者的勘探机会，同时促进其与 BHP 建立长期合作关系。 参与者将获得最高 50 万美元的非股权资金和专家指导，并有机会接入 BHP 的全球供应商及服务提供商网络。 BHP 集团勘探官 Tim O’Connor 表示：“对于希望加快扩大规模、大胆突破边界的初级勘探公司而言，Xplor 已迅速成为其公认的发展途径。 该项目不仅能够为其提供资金，还将提供专业知识、各类网络和深度技术，均能彻底改变一家公司的发展轨迹。 随着全球对关键矿产的需求不断加码，大型矿企与初级勘探公司之间建立强有力的合作伙伴关系至关重要。 Xplor 的意义远超一般加速勘探项目，它更在于塑造一种新的合作方式，以解锁未来 ...

(Bloomberg) -- Anglo American Plc is just as vulnerable to a rival takeover offer as Teck Resources Ltd., after the two announced one of the biggest-ever corporate mining combinations on Tuesday, according to an analyst. “It’s not just Teck that’s in play, though. My view is that Anglo American’s in play as well,” Dalton Baretto, a metals and mining equity analyst at Canaccord Genuity Group Inc., said on BNN Bloomberg Television after the companies unveiled a proposed deal that would create a mining giant ...

Core Insights - BHP Xplor has opened applications for its 2026 cohort, continuing its mission to transform the discovery of critical minerals [1][4] - The program aims to support early-stage explorers with funding, mentorship, and access to BHP's extensive network [2][3] Group 1: Program Overview - BHP Xplor is a nine-month accelerator program designed to enhance exploration opportunities for participants [2] - The program offers up to USD $500,000 in equity-free funding, expert mentorship, and connections to BHP's global suppliers and service providers [2] - The 2026 cohort will join an alumni network of 21 companies, facilitating ongoing collaboration and knowledge sharing [2] Group 2: Industry Context - The demand for critical minerals is increasing, necessitating strong partnerships between major companies and junior explorers [2] - BHP Xplor is positioned as a key pathway for early-stage explorers to scale their operations and access vital resources [2][3] - Participation in the program has proven beneficial for companies, providing access to expertise and resources that accelerate project development [3]

Corporate Highlights - CMB.TECH completed its merger with Golden Ocean on August 20, 2025, significantly expanding its fleet to approximately 250 vessels, including 89 dry bulk vessels [4][6][18] - The company has declared an interim dividend of USD 0.05, payable on or about October 9, 2025 [9][10] - The Supervisory Board has undergone changes, with Mr. Marc Saverys resigning and Mr. Patrick de Brabandere appointed as chairman [6][21][22] Financial Highlights - For Q2 2025, CMB.TECH reported a net loss of USD 7.6 million, compared to a net gain of USD 184.4 million in Q2 2024 [3][6] - Revenue for Q2 2025 was USD 387.8 million, up from USD 252 million in Q2 2024, while year-to-date revenue reached USD 622.9 million compared to USD 492.4 million in the previous year [5][6] - EBITDA for Q2 2025 was USD 224.1 million, down from USD 261.2 million in Q2 2024 [3][8] Fleet Highlights - The company has a contract backlog of approximately USD 2.93 billion, providing solid revenue visibility [6][27] - CMB.TECH's fleet includes a diverse range of vessels, with over 80 hydrogen- and ammonia-ready vessels, and an estimated fair market value of approximately USD 11.1 billion [27] - The average age of the fleet is 6.1 years, indicating a young and fuel-efficient fleet [27] Market & Outlook - The tanker markets experienced volatility in Q2 2025, with average earnings reaching a five-month low in mid-June but rebounding sharply to USD 47,519/day by June 20 [30] - China's crude oil imports showed a decline in Q2 2025, reflecting a shift in the country's energy demand profile, which may have lasting implications for global oil trade [31][32] - The Capesize market remains supported by strong iron ore demand, particularly from China, which accounted for 76.4% of total seaborne iron ore volumes in H1 2025 [37]

Company Strategy - BHP可能持有煤炭业务过长时间 [1] - 该业务可能正在倒计时 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market's expectation of the Fed's interest rate cut in September has dropped from around 95% to about 75%. The inflation pressure caused by tariffs is still greater than the pressure of the weakening labor market [3]. - Overseas nickel ore supply continues to be in a loose state, with the price of laterite nickel ore showing signs of softening. The price of ferronickel has stopped rising, and the consumption of downstream stainless steel is weak. The salt market remains popular, but the market's acceptance of price increases is poor. The trading volume in the pure nickel market has picked up [3]. - In the later stage, nickel prices will maintain a range - bound pattern and may be technically corrected. The uncertainty on the macro - front remains high, and the game between inflation pressure and the weakening labor market will continue. The traditional consumer market remains sluggish, and the new energy sector may improve, but it is difficult to determine whether the expectations can be realized. The supply side remains stable at a high level, and the fundamentals are unlikely to improve significantly [3][11]. 3. Summary According to Relevant Catalogs 3.1 Market Data Summary | Variety | 2025/8/22 | 2025/8/18 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Nickel | 119610 | 120340 | -730 | Yuan/ton | | LME Nickel | 14929 | 15151 | -222 | US dollars/ton | | LME Inventory | 209748 | 211662 | -1914 | Tons | | SHFE Inventory | 22552 | 23051 | -499 | Tons | | Jinchuan Nickel Premium | 2600 | 2200 | 400 | Yuan/ton | | Russian Nickel Premium | 500 | 400 | 100 | Yuan/ton | | High - Nickel Pig Iron Average Price | 936 | 936 | 0 | Yuan/nickel point | | Stainless Steel Inventory | 88.3 | 87.8 | 0.50 | Tons | [5] 3.2 Market Review - **Macro - level**: As of August 16, the number of initial jobless claims in the US was 235,000, higher than the expected 225,000. The US manufacturing and service PMI in August were both better than expected. Fed officials' hawkish remarks led to a significant downward revision of the market's expectation of a Fed interest rate cut in September to around 75% [6]. - **Nickel Ore**: The FOB prices of 1.5% laterite nickel ore in the Philippines and Indonesia have declined. The expectation of a loose nickel ore supply remains unchanged, and Indonesian nickel iron plants generally expect the nickel ore price to decline further in late August [6]. - **Pure Nickel**: In July, the domestic monthly production capacity decreased slightly by 400 tons to 53,699 tons, while the smelter's production schedule increased slightly. The domestic export and import of electrolytic nickel both increased year - on - year. After the import window opened, the imported resources increased significantly, and the spot inventory remained relatively stable [7]. - **Ferronickel**: The price of high - nickel pig iron (10% - 12%) rose from 925.5 yuan/nickel point to 929 yuan/nickel point. In July, China's nickel pig iron production decreased slightly month - on - month. In June, the domestic nickel iron import increased significantly year - on - year, mainly from Indonesia. In July, Indonesia's nickel iron production increased year - on - year but decreased month - on - month. As of August 15, the nickel iron physical ton inventory decreased slightly but remained at a high level. The stainless - steel consumption is still sluggish, and the short - term ferronickel price may peak and then fluctuate around the cost line [8][9]. - **Nickel Sulfate**: The prices of battery - grade and electroplating - grade nickel sulfate increased. In July, the production of nickel sulfate metal increased both year - on - year and month - on - month. The production of ternary materials also increased. The upstream and downstream inventory days of nickel sulfate decreased. The market for nickel sulfate remains popular, but the terminal market's resistance to high - nickel salts suppresses price increases [9]. - **New Energy**: From August 1 to 17, the retail sales of the new - energy passenger vehicle market increased year - on - year and month - on - month, with a penetration rate of 58.0%. The growth rate of new - energy vehicle sales has slowed down in the first and middle ten days of August. The replacement subsidy funds have been allocated, but the implementation of local policies varies, and the demand - side expectation is moderately weak [10]. - **Inventory**: The current six - location social inventory of pure nickel decreased by 1,019 tons compared with the previous period. The SHFE inventory decreased by 499 tons, and the LME nickel inventory decreased by 1,914 tons. The total inventory of the two major global exchanges decreased by 2,413 tons [10]. 3.3 Industry News - Boqian New Materials' subsidiaries plan to invest in expanding the production of ultrafine nickel powder, with a planned construction period of 12 months and an additional annual production capacity of 600 tons each [12]. - Indonesia announced the second - phase nickel ore domestic trade benchmark price for August, which decreased by about 0.1% compared with the first - phase price [12]. - Centaurus Metals plans to make a final investment decision on its Brazilian nickel ore project in the first half of 2026, with an expected investment of $370 million and an annual production capacity of about 20,000 tons of nickel [12]. - Nimy Resources discovered a potential large - scale copper - nickel mineralization in Western Australia, which may strengthen the company's layout in the copper - nickel - PGE exploration field [12]. - Indonesia's nickel ore production from January to July 2025 was lower than the target, with a realization rate of only 69% [12]. - BHP cut its dividend to the lowest level since 2017 and plans to sell its idle Nickel West business [12]. 3.4 Relevant Charts The report provides charts on the trends of domestic and international nickel prices, spot premiums, LME 0 - 3 nickel premiums, nickel domestic - to - foreign ratios, nickel futures inventory, nickel ore port inventory, high - nickel iron prices, 300 - series stainless - steel prices, and stainless - steel inventory [14][16].

