BHP : Bank of America 2026 Metals, Mining and Steel Conference

Bank of America Global Metals , Mining & Steel Conference 2026

Brandon Craig

President Americas and Chief Executive Officer (from 1 July 2026)

Escondida

BHP's success has been built on a winning s trategy

BHP's focus on the right commodities and high-quality assets operated exceptionally well2 has driven superior returns

The right commodities

BHP has delivered ~25ppts. greater TSR1 than a basket of peers since 2020

Tier 1 assets operated exceptionally well2

Total shareholder returns (TSR)1

(%)

350%

300%

Portfolio Simplification

Tier 1 assets

Leverage to megatrends

Future-facing commodities 3

Operational excellence

BHP Operating System

250%

Distinct approach to social

value

200%

Disciplined capital allocation

150%

100%

Superior returns

50%

0%

2020 2022 2024 2026

BHP Peer Index4 MSCI World Materials ASX200 Materials

BHP is in great shape today

An industry leading investment case

Operational excellence

Best in class track record in meeting guidance1

Copper EBITDA contribution more than doubled since FY23 to 51%

>50%

Average EBITDA margins past 25 years2

Disciplined capital

allocation

Strong balance sheet adds resilience through the cycle Potential to unlock up to ~US$10 bn in undervalued capital3

Unlocking

~US$6.3 bn3

Growth

~30% increase in copper production over the last 4 years4

Strong cash generation derisks project funding through the cycle

Shareholder returns

~55% of market cap distributed as returns6

50% minimum dividend policy, with additional returns every year since CAF established

3 - 4%

Attributable CuEq CAGR to 20355

>US$110 bn

Shareholder returns

over past 10 years6

Note: LTM - Last twelve months; CAGR - Compound Annual Growth Rate; CAF - Capital Allocation Framework.

The value of well operated tier 1 assets

Best in class operatorship of tier 1 assets drives increasing cash margins through the cycle

Copper price and AISC (Es condida vs marginal producer)

(US$/lb, real 2026)

Iron ore price and AISC (WAIO vs marginal producer)

a key BHP cost advantage

(US$/dmt, real 2026)

6.00

240

Exclusive of ocean-freight,

5.00 200

4.00 160

3.00 120

2.00 80

1.00

0.00

Inclusive of several once-in-a-decade items in sustaining capex

2000 2005 2010 2015 2020 2025

40

0

2009 2013 2017 2021 2025

1 1 2 2 2,3

Copper price Marginal producer AISC Escondida AISC Iron ore price (FOB) Marginal producer AISC WAIO AISC

Source: BHP analysis, LME, Wood Mackenzie as of Q1 2026 (converted to real). Prices and costs are historical except 2026, which are Wood Mackenzie's annual assumptions. 2026 prices from Wood Mackenzie, on a nominal basis, are ~$5.83/lb for copper and ~$87/dmt for iron ore. 2026 C1 + sustaining capex, on a nominal basis, are i) Copper - ~$3.03/lb for the Marginal producer and ~$1.65/lb for Escondida; and ii) Iron ore - ~$96/dmt for the Marginal producer and ~$26/dmt for WAIO.

Note: WAIO - Western Australia Iron Ore. AISC - all-in sustaining costs, defined as C1 costs1,2 plus sustaining capital expenditures. Marginal refers to the 90th percentile producer for copper and the traditional high-cost bench of producers for iron ore (highest ~150Mt).

Safety remains a non-negotiable and my firs t priority

Commitment to zero fatalities and reducing High Potential Injuries (HPIs )1

BHP fatalities 2 and HPIs 1 FY2009-26

(Fatalities, #) (HPIs, #)

10

Fatalities HPIs

100

7

5

5

3

3

2

2

2

1

1

1

8 80

6 60

4 40

2 20

0 0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Source: BHP HSEC Global reports.

