UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

January 18, 2024

BHP GROUP LIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

VICTORIA, AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE,

VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

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

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

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

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

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

18 January 2024

Operational review for the half year ended 31 December 2023

Strong H1 in copper, iron ore and energy coal. Challenging half in metallurgical coal.

Tragically, a team member from BEP Engineering & Maintenance, a contracting partner to BMA, was fatally injured in an incident at BMA’s Saraji mine earlier this week. Our deepest sympathies are with their family, friends and colleagues at this difficult time. We are committed to learning from this tragedy and investigations into the incident are underway.

Operationally, BHP has had a solid first half. WA Iron Ore production was up 5% quarter-on-quarter, while first half copper production rose 7% reflecting a record half at Spence and ongoing strong performance and additional tonnes at Copper South Australia. NSW Energy Coal had its best first half in five years, while BMA had a tough six months following significant planned maintenance and low starting inventories. At Nickel West, we are evaluating options to mitigate the impacts of the sharp fall in nickel prices.

We progressed our growth agenda during the quarter with ongoing construction of the Jansen mine in Canada and the sanction of Jansen Stage 2, which doubles our planned potash production capacity. In South Australia, we successfully integrated our Copper SA business and significant exploration drilling beneath Olympic Dam has identified attractive copper mineralisation above 1% grade along a 2 km strike, with areas above 2%.

	Mike Henry
	BHP Chief Executive Officer
Summary
Operational performance	Portfolio
Production guidance unchanged, except at BMA	Enhancing the quality of our portfolio
FY24 production guidance ranges remain unchanged for all assets, with the exception of BMA which has been lowered to between 23 and 25 Mt (46 – 50 Mt at 100%) excl. Blackwater and Daunia from the expected sale completion date of 2 April 2024. Copper production increased1 7%, including a record quarter at Carrapateena, and energy coal production increased 36%, with its FY24 production now expected to be in the upper end of the guidance range.	We are investing in growth with the approval of US$4.9 bn in Jansen Stage 2. We continued our strategic focus on higher quality metallurgical coal with the planned divestment of BMA’s Blackwater and Daunia mines for cash consideration of up to US$4.1 bn (100% basis). We have undertaken ~62 km of exploratory drilling beneath Olympic Dam (OD Deeps), which has shown extensive mineralisation continuity, with attractive copper grades of above 1% along more than 2 km in strike and more than 1 km in depth. Results are included in Appendix 3.
Financial performance	Leadership
Unit cost guidance	Executive Leadership Team update
WAIO, Escondida and Spence are expected to be within their respective unit cost guidance ranges at FY24, with BMA unit cost guidance for FY24 increasing to between US$110/t and US$116/t as a result of the lowered production guidance.	In December, we announced a number of changes to our Executive Leadership Team, effective 1 March 2024, including that Catherine Raw will join BHP from SSE plc as Chief Development Officer effective 29 April 2024.

Production	Quarter performance						YTD performance				FY24 production guidance
	Q2 FY24		v Q1 FY24		v Q2 FY23		HY24		v HY23		Previous			Current
Copper (kt)		437.4		(4%)		3%		894.4		7%		1,720 – 1,910			1,720 – 1,910
Escondida (kt)		254.6		(7%)		(1%)		527.9		3%		1,080 – 1,180			1,080 – 1,180		Unchanged
Pampa Norte (kt)		59.8		(24%)		(22%)		138.1		(6%)		210 – 250	i		210 – 250	i	Unchanged
Copper South Australia (kt)		82.0		14%		51%		153.7		48%		310 – 340			310 – 340		Unchanged
Antamina (kt)		39.2		21%		11%		71.7		(1%)		120 – 140			120 – 140		Unchanged
Carajás (kt)		1.8		50%				3.0				-			-		-
Iron ore (Mt)		65.8		4%		(2%)		129.0		(2%)		254 – 264.5			254 – 264.5
WAIO (Mt)		64.5		4%		(2%)		126.5		(3%)		250 – 260			250 – 260		Unchanged
WAIO (100% basis) (Mt)		72.7		5%		(2%)		142.1		(3%)		282 – 294			282 – 294		Unchanged
Samarco (Mt)		1.3		6%		19%		2.5		13%		4 – 4.5			4 – 4.5		Unchanged
Metallurgical coal – BMA (Mt)		5.7		2%		(18%)		11.3		(17%)		28 – 31			23 – 25		Lowered
BMA (100% basis) (Mt)		11.4		2%		(18%)		22.6		(17%)		56 – 62			46 – 50		Lowered
Energy coal – NSWEC (Mt)		3.9		7%		35%		7.5		36%		13 – 15			13 – 15		Upper end
Nickel – Nickel West (kt)		19.6		(3%)		11%		39.8		4%		77 – 87			77 – 87		Unchanged

i Production guidance for FY24 is for Spence only and excludes Cerro Colorado which produced 11 kt before ceasing production on 9 November 2023.

BHP | Operational review for the half year ended 31 December 2023

Summary of disclosures

BHP expects its financial results for the half year ended 31 December 2023 (HY24) to reflect certain items summarised in the table below. The table does not provide a comprehensive list of all items impacting the period. The financial statements are the subject of ongoing work that will not be finalised until the release of the financial results on 20 February 2024.

Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation.

Description	H1 impacti (US$M)			Classificationii
Unit costs (at guidance FX)iii
At HY24, unit costs at WAIO and Escondida are expected to be within their respective guidance ranges, while Spence is expected to be in the lower half of its guidance range. Unit costs at BMA are expected to be substantially higher than the revised guidance range due to the lower volumes		-			Operating costs
For FY24, unit cost guidance for WAIO, Escondida and Spence remains unchanged. Unit cost guidance for BMA has been increased to between US$110/t and US$116/t as a result of the decrease in expected production, and excludes Blackwater and Daunia from the expected date of completion of the divestment		-			Operating costs
Note: weaker Australian dollar and Chilean peso than guidance rates were realised in the period		Refer footnote	iii
Income statement
The Group’s adjusted effective tax rate for HY24 is expected to be in the lower half of the guidance range of 30 – 35%		-			Taxation expense
Cash flow statement
Working capital movements including net price impacts, closure and rehabilitation payments and other movements		~1,500 – 1,700			i Operating cash flow
Cash tax paid		~3,500 –3,600			i Operating cash flow
Dividends received from equity-accounted investments		~200			h Operating cash flow
Dividends paid to non-controlling interests		~600			i Financing cash flow
Payment of the H2 FY23 dividend		~4,000			i Financing cash flow
Balance sheet
The Group’s net debt balance at 31 December 2023 is expected to be between $12.5 and $13.0 bn		-			Net debt
Exceptional items
Financial impact on BHP Brasil of the Samarco dam failure
The financial impact is expected to primarily relate to amortisation of discounting on the provision and the impact of foreign exchange		Refer footnote	iv		Exceptional item

i Numbers are not tax effected, unless otherwise noted.

ii There will be a corresponding balance sheet, cash flow and/or income statement impact as relevant, unless otherwise noted.

iii Average exchange rates for HY24 of AUD/USD 0.65 (guidance rate AUD/USD 0.67) and USD/CLP 874 (guidance rate USD/CLP 810).

iv Financial impact is the subject of ongoing work and is not yet finalised. See Iron ore section for further information on Samarco operations.