[Chair's review](index=13&type=section&id=Chair's%20review) The Chair's review highlights BHP's 140-year history, strong FY2025 performance, commitment to shareholder returns, and strategic shift towards future-facing commodities - The Chair's review emphasizes BHP's **140-year history** of stability and resilience amidst global uncertainty, highlighting the company's clear strategy, strong performance in **FY2025**, and commitment to rewarding shareholders through disciplined capital allocation[42](index=42&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) - The review also underscores the strategic portfolio shift towards future-facing commodities like copper and potash, which are essential for global development, decarbonization, and digitalization[42](index=42&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) FY2025 Shareholder Returns | Metric | Value | | :--- | :--- | | **FY2025 Total Dividends** | 110 US cents per share | | **Total Distribution to Shareholders** | US$5.6 billion | | **Total Dividends (Past 5 Years)** | > US$50 billion | - BHP is strategically positioning its portfolio for future growth by increasing exposure to commodities needed for decarbonization and rising living standards, such as copper and potash, while maintaining its lead as the lowest-cost major iron ore producer[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Chief Executive Officer's review](index=15&type=section&id=Chief%20Executive%20Officer's%20review) The CEO's review details strong FY2025 operational and financial performance, progress in copper and potash growth, improved safety, and strategic adjustments including an optimized net debt target - The CEO's review highlights a strong year of safe operational and financial performance in **FY2025**, with significant progress in copper and potash growth options[58](index=58&type=chunk)[59](index=59&type=chunk) - Key achievements include improved safety metrics, record production in copper and iron ore, and reaching gender balance goals[58](index=58&type=chunk)[59](index=59&type=chunk) - The review also addresses challenges, such as cost revisions at the Jansen potash project, and outlines strategic adjustments, including an optimized net debt target to support future growth[58](index=58&type=chunk)[59](index=59&type=chunk) FY2025 Operational Highlights | Commodity | Achievement | | :--- | :--- | | **Copper** | Production exceeded **2 million tonnes** for the first time, a **28% increase** since FY2022 | | **Iron Ore (WAIO)** | Achieved record production and maintained its position as the world's lowest-cost major producer for the **sixth consecutive year** | | **Steelmaking Coal** | Increased production at BMA (excluding divested mines) through improved productivity | - BHP has reshaped its portfolio, with copper now contributing **45% of EBITDA in FY2025**, reflecting a strategic focus on future-facing commodities[72](index=72&type=chunk)[74](index=74&type=chunk) - The company has also optimized its net debt target range to **US$10 billion to US$20 billion** to support its growth agenda[72](index=72&type=chunk)[74](index=74&type=chunk) - The Jansen Stage 1 potash project experienced a cost revision due to inflation, design changes, and lower productivity, which the CEO described as disappointing and not representative of BHP's broader project performance[70](index=70&type=chunk) [Operating and Financial Review](index=17&type=section&id=Operating%20and%20Financial%20Review) [Why BHP](index=17&type=section&id=1.%20Why%20BHP) This section outlines BHP's core investment thesis, emphasizing its resilience, clear strategy on essential commodities, and differentiated approach to creating social value - BHP positions itself as the world's largest mining company by market capitalization, producing materials vital for global growth, decarbonization, and digitalization[81](index=81&type=chunk)[85](index=85&type=chunk)[98](index=98&type=chunk) - The company's growth strategy is centered on productivity improvements, expanding existing large-scale assets, and pursuing new opportunities, such as the Vicuña copper joint venture and the Jansen potash project[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - BHP achieved its gender balance goal in **FY2025**, with female employee representation reaching **41.3%**, up from **17.6% nine years ago**[94](index=94&type=chunk)[95](index=95&type=chunk) - This is presented as a key driver of business value, contributing to a more inclusive culture and better safety and operational performance[94](index=94&type=chunk)[95](index=95&type=chunk) [Our business](index=20&type=section&id=2.%20Our%20business) This section overviews BHP's commodity portfolio and global operations, detailing record copper and iron ore performance, steelmaking coal focus, and Jansen potash project updates [Our portfolio](index=20&type=section&id=2.1%20Our%20portfolio) FY2025 Production Highlights | Commodity | FY2025 Production | YoY Change | | :--- | :--- | :--- | | **Copper** | **2.02 Mt** | ▲ **8%** | | **Iron Ore** | **263 Mt** | ▲ **1%** | | **Steelmaking Coal** | **18 Mt** | ▼ **19%** (incl. divestments) | - The Jansen Stage 1 (JS1) potash project's estimated capital expenditure has been increased from **US$5.7 billion** to a range of **US$7.0 billion to US$7.4 billion**, with first production reverting to the original mid-CY2027 schedule[116](index=116&type=chunk)[117](index=117&type=chunk) - The execution of Jansen Stage 2 (JS2) has been extended by **two years**, pushing first production to **FY2031**[116](index=116&type=chunk)[117](index=117&type=chunk) - BHP expanded its copper growth options by forming the Vicuña joint venture with Lundin Mining, which holds the Josemaria and Filo del Sol prospects on the Argentina-Chile border, an emerging copper district with world-class potential[107](index=107&type=chunk) [Where we operate](index=22&type=section&id=2.2%20Where%20we%20operate) - This section consists of a world map illustrating the locations of BHP's global operations and projects across the Americas, Australia, and other regions[120](index=120&type=chunk)[121](index=121&type=chunk) [Our key differentiators](index=23&type=section&id=3.%20Our%20key%20differentiators) This chapter details BHP's competitive advantages, including its people, operating system, social value commitment, and disciplined financial management - The BHP Operating System (BOS) is identified as a unique management system that provides a competitive edge by driving continuous improvement, strengthening culture, and delivering operating excellence[126](index=126&type=chunk)[127](index=127&type=chunk) - BHP has increased its net debt target range to **US$10 billion - US$20 billion** (from US$5 billion - US$15 billion), reflecting improved portfolio fundamentals and a strong balance sheet to fund attractive organic growth projects while delivering shareholder returns[131](index=131&type=chunk)[132](index=132&type=chunk) - The company reports strong and consistent financial performance, with net operating cash flow of **US$18.7 billion in FY2025** and an average EBITDA margin of **55% over the past decade**, approximately **10 percentage points** above its closest major competitor[136](index=136&type=chunk) - A refreshed Technology Strategy was launched in **FY2025** to accelerate the use of data, digital solutions, automation, and AI to improve safety, enhance productivity, and unlock long-term value[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) [Positioning for growth](index=26&type=section&id=4.%20Positioning%20for%20growth) This section outlines BHP's growth strategy, focusing on expanding copper, enhancing iron ore, developing potash, and driving innovation through ventures and exploration - BHP is advancing a strong pipeline of organic copper growth options in Chile and South Australia, with aspirations to produce an average of **~1.4 Mtpa** from Chile and **>500 ktpa** from Copper South Australia during the **2030s**[145](index=145&type=chunk)[146](index=146&type=chunk) - The company has approved a **~US$0.9 billion** investment to commission a sixth car dumper (CD6) at Port Hedland, which will support sustained iron ore production of **>305 Mtpa** (100% basis) from **Q4 FY2028**[150](index=150&type=chunk) - BHP is developing the Jansen potash mine in Canada, which is expected to be a best-in-class asset positioned to make BHP a leader in the global potash industry[152](index=152&type=chunk) FY2025 Exploration Expenditure | Category | Expenditure (US$M) | YoY Change | | :--- | :--- | :--- | | **Total Metals Exploration** | **396** | ▼ **13%** | | Resource Assessment | 250 | ▼ **25%** | | Greenfield | 146 | ▲ **18%** | [Financial review](index=28&type=section&id=5.