BHPLF BHP Billiton Ltd (PK)

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

27 August 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

27 August 2024

Results for announcement to the market

Appendix 4E

Name of Company:  BHP Group Limited (ABN 49 004 028 077)

Report for the year ended 30 June 2024

This statement includes the consolidated results of BHP for the year ended 30 June 2024 compared with the year ended 30 June 2023.

The additional information required under ASX Listing Rule 4.3A is included in the attached FY2024 Annual Report.

The results are prepared in accordance with IFRS and are presented in US dollars.

Net Tangible Asset Backing:

Net tangible assets¹ per fully paid share were US$9.35 as at 30 June 2024, compared with US$9.26 as at 30 June 2023.

Dividends per share:

Dividend Reinvestment Plan

Any eligible shareholder who wishes to participate in the dividend reinvestment plan, or to vary a participation election, should do so before 5:00pm (AEST) 16 September 2024 or, in the case of shareholdings on the South African branch register of BHP Group Limited, in accordance with the instructions of your CSDP or broker. Full terms and conditions of the dividend reinvestment plan and details about how to participate can be found at: bhp.com

BHP Upcoming Key Dates

This statement was approved by the Board of Directors.

Stefanie Wilkinson

Group Company Secretary

BHP Group Limited

ANNUAL REPORT 2024 Bringing people and resources together to build a better world

BHP Annual Report 2024 Copper Iron ore Coal Nickel Potash A resource mix for today. Critical for the future. “Our project pipeline and focus on continuous improvement in existing operations leave us well poised for growth across our four commodity pillars of copper, potash, iron ore and steelmaking coal in the decades ahead.” Mike Henry Chief Executive Officer 2024 Annual Reporting Suite Annual Economic Modern Climate Report Contribution Slavery Transition 2024 Report 2024 Statement Action Plan 2024 2024 Operational performance Strategy Risk Governance Climate action Sustainability People and community Financial performance BHP’s Annual Reporting Suite 2024 Cover photo Mt Whaleback, Newman, Western Australia

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 1 Contents Overview Our performance highlights 2 Chair’s review 4 Chief Executive Officer’s review 5 Operating and Financial Review 1 Why BHP 6 6.2 Our approach sustainability 30 1.1 Where we operate 8 6.3 Sustainability 1.2 Our portfolio 10 2 What differentiates us 12 governance 31 6.4 Material topics for sustainability reporting 32 3 Positioning for growth 14 6.5 2030 goals 34 Chief Financial Officer’s review 16 6.6 People 36 6.7 Health 40 4 Financial review 17 6.8 Ethics and business 4.1 Group overview 17 conduct 41 4.2 indicators Key performance 17 6.9 Climate change 43 6.10 Environment and nature 60 4.3 Financial results 18 6.11 Community 66 4.4 Debt and sources of liquidity 20 6.12 Indigenous peoples 68 6.13 EY Assurance Report 71 5 Our assets 22 5.1 Minerals Australia 22 7 Samarco 72 Western Australia 8 How we manage risk 73 Iron Ore 22 8.1 Risk factors 74 BHP Mitsubishi Alliance 23 9 Performance by New Energy South Coal Wales 24 commodity 83 9.1 Copper 83 Western Australia Nickel 24 9.2 Iron Ore 84 5.2 Copper South Australia 25 9.3 Coal 84 5.3 Minerals Americas 26 9.4 Other assets 85 Escondida 26 9.5 Impact of changes to Pampa Norte 26 commodity prices 85 Jansen potash project 27 10 Non-IFRS financial Non joint -ventures operated minerals 27 information 86 10.1 Definition and calculation Antamina 27 of non-IFRS financial Resolution Copper 27 information 95 Samarco 28 10.2 Definition and calculation 5.4 Commercial 28 of principal factors 96 6 Sustainability 29 11 Other information 97 6.1 Safety 29 Governance Corporate Governance Statement 98 Directors’ Report 112 Remuneration Report 115 Financial Statements Consolidated Financial Statements 132 Notes to the Financial Statements 139 Additional Information 1 Information mining operations on 205 Company details refer to OFR 11.1 2 Financial summary information 216 Forward-looking 3 by Financial commodity information 217 statements refer to OFR 11.2 4 Production 219 5 Major projects 221 6 Mineral and Ore Resources Reserves 222 7 People data – Performance 234 8 Legal proceedings 235 9 Shareholder information 238 10 Glossary 245

2 BHP Annual Report 2024 Our performance highlights Operational Highest copper production Refining our steelmaking in over 15 years coal portfolio Highest production in four years at Successfully completed the sale of Escondida, record production at Spence and Blackwater and Daunia, further focusing our Carrapateena, and successful integration at portfolio on higher-quality steelmaking coal. Copper South Australia. Production record at WAIO Jansen potash project Second consecutive year of record iron tracking to plan ore production at WAIO, through ongoing Jansen Stage 1 more than 50 per cent incremental supply chain improvements. complete. We are on track to be a major global producer of potash by the end of the decade. Social value Decarbonisation Operational greenhouse gas (GHG) emissions (Scopes 1 and 2 emissions) 1% on FY2023 but remain on track to meet our medium-term target by FY20301 Indigenous partnerships Record Indigenous procurement spend US$609m up 83% on FY2023 1. For more information on the calculation of this metric and on our GHG emissions targets and goals refer to OFR 6.9.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 3 Financial Dividend per share Profit from 17 operations .5 146USc US$ bn FY2023 170USc FY2023 US$22.9 bn Underlying earnings per share Total payments 11. to 2 governments 269.5USc US$ bn FY2023 265.0USc FY2023 US$13.8 bn Healthy environment Area under nature-positive management practices2 83k hectares up 3,295 hectares since FY2023 Thriving, communities empowered Total economic contribution³ US$49.2bn We contributed US$41.5 bn to suppliers, community and social investments, employees and governments during the year. This was 84% of our total economic contribution. 2. For more information on this metric and our nature-related goals and targets refer to OFR 6.10. 3. For more information on our total economic contribution, refer to the BHP Economic Contribution Report 2024.

4 BHP Annual Report 2024 Chair’s review Dear Shareholders, I am pleased to provide BHP’s Annual Report for FY2024. Our operational and financial performance was strong in FY2024, and we made solid progress against our social value and sustainability Today, BHP has a po commitments. It is more than four years since we began the strategic transformation of BHP’s portfolio towards future-facing of world-class assets commodities and the world has changed markedly in that time. Thank you for the trust you have given us through this period. on products that are Today, BHP has a portfolio of world-class assets focused on products to the future. A portfo that are critical to the future. A portfolio positioned for growth, yet positioned for growth resilient and able to withstand volatility. A product mix that can continue to deliver financial and social value over the long term. yet resilient and able However, FY2024 was overshadowed by a fatality. We are deeply saddened to withstand volatility. that Luke O’Brien, a team member working with one of our contracting partners at BHP Mitsubishi Alliance (BMA), was fatally injured in January in a A product mix that can vehicle incident at the Saraji mine in Queensland. Our heartfelt thoughts and condolences go to Luke’s family and friends. Safety is our top priority and continue to deliver our commitment to zero fatalities and serious injuries at BHP is unwavering. financial and social value over the long term.” Our strategic priorities During FY2024 I had the pleasure of meeting with our people, Indigenous partners, suppliers and other stakeholders at our global sites and offices. These discussions reinforced that our ongoing commitment to the Our social value highlights in FY2024 included the completion of all priorities of safety, culture and capability, capital discipline, the continued our FY2024 Australian Reconciliation Action Plan targets and reforms, development of our world-class portfolio and social value continue to be US$137 million in voluntary social investment including community and the right focus areas for BHP. environmental initiatives and continued progress towards reducing our operational greenhouse gas emissions. Safe, inclusive and productive workplaces Our Climate Transition Action Plan 2024 provides an update on our climate Our commitment to safety includes eliminating sexual harassment, racism change strategy and our progress and plans in relation to our greenhouse and bullying in our workplaces. We are determined to eliminate these gas emissions goals and targets. Our plan shows we are serious about unequivocally unacceptable behaviours. addressing the impacts of climate change from our business while continuing to provide strong shareholder returns. At the Annual General We know diverse and inclusive teams are safer and more productive. Meeting this year there will be a ‘Say on climate’ vote and I recommend We achieved a 1.9 percentage point year-on-year increase in female you vote in favour of our Climate Transition Action Plan 2024. employee participation in FY2024 to 37.1 per cent by year end. We also made progress towards our Indigenous employment targets, including Indigenous employee participation reaching 10.1 per cent in Chile and Board updates 11.2 per cent in Canada by year end. We have more work to do, but we Our structured Board renewal process continued in FY2024. Ross McEwan are making progress on our commitment to provide a safe and inclusive joined the Board as a Non-executive Director on 3 April 2024. Ross has workplace culture. significant experience in the financial services industry with deep expertise in capital allocation, risk management and value creation in complex Positioned for success regulatory environments. Don Lindsay also joined the Board as a Non-executive Director on 1 May 2024 and brings over 40 years of global BHP, and mining, have a clear and undeniable role to provide the metals experience in the resources sector and investment banking, including in and minerals the world needs for more sustainable development. The global trends shaping our future are interconnected, unstoppable and mining and resource development, financial markets, growth and value bring with them new challenges and opportunities for our sector. A growing creation. In April 2024, Ian Cockerill retired from the Board and in October and increasingly urbanised population seeking a higher standard of living 2023, Terry Bowen also retired from the Board. We benefited greatly from will require vast amounts of metals and minerals. That demand will only be Ian’s and Terry’s extensive experience and I would like to thank them for their amplified by the energy transition. contribution and commitment to BHP during their time with us. We are continuing to position our portfolio to align with these trends. Outlook Iron ore for steel to build cities and renewables infrastructure, In recent decades, we have seen global economies and supply chains steelmaking coal for the blast furnace process for making steel, copper come together and support sustained economic development. Today, we for electrification, nickel for electric vehicle batteries and potash for food are seeing more turbulence, tension and polarisation in the geopolitical security and more sustainable land. landscape. We expect economic conditions to remain challenging in FY2025 as geopolitical issues continue to create volatility and impact Delivering value global markets, security and trade. BHP’s strong operational performance and disciplined approach to Despite these challenges, I am optimistic about our future. capital allocation has seen the Board determine dividends totaling We have a world-class portfolio of large, long-life and high-quality assets US$7.4 billion to shareholders for the year. This will take the total amount which stands to benefit from the global changes shaping our world. We have of cash dividends returned to you since 1 July 2021 to over $US42 billion a clear focus on being the best operator in the resources sector, being including the FY2024 final dividend. We continued to make significant contributions to the communities where disciplined in capital management through our Capital Allocation Framework we operate through employment, community partnerships, payments to and having a differentiated approach to creating social value. We have a local suppliers, and taxes and royalties paid to governments. Our total culture that is committed to safety, productivity and continuous improvement global economic contribution was US$49.2 billion in FY2024. and we are working to make our workforce more inclusive and diverse. Creating social value is vital to our business and goes hand in hand with I am confident BHP is well positioned to continue to create sustainable long-term sustainable shareholder value. In FY2024, we delivered tangible long-term value for shareholders and for our partners and stakeholders in progress in each of the six pillars of our social framework which are the year ahead. Thank you for your continued support. focused on decarbonisation, the environment, Indigenous partnerships, workforce, communities, and supply chains. Social value is interwoven into our strategic decision-making through our social value framework, which helps us to meet the world’s demand for resources more sustainably, with more renewable energy, less fresh water Ken MacKenzie use and less disruption. Chair

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 5 Chief Executive Officer’s review Dear Shareholders, At BHP, we work to bring people and resources together to build a better world, and we continued to make solid progress on this in FY2024. The tragic loss of a coworker at Saraji in January in a light vehicle incident We continued to advance underscored why safety must remain our first priority. Following an investigation, we have identified improvement areas for Saraji and BMA growth options in the and work is underway to implement these. We must eliminate fatalities and serious injuries at our operations. commodities the world needs It was a year of strong overall business performance at BHP. By executing to meet the demands of the our strategy, we outperformed our competitors in key areas. We achieved energy transition and an annual production record at Western Australia Iron Ore (WAIO), where we also widened our lead as the world’s lowest-cost iron ore population growth. producer. We delivered record production at copper assets Spence and Carrapateena, and the highest copper production in four years We believe we have the balance at Escondida – the world’s largest copper mine. This growth helped sheet, technical and operational us achieve an underlying attributable profit of US$13.7 billion. We will distribute dividends totaling 146 US cents per share for the year. capability that will be needed to unlock new supply for the Poised for growth decades to come.” We continued to advance growth options in the commodities the world needs to meet the demands of the energy transition and population growth. We believe we have the balance sheet, technical and operational capability that will be needed to unlock new supply for the decades to come. A$20 million Community Fund. We will continue to invest approximately Construction of our Jansen potash project in Canada is ahead of the US$300 million per annum in our Western Australia Nickel facilities to original schedule and first production is expected in just over two years. enable a potential re-start if the global nickel market outlook improves. We have approved Jansen Stage 2, which will make BHP one of the We will review the decision by February 2027. leading players in the global potash industry by the end of the decade. We have strengthened our position in copper. The integration of Our people and culture differentiate us Prominent Hill and Carrapateena with Olympic Dam has delivered Our strong performance in FY2024 is a testament to our more than 90,000 greater-than-expected synergies. We are exploring options to grow Copper employees and contractors who work hard to build a better BHP every South Australia’s production beyond 500 kilotonnes per annum (ktpa) of day. They are empowered to do so by the BHP Operating System and we copper, with further potential up to 650 ktpa. In July 2024, we increased our continue to build an inclusive and diverse culture with a performance edge. early-stage copper options by agreeing to acquire a 50 per cent interest in the Filo del Sol and Josemaria projects with Lundin Mining in Argentina During the year we refreshed Our Values, which set the tone for our and Chile. If approved, this will give us the opportunity to advance one of culture. Our Values comprise three simple statements. First and foremost, the most significant copper discoveries globally in recent decades. we must always ‘Do what’s right’ – operating safely and with integrity are non-negotiable. We also need to constantly ‘Seek better ways’ – listening Our project pipeline and focus on continuous improvement in existing to others, seeking out new ideas, and improving on today. And finally, operations leave us well poised for growth across our four commodity pillars we must always strive to ‘Make a difference’, which applies not only to of copper, potash, iron ore and steelmaking coal in the decades ahead. the company and the team, but also to the individual. Every day we have the opportunity to have a positive impact on performance, those around Winning strategy us, and the world. Our Values help guide everything we do at BHP. Our actions in FY2024 are consistent with our winning strategy, founded They reflect both what we stand for and who we aspire to be. on the three strategic pillars of safety and sustainability, exceptional performance and winning portfolio. In a cyclical industry, the stability of our Innovation and technology operations and financial performance reflects the resilience and durability BHP is well placed to capitalise on the opportunities afforded by artificial of our business. intelligence (AI) and advanced data analytics given our large-scale, The creation of social value is integral to our strategy and the delivery of repeatable processes, and vast amounts of data. We are already starting long-term shareholder value. When we create social value, we build our to see benefits. The application of AI at our Escondida processing plants case as the preferred partner for communities, we gain access to more has helped save more than three gigalitres of water – and 118-gigawatt opportunities, and we attract the best talent. hours of energy – since FY2022. Machine learning has assisted in the In the financial year, we increased Indigenous employment globally and discovery of new copper deposits in Australia and the United States. boosted supplier spend with Indigenous businesses by 83 per cent to more Through our Xplor and BHP Ventures programs we continue to seek new than US$600 million. This was part of a broader 9 per cent increase to partnerships and access to game-changing technologies and insight to $US3.3 billion in supplier spend by BHP-operated businesses to more than help drive sustainable growth for the decades ahead. 2,600 small, local and Indigenous businesses. This not only benefits our operations, but provides crucial support for jobs, businesses and families In great shape in regional communities surrounding them. BHP finished FY2024 in an excellent position. We are well placed to We made further progress on our operational decarbonisation plans and benefit from the significant global changes happening around us. We have remain on track to meet our operational GHG emissions target of at least strategic clarity and exposure to the right commodities. We continue to a 30 per cent reduction by FY2030 against an FY2020 baseline. build on our excellence in operations and discipline in our capital allocation. Refining our portfolio We hold resilient, long-term assets with substantial optionality. This allows us to make smart choices about how and where we use our balance sheet We continue to focus on building a portfolio of world-class assets in to fund growth and generate value. attractive commodities in stable jurisdictions. As we look to FY2025, we will continue to execute our strategy to create We refined our steelmaking coal portfolio in Queensland with the sale of value for our shareholders, community partners and stakeholders, now and the Daunia and Blackwater mines by our joint venture BMA. This strategic into the future. shift positions BMA well for the forecasted strong demand for higher- Thank you for your continued support. quality steelmaking coal. Following the transaction, around 90 per cent of our steelmaking coals are high-grade products attracting premium pricing. In July 2024, we made the difficult but necessary decision to transition Western Australia Nickel into a period of temporary suspension. This reflected significant global oversupply of nickel, which we expect Mike Henry will continue until the end of the decade. We have offered redeployment Chief Executive Officer to all frontline workers in other parts of BHP and will continue to support impacted host communities in a range of ways, including through our

6 BHP Annual Report 2024 1 Why BHP Exploration and acquisition We seek to add high-quality Tier 1 interests through our exploration activities and early-stage entry and acquisition options. Development and mining Our strategy We strive to achieve the industry’s best performance in safety, operational excellence, project management and We will responsibly manage the allocation of capital. most resilient long-term portfolio of assets, in highly attractive commodities, and will grow value through being excellent at operations, discovering and Process and logistics developing resources, acquiring We process and refine ore and seek to the right assets and options, and safely manage waste. Our objective is to capital allocation. efficiently and sustainably transport our products to customers. Through our differentiated approach to social value, we will be a trusted partner who creates value for all stakeholders. Sales, marketing and procurement We maximise value through our centralised marketing and procurement organisations, commercial expertise, understanding of markets and customer and supplier relationships. Closure and rehabilitation We consider closure and rehabilitation throughout the asset lifecycle to help minimise our impact and optimise post-closure value for all stakeholders and partners.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 7 The world needs essential metals and minerals to be produced by companies who set and uphold high ESG standards, who run their operations safely and efficiently, and who allocate capital in a consistent and disciplined way. These are the companies that will succeed. This is BHP. Our capabilities, track record, scale and the unique way we work through the BHP Operating System enable a culture of continuous improvement. We aim to grow value for our shareholders, partners and stakeholders through our portfolio of large long-life quality assets in attractive commodities and through our focus on social value, which is integral to how we operate. BHP is positioned to benefit from the changes shaping our planet now and for decades to come as demand for our commodities grows. Why BHP Our products are vital We do what we say Population growth, urbanisation and improving living standards are global BHP has a track record of doing what we say we will do. We continue to trends that underpin strong demand for the commodities we produce. plan strategically, responsibly, consistently, with a clear focus on being Demand for essential commodities is expected to increase as the world the best operator, being disciplined in capital allocation and continuing to seeks to decarbonise. generate value and returns for stakeholders. Iron ore is needed for making steel to build cities and renewables In a cyclical industry, we have delivered an underlying EBITDA profit infrastructure. Steelmaking coal is needed for the blast furnace process margin of over 50 per cent for eight-consecutive years. We have generated for making steel. Copper is vital for electrification. Nickel can be used in net operating cash flows of over US$15 billion for all but one of the past electric vehicle batteries. Potash can help with food security and more 15 years. This stability is our hallmark – achieved through robust capital sustainable land use. management and consistent operational performance. Including the final dividend for FY2024 declared, we will have distributed Scale is important more than US$42 billion in total in cash dividends to shareholders since As new large low-cost ore bodies become harder to find and develop, the 1 July 2021. This includes US$7.4 billion in cash dividends for FY2024. scale and quality of our assets set us apart. We have some of the largest Our total economic contribution in FY2024 was US$49.2 billion. resources and lowest-cost assets in the world. This includes contributions to suppliers, wages and benefits for more than One of our biggest growth levers is productivity and unlocking more 90,000 employees and contractors, dividends, taxes and royalties, and value from our existing assets. We seek to improve productivity through voluntary investment in projects in the communities where we operate. the capabilities of our people and culture of continuous improvement For more information refer to OFR 4 and the driven through the BHP Operating System, and the use of technology BHP Economic Contribution Report 2024 available at and innovation to extract more from what we do every day and more from bhp.com/ECR2024 our resources. The scale of our assets provides multiple growth options. We are seeking The future is clear to produce more iron ore in Western Australia. We are working to improve Key commodities we produce or are positioning to produce are vital for productivity at our steelmaking coal operations in Queensland. We are a better world and can help address global challenges, such as climate advancing multiple growth options in copper in Chile and our recently change and food security. established copper province in South Australia. We have sanctioned the We are continuing to build an inclusive and diverse workforce of second stage of our Jansen potash project in Canada, which will eventually talented people. We have a strong balance sheet and industry-leading double its expected annual production. operational capability underpinned by the BHP Operating System For more information refer to OFR 5 and our technical Centres of Excellence. Our track record, long-term stability and commitment to social value and sustainability set us apart. Social value is embedded in everything we do This combination will help us achieve our aim of We are committed to social value: our positive contribution to society. It is growing value more consistently for our partners vital for our future and a consideration in the strategic decisions we make. and stakeholders and drive attractive returns and long-term value for Social value underpins stable operations, reduces risk and opens doors our shareholders. to opportunities, partnerships, talent and capital. Delivering social value will help us to continue to generate long-term value for all partners and stakeholders, including shareholders. For more information refer to OFR 6.2 to 6.5

8 BHP Annual Report 2024 1 Why BHP continued 1.1 Where we operate Facts at a glance FY2024 Total economic contribution1 (US$) Payments to suppliers2 (US$) Australia 34.7 bn Global total Australia 14.5 bn Global total Chile 9.4 bn Chile 7.0 bn 25.3 Canada 1.4 bn $49.2 bn Canada 1.3 bn $ bn Rest of the world 3.7 bn Rest of the world 2.4 bn No. of employees and contractors3 Total payments to governments2 (US$) Australia 49,892 Global total Australia 9.5 bn Global total Chile 33,213 91 Chile 1.5 bn Canada 2,022 ,587 Canada 29 m $11.2 bn Rest of the world 6,460 Rest of the world4 256 m London Tokyo Shanghai Gurgaon Manila Kuala Lumpur Singapore Western Australia Iron Ore BHP Mitsubishi Alliance Western Australia Nickel Brisbane Perth NSW Energy Coal Copper South Australia Adelaide Melbourne Australia Western Australia BHP Mitsubishi NSW Energy Copper South Western Australia Iron Ore5 Alliance5 Coal6 Australia7 Nickel8 Production 254.9 Mt 22.3 Mt9 15.4 Mt 322.0 kt 81.6 kt Revenue (US$) 27.8 bn 5.9 bn 1.9 bn 4.1 bn 1.5 bn Underlying EBITDA (US$) 19.0 bn 1.9 bn 0.5 bn 1.6 bn (0.3) bn 1. This includes contribution to suppliers, wages and benefits for employees and contractors, 4. Rest of the world includes consolidation adjustments related to intra-group transactions. dividends, taxes and royalties, and voluntary social investment. For more information refer 5. Shown on a BHP share basis. to the Economic Contribution Report 2024. 6. Includes Newcastle Coal Infrastructure Group (NCIG), which is an equity accounted 2. For more information refer to the Economic Contribution Report 2024. investment and its financial information presented above, with the exception of net operating 3. Based on a ‘point-in-time’ snapshot of employees as at 30 June 2024, including assets, reflects BHP Group’s share. Total Coal statutory result excludes contribution related to employees on extended absence. Contractor data is collected from internal organisation NCIG until future profits exceed accumulated losses. systems and averaged for a 10-month period, July 2023 to April 2024. Figures reported 7. Includes Olympic Dam, Prominent Hill and Carrapateena. do not include employees and contractors of BHP Billiton Mitsubishi Alliance Blackwater 8. Includes Nickel West and West Musgrave project. and Daunia operations, sold to Whitehaven Coal during FY2024, and employees and contractors of the operations in Brazil that were acquired as part of the OZ Minerals acquisition completed during FY2023.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 9 FY2024 production Copper 1,865 kt Iron ore 259.7 Mt Coal 37.7 Mt10 Jansen Potash Saskatoon Toronto Nickel 81.6 kt Washington Resolution Copper Potash11 Tucson – (in planned development capital ~US$10.6 bn spend shown) BHP principal Non-operated office locations joint venture We continue to deliver value Quito for all our stakeholders. Antamina Carajs BHP’s total direct economic Lima contribution in FY2024 was Samarco US$49.2 billion.” Iquique Belo Horizonte Pampa Norte Antofagasta Vandita Pant Escondida Chief Financial Officer Santiago Chile Escondida Pampa Norte12 Production 1125.3 kt 265.6 kt Revenue (US$) 10.0 bn 2.4 bn Underlying EBITDA (US$) 5.8 bn 0.9 bn 9. Reflects the contribution of the Blackwater and Daunia mines to 2 April 2024, the date on 11. In October 2023, BHP approved US$4.9 billion in capital expenditure for Jansen Stage 2. which BMA’s owners completed its divestment. First potash production from Jansen Stage 1, which has approved capital expenditure of 10.BHP’s attributable coal production for the year, being 50 per cent of BMA’s steelmaking US$5.7 billion, is expected in late CY2026. coal production (22.3 Mt) and 100 per cent of New South Wales Energy Coal production 12.Includes Spence and Cerro Colorado. (15.4 Mt).

10 BHP Annual Report 2024 1 Why BHP continued 1.2 Our portfolio A resource mix for today – and for the future Iron ore We have copper, which is used in electrification. Iron ore, which is essential for making steel needed for construction, including renewables infrastructure. Our higher-quality steelmaking coal is used in the blast furnace process for making steel. Nickel can be used in electric vehicle batteries. We are on track to be a major global producer of potash by the end of the decade. Potash is used in fertilisers to assist with food security for a growing population and more sustainable land use. Among our by-products, we are a major producer of uranium and gold. Copper Highest production in over 15 years 1.86 Mt 9% on FY2023 We hold the world’s largest copper mineral In July 2024, we agreed to acquire a 50 per resources.1 We are using technical innovation, cent interest in the Filo del Sol and Josemaria such as new flotation technology, to help lower copper projects in Argentina and Chile with energy costs and unlock value. We continue to Lundin Mining. If approved, this will give us pursue our strategy to increase our exposure the opportunity to jointly advance an emerging to future-facing commodities, including copper, copper district with world-class potential. through exploration, acquisition and early-stage options. Our copper production rose 9 per cent For more information refer to OFR 5.2 and 5.3 in FY2024 to the highest in more than 15 years. Escondida in Chile is the world’s largest copper mine. It increased production by 7 per cent in FY2024 compared to FY2023, to 1.12 million tonnes (Mt) (100 per cent basis). This was primarily due to a higher concentrator feed grade as mining progressed into areas of higher-grade ore as planned following the implementation of measures to manage geotechnical events in FY2023. Spence in Chile delivered another year of record production, up 6 per cent to 255 kilotonnes (kt). We are exploring a range of growth options across our Chilean copper assets, including a potential new concentrator at Escondida and the application of leaching technologies at Spence and Cerro Colorado. We have established a significant resource base at Copper South Australia by adding Olympic Dam with Carrapateena and Prominent Hill from our OZ Minerals acquisition in FY2023. The successful integration of the former OZ Minerals assets has delivered increased Temporary suspension announced production and exceeded our annualised Nickel synergies planned at the time of the acquisition of OZ Minerals. This has been through actions 81.6 kt such as the processing of Prominent Hill and Carrapateena concentrate at Olympic Dam 2% on FY2023 into higher-margin cathode and refined gold, resulting in annual records for cathode and gold production at Olympic Dam. Copper South Nickel West production in FY2024 was in line During the temporary suspension, BHP will Australia production was 322 kt in FY2024, with the prior year. continue to support our workforce and local including record production at Carrapateena. communities. BHP will invest approximately We’re progressing growth options at Copper On 11 July 2024, we announced Western Australia Nickel, comprising the Nickel West operations US$300 million per annum following completion South Australia, where our aspiration is to grow of a transition period to support a potential copper production to beyond 500 kt per year. and West Musgrave project would be temporarily suspended from October 2024. We intend to re-start of Western Australia Nickel. Given the gold, silver and uranium co-products, The transition period commenced in July 2024. this would be equivalent to over 700 kt per review this decision by February 2027. Operations will be suspended in October annum copper equivalent. We had exploration The decision to temporarily suspend Western 2024 and handover activities for temporary success in South Australia in FY2024 with OD Australia Nickel reflects oversupply in the global suspension are expected to be completed by Deeps, delivering greater than two kilometres nickel market. Forward consensus nickel prices December 2024. in strike and more than one kilometre in depth over the next half of the decade have fallen at over 1 per cent copper grade and an Inferred sharply reflecting strong growth of alternative For more information refer to Mineral Resource declaration at Oak Dam. low-cost nickel supply. OFR 5.1 1. Largest copper mineral resources on a contained metal basis, equity share. Peers include: Anglo American, Antofagasta, Codelco, First Quantum Minerals, Freeport, Glencore, Rio Tinto, Southern Copper and Teck. Source peers: Wood Mackenzie Ltd, Q2 2023. Source BHP data: BHP Annual Report 2024. 2. Based on published unit costs of major iron ore producers as reported at 30 June 2024. There may be differences in the manner that third parties calculate or report unit costs data compared to BHP, which means third-party data may not be comparable with our data.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 11 Second consecutive full-year Steelmaking coal Focusing on higher-quality product production record 22. 260 Mt 3 Mt 23% on FY2023 1% on FY2023 Western Australia Iron Ore (WAIO) is the lowest-cost major iron ore producer globally2 and has one of the lowest greenhouse gas (GHG) emission production intensities of benchmarked iron ore operations.3 WAIO delivered a second-consecutive full-year production record of 287 Mt (255 Mt BHP share), reflecting strong supply chain performance with increased capacity unlocked by the Port Debottlenecking Project 1 and increased production from South Flank, our newest and most technologically advanced mine. These more than offset the impacts of the continued tie-in activity for the Rail Technology Programme 1. South Flank ramped up to full production capacity of 80 million tonnes per annum (Mtpa) (100 per cent basis) on schedule during FY2024. We continue to invest in improvements We continue to focus our steelmaking coal to operate their blast furnaces with stronger, in our rail and port operations and are operations in Queensland on higher-quality higher-performance steelmaking coal to lower assessing options to grow our WAIO product and have one of the lowest GHG overall coal consumption and, over time, to production up to 330 Mtpa if market emission production intensities of benchmarked improve blast furnace process performance conditions warrant. These options export steelmaking coal mines.3 In a challenging when implementing future GHG emission include optimal mine and infrastructure year for BMA, production decreased from the reduction technologies. configurations and potentially increased prior year as a result of increased stripping On 2 April 2024, BHP and its joint venture ore beneficiation. We expect to complete to improve supply chain stability and restore partner, Mitsubishi Development Pty Ltd, these studies in CY2025. depleted inventory positions, which arose from completed the sale of the Blackwater and extended weather impacts and labour constraints Daunia mines to Whitehaven Coal for For more information refer to over recent years, and the divestment of OFR 5.1 up to US$4.1 billion (100 per cent basis). Blackwater and Daunia on 2 April 2024. Following the sale, around 90 per cent of BMA’s We believe a wholesale shift away from the products will be sold by reference to the Platts blast furnace process for steelmaking is PLV HCC FOB Qld index, the highest quality decades in the future. We also believe higher- steelmaking coal index, up from 64 per cent quality steelmaking coals have potential for prior to the transaction. greater upside for quality premiums. This is because we believe steelmakers will seek For more information refer to OFR 5.1 Potash Major global producer by the end of the decade US$10.6 bn Total approved capital expenditure through Jansen Stage 1 and Jansen Stage 2 We are developing one of the world’s largest Transitioning directly from Jansen Stage 1 potash mines in Canada. The Jansen potash to Jansen Stage 2 during the construction project will increase our product diversification, period will bring operational benefits, including customer base and operating footprint, and leveraging the experience of our integrated expand our business into a future growth market. project team and continued use of our existing The US$5.7 billion Jansen Stage 1 project is suppliers and contractors. ahead of the original schedule and was over We are on track to be a major global producer of 50 per cent complete by the end of FY2024. potash by the end of the decade. Longer term, First production from Jansen Stage 1 is expected Jansen has the potential for two additional in late CY2026, followed by a two-year ramp-up expansions to reach an ultimate production period. In October 2023, we announced an capacity of 16 to 17 Mtpa (subject to studies additional investment of US$4.9 billion for Jansen and approvals). Stage 2, which will increase Jansen’s total planned potash production capacity to ~8.5 Mtpa. We have For more information refer to commenced execution of Jansen Stage 2. OFR 5.3 3. For CY2023, the GHG emissions intensity of our production of our commodities is estimated to rank in the first quartile for our iron ore, copper and steelmaking coal mines, and the second quartile for our nickel operations (ahead of all Indonesian-based operations) of global mining operations analysed by CRU. This analysis is based on CY2023 data from CRU (as CRU data is prepared on a calendar year basis), and includes CRU’s assumptions and estimates of BHP’s operations. We transitioned to using CRU (rather than Skarn Associates) for this analysis in FY2024 as part of an annual vendor assessment and selection process. For more information on how the GHG emission intensity for our iron ore and steelmaking coal mines has been calculated and compared refer to the BHP ESG Standards and Databook 2024 available at bhp.com/climate.

12 BHP Annual Report 2024 2 What differentiates us BHP’s ability to deliver differentiates us from our competitors. BHP Operating System We do what we say we will do. This has created stability in The BHP Operating System (BOS) is our unique overarching management our historical performance that has been a hallmark of BHP system that enables the right culture, routines, behaviours and leadership for more than a decade. to deliver stable operating excellence and leading safety performance. There are many factors that underpin this historic stability, each of which is It provides us with a competitive edge. vital. It’s the unique combination of these factors that sets us apart. BOS drives continuous improvement through the application of BOS tools and practices. It makes improvement central to everyone’s role, allowing Our people people to work on the system, not just in it. We have more than 90,000 employees and contractors globally. We strive BOS helps us continuously focus on leadership development, capability and to offer an engaging and supportive workplace, which empowers our engagement, and creates better-planned, more stable work processes. people to find safer and more productive ways of working. We do this by Aligning around our strategy, operating philosophy and principles providing the tools and opportunities in our working environment to allow for decision-making will make us an even better company – one that our people to perform at their best. Our people are empowered daily in focuses on safety, leads the sector, generates strong returns for our their work by the BHP Operating System. shareholders, and meets the expectations of our partners, communities and other stakeholders. Our Values Our Values set the tone for our culture, a unique part of our We have deployed BOS across our business. competitive advantage. They are a declaration of what we stand for. How BOS works They guide our decision-making, reinforce our culture and ensure all our people are steering in the same direction, delivering on our purpose. Three principles underpin BOS and guide how we In FY2024, Our Values were refreshed to: think and behave at BHP We must know who our customer is and Do what’s Seek better Make a Serve our become obsessed with meeting their needs – right ways difference customer delivering exactly what they need, at the right time A sustainable future Listening to learn The accountability to and at the appropriate levels of quality and cost. Our ambition is 100% safety for our people, starts with safety and inspiring act, create value and Pursue operating 100% value for our customers, 0% wasted and integrity, building challenge is how we have impact is on perfection expense or effort – our efforts for improvement trust with those drive progress each of us, every day never stop. around us Our people know their work and how to Our Values help our people move quickly and deliberately when we Empower improve it – they need to be given the right encounter challenges and opportunities. our people conditions to excel. Health and safety Total recordable High-potential injury Exceptional performance Fatalities injury frequency rate1 frequency rate Operating and financial strength The strength of our portfolio, our operating excellence and financial rigour 1 4.7 36% from our disciplined application of the Capital Allocation Framework (CAF) enables us to deliver strong and consistent returns. We achieved net FY2023: 2 5% from CY2023 from FY2023 operating cash flow of US$20.7 billion in FY2024. Our net operating cash flow has been more than US$15 billion for all but one of the past 15 years. Workers exposed to our most material In FY2024, through our CAF, we kept our balance sheet strong, delivered occupational exposures of diesel 46% growth and returns for our shareholders, made progress towards our social particulate matter (DPM), respirable FY2023 value and GHG emission reduction objectives and prioritised capital to silica and coal mine dust from maintain reliable operations. For more information refer to OFR 6.1 and 6.8 Operational excellence Our strong results in FY2024 were driven by performance and discipline at our operations, which overall performed well. We achieved production guidance across all commodities in FY2024, with steelmaking coal Female employee participation achieving the upper end of its revised production guidance. This included record annual production at WAIO, Spence and Carrapateena, record cathode and gold production at Olympic Dam, and the highest production 37.1% in four years at Escondida. at the end of FY2024. 1.9 percentage points since the end of FY2023 and on Our focus on cost discipline helped us manage inflationary pressures track to meet our aspirational goal of a gender-balanced employee workforce effectively. We experienced a global inflation rate of around 4 per cent, globally by the end of CY2025 particularly in relation to labour. Our cost discipline allowed us to mitigate these ongoing cost pressures with unit costs around 2.9 per cent higher across our major assets. We met unit cost guidance at Escondida, WAIO Indigenous employee participation2 and Spence, and revised unit cost guidance at BMA. WAIO extended its lead over competitors as the lowest cost major iron ore producer globally. Australia3 Chile4 Canada5 For mining companies, cost differentiation is becoming even more pronounced. General inflation and labour are expected to continue to 8.3% 10.1% 11.2% put upwards pressure on costs. The costs of decarbonisation are also expected to be inflationary and will disproportionately impact companies 8.6% at 30 June 2023 9.7% at 30 June 2023 7.7% at 30 June 2023 with higher GHG emissions intensity. As such, while the marginal cost of mining production is clearly higher than in the past; in the medium term there are signs it could go higher. Technology and innovation 1. Combined employee and contractor frequency per 1 million hours worked. 2. Point in time data at 30 June 2024. The use of technology and our focus on innovation, together with 3. Participation in Minerals Australia operations in Australia. FY2023 figure does not include BOS, have helped accelerate continuous improvement – from the OZ Minerals. introduction of advanced technologies designed to improve safety and 4. Participation in Minerals Americas operations in Chile. increase productivity of our operated assets, to reducing water and 5. Participation in Jansen potash project and operation employees in Canada. energy consumption.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 13 Technology is a key lever for BHP and has been used to: Social value – support the maintenance of safe, predictable and productive operations We are committed to social value and sustainability and are making – drive productivity improvements, with an emphasis on automation and progress in more responsibly providing commodities the world needs real-time, data-driven insights and decision-making to develop and decarbonise. We believe this commitment can help us become a partner of choice with communities, governments, suppliers – unlock the next stage of value growth potential, such as by realising and our customers. We seek to be a valued partner with the communities greater margins at our existing operations and enabling the discovery of where we operate and the Indigenous peoples we interact with. new assets In FY2024, we continued to refine our approach to social value. We have – improve sustainability outcomes through innovation provided progress on our 2030 goals through our 2030 social value scorecard. – help drive inclusion and diversity, such as remote operations and For more information on our 2030 social value scorecard decision support tools that make roles more accessible to a wider range of people refer to OFR 6.5 Through our commitment to sustainability, we seek to reduce the impact of The advanced use of next generation technologies, such as artificial our operational activities. We have set a long-term goal to achieve net zero intelligence (AI) and cloud and data analytics, are supporting quicker operational GHG emissions (Scopes 1 and 2 emissions from our operated and more efficient resource recovery, more safely and more sustainably. assets) by CY2050. We also have a long-term goal of net zero Scope 3 They are also helping lift performance through operational improvements. Examples of how BHP used AI in FY2024 include: GHG emissions by CY2050. Achievement of this Scope 3 goal is uncertain, particularly given the challenges of a net zero pathway for our customers in – A digital tool at Escondida used AI to increase revenue by steelmaking, and we cannot ensure the outcome alone. US$18.9 million in FY2024 by enabling drill and blast teams to select We manage our operational decarbonisation projects across our operated a more optimal blasting pattern design. The technology also helps assets through our CAF to help us use our capital effectively. to mitigate coarse ore restrictions at Escondida’s semi-autogenous We are also working with our suppliers and customers to support their grinding (SAG) mills by improving post-blasting fragmentation. We will efforts to reduce GHG emissions. For example, during FY2024 we signed use this tool at Spence to assist with stabilising its SAG mill performance a framework agreement with Rio Tinto and BlueScope to investigate and increase its productivity. – Next generation improvements to the Process Area Set Point the development of an ironmaking electric smelting furnace pilot plant Optimisation (PASPO) were rolled out across BMA sites in FY2024 to using Pilbara iron ores that have been pre-processed into direct reduced increase production of on-specification steelmaking coal, increasing iron. This process route could open a pathway to an alternative to the revenue by US$15.5 million. For example, the Caval Ridge team conventional blast furnace method of steelmaking with the potential to reduce GHG emissions intensity by 85 per cent and meet near zero identified an opportunity to increase yield by reducing density variation emission steelmaking benchmarks.1 while keeping train product ash on specification. For more information on our GHG emission goals and targets We upgraded our global technology system 1SAP ERP to S/4HANA in refer to OFR 6.9 FY2024. The modernisation of this core global platform is critical to our We have set goals in areas such as environment and water stewardship. operations, as it is used to: To meet the FY2024 short-term milestone for the Healthy environment pillar – pay our people and suppliers of our social value scorecard, we have developed a Group-level framework – sell and deliver our products for nature-positive plans to achieve our 2030 Healthy environment goal – better maintain our equipment (BHP Healthy environment goal roadmap).2 Our 2030 Healthy environment goal is to create nature-positive3 outcomes by having at least 30 per cent of – accurately report our financial results to the market the land and water we steward4 at the end of FY2030 under conservation, – above all, enable us to operate more safely, efficiently and reliably restoration or regenerative practices. At 30 June 2024, we had 83,012 hectares or 1.62 per cent5 of the land and water we steward4,6 under nature-positive management practices.7 For more information refer to OFR 6.5 Financial excellence We use our Capital Allocation Framework (CAF) to assess the most effective and efficient way to deploy capital. Since the CAF’s introduction in FY2016, we have balanced reinvestment in our business with cash returns to shareholders. Our CAF promotes discipline in all capital decisions. Operating productivity Capital productivity Net operating cash flow Maintenance capital Strong balance sheet Minimum 50% payout ratio dividend Excess cash flow 50 Debt reduction Additional dividends Buy-backs Organic development Acquisitions/divestments Maximise value and returns 1. Based on direct reduced iron electric smelting furnace route (using renewable or other low to zero GHG emissions power). Estimated reduction in GHG emissions intensity is calculated relative to a baseline reference of 2.2 tonnes of CO2-e per tonne of crude steel, as sourced from IEA Iron and Steel Technology Roadmap (October 2020). For more information refer to our Value chain GHG emissions – Hydrogen reduction and electric smelting of BHP ores case study on page 26 of our Climate Transition Action Plan 2024, available at bhp.com/CTAP2024. 2. The BHP Healthy environment goal roadmap is intended to apply to our operated assets in Australia, Chile and Canada. Due to the acquisition of OZ Minerals and prioritisation of activities based on risks and impacts, Carrapateena, Prominent Hill, West Musgrave and legacy assets are currently out of scope for the roadmap; with the exception of West Musgrave, these assets are planned to be incorporated into the roadmap in FY2025. Incorporation of West Musgrave into the BHP Healthy environment goal roadmap will be reviewed following the decision to temporarily suspend the Western Australia Nickel operations. 3. Nature-positive is defined by the TNFD Glossary version 1.0 as ‘A high-level goal and concept describing a future state of nature (e.g. biodiversity, ecosystem services and natural capital), which is greater than the current state’. We understand it includes land and water management practices that halt and reverse nature loss – that is, supporting healthy, functioning ecosystems. BHP intends to review this definition in FY2025, in light of the recently revised TNFD Glossary version 2.0 (June 2024) definition of nature-positive. 4. This excludes areas we hold under greenfield exploration licences (or equivalent tenements), which are outside the area of influence of our existing mine operations. 30 per cent will be calculated based on the areas of land and water that we steward at the end of FY2030. 5. 1.62 per cent is calculated based on the areas of land and water that we stewarded (excluding areas we hold under greenfield exploration licences (or equivalent tenements) and subject to footnote 6) at 30 June 2024 – which was approximately 5,125,935 hectares; an increase of approximately 18,750 hectares compared to approximately 5,107,185 hectares at 30 June 2023. For more information on the restatement of FY023 figures refer to OFR 6.10. 6. While some of the land related to the Daunia and Blackwater mines is pending transfer following BMA’s divestment of these mines on 2 April 2024, these areas are no longer under BMA’s control or operated for BMA’s benefit so have been excluded from the areas of land and water we stewarded at 30 June 2024. 7. Nature-positive management practices refer to an area under stewardship that has a formal management plan that includes conservation, restoration or regenerative practices. For more information refer to the BHP ESG Standards and Databook 2024, available at bhp.com/ESGStandards2024.

14 BHP Annual Report 2024 3 Positioning for growth With our clear strategy and our laser-like focus on creating Creating and accelerating longer-term options and sustaining the right portfolio of the best assets in attractive BHP Ventures commodities with enhanced growth optionality, BHP is well BHP Ventures is our dedicated venture capital unit. It looks for game-placed to capitalise on the changes shaping our world. As the changing technologies via emerging companies to help drive ongoing and global population grows and urbanises and the world pursues more sustainable growth within BHP and provides us with a portfolio of decarbonisation and electrification, we are positioning our new growth options for the decades ahead. portfolio and pursuing multiple growth options to increase our BHP Ventures complements the innovation already underway within BHP exposure to these megatrends. by forging new partnerships and creating fresh opportunities to strengthen our portfolio and support the decarbonisation of our operated assets and Unlocking growth at our assets decarbonisation opportunities in our value chain. One of our biggest near-term growth levers is from improving productivity For our partners, BHP Ventures provides an opportunity to collaborate at our existing assets and unlocking more of their potential. with us. WAIO was designed with an initial capacity of 240 Mtpa. In FY2024 it New investments in FY2024 included SiTration, which is developing a produced a record 287 Mt (100 per cent basis). We are implementing silicon membrane-based technology for metal extraction, and ZwitterCo, initiatives to grow WAIO production to more than 305 Mtpa over the which is developing membrane solutions for the treatment of water. medium term. This is expected to be through South Flank, which reached BHP continued to support existing portfolio companies Boston Metal and full production capacity in FY2024, the continued debottlenecking of Electra through technical knowledge exchanges and the supply of iron ores our port and rail systems, the rollout of autonomous haulage trucks, and for testing in relation to technologies that have potential to contribute to our ongoing productivity enhancements. We are studying options to further Scope 3 emissions medium-term goal for steelmaking and our long-term grow annual production up to 330 Mt over the medium to long term, with net zero goal. BHP also continued to test early-stage leaching technologies these studies expected to be completed in CY2025. from Jetti Resources and Ceibo as part of broader copper leaching studies. Escondida has significant resource potential and we are progressing a range of studies, including potentially replacing the original Los Colorados Think & Act Differently concentrator. We are also looking at different leaching technologies that Think & Act Differently is BHP’s internal team set up to find and accelerate could help us extract more copper while potentially using less energy the best mining technology solutions to support our ambitions to deliver and water, reduce or eliminate the need for tailings dams, and enable commodities the world needs in new ways. It is focused on opening production of cathode-finished product that does not require smelting. new and accelerated pathways to market through partnerships, rapid experimentation and systems thinking. It aims to de-risk a portfolio of over Growing our position in potash 100 initiatives, from small scale experiments to on-site demonstrations. Potash is a fertiliser and enables more efficient and sustainable farming. We are seeking to advance technologies that can unlock resource growth, With the world’s population continuing to grow and rising concerns around particularly relating to copper, and build capability across the mining value food security and land use, potash is a future-facing commodity that chain to find new ways to understand ore bodies and responsibly extract presents opportunities for growth. and process resources. Current areas of work include leaching, ore body knowledge and accelerated minerals recovery. At the end of FY2024, Jansen Stage 1 was tracking ahead of the original schedule and more than 50 per cent complete. Production is expected BHP Exploration to commence in late CY2026, followed by a two-year ramp-up period. When Jansen Stage 1 reaches full production, planned production will be During FY2024, we advanced our global programs focusing on approximately 4.15 Mtpa. early-stage exploration opportunities in Australia, Canada, Chile, Peru, Sweden, Serbia and the United States. This effort involved concept During FY2024, BHP approved Jansen Stage 2, which will double evaluation work through prospect testing. planned production to around 8.5 Mtpa at full capacity. Jansen Stage 2 is an important milestone that underscores our confidence in potash and We fully integrated the OZ Minerals exploration portfolio, significantly marks the next phase of BHP’s growth in Canada. We believe Jansen will expanding our land holdings and enabling us to develop an important deliver long-term value for shareholders and the local community, and will province in South Australia with significant copper potential. position BHP as one of the leaders in the global potash industry. We have In Canada, we continued our partnership with Midland Exploration Inc. commenced execution of Jansen Stage 2, with first production expected through our prospect generation exploration alliance. in FY2029. In the United States, we entered an alliance with Ivanhoe Electric Inc., with BHP to provide initial funding of US$15 million over three years to explore Copper South Australia: Consolidating a significant for copper and other critical minerals across areas of interest in Arizona, resource base New Mexico and Utah. We have established a significant resource base at Copper South Australia In Australia, we commenced a partnership with Red Ox Copper Pty Ltd, by combining OZ Minerals’ two South Australian mines, Prominent Hill and exploring for copper in Northern Queensland. Carrapateena, with Olympic Dam and the Oak Dam deposit. In Europe, we acquired Ragnar Metals Sweden AB for A$9.8 million, With Copper South Australia, we are focused on developing an asset gaining ownership of the Tullsta nickel project. Similarly, we entered into with greater scale and simplicity. Copper South Australia produced 322 kt early-stage exploration alliances with Kingsrose Mining Ltd across areas of of copper in FY2024 and we are pursuing potential pathways to expand interest in Finland and Norway, and with Tutume Metals in Botswana. this to more than 500 kilotonnes per annum (ktpa) through increases in Also in FY2024, we withdrew from the Elliott Farm-in and joint venture mine production rates and improved mining methods, the expansion of agreement with Encounter Resources Limited in Australia. smelting and refining capacity, the application of BOS, the development of exploration assets and greater by-product production. Exploration efforts progressed at the Oak Dam copper deposit located 65 kilometres southeast of Olympic Dam and at OD Deeps, which is below Olympic Dam. The Copper South Australia province is expected to produce copper, gold and uranium oxide for decades to come. For more information refer to OFR 5.2

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 15 Growth through exploration, focused on copper and nickel BHP Xplor BHP Xplor, launched in FY2023, is a global accelerator program designed to support early-stage mineral exploration companies in finding critical resources needed for the energy transition. Its aim is to identify and nurture the next generation of explorers, empowering them to fast track their geologic concepts for potential long-term partnership. The program supports technical, business and operational facets to equip participant companies with the necessary tools and guidance to become investment ready. To date, agreements have been concluded with three companies from the inaugural FY2023 cohort for follow-on investment, due to their region of interest, potential technical opportunity, team capability and strategic alignment. In FY2024, six companies were chosen from a pool of over 500 applications to take part in this year’s program. These companies were East Star Resources Plc, Hamelin Gold Ltd, Pallas Resources Ltd, Longreach Mineral Exploration Pty Ltd, Equivest Metals Oy and Cobre Ltd. They have concluded their six-month program and follow-on investment discussions have started. Applications for the FY2025 Xplor program opened in August 2024. BHP exploration regions and Sweden, Finland Norway Canada London Saskatoon Toronto Serbia United States Tucson Ecuador Tanzania Peru Botswana Australia Lima Chile Santiago Perth Adelaide Copper exploration regions Exploration regional office Nickel exploration regions Exploration expenditure Exploration expense Our resource assessment exploration expenditure increased by Exploration expense represents that portion of exploration expenditure 31 per cent in FY2024 to US$333 million, while our greenfield that is not capitalised in accordance with our accounting policies, as set expenditure increased by 31 per cent to US$124 million. Expenditure on out in Financial Statements note 11 ‘Property, plant and equipment’. resources assessment and greenfield exploration over the last three Exploration expense for each segment over the last three financial years financial years is set out below. is set out below. 2024 2023 2022 2024 2023 2022 Year ended 30 June US$M US$M US$M Year ended 30 June US$M US$M US$M Greenfield exploration 124 95 77 Exploration expense Resources assessment 333 255 179 Copper 213 145 85 Total metals exploration 457 350 256 Iron Ore 41 52 54 and assessment Coal 3 6 6 Group and 152 91 54 unallocated items1,2 Total Group 409 294 199 1. Group and unallocated items includes functions, other unallocated operations including Potash, Western Australia Nickel (which comprises the Nickel West operations and, following the OZ Minerals Ltd (OZL) acquisition on 2 May 2023, the West Musgrave project), legacy assets and consolidation adjustments. 2. Includes US$10 million of exploration expenditure previously capitalised, written off as impaired (included in depreciation and amortisation) (FY2023: US$ nil; FY2022: US$ nil).