The next phase: more velocity, more ambition, same discipline

We will leverage BOS, technology and partnerships to drive productivity and disciplined and consistent growth

Accelerating performance

Further embedding BHP Operating System (BOS)

Leveraging technology to create sustained competitive advantage

Building a faster and more agile BHP

Delivering consistent and disciplined growth

Delivering 3 - 4% CuEq production CAGR to 20351 from our existing growth projects Building a portfolio of options to drive additional growth, including opportunistic bolt-ons

Ensuring disciplined capital allocation

Strengthening our

foundations & resilience

Strengthening safety and pursuing our social value framework goals Building partnerships and strategic relationships

Leveraging our diversified business model to drive returns and build resilience

Leveraging BOS and technology to drive productivity

Escondida has shown that successfully integrated, BOS and technology can accelerate operational improvement

Escondida's recent performance

Escondida Operational Excellence Index (OEI)3 and

McKinsey benchmarking4

13%

Concentrator throughput

since FY23

~US$1 bn

FY20

FY21

FY22

FY23

FY24

FY25

FY26 YTD

Cost savings since BOS deployed2

550 kt

Added to FY26-27 and medium-term production guidance1

First quartile C1

Cost curve position relative to other mines

79

Highest in McKinsey benchmarking study

Behaviours become

embedded in culture

30

Basic embedment of operational excellence

40

44

47

49

52

59

60

55

McKinsey definition of

world leading3

40

Accelerating further

improvement through greater integration of technology,

automation, AI solutions and BOS.

Consis tent and disciplined growth …

Consis tent growth driven by our portfolio of projects and a more programmatic approach to building optionality

Existing growth projects Production target

2035 and beyond

Escondida New Concentrator

220 - 260 ktpa Cu

235 - 280 CuEq

By 2035

Bolt-on acquisitions

By 2030

Vicuña III

Jansen II

Partnerships & adjacencies

Jansen III

WRC*

Jansen I

ENC*

Exploration

CuSA II*

Bolt-on acquisitions

CD6*

Vicuña I

Vicuña II

Antamina

Life Extension

Resolution*

SCPY*

Cerro Colorado

ESO*

CuSA I*

ESO*

Partnerships & adjacencies

Exploration

Jansen IV

Copper SA Phase 1 ~220 ktpa Cu

~330 ktpa CuEq

Vicuña Stage 1

~200 ktpa Cu

~300 ktpa CuEq2

WAIO growth >305 Mtpa

Jansen Stage 1 4.15 Mtpa

Jansen Stage 2 4.35 Mtpa

(incremental to Stage 1)

Total Group production (CuEq1)

FY27 - 30	FY27 - 35
~3%	3 - 4%
FY27 - 35
~5%

Projects represent targeted first production dates. Timing shown is illustrative for Partnerships & adjacencies, Exploration, ESO* and Bolt-on acquisitions.

Iron ore Copper Potash Programmatic options

Copper

segment (CuEq1)

*Note: ESO - Early-Stage Options. WRC - Western Ridge Crusher. ENC - Escondida New Concentrator. SCPY - Spence chalcopyrite leaching. CuSA - Copper South Australia. CD6 - Car Dumper 6. Resolution pending further drilling required for resource definition.

… which is more reliable than our peers'

Delivering increased and more reliable copper production guidance while our peers are cutting theirs

Increasing copper production guidance …

(Mt, change in copper production guidance over last 16 months1)

(0.0)

Cumulative BHP increase to 2027

~0.2 Mt

Peer 1

Peer 2/3 Peer 4/5/6 Peer 7

… which investors can bank on

(average delta from initial production guidance from FY23 - FY262) 4%

0%

(0.4)

(0.8)

Peer 8

Peer 9

(4%)

(8%)

(1.2)

(12%)

(1.6)

(2.0)

Cumulative peer decrease to 2027

~2.0 Mt

2025 2026 2027

(16%)

(20%)

BHP Peers

Source: BHP analysis, publicly available reports. Peers include: Anglo; Glencore; Rio Tinto; South32; Vale.