    Further information in Appendix 1   Detailed production and sales information for all operations in Appendix 2   Detailed drilling results for Olympic Dam Deeps Appendix 3  

2

BHP | Operational review for the half year ended 31 December 2023

Segment and asset performance | FY24 YTD v FY23 YTD

Copper
Production 894 kt 7% HY23 834 kt FY24e 1,720 – 1,910 kt Average realised price US$3.66/lb 5% HY23 US$3.49/lb	Total copper production increased by 7% to 894 kt. Copper guidance for FY24 remains unchanged at between 1,720 and 1,910 kt. Escondida 528 kt 3% (100% basis) Increased production was primarily due to higher concentrator feed grade of 0.81%, compared to 0.79% in HY23 and higher concentrator throughput. Concentrator feed grade is expected to be between 0.85% and 0.90% for FY24. Production guidance for FY24 remains unchanged at between 1,080 and 1,180 kt. Pampa Norte 138 kt 6%
	Production at Spence increased 4% to a half year record of 127 kt, driven by improved concentrator throughput. Record concentrate production was partially offset by lower cathode production, in line with an expected decline in stacked feed grade. The concentrator plant modifications which commenced in August 2022 are expected to be completed in FY24.
	We approved an incremental US$570 m in sustaining capital to progress remediation of previously identified anomalies in the Spence Tailings Storage Facility (TSF). These plans have been developed with the Engineer of Record, Independent Tailings Review Board and expert consultants. This is the first stage to remediate the TSF. Production guidance for Spence for FY24 remains unchanged at between 210 and 250 kt and remains subject to successful remediation of the TSF anomalies.
	Cerro Colorado entered temporary care and maintenance in December 2023, after producing 11 kt for the period.
	Copper South Australia 154 kt 48%
	Production increased by 51 kt due to the additional volumes from Prominent Hill and Carrapateena. Successful integration of the Copper South Australia asset has resulted in strong underlying operational performance, including record quarterly copper production at Carrapateena in Q2. Strong smelter performance at Olympic Dam was supported by increased transfers of concentrate from Prominent Hill for processing to higher margin cathode. Olympic Dam also delivered record half year gold production and sales.
	Production guidance for FY24 remains unchanged at between 310 and 340 kt.
	Crusher 2 at Carrapateena remains on track to come online in Q3 FY24 and to ramp up in Q4 FY24. We have also had continued success with exploration drilling across the asset. Drilling to date beneath the known Olympic Dam ore body (OD Deeps) confirms attractive mineralisation continuity at above 1% copper grade (refer to Appendix 3). At Oak Dam, there are 12 active drill rigs (up from 10) and the accommodation camp is nearing completion.
	Other copper
	At Antamina, copper production decreased by 1% to 72 kt, while zinc production was 10% higher at 69 kt, both in line with planned concentrator feed grades. Production guidance at Antamina remains unchanged for FY24 with expected copper production of between 120 to 140 kt and zinc production of between 85 and 105 kt.
	Carajás produced 3.0 kt of copper and 2.1 troy koz of gold. Operations were stopped in August due to a geotechnical event, and gradually restarted in October. In Q3 FY24 operations will continue to ramp back up with shipments also expected to resume.

3

BHP | Operational review for the half year ended 31 December 2023

Iron ore
Production 129 Mt 2% HY23 132 Mt FY24e 254 – 264.5 Mt Average realised price US$103.70/wmt 21% HY23 US$85.46/wmt	Total iron ore production decreased by 2% to 129 Mt. Guidance for FY24 remains unchanged at between 254 and 264.5 Mt. WAIO 126 Mt 3% | 142 Mt (100% basis) Lower production due to the continued tie-in activity for the Rail Technology Programme (RTP1), and the impacts of the ongoing ramp up of the Central Pilbara hub (South Flank and Mining Area C). South Flank is on track to ramp up to full production capacity of 80 Mtpa (100% basis) by the end of FY24. The planned tie-in of the Port Debottlenecking Project (PDP1) is on track to be completed in CY24, following commissioning on 7 December 2023. Production guidance for FY24 remains unchanged at between 250 and 260 Mt (282 and 294 Mt on a 100% basis). Samarco 2.5 Mt 13% | 5.1 Mt (100% basis) Production increased as a result of higher concentrator throughput. Production guidance for FY24 remains unchanged at between 4 and 4.5 Mt. In December 2023, BHP Brasil approved up to US$925 m in further financial support for the Renova Foundation. The funding is for CY24 and will be deducted from the Group’s provision for the Samarco dam failure.
Coal Metallurgical coal
Production 11.3 Mt 17% HY23 13.6 Mt FY24e 23 – 25 Mt Average realised price US$266.43/t 1% HY23 US$268.73/t	BMA 11.3 Mt 17% | 22.6 Mt (100% basis) On 15 January, a team member from BEP Engineering & Maintenance, a contracting partner to BMA, was fatally injured in a vehicle incident at Saraji mine. Investigations are underway and we are working closely with the relevant authorities. Operations at Saraji were suspended and are expected to progressively restart over the coming days. In the period, lower production was as a result of a significant increase in planned maintenance across the asset, the extended longwall move, and geotechnical faulting which impacted underground operations at Broadmeadow until early November. Production was also impacted by an increase in prime stripping to improve value chain stability following depleted inventory positions arising from extended weather impacts and labour constraints over recent years. Full year production guidance is now expected to be between 23 and 25 Mt (46 and 50 Mt on a 100% basis). This guidance excludes Blackwater and Daunia from the date of completion of the divestment which is expected to occur on 2 April 2024. This has been lowered from 28 – 31 Mt (56 and 62 Mt on a 100% basis), inclusive of Blackwater and Daunia.

4

BHP | Operational review for the half year ended 31 December 2023

Energy coal
Production	NSWEC 7.5 Mt 36%
7.5 Mt 36% HY23 5.5 Mt FY24e 13 – 15 Mt Average realised price US$123.29/t  65% HY23 US$354.30/t	Increased production as a result of strong operating performance as eased labour constraints and improved weather conditions enabled an uplift in truck productivity, with record annualised truck hours for the half. Domestic sales under the NSW Government Coal Market Price Emergency (Directions for Coal Mines) Notice commenced in Q4 FY23, which resulted in a lower proportion of washed coal and contributed to the higher volumes. Production guidance for FY24 is expected to be at the upper end of the range of between 13 and 15 Mt. We submitted a modification request to the NSW Government to extend mining approval to 30 June 2030 in support of the 2030 closure plan. The modification submission went on public exhibition for four weeks in November 2023. The approval process will continue through FY24.
Group & Unallocated
Nickel
Production	Nickel West 40 kt 4%
40 kt 4% HY23 38 kt FY24e 77 – 87 kt	Production increased due to improved performance, and a shorter shutdown period at the Kalgoorlie Smelter offsetting downtime at the Kwinana Refinery.
	Production guidance remains unchanged at between 77 and 87 kt for FY24.
Average realised price US$18,602/t  24% HY23 US$24,362/t	The nickel industry is undergoing a number of structural changes and is at a cyclical low in realised pricing. Nickel West is not immune to these challenges. Operations are being actively optimised, and options are being evaluated to mitigate the impacts of the sharp fall in nickel prices. Given the market conditions, a carrying value assessment of the Group’s nickel assets is ongoing, and a further update will be provided with the release of the financial results on 20 February 2024.

Quarterly performance | Q2 FY24 v Q1 FY24

Copper		Iron ore
437 kt  4% Q1 FY24 457 kt	Lower concentrator grade at Escondida and concentrator throughput at Spence, partially offset by higher volumes at Copper South Australia following planned maintenance in Q1.	66 Mt  4% Q1 FY24 63 Mt	Increased production at WAIO as a result of the Q1 impacts of the RTP1 integration, planned equipment maintenance and Central Pilbara hub ramp up.
Metallurgical coal		Energy coal
5.7 Mt  2% Q1 FY24 5.6 Mt	Production increased due to the lower planned wash plant maintenance, the ramp up of the longwall at Broadmeadow, and improved strip ratio. This was partially offset by significantly increased rainfall.	3.9 Mt  7% Q1 FY24 3.6 Mt	Higher production as a result of strong performance across the value chain, largely driven by strong Q1 stripping performance, and the opportune draw down of raw coal.
Nickel
20 kt  3% Q1 FY24 20 kt	Lower volumes due to downtime at the Kwinana Refinery.

The following footnotes apply to this Operational Review:

1 Prior year comparatives do not include production volumes for the operations acquired from OZL on 2 May 2023.

5

BHP | Operational review for the half year ended 31 December 2023

Appendix 1

Average realised prices¹

	Q2 FY24		HY24		Q2 FY24 v Q1 FY24		HY24 v H2 FY23		HY24 v HY23
Copper (US$/lb)2,3,4		3.68		3.66		1%		(4%)		5%
Iron ore (US$/wmt, FOB)5		109.47		103.70		12%		4%		21%
Metallurgical coal (US$/t)6		293.21		266.43		24%		(2%)		(1%)
Hard coking coal (US$/t)7		305.69		274.99		26%		0%		2%
Weak coking coal (US$/t)7		214.26		204.55		12%		(18%)		(19%)
Thermal coal (US$/t)6,8		121.35		123.29		(3%)		(22%)		(65%)
Nickel metal (US$/t)		16,812		18,602		(17%)		(21%)		(24%)

1 Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments.

2 At 31 December 2023, the Group had 356 kt of outstanding copper sales that were revalued at a weighted average price of US$3.87/lb. The final price of these sales will be determined over the remainder of FY24. In addition, 342 kt of copper sales from FY23 were subject to a finalisation adjustment in the current period. The displayed prices include the impact of these provisional pricing and finalisation adjustments.