16 BHP Annual Report 2024 Chief Financial Officer’s review Dear Shareholders, I am pleased to report on BHP’s FY2024 financial results. Firstly, I want to say that it is a privilege and an honour to have been appointed your Chief Financial Officer in March, and to continue the great Having been with BHP for more than eight work of my predecessor David Lamont. Having been with BHP for more than eight years, as Chief Commercial Officer and before that as Group years, as Chief Commercial Officer and before Treasurer and Head of Europe, it’s unquestionably clear to me that our that as Group Treasurer and Head of Europe, incredible assets, winning strategy, Capital Allocation Framework (CAF) and superior operational capability truly set BHP apart from its competitors. it’s unquestionably clear to BHP delivered another strong set of results in FY2024, enabled by me that our incredible the continued disciplined execution of our strategy. Our underlying attributable profit was 2 per cent higher at US$13.7 billion due to solid assets, winning strategy, operational performance and higher commodity prices in key commodities. Capital Allocation Underlying EBITDA increased by 4 per cent to US$29 billion and underlying EBITDA margin remained at 54 per cent, the eighth consecutive Framework (CAF) and year we have achieved a margin greater than 50 per cent – significantly superior operational ahead of our nearest competitors. Our return on capital employed, at 27 per cent, was also very strong. capability truly set We performed well in areas within our control. Production volumes were BHP apart from its in line with last year, and our operational excellence, productivity initiatives and cost discipline allowed us to mitigate the effects of inflation. While we competitors.” experienced a global inflation rate of 4 per cent, predominantly driven by higher labour costs, unit costs across our major assets increased less than 3 per cent, and we met our original unit cost guidance for all assets In iron ore, we delivered record volumes. WAIO has been the lowest cost except BMA. iron ore producer globally for over four years now and this year further This year we generated more than US$20 billion of net operating cash extended its lead. This exceptional cost performance allows the business flows which allowed us to reduce net debt to US$9.1 billion, invest in our to generate strong cash flows. We invested US$1.2 billion sustaining business and maintain healthy returns to shareholders. We have consistently capital to support our medium-term goal of producing >305 Mtpa, and delivered a high baseline of cash flow, having generated net operating we are assessing options to grow production up to 330 Mtpa if market cash flows above US$15 billion for all but one of the past 15 years. We’ve conditions warrant. achieved this due to the quality of our portfolio and our focus on operational In potash, we approved an investment of US$4.9 billion for Jansen Stage 2, excellence and cost discipline – despite market and operating conditions which when combined with Jansen Stage 1, will increase our total planned varying greatly over these years. This stability is a hallmark of BHP. potash production capacity to ~8.5 Mtpa, representing ~10 per cent of the We invested US$9.3 billion in line with our CAF. This included estimated market when fully ramped up. Jansen Stage 1 is progressing US$5.9 billion in organic development, of which ~US$2.7 billion well, and is over 50 per cent complete. was on copper projects and ~US$1.1 billion at Jansen, together with During the year we recognised a US$2.7 billion impairment of our Western ~US$0.5 billion of exploration spend primarily at Copper South Australia; Australia Nickel operations and a US$3.8 billion charge related to the and US$3.0 billion of maintenance and decarbonisation expenditure. Samarco dam failure. These exceptional items were partially offset by a In copper, we delivered a second consecutive year of 9 per cent production US$0.7 bn (post-tax) gain on disposal of the Blackwater and Daunia mines. growth, and expect to deliver a further 4 per cent increase in FY2025. Ensuring shareholders continue to benefit from our consistent and reliable During the year we narrowed 20 project studies across Chile to four main performance, we’ve announced a final dividend of 74 US cents per share. pathways across existing and new facilities. At Spence, concentrator plant Together with the shareholder dividend for the first half of 72 US cents modifications were completed and are delivering expected improvements per share, the total cash dividend to shareholders for FY2024 will be in throughput and recovery. In Copper South Australia, the successful US$7.4 billion, which represents a 54 per cent payout ratio. integration of Prominent Hill and Carrapateena has resulted in us exceeding the annualised synergies planned for FY2024 at the time of the OZ Looking forward, we expect to increase our capital and exploration Minerals acquisition, and we are executing a number of exciting growth and expenditure as we unlock productivity, decarbonise our assets, and exploration projects. deliver growth in future-facing commodities. We expect to spend around US$10 billion on capital and exploration in FY2025. The majority of this will be directed to improvement and growth, as we progress Jansen, our Our total economic contribution Chilean and South Australia copper assets and growth in the Pilbara. We have a disciplined approach to capital allocation, which ensures we invest for value. Our resilient balance sheet and the financial discipline US$49.2bn embedded through our CAF, provide us the financial strength and the 54.2 flexibility to fund our growth and deliver healthy returns to shareholders. FY2023: US$ bn We continue to deliver value for all our stakeholders. BHP’s total direct economic contribution in FY2024 was US$49.2 billion. This includes Total payments to governments payments to suppliers, wages and benefits for more than 90,000 employees and contractors, dividends, taxes, royalties and voluntary investment in social projects across the communities where we operate. US$11.2bn In FY2024, our tax, royalty and other payments to governments totaled US$11.2 billion. During the last decade, we paid US$95.1 billion FY2023: US$13.8 bn globally in taxes, royalties and other payments, including approximately A$107.1 billion in Australia. Our global adjusted effective tax rate in FY2024 Shareholder dividends per share was 32.5 per cent. Once royalties are included, our FY2024 rate increases to 41.7 per cent. We are proud of our financial and operational performance and the 146USc value we have continued to generate for our shareholders, partners and other stakeholders. FY2023: 170USc Thank you for your continued support. Underlying return on capital employed Vandita Pant 27.2% Chief Financial Officer FY2023: 28.8%

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 17 4 Financial review 4.1 Group overview 4.2 Key performance indicators We prepare our Consolidated Financial Statements in accordance with Our key performance indicators (KPIs) enable us to measure our International Financial Reporting Standards (IFRS), as issued by the development and financial performance. These KPIs are used to assess International Accounting Standards Board. We publish our Consolidated performance of our people throughout the Group. Financial Statements in US dollars. All Consolidated Income Statement, Consolidated Balance Sheet and Consolidated Cash Flow Statement For information on our approach to performance and reward refer to information below has been derived from audited Consolidated Remuneration Report Financial Statements. For information on our overall approach to executive remuneration, including remuneration policies and remuneration outcomes refer to For more information refer to Financial Statements Remuneration Report Following BHP’s sale of the Onshore US assets in FY2019 and We use various non-IFRS financial information to reflect our underlying subsequently the merger of our Petroleum business with Woodside performance. Non-IFRS financial information is not defined or specified in FY2022, the contribution of these assets to the Group’s results under the requirements of IFRS, however is derived from the Group’s is presented as Discontinued operations. Footnotes to tables and Consolidated Financial Statements prepared in accordance with IFRS. infographics indicate whether data presented in OFR 4.2 is inclusive or Non-IFRS financial information is consistent with how management reviews exclusive of Petroleum assets. Details of the contribution of the Petroleum financial performance of the Group with the Board and the investment assets to the Group’s results are disclosed in Financial Statements note 28 community. OFR 10 ‘Non-IFRS financial information’ includes our non- ‘Discontinued operations’. IFRS financial information and OFR 10.1 ‘Definition and calculation of non-IFRS financial information’ outlines why we believe non-IFRS financial information is useful and the relevant calculation methodology. We believe non-IFRS financial information provides useful information, however it should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as profit or net operating cash flow) or any other measure of financial performance or position presented in accordance with IFRS, or as a measure of a company’s profitability, liquidity or financial position. Summary of financial measures Year ended 30 June US$M 2024 2023 Consolidated Income Statement (Financial Statements 1.1) Revenue 55,658 53,817 Profit/(loss) after taxation from Continuing operations 9,601 14,324 Profit/(loss) after taxation from Continuing and Discontinued operations attributable to BHP shareholders 7,897 12,921 Dividends per ordinary share – paid during the period (US cents) 152.0 265.0 Dividends per ordinary share – determined in respect of the period (US cents) 146.0 170.0 Basic earnings/(loss) per ordinary share (US cents) 155.8 255.2 Consolidated Balance Sheet (Financial Statements 1.3) Total assets 102,362 101,296 Net assets 49,120 48,530 Consolidated Cash Flow Statement (Financial Statements 1.4) Net operating cash flows 20,665 18,701 Capital and exploration and evaluation expenditure 9,273 7,083 Other financial information (OFR 10) Net debt 9,120 11,166 Underlying attributable profit 13,660 13,420 Underlying EBITDA 29,016 27,956 Underlying basic earnings per share (US cents) 269.5 265.0 Underlying return on capital employed (per cent) 27.2 28.8 Underlying attributable profit1,3 Underlying EBITDA2,3 Net operating cash flows1 Underlying return on US$ billion US$ billion US$ billion capital employed1,3 Per cent 25 50 35 50 48.7 23.8 32.2 20 40 40.6 28 40 35.1 27.2 17.1 32.5 15 30 29.0 21 20.7 30 13.7 28.0 28.8 27.2 13.4 18.7 10 20 14 15.7 20 19.9 9.1 16.9 5 10 7 10 0 FY2020 FY2021 FY2022 FY2023 FY2024 0 FY2020 FY2021 FY2022 FY2023 FY2024 0 FY2020 FY2021 FY2022 FY2023 FY2024 0 FY2020 FY2021 FY2022 FY2023 FY2024 1. Includes data for Continuing and Discontinued operations for the financial years being reported. 2. Excludes data from Discontinued operations for the financial years being reported. 3. For more information on non-IFRS financial information refer to OFR 10.

18 BHP Annual Report 2024 4 Financial review continued Reconciling our financial results to our key performance indicators Profit Earnings Cash Returns Measure US$M US$M US$M US$M Profit after taxation Profit after taxation Net operating cash Profit after taxation from from Continuing and from Continuing and flows from Continuing Continuing and Discontinued Discontinued operations 9,601 Discontinued operations 9,601 operations 20,665 operations 9,601 Made Profit after taxation Profit after taxation Cash generated by the Group’s Profit after taxation up of consolidated operations, after dividends received, interest, proceeds and settlements of cash management related instruments, taxation and royalty-related taxation. It excludes cash flows relating to investing and financing activities. Adjusted Exceptional items 6,600 Exceptional items 6,600 Exceptional items after taxation 5,763 for before taxation before taxation Net finance costs excluding Tax effect of Tax effect of exceptional items 983 exceptional items (837) exceptional items (837) Income tax expense on net Exceptional items Depreciation and finance costs (303) after tax attributable amortisation excluding Profit after taxation excluding net to non-controlling exceptional items 5,295 finance costs and exceptional interests - Impairments of property, items 16,044 Exceptional items plant and equipment, Net Assets at the beginning attributable to financial assets and of period 48,530 BHP shareholders 5,763 intangibles excluding exceptional items 90 Net Debt at the beginning Profit after taxation of period 11,166 attributable to Net finance costs excluding non-controlling exceptional items 983 Capital employed at the beginning interests (1,704) of period 59,696 Taxation expense excluding exceptional items 7,284 Net Assets at the end of period 49,120 Net Debt at the end of period 9,120 Capital employed at the end of period 58,240 Average capital employed 58,968 To reach Underlying attributable profit 13,660 Underlying EBITDA 29,016 Net operating cash flows 20,665 Underlying return on capital employed 27.2% our KPIs Why do we Underlying attributable profit allows Underlying EBITDA is used to Net operating cash flows Underlying return on capital employed is an use it? the comparability of underlying help assess current operational provide insights into how we are indicator of the Group’s capital efficiency. It financial performance by excluding profitability excluding the impacts managing costs and increasing is provided on an underlying basis to allow the impacts of exceptional items. of sunk costs (i.e. depreciation from productivity across BHP. comparability of underlying financial performance initial investment). It is a measure by excluding the impacts of exceptional items. that management uses internally to assess the performance of the Group’s segments and make decisions on the allocation of resources. 4.3 Financial results The following table provides more information on the revenue and expenses of the Group in FY2024. 2024 2023 2022 Year ended 30 June US$M US$M US$M Continuing operations Revenue1 55,658 53,817 65,098 Other income 1,285 394 1,398 Expenses excluding net finance costs (36,750) (31,873) (32,371) (Loss)/profit from equity accounted investments, related impairments and expenses (2,656) 594 (19) Profit from operations 17,537 22,932 34,106 Net finance costs (1,489) (1,531) (969) Total taxation expense (6,447) (7,077) (10,737) Profit after taxation from Continuing operations 9,601 14,324 22,400 Discontinued operations Profit/(loss) after taxation from Discontinued operations – – 10,655 Profit after taxation from Continuing and Discontinued operations 9,601 14,324 33,055 Attributable to non-controlling interests 1,704 1,403 2,155 Attributable to BHP shareholders 7,897 12,921 30,900 1. Includes the sale of third-party products.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 19 Profit after taxation attributable to BHP shareholders decreased from Other income of US$1.3 billion increased by US$0.9 billion, or 226 per cent US$12.9 billion in FY2023 to US$7.9 billion in FY2024. Attributable profit from FY2023 primarily due to the divestment of Blackwater and Daunia. of US$7.9 billion includes an exceptional loss of US$5.8 billion (after Total expenses excluding net finance costs of US$36.8 billion tax), compared to an Attributable profit of US$12.9 billion, including increased by US$4.9 billion, or 15 per cent from FY2023. This primarily an exceptional loss of US$0.5 billion (after tax) in the prior period. reflected a higher impairment expense of US$3.8 billion of WAN due The FY2024 exceptional loss includes a US$2.7 billion non-cash (after tax) to the deterioration in the short and medium-term outlook for nickel. impairment at Western Australia Nickel (WAN) due to oversupply in the Higher external contractor services expenses of US$1.0 billion was mainly global nickel market that has seen a sharp decline in forward nickel prices due to the full-year contribution of Prominent Hill and Carrapateena in the short to medium term, escalation in capital costs, and changes to since their acquisition in FY2023, impacts of inflation across the Group, development plans including the Group’s decision, announced on 11 July additional tailings work at Spence, higher maintenance at Escondida 2024, to temporarily suspend Nickel West operations and the West and higher stripping and contractor costs in line with higher volumes Musgrave project at WAN. The FY2024 exceptional loss also includes at NSWEC. US$3.8 billion (after tax) relating to Samarco dam failure impacts, partially offset by the gain on divestment of Blackwater and Daunia coal assets of Loss from equity accounted investments, related impairments and expenses US$0.7 billion (after tax). of US$2.7 billion increased by US$3.3 billion from a profit of US$0.6 billion in FY2023 predominantly reflects the change in the assessment of the For more information on Exceptional items refer to estimated costs to resolve all aspects of the Federal Public Prosecution Financial Statements note 3 ‘Exceptional items’ Office Claim and the Framework Agreement obligations. For more information on the total impact of the Samarco dam failure Revenue of US$55.7 billion increased by US$1.8 billion, or 3 per cent from provision and impairment charges connected with equity accounted FY2023. This increase was mainly due to higher average realised prices for investments refer to Financial Statements note 3 ‘Exceptional items’ iron ore and copper combined with higher sales volumes, partially offset by and Financial Statements note 13 ‘Impairment of non-current lower average realised prices for thermal coal and nickel. assets’ respectively Higher sales volumes were achieved at WAIO supported by record Net finance costs of US$1.5 billion were in line with FY2023 primarily production reflecting strong supply chain performance, at Copper SA from driven by higher market interest rates, offset by a reduction in closure and the successful integration of OZ Minerals (OZL) following the acquisition in rehabilitation provision discounting due to lower global inflation rates and FY2023, at Escondida due to higher concentrator feed grade and at New higher capitalised interest mainly at Potash. South Wales Energy Coal (NSWEC) from improved weather and labour For more information on net finance costs refer to availability. These were partially offset by lower sales volumes at BMA as a result of increased stripping to improve supply chain stability and restore Financial Statements note 23 ‘Net finance costs’ depleted inventory positions which arose from extended weather impacts and labour constraints over recent years, and the divestment of Blackwater Total taxation expense of US$6.4 billion decreased by US$0.6 billion, or and Daunia on 2 April 2024. 9 per cent from FY2023 primarily due to a tax benefit of US$1.1 billion in relation to the impairment of WAN partially offset by higher tax in line with For information on our average realised prices higher profits from higher average realised prices. and production of our commodities refer to OFR 9 For more information on income tax expense refer to Financial Statements note 6 ‘Income tax expense’ Principal factors that affect Underlying EBITDA The following table and commentary describe the impact of the principal factors¹ that affected Underlying EBITDA for FY2024 compared with FY2023. US$M Year ended 30 June 2023 27,956 Net price impact: Change in sales prices 1,476 Higher average realised prices for iron ore and copper partially offset by lower average realised prices for thermal coal and nickel. Price-linked costs 108 Lower coal and nickel royalties largely offset by higher iron ore royalties in line with price movements. 1,584 Change in volumes 10 Higher sales volumes were achieved at WAIO supported by record production reflecting strong supply chain performance including record production at South Flank following ramp up to full capacity in FY2024, at Escondida due to higher concentrator feed grade and at NSWEC from improved weather and labour availability. These were offset by lower sales volumes at BMA as a result of increased stripping to improve supply chain stability and restore depleted inventory positions, which arose from extended weather impacts and labour constraints over recent years. Change in controllable cash costs Operating cash costs (655) Higher costs at WAIO primarily as we ramped up South Flank and increased production, at NSWEC from higher stripping and contractor costs to support higher production, at Escondida reflecting higher maintenance and at WAN due to increased third-party ore purchases following delivery issues in FY2023. Exploration and business development (118) Higher exploration spend for drilling activities at Oak Dam at Copper SA. (773) Change in other costs: Exchange rates 253 Impact of movements in the Australian dollar and Chilean peso against the US dollar. Inflation (686) Impact of inflation on the Group’s cost base. Fuel, energy, and consumable 487 Predominantly lower diesel and acid prices. price movements Non-cash (301) One-off items 316 Primarily non recurrence of FY2023 review of employee allowances and entitlements, and OZL acquisition costs. 69 Ceased and sold operations (510) Lower contribution from the Blackwater and Daunia mines related to divestment in April 2024. New and acquired operations 528 At Copper SA from the successful integration of OZL following the acquisition in FY2023. Other items 152 Includes increased profit from Antamina driven by higher average copper realised prices and VAT refund received in relation to previously divested Petroleum operations. Year ended 30 June 2024 29,016 1. For information on the method of calculation of the principal factors that affect Underlying EBITDA refer to OFR 10.2.

20 BHP Annual Report 2024 4 Financial review continued Cash flow The following table provides a summary of the Consolidated Cash Flow Statement contained in Financial Statements 1.4, excluding the impact of foreign currency exchange rate changes on cash and cash equivalents. 2024 2023 2022 Year ended 30 June US$M US$M US$M Net operating cash flows from Continuing operations 20,665 18,701 29,285 Net operating cash flows from Discontinued operations – – 2,889 Net operating cash flows 20,665 18,701 32,174 Net investing cash flows from Continuing operations (8,762) (13,065) (4,973) Net investing cash flows from Discontinued operations – – (904) Net cash completion payment on merger of Petroleum with Woodside – – (683) Cash and cash equivalents disposed on merger of Petroleum with Woodside – – (399) Net investing cash flows (8,762) (13,065) (6,959) Net financing cash flows from Continuing operations (11,669) (10,315) (22,734) Net financing cash flows from Discontinued operations – – (33) Net financing cash flows (11,669) (10,315) (22,767) Net increase/(decrease) in cash and cash equivalents 234 (4,679) 2,448 Net increase/(decrease) in cash and cash equivalents from Continuing operations 234 (4,679) 1,578 Net increase in cash and cash equivalents from Discontinued operations – – 1,952 Net cash completion payment on merger of Petroleum with Woodside – – (683) Cash and cash equivalents disposed on merger of Petroleum with Woodside – – (399) Net operating cash inflows from Continuing operations of US$20.7 billion increased by US$2.0 billion. This is primarily due to lower tax and royalty related taxation finalisation payments in FY2024 relating to FY2023 profits, compared to payments in FY2023 relating to FY2022 profits. Net investing cash outflows from Continuing operations of US$8.8 billion decreased by US$4.3 billion. This decrease primarily reflects the non-recurrence of the US$5.9 billion acquisition of OZL completed in FY2023 in conjunction with the proceeds received in FY2024 related to the divestment of BHP’s interest in Blackwater and Daunia coal operations to Whitehaven Coal of US$1.1 billion, partially offset by higher capital expenditure of US$2.1 billion including for Jansen and West Musgrave. For more information on exceptional items relating to the divestment of Blackwater and Daunia and a breakdown of capital and exploration expenditure on a commodity basis refer to Financial Statements note 3 ‘Exceptional items’ and OFR 9 respectively Net financing cash outflows from Continuing operations of US$11.7 billion increased by US$1.4 billion. This increase reflects a net movement in repayments/proceeds of interest bearing liabilities of US$7.1 billion mainly due to the repayment of the OZL acquisition facility in FY2024 (US$5.0 billion) and higher other bond issuances compared to FY2023. These were partially offset by lower dividends paid to BHP shareholders of US$5.6 billion. For more information refer to Financial Statements note 21 ‘Net debt’ Underlying return on capital employed (ROCE) of 27.2 per cent decreased by 1.6 percentage points (FY2023: 19.9 percentage point decrease) reflecting an increase in average capital employed attributable to the impact of the OZL acquisition in FY2023. Reductions in capital employed related to the impairment of WAN and the divestment of Blackwater and Daunia are largely offset by capital expenditure in the period. For more information on ROCE refer to OFR 10 4.4 Debt and sources of liquidity Our policies on debt and liquidity management have the following objectives: – a strong balance sheet through the cycle – diversification of funding sources – maintain borrowings and excess cash predominantly in US dollars Interest bearing liabilities, net debt and gearing At the end of FY2024, Interest bearing liabilities were US$20.7 billion (FY2023: US$22.3 billion) and Cash and cash equivalents were US$12.5 billion (FY2023: US$12.4 billion). This resulted in Net debt of US$9.1 billion, which represented a decrease of US$2.0 billion compared with the Net debt position at 30 June 2023. The reduction is primarily due to US$20.7 billion operating cash flows generated combined with US$1.1 billion proceeds from the divestment of the Blackwater and Daunia mines, which were partially offset by capital and exploration expenditure of US$9.3 billion and dividend payments of US$9.1 billion. Gearing, which is the ratio of Net debt to Net debt plus Net assets, was 15.7 per cent at 30 June 2024, compared with 18.7 per cent at 30 June 2023. For more information on Net debt and gearing refer to Financial Statements note 21 ‘Net debt’ and OFR 10 During FY2024, gross debt decreased by US$1.6 billion to US$20.7 billion as at 30 June 2024. The decrease reflects the repayment of the US$5.0 billion OZL acquisition facility in September 2023 combined with the repayment of US$734 million of 3.85 per cent USD senior notes that matured in September 2023 and 560 million of EUR senior notes that matured in May 2024, largely offset by the issuance of US$4.75 billion of US bonds in September 2023. At the subsidiary level, Escondida repaid US$0.3 billion of debt and received proceeds from debt of US$0.4 billion in the period.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 21 Funding sources In September 2023, the Group issued five tranches of USD bonds comprising US$850 million 5.25 per cent bonds due CY2026, US$700 million 5.1 per cent bonds due CY2028, US$900 million 5.25 per cent bonds due CY2030, US$1.5 billion 5.25 per cent bonds due CY2033 and US$800 million 5.5 per cent bonds due CY2053. The USD bonds were issued by BHP Billiton Finance (USA) Limited, a wholly-owned finance subsidiary of BHP Group Limited, and are fully and unconditionally guaranteed by BHP Group Limited. Our Group-level borrowing facilities are not subject to financial covenants. Certain specific financing facilities in relation to specific assets are the subject of financial covenants that vary from facility to facility, but this would be considered normal for such facilities. In addition to the Group’s uncommitted debt issuance programs, we hold the following committed standby facility: Facility Facility available Drawn Undrawn available Drawn Undrawn 2024 2024 2024 2023 2023 2023 US$M US$M US$M US$M US$M US$M Revolving credit facility1 5,500 – 5,500 5,500 – 5,500 Total financing facility 5,500 – 5,500 5,500 – 5,500 1. The facility is due to mature on 10 October 2026. The committed US$5.5 billion revolving credit facility operates as a back-stop to the Group’s uncommitted commercial paper program. The combined amount drawn under the facility or as commercial paper will not exceed US$5.5 billion. As at 30 June 2024, US$ nil commercial paper was drawn (FY2023: US$ nil), therefore US$5.5 billion of committed facility was available to use (FY2023: US$5.5 billion). A commitment fee is payable on the undrawn balance and interest is payable on any drawn balance comprising a reference rate plus a margin. The agreed margins are typical for a credit facility extended to a company with the Group’s credit rating. For more information on the maturity profile of our debt obligations and details of our standby and support agreements refer to Financial Statements note 24 ‘Financial risk management’ Information in relation to our material off-balance sheet arrangements, principally contingent liabilities, commitments for capital expenditure and commitments under leases at 30 June 2024 is provided in Financial Statements note 11 ‘Property, plant and equipment’, Financial Statements note 22 ‘Leases’ and Financial Statements note 34 ‘Contingent liabilities’, respectively In our opinion, working capital is sufficient for our present requirements. The Group’s Moody’s credit rating has remained at A1/P-1 outlook stable (long-term/short-term). The Group’s S&P Global rating has remained at A-/A-1 outlook stable (long-term/short-term). Credit ratings are forward-looking opinions on credit risk. Moody’s and S&P Global’s credit ratings express the opinion of each agency on the ability and willingness of BHP to meet its financial obligations in full and on time. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by an assigning rating agency. Any credit rating should be evaluated independently of any other information. The following table expands on the Net debt position, to provide more information on the cash and non-cash movements in FY2024. 2024 2023 Year ended 30 June US$M US$M Net debt at the beginning of the period (11,166) (333) Net operating cash flows 20,665 18,701 Net investing cash flows (8,762) (13,065) Net financing cash flows (11,669) (10,315) Net increase/(decrease) in cash and cash equivalents from Continuing and Discontinued operations 234 (4,679) Carrying value of interest bearing liability net repayments/(proceeds) 2,236 (4,893) Carrying value of debt related instruments settlements/(proceeds) 321 677 Carrying value of cash management related instruments (proceeds)/settlements (361) (331) Fair value change on hedged loans1 214 803 Fair value change on hedged derivatives1 (188) (691) Foreign currency exchange rate changes on cash and cash equivalents (159) (134) Lease additions (excluding leases associated with index-linked freight contracts) (429) (472) Acquisition of subsidiaries and operations2 – (1,111) Divestment of subsidiaries and operations3 60 –Other 118 (2) Non-cash movements (384) (1,607) Net debt at the end of the period (9,120) (11,166) 1. The Group hedges against the volatility in both exchange and interest rates on debt, and also exchange rates on cash, with associated movements in derivatives reported in Other financial assets/liabilities as effective hedged derivatives (cross currency and interest rate swaps), in accordance with accounting standards. For more information refer to Financial Statements note 24 ‘Financial risk management’. 2. US$1,111 million of Interest bearing liabilities were acquired on 2 May 2023 as part of the acquisition of OZL. Excludes US$104 million cash acquired which is included in Net investing cash flows. 3. Relates to leases disposed of as part of the Blackwater and Daunia mines divestment completed on 2 April 2024. Refer to Financial Statements note 3 ‘Exceptional items’ for further information. Dividends Our dividend policy provides for a minimum 50 per cent payout of Underlying attributable profit (Continuing operations) at every reporting period. The minimum dividend payment for the second half of FY2024 was US$0.70 per share. The Board determined to pay an additional amount of US$0.04 per share, taking the final dividend to US$0.74 per share (US$3.8 billion). In total, cash dividends of US$7.4 billion (US$1.46 per share) have been determined for FY2024.

22 BHP Annual Report 2024 5 Our assets 5.1 Minerals Australia Minerals Australia includes operated assets in Western Australia, Queensland and New South Wales, focused on iron ore, steelmaking coal, nickel and energy coal. The commodities produced by our Minerals Australia assets are transported by rail and road to port and exported to our global customers or by rail to domestic customers. Iron ore Western Australia Iron Ore Western Overview Australia Western Western Australia Iron Ore (WAIO) is an integrated system of four Iron Ore Australia processing hubs and five open-cut operational mines in the Pilbara region Existing of northern Western Australia, connected by more than 1,000 kilometres of Port Hedland operations rail infrastructure and port facilities. Finucane Island Nelson Point Goldsworthy Rail Line Non-operational WAIO’s Pilbara reserve base is relatively concentrated, allowing South Hedland Goldsworthy mines Yarrie development through integrated mining hubs connected to the mines and Karratha Port satellite orebodies by conveyors or spur lines. This approach seeks to Marble Bar Rail maximise the value of installed infrastructure by using the same processing Northern Great plant and rail infrastructure for several orebodies. Highway Port Hedland – Ore is crushed, beneficiated (where necessary) and blended at the Newman Rail Line processing hubs – Mt Newman operations (which has our beneficiation Chichester Deviation plant), Yandi, Mining Area C (our largest operating iron ore hub processing Karijini National ore from Area C and South Flank) and Jimblebar – to create lump and fines Park Yandi products that are transported along the Port Hedland–Mt Newman rail line to the Finucane Island and Nelson Point port facilities at Port Hedland. Mining Area C There are four main WAIO joint ventures (JVs): Mt Newman JV, Yandi JV, Newman Mt Goldsworthy JV (which includes the South Flank mining area) and South Flank East Orebody 18 Jimblebar Newman West Jimblebar JV. BHP’s interest in each is 85 per cent, with Mitsui and Newman ITOCHU owning the remaining 15 per cent. The joint ventures are unincorporated, except Jimblebar JV. BHP, along with Mitsui, ITOCHU and POSCO are also participants in the POSMAC JV. BHP’s interest in POSMAC is 65 per cent. The ore from the POSMAC JV is sold to the Mt Goldsworthy JV. All ore is transported on the Mt Newman JV and Mt Goldsworthy JV rail lines. The Nelson Point port facility is owned by the Mt Newman JV and the Finucane Island facility is owned by the Mt Goldsworthy JV. On 7 September 2021, BHP received regulatory approval to increase our export capacity at WAIO’s Port Hedland operations, in stages, up to 330 million tonnes per annum (Mtpa) (100 per cent basis). We are currently studying expansion alternatives for growth up to 330 Mtpa with the feasibility study expected to be completed in CY2025. Our near-term focus remains on stable production of 290 Mtpa of iron ore. Successful tie-in of capital projects, including the port debottlenecking project, is expected to enable growth in excess of 305 Mtpa in the medium term. Key developments in FY2024 WAIO achieved record production of 255 million tonnes (Mt) (253 Mt FY2023) or 287 Mt (285 Mt FY2023) on a 100 per cent basis, reflecting strong supply chain performance with increased capacity unlocked by the Port Debottlenecking Project 1 and increased production at South Flank. South Flank completed ramp up to full production capacity of 80 Mtpa (100 per cent basis) in FY2024 as planned, which contributed to WAIO achieving record lump sales for the year. Autonomous haulage deployment continues as planned. The Shiploader Automation Project has continued to progress with the automation completed on two shiploaders and the third shiploader nearing completion. Together with autonomous haulage rollouts at South Flank and Newman West, these initiatives are expected to deliver safety, production and cost improvements as well as new job and development opportunities. The Port Debottlenecking Project 1 was commissioned in December 2023 and has enabled higher production volumes and contributed to record sales volumes in FY2024. The project remains on track to be completed in CY2024. In February 2024, BHP approved US$943 million in capital expenditure for the development of the Western Ridge Crusher Project. This project is expected to deliver an average of 25 Mtpa providing around 12 years of product for WAIO to replace part of the production from depleting In FY2024, WAIO achieved record spend with Traditional Owners and orebodies around Newman. First ore is targeted in CY2026. Indigenous businesses representing a 69 per cent increase on the previous year to A$465 million of which A$237 million was spent with 68 Traditional Owner businesses.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 23 Coal BHP Mitsubishi Alliance extended weather impacts and labour constraints over recent years, and Overview the divestment of Blackwater and Daunia on 2 April 2024. Production was also impacted by an extended longwall move and geotechnical faulting BHP Mitsubishi Alliance (BMA) (BHP ownership: 50 per cent) operates at Broadmeadow during H1 FY2024, and the temporary suspension five steelmaking coal mines – Goonyella Riverside, Broadmeadow, of operations following the fatality of a team member at Saraji. Peak Downs, Saraji and Caval Ridge in the Bowen Basin, Queensland. Blackwater and Daunia produced 5 Mt (10 Mt on a 100 per cent basis) BMA’s mines are open cut, except for the Broadmeadow underground in FY2024 prior to their divestment. longwall operation. BMA has access to infrastructure, including a modern, In April 2024, BMA’s owners, BHP and Mitsubishi Development, divested multi-user rail network, and owns and operates its own coal-loading the Daunia and Blackwater mines to Whitehaven Coal, an ASX-listed terminal at Hay Point, near Mackay. company. Whitehaven Coal paid a combined US$2.0 billion cash Key developments in FY2024 consideration on completion plus a preliminary completion adjustment of US$44.1 million for working capital and other agreed adjustments BMA production of 22.3 Mt (44.6 Mt on a 100 per cent basis) decreased (100 per cent interest basis). The total consideration for the transaction from the prior year as a result of increased stripping to improve supply includes earnout and adjustments and may be up to US$4.1 billion plus chain stability and restore depleted inventory positions, which arose from the final completion adjustment amount. Goonyella continued to safely increase autonomous productivity and BHP Mitsubishi ultra-class truck fleet performance in FY2024 – delivering an annualised Alliance (BMA) production hours increase of 7 per cent, contributing to a 6 per cent Queensland, Australia increase in truck and shovel stripping volumes at Goonyella Riverside, as we’ve continued to adapt and unlock the efficiencies of the system. Bowen In October 2023, BMA successfully commissioned a replacement berth BMA Mine structure and shiploader at Hay Point Coal Terminal resulting in improved BMA Terminal resilience for significant weather and major cyclone events and enabling Collinsville Rail the port’s future and long-term capability. BMA operations largely lie within the Native Title Determination area Goonyella Riverside Mackay of the Barada Barna people. BMA has been working closely with the Barada Barna Aboriginal Corporation (BBAC) to negotiate a project-wide Broadmeadow Indigenous Land Use Agreement. The agreement was approved and Coal BMA Terminal Hay Point signed by BBAC and BMA and is expected to be approved by the Queensland Government in early FY2025. This agreement demonstrates a refreshed approach to agreement structures and establishes a process Moranbah to obtain and maintain Free Prior and Informed Consent (FPIC) across Caval the life of the operation. It provides a fit-for-purpose benefits package intended to provide intergenerational benefit for Barada Barna people Ridge Peak Downs through financial compensation, provision of housing, as well as in the Saraji Dysart areas of employment, education and contracting opportunities.

24 BHP Annual Report 2024 5 Our assets continued New South Wales Energy Coal NSW Energy Overview Coal Gunnedah New South Wales Energy Coal (NSWEC) (BHP ownership: 100 per cent) NSW, Tamworth Australia comprises the Mt Arthur Coal open-cut energy coal mine in the Hunter Valley. It has access to infrastructure in the Hunter Region, including a NSWEC multi-user rail network and coal loading terminal access at the Port of Port Newcastle through Newcastle Coal Infrastructure Group (BHP ownership: Quirindi Rail 28 per cent) and Port Waratah Coal Services. On 16 June 2022, we announced we would retain NSWEC in our portfolio, seek the relevant approvals to continue mining beyond the current consent that expires at the end of FY2026 and proceed with a managed process to cease mining at the asset by the end of FY2030. Continuation of mining to the end of FY2030 is intended to provide the time to work with our people and the local community on an equitable change and transition approach Muswellbrook as well as the time to plan and execute the necessary works to deliver a Mt Arthur positive legacy from BHP mining in the Hunter Valley. Singleton Key developments in FY2024 Production increased due to strong operating performance across the year Maitland as improved weather and labour availability conditions enabled an uplift in truck productivity and record annualised truck hours. We also supported Cessnock regional coal-fired power stations by delivering 1.3 Mt in line with New Newcastle South Wales Government Coal Directions (Directions). The Directions ceased on 1 July 2024, with the change in royalty rates for open-cut mines increasing 2.6 percentage points, from 8.2 per cent to 10.8 per cent. We continue to progress plans to cease mining at the asset in FY2030, In FY2024, we renegotiated a contract with Thiess Mining Services for six which includes the completion of progressive rehabilitation commitments years to provide contract mining services at the Mt Arthur South Operation. during FY2024. We undertook significant engagement with our workforce The application to continue mining for an additional four years from and community in FY2024 as we worked to consider alternate mine land FY2026 to FY2030 was lodged with the New South Wales Government in re-use outcomes for the site. September 2023 and is currently under assessment, with a determination expected in the first half of CY2025. Nickel Western Australia Nickel Western Australia Overview Nickel Western Nickel West (BHP ownership: 100 per cent) is a fully integrated nickel Australia business located in Western Australia, with three streams of concentrate. It comprises open-cut and underground mines, concentrators, a smelter Newman and refinery. Nickel West owns the majority of tenements hosting Nickel Nickel West Sulphide Mineral Resources in the Agnew-Wiluna belt, Western Australia. Port Highway Disseminated sulphide ore is mined at the Mt Keith open-pit operation and Mt Keith Satellite mine (Yakabindie) and crushed and processed on-site to produce nickel concentrate. Nickel sulphide ore is mined at the Cliffs West Mt Keith Musgrave and Leinster underground mines and processed through a concentrator Cliffs Leinster and dryer at Leinster. A concentrator plant in Kambalda processes ore and Mt Keith Satellite concentrate purchased from third parties. Geraldton (Yakabindie) The three streams feed the Kalgoorlie nickel smelter, which uses a flash furnace to produce nickel matte. The Kwinana nickel refinery then turns Kalgoorlie Smelter this into nickel powder, briquettes and nickel sulphate. Concentrator Kambalda The West Musgrave Project (BHP ownership: 100 per cent; acquired as Kwinana Perth Refinery part of OZ Minerals) is a greenfield nickel and copper project located on Fremantle Ngaanyatjarra Country in the West Musgrave Ranges of Western Australia, Ravensthorpe approximately 1,300 kilometres northeast of Perth and 1,400 kilometres northwest of Adelaide, near the intersection of the borders of Western Australia, South Australia and the Northern Territory. Albany Key developments in FY2024 On 11 July 2024, BHP announced Western Australia Nickel would BHP will invest approximately US$300 million (A$450 million) per annum be temporarily suspended from October 2024. We intend to review following completion of a transition period to support a potential re-start the decision to temporarily suspend Western Australia Nickel by of Western Australia Nickel. The transition period commenced in July February 2027. 2024. Operations will be suspended in October 2024 and handover The decision to temporarily suspend Western Australia Nickel follows activities for temporary suspension will be completed by December 2024. oversupply in the global nickel market. Forward consensus nickel prices We will continue to support our workforce and local communities during over the next half of the decade have fallen sharply reflecting strong growth the temporary suspension, including the establishment of a A$20 million of alternative low-cost nickel supply. Community Fund.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 25 5.2 Copper South Australia Copper South Australia comprises surface processing and underground mining operations in one of the world’s most significant copper, gold, silver and uranium basins. Copper South Australia was formed following our acquisition of OZ Minerals in May 2023 and refers to Olympic Dam, and Carrapateena and Prominent Hill operations, which were acquired from OZ minerals, and the Oak Dam exploration project. The underground mining and conventional crushing operations of Carrapateena and Prominent Hill produce copper concentrate and are located in close proximity to the mining and integrated crushing, grinding, concentrating, smelting and refining operations of Olympic Dam, which produces copper cathode, gold and silver bullion, and uranium oxide concentrate. The commodities produced by Copper South Australia are transported by road and rail to our domestic customers and via the Adelaide and Whyalla ports to be exported to our global customers. Copper Overview Copper South The Olympic Dam Mine (BHP ownership: 100 per cent) is one of the Australia world’s most significant deposits of copper, gold, silver and uranium, located on Kokatha Country in the Gawler Craton, South Australia. It comprises underground mining and surface operations and is a fully South Australia integrated processing facility from ore to metal. Existing Ore mined underground via sub-level open stoping is hauled by an operations automated train system to crushing, storage and ore hoisting facilities or Project trucked directly to the surface. Prominent Hill Transmission line Olympic Dam has a fully integrated metallurgical complex with a grinding and concentrating circuit, a hydrometallurgical plant incorporating solvent extraction circuits for copper and uranium, a copper smelter, a copper refinery, including an electro-refinery and an electrowinning-refinery, ~180km Olympic Dam and a recovery circuit for precious metals. Carrapateena (BHP ownership: 100 per cent; acquired as part of OZ Minerals) is an underground copper, gold and silver mine located on ~180km Oak Dam Kokatha Country in the Gawler Craton, South Australia, approximately Carrapateena 180 kilometres by road southeast of Olympic Dam and 160 kilometres north of Port Augusta. Underground mining at Carrapateena is by sub-level caving. Conventional crushing, grinding and flotation produces copper concentrate. Prominent Hill (BHP ownership: 100 per cent; acquired as part of OZ Minerals) is an underground copper, gold and silver mine located on Antakirinja Matu-Yankunytjatjara Country in the Gawler Craton, South Australia, 200 kilometres northwest of Olympic Dam. Prominent Hill Resource drilling at Oak Dam continued, with up to 12 deep directional was first developed as an open-pit mine, however, mining activities diamond drill rigs on the exploration licence, informing an Inferred Mineral have progressed underground via sub-level open stoping since 2012. Resource declaration. Drilling at OD Deeps in FY2024 was executed Conventional crushing, grinding and flotation produce copper concentrate. through up to 11 diamond rigs that explored beneath the Iron Oxide Copper The Oak Dam Project (BHP ownership: 100 per cent) is a greenfield Gold (IOCG) orebody at Olympic Dam. Results from this drilling were copper, gold, silver and uranium deposit located on Kokatha Country in the released as part of the Q2 FY2024 BHP Operational Review. Gawler Craton, South Australia. Carrapateena achieved a record production outcome of 68 kt of payable Key developments in FY2024 copper production (60 kt in FY2023). Crusher Station 2 was successfully commissioned in Q3 FY2024 enabling higher productivity from the Copper South Australia achieved production of 322 kilotonnes (kt) of sub-level cave and record ore mined of 5.2 Mt in FY2024 (4.6 Mt FY2023) payable copper, gold production of 370 thousand troy ounces (ktoz) and enabled milling throughput to increase to record rates of 5.2 Mt (4.7 Mt in 3.6 kt of uranium. FY2023). The bottom half of the Carrapateena orebody is being developed into a block cave, with the aim of unlocking the mine’s potential to be a Olympic Dam achieved a record cathode production outcome under multigenerational, low quartile cash cost producing operation and progress BHP operatorship of 216 kt, primarily driven by record mine and smelter continued in FY2024 with the development of the decline below the current performance. Record ore mined was achieved at 10.8 Mt (10.6 Mt FY2014) sub-level cave. and record concentrate smelted was achieved at 508.9 kt (507.9 kt FY2023). Strong smelter performance at Olympic Dam was supported by In FY2024, Prominent Hill produced 50 kt of payable copper (54 kt in 12.6 kt of concentrate transfers from Prominent Hill and Carrapateena, for FY2023). Record ore to surface production was achieved at 4.5 Mt processing to higher margin cathode. Record gold bullion production was (4.4 Mt in FY2023) as development of the underground mine progresses, also delivered in FY2024 at 207 ktoz (186 ktoz FY2023). supported by record underground development of 17.2 kilometres (14.7 kilometres in FY2023). The Prominent Hill Operations Expansion The Olympic Dam underground mine continues to develop further into the to extend mine life and increase copper production continues works Southern Mine Area, with approximately 70 per cent of total ore production to construct and commission the 6.5 Mtpa ore capacity Wira Shaft. currently from this part of the mine. Average copper grade remained Shaft works advanced and the shaft sink is approximately 35 per cent strong at 2.01 per cent. The short-term focus is on optimising operational complete at a current depth of approximately 450 metres. performance and debottlenecking existing facilities to further improve production performance. A funding agreement with the South Australian Government was signed in Q3 FY2024 for a study on the Northern Water Supply Project. Infrastructure South Australia will be undertaking the study for construction of a multi-user coastal desalination plant in the Upper Spencer Gulf to reduce reliance on the Great Artesian Basin.

26 BHP Annual Report 2024 5 Our assets continued 5.3 Minerals Americas The Minerals Americas asset group includes operated assets, projects and interests in non-operated joint ventures in Canada, Chile, Peru, the United States and Brazil. Our operated assets in the Americas are Escondida and Pampa Norte, which are open-cut mines that produce copper concentrate and copper cathodes, and the Jansen potash project in Canada. The non-operated assets in the Minerals Americas portfolio are open-cut mines that produce copper (Antamina) and iron ore (Samarco), and the Resolution Copper Project in the United States. The commodities produced by our Minerals Americas assets are transported to port by pipeline, rail or road and exported to customers around the world. In July 2024, we agreed to acquire a 50 per cent interest in the Filo del Sol and Josemaria copper projects in Argentina and Chile with Lundin Mining. If approved, this will give us the opportunity to jointly advance an emerging copper district with world-class potential. Copper Escondida Escondida and Overview Pampa Norte PERU Chile Bolivia Escondida (BHP ownership: 57.5 per cent), located in the Atacama Desert in northern Chile, is a leading producer of copper concentrate and cathodes, with by-products including gold and silver. Escondida’s two pits feed three concentrator plants, as well as two Mine leaching operations (oxide and sulphide). Cerro Colorado Key developments in FY2024 Iquique BOLIVIA Escondida copper production increased by 7 per cent to 1,125 kt primarily Pica due to higher concentrator feed grade of 0.88 per cent, up from 0.82 per cent in FY2023, as mining progressed into areas of higher-grade ore as Pacific planned following the implementation of measures to manage geotechnical Ocean CHILE events in FY2023. This was partially offset by planned lower cathode production, as a result of prioritising concentrator throughput in prior years. Tocopilla Deployment of autonomous trucks began in the Escondida Norte pit in the Calama second half of FY2024 and will ramp up to approximately 50 autonomous Spence trucks over the next three years. Mejillones In FY2024, the largest capacity cable-powered shovel available in the market commenced operations at Escondida, the first in Latin America Antofagasta ARGENTINA and third in the world. This and further planned high-capacity shovel deployments will unlock further efficiency in the truck loading process Minera Escondida enabling incremental system performance and lower unit cost. Escondida successfully completed negotiations for a new collective agreement with the Union N°1 of Operators and Maintainers, effective for 36 months from 2 August 2024. Pampa Norte Overview Pampa Norte (BHP ownership: 100 per cent) consists of two assets in the Atacama Desert in northern Chile – Spence and Cerro Colorado. Spence produces copper cathodes and copper concentrate, with by-products including gold, silver and molybdenum. Cerro Colorado produced copper cathodes up until the asset entered temporary care and maintenance in December 2023. Key developments in FY2024 Spence copper production increased by 6 per cent to 255 kt, driven by improved concentrator performance and feed grades. Record concentrate production was partially offset by lower cathode production, in line with an expected decline in stacked feed grade. In March 2024, Spence achieved fully autonomous mine haulage operations (ahead of the Q4 FY2024 target date) and has deployed a total of 33 autonomous trucks. The concentrator plant modification, which commenced in August 2022, was completed in June 2024. In December 2023, Spence achieved gender balance across its total workforce and leadership roles ahead of BHP’s aspirational goal to achieve a minimum of 40 per cent female representation by the end of FY2025. During FY2024, Spence successfully completed negotiations for a new collective agreement with Union 2 of Supervisors, effective for operational conditions, and studies are ongoing to assess whether further 36 months from 1 December 2023 and with Union 1 of Operators and works are required. Production guidance at Spence remains subject to Maintainers effective for 36 months from 1 June 2024. the remediation of the TSF anomalies. As disclosed in the Q2 FY2024 Operational Review, changes to the Cerro Colorado transitioned to temporary closure in December 2023, after original Spence tailings storage facility (TSF) design were approved producing 11 kt in the period. We are assessing the application of novel and are currently in execution. As we progress execution, we continue leaching technologies to utilise latent capacity and allow for a potential to closely monitor the previously identified anomalies to ensure safe restart of operations early next decade.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 27 Jansen potash project Potash Canada Saskatchewan, Prince Albert Jansen potash project BHP project Overview leases BHP mineral The Jansen potash project (BHP ownership: 100 per cent) is located about 140 kilometres east of Saskatoon, Canada. Wolverine Jansen’s large resource provides the opportunity to develop the project Burr in stages, with Jansen Stage 1 (Jansen S1) expected to produce Saskatoon approximately 4.15 Mt of potash per annum on completion, and first production is expected in late CY2026. Approval of the 4.36 Mtpa Jansen Jansen Stage 2 (Jansen S2) has increased planned production to approximately 8.5 Mtpa, with further brownfield expansions up to 8 Mtpa (approximately Young 4 Mtpa per stage). Yorkton Boulder BHP holds mineral leases covering around 9,600 square kilometres in the Stalwart Saskatchewan potash basin. Key developments in FY2024 Holdfast Melville Jansen S1 is ahead of the original schedule and was 52 per cent complete Regina Moose Jaw as at 30 June 2024. During FY2024, we successfully commissioned Jansen’s permanent power substation, while also advancing steelwork and equipment installation for surface and underground. Port construction transitioned from ground improvement to civil and concrete works. Antamina In October 2023, BHP approved an investment of US$4.9 billion for Huari Jansen S2, following completion of the feasibility study, in line with plan. Province, Ancash, Execution of Jansen S2 commenced and is expected to take approximately Peru six years, with first production targeted for FY2029, followed by a three-year ramp-up period. Antamina mine Huari Port Pipeline Huaraz Antamina San Marcos Copper mine Huarmey Non-operated minerals joint ventures Lobitos Punta Antamina Overview Antamina (BHP ownership: 33.75 per cent), located in north central Peru, is a large, low-cost copper and zinc mine with by-products including molybdenum and silver. Antamina is operated independently by Compañía Minera Antamina S.A. Key developments in FY2024 Lima Antamina copper production increased by 4 per cent to 144 kt (BHP share) as a result of record concentrator throughput offsetting lower planned feed grades. Zinc production was 17 per cent lower at 103 kt (BHP share) East Clear Creek reflecting planned lower feed grades. Resolution Copper In FY2024, Peruvian authorities approved Antamina’s Modification of the Arizona, USA Environmental Impact Assessment (MEIA), extending the life of Antamina Tangle Creek from CY2028 to CY2036. Turkey Creek Cave Creek Resolution Copper Resolution Copper Overview Phoenix Highway Resolution Copper (BHP ownership: 45 per cent), located in the US State Oak Flat of Arizona, is one of the largest undeveloped copper projects in the Resolution Copper world and has the potential to become one of the largest copper producers in North America. Resolution Copper is operated by Rio Tinto Dripping Springs (55 per cent ownership). Mt Graham Key developments in FY2024 Mt Lemmon During FY2024, Resolution Copper continued the engineering and Tucson Mica Mountain permitting phase of the project. The project is subject to a Final Kitt Peak Environmental Impact Statement (FEIS), which is a federal permitting USA process led by the US Forest Service. The US Forest Service published a FEIS in January 2021, which was rescinded in March 2021 to allow additional environmental analysis and consultation with Native American Appleton Ranch Tribes. The US Forest Service has indicated there is no timeline for MEXICO republication of the FEIS, which is subject to three lawsuits filed against the US Forest Service on behalf of Native American Tribe members and non-government organisations. Resolution Copper has publicly stated opportunities. As part of the permitting process, the US Government has its commitment to deepening ongoing engagement with Native American continued to consult with Native American Tribes resulting in the identification Tribes and other stakeholders while collaborating to create shared value of mitigation strategies for cultural heritage areas in the project area.

