BHP | Financial results for the year ended 30 June 2024

Exchange rates

The following exchange rates relative to the US dollar have been applied in the financial information:

1       Displayed as US$ to A$1 based on common convention.

Capital and exploration expenditure

Historical capital and exploration expenditure and guidance are summarised below:

1       Includes capitalised deferred stripping of US$806 m for FY24 (FY23: US$849 m) and US$1.1 bn estimated for FY25.

Major Projects

Production and unit cost guidance

Historical production and production guidance are summarised below:

1       Production from FY27 onwards. Production for FY25 and FY26 are expected to average between 1,200 and 1,300 kt.

2       Production guidance is for Spence only and excludes Cerro Colorado which produced 11 kt in FY24 before entering care and maintenance in December 2023.

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BHP | Financial results for the year ended 30 June 2024

Historical costs and cost guidance for our major assets are summarised below:

1       Refer to OFR 10 - Non-IFRS information in the Annual Report for detailed unit cost reconciliations and definitions.

2       FY25 and medium-term unit cost guidance are based on exchange rates of AUD/USD 0.66 and USD/CLP 842.

3       Based on exchange rates of: FY24 AUD/USD 0.67 and USD/CLP 810 (guidance); FY24 AUD/USD 0.66 and USD/CLP 907 (realised); FY23 AUD/USD 0.67 and USD/CLP 864 (realised).

4       Escondida unit costs for FY24 onwards exclude revenue based government royalties. Medium-term refers to FY27 onwards.

5       The breakdown of C1 unit costs, excluding third party royalties, are detailed on page 12.

Health, safety and social value¹

Key safety indicators

Social value: key indicators scorecard

1       FY24 data includes former OZL (except Brazil) and Blackwater and Daunia mines until 2 April 2024, except where specified otherwise. FY23 data has not been adjusted and restated, except where specified otherwise.

2       Combined employee and contractor fatalities and frequency per 1 million hours worked. FY24 HPI frequency (HPIF) includes former OZL (except Brazil). FY24 HPIF excluding former OZL (with the exception of exploration) is 0.10.

3       FY23 High Potential Injury (HPI) frequency restated from (previously reported) 0.18 to 0.17 following a recalculation of exposure hours.

4       Our operational GHG emissions are the Scopes 1 and 2 emissions from our operated assets. Baseline year data and performance data have been adjusted for divestment of our interest in BMC (completed on 3 May 2022), divestment of our Petroleum business (merger with Woodside completed on 1 June 2022), BMA's divestment of the Blackwater and Daunia mines (completed on 2 April 2024), our acquisition of OZ Minerals (completed on 2 May 2023) and for methodology changes (use of IPCC Assessment Report 5 (AR5) Global Warming Potentials and the transition to a facility-specific GHG emission calculation methodology for fugitives at Caval Ridge and Saraji South). This provides the data most relevant to assessing progress against our operational GHG emissions medium-term target and differs from annual total operational GHG emissions inventory (unadjusted for acquisitions, divestments and methodology changes).

5       FY23 performance data has been restated to reflect the acquisition, divestment and methodology adjustments described in footnote 4.

6       We have revised the language used in our medium-term goal for steelmaking to provide greater clarity and to reflect the range of steelmaking process routes that now form part of our strategy. This is due to technology advances as well as the evolution of our strategy. For more information, refer to the BHP Climate Transition Action Plan 2024, available at bhp.com/climate.

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BHP | Financial results for the year ended 30 June 2024

7       CY08 was selected as the baseline year for this goal to align with the base year for the International Maritime Organization's CY30 GHG emissions intensity goal and its corresponding reasoning and strategy. Baseline year data and performance data have been adjusted to only include voyages associated with the transportation of commodities currently in BHP's portfolio due to the data availability challenges of adjusting by asset or operation for CY08 and subsequent year data. GHG emissions intensity calculations currently include the transportation of copper, iron ore, steelmaking coal, energy coal, molybdenum, uranium and nickel. Baseline year data and performance data have also been adjusted for a methodology change to use maritime transport emission factors from EU Regulation 2023/1805, after The British Standards Institution EN 16258 standard (the source of the emission factors we previously used) was withdrawn in CY23.

8       Based on a 'point in time' snapshot of employees as at the end of the relevant reporting period.

9       We define gender balance as a minimum 40% women and 40% men in line with the definitions used by entities such as the International Labour Organization.

10     Indigenous employee participation for Australia is at Minerals Australia operations; for Chile is at Minerals Americas operations in Chile; and for Canada is at the Jansen Potash project and operations in Canada.

11     Nature-positive management practices refer to an area under stewardship that has a formal management plan that includes conservation, restoration or regenerative practices. 'Land and water we steward' excludes areas we hold under greenfield exploration licenses (or equivalent tenements), which are outside the area of influence of our existing mine operations. Following the divestment of the Blackwater and Daunia mines on 2 April 2024, these areas have been excluded in FY24.

12     Restated from previously reported 1.3%, primarily due to ~1.5 m hectares of greenfield exploration licenses, located outside the area of influence of our existing mine operations, being incorrectly assigned to the "the land and water we steward" component of the Healthy environment goal calculation.