%20Financial%20review) This chapter reviews BHP's FY2025 financial performance, detailing revenue and EBITDA changes, profit drivers, cash flow, and debt and liquidity positions [Group overview](index=28&type=section&id=5.1%20Group%20overview) Summary of Financial Measures (FY2025 vs FY2024) | Metric | FY2025 (US$M) | FY2024 (US$M) | | :--- | :--- | :--- | | **Revenue** | **51,262** | 55,658 | | **Profit attributable to BHP shareholders** | **9,019** | 7,897 | | **Net operating cash flows** | **18,692** | 20,665 | | **Net debt** | **12,924** | 9,120 | | **Underlying attributable profit** | **10,157** | 13,660 | | **Underlying EBITDA** | **25,978** | 29,016 | [Key performance indicators](index=28&type=section&id=5.2%20Key%20performance%20indicators) Reconciliation to Key Performance Indicators (FY2025) | IFRS Measure | Value (US$M) | Adjustments | KPI | Value (US$M) | | :--- | :--- | :--- | :--- | :--- | | Profit after taxation attributable to BHP shareholders | **9,019** | Exceptional items, NCI | **Underlying attributable profit** | **10,157** | | Profit from operations | **19,464** | Exceptional items, D&A, Impairments | **Underlying EBITDA** | **25,978** | [Financial results](index=30&type=section&id=5.3%20Financial%20results) - Revenue for **FY2025** decreased by **8%** to **US$51.3 billion**, primarily due to lower average realised prices for iron ore and coal, the temporary suspension of Western Australia Nickel (WAN), and the divestment of the Blackwater and Daunia mines[178](index=178&type=chunk) - Profit after taxation attributable to BHP shareholders was **US$9.0 billion**, which included an exceptional loss of **US$1.1 billion** (after tax)[177](index=177&type=chunk) - This compares to **US$7.9 billion in FY2024**, which included a larger exceptional loss of **US$5.8 billion**[177](index=177&type=chunk) Principal Factors Affecting Underlying EBITDA (FY2024 to FY2025) | Factor | Impact (US$M) | | :--- | :--- | | **Underlying EBITDA FY2024** | **29,016** | | Net price impact | (3,705) | | Change in volumes | 2,215 | | Change in controllable cash costs | (953) | | Change in other costs (FX, inflation, etc.) | 356 | | Ceased and sold operations | (722) | | Other | (229) | | **Underlying EBITDA FY2025** | **25,978** | [Debt and sources of liquidity](index=32&type=section&id=5.4%20Debt%20and%20sources%20of%20liquidity) Debt and Gearing Position | Metric | 30 June 2025 | 30 June 2024 | | :--- | :--- | :--- | | **Net Debt** | **US$12.9 billion** | US$9.1 billion | | **Gearing Ratio** | **19.8%** | 15.7% | - During **FY2025**, the Group increased its gross debt by **US$3.8 billion**, reflecting the issuance of **US$3.0 billion** in bonds and a new **US$1.0 billion** three-year term loan[195](index=195&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - The Group maintains a **US$5.5 billion** committed revolving credit facility, which was undrawn as of **30 June 2025**, supporting its liquidity position[201](index=201&type=chunk) - For **FY2025**, the Board determined total dividends of **US$1.10 per share**, amounting to a total cash distribution of **US$5.6 billion**[205](index=205&type=chunk) [Our assets](index=34&type=section&id=6.%20Our%20assets) This chapter provides a detailed operational review of BHP's asset portfolio by commodity, covering production, outlook, and key developments for Copper, Iron Ore, Coal, Potash, and Nickel [Copper](index=34&type=section&id=6.1%20Copper) - Escondida achieved its highest production in **17 years**, increasing **16% YoY in FY2025**, driven by record concentrator throughput and higher feed grade[211](index=211&type=chunk)[216](index=216&type=chunk) - **FY2026** production is guided to be between **1,150 and 1,250 kt**[211](index=211&type=chunk)[216](index=216&type=chunk) - Spence achieved record production of **268 kt in FY2025**, an increase of **5%**[219](index=219&type=chunk) - **FY2026** production is expected to be between **230 and 250 kt** due to lower feed grades[219](index=219&type=chunk) - Copper South Australia's **FY2025** production was **316 kt**, impacted by a major weather-related power outage[226](index=226&type=chunk)[228](index=228&type=chunk) - The Prominent Hill Operations Expansion (PHOX) project is on track for **H2 FY2027**[226](index=226&type=chunk)[228](index=228&type=chunk) - In **FY2025**, BHP and Lundin Mining formed the Vicuña joint venture to hold the Josemaria and Filo del Sol copper deposits on the Argentina-Chile border, creating a long-term partnership to develop an emerging copper district[245](index=245&type=chunk) [Iron ore](index=38&type=section&id=6.2%20Iron%20ore) - Western Australia Iron Ore (WAIO) delivered a record full-year production of **257 Mt** (**290 Mt** on a 100% basis) in **FY2025**, its third consecutive annual record[253](index=253&type=chunk) - The South Flank mine exceeded its nameplate capacity in its first full year of operation[253](index=253&type=chunk) - BHP approved a **~US$0.9 billion** investment for a sixth car dumper (CD6) at Port Hedland to maintain production capacity of **>305 Mtpa** (100% basis) from **Q4 FY2028** through a period of planned renewals[255](index=255&type=chunk) - Samarco's production increased by **34% to 6.3 Mt** (BHP share) in **FY2025** following the ramp-up of its second concentrator[261](index=261&type=chunk) - **FY2026** production is expected to increase to between **7.0 and 7.5 Mt**[261](index=261&type=chunk) [Coal](index=40&type=section&id=6.3%20Coal) - BHP Mitsubishi Alliance (BMA) production increased by **5% in FY2025** (excluding the divested Blackwater and Daunia mines), driven by improved truck productivity[269](index=269&type=chunk)[271](index=271&type=chunk) - **FY2026** production is guided to be between **18 and 20 Mt** (**36-40 Mt** on a 100% basis)[269](index=269&type=chunk)[271](index=271&type=chunk) - New South Wales Energy Coal (NSWEC) received government approval to extend mining at Mt Arthur Coal until **June 2030**, aligning with its planned closure[276](index=276&type=chunk)[277](index=277&type=chunk) - **FY2025** production was **15.04 Mt**, exceeding guidance[276](index=276&type=chunk)[277](index=277&type=chunk) [Potash](index=42&type=section&id=6.4%20Potash) Jansen Potash Project Update (as of June 30, 2025) | Project | Completion | Estimated Capex (US$) | First Production Schedule | | :--- | :--- | :--- | :--- | | **Jansen Stage 1 (JS1)** | **68%** | **$7.0bn - $7.4bn** | Reverted to mid-CY2027 | | **Jansen Stage 2 (JS2)** | **11%** | Under review | Extended by **2 years** to FY2031 | - The estimated cost increase for Jansen Stage 1 is attributed to inflationary pressures, design and scope changes, and lower-than-expected construction productivity[286](index=286&type=chunk) [Nickel](index=43&type=section&id=6.5%20Nickel) - Western Australia Nickel (Nickel West and West Musgrave project) was transitioned into temporary suspension at the end of **H1 FY2025** due to oversupply in the global nickel market[290](index=290&type=chunk) - BHP intends to review the decision to suspend Western Australia Nickel by **February 2027** and is assessing a potential divestment of the assets as one of the options[293](index=293&type=chunk) - On **July 18, 2025**, after the financial year end, BHP exited its **17% interest** in the Kabanga nickel project in Tanzania[294](index=294&type=chunk) [Commercial](index=43&type=section&id=6.6%20Commercial) - BHP's Commercial function is structured around key value chain activities to maximize value and minimize costs[294](index=294&type=chunk)[295](index=295&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk) - Its sub-functions include Sales and Marketing, Maritime and Supply Chain Excellence, Procurement, Market Analysis and Economics, Risk Governance and Analytics, and Global Business Services[294](index=294&type=chunk)[295](index=295&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk) [How we manage risk](index=45&type=section&id=7.%20How%20we%20manage%20risk) This section details BHP's comprehensive Risk Framework, built on strategy, governance, process, and intelligence, with Board oversight and a 'three lines model' for accountability - BHP's Risk Framework is founded on four pillars: risk strategy, risk governance, risk process, and risk intelligence[302](index=302&type=chunk) - The company uses a 'three lines model' for risk governance: the first line consists of frontline staff and operational management, the second line is the Risk team providing expertise and oversight, and the third line is the Internal Audit team providing independent assurance[310](index=310&type=chunk)[311](index=311&type=chunk)[313](index=313&type=chunk) - Risks are categorized as 'current' (operational or strategic risks impacting the near future) or 'emerging' (newly developing, highly uncertain risks)[318](index=318&type=chunk)[321](index=321&type=chunk)[323](index=323&type=chunk) - A 'watch list' is maintained to monitor emerging themes and signals[318](index=318&type=chunk)[321](index=321&type=chunk)[323](index=323&type=chunk) [Safety](index=48&type=section&id=8.%20Safety) This chapter emphasizes safety as BHP's core value, detailing strong FY2025 performance with no fatalities and improved injury rates, alongside key elimination and leadership programs FY2025 Safety Performance | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Fatalities** | **0** | - | - | | **High Potential Injury Frequency (HPIF)** | **0.09** | 0.11 | ▼ **18%** | | **Total Recordable Injury Frequency (TRIF)** | **4.5** | 4.8 | ▼ **7%** | - The Fatality Elimination Program (FEL), a five-year initiative, has concluded its globally-led phase and transitioned to an asset-led model for managing fatal risk controls, embedding its requirements into Global Standards[334](index=334&type=chunk)[335](index=335&type=chunk) - The Global Field Leadership Program is a key driver of safety culture, focusing on leader engagement with frontline teams through Layered Audits, Critical Control Observations, and other structured interactions to verify controls and foster continuous improvement[336](index=336&type=chunk)[338](index=338&type=chunk) [Sustainability](index=52&type=section&id=9.