28 BHP Annual Report 2024 5 Our assets continued Iron ore Non-operated minerals joint venture Samarco Samarco Overview Espírito Minas Gerais, Santo, Samarco (BHP ownership: 50 per cent) comprises a mine and three Brazil concentrators located in the Brazilian state of Minas Gerais, and four Samarco pellet plants and a port located in Anchieta in the state of Espírito Santo. 1st pipeline Three 400-kilometre pipelines connect the mine site to the pelletising 2nd pipeline Nova Era – 3rd pipeline facilities. Samarco is operated independently by Samarco Mineração Belo Antônio Dias Horizonte (Guilman-Amorim Pipeline 2 S.A. Samarco’s main product is iron ore pellets, which are independently (Main offices) operational; hydroelectric plant) marketed by Samarco and sold to customers around the world. pipelines non-operational 1 and 3 Samarco’s operations were suspended in November 2015 after the Fundăo dam failure. Since resuming operations in December 2020, 80 per cent Mining Lease Vitória of the tailings generated are filtrated and dry stacked, and 20 per cent (Sales office) are deposited in a confined pit enabling Samarco to operate without a Mariana –Ouro Preto (Muniz Muniz Freire Freire conventional tailings dam structure. (Germano operational unit) hydroelectric plant) (Operational Anchieta Key developments in FY2024 unit and terminal ocean at Samarco increased iron ore pellets and ore fines production in FY2024 by 5 per cent to 4.7 Mt (BHP share). Samarco is currently operating at Ponta Uba) 31 per cent of its total 26 Mtpa (100 per cent basis) production capacity and has shipped more than 29 Mt (100 per cent basis) of pellets and fines since the resumption of operations in December 2020. In June 2023, Samarco Board of Directors approved investment to increase production Samarco has been progressively decommissioning its upstream tailings dam to approximately 60 per cent of its full capacity through restarting the structures in accordance with Brazilian legislation. Decommissioning works second concentrator and third pelletising plant, expanding the existing for the smaller of the two tailings dams, the Germano Pit dam, were completed filtration plant and increasing the mine fleet. Project execution is on track during FY2023 and formally approved by state authorities in FY2024. with first production expected in early CY2025. The progressive decommissioning of the remaining upstream tailings dam structure, the Germano Main dam, is on track for completion by FY2029. In December 2023, Samarco completed a restructure of its debts These structures have been certified as stable by independent third parties under the Judicial Reorganisation process, which included payments and are compliant with local stability and monitoring requirements. In addition, to employees and suppliers and the issue of new unsecured debt to Samarco is now fully compliant with the Global Industry Standards on Tailings Samarco’s financial creditors. The restructure provides Samarco with a Management (GISTM) requirements. Samarco is continuing broader studies stable financial position to continue to rebuild its operations and strengthen to review solutions to operate without tailings dams beyond FY2030. its ability to meet its remediation and compensation obligations related to the Fundão dam failure. This also benefits neighbouring communities For more information on the Fundão dam failure through job creation, investment and taxes. and the response refer to OFR 7 5.4 Commercial Procurement BHP’s Commercial function seeks to maximise commercial Our global Procurement team connects asset teams and suppliers to procure the goods and services used by our projects, operated assets and and social value while minimising costs across the end-to-end functions globally. Procurement partners with our suppliers to optimise supply chain. The function is organised around core activities safety, equipment performance, reduce operating costs, optimise working in our value chain, supported by risk governance and analytics. capital and generate social value. Through innovation, we work with our suppliers to support opportunities to reduce the GHG emissions intensity Sales and Marketing of inbound goods and services and the operational GHG emissions of our operated assets. Procurement manages supply chain risk, fosters supplier The Sales and Marketing team connects BHP to the market through innovation and looks to develop positive and enduring relationships with commercial expertise, sales and operations planning, customer insights global suppliers and local businesses in the communities where we operate. and proactive risk management. It presents a single face to market across multiple assets, with a view to realising maximum value and supporting sustainability initiatives in our value chain. Market Analysis and Economics Our Market Analysis and Economics team develops BHP’s proprietary Maritime and Supply Chain Excellence view on the outlook for commodity demand and prices, as well as our input costs, the world economy and financial markets, and the potential impact of The Maritime and Supply Chain Excellence team manages BHP’s climate change in those contexts. The team works with our Procurement, enterprise-wide maritime transportation strategy and the chartering of Maritime and Sales and Marketing sub-functions to help optimise end-to-ocean freight to meet BHP’s inbound and outbound transportation needs. end commercial value and with the Portfolio Strategy and Development It focuses on supply chain excellence and sourcing cost-efficient marine and External Affairs functions to identify and respond to long-run strategic freight in addition to engaging within the maritime ecosystem with a view to changes in our operating environment. uplifting overall safety standards in the industry, promoting seafarer welfare and supporting GHG emissions intensity reduction initiatives. It also seeks to manage supply chain risk by vetting the safety performance of the Global Business Services ships loading BHP cargo and partnering with reliable vessel owners with The Global Business Services team integrates repeatable process activity excellent operational and safety standards. across the Group into a single shared services operation. With the BHP Operating System and process transformation capabilities at its core, the team has the mandate to aggregate, operate and improve end-to-end processes on behalf of assets and functions to drive operational excellence.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 29 6 Sustainability Sustainability is key to our purpose of bringing people Performance data – workforce health and safety for FY20241 and resources together to build a better world and is core High-potential injuries to our strategy. For more information on BHP’s approach to and definition of Year ended 30 June 2024 2023 2022 2021 sustainability refer to OFR 6 and Additional information 10.4 High-potential injuries 21 30 24 33 Employees Contractors 6.1 Safety High-potential injury frequency2 0.03 0.02 Protecting the safety and wellbeing of our workforce and the communities Total recordable injury frequency (per million hours worked) where we operate is of the highest importance at BHP and is underpinned by Our Values. Year ended 30 June 2024 2023 2022 2021 In January 2024, a valued contracting colleague, Luke O’Brien, was fatally Total recordable injury frequency3 4.7 4.5 4.1 3.8 injured at our BMA Coal operations in Queensland in a vehicle-related Employees Contractors event. The investigation findings were shared internally with relevant 2 stakeholders to broaden and inform operational learning and improvement. Total recordable injury frequency 1.05 0.89 Our investigation into the previous year’s fatal event, involving Nathan 1. Prior year data (FY2021 to FY2023) excludes former OZ Minerals assets (acquired 2 May Scholz at Olympic Dam, is being finalised while external review processes 2023) and divested operations as follows: BHP Mitsui Coal (sale completed on 3 May are ongoing. 2022) and BHP’s oil and gas portfolio (merger with Woodside completed on 1 June 2022). Divested BMA assets, Daunia and Blackwater (divested on 2 April 2024) are included in These tragic events reinforce the need to continue to deepen our FY2024 data up until the date of divestment. understanding of the causes of fatal incidents so we can strengthen our 2. Employee and contractor frequency per 200,000 hours worked. controls. We continue to focus proactively on integrating safety in the way 3. Combined employee and contractor frequency per 1 million hours worked. work is performed through our BHP Operating System (BOS) and strive to improve the quality of our global Field Leadership Program and uplift safety As we learn year on year, we continue to look for opportunities to improve leadership capability across our organisation. the application of the following programs and systems as outlined in the We believe a positive workplace culture built on care and trust will enable sections below: us to understand more about the work conditions that increase risk to our – Fatality Elimination Program – asset-based fatality risk control workforce and influence how work is executed. We also believe learning implementation plans aimed at eliminating fatalities at our operations from those who perform the work and are closest to the risks gives us by having effective controls in place greater insight into how we can improve fatal risk control verification. – Field Leadership – enabling a culture of care, standard setting and This approach recognises that work is complex due to the interactions that supporting risk control verification occur between people, equipment/tools, processes, systems and culture, – Contractor Management – helping to protect the health and safety of our and how they influence one another can impact safety outcomes. contractors is an important element of asset-based health and safety Leaders play an instrumental role in shaping our organisation’s culture. management systems Our General Managers Integrated Leadership Forum is an example of how we are growing organisational capability and embedding BOS principles. Fatality Elimination Program The forum promotes strong safety leadership discussions, reinforcing ‘felt It is paramount that we continue to learn, improve and focus on leadership’, collaboration and connection as we seek better ways to learn opportunities to verify and strengthen our critical risk control framework and improve together. to more effectively manage and prevent fatality risks. Our safety performance We developed and introduced the Fatality Elimination Program (FEL) 1 program in 2020. The FEL program requires our assets to implement In FY2024 we recorded: fatal risk controls across their respective material safety risk profiles. – one fatal incident involving a vehicle, where a valued colleague The FEL program remains a high priority across BHP, with an intended undertaking contract work lost their life completion of asset FEL control implementation plans in FY2025. – a 36 per cent decrease in the high-potential injury frequency rate from Asset implementation plan progress against the FEL program is measured FY2023. The highest number of events with the potential for one or and tracked by the Executive Leadership Team and BHP scorecard to more fatalities was related to vehicle and mobile equipment incidents. ensure visibility at the highest level. Post FY2025, ongoing asset control We closely monitor high-potential injury trends and focus on identifying implementation and improvements will be managed via the existing risk the contributing factors and influencing conditions to help inform fatality evaluation process. risk control improvements We will continue to evolve our approach to safety risk management and – a 5 per cent increase in total recordable injury frequency (TRIF) from our understanding of what conditions and factors influence the cause of FY2023. The highest number of recordable injuries related to slips, trips incidents and the verification and validation of fatal risk controls. and falls for employees and contractors. The second-highest number In FY2024: of injuries for employees related to being hit by a moving object and for – On average, assets achieved over 90 per cent compliance for contractors related to being caught between objects FEL program controls implemented according to the plan for this – an increase in field leadership activities compared to FY2023 financial year. performance, at a frequency rate of 9,868 activities per million hours – We continued implementation of the five-year fatality elimination worked with over 1.8 million activities completed. We understand the roadmap, including the recommended sequencing of strengthened importance and value of sustaining the quality of these engagements controls based on effort, cost and near-miss reduction impact. and we continue to promote coaching, a key element of our scheduled – We continued to undertake data analysis and insights into our high-work routines, as an important tool for achieving this. The field potential near-miss and actual events, moving from three-monthly to leadership coaching rate was 42 per cent for Layered Audits and Critical six-monthly reviews, to identify more meaningful themes over a longer Control Observations, remaining on par with the previous year sampling period. This included a continued focus on the relevant risks, This section includes FY2024 safety data and information relating to controls and conditions that may increase the likelihood of incidents. the former OZ Minerals operations that form part of our Copper South Australia asset and the West Musgrave Project (acquired as part of BHP’s acquisition of OZ Minerals on 2 May 2023) unless expressly stated otherwise.

30 BHP Annual Report 2024 6 Sustainability continued – We identified ongoing FEL program fatal risk control verification and Our social value framework expands on and deepens our long-standing improvement opportunities via regional-focused assurance activities. commitment to sustainability. – We continued to review the Fatal Risk Control Management Framework For information on our approach to social value, including the to improve how we manage single-fatality occupational safety risk, with aspirational goals and associated metrics we have set for ourselves, vehicle and mobile equipment remaining our highest risk. This ongoing refer to OFR 6.5 work involves deepening our organisational understanding of risk and what causes incidents, improved performance standards and the quality For information on our governance of sustainability, including the of our fatal risk control verification and assurance programs. FY2024 improvement project for our internal Group-wide standards, refer to OFR 6.3 Field Leadership Program There are a number of voluntary global sustainability frameworks, Leaders spending time in the field fosters a culture of care, which helps standards, benchmarks and initiatives that we seek to comply with. to maintain safe operations. Our global Field Leadership Program We continue to report against the Global Reporting Initiative (GRI) encourages the workforce to provide feedback to their leaders about safety Standards, the Sustainability Accounting Standards Board (SASB) Mining issues and concerns, and may also include sharing insights into safer ways and Metals Standards and the recommendations of the Taskforce on of working. It involves leaders having quality two-way conversations with Climate-related Financial Disclosures (TCFD) in addition to engaging workers in the field and drives a common approach to improving health, on consultations relating to the International Sustainability Standards safety and environment (HSE) performance. The program helps verify Board (ISSB) standards. During FY2024, the trend towards mandatory that critical safety controls are in place, being applied and are effective in sustainability-related reporting frameworks increased, and we continue to managing risks that have the potential to result in fatalities. monitor these developments for their potential application to BHP, including The global field leadership tools include Layered Audits, Critical Control the proposed Australian Sustainability Reporting Standards (ASRS), Observations, Planned Task Confirmations and Take Time Talks, and are the EU Corporate Sustainability Reporting Directive (CSRD) and the EU supported by coaching routines. Corporate Sustainability Due Diligence Directive (CSDDD). In FY2024 we continued to: For information on our engagement with climate-specific regulatory – improve the quality of field leadership activities by increasing training developments refer to OFR 6.9 and coaching, and delivering field leadership engagements across all levels of the organisation In FY2024, we continued our commitment to a number of responsible production and sourcing standards, which require self-assessment and – conduct field leadership activities to support the verification of risks that third-party verification of management systems and performance at an have the potential to result in injuries or illnesses and fatalities across asset, operation or facility level. These standards, such as the International our operated assets – embed the global field leadership procedure, which is designed Council on Mining and Metals (ICMM) Performance Expectations, to increase the effectiveness of field leadership activities across Towards Sustainable Mining and the Copper Mark, require disclosure the business of our performance against detailed requirements across a broad range of sustainability topics. Details of the voluntary sustainability standards that we have reported Contractor management against for FY2024 are set out in the BHP ESG Standards and Our commitment to safety includes helping to protect the many thousands Databook 2024. of contractors who represent a significant part of our total workforce. The BHP ESG Standards and Databook 2024 is available Our approach to contractor management is intended to make it safer and at bhp.com/ESGStandards2024 easier for contractors to work with us and designed to support an inclusive, respectful and caring workplace culture. We have an asset-focused Our Modern Slavery Statement 2024 is prepared under the Australian approach to contractor management, with our contract owners playing a Modern Slavery Act 2018 and UK Modern Slavery Act 2015 and outlines significant role in helping us improve our partnerships with BHP service our management of modern slavery risks. In May 2024, BHP Canada Inc. providers. Contract owners work collaboratively with contractors to deliver published its first modern slavery statement under Canada’s newly enacted work safely under the conditions of their contract and in accordance with Fighting Against Forced Labour and Child Labour in Supply Chains Act for our mandatory minimum requirements for contractor management and the the financial year 1 July 2022 to 30 June 2023. respective asset safety management plans and systems. In FY2024 we: The BHP Group Modern Slavery Statement 2024 is available at bhp.com/MSS2024 – simplified our mandatory minimum requirements for contractor management under an asset-focused model – undertook internal assurance and audit activities at an asset level Treatment Daunia and of Blackwater former OZ coal Minerals mines and divestment of – Transitioned the Integrated Contractor Management (ICM) project, This Report includes FY2024 sustainability-related data and information which included facilitating contractor mobilisation to an asset-led model relating to the former OZ Minerals operations that form part of our Copper South Australia asset and the West Musgrave Project (acquired as part For more information on safety refer to bhp.com/safety of BHP’s acquisition of OZ Minerals on 2 May 2023), unless expressly stated otherwise in the relevant section. Prior year sustainability-related data and information has not been adjusted and restated unless expressly 6.2 Our sustainability approach stated otherwise. Former OZ Minerals Brazil sustainability-related data and information has been excluded from this Report unless otherwise The way we produce our commodities and how we responsibly manage expressly stated. Where OZ Minerals Brazil data is included as required to our sustainability-related impacts is critical to our future. Our stakeholders meet legal and regulatory requirements or as necessary to meet applicable and partners are increasingly focused on our sustainability performance voluntary standards and benchmarks, that data has been prepared in and use it as a key metric in assessing BHP and our industry. accordance with former OZ Minerals standards due to ongoing strategic We define our approach to sustainability through our purpose and review of these assets by BHP. Our Values, which are governed through our Global Standards. This Report includes sustainability-related data and information relating These standards describe our mandatory minimum performance to BMA’s Daunia and Blackwater coal mines up to completion of their requirements and provide the foundation for sustainability performance divestment on 2 April 2024, unless expressly stated otherwise in the at our operated assets and in our functions. relevant section.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 31 6.3 Sustainability governance Our management-level Sustainability and ESG Steering Committee (ESG SteerCo) undertakes review of a range of cross-functional and The BHP Board has oversight of our sustainability approach and strategic issues relating to key sustainability and ESG topics. Issues under performance and is supported by each of its Committees. the remit of the ESG SteerCo are driven by regular assessment of materiality and relative priority and determined in line with BHP’s social For information on BHP’s governance structure, including the work of the Board and each Committee refer to the Corporate value framework pillars. In FY2024, the membership of the ESG SteerCo Governance Statement included the Chief Legal, Governance and External Affairs Officer, the For information on the governance of climate change refer to Chief Operations Officer, the Chief Commercial Officer, the Chief Financial Officer and the Presidents of Minerals Americas and Minerals Australia OFR 6.9 and the BHP Climate Transition Action Plan 2024 from the Executive Leadership Team (ELT) as well as sustainability and available at bhp.com/CTAP2024 ESG leaders within BHP. Matters considered by the ESG SteerCo may During FY2024, we launched our new Global Controlled Documents suite also be subject to review or approval by the ELT and the Board or its following an improvement project to streamline the mandatory minimum Committees, in accordance with their remits. performance requirements set in our internal Group-wide standards. The ESG SteerCo met four times during FY2024. They discussed topics This included updates across the suite of sustainability-related Global including our community and human rights impact and opportunity Standards (previously Our Requirements standards) relating to Climate assessments, nature-positive plans to support progress against our 2030 Change, Environment, Community and Indigenous Peoples and the Healthy environment goal, environmental performance, sustainability introduction of a new Social Value and Sustainability Global Standard. standards strategy and implementation, and preparation of our Climate These improvements seek to make our requirements and our ways of Transition Action Plan 2024. working easier for our people to understand and apply. External versions of key sustainability-related elements of these Global Standards are available at bhp.com/about/operating-ethically/ corporate-governance Our approach to sustainability Purpose led Strong foundations Social value Our purpose underpins Through our purpose, Our Values, Building on strong foundations, we aspire to create social value for everything we do strategy and operating model, society that is purposeful, proactive, mutually beneficial and respectful. and is central to our we set the direction for the way In June 2022, we launched our social value framework, focused on sustainability approach. we do business. We build strong the six pillars of Decarbonisation, Healthy environment, Indigenous foundations through meeting partnerships, Safe, inclusive and future-ready workforce, Thriving, our compliance obligations and empowered communities and Responsible supply chains. operating within our social licence. We manage this through our Global Each pillar is anchored to an aspirational 2030 goal and Standards, which set the mandatory underpinned by a set of metrics to measure performance minimum performance standards for and milestones to track progress: BHP, our ongoing opportunity and threat management and meeting To bring people and Decarbonisation the sustainability standards that resources together we commit to. to build a better world Healthy environment Indigenous partnerships Safe, inclusive and future-ready workforce Thriving, empowered communities Responsible supply chains

32 BHP Annual Report 2024 6 Sustainability continued 6.4 Material topics for sustainability reporting Responsible sourcing and production standards performance Annual sustainability materiality assessment Each year we determine which sustainability topics are considered most We recognise there are sustainability-related opportunities and impacts material to our business, partners and stakeholders for the purpose of across our value chain. BHP has voluntarily committed to the adoption of our sustainability-related reporting (which may differ from the materiality a set of external standards for the responsible production and sourcing of standards applied by other reporting regimes) by undertaking an impact minerals and metals, as outlined in OFR 6.2. Our performance is assured materiality assessment in alignment with the recommendations of the GRI. against these standards by an independent third party and this allows us These topics are referred to as our material sustainability topics. The findings to more transparently demonstrate to our stakeholders our intent to be a of this assessment help us determine the information our stakeholders are responsible actor within the mining and metals industry and within global seeking and therefore the material sustainability topics for disclosure in value chains for our products. This also helps us align with sustainability-OFR 6. In FY2024 we have consolidated the material topics within OFR 6 related requirements set out by national mining associations, industry compared to FY2023 and we have reported on value chain sustainability and associations, commodity exchanges and relevant emerging regulations. Relevant Australian operated assets continued to progress implementation tailings storage facilities within OFR 6.4, sexual harassment within OFR 6.6, of the Towards Sustainable Mining framework, as part of the three-year and digital security and data privacy within OFR 8.1. Our materiality assessment considers our potential and actual positive and implementation phase and in preparation for public reporting by the end negative impacts by an assessment of a broad range of inputs, including of CY2025. Our Escondida and Spence operations in Chile and Olympic Dam operations BHP’s material risk profile (refer to OFR 8), information recorded in our in Australia were previously assured against The Copper Mark Criteria internal event management system, our social value framework, topics Guide (reference 24 January 2020) and continue work to prepare for their raised at our Annual General Meeting (AGM) and industry standards next assessments. The Copper Mark is a voluntary assurance framework and guidance. Our assessment aims to capture our external partners’ that independently assesses participants against 32 performance criteria and stakeholders’ perspectives through incorporating consideration of across environmental, social and governance dimensions. issues raised at our AGM and investor roundtables, industry sustainability During FY2024, Escondida, Spence, Olympic Dam and Nickel West (which standards and guidance, sustainability-related regulatory focus areas, and produced brands listed on the London Metal Exchange (LME)) successfully relevant media articles about our impacts. Sustainability-related impacts completed third-party verification for the FY2023 period against the Joint can arise from our direct operational activities, such as managing tailings Due Diligence Standard (JDDS) as an OECD-aligned and LME-approved storage facilities, or result from activities within our value chain, such standard. For Escondida, Spence and Olympic Dam, JDDS certificates were as procuring goods and services from our suppliers. We aim to address issued under the broader Copper Mark certification while Nickel West was this in our materiality assessment by considering a broad range of inputs issued a standalone JDDS certificate by The Copper Mark. and perspectives. Our material sustainability topics are reviewed by the Sustainability Committee annually. Our Responsible Minerals Program (RMP) is our minerals and metals supply chain due diligence program that applies to minerals and metals that we For more information on our materiality assessment for sustainability reporting refer to bhp.com/sustainability source from third parties (either for feedstock or third-party trading purposes). The RMP has been designed to align with the OECD’s Due Diligence The material sustainability topics identified in this assessment are shown Guidance for Responsible Supply Chains of Minerals from Conflict-Affected against our social value pillars, as illustrated in the table on page 33 and High-Risk Areas. We are currently undertaking a project to develop and together with the sections of OFR 6 that address these topics and the most integrate an expanded scope of environmental risks that will seek to align relevant risk factors as described in OFR 8.1, and are largely consistent the due diligence undertaken within the RMP with the OECD’s Handbook on with FY2023. Environmental Due Diligence in Mineral Supply Chains. Under the Responsible supply chains pillar of our social value framework, we For more information on the process by which we identify and manage seek to create sustainable, ethical and transparent supply chains together risk at BHP and our risk factors, which include sustainability-related with our partners. One of the FY2024 short-term milestones within the risks, refer to OFR 8 Responsible Supply Chains pillar outlined in OFR 6.5 that we met was to Respecting human rights determine ethical supplier improvement plans with partners, where required. The Ethical Supply Chain and Transparency (ESCT) team within Compliance We recognise we have the potential to cause, contribute to or be directly reviews audit reports prepared by our third-party audit provider and monitors linked to human rights impacts through our operations and supply chain corrective action taken by suppliers in response to audit findings. primarily relating to workplace health and safety, labour rights, activities of For more information on our supplier due diligence approach refer to security providers, land access and use, water and sanitation, community the Summary of FY2024 audits in the BHP Group Modern Slavery wellbeing, and Indigenous peoples’ rights relating to culture, identity, Statement 2024 available at bhp.com/MSS2024 traditions and customs. Our Human Rights Policy Statement and relevant standards outline our For more information on our Responsible Minerals Program refer to our Responsible Minerals Program Report 2024 available commitment and approach to respecting human rights and the principles at bhp.com/-/media/documents/environment/2024/240827_ by which we conduct our human rights due diligence. This involves taking BHPResponsibleMineralsProgramReport2024 a rights-based approach for our own operations and for modern slavery- For more information on our approach to value chain sustainability refer related risks in our supply chain to identify and assess actual and potential to bhp.com/sustainability/value-chain-sustainability impacts, considering how impacts may affect people, integrating and acting upon the findings, monitoring effectiveness, and communicating Global Industry Standard on Tailings Management how actual and potential impacts are addressed. In FY2023, BHP developed and commenced implementation of a globally As an ICMM member, BHP has committed to achieving alignment with the consistent methodology for our community and human rights impact and Global Industry Standard on Tailings Management (GISTM) for all BHP-opportunity assessments (CHRIOAs), which identified potential impacts operated tailings storage facilities (TSFs). BHP is focused on safety and the and risks to local communities where we operate. The methodology design integrity of TSFs at our operated assets to protect people and the environment. incorporated consideration of relevant human rights in accordance with In August 2023, we disclosed an overview of our conformance against the our Human Rights Policy Statement, views from our stakeholders and the GISTM for our TSFs with a GISTM classification of Very High or Extreme United Nation Guiding Principles on Business and Human Rights (UNGPs) rated facilities as at 31 July 2023 (excluding the four TSFs introduced to the approach to identifying and prioritising salient human rights issues. BHP portfolio by the acquisition of OZ Minerals in May 2023), based on a During FY2024 an external human rights expert reviewed the approach self-assessment. Our August 2024 public disclosure is an update of the 2023 and provided feedback on the CHRIOA process to further strengthen our disclosure, and also includes the results of third-party validation of 10 of these approach to identifying potential human rights impacts which we will seek TSFs and the remainder will be included in future disclosures. to incorporate in FY2025. The methodology is described in more detail in In accordance with the timeline for members of the ICMM, work towards OFR 6.11. GISTM conformance has been progressed for the 49 remaining BHP-operated TSFs and we plan to disclose an overview of our conformance in August 2025. Further detail is reported in the GISTM public disclosure document. For our Global Industry Standard on Tailings Management Public Disclosure 2024 refer to bhp.com/sustainability For more information on tailings storage facilities refer to bhp.com/sustainability/tailings-storage-facilities

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 33 Material topics and impacts for sustainability reporting Material topic and overview of potential and actual impacts Most relevant risk factors SDG index Read more Decarbonisation Climate change 8.1 Operational events 6.9 Climate We recognise climate change may pose risks to fundamental human 8.1 Significant social or change rights, including the rights to life, health, food and an adequate standard environmental impacts of living. We continue to work towards our climate change targets and 8.1 Low-carbon transition goals and the implementation of our climate change adaptation strategy. 8.1 Inadequate business resilience Healthy environment Biodiversity and land management 8.1 Operational events 6.10 The nature of our operations can have significant environmental impacts Environment 8.1 Significant social or and those impacts can adversely affect human rights. and nature – environmental impacts biodiversity 8.1 Inadequate business resilience Water 8.1 Operational events 6.10 Access to safe, clean water is a basic human right and water is essential Environment 8.1 Significant social or to maintaining healthy ecosystems, cultural and spiritual values and and nature – environmental impacts sustaining economic growth. Unmanaged or uncontrolled operational oceans and 8.1 Inadequate business resilience fresh water water-related risks have the potential to adversely impact the health and safety of our employees, contractors and community members, spiritual and cultural values, communities, environmental resources, BHP’s legal rights to continue operations and compliance with regulations. Indigenous partnerships Indigenous peoples 8.1 Operational events 6.12 Many of our operations globally are located on or near Indigenous Indigenous 8.1 Significant social or traditional lands and we acknowledge that potential impacts of our peoples operations may extend beyond direct physical impacts and include environmental impacts 8.1 Ethical misconduct impacts on intangible cultural heritage or on Indigenous peoples’ culture and way of life. Safe, inclusive and future-ready workforce Safety 8.1 Operational events 6.1 Safety The nature of our business is such that our workforce can be exposed 8.1 Inadequate business resilience to risks that can impact their safety and long-term wellbeing. People 8.1 Significant social or 6.6 People Our ambition is to have a workforce that is truly representative of the environmental impacts societies where we operate, across attributes of indigeneity, gender, 8.1 Ethical misconduct age, race, disability, sexuality, carer and veteran status and the intersectionality between them. We acknowledge the presence of sexual harassment and sexual assault in the mining industry and BHP considers it a material health and safety risk. Health 8.1 Operational events 6.7 Health We recognise our working environments can impact and potentially 8.1 Inadequate business resilience expose our workforce at our offices and operated assets to potential health and wellbeing impacts. Thriving, empowered communities Community 8.1 Operational events 6.11 Human rights of community members may potentially be impacted, Community including rights related to freedom of expression and self-determination 8.1 Significant social or as well as economic, social and cultural rights, such as health and environmental impacts 8.1 Ethical misconduct wellbeing, work, adequate housing and water and sanitation. Other Ethics and business conduct 8.1 Ethical misconduct 6.8 Ethics Corruption can adversely impact the human rights 8.1 Accessing key markets and business of community members. conduct

34 BHP Annual Report 2024 6 Sustainability continued 6.5 2030 goals These footnotes refer to the next page 1. With widespread adoption expected post 2030. We have revised the language used in Our social value scorecard our medium-term goal for steelmaking to provide greater clarity and reflect the range of steelmaking process routes that now form part of our strategy. This is due to technology Our social value framework, 2030 goals and social value scorecard were advances as well as the evolution of our strategy. For more information refer to the BHP first published in June 2022. Since then, we have worked to embed social Climate Transition Action Plan 2024 available at bhp.com/CTAP2024. 2. For the definition of the terms used to express these positions, including ‘target’, ‘goal’, value into our decision-making through processes and systems, such as: ‘net zero’, ‘carbon neutral’ and ‘operational GHG emissions’ refer to Additional information – carrying out social value assessments for our operated assets to identify 10.4. For more information on the essential definitions, assumptions and adjustments for our targets and goals refer to Metrics, targets and goals in OFR 6.9. social value priorities ahead of the annual planning cycle 3. Nature-positive is defined by the TNFD Glossary version 1.0 as ‘A high-level goal and – utilising our non-economically quantifiable impact (NEQI) framework concept describing a future state of nature (e.g. biodiversity, ecosystem services and to systematically identify, consistently evaluate and transparently natural capital) which is greater than the current state’. We understand it to include land and water management practices that halt and reverse nature loss – that is, supporting healthy, present actual and potential social value impacts for consideration functioning ecosystems. BHP intends to review this definition in FY2025, in light of the in our investment decisions where applicable recently revised TNFD Glossary version 2.0 (June 2024) definition of nature-positive. 4. Excluding areas we hold under greenfield exploration licences (or equivalent tenements), We provide progress on our 2030 goals through our social value which are outside the area of influence of our existing mine operations. 30 per cent will be calculated based on the areas of land and water that we steward at the end of FY2030. For scorecard. The scorecard is intended to evolve over time as our plans more information refer to the BHP ESG Standards and Databook 2024 available at bhp.com/ mature and to keep pace, as appropriate, with our internal and external sustainability. For an overview of the operational area (i.e. disturbed area) and non-operational environment. Our performance in FY2024 against the scorecard and our area within our own operational footprint that is the boundary of our 2030 Healthy environment goal, and their size and relativity to one another refer to the infographic in OFR 6.10. new FY2025 milestones are provided on page 35 to demonstrate our 5. For our FY2024 key metric, while some of the land related to the Daunia and Blackwater progress towards our 2030 goals. mines is pending transfer following BMA’s divestment of these mines on 2 April 2024, these areas are no longer under BMA’s control or operated for BMA’s benefit so have For more information on how the metrics and milestones support been excluded from the areas of land and water we stewarded at 30 June 2024. progress towards our 2030 goals and the methods we use to measure 6. Cultural diversity in our workforce will be measured based on our substantive progress progress refer to the BHP ESG Standards and Databook 2024 towards reflecting the cultural diversity of the societies where we operate. available at bhp.com/ESGStandards2024 7. Baseline year and performance data adjusted; for the adjustments we make, refer to Climate-related metrics, targets and goals beginning on page 52 in OFR 6.9. 8. CY2008 was selected as the baseline year for this goal to align with the base year for the Social investment International Maritime Organisation’s CY2030 emission intensity goal and its corresponding reasoning and strategy. Baseline and performance data have been adjusted to only include Guided by our social value framework, our social investment aims to make 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 CY2008 and subsequent a meaningful contribution to addressing the sustainable development year data. GHG emissions intensity calculations currently include the transportation of copper, challenges of most relevance to our business, partners and stakeholders. iron ore, steelmaking coal, energy coal, molybdenum, uranium and nickel. Baseline and In FY2024, our voluntary social investment totalled US$136.7 million. 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 This investment consisted of US$102.4 million in direct funding for standard (the source of the emission factors we previously used) was withdrawn in CY2023. initiatives in line with our social value framework, US$15.2 million to 9. Excluding in-kind contributions. non-operated joint venture social investment programs, and US$1.8 million 10.Area under stewardship that has a formal management plan that includes conservation, under the BHP Matched Giving Program. Administrative costs to facilitate restoration or regenerative practices. 1.62 per cent is calculated based on the areas of land and water that we stewarded at 30 June 2024, as per footnote 4. For more information social investment activities totalled US$12.5 million and US$6.4 million refer to the BHP ESG Standards and Databook 2024, available at bhp.com/sustainability. supported the operations of the BHP Foundation. 11. Natural capital accounts are a way to measure the amount, condition and value of environmental assets in a given area. They help describe changes in ecosystems and For more information on our social investment, including case studies how these impact wellbeing and economies. and performance against our global social investment indicators, refer to 12.Point in time data at 30 June 2024. bhp.com/sustainability/approach/social-investment 13. 8.3 per cent refers to Indigenous employee participation at Minerals Australia operations. Total Indigenous employee participation in Australia, including non-operational roles (1.9 per cent), For more information on the BHP Foundation refer to was 7.5 per cent at 30 June 2024. bhp-foundation.org 14.11.2 per cent refers to Indigenous employee participation at the Jansen potash project and operation in Canada. 15.10.1 per cent refers to Indigenous employee participation at Minerals Americas operations in Chile. 16.Since publishing our FY2023 scorecard, we have updated the methodology we use to track our ‘Progress to plan’ key metric and this change is reflected in our FY2024 performance against this metric. We had previously intended the metric would be Indigenous partner-measured (using a traffic light score) on satisfaction in relation to the milestones agreed in relevant partnerships, as co-designed in our regional Indigenous Peoples Plans. This update clarifies our intention to report on ‘Progress to plan’ in relation to our progress against the current or planned regional Indigenous Peoples Plans in Australia, Canada and Chile. The updated methodology for this metric aligns with the reporting methodology for the finalised regional plans, including the Australian Reconciliation Action Plan (RAP) published in May 2023 and the Canada Indigenous Partnerships Plan (CIPP) approved in June 2024 and published in August 2024, both of which will report on progress against the milestones co-designed in each plan. Australia is the only region with data available to report on its first year of progress against the RAP in FY2024, therefore the social value scorecard metric for Australia is considered ‘on track’ for FY2024. The first progress report for Canada on our co-designed CIPP will be made in our Annual Report 2025. We are still developing our regional Indigenous Peoples Plan for Chile. We have retained the Indigenous partner-measured methodology for measuring the ‘Present relationship health’ key metric. For more information refer to OFR 6.12 and the BHP ESG Standards and Databook 2024 available at bhp.com/ESGStandards2024. 17. Indigenous partners who participated in the relationship health check project in FY2024 considered and provided feedback on social, cultural and commercial aspects of their relationship with BHP and provided a rating on a 0-10 scale on the present health of their relationship with BHP – 0 is very poor, 5 is average, and 10 is very good. For more information refer to OFR 6.12. 18. Reduction in life-altering injury or illness includes life-altering or long-term permanent disabling injuries and illnesses as defined by BHP’s Risk Framework. Since we commenced measuring our life-altering injury and illness metric, we have learned that a longer measurement period is required for analysis to allow for the classification of more chronic conditions. Therefore, it will not be reported on in this Report or included as a key metric in the social value scorecard in FY2025. This reflects a change from what we proposed in our FY2023 social value scorecard and so we have retained this metric in our FY2024 scorecard (without reporting against it) to explain the change in approach. The two main illness and injury types that influence life-altering injury or illness for BHP are musculoskeletal cases and noise-induced hearing loss cases, both of which we report on in OFR 6.7. 19.Co-design requires meaningful engagement and contribution to the plan from a variety of interested stakeholders. For an overview of our approach to co-design and co-creation (terms which we use interchangeably) refer to OFR 6.11. 20.This includes contribution to suppliers, wages and benefits for employees, dividends, taxes, royalties and voluntary social investment. For more information refer to the BHP Economic Contribution Report 2024. 21.Net Promoter Scores (NPS) show respective feedback from our customers and suppliers, and measure the willingness of our customers/suppliers to recommend BHP to others. NPS is used as a proxy for gauging overall satisfaction. 22.This milestone was achieved by developing a Group-level framework for nature-positive plans to achieve the 2030 Healthy environment goal (BHP Healthy environment goal roadmap). 23.Refer to OFR 6.10 for more information regarding the BHP Healthy environment goal roadmap.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 35 Social value scorecard PLANET PEOPLE PROSPERITY Decarbonisation Healthy Indigenous Safe, Thriving, Responsible environment partnerships inclusive and empowered supply chains future-ready communities workforce At least 30% reduction Create nature-positive³ Respectful relationships that A that thriving is safe, workforce healthy, Partner with partners, Together with we create our emissions; in operational support GHG 40% outcomes least 30% by of the having land at hear and act upon the gender balanced communities stakeholders and to sustainable, ethical GHG emissions intensity and water we steward,4,5 distinct perspectives, at every level, co-create and and transparent reduction of BHP- under conservation, aspirations and rights culturally diverse6 and implement plans that supply chains. chartered products, and shipping support of our regenerative restoration or practices. of and Indigenous support the peoples inclusive and skilled economic, deliver jointly social defined goals industry to develop steel In doing so we focus delivery of mutually for the future. and environmental production technology on areas of highest beneficial and jointly outcomes. 2030 GHG capable emissions of 30% lower intensity within ecosystem and outside value both defined outcomes. relative blast furnace to conventional footprint, our own operational in partnership steelmaking.1,2 with Indigenous peoples and local communities. 32% 1.62% Indigenous employee Reduction in life- 7 62 Reduction in Area under participation12 altering injury or Assets have Customer 18 operational GHG nature positive 8.3% Australia13 illness co-created host Net Promoter Score emissions (Scopes 1 management 14 community plans (NPS)21 and 2 emissions from practices10 11.2% Canada 87% our operated assets) 10.1% Chile15 Engagement and 100% 52 from FY20207 0 Perception Survey Co designed19 Supplier Net Assets with natural $ Indigenous 609m wellbeing score outcomes on track Promoter Score 42% capital account11 procurement 37.1% according to plan (NPS)21 Reduction in spend (US$) Female employee12 $49.2bn GHG emissions metrics intensity of BHP- 16 participation Total economic Progress to plan chartered shipping contribution Key of our products Australia (US$)20 from CY20088 Canada $140 million Chile Committed in steelmaking Present relationship partnerships health17 and ventures Chile Aus Can to date (US$)9 4.5 5.2 7.3 scale Complete Electric a pilot Smelter Establish Indigenous voices >90% Co design external Implement LME ‘nature-positive’ and perspectives implementation of community- Responsible Furnace design study plans22 to deliver are incorporated controls identified facing targets Sourcing Commence the 2030 Group-level goal priorities into co-designed in through and approved the requirements construction Complete ICMM of boiler diesel each region Fatality Elimination FY2024 Program and Performance displacement solution assigned Expectations for Delivery of equipment to FY2024 all operating assets for proof-of- 12 Determine concept trials for Female employee participation ethical supplier milestones electrified rail and improvement plans excavator solutions exceeds 37% with partners, term Engage the market where required - to introduce Short zero additional GHG lower/ emission BHP-chartered vessels through industry partnerships Commence of concept trials proof Commence Indigenous voices Improvement Co creation further Engage with implementation and perspectives on key metrics embedded in suppliers through equipment for battery electric in of BHP Healthy are incorporated from FY2024 internal practice our audit program FY2025 environment into co-designed performance to monitor collaboration with goal roadmap23 priorities in each implementation of original manufacturers equipment region corrective actions plans, required where Continue milestones development of Implement NGO the direct reduced partnerships to build term iron electric smelting increased reach and - furnace pathway capabilities in BHP’s Short to plan Ethical and Transparency Supply Chain program OFR 6.9 Climate OFR 6.10 OFR 6.12 OFR 6.1 Safety OFR 6.11 Slavery BHP Group Statement Modern 2024 change Environment Indigenous Community more OFR 6.6 People Climate Transition and nature peoples OFR 6.7 Health BHP Responsible Read Action Plan 2024 Minerals Program Report 2024 Indicators: Complete Improved On track Partially met New/revised No change/data not available Not on track See previous page for footnotes

36 BHP Annual Report 2024 6 Sustainability continued 6.6 People To support our focus to build leader capability and drive stronger performance, we conduct multi-level leadership development programs. Our more than 90,000 employees and contractors around the world are the The Senior Leadership Forum is intended to develop senior leaders foundation of our business. We aim to attract and retain the best people through shared goals and context. In FY2024, this forum was delivered and our distinctive way of working through the BHP Operating System quarterly with a summit held in late FY2024 to further engage our senior (BOS) seeks to empower our people to bring the best of themselves to leaders in relation to our purpose, strategy and operating system, and to improve their work every day. launch the refreshed Our Values. Additionally, we also continue to facilitate Our Values set the tone for our culture and are a unique part of our an Integrated Leadership Forum for general managers on a quarterly competitive advantage. Our Values are a declaration of what we stand for basis to align this next critical cohort of leaders. Further, around 2,000 and are designed to guide our behaviour and decision-making, as we work leaders including supervisors, superintendents and managers attended together in the pursuit of delivering on our purpose. In today’s dynamic, BHP Distinctive Leaders programs in FY2024, focused on developing their uncertain world, anchoring our decision-making to a clear set of values ability to lead inclusively, ethically and through complexity. remains as important as ever. In FY2024, we engaged with employees, We ask our employees and contractors about their experiences working partners and other stakeholders as we sought to redefine Our Values in with BHP via an Engagement and Perception Survey twice a year. a way that builds upon our rich history, while also reflecting BHP today. After each survey, our team leaders assess what is working well and what Our refreshed Values were launched in May 2024. They are simple and they can learn from others before taking action to address improvement designed to enable our people to be ready to move quickly and deliberately areas. Additionally, this survey is used to measure progress against a to create and act on opportunities and navigate challenges as they arise. wellbeing metric within the Safe, inclusive and future-ready workforce pillar Our refreshed Values are: in our social value scorecard. In March 2024, we had a response rate of 82 per cent of employees, with 24,000 contractors also providing feedback. We achieved a strong result, with 80 per cent of participants responding Do what’s Seek better Make a favourably to questions related to their engagement and connection to BHP right ways difference and 87 per cent to questions related to their wellbeing. A sustainable Listening to learn The accountability Inclusion and diversity future starts with and inspiring to act, create value We believe an inclusive and diverse workforce promotes engagement, safety and integrity, challenge is how and have impact safety and productivity, and is valued by prospective employees as well building trust with we drive progress. is on each of us, as our current workforce. those around us. every day. Our Inclusion and Diversity Position Statement confirms our vision, commitment and contributions to inclusion, equity and diversity. Developing our capabilities and an enabled culture Since 2016, we have been embedding flexible working, ensuring our facilities and equipment are purpose-fit by partnering with our supply chain We invest in the development of our people to build capability and drive partners, and undertaking work to mitigate bias in our systems with the stronger performance. aim of creating workplaces that are safe and inclusive for a diverse range In support of work to deliver the capabilities for today and tomorrow, of people. BHP’s FutureFit Academy (located in Western Australia and Queensland) Our goal is to attract and retain a workforce that is representative of provides a pathway for new employees, some of whom have never worked society. We do this by implementing measures designed to address the in our industry before, to join Minerals Australia through an accredited barriers and impacts of bias and discrimination experienced by people maintenance and production traineeship or a trade apprenticeship. within underrepresented groups, through listening to their experience and Once trained and qualified, employees move to one of our Australian gaining insights from our engagement surveys and our voluntary self-assets. The strong partnership between vocational educational institutions identification survey, ‘Tell Us About You’. As of February 2024, over 11,000 and our FutureFit Academy facilitates the provision of nationally accredited of our employees had completed the survey. qualifications and is a unique attraction and retention lever for BHP. We also recognise pay is a critical mechanism for creating gender equality. The FutureFit Academy is designed as an inclusive learning environment, To help mitigate gender pay disparities and prevent the creation of pay welcoming employees who are new to the industry and providing gaps, we continue to drive improvements in our systems and processes permanent employment from day one. As at the end of FY2024, our to remove systemic bias. As an example, our recruitment processes student cohort included 80 per cent female participation and was made up include a ‘blind reward’ process, which is designed to reduce potential of over 20 per cent Indigenous intake. bias in remuneration offers at the time of hire. We use global best practice The FutureFit Academy expanded in FY2024 to provide a larger footprint methodologies to calculate the pay gap between men and women in in Perth, Western Australia, moving to a purpose-built learning centre like-for-like or comparable roles. We analyse our pay data and conduct that includes fabrication and auto electrical trades in addition to the gender pay equity reviews at least annually. The results of the pay equity core mechanical fitting and heavy diesel programs. A satellite FutureFit reviews are reported to the BHP People and Remuneration Committee. Academy was also established in Newman, Western Australia, providing Our FY2024 employee remuneration data, including a breakdown by a belt splicing program for experienced students. gender, is available in the ESG Standards and Databook 2024. Our intern and graduate programs also serve to attract and develop Gender balance1 emerging talent for critical skills we need for the future. In FY2024, we had 60 first-year university students participate as part of our First- In CY2016, we announced our aspiration to achieve gender balance within Year Internship Program across Australia. The program aims to boost our employee workforce globally by the end of CY2025, which we define as enrolments in Australian resource-related tertiary degrees by exposing a minimum 40 per cent women and 40 per cent men. This has also been science and engineering students to mining careers. In FY2024, an included as one of the key metrics we measure progress against our Safe, additional 147 university students joined the BHP Internship Program inclusive and future-ready workforce pillar in our social value scorecard. for five to 24 weeks to gain experience in their chosen field of study We increased the participation of women working at BHP in FY2024 by through on-the-job learning, working on mine sites alongside technical 1.9 percentage points compared to FY2023, with around 10,500 more professionals. Our selected interns have early access to apply for female employees at the end of FY2024 than FY2016. As at 30 June 2024, our annual graduate program intakes. In FY2024, we onboarded 177 women represented 37.1 per cent of our employee workforce. Since we employees into our graduate program across Australia, Chile, Canada, first set our gender balance aspiration in 2016, BHP has more than Singapore and the United States, to meet the needs for future skills across doubled the participation of women (from 17.6 per cent to 37.1 per cent). our operations and functions in those regions. We also reached a significant milestone during FY2024 achieving over 40 per cent participation of women in our employee workforce across the Minerals Americas operations in Chile, and as at 30 June 2024 this was 40.9 per cent. 1. Based on a ‘point in time’ snapshot of employees as at 30 June 2024, including employees on extended absence, as used in internal management reporting for the purposes of monitoring progress against our goals. New hires is based on a 12-month period from 1 July 2023 to 30 June 2024. ‘People leaders’ are defined as employees with one or more direct reports. ‘Senior executives’ are defined as employees in the Executive Leadership Team (ELT) and direct reports to the ELT in grade 15 and above roles. Figures reported do not include employees of BHP Mitsubishi Alliance’s Blackwater and Daunia operations, sold to Whitehaven Coal during FY2024.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 37 The gender breakdown of new hires in FY2024 was 48.1 per cent men 1 Indigenous employee participation and 51.9 per cent women. We improved our participation of women in leadership in FY2024 by 2.0 per cent compared to FY2023. As at 30 June Minerals Americas operations 2024, 31.7 per cent of people leaders were women and of our senior employees in Chile executives 40.9 per cent were women and 59.1 per cent were men. For operational teams, a focus on roster and job redesign is designed to Period Target (%) 30 June 2024 (%) support greater female participation. Our Bamboo flexible work program is an example of this. By the end 10.0 10.1 of FY 2025 Case study – Bamboo flexible work program Minerals Australia operations In FY2024, our Bamboo flexible work program was a finalist in the employees in Australia2 Chamber of Minerals and Energy of Western Australia Women in Resources Awards. Founded in 2019 at Newman Operations, the Period Target (%) 30 June 2024 (%) Bamboo program is a residential gender diversity initiative that By the end 9.7 8.3 supports the attraction and retention of women in historically male- of FY 2027 dominated roles. The Bamboo program is targeting an 80 per cent female intake from the Newman township, creating an opportunity for Jansen potash project and new-to-industry and existing workers to have flexible work options operation employees in Canada with reduced shift hours, enabling them to actively maintain a career in mining production, specifically haul truck operations. Period Target (%) 30 June 2024 (%) For more information on the Bamboo flexible work program By the end 20.0 11.2 refer to bhp.com/people of FY 2026 1. Point in time data at 30 June 2024. 2. Indigenous employee participation overall in Australia at 30 June 2024 was 7.5 per 1,2,3 cent, including Minerals Australia operations, 8.3 per cent Indigenous, and non- Gender composition of employees, leaders and the Board operational locations, 1.9 per cent Indigenous. Employees People leaders For more information on our 2030 goals related to Indigenous 30,000 partnerships refer to 6.12 Racial equity program 20,000 There is no place for racism at BHP or anywhere in the community. We recognise and acknowledge racism impacts our people’s sense of 10,000 identity, value, feelings of respect and psychological safety. We are taking action to better understand the prevalence of racism at BHP to promote 0 Male Female Male Female racial awareness and equity in our workplace, and we recognise there is more still to do. Executive Leadership Team members Board members We continue to take action to increase awareness of and promote 9 reporting, response and investigations in relation to racial harassment matters. In FY2024, across our global operations and offices: 6 – 109 reports of racial harassment were received into BHP’s reporting channels for raising misconduct concerns. 3 – 42 per cent of the reports received were logged by leaders, on behalf of others. 0 – 23 investigated cases of racial harassment conduct were established Male Female Male Female FY2022 FY2023 FY2024 as having occurred. – Of the 23 established cases, 21 individuals responsible had their 1. Based on a ‘point in time’ snapshot of employees as at 30 June 2024, including employment terminated (or were removed from site if a contractor) employees on extended absence, as used in internal management reporting for the or resigned. purposes of monitoring progress against our goals. For FY2024, this does not include employees of BHP Mitsubishi Alliance’s Blackwater and Daunia operations, sold to – 19 reports of racial harassment were dealt with by a non-investigative Whitehaven Coal during FY2024. resolution pathway at the impacted person’s request. 2. For FY2023, this did not include employees that transitioned from the OZ Minerals business via acquisition on 2 May 2023 (359 female employees and 1,098 male Our racial equity working group is led by Chief Financial Officer Vandita employees at 30 June 2023). 3. For FY2023, some of our employees did not identify as male or female (<0.1 per cent of Pant as the executive sponsor and oversees work with a focus on total employees). These employees were excluded from data presented in the gender eliminating racism and striving to create an environment free from composition graphs to protect the privacy of those employees. racial discrimination. As part of its work, this group works alongside our Indigenous engagement teams in Australia, Chile, Canada and the Indigenous employment United States. Throughout FY2024, we continued to progress our work in identifying Indigenous peoples are critical partners of BHP across our operations. and addressing structural barriers to equity, and in building awareness We recognise, as part of our global Indigenous Peoples Policy Statement, and capability in our leaders. We also continued to improve our we can contribute to the economic empowerment of Indigenous peoples grievance processes to better support people who tell us when they have by providing opportunities for employment, training and procurement and experienced racism. Our work in FY2024 included: by supporting Indigenous enterprises. – commencing the refresh of a central online platform called RespectHub We have set targets to increase Indigenous employment in our Minerals including the development of a new virtual assistant RespectChat, Australia operations, Minerals Americas operations in Chile and our aimed at providing information and tools to our workforce to prevent Jansen potash project in Canada. and respond to racism, including support options, response pathways and reporting – launching new chapters of EmBRace (Employees Beyond Race), our employee resource group focused on discussions around race and racial diversity. Local chapters have now been set up in Canada and South Australia, in addition to existing chapters in Western Australia, Queensland, Singapore and Manila

38 BHP Annual Report 2024 6 Sustainability continued – continuing our internal and external global awareness and Payroll review communication campaign, the ‘people of BHP’ series, which aims to Review of employee allowances and entitlements celebrate our diversity In FY2023, we identified and disclosed two issues with certain allowances – recording and launching a four-part podcast series on racial awareness, and entitlements affecting some current and former employees in Australia. with a series of BHP leaders in conversation with external subject We self-reported these issues to Australia’s Fair Work Ombudsman (FWO) matter experts, to continue to support our people to develop a racially and engaged Protiviti, a global assurance firm, to undertake a review of our aware mindset – signing up to the RISE Project run by Diversity Council Australia, payroll systems. We are sorry that this has happened and we are working to commence work in FY2025 to implement organisational change to make this right. We continue to progress historical remediation of both issues. We have interventions that will help address systemic and organisational a dedicated hotline and secure online portal in place to support impacted barriers for women from culturally and racially marginalised current and former employees and facilitate remediation payments. (CARM) backgrounds We encourage any former employees who think they may be impacted by LGBT+ inclusion these issues to contact us via the hotline or portal. Our LGBT+ ally employee inclusion group, Jasper, established in 2017, is a Refer to our website bhp.com/payroll-review natural extension of our inclusion and diversity aspirations. Its membership base grew to around 2,900 at the end of FY2024, with 16 chapters globally. The first issue involves certain rostered employees having leave incorrectly In FY2024, we continued to advocate for LGBT+ inclusion and partner with deducted on public holidays. OZ Minerals was affected by a similar issue charities throughout the communities where we operate, to help our LGBT+ before being acquired by BHP in May 2023. At the end of July 2024, employees develop a strong sense of belonging inside and outside of our we had identified approximately 35,500 current and former employees offices and our mine sites. who are affected by this issue, dating back to 2010. Progress on In FY2024, BHP in Chile was recognised by the Human Rights Campaign remediation includes: (HRC) with certification under the HRC Equidad CL program as one of the – recrediting leave hours to approximately 19,000 current employees, ‘Best Places to Work LGBTI+ 2024’. The certification in Chile is delivered including employees who had been affected by a similar leave deduction by HRC, Pride Connection and Iguales Foundation and is awarded based issue at OZ Minerals, before it was acquired by BHP in May 2023 on a benchmark assessment of a company’s measurable workplace equality and inclusion efforts for the LGBTI+ community. – payments made to approximately 7,500 former employees impacted by this issue, including those who had been affected during a prior period Disability of employment at OZ Minerals To foster a workplace where people with a disability can fully participate – ongoing endeavours to connect with approximately 9,000 former and thrive, during FY2024 we progressed the development of our first employees who we have identified as eligible for a payment but have not global Disability Action Plan, which is expected to be launched during the yet been able to locate with the contact information we have first half of FY2025. The plan seeks to address three strategic pillars – people, culture, systems – to encourage, recognise and promote an active We aim to complete the majority of public holiday leave deduction commitment to improving accessibility and disability inclusion. payments by the end of FY2025. Though we are early in this journey, recognising that everyone has unique The second issue involves current and former employees at Port Hedland needs and strengths, our ambition is to address and remove barriers so in Western Australia Iron Ore (WAIO) who are entitled to additional that people with a disability can equitably participate in our workforce. allowances due to an error with their employing entity in their employment documentation. Following detailed analysis, we have identified Employee relations approximately 230 current and former employees affected by this issue, In Australia, the Federal Government has introduced several tranches dating back to 2013. We are continuing to pay additional allowances to of significant industrial relations legislative reforms. In June 2023, affected current employees. We are also progressing payments to affected this included the introduction of changes to the enterprise bargaining current and former employees for historical impacts. Based on the currently available information, the cost of remediating framework with multi-enterprise bargaining. During FY2024, the Federal the leave issue and the employing entity issue, incorporating on-costs, Government enacted the ‘same job same pay’ policy, enhanced workplace including associated superannuation and interest payments (BHP share), delegates’ rights and empowered the Fair Work Commission to make remains in line with the previously recognised US$280 million pre-tax, as workplace determinations in the case of intractable bargaining. Not all the reflected in the Group’s FY2023 financial results. legislative reforms have fully commenced operation and we will continue to monitor how they are applied to further our assessment of impacts on BHP and our contracting partners, including the potential to increase labour costs. In Chile, the 40-hour week regulation was enacted in April 2023 and requires a gradual implementation over the next five-year period to move from 45 to 40 working hours per week. During FY2024, implementation commenced for the collective agreements that were completed, which now include mandatory shift reductions to 42-hour weeks in April 2026 and 40-hour weeks by April 2028. We continue navigating and monitoring progress on a number of legal developments that may have implications for employee relations in Chile, for example, pension reform and branch negotiation regulation. During FY2024, Minerals Australia participated in 11 collective bargaining processes, with seven enterprise agreements completed (with 23 presently in operation) and four subject to ongoing negotiations as at 30 June 2024. In Minerals Australia, there was one round of collective bargaining where protected industrial action occurred during FY2024 (BMACo OCO Enterprise). Minerals Americas participated in four collective bargaining processes during FY2024, with three completed prior to 30 June 2024 and one concluded subsequent to 30 June 2024. No protected industrial action occurred during FY2024 at our Minerals Americas operations in Chile.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 39 Improving our payroll systems and processes Culture, knowledge and leadership In FY2023 we engaged Protiviti to conduct a review of BHP’s payroll We are committed to fostering a positive culture that is safe, respectful and systems and framework, including governance, processes, controls and inclusive for all workers (employees and contractors) and supports gender systems. Protiviti’s review is ongoing. We are progressing a range of work equality and diversity at all levels and across all areas. Gender balance is a to improve our global payroll systems and processes, including embedding key protective factor for sexual harassment prevention and BHP aspires to stronger governance, controls and processes and continuing to invest have a gender-balanced employee workforce by end of CY2025. in the right capabilities to meet the needs of our broad operations and In FY2024, we continued to engage and empower our entire workforce to take workforce into the future. We expect this work to continue over the next action as active bystanders by enhancing their capabilities to identify and call few years. out disrespectful behaviour through scenario-based learning. BHP strives to We will continue to engage with the FWO and other relevant government ensure leaders understand their obligations to prevent sexual harassment and agencies as we progress this work. are visibly committed to safe, respectful and inclusive workplaces through The Board and CEO have taken these issues seriously and a range of setting clear expectations and role modelling respectful behaviours. consequences have been implemented for employees in connection Support and reporting with these issues. Specifically, the Board has determined that the CEO’s We encourage our workforce to report any concerns relating to potential FY2024 CDP outcome will include a 4.3 percentage point reduction to sexual harassment, including by providing centralised and confidential reflect his ultimate accountability for BHP’s payroll systems. This CDP reporting tools and mandatory reporting requirements for line leaders. reduction for the CEO in FY2024 is US$185,000 and is equivalent to Impacted persons are offered a range of support options throughout and 25 per cent of the CEO’s target annual short term incentive pro-rated beyond the process to resolution. for the portion of the relevant period that he was CEO. For others with accountability for BHP’s payroll issues (including current and prior Investigations of reports of sexual harassment are conducted by our ELT members) there have been reductions determined in the variable specialised Response and Investigations team, which is independent from remuneration outcomes ranging between 25 per cent to 100 per cent of our other business units. This team includes experts trained in a person-relevant annual target variable pay. centred, trauma-informed approach to help place the impacted person Other consequences have ranged from letters of warning, remuneration at the centre of decisions made during the investigation process and to consequences and termination of employment. minimise the risk of further harm to that individual. Further detail is provided in the Remuneration Report. Alternatively, resolution pathways can be used in certain cases. This process only occurs where the resolution pathway is proportionate Sexual harassment to the nature of the conduct and with the agreement of the impacted The safety of our employees and contractors is paramount. Our priority person. The resolution pathways include supported conversations with is to ensure our workplaces are safe and inclusive for all and to enact our respondents, additional training, monitoring or awareness raising on BHP’s culture of care. This includes the elimination of sexual harassment, which expectations of respectful behaviours in the workplace. We continue to we recognise is unequivocally unacceptable. We encourage our people monitor and review the use of our resolution pathways to assess whether to be active bystanders through education and leadership role modelling they are meeting the needs of impacted people and to improve reporting to and to report incidents so we can provide appropriate support and more support organisational lessons learned. effectively address and eliminate sexual harassment at BHP. Measuring In FY2024, BHP’s strategy to eliminate sexual harassment was We measure our progress against our initiatives and key metrics for sexual underpinned by the Australian Human Rights Commission Guidelines for harassment prevention and response, such as training completion, risk Complying with the Positive Duty under the Sex Discrimination Act 1984 management, control implementation and effectiveness, engagement (Cth). Our strategy was also informed by external experts, such as Kristin results and misconduct reporting data, and are committed to continually Hilton, Kate Jenkins AO along with Queensland University of Technology. improving our approach. De-identified information and trend analysis data The strategy seeks to prevent sexual harassment by addressing the drivers on the number of complaints, nature of complaints, resolution pathways, and risk factors and enhancing our response to incidents, early intervention outcomes and timelines are provided to senior leadership and the Board to and taking a person-centred response by increasing support and agency raise awareness and support continuous improvement of how we prevent for impacted persons. We acknowledge how sexual harassment interacts or and mitigate the impacts of sexual harassment at BHP. combines with other psychosocial hazards and we have sought to address For more information on how we are improving our approach this in the way we approach prevention through holistic risk management. to the prevention of and response to sexual harassment refer to Risk management bhp.com/sustainability/safety-health/sexual-harassment Sexual harassment has been defined as a material health and safety risk at BHP since CY2018. Our risk management approach includes conducting risk Reports of sexual harassment assessments to identify scenarios in which sexual or gendered harassment There were 417 reports of sexual harassment in FY2024. These behaviours may arise, their potential causes and the controls we can implement to are unacceptable and we are working to eliminate them at BHP by increasing prevent and reduce harm. This recognises the high intersectionality with other awareness and promoting reporting, response and investigations in relation psychosocial risks, which can increase the likelihood of sexual harassment to these matters. Since October 2020, BHP managers and leaders have occurring and the severity of harm it can cause. We acknowledge there been required to enter any misconduct concerns raised directly with them are factors that contribute to the likelihood of workplace sexual harassment into BHP’s misconduct reporting channels1 (with the impacted person that are more pronounced in the mining industry. This includes isolated or remaining anonymous if requested). In FY2024, 42 per cent of sexual remote working locations, a historically male-dominated workforce and harassment reports received into BHP’s misconduct reporting channels accommodation villages, roles and equipment design as well as factors that were logged by managers or leaders on behalf of their direct reports. are common across all industries and workplaces. During FY2024, across BHP’s global operations (including off site) and Our FY2024 focus was on implementing additional prevention controls offices, 100 investigated cases of sexual harassment2 conduct were informed by our data and organisational learnings across all assets and established as having occurred through an investigation.3 offices, including review and recommendations from third-party experts. Of the 100 established cases: Our sexual harassment prevention controls are associated with further education and maintaining respectful behaviours; leadership and culture; – 1 involved a sexual assault recruitment processes; security measures at accommodation villages; – 22 involved sexualised and indecent touching contractor and third-party engagement; data transparency and action; – 32 involved sexually aggressive comments, stalking, grooming or person-centred care for impacted persons; accessible confidential reporting; image-based harassment trauma-informed response and investigations, including multiple resolution – 45 involved other forms of sexual harassment, including sexualised options and pathways; and appropriate and proportionate disciplinary action. conversations or jokes 1. BHP’s channels to raise misconduct concerns comprise an online portal and 24-hour multilingual call service. Reporting channels are confidential and accessible to all, including external partners and stakeholders and the public, to report conduct that may be unethical, illegal or inconsistent with Our Code of Conduct. 2. Sexual harassment is, as defined in the Sex Discrimination Act 1984 (Cth), an unwelcome sexual advance, unwelcome request for sexual favours or other unwelcome conduct of a sexual nature, in circumstances where a reasonable person would have anticipated the possibility that the person harassed would be offended, humiliated and/or intimidated. Sexual harassment encompasses a range of conduct, including displaying sexually graphic images, sexually suggestive comments, suggestive or inappropriate looks, gestures or staring, non-consensual touching or acts of a sexual nature and sexual assault. We note the definition of sexual harassment may vary in different jurisdictions. 3. The calculation is based on reports closed in FY2024, containing one or more established allegations. Not all reports resulted in a finding. This can occur if there is insufficient information, the respondent is not able to be identified or was previously terminated, or the impacted person did not wish to proceed. This figure includes cases opened in FY2024 and prior to FY2024 that were closed during the reporting period. When referring to cases closed during FY2024 this excludes cases that were still open at the end of the reporting period.