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Appendix 2

Explanatory Notes and JORC Code Table 1

Oak Dam Mineral Resource

This release reflects the first-time reporting of a Mineral Resource at Oak Dam, and is based on drilling and assaying completed as at 28 April 2024 and estimation completed 24 July 2024. Total drilling related to the Oak Dam Mineral Resource is approximately 158 km, with nominal drillhole spacing that ranges from 80 m to >200 m, approximately perpendicular to the interpreted orebody orientation. Resource definition and advanced exploration activities continue at Oak Dam.

Mineral Resource Statement

Table 1. Oak Dam Mineral Resource

1.        Reported as all material within a continuous shape designed to capture material generally above 0.2% Cu, and assumes non-selective block caving.

The Oak Dam Inferred Mineral Resource is 1.34 billion tonnes at 0.66% Cu & 0.33 g/t Au (Table 1). This considers a non-selective underground block caving scenario, reporting all material within a continuous shape designed to capture material generally above 0.2% Cu, where all material was deemed to have reasonable prospects of eventual economic extraction. As such, zero grade waste material was included as internal dilution to account for the non-selective nature of block caving.

This constraint, and therefore the reported Oak Dam Mineral Resource, will vary in the future as mining studies progress. For additional context, within this Mineral Resource is a bornite-dominant mineralisation domain, that at a 1% Cu cut-off, contains 220 million tonnes at 1.96% Cu and 0.68 g/t Au.

At this early stage of assessment, a timeframe for possible development of Oak Dam underground mine is unknown. Further resource development and mining studies must be completed.

Mineral Resource Estimation

The first-time reporting of the Mineral Resource at Oak Dam is presented in Table 1.

The Oak Dam Mineral Resource was based on:

·    158 diamond drillholes (parent and wedge drilling) comprising a total of 236,328 m of drilling (inclusive of use of parent holes). Of this, 158,173 m of the drilling is sampled. A total of 29,933 m of the sampled drilling occurs within bornite- and chalcopyrite-dominant domains.

·    Sampling was either 1 m (96%) or 2 m lengths, with half core samples collected.

·    Nominal drillhole spacing ranges from 80 m to approximately 180 m.

The verification of input data included, but was not limited to:

·    The use of matrix matched (Olympic Dam IOCG) certified reference material and blanks (company and laboratory).

·    Field duplicates (i.e. the other half core) and coarse and pulp duplicates.

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The Mineral Resource estimation process included:

·    Raw assay data was composited to 2 m lengths with the relevant domains flagged after compositing.

·    Statistical analysis of the composites was performed within key mineralisation domains

·    Variography and top-cut analysis was performed on appropriate mineralisation, sulfide and orientation domains.

·    Top-cuts were applied to the composites, determined by geostatistical domain analysis.

·    For domains being reported, the grade and density model was estimated via ordinary kriging within estimation domains constrained by mineralisation through sulfide domains and orientation domains.

Appropriate portions of the model are classified as an Inferred Mineral Resource. A range of criteria was considered in determining the Mineral Resource classification, including:

·    Drillhole and data density (i.e. informing samples);

·    Sample and assay confidence;

·    Geological interpretation confidence and, similarly, geological continuity;

·    Grade continuity within mineralisation;

·    Estimation performance through validation;

·    Reasonable prospects for eventual economic extraction; and

·    Mining method.

Further drilling and exploration will provide both changes to the Mineral Resource and confidence at Oak Dam.

Location

Oak Dam is located 65 km to the southeast of BHP's operations at Olympic Dam in South Australia and 500 km north of Adelaide (Figure 1) and is on Kokatha country. It is accessible from Olympic Dam via the Olympic Dam Highway, and then via unsealed road (Figure 2).

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Figure 1. Location of the Oak Dam project.

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Figure 2. Local context of the Oak Dam project within EL 5941.

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Deposit Geology

The mineralisation system at Oak Dam sits within a granitic basement, below an unconformable contact with post mineralisation sedimentary cover. A simplified geology level plan is provided in Figure 3 (and Figure 5 with drill traces), and a representative cross-section in Figure 4.

Figure 3. Level plan of the Oak Dam basement geology (-900 mRL).

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Figure 4. Representative cross-sections (6,570,980 mN)

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Figure 5. Location of drilling used in the Oak Dam mineral resource in context of interpreted geology. (Hole traces projected on -900 mRL; GDA2020, MGA Z53)

Overburden

The following summary of the over burden is provided due to the significant depth to mineralisation and the role it may play in future mining studies.

The cover sequence is composed of Neoproterozoic and Mesoproterozoic (Pandurra Formation) sedimentary rocks to recent sediments, varying in thickness from approximately 650 m (over the centre of the deposit) to approximately 850 m at the lateral margins. A simplified stratigraphic column (Figure 6) provides indications of approximate depths. The cover sequence unconformably overlies Paleo-Mesoproterozoic basement.

The Arcoona quartzite and Corraberra members are flat lying and maintain a constant thickness over the whole drilled area, the Tregolana Shale member show a variation in thickness from approximately 70 m to 100 m in the northern extension, to approximately 130 m to 150 m the central-southern drilled area. This suggests that the post-mineral faults interpreted in Oak Dam (such as the Arcoona fault) were reactivated during deposition of Tregolana, affecting the underlying Pandurra Formation. The contact between Tregolana Shale and Pandurra Formation is unconformable with top of Pandurra.