%20Sustainability) This extensive chapter details BHP's comprehensive sustainability approach, governed by Global Standards and the 2030 social value scorecard, covering governance, human rights, people, climate, and community [Our sustainability approach](index=52&type=section&id=9.1%20Our%20sustainability%20approach) - BHP's sustainability approach is defined by its Purpose and Values, governed through Global Standards, and aims to generate both social and shareholder value[355](index=355&type=chunk)[356](index=356&type=chunk)[357](index=357&type=chunk) - The company's disclosures align with multiple global frameworks, including GRI, SASB, and TCFD[355](index=355&type=chunk)[356](index=356&type=chunk)[357](index=357&type=chunk) [Sustainability governance](index=53&type=section&id=9.2%20Sustainability%20governance) - The BHP Board has ultimate responsibility for overseeing sustainability, including safety, health, community, environment, and climate change[365](index=365&type=chunk) - All four standing Board Committees support this oversight[365](index=365&type=chunk) - Management, led by the CEO and Executive Leadership Team (ELT), is accountable for executing sustainability strategy and achieving targets[367](index=367&type=chunk)[370](index=370&type=chunk) - The Operating Committee (OpCo) assists in delivering operational commitments and fostering a culture of safety and performance[367](index=367&type=chunk)[370](index=370&type=chunk) [Material sustainability topics (including human rights)](index=54&type=section&id=9.3%20Material%20sustainability%20topics%20(including%20human%20rights)) - BHP conducts an annual impact materiality assessment to identify key sustainability topics for reporting[369](index=369&type=chunk) - In **FY2025**, 'value chain sustainability' and 'tailings storage facilities' were added to the list of material topics[369](index=369&type=chunk) - In **FY2025**, BHP strengthened its human rights approach by consolidating relevant personnel into a new Ethics, Compliance and Human Rights team and establishing a cross-functional Human Rights Working Group[373](index=373&type=chunk) [2030 goals and social value scorecard](index=56&type=section&id=9.4%202030%20goals%20and%20social%20value%20scorecard) - BHP tracks its progress against six **2030 goals** through an annual social value scorecard[375](index=375&type=chunk) - The pillars are: Decarbonisation, Healthy environment, Indigenous partnerships, Safe inclusive and future-ready workforce, Thriving empowered communities, and Responsible supply chains[375](index=375&type=chunk) FY2025 Social Investment | Category | Amount (US$M) | | :--- | :--- | | **Total Voluntary Social Investment** | **127.8** | | Direct Funding | 92.5 | | Non-operated JV Programs | 19.7 | | BHP Matched Giving Program | 1.3 | | Administrative Costs | 8.6 | | BHP Foundation Operations | 5.7 | [People](index=59&type=section&id=9.5%20People) - In **April 2025**, BHP achieved its aspirational goal of gender balance, with women representing **41.3%** of the employee workforce, more than double the **17.6% in 2016**[392](index=392&type=chunk)[394](index=394&type=chunk) - BHP is on track to meet its Indigenous employment targets in Canada (by **FY2026**) and Australia (by **FY2027**), having already achieved its target in Chile[399](index=399&type=chunk) - Following the transition of Western Australia Nickel (WAN) into temporary suspension, around **1,400 employees** were offered redeployment across BHP, with the majority moving to WAIO[388](index=388&type=chunk) - A payroll review identified issues with leave deductions and allowances for some Australian employees[415](index=415&type=chunk)[418](index=418&type=chunk)[423](index=423&type=chunk) - A remediation program is underway, with payments made to over **14,000 affected former employees** for the leave issue[415](index=415&type=chunk)[418](index=418&type=chunk)[423](index=423&type=chunk) - The total remediation cost remains in line with the previously recognized **US$280 million** pre-tax provision[415](index=415&type=chunk)[418](index=418&type=chunk)[423](index=423&type=chunk) [Health](index=63&type=section&id=9.6%20Health) - In **FY2025**, there was an overall **13% decrease** in the number of employees and contractors potentially exposed to Diesel Particulate Matter (DPM) and Respirable Crystalline Silica (RCS) compared to **FY2024**[429](index=429&type=chunk) - Musculoskeletal illness was the most common occupational illness in **FY2025**, representing **64%** of workforce cases[439](index=439&type=chunk)[443](index=443&type=chunk) - **21 cases** of coal mine dust lung disease (CMDLD) were reported to regulatory services[439](index=439&type=chunk)[443](index=443&type=chunk) - Reports of sexual harassment increased by **3% to 429 in FY2025**, while reports of racial harassment decreased by **6% to 103**[457](index=457&type=chunk)[458](index=458&type=chunk) - Following investigations, **102 cases** of sexual harassment and **24 cases** of racial harassment were established, leading to the termination or removal from site of **100 and 20 individuals**, respectively[457](index=457&type=chunk)[458](index=458&type=chunk) [Ethics and business conduct](index=67&type=section&id=9.7%20Ethics%20and%20business%20conduct) - A simplified and streamlined version of 'Our Code of Conduct' was relaunched in **March 2025** to support clearer, values-driven decision-making[462](index=462&type=chunk) - In **FY2025**, **3,515 reports** were received through BHP's misconduct reporting channels[468](index=468&type=chunk)[469](index=469&type=chunk) - Of the cases closed during the year, **33%** contained one or more established allegations[468](index=468&type=chunk)[469](index=469&type=chunk) - Reports of harassment and bullying decreased by **35% from FY2024**[468](index=468&type=chunk)[469](index=469&type=chunk) - The Compliance function provided input into **21 anti-corruption risk assessments in FY2025**, and **1,675 employees and contractors** undertook additional risk-based anti-corruption training[477](index=477&type=chunk)[478](index=478&type=chunk) [Climate Change](index=69&type=section&id=9.8%20Climate%20Change) - BHP remains on track to meet its medium-term target of at least a **30% reduction** in operational GHG emissions by **FY2030** from an **FY2020** baseline[486](index=486&type=chunk)[497](index=497&type=chunk) - The company's strategy is detailed in its Climate Transition Action Plan (CTAP 2024)[486](index=486&type=chunk)[497](index=497&type=chunk) - Due to a slower pace of development for diesel displacement technology, the estimated operational decarbonization expenditure for the decade to **FY2030** has been revised to **US$0.5 billion**[496](index=496&type=chunk)[497](index=497&type=chunk) - However, BHP anticipates spending at least **US$4 billion** in the **2030s** as technology matures[496](index=496&type=chunk)[497](index=497&type=chunk) - Portfolio resilience was tested against a **1.5°C scenario**, which BHP believes is unlikely to eventuate[516](index=516&type=chunk)[518](index=518&type=chunk) - The assessment indicated the portfolio would be resilient, with increased value in copper, potash, and nickel offsetting some downside risk to steelmaking coal[516](index=516&type=chunk)[518](index=518&type=chunk) - BHP is conducting studies to assess physical climate-related risks (acute and chronic) across its operations using IPCC scenarios with global temperature increases of **1.8°C, 2.7°C, and 4.4°C by CY2100**[529](index=529&type=chunk)[530](index=530&type=chunk)[535](index=535&type=chunk) [Nature and environmental performance](index=84&type=section&id=9.9%20Nature%20and%20environmental%20performance) - BHP's **2030** Healthy environment goal is to create nature-positive outcomes by having at least **30%** of the land and water it stewards under conservation, restoration, or regenerative practices[552](index=552&type=chunk) - In **FY2025**, freshwater withdrawals increased by **46% to 162,740 ML**, primarily due to increased rainfall and runoff at BMA, while water withdrawals in water-stressed areas decreased[561](index=561&type=chunk) - As of **June 30, 2025**, BHP owned, leased, or managed approximately **7.9 million hectares** of land[573](index=573&type=chunk) - About **2%** of this area is disturbed for mining, and of that disturbed land, approximately **14%** is currently rehabilitated[573](index=573&type=chunk) - In **FY2025**, BHP was issued and paid seven fines totaling **US$8,065,961** related to environmental laws and regulations, including a **US$8 million** fine related to water extraction from the Monturaqui aquifer at Escondida[579](index=579&type=chunk)[582](index=582&type=chunk)[584](index=584&type=chunk) [Tailings storage facilities](index=91&type=section&id=9.10%20Tailings%20storage%20facilities) - BHP is committed to aligning all its operated Tailings Storage Facilities (TSFs) with the Global Industry Standard on Tailings Management (GISTM)[590](index=590&type=chunk) - As of **August 2025**, **61 of BHP's 70 TSFs** are aligned with GISTM[591](index=591&type=chunk) - Of the nine partially aligned TSFs, one is classified as 'extreme consequence'[591](index=591&type=chunk) - Third-party validation has been received for **22 TSFs**, representing **92%** of the very high and extreme consequence facilities[591](index=591&type=chunk) [Community](index=92&type=section&id=9.11%20Community) - In **FY2025**, **109 community concerns and complaints**, and one grievance were received through operational grievance mechanisms[597](index=597&type=chunk) - The most frequent theme was conduct and behaviour[597](index=597&type=chunk) - BHP is shifting the focus of its 'Thriving, empowered communities' social value pillar from **FY2026** to measure the outcomes of community programs, while continuing to use co-creation and co-design methodologies where appropriate[602](index=602&type=chunk) [Indigenous