40 BHP Annual Report 2024 6 Sustainability continued – 103 individuals responsible had their employment terminated (or were We are committed to having no AL4 (fatalities and life-threatening removed from site if a contractor) or resigned illnesses) events and a reduction in life-altering injuries and illnesses. In addition to the matters listed above, in FY2024 60 reports of sexual Due to the latency between initial exposure and diagnosis of disease harassment were dealt with by way of non-investigative resolution for our most material airborne contaminant exposures, we must pathways, instead of an investigation being conducted. In addition demonstrate ongoing exposure reduction and effectiveness of controls, to non-investigative resolution pathways, there are cases of sexual where exposures may remain elevated. In FY2023, reduction plans harassment that cannot be investigated due to insufficient information or were developed at the asset level across operations for implementation the wishes of the impacted person. Examples include anonymous reports with priority  afforded to the asset’s most material exposures. and non-participation of the impacted person. However, all cases are The implementation of these exposure reduction plans commenced assessed for safety and impacts as part of preliminary investigative actions in FY2024 and will continue to be a focus in FY2025. and all participants (if identified) are offered support irrespective of whether Welding fume exposure control has been a particular focus for several the matter can be formally investigated. assets across BHP throughout FY2024. Additional controls, including For more information on how we are improving our approach on-torch extraction systems and portable local exhaust ventilation systems have been implemented at Olympic Dam. Control effectiveness testing to the prevention, response, support and measuring of sexual has been carried out by the local Occupational Hygiene team, indicating harassment refer to bhp.com/sustainability/safety-health/ a 50 per cent reduction in welding fume exposure since September 2022. sexual-harassment Due to the success of this project, additional similar controls are now being trialled in some of our other operations, including WAIO, at Mining Area C, 6.7 Health Jimblebar and Mt Whaleback. Occupational exposure hazard awareness and training is provided We set mandatory minimum standards to identify, assess and manage at induction and periodically, including during fit testing for hearing health risks and their potential impacts, and monitor the health of our protection and respiratory protective devices. Wherever workers take employees and contractors. part in occupational exposure assessment programs, they receive written feedback on their results and anonymised data is provided to Occupational exposures line management. BHP follows the hierarchy of controls to reduce occupational exposures to We have implemented real-time monitoring at several of our Minerals as low as reasonably practicable. Our mandatory minimum performance Australia and Minerals Americas operated assets to support further requirements for risk management and our Risk Framework support the exposure reduction of silica and DPM. Fixed-position monitors identify identification and management of occupational exposures. Where there is dusty conditions in real time enabling immediate controls, such as a potential for our employees and contractors to be exposed to chemical increased ventilation or water sprays, to be deployed. Data from portable and physical hazards in workplace atmospheres, we implement controls monitors is made available at the end of shifts, rather than when results of intended to prevent, minimise, and/or mitigate the likelihood and severity samples sent to the laboratory for analysis become available. This enables of potential associated health impacts. These actions may include the use prompt action to be taken if real-time monitoring demonstrates an of respiratory protective equipment until appropriate, higher-order controls increasing trend in potential exposure. have been identified, implemented and verified to consistently reduce exposure below occupational exposure limits. Occupational exposure limits Occupational illness indicate the level of permissible exposure for a length of time (usually eight hours) to a chemical or physical hazard that is not likely to affect the health The reported occurrence of occupational illness for employees in FY2024 of a worker. Occupational exposure limits for our most material exposures was 270, which was 3.77 per million hours worked. This represented a are set according to the latest scientific evidence. 13 per cent decrease in incidence compared with FY2023, which was 4.35 per million hours worked. For our contractor workforce, the reported Exposure data in this Report in all cases is presented without considering occupational illness in FY2024 was 216, which was 1.79 per million hours protection from the use of personal protective equipment where required, worked, representing a 10 per cent decrease in incidence compared with as outlined in our Health Global Standard. FY2023, which was 1.99 per million hours worked. In FY2024, for our most material exposures of diesel particulate matter As noted in our FY2024 performance against our social value scorecard (DPM) and respirable silica, we had a 46 per cent reduction in the provided in OFR 6.5, BHP is committed to reducing life-altering injury or number of employees and contractors potentially exposed compared illness and we continue to track the number of life-altering injuries and to our FY2023 exposure profile. More specifically, we have recorded a illnesses internally. Since we commenced measuring our life altering 23 per cent reduction in the number of employees and contractors with injury and illness metric, we have learned that a longer measurement potential exposure to DPM and 54 per cent reduction in the number of period is required for analysis to allow for the classification of more employees and contractors potentially exposed to respirable crystalline chronic conditions. Therefore, it will not be reported on in this Report or silica. When exposure reduction is considered over the last six years, we included as a key metric in the social value scorecard in FY2025. The two have achieved a 78 per cent reduction to our most material exposures. main illness types that influence the number of life-altering illnesses are We continue to have zero employees and contractors routinely exposed musculoskeletal cases and noise-induced hearing loss cases, both of to coal mine dust above the occupational exposure limit. We are currently which we continue to report on annually. Information relating to injuries undertaking a baseline exposure monitoring program at the former can be found in section 6.1. OZ Minerals Australian assets and will provide a comparable exposure profile in FY2025. Musculoskeletal illness is the predominant occupational illness category for BHP employees and contractors, representing 68 per cent of our workforce Exposure reduction trend over time1,2,3,4 illnesses in FY2024. These conditions include damage to bones, joints, ligaments, tendons and soft tissues, caused by repetitive heavy work, 2,000 muscular strain, or maintaining poor postures for extended periods of time. Noise-induced hearing loss represents 8 per cent of occupational illnesses in FY2024. Employees and contractors exposed to noise levels above 1,600 the defined workplace exposure limits in our Health Global Standard participate in hearing conservation programs, which include a periodic hearing test and hearing protection fit testing. We have established design 1,200 recommendations that seek to eliminate or reduce high or prolonged noise exposures by focusing on noise source. 800 1. Data excludes divested operations as follows: BHP Mitsui Coal (sale completed on 3 May 2022) and BHP’s oil and gas portfolio (merger with Woodside completed on 1 June 2022). 400 Prior years’ data (FY2020 to FY2022) has been re-stated to exclude these operations. Divested BMA assets, Daunia and Blackwater (divested on 2 April 2024) are included in FY2024 data up until the date of divestment. 2. Occupational exposures data excludes Projects. 0 3. Occupational exposure data excludes assets acquired as part of the OZ Minerals FY2020 FY2021 FY2022 FY2023 FY2024 acquisition. We are currently undertaking baselining of exposure data to provide Coal mine dust exposures Silica exposures DPM (Diesel) exposures comparable exposure profile in FY2025. 4. As of FY2021, the occupational exposure limit for Coal was reduced to 1.5 mg/m3 compared to 2.0mg/m3 in previous years.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 41 Heat stress contributed to 4 per cent of our reported occupational illnesses Psychosocial risk management in FY2024. Elevated temperatures and strenuous activity place some of We continue to integrate psychosocial hazard identification and our workforce at an increased risk of heat illness. High-risk work groups management into the way we work. Our employees and contractors are identified, and a range of controls are in place to manage heat stress. are encouraged to identify and call out disrespectful behaviours that In FY2024, a new heat awareness online learning module was released for may contribute to psychological harm, including bullying and sexual workers across Minerals Australia to provide workers with the knowledge harassment, as well as other psychosocial hazards. to identify signs of heat illness and how to manage the risks associated with working in the heat. Hydration testing has also been made available Our Psychosocial Risk Assessment Program was established in FY2023 at several operations with high heat risk. and initially focused on our operated assets. In FY2024, we completed psychosocial risk assessments across our global functions. From this work Recognising climate change may exacerbate existing temperature we have developed an organisation-wide psychosocial risk profile across related risks, in FY2024 we piloted an approach at Olympic Dam to five evidence-informed BHP-specific Psychosocial Hazard Domains – in better understand and quantify the potential impact of heat stress on interpersonal; traumatic; physical (distance and fatigue); organisational and our workforce under different future climate scenarios. Modelling was job-inherent hazards. We will deploy these Hazard Domains to categorise based on climate data and temperatures within the underground mine and rank psychosocial hazards and identify controls for our most significant to determine potential productivity and health impacts caused by heat psychosocial hazards. stress under different scenarios. The findings of this assessment will assist in the identification of additional controls that may be required In FY2024, we developed and commenced the introduction of the BHP to ensure our workforce can perform their roles safely under changing Psychosocial Health Index, which we will complete in FY2025. This is an climatic conditions. assessment tool and confidential platform for employees and contractors to provide feedback on how they experience the physical and psychological Coal mine dust lung disease aspects of their work environments, the social aspects of their job and the design and management of work, together with an associated measure In FY2024, 21 cases of coal mine dust lung disease (CMDLD)1 were of physical and mental health that helps us determine where harm may reported to the Workers’ Compensation Regulatory Services.2 Of the be occurring. 13 accepted claims in FY2024, two were current BHP employees, while the remaining 11 were former employees. For cases involving current As part of our Psychosocial Risk Assessment Program, we have also employees, we offer counselling, medical support, and redeployment options expanded our support options, including providing additional pathways for where relevant. Former employees are eligible for workers’ compensation employees and contractors to seek information and support on preventing insurance and associated care is managed externally to BHP. and managing psychosocial hazards when they occur. We also expanded and simplified our tools and guidelines in FY2024, centralising them in one We have controls in place across all our relevant operated assets with the easily accessible hub and enabled ‘in the moment’ interactive support via goal of ensuring none of our employees and contractors are exposed to a new digital tool. respirable CMD above the occupational exposure limit (OEL). We continue to identify and progress projects, such as real-time dust monitoring, to Support for employees affected by family and domestic violence facilitate our recognition and action when the working environment may present a health hazard and seek to implement high order controls such as BHP has a Family and Domestic Violence Assistance Program, which was engineering controls to eliminate or reduce exposures rather than continued updated in FY2024, that aims to provide employees with support for their reliance on lower order controls such as respiratory protection. We have health, safety, wellbeing and independence if they are experiencing family observed consistent control of CMD exposures with no employees or and domestic violence. contractors potentially exposed to CMD above the OEL since FY2021. As part of the program, employees can access up to 10 days’ additional Physical and mental health paid leave if they are affected by family and domestic violence or supporting someone who is. The physical and psychological health and wellbeing of our workforce Support also includes emergency accommodation, emergency financial is of paramount importance as we continue to work towards enhancing help and access to safety and security plans. These supports consider the inclusivity and future-readiness of our employees and contractors. safety measures, such as transport to and from work, changing location of In FY2024, we continued efforts to make meaningful and positive work, setting up new phone numbers, screening/blocking calls and emails, improvement to employee health and wellbeing by building stronger and supporting access to legal advice. relationships via our active collaborations with industry partners. We engaged with initiatives such as the ‘Minding Mining Minds’ (MMM) 6.8 Ethics and business conduct which aims to develop tools and evidence-based models and share learnings across industry, the Building Safe and Respectful Workplaces Our conduct (BSRW) which aims to help eliminate disrespectful behaviour in the Our Code of Conduct (Our Code) is designed to help us make the right resources industry including sexual harassment, bullying and racism and decisions every day and deliver on our purpose to bring people and we have an active partnership with the Global Business Collaboration for resources together to build a better world. It applies to everyone who works better mental health. for us, with us or on our behalf. To assist our employees and contractors Our focus internally has been on embedding our learnings. In FY2024, understand how Our Code applies, regular training is undertaken. we embedded the BSRW principles into our global onboarding. A Global Breaching Our Code can result in serious consequences and depending Wellness Committee was also established, bringing together asset and on the severity of the breach this could include counselling, warnings and corporate office Wellness Committees into a global forum to collaborate even termination of employment. We encourage people to speak up where on initiatives, implement strategic improvements and share learnings. a decision or action is not in line with Our Code or Our Values. The Committee aims to build mental health literacy, increase awareness BHP requires reports of business conduct concerns to be treated with and benefit overall physical and mental wellbeing, and has maintained appropriate confidentiality and has policies in place intended to prohibit a strong ongoing participation in global health campaigns, such as BHP any kind of retaliation against people who make or may make a report, or Mental Health Month, RUOK? day and Movember. who cooperate with an investigation. These may also include reports made In FY2024, the Group Health team introduced the Women Can initiative to to regulators. We consider all forms of retaliation to be misconduct and promote women’s physical and mental health. The Women Can initiative grounds for disciplinary action, up to and including termination. We have a ran during March, aiming to lift the profile and importance of women’s number of key policy and process documents to support a safe to speak up health and wellbeing. Through prestart education packs, personal shares culture, including our BHP Whistleblower Policy. and panel discussions held with senior female leaders, including our Chief People Officer, and Group HSS Officer, BHP provided education and an Our Code is available in five languages and accessible at opportunity for safe and impactful conversations on the importance of bhp.com/about/operating-ethically/our-code#/ self-care, health screening, menopause and providing a safe and inclusive workplace. During this campaign, BHP formed a formal partnership Our BHP Whistleblower Policy sets out additional information, with Menopause Friendly Australia and is working towards achieving including protections available to persons who make eligible disclosures accreditation as a menopause friendly employer where we aim to raise under Australian law and accessible at bhp.com/-/media/documents/ awareness, educate staff and engage in training and policy and process ourapproach/operatingwithintegrity/taxandtransparency/240523_ change to address women’s health and menopause in the workplace. bhpwhistleblowerpolicy 1. CMDLD is the name given to the lung diseases related to exposure to coal mine dust and includes coal workers’ pneumoconiosis, silicosis, mixed dust pneumoconiosis and chronic obstructive pulmonary disease. 2. Cases reported to Workers’ Compensation Regulatory Services are not an indication that the CMDLD was related to work. BHP evaluates each case for work-relatedness and where identified, the case will be included in occupational illness reporting.

42 BHP Annual Report 2024 6 Sustainability continued Reports received are assessed by the Ethics and Investigations team to Activities that potentially involve higher exposure to corruption risk require determine an appropriate response, which may include an investigation review or approval by our Compliance function, as documented in our or other resolution. In assessing the appropriate response, BHP applies anti-corruption compliance framework. In FY2024, we continued conducting a proportionate and person-centred approach to the report considering all monitoring focused on verifying the operation of anti-corruption controls in participants. People impacted by reports of sexual harassment and racism relation to higher risk relationships and activities, including the provision of are offered specialised support by the Ethics Support Service, which community donations and sponsorships, identification and management of enables people impacted to have input into BHP’s response. The impacted corruption risks relating to government officials and community leaders in person’s preferences as well as the type and severity of the alleged the context of local procurement, and sole source procurement decisions. misconduct are considered in determining the appropriate response, We regularly review our anti-corruption framework for compliance with which may include an investigation, training, facilitated conversations and the requirements of the US Foreign Corrupt Practices Act, the UK Bribery line leader intervention. Quarterly reporting on the most serious reports is Act, the Australian Criminal Code and the applicable laws and regulatory provided to senior leaders and the Risk and Audit Committee, which has developments of all places where we do business. These laws are representation of Board members, and includes reported case metrics, consistent with the standards of the OECD Convention on Combating outcomes and insights. The reporting supports leadership awareness and Bribery of Foreign Public Officials in International Business Transactions. informs priorities for ongoing improvement. Feedback is obtained regularly from stakeholders, including case participants, external experts and Our Compliance function is independent of our assets and regions and management, to continually improve our response to reports. reports to the Chief Legal, Governance and External Affairs Officer. Our Chief Compliance Officer also reports quarterly to the Risk and Audit In FY2024, 5,087 reports regarding business conduct were received Committee on compliance issues and meets at least annually with the Risk directly into BHP’s channels to raise misconduct concerns.ą Out of the and Audit Committee Chair. total misconduct reports, 25 per cent were raised by leaders on behalf of someone else. There continues to be a great focus on health and wellbeing The Compliance function also participates in anti-corruption risk in the workplace, and we have seen a 6 per cent decrease of bullying and assessments in respect of our operated assets or functions, our interests in harassment cases from 3,067 in FY2023 to 2,870 in FY2024. non-operated assets and new business opportunities that we consider are exposed to material anti-corruption risks. In FY2024, the function provided Of the business conduct reports received, 41 per cent were made input into 27 anti-corruption risk assessments. anonymously.1 Of the total business conduct reports closed during FY2024, 41 per cent contained one or more established allegations.2,3 Building employee awareness remains critical to the effective management of corruption risk across BHP. Anti-corruption training is required to be provided to all employees and contractors as part of mandatory Business conduct concerns raised in FY20241,4 regular training on Our Code. Our Compliance function also regularly communicates and engages with identified higher-risk roles and provides Harassment and bullying (2,870) 56.4% additional risk-based anti-corruption training for employees, contractors Health, safety or environment breach (640) 12.6% and employees of some of our business partners and community partners. Sexual harassment (417) 8.2% In FY2024, we revised our anti-corruption electronic learning module Fraud (401) 7.9% to incorporate new scenarios designed to reinforce understanding and support learning. The new e-learning module is expected to be made Discrimination (321) 6.3% available in early FY2025. Cybersecurity, data privacy or 3.8% intellectual property breach (195) For more information on ethics and business conduct refer to Other* (134) 2.6% bhp.com/ethics Racial harassment (109) 2.2% Transparency and accountability * Other: This includes issues such as Retaliation for speaking up; Deficiencies in a We support initiatives by governments of the countries where we business conduct investigation; Failure to Report Code of Conduct Breach; Attempting to identify an anonymous reporter; Improper political or governmental conduct; operate to publicly disclose the content of our licences or contracts Human rights or modern slavery; Ask a question; Trade control breach; Inappropriate for the development and production of minerals that form the basis of investigator conduct in business conduct investigation; Consensual relationship with our payments to government, as outlined in the Extractive Industries power imbalance. Transparency Initiative (EITI) Standard. Employees and contractors can raise their concerns through a number of Other initiatives include our work with Transparency International chapters, channels (including anonymously) or through leaders. Anyone, including representation on the Board of the EITI, financial support for and Steering external partners, stakeholders and the public, can lodge a concern in the Committee membership of the Bribery Prevention Network (in Australia) form of a report, either online in our channels to raise misconduct concerns and funding of the BHP Foundation, including its Natural Resource or via the 24-hour, multilingual call service. Governance Global Program. We believe knowing who ultimately controls and benefits from a company Anti-corruption helps to reduce risk and strengthen accountability. In FY2024, we We continue our commitment to contribute to the global fight against continued our active and public support for ultimate beneficial ownership corruption in the resources industry. Our commitment to anti-corruption transparency. We maintained information on how we use beneficial is embodied in Our Charter and Our Code. ownership information as part of our anti-corruption due diligence on As part of this commitment, we prohibit authorising, offering, giving or investments, partners, contractors and suppliers. We also continued to promising anything of value directly or indirectly to anyone to influence make clear via published statements, including in Our Code and web them in their role, or to encourage them to perform their work disloyally content, that we do not partner or contract with entities that are assessed or otherwise improperly. We also prohibit facilitation payments, which as presenting a high corruption risk that decline to provide beneficial are payments to government officials for routine government actions. ownership information as part of our due diligence process. In parallel Our people must take care that third parties acting on our behalf do not with these steps, we continued to publish our list of entities in which BHP violate anti-corruption laws. Disciplinary action, including dismissal or Group Limited’s effective interest is 100 per cent and certain entities in termination of contractual relationships, may follow from a breach of which BHP Group Limited’s effective interest is less than 100 per cent, these requirements. including all controlled subsidiaries operating in the mining sectors, all mining operations joint ventures generating material revenue for BHP To manage corruption risk, we work to achieve optimal resource allocation (and available information in relation to the other legal owners in these to areas of our business with the highest exposure to corruption risks. joint ventures) and entities in which we hold a partial interest (with some The identification, assessment and management of corruption risks exclusions – refer to bhp.com/sustainability/ethics-business-conduct). associated with growth opportunities remains a significant area of focus for our Compliance function, via a sub-team dedicated to supporting functions These efforts are complementary to the BHP Foundation’s partnership that are responsible for initiating transactions and growth opportunities in with EITI and Open Ownership to support governments to transform the countries with higher corruption risks. availability and use of beneficial ownership data for effective governance in the extractive sector. 1. This excludes reports not containing a business conduct concern and excludes reports logged by leaders on behalf of others. 2. The calculation is based on reports closed in FY2024, containing one or more established allegations. Not all reports resulted in a finding. This can occur if there is insufficient information, the respondent is not able to be identified, was previously terminated, or the impacted person did not wish to proceed. This figure includes cases opened in FY2024 and prior to FY2024 that were closed during the reporting period. When referring to cases closed during FY2024, it excludes cases that were still open at the end of the reporting period. 3. As the established rate reflects the number of cases established out of all business conduct concerns closed during the reporting period, the parameter has been updated to better reflect the cases that are considered business conduct concerns at closure (i.e. the investigation category). Additionally, calculating the established rate based on investigation category provides a more stable measure since case attributes can vary whilst the investigation is underway and unlikely to change once the investigation has concluded and case is closed. 4. FY2024 data includes all former OZ Minerals assets in Australia and Brazil.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 43 6.9 Climate change Our disclosures and approach to reporting Climate Transition Action Plan We believe the warming of the climate is unequivocal, human influence is In August 2024, we published our second Climate Transition Action clear and physical climate-related impacts are unavoidable. We recognise Plan, which sets out our strategic approach and plans for achieving our the role we play in supporting the net zero transition the world must make. operational and value chain greenhouse gas (GHG) emissions targets For our full position on climate change refer to bhp.com/climate and goals, as well as our response to climate-related risks (threats and opportunities). This follows on from our first CTAP, which we published Climate-related governance in CY2021. Our CTAP 2024 is primarily a forward-looking plan and set of actions, Climate change and climate transition planning is a material governance and while this Report discloses in: strategic issue for our Board and management. Additional details concerning – This OFR 6.9: Progress in FY2024 against our climate change strategy, our climate-related governance for FY2024 have been made in our Climate GHG emissions targets and goals, commitments and key metrics Transition Action Plan (CTAP 2024). – Governance: An overview of governance structures, activities and Our CTAP 2024 was approved by the Board, with its development and remuneration incentives, including those that relate to our climate ongoing implementation governed by the Board and its Committees change strategy (additional detail concerning our governance around and management. climate-related risks is set out in our CTAP 2024) Our Board, Committees and management structure and roles as – Financial Statements: Potential financial statement impacts, where they apply to climate-related matters, the skills and experience material or relevant, of the assumptions, plans and actions of our climate of the Board and management and remuneration incentives for change strategy and the consideration of climate-related risks in the management are disclosed in Enabling delivery – Our governance on assessment of significant areas of judgement and estimation required page 50 and Enabling delivery – Our management, remuneration and for the presentation of the financial statements organisational capability on page 51 of our CTAP 2024 available at bhp.com/CTAP2024 Our CTAP 2024 is available at bhp.com/CTAP2024 For information on the role and composition of the Board and its Committees and each Committee’s key activities in FY2024, including in relation to climate-related matters, as well as the Board skills matrix, Given the global nature of our business, customers and supply chain, the process for Board evaluation and director training, induction and the development of our CTAP 2024 considered the goals of the Paris development, refer to our Corporate Governance Statement 3, 4 and Agreement and the commitments and policy settings of relevant key 5 on pages 99 to 106, later in this Report jurisdictions at this time. Our global headquarters are located in Australia, which has a Long-Term Emissions Reduction Plan and legislated national targets to reduce Australia’s net GHG emissions to 43 per cent below CY2005 levels by CY2030, and to achieve net zero GHG emissions by CY2050. We continue to monitor and take into consideration the evolving policy and regulatory landscape applicable to our operations as part of the periodic review by management and the Board of the appropriateness of and our progress towards our GHG emissions targets and goals. Navigating our disclosures Our response This Report: This Report: Climate Operating and This Report: Financial Transition TCFD recommended disclosures Financial Review Governance Statements Action Plan 2024 Governance: Disclose the organisation’s governance around climate-related risks and opportunities. a) Describe the board’s oversight of climate-related risks and opportunities Page 43 Pages 98 to 111 – Page 50 b) Describe management’s role in assessing and managing climate-related – Pages 107 to 111 – Page 51 risks and opportunities Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning where such information is material. a) Describe the climate-related risks and opportunities the organisation has Pages 49 to 51 – Pages Pages 10 to 30 identified over the short, medium, and long term Pages 74 to 82 162 to 165 Page 52 b) Describe the impact of climate-related risks and opportunities on the Pages 43 to 59 – Pages Pages 10 to 54 organisation’s businesses, strategy, and financial planning Pages 74 to 82 162 to 165 c) Describe the resilience of the organisation’s strategy, taking into consideration Pages 50 to 51 – Pages Pages 31 to 38 different climate-related scenarios, including a 2°C or lower scenario 162 to 165 Pages 42 to 45 Pages 61 and 62 Risk Management: Disclose how the organisation identifies, assesses, and manages climate-related risks. a) Describe the organisation’s processes for identifying and Pages 48 and 49 – – Page 52 assessing climate-related risks Pages 73 to 74 b) Describe the organisation’s processes for managing climate-related risks Pages 48 to 51 – – Page 52 Pages 73 to 74 c) Describe how processes for identifying, assessing, and managing climate- Pages 73 to 74 – – Page 52 related risks are integrated into the organisation’s overall risk management Metrics and Targets: Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material. a) Disclose the metrics used by the organisation to assess climate-related risks Pages 52 to 59 Pages – Page 51 and opportunities in line with its strategy and risk management process 116 to 125 b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 GHG emissions, Pages 52 to 59 – – Pages 10 to 30 and the related risks c) Describe the targets used by the organisation to manage climate-related Pages 52 to 59 – – Pages 10 to 30 risks and opportunities and performance against targets Pages 57 to 60

44 BHP Annual Report 2024 6 Sustainability continued Operational GHG emissions (Scopes 1 and 2 emissions Value chain GHG emissions (Scope 3 emissions) – Overall from our operated assets) Medium-term Reduce operational GHG emissions (Scopes 1 and 2 Long-term We have a long-term goal of net zero Scope 3 GHG target: emissions from our operated assets) by at least 30 per cent net zero goal: emissions by CY2050. Achievement of this goal is uncertain, by FY2030 from an FY2020 baseline. particularly given the challenges of a net zero pathway for our customers in steelmaking, and we cannot ensure the Long-term Achieve net zero operational GHG emissions (Scopes 1 outcome alone. net zero goal: and 2 emissions from our operated assets) by CY2050. Performance, adjusted Performance, adjusted MtCO2-e MtCO2-e 20.0 500.0 377.0 13.6 352.0 15.0 375.0 9.2 10.0 250.0 5.0 125.0 0 0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024 For more information on the essential definitions, assumptions, GHG emissions boundaries, measurement approach and adjustments for this medium-term target and these long-term net zero goals, including the potential use of offsetting, refer to Climate-related metrics, targets and goals on pages 52 to 59, later in this OFR 6.9 TCFD-consistent disclosures For more information on our alignment with other sustainability and ESG standards, including the Climate Action 100+ Net Zero Company In accordance with the UK Listing Rules as set by the UK Financial Benchmark and GHG Protocol series of standards, refer to our Conduct Authority, we believe our disclosures are consistent with the four BHP ESG Standards and Databook 2024 available at bhp.com/climate recommendations and 11 recommended disclosures of the Task Force on Climate-related Financial Disclosures (TCFD). Operational GHG emissions (Scopes 1 and 2 The ‘Navigating our disclosures’ table on the previous page sets out the TCFD’s recommended disclosures, grouped under the four emissions from our operated assets) recommendations and where our aligned disclosures can be found Performance and highlights within this Report and our CTAP 2024. Because our CTAP 2024 is our primary publication this year for – We remain on track to meet our medium-term target to reduce disclosing significant detail on our climate change plan for the climate operational GHG emissions (Scopes 1 and 2 emissions from our transition and our climate change strategy, we have included certain operated assets) by at least 30 per cent by FY2030 from an FY2020 TCFD-recommended disclosures in our CTAP 2024 to enable them to be baseline. For FY2024, despite an increase from FY2023 (explained read in that broader context. We do not repeat them in this Report to avoid later), our operational GHG emissions were 32 per cent lower against our duplication. TCFD recommended disclosures for FY2024 that have been FY2020 baseline (baseline year and performance data adjusted; for more published in our CTAP 2024 are: information on the adjustments we make, refer to Climate-related metrics, targets and goals on pages 52 to 59, later in this OFR 6.9). We have not – TCFD Strategy recommended disclosures (a) and (b): Our detailed used carbon credits or applied offsetting in our assessment that we are strategy and areas of focus for reducing operational GHG emissions on track to meet our medium-term target. (Scopes 1 and 2 emissions from our operated assets), including our – We achieved 100 per cent renewable electricity use at our Chilean industry collaboration and our material sources of operational GHG operations in CY2023 and are on track to achieve the same in CY2024. emissions (i.e. electricity, diesel and fugitive methane emissions). In FY2024, we started our market engagement to deliver up to These disclosures have been published in Operational GHG 500 megawatts (MW) of off-grid renewable electricity generation and emissions on pages 10 to 18 in our CTAP 2024 available at battery storage for WAIO. bhp.com/CTAP2024 – We announced our collaboration with Rio Tinto to share outcomes of the first stage of CAT 793 and Komatsu 930 battery-electric haul truck trials – TCFD Strategy recommended disclosures (a) and (b): Our detailed planned to occur at mine sites in Western Australia’s Pilbara region in strategy for supporting the reduction of value chain GHG emissions CY2024 and CY2026 respectively. (Scope 3 emissions). – We met our FY2024 social value scorecard Decarbonisation pillar These disclosures have been published in Value chain GHG milestone to ‘commence the construction of a boiler diesel displacement emissions on pages 19 to 30 in our CTAP 2024 available at solution’ by progressing our Escondida boiler project through to bhp.com/CTAP2024 execution, with expected operations starting in CY2025. Once this project is operational, and together with its counterpart project at – TCFD Strategy recommended disclosures (b) and (c): Detailed Spence, it is expected to displace up to 30 million litres of diesel per year information on our strategy for our commodity and asset portfolio, as by using a zero GHG emissions heat source (combining a thermo-solar well as the resilience of our strategy and portfolio in our 1.5°C scenario. and electric boiler solution). These disclosures have been published in Portfolio on pages 31 to – We partially met our FY2024 social value scorecard Decarbonisation 38, Additional information – Our 1.5°C scenario assumptions and pillar milestone to ‘deliver equipment for proof-of-concept trials for the signposts we monitor on page 61 and Additional information electrified rail and excavator solutions’ by starting our operational trial of – Our 1.5°C scenario compared to benchmarks on page 62 in our CTAP 2024 available at bhp.com/CTAP2024 a Liebherr R9400 electric excavator at WAIO, the first in BHP’s fleet and one of the first to be trialled in Australia. We also completed the design – TCFD Governance recommended disclosures (a) and (b): Detailed of electrical infrastructure for our future electric truck trials and started information on our Board, Committees and management structure and installation of charging infrastructure for our future electric locomotive roles as they apply to climate-related matters, the skills and experience of trials. These are important activities to enable our progress towards Board and management. diesel displacement and the electrification of vehicles and mining – TCFD Metrics and Targets recommended disclosure (a): The equipment. We rated the milestone as only partially met due to delays. climate-related remuneration incentives for management, separate We anticipate we will fully meet this milestone in FY2025 and do not to the Remuneration Report in this Report. expect this to affect achievement of our medium-term target. These disclosures have been published in Enabling delivery – Our governance on page 50 and Enabling delivery – Our management, remuneration and organisational capability on page 51 in our CTAP 2024 available at bhp.com/CTAP2024

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 45 We have previously disclosed that our progress towards our medium-term Pathway to our medium-term target and long-term target and long-term net zero goal to reduce operational GHG emissions is net zero goal expected to be non-linear. Our view is that our pathway in coming years is The projected pathway to our medium-term target, as shown in the chart complicated by a number of factors, including projected organic changes below, is expected to set us up well for greater GHG emission reductions (i.e. arising from our existing business) in our production of commodities after FY2030 through the following actions: and the current lack of available technology solutions to support more rapid GHG emission reductions (particularly for diesel displacement). Our plan – procuring renewable and other low to zero GHG emissions electricity to achieve our medium-term target accounts for these factors and we will – working to minimise the increase in operational GHG emissions from continue to look for opportunities to help see the emerging technologies we organic production growth and new operational sites need to reach technological readiness and commercial viability, to support – accelerating development and reducing risk exposure to diesel progress towards our long-term net zero goal. displacement solutions through testing and sequenced deployment For FY2024, our total operational GHG emissions (unadjusted inventory) – pursuing solutions to abate fugitive methane emissions increased by 2 per cent from FY2023 and our total operational energy consumption increased by 4 per cent from FY2023. This was largely driven Our plan is to meet our medium-term target through structural GHG by an increase in electricity and distillate/gasoline consumption from emissions abatement instead of offsetting. We will not use regulatory former OZ Minerals sites in Copper South Australia, where we accounted carbon credits (i.e. those used for compliance under regulatory schemes for a full 12 months in FY2024, compared to only two months in FY2023 such as the Safeguard Mechanism in Australia) to meet our medium-term (as we acquired OZ Minerals on 2 May 2023). There may be differences target. In addition, in our projected pathway, we have not planned to use between our annual total operational GHG emissions inventory (unadjusted voluntary carbon credits to meet our medium-term target. However if inventory) and the GHG emissions we measure for the baseline year, there is an unanticipated shortfall in our pathway, we may need to use reference year and performance for our operational GHG emissions voluntary carbon credits1 that meet our integrity standards to close the medium-term target and long-term net zero goal, resulting from different performance gap. approaches to the treatment of divestments, acquisitions and methodology changes based on the purpose for which the data is being reported. Our potential pathway to our operational GHG emissions long-term net zero goal beyond FY2030, as disclosed in our CTAP 2024, requires us to: For more information on the calculation of our annual total operational GHG emissions data and total operational energy consumption data, – displace diesel via electric mining equipment/vehicles (e.g. haul trucks, refer to Climate-related metrics, targets and goals on pages 52 to 59, locomotives, excavators, shovels) later in this OFR 6.9 – procure additional renewable and other low to zero GHG emissions For CY2023, the GHG emissions intensity of our production of our electricity to support the increased amount of electricity required for commodities is estimated to rank in the first quartile for our iron ore, electric mining equipment/vehicles copper and steelmaking coal mines, and the second quartile for our nickel – minimise fugitive methane emissions to the greatest extent technically operations (ahead of all Indonesian-based operations) of global mining and commercially viable, through enhanced application of existing or operations analysed by CRU. This analysis is based on CY2023 data from emerging technology CRU (as CRU data is prepared on a calendar year basis), and includes CRU’s assumptions and estimates of BHP’s operations. We transitioned For our potential pathway to our operational GHG emissions to using CRU (rather than Skarn Associates) for this analysis in FY2024 as long-term net zero goal refer to the CTAP 2024 available at part of an annual vendor assessment and selection process. bhp.com/CTAP2024 For more information on how GHG emissions intensity of our production of our commodities has been calculated and compared, refer to the BHP ESG Standards and Databook 2024 available at bhp.com/climate Projected pathway to our medium-term target for operational GHG emissions (Scopes 1 and 2 emissions from our operated assets)2 Operational GHG emissions (million tonnes of carbon dioxide equivalent (MtCO -e)) (adjusted for acquisitions, divestments and methodology changes) 2 16 Diesel –32% Electricity Other sources 12 Organic growth Range of uncertainty 8 4 0 FY2020 Electricity Other changes FY2024 growth Organic Electricity Diesel Other sources FY2030 1. We define regulatory carbon credits to mean carbon credits used to offset GHG emissions for regulatory compliance in our operational locations (such as the Safeguard Mechanism in Australia). We define voluntary carbon credits to mean carbon credits generated through projects that reduce or remove GHG emissions outside the scope of regulatory compliance (including Australian Carbon Credit Units not used for regulatory compliance). 2. Future GHG emission estimates are based on current annual business plans. Includes former OZ Minerals Australian assets and plans. Excludes Blackwater and Daunia (divested on 2 April 2024). FY2020 to FY2024 GHG emissions data has been adjusted for acquisitions, divestments and methodology changes. ‘Other changes’ refers to changes in GHG emissions from energy consumption other than electricity. ‘Organic growth’ represents increase in GHG emissions associated with planned activity and growth at our operations. ‘Other’ refers to GHG emissions from fugitive CO and methane emissions, natural gas, coal and coke, fuel oil, liquefied petroleum gas or other sources. GHG emissions calculation methodology changes 2 may affect the information presented in this chart. ‘Range of uncertainty’ refers to higher risk options currently identified that may enable faster or more substantive decarbonisation, but which currently have a relatively low technology readiness level or are not yet commercially viable.

46 BHP Annual Report 2024 6 Sustainability continued Many of the technologies we will need to achieve our long-term net zero We project the planned closure of our Mt Arthur Coal mine by FY2030 goal for our operational GHG emissions are not yet ready to be deployed. would result in Scope 3 emissions in Category 11 (which covers GHG A pathway between our medium-term target in FY2030 and our long-term emissions from the end use of products sold by the reporting company, net zero goal in CY2050 will require a significant technological step change such as the combustion of energy coal) becoming an insignificant source in safety, reliability, productivity, availability and economics. in our reported Scope 3 emissions inventory. In the BHP Annual Report 2023, we published our operational GHG As explained in our CTAP 2024, we do not anticipate significant reductions emissions projected pathway to FY2030 and potential pathway between in our reported Scope 3 emissions inventory in the near term. This is FY2031 and CY2050. Incorporating the outcomes of our most recent partly due to the way we currently estimate certain Scope 3 emissions annual planning process, our operational GHG emissions projected (to categories, which is generally not supplier- or customer-specific and FY2030) and potential (beyond FY2030) pathways to our long-term net therefore would not reflect the GHG emission reductions they achieve. zero goal has been updated for FY2024, with the primary changes being: We are seeking ways to improve the availability of data and have included – a decrease in diesel GHG emissions abatement due to new this as part of our strategy. We have had some early successes with data and unforeseen challenges experienced by original equipment availability for shipping and our use of the Veracity data platform for carbon manufacturers, resulting in less certainty of technology and accounting. Our aim remains to progressively improve our capability to commercial readiness of diesel displacement options measure Scope 3 emissions, particularly for GHG emissions from our customers’ processing of iron ore and steelmaking coal to produce steel – an increase in the range of uncertainty due to less certainty of which falls within Category 10, ‘Processing of sold products’. technology and commercial readiness of diesel displacement options, as well as our enhanced understanding of the challenges presented There may be differences between our annual reported Scope 3 emissions by a change to our operations as complex and far-reaching as large- inventory (unadjusted inventory) and the GHG emissions we measure for scale electrification the baseline year, reference year and performance for our value chain GHG emissions medium-term goals and long-term net zero targets and Additionally: goal, resulting from different GHG emissions boundaries and/or different – our Jansen potash project’s heightened focus on operational approaches to the treatment of divestments, acquisitions and methodology readiness for first production has deferred certain studies on low changes based on the purpose for which the data is being reported. to zero GHG emission energy options and GHG emission reduction In FY2024, we adjusted the data for our value chain GHG emissions technologies until after first production commences (expected in late targets and goals baseline year, reference years and annual performance CY2026). We continue to pursue commercial solutions with our partners for methodology changes and, for the first time, material acquisitions and to reduce operational GHG emissions for Jansen. divestments (for our material Scope 3 emissions categories). The primary – the planned FY2024 drilling program at BMA, which will assist in impact was to our FY2020 reported Scope 3 emissions inventory, which obtaining a deeper understanding of methane quality and quantity (in reduced from 413.6 MtCO2-e (unadjusted inventory) to 352.0 MtCO2-e both magnitude and density), will now commence during FY2026/27. (adjusted for acquisitions, divestments and methodology changes). Certain methane management studies have been completed at BMA that identified some changes to the longer-term characterisation of its For more information on the calculation of our annual reported Scope 3 emissions inventory, and on the adjustments we have made to the data methane gas profile and combined with investigations of other technical for the baseline years, reference years and annual performance for our and operational factors, these findings will inform the development of value chain GHG emissions medium-term goals and long-term net zero a more targeted methane measurement, management and mitigation targets and goal refer to Climate-related metrics, targets and goals on strategy for our open-cut mines. pages 52 to 59 in this OFR 6.9 These changes are not expected to have any material impact on our ability to meet our operational GHG emissions medium-term target. Our strategy to support reduction of GHG emissions in our value chain has four primary focus areas: Based on what we know today, we estimate we can reduce our gross operational GHG emissions by up to around 85 per cent against FY2020 1. Support the development and adoption of GHG emissions intensity levels by CY2050 (adjusted for acquisitions, divestments and methodology reduction technologies in steelmaking changes) without the use of offsetting. We will continue to look for 2. Enhance the quality of the iron ore and steelmaking coal we produce (as the opportunities to help see the emerging technologies we need to reach GHG emissions intensity of conventional blast furnace steelmaking can be technological readiness and commercial viability. reduced by improving the quality of the iron ore and steelmaking coal used) For more information on our strategy and areas of focus to enable us to 3. Encourage direct suppliers to pursue net zero for their operational GHG achieve our operational GHG emissions medium-term target and long- emissions (Scopes 1 and 2 emissions) term net zero goal refer to Operational GHG emissions on pages 10 to 4. Support the development and adoption of GHG emission reduction 18 of our CTAP 2024 available at bhp.com/CTAP2024 technologies in shipping Capital allocation These focus areas have been set with consideration of the scale of GHG Capital allocation towards operational GHG emissions reduction initiatives emissions in our value chain, the level of impact we can achieve with is considered as part of the maintenance capital category within our stakeholders and industry, and the alignment to our portfolio strategy. Capital Allocation Framework. For FY2024, our capital (incremental) and For FY2024, our capital and operating expenditure on initiatives associated operating expenditure on initiatives associated with operational GHG with value chain GHG emission reductions was US$33 million. emission reductions was US$61 million. For more information on actual and planned expenditure to support value For more information on actual and planned expenditure to support chain GHG emission reductions refer to Financial Statements note 16 operational GHG emission reductions refer to Financial Statements note ‘Climate change’ on pages 162 to 165 in this Report 16 ‘Climate change’ on pages 162 to 165 in this Report For more information on our committed funding and estimated co-investments by us and others to support value chain GHG emission Value chain GHG emissions (Scope 3 emissions) reductions refer to Value chain GHG emissions on pages 19 to 30 in our CTAP 2024 available at bhp.com/CTAP2024 Value chain Approach Operational GHG emissions from our non-operated joint venture interests For FY2024, our reported Scope 3 emissions inventory (unadjusted inventory) are reported in our Scope 3 emissions inventory under Category 15 increased by 2 per cent from FY2023. This was largely driven by reported ‘Investments’ and are an immaterial source of Scope 3 emissions when GHG emission increases in Category 1 ‘Purchased goods and services compared to our FY2024 reported Scope 3 emissions inventory. We see (including capital goods)’ and Category 10 ‘Processing of sold products’ our role in non-operated assets as primarily to encourage and seek to (specifically iron ore processing to crude steel). Our reported Scope 3 influence them through their respective governance structures to reduce emissions inventory remains dominated by the processing of our iron ore their operational GHG emissions, as well as sharing decarbonisation and steelmaking coal products (83 per cent) and, to a lesser extent, from the knowledge and experience where appropriate. combustion of energy coal (10 per cent), with additional contributions including the GHG emissions associated with our direct suppliers (4 per cent) and the shipping of our products (2 per cent).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 47 Value chain GHG emissions (Scope 3 emissions) – Steelmaking Value chain GHG emissions (Scope 3 emissions) – Direct suppliers Medium-term Support industry to develop steel production technology Long-term Achieve net zero by CY2050 for the operational goal: capable of 30 per cent lower GHG emissions intensity net zero target: GHG emissions (Scopes 1 and 2 emissions) of relative to conventional blast furnace steelmaking, with our direct suppliers. widespread adoption expected post-CY2030. Performance Performance, adjusted US$ million financial value committed (cumulative) (excluding in-kind contributions) MtCO2-e 200 20.0 140 14.3 150 114 15.0 11.6 75 10.0 100 50 5.0 0 0 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024 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 on how and why we revised the language used in our medium-term goal, refer to Value chain GHG emissions – Steelmaking: Our Scope 3 emissions goal to support capability for GHG emissions intensity reduction on pages 24 and 25, of our CTAP 2024 available at bhp.com/CTAP2024 For more information on the essential definitions, assumptions, GHG emissions boundaries, measurement approach and adjustments for this medium-term goal and this long-term net zero target, including the potential use of offsetting, refer to Climate-related metrics, targets and goals on pages 52 to 59, later in this OFR 6.9 Steelmaking We now have projects with 48 industry partners – including nine Performance and highlights steelmaking customers representing 20 per cent of reported global steel production according to recent World Steel Association data, 16 research – We met our FY2024 social value scorecard Decarbonisation pillar institutes and 11 technology companies (both start-ups and vendors). milestone to ‘complete a pilot scale electric smelting furnace design Our CTAP 2024 provides more detail of potential longer-term industry study’ with the global engineering firm Hatch. This study firmed up the pathways and our strategy and actions, including case studies of technical scope, risks and costs and underpinned our decision to take the our projects. technology forward with industry partners. – We started a joint study for the development of an electric smelting For more information on potential industry pathways and our strategy furnace pilot facility in Australia, pooling our knowledge and project and actions to support the reduction of steelmaking GHG emissions intensity in our value chain and our plan to achieve our medium-term resources with our study partners BlueScope and Rio Tinto. – We commissioned carbon capture, utilisation and storage (CCUS) goal refer to Value chain GHG emissions – Steelmaking: Our Scope 3 emissions goal to support capability for GHG emissions intensity pilot equipment and commenced industrial trials capturing CO2 from reduction on pages 24 and 25 of our CTAP 2024 available at blast furnace gas at Ghent steelworks in Belgium, in collaboration with bhp.com/CTAP2024 ArcelorMittal and Mitsubishi Heavy Industries. Direct suppliers – We signed two partnership project agreements with leading Chinese steelmakers Baowu and HBIS to trial production and smelting of iron ore Performance and highlights pellets and direct reduced iron utilising BHP iron ores. We continued to engage with and encourage our top 500 direct suppliers – We produced electrically smelted iron from BHP iron ores using to set their own operational GHG emissions (Scopes 1 and 2 emissions) hydrogen reduction and electric smelting technologies at laboratory targets or goals to align with our long-term target to achieve net zero by scale at the BHP Centre for Sustainable Steelmaking Research CY2050 for the operational GHG emissions of our direct suppliers, with (University of Newcastle, Australia) and conducted batch trials at 100 kg engagement made across 78 per cent of those top 500 suppliers to date. scale at Aachen University in Germany. Industry pathways and strategy – We engaged with 92 per cent of our direct iron ore and steelmaking Each year we spend billions of dollars on goods and services from coal sales customers on GHG emission reduction pathways and carbon thousands of suppliers. Our strategy targets the top 500 direct suppliers accounting methodologies. by spend, which contributed to 78 per cent of our FY2024 total spend on suppliers. Longer-term industry pathways and strategy Our strategy encompasses three areas of focus – selective purchasing, We support the steelmaking sector and our customers to develop solutions supportive engagements and measurement and monitoring. to reduce the GHG emissions intensity of steel production. We do this through a mix of collaborative partnerships and consortiums, research, Our CTAP 2024 provides more detail of potential longer-term industry investments through BHP Ventures (our dedicated venture capital unit), pathways and our strategy and actions. and emissions data calculation standardisation and transparency. For more information on potential industry pathways and our strategy We use our conceptual ‘steel decarbonisation framework’ as a foresight and actions to support the reduction of supplier GHG emissions in our tool. It consists of the four process routes which, in our view, offer the value chain and our plan to achieve our long-term net zero target refer to greatest potential for developing into near zero emission steelmaking1 Value chain GHG emissions – Direct suppliers: Our Scope 3 emissions with sufficient flexibility, scalability and efficiency to support widespread net zero target for direct suppliers’ operational GHG emissions on page 28 adoption. The four process routes are described by the core ironmaking of our CTAP 2024 available at bhp.com/CTAP2024 furnace or reactor used (i.e. blast furnace, electric arc furnace, electric smelting furnace and electrolysis). 1. 0.40 tonnes of CO2-e per tonne of crude steel for 100 per cent ore-based production (no scrap), as defined by the International Energy Agency (IEA) and implemented in ResponsibleSteel International Standard V2.0 (‘near zero’ performance level 4 threshold). IEA (2022), Achieving Net Zero Heavy Industry Sectors in G7 Members, IEA, Paris, License: CC BY 4.0, which also describes the boundary for the emission intensity calculation (including in relation to upstream emissions).