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Figure 6. Simplified stratigraphic column for Oak Dam overburden.

Basement lithology - Pre-mineralisation lithology

Donington Suite Granite (DGR)

Oak Dam is mainly hosted by the igneous rocks from the Donington Suite, texturally heterogeneous, varying from megacrystic granite with distinctive K-feldspar phenocrysts (1.5 cm to 4 cm) to fine-coarse equigranular granite. It is common to observe deformation features, such as foliation and crystal orientation, as well as mineral selective sericite-chlorite alteration interpreted to be caused by regional metamorphism due to the low values of IOCG pathfinder elements. The classification of Donington Suite Granites is supported by geochronology ages (Pb-Pb and U-Pb) between 1868 ±19 Ma and 1854 ±18 Ma (source, BHP).

Basement lithology - Syn- and post-mineralisation lithology

Mafic dykes (DOL)

Although the mafic dykes appear as late- and post-mineral units, there is a great amount of mafic dykes that are pre- to syn-mineral incorporated as clasts into the hydrothermal breccias (as described above and logged as volcanic breccias).

Most of the late- and post-mineral mafic dykes are dark-pale green fine-grained weakly altered basalt dykes, ranging from 5 cm to 10 m. These dykes occur in isolation or in dyke 'swarms' with sharp contacts and chilled margins or as brecciated clasts within brecciated granites and brecciated volcanics. Post mineral dykes are generally massive in texture and not affected by hematite veins.

Post-mineral dykes are important as they represent, or run parallel to bounding post-mineral faults, marking sharp geological and geochemical contacts.

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Felsic (rhyolite) dykes

Felsic dykes/sills occur with distinctive pink/red fine-grained k-feldspar-quartz groundmass, euhedral plagioclase phenocrysts, hornblende and quartz fragments. Chlorite to sericite-clay alteration is common. Geochronology dates the age of these dykes approximately 1.6 Ga, synchronous with the Gawler Range Volcanics (GRV) (1.6-1.5 Ga).

Spatially these dykes intrude syn-mineral hydrothermal breccias on the western, eastern and northern sides of the deposit, commonly over rheological weaker zones (pre-existing geological/mineralisation contacts), contributing to the dilution of mineralised breccias.

Mineralisation and alteration

Mineralisation sits below an uniformity as well as un-mineralised cap (approximately 10 m to 100 m in thickness). It is typical of iron oxide copper gold (IOCG) style alteration and sulfide mineralisation, with higher-grade chalcocite and bornite mineralisation surrounding a highly-altered core of barren hematite-quartz breccias. Faulting, such as the NW-trending Arcoona Fault and the NE-trending Hardy Hill Fault, appears to influence the deportment of mineralisation.

Highly-altered core of barren hematite-quartz breccias (HEMQ)

The HEMQ unit defines a group of hematite-altered breccias forming the copper-barren core of the hydrothermal system. There is significant litho-geochemical variation within the various units that are categorised within this group.

Spatially, the HEMQ body forms a north-south elongated pipe-like unit narrowing with depth at the centre of mineralised breccias. The centre of the HEMQ forms a topographic basement high unconformably overlain by cover sequence sediments from the Pandurra Formation.

The main geochemical signature of the HEMQ is Al <2.5%, as >100 ppm and consistent Cu <0.3%. It is highly altered to red/brown hematite matrix with steel-grey hematite clasts. The hematite alteration may vary between 10% to over 90% and alters a variety of protoliths.

Although the HEMQ is being used to classify a barren hydrothermal breccia as a different lithology type, geochemical, mineralogical and textural observations suggest this domain was affected by highly acidic hydrothermal fluids not observed in other lithological domains. This alteration might have played an important role on remobilising copper mineralisation within the system. Minor gold mineralisation can be present and is associated to the Ba-rich domains of HEMQ (where barite veins are observed).

Sulfide mineralisation

Sulfide minerals are the dominant mineralisation domain at Oak Dam. Generally, a bornite-dominant higher grade mineralisation decreases outwards from the contact with the barren hematite-quartz breccia (HEMQ), to chalcopyrite and then pyrite-dominant sulfides. These sharp to gradational sulfide domains are utilised in the resource estimation process.

There is no evidence of oxide copper mineralisation at Oak Dam.

Bornite-dominant mineralisation (SBN)

The bornite dominant (+chalcocite) mineralisation are narrow zones, ranging from approximately 15 m to 75 m true thickness. The bornite dominant zone is usually in contact with the HEMQ and is present in hematite breccias with intense hematite +/- fluorite alteration. These zones are responsible for the highest copper grades in the project. Chalcocite commonly occurs as fine dissemination and/or infill within the hematite matrix. Bornite can occur as disseminations, vesicular accumulations and/or thin veins also in the hematite matrix. Both sulfide minerals can also be observed less commonly in hematite altered clasts.

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Chalcopyrite-dominant mineralisation (SCP)

The chalcopyrite-dominant (+bornite) mineralisation occurs as disseminated sulfides in the matrix of fluorite- to sericite-altered, hematite rich breccias and in sericite altered granite breccias. The granite breccias have a hematite matrix that can also contain fluorite.