3 The large majority of copper cathodes sales were linked to index price for quotation periods one month after month of shipment, and three to four months after month of shipment for copper concentrates sales with price differentials applied for location and treatment costs.

4 Does not include sales from assets acquired through the purchase of OZL.

5 The large majority of iron ore shipments were linked to index pricing for the month of shipment, with price differentials predominantly a reflection of market fundamentals and product quality. Iron ore sales for HY24 and Q2 FY24 were based on an average moisture rate of 6.7% (HY23: 6.8%).

6 The large majority of metallurgical coal and energy coal exports were linked to index pricing for the month of scheduled shipment or priced on the spot market at fixed or index-linked prices, with price differentials reflecting product quality.

7 Hard coking coal (HCC) refers generally to those metallurgical coals with a Coke Strength after Reaction (CSR) of 35 and above, which includes coals across the spectrum from Premium Coking to Semi Hard Coking coals, while weak coking coal (WCC) refers generally to those metallurgical coals with a CSR below 35.

8 Export sales only. Includes thermal coal sales from metallurgical coal mines.

Current year unit cost guidance

	Previous FY24 guidance1		Current FY24 guidance1
Escondida unit cost (US$/lb)2		1.40 – 1.70		1.40 – 1.70	Unchanged
Spence unit cost (US$/lb)		2.00 – 2.30		2.00 – 2.30	Unchanged
WAIO unit cost (US$/t)		17.40 – 18.90		17.40 – 18.90	Unchanged
BMA unit cost (US$/t)		95 – 105		110 – 116	Increased

1 FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.

2 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.

Medium term guidance

	Production guidance		Unit cost guidance1
Escondida2		1,200 – 1,300 kt		US$1.30 – $1.60/lb3
Spence4		~250 kt
WAIO (100% basis)		>305 Mt		<US$17/t

1 Medium term unit cost guidance is based on exchange rates of AUD/USD 0.67 and USD/CLP 810.

2 Medium term refers to FY25 and FY26.

3 Escondida unit costs for FY24 onwards exclude revenue-based government royalties.

4 Average of 250 ktpa over five years on the basis that remediation of the previously identified TSF anomalies does not impact operations.

6

BHP | Operational review for the half year ended 31 December 2023

Major projects

Commodity	Project and ownership	Project scope / capacity	Capital expenditure US$M		First production target date		Progress
Potash	Jansen Stage 1 (Canada) 100%	Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa.		5,723		End-CY26		Project is 38% complete
Potash	Jansen Stage 2 (Canada) 100%	Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa.		4,859		FY29		Approval announced October 2023

The operating expenditure related to Potash for HY24 is expected to be ~US$130 m.

Exploration

Minerals exploration and evaluation expenditure was US$199 m for HY24 (HY23: US$156 m) of which US$170 m was expensed (HY23: US$127 m).

7

BHP | Operational review for the half year ended 31 December 2023

Appendix 2

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Dec		Mar		Jun		Sep		Dec		Dec		Dec		Var		Dec		Mar		Jun		Sep		Dec		Dec		Dec		Var
			2022		2023		2023		2023		2023		2023		2022		%		2022		2023		2023		2023		2023		2023		2022		%
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper	Payable metal in concentrate	kt		276.0		262.4		310.7		317.3		308.7		626.0		544.8		15%		272.7		268.4		323.1		298.0		316.5		614.5		533.0		15%
	Escondida	kt		208.3		200.8		220.5		221.3		207.7		429.0		411.4		4%		216.0		197.3		220.3		209.5		211.7		421.2		412.7		2%
	Pampa Norte	kt		32.5		32.0		32.2		38.8		32.6		71.4		61.1		17%		22.0		38.7		38.6		31.3		34.9		66.2		48.0		38%
	Copper South Australia	kt						19.9		23.5		27.4		50.9										27.6		22.2		31.6		53.8
	Antamina	kt		35.2		29.6		36.5		32.5		39.2		71.7		72.3		(1)%		34.7		32.4		34.5		32.8		38.3		71.1		72.3		(2)%
	Carajás	kt						1.6		1.2		1.8		3.0										2.1		2.2		-		2.2
	Cathode	kt		148.3		143.5		165.5		139.7		128.7		268.4		289.6		(7)%		155.9		130.3		179.9		131.9		137.6		269.5		290.1		(7)%
	Escondida	kt		49.7		50.8		72.5		52.0		46.9		98.9		99.3		0%		53.5		43.8		78.0		49.2		52.2		101.4		99.4		2%
	Pampa Norte	kt		44.2		41.0		36.3		39.5		27.2		66.7		86.2		(23)%		45.6		36.0		42.4		36.6		31.1		67.7		88.0		(23)%
	Copper South Australia	kt		54.4		51.7		56.7		48.2		54.6		102.8		104.1		(1)%		56.8		50.5		59.5		46.1		54.3		100.4		102.7		(2)%
	Total	kt		424.3		405.9		476.2		457.0		437.4		894.4		834.4		7%		428.6		398.7		503.0		429.9		454.1		884.0		823.1		7%
Lead	Payable metal in concentrate	t		114		169		146		96		105		201		342		(41)%		91		181		143		154		91		245		221		11%
	Antamina	t		114		169		146		96		105		201		342		(41)%		91		181		143		154		91		245		221		11%
Zinc	Payable metal in concentrate	t		29,929		23,612		38,822		35,669		33,475		69,144		62,614		10%		29,127		25,851		37,629		33,912		37,092		71,004		62,947		13%
	Antamina	t		29,929		23,612		38,822		35,669		33,475		69,144		62,614		10%		29,127		25,851		37,629		33,912		37,092		71,004		62,947		13%
Gold	Payable metal in concentrate	troy oz		52,277		57,106		96,655		89,024		94,794		183,818		96,034		91%		52,277		57,106		108,552		87,703		98,969		186,672		96,034		94%
	Escondida	troy oz		48,402		48,954		53,503		48,063		48,633		96,696		86,638		12%		48,402		48,954		53,503		48,063		48,633		96,696		86,638		12%
	Pampa Norte	troy oz		3,875		8,152		9,263		3,931		2,854		6,785		9,396		(28)%		3,875		8,152		9,263		3,931		2,854		6,785		9,396		(28)%
	Copper South Australia	troy oz						32,736		36,228		42,051		78,279										44,098		34,176		47,482		81,658
	Carajás	troy oz						1,153		802		1,256		2,058										1,688		1,533		-		1,533
	Refined gold	troy oz		43,280		49,086		46,479		53,028		55,828		108,856		90,464		20%		41,900		47,300		49,182		54,036		55,349		109,385		91,442		20%
	Copper South Australia	troy oz		43,280		49,086		46,479		53,028		55,828		108,856		90,464		20%		41,900		47,300		49,182		54,036		55,349		109,385		91,442		20%
	Total	troy oz		95,557		106,192		143,134		142,052		150,622		292,674		186,498		57%		94,177		104,406		157,734		141,739		154,318		296,057		187,476		58%
Silver	Payable metal in concentrate	troy koz		2,678		2,556		2,592		2,582		3,074		5,656		5,330		6%		2,605		2,523		2,409		2,527		2,938		5,465		5,082		8%
	Escondida	troy koz		1,510		1,346		1,008		1,168		1,401		2,569		2,720		(6)%		1,510		1,346		1,008		1,168		1,401		2,569		2,720		(6)%
	Pampa Norte	troy koz		245		409		412		356		388		744		497		50%		245		409		412		356		388		744		497		50%
	Copper South Australia	troy koz						201		260		310		570										242		258		364		622
	Antamina	troy koz		923		801		971		798		975		1,773		2,113		(16)%		850		768		747		745		785		1,530		1,865		(18)%
	Refined silver	troy koz		261		277		256		261		221		482		556		(13)%		233		307		270		219		222		441		553		(20)%
	Copper South Australia	troy koz		261		277		256		261		221		482		556		(13)%		233		307		270		219		222		441		553		(20)%
	Total	troy koz		2,939		2,833		2,848		2,843		3,295		6,138		5,886		4%		2,838		2,830		2,679		2,746		3,160		11,371		10,717		6%
Uranium	Payable metal in concentrate	t		943		833		813		825		986		1,811		1,760		3%		1,127		683		1,275		481		895		1,376		1,399		(2)%
	Copper South Australia	t		943		833		813		825		986		1,811		1,760		3%		1,127		683		1,275		481		895		1,376		1,399		(2)%
Molybdenum	Payable metal in concentrate	t		564		636		666		612		481		1,093		860		27%		514		789		594		564		468		1,032		789		31%
	Pampa Norte	t		216		407		333		329		145		474		250		90%		216		492		367		303		162		465		241		93%
	Antamina	t		348		229		333		283		336		619		610		1%		298		297		227		261		306		567		548		3%
Iron ore	Western Australia Iron Ore (WAIO)	kt		65,807		58,725		64,074		62,004		64,460		126,464		129,732		(3)%		64,496		59,204		62,926		64,180		62,606		126,786		126,753		0%
	Samarco	kt		1,095		1,048		1,221		1,231		1,302		2,533		2,243		13%		1,097		1,111		1,160		1,136		1,329		2,465		2,243		10%
	Total	kt		66,902		59,773		65,295		63,235		65,762		128,997		131,975		(2)%		65,593		60,315		64,086		65,316		63,935		129,251		128,996		0%
Metallurgical coal¹	BHP Mitsubishi Alliance (BMA)	kt		6,952		6,929		8,477		5,601		5,717		11,318		13,614		(17)%		7,027		6,186		8,876		5,325		5,706		11,031		13,509		(18)%
Energy coal	NSW Energy Coal (NSWEC)	kt		2,851		3,934		4,765		3,613		3,855		7,468		5,473		36%		2,862		3,667		4,894		3,307		4,250		7,557		5,303		43%
Nickel	Nickel West	kt		17.7		19.6		22.0		20.2		19.6		39.8		38.4		4%		18.4		19.6		23.4		18.9		20.0		38.9		39.1		(1)%
Cobalt	Nickel West	t		93		175		246		192		182		374		331		13%		93		175		246		192		110		302		331		(9)%