48 BHP Annual Report 2024 6 Sustainability continued Value chain GHG emissions (Scope 3 emissions) – Shipping Value chain GHG emissions (Scope 3 emissions) – Shipping Medium-term Support 40 per cent GHG emissions intensity reduction Long-term Achieve net zero by CY2050 for the GHG emissions from goal: of BHP-chartered shipping of BHP products by CY2030, net zero target: all shipping of BHP products. from a CY2008 baseline. Performance, adjusted Performance, adjusted gCO2-e per deadweight tonne per nautical mile MtCO2-e 10.0 10.0 6.6 7.5 6.2 7.5 5.8 5.0 3.4 5.0 2.5 2.5 0 0 CY2008 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024 For more information on the essential definitions, assumptions, GHG emissions boundaries, measurement approach and adjustments for this medium-term goal and this long-term net zero target, including the potential use of offsetting, refer to Climate-related metrics, targets and goals on page 52 to 59, later in this OFR 6.9 Shipping As one of the world’s largest dry bulk charterers, we play an important Performance and highlights role in supporting the international shipping sector to meet or exceed the GHG emission reduction ambitions set by the IMO. Our strategy – We are on track to meet our medium-term goal to support 40 encompasses three areas of focus – efficiency improvements, lower GHG per cent GHG emissions intensity reduction of BHP-chartered emission and low to zero GHG emission alternative fuels, and improved shipping of BHP products by CY2030 from a CY2008 baseline year. carbon accounting. For FY2024, the GHG emissions intensity of BHP-chartered shipping Our CTAP 2024 provides more detail of longer-term industry pathways and was 42 per cent below CY2008 (baseline year and performance our strategy and actions. adjusted; for more information on the adjustments we make refer to Climate-related metrics, targets and goals on pages 52 to 59 in For more information on potential industry pathways and our strategy this OFR 6.9). We believe it will be possible to at least maintain, if and actions to support the reduction of shipping GHG emissions in our not reduce, GHG emissions intensity in the coming years, although value chain and our plan to achieve our medium-term goal and long-this will be challenging because of our expanding business activity term net zero target refer to Value chain GHG emissions – Shipping: and the associated dependence on the availability of GHG emission Our Scope 3 emissions goal to support GHG emissions intensity reduction and net zero target on pages 29 and 30 of our CTAP 2024 reduction solutions. available at bhp.com/CTAP2024 – We completed the retrofit of a wind assisted propulsion system (a flettner rotor) on M/V Koryu with our customer and partner Pan Pacific Climate-related risk management Copper and Norsepower. This vessel will be used for delivery of our copper concentrates from Chile to Japan. We intend to report the GHG How we identify and manage climate-related risk emission reductions achieved by this in FY2025. At BHP, we take an enterprise approach to risk management and operate – We met our FY2024 social value scorecard Decarbonisation pillar under one Risk Framework for all risks, including climate-related risks milestone to ‘engage the market to introduce additional lower/zero GHG (threats and opportunities). Our Risk Framework requires the identification emission BHP-chartered vessels through industry partnerships’ by and management of risks to be embedded in business activities and progressing our expression of interest for an ammonia value chain (the provides requirements and guidance on the tools and processes supply of, and a vessel’s use of, low to zero GHG emission ammonia as a to manage current and emerging risks. Our mandatory minimum marine fuel) and consolidating our position in the market. Our next steps performance requirements for risk management and the Climate Change are to continue working with shortlisted participants across technical, Global Standard set the minimum requirements to manage climate-related commercial and supply assurance aspects with an intention to deploy risks and apply across our operated assets and functions, and to decision-these vessels on our iron ore trade route in the latter half of this decade. making processes for sales, marketing and procurement. – Our expression of interest for an ammonia value chain aims to set To support the identification and management of climate-related risks up a potentially viable pathway to meet our First Movers Coalition at BHP, we monitor and interpret external signals, events and trends commitment that, by CY2030, 10 per cent of our total products shipped associated with transition risk and physical climate-related risk, which to our customers using our time charter vessels will be using zero may include existing and emerging scientific, policy, legal and regulatory, GHG emission fuels. This commitment is subject to the availability reputational, and market developments. of technology, supply, safety standards and the establishment of Risk owners of climate-related risks must assess physical and transition reasonable thresholds for price premiums. climate-related risks, considering potential impacts, including to safety, productivity and cost across operated assets, value chains, infrastructure Industry pathways and strategy and services, and host communities. The International Maritime Organisation (IMO) has set levels of ambition The Climate Change Global Standard also sets mandatory minimum for the international shipping sector that aim to progressively reduce GHG requirements for assessing physical climate-related risks (refer to Physical emissions and reach net zero GHG emissions by or around CY2050. climate-related risks and adaptation in this OFR 6.9, for our progress to In the 2020s, the largest GHG emission reduction opportunities for date), as well as for asset-level climate change plans and the value chain international shipping are expected to come from improved operational climate adaptation plan owned by our Commercial function. A number and technological energy efficiency, including voyage optimisation and of these assessments and plans are still underway, and they are also energy savings devices. Use of technologically ready lower GHG emission regularly reviewed and revised to ensure continued relevance. alternative fuels (e.g. biofuels, liquified natural gas) are still dependent on the availability of supply in shipping routes and their commercial viability. In the longer term, switching to low to zero GHG emission fuels that are currently technologically not ready (e.g. ammonia produced with low to zero GHG emissions, civil nuclear technologies for commercial vessel propulsion) is expected to be a significant lever.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 49 When assessing the materiality of climate-related risks (as for all risks Climate-related risks identified through our Risk Framework), we consider the likelihood (by In setting and monitoring the delivery of our strategy, we consider reference to timeframes) and severity of potential impacts (including to identified climate-related risks (threats and opportunities), both physical health and safety, the environment, communities, human rights and social and transition (as applicable and to the extent their potential impacts are value) by estimating the maximum foreseeable loss (MFL) if that risk were sufficiently understood) across the following time horizons: to materialise. The MFL is the estimated impact to BHP in a worst-case scenario without regard to probability and assuming all controls are – short-term (zero to two years), aligning with our two-year budget process ineffective. This supports us to prioritise and understand the significance of – medium-term (two to five years), defining supportive actions and climate-related risks in relation to other risks. initiatives that sit outside of our two-year budget process in order to support our long-term strategy For more information on how we manage risk (including climate-related – long-term (five to 30 years, or longer in certain cases), given our supply, risk) and our risk factors refer to OFR 8 on pages 73 to 82 in this Report demand and pricing forecasts and our scenarios for portfolio analysis extend to CY2050 and in some cases beyond We recognise a changing climate can influence or exacerbate risks across our risk profile, including those associated with asset integrity, pricing of Climate-related risks are broadly categorised as: inputs, access to markets, changes to regulation and access to funding. – Transition risks, which arise from existing and emerging policy, Decisions on the prioritisation of actions to manage climate-related threats regulatory, legal, technological, market and other societal responses or pursue climate-related opportunities are made consistent with our to the challenges posed by climate change and the transition to a net standard risk management, planning and investment processes applicable zero economy to all risks identified under our Risk Framework. Using a consistent approach allows us to consider climate-related risks across our business For detailed disclosures on the management of transition risks to focus our actions on those that are material and integrate management refer to Transition to a net zero economy on page 50 in this OFR 6.9, of them into our core activities and business plans. We continue to embed and in Portfolio on pages 31 to 38 in our CTAP available at climate-related risk across our risk profile and to improve the controls bhp.com/CTAP2024 required to manage threats or enhance opportunities. We also continue – Physical risks, which refer to acute risks that are event-driven (including to review our climate-related risk profile periodically, seeking to identify, increased severity and frequency of extreme weather events) and assess and manage new or evolving climate-related risks. chronic risks resulting from longer-term changes in climate patterns For detailed disclosures about the studies we are undertaking to assess our exposure to physical climate-related risks refer to Physical climate-related risks and adaptation on page 51 in this OFR 6.9 Potential influence of climate-related issues on BHP Group risk factors over time1 Relevant BHP Group risk Long-term factors (refer to OFR 8 for Short-term Medium-term (5 to at least more information) Climate-related risk (0 to 2 years) (2 to 5 years) 30 years) Transition risk Operational events – Technological solutions to reduce GHG emissions Low Low to High medium Significant social or – Engaging in or association with activities with actual or perceived adverse Low Low to High environmental impacts climate-related impacts medium – Failure to meet evolving stakeholder expectations – Political, regulatory or judicial developments Low-carbon transition – Low to zero GHG emission technologies or changes in customer preferences Low Low High altering demand for our products – Perceptions of climate-related financial risk reducing access to capital and/or insurance for BHP or our customers or suppliers – Reputational damage and litigation – Adverse market, legal or regulatory responses Adopting technologies and – Technological solutions to reduce GHG emissions Low Low High maintaining digital security Optimising growth and – Failure to achieve expected commercial objectives due to climate- Low Low High portfolio returns related impacts Accessing key markets – Legal or regulatory changes, with respect to carbon-intensive industries and exports Low Low High Inadequate business resilience – Geopolitical, global economic, regional or local developments or adverse events Low Low High Physical risk Operational events – Extreme weather and other climate-related events that may impact production Low Low Medium Significant social or – Failure to adequately identify or to appropriately manage physical Low Low to Medium environmental impacts climate-related risks medium Inadequate business resilience – Acute and chronic physical climate-related impacts, event-driven and Low Low Medium longer-term changes in climate patterns 1. The estimated potential (i) change to the level of influence of relevant climate-related issues and their associated risk factors on BHP’s existing risk exposure and/or (ii) degree to which they may exacerbate existing risks within our risk profile, based on currently available information and noting that some assessments are preliminary and/or incomplete (particularly in relation to physical climate-related risk) and may change significantly. Climate change and climate-related risks have the potential to influence or exacerbate risks across our operations and functions and are required to be considered and, where applicable, integrated in accordance with our Risk Framework into our asset risk profiles to be managed across each of these time horizons (see the table above). The linkage of these time horizons to our planning processes and activities and strategy formation informs our decision-making and enables us to take appropriate and timely risk management actions. For more information on BHP’s Risk Framework, how we manage climate-related risks and the potential impact to BHP operations refer to OFR 8 on pages 73 to 82 in this Report

50 BHP Annual Report 2024 6 Sustainability continued Transition to a net zero economy and Impact allocation on our business, strategy and capital alignment Our portfolio’s resilience We continue to seek to maximise our exposure to products that enable and The final (or sufficiently resolved) results of our climate-related risk support decarbonisation and electrification, urbanisation and a growing assessments across our short-, medium- and long-term time horizons population, and to minimise the risk that capital may be stranded in a (as described on the previous page 49), as well as our 1.5°C scenario, rapidly decarbonising world. To support this outcome, we consider a range are considered and integrated into our strategy and as a sensitivity in our of inputs, including our 1.5°C scenario, when testing the resilience of our capital allocation processes. This enables us to test the extent to which our portfolio and making investment decisions. business and capital allocation are aligned with a rapidly decarbonising global economy. Our CTAP 2024 analyses our portfolio’s resilience in our new 1.5°C scenario and describes key input assumptions, analytical methods, outputs We are undertaking our studies of physical climate-related risks to and sensitivities we used in or derived from this scenario. progressively identify, assess and quantify the potential future impacts to site operations, productivity and estimated cost for our operated assets. We use our planning range (our long-term forecast of demand, supply and Once the results of the risk quantification studies for our operated assets price across our commodities) for operational planning. It is comprised of are completed, we propose to use the results to inform updates to our three unique, independent planning cases: a ‘most likely’ base case, and risk profile, including new risk management activities, inform corporate an upside case and downside case that provide the range’s boundaries. planning, identify areas where we should focus our assessment of new or These three cases reflect proprietary forecasts for the global economy strengthened controls or adaptation responses, and assess the financial and associated sub-sectors (i.e. energy, transport, agriculture, steel) and and social value of adaptation measures. the resulting market outlook for our core commodities. The assessments of future states are not explicitly climate scenarios designed to test the For an overview of how climate-related issues have impacted our resilience of our portfolio to different global climate action trajectories. operational activities and our approach with respect to our value chain However, in all three future state estimates, while the global gross domestic refer to Operational GHG emissions (Scopes 1 and 2 emissions from product assumptions and pace and drivers of decarbonisation policy and our operated assets) on pages 44 to 46 and Value chain GHG emissions technology diffusion vary, most developed economies reach net zero (Scope 3 emissions) on pages 46 to 48 in this OFR 6.9 around CY2050, with other developing economies reaching net zero in CY2060 and CY2070. The modelled output of our planning range results For more information on potential financial statement impacts due to in global CO2 emission pathways implying a projected global temperature climate-related risks, refer to Financial Statements note 16 ‘Climate increase of around 2°C by CY2100. change’ on pages 162 to 165 in this Report Our planning range’s demand, supply and price forecasts for key For more information on the studies we are undertaking to assess our commodities are used to inform data inputs into our operational modelling exposure to physical climate-related risks refer to Physical climate-and drive operational planning. Our planning range is also used for related risk and adaptation on page 51 in this OFR 6.9 strategy formation and investment decisions. We use our 1.5°C scenario to derive commodity price sensitivities to For more information on our commodity production, revenue and expenditure refer to Climate-related metrics, targets and goals on assess potential impacts on portfolio value compared with our base case pages 52 to 59 in this OFR 6.9 valuations using our planning range. Our modelling indicates our portfolio remains resilient under our 1.5°C scenario. The value of our copper, potash and nickel assets increases relative to the base case of our planning Carbon pricing range, and offsets the effect to our portfolio from some downside risk to We embed carbon prices within our planning range and planning cases that steelmaking coal. The net present value of our portfolio under our 1.5°C inform asset planning, asset valuations and operational decision-making, scenario is approximately the same as under the current base case of our including the prioritisation of operational GHG emission reduction projects. planning range, indicating we would be resilient in an accelerated transition For our qualitative and quantitative disclosures related to carbon to a 1.5°C outcome. Western Australia Nickel’s temporary suspension pricing refer to Financial Statements note 16 ‘Climate change’ on (see below) has not altered our scenario analysis, which includes nickel pages 162 to 165 in this Report in our portfolio. As described elsewhere in this Report, as well as in our CTAP 2024, Equitable change and transition we continue to reposition our portfolio towards commodities that can We seek meaningful, long-term, mutually beneficial relationships that enable and support megatrends, such as global decarbonisation and respect local cultures. We aim to support the development of diversified electrification. Our actions to enable and support include BMA’s divestment and resilient local communities and economies that contribute to wellbeing of the Blackwater and Daunia mines as a further step to concentrate our that continues beyond the life of our operated assets. coal portfolio on the higher-quality (grade) coals increasingly preferred by steelmaking customers and the acquisition of OZ Minerals in FY2023 to For information on the work we are undertaking to leave a positive support the creation of a South Australia copper basin. We expect such legacy from our mining in the Hunter Valley as we move towards actions to further enhance the overall resilience of our portfolio over time. the planned closure of Mt Arthur Coal refer to Equitable change and transition on pages 46 to 48 of our CTAP 2024 available at In July 2024, we announced our Nickel West operations and West bhp.com/CTAP2024 Musgrave project (Western Australia Nickel) would be temporarily suspended from October 2024. Over the longer term, our 1.5°C scenario Climate policy advocacy and the base case of our planning range see nickel demand growing in We believe governments around the world should adopt and progress response to the transition. However, the decision to temporarily suspend policies aligned with the goals of the Paris Agreement to limit the increase operations follows oversupply in the global nickel market. At the time of our in the global average temperature by CY2100 to well below 2°C above announcement, forward consensus nickel prices over the next half of the pre-industrial levels and pursue efforts to limit the increase to 1.5°C. decade had fallen sharply reflecting strong growth of alternative low-cost We commit to conducting our climate policy advocacy consistent with nickel supply. these goals in our direct advocacy and our indirect advocacy. Our Climate For more analysis of our portfolio’s resilience in our new 1.5°C scenario Policy Principles show how we intend this commitment to be translated and more information about the three planning cases in our planning into action. range and their use refer to Portfolio on pages 31 to 38 of our CTAP 2024 available at bhp.com/CTAP2024 Our Climate Policy Principles, the approach we take to our direct and For key assumptions and metrics for our new 1.5°C scenario and a indirect advocacy, and our latest advocacy disclosures are available at comparison with other 1.5°C scenarios refer to Additional information – bhp.com/sustainability/climate-change/advocacy-on-climate-policy and Our 1.5°C scenario assumptions and the signposts we monitor bhp.com/about/operating-ethically/industry-associations on page 61 and Additional information – Our 1.5°C scenario For more information on our policy advocacy refer to Climate policy compared to benchmarks on page 62 of our CTAP 2024 available advocacy on pages 39 to 41 of our CTAP 2024 available at at bhp.com/CTAP2024 bhp.com/CTAP2024 For disclosures related to potential financial statement impacts in our new 1.5°C scenario refer to Financial Statements note 16 ‘Climate change’ on pages 162 to 165 in this Report

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 51 Physical climate-related risks and adaptation – Low-case: Estimated average global temperature increase of 1.8°C by CY2100 (SSP1-2.6) A changing climate can exacerbate and create physical climate-related – Mid-case: Estimated average global temperature increase of 2.7°C by risks, which include: CY2100 (SSP2-4.5) – Acute physical climate-related risks: Extreme climatic events, such – High-case: Estimated average global temperature increase of 4.4°C by as floods, cyclones and heatwaves, that may be more severe or more CY2100 (SSP5-8.5) frequent because of a changing climate – Chronic physical climate-related risks: The incremental worsening of The table ‘Potential physical climate-related risks at our operated assets conditions, such as the gradual increase in the number of extreme heat and in their value chains’ on this page shows the physical climate-related days over the years, or rising sea levels risks that our studies to date indicate could have potential impact for our operated assets (including via impacts in our value chain). The first stage The mining sector is exposed to both acute and chronic physical of our analysis looks at our operated assets that are currently producing climate-related risks because of its remote outdoor operations with (excluding NSWEC and former OZ Minerals sites) and our Jansen potash labour and physical capital exposed to the elements, and because of project. We plan to include currently producing former OZ Minerals sites its dependency on global value chains. The long lives of mining assets and to expand and adapt our approach to incorporate our legacy assets mean they could encounter deteriorating conditions in later decades. and NSWEC in FY2025. Geographically dispersed sites and value chains increase the diversity of physical climate-related impacts we could encounter. Our approach to physical climate-related risk We are undertaking studies to assess our exposure to physical climate-related risks that draw on science-based climate data. We are working to complete these studies and continue verification and review of results Climate data projections: Use of climate data and in FY2025. Our approach to evaluating our operational physical climate- projections for different scenarios and time horizons related risks is illustrated in the ‘Our approach to physical climate-related risk’ diagram on this page. Climate modelling We commissioned WTW (one of our insurance advisors) to develop a Operational site impacts: Engineering assessments to understand the potential direct impact of climate dataset covering our operated assets and some key value chain climate-related events on our sites locations, to develop a more holistic understanding of the potential parameters of our physical climate-related risk exposure and how it may change over time. Safety, productivity and cost impacts: This climate dataset is based on the publicly available Shared Applying internal models to assess potential Socioeconomic Pathways (SSP) scenarios used by the Intergovernmental impacts to safety, cost and productivity Panel on Climate Change, and includes latest generation (Coupled Model Intercomparison Project Phase 6 (CMIP6)) and CMIP5 climate models, applied to our operated assets. The dataset covers more than 20 climate- Financial impacts and value-at-risk: Incorporating related hazards potentially relevant to our global operations, such as average assessment results into internal planning models to temperature, extreme precipitation, and cyclones, which can represent understand potential financial impacts and value-at-risk physical climate-related risks. Alongside this we apply local observational climate data and other sources of climate projections. This approach allows us to develop a localised view of potential impacts, including changes in Incorporating into business planning, rainfall patterns, average and maximum temperatures and sea level rise. risk management and capital allocation: The climate dataset includes a baseline (CY2001 to CY2020) and Embedding consideration of physical climate-related projections for three future time horizons (CY2026 to CY2045, CY2046 to risk (including value-at-risk) into business planning, CY2065, CY2066 to CY2085) for the following Intergovernmental Panel on risk management, and capital allocation, as required Climate Change SSP-based GHG emission scenarios:1 Potential physical climate-related risks at our operated assets and in their value chains Climate hazard Potential operational site impacts Extreme precipitation and/or flooding Inundation of mines and/or key production infrastructure Disruption and/or damage to water supply infrastructure Exacerbation of tailings storage facility failure risk Coastal hazards (including higher sea levels, cyclones, storm surge Disruption and/or damage to port and coastal infrastructure and changes in marine ecosystems) and operations Extreme temperatures Disruption and/or damage to electrical infrastructure Changes in rainfall, temperature and/or evaporation patterns Water shortages for operational activities Extreme weather events (including extreme heat, extreme precipitation and/or Workforce health and safety incidents flooding, cyclones) Disruption in the supply of critical production inputs, and access to supply chain infrastructure For more information on our approach to physical climate-related risk quantification studies, existing risk controls and potential adaptation responses refer to Physical risk and adaptation on pages 42 to 45 of our CTAP 2024 available at bhp.com/CTAP2024 For more information on how physical climate-related risk has been considered in asset carrying values refer to Financial Statements note 16 ‘Climate change’ on pages 162 to 165 in this Report 1. Table SPM.1, Summary for Policymakers. In: Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change. IPCC, CY2021.

52 BHP Annual Report 2024 6 Sustainability continued Climate-related metrics, targets and goals Primary metrics we consider when assessing and managing climate-related risks (threats and opportunities) Metric Refer to Commodity production, revenue and expenditure – Commodity production, revenue and expenditure table on page 52 in this OFR 6.9 Capital allocation and alignment – Planned capital expenditure table on page 53 in this OFR 6.9 – Financial Statements note 16 ‘Climate change’ on pages 162 to 165 in this Report Operational GHG emissions (Scopes 1 and 2 emissions from our – Operational GHG emissions (Scopes 1 and 2 emissions) inventory table on page 54 operated assets) in this OFR 6.9 Value chain GHG emissions (Scope 3 emissions) – Value chain GHG emissions (Scope 3 emissions) inventory table on page 55 in this OFR 6.9 Production, reserves and resources – Production and Mineral Resources and Ore Reserves in Additional Information 4 and 6 on pages 205 to 251 in this Report Management’s Cash and Deferred Plan (proportion linked to climate) – Remuneration Report on pages 115 to 131 in this Report Carbon pricing – Financial Statements note 16 ‘Climate change’ on pages 162 to 165 in this Report We report on a number of other sustainability-related metrics (e.g. water use, biodiversity) in our sustainability disclosures, and recognise their interconnection with climate change. However, we do not currently use these as our core metrics for the assessment and management of climate-related risks. For more information on our social value and sustainability-related goals, metrics and milestones refer to OFR 6 Sustainability beginning on page 29 in this Report The role of our commodities in the transition We continue to engage with investors, industry and standard setters to explore ways of establishing clear methodologies for classification and measurement of ‘green revenue’1 and associated capital expenditure within the resources sector. We note that, at present, there are still divergent and evolving views globally on what constitutes green revenue, with no clear definition or expectations for other sustainability indicators for the resources sector. Traceability of end use for many commodities, such as copper and nickel, remains a challenge as they undergo multiple stages of processing and have a diverse range of end uses. Given this continued uncertainty, we have presented multiple classifications of certain of our commodities to reflect a view on their actual or potential contribution to the transition to a net zero economy. The classification we have given to our commodities (described in the table below) is intended to be an indicative approach pending clear and resolved methodologies for identifying key transition materials that contribute to the transition to a net zero economy and the calculation of the revenues they generate. We also acknowledge the classification focuses on the theme of enabling the transition to a net zero economy to mitigate climate change, and broader sustainability indicators in relation to how these commodities are produced are also important to consider. Classification Definition Commodities Climate Action 100+ Net Zero Standard for Diversified Mining, September 2023 Key transition materials Copper, nickel FTSE Russell’s Green Revenues Classification System, v1.1, January 2024 Key raw minerals and metals Uranium BHP Future-facing commodities2 Copper, nickel, potash We believe steelmaking materials like iron ore and steelmaking coal also have an important role to play in the global transition to net zero. We expect the blast furnace with carbon capture, utilisation and storage (CCUS) to be an important part of the journey towards the end-state objective of widespread near zero emission steel, and it requires higher-quality steelmaking coal as an input. External analysis, such as the International Energy Agency’s net zero by 2050 scenario,3 supports this view. Our view on steelmaking materials and their role in the transition to net zero is described in Portfolio – Steelmaking, iron ore and steelmaking coal in our 1.5°C scenario on pages 37 and 38 of our CTAP 2024 available at bhp.com/CTAP2024 1. ‘Green revenue’ is a label referenced externally, including by standard setters and in investor-led benchmarks, which is intended as a measure of the extent to which products and services contribute to the transition to a net zero, resource efficient and socially inclusive economy. For more information refer to unep.org/regions/asia-and-pacific/regional-initiatives/supporting-resource-efficiency/green-economy. 2. Commodities that we determine 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 mega-trends like electrification and decarbonisation. 3. International Energy Agency’s World Energy Outlook 2023, iea.org/reports/world-energy-outlook-2023. The table below presents the production, revenue and capital expenditure for our commodities. Historical commodity production, revenue and capital expenditure Revenue Major capital (growth) Other capital Total capital Production (kt) (US$M) expenditure (US$M) expenditure1 (US$M) expenditure (US$M) Commodity FY2024 FY2023 FY2024 FY2023 FY2024 FY2023 FY2024 FY2023 FY2024 FY2023 Copper2 1,865 1,717 17,229 14,902 920 299 3,002 2,544 3,922 2,843 Nickel2 82 80 1,378 1,879 707 74 665 678 1,373 752 Potash 0 0 0 0 1,323 838 -238 -193 1,085 645 Uranium 4 3 568 362 Included within figures for copper3 Iron ore 259,684 257,043 27,805 24,678 405 144 1,715 1,919 2,119 2,063 Steelmaking coal 22,275 29,020 5,793 7,429 30 97 519 405 549 502 Energy coal 15,368 14,172 1,873 3,528 0 0 100 156 100 156 Other4 Not applicable Not applicable 1,014 1,039 0 0 125 122 125 122 Notes – FY2023 figures include former OZ Minerals operations from the date of acquisition. FY2024 figures include BMA’s Blackwater and Daunia coal mines up to completion of their divestment on 2 April 2024. Cerro Colorado entered temporary care and maintenance in December 2023. 1. ‘Other capital expenditure’ includes maintenance and decarbonisation capital, improvement capital and exploration. Negative figures for potash result from the accounting treatment for this category. 2. Capital expenditure for by-products gold, silver and molybdenum is included within the capital expenditure for copper, while nickel is included within the capital expenditure for nickel. It is not possible to disaggregate due to the integrated nature of operations. 3. Capital expenditure for uranium is included within copper’s capital expenditure as it is not possible to disaggregate due to the integrated nature of operations. 4. ‘Other’ for ‘Production’ has not been calculated due to small production volumes of by-products cobalt, gold, lead, molybdenum, silver and zinc. ‘Other’ for ‘Revenue’ includes by-products cobalt, gold, lead, molybdenum, silver and zinc. ‘Other’ for ‘Major capital (growth) expenditure’ and ‘Other capital expenditure’ primarily represents the capital spend for Group functions.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 53 The table below presents our planned major capital (growth) for our commodities. Planned major capital (growth) capital expenditure in commodities (US$M) Commodity and classification FY2025 FY2026 Copper1 1,572 1,567 Nickel1 1172 0 Potash 1,864 1,734 Uranium Included within figures for copper3 Iron ore 1,346 1,599 Steelmaking coal 0 0 Energy coal 0 0 Other4 0 0 Notes – Major capital represents projects greater than US$250M. FY2025 and FY2026 figures are sourced from our budget. 1. Capital expenditure for by-products gold, silver, molybdenum and cobalt is included within the capital expenditure for copper and nickel as it is not possible to disaggregate due to the integrated nature of operations. 2. Represents planned capital expenditure for development of West Musgrave. 3. Capital expenditure for uranium is included within copper’s capital expenditure as it is not possible to disaggregate due to the integrated nature of operations. 4. ‘Other’ primarily represents the capital spend for Group functions. Our reported energy consumption and GHG emissions inventory Operational energy consumption inventory: Operational control basis (petajoule (PJ), unless otherwise indicated) FY2024 FY2023 FY2022 Total operations basis energy Consumption of fuel consumption – Coal and coke 1 1 1 – Natural gas 11 11 22 – Distillate/gasoline 88 85 87 – Other 3 2 2 Consumption of electricity 40 39 37 Total operational energy consumption 143 138 149 Total operations basis Operational energy consumption from renewable sources 26 26 17 other metrics Consumption of electricity from grid 36 35 33 Operational energy intensity (GJ per tonne of copper 21 19 20 equivalent production) Acquired and divested operations Operational energy consumption from acquired operations 4 1 0 (as reflected in Total operations (included from the date of acquisition) basis energy consumption) Operational energy consumption from divested operations 6 8 24 (included only up to the completion date or effective date, as applicable, of the divestment) Notes - Definition: Energy consumption refers to the annual quantity of energy consumed by BHP from the combustion of fuel and operation of our facilities, together with purchased or acquired electricity, steam, heat or cooling consumed by our operated assets.—Organisational boundary: We have made our calculations based on an operational control approach in alignment with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.—Rounding: Data has been rounded to the nearest 1 PJ.—For all metrics, FY2023 reported values now include almost two months of former OZ Minerals facilities data from the date of acquisition (completed on 2 May 2023). See later notes on specific metric restatements caused by this update.—Operational energy consumption from renewable sources includes third-party supplied renewable electricity as evidenced by renewable energy certificates (RECs) or supplier-provided documentation. FY2023 reported value includes a small portion of biofuels.—Operational energy consumption from acquired operations consists of former OZ Minerals facilities. —Operational energy consumption from divested operations consists of BMC (sale of our interest in BMC completed on 3 May 2022), our Petroleum business (merger with Woodside completed on 1 June 2022) and the Blackwater and Daunia mines (sale by BMA completed on 2 April 2024).—Restatement: Consumption of electricity FY2023 reported value has been restated to include former OZ Minerals facilities data (see earlier note). Previously reported value was 38 gigajoules (GJ). —Restatement: Consumption of electricity from grid FY2023 reported value has been restated to include former OZ Minerals facilities data (see earlier note). Previously reported value was 34 GJ. —Restatement: Operational energy intensity (GJ per tonne of copper equivalent production) FY2022 and FY2023 reported values have been restated due to calculations now based on FY2024 average realised product prices, with production figures consistent with operational energy consumption reporting boundaries. Previously reported values were 19 GJ per tonne of copper equivalent production for FY2022 and 18 GJ per tonne of copper equivalent production for FY2023.

54 BHP Annual Report 2024 6 Sustainability continued Operational GHG emissions (Scopes 1 and 2 emissions) inventory This table presents our reported operational GHG emissions (Scopes 1 and 2 emissions from our operated assets) inventory. There may be differences between this annual total operational GHG emissions inventory (unadjusted inventory) and the GHG emissions we measure for the baseline year, reference year and performance for our operational GHG emissions medium-term target and long-term net zero goal, resulting from different approaches to the treatment of divestments, acquisitions and methodology changes based on the purpose for which the data is being reported. For the measurement applicable to our operational GHG emissions medium-term target and long-term net zero goal refer to Operational GHG emissions (Scopes 1 and 2 emissions from our operated assets) medium-term target and long-term goal definitions on page 56 in this OFR 6.9 For more information on the calculation methodologies, assumptions, treatment of divestments and acquisitions and key references used in the preparation of our reported GHG emissions data refer to our BHP GHG Emissions Calculation Methodology 2024 available at bhp.com/climate Operational GHG emissions (Scopes 1 and 2 emissions): Operational control basis (MtCO2-e, unless otherwise indicated) FY2024 FY2023 FY2022 Total operations basis GHG emissions Scope 1 emissions 8.2 8.0 9.1 Scope 2 emissions 1.9 1.9 3.1 Total operational GHG emissions 10.1 9.9 12.2 Total operations basis other metrics Voluntary carbon credits retired 0 0 0 Location-based Scope 2 emissions 3.7 3.8 4.8 Operational GHG emission intensity (tCO2-e per tonne of copper 1.5 1.4 1.7 equivalent production) Proportion of Scope 1 emissions covered under 73% 80% 78% an emissions-limiting regulation (%) Proportion of Scope 1 emissions from methane (%) 15% 16% 17% Acquired and divested operations Scopes 1 and 2 emissions from acquired operations 0.3 0.04 0 (as reflected in Total operations basis (included from the date of acquisition) GHG emissions) Scopes 1 and 2 emissions from divested operations 0.8 1.0 2.3 (included only up to the completion date or effective date, as applicable, of the divestment) Notes - Definition: Scope 1 emissions refers to direct GHG emissions from our operated assets. Scope 2 emissions refers to indirect GHG emissions from the generation of purchased or acquired electricity, steam, heat or cooling that is consumed by our operated assets. Scope 2 emissions have been calculated using the market-based method, unless otherwise specified, in alignment with the Greenhouse Gas Protocol Scope 2 Guidance. —Organisational boundary: Scopes 1 and 2 emissions have been calculated based on an operational control approach in alignment with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard.—Rounding: Data has been rounded to the nearest 0.1 MtCO -e.—For all metrics, FY2023 reported values now include almost2 two months of former OZ Minerals facilities data from the date of acquisition (completed on 2 May 2023). See later notes on specific metric restatements caused by this update.—Scopes 1 and 2 emissions from acquired operations consists of former OZ Minerals facilities (see earlier note).—Scopes 1 and 2 emissions from divested operations consists of BMC (sale of our interest in BMC completed on 3 May 2022), our Petroleum business (merger with Woodside completed on 1 June 2022) and the Blackwater and Daunia mines (sale by BMA completed on 2 April 2024).—Restatement: Scope 1 emissions FY2022 reported value has been restated due to the correction of a system error. Previously reported value was 9.2 MtCO -e.—Restatement: Scope 2 emissions FY2023 reported value has been restated to include almost two months of former OZ Minerals facilities data from the date 2 of acquisition (see earlier note). Previously reported value was 1.8 MtCO2-e.—Restatement: Operational GHG emissions intensity (tonnes of carbon dioxide equivalent (tCO2-e) per tonne of copper equivalent production) FY2022 and FY2023 reported values have been restated due to calculations now based on FY2024 average realised product prices, with production figures consistent with operational GHG emissions reporting boundaries. Previously reported values were 1.6 tonnes CO2-e per tonne of copper equivalent production for FY2022 and 1.3 tonnes CO2-e per tonne of copper equivalent production for FY2023.—Restatement: Proportion of Scope 1 emissions covered under an emissions-limiting regulation FY2022 and FY2023 reported values have been restated, where for FY2022 it is due to the unintentional exclusion of the GHG emissions from a divested Petroleum operation, while for FY2023 it is due to the inclusion of former OZ Minerals facilities data (see earlier note). Previously reported values were 71 per cent for FY2022 and 81 per cent for FY2023.—Restatement: Proportion of Scope 1 emissions from methane (%) FY2022 and FY2023 reported values have been restated, where for FY2022 it is due to the same system error as described earlier for Scope 1 emissions, while for FY2023 it is due to minor amendments to fugitive emissions as part of the annual reconciliation process for Australian regulatory reporting. Previously reported values were 18 per cent for FY2022 and 15 per cent for FY2023.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 55 Value chain GHG emissions (Scope 3 emissions) inventory This table presents our reported value chain GHG emissions (Scope 3 emissions) inventory. There may be differences between this annual reported Scope 3 emissions inventory (unadjusted inventory) and the GHG emissions we measure for the baseline year, reference year and performance for our value chain GHG emissions medium-term goals and long-term net zero targets and goal, resulting from different GHG emissions boundaries and/or different approaches to the treatment of divestments, acquisitions and methodology changes based on the purpose for which the data is being reported. For the measurement applicable to our value chain GHG emissions medium-term goals and long-term net zero targets and goal refer to Value chain GHG emissions (Scope 3 emissions) medium-term goals definitions and Value chain GHG emissions (Scope 3 emissions) long-term targets and goal definitions on pages 57 to 59 in this OFR 6.9 For more information on the calculation methodologies, assumptions, treatment of divestments and acquisitions and key references used in the preparation of our reported GHG emission data refer to our BHP GHG Emissions Calculation Methodology 2024 available at bhp.com/climate Value chain GHG emissions (Scope 3 emissions) (MtCO2-e) FY2024 FY2023 FY2022 Category 1 Purchased goods and services (including capital goods) 11.7 9.4 8.8 Category 3 Fuel- and energy-related activities 2.5 2.4 2.2 Category 4 Upstream transportation and distribution – Shipping 4.3 4.3 4.5 – Non-shipping 0.4 0.5 0.4 Category 6 Business travel 0.1 0.1 0.1 Category 7 Employee commuting 0.3 0.2 0.3 Category 9 Downstream transportation and distribution – Shipping 2.1 2.3 3.5 – Non-shipping 0.3 0.2 0.0 Category 10 Processing of sold products – Steelmaking: Iron ore processing to crude steel 292.0 282.9 270.8 – Steelmaking: Steelmaking coal processing to crude steel 22.4 28.7 34.5 – Copper processing 1.2 1.1 1.0 – Nickel processing 0.5 0.5 0.3 Category 11 Use of sold products – Energy coal 38.4 37.0 37.6 – Natural gas, crude oil and condensates, natural gas liquids 0.0 0.0 34.9 Category 15 Investments 1.2 1.3 2.8 Total Scope 3 emissions 377.6 370.8 401.9 Notes - Definition: Scope 3 greenhouse gas emissions refers to all other indirect GHG emissions (not included in Scope 2) that occur in our value chain. Scope 3 emissions have been calculated using methodologies consistent with the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard. —Organisational boundary: Category 10, Processing of sold products, Category 11, Use of sold products and Category 15, Investments all defined on an equity share basis. All other Scope 3 emissions boundaries are defined on a category-by-category (and in some cases, sub-category) basis due to data limitations. Scope 3 emissions reporting necessarily has a degree of overlap in reporting boundaries due to our involvement at multiple points in the lifecycle of the commodities we produce and consume.—Rounding: Data has been rounded to the nearest 0.1 MtCO2-e.—Assessing and comparing reductions in Scope 3 emissions should consider the impact that acquisitions and divestments have had.—Scope 3 emissions data includes GHG emissions for former OZ Minerals assets from the date of acquisition (completed on 2 May 2023). Former OZ Minerals Scope 3 emissions data has not been included in certain categories and/or sub-categories due to data limitations. We estimate these GHG emissions to be immaterial. —All Scope 3 emissions data includes divested operations only up to the completion date or effective economic date (as applicable) of the divestment. Divestments include divestment of our interest in the Rhourde Ouled Djemma (ROD) Integrated Development (completed in April 2022), divestment of our interest in BMC (completed on 3 May 2022), divestment of our Petroleum business (merger with Woodside completed on 1 June 2022) and BMA’s divestment of the Blackwater and Daunia mines (completed on 2 April 2024). —Category 4, Upstream transportation and distribution and Category 9, Downstream transportation and distribution now use maritime transport emission factors from EU Regulation 2023/1805, after The British Standards Institution (BSI) EN 16258 standard (the source of the emission factors we previously used) was withdrawn in CY2023. Category 9, Downstream transportation and distribution also now uses a changed methodology for the portside transport of iron ore in China (which began in FY2023) consisting of more accurate mapping for the transport of our products from port to customer via a combination of road, rail and barge.—Category 10, Processing of sold products does not include GHG emissions associated with downstream processing of our zinc, gold, silver, ethane, cobalt and uranium oxide products as production and sales volumes are relatively small and a large range of possible end uses apply. We estimate these GHG emissions to be immaterial.—Category 15, Investments covers the Scopes 1 and 2 emissions (on an equity basis) from entities in which we hold an interest that are not operated by BHP.—Restatement: Category 1, Purchased goods and services (including capital goods) FY2023 reported value has been restated to include former OZ Minerals assets (see earlier note). Previously reported value was 9.1 MtCO -e.—Restatement: Category 3, Fuel- and energy 2 related-activities FY2022 reported value has been restated to correct a minor calculation error. Previously reported value was 2.3 MtCO -e.—Restatement: Category 4, Upstream transportation and distribution FY2022 and FY2023 reported values have been restated, where for FY2022 it is due to the change in maritime 2 transport emission factors as described earlier for Category 4, Upstream transportation and distribution, and for FY2023 it is due to the same change in emission factors and also the inclusion of former OZ Minerals assets (see earlier note). Previously reported values were 4.5 MtCO2-e for FY2022 and 4.4 MtCO -e for FY2023.—Restatement: Category 9, Downstream transportation and distribution FY2022 and FY2023 reported values have been restated due 2 to the change in maritime transport emission factors and the methodology change, as described earlier for Category 9, Downstream transportation and distribution. Previously reported values were 3.2 MtCO -e for FY2022 and 2.8 MtCO -e 2 2 for FY2023.

56 BHP Annual Report 2024 6 Sustainability continued Definitions and key details for our GHG emissions targets and goals For the definitions of the terms used to express our GHG emissions targets and goals, including ‘target’, ‘goal’, ‘net zero’ and ‘carbon neutral’, refer to Additional information 10 on pages 245 to 250 in this Report Operational GHG emissions (Scopes 1 and 2 emissions from our operated assets) medium-term target and long-term net zero goal definitions, assumptions, adjustments and additional key details Description Medium-term target: Reduce operational GHG emissions by at least 30 per cent from FY2020 levels by FY2030 Long-term net zero goal: Achieve net zero operational GHG emissions by CY2050 Baseline year or Medium-term target: Baseline year: FY2020 | Period: FY2020 to FY2030 reference year, Long-term net zero goal: Reference year: FY2020. FY2020 is used as a reference year to track progress towards our goal, but is not and period a baseline year for achieving our goal. | Period: FY2020 to CY2050 Type and reduction Medium-term target: Type: Absolute | Reduction: Gross; At least 30 per cent Long-term net zero goal: Type: Absolute | Reduction: Net; 100 per cent (where we currently estimate up to around an 85 per cent gross operational GHG emissions reduction against FY2020 levels by CY2050 without the use of carbon credits for offsetting) Boundary Inventory boundary: Scopes 1 and 2 emissions: Operational control Exclusions Non-operated assets and equity investments (included in our value chain GHG emissions (Scope 3 emissions) long-term net zero goal) GHGs included CO2, CH4, N2O, HFC, PFC, SF6 Offsetting Medium-term target: Our plan is to achieve our medium-term target through structural GHG emissions abatement instead of offsetting our operational GHG emissions. We will not use regulatory carbon credits (i.e. those used for compliance under regulatory schemes such as the Safeguard Mechanism in Australia) to meet our target. In our projected pathway, we have not planned to use voluntary carbon credits to meet our medium-term target, but if there is an unanticipated shortfall in our pathway, we may use voluntary carbon credits that meet our integrity standards to close the performance gap. Long-term net zero goal: Planned, to close the performance gap beyond our current estimate of up to around an 85 per cent gross operational GHG emissions reduction against FY2020 levels by CY2050 without the use of carbon credits for offsetting Measurement approach Scope 1 emissions are calculated using emission factors and methodologies required under mandatory local regulatory programs where BHP operates, including the National Greenhouse Energy and Reporting (NGER) scheme for Australian operations, Green Tax legislation (referencing Intergovernmental Panel on Climate Change (IPCC) emission factors) for Chilean operations and Canadian Greenhouse Gas Reporting Program (referencing IPCC emission factors) for our Jansen potash project. In the absence of mandatory local regulatory programs, the Australian NGER scheme emission factors and methodology is used. Scope 2 emissions are calculated using the market-based method using electricity emission factors sourced directly from the supplier where available, as evidenced by Renewable Energy Certificates and/or supplier-provided documentation. Where supplier-specific emission factors are not available, a default location-based emission factor for electricity, as published in local regulations or industry frameworks, is used. Key adjustments made Baseline year (for our target) and reference year (for our goal) and performance data have been adjusted for divestment of our to baseline year or interest in BMC (completed on 3 May 2022), divestment of our Petroleum business (merger with Woodside completed on 1 reference year and June 2022), BMA’s divestment of the Blackwater and Daunia mines (completed on 2 April 2024), our acquisition of OZ Minerals subsequent data (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). Performance, adjusted FY2020: 13.6 MtCO2-e FY2021: 13.8 MtCO2-e FY2022: 10.2 MtCO2-e FY2023: 9.1 MtCO2-e FY2024: 9.2 MtCO2-e Target or goal setting Medium-term target: Our target is measured on a cumulative GHG emission basis against an overall carbon budget. The target method percentage reduction was established in FY2020 by applying the same rate of reduction to BHP’s GHG emissions as the rate at which the world’s GHG emissions would have to contract in order to meet the Paris Agreement goal to hold global average temperature increase to well below 2°C above pre-industrial levels (known as the ‘absolute contraction method’). Long-term net zero goal: Our goal was developed with the ambition to achieve net zero for our operational GHG emissions by CY2050. Our progress against this goal will be measured on an absolute basis. Target or goal derived Medium-term target: No, our target was derived using the absolute contraction method specified earlier. At the time of setting the using a sectoral target, there were no mining sector-specific pathways for jurisdictions where we operate. decarbonisation Long-term net zero goal: No, however our goal is consistent with the global net zero ambition. approach Process for reviewing The Board approves BHP’s significant social, community and sustainability policies (upon recommendation from the Nomination the setting of the target and Governance Committee), including those related to climate change and climate transition planning, public sustainability goals or goal and targets (including for GHG emission reductions). We review our GHG emissions targets and goals as part of the periodic development of an updated CTAP, or more frequently if required. Process for monitoring Monitored on an annual basis through our business planning processes, which forecast operational GHG emissions and identify progress towards the planned, proposed or potential GHG emission reduction projects out to CY2050. As part of this process, an internal GHG emissions target or goal target is set for the relevant financial year and monitored through our annual reporting processes, with progress reviewed by management and the Board as part of publication of our annual reporting disclosures. Our target is also monitored on a six-monthly basis through our social value scorecard framework, with progress reviewed by management and the Board as part of publication of our half-year results (as well as annual reporting disclosures), or more frequently if required. Third-party validation No, but we obtain reasonable assurance over our externally reported performance against our target and goal. of our target or goal Carbon budget for Medium-term target: 126.9 MtCO2-e (FY2020 to FY2030). This reflects a linear reduction between our baseline year and the target target/goal period year. In the interim years before FY2030, we periodically refer to our carbon budget to assess our cumulative GHG emissions against our carbon budget to FY2030. This enables us to determine if we are on track to achieve our medium-term target or whether we anticipate potential use of voluntary carbon credits to close any performance gap by FY2030 (which we do not currently anticipate). Long-term net zero goal: For the period FY2020 to FY2030, refer to the carbon budget for our target. We do not currently use a carbon budget for the period beyond FY2030. Expected progression Progress towards our target and net zero goal is expected to be non-linear and will be affected by organic changes in our production of commodities.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 57 Value chain GHG emissions (Scope 3 emissions) medium-term goals definitions assumptions, adjustments and additional key details Description Steelmaking medium-term goal: Support industry to develop steel production technology capable of 30 per cent lower GHG emissions intensity relative to conventional blast furnace steelmaking, with widespread adoption expected post-CY2030. Shipping medium-term goal: Support 40 per cent GHG emissions intensity reduction of BHP-chartered shipping of BHP products Baseline year or Steelmaking medium-term goal: Reference year: CY2020 (global average GHG emissions intensity for conventional blast furnace reference year, steelmaking as at CY2020, being 2.2 tonnes of CO2 per tonne of crude steel. Source: IEA Iron and Steel Technology Roadmap and period (October 2020)). CY2020 is used as a reference year to assess the potential of collaborative partnerships and venture capital investments to which we may commit funding (refer to ‘measurement approach’ later in this table), but is not a baseline year for achieving our goal. | Period: FY2020 to CY2030. Shipping medium-term goal: Baseline year: CY2008 (reflecting International Maritime Organisation (IMO) objectives for the shipping industry) | Period: CY2008 to CY2030 Type and reduction Steelmaking medium-term goal: Type: Not applicable | Reduction: Not applicable Shipping medium-term goal: Type: Intensity | Reduction: Gross; 40 per cent Boundary Steelmaking medium-term goal: Not applicable Shipping medium-term goal: —GHG emissions from maritime transportation not owned or operated by BHP, but chartered and paid for by BHP, where the transportation was of BHP-produced products sold by BHP. In some cases, the goal’s boundary may differ from the boundaries under mandatory reporting.—Inventory boundary: Scope 3 emissions, Category 4, shipping of BHP products only. Exclusions Steelmaking medium-term goal: Not applicable Shipping medium-term goal: —GHG emissions from maritime transportation owned, operated and/or chartered and paid for by a third party, where the transportation was of BHP-produced products sold by BHP.—GHG emissions from maritime transportation not owned or operated by BHP, but chartered and paid for by BHP, where the transportation was of third-party-produced products sold by BHP (pursuant to our third-party-trading activity).—GHG emissions from maritime transportation not owned or operated by BHP, but chartered and paid for by BHP or a third party, where the transportation was of products purchased by BHP. GHGs included Steelmaking medium-term goal: Not applicable Shipping medium-term goal: CO2, CH4, N2O Offsetting Steelmaking medium-term goal: Not applicable Shipping medium-term goal: Not planned but will be periodically assessed Measurement approach Steelmaking medium-term goal: Committed funding (US$) for collaborative partnerships and venture capital investments with the aim to support industry to develop steel production technology capable of 30 per cent lower GHG emissions intensity relative to conventional blast furnace steelmaking. Shipping medium-term goal: Average gCO2-e per deadweight tonne per nautical mile (gCO2-e/dwt/nm), weighted based on IMO defined vessel size ranges utilised by BHP during the time period, using a well-to-wake CO2-e emission factor from EU Regulation 2023/1805. Key adjustments made Steelmaking medium-term goal: Not applicable to baseline year and Shipping medium-term goal: Baseline year and performance data have been adjusted to only include voyages associated with the subsequent data transportation of commodities currently in BHP’s portfolio due to the data availability challenges of adjusting by asset or operation for CY2008 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 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 CY2023. Performance, adjusted Steelmaking medium-term goal: FY2022: US$75 million | FY2023: US$114 million | FY2024: US$140 million (only for shipping) Shipping medium-term goal: CY2008: 5.8 gCO -e/dwt/nm | FY2023: 3.5 gCO -e/dwt/nm | FY2024: 3.4 gCO -e/dwt/nm 2 2 2 Goal setting method Steelmaking medium-term goal: Qualitative. Tracked based on the funding (US$) we commit in collaborative partnerships and venture capital investments with the aim to support industry to develop steel production technology capable of 30 per cent lower GHG emissions intensity relative to conventional blast furnace steelmaking. Shipping medium-term goal: Set as a point in time, i.e. with the specific date of ‘by CY2030’ for our goal to support a 40 per cent GHG emissions intensity reduction of BHP-chartered shipping of BHP products, while reflecting the challenges and uncertainty and our inability (as BHP alone) to ensure Scope 3 emission reductions. As a result, the goal is not based on a trajectory and does not imply a specific carbon budget, and so Scope 3 emissions may fluctuate (with some increases and/or non-linear decreases) during the period before the goal date. Goal derived Steelmaking medium-term goal: Not applicable using a sectoral Shipping medium-term goal: No, although our goal is generally consistent with the IMO’s CY2030 emissions intensity goal for the decarbonisation international shipping sector and we selected CY2008 as our goal’s baseline year to align with the base year for the IMO’s CY2030 approach goal and its corresponding reasoning and strategy. Process for reviewing The Board approves BHP’s significant social, community and sustainability policies (upon recommendation from the Nomination and the setting of the goal Governance Committee), including those related to climate change and climate transition planning, public sustainability goals and targets (including for GHG emission reductions). We review our GHG emissions targets and goals as part of the periodic development of an updated CTAP, or more frequently if required. Process for monitoring Monitored on a six-monthly basis through our social value scorecard framework, with progress reviewed by management and the progress towards Board as part of publication of our half-year results and annual reporting disclosures, or more frequently if required. the goal Third-party validation No, but we obtain limited assurance over our externally reported performance against our goals. of our goal Carbon budget for goal Steelmaking medium-term goal: Not applicable period Shipping medium-term goal: Our goal is not based on a trajectory and does not imply a specific carbon budget. Expected progression Steelmaking medium-term goal: Not applicable Shipping medium-term goal: Progress towards our goal is expected to be non-linear and affected by organic changes in our production of commodities and associated increases in vessel chartering, due to the dependence on the availability of GHG emission reduction solutions more broadly across the shipping industry.