Pyrite-dominant mineralisation (SPY)

The pyrite-dominant (+chalcopyrite) mineralisation is the lowest copper-grade sulfide mineralisation. The low-grade mineralisation is most expansive on the eastern and south-eastern side of the deposit south-west of the Arcoona Fault, where a bigger extension of the periphery of Oak Dam is still preserved. The mineralisation is hosted within sericite altered granite breccia in the east and also by siderite altered breccias towards the south-east and south.

Faulting

Oak Dam records a complex history of multi-generational deformation with a challenging chronological reconstruction due to the irregular nature of the breccia complex and rarely observed lithological offsets, as such faults can be grouped into pre- / syn-mineralisation and post-mineralisation faults.

Pre- / syn-mineralisation structures are inferred to have been active and vital during the evolution of the breccia complex and are interpreted to control the sub-vertically dipping north-south to north-north-west trend. The brecciation process occurred through hydraulic fracturing. Chemical corrosion and hydrothermal reworking of breccias obliterated and exploited many pre-existing structures and textures.

Post-mineralisation structures are interpreted to overprint and/or reactivate earlier structures and have resulted in a cross‑cutting and interconnected system of brittle faults, joints and veins that formed post-brecciation.

JORC Table 1

Section 1 Sampling Techniques and Data

Sampling techniques

All drilling was oriented diamond drilling from surface.

Diamond core was sampled at 1 m or 2 m intervals using sawn half-core samples. Remnant half core is retained for reference. Logging is critical to determining when and how samples were collected from the core. The mineralisation is quite visual - both through alteration, brecciated textures, and presence of sulfides. 1 m samples were taken in mineralised or unmineralised but altered formations. 2 m interval sampling was undertaken where drilling intersected unaltered formations. The sampling, assay and quality control methodologies is the same for all sample intervals.

Drilling techniques

Parent holes were collared in HWT diameter (101.6 mm) to a depth of 6 m and continued in PQ (85 mm) until the Tregolana Shale unit in the post mineral cover. From the Tregolana Shale, drilling continued in HQ (63.5 mm) to the depth chosen to begin navigational drilling. Navigational drilling was completed on the parent hole and subsequent wedges.

All drilling below the post mineral cover was completed in NQ2 diameter (50.6 mm) and all down hole surveys used a north-seeking gyroscope to end of hole. The majority of drilling was oriented, with all drilling below the unconformity oriented for logging.

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Drill sample recovery

Sample recovery was estimated during logging through reconciliation of cumulative reconstructed core length within core drilling runs.

All logging and sampling data is record in an SQL server hosted database. Sample recoveries were high with recoveries estimated to be >97%. A review of half-core sample weights showed that there were no samples of less than 3 kg.

Fresh core is relatively competent. Mineralisation is relatively pervasive throughout the broader mineralised zones and sulfide minerals are generally not friable. It is considered unlikely that sample loss would contribute to any material difference in reported grades due to the style of mineralisation and the nature of drilling employed.

Logging

Drillholes were qualitatively logged in detail below the unconformity marked by the transition from the overlying post-mineralisation Pandurra Formation and the underlying Donington Suite Granite. Logging included, but was not limited to, lithology composition and texture, alteration minerals, sulfide distribution and geotechnical logging for rock-mass qualification. Structural measurements were recorded from oriented core.

The logging has been completed to a level appropriate to support Mineral Resource estimation, preliminary mining studies, and preliminary metallurgical studies.

Core was photographed both wet and dry to support the geological and geotechnical logging.

Sub-sampling techniques and sample preparation

Diamond core was split by an automatic core saw, with half core submitted for assay and the other half stored in trays at Olympic Dam. Samples were submitted as 1 m or 2 m intervals.

Approximately 4 kg to 8 kg samples were submitted to an analytical laboratory for final drying, staged crushing to 2 mm, then splitting to approximately 2 kg to 3 kg portions, followed by pulverisation to 90% passing 75 micron particle size pulp. Two 200 g to 250 g pulps were created, from which, dependant on analytical method, 0.2 g to 25 g, of material was used for final analysis.

Duplicate samples were collected at each preparation stage where a reduction in sample mass occurred.

Bulk dry density measurements were collected on all assayed samples using water immersion method.

Quality of assay data and laboratory tests

All samples were submitted to Intertek Group Plc, Adelaide Laboratory, South Australia.

Drillhole results reported here were analysed for an expanded multi-element suite including Cu (4-acid digest, measured by ICP-OES), Ag (4-acid digest, measured by ICP-MS), U (lithium borate fusion, measured by ICP-MS), Au (25 g fire assay, measured by ICP-OES) and S (induction furnace combustion, measured by infrared analyser). Assay methods are considered total.

Quality assurance sample data consisted of field and sample preparation duplicates (1% coarse, 3% pulp duplicate), analytical blanks (2%) and a variety of matrix-matched certified reference material "CRM" (approximately 4%) and assay repeats.

For quality control, quality assurance sample results were reviewed upon receipt and before final acceptance into the database. BHP has procedures that are in place to manage any deviations in results, with any rectifications applied prior to approval and acceptance in the company's database. For data accepted into the database, quality control tests indicate performance within acceptable accuracy and precision limits.

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Verification of sampling and assaying

BHP has robust QAQC standards and procedures relating to sampling and assay quality control. These include the use of field duplicates (half core, 1%), as well as matrix-matched certified reference material "CRM", coarse and pulp duplicates.