Delivering today and into the next decade

BHP is in great shape today, with a strategy in place to win in the next decade

Tier 1 assets

Stronger foundation and resilience

Accelerating performance

Consistent and disciplined growth

Footnotes

Slide 3 - BHP's success has been built on a winning strategy

1. TSR performance sourced from Bloomberg, presented on a cumulative basis in USD March 2020 to February 2026. BHP's TSR performance reflects a 60/40 Ltd/Plc blend pre-unification (31 Jan 2022) and Ltd only post-Unification. Rio Tinto's TSR performance reflects a 25/75 Ltd/Plc blend. TSR assumes net dividends are reinvested on the ex-dividend date at the closing share price.

2. BHP is a best-in-class operator with a superior track record of meeting guidance compared to diversified mining peers over a 10-year period. Source: BHP analysis and broker reports.

3. Future-facing commodity: A commodity that BHP determines to be positively leveraged in the energy transition and broader global response to climate change, with potential for decades-long demand growth to support emerging megatrends like electrification and decarbonisation. Currently, the major commodities in the BHP portfolio that fall within this criterion include copper, nickel and potash.

4. Peers include Anglo-American, Glencore, Rio Tinto and Vale.

Slide 4 - BHP is in great shape today

1. Best track record in meeting guidance compared to diversified miners over a 10-year period. Source: BHP analysis and broker reports.

2. BHP underlying EBITDA margin (excluding third party products). On a total operations basis. 25-year average includes all half-year reporting periods from HY02 to HY26 (inclusive). Underlying EBITDA margin is non-IFRS information. There may be differences in the manner that third parties calculate or report this information compared to BHP, which means third-party data may not be comparable to our data. For further information refer to 'Non-IFRS financial information' in the BHP Financial Report for the half year ended 31 December 2025.

3. Refers to US$4.3 bn realised by completing the Antamina silver streaming transaction and a US$2 bn binding agreement BHP entered with Global Infrastructure Partners (GIP), in relation to BHP's share of Western Australia Iron Ore's (WAIO) inland power network. Completion of the agreement with GIP is subject to certain regulatory approvals including Foreign Investment Review Board approval. The potential to unlock up to ~US$10 bn in undervalued capital through infrastructure linked transactions, substantial by-products , non-core assets and future growth investments represents our current aspiration and is not intended to be a projection or forecast.

4. CY2025 copper production compared to CY2021. Includes both organic and inorganic growth.

5. Compound annual growth rate FY27 to FY35 based on attributable copper equivalent production, excluding NSWEC, Carajás and WA Nickel, fixed at long term UBS consensus prices as of December 2025: copper US$4.37/lb, gold US$2,824/oz, iron ore US$84/t, steelmaking coal US$199/t, potash US$352/t. Copper CAGR includes both copper and by-products from the copper assets.

6. Based on announced shareholder returns paid from FY17 - FY26 inclusive of the H1 FY26 dividend announced. Market capitalisation of US$200 bn on 27 April 2026.

Slide 5 - The value of well operated tier 1 assets

1. Copper C1 costs: direct cash costs for mining, milling and concentrating, leaching, SxEW, on-site admin and expenses, essential offsite services, smelting/refining charges, freight, marketing, property and severance taxes (that are not profit-related). Escondida costs are on a 100% basis.

2. Iron ore price refers to annual Fines 62% (FOB Australia), prices prior to 2009 omitted as they reflect benchmark contract equivalents. Iron ore C1 costs: direct cash costs for mining, processing, transport, pelletising, port and overhead.

3. Aggregate WAIO costs calculated as a weighted average (by production) of the costs for each specific mine. WAIO costs are on a 100% basis.