58 BHP Annual Report 2024 6 Sustainability continued Value chain GHG emissions (Scope 3 emissions) long-term net zero targets and goal definitions assumptions, adjustments and additional key details Description Value chain long-term net zero goal: We have a long-term goal of net zero Scope 3 GHG emissions by CY2050. Achievement of this goal is uncertain, particularly given the challenges of a net zero pathway for our customers in steelmaking, and we cannot ensure the outcome alone Shipping long-term net zero target: Target net zero by CY2050 for the GHG emissions from all shipping of BHP products. Ability to achieve the target is subject to the widespread availability of carbon neutral solutions to meet our requirements, including low to zero GHG emission technologies, fuels, goods and services Direct suppliers long-term net zero target: Target net zero by CY2050 for the operational GHG emissions of our direct suppliers. Ability to achieve the target is subject to the widespread availability of carbon neutral solutions to meet our requirements, including low to zero GHG emissions technologies, fuels, goods and services Reference year, and Reference year: FY2020. FY2020 is used as a reference year to track progress towards our targets and goal, but is not a baseline period year for achieving our targets or goal. Period: FY2020 to CY2050 Type and reduction Type: Absolute Reduction: Net; 100 per cent Boundary Value chain long-term net zero goal: – Total reported Scope 3 emissions are estimated on an equity basis for downstream GHG emissions. For the upstream GHG emissions component, the boundary is defined on a category-by-category basis due to data limitations. – Inventory boundary: Scope 3 emissions. Shipping long-term net zero target: – GHG emissions from maritime transportation not owned or operated by BHP where the transportation was of BHP-produced products sold by BHP. May be BHP-chartered or third-party-chartered. In some cases, the target’s boundary may differ from the boundaries under mandatory reporting. – Inventory boundary: Scope 3 emissions, Categories 4 and 9, shipping of BHP products only. Direct suppliers long-term net zero target: – Scopes 1 and 2 emissions of our direct suppliers included in BHP’s reported Scope 3 emissions reporting categories of purchased goods and services (including capital goods), fuel- and energy-related activities, business travel and employee commuting. In some cases, the target’s boundary may differ from the boundaries under mandatory reporting. – Inventory boundary: Scope 3 emissions, Categories 1, 3, 6 and 7 (subset) emissions are being used as a proxy for the Scopes 1 and 2 emissions of our direct suppliers. Exclusions Value chain long-term net zero goal: Refer to exclusions for our shipping and suppliers’ targets. Shipping long-term net zero target: – GHG emissions from maritime transportation not owned or operated by BHP, but chartered and paid for by BHP, where the transportation was of third-party-produced products sold by BHP (pursuant to our third-party-trading activity). – GHG emissions from maritime transportation not owned or operated by BHP, but chartered and paid for by BHP or a third-party, where the transportation was of products purchased by BHP. Direct suppliers long-term net zero target: Scope 3 emissions (for our direct suppliers) associated with our purchased goods and services (including capital goods), fuel- and energy-related activities, business travel and employee commuting. GHGs included Value chain long-term net zero goal: Defined by the available data, which differs by Scope 3 emissions category. We intend to continue to improve our GHG emission calculations over time to encompass specific greenhouse gases as data becomes available. Shipping long-term net zero target: CO2, CH4, N2O Direct suppliers long-term net zero target: Defined by the available data, which differs by Scope 3 emissions category. We intend to continue to improve our GHG emission calculations over time to encompass specific greenhouse gases as data becomes available. Offsetting We anticipate offsetting by our customers, suppliers and other third parties will play a role in meeting our long-term net zero goal (and potentially our long-term net zero targets), particularly for residual GHG emissions in steelmaking which are not currently expected to reach zero by CY2050. Where third parties offset their GHG emissions that appear in our reported Scope 3 emissions inventory, we plan to recognise and report the net GHG emissions after offsetting. Carbon credits sourced by third parties in our value chain and associated with GHG emissions that appear in our reported Scope 3 emissions inventory would need to be high-integrity before we recognised that offsetting in our reporting.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 59 Measurement approach Value chain long-term net zero goal: Description of the calculation methodology used for each Scope 3 emissions category can be found in the BHP GHG Emissions Calculation Methodology 2024, available at bhp.com/climate Shipping long-term net zero target: Vessel- and voyage-specific GHG emissions calculated using maritime transport emission factors from EU Regulation 2023/1805. Direct suppliers long-term net zero target: As a proxy for measurement of the Scopes 1 and 2 emissions of our direct suppliers, progress is currently measured using Categories 1, 3, 6 and 7 emissions data using a mix of spend-based and activity-based methodology. Key adjustments made Value chain long-term net zero goal: Category 1, Category 3, Category 4 (maritime component), Category 9 (maritime component), to reference year and Category 10, Category 11 and Category 15 GHG emissions in reference year and performance data have been adjusted for the subsequent data divestment of our interest in Cerrejn (with an effective economic date of 31 December 2020), divestment of our interest in BMC (completed on 3 May 2022), divestment of our interest in the Rhourde Ouled Djemma (ROD) Integrated Development (completed in April 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) and acquisition of OZ Minerals (completed on 2 May 2023). The remaining categories have not been adjusted due to their immateriality to our long-term net zero goal. Shipping long-term net zero target: Category 4 (maritime component) and Category 9 (maritime component) GHG emissions in reference year and performance data have been adjusted for a methodology change to use maritime transport emission factors from EU Regulation 2023/1805, after The British Standards Institution (BSI) EN 16258 standard (the source of the emission factors we previously used) was withdrawn in CY2023, and have been adjusted for the 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) and acquisition of OZ Minerals (completed on 2 May 2023). Direct suppliers long-term net zero target: Category 1 and Category 3 GHG emissions in reference year and performance data have been adjusted for the 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) and acquisition of OZ Minerals (completed on 2 May 2023). Categories 6 and 7 were not adjusted due to their immateriality to our long-term net zero target. Performance, adjusted Value chain long-term net zero goal: FY2020: 352.0 MtCO2-e | FY2021: 356.3 MtCO2-e | FY2022: 364.1 MtCO2-e | FY2023: 371.6 MtCO2-e | FY2024: 377.0 MtCO2-e Shipping long-term net zero target: FY2020: 6.6 MtCO2-e | FY2021: 7.2 MtCO2-e | FY2022: 7.1 MtCO2-e | FY2023: 6.4 MtCO2-e | FY2024: 6.2 MtCO2-e Direct suppliers long-term net zero target: FY2020: 11.6 MtCO2-e | FY2021: 11.7 MtCO2-e | FY2022: 11.5 MtCO2-e | FY2023: 13.0 MtCO2-e | FY2024: 14.3 MtCO2-e Target/goal setting Set as a point in time, i.e. with the specific date of ‘by CY2050’ to reach the target or goal of net zero, while reflecting the challenges method and uncertainty and our inability (as BHP alone) to ensure Scope 3 emission reductions. As a result, the target or goal is not based on a trajectory and does not imply a specific carbon budget, and Scope 3 emissions may fluctuate (with some increases and/or non-linear decreases) during the period before the target or goal date. Target/goal derived No using a sectoral decarbonisation approach Process for reviewing The Board approves BHP’s significant social, community and sustainability policies (upon recommendation from the Nomination the setting of the and Governance Committee), including those related to climate change and climate transition planning, public sustainability goals target/goal and targets (including for GHG emission reductions). We review our GHG emissions targets and goals as part of the periodic development of an updated CTAP, or more frequently if required. Process for monitoring Monitored on a yearly basis through our annual reporting processes, with progress reviewed by management and the Board as part of progress towards the publication of our annual reporting disclosures, or more frequently if required. target/goal Third-party validation No, but we obtain limited assurance over our externally reported performance against our targets and goal. of our target/goal Carbon budget for Our targets and goal are not based on trajectories and do not imply specific carbon budgets. target/goal period Expected progression Progress towards our targets and goal is expected to be non-linear and affected by organic changes in our production of commodities.

60 BHP Annual Report 2024 6 Sustainability continued 6.10 Environment and nature Our 2030 Healthy environment goal was developed in anticipation of the Kunming-Montreal Global Biodiversity Framework. We focus our activities We acknowledge nature, including biodiversity, is deteriorating worldwide in support of achieving this goal on the large areas of non-operational at unprecedented rates. We are supportive of global efforts to halt and land we steward, as this land offers the greatest opportunity for us to reverse nature loss in the coming decade, following adoption of the apply conservation, restoration or regenerative practices at a larger scale. Kunming-Montreal Global Biodiversity Framework during the Conference Our Healthy environment goal and the mitigation hierarchy are considered of the Parties to the Convention on Biological Diversity in December 2022. as part of the factors we use to inform management approaches for our We recognise that to help enable the energy transition, critical minerals operational and non-operational areas. production will need to increase, and it will be essential that this production To meet the FY2024 short-term milestone for the Healthy environment pillar meets high standards of environmental stewardship. BHP’s business, our of our social value scorecard, we have developed a Group-level framework suppliers and customers, Indigenous peoples and the local communities for nature-positive plans to achieve the 2030 Healthy environment goal where we operate, all depend on and enjoy nature and the ecosystem (BHP Healthy environment goal roadmap).4 We intend to assess the services it provides. We acknowledge the nature of our operations and our potential opportunities identified in the BHP Healthy environment goal environmental performance can impact the natural environment, including roadmap to inform business decisions designed to enable BHP to progress the provision of ecosystem services. towards our 2030 Healthy environment goal. Our Environment Global Standard outlines the minimum requirements As at 30 June 2024, we had 83,012 hectares or 1.62 per cent5 of the land for managing our environmental risks and complying with our and water that we steward2,7 under nature-positive management practices3 environmental obligations using environmental management systems compared to 79,718 hectares or 1.56 per cent at the end of FY2023.6 aligned to ISO14001. We are working to enable these systems to better The FY2024 area under nature-positive management practices3 has support our approach to environmental management and performance. increased by 3,295 hectares (or 4.13 per cent) since FY2023. The Environment Global Standard also describes our requirement to apply the mitigation hierarchy (avoid, mitigate, rehabilitate, compensatory The increase in area under nature-positive management practices in actions) in our approach to managing environmental risks. Our Risk FY2024 compared to FY2023 is due to: the inclusion of areas under Framework supports how we seek to identify, assess and manage nature-positive management practice at the former OZ Minerals operation environmental risks, as well as our strategic decision-making. Carrapateena and the West Musgrave project, not included in our FY2023 reporting; an additional regulatory conservation area at one of BMA’s For more information on BHP’s approach to water stewardship, assets in FY2024; and BMA’s divestment of the Blackwater and Daunia biodiversity and land, including associated strategies refer to the mines,7 resulting in these areas, including some areas reported in FY2023 following sections and bhp.com/water and bhp.com/biodiversity as under nature-positive management practices,3 being excluded from the land and water we steward.2 Nature-related goal and targets The calculation for the area under nature-positive management practices includes areas under regulatory and voluntary conservation and We have set, and are now focusing on the steps required to achieve, our restoration, and regenerative agriculture. A breakdown of this can be found 2030 Healthy environment goal and our context-based water targets (refer in the BHP ESG Standards and Databook 2024. We plan to continue to to the Fresh water and oceans section later in OFR 6.10) that are designed assess, validate and disclose material information regarding the Healthy as part of our contribution towards the global efforts to reduce and/or environment goal calculation methodology, in consideration of evolving reverse nature loss. Our 2030 Healthy environment goal, announced in 2022, is to create external frameworks and stakeholder expectations. nature-positive1 outcomes by having at least 30 per cent of the land For more information on our Healthy environment goal methodology and water we steward2 under conservation, restoration or regenerative and natural capital metrics framework, how the BHP Healthy practices by the end of FY2030. Our focus is on areas of highest environment goal roadmap was developed using a targeted version ecosystem value, both within and outside our own operational footprint, of the TNFD’s LEAP approach, and examples of areas under nature-positive management practice refer to bhp.com/environment in partnership with Indigenous peoples and local communities. For more information on our 2030 goals refer to OFR 6.5 For more information on how we manage risk refer to OFR 8 Nature’s four realms – land, ocean, fresh What do we mean by nature water and atmosphere and its associated terms? – The Recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD Recommendations), which were finalised in September 2023, describe nature as having four major components or realms: land, fresh water, ocean and atmosphere – each of which interact with people and society. Biodiversity is a characteristic of all four realms. At BHP, we are continuing to Land evolve our sustainability-related reporting to align with this concept of nature. – BHP adopts the definitions as outlined in the TNFD Glossary version 1.0 for the following key nature-related terms: Nature, Fresh Ocean Nature-positive, Natural Capital, Biodiversity, Realm, Ecosystem water function and Ecosystem services. We intend to review these definitions in FY2025, in light of the recently revised TNFD Glossary Version 2.0 (June 2024). Society – Biodiversity is an essential characteristic of adaptable, resilient and functional ecosystems, which provides society with ecosystem services on which we rely – clean water, fresh air, productive soils, pollination, climate regulation and climate physical risk mitigation; and services through which we enjoy recreation, amenity, spiritual Atmosphere connection and wellbeing. For definitions refer to Additional information 10.4 and the TNFD’s version 1.0 glossary at tnfd.global/publication/glossary/

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 61 Nature-related risk and impact management – a new requirement to develop and implement asset-level nature-positive activities and to include these activities within the BHP Healthy Our approach to biodiversity and nature recognises the five key drivers environment goal roadmap of nature loss (changes in land and sea use, direct exploitation of natural – a new environmental-related commitment to cease use of aqueous film resources, pollution, climate change, invasive species), as outlined by the forming foams (AFFF) that contain per- and poly-fluoroalkyl substances United Nations Environment Programme (UNEP). (PFAS) (a key FY2024 action to reduce our impact associated with one Our primary approach to preventing or minimising our adverse of the five major drivers of nature loss, pollution) impacts to nature (including air, fresh water and oceans, land and – enhanced rehabilitation planning commitments biodiversity) within our operational footprint is to apply the mitigation hierarchy. For an example of how we apply the ‘avoid’ pillar, refer to our environmental-related commitments below. We are prioritising managing our nature-related risks (including impacts, For more information on governance of sustainability dependencies, threats and opportunities) within the land and waters we steward. In FY2024, BHP commissioned work to improve our process for topics, including nature, refer to OFR 6.3 how we understand and manage nature-related risk in the value chain. In FY2024, BHP also introduced a new Global Land Use Permitting (GLUP) Our environmental-related commitments are: system. GLUP is a global software solution developed inhouse to support the internal end-to-end compliance requirements of our Land Use Permit – We do not explore or extract resources within the boundaries of process, which is a key control to manage land use disturbance risks World Heritage listed properties. – We do not explore or extract resources adjacent to World Heritage and support application of the avoid and minimise steps of the mitigation listed properties, unless the proposed activity is compatible with hierarchy. This solution was designed to support the Land Use Permit the outstanding universal values for which the World Heritage owners and contributors to better understand their obligations and how to property is listed. manage BHP’s risk to cultural heritage, environment and biodiversity through a simple, transparent and collaborative global technology system. – We do not explore or extract resources within or adjacent to the boundaries of the International Union for Conservation of For more information on the updated list of nature-related impacts and dependencies that have been evaluated as part of the Nature (IUCN) Protected Areas Categories I to IV, unless a plan development of the BHP Healthy environment goal roadmap refer to is implemented that meets regulatory requirements, takes into bhp.com/environment account stakeholder and partner (including Indigenous peoples) For more information on the water-related risks (including impacts, expectations and contributes to the values for which the protected dependencies, threats and opportunities) we take to seek to prevent, area is listed. mitigate or enhance them refer to bhp.com/water – We do not operate where there is a risk of direct impacts to ecosystems that could result in the extinction of an IUCN Red List For our overarching approach to risk management refer to OFR 8 Threatened Species in the wild. – We do not dispose of mined waste rock or tailings into a river or For more information on our environmental approach refer to the marine environment. Environment Global Standard and our nature-related management – We do not use aqueous film forming foams (AFFF) containing and governance processes at bhp.com/environment per- and poly-fluoroalkyl substances (PFAS) at our operated assets. We replace with fluorine free foam products. Fresh water and oceans Water is integral to what we do and vital to the longevity of BHP. We depend on access to water and cannot operate without it. Our Water Stewardship The requirement to apply the mitigation hierarchy, our environmental-Position Statement outlines our vision for a water secure world by 2030, an related commitments and other Group-wide approaches to environmental aim consistent with the United Nations Sustainable Development Goal 6, management are set out in our Environment Global Standard and in and considers ecosystem health, cultural and spiritual values, human mandatory minimum performance requirements for risk management. rights, communities, Indigenous peoples and economic growth among We released an updated Environment Global Standard in April 2024 and other factors. Our position statement is supported by our Water Stewardship key changes include: – an increased focus on risk and impact management: Strategy, which focuses on understanding and managing water-related risk, disclosure, contributing to the resolution of shared water challenges, valuing i. extends requirements for identifying and assessing nature-related water and sharing innovations and learning. risks to include those within BHP’s supply chain Water data and accounting relies on a variety of data sources, including from ii. requires consideration of impacts and dependencies, physical risks, water modelling, direct measurement and estimation techniques based on systemic risks and transition risks when assessing nature-related risk available known methodologies (e.g. estimation of evaporation from water storages). Recognising that the water models, water balances and assumptions iii. emphasises application of the mitigation hierarchy when used in our water accounting approach contain inherent uncertainty; and in line identifying, assessing and implementing environment-related controls with our commitment to continuous improvement; we continue to review the assumptions and refine our methodology of our water accounts and data. These footnotes refer to previous page 1. Nature-positive is defined by the TNFD Glossary version 1.0 as ‘A high-level goal and concept describing a future state of nature (e.g. biodiversity, ecosystem services and natural capital) which is greater than the current state’. We understand it includes land and water management practices that halt and reverse nature loss – that is, supporting healthy, functioning ecosystems. BHP intends to review this definition in FY2025, in light of the recently revised TNFD Glossary version 2.0 (June 2024) definition of nature positive. 2. This excludes areas we hold under greenfield exploration licences (or equivalent tenements), which are outside the area of influence of our existing mine operations. 30 per cent will be calculated based on the areas of land and water that we steward at the end of FY2030. 3. Nature-positive management practices refer to an area under stewardship that has a formal management plan that includes conservation, restoration or regenerative practices. For more information refer to the BHP ESG Standards and Databook 2024, available at bhp.com/sustainability. 4. The BHP Healthy environment goal roadmap is intended to apply to our operated assets in Australia, Chile and Canada. Due to the acquisition of OZ Minerals and prioritisation of activities based on risks and impacts, Carrapateena, Prominent Hill, West Musgrave and legacy assets are currently out of scope for the roadmap; with the exception of West Musgrave, these assets are planned to be incorporated into the roadmap in FY2025. Incorporation of West Musgrave into the BHP Healthy environment goal roadmap will be reviewed following the decision to temporarily suspend the Western Australia Nickel operations. 5. 1.62 per cent is calculated based on the areas of land and water that we stewarded (excluding areas we hold under greenfield exploration licences (or equivalent tenements) and subject to footnote 7) at 30 June 2024 – which was approximately 5,125,935 hectares; an increase of approximately 18,750 hectares compared to approximately 5,107,185 hectares at 30 June 2023. 6. FY2023 values are a restatement of our previously reported 1.3 per cent and 82,132 hectares. The restatement from 82,132 to 79,718 hectares under nature-positive management practices for FY2023 is due to a change in our methodology and associated definitions; with FY2023 values being reported based on GRI Biodiversity 2016 304-3 definitions. The restatement from 1.3 per cent to 1.56 per cent area under nature-positive management practices3 is primarily due to approximately 1.5 million hectares of greenfield exploration licences, which are located outside the area of influence of our existing mine operations, being incorrectly assigned to ‘the land and water we steward’2 component of the Healthy environment goal calculation in FY2023. 7. While some of the land related to the Daunia and Blackwater mines is pending transfer following BMA’s divestment of these mines on 2 April 2024, these areas are no longer under BMA’s control or operated for BMA’s benefit so have been excluded from the areas of land and water we stewarded at 30 June 2024.

62 BHP Annual Report 2024 6 Sustainability continued In FY2024, seawater continued to be our largest source of water withdrawal (58 per cent in FY24 compared to 52 per cent in FY2023); groundwater (a mixture of high- and low-quality water) remained our most significant non-seawater source (23 per cent in both FY2024 and FY2023). The volumes withdrawn in FY2024 represent approximately 28 gigalitres (GL) or 7 per cent reduction in water withdrawal compared to FY2023. This was primarily due to a reduction in high-quality Type 2 surface water (precipitation and run-off) withdrawal from our BMA and NSWEC assets, attributable to a decrease in rainfall at those operational areas. Total water withdrawals from operated assets located in high or very high water-stressed areas (as determined by WWF Water Risk Filter) was 33,330 megalitres (ML) (9 per cent of total withdrawals for BHP operated assets) compared to 35,340 ML (and 9 per cent) in FY2023; and consisted of 81 per cent high-quality (Type 1 and 2) water compared to 69 per cent in FY2023. This is primarily due to increased Type 2 water withdrawal at Pampa Norte, which is sourced from third-party desalinated water (i.e. the original source of this water is Type 3). Over the same period, Pampa Norte’s Type 3 water withdrawal from third-party surface water decreased from approximately 6,090 ML to approximately 3,350 ML. This is in line with Pampa Norte’s water strategy and context-based water target milestones to cease operational use of terrestrial water sources from water scarce areas. In FY2024 the significant decrease in water re-use and recycling at Pampa Norte was primarily due to a change in the methodology for calculating reused and recycled water, using measured values in calculations instead of estimations. Key: Ocean-related performance update Fresh water-related performance update Recycled water-related performance We continue to seek opportunities to source our water from lower-grade Beyond BHP’s footprint, we made voluntary contributions to support sources rather than use high-quality water resources from the catchments environmental resilience across the regions where we operate, including where we operate. Key insights from our FY2024 water performance are through thought leadership and action on the ground. For example, outlined above.1 in FY2024: In FY2024, we commenced review and refinement of our water accounts – We continued to collaborate with the University of Notre Dame to and model at our Western Australia Nickel asset, completing a review at develop a framework for corporations and policymakers to consider the Mount Keith. Updates to Leinster’s water model are planned to be rolled human right to water to support social equity and reduce corporate risk. out in FY2025. The continuation of this program will be subject to review, During FY2024, work continued to make the framework more practical and there is no current plan to disclose water data from West Musgrave by developing decision support tools and case studies. in the future, following the announcement of temporary suspension of – We continued to progress with the Groundwater Modelling Decision operations at Western Australia Nickel. In FY2025, we also intend to Support Initiative (GDMSI) with partner organisations Rio Tinto and align Prominent Hill and Carrapateena to ICMM’s Water Reporting, Good Flinders University to help promote the application of advances in Practice Guide (2nd Ed) and the Minerals Council of Australia’s Water groundwater modelling for environmental and water management Accounting Framework, to enable disclosure of water data from these decisions. During FY2024, the initiative reviewed the application of operations from FY2026. numerical groundwater modelling in environmental assessments and delivered a discussion paper on some of the challenges associated with Context-based water targets disclosing and addressing technical uncertainty in decisions. In our Water Stewardship Position Statement, we committed to develop – BMA has been a member of the Fitzroy Partnership for River Health context-based water targets (CBWTs). These targets were informed by and Mackay Whitsunday Isaac Healthy Rivers to Reef Partnership since BHP’s view of water-related risks in the relevant catchment and by the 2020 and 2022 respectively, contributing over A$0.55 million to these shared water challenges identified in the Water Resource Situational partnerships in FY2024. One of the key goals of these partnerships is to Analysis (WRSA). A WRSA is a holistic assessment and summary of the provide a more complete picture of river and marine health – providing sustainability, governance, and social, cultural, spiritual, environmental funding, resources and contributing water quality and ecosystem health and economic values of water (fresh or marine) within a defined monitoring data through data-sharing arrangements. In FY2024, the catchment area, which provides a rounded understanding of the shared Mackay Whitsunday Isaac Healthy Rivers to Reef ‘Project Blueprint’, water water challenges and collective action opportunities for the catchment. quality monitoring and engagement in the Whitsundays, was expanded The CBWTs aim to improve our internal BHP water management to include direct Traditional Owner participation. Project Blueprint has and contribute to collective benefit and shared approaches to water completed over 12 trips and analysed over 360 samples. management in the regions where we operate. Our CBWTs support BHP’s 2030 Healthy environment goal and are expected to contribute For more information on the Fitzroy Partnership for River Health and to the protection or restoration of water-dependent ecosystems in the Mackay Whitsunday Isaac Healthy Rivers to Reef Partnership, vicinity of our operated assets. The CBWTs are underpinned by a series including annual report reports, refer to riverhealth.org.au and 2 healthyriverstoreef.org.au of milestones and we delivered all asset-level CBWT FY2024 short-term milestones except one at West Australia Nickel, as summarised on the For more information on WRSAs and CBWTs, including progress next page. against the targets, and longer-term CBWT milestones, refer to bhp.com/water and bhp.com/sustainability/environment/water/shared- In FY2024, we engaged third parties (e.g. universities) to undertake a water-challenges WRSA at NSWEC, including to review publicly available information and NSWEC’s WRSA is available at bhp.com/sustainability/environment/ engage with partners and stakeholders (e.g. communities, Indigenous groups, policymakers and other private corporations within our catchment water/shared-water-challenges/what-is-wrsa areas). Shared water challenges were identified through a WRSA. Detailed information on water accounting and reporting of metrics NSWEC’s WRSA was released in August 2024. CBWTs for NSWEC and required by the ICMM Guidance is available at bhp.com/water one of our legacy assets are planned to be released in FY2025. For more information on our water performance in FY2024 and case studies on activities we are undertaking to progress towards meeting our water stewardship vision refer to bhp.com/water 1. Water performance data does not include Carrapateena or Prominent Hill operations. 2. CBWTs are intended to apply at the asset level for our operated assets. Due to the previous divestment review of NSWEC, along with CBWTs for our legacy assets in the United States and Canada, CBWTs for NSWEC and at least one legacy asset area are planned to be released in FY2025. BHP plans to review the suitability of the existing Olympic Dam WRSA and CBWTs during FY2025, following the creation of the Copper South Australia asset, inclusive of Olympic Dam, Carrapateena and Prominent Hill. We expect to review the need to revise or create CBWTs when there are substantial changes to our portfolio or one of our projects moves into the operational phase. The Western Australia Nickel context-based water targets do not include the West Musgrave Project.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 63 Progress against FY2024 context-based water target milestones FY2024 milestone Progress BMA Make available unutilised1 BMA water This milestone was achieved in FY2024. allocations to the temporary water trading market for each year from 3.05GL of water allocations was traded on the temporary water trading market FY2024 in FY2024. Escondida and Cease extraction of terrestrial water This milestone was achieved in FY2024. Pampa Norte for Cerro Colorado operational use Extraction for operational use ceased December 2023. Nickel West2 Facilitate establishment of a Northern While activities have been undertaken in line with the intent of the FY2024 short-term Goldfields catchment regional water milestone, this milestone has not yet been achieved. The Northern Goldfields working group catchment regional water working groups are being established by local native title holders, and Nickel West actively collaborated in this process throughout FY2024. Olympic Dam Implement a permanent daily abstraction This milestone was achieved in FY2024. limit on Wellfield A at 5ML/d Daily abstraction from Wellfield A remained below 5ML/d throughout FY2024. Western Australia Initiate and support a collaborative This milestone has been achieved in FY2024. Iron Ore scoping study for a regional water data sharing solution Terms of Reference for the Weeli Wolli Catchment Industry Collaboration group, coordinated by the Chamber of Minerals and Energy, have been agreed. BHP funding has been committed to support shared environmental analytics incorporating a catchment scale integrated groundwater database in the Pilbara. 1. Some water allocations at BMA are not made available for sale ‘in year’ and are retained for strategic contingency purposes as ‘carry over’. Unutilised ‘carry over’ is subject to ongoing assessment throughout the year as to what can be made available. At 30 June any unused ‘carry over’ amounts are incorporated into the following financial year’s ‘in year’ water for the total river scheme’s announced allocations by the Resource Operator. 2. The existing commitment to develop an ‘action to improve BHP’s water performance’ CBWT in the future will be reviewed following the decision to temporarily suspend Western Australia Nickel operations. The Western Australia Nickel context-based water targets do not include the West Musgrave Project. Biodiversity – In FY2024, we renewed our fourth extension of the Bush Blitz Project for a further five years to the end of FY2030. Bush Blitz is Australia’s largest In accordance with the 2022 Kunming-Montreal Global Biodiversity nature discovery program – a unique multi-million-dollar partnership Framework BHP acknowledges biodiversity is fundamental to human between BHP, the Australian Government and Earthwatch Australia to wellbeing, a healthy planet, and economic prosperity for all people. We have a Group-level biodiversity strategy that outlines our purpose and document plants and animals across the country. Since the program strategic priorities, and is designed to inform operational decision-making began in 2009, Bush Blitz has discovered more than 2,100 new species across the full lifecycle of mining operations at our operated assets. and has added thousands of species records to what is already known. The Group-level strategy provides a clear direction that enables alignment Phase 3 of the program, from 1 June 2018 to April 2024, involved of asset-level biodiversity and land objectives and supports delivery of 15 field expeditions, which covered 2,966,495 hectares of land and the 2030 Healthy environment goal. The focus areas in the biodiversity almost 62 square kilometres of sea, making a major contribution to the strategy are valuing natural capital, innovation and collaboration, and understanding and conservation of Australia’s biodiversity. During nature-related disclosures. these expeditions, Bush Blitz scientists – supported by BHP employees and educators serving as field research assistants – discovered Our work on understanding and managing the value of nature to our 311 species new to science. The surveys also engaged hundreds of business and to the communities where we operate continues to progress Indigenous rangers, Traditional Owners, park rangers and other land following the completion of our pilot natural capital accounting (NCA) case managers. In particular, Bush Blitz has undertaken research on study at our Beenup site in Western Australia in FY2023. Further NCA Indigenous-managed properties, creating positive cultural exchange piloting was performed in FY2024 at our Olympic Dam operation, and learning opportunities for rangers and scientists. as part of a broader project led by Cooperative Research Centre for – Since FY2021, we have partnered with Curtin University on the use Transformations in Mining Economies (CRC TiME) and CSIRO, with input of environmental DNA (eDNA) as a novel biomonitoring tool to enable from the Australian Government Department of Climate Change, Energy, the development of ecosystem condition indices. We have supported the Environment and Water, and other CRC TiME partners. This project five pilot studies that focus on protected species (e.g. the Pilbara olive provided inputs to a suite of new resources that has been released to python), subterranean conservation research, functional ecology of the support the mining industry adopting NCA – a way of accounting for Chilean wetlands of the Altiplano, and studies to develop new assays impacts on nature over the life of projects. The Olympic Dam pilot case that can be used to detect invasive marine species. This work was study provided new insights into what is possible using industry data at an extended in FY2024 to include research into sampling eDNA from soil operating asset and revealed the need for a clear underlying rationale to and air. In terms of impact, the research has produced 22 scientific inform the design of decision-useful natural capital accounts. publications, supported six post-graduate students, sequenced the The BHP Healthy environment goal roadmap includes a preliminary first complete genome of the Pilbara olive python, added 391 marine natural capital metrics framework, which considers the ecological status sequences to GenBank, and assembled over 150 new mitochondrial and socio-economic value of natural capital assets that we impact and/ genomes. A Funding Agreement for a further four years of ongoing or depend on. It was applied in FY2024 to establish the initial metrics that eDNA research with Curtin University was signed in FY2024. are intended to be used to measure the impact of BHP’s nature-positive For more information on our 2030 goals refer to OFR 6.5 and for management practices. information on our biodiversity strategy refer to bhp.com/biodiversity Beyond BHP’s footprint, we made voluntary contributions to support environmental resilience across the regions where we operate, including For more information on our approach to biodiversity and land through on-ground action. For example: management and case studies on activities we are undertaking to progress towards meeting our biodiversity aims refer to – In FY2024, we finalised our four-year coral reef restoration project with the bhp.com/biodiversity Woppaburra Traditional Owners, who are the custodians of Sea Country adjacent to our BMA operations in the southern Great Barrier Reef. For more information on the CRC TiME and CSIRO NCA project and The project was co-designed by Woppaburra people with some attaining resources refer to crctime.com.au/blog/media-release-new-reports-qualifications in coral aquaculture techniques that have led to employment to-help-test-applicability-of-natural-capital-accounting-in-australias-opportunities. Our pilot of the Seascape Framework, which is one of the mining-sector/ world’s largest Indigenous created and managed marine conservation initiatives, continued with Conservation International in Lau, Fiji.

64 BHP Annual Report 2024 6 Sustainability continued Land Atmosphere and air quality As at 30 June 2024, BHP owned, leased or managed approximately Clean air is crucial for the health of our people, our host communities and 8,874,555 hectares of land compared to approximately 8,038,027 hectares the surrounding ecosystems. We are actively working to improve air quality as at 30 June 2023. The approximately 836,528-hectare increase is management, with a focus on managing emissions of particulate matter primarily due to the incorporation of former OZ Minerals Australian land from our operations. holdings. Approximately 2 per cent (approximately 144,634 hectares) Our emission of nitrous oxides, particulates and sulphur dioxide is of this area has been disturbed for mining operation purposes and considered non-material in comparison to global emissions as determined approximately 16 per cent (approximately 22,885 hectares) of land we have by the GRI materiality assessment process. We have extensive particulate disturbed is currently rehabilitated. monitoring and management programs at some of our operated assets. Most of the area we steward is located in Australia and is for non- We report air emissions (such as nitrous oxides) as part of the BHP ESG operational land uses, such as pastoral leases or land set aside for Standards and Databook 2024, available at bhp.com/ sustainability, and conservation. BHP’s approach to environmental management is tailored discuss our approach and management to these on our environment to different area types in our portfolio. See Figure below for a visualisation webpage at bhp.com/environment. of this. For more information on our approach to air quality, For more information on our approach to biodiversity and land refer to the Pilbara Air Quality Program case study at management and case studies on activities we are undertaking bhp.com/sustainability/environment to progress towards meeting our biodiversity aims refer to bhp.com/biodiversity In FY2024, BHP owned, leased or managed an area of just under 8.9 million hectares1 consisting of: 2% Operational areas approx. 144,634 hectares Outcome we seek How we manage disturbed area2 – avoiding and minimising impacts to the – 2030 Social Value goals, incl. Healthy environment Predominantly for environment and our host communities from goal and associated context-based water targets operational purposes our operational activities – Global Standards, including the Environment Global – no net loss of biodiversity over mine life cycle Standard, Climate Change Global Standard and – compliance with environmental permits Closure and Legacy Management Global Standard – BHP Healthy environment goal roadmap – Indigenous Peoples Policy Statement – mitigation hierarchy – environmental-related commitments – Asset Environment Management Systems – risk management Non-operational areas 98% Outcome we seek How we manage approx. 8.7 hectares million – focus area for delivering at least 30% of the land and – 2030 Social Value goals, incl. Healthy environment water we steward3 under conservation, restoration or goal and associated context-based water targets Predominantly areas we regenerative practices – Global Standards, including Environment hold for strategic purposes – build resilience of natural environment, focusing on Global Standard or alternative use highest ecosystem value – BHP Healthy environment goal roadmap (e.g. pastoral or conservation) – strengthening partnerships with Indigenous peoples – Indigenous Peoples Policy Statement Outside BHP footprint Outside BHP footprint Refers to areas held by others, Outcome we seek How we manage including thought leadership – contributing to positive conservation outcomes – BHP Social Investment Strategy, portfolio and on approaches to assessing nature-positive4 outcomes beyond the areas where we operate funding for both on-ground action, piloting new concepts and thought leadership initiatives. Infographic footnotes: 1. Land data is calculated as the total area of land owned, leased or managed by BHP at 30 June 2024. This value includes greenfield exploration licences (or equivalent tenements), which are outside the area of influence of our existing mine operations. Land associated with the Daunia and Blackwater mines is excluded, as the mines were divested by BMA during the year. While some of the land related to the Daunia and Blackwater mines is pending transfer following completion on 2 April 2024, it is no longer under BMA’s control or operated for BMA’s benefit and has been excluded on that basis. 2. Note that this was incorrectly stated in the FY2023 Annual Report as ‘operational area – the area we hold for mining’, rather than ‘disturbed area, predominantly for operational purposes’. 3. This excludes areas we hold under greenfield exploration licences (or equivalent tenements), which are outside the area of influence of our existing mine operations. 30 per cent will be calculated based on the areas of land and water that we steward at the end of FY2030. 4. Nature-positive is defined by the TNFD Glossary version 1.0 as ‘A high-level goal and concept describing a future state of nature (e.g. biodiversity, ecosystem services and natural capital) which is greater than the current state’. We understand it includes land and water management practices that halt and reverse nature loss – that is, supporting healthy, functioning ecosystems. BHP intends to review this definition in FY2025, in light of the recently revised TNFD Glossary version 2.0 (June 2024) definition of nature positive.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 65 Environmental legal cases Engagement We have settled ongoing legal cases involving environmental matters Beyond our operational activities, we engage across communities, for our operated assets. Examples for Lagunillas (Cerro Colorado) and Indigenous peoples’ representatives, government, industry association Monturaqui (Escondida) are described below. memberships, our customers and suppliers, business and civil society on a Nine fines were issued and paid in FY2024 in relation to environmental range of topics related to environmental management. laws and regulations at our operated assets. For more information refer to Through our engagement in industry associations, we have provided input the 2024 ESG Standards and Databook. into their advocacy with governments on behalf of industry. In FY2024, our focus within industry has been on streamlining approvals and permits Lagunillas (Cerro Colorado) whilst maintaining environmental standards; recognising environmental, In 2021, an individual filed an environmental damage claim against Cerro social and economic factors must be considered in these processes. Colorado (CMCC) before the First Environment Court of Antofagasta, Specific examples include: alleging CMCC’s water extraction from the Lagunillas aquifer had damaged – direct and indirect engagement, via the Minerals Council of Australia, the aquifer, as well as a nearby lagoon and wetlands. The substantive with the Australian Government on its Nature Positive law reforms, case was heard in FY2022. In November 2023, the Environmental Court outlining our alignment with the government’s intent to reform the current approved the settlement submitted by the parties, concluding that the national environmental laws so they achieve the right balance between environmental remediation measures in the agreement are adequate. better outcomes for the environment and supporting economic growth, investment and job creation Monturaqui (Escondida) In March 2022, the Chilean Environmental Regulator (SMA) sanctioned – indirect advocacy via the Chilean Mining Council, in relation to a Bill that Escondida, concluding it had breached its environmental permit causing strengthens environmental management instruments, deepening citizen irreparable environmental damage due to its water extraction from participation, and providing greater certainty and reduced processing the Monturaqui aquifer. In March 2022, the SMA imposed a fine of times. We also advocate for the reduction of processing times without approximately US$8.3 million. In February 2023, Escondida filed an appeal weakening environmental standards before the First Environmental Court seeking to annul the SMA decision. We also partner with others to advance the thinking in our priority areas of The appeal is pending. action. As an International Council on Mining and Metals (ICMM) member, Shortly after the March 2022 SMA decision, two related environmental we have worked with industry peers to develop the ICMM’s nature position damage claims were filed in the First Environment Court of Antofagasta. statement with associated commitments, which was adopted by ICMM Following a hearing in July 2023, the Court is now in a position to render members in January 2024. a ruling on the claims’ merits, which we expect could occur within the next 12 months. For more information on the ICMM nature position statement refer to icmm.com/en-gb/our-principles/position-statements/nature

66 BHP Annual Report 2024 6 Sustainability continued 6.11 Community Understanding communities Our approach to community engagement and research includes: Through our business activities and the social, economic and – Community perception surveys – snapshots of the communities where environmental initiatives that accompany them, we can make a significant we operate and stakeholders’ perspectives on their community priorities contribution to communities where we operate and to society more broadly. and of sector and BHP performance, completed on a regular basis. Our operations can also generate impacts for host communities that As at 30 June 2024, field work for the latest community perceptions need to be carefully identified, monitored and addressed. This tension survey was underway. challenges us to look for inclusive, innovative and integrated solutions that meet the constantly evolving performance expectations that communities – Community baseline studies – desktop assessments that provide and society hold for us. This means the voice of our community quantitative and qualitative data on social, cultural, economic and stakeholders remains a critical input into our short-term response and political characteristics of the communities where we operate. The most our long-term vision around community engagement, partnership recent baselines were completed in FY2023 and included all operated and investment. and legacy assets and our exploration regions at that time. The former OZ In FY2024, we continued to manage relevant risks (threats and Minerals operations will be included in future community baseline studies. opportunities) and impacts as well as progressed development of – Community and human rights impact and opportunity assessments our longer-term strategic approach to community engagement. (CHRIOAs) – analysis of surveys, baseline studies and community This includes an increased focus on seeking to adopt a ‘co-creation’ stakeholder feedback against asset plans to identify and prioritise approach – involving and providing agency for our partners to shape potential and actual risks, impacts and opportunities related to selected initiatives. local communities where we operate (see the following section for Co-creation more details). – Community engagement and social investment indicators – data Co-creation, or co-design, in essence, is a strategic approach involving collected related to community engagements (e.g. number of community the integration of diverse partners’ resources, knowledge and networks to concerns and use of operational grievance mechanisms) and social resolve complex collective challenges or realise more enhanced outcomes investment partnerships (e.g. outcome indicators of a particular project) through collaboration. It places BHP within a larger ecosystem where that provide insights to the communities’ relationships with us. stakeholders actively participate in project development and delivery. We continue to track and report instances of community concerns, Stakeholders act as valuable contributors to each design process and complaints and grievances received through our operational grievance ideas generated via co-creation become integral to a company’s decision- mechanisms and other feedback avenues. In FY2024, there were 600 making process. Throughout this Report we use the terms co-creation and community concerns and complaints received across our operated assets co-design interchangeably. globally. Of note, 462 of these related to a mass submission of email For the Thriving, empowered communities (TEC) pillar of the social value communications received in relation to potential impacts of the BMA Caval scorecard, BHP’s experience and learning from external sources have Ridge Horse Pit Extension project during the public disclosure period. demonstrated that integrating a co-creation approach is an opportunity, The nature of the concerns raised were the same in each submission when adopted in the right circumstances, to generate outcomes that are and included potential impacts to flora and fauna, impacts on ground and more valued by Indigenous peoples, communities, governments and civil surface water and the final landform of the project. society through an enhanced sense of ownership and benefit. There are also business benefits to this approach, including enhanced social value outcomes and impact. As such, the TEC pillar focuses on the adoption of the practice of co-designed targets within the 2030 scorecard. In FY2024, we increased our focus on co-creation within our general community approach. This includes commencing the development of criteria that provide guidance on co-design practices, processes and assessments against the social value targets within the TEC pillar of our social value framework. For more information on our social value scorecard, including our co-creation metrics and milestones, refer to OFR 6.5

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 67 The majority of remaining concerns and complaints related to operational Community and human rights impact and issues, such as dust, road and rail impacts, lighting and noise. opportunity assessments Asset complaint volumes remained relatively stable from last year’s In FY2024, building on the results of the community and human rights figures with the exception of BMA (attributed to the Horse Pit Extension baseline studies completed for all operated assets and certain exploration project submission as detailed above) and a 57 per cent decrease in regions in FY2023, we developed and commenced implementation complaints at NSWEC, through the resolution of an ongoing issue with a of a globally consistent methodology for community and human rights single community stakeholder. Ten complaints were made by Indigenous impact and opportunity assessments (CHRIOAs), which identified and communities in Chile which we are seeking to address through ongoing prioritised potential impacts, risks and opportunities related to the local dialogue with those communities. Concerns, complaints and grievances communities where we operate. The approach was trialled at all our from communities connected to the former OZ Minerals assets are operated assets (excluding the former OZ Minerals assets) and selected expected to be incorporated in the BHP Annual Report from FY2025. exploration regions. This enabled identification of the potential community In FY2024, we implemented a new enterprise-wide stakeholder and human rights impacts and opportunities most prevalent to each region management system that enables us to maintain improved records while also supporting a global view of recurring issues, which can help us of community engagements and our commitments. This system also identify potential opportunities for company-wide action or collaboration. incorporates an updated external facing complaints and grievance portal The identified risks, impacts and opportunities are being evaluated and are designed to improve accessibility for community members to provide direct expected to be embedded within asset and relevant functions’ FY2025 risk feedback to us. We intend to launch the enhanced portal for the system profiles. The highest priority areas for each operating region are detailed in FY2025. We also updated our internal standards, designed to provide in the map below, with US legacy assets and Exploration prioritising water improved guidance for community engagement and social performance access and pollution as the key CHRIOA priority risk areas. In FY2025, leading practice as well as to enhance integration with our existing we plan to further embed the CHRIOA process through the integration of business processes, such as asset planning and risk assessments. identified risks (threats and opportunities) into asset risk profiles to enable For more information on stakeholder concerns reflecting entries action. We also expect to include the former OZ Minerals assets in this received through our local grievance mechanisms, local stakeholder process in future years. engagement and ongoing community research, including community As we acquire assets in new areas, we may be exposed to additional perception surveys, refer to the BHP ESG Standards and human rights risks. For information on our approach to addressing modern Databook 2024 at bhp.com/ESGStandards2024 slavery risks in our operations and supply chains, refer to the BHP Group We recognise many of the communities where we operate rely on mining Modern Slavery Statement 2024. and associated activities to support their livelihoods. We aim to ensure For more information on our approach to community refer to change and transitions are equitable and deliberately considered across bhp.com/communities the lifecycle of our business and for the communities where we operate. For information on our approach to equitable change and transition, including equitable change and transition at our Mt Arthur coal mine, refer to the BHP Climate Transition Action Plan 2024 available at bhp.com/CTAP2024 Prioritised community and human rights issues for operating regions identified in CHRIOAs Queensland – Cumulative environmental impacts – Relationships with Western Australia Indigenous peoples Canada – Climate-related – Workforce mental health – Cumulative – Water access and pollution – Community mental health environmental impacts – Free, prior, informed consent – Housing availability/ – Limited community infrastructure – Access to remedy affordability – Education/training/employment – Dust/noise/air quality – Education/training/ employment – Cost of living/Inflation – Housing availability/affordability – Employment opportunities – Closure – Education/training/employment – Cultural heritage management – Workforce mental health – Remuneration Chile South Australia New South Wales – Climate-related – Water access and pollution – Climate-related – Cumulative environmental impacts – Free, prior, informed consent – Physical health and safety – Social investment – Access to remedy – Closure – Economic diversification – Housing availability/ – Education and training affordability – Local employment

68 BHP Annual Report 2024 6 Sustainability continued 6.12 Indigenous peoples our Indigenous Peoples Policy Statement. Where gaps exist between the host government’s laws and regulations about consultation with Indigenous Indigenous peoples are important partners for BHP’s activities. Across our peoples and BHP’s approach to FPIC, our policies require that BHP apply Minerals Australia and Minerals Americas activities, BHP operates on or the higher standard. All projects and proposed new operations are required close to the traditional lands of Indigenous peoples and we have a deep to submit progress reports to senior management across the project respect for their distinct cultures, rights, perspectives and aspirations. lifecycle to report on progress or any challenges to satisfying BHP’s FPIC BHP is committed to working collaboratively with Indigenous peoples procedures. In FY2025, we aim to continue to strengthen our internal to develop long-term partnerships based on trust and mutual benefit as systems for collecting and reporting on the global management of risks to set out in our Indigenous Peoples Policy Statement. It is through this Indigenous peoples and FPIC processes with Indigenous peoples. commitment that we aim to support reconciliation with Indigenous peoples During FY2024, we progressed work in relation to further developing and contribute to improved social, economic and environmental outcomes. how we will approach Indigenous Cultural and Intellectual Property (ICIP) In FY2024, we developed and introduced procedures for projects and and Data Sovereignty in line with the principle set out in our Indigenous new operations to identify and assess the severity of potential adverse Peoples Policy Statement. We plan to continue this work into FY2025, impacts to Indigenous peoples’ and to engage and consult Indigenous which we expect to inform the design of our standards and processes for peoples to understand how we can seek to avoid and mitigate adverse the collection, access and reuse of cultural information that pertains to impacts, with the intention of substantially addressing potentially impacted Indigenous peoples. Indigenous peoples’ ambitions and concerns. We have also introduced new procedures for projects and new operations to engage with and seek to obtain ‘free, prior and informed consent’ (FPIC) from potentially impacted Indigenous peoples in accordance with the approach set out in BHP’s Indigenous Peoples Policy Statement BHP’s ambition is to create long-term relationships with Indigenous peoples based on trust and mutual benefit. We aim to support reconciliation with Indigenous peoples and contribute to improved social, economic and environmental outcomes. Through our Policy Statement we will be guided by the aims of the United Nations Declaration on the Rights of Indigenous peoples as articulated in the Policy Statement’s Principles, which are summarised below. Incorporate knowledge Indigenous and perspectives voices, values, Strengthen through engagement dialogue with and Indigenous co-design peoples BHP will seek out Indigenous voices, values, knowledge and BHP will engage early and support meaningful dialogue with perspectives in the way we work. We will connect with Indigenous Indigenous peoples by sharing knowledge and information both peoples to better appreciate the historical, legal, social, ways and ensure our processes allow for active participation in environmental, cultural and political landscape where we appropriate aspects of the design, implementation and operate or seek to operate, and how to better manage monitoring of plans that impact Indigenous peoples. the environment we share. Principles Seek to obtain the free, prior and intellectual Respect Indigenous property and peoples’ data sovereignty cultural and informed consent Indigenous of potentially peoples affected BHP acknowledges the value and ownership of information BHP’s default position will be that a proposed new operation related to Indigenous cultural heritage and the rights to or capital project should not proceed without consent; and information regarding Indigenous peoples’ narratives, where consent has not been provided, BHP will escalate senior traditions and lore. management involvement in the process to determine if the new operation or capital project will proceed. Regional Indigenous Peoples Plans Indigenous partnerships do to achieve our goal of delivering respectful relationships that hear and act upon the distinct perspectives, aspirations and rights of Indigenous Under the Indigenous partnerships pillar of our social value framework, we peoples and support the delivery of mutually beneficial and jointly defined have set ourselves the goal of delivering respectful relationships that hear outcomes. Recommendations for improvement include more resourcing and act upon the distinct perspectives, aspirations and rights of Indigenous and empowerment of BHP’s Indigenous Engagement teams, and greater peoples and support the delivery of mutually beneficial and jointly defined involvement for Indigenous partners in BHP decision-making around outcomes (refer to OFR 6.5). We have committed to report annually on employment, procurement and community initiatives to ensure opportunities metrics for Indigenous employee representation, Indigenous procurement, are available to Indigenous peoples at the community level. The feedback also our ‘progress to plan’ against the co-designed Indigenous Peoples Plans in indicated that some Indigenous partners desire a greater level of involvement each region where we operate, and about actions to improve the health of from BHP in community engagements, such as in cultural events and informal our relationships with those Indigenous peoples. meetings. The relationship health results varied across the different countries Relationship health covered in the assessment and is broadly summarised as: Canada: The five Canadian Indigenous organisations that participated In FY2024, we completed an inaugural assessment of the health of our reported a positive trajectory in their relationship health with BHP and relationships with a range of our Indigenous partners. We engaged global expressed the most optimism in their feedback on the future potential of research firm, Ipsos, to independently gather feedback on a confidential relationships. Key personnel at BHP were seen to instigate respectful, basis from a number of BHP’s Indigenous partners in Australia, Canada meaningful and genuine engagements with Indigenous communities. and Chile where we operate our assets. In total, representatives from 17 This has helped create trust in BHP’s commitment to deliver positive of 26 Indigenous partner organisations who were contacted to take part outcomes through community investments and initiatives. Some areas in the inaugural assessment agreed to participate. All organisations that of concern included past instances of cultural disrespect and that were contacted for the inaugural assessment have current agreements with proactive steps to understand Indigenous history and culture were not BHP or are located on or near our operations. The feedback indicated that always consistently applied. In some instances, there was frustration relationships had been strained in the past. While BHP is making some expressed about communications and transparency, as well as present progress in its relationships with Indigenous partners, there is still more to

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 69 levels of Indigenous employment representation. The feedback indicates Progress to plan desire to see more two-way dialogue with decision-makers established. We are making progress with our commitments in the global Indigenous Looking to the future, Canadian Indigenous partners expressed a high Peoples Policy Statement and the social value framework to incorporate degree of optimism at the economic opportunities at the Jansen operation. ‘Indigenous voices and perspectives’ into co-designed priorities, as set out To maintain this optimism, partners in Canada seek increased Indigenous in the Indigenous Peoples Plans in each region where we operate. representation in decision-making processes and positions and expect a stronger focus on training and upskilling so that Indigenous peoples may We ‘partially met’ our FY2024 social value scorecard short-term milestone increase their employability to work for BHP. ‘Indigenous voices and perspectives are incorporated into co-designed priorities in each region’ as two out of three countries have published a Australia: The six Australian Indigenous organisations that participated co-designed regional Indigenous Peoples Plan that has incorporated the indicated there had been an improvement in relationship health from the voices and perspectives of Indigenous peoples. Australia published its past to the present. Many of the improvements in overall relationship Reconciliation Action Plan (RAP) in FY2023. Canada approved its Canada health were attributed to key personnel at BHP who advocate strongly for Indigenous Partnerships Plan (CIPP) in FY2024. Chile is still developing its Indigenous partners and who conduct their engagements respectfully with regional Indigenous Peoples Plan and hopes to publish it in FY2026. long-term goals of Indigenous advancement in mind. The establishment 1 of Indigenous Engagement and Cultural Heritage teams and greater Australia: Minerals Australia released its RAP in FY2023 . There were direct engagement from BHP senior leaders in Australia were seen 25 RAP targets that were due to be achieved in FY2024; of this, 21 as improvements. However, the feedback also indicates only marginal targets were completed in full and we also completed our reforms to improvement from the present to the future for our relationships in embed four ongoing RAP targets into standard business requirements. Australia. Some Indigenous partners reported that relationships can still RAP targets have been embedded in BHP’s business planning process feel transactional and lacked continuity. In some instances, there was a and performance is measured regularly through a new RAP performance view expressed that BHP could provide more commercial and employment dashboard with live data and scorecards. The BHP RAP Governance and opportunities to Indigenous partners and improve the accessibility of its Accountability Framework has seen the development of the BHP Australian systems and processes. These factors contributed to a less optimistic Indigenous Peoples Working Group (AIPWG) that is attended by the outlook about the future state of the relationship compared to the other Minerals Australia Business President and Chief Legal, External Affairs and jurisdictions. There was a desire expressed by Australian Indigenous Governance Officer. partners to see more Indigenous peoples advancing to more senior roles Canada: Minerals Americas approved its first Canada Indigenous in BHP. Partners also expressed a desire to see more social investment Partnerships Plan (CIPP) in FY2024. The plan assists BHP to initiatives that benefit more groups. These changes, along with more operationalise our global Indigenous Peoples Policy Statement and frequent engagement with decision-makers, were seen as necessary steps respond to the Truth & Reconciliation Call to Action 92 for businesses in to build trust and to help move towards more respectful relationships based Canada. The CIPP signifies the journey towards greater co-creation and on mutual benefit in the future. to develop impactful partnerships, deliver on Indigenous employment Chile: The six Chilean Indigenous organisations that participated and procurement targets, as well as support the wellbeing of Indigenous indicated they had seen modest improvement in relationship health peoples through internal cultural awareness training and social investment from the past to the present and were more optimistic in their view on activities. Implementation of the CIPP is expected to begin in Q1 the future. Indigenous partners in Chile perceive inadequacies in the of FY2025. opportunities and operational and environmental protections offered by Chile: In FY2024, Minerals Americas designed the process for developing the national legal system and they expect BHP to set a higher standard. an Indigenous Peoples Plan for Chile and is expected to commence There was a perception that BHP had prioritised commercial outcomes in consultations with Indigenous peoples in FY2025 to start to co-design the the past and there had, in some cases, been inadequate recognition and plan. We are aim to publish the plan in FY2026. understanding of Chilean culture and values. Some partners continue to perceive protections as inadequate in managing environmental impacts Indigenous procurement and employee participation and want to see BHP enhance cultural protections, improve access to We are making progress against our social value scorecard metrics areas that hold cultural meaning and implement measures to minimise for Indigenous employee participation and Indigenous procurement. the health impacts of mining on communities. More generally, partners Indigenous employment teams developed and implemented Indigenous expressed a desire to see BHP be more proactive in engagement with a workforce initiatives in FY2024 to help provide pathways to employment, broader range of the community, including those that are not recognised support our Indigenous workforce, build a more culturally capable by Chilean legal structures. Partners believe employment and training non-Indigenous workforce and meet our employment metrics. In Australia, opportunities could be better geared to Indigenous staff and skillsets in the our Indigenous employment was at 8.3 per cent in FY2024, down from community to improve levels of Indigenous employment. There appears to 8.6 per cent in FY2023, and our target is to reach 9.7 per cent by FY2027. be an openness from Indigenous partners to continue engaging to improve In Chile, our Indigenous employment was at 10.1 per cent in FY2024, up relationships with BHP in Chile. from 9.7 per cent in FY2023, and we surpassed our target to reach 10 per cent by FY2025. In Canada, our Indigenous employment was at 11.2 per Relationship health assessment results cent in FY2024, up from 7.7 per cent in FY2023, and our target is to reach 20 per cent by FY2026. Aggregate Australia Canada Chile For more information on our employee data and approach refer to 3.8 OFR 6.6 5.9 In FY2024, we continued to improve engagement with Indigenous Past 2.7 businesses across all our operating locations.2 Compared to FY2023, our 2.7 direct global spend with Indigenous businesses increased by 83 per cent to 5.6 US$609 million in FY2024 and the number of Indigenous vendors engaged 7.3 rose by 20 per cent to 263. Through this effort, we have seen continued 5.2 growth in spend with Indigenous businesses across our Australian assets Present 4.5 with FY2024 direct spend of US$458 million up from US$267.5 million in FY2023 in line with our Reconciliation Action Plan (RAP) commitments. In Canada, spend with Indigenous business partnerships during FY2024 7.2 9.8 totalled US $151 million continuing the focus on these opportunities since 6.6 the sanctioning of Jansen Stage 1. Future 5.3 Each interview was structured around one theme: How would you rate the overall health of the organisation/entity’s relationship with BHP over three time periods in considering the past, present and future of the relationship? Footnotes Responses were recorded as a rating from zero to 10. 1. For more information about the Australian RAP refer to bhp.com/-/media/project/ bhp1ip/bhp-com-en/documents/careers/indigenous-peoples-and-bhp/200921_ bhpreconciliationactionplan.pdf. 2. For definitions for Indigenous businesses in each operating location refer to the ESG Standards and Databook 2024.