BHP has robust standards and procedures relating to data transfers (from laboratory to company database, and from database to user), with strictly monitored permission controls relating to reviewers (limited), approvers (limited) and user of exported data. There were limited adjustments to the assay data; copper values were converted from parts per million (ppm) to percent (%), and values that returned lower than detection level were set to 0.005% for Cu, 0.0025 ppm for Au, 0.25 ppm for U₃O₈ and 0.025 ppm for Ag. Data were electronically uploaded to the database from the external laboratory. All drillhole data is managed internally via a SQL server hosted database with strict validation rules.

No dedicated twinned holes have been drilled. Wedge drilling close to existing mineralisation shows some short-scale variations to tenor of mineralisation. However the close-spaced drilling from wedge holes provides correlation and general support for the geological and grade modelling.

A full pulp library, as well as all unsampled reference half core, is retained and located at the Olympic Dam mine site. These samples are available for verification sampling if required. This is supplemented by core photography of all drilling.

Location of data points

All drillhole collar locations (historic and recent) have been surveyed with Trimble R8s and manually entered into acQuire database and all coordinates are provided as Geocentric Datum of Australia 2020 and its projection according to the Map Grid of Australia (specifically GDA2020 MGA zone 53).

Downhole surveying of diamond drilling was carried out at 18 m intervals using a REFLEX GYRO SPRINT-IQ™ tool using GYRO North Seeking (NS) single shot mode. At the completion of each hole a continuous survey was taken from the collar to end of hole for comparison and quality control. Sample location is considered to be very good.

The topography at Oak Dam is relatively flat, but has been accurately surveyed using flown LIDAR survey in a region having minimal vegetation and cover.

Data spacing and distribution

Drilling from surface used parent and wedge-styled drilling with a nominal drill space ranging from 80 m to >200 m across the deposit. Drilling is nominally perpendicular to the interpreted orebody orientation.

While drilling at Oak Dam is at an early stage, the data spacing and distribution is sufficient to understand the geological and grade continuity appropriate for an Inferred Mineral Resource in an underground bulk-mining scenario. Additional drilling will continue to contribute to understanding of the geology and continuity of the mineralisation. Changes to the Mineral Resource are anticipated.

No sample compositing has been used for the samples submitted for assays.

Orientation of data in relation to geological structure

Drilling at Oak Dam is designed to intersect mineralisation at a high angle to the strike and dip.

Drillholes were generally angled approximately northwest-southeast to east-west and were designed to drill from outside the hydrothermal system, inwards towards mineralisation and their contract with the barren hematite-quartz breccias. Drilling was designed to test both the eastern and western contacts with the host granite.

Given the large scale of the mineralised system, the drilling orientation is unlikely to have caused material sampling bias.

Drilling results are not being reported here as part of the Mineral Resource estimate.

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Sample security

Core trays were transported by BHP contractors from the Oak Dam project to the core processing facility at Olympic Dam, Roxby Downs. Samples in calico bags were transported from Olympic Dam via road on trucks to Intertek laboratory, Adelaide.

Calico bag numbers were automatically generated. Intertek was informed of the sample number ranges for each pending shipment and were recorded in their management system. Intertek use these to create barcode labels for wet-strength geochemical bags used for storing the pulverised samples. On sample receipt, Intertek manually checked the submitted sample list against all samples in the shipment. Once the samples were pulverised, all further steps were tracked using the bar codes. BHP was informed of any discrepancies.

BHP has internal governance and standards related to sample security and data management. BHP undertakes routine verification of these practices.

Audits or reviews

Dr Francis Pitard has visited Olympic Dam core processing facilities, and sampling stations, multiple times, and last visited Intertek Laboratory in 2023. Dr Pitard also reviewed the Oak Dam assay performance data and no fatal flaws were noted.

BHP routinely reviews standards, procedures and results from external laboratories.

Section 2 Reporting of Exploration Results

Mineral tenement and land tenure status

The project is located within Exploration Licence 5941 (EL5941), which is 100% owned by BHP.

EL5941 is in 'good standing' with minimum expenditure met and exceeded, the tenement will expire 22 February 2028. In December 2023 BHP applied for a Retention Lease (RL) over that part of EL5941 that is associated with the Oak Dam Project. The RL application is proceeding through the assessment processes led by the Department of Energy and Mining (DEM) and BHP has reasonable expectation that the RL will be granted. It is expected that the grant of the RL will be finalised during Q2 / Q3 FY25.

BHP is not aware of any known impediments to obtaining a licence to operate in the area.

Exploration done by other parties

The project has a long exploration history, dating back to 1976 by Western Mining Corporation (prior to their acquisition by BHP) and BHP.

All drilling used in the Mineral Resource estimate has been completed since 1981. Of that drilling, 98% has been completed by BHP since 2018 (Table 2). Key data generated by previous companies is minimal for this Mineral Resource estimate.

Table 2. Oak Dam drilling by year.