peoples](index=95&type=section&id=9.12%20Indigenous%20peoples) - BHP's policy is to respect the rights of Indigenous peoples and seek 'free, prior and informed consent' (FPIC) for new operations and projects that may impact them[614](index=614&type=chunk) - The company is piloting an Indigenous Peoples Risk Assessment (IPRA) process to support this commitment[614](index=614&type=chunk) FY2025 Global Indigenous Procurement Spend | Region | Spend (US$M) | | :--- | :--- | | **Global Total** | **853** | | Australia | 505 | | Canada | 323 | | Chile | 24 | - In Australia, BHP is undertaking a native title agreement-making program with **19 Traditional Owner groups**[623](index=623&type=chunk) - In **FY2025**, new agreements were completed with the Kokatha people for the Oak Dam project and with the Barada Barna people for BMA operations[623](index=623&type=chunk) [Value chain sustainability](index=98&type=section&id=9.13%20Value%20chain%20sustainability) - BHP's **2030** goal for responsible supply chains is to create sustainable, ethical, and transparent supply chains with its partners[638](index=638&type=chunk)[640](index=640&type=chunk) - This is supported by a strategy focused on five key performance standards, including the ICMM Mining Principles and The Copper Mark[638](index=638&type=chunk)[640](index=640&type=chunk) - In **FY2025**, BHP's Chilean operations, Escondida and Spence, were reaccredited against The Copper Mark, recognizing their responsible production practices[642](index=642&type=chunk) - The Responsible Minerals Program (RMP) is BHP's risk-based due diligence framework for minerals sourced from third parties, aligned with OECD guidance[647](index=647&type=chunk)[648](index=648&type=chunk) - In **FY2025**, environmental risks were prioritized for enhanced due diligence within the RMP[647](index=647&type=chunk)[648](index=648&type=chunk) [Samarco](index=100&type=section&id=10.%20Samarco) This chapter details the resolution efforts for the 2015 Fundão dam failure, including a R$170 billion (US$31.7 billion) Settlement Agreement with Brazilian authorities - A definitive Settlement Agreement was reached on **October 25, 2024**, with Brazilian authorities to resolve claims from the **2015 Samarco dam failure**[654](index=654&type=chunk)[655](index=655&type=chunk) - The agreement has a financial value of **R$170 billion** (approx. **US$31.7 billion**) on a 100% basis[654](index=654&type=chunk)[655](index=655&type=chunk) Settlement Agreement Financial Breakdown (100% Basis) | Component | Value (R$ billion) | Value (US$ billion, approx.) | | :--- | :--- | :--- | | **Amounts already spent (to Sep 2024)** | **38** | **7.9** | | **Future payments over 20 years** | **100** | **18.0** | | **Performance obligations** | **32** | **5.8** | | **Total Financial Value** | **170** | **31.7** | - As of **June 30, 2025**, approximately **R$23.3 billion** (**US$4.6 billion**) has been paid in compensation and financial assistance to about **466,000 people**[657](index=657&type=chunk)[663](index=663&type=chunk) - Approximately **98%** of resettlement cases have been completed through construction or cash payments[657](index=657&type=chunk)[663](index=663&type=chunk) - Under the agreement, Samarco is the primary obligor, with BHP Brasil and Vale acting as secondary obligors for **50%** each of any obligation Samarco cannot fund[656](index=656&type=chunk) [Risk factors](index=103&type=section&id=11.%20Risk%20factors) This section identifies principal risks to BHP's business, including operational events, market access, growth portfolio optimization, ethical misconduct, and climate transition - BHP identifies several key risk factors that could materially impact its business, including: * **Operational events**: Failures of facilities like tailings dams, geotechnical instability, and transportation incidents[677](index=677&type=chunk)[680](index=680&type=chunk)[683](index=683&type=chunk) * **Accessing key markets**: Disruptions from geopolitical tensions, trade restrictions, and regulatory changes[677](index=677&type=chunk)[680](index=680&type=chunk)[683](index=683&type=chunk) * **Optimising growth and portfolio returns**: Commodity price volatility and failure to execute on strategic acquisitions or divestments[677](index=677&type=chunk)[680](index=680&type=chunk)[683](index=683&type=chunk) * **Ethical misconduct**: Risks from fraud, corruption, or breaches of law and regulations[677](index=677&type=chunk)[680](index=680&type=chunk)[683](index=683&type=chunk) * **Significant social or environmental impacts**: Adverse impacts on communities, nature, human rights, or cultural heritage[677](index=677&type=chunk)[680](index=680&type=chunk)[683](index=683&type=chunk) * **Adopting technologies and maintaining digital security**: Cybersecurity threats and failure to implement new technologies effectively[677](index=677&type=chunk)[680](index=680&type=chunk)[683](index=683&type=chunk) * **Low-carbon transition**: Risks from policy, technology, and market shifts related to climate change[677](index=677&type=chunk)[680](index=680&type=chunk)[683](index=683&type=chunk) * **Inadequate business resilience**: Failure to prepare for and respond to unforeseeable adverse events[677](index=677&type=chunk)[680](index=680&type=chunk)[683](index=683&type=chunk) [Performance by commodity](index=114&type=section&id=12.%20Performance%20by%20commodity) This chapter provides a detailed financial and operational breakdown for each commodity segment in FY2025, including market analysis, production, financial results, and outlook [Copper](index=114&type=section&id=12.1%20Copper) Copper Segment Performance (FY2025 vs FY2024) | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue** | **US$22,530 M** | US$18,566 M | | **Underlying EBITDA** | **US$12,326 M** | US$8,564 M | | **Total Production** | **2,017 kt** | 1,865 kt | | **Average Realised Price** | **US$4.25/lb** | US$3.98/lb | - Copper's strong financial results were driven by higher average realised prices and an **8% increase** in production volumes, led by record performance at Escondida[756](index=756&type=chunk)[760](index=760&type=chunk) - **FY2026** copper production is expected to be between **1,800 and 2,000 kt**, reflecting planned lower grades in Chile[762](index=762&type=chunk) [Iron Ore](index=116&type=section&id=12.2%20Iron%20Ore) Iron Ore Segment Performance (FY2025 vs FY2024) | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue** | **US$22,919 M** | US$27,952 M | | **Underlying EBITDA** | **US$14,396 M** | US$18,913 M | | **Total Production** | **263 Mt** | 260 Mt | | **Average Realised Price** | **US$82.13/wmt** | US$101.04/wmt | - The decrease in Iron Ore revenue and Underlying EBITDA was primarily due to lower average realised prices, which had a negative impact of **US$4.3 billion** on EBITDA[778](index=778&type=chunk) - WAIO production for **FY2026** is expected to be between **251 and 262 Mt** (**284-296 Mt** on a 100% basis), incorporating a planned car dumper rebuild[780](index=780&type=chunk) [Coal](index=117&type=section&id=12.3%20Coal) Coal Segment Performance (FY2025 vs FY2024) | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | **Revenue** | **US$5,046 M** | US$7,666 M | | **Underlying EBITDA** | **US$573 M** | US$2,290 M | | **Steelmaking Coal Production** | **18 Mt** | 22 Mt | | **Energy Coal Production** | **15 Mt** | 15 Mt | | **Avg. Realised Steelmaking Coal Price** | **US$193.82/t** | US$266.06/t | - The significant decrease in Coal revenue and Underlying EBITDA was driven by lower average realised prices and the divestment of the Blackwater and Daunia mines in **FY2024**[791](index=791&type=chunk) - BMA production for **FY2026** is expected to be between **18 and 20 Mt** (**36-40 Mt** on a 100% basis)[793](index=793&type=chunk) [Other assets](index=118&type=section&id=12.4%20Other%20assets) - Western Australia Nickel (WAN) production decreased by **63% to 30 kt** as operations transitioned into temporary suspension in **December 2024**[799](index=799&type=chunk)[800](index=800&type=chunk) - WAN recorded an Underlying EBITDA loss of **US$0.6 billion in FY2025**[799](index=799&type=chunk)[800](index=800&type=chunk) - The Potash segment recorded an Underlying EBITDA loss of **US$284 million in FY2025**[802](index=802&type=chunk)[803](index=803&type=chunk) - The Jansen Stage 1 project is **68% complete**, with first production expected around mid-CY2027[802](index=802&type=chunk)[803](index=803&type=chunk) [Impact of changes to commodity prices](index=119&type=section&id=12.5%20Impact%20of%20changes%20to%20commodity%20prices) FY2025 Commodity Price Sensitivity Analysis | Price Change | Impact on Profit After Tax (US$M) | Impact on Underlying EBITDA (US$M) | | :--- | :--- | :--- | | **US¢1/lb on copper** | **29** | **42** | | **US$1/t on iron ore** | **162** | **232** | | **US$1/t on steelmaking coal** | **8** | **11** | | **US$1/t on energy coal** | **9** | **14** | [Non-IFRS financial information](index=120&type=section&id=13.