70 BHP Annual Report 2024 6 Sustainability continued Minerals Australia Canada BHP held its second annual Traditional Owners’ Forum in Brisbane In FY2024, we started to operationalise two draft milestones in the Canadian in November 2023 with strong representation from Traditional Owner Indigenous Partnership Plan (CIPP) while it was under development. groups from around Australia. BHP sought input from Traditional Owners The recommended review and refresh of our internal Indigenous awareness to co-create the 2023 agenda, and the themes of discussion provided training that is delivered to all employees and contractors that work at our an opportunity to reflect and speak honestly on BHP’s performance and Jansen site is underway and will include Indigenous perspectives in the delivery in the context of Traditional Owner experiences. Effective Leadership training. Additionally, Human Resources conducted We have undertaken consultation in FY2024 to understand the elements an external review of the human resources policies to support Indigenous of an effective and sustainable model for an Indigenous advisory body inclusion. A new employee resource group for Indigenous employees located in Minerals Australia, and, once developed, the advisory body will shape in Canada, Indigenous@BHP Canada, was created in FY2024 and has been BHP’s understanding and implementation of commitments in the RAP, until meeting regularly to determine how best to support recruitment, retention and the end of FY2027. advancement for current and future Indigenous employees. A Cultural Heritage Standard that was developed in FY2023 by the Legacy assets Minerals Australia Cultural Heritage team was embedded in all BHP BHP owns more than 20 former copper, uranium and other mine sites, operated assets in Minerals Australia in FY2024. This Standard considers called legacy assets, in the US southwest and across Canada. Many of leading international and national frameworks and aims to enable mining these sites are in the traditional territories of Native American Tribes and activity while simultaneously encouraging the voices of relevant First First Nations. The legacy assets are in a state of closure or post-closure and Nations/Indigenous peoples to be at the forefront of decision-making focused on tailings and water management, risk mitigation and technical processes on heritage matters through the mining lifecycle. studies, closure and environmental remediation projects, and general site In FY2024, one new Heritage Agreement and 11 new Cultural Heritage care and maintenance. We recognise closure is a long-term process, and Management Plans were successfully negotiated with Indigenous that Indigenous peoples have an interest in seeing the sites returned to as communities. These Cultural Heritage Management Plans mainly covered close to a natural state as possible. BHP engages with Indigenous groups existing operations at WAIO and BMA to modernise existing government near our legacy assets and is in varying stages of resetting or establishing approvals. In line with our social value approach, new heritage protection collaborative working relationships and partnerships. areas were also agreed through the Cultural Heritage Management Plans and projects supported with communities to culturally map these places for Resolution Copper knowledge transfer and wider community benefits. Resolution Copper Mining is owned by Rio Tinto (55 per cent) and BHP Minerals Americas (45 per cent), and managed by Rio Tinto. We acknowledge the Resolution Copper project area includes areas of cultural significance for Native Chile American Tribes and their members, and is the subject of ongoing litigation. In FY2024, Escondida developed a new Indigenous partnership strategy Development of the project continues to be studied and remains subject to which aims to build a stable, long-term relationship, based on trust and regulatory reviews by federal, state and local governments. Resolution Copper mutual benefits, with the five Indigenous communities of Borde Sur: Mining continues to cooperatively engage in these regulatory processes and Peine, Talabre, Socaire, Camar and Toconao. The strategy is focused has publicly stated its commitment to deepening ongoing engagement with on resolving past grievances, honoring commitments and creating Native American Tribes and stakeholders to understand and seek to mitigate opportunities for regular and structured dialogue between Escondida and potential adverse impacts, while also collaborating to create shared value Indigenous communities that will contribute to improved relationships, opportunities. We are monitoring Resolution Copper Mining’s engagement, build greater trust and proactively address community concerns. FPIC and agreement-making processes. In FY2024, Escondida updated its Community Relationship Strategy with the Indigenous community of Peine, which is focused on building and maintaining a long-term relationship. Meetings have been held with Peine to help inform the project of progressive closure of the Monturaqui well field. Our Cerro Colorado operation is planning the execution of several projects for the next five to seven years, including: care and maintenance activities, closure works on the Parca Slope, geo/hydro physical drillings and the Cerro Colorado Life Extension (CCLE) project. All projects will be executed on the Cerro Colorado mine site and surrounding territories, which are on lands that are neighbouring the villages of Parca, Iquiuca, Quipisca and Mamińa, among others. These areas are under a Chilean state’s special administrative regime (Área de Desarrollo Indígena) and are subject to territorial claims by different Indigenous organisations. We are engaging with Indigenous peoples to include their voices during the study phases for these projects. Despite experiencing challenges with some engagements, Cerro Colorado is working on an update of the strategy with Indigenous communities, aimed at reaching agreements with as many communities/ associations as possible.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 71 6.13 Independent Assurance Report to the Management and Directors of BHP Group Limited Our Conclusion: Ernst & Young (‘EY’, ‘we’) were engaged by BHP Group Limited (‘BHP’) to undertake a limited and reasonable assurance engagement as defined by International Auditing Standards over the Limited Assurance Subject Matter and Reasonable Assurance Subject Matter (defined below) for the year ended 30 June 2024. Our conclusions are as follows: – Limited assurance: Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe the Limited Assurance Subject Matter for the year ended 30 June 2024 has not been prepared, in all material respects, in accordance with the Criteria (as defined below). – Reasonable assurance: In our opinion, the Reasonable Assurance Subject Matter for the year ended 30 June 2024 is prepared, in all material respects, in accordance with the Criteria (as defined below). Emphasis of Matter: We draw attention to BHP’s methodology for accounting for water performance metrics as disclosed in Section 6.10 of BHP’s Annual Report, and associated ESG Standards and Databook. BHP’s method reflects current industry-wide practice for water modelling which includes estimation of certain variables which contains inherent uncertainty. Consequently, BHP’s disclosed water performance data, prepared in accordance with the criteria, is subject to estimation uncertainty which may affect the precision of the data presented. Our conclusion is not modified in respect of this matter. What we assured Ernst & Young (‘EY’, ’we’) was engaged by BHP to provide limited assurance over certain sustainability data and disclosures in BHP’s Annual Report, ESG Standards and Databook, and online for the year ended 30 June 2024 in accordance with the Criteria, as defined in the following table: What we assured (Limited Assurance Subject Matter) What we assured it against (Criteria) BHP’s qualitative disclosures in Section 6 of the Operating and Financial Review – Management’s own publicly disclosed criteria within the BHP Annual Report 2024 BHP’s sustainability policies and standards as disclosed in the ICMM tab in the – International Council on Mining and Metals (ICMM) Mining Principles and relevant Performance Expectations BHP ESG Standards and Databook 2024 at bhp.com/sustainability and mandatory Position Statements (Subject Matter 1 of the ICMM Assurance and Validation Procedure 2023 (ICMM Procedure)) BHP’s identification and reporting of its material sustainability issues, risks and – ICMM Procedure Subject Matter 2 opportunities described within Section 6 of the BHP Annual Report 2024 and online – Global Reporting Initiative (GRI) Standards 2021 GRI 3: Material Topics at bhp.com/sustainability/approach BHP’s implementation of systems and approaches to manage its material – ICMM Procedure Subject Matter 3 sustainability risks and opportunities BHP’s reported performance of its material sustainability issues, risks and – ICMM Procedure Subject Matter 4 opportunities in Section 6 of the Operating and Financial Review within the – Management’s own publicly disclosed criteria. as informed by the GRI Topic Standards, and the Sustainability BHP Annual Report 2024 and the BHP ESG Standards and Databook 2024, Accounting Standards Board (SASB) Mining and Metals Standard referenced above – BHP Scopes 1, 2, and 3 GHG Emissions Calculation Methodology 2024, as informed by the National Greenhouse and Energy Reporting (Measurement) Determination 2008 for scope 1 and scope 2 GHG data, and the World Resource Institute/World Business Council for Sustainable Development Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, including the GHG Protocol: Scope 2 Guidance and the Corporate Value Chain Scope 3 Accounting and Reporting Standard for scope 3 GHG data Water stewardship reporting, at an operated asset level, in the BHP Annual Report – ICMM guidance and minimum disclosure Standards: Water Reporting: Good practice guide (2nd edition), 2021 2024, the BHP ESG Standards and Databook 2024, referenced above, and supporting disclosures included online at bhp.com/sustainability/environment/water In addition, we were engaged by BHP to provide reasonable assurance over the following information in accordance with the noted Criteria, as defined in the following table: What we assured (Reasonable Assurance Subject Matter) What we assured it against (Criteria) Scope 1 and Scope 2 greenhouse gas emissions as reported in Section 6 of the – World Resource Institute/World Business Council for Sustainable Development (WRI/WBCSD) Greenhouse Operating and Financial Review within the BHP Annual Report 2024 and the BHP Gas Protocol ESG Standards and Databook 2024, referenced above. – BHP’s Scopes 1, 2 and 3 GHG Emissions Calculation Methodology 2024 Other than as described in the preceding paragraphs, which set out the Description of assurance procedures performed We believe that the evidence obtained is sufficient and appropriate to scope of our engagement, we did not perform assurance procedures A limited assurance engagement consists of making enquiries, primarily provide a basis for our limited assurance conclusion and reasonable on the remaining information included in the BHP Annual Report of persons responsible for preparing the Limited Assurance Subject assurance opinion. 2024, and accordingly, we do not express an opinion or conclusion on Matter and related information, and applying analytical and other Inherent limitations this information. appropriate procedures. The Limited Assurance Subject Matter and the Reasonable Assurance While we considered the effectiveness of management’s internal Subject Matter may be referred to in this report, individually or The limited assurance procedures we performed were based on our controls when determining the nature and extent of our procedures, collectively, as the case requires, as the ‘Subject Matter’. professional judgement and included, but were not limited to: our assurance engagement was not designed to provide assurance on – Interviewing select corporate and site personnel to understand the internal controls. Key responsibilities reporting process at group, business, asset, and site level, including The greenhouse gas emissions quantification process is subject BHP’s responsibility management’s processes to identify BHP’s material issues to scientific uncertainty, which arises because of incomplete BHP’s management is responsible for selecting the Criteria, and – Reviewing BHP policies and management standards to determine scientific knowledge about the measurement of greenhouse gases. ensuring the Subject Matter is prepared, in all material respects, in alignment with the ICMM’s 10 Sustainable Development principles Additionally, greenhouse gas procedures are subject to estimation accordance with that Criteria. This responsibility includes establishing and position statements and measurement uncertainty resulting from the measurement and and maintaining internal controls, maintaining adequate records and calculation processes used to quantify greenhouse gas emissions – Checking the BHP Annual Report 2024 to understand how BHP’s making estimates that are relevant to the preparation of the Subject within the bounds of existing scientific knowledge. Matter, such that it is free from material misstatement, whether due to identified material issues, risks and opportunities are reflected within Additional inherent limitations – limited assurance scope fraud or error. the qualitative disclosures – Evaluating whether the information disclosed in the Limited Procedures performed in a limited assurance engagement vary in EY’s responsibility and independence Assurance Subject Matter is consistent with our understanding of nature and timing from, and are less in extent than for, a reasonable For the limited assurance engagement, our responsibility is to sustainability management and performance at BHP assurance engagement. Consequently, the level of assurance obtained express a conclusion on the Limited Assurance Subject Matter based in a limited assurance engagement is substantially lower than the – Evaluating the suitability of the Criteria and that the Criteria have been on the evidence we have obtained. For the reasonable assurance assurance that would have been obtained had a reasonable assurance applied appropriately to the Subject Matter engagement, our responsibility is to express an opinion conclusion on engagement been performed. Our procedures were designed to obtain – Conducting virtual and in-person site procedures at BHP locations a limited level of assurance on which to base our conclusion and do not the Reasonable Assurance Subject Matter based on the evidence we on a sample basis, based on our professional judgement (which we provide all the evidence that would be required to provide a reasonable have obtained. We have complied with the independence and relevant ethical currently implement on a rotational basis across reporting years), to level of assurance. evidence site level data collection and reporting to Group as well as requirements, which are founded on fundamental principles of integrity, Our procedures did not include testing controls or performing to identify existence and confirm completeness of the sustainability objectivity, professional competence and due care, confidentiality and procedures relating to checking aggregation or calculation of data performance data and statements included within the Subject Matter professional behaviour. within IT systems. – Undertaking analytical procedures of the quantitative disclosures EY applies Auditing Standard ASQM 1 Quality Management for Additional inherent limitations – reasonable assurance scope Firms that Perform Audits or Reviews of Financial Reports and in the Subject Matter to determine the reasonableness of the While our procedures performed for our reasonable assurance Other Financial Information or Other Assurance or Related Services information presented engagement are of a higher level of assurance, due to the use of – On a sample basis for qualitative and quantitative statements Engagements, which requires the firm to design, implement and operate sampling techniques, it is not a guarantee that it will always detect within the Subject Matter, based on our professional judgement, a system of quality management including policies or procedures material misstatements. reviewing underlying data to source information and data to regarding compliance with ethical requirements, professional standards Other matters assess completeness of claims, such as process conversations, and applicable legal and regulatory requirements. review of invoices, incident reports, meter calibration records, and We have not performed assurance procedures in respect of any Our approach to conducting the assurance procedures meter data; re-performing calculations to check accuracy; and information relating to prior reporting periods, including those presented We conducted our assurance procedures in accordance with the reviewing explanations about the sustainability performance data in the Limited Assurance Subject Matter and Reasonable Assurance International Auditing and Assurance Standards Board’s International and statements Subject Matter. Our report does not extend to any disclosures or Standard on Assurance Engagements Other Than Audits or Reviews – Reviewing other information within the BHP Annual Report 2024 assertions made by BHP relating to future performance plans and/ of Historical Financial Information (‘ISAE 3000’) and the Standard for consistency and alignment to other quantitative and qualitative or strategies disclosed in the BHP Annual Report 2024, the BHP ESG for Assurance on Greenhouse Gas Statements (‘ISAE 3410’) and information within the Subject Matter Standards and Databook 2024, and supporting disclosures online. the terms of reference for this engagement as agreed with BHP on – Reviewing BHP media coverage relating to sustainability-related Use of our Assurance Report 22 March 2024. For the limited assurance engagement, these standards require that we topics to identify material events that may require disclosure We disclaim any assumption of responsibility for any reliance on this plan and perform our engagement to express a conclusion on whether – Checking the water balance for each operated asset inclusive of assurance report to any persons other than the management and anything has come to our attention that causes us to believe that understanding the methodologies used to consider consistency with the directors of BHP, or for any purpose other than that for which it the Limited Assurance Subject Matter is not prepared, in all material the Criteria, and reviewing meter and calibration records on a sample was prepared. basis, based on our professional judgement. Our assurance procedures were performed over certain web-respects, in accordance with the Criteria, and to issue a report. For the reasonable assurance engagement, these standards require Additional reasonable assurance procedures we performed were based based information that was available via web links as of the date that we plan and perform our engagement to obtain reasonable on professional judgement and included, but were not limited to: of this assurance report. We provide no assurance over changes to the content of this web-based information after the date of this assurance about whether, in all material respects, the Reasonable – For our reasonable assurance of Scope 1 and Scope 2 greenhouse assurance report. Assurance Subject Matter is presented in accordance with the Criteria, gas emissions, on a sample basis, checked the methodologies and to issue a report. used by BHP to consider consistency with the Criteria, considered completeness of sources obtained from our site procedures, For both a limited assurance engagement and a reasonable assurance and checked underlying data to source information to assess engagement, the nature, timing and extent of the assurance procedures completeness and accuracy of performance data, which included selected depend on our professional judgement, including an Ernst & Young Mathew Nelson reviewing invoices, meter calibration records and meter data. assessment of the risk of material misstatement, whether due to fraud Melbourne, Australia Partner or error. 27 August 2024 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

72 BHP Annual Report 2024 7 Samarco Fundão dam failure The resettlements have involved ongoing engagement and consultation with a large number of stakeholders, including the affected community As a result of the Fundão dam failure in November 2015, a significant members, their technical advisers, state prosecutors, municipal leaders, volume of tailings (39.2 million cubic metres) resulting from the iron ore regulators and other interested parties. beneficiation process was released. Tragically, 19 people died as a result The new towns were designed on land chosen by the communities to be as of the failure. The communities of Bento Rodrigues, Paracatu de Baixo close as possible to the previous layout, addressing the wishes and needs and Gesteira were flooded and other communities and the environment of the families and communities while also meeting permitting requirements. downstream in the Doce River basin were also affected. Each family receives access to an architect to design their house within size Samarco restarted its operations at a reduced production level in December parameters, which is then finalised and built by the Renova Foundation. 2020 and is currently operating at 31 per cent of its production capacity. Mandated COVID-19 workforce restrictions and suspensions of works For information on Samarco’s operations refer to OFR 5.3 on-site from 2020 to 2022, increases to the technical scope for resettlement of the communities and permitting delays have impacted Our response and support for the Foundation the timeline for completion. Ongoing efforts to accelerate completions while maintaining the safety requirements continued throughout FY2024. Following the dam failure, BHP Brasil1 has been and remains fully committed to supporting the extensive ongoing remediation and compensation efforts For updates on reparation progress refer to of Renova Foundation in Brazil. BHP Brasil’s commitment to collectively bhp.com/what-we-do/global-locations/brazil/samarco-reparations seek solutions for a full, fair and definitive response remains unwavering. In March 2016, a Framework Agreement entered into between Samarco, Other socio-economic programs Vale, BHP Brasil and relevant Brazilian authorities established the The Renova Foundation continues to implement a wide range of socio-Renova Foundation, a not-for-profit, private foundation responsible for economic programs in addition to compensation and resettlement programs. implementing 42 remediation and compensatory programs. BHP Brasil, These programs cover health and infrastructure projects in the Doce River along with Samarco and Vale, provide support and funding to the Renova basin, promotion of economic development in the impacted communities and Foundation, including through representation in its governance structures. sewage treatment facilities to further improve the water quality in the Doce River. As of 30 June 2024, the Renova Foundation has spent R$37 billion Regarding infrastructure projects, the Risoleta Neves Hydroelectric (approximately US$7.7 billion) on remediation and compensation programs, Power Plant (Candonga), which was shut down after the Fundão dam of which approximately US$2.6 billion has been provided by BHP Brasil. failure, restarted its operations in the state of Minas Gerais in March 2023. Renova Foundation Additionally, 18 new water pipelines have been built in the Doce River, including one to serve the population of Governador Valadares, the biggest Compensation and financial assistance city in the river basin, and 19 water treatment supply systems have been The Renova Foundation continues to provide compensation to people upgraded to provide alternative water sources. impacted by the dam failure, oversees an extensive community resettlement program and manages measures to remediate the environment affected. Environmental remediation Compensation and financial assistance of approximately R$17.5 billion Since December 2019, the impacted riverbanks and floodplains have (approximately US$3.5 billion)2 as of 30 June has been paid to support been vegetated, river margins stabilised and in general, water quality and approximately 430,000 people affected by the dam failure. This includes: sediment qualities have returned to historic levels. The Renova Foundation continues implementing long-term monitoring and compensatory initiatives. – Approximately R$12.2 billion (approximately US$2.5billion)2 paid to approximately 110,000 people under the court-mandated simplified The Brazilian Water Agency, a federal body responsible for the indemnity system (known as the Novel system). The Novel system was implementation of Brazilian water resources, has classified the water designed to provide compensation for informal workers who have had from the Doce River as Class II, which means the water can be used difficulty proving the damages they suffered, such as cart drivers, sand for human consumption after conventional treatment, the protection of miners, artisanal miners and street vendors. The court determined the aquatic habitats and primary contact recreation, such as swimming, water closure of the Novel system for new entries in September 2023. skiing and diving, among other things. This is supported by approximately 1.5 million pieces of data generated annually along the Doce River by the – Approximately 33,000 people received emergency financial assistance. – Approximately 39,000 people received general damages (including for largest watercourse monitoring system in Brazil, which is led by the Renova loss of life, injury, property damage, business impacts, loss of income Foundation together with six public agencies, including the National Water and moral damages) and more than 290,000 people have been paid a and Sanitation Agency. Additionally, according to information provided by municipalities and water supply institutions, since December 2015 most total of approximately R$305.6 million (approximately US$69 million)2 of the population in the Doce River basin is using and consuming the river for temporary water interruption. water after conventional treatment. For updates on reparation progress refer to bhp.com/what-we-do/global- To further improve water quality in the Doce River, as compensation, locations/brazil/samarco-reparations the Renova Foundation has made R$840 million (approximately US$174 million) available for sanitation projects to prevent pollution Resettlement from untreated sewage, given approximately 270 million cubic metres A key priority for the Renova Foundation is the resettlement of the of untreated sewage is deposited into the Doce River every year – communities of Novo Bento Rodrigues, Paracatu and Gesteira. For Novo approximately six times the volume of non-toxic tailings that was released Bento Rodrigues and Paracatu, priority efforts included construction of from Fundăo. Additionally, R$1.7 billion (approximately US$352 million) houses and private property, such as small businesses and churches, as was made available for forest recovery. It is intended that in total 40,000 well as infrastructure and public services, including roads, power, water hectares and 5,000 springs will be fully restored in a partnership with and sewer networks, health and services centres and schools. At Gesteira, approximately 2,000 rural properties. pursuant to an agreement finalised in May 2023 and ratified by the court, A ban on fishing activities along the coast of Espírito Santo and a families and the public authorities have opted to receive compensation precautionary conservation restriction preventing fishing for native fish species instead of building a new community. in the Doce River in Minas Gerais remain in place. The Renova Foundation As at 30 June 2024, approximately 91 per cent of resettlement cases have continues to engage with the authorities with the goal of lifting the restrictions. been completed, either via completion of construction (with families moving For updates on reparation progress refer to in or handover to families in progress) or cash payment for those families bhp.com/what-we-do/global-locations/brazil/samarco-reparations who have opted for this option instead of the other resettlement solutions offered by the Renova Foundation. More than 260 families are now living Legal proceedings in their new homes in Novo Bento Rodrigues and Paracatu, as well as BHP Group Limited, BHP Group (UK) Ltd (formerly BHP Group Plc) and BHP other locations.3 Novo Bento Rodrigues and Paracatu are now functioning Brasil are involved in legal proceedings relating to the Fundão dam failure. communities. Water treatment stations, a health centre, a church, a football field, as well as multiple businesses are operating, including supermarkets, BHP Brasil, Samarco, Vale and several public authorities have been restaurants, bars, retail shops and service stations. Additionally, engaging in negotiations to seek a definitive and substantive settlement of community-led traditional festivities, such as Carnival and other religious certain claims relating to the Fundão dam failure. events, are taking place regularly in both towns. For information on the significant legal proceedings and settlement negotiation process involving BHP refer to Additional information 8 1. BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale) are 50:50 shareholders in Samarco Mineração S.A. (Samarco), the independent operator of Samarco. 2. USD amount is calculated based on actual transactional (historical) exchange rates related to Renova funding. 3. For those families who chose not to join the resettlement with their previous community and instead resettled elsewhere.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 73 8 How we manage risk Risk management helps us to protect and create value, and is central to achieving our purpose and strategic objectives. Our Risk Framework has four pillars: risk strategy, risk governance, risk process and risk intelligence. Risks associated with the organisations, businesses or assets that we acquire are transitioned to BHP’s Risk Framework as part of integration activities, which generally involves a transitional period. Risk integration of our OZ Minerals assets (excluding the OZ Minerals Brazil assets which are subject to ongoing strategic review) remains on track for completion by the end of CY2024. Risk strategy Risk governance Risk classification Three lines model We classify all risks to which BHP is exposed using our Group Risk BHP uses the ‘three lines model’ to define the role of different teams Architecture. This is a tool designed to identify, analyse, monitor and across the organisation in managing risk. This approach sets clear report risk, which provides a platform to understand and manage accountabilities for risk management and provides appropriate risks. Similar risks are considered together in groups and categories. ‘checks and balances’ to support us in protecting and growing value. This is designed to give the Board and management visibility over The first line is provided by our frontline staff, operational the aggregate exposure to risks on a Group-wide basis and support management and people in functional roles – anyone who makes performance monitoring and reporting against BHP’s risk appetite. decisions, deploys resources or contributes to an outcome is responsible for identifying and managing the associated risks. Risk appetite The Risk team and other second-line teams are responsible for providing expertise, support, monitoring and challenge on risk-related BHP’s Risk Appetite Statements, aligned to our Group Risk matters, including by defining Group-wide minimum standards. Architecture, are approved by the Board and are a foundational The third line, our Internal Audit team, is responsible for providing element of our Risk Framework. They provide guidance to independent and objective assurance over the control environment management on the amount and type of risk we seek to take in (governance, risk management and internal controls) to the Board pursuing our objectives. (including applicable Board Committees) and Executive Leadership Team. Additional assurance may also be provided by external Key risk indicators providers, such as our External Auditor. The Risk team and Internal Audit team are led by the Chief Risk Key risk indicators (KRIs) are set by management to help monitor and Audit Officer. This structure facilitates overall effectiveness of performance against our risk appetite. They also support decision- both teams, including through alignment of second- and third-line making by providing management with information about financial and assurance activities across BHP, while maintaining the independence non-financial risk exposure at a Group level. Each KRI has a target, or of our Internal Audit team through appropriate safeguards. optimal level of risk we seek to take, as well as upper and lower limits. Where either limit is exceeded, management will review potential BHP Board and Committees causes to understand if BHP may be taking too little or too much risk and to identify whether further action is required. The Board reviews and monitors the effectiveness of the Group’s systems of financial and non-financial risk management and internal Risk culture control. The broad range of skills, experience and knowledge of the Board assists in providing a diverse view on risk management. Our risk management approach is underpinned by a risk culture The Risk and Audit Committee (RAC) and Sustainability Committee that supports decision-making in accordance with BHP’s values, assist the Board by reviewing and considering BHP’s material risk objectives and risk appetite. We use a common foundation across profile (covering operational, strategic and emerging risks) on a BHP to build the tools and capabilities required to enable us to biannual basis. understand, monitor and manage our risk culture. These include the Risk management performance is monitored and reported to the risk-culture assessments undertaken as part of our internal audit plan. RAC, as well as the Sustainability Committee for health, safety, environment and community matters, supporting the Board to Strategic business decisions challenge and hold management to account. For information on other Board Committee activities Strategic business decisions and the pursuit of our strategic that support risk governance at BHP refer to objectives can inform, create or affect risks to which BHP is exposed. Corporate Governance Statement 5 These risks may represent opportunities as well as threats. Our Risk Appetite Statements and KRIs assist in determining whether a proposed course of action is consistent with BHP’s risk appetite. Our focus when managing risks associated with strategic business decisions is to enable the pursuit of high-reward strategies. Therefore, as well as having controls designed to protect BHP from threats, we seek to implement controls to enable and/or enhance opportunities.

74 BHP Annual Report 2024 8 How we manage risk continued Risk process Risk intelligence Our Risk Framework requires identification and management of risks The Risk team provides the RAC, Sustainability Committee and (both threats and opportunities) to be embedded in business activities senior management with insights on risk management across through the following process: BHP. Risk reports may include trends, aggregate exposure and – Risk identification – threats and opportunities are identified and performance for our most significant risks, updates on the Risk each is assigned an owner or accountable individual. Framework and risk management priorities, an overview of (and material changes in) BHP’s material risk profile and updates on – Risk assessments – risks are assessed using appropriate emerging risk themes and signals. and internationally recognised techniques to determine their potential impacts and likelihood, prioritise them and inform risk We maintain a risk insights dashboard designed to provide current, treatment options. data-driven and actionable risk intelligence to our people at all levels of the business to support decision-making. This tool empowers the – Risk treatment – controls are implemented to prevent, minimise business to manage risks more effectively, with increased accuracy and/or mitigate threats, and enable and/or enhance opportunities. and transparency. – Monitoring and review – risks and controls are reviewed The Board, RAC and Sustainability Committee also receive other periodically and on an ad hoc basis (including where there are reports to support the Board to review and monitor the effectiveness high-potential events or changes in the external environment) to of BHP’s systems of financial and non-financial risk management. evaluate performance. Examples of these include internal audit reports, ethics and – Communication – relevant information is recorded in our enterprise investigations reports, compliance reports and the Chief Executive risk management system to support continuous improvement and Officer’s report. share risk intelligence across the Group. For more information on our risk factors refer to OFR 8.1 Our Risk Framework includes requirements and guidance on the tools and processes to manage current and emerging risks. Current risks 8.1 Risk factors Current risks are risks that could impact BHP today or in the near future and comprise current operational risks (risks that have their Our risk factors are described below and may occur as a result of our origin inside BHP or occur as a result of our activities) and current activities globally, including in connection with our operated and non-strategic risks (risks that may enhance or impede the achievement of operated assets, third parties engaged by BHP or through our value our strategic objectives). chain. These risks, individually or collectively, could threaten our strategy, Current risks include material and non-material risks (as defined by business model, future performance, solvency or liquidity and reputation. our Risk Framework). The materiality of a current risk is determined They could also materially and adversely affect the health and safety of by estimating the maximum foreseeable loss (MFL) if that risk were to our people or members of the public, the environment, the communities materialise. The MFL is the estimated impact to BHP in a worst-case where we or our third-party partners and providers operate, or the scenario without regard to probability and assuming all controls, interests of our partners and stakeholders, which could in each case lead including insurance and hedging contracts, are ineffective. to litigation, regulatory investigations or enforcement actions (including class actions or actions arising from contractual, legacy or other liabilities associated with divested assets), or a loss of partner, stakeholder and/ For more information on our risk factors refer to OFR 8.1 or investor confidence. References to ‘financial performance’ include our financial condition and liquidity, including due to decreased profitability or increased operating costs, capital spend, remediation costs or contingent Our focus for current risks is to prevent their occurrence or minimise liabilities. BHP may also be exposed to risks that we currently believe to be their impact should they occur, but we also consider how to maximise immaterial that may materially affect our business if they occur. possible benefits that might be associated with strategic risks (as Each risk factor may present opportunities as well as threats. We take described in the Risk strategy section). Current material risks are certain risks for strategic reward in the pursuit of our strategy and purpose, required to be evaluated once a year at a minimum to determine including to grow our asset portfolio and develop the right capabilities for whether our exposure to the risk is within our target range. the future of our business. Some of the potential threats and opportunities associated with each of our risk factors are described below, along with the Emerging risks key controls to manage them. These controls are not exhaustive and many Group-wide controls (such as Our Code of Conduct, Risk Framework, Emerging risks are newly developing or changing risks that are mandatory minimum performance requirements for risk management, highly uncertain and difficult to quantify. They are generally driven by health, safety and other matters, dedicated non-operated joint venture external influences and often cannot be prevented by BHP. teams and our Contractor Management Framework) help to support BHP maintains a ‘watch list’ of emerging themes and monitors effective and efficient management of all risks in line with our risk appetite. associated signals to interpret external events and trends, providing While we implement preventative and/or mitigating controls designed to an evolving view of the changing external environment and how reduce the likelihood of a threat from occurring and minimise the impacts if it might impact our business. We use the watch list and signal it does, these may not always be effective. monitoring to support the identification and management of emerging risks, as well as to inform and test our corporate strategy. Once identified, our focus for emerging risks is on structured monitoring of the external environment, advocacy efforts to reduce the likelihood of the threats manifesting and identifying options to increase our resilience to these threats.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 75 Risk factor: Operational events Risks associated with operational events in connection with our activities globally, resulting in significant adverse impacts on our people, communities, the environment or our business. Why is this important to BHP? Key management actions We engage in activities that have previously caused and have the potential – Planning, designing, constructing, operating, maintaining and monitoring to further cause harm to our people and assets, communities, other surface and underground mines, water and tailings storage facilities, and stakeholders and/or the environment, including serious injuries, illness and other infrastructure and equipment in a manner designed to maintain fatalities, loss of infrastructure, amenities and livelihood, and damage to structural integrity, prevent incidents and protect our people, assets, sites of cultural significance. An operational event at our operated or non- communities, the environment and other stakeholders. operated assets or through our value chain could also cause damage or – Specifying minimum requirements and technical specifications, such disruptions to our assets and operations, impact our financial performance, as for transportation (including high-occupancy vehicles, fixed and result in litigation or class actions and cause long-term damage to our rotary wing aircraft and their operators) and geotechnical (including licence to operate and reputation. Potential physical climate-related characterisation, design, ground control and monitoring), and focusing impacts could increase the likelihood and/or severity of risks associated on compliance with operating specifications, industry codes and with operational events. Impacts of operational events may also be other relevant standards, including BHP’s mandatory minimum amplified if one event triggers another (for example, a geotechnical performance requirements. instability event that causes a failure in a nearby tailings storage facility) or if we fail to respond to any events in a way that is consistent with our – Continuing to focus on improving our management of safety risks, corporate values and partner and stakeholder expectations. including through investigation and response to the recent fatal incidents across our operations, and through programs such as the Fatality Examples of potential threats Elimination and Field Leadership Programs. – Defining key governance roles, such as a dam owner (an internal BHP – Air, land (road and rail) and marine transportation events (such as individual who is accountable for maintaining effective governance aircraft crashes or vessel collisions, groundings or hydrocarbon release) and integrity of each tailings storage facility) and providing training and that occur while transporting people, supplies or products, including to qualifications for our people. or from exploration, operation or customer locations. These locations may be in or require travel through areas of cultural significance or – Inspections, technical reviews, audits and other assurance activities, remote and environmentally sensitive areas, including in Australia, such as independent dam safety reviews and geotechnical South America, Asia, the United States, Canada and Sweden. review boards. – Failure of a water or tailings storage facility, such as the tragic failure – Maintaining evacuation routes, supporting equipment, crisis and of the Fundão dam at Samarco in 2015 or a failure at one of our other emergency response plans and business continuity plans. facilities in Australia, Chile, Peru, the United States, Canada or Brazil. – Incorporating future climate projections into risks associated – Unplanned fire events or explosions (on the surface or underground). with operational events through ongoing assessment of physical climate-related risks. – Geotechnical instability events (such as failure of underground excavations, which may be subject to greater risk than surface mines, unexpected large wall instabilities in our open-pit mines, or potential FY2024 insights interaction between our mining activities and community infrastructure or natural systems), including at our mines in Australia, Chile, Peru, the Our exposure to risks associated with operational events remained United States, Canada or Brazil. broadly stable in FY2024. BHP achieved conformance to the Global – Critical infrastructure, equipment, or hazardous materials Industry Standard on Tailings Management for ‘Very High’ and containment failures, other occupational or process safety events or ‘Extreme’ rated facilities in H1 FY2024, supporting our continued workplace exposures. focus to further improve the safety and integrity of all facilities across our operated and closed assets. – Operational events experienced by third parties, which may also result in unavailability of shared critical infrastructure (such as railway lines or ports) or transportation routes (such as the Port Hedland channel in For more information refer to Western Australia). OFR 6.1 – Safety OFR 6.10 – Environment – An operational event that may adversely affect our people and assets, OFR 6.4 – Material topics and nature communities, other stakeholders and/or the environment, including for sustainability OFR 6.11 – Community serious injuries, illness and fatalities, loss of infrastructure and damage reporting OFR 6.12 – Indigenous peoples to sites of cultural significance. OFR 6.6 – People – Our operations, workforce, communities, supply chains, customers OFR 7 – Samarco OFR 6.7 – Health and third-party partners and providers may be increasingly exposed to OFR 6.9 – Climate change changes in the frequency, intensity and/or duration of intense storms, drought, flooding, wildfire and other extreme weather or weather-related bhp.com/sustainability events and patterns (such as extreme heat). Examples of potential opportunities – Our commitment to our communities, the environment and the safety and wellbeing of our people may increase operational resilience as well as partner and stakeholder confidence, enhancing our ability to attract and retain talent and access (or lower the cost of) capital. – Collaborating with industry peers and relevant organisations on minimum standards (such as the internationally recognised Flight Safety Foundation’s Basic Aviation Risk Standard, Global Industry Standard on Tailings Management, Large Open Pit Project guidelines on open-pit mining design and management, and the Cave Mining 2040 Consortium on deep mining design and management) supports improvements to wider industry management of operational risks and may also identify opportunities to improve our own practices.

76 BHP Annual Report 2024 8 How we manage risk continued Risk factor: Significant social or environmental impacts Risks associated with significant impacts of our operations on and contributions to communities and environments throughout the life cycle of our assets and across our value chain. Why is this important to BHP? Key management actions The long-term viability of our business is closely connected to the – The Community Global Standard, the Environment Global Standard, wellbeing of the communities and environments where we have a the Climate Change Global Standard and our mandatory minimum presence and our business is subject to increasing, complex and changing performance requirements for water, closure and legacy management, regulatory and stakeholder expectations. At any stage of the asset life and social value and sustainability are designed to set out our targets, cycle, our activities and operations may have or be perceived to have goals, commitments and/or approach to these matters, strengthening significant adverse impacts on communities and environments. In these our social, human rights and environmental performance. circumstances, we may fail to meet the evolving expectations of our – Engaging in regular, open and transparent dialogue with partners partners and stakeholders (including investors, governments, employees, and stakeholders to better understand their expectations, concerns suppliers, customers and Indigenous peoples and other community and interests, undertaking research to better understand partner and members) whose support is needed to realise our strategy and purpose. stakeholder perceptions, and taking those considerations into account This could lead to loss of partner or stakeholder support or regulatory in planning and execution activities. approvals, increased taxes and regulation, enforcement action, litigation (including class actions), or otherwise impact our licence to operate and – Continuing to operationalise our Indigenous Peoples Policy Statement, adversely affect our reputation, ability to attract and retain talent, ability to including by introducing procedures for projects and assets to identify access capital, operational continuity and financial performance. and assess potential adverse impacts to Indigenous peoples, and to engage and consult with them to better understand how we can avoid, Examples of potential threats mitigate and/or substantially address any adverse impacts. – Building social value into our decision-making process, along with – Engaging in or being associated with activities (including through non- financial considerations, including through our social value framework operated joint ventures and our value chain) that have or are perceived and 2030 goals. to have individual or cumulative adverse impacts on nature (including biodiversity, land, waters and air), climate change, supply chain or – Building partner and stakeholder trust and contributing to environmental responsible sourcing requirements, human rights or Indigenous peoples’ and community resilience, including through collaborating on shared rights or cultural heritage. challenges (such as climate change and nature), enhanced external reporting of our operated assets’ potential impacts on nature, and – Failing to meet evolving partner or stakeholder expectations in maximising the value of social investments (including contributing to connection with our alignment with global frameworks and societal climate-related initiatives) through our social investment strategy. goals, our strategic decisions, legal and regulatory obligations, acceptability of mining activities, relationships with Indigenous peoples, – Conducting regular research and impact assessments for operated community wellbeing and the way we invest in communities or our assets to better understand the social, environmental, human rights and approach to nature (including biodiversity, land, waters and air), climate economic context. This supports us to identify and analyse potential change, supply chain or responsible sourcing requirements, human partner, stakeholder, community and human rights impacts, including rights, Indigenous peoples’ rights or cultural heritage priorities. modern slavery risks and emerging issues. We also complete risk-based due diligence screening on suppliers through our Ethical Supply Chain – Political, regulatory and judicial developments (such as legislation and Transparency program. to enact policy positions on climate change, nature-related risk or human rights) could increase uncertainty in relation to our operating – Integrating closure into our planning, decision-making and other environment, and/or require us to adjust our business plans or strategy. activities through the life cycle of our operated assets, as set out in For example, changes to regulations may require us to modify mine our mandatory minimum performance requirements for closure and plans, limit our access to reserves and resources, alter the timing or legacy management. increase costs associated with exploration and development of and production from, or closure and rehabilitation of, our assets, increase sourcing costs or expose BHP to unanticipated environmental or other FY2024 insights legacy liabilities. Our exposure to risks with potentially significant social or – Failing to adequately identify or to appropriately manage physical environmental impacts steadily increased in FY2024 due to climate-related risks and/or nature-related risks to biodiversity greater external stakeholder expectations for corporate social and and ecosystems. For example, loss of important biodiversity environmental performance, including aspects of climate change and and/or ecosystems as a result of operational activities (e.g. nature. The intersections between climate change, nature, Indigenous unauthorised clearing of vegetation) could result in land access peoples and human rights are becoming more widely understood restrictions, a decrease in demand for our products or limit our access by civil society, contributing to an evolving and increasingly complex to new opportunities. risk landscape. To support effective management of these risks, we continue to monitor and seek to better understand the intersecting risk Examples of potential opportunities landscape and integrate controls into our management systems. – Our support for responsible stewardship of natural resources may enhance the resilience of the environments and communities where we For more information refer to operate to threats (including potential physical climate-related impacts OFR 6.5 – 2030 goals and nature loss). – Strong social performance, including sustainable mining and a focus on OFR 6.6 – People OFR 6.9 – Climate change the wellbeing of communities, could generate competitive advantage in the jurisdictions where we operate. OFR 6.10 – Environment and nature OFR 6.11 – Community – Our global social value framework and projects funded through social investment may improve partner and stakeholder relations, enhance OFR 6.12 – Indigenous peoples community trust and increase investor confidence and demand for our commodities. bhp.com/sustainability – Greater clarity, transparency and standards associated with regulatory regimes that support and protect communities and the environment may increase requirements across our sector, generating competitive advantage for companies that have already invested in social and environmental performance.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 77 Risk factor: Optimising growth and portfolio returns Risks associated with our ability to position our asset portfolio to generate returns and value for shareholders, including through acquisitions, mergers and divestments. Why is this important to BHP? – Partnering with companies for growth may also damage our reputation and lead to increased potential for litigation if those companies or We make decisions and take actions in pursuit of our strategy to optimise associated activities are misaligned with our values, standards or our asset portfolio and to secure and create growth options in future-facing stakeholder expectations, particularly in circumstances in which we do commodities (such as copper, nickel and potash). These may include active not operate the asset or have a controlling interest in the venture. portfolio changes such as the recent sale of the Daunia and Blackwater mines in Queensland, the acquisition of OZ Minerals and, if completed, the Examples of potential opportunities proposed acquisition of Filo Corp and agreement to form a joint venture with Lundin Mining. These may also include supporting innovative early- – Acquisition of new resources or acceleration of organic growth options stage mineral exploration companies (including for example through our in future-facing commodities may strengthen and diversify our portfolio accelerator program, BHP Xplor), and maturing and developing organic and protect and grow value over the long term. growth options across our existing portfolio. A strategy that does not – Ability to predict long-term commodity demand, supply and price trends support BHP’s objectives and/or ill-timed execution of our strategy, or other may lead to BHP being able to identify and acquire new future-facing circumstances, may lead to a loss of value that impacts our ability to deliver commodities and assets ahead of our competitors or exit from declining returns to shareholders and fund our investment and growth opportunities. commodities in a timely manner, strengthening our portfolio and leading It may also result in our asset portfolio being less resilient to climate-related to long-term, higher portfolio returns. risks or movements in commodity prices, or inflationary pressures and – BHP may be perceived as a welcome and valued or preferred partner for other macroeconomic factors. In the short term, adverse movements in the development of new resource opportunities, enabling us to secure commodity prices may reduce our cash flow, ability to access capital or pay new assets or exploration opportunities to create long-term optionality in dividends. A failure to optimise our asset portfolio for structural movements the portfolio. in commodity prices (including those arising from climate-related risks) over the long term may result in asset impairments and could adversely affect the results of our operations, financial performance and returns to investors. Key management actions – Further developing strategies, processes and frameworks to grow Examples of potential threats and protect our portfolio and to assist in delivering ongoing returns to shareholders, including: – Commodity prices have historically been and may continue to be subject – our Capital Allocation Framework, corporate planning processes and to significant volatility, including due to global economic and geopolitical investment management processes factors, industrial activity, commodity supply (including the development of new resources and supply chain disruptions) and demand (including – annual reviews (including resilience testing) of portfolio valuations inventory levels), technological change, product substitution, tariffs, – our exploration, ventures (such as BHP Ventures), accelerators (such interest rate movements and exchange rate fluctuations. Our usual as BHP Xplor) and business development programs, which focus on policy and practice is to sell our products at prevailing market prices replenishing our resource base and enhancing our portfolio (including and, as such, movements in commodity prices may affect our financial creating and securing more options in future-facing commodities) performance. Long-term price volatility, sustained low prices or – our long-term strategic outlook and ongoing strategic processes to increases in costs may adversely impact our financial performance assess our competitive advantage and enable the identification of as we do not generally have the ability to offset costs through threats to or opportunities for our portfolio through forecasting and price increases. scenario modelling – Failure to optimise our portfolio through effective and efficient – monitoring signals to interpret external events and trends, and acquisitions, exploration, large project delivery, mergers, divestments or designing commodity strategies and price protocols that are reviewed expansion of existing or acquired assets (including due to sub-optimal by management and the Board capital prioritisation) may adversely impact our performance and/or returns to investors. – our balance sheet and liquidity framework, which is designed to – Failure to identify potential changes in commodity attractiveness and maintain a robust balance sheet with sufficient liquidity and access to missed entry or commodity exit opportunities may result in decreased diverse sources of funding, to enable us to be ready to pursue growth return on capital spend for, or overpayment to acquire or invest in, new opportunities as and when they arise assets or projects, stranded assets or reduced divestment proceeds. – Pursuing a considered approach to new country entry, including further – Failure to achieve expected commercial objectives from assets or building our capability to operate in higher-risk jurisdictions, in order to investments, such as cost savings, increased revenues or improved support portfolio opportunities. operational performance (including as a result of inaccurate commodity price assumptions or resources and reserves estimates), may result – Further developing BHP’s social value proposition to position BHP as a in returns that are lower than anticipated and loss of value. This could preferred partner for the development of resource opportunities in line be exacerbated by impacts from factors such as climate-related with the expectations of local communities, host governments and other risks, supply chain disruptions (for example, disruption in the energy global stakeholders. sector impacting our end-user markets), labour shortages, inflationary pressures and unfavourable exchange rates, creating operational headwinds and challenging on-time and on-budget project delivery. FY2024 insights – Renegotiation or nullification of permits, inability to secure new Our exposure to risks associated with optimising growth and portfolio permits or approvals, increased royalties, such as the Queensland returns remained stable in FY2024 as we continued to implement a Government’s increase in coal royalty tax in June 2022, fiscal or growth agenda focused on aligning the portfolio towards future-facing monetary policy instability or changes may increase our costs or commodities. In particular, in FY2024 we completed the sale of the adversely impact our ability to achieve expected commercial objectives Daunia and Blackwater mines in Queensland to Whitehaven Coal, from assets or investments, access reserves, develop, maintain or approved an investment in stage two of the Jansen potash project operate our assets, enter new jurisdictions, or otherwise optimise in Canada, and continued to pursue options to build our portfolio in our portfolio. future-facing commodities. We also made the decision to temporarily – Inability to predict long-term trends in the supply, demand and price of suspend Western Australia Nickel as a result of oversupply in the commodities and optimise our asset portfolio accordingly may restrict global nickel market. Forecast nickel prices for the next half of the our ability to generate long-term returns from the portfolio. For example, decade have fallen sharply due to strong growth in alternative, low-slowing economic growth in China, political and trade tensions, market cost nickel supply. volatility or the global transition to a low-carbon economy may result in lower demand and prices for some of our products, which may in turn For more information refer to adversely impact our portfolio returns. OFR 3 – Positioning for growth OFR 9 – Performance by commodity

78 BHP Annual Report 2024 8 How we manage risk continued Risk factor: Low-carbon transition Risks associated with the transition to a low-carbon economy. Why is this important to BHP? Examples of potential opportunities Transition risks arise from existing and emerging policy, regulatory, legal, – Our copper, nickel, iron ore, steelmaking coal and uranium provide technological, market and other societal responses to the challenges posed essential building blocks for existing and new renewable energy by climate change and the transition to a low-carbon economy. As a world- infrastructure and alternative power generation and electric vehicles, and leading resources company, BHP is exposed to a range of transition risks can play an important part in the transition to a low-carbon economy. that could affect the execution of our strategy or our operational efficiency, – Our potash fertiliser options, once operational, have the potential to asset values and growth options, resulting in a material adverse impact on our promote more efficient and profitable agriculture and help alleviate the financial performance, share price or reputation, including increased potential increased competition for arable land, including due to implementation for litigation. Conversely, transition risks may also present opportunities of nature-based solutions to help address climate change and global for our diverse portfolio and through decarbonisation of our business. population growth. The complex and pervasive nature of climate change means transition risks are interconnected with and may amplify our other risk factors. Additionally, – Increased collaboration with customers, suppliers and original equipment the inherent uncertainty of potential societal responses to climate change may manufacturers, such as BHP’s partnerships with ArcelorMittal, create a systemic risk to the global economy and our business. BlueScope, China Baowu, HBIS Group, JFE, POSCO and Tata Steel to explore technologies to reduce GHG emissions across the steel value Examples of potential threats chain, can provide opportunities for the development of new products and markets. – Introduction or improvement of low-carbon technologies or changes in customer preference for products that support the transition to a Key management actions low-carbon economy may decrease demand for some of our products, increase our costs or decrease the availability of key inputs to – Establishing public positions on, and mandatory minimum performance production. For example: requirements for, managing climate change risks (threats and opportunities), which are set out in our Climate Change Report 2020, – Rapid shift to alternative steelmaking technology pathways (including our Climate Transition Action Plan 2024 and the Environment Global electric arc furnace (EAF) and direct reduced iron (DRI) steelmaking) Standard and the Climate Change Global Standard. may reduce anticipated demand for our steelmaking coal and may result in the early closure or divestment of our steelmaking coal mines. – Using climate-related scenarios, as well as our planning cases and other themes and signposts (such as monitoring policy, regulatory, legal, – Increased recovery and reuse rates of commodities may reduce technological, market and other societal developments) to evaluate the demand for our products. resilience of our portfolio, allocate capital and inform our strategy. – New battery technologies that use no or less nickel could enter the – Considering transition risks (including carbon prices) when making market and reduce demand for our nickel products. capital expenditure decisions or allocating capital through our Capital – Adverse macroeconomic changes, such as a decline in global economic Allocation Framework, supporting the prioritisation of capital and activity and/or security, could be exacerbated by the transition to a low- investment approval processes. carbon economy and reduce anticipated demand for our future-facing – Seeking to mitigate our exposure to risks arising from policy and regulation commodities, such as copper and nickel. in our operating jurisdictions and markets by reducing our operational GHG – Perceptions of climate-related financial risk and/or social concerns emissions and supporting GHG emission reductions in our value chain. around climate change may result in investors divesting our securities – Informing investors on progress to date and plans for achieving our or changing their expectations or requirements for investment in our operational and value chain GHG emissions goals and targets, for securities, cause financial institutions not to provide financing or other example, through investor briefings and publications, including our products (such as insurance cover) to BHP or to our suppliers or Climate Transition Action Plan 2024. customers, affect our suppliers’ willingness to provide goods or services, and affect our customers’ wish to procure our commodities. In turn, – Advocating for the introduction of an effective, internationally aligned these factors could increase our costs and adversely impact our ability long-term policy framework that can deliver a measured transition to a to optimise our portfolio and pursue growth opportunities. low-carbon economy. – Perceived or actual misalignment of BHP’s climate actions (goals, targets and performance) with societal and investor expectations, or a failure to FY2024 insights deliver our climate actions, may result in damage to our reputation, reduced Our exposure to transition risks increased during FY2024 due to investor confidence, climate-related litigation (including class actions) or continued societal expectations for accelerated decarbonisation by give rise to other adverse regulatory, legal or market responses. companies, significant regulatory developments across the globe – Sub-optimal selection, quality, implementation or effectiveness of (such as the enhanced Safeguard Mechanism enacted into law technology and related low-carbon supplies that are intended to in Australia) and commitment by 130 countries at the 2023 United contribute towards the delivery of our climate targets, goals and Nations Climate Change Conference to triple global renewable energy strategies, or unavailability of that technology and related low-carbon generation capacity by 2030. Many jurisdictions (including Australia) supplies (including due to the failure of trials of new technology, a failure have implemented, are in the process of designing, or are considering, of external equipment manufacturers or suppliers to deliver on schedule mandatory climate-related financial reporting regimes (including the or competition for limited supply) could prevent, limit, delay or increase introduction of the Climate-related financial disclosures Bill into the costs in achieving our plans for operational decarbonisation. Australian Parliament) and – in some cases – broader sustainability – Changes or ambiguity in laws, regulations, policies, obligations, government reporting requirements. This includes the EU’s Corporate Sustainability actions and our ability to anticipate and respond to such changes or Reporting Directive (CSRD), and a growing number of jurisdictions have accurately interpret the ambiguity, including GHG emission targets and announced an intention to adopt the IFRS Sustainability Disclosure schemes, restrictive licensing, carbon taxes, carbon offsetting regulations, Standards developed by the International Sustainability Standards Board border adjustments or the addition or removal of subsidies, may give (ISSB). There are also increased efforts by some governments to fund rise to adverse regulatory, legal or market responses. For example, the expansion of renewable energy generation and technologies that help implementation of regulations intended to reduce GHG emissions in the enable the energy transition, which may increase the scale and pace steel industry in China could adversely impact demand for our steelmaking of the low-carbon transition, and influence the availability of lower GHG coal or iron ore. In addition, inadequate market supply of credible carbon emissions technology options for BHP. These external developments credits or price volatility in carbon markets could increase our operating present both threats and opportunities for BHP as we continue to costs or result in adverse social value or compliance implications. increase our portfolio exposure to future-facing commodities. Inconsistent or developing regulatory regimes globally may increase the likelihood of an inadvertent failure to or inability to comply with some regulations and exacerbate the impacts of transition risks. For more information refer to OFR 6.5 – 2030 goals BHP Climate Change Report 2020 OFR 6.9 – Climate change BHP Climate Transition Action Plan 2024 OFR 6.10 – Environment OFR 3 – Positioning for growth and nature bhp.com/sustainability/climate-change

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 79 Risk factor: Accessing key markets Risks associated with market concentration and our ability to sell and deliver products into existing and future key markets, impacting our economic efficiency. Why is this important to BHP? – Developing strategic partnerships and strong, mutually beneficial relationships with our customers may enable us to create value. We rely on the sale and delivery of the commodities we produce to customers around the world. Changes to laws, international trade – Building a deep understanding of geopolitical threats and opportunities arrangements, contractual terms or other requirements and/or geopolitical and their potential impacts on global trade flows and our business could developments could result in physical, logistical or other disruptions to our enhance our strategy, business planning and response, providing a operations in or the sale or delivery of our commodities to key markets. potential future competitive advantage. These disruptions could affect sales volumes or prices obtained for – Identifying the potential for weather and climate variability, including as our products, adversely impacting our financial performance, results of potentially exacerbated or affected by climate change, to disrupt delivery operations and growth prospects. of products and implementing management measures, may increase the resilience of our operations and value chain. Examples of potential threats – Monitoring signals and building relationships with and understanding – Government actions, including economic sanctions, tariffs or other trade the perspectives of influential partners and stakeholders may improve restrictions, imposed by or on countries where we operate or into which our ability to understand and provide input to policy development, and we sell or deliver our products may prevent BHP from selling or make it to respond to and manage any impacts from policy changes (such as more difficult for BHP to sell in key markets. trade policies). – Physical disruptions to the delivery of our products to customers in Key management actions key markets, including due to the disruption of shipping routes, closure or blockage of ports or land logistics (road or rail), armed conflict or – Monitoring and assessing our ability to access key markets, and criminality and organised crime. In some cases, physical disruptions maintaining sales plans, product placement and business resilience may be driven or intensified by weather and climate variability, including strategies and relationships with relevant partners and stakeholders. as potentially exacerbated or affected by climate change. Our operations – Maintaining response plans for various scenarios (including physical are located in remote and environmentally sensitive areas, which may disruptions of logistics) to mitigate disruptions to our ability to access be particularly exposed to climate-related disruptions. key markets. – Legal or regulatory changes (such as new or increased royalties – Monitoring geopolitical and macroeconomic developments and trends, or taxes; government-mandated price caps; port, export or import including through signal monitoring and our enterprise-level watch restrictions or customs requirements; shipping/maritime regulatory list of emerging themes, to provide an early indication of events that changes; restrictions on movements or imposition of quarantines; could impact our ability to access or offer opportunities in relation to or changing environmental restrictions or regulations, including key markets. measures with respect to carbon-intensive industries or imports) and commercial changes (such as changes to the standards, preferences – Identifying weather and/or climate-related vulnerabilities and and requirements of customers) may adversely impact our ability to sell, implementing controls to mitigate disruptions to our ability to physically deliver or realise full market value for our products. access key markets. – Failure to maintain strong relationships with customers or changes to – Diversifying our asset and commodity portfolio, such as our ongoing customer demands for our products may reduce our market share or investment in potash through the Jansen potash project, to reduce adversely impact our financial performance. exposure to market concentration risks. – Increasing geopolitical tensions (including the Russia-Ukraine and Middle Eastern conflicts) may adversely affect our strategic and FY2024 insights business planning decisions and/or increase the time it takes us to Exposure to risks associated with access to key markets remained manage our access to key markets, particularly if we fail to detect or broadly stable in FY2024. We continue to observe global armed anticipate deviations in the geopolitical environment in a timely manner. conflict, political tensions, ineffective law enforcement and Examples of potential opportunities governance, resource and economic nationalism, social instability, and environmental deterioration. Although we have limited influence – Monitoring macroeconomic, societal, geopolitical and policy over changes in our external environment, we continue to focus developments and trends may reveal new markets or commodities, on management of these risks, including through diversifying our identify opportunities to strengthen secondary markets for existing portfolio to reduce exposure to market concentration risk. products or identify a potential competitive advantage or price premium for existing products.