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Geology

Mineralisation sits below a sedimentary cover sequence composed of Neoproterozoic and Mesoproterozoic (Pandurra Formation) sedimentary rocks. The cover sequence varies in thickness from approximately 650 m (over the centre of the deposit) to approximately 850 m at the lateral margins. The cover sequence has an unconformable contact with basement igneous rocks from the Donington Suite. The mineralisation also sits below an un-mineralised cap (approximately 10 m to 100 m in thickness) in brecciated and altered granite. The style of mineralisation is typical of iron oxide copper gold (IOCG) style alteration and sulfide mineralisation, with higher-grade chalcocite and bornite (copper sulfide) mineralisation surrounding a highly-altered core of barren hematite-quartz breccias. Faulting, such as the NW-trending Arcoona Fault and the NE-trending Hardy Hill Fault, appears to influence the deportment of mineralisation.

Drillhole information and diagrams

Figures 3 to 5 in this report provide the context of drillhole locations and orientations relative to the interpreted geology at Oak Dam. This report does not include reporting any new material exploration drilling results.

Data aggregation methods, or Relationship between mineralisation widths and intercept lengths

This report does not include any new exploration drilling results.

No metal equivalents are reported.

Balanced reporting

This report does not include any new exploration drilling results.

Other substantive exploration data

Magnetic susceptibility measurements were recorded for all drilling. A single representative measurement was taken for every metre. Each measurement was taken from a piece of core from the first 20 cm of each metre and measured at least 20 cm away from core tray to ensure there was no interference in the measurement.

Pseudo 3D seismic data acquisition was undertaken in late 2022, processing and interpretation is being considered in future work.

Further work

BHP plans to continue drilling with on-going resource development and scoping studies. BHP will continue to engage externally with key stakeholders including Traditional Owners, landholders, government and the community.

Section 3 Estimation Techniques and Reporting of Mineral Resources

Database Integrity

Drilling data (geological logging, geotechnical logging) are collected via company digital logging tablets and subsequently loaded to the company's acQuire geological database. Sampling intervals are directly requested via company customised acQuire user interfaces.

Entry of assay data was through the direct loading of laboratory assay files into the acQuire geological database.

Data validation steps included, but were not limited to the following:

·    QA/QC vetting of data from Intertek laboratory prior to transmission to BHP, followed by further QA/QC vetting by BHP prior acceptance into company database.

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·    Additional validation through constraints and libraries set in the database by the Database Manager (e.g. overlapping/missing intervals, intervals exceeding maximum depth, valid geology codes, missing assays, prioritised assay protocol).

·    Post data-entry validation included secondary system checks and visualisation in 3D software to check for collar, survey or assay import errors.

Site visits

J. Lachlan Macdonald was last at the Oak Dam exploration site in October 2021, and last at core processing site (Olympic Dam mine) in April 2024. Site visits included a review of drilling practices, drilling results and geology, and sampling and logging practices. While in field at Oak Dam, site checks included validation of selected collar locations via handheld GPS. While at core processing site, site checks included validation of sampling, density data collection, and sample and pulp storage.

Geological interpretation

The confidence of the geological interpretation of the Oak Dam mineral deposit is supported by diamond drilling, geological logging, assay results, and geological interpretation. Confidence in the declared mineralised model is sufficient in areas declared as Inferred Mineral Resource, as mineralisation orientations are sufficiently constrained by spacing and are supported by lithological, alteration and structural modelling. Areas outside the Inferred Resource have a lower confidence due to wider spaced drilling, leading to a lower confidence on geological modelling and mineral continuity.

The use of typical Olympic Dam-style IOCG sulfide domain deportment model at Oak Dam (specifically, transition of chalcocite > bornite > chalcopyrite > pyrite sulfide mineralisation) appears to be supported by spatial and statistical analysis. These appear sufficient for modelling copper and sulfur. The current assessment and assumption are these models also provide sufficient constraint for gold, uranium and silver. Future drilling and studies may refine this.

Dimensions

The declared breccia-hosted mineral resource at Oak Dam currently extends approximately 1,600 m along strike, with a maximum across-strike extent of 900 m (including a barren HEMQ core). It has a vertical extent of approximately 1km, which, at shallowest, begins 760 m below the surface. The mineralisation at Oak Dam is open at depth, and to the north of the classified resource. Faults truncate some facets of the deposit and potential exists for offset mineralisation in other locations. Work is on-going to define the full scale of the system.

Estimation and modelling Techniques

The Mineral Resource was estimated using Ordinary Kriging (OK) interpolation in Vulcan mining software (version 2023.1).

Outlier high grade values that materially deviated from main domain populations were top cut based on statistical analysis of the 2 m composites, within each major orientation domain. Search ranges were based on geological domain orientations and relative anisotropy of the variography. Search neighbourhoods were constructed to suit the estimation method for relatively local panel estimates based on widely spaced drilling data for multi-element data.

The parent cell size of 20 m X by 40 m Y by 40 m Z considered the general drillhole spacing (approximately half of the nominal drillhole spacing in the YZ plane), the large scale and anisotropy of the mineralisation at Oak Dam, and large scale of the proposed underground mining method (block caving). Subcelling was permitted to allow accurate volume definition of the geological domains.

Selective mining units were not defined or corrected for in the Mineral Resource estimate.

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BHP | Financial results for the year ended 30 June 2024

Classified material in the resource model had to be within 140 m anisotropic-scaled distance from the nearest data within the continuous key bornite and chalcopyrite copper domains. The limit forms a boundary to extrapolation of data. Classification was then further manually modified and tightened. The classification applies to the copper and gold mineralisation.