Slide 6 - Safety remains a non-negotiable and my firs t priority

1. High-potential injuries (HPI's) are recordable injuries and first aid cases where there was the potential for a fatality. This definition is independent of the Queensland Coal definition of "high potential incident" which is defined in the Queensland Coal Health and Safety legislation. HPI's: FY16-FY20 data includes Continuing operations and divested operations as reported in the end of FY20. Former OZ Minerals Australian assets (acquired 2 May 2023), are included starting in FY24. FY21- FY23 excludes (entirely) divested operations as follows: BHP Mitsui Coal (divested on 3 May 2022), BHP's oil and gas portfolio (merger with Woodside completed on 1 June 2022).

2. Data includes continuing operations and divested operations.

Slide 7 - The next phase: more velocity, more ambition, same discipline

1. Compound annual growth rate FY27 to FY35 based on attributable copper equivalent production, excluding NSWEC, Carajás and WA Nickel, fixed at long term UBS consensus prices as of December 2025: copper US$4.37/lb, gold US$2,824/oz, iron ore US$84/t, steelmaking coal US$199/t, potash US$352/t. Copper CAGR includes both copper and by-products from the copper assets.

Slide 8 - Leveraging BOS and technology to drive productivity

1. The increase in FY26 and FY27 production guidance ranges, combined with the extension of medium-term production guidance to FY31 relative to plans outlined at the Chilean copper site tour in November 2024, have generated opportunities to create 550 kt of incremental copper volumes over this period.

2. Annual in year operating cost savings from FY21 to H1 FY26. Not audited in financial statements but validated through internal review process and verification.

3. In 2023 Escondida Cathodes (Electrowinning team) was awarded a Shingo Prize. This prize is awarded to businesses that demonstrate 3 years of sustained high performance by integrating the Shingo Model principles into their culture and operations. The BHP OEI assessments are conducted by a team of internal BHP assessors trained and coached by the senior McKinsey OEI assessor. They use McKinsey's dedicated maturity assessment tool, process and system which is similar in nature to the Shingo Prize assessments and benchmarked across more than 1,200 individual assessments. There are approximately 70 global companies actively using the McKinsey benchmarking tool today.

4. McKinsey's Operational Excellence Index (OEI) provides a benchmark for establishing operational performance baselines and measuring improvements over time. A score above 55 (out of 100) is among the best operational-excellence organisations in the world. 79 is the maximum score achieved by any organisation using the McKinsey assessment tool.

Slide 9 - Consistent and disciplined growth …

1. Compound annual growth rate FY27 to FY35 based on attributable copper equivalent production, excluding NSWEC, Carajás and WA Nickel, fixed at long term UBS consensus prices as of December 2025: copper US$4.37/lb, gold US$2,824/oz, iron ore US$84/t, steelmaking coal US$199/t, potash US$352/t. Copper CAGR includes both copper and by-products from the copper assets.

2. Copper equivalent production includes estimated production rates and contribution from by-products, as well as potential impacts from our exploration program. Copper equivalency calculated using Vicuña metal prices of US$4.60/lb Cu, US$3,300/oz Au and US$40/oz Ag, using the formula: {(Cu (t) produced*$10,141+Au (oz) produced*$3,300+Ag (oz) produced*40 ) / $10,141/t Cu)}. Stage I ~300ktpa CuEq includes ~200ktpa of copper, ~375kozpa of gold and ~1.5Mozpa of silver. Based on first 5 full years of production, prior to Stage III expansion. Potential life of mine based on Mineral Resources only.

Slide 10 - … which is more 'reliable' than our peers'

1. Production downgrades and upgrades announced in the last 16 months for calendar years 2025-2027 as of 1 May 2026. Key peers include six of the seven largest Cu producers: namely Codelco, Freeport-McMoRan, Glencore, Southern Copper, Rio Tinto and Anglo American; as well as Teck, First Quantum Minerals and Ivanhoe Mines. Cumulative peer decrease includes the impact of all increases and decreases to guidance.