80 BHP Annual Report 2024 8 How we manage risk continued Risk factor: Adopting technologies and maintaining digital security Risks associated with adopting and implementing new technologies, and maintaining the effectiveness of our existing digital landscape (including cyber defences) across our value chain. Why is this important to BHP? Examples of potential opportunities Our business and operational processes are increasingly dependent on the – Applying digital solutions across our operations may unlock greater effective application and adoption of technology, which we use as a lever to productivity and safety performance. For example, using predictive deliver on our current and future operational, financial and social objectives. analytics to enable operations to identify asset condition and efficiencies This exposes BHP to risks originating from adopting or implementing new may improve safety, production and equipment availability, and reduce technologies, or failing to take appropriate action to position BHP for the maintenance and other costs. digital future, which may impact the capabilities we require, the effectiveness – Technology solutions to reduce GHG emissions may support BHP, our and efficiency of our operations and our ability to compete effectively. suppliers and customers in achieving climate action targets and goals. New technology adopted in our business may not perform as anticipated For example, BHP signed an agreement in December 2023 with HBIS and may result in unintended impacts on our operations. We may also fail Group trialling alternative steelmaking technology pathways including to maintain the effectiveness of our existing and future digital landscape, direct reduced iron production designed to lower blast furnace carbon including cyber defences, exposing us to technology availability, reliability emissions, with the aim of supporting the global energy transition. and cybersecurity risks. These could lead to operational events, commercial disruption (such as an inability to process or ship our products), corruption – Developing AI in a safe and responsible manner in exploration, mine or loss of system data, misappropriation or loss of funds, unintended planning, remote operation and advanced robotic technologies may loss or disclosure of commercial or personal information, enforcement identify or provide access to previously unknown or inaccessible action or litigation, which could also impact the environment and partners, deposits and development of end-to-end autonomous mining systems. suppliers and stakeholders across our value chain. Additionally, an inability – Using digital simulations and predictive trend modelling may enable us to adequately maintain existing technology or implement critical new to optimise the deployment of new technologies, such as automation technology, or any sustained disruption to our existing technology may and electrification, support early identification of process variances and adversely affect our licence to operate, reputation, results of operations and faults, and support the marketing of our products to customers. financial performance. Key management actions Examples of potential threats – Employing a number of measures designed to protect against, detect – Cybersecurity events or attacks on our information or operational and respond to cyber threats, events or attacks, including BHP’s technology systems, including on third-party partners and providers (such mandatory minimum performance requirements for technology and as our cloud service providers), may result in a failure of business-critical cybersecurity, cybersecurity performance requirements for suppliers, technology systems at one or more of our assets, which may reduce cybersecurity resilience programs, an enterprise security framework operational productivity, result in environmental damage, fines, penalties, and cybersecurity standards, cybersecurity risk and control guidance, litigation, regulatory or governmental investigations, workforce disruption, security awareness programs and training to build capability, security prolonged negative media attention and/or adversely impact safety and assessments and continuous monitoring, restricted physical access to financial performance. We have experienced cybersecurity threats in hardware and crisis management plans. the past and may experience them in the future and, as our dependence – Managing localised or project-specific exposure to technology and cyber on information systems, including those of our third-party partners and risks at the asset, function or project level, including risks associated providers, grows, we may become more vulnerable to an increasing threat with business-critical technology systems. Enterprise-level risks that are of continually evolving cybersecurity risks. specific to technology, such as those that pose a greater threat to our – Failure to invest in appropriate technologies or to keep pace with wider business and strategic opportunities, are generally managed by advancements in technology that support the pursuit of our objectives our global Technology team and other relevant stakeholders to support may adversely impact the effectiveness or efficiency of our business and delivery of our technology strategy. erode our competitive advantage. For example, a failure to implement – Maturing a Data Strategy to improve data quality and management of appropriate technologies that support our assets to produce higher-grade critical data that enhances our adoption of digital technologies. commodities or less waste from existing resources (such as ongoing – Monitoring regulatory changes and collaborating with industry initiatives to incorporate new technologies and data analytics to leaching stakeholders, research partners and policymakers to design company processes) could limit our ability to sell our commodities or reduce costs. guidelines (such as our AI Strategy and Framework, and Responsible – Failure to identify, access and secure necessary infrastructure and key AI principles) and to develop, implement and maintain technological inputs (including electricity, internet bandwidth, data, software, licences solutions with appropriate guardrails and controls in place that or other rights in intellectual property, hardware and talent) to support support compliance with an evolving regulatory environment and meet new technology innovations and advanced technologies may adversely societal expectations. affect our ability to adopt, operate or retain access to those technologies. This includes Artificial Intelligence (AI) and machine learning, process automation, robotics, data analytics, cloud computing, smart devices FY2024 insights and remote working solutions. For example, adopting new technology to Our exposure increased in FY2024 due to elevated external reduce GHG emissions using alternative energy sources may require new cybersecurity threat conditions with high-profile cyber incidents infrastructure, while effective implementation of new digital technologies experienced by other businesses across Australia and abroad. (such as machine learning) may be heavily dependent on access to data. We continue to monitor and manage the increasing exposure, In addition, the use of Al and machine learning may increase our exposure including through leveraging next generation technologies. to cybersecurity risks and additional risks relating to the protection of Our focus is on strengthening the management of cybersecurity risk data, including increased exposure of confidential or otherwise protected and controls across BHP, as well as monitoring third-party events information to unauthorised recipients, which could result in liability under (including in relation to our third-party partners and providers) that or termination of our contracts with third parties, misuse of our intellectual may impact our business. property or other unintended consequences. – Failure to adopt or successfully integrate new technology, technology enhancements or technology acquired through inorganic growth (such For more information refer to as through acquisition of a company with different types and standards OFR 2 – What differentiates us of securities, technologies and systems) may result in impacts to our business and operations. This could lead to operational stoppage OFR 6.9 – Climate change events, commercial disruption (such as an inability to pay or accept payment), inability to disclose accurately or an inability to adequately maintain existing technology. – Failure or outage of our information or operational technology systems.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 81 Risk factor: Ethical misconduct Risks associated with actual or alleged deviation from societal or business expectations of ethical behaviour (including breaches of laws or regulations) and wider or cumulative organisational cultural failings, resulting in significant reputational impacts. Why is this important to BHP? Key management actions Actual or alleged conduct of BHP or our people or third-party partners and – Setting the ‘tone from the top’ through Our Charter, which is central providers that deviates from the standard of ethical behaviour required to our business and describes our purpose, values and how we or expected of us could result in reputational damage or a breach of law measure success. or regulations. Such conduct includes fraud, corruption, anti-competitive – Implementing internal policies, standards, systems and processes for behaviour, money laundering, breaching trade or financial sanctions, governance and compliance to support an appropriate culture and market manipulation, privacy breaches, ethical misconduct, failure to prioritise respectful behaviours at BHP, including: comply with regulatory requirements and wider organisational cultural failings. A failure to act ethically or legally may result in negative publicity, – Our Code of Conduct (Our Code) and BHP’s mandatory minimum investigations, public inquiries, regulatory enforcement action, litigation performance requirements for business conduct, market disclosure or other civil or criminal proceedings, other forms of compensation or and other matters remediation, or increased regulation. It could also threaten the validity of – training on Our Code and in relation to anti-corruption, market our tenements or permits, or adversely impact our reputation, results of conduct, trade sanctions, data privacy and competition laws operations, financial performance or share price. Impacts may be amplified – ring fencing protocols to separate potentially competing businesses if our senior leaders fail to uphold BHP’s values or address actual or within BHP alleged misconduct in a way that is consistent with societal, partner and – governance and compliance processes, including procurement and stakeholder expectations. Our workplace culture may also be eroded, other internal controls, and tailored monitoring of control effectiveness adversely affecting our ability to attract and retain talent. Risks and impacts – oversight and engagement with high-risk areas by our Ethics and are also heightened by the complex and continuously evolving legal and Investigations, Compliance and Internal Audit teams, and the Risk regulatory frameworks that apply to the jurisdictions where we operate and and Audit Committee potentially conflicting obligations under different national laws. – review and endorsement by our Compliance team of the highest-Examples of potential threats risk transactions, such as gifts and hospitality, engagement of – Failing to prevent breaches of international standards, laws, regulations third parties, community donations and sponsorships above or other legal, regulatory, ethical, environmental, governance or defined thresholds compliance obligations, such as external misstatements, inaccurate – automated counterparty and transaction screening against lists of financial or operational reporting or a breach of our continuous entities subject to trade sanctions disclosure obligations. – our reporting channels for raising misconduct concerns (comprising – Corruption (for example, in connection with the acquisition of early- an online portal and confidential 24-hour multilingual call service), stage options in a country with weaker governance standards), market supported by an ethics and investigations framework and central misconduct or anti-competitive behaviour, including in relation to our investigations team joint venture operations. – campaigns and sessions held globally by our leaders to set – Failing to comply with trade or financial sanctions (which are complex expectations around racism, sexual harassment and other and subject to rapid change and may potentially result in conflicting disrespectful behaviours, including our ‘Active Bystander’ training that obligations), health, safety and environmental laws and regulations, is designed to empower everyone across BHP to call out disrespectful native title and other land rights or tax or royalty obligations. and harmful behaviours – Failing to protect our people from harm (including to mental and physical – Continuing to enforce Our Code via appropriate investigations and health) due to misconduct that takes place in connection with their work, responses, including disciplinary action, in addition to deployment such as discrimination or sexual harassment. of appropriate controls to prevent harm (including to mental and – Failing to uphold BHP’s values or address actual or alleged misconduct physical health). may adversely impact workplace culture and may expose BHP to – Requiring anti-corruption and human rights risks to be considered as regulatory action or litigation, adversely impacting our reputation and part of our new country entry approval process. ability to attract and retain talent. Examples of potential opportunities FY2024 insights – Our capability to manage ethical misconduct risks may expand portfolio Our exposure to ethical misconduct risks increased in FY2024 due to growth options by providing greater assurance that we can operate heightened trade sanctions risks, including an increase in the volume legally and ethically in high-risk jurisdictions. and complexity of trade sanctions measures globally. Our Compliance – Managing ethical misconduct risks in line with societal, partner and team continues to focus on control enhancements to manage evolving stakeholder expectations may distinguish BHP from competitors and threats (such as trade sanctions) and strengthen key anti-corruption enhance our ability to raise capital, attract and retain talent, engage and other compliance controls across the Group, including in relation with governments and communities in new jurisdictions, obtain permits, to the integration of OZ Minerals. With BHP’s continued focus on partner with external organisations or suppliers, or market our products portfolio growth, there is a potential for further increases in exposure to customers. to anti-corruption and other ethical misconduct risks in higher- – Playing a leading role in the management of ethical misconduct risks, risk jurisdictions. such as sexual harassment risks, may help BHP to increase ethical and behavioural standards across the resources industry. For more information refer to Our Charter and Our Code of Conduct OFR 6.6 – People OFR 6.8 – Ethics and business conduct OFR 6.11 – Community OFR 6.12 – Indigenous peoples Corporate Governance Statement

82 BHP Annual Report 2024 8 How we manage risk continued Risk factor: Inadequate business resilience Risks associated with unanticipated or unforeseeable adverse events and a failure of planning and preparedness to respond to, manage and recover from adverse events (including potential physical climate-related impacts). Why is this important to BHP? – Adaptation to climate change across our operations and in our value chain could enhance the safety, productivity and climate resilience In addition to the threats described in our other risk factors, our business of our operated assets, position BHP as a supplier of choice and could experience unanticipated, unforeseeable or other adverse events enhance our ability to consistently grow value. Support for climate-(internal or external) that could harm our people, disrupt our operations vulnerable communities and ecosystems may also improve our social or value chain or damage our assets or corporate offices, including value proposition. our non-operated assets in which BHP has a non-controlling interest. A failure to identify or understand exposure, adequately prepare for these Key management actions events (including maintaining business continuity plans) or build wider organisational resilience may inhibit our (or our third-party partners and – Implementing Group-wide controls to enhance business resilience, providers’) ability to respond and recover in an effective and efficient including BHP’s mandatory minimum performance requirements for manner. This includes a failure to build resilience to physical climate- security, crisis and emergency management and business continuity related risks. Material adverse impacts on our business include reduced plans, and seeking to maintain an investment grade credit rating. ability to access resources, markets and the operational or other inputs – Monitoring our current state of readiness (preparedness, redundancy required by our business, reduced production or sales of or demand for, and resilience), including through scenario analysis and business our commodities, or increased regulation, which could adversely impact resilience exercises, supporting organisational capability in our our financial performance, share price or reputation and could lead to operations, functions and senior management to effectively and litigation (including class actions). efficiently respond to and recover from adverse events should they materialise. Examples of potential threats – Monitoring the external environment, including political and economic – Geopolitical, global economic, regional or local developments or factors, through signal monitoring, our geopolitical monitoring and adverse events, such as social unrest, strikes, work stoppages, public policy frameworks and our enterprise-level watch list of emerging labour disruptions, social activism, terrorism, bomb threats, economic themes, to support early identification of policy changes or adverse slowdown, acts of war or other significant disruptions in areas where we events for which we may need to increase preparedness. operate or have interests. – Identifying security threats that could directly or indirectly impact our – Extreme weather and climate-related events, such as heatwaves, operations and people in countries of interest to BHP. extreme precipitation and flooding, hurricanes, cyclones and fires. – Further developing and implementing our adaptation strategy with For example, production at our steelmaking coal asset, BMA, was partly respect to physical climate-related risks, including requiring operated impacted in H1 FY2024 due to depleted inventory positions that arose assets and functions to identify and progressively assess physical from extended weather impacts on the east coast of Australia. climate-related risks (including to our value chain) and seeking to build – Other natural events, including earthquakes, tsunamis, wildfires, solar climate change adaptation into their plans, activities and investments. flares and pandemics. – Maintaining quality, centralised climate data covering each of our – Potential physical climate-related impacts, such as acute risks that operating locations so that our people have access to appropriate are event driven (including increased frequency and severity of data to support climate studies that can be used to inform investment extreme weather events) and chronic risks resulting from longer-term decisions around enhancing our operational resilience. changes in climate patterns. Climate hazards may include changes in precipitation patterns, water shortages, rising sea levels, increased storm intensity, prolonged extreme temperatures and increased drought, FY2024 insights fire and flooding. Our exposure to risks associated with inadequate business resilience – Failure by suppliers, contractors or joint venture partners to perform increased in FY2024. The United Nations Framework Convention existing contracts or obligations (including due to insolvency), such as on Climate Change Secretariat’s NDC Synthesis Report (released construction of large projects or supply of key inputs to our business in November 2023) noted national climate action plans remain (for example, consumables for our mining equipment). insufficient to limit global temperature rises to 1.5°C and, according – Failure of our risk management or other processes (including controls) to the World Meteorological Organisation, CY2023 was the warmest to prepare for or manage any of the risks discussed in this Risk factors year on record with further natural disasters and prolonged weather section may inhibit our (or our third-party partners and providers’) events experienced across the globe. Additionally, a global rise in ability to manage any resulting adverse events and may disrupt our conflict, instability and criminality in CY2023 created new security operations or adversely impact our financial performance or reputation. challenges. Our Security team continues to monitor the evolving This includes unknown pre-existing failures in organisations, businesses external security environment to better understand how it can impact or assets that we acquire through non-organic growth, as well as any BHP and our industry and how we can manage associated exposure. failures that occur during their integration to our business (for example, due to different standards or systems). For more information refer to Examples of potential opportunities BHP Climate Change Report 2020 BHP Climate Transition Action Plan 2024 – Risk identification and management supports proactive, focused and prioritised deployment of resources to reduce exposure to adverse OFR 6.1 – Safety events. It may be used to inform priorities and strategies across BHP, OFR 6.7 – Health supporting a proportionate and cost-effective response, which could OFR 6.9 – Climate change provide a competitive advantage at a regional or global level. OFR 6.10 – Environment and nature – Building wider organisational resilience may enable us to maintain dividends to shareholders amid adverse external events and make bhp.com/sustainability growth-generating, counter-cyclical investments, as well as to help us mitigate the impacts of unforeseeable adverse events.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 83 9 Performance by commodity Management believes the following information presented by commodity Production provides a meaningful indication of the underlying financial and operating Total Copper production for FY2024 increased by 9 per cent to 1,865 kt. performance of the assets, including equity accounted investments, of each reportable segment. Information relating to assets that are accounted Escondida copper production increased by 7 per cent to 1,125 kt primarily for as equity accounted investments is shown to reflect BHP’s share, due to higher concentrator feed grade of 0.88 per cent, compared to 0.82 unless otherwise noted, to provide insight into the drivers of these assets. per cent in FY2023. The positive impact of the higher grade was partially offset by planned lower cathode production as a result of prioritising For more information as to the statutory determination of our concentrator throughput in prior years. reportable segments refer to Financial Statements note 1 Pampa Norte copper production decreased by 8 per cent to 266 kt including ‘Segment reporting’ a record 255 kt at Spence and 11 kt at Cerro Colorado. Spence production Unit costs is one of our non-IFRS financial measures used to monitor the increased 6 per cent driven by improved concentrator throughput and performance of our individual assets and is included in the analysis of each increases in both concentrator feed grade and recoveries, partially offset by reportable segment. lower cathode production in line with expected decline in stacked feed grade. Cerro Colorado entered temporary care and maintenance in December 2023. For the definition and method of calculation of our non-IFRS Copper South Australia copper production increased by 39 per cent to financial measures, including Underlying EBITDA and Unit costs, 322 kt from the successful integration of OZ Minerals (OZL) following the refer to OFR 10 acquisition in FY2023. The processing of Prominent Hill and Carrapateena 9.1 Copper concentrate at Olympic Dam resulted in annual records for cathode and gold production at Olympic Dam. The successful commissioning and ramp Detailed below is financial and operating information for our Copper assets up of Crusher 2 led to record material mined and concentrate produced comparing FY2024 to FY2023. at Carrapateena. Antamina copper production increased by 4 per cent to 144 kt, as a result Year ended 30 June of record concentrator throughput offsetting planned lower feed grades. US$M 2024 2023 Zinc production was 17 per cent lower at 103 kt, as a result of planned Revenue 18,566 16,027 lower feed grades. Underlying EBITDA 8,564 6,653 Carajás produced 8.4 kt of copper and 5.8 troy koz of gold. Net operating assets 36,368 34,229 Financial results Capital expenditure 3,711 2,698 Copper revenue increased by US$2.5 billion to US$18.6 billion in FY2024 Underlying ROCE 13% 12% Total copper production (kt) 1,865 1,717 due to higher average realised copper prices and increased sales volumes following the successful integration of OZL following the acquisition Average realised prices in FY2023. Copper (US$/lb) 3.98 3.65 Underlying EBITDA for Copper increased by US$1.9 billion to Unit Costs US$8.6 billion. Price impacts, net of price-linked costs, increased Underlying EBITDA by US$1.4 billion. Higher sales volumes increased Escondida (US$/lb) 1.45 1.40 Spence (US$/lb) 2.13 2.11 Underlying EBITDA by US$0.6 billion driven by the successful integration of OZL, higher feed grade at Escondida and record concentrate production Copper South Australia (US$/lb)1 1.37 – at Spence offset by planned lower cathode volumes at Spence. Controllable cash costs increased by US$0.2 billion, primarily due to higher 1. FY2023 comparative is not disclosed as Copper South Australia includes Olympic Dam as well as Prominent Hill and Carrapateena which were acquired on 2 May 2023 as part maintenance at Escondida and higher exploration spend at Copper South of the acquisition of OZL which only contributed to the performance of the business from Australia (Copper SA) for drilling activities at Oak Dam. the date of acquisition. Favourable foreign exchange rate movements increased EBITDA by Key drivers of Copper’s financial results US$0.3 billion. Inflation negatively impacted Underlying EBITDA by US$0.3 billion but Price overview was offset by lower fuel, energy and consumable price movements of Copper prices rose in H2 FY2024, with the LME official cash settlement US$0.3 billion. An increase in Non-cash costs of US$0.3 billion related price hitting a new record high in May on bullish investor sentiment, fuelled to lower stripping capitalisation at Escondida and Spence, reflecting the by expectations of lower interest rates in the United States, possible copper phase of the respective mine plans. smelter cuts in China and the LME banning the delivery of Russian metal. However, copper prices then moderated by the end of FY2024 reflecting Outlook underlying near-term fundamentals with weak Chinese demand and Total Copper production of between 1,845 and 2,045 kt is expected rising stocks. In the near term, slowing demand growth in China due to in FY2025. continued weakness in the real estate sector is expected to be partially Escondida production of between 1,180 and 1,300 kt is expected in offset by more positive trends in power grid spending and consumer durable FY2025, reflecting both an expected increase in concentrator feed grade goods. We anticipate Europe will be slower to recover from weakness in and throughput compared to FY2024. manufacturing, while the United States will continue to improve more swiftly Spence production of between 240 and 270 kt is expected in FY2025. due to a more resilient underlying economy. We now expect CY2024 to be in marginal surplus, a reflection of softer demand expectations for China and Copper South Australia production of between 310 and 340 kt is expected higher supply. In the medium to longer term, traditional demand (such as in FY2025. home building, electrical equipment and household appliances) is expected Antamina copper production of between 115 to 135 kt due to mine to remain solid and demand from emerging sectors, such as artificial sequencing resulting in lower throughput, and zinc production of between intelligence and data centres, should add to this. The decarbonisation 90 and 110 kt is expected in FY2025. megatrend is also expected to bolster demand. We anticipate that the cost Escondida unit costs in FY2025 are expected to be between US$1.30 and curve required to meet that demand is likely to steepen as challenges to US$1.60 per pound (at an exchange rate of USD/CLP 842). the development of new resources progressively increase. This implies that should deficits occur in this phase, as we expected they will, fly-up pricing Spence unit costs in FY2025 are expected to be between US$2.00 and may well occur and in turn this could spur inducement of new, higher cost US$2.30 per pound (at an exchange rate of USD/CLP 842). supply in the long term. Copper South Australia unit costs in FY2025 are expected to be between US$1.30 and US$1.80 per pound (at an exchange rate of AUD/USD 0.66).

84 BHP Annual Report 2024 9 Performance by commodity continued 9.2 Iron Ore Financial results Total Iron Ore revenue increased by US$3.1 billion to US$28.0 billion Detailed below is financial and operating information for our Iron Ore in FY2024, reflecting higher average realised prices and higher sales assets comparing FY2024 to FY2023. volumes as a result of record production from strong supply chain Year ended 30 June performance with increased capacity unlocked by PDP1 and record US$M 2024 2023 production at South Flank. Revenue 27,952 24,812 Underlying EBITDA for Iron Ore increased by US$2.2 billion to US$18.9 billion primarily due to higher average realised prices, net of Underlying EBITDA 18,913 16,692 Net operating assets 13,812 16,956 price-linked costs, of US$2.0 billion. Higher sales volumes increased Underlying EBITDA by US$0.6 billion driven by record production partially Capital expenditure 2,033 1,966 offset by US$0.2 billion of higher controllable cash costs as we ramped Underlying ROCE 83% 67% up South Flank and increased production. Other items, such as inflation and unfavourable foreign exchange rate impacts, were partially offset by Total iron ore production (Mt) 260 257 lower fuel, energy and consumable price movements collectively reduced Average realised prices Underlying EBITDA by US$0.2 billion. Iron ore (US$/wmt, FOB) 101.04 92.54 Outlook Unit Costs WAIO production is expected to be between 250 and 260 Mt (282 and WAIO (US$/t) 18.19 17.79 294 Mt on a 100 per cent basis) in FY2025 as the Group ramps up the Key drivers of Iron Ore’s financial results planned tie-in activities for RTP1. WAIO unit costs in FY2025 are expected to be between US$18.00 and Price overview US$19.50 per tonne (based on an exchange rate of AUD/USD 0.66). Iron ore consumption in China was strong in CY2023. In contrast, steel Samarco production is expected to be between 5 and 5.5 Mt (BHP share) output continued to contract in developed regions albeit at a slower rate than in FY2025 with the second concentrator expected to come online during previous years. Over the next two years we expect a small improvement in Q3 FY2025. global steel production with growth led by India and Southeast Asia, with some additional growth from a recovery in developed regions. After a strong 9.3 Coal CY2023, we expect Chinese blast furnace run rates to ease in CY2024, under pressure from subdued steel margins and the potential for policy- Detailed below is financial and operating information for our Coal assets driven production controls. During H2 FY2024, iron ore prices first declined comparing FY2024 to FY2023. and then traded in the range of around US$100 to US$120/t. A widening surplus has emerged with Chinese port inventories rising to elevated levels. Year ended 30 June For the balance of CY2024 and into CY2025, we expect supply from low-cost US$M 2024 2023 major iron ore producers to grow while iron ore consumption is experiencing Revenue 7,666 10,958 a modest decline. Our estimate of real-time cost support continues to sit in Underlying EBITDA 2,290 4,998 the US$80 – US$100/t range on a 62% Fe CFR basis. Should surpluses persist as we forecast, we would expect some high-cost suppliers may be Net operating assets 6,472 7,266 driven out of the market over time. How quickly and effectively the Chinese Capital expenditure 646 657 policies targeted at the property sector stabilise it, and the government’s Underlying ROCE 19% 47% approach to regulating steel production, will both be large swing factors for Total steelmaking coal production (Mt) 22 29 the remainder of CY2024 and into CY2025. In the medium term, China’s Total energy coal production (Mt) 15 14 demand for iron ore is expected to be lower than it is today as it moves beyond the crude steel production plateau and as the ratio of scrap-based Average realised prices steelmaking rises. We maintain our view that China’s steel production has Steelmaking coal (US$/t) 266.06 271.05 plateaued above 1.0 and this is likely to continue across the mid-2020s. However, Chinese pig iron production is expected to decline during this Hard coking coal (HCC) (US$/t) 273.03 273.59 period with more recycled scrap used in steelmaking. We expect demand for Weak coking coal (WCC) (US$/t) 205.54 251.13 our products in other developing regions in Asia to offset this to a degree. Thermal coal (US$/t) 121.52 236.51 Production Unit Costs BMA (US$/t) 119.54 96.46 Total Iron Ore production increased by 1 per cent to a record 260 Mt. WAIO achieved record production of 255 Mt (287 Mt on a 100 per cent Key drivers of Coal’s financial results basis), reflecting strong supply chain performance with increased capacity unlocked by the Port Debottlenecking Project 1 (PDP1) and record Price overview production at South Flank. These more than offset the impacts of the Across FY2024 steelmaking coal prices were relatively stable with an overall continued tie-in activity for the Rail Technology Programme 1 (RTP1). slight decline in prices. The demand picture was mixed with strong Indian South Flank completed ramp up to full production capacity of 80 Mtpa (100 steel production growth and recovery in the EU from the lows of CY2023, per cent basis) in FY2024 and following commissioning in December 2023, offsetting output contractions in both Northeast Asia and North America. ramp up of PDP1 remains on track to be completed in CY2024. Against this backdrop, Australian supply recovered slower than expectations, Samarco production increased by 5 per cent to 4.7 Mt (BHP share), as a while Mongolian exports continued to surge. Notwithstanding recent supply result of higher concentrator throughput. side challenges, we still expect a modest recovery of seaborne supply in the near term. Meanwhile, availability of land borne imports into China and operational recovery of Chinese domestic mines are key uncertainties. On seaborne demand, India is expected to maintain its current strong momentum while OECD importing regions are likely to experience a gradual pickup in their steel industries. While seaborne supply in the steelmaking coal market is expected see a marginal surplus in CY2025, the supply of higher-quality coals is likely to stay relatively tight. Over the longer term, we expect that higher-quality steelmaking coals, such as those produced by our BMA assets, will be valued for their role in reducing the GHG emissions intensity of blast furnaces and, combined with the growth of the steel industry in hard coking coal importing countries such as India, will have growing and resilient demand for decades to come. With the major seaborne supply region of Queensland being currently less conducive to long-life capital investment as a result of changes to the royalty regime, the scarcity value of higher-quality steelmaking coals may well also increase over time.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 85 Production Financial results Steelmaking coal Western Australia Nickel Revenue decreased by US$0.5 billion to BMA production decreased by 23 per cent to 22.3 Mt (44.6 Mt on a 100 US$1.5 billion in FY2024, reflecting lower average realised prices. per cent basis) as a result of increased stripping to improve supply chain Underlying EBITDA for Western Australia Nickel decreased by stability and restore depleted inventory positions, which arose from US$0.5 billion to a loss of US$0.3 billion. Price impacts, net of price-linked extended weather impacts and labour constraints over recent years, and costs, decreased Underlying EBITDA by US$0.4 billion. Controllable cash the divestment of Blackwater and Daunia on 2 April 2024. Production was costs increased by US$0.1 billion due to increased third-party ore also impacted by an extended longwall move and geotechnical faulting purchases following delivery issues in FY2023. at Broadmeadow during H1 FY2024, and the temporary suspension of operations following the fatality of a team member at Saraji. Blackwater and Outlook Daunia produced 5 Mt (10 Mt on a 100 per cent basis) in FY2024 prior to On 11 July 2024, we announced the temporary suspension of operations at their divestment. Western Australia Nickel and that operations will be suspended by October 2024 and handover activities for temporary suspension will be completed Energy coal by December 2024. BHP intends to review the decision to temporarily NSWEC production increased by 8 per cent to 15.4 Mt due to strong suspend Western Australia Nickel by February 2027. operating performance as improved weather and labour availability enabled an uplift in truck productivity. Potash Financial results Potash recorded an Underlying EBITDA loss of US$255 million in FY2024, compared to a loss of US$205 million in FY2023. Coal revenue decreased by US$3.3 billion to US$7.7 billion in FY2024 mainly due to lower average realised prices, lower volumes at Jansen Stage 1 is 52 per cent complete and remains on track for first BMA as a result of increased stripping to improve supply chain stability production in late CY2026 with a two-year expected ramp up period. and the divestment of Blackwater and Daunia, partially offset by higher The engineering work and execution of procurement agreements is largely volumes at NSWEC due to strong operating performance. complete. In FY2024, a longer than usual summer season enabled early completion of the mill’s foundation. In FY2025, underground and surface Underlying EBITDA for Coal decreased by US$2.7 billion to US$2.3 billion. construction works will continue, including structural, mechanical and Price impacts, net of price-linked costs, decreased Underlying EBITDA by electrical activities for the mill areas. The Group also expects to complete US$1.5 billion. the conversion of the service shaft headframe to a permanent structure. Lower sales volumes of US$1.0 billion were due to lower production at Jansen Stage 2 execution activity has now commenced and is 2 per BMA, including the divestment of Blackwater and Daunia, partially offset cent complete, with first production expected in FY2029, followed by an by higher production at NSWEC. Inflation negatively impacted Underlying expected three-year ramp-up period. In FY2025, the focus will be on EBITDA by US$0.1 billion and controllable cash costs increased by detailed engineering, procurement for major equipment and construction US$0.1 billion from higher stripping and contractor costs to support higher packages, and structural steel fabrication. production at NSWEC. Price overview Outlook Potash demand has been strong in CY2024, after a sharp rebound in BMA coal production for FY2025 is expected to be between 16.5 and CY2023, with global potash shipments this year estimated to return to its 19 Mt (33 and 38 Mt on a 100 per cent basis), reflecting the divestment of previous CY2020 peak level of 72 Mtpa, driven by good affordability and Blackwater and Daunia and impact of elevated strip ratios as we continue to inventory build-up. In the medium-term existing capacity in the FSU is improve supply chain stability and re-establish raw coal inventory positions. expected to trend back to normal operating rates, while new supply could BMA unit costs in FY2025 are expected to be between US$112 and also come from the region, including some expansion projects potentially US$124 per tonne (based on an exchange rate of AUD/USD 0.66). resuming construction. Longer term, we believe that potash stands to NSWEC coal production for FY2025 is expected to be between 13 and 15 Mt. benefit from the intersection of global megatrends: rising population, changing diets and the need for the more sustainable intensification of 9.4 Other assets agriculture on the globe’s finite arable land. We consider this compelling demand picture, rising geopolitical uncertainty and the maturity of the existing production asset base to provide an attractive entry opportunity in Detailed below is an analysis of Other assets’ financial and operating a lower-risk supply jurisdiction such as Saskatchewan, Canada. performance comparing FY2024 to FY2023. Western Australia Nickel 9.5 Impact of changes to commodity prices The prices we obtain for our products are a key driver of value for BHP. Key drivers of Western Australia Nickel’s Fluctuations in these commodity prices affect our results, including cash financial results flows and asset values. The estimated impact of changes in commodity Price overview prices in FY2024 on our key financial measures is set out below. The nickel industry moved into significant surplus during CY2023. Impact on Indonesia produced almost 20 per cent of global primary nickel in CY2019, Impact on profit Underlying and that share increased to over 50 per cent by CY2023. This came at a time after taxation EBITDA of weak traditional stainless steel demand in the OECD, and global battery (US$M) (US$M) value chain destocking. The nickel market weakness has continued into US¢1/lb on copper price 26 37 CY2024 albeit with a brief price rebound in May on supply curtailments and US$1/t on iron ore price 163 233 disruptions in Australia and New Caledonia. On the demand side, electric US$1/t on steelmaking coal price 7 10 vehicle sales remained solid in China, but penetration rates in the OECD US$1/t on energy coal price 10 14 have slowed in parallel with weaker traditional stainless steel demand for nickel, which caused global visible nickel stocks to rise. These trends are US¢1/lb on nickel price 1 1 expected to continue into CY2025 suggesting that the market will remain in surplus over that period. While voluntary curtailments continue to occur across the industry, including by BHP, these are still not near the scale that would be expected to balance the market near term. We estimate that we are still in a multi-year run of surpluses. Longer term, we see the market rebalancing in the late 2020s as we continue to believe nickel will be a core beneficiary of the electrification megatrend. Production Nickel West production increased by 2 per cent to 81.6 kt, as we produced a higher proportion of the lower value matte products as a result of increased maintenance at Kwinana Refinery and severe weather events.

86 BHP Annual Report 2024 10 Non-IFRS financial information We use various non-IFRS financial information to reflect our underlying financial performance. Non-IFRS financial information is not defined or specified under the requirements of IFRS, but is derived from the Group’s Consolidated Financial Statements prepared in accordance with IFRS. The non-IFRS financial information and the below reconciliations included in this Report are unaudited. The non-IFRS financial information presented is consistent with how management reviews financial performance of the Group with the Board and the investment community. Sections 10.1 and 10.2 outline why we believe non-IFRS financial information is useful and the calculation methodology. We believe non-IFRS financial information provides useful information, however should not be considered as an indication of, or as a substitute for, statutory measures as an indicator of actual operating performance (such as profit or net operating cash flow) or any other measure of financial performance or position presented in accordance with IFRS, or as a measure of a company’s profitability, liquidity or financial position. The following tables provide reconciliations between non-IFRS financial information and their nearest respective IFRS measure. Exceptional items To improve the comparability of underlying financial performance between reporting periods, some of our non-IFRS financial information adjusts the relevant IFRS measures for exceptional items. For more information on exceptional items refer to Financial Statements note 3 ‘Exceptional items’ Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Group’s Consolidated Financial Statements. The exceptional items included within the Group’s profit for the financial years are detailed below. 2024 2023 2022 Year ended 30 June US$M US$M US$M Continuing operations Revenue - —Other income 877—840 Expenses excluding net finance costs, depreciation, amortisation and impairments (139) (103) (494) Depreciation and amortisation -—-Net impairments (3,800) —(Loss)/profit from equity accounted investments, related impairments and expenses (3,032) 215 (676) Profit/(loss) from operations (6,094) 112 (330) Financial expenses (506) (452) (290) Financial income -—-Net finance costs (506) (452) (290) Profit/(loss) before taxation (6,600) (340) (620) Income tax (expense)/benefit 837 (266) (454) Royalty-related taxation (net of income tax benefit) - —Total taxation (expense)/benefit 837 (266) (454) Profit/(loss) after taxation from Continuing operations (5,763) (606) (1,074) Discontinued operations Profit/(loss) after taxation from Discontinued operations -—8,159 Profit/(loss) after taxation from Continuing and Discontinued operations (5,763) (606) 7,085 Total exceptional items attributable to non-controlling interests—(107) -Total exceptional items attributable to BHP shareholders (5,763) (499) 7,085 Exceptional items attributable to BHP shareholders per share (US cents) (113.7) (9.8) 140.0 Weighted basic average number of shares (Million) 5,068 5,064 5,061

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 87 Non-IFRS financial information derived from Consolidated Income Statement Underlying attributable profit 2024 2023 2022 Year ended 30 June US$M US$M US$M Profit after taxation from Continuing and Discontinued operations attributable to BHP shareholders 7,897 12,921 30,900 Total exceptional items attributable to BHP shareholders1 5,763 499 (7,085) Underlying attributable profit 13,660 13,420 23,815 1. For more information refer to Financial Statements note 3 ‘Exceptional items’. Underlying basic earnings per share 2024 2023 2022 Year ended 30 June US cents US cents US cents Basic earnings per ordinary share 155.8 255.2 610.6 Exceptional items attributable to BHP shareholders per share1 113.7 9.8 (140.0) Underlying basic earnings per ordinary share 269.5 265.0 470.6 1. For more information refer to Financial Statements note 3 ‘Exceptional items’. Underlying attributable profit – Continuing operations 2024 2023 2022 Year ended 30 June US$M US$M US$M Profit after taxation from Continuing and Discontinued operations attributable to BHP shareholders 7,897 12,921 30,900 (Profit)/loss after taxation from Discontinued operations attributable to members of BHP -—(10,655) Total exceptional items attributable to BHP shareholders1 5,763 499 (7,085) Total exceptional items attributable to BHP shareholders for Discontinued operations2 -—8,159 Underlying attributable profit – Continuing operations 13,660 13,420 21,319 1. For more information refer to Financial Statements note 3 ‘Exceptional items’. 2. For more information refer to Financial Statements note 28 ‘Discontinued operations’. Underlying basic earnings per share – Continuing operations 2024 2023 2022 Year ended 30 June US$M US$M US$M Underlying attributable profit – Continuing operations 13,660 13,420 21,319 Weighted basic average number of shares (Million) 5,068 5,064 5,061 Underlying attributable earnings per ordinary share – Continuing operations (US cents) 269.5 265.0 421.2 Underlying EBITDA 2024 2023 2022 Year ended 30 June US$M US$M US$M Profit from operations 17,537 22,932 34,106 Exceptional items included in profit from operations1 6,094 (112) 330 Underlying EBIT 23,631 22,820 34,436 Depreciation and amortisation expense 5,295 5,061 5,683 Net impairments 3,890 75 515 Exceptional item included in Depreciation, amortisation and impairments1 (3,800) —Underlying EBITDA 29,016 27,956 40,634 1. For more information refer to Financial Statements note 3 ‘Exceptional items’.

88 BHP Annual Report 2024 10 Non-IFRS financial information continued Underlying EBITDA – Segment Group and unallocated Year ended 30 June 2024 items/ US$M Copper Iron Ore Coal eliminations2 Total Group Profit from operations 6,524 13,759 2,557 (5,303) 17,537 Exceptional items included in profit from operations1—3,066 (880) 3,908 6,094 Depreciation and amortisation expense 2,023 2,027 611 634 5,295 Net impairments 17 61 2 3,810 3,890 Exceptional item included in Depreciation, amortisation and impairments1 ——(3,800) (3,800) Underlying EBITDA 8,564 18,913 2,290 (751) 29,016 Group and unallocated Year ended 30 June 2023 items/ US$M Copper Iron Ore Coal eliminations2 Total Group Profit from operations 4,810 14,847 4,295 (1,020) 22,932 Exceptional items included in profit from operations1—(176)—64 (112) Depreciation and amortisation expense 1,810 1,993 697 561 5,061 Net impairments 33 28 6 8 75 Underlying EBITDA 6,653 16,692 4,998 (387) 27,956 Group and unallocated Year ended 30 June 2022 items/ US$M Copper Iron Ore Coal eliminations2 Total Group Profit from operations 6,330 18,742 9,582 (548) 34,106 Exceptional items included in profit from operations1—729 (849) 450 330 Depreciation and amortisation expense 1,765 2,203 762 953 5,683 Net impairments 470 33 9 3 515 Underlying EBITDA 8,565 21,707 9,504 858 40,634 1. For more information refer to Financial Statements note 3 ‘Exceptional items’. 2. Group and unallocated items includes functions, other unallocated operations including Potash, Western Australia Nickel (which comprises the Nickel West operations and, following the OZ Minerals (OZL) acquisition on 2 May 2023, the West Musgrave project), legacy assets and consolidation adjustments. Exceptional Exceptional items included items included Depreciation in Depreciation, Year ended 30 June 2024 Profit from in profit from and Net amortisation and Underlying US$M operations operations1 amortisation impairments impairments1 EBITDA Potash (257)—2 — (255) Western Australia Nickel2 (4,174) 3,800 72 3,800 (3,800) (302) Other3 (872) 108 560 10—(194) Total (5,303) 3,908 634 3,810 (3,800) (751) Exceptional Exceptional items included items included Depreciation in Depreciation, Year ended 30 June 2023 Profit from in profit from and Net amortisation and Underlying US$M operations operations1 amortisation impairments impairments1 EBITDA Potash (207)—2 — (205) Western Australia Nickel2 55—105 2—162 Other3 (868) 64 454 6—(344) Total (1,020) 64 561 8—(387) Exceptional Exceptional items included items included Depreciation in Depreciation, Year ended 30 June 2022 Profit from in profit from and Net amortisation and Underlying US$M operations operations1 amortisation impairments impairments1 EBITDA Potash (149)—2 — (147) Western Australia Nickel2 327—91 2—420 Other3 (726) 450 860 1—585 Total (548) 450 953 3—858 1. For more information refer to Financial Statements note 3 ‘Exceptional items’. 2. Western Australia Nickel comprises the Nickel West operations and, following the OZL acquisition on 2 May 2023, the West Musgrave project. 3. Other includes functions, other unallocated operations, legacy assets and consolidation adjustments.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 89 Underlying EBITDA margin Group and unallocated Year ended 30 June 2024 items/ US$M Copper Iron Ore Coal eliminations1 Total Group Revenue – Group production 16,545 27,927 7,666 1,470 53,608 Revenue – Third-party products 2,021 25—4 2,050 Revenue 18,566 27,952 7,666 1,474 55,658 Underlying EBITDA – Group production 8,490 18,916 2,290 (753) 28,943 Underlying EBITDA – Third-party products 74 (3)—2 73 Underlying EBITDA2 8,564 18,913 2,290 (751) 29,016 Segment contribution to the Group’s Underlying EBITDA3 29% 64% 7% 100% Underlying EBITDA margin4 51% 68% 30% 54% Group and unallocated Year ended 30 June 2023 items/ US$M Copper Iron Ore Coal eliminations1 Total Group Revenue – Group production 14,164 24,791 10,958 2,009 51,922 Revenue – Third-party products 1,863 21—11 1,895 Revenue 16,027 24,812 10,958 2,020 53,817 Underlying EBITDA – Group production 6,635 16,693 4,998 (387) 27,939 Underlying EBITDA – Third-party products 18 (1) — 17 Underlying EBITDA2 6,653 16,692 4,998 (387) 27,956 Segment contribution to the Group’s Underlying EBITDA3 23% 59% 18% 100% Underlying EBITDA margin4 47% 67% 46% 54% Group and unallocated Year ended 30 June 2022 items/ US$M Copper Iron Ore Coal eliminations1 Total Group Revenue – Group production 13,946 30,748 15,549 1,860 62,103 Revenue – Third-party products 2,903 19—73 2,995 Revenue 16,849 30,767 15,549 1,933 65,098 Underlying EBITDA – Group production 8,529 21,707 9,504 858 40,598 Underlying EBITDA – Third-party products 36 ——36 Underlying EBITDA2 8,565 21,707 9,504 858 40,634 Segment contribution to the Group’s Underlying EBITDA3 22% 54% 24% 100% Underlying EBITDA margin4 61% 71% 61% 65% 1. Group and unallocated items includes functions, other unallocated operations including Potash, Western Australia Nickel (which comprises the Nickel West operations and, following the OZL acquisition on 2 May 2023, the West Musgrave project), legacy assets and consolidation adjustments. 2. We differentiate sales of our production (which may include third-party product feed) from direct sales of third-party products to better measure our operational profitability as a percentage of revenue. We may buy and sell third-party products to ensure a steady supply of product to our customers where there is occasional production variability or shortfalls from our assets. 3. Percentage contribution to Group Underlying EBITDA, excluding Group and unallocated items. 4. Underlying EBITDA margin excludes third-party products. Effective tax rate 2024 2023 2022 Profit Income Profit Income Profit Income before tax before tax before tax taxation expense taxation expense taxation expense Year ended 30 June US$M US$M % US$M US$M % US$M US$M % Statutory effective tax rate 16,048 (6,447) 40.2 21,401 (7,077) 33.1 33,137 (10,737) 32.4 Adjusted for: Exchange rate movements—(79)—94—(233) Exceptional items1 6,600 (837) 340 266 620 454 Adjusted effective tax rate 22,648 (7,363) 32.5 21,741 (6,717) 30.9 33,757 (10,516) 31.2 1. For more information refer to Financial Statements note 3 ‘Exceptional items’.

90 BHP Annual Report 2024 10 Non-IFRS financial information continued Non-IFRS financial information derived from Consolidated Cash Flow Statement Capital and exploration expenditure 2024 2023 2022 Year ended 30 June US$M US$M US$M Capital expenditure (purchases of property, plant and equipment) 8,816 6,733 5,855 Add: Exploration and evaluation expenditure 457 350 256 Capital and exploration expenditure (cash basis) – Continuing operations 9,273 7,083 6,111 Capital expenditure (purchases of property, plant and equipment) – Discontinued operations -—1,050 Add: Exploration and evaluation expenditure – Discontinued operations -—384 Capital and exploration expenditure (cash basis) – Discontinued operations -—1,434 Capital and exploration expenditure (cash basis) – Total operations 9,273 7,083 7,545 Free cash flow 2024 2023 2022 Year ended 30 June US$M US$M US$M Net operating cash flows from Continuing operations 20,665 18,701 29,285 Net investing cash flows from Continuing operations (8,762) (13,065) (4,973) Free cash flow – Continuing operations 11,903 5,636 24,312 Net operating cash flows from Discontinued operations -—2,889 Net investing cash flows from Discontinued operations -—(904) Net cash completion payment on merger of Petroleum with Woodside