1 Includes BMA thermal coal sales.    

8

BHP | Operational review for the half year ended 31 December 2023

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Dec 2022		Mar 2023		Jun 2023		Sep 2023		Dec 2023		Dec 2023		Dec 2022		Var %		Dec 2022		Mar 2023		Jun 2023		Sep 2023		Dec 2023		Dec 2023		Dec 2022		Var %
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile¹		BHP interest 57.5%
	Material mined	kt		101,987		106,170		95,451		87,462		95,168		182,630		212,235		(14)%
	Concentrator throughput	kt		33,911		33,309		30,750		33,332		34,752		68,084		66,805		2%
	Average copper grade - concentrator	%		0.76%		0.78%		0.93%		0.85%		0.78%		0.81%		0.79%		2%
	Production ex mill	kt		212.8		210.0		228.9		225.7		217.6		443.3		427.4		4%
	Payable copper	kt		208.3		200.8		220.5		221.3		207.7		429.0		411.4		4%		216.0		197.3		220.3		209.5		211.7		421.2		412.7		2%
	Copper cathode (EW)	kt		49.7		50.8		72.5		52.0		46.9		98.9		99.3		0%		53.5		43.8		78.0		49.2		52.2		101.4		99.4		2%
	Oxide leach	kt		17.6		14.7		29.3		17.5		17.0		34.5		32.8		5%
	Sulphide leach	kt		32.1		36.1		43.2		34.5		29.9		64.4		66.5		(3)%
	Total copper	kt		258.0		251.6		293.0		273.3		254.6		527.9		510.7		3%		269.5		241.1		298.3		258.7		263.9		522.6		512.1		2%
	Payable gold concentrate	troy oz		48,402		48,954		53,503		48,063		48,633		96,696		86,638		12%		48,402		48,954		53,503		48,063		48,633		96,696		86,638		12%
	Payable silver concentrate	troy koz		1,510		1,346		1,008		1,168		1,401		2,569		2,720		(6)%		1,510		1,346		1,008		1,168		1,401		2,569		2,720		(6)%
1 Shown on a 100% basis.
Pampa Norte, Chile		BHP interest 100%
Copper	Payable metal in concentrate	kt		32.5		32.0		32.2		38.8		32.6		71.4		61.1		17%		22.0		38.7		38.6		31.3		34.9		66.2		48.0		38%
	Cathode	kt		44.2		41.0		36.3		39.5		27.2		66.7		86.2		(23)%		45.6		36.0		42.4		36.6		31.1		67.7		88.0		(23)%
	Total copper	kt		76.7		73.0		68.5		78.3		59.8		138.1		147.3		(6)%		67.6		74.7		81.0		67.9		66.0		133.9		136.0		(2)%
Gold		troy oz		3,875		8,152		9,263		3,931		2,854		6,785		9,396		(28)%		3,875		8,152		9,263		3,931		2,854		6,785		9,396		(28)%
Silver		troy koz		245		409		412		356		388		744		497		50%		245		409		412		356		388		744		497		50%
Molybdenum		t		216		407		333		329		145		474		250		90%		216		492		367		303		162		465		241		93%
Cerro Colorado¹
	Material mined	kt		583		172		145		-		-		-		3,762		(100)%
	Ore stacked	kt		4,119		3,567		3,928		154		-		154		8,492		(98)%
	Average copper grade - stacked	%		0.56%		0.57%		0.53%		0.58%		-		0.58%		0.55%		6%
	Copper cathode (EW)	kt		12.2		12.0		12.2		9.5		1.6		11.1		25.0		(56)%		12.2		10.9		14.1		8.8		3.7		12.5		25.5		(51)%
Spence
	Material mined	kt		26,980		24,858		25,622		27,654		25,973		53,627		53,936		(1)%
	Ore stacked	kt		5,155		4,947		5,625		5,113		4,744		9,857		10,732		(8)%
	Average copper grade - stacked	%		0.66%		0.60%		0.58%		0.60%		0.59%		0.60%		0.68%		(13)%
	Concentrator throughput	kt		7,602		7,290		6,927		8,473		7,151		15,624		14,035		11%
	Average copper grade - concentrator	%		0.60%		0.61%		0.61%		0.64%		0.65%		0.64%		0.61%		5%
	Payable copper	kt		32.5		32.0		32.2		38.8		32.6		71.4		61.1		17%		22.0		38.7		38.6		31.3		34.9		66.2		48.0		38%
	Copper cathode (EW)	kt		32.0		29.0		24.1		30.0		25.6		55.6		61.2		(9)%		33.4		25.1		28.3		27.8		27.4		55.2		62.5		(12)%
	Total copper	kt		64.5		61.0		56.3		68.8		58.2		127.0		122.3		4%		55.4		63.8		66.9		59.1		62.3		121.4		110.5		10%
	Payable gold concentrate	troy oz		3,875		8,152		9,263		3,931		2,854		6,785		9,396		(28)%		3,875		8,152		9,263		3,931		2,854		6,785		9,396		(28)%
	Payable silver concentrate	troy koz		245		409		412		356		388		744		497		50%		245		409		412		356		388		744		497		50%
	Payable molybdenum	t		216		407		333		329		145		474		250		90%		216		492		367		303		162		465		241		93%