A large number of other unclassified elements are estimated in various ways for use in assessment of economic elements, gangue elements, and gangue minerals that may impact processing.

Estimation of the potentially economic elements other than copper (gold, uranium, and silver) generally demonstrated some level of positive correlation with the copper mineralisation. Uranium and silver grades are currently considered to be sub-economic and are therefore not reported as part of the Mineral Resource.

The geologically defined Oak Dam granite-hosted breccia system and alteration zones within it (barren hematitic-quartz altered material at core grading through bornite-dominant sulfides to chalcopyrite-domanint sulfides and then to pyrite-dominant sulfides) is a core component of the domaining used to construct the Mineral Resource model. Contact analyses were assessed to demonstrate that the domains were appropriate.

Grade capping was used as appropriate for specific domains and potentially economic element variables. Grade capping was generally light and affected less than 1% of the composite data in the selected domains.

Validation of the Mineral Resource estimate has been conducted in several ways, but not limited to visual drillhole section and plan data comparison with the block model and various statistical comparisons by domain and element. Validation for selected domains was completed using Discrete Gaussian global models with comparable tonnage, grade, and metal estimates obtained for copper.

No mining has occurred at Oak Dam, and therefore no reconciliation with production data is possible.

Moisture

Tonnages are estimated on a dry basis using estimated dry bulk density from data collected for every sampled interval of drillholes and domained in accordance with the copper mineralisation.

Cut-off parameters

Reporting cut-off grades were chosen to reflect reasonable prospects for economic extraction at an appropriate grade cut-off population assuming a bulk underground mining method such as block caving. For the Oak Dam mineral resource, this was a nominal cut-off greater than or equal to 0.2% Cu, which was based on internal benchmarking studies combined with potential economic modelling. This cut-off was used to generate a continuous shape designed to capture material generally above 0.2% Cu, where all material within the shape was deemed to have reasonable prospects of eventual economic extraction. As such, zero grade waste material was included as internal dilution to account for the non-selective nature of block caving.

Mining factors or assumptions

The Oak Dam mineral resource assumes a bulk underground mining method such as block caving. There was consideration for minimum mining widths, and minimum minable heights. Internal dilution (generally barren dykes and small blocks of barren hematitic-quartz altered breccia) was considered and included for the reporting of the Mineral Resource. There were no assumptions made for other modifying factors. In this case, for the assumed mining scenario and reasonable prospects for eventual economic extraction, mining studies have not yet commenced, as is normal for a project at this early stage of resource development. Therefore, the assumptions regarding mining and the reported Mineral Resource will change with future work on the project as concepts are refined.

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BHP | Financial results for the year ended 30 June 2024

Metallurgical factors of assumptions

The declared Mineral Resource reports on a 100% basis and does not account for metallurgical recovery.

No assumptions have been made regarding recovery of by products other than those reported, and no deleterious elements have been factored into the reported Mineral Resource.

Environmental factors or assumptions made

The Oak Dam project is at an early resource development stage. The declared Mineral Resource assumes that there would be sufficient data and studies on appropriate waste, water and material disposal and management options at time of mining. It assumes there is reasonable prospect for gaining all necessary permits and approvals prior to commencement of mining.

Bulk density

Bulk dry density measurements were collected on all assayed samples using water immersion method. The estimation of density was undertaken within all mineralised domains via Ordinary Kriging (OK) using similar search parameters to the copper and gold data.

Classification

Appropriate portions of the model are classified as an Inferred Mineral Resource. A range of criteria was considered in determining the Mineral Resource classification, including drillhole and data density, sample and assay confidence, geological interpretation confidence, geological continuity, grade continuity within mineralisation, estimation performance through validation, reasonable prospects for eventual economic extraction, and mining method.

The classification is considered appropriate by the Competent Person.

Audits or reviews

A review of the Mineral Resource estimate was undertaken by Mr Ingvar Kirchner of AMC Consultants. The review was completed at key milestones throughout the estimation process. There are no material outstanding issues arising from this review that are not being addressed within the Mineral Resource report's recommendations.

Discussion of relative accuracy / confidence

There is no production data available for comparison purposes at Oak Dam.

Relative accuracy and confidence have been assessed through validation of the model outlined above.

The Mineral Resource estimate comprised material categorised as Inferred Mineral Resource. The Mineral Resource category reflects the assumed accuracy and confidence as a global estimate.

Competent Person statement

The information in the report to which this statement is attached that relates to Mineral Resources is based on information compiled by Mr J Lachlan Macdonald, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and the Australian Institute of Geoscientists (MAIG). Mr Macdonald is a full-time employee of BHP. Mr Macdonald has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Macdonald consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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BHP | Financial results for the year ended 30 June 2024

The Financial Information for the year ended 30 June 2024 (FY24) is derived from the audited Consolidated Financial statements included in the 2024 Annual Report and has been prepared on the basis of accounting policies and methods of computation consistent with those applied in the 30 June 2023 financial statements of the Group in the 2023 Annual Report, with the exception of new accounting standards and interpretations which became effective from 1 July 2023 and other changes in accounting policies applied with effect from 1 July 2023. This release includes Financial Information that is unaudited. Users are advised to read this News Release document together with the 2024 Annual Report (simultaneously released to respective stock exchanges). Analysis relates to the relative financial and/or production performance of BHP and/or its operations during FY24 compared with FY23, unless otherwise noted. Medium term refers to a five-year horizon, unless otherwise noted. Numbers presented may not add up precisely to the totals provided due to rounding.