%20Non-IFRS%20financial%20information) This chapter explains the use of non-IFRS financial measures like Underlying Attributable Profit and EBITDA, providing definitions and reconciliations for clearer performance insights - BHP uses non-IFRS financial information to reflect underlying financial performance, excluding the impact of exceptional items to improve comparability between periods[811](index=811&type=chunk)[813](index=813&type=chunk) Reconciliation of Attributable Profit to Underlying Attributable Profit | Year ended 30 June | 2025 (US$M) | 2024 (US$M) | 2023 (US$M) | | :--- | :--- | :--- | :--- | | **Profit after taxation attributable to BHP shareholders** | **9,019** | 7,897 | 12,921 | | Total exceptional items attributable to BHP shareholders | 1,138 | 5,763 | 499 | | **Underlying attributable profit** | **10,157** | **13,660** | **13,420** | Reconciliation of Profit from Operations to Underlying EBITDA | Year ended 30 June | 2025 (US$M) | 2024 (US$M) | 2023 (US$M) | | :--- | :--- | :--- | :--- | | **Profit from operations** | **19,464** | 17,537 | 22,932 | | Exceptional items in profit from operations | 776 | 6,094 | (112) | | **Underlying EBIT** | **20,240** | **23,631** | **22,820** | | Depreciation and amortisation expense | 5,540 | 5,295 | 5,061 | | Impairments (non-exceptional) | 108 | 3,890 | 75 | | Exceptional items in D&A | 90 | (3,800) | – | | **Underlying EBITDA** | **25,978** | **29,016** | **27,956** | [Corporate Governance Statement](index=133&type=section&id=Corporate%20Governance%20Statement) [Corporate governance at BHP](index=134&type=section&id=1.%20Corporate%20governance%20at%20BHP) This section affirms BHP's commitment to good corporate governance, confirming full compliance with ASX recommendations and adherence to LSE and NYSE requirements - BHP confirms full compliance with the ASX Corporate Governance Council's **4th Edition** recommendations for **FY2025**[863](index=863&type=chunk) [FY2025 corporate governance highlights](index=135&type=section&id=2.%20FY2025%20corporate%20governance%20highlights) This section highlights key FY2025 governance activities, including a refreshed Code of Conduct, successful Board Chair succession, and achievement of gender balance goals - A refreshed 'Our Code of Conduct' was approved and published in **FY2025**, with a greater focus on values-driven decision-making[866](index=866&type=chunk) - A key activity was the Chair succession, with Ken MacKenzie retiring on **March 31, 2025**, and Ross McEwan succeeding him[866](index=866&type=chunk) - BHP achieved its aspirational gender balance goal in **April 2025**, with women comprising **41.3%** of the global employee workforce[866](index=866&type=chunk) [BHP's governance structure](index=136&type=section&id=3.%20BHP's%20governance%20structure) This section outlines BHP's governance hierarchy, detailing the Board's ultimate responsibility, matters reserved for it, and support from four standing Committees - The Board has ultimate responsibility for governance, with its role defined in the Board Governance Document[868](index=868&type=chunk)[870](index=870&type=chunk) - Matters reserved for the Board include CEO appointment, strategy and budget approval, dividend policy, and oversight of risk management[868](index=868&type=chunk)[870](index=870&type=chunk) - The Board is assisted by four standing committees: Nomination and Governance, Risk and Audit, Sustainability, and People and Remuneration[872](index=872&type=chunk) [Board composition and succession](index=138&type=section&id=4.%20Board%20composition%20and%20succession) This chapter details BHP's nine-member Board composition, director independence, succession processes, and commitment to diversity, including achieving gender balance - The Board consists of **nine members**, and all current Non-executive Directors, including the Chair, are considered independent[879](index=879&type=chunk)[918](index=918&type=chunk) - A formal succession process led to Ross McEwan being appointed Chair on **March 31, 2025**, succeeding the retiring Ken MacKenzie[926](index=926&type=chunk)[927](index=927&type=chunk) - As of **June 30, 2025**, **44% of Directors** are female, satisfying both ASX and UK Listing Rule gender diversity targets for the Board[947](index=947&type=chunk) - An internal Board performance evaluation was conducted in **FY2025** with the assistance of an external service provider, which supported the re-election of all nominated directors[952](index=952&type=chunk)[955](index=955&type=chunk) [Board Committees](index=148&type=section&id=5.%20Board%20Committees) This section describes the roles of BHP's four standing Board Committees, each assisting in oversight of governance, financial reporting, sustainability, and people/remuneration - The Board has four standing committees: Nomination and Governance, Risk and Audit, Sustainability, and People and Remuneration[958](index=958&type=chunk) - The Risk and Audit Committee is chaired by Michelle Hinchliffe, who is deemed a financial expert under SEC rules, and the committee meets NYSE and Exchange Act independence criteria[966](index=966&type=chunk)[967](index=967&type=chunk) - The committees provide integrated oversight on key issues[964](index=964&type=chunk) - For example, climate change is overseen by the Board with support from all four committees, each addressing different facets like policy, risk, performance, and remuneration linkage[964](index=964&type=chunk) [Management](index=150&type=section&id=6.%20Management) This chapter introduces the Executive Leadership Team (ELT), responsible for key management decisions, and covers processes for senior management succession and performance evaluation - Key management decisions below the Board are made by the CEO and the Executive Leadership Team (ELT)[974](index=974&type=chunk) - The Board conducts a talent deep dive at least annually to evaluate the succession pipeline for critical senior management roles[978](index=978&type=chunk) - A performance evaluation was conducted for all members of the ELT during **FY2025**, with the CEO's evaluation led by the Chair on behalf of the Non-executive Directors[981](index=981&type=chunk) [Shareholders and reporting](index=152&type=section&id=7.%20Shareholders%20and%20reporting) This section details BHP's commitment to effective communication with shareholders and stakeholders through investor relations, site visits, and a robust market disclosure policy - BHP maintains a regular investor relations program to facilitate two-way communication, including direct engagement with institutional and retail shareholders, roadshows, and webcasts[982](index=982&type=chunk)[984](index=984&type=chunk) - Directors conduct site visits to engage directly with the workforce, community members, Indigenous representatives, and other stakeholders to deepen their understanding of operations and material risks[987](index=987&type=chunk) - The company's Market Disclosure and Communications Policy governs the process for timely and balanced disclosure of market-sensitive information to ensure compliance with regulatory obligations[993](index=993&type=chunk) [Culture and conduct](index=155&type=section&id=8.%20Culture%20and%20conduct) This chapter focuses on BHP's commitment to ethical standards, underpinned by its simplified Code of Conduct, and describes confidential reporting channels for misconduct concerns - BHP's Code of Conduct, based on its values (Do what's right, Seek better ways, Make a difference), was reviewed, simplified, and approved by the Board in **FY2025**[999](index=999&type=chunk) - Confidential reporting channels, including an online portal and a 24-hour call service, are available for all stakeholders to raise concerns about misconduct[1001](index=1001&type=chunk) - All significant matters are reported to the Risk and Audit Committee[1001](index=1001&type=chunk) [Risk management and assurance](index=156&type=section&id=9.%20Risk%20management%20and%20assurance) This section details the governance for risk management and assurance, with the Risk and Audit Committee overseeing principal risks and Internal Audit providing independent assurance - The Risk and Audit Committee (RAC) oversees risk management on behalf of the Board, reviewing principal risks and the effectiveness of the Group's risk management and internal control systems at least annually[1003](index=1003&type=chunk) - The CEO and CFO provided a declaration for **FY2025** confirming that financial records were properly maintained and that the opinion was based on a sound and effective system of risk management and internal control[1012](index=1012&type=chunk) - Management concluded that internal control over financial reporting was effective as at **June 30, 2025**, based on the COSO framework, with no material weaknesses identified[1025](index=1025&type=chunk) - Fees paid to the External Auditor, Ernst & Young, in **FY2025** totaled **US$14.753 million**, with **74%** for audit services[1022](index=1022&type=chunk) - The RAC has a policy to safeguard auditor independence regarding non-audit services[1022](index=1022&type=chunk) [US requirements](index=159&type=section&id=10.%20US%20requirements) This section confirms BHP's compliance with NYSE governance requirements for foreign private issuers, disclosing differences regarding auditor appointment and equity-compensation plan approvals - BHP is a foreign private issuer listed on the NYSE and complies with applicable SEC and NYSE governance requirements[1031](index=1031&type=chunk) - Two significant differences from NYSE corporate governance standards are disclosed: 1) Shareholders, not the audit committee, are ultimately responsible for appointing the External Auditor[1032](index=1032&type=chunk)[1033](index=1033&type=chunk) - 2) Shareholder approval is not required for all equity-compensation plans, only for certain awards to the CEO[1032](index=1032&type=chunk)[1033](index=1033&type=chunk) [Directors' Report](index=160&type=section&id=Directors'%20Report) [Review of operations, principal activities and state of affairs](index=160&type=section&id=1.