1 Cerro Colorado entered temporary care and maintenance in December 2023.    

9

BHP | Operational Review for the half year ended 31 December 2023

			Production
			Quarter ended															Year to date									Quarter ended										Year to date
			Dec			Mar			Jun			Sep			Dec			Dec			Dec			Var			Dec		Mar		Jun		Sep		Dec		Dec		Dec		Var
			2022			2023			2023			2023			2023			2023			2022			%			2022		2023		2023		2023		2023		2023		2022		%
Copper (continued)
Copper South Australia, Australia		BHP interest 100%
Copper	Payable metal in concentrate	kt								19.9			26.2			30.6			56.8													27.6		22.2		31.6		53.8
	Cathode	kt		54.4			51.7			56.7			48.2			54.6			102.8			104.1			(1	)%		56.8		50.5		59.5		46.1		54.3		100.4		102.7		(2	)%
	Total copper	kt		54.4			51.7			76.6			74.4			85.2			159.6			104.1			53	%		56.8		50.5		87.1		68.3		85.9		154.2		102.7		50	%
	Payable metal in concentrate transfer to Olympic Dam¹	kt								-			(2.7	)		(3.2	)		(5.9	)
	Net copper	kt		54.4			51.7			76.6			71.7			82.0			153.7			104.1			48	%
Gold	Payable metal in concentrate	troy oz								32,736			41,424			48,051			89,475													44,098		34,176		47,482		81,658
	Refined gold	troy oz		43,280			49,086			46,479			53,028			55,828			108,856			90,464			20	%		41,900		47,300		49,182		54,036		55,349		109,385		91,442		20	%
	Total gold	troy oz		43,280			49,086			79,215			94,452			103,879			198,331			90,464			119	%		41,900		47,300		93,280		88,212		102,831		191,043		91,442		109	%
	Payable metal in concentrate transfer to Olympic Dam¹	troy oz								-			(5,196	)		(6,000	)		(11,196	)
	Net gold	troy oz		43,280			49,086			79,215			89,256			97,879			187,135			90,464			107	%
Silver	Payable metal in concentrate	troy koz								201			271			323			594													242		258		364		622
	Refined silver	troy koz		261			277			256			261			221			482			556			(13	)%		233		307		270		219		222		441		553		(20	)%
	Total silver	troy koz		261			277			457			532			544			1,076			556			94	%		233		307		512		477		586		1,063		553		92	%
	Payable metal in concentrate transfer to Olympic Dam¹	troy koz								-			(11	)		(13	)		(24	)
	Net silver	troy koz		261			277			457			521			531			1,052			556			89	%
Uranium		t		943			833			813			825			986			1,811			1,760			3	%		1,127		683		1,275		481		895		1,376		1,399		(2	)%
Olympic Dam
	Material mined	kt		2,264			2,317			2,356			2,655			2,537			5,192			4,676			11	%
	Ore milled	kt		2,687			2,433			2,755			2,596			2,634			5,230			5,257			(1	)%
	Average copper grade	%		2.08	%		1.95	%		2.00	%		1.96	%		2.12	%		2.04	%		2.10	%		(3	)%
	Average uranium grade	kg/t		0.58			0.59			0.55			0.56			0.62			0.59			0.58			2	%
	Copper cathode (ER and EW)	kt		54.4			51.7			56.7			48.2			54.6			102.8			104.1			(1	)%		56.8		50.5		59.5		46.1		54.3		100.4		102.7		(2	)%
	Refined gold	troy oz		43,280			49,086			46,479			53,028			55,828			108,856			90,464			20	%		41,900		47,300		49,182		54,036		55,349		109,385		91,442		20	%
	Refined silver	troy koz		261			277			256			261			221			482			556			(13	)%		233		307		270		219		222		441		553		(20	)%
	Payable uranium	t		943			833			813			825			986			1,811			1,760			3	%		1,127		683		1,275		481		895		1,376		1,399		(2	)%
Prominent Hill²
	Material mined	kt								661			1,110			1,125			2,235
	Ore milled	kt								1,228			1,652			1,800			3,452
	Average copper grade	%								0.77	%		0.85	%		0.83	%		0.84	%
	Production ex mill	kt								16.3			23.8			23.6			47.4
	Payable copper	kt								8.2			12.1			12.9			25.0													15.7		8.4		10.6		19.0
	Payable gold concentrate	troy oz								17,432			22,031			25,779			47,810													28,856		15,524		20,045		35,569
	Payable silver concentrate	troy koz								44			63			65			128													87		53		59		112
Carrapateena²
	Material mined	kt								880			1,201			1,310			2,511
	Ore milled	kt								856			1,230			1,307			2,537
	Average copper grade	%								1.52	%		1.29	%		1.52	%		1.41	%
	Production ex mill	kt								30.1			37.6			49.2			86.8
	Payable copper	kt								11.7			14.1			17.7			31.8													11.9		13.8		21.0		34.8
	Payable gold concentrate	troy oz								15,304			19,393			22,272			41,665													15,242		18,652		27,437		46,089
	Payable silver concentrate	troy koz								157			208			258			466													155		205		305		510

1 Excludes prior year production previously reported and transferred during the period.

2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.

10

BHP | Operational Review for the half year ended 31 December 2023

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Dec 2022		Mar 2023		Jun 2023		Sep 2023		Dec 2023		Dec 2023		Dec 2022		Var %		Dec 2022		Mar 2023		Jun 2023		Sep 2023		Dec 2023		Dec 2023		Dec 2022		Var %
Copper (continued)
Antamina, Peru		BHP interest 33.75%
	Material mined	kt		68,750		57,939		62,894		63,310		61,539		124,849		132,615		(6)%
	Concentrator throughput	kt		14,272		12,349		13,897		14,246		14,824		29,070		28,130		3%
	Average head grade - copper	%		0.86%		0.88%		0.88%		0.83%		0.90%		0.87%		0.89%		(3)%
	Average head grade - zinc	%		0.99%		1.06%		1.25%		1.17%		1.03%		1.10%		1.04%		6%
	Payable copper	kt		35.2		29.6		36.5		32.5		39.2		71.7		72.3		(1)%		34.7		32.4		34.5		32.8		38.3		71.1		72.3		(2)%
	Payable zinc	t		29,929		23,612		38,822		35,669		33,475		69,144		62,614		10%		29,127		25,851		37,629		33,912		37,092		71,004		62,947		13%
	Payable silver	troy koz		923		801		971		798		975		1,773		2,113		(16)%		850		768		747		745		785		1,530		1,865		(18)%
	Payable lead	t		114		169		146		96		105		201		342		(41)%		91		181		143		154		91		245		221		11%
	Payable molybdenum	t		348		229		333		283		336		619		610		1%		298		297		227		261		306		567		548		3%
Carajás, Brazil¹		BHP interest 100%
	Material mined	kt						103		74		115		189
	Ore milled	kt						100		70		119		189
	Average copper grade	%						1.71%		1.91%		1.69%		1.77%
	Production ex mill	kt						6.6		5.2		7.6		12.8
	Payable copper	kt						1.6		1.2		1.8		3.0										2.1		2.2		-		2.2
	Payable gold concentrate	troy oz						1,153		802		1,256		2,058										1,688		1,533		-		1,533
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia		BHP interest 85%
	Newman	kt		16,172		11,925		14,795		13,234		15,468		28,702		30,225		(5)%
	Area C Joint Venture	kt		26,302		25,284		28,818		25,804		26,074		51,878		53,273		(3)%
	Yandi Joint Venture	kt		5,613		4,941		5,359		3,150		4,978		8,128		11,110		(27)%
	Jimblebar¹	kt		17,720		16,575		15,102		19,816		17,940		37,756		35,124		7%
	Total	kt		65,807		58,725		64,074		62,004		64,460		126,464		129,732		(3)%
	Total (100%)	kt		74,292		66,163		72,717		69,448		72,670		142,118		146,427		(3)%
	Lump	kt																		20,375		18,021		20,022		20,969		19,176		40,145		39,936		1%
	Fines	kt																		44,121		41,183		42,904		43,211		43,430		86,641		86,817		0%
	Total	kt																		64,496		59,204		62,926		64,180		62,606		126,786		126,753		0%
	Total (100%)	kt																		72,688		66,580		71,172		71,748		70,340		142,088		142,964		(1)%
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil		BHP interest 50%
	Total	kt		1,095		1,048		1,221		1,231		1,302		2,533		2,243		13%		1,097		1,111		1,160		1,136		1,329		2,465		2,243		10%

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BHP | Operational Review for the half year ended 31 December 2023