2. Source: SBG Securities broker report published 1 April 2026. Based on weighted average copper equivalent production relative to the mid-point of initial production guidance published. Acquisitions and disposals have been removed from guidance analysis in the year of transaction. BHP, Rio Tinto and Vale provide 1 years' guidance, South 32 provides 2 years' guidance, Glencore and Anglo American provide 3 years' guidance.

Supplementary material

Diversification delivers growth and resilient cash flow

BHP's diversification generates positive free cash flow through the cycle, advancing growth while delivering shareholder returns

Five-year cumulative free cash flow1,2

~$60 bn

~$40 bn

~$10 bn

(US$ bn, attributable basis, FY26-30 inclusive)

120

90

60

Iron ore NOCF

30

0

(30)

Iron ore capex

Copper & potash NOCF

Copper & potash capex

NOJVs investing CF

(60)

Spot

(maintained 5 years)

Consensus

(maintained 5 years)

3-year low

(maintained 5 years)

Coal, Group and Unallocated items NOCF

Copper	$6.00/lb	$5.50/lb	$3.50/lb
Iron ore	$108/t	$92/t	$80/t
Potash	$350/t	$370/t	$280/t

Note: NOCF - Net Operating Cash Flow. CF - Cash Flow. Copper price sensitivity also includes Gold, Silver and Uranium by-products price sensitivity.

1. Post-tax, unlevered free cash flow for BHP Group, after subtracting dividends paid to non controlling interests. Operating Cash Flow includes positive cash contributions from Antamina JV. NOJVs investing CF includes cash flow contributions into Vicuna JV, Resolution JV as well as Samarco obligations classified as investing CF.

2. BHP internal analysis for spot, consensus and 3-year low scenarios based on 1 May 2026 spot prices, average of FY26-29 consensus prices and long-term consensus commodity price forecasts respectively. 3-year low prices based on CY23-25 inclusive. Analysis uses medium-term production guidance disclosed in slide 44 of BHP's Half year Fiscal 2026 Results Presentation.

   A disciplined and targeted approach to capital allocation

   Net operating cash flow

   Sector

   leading margins

   Average EBITDA margin >50% the past 25 years

   Copper contributed 51% of H1 FY26 Group EBITDA EBITDA margins of >60% in Copper and Iron Ore

   Strong

   operating cash flow

   Net operating cash flow of >US$15 bn consistently s ince FY10

   Cash flow generation supports our funding requirements Increased exposure to future-facing commodities

   Balance

   sheet

   strength and low leverage

   Unlock

   undervalued capital

   CAF is embedded in all decision making

   Advancing our high-quality pipeline of organic growth opportunities

   Delivered returns >US$110 bn, ~55%1 of market capitalisation

   +

   Potential to unlock up to ~US$10 bn; US$6.32 bn to be realised

   US$4.32 bn proceeds from Antamina silver stream agreement to be assessed under the CAF in H2 FY26

   A stronger and more res ilient business enables investment and returns through the cycle

Capital productivity

Operating productivity

Portfolio

Maximising value through our well-established framework, delivering strong shareholder returns and growth

Bank of America Global Metals, Mining & Steel Conference 2026

1. As of April 27, 2026.

   Excess cash

   Balance

   sheet

   Additional

   dividends

   Buy-backs Organic

   development

   Acquisitions/

   (Dives tments)

   Minimum 50% payout ratio dividend

Strong balance sheet

Maintenance and decarbonisation capital

1. Refers to US$4.3 bn realised by completing the Antamina silver streaming transaction and a US$2 bn binding agreement BHP entered with Global Infrastructure Partners (GIP), in relation to BHP's share of Western Australia Iron Ore's (WAIO) inland power network. Completion of the agreement with GIP is expected towards the end of FY2026, subject to certain regulatory approvals including Foreign Investment Review Board approval. The potential to unlock up to ~US$10 bn in undervalued capital through infrastructure linked transactions, substantial by-products, non-core assets and future growth investments represents our current aspiration and is not intended to be a projection or forecast.