The following abbreviations may have been used throughout this release: silver (Ag); gold (Au); billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF); carbon dioxide equivalent (CO2-e); copper (Cu); dry metric tonne unit (dmtu); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); OZ Minerals Ltd (OZL); pounds (lb); thousand ounces (koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); sulphur (S); tonnes (t); total recordable injury frequency (TRIF); uranium (U); uranium oxide (U₃O₈); and wet metric tonnes (wmt).

Forward-looking statements

This release contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements other than statements of historical or present facts, including: statements regarding trends in commodity prices and currency exchange rates; demand for commodities; global market conditions, reserves and resources estimates; development and production forecasts; guidance; expectations, plans, strategies and objectives of management; climate scenarios; approval of projects and consummation of transactions; closure, divestment, acquisition or integration of certain assets, operations or facilities (including associated costs or benefits); anticipated production or construction commencement dates; capital costs and scheduling; operating costs and availability of materials and skilled employees; anticipated productive lives of projects, mines and facilities; the availability, implementation and adoption of new technologies, including artificial intelligence; provisions and contingent liabilities; and tax, legal and other regulatory developments.

Forward-looking statements may be identified by the use of terminology, including, but not limited to, 'aim', 'ambition', 'anticipate', 'aspiration', 'believe', 'commit', 'continue', 'could', 'estimate', 'expect', 'forecast', 'goal', 'guidance', 'intend', 'likely', 'may', 'milestone', 'must', 'need', 'objective', 'outlook', 'pathway', 'plan', 'project', 'schedule', 'seek', 'should', 'strategy', 'target', 'trend', 'will', 'would', or similar words. These statements discuss future expectations or performance, or provide other forward-looking information.

Forward-looking statements are based on management's expectations and reflect judgements, assumptions, estimates and other information available, as at the date of this release. These statements do not represent guarantees or predictions of future financial or operational 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. BHP cautions against reliance on any forward-looking statements.

For example, our future revenues from our assets, projects or mines described in this release will be based, in part, on the market price of the commodities produced, which may vary significantly from current levels or those reflected in our reserves and resources estimates. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing assets.

Other factors that may affect our future operations and performance, including the actual construction or production commencement dates, revenues, costs or production output and anticipated lives of assets, mines or facilities include our ability to profitably produce and deliver the products extracted to applicable markets; the impact of economic and geopolitical factors, including foreign currency exchange rates on the market prices of the commodities we produce and competition in the markets in which we operate; activities of government authorities in the countries where we sell our products and in the countries where we are exploring or developing projects, facilities or mines, including increases in taxes and royalties or implementation of trade or export restrictions; changes in environmental and other regulations, political or geopolitical uncertainty; labour unrest; weather, climate variability or other manifestations of climate change; and other factors identified in the risk factors discussed in OFR 8.1 in the Annual Report and BHP's filings with the U.S. Securities and Exchange Commission (the 'SEC') (including in Annual Reports on Form 20-F) which are available on the SEC's website at www.sec.gov.

Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events.

Past performance cannot be relied on as a guide to future performance.

No offer of securities

Nothing in this release should be construed as either an offer, or a solicitation of an offer, to buy or sell BHP securities in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP.

Reliance on third party information

The views expressed in this release contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This release should not be relied upon as a recommendation or forecast by BHP.

No financial or investment advice - South Africa

BHP does not provide any financial or investment 'advice' as that term is defined in the South African Financial Advisory and Intermediary Services Act, 37 of 2002, and we strongly recommend that you seek professional advice.

BHP and its subsidiaries

In this release, the terms 'BHP', the 'Company, the 'Group', 'BHP Group', 'our business', 'organisation', 'we', 'us', 'our' and ourselves' refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 30 - Subsidiaries of the Financial Statements in the Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets.

This release covers BHP's functions and assets (including those under exploration, projects in development or execution phases, sites and operations that are closed or in the closure phase) that have been wholly owned and operated by BHP or that have been owned as a BHP-operated joint venture¹ (referred to in this release as 'operated assets' or 'operations') during the period from 1 July 2023 to 30 June 2024 unless otherwise stated.

Certain sections of this release include data in relation to the Daunia and Blackwater mines, which were divested during the year. Data in relation to the Daunia and Blackwater mines is shown for the period up to completion on 2 April 2024, unless stated otherwise. Some of the land and tenements related to the Daunia and Blackwater mines are pending transfer following completion, however, given that the assets are no longer under BMA's control or operated for BMA's benefit (except for periods prior to completion or where specifically stated) data related to the land and tenements has been excluded from this release.

BHP also holds interests in assets that are owned as a joint venture but not operated by BHP (referred to in this release as 'non-operated joint ventures' or '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.

1       References in this release to a 'joint venture' or 'JV' are used for convenience to collectively describe assets that are not wholly owned by BHP. Such references are not intended to characterise the legal relationship between the owners of the asset.

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