			Production																Sales
			Quarter ended										Year to date						Quarter ended										Year to date
			Dec 2022		Mar 2023		Jun 2023		Sep 2023		Dec 2023		Dec 2023		Dec 2022		Var %		Dec 2022		Mar 2023		Jun 2023		Sep 2023		Dec 2023		Dec 2023		Dec 2022		Var %
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia		BHP interest 50%
	Blackwater	kt		1,160		1,107		1,505		1,295		1,182		2,477		2,443		1%
	Goonyella	kt		1,997		2,185		2,348		827		1,736		2,563		3,777		(32)%
	Peak Downs	kt		1,480		1,251		1,424		1,121		846		1,967		2,805		(30)%
	Saraji	kt		1,243		1,007		1,326		1,010		701		1,711		2,263		(24)%
	Daunia	kt		441		607		617		545		431		976		765		28%
	Caval Ridge	kt		631		772		1,257		803		821		1,624		1,561		4%
	Total¹	kt		6,952		6,929		8,477		5,601		5,717		11,318		13,614		(17)%
	Total (100%)	kt		13,904		13,858		16,954		11,202		11,434		22,636		27,228		(17)%
	Coking coal	kt																		5,872		5,372		7,448		4,497		4,756		9,253		11,487		(19)%
	Weak coking coal	kt																		727		710		1,064		529		752		1,281		1,327		(3)%
	Thermal coal	kt																		428		104		364		299		198		497		695		(28)%
	Total	kt																		7,027		6,186		8,876		5,325		5,706		11,031		13,509		(18)%
	Total (100%)	kt																		14,054		12,372		17,752		10,650		11,412		22,062		27,018		(18)%
1 Production figures include some thermal coal.
NSWEC, Australia		BHP interest 100%
	Export	kt																		2,862		3,667		4,693		3,087		3,942		7,029		5,303		33%
	Domestic¹	kt																						201		220		308		528
	Total	kt		2,851		3,934		4,765		3,613		3,855		7,468		5,473		36%		2,862		3,667		4,894		3,307		4,250		7,557		5,303		43%
1 Domestic sales are made under the NSW Government Coal Market Price Emergency (Directions for Coal Mines) Notice 2023.
Other
Nickel production is reported on the basis of saleable product.
Nickel West, Australia		BHP interest 100%
Mt Keith	Nickel concentrate	kt		39.6		38.8		44.5		42.7		43.8		86.5		82.2		5%
	Average nickel grade	%		15.5		16.5		16.2		16.7		16.8		16.8		16.3		3%
Leinster	Nickel concentrate	kt		47.9		68.4		71.1		66.0		63.4		129.4		114.7		13%
	Average nickel grade	%		9.4		8.6		8.5		8.1		8.0		8.1		9.7		(17)%
	Refined nickel¹	kt		10.8		13.2		13.1		13.8		12.6		26.4		28.3		(7)%		10.2		13.0		13.1		13.2		13.0		26.2		28.3		(7)%
	Nickel sulphate²	kt		0.4		0.9		0.7		0.9		0.7		1.6		1.6		0%		0.5		0.9		0.8		0.8		0.7		1.5		1.3		15%
	Intermediates and nickel by-products³	kt		6.5		5.5		8.2		5.5		6.3		11.8		8.5		39%		7.7		5.7		9.5		4.9		6.3		11.2		9.5		18%
	Total nickel	kt		17.7		19.6		22.0		20.2		19.6		39.8		38.4		4%		18.4		19.6		23.4		18.9		20.0		38.9		39.1		(1)%
	Cobalt by-products	t		93		175		246		192		182		374		331		13%		93		175		246		192		110		302		331		(9)%

1 High quality refined nickel metal, including briquettes and powder.

2 Nickel sulphate crystals produced from nickel powder.

3 Nickel contained in matte and by-product streams.

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BHP | Operational review for the half year ended 31 December 2023

Appendix 3

Explanatory Notes and JORC Table 1

Project status update – Olympic Dam “Deeps” (OD Deeps)

In 2006-07, three deep holes were drilled below known Olympic Dam mineralisation, testing a modelled density anomaly, and subsequently intersected mineralisation. These holes, RD1988, RD2786A and RD2785 returned mineralised intercepts.

Table 1. Historic deep drilling below Olympic Dam from 2006-07.

Hole ID	Depth from (m)		Depth to (m)		Interval (m)		Cu (%)		U3O8 (ppm)		Au (g/t)		Ag (g/t)		Density (g/cm3)
RD1988		922		1897.9		975.9		1.53		266		0.98		4.24		3.73
RD2786A		1771		1847		76		1.36		279		0.92		4.67		3.82
and		1925		2027		102		1.52		288		0.74		5.92		3.57
RD2785		2058		2184		126		0.86		228		0.49		2.61		3.05

In 2020-21 BHP Olympic Dam geologists reviewed mineralisation potential at depth and commenced exploration drilling in 2022. As of 9^th September 2023, total drilling of the OD Deeps mineralisation, including historic drilling, was approximately 62 km, with nominal drill space ranging from 160 m to 320 m. All holes completed to target depth intersected mineralisation and have outlined a mineralisation extending more than 2 km along strike, and more than 1 km in depth. Mineralisation continues to be open along strike and at depth.

The iron oxide copper gold (IOCG) mineralisation style of the OD Deeps appears similar to the main body of Olympic Dam (refer to Section 2-Reporting of Exploration Results). Mineralisation is dominantly chalcopyrite with some areas of bornite. To date, and noting wide spaced drilling, continuity continues to appear favourable above 1% copper grade. The absolute extent of mineralisation has not been discovered. However, along strike there are geological indications of decreasing brecciation as well as decreasing iron content. These suggest a diminishing system along strike.

Figure 1 describes the location of the new drilling and Figures 2, 3, 4 and 5 show the new drilling on cross section(s), long section, and level plan. Mineralised intercepts provided in Table 2 and drilling collar location is provided in Table 3.

This release reflects progress in our exploration activities at Olympic Dam. Further work will be required to enable an estimate of Mineral Resources.

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BHP | Operational review for the half year ended 31 December 2023

Table 2. Length and density-weighted mineralised intercepts reported as down hole lengths.

Hole ID	Depth from (m)		Depth to (m)		Interval (m)		Cu (%)		U3O8 (ppm)		Au (g/t)		Ag (g/t)		Density (g/cm3)
RU50-12091		516		1096 (EOH)		580		2.22		473		0.93		4.87		3.77
including		522		648		126		4.41		945		0.99		7.13		3.90
RD4552A		1608		2050		442		1.38		350		0.65		2.98		3.49
including		1790		1912		122		2.15		506		0.89		4.20		3.88
RD4552AW2		1862		2252		390		1.38		396		0.65		2.43		3.35
including		2124		2176		52		1.72		483		0.63		1.33		3.55
RD4577W1		2022		2322		300		1.53		426		0.72		4.16		3.52
RU50-17932		718		1000 (EOH)		282		1.46		340		0.88		3.66		3.70
including		718		744		26		3.34		876		0.93		2.04		3.98
RD4552AW3		2101		2401		300		1.50		330		1.04		5.81		3.60
including		2101		2143		42		2.09		327		1.39		12.52		3.71
RU48-14098W1		1807.5		1985		177.5		1.54		402		0.87		11.22		3.54
including		1912.5		1985		72.5		2.29		422		1.31		21.60		3.86
RU48-14099		1388		1587.5		199.5		1.68		357		0.80		6.37		3.63
including		1388		1462		74		2.35		534		0.73		6.42		3.69
RD4551		1298		1486		188		1.17		325		0.52		5.57		3.38
RD4551W1		1474		1646		172		1.52		348		0.65		7.91		3.61
including		1596		1646		50		2.03		355		0.83		9.11		3.82
RD4551W2A		1320		1390		70		1.33		327		0.73		5.09		3.76
RD4554W2		1917		1971		54		1.99		386		1.32		13.37		3.89
and		2123		2307		184		1.38		340		0.76		5.63		3.53
RD4554W3		1560		1662		102		1.74		468		0.95		2.62		3.85
and		1698		1734		36		1.67		415		0.66		1.30		3.87
RD4568W1		1384		1580		196		1.12		292		0.76		5.08		3.67
and		1626		1696		70		1.62		290		0.88		7.87		3.74
and		1816		1836		20		2.04		244		0.22		3.52		3.19
RD4554W1		1691		1911		220		1.09		293		0.77		5.69		3.50
including		1691		1713		22		1.68		456		0.91		12.02		3.50
and		2001		2041		40		2.32		439		0.57		9.20		3.36
and		2187		2211		24		1.18		464		0.24		1.50		3.06
RD4561W4		1772		1810		38		2.42		799		0.16		0.91		3.50
RU48-14097		1148		1198		50		1.25		328		0.27		0.59		3.26
and		1392		1426		34		2.37		224		0.73		8.97		3.76
and		1516		1580		64		1.38		254		0.93		5.46		3.80
RU50-12093W1		539.2		644		104.8		1.23		409		0.92		4.24		3.42
and		770		834		64		1.29		335		0.62		3.33		3.28
RU50-17930		618		782		164		1.02		306		0.61		3.93		3.41
RU48-14098		1604		1632		28		1.09		309		0.45		1.17		3.16
and		1690		1737.5		47.5		1.41		433		0.70		1.90		3.45
and		1760		1812.5		52.5		2.08		335		1.03		8.53		3.52
RU48-17326		1126		1192		66		1.36		264		0.25		<1.0		3.08
and		1332		1378		46		1.38		438		0.67		2.45		3.62
and		1524		1574		50		1.41		378		0.64		7.04		3.38
RD4573W1		1348		1380		32		1.47		340		0.20		1.07		3.00
and		1574		1680		106		1.32		331		0.75		5.71		3.94
RD4574W1		1459		1523		64		1.14		619		0.50		0.42		3.34
RD4575		1380		1390		10		1.39		349		0.31		1.15		3.04
and		1434		1494		60		1.07		511		0.38		0.75		3.29
RU50-17931		424		448		24		1.62		482		0.98		7.81		3.67
RD4561		1294		1334		40		1.31		348		0.73		5.39		3.87
RD4578A		1872		1886		14		1.03		1797		0.15		0.58		4.04
RD4571		1610		1628		18		1.08		989		0.26		4.20		3.63

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BHP | Operational review for the half year ended 31 December 2023

Figure 1. New drill hole traces shown against all Olympic Dam drilling. Reference sections provides for cross sections and long section.