%20Review%20of%20operations,%20principal%20activities%20and%20state%20of%20affairs) This section formally incorporates the detailed review of operations and financial position from the OFR, confirming no significant changes in principal activities during FY2025 - A review of BHP's operations, results, and financial position for **FY2025** is detailed in the Operating and Financial Review (OFR)[1037](index=1037&type=chunk)[1038](index=1038&type=chunk) - There were no significant changes to principal activities or the state of affairs during the fiscal year[1037](index=1037&type=chunk)[1038](index=1038&type=chunk) [Directors](index=160&type=section&id=2.%20Directors) This section lists directors who served in FY2025 and provides a table detailing their attendance at Board and Committee meetings, confirming 14 Board meetings - The Board of Directors met **14 times during FY2025**[1041](index=1041&type=chunk)[1044](index=1044&type=chunk) - A table details the attendance of each director at Board and relevant Committee meetings[1041](index=1041&type=chunk)[1044](index=1044&type=chunk) [Share interests](index=161&type=section&id=3.%20Share%20interests) This section discloses shareholdings of Directors and Executive KMP as of August 19, 2025, confirming all Non-executive Directors met minimum shareholding requirements - Non-executive Directors are required to apply at least **25%** of their remuneration to purchase BHP shares until reaching a minimum holding equivalent to one year's fees[1047](index=1047&type=chunk) - All directors have met this requirement as of **June 30, 2025**[1047](index=1047&type=chunk) Director Shareholdings (as at 19 August 2025) | Director | Number of Shares Held | | :--- | :--- | | Ross McEwan (Chair) | **45,000** | | Mike Henry (CEO) | **478,035** | | Xiaoqun Clever-Steg | **10,000** | | Gary Goldberg | **24,000** | | Michelle Hinchliffe | **12,330** | | Don Lindsay | **10,000** | | Christine O'Reilly | **10,620** | | Catherine Tanna | **10,400** | | Dion Weisler | **11,494** | [Share capital and buy-back programs](index=162&type=section&id=4.%20Share%20capital%20and%20buy-back%20programs) This section states BHP conducted no share buy-backs in FY2025 and details the issuance of 4,461,418 ordinary shares to satisfy employee equity awards - BHP did not conduct any share buy-back programs during **FY2025**[1053](index=1053&type=chunk) - During or since the end of **FY2025**, **4,461,418 fully paid ordinary shares** were issued to satisfy employee equity awards[1055](index=1055&type=chunk) [Group Company Secretary](index=162&type=section&id=5.%20Group%20Company%20Secretary) This section identifies Stefanie Wilkinson as the Group Company Secretary and refers to the Corporate Governance Statement for her qualifications and experience - Stefanie Wilkinson is the Group Company Secretary[1057](index=1057&type=chunk) [Indemnities and insurance](index=163&type=section&id=6.%20Indemnities%20and%20insurance) This section details indemnities for Directors and Officers, discloses US$12,447,150 in D&O insurance premiums for FY2025, and confirms no indemnities were called upon - BHP provides indemnities to its Directors and Officers as permitted by law and its Constitution[1058](index=1058&type=chunk) - The premium paid for Directors' and Officers' insurance during **FY2025** was **US$12,447,150**[1063](index=1063&type=chunk) [Dividends](index=163&type=section&id=7.%20Dividends) This section confirms a final dividend of 60 US cents per share, bringing the total dividends for FY2025 to 110 US cents per share - A final dividend of **60 US cents per share** was determined, bringing the total dividend for **FY2025 to 110 US cents per share**[1065](index=1065&type=chunk) [Non-audit services](index=163&type=section&id=9.%20Non-audit%20services) This section states Directors concluded that non-audit services by the External Auditor did not compromise independence, supported by the Risk and Audit Committee's advice - The Directors have concluded that the provision of non-audit services by the External Auditor did not compromise auditor independence, based on advice from the Risk and Audit Committee[1067](index=1067&type=chunk) [Performance in relation to environmental regulation](index=164&type=section&id=13.%20Performance%20in%20relation%20to%20environmental%20regulation) This section discloses BHP was levied and paid seven fines totaling US$8,065,962 in FY2025 for environmental law and regulation breaches at its operated assets - In **FY2025**, BHP was levied and paid seven fines totaling **US$8,065,962** in relation to environmental laws and regulations at its operated assets[1073](index=1073&type=chunk) [Remuneration Report](index=165&type=section&id=Remuneration%20Report) [Letter from the People and Remuneration Committee Chair](index=165&type=section&id=Letter%20from%20the%20People%20and%20Remuneration%20Committee%20Chair) The Chair reviews BHP's FY2025 performance and its link to executive remuneration, confirming the framework's effectiveness and detailing CDP and LTIP outcomes - The CEO's **FY2025** Cash and Deferred Plan (CDP) outcome was **110% of target**, reflecting strong safety and sustainability performance (**34% vs 25% target**) and financial results (**53% vs 50% target**)[1081](index=1081&type=chunk)[1082](index=1082&type=chunk)[1083](index=1083&type=chunk) - The outcome for Group and personal measures was **23%** (vs **25% target**), which included consideration of the disappointing cost and schedule update for the Jansen Stage 1 project[1081](index=1081&type=chunk)[1082](index=1082&type=chunk)[1083](index=1083&type=chunk) - The **2020** Long Term Incentive Plan (LTIP) award, which concluded its five-year performance period on **June 30, 2025**, vested at **33%**[1085](index=1085&type=chunk) - This was based on BHP's total shareholder return (TSR) performance of **85%** over the period[1085](index=1085&type=chunk) - For **FY2026**, the CEO's base salary will increase by **4%**, effective **September 1, 2025**[1088](index=1088&type=chunk) - This is aligned with the average salary increase for the wider BHP workforce[1088](index=1088&type=chunk) [Our Key Management Personnel](index=169&type=section&id=Our%20Key%20Management%20Personnel) This section identifies BHP's Key Management Personnel (KMP) for the reporting period, listing current and former Non-executive Directors and Executive Leadership Team members - BHP's Key Management Personnel (KMP) are defined as Directors and certain members of the Executive Leadership Team (ELT) with authority for planning, directing, and controlling the company's activities[1097](index=1097&type=chunk) [Remuneration Governance](index=169&type=section&id=Remuneration%20Governance) This section outlines BHP's remuneration governance structure, involving the Board, People and Remuneration Committee, management, and external advisors for strategic alignment - BHP's remuneration governance structure involves the Board, the People and Remuneration Committee, management, and independent external advisors to ensure alignment with strategy and shareholder interests[1098](index=1098&type=chunk) [Paying competitively](index=170&type=section&id=Paying%20competitively) This section explains BHP's data-driven approach to setting competitive executive remuneration, benchmarking against global companies in the resources sector to attract talent - BHP benchmarks its Executive KMP remuneration against comparable positions in global companies of similar scale and complexity to attract and retain top talent[1104](index=1104&type=chunk) [Key terms of our variable remuneration framework and equity plans](index=171&type=section&id=Key%20terms%20of%20our%20variable%20remuneration%20framework%20and%20equity%20plans) This section details the key terms of BHP's Cash and Deferred Plan (CDP) and Long Term Incentive Plan (LTIP), outlining their structure, vesting conditions, and performance reviews - The Cash and Deferred Plan (CDP) is an annual award based on a scorecard (**25% Safety & Sustainability, 50% Financial, 25% Group & Personal**)[1110](index=1110&type=chunk) - One-third is paid in cash, and two-thirds are deferred into equity vesting over **two and five years**[1110](index=1110&type=chunk) - The Long Term Incentive Plan (LTIP) has a **five-year performance period**[1110](index=1110&type=chunk) - Vesting is based on relative Total Shareholder Return (TSR) against two comparator groups: the MSCI World Metals and Mining Index (**67% weighting**) and the MSCI World Index (**33% weighting**)[1110](index=1110&type=chunk) - Vesting of both the **5-year CDP award** and the LTIP award is subject to a holistic review of performance over the five-year period, covering safety, sustainability, financial performance, governance, and conduct[1111](index=1111&type=chunk) [Remuneration mix](index=173&type=section&id=Remuneration%20mix) This section illustrates the potential total remuneration mix for the CEO and other Executive KMP, comprising fixed pay, CDP, and LTIP, emphasizing performance-based outcomes - The remuneration for Executive KMP is structured with a mix of fixed pay, a short-term cash incentive (CDP), and medium to long-term equity incentives (CDP Deferred Rights and LTIP Performance Rights) to align with both annual and long-term performance[1117](index=1117&type=chunk)[1119](index=1119&type=chunk) [Remuneration for Executive KMP](index=173&type=section&id=Remuneration%20for%20Executive%20KMP) This section provides detailed FY2025 remuneration outcomes for Executive KMP, including the CEO's above-target CDP award and the 33% vesting of the 2020 LTIP CEO FY2025 CDP Scorecard Outcome | Category | Target Weighting | Actual Outcome | | :--- | :--- | :--- | | **Safety and sustainability** | **25%** | **34%** | | **Financial (ROCE)** | **50%** | **53%** | | **Group and personal** | **25%** | **23%** | | **Total** | **100%** | **110%** | - The **2020 LTIP award**, covering the performance period from **July 1, 2020, to June 30, 2025**, vested at **33%**[1150](index=1150&type=chunk)[1152](index=1152&type=chunk) - This was based on BHP's TSR of **85%**, which was above the **50th percentile** but below the **80th percentile** of both its sector and global comparator groups[1150](index=1150&type=chunk)[1152](index=1152&type=chunk) CEO Remuneration Received (Non-Statutory) | Component | FY2025 (US$'000) | FY2024 (US$'000) | | :--- | :--- | :--- | | Base salary | **1,881** | 1,808 | | Benefits | **54** | 35 | | Pension | **188** | 181 | | CDP (Cash & Deferred) | **4,965** | 3,113 | | LTIP (Vested) | **1,884** | 3,329 | | **Total** | **8,972** | **8,466** | [Remuneration for Non-executive Directors](index=178&type=section&id=Remuneration%20for%20Non-executive%20Directors) This section details Non-executive Director remuneration, consisting of fixed fees without performance-based or equity components, confirming no fee increases for FY2026 - Non-executive Directors receive fixed fees and do not participate in any performance-based incentive plans or receive equity awards[1164](index=1164&type=chunk) Non-executive Director Fees (FY2025 & FY2026) | Role | Annual Fee (US$) | | :--- | :--- | | **Group Chair** | **962,000** | | **Base Annual Fee (Director)** | **175,000** | | **Senior Independent Director (additional)** | **53,000** | | **Risk and Audit Committee Chair (additional)** | **66,000** | - There will be no increase in the fees for the Group Chair or Non-executive Directors for **FY2026**[1172](index=1172&type=chunk) [Financial Statements](index=184&type=section&id=Financial%20Statements) [Consolidated Income Statement](index=280&type=section&id=1.1%20Consolidated%20Income%20Statement) The Consolidated Income Statement for FY2025 shows decreased revenue to US$51.3 billion but increased profit attributable to shareholders to US$9.0 billion Consolidated Income Statement Highlights (Year ended 30 June) | Metric (US$M) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | **Revenue** | **51,262** | 55,658 | 53,817 | | **Profit from operations** | **19,464** | 17,537 | 22,932 | | **Profit after taxation** | **11,143** | 9,601 | 14,324 | | **Attributable to BHP shareholders** | **9,019** | 7,897 | 12,921 | | **Basic earnings per share (cents)** | **177.8** | 155.8 | 255.2 | [Consolidated Balance Sheet](index=283&type=section&id=1.3%20Consolidated%20Balance%20Sheet) The Consolidated Balance Sheet as of June 30, 2025, shows increased total assets to US$108.8 billion and total liabilities to US$56.6 billion, resulting in higher net assets Consolidated Balance Sheet Highlights (as at 30 June) | Metric (US$M) | 2025 | 2024 | | :--- | :--- | :--- | | **Total assets** | **108,790** | 102,362 | | **Total liabilities** | **56,572** | 53,242 | | **Net assets** | **52,218** | 49,120 | | **Total equity** | **52,218** | 49,120 | [Consolidated Cash Flow Statement](index=284&type=section&id=1.4%20Consolidated%20Cash%20Flow%20Statement) The Consolidated Cash Flow Statement for FY2025 reports decreased net operating cash flows to US$18.7 billion and increased net investing cash outflows to US$13.4 billion Consolidated Cash Flow Statement Highlights (Year ended 30 June) | Metric (US$M) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | **Net operating cash flows** | **18,692** | 20,665 | 18,701 | | **Net investing cash flows** | **(13,350)** | (8,762) | (13,065) | | **Net financing cash flows** | **(5,971)** | (11,669) | (10,315) | | **Net (decrease)/increase in cash** | **(629)** | 234 | (4,679) | [Additional information](index=185&type=section&id=Additional%20information) [Information on mining operations](index=185&type=section&id=1.%20Information%20on%20mining%20operations) This section provides detailed tabular information for BHP's mining operations across Minerals Australia and Minerals Americas, including location, ownership, and facilities - Detailed operational information is provided for key assets including WAIO (Iron Ore), BMA (Coal), NSWEC (Coal), Nickel West, Copper South Australia, Escondida (Copper), Pampa Norte (Copper), Antamina (Copper), Resolution (Copper), Vicuña (Copper), Samarco (Iron Ore), and Jansen (Potash)[1195](index=1195&type=chunk)[1202](index=1202&type=chunk)[1208](index=1208&type=chunk) [Financial information summary](index=208&type=section&id=2.%20Financial%20information%20summary) This section presents a five-year summary of key financial data from audited statements, including IFRS and non-IFRS measures, offering a historical performance perspective Five-Year Financial Summary (US$M, unless otherwise stated) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **51,262** | 55,658 | 53,817 | 65,098 | 56,921 | | **Attributable profit** | **9,019** | 7,897 | 12,921 | 30,900 | 11,304 | | **Net operating cash flows** | **18,692** | 20,665 | 18,701 | 32,174 | 27,234 | | **Net debt** | **12,924** | 9,120 | 11,166 | 333 | 4,121 | | **Underlying EBITDA** | **25,978** | 29,016 | 27,956 | 40,634 | 35,073 | | **Dividends per share (US cents)** | **110.0** | 146.0 | 170.0 | 325.0 | 301.0 | [Financial information by commodity](index=209&type=section&id=3.%20Financial%20information%20by%20commodity) This section provides a detailed financial breakdown by commodity for FY2025 and prior years, including revenue, EBITDA, and capital expenditure for each segment FY2025 Financials by Commodity (US$M) | Segment | Revenue | Underlying EBITDA | Capital Expenditure | | :--- | :--- | :--- | :--- | | **Copper** | **22,530** | **12,326** | **4,392** | | **Iron Ore** | **22,919** | **14,396** | **2,617** | | **Coal** | **5,046** | **573** | **525** | | **Group and unallocated** | **767** | **(1,317)** | **1,864** | | **Total Group** | **51,262** | **25,978** | **9,398** | [Production](index=212&type=section&id=4.%20Production) This section presents a detailed three-year production table for all BHP operat

Core Viewpoint - K2 Gold Corporation has exercised 9.3 million share purchase warrants, raising CAD$2,789,700 to fund the upcoming drill program at the Mojave Project, indicating strong insider confidence in the project's potential [1][2][3]. Financial Summary - The exercise of 9.299 million warrants at an exercise price of CAD$0.30 has provided a cash infusion of CAD$2,789,700 [1]. - The financing positions K2 Gold well for its drilling activities at the Mojave Project, which is fully owned by the company [1]. Project Overview - The Mojave Project is a 5,830-hectare oxide gold project located in Inyo County, California, with a history of successful drilling by major companies like Newmont and BHP [7]. - Previous drilling results include significant intersections such as 86.9m of 4.0 g/t Au, with a notable 45.7m of 6.7 g/t Au from surface to 45.72m in hole DF20-0021 [3][4]. - The project has identified multiple undrilled targets and widespread gold mineralization over a structural corridor exceeding 5 km [4]. Insider Commitment - A significant portion of the warrants was exercised by company insiders, reflecting their confidence in the Mojave Project's upside potential [2]. Future Plans - K2 Gold is prepared to commence drilling upon receiving the necessary permits, aiming to unlock the value of the Mojave Project [3].

Core Insights - BHP Group Limited reported a 26% year-over-year decrease in underlying attributable profit from continuing operations at $10.2 billion for fiscal 2025, primarily due to declining iron ore and coal prices, although record production volumes in copper and iron ore partially offset this decline [1][10]. Financial Performance - Underlying earnings per share were $2.00, down from $2.70 in fiscal 2024, while earnings per American Depositary Share (ADS) were $4.00, lower than $5.40 in the previous year, but exceeded the Zacks Consensus Estimate of $3.87 [2]. - Revenues for fiscal 2025 totaled $51.3 billion, missing the Zacks Consensus Estimate of $52.1 billion and representing an 8% decrease from the prior fiscal year [3]. - The Iron ore segment's revenues fell 18% year over year to approximately $23 billion, while revenues in the Copper segment increased 21.4% to $22.5 billion, and the Coal segment's revenues plunged 34.2% to $5 billion [3][10]. - Underlying EBITDA decreased 10.6% from the prior year to $26 billion, with an EBITDA margin of 53%, down from 54% [7]. Production Highlights - Total iron ore production for fiscal 2025 reached a record 263 million tons (Mt), up 1% year over year, aligning with the company's guidance [4]. - Copper production rose 8% year over year to a record 2,017 kilotons (kt), while nickel output was 30.2 kt, which was 63% lower year over year [6]. Operational Efficiency - Profit from operations increased 11% year over year to $19.4 billion, and attributable profit for total operations increased 14% year over year to $9 billion [8]. - Net operating cash flow for fiscal 2025 was $18.7 billion, down from $20.7 billion in fiscal 2024, attributed to lower realized prices [9]. Investment and Capital Expenditure - The company invested $2.1 billion to acquire a 50% interest in the Vicuña joint venture, with total capital and exploration expenditure amounting to $9.8 billion, up 6% from the prior fiscal year [11]. Future Guidance - BHP Group's iron ore production guidance for fiscal 2026 is set at 258-269 Mt, with copper production expected to be between 1,800-2,000 kt [12].