Best suite of organic copper projects

A portfolio of low capital intensity, high returning organic copper growth projects which can be sequenced and optimised

	Estimated capital expenditure (US$ bn1)	Estimated capital intensity (US$k/t CuEq1)	Potential FID (Final Investment Decision)	Potential firs t production (year)	Potential production profile (ktpa Cu)2
Projects
Escondida New Concentrator Construction of new concentrator to replace Los Colorados	US$4.4 - 5.9	US$15 - 21	CY27 - 28	CY31 - 32	220 - 260 235 - 280 CuEq
Vicuña (100%)3 - Stage I Construction of district mill	US$7 - 84	US$20 - 30	~CY26	CY30	~200 ~300 CuEq
Spence chalcopyrite leaching (SCPY & ripios dump) Sulphide leaching technology to extend cathode production life	US$0.6 - 0.9	US$10 - 16	CY26	CY28	40 - 60 40 - 60 CuEq
Copper SA Phase 1 Growth Smelter and Refinery Expansion5	US$3.1 - 4.0	Not applicable	CY27	CY32	380 - 500 Cu 590 - 750 CuEq
Copper SA Phase 1 Growth Mines and Concentrators (Carrapateena and Olympic Dam)6	US$5.4 - 6.9	US$16 - 21	CY27 | CY29	CY29	~220 Cu ~330 CuEq

Cerro Colorado restart US$2.3 - 3.2 Application of leaching technology to restart operations	US$23 - 32	CY28 - 31	CY31 - 34 85 - 100 85 - 100 CuEq
Vicuña (100%)3 - All Stages ~US$18 Stages I, II and III	US$20 - 30	CY27-2030s	CY30-mid 2030s ~500 ~800 CuEq
Copper SA Phase 2 Growth US$4.5 - 5.8 Mines and Concentrators (i.e. Oak Dam, OD Deeps)	US$20 - 26	CY32	CY38 ~190 Cu ~230 CuEq

1. All estimated capital expenditures and capital intensities are quoted on a real basis (1 Jan 2026), except for Escondida, Spence and Cerro Colorado estimated capital expenditures which are quoted on a nominal basis to align with the BHP Chile Site Visit in November 2024. Capital expenditure excludes commercial commitment investments (for example leases and outsourced infrastructure).

2. Production outputs based on 10-year average for all projects except for Vicuña (100% basis) - Stage I, which uses production outputs based on a 5-year average due to Stage 1 production post-5 years not reported separately from Stage 3 production in Vicuña study. Potential CuEq production profiles are calculated using UBS long-term consensus prices as of December 2025: copper $4.37/lb, gold $2,824/oz, silver $34/oz, zinc $1.21/lb, uranium $73/lb, except for Vicuña JV, which is calculated based on the Vicuña metal prices of copper $4.60/lb, gold

   $3,300/oz and silver $40/oz and Escondida which is calculated consistently with the BHP Chile Site Visit in November 2024 at $4.50/lb copper consensus price (real 2024) based on the median of long-term forecasts from Bank of America, Barrenjoey, Citi, Deutsche Bank, Goldman Sachs, JPMorgan and UBS.

3. BHP holds a 50% share in the non-operated Vicuña joint venture.

4. Vicuña did not estimate a range for Stage 1 capex. BHP applied a range of -5% to +10%. BHP holds a 50% share in the non-operated Vicuña joint venture.

5. Smelter sizing subject to Final Investment Decision, with remaining concentrate sold to market. Copper SA Phase 1 Growth potential production figures disclosed are non-cumulative.

6. FID for Carrapateena in CY27 and Olympic Dam in CY29. First production at Carrapateena. Carrapateena metrics representative of 12Mtpa Block cave.

Bank of America Global Metals, Mining & Steel Conference 2026