Figure 2. Representative cross-section (A-A’ from Figure 1) showing simplified geology and down hole Cu assays.

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BHP | Operational review for the half year ended 31 December 2023

Figure 3. Representative cross-section (B-B’ from Figure 1) showing simplified geology and down hole Cu assays.

Figure 4. Representative composite long-section (C-C’ and D-D’ from Figure 1) showing simplified geology and significant intercepts.

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BHP | Operational review for the half year ended 31 December 2023

Figure 5. Representative level plan at -1300mRL, with deeps drilling projects to level.

Section 1 Sampling Techniques and Data

Sampling techniques

• Drilling included oriented diamond drilling from surface and available underground locations.

• Diamond core was sampled at either 2 m or 2.5 m intervals in mineralisation.

Drilling techniques

• Surface parent holes were collared in PQ3 diameter (83 mm) in the overburden and continued in HQ3 (61.1 mm) or HQ (63.5 mm). Wedge (child) holes were drilled in NQ2 (50.6 mm). Navigational drilling was completed on surface drilling and select underground drilling, and also used parent holes and subsequent wedges.

• Underground parent holes were collared in HQ (63.5 mm) to a depth of approximately 500 m, continued in NQ2 (50.6 mm) to a depth of approximately 1,700 m, and drilling completed in BQ (36.5 mm) when required.

• All down hole surveys used a north-seeking gyroscope to end of hole. The core was oriented using the Reflect ACT III tool. At the end of each run, the low side of the core was marked by the drillers and this was used as the reference for marking the whole drill core.

Drill sample recovery

• Sample recoveries were visually estimated to be greater than 99%.

• The style of mineralisation and drilling methods employed lead to very high sample recovery, so no further effort was considered necessary to increase core recovery. In general for drill core, there is no clear relationship between sample recovery and grade, and no significant bias is expected from preferential loss or gain of fine or coarse material.

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BHP | Operational review for the half year ended 31 December 2023

Logging

• Drill holes were logged in qualitative detail below the post mineral cover.

• Logging included, but was not limited to, lithology composition and texture, alteration minerals, sulphide distribution and geotechnical logging for rock-mass qualification. Drill holes were logged to a level of detail that would support future studies.

• Structural measurements were recorded from oriented core.

• Core was photographed dry.

Sub-sampling techniques and sample preparation

• Diamond core was split by core saw, with half core submitted for assay and the other half stored in trays at Olympic Dam. Samples are submitted as 2 m or 2.5 m intervals.

• Approximately 4-8 kg samples were submitted to an analytical laboratory for final drying, staged crushing to 2 mm, splitting to approximately 2-3 kg portion, followed by pulverisation to 90% passing 75 micron particle size pulp.

• 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.

• Sample sizes are considered appropriate for the style of the mineralisation.

Quality of assay data and laboratory tests

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

• Drill hole results reported here were analysed for either the routine Olympic Dam multi-element suite or an expanded Olympic Dam multi-element suite. The routine suite includes Cu, Ag, Co, Ni, Pb, Zn (3-acid digest, measured via IOC-OES) and Li-borate fusion measured via ICP-OES/MS (Al, As, Ba, Bi, Ca, Ce, Cr, Fe, K, La, Mg, Mn, Mo, Na, P, Sb, Sc, Si, Sr, Ti, U, V, Y, Zr). The expanded suite includes 4-acid digest measured via ICP-OES/MS (Cu, Ni, Pb, Zn, Ag, As, Bi, Cd, Co, Ge, In, Li, Re, Se, Te, Tl) and Li-borate fusion measured via ICP-OES/MS (Al, Ba, Be, Ca, Ce, Cr, Cs, Dy, Er, Eu, Fe, Ga, Gd, Hf, Ho, K, La, Lu, Mg, Mn, Mo, Na, Nb, Nd, P, Pr, Rb, Sb, Sc, Si, Sm, Sn, Sr, Ta, Tb, Th, Ti, Tm, U, V, W, Y, Yb, Zr) and loss-on-ignition. All samples were assayed for Au (via 25-g FA with ICP-OES finish), and C and S (via induction furnace combustion, measured by infrared analyser).

• Comparative analysis between the 4- and 3-acid digest methods demonstrates equal accuracy and precision within the Olympic Dam mineral system. The 4-acid digest is used to expand the geochemical suite of elements when initially characterising new parts of the deposit. Drill holes (Table 3) assayed via the 3-acid method were RD4552A, RD4554, RD45554W1, RD4554W2, RD4554W3, RU48-14097, RU48-14098, RU48-14098W1, RU48-14099, RU48-17326. The remainder were assayed via the 4-acid method.

• Quality control samples consisted of duplicates (1:25), analytical blanks (1:50) and certified standards (1:25).

• Quality control results were reviewed when received. All performed within acceptable accuracy and precision limits.

Verification of sampling and assaying

• BHP has robust QAQC standards and procedures relating to sampling and assay quality control.

• Significant intersections were compiled by BHP staff members, and were verified by the Competent Person.

• There were no adjustments to the assay data. Data is electronically uploaded to the database from the external laboratory.

• All drill hole data is managed internally via a SQL server hosted database with strict validation rules.

• No twinned holes have been drilled.

Location of data points

• All surface drill hole collar locations (historic and recent) have been surveyed with Leica GS16 Rover and manually entered into acQuire database. Underground drill holes collar locations have been surveyed using Leica TS16 Total Station.

• All coordinates are provided in Geocentric Datum of Australia 1994 (GDA94 Zone 53), and all surface collars correlate well with the Olympic Dam topographic model, and all underground drill collars correlate well with underground development.

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BHP | Operational review for the half year ended 31 December 2023

Table 3. Collar Dip and Azimuths as presented may not reflect the variation of deep directional drilling effect at depth as per section A-A’ in Figure 3.

Hole ID	Type	Collar location	Easting (m)		Northing (m)		RL (m)		End of Hole (m)		Dip (°)		Azimuth (°)
RD4551	parent	surface		682,771		6,628,552		100		2262.8		-76		335
RD4551W1	wedge	surface		682,771		6,628,552		100		2260.3		-76		335
RD4551W2A	wedge	surface		682,771		6,628,552		100		2257.5		-76		335
RD4552A	parent	surface		681,234		6,628,589		99		2337.6		-75		337
RD4552AW2	wedge	surface		681,234		6,628,589		99		2445.3		-75		337
RD4552AW3	wedge	surface		681,234		6,628,589		99		2523.7		-75		337
RD4554	parent	surface		681,885		6,628,678		98		1419.3		-76		327
RD4554W1	wedge	surface		681,885		6,628,678		98		2346.8		-76		327
RD4554W2	wedge	surface		681,885		6,628,678		98		2565.8		-76		327
RD4554W3	wedge	surface		681,885		6,628,678		98		2231.3		-76		327
RD4561	parent	surface		682,257		6,628,686		101		1609.1		-74		353
RD4561W4	wedge	surface		682,257		6,628,686		101		1867.0		-74		353
RD4568W1	wedge	surface		682,257		6,628,681		101		2145.5		-76		319
RD4571	parent	surface		683,123		6,630,335		105		2554.9		-59		152
RD4572W1	wedge	surface		683,364		6,630,263		103		2661.9		-63		148
RD4573W1	wedge	surface		682,628		6,630,057		102		2320.0		-69		158
RD4574W1	wedge	surface		683,142		6,628,612		99		2667.0		-60		334
RD4575	parent	surface		683,444		6,628,602		102		1614.8		-61		336
RD4577	parent	surface		681,226		6,628,588		99		691.4		-77		326
RD4577W1	wedge	surface		681,226		6,628,588		99		2511.7		-79		330
RD4578A	parent	surface		683,439		6,628,607		102		2449.1		-65		352
RU48-14097	parent	underground		681,942		6,630,450		-474		2254.4		-55		165
RU48-14098	parent	underground		681,942		6,630,451		-474		1982.5		-62		143
RU48-14098W1	wedge	underground		681,942		6,630,451		-474		2388.4		-62		143
RU48-14099	parent	underground		681,837		6,630,515		-472		2073.9		-52		174
RU48-17326	parent	underground		681,942		6,630,449		-474		1801.1		-42		155
RU50-12091	parent	underground		681,581		6,629,753		-462		1100.0		65		229
RU50-12093W1	wedge	underground		681,587		6,629,752		-461		900.0		-59		189
RU50-17930	parent	underground		681,587		6,629,751		-461		867.5		-54		154
RU50-17931	parent	underground		681,586		6,629,751		-461		896.4		-45		190
RU50-17932	parent	underground		681,587		6,629,752		-462		1000.0		-69		198

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BHP | Operational review for the half year ended 31 December 2023

Data spacing and distribution

• Drilling from surface, and some underground, used parent and wedge-styled drilling.

• Nominal drill space ranging from 160 m to 320 m.

• Sample length was 2 m to 2.5m in length. No compositing was undertaken for reporting.

• Drilling is perpendicular to the interpreted orebody orientation. The current drilling does not provide sufficient information for estimation of a Mineral Resource.

Orientation of data in relation to geological structure

• Drilling at Olympic Dam is designed to intersect nominally perpendicular to the strike of the mineralisation.

• Drill holes were angled approximately north-south and were designed to drill from outside the hydrothermal system, inwards towards mineralisation.

Sample security

• Core trays are transported by BHP contractors from the drill rigs to the core processing facility at Olympic Dam, Roxby Downs. Samples in calico bags are transported from Olympic Dam via road on trucks to Intertek, Adelaide, South Australia.

• Calico bag numbers are automatically generated. Intertek is informed of the sample number ranges for each pending shipment and are recorded in their management system. Intertek use these to create barcode labels for Kraft geochemical bags used for storing the pulverised samples. On sample receipt, Intertek manually checks the submitted sample list against all samples in the shipment. Once the samples are pulverised, all further steps are tracked using the bar codes. BHP is 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

• OD Deeps exploration results have not been externally audited.

• BHP routinely reviews standards, procedures and results from external laboratories. No issues have been noted from any BHP review.

Section 2 Reporting of Exploration Results

Mineral tenement and land tenure status

• The Roxby Downs (Indenture Ratification) Act 1982 (SA) provides statutory authority for an agreement (Indenture) between BHP and the State of South Australia. The Indenture establishes the legal framework for existing and future operations at Olympic Dam and defines the roles and responsibilities of the South Australian Government and BHP. Part of the Indenture provides for the grant of Olympic Dam’s special mining lease (SML).

• The indenture confers continuous mining rights (via the SML) to BHP until the deposit is economically depleted. The lease is granted for 50 years, with extension rights for a further 50 years. Additional extensions can be requested. The current 50-year period ends in 2036. All agreements are in place as part of the normal operating practices.

Exploration done by other parties

• The project has a long exploration history, dating back to 1975 by Western Mining Corporation (prior to their acquisition by BHP in 2005) and BHP.

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BHP | Operational review for the half year ended 31 December 2023

Geology

• The geology of the Olympic Dam iron-oxide copper uranium gold and silver (IOCG) deposit is described comprehensively in numerous publications. In summary, the deposit occurs entirely within the Olympic Dam Breccia Complex (ODBC) (see Figure 6), hosted within the 1,593.28 ± 0.26 Ma Roxby Downs Granite (RDG). The ODBC, which contains the mineralised rock volume, has an overall areal extent of around 50 km². It is approximately 6 km long and 3 km wide, and typically extends to depths of 900 m and up to 2,300 m beneath the surface locally.

The ODBC is unconformably overlain by approximately ~350 m of unaltered, unmineralized Neoproterozoic to Cambrian flat-lying sedimentary rocks. The primary host rock within the ODBC is the RDG. Lesser, yet significant bedded clastic facies, clasts of 1594.63 ± 0.71 Ma Gawler Range Volcanic felsic feldspar-phyric lavas in hematite-rich breccias and dykes, and mafic-ultramafic lavas/dykes (MDY) which are pre-, syn- and post-mineralisation, are an integral part of the Olympic Dam ore-forming system. The ODBC and surrounding unbrecciated RDG are intruded by the regionally extensive ca 825 Ma Gairdner Dyke Swarm (dolerite). The host rocks for mineralisation consist of RDG and other lithologies (bedded clastic facies, felsic lavas, mafic-ultramafic lavas, sills and dykes, and a subvolcanic quartz-phyric rhyolite), all of which have been weakly to intensely brecciated (via tectonic, magmatic and hydrothermal processes). These are variably replaced by iron oxides forming a compositional continuum from recognisable lithologies to iron oxide breccias, where the primary lithology texture is obliterated by iron oxide alteration. Lithological contacts are typically obscured by faulting and brecciation.

There are more than 125 minerals within the deposit, 15 of which account for more than 98 per cent of the rock mass. The most common gangue minerals are hematite, quartz, muscovite, K-feldspar, chlorite, fluorite, siderite and barite. The dominant sulfide minerals within the deposit are chalcocite/digenite/djurleite (referred to here as chalcocite), bornite, chalcopyrite and pyrite, with lesser concentrations of sphalerite, galena, molybdenite, tennantite-tetrahedrite and trace amounts of native copper. The sulfides typically occur as disseminated grains in the breccia matrix and clasts. The grain size varies from <20 µm up to several millimetres, with an average size of ~100 µm. Sulfides occur rarely as veins in granite-dominated breccias.

The Cu ± Fe sulfides display a distinct upwards and inwards deposit scale zonation, from pyrite g chalcopyrite-pyrite g chalcopyrite exsolution lamellae in brown bornite g purple bornite-chalcocite symplectites g digenite lamellae in chalcocite.

Figure 6. Simplified geological plan of the Olympic Dam deposit, approximately 350 m below surface.

Drill hole information

• Table 1 provides historic hole information for context. Tables 2 and 3, as well as Figures 1 and 5 provide details of new drill hole coordinates, orientations and locations, lengths and mineralised intercepts for the OD Deeps exploration drilling. Figures 2 and 3 provide representative cross sections. Figure 4 provides a representative long section.

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BHP | Operational review for the half year ended 31 December 2023

Data aggregation methods

• All reported intersections are length and density weighted with reported intersection in Table 2.

• Intervals in Table 2 have more than 1% Cu with no more than 10 consecutive metres of less than 0.5% Cu, with an average internal waste of no more than 3 m. Two exceptions, due drilling orientation, to this are RD4552A (442 m mineralised interval reported) and RU48-14098W1 (177.5 m mineralised interval reported) which have single instances of 14m and 18m, respectively, internal waste <0.5%Cu.

Relationship between mineralisation widths and intercept lengths

• Intersections are presented as apparent (downhole) lengths. True width is unknown.

Diagrams

• Figures in the main body text provide details of drill hole location and context.

Balanced reporting

• All exploration results from the OD Deeps exploration program to 9 September 2023 have been included.

Other substantive exploration data

• Representative magnetic susceptibility measurements are recorded at 1 m intervals within mineralisation.

• 2D and pseudo 3D seismic data acquisition was undertaken in July 2022. In June-August 2023 BHP acquired 3D seismic data, with processing underway.

Further work

• BHP will consider future drilling to test lateral and depth extents, as well as grade continuity.

Competent Person statement

The information in the report to which this statement is attached that relates to Exploration Results is based on information compiled by Dr Kathy Ehrig, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (FAusIMM(CP)). Dr Ehrig is a full-time employee of BHP. Dr Ehrig 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’. Dr Ehrig consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

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BHP | Operational review for the half year ended 31 December 2023

Variance analysis relates to the relative performance of BHP and/or its operations during the six months ended December 2023 compared with the six months ended December 2022, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100% basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding.

The following abbreviations may have been used throughout this report: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), dry metric tonne unit (dmtu); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic centimeter (g/cm3), grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); OZ Minerals Limited (OZL); part per million (ppm), pounds (lb); thousand ounces (koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).

In this release, the terms ‘BHP’, the ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to note 30 ‘Subsidiaries’ of the Financial Statements in BHP’s 30 June 2023 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina and Samarco. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release.

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Authorised for lodgement by:

Stefanie Wilkinson

Group Company Secretary

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SIGNATURES

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

		BHP Group Limited
Date: January 18, 2024	By:	/s/ Stefanie Wilkinson
	Name:	Stefanie Wilkinson
	Title:	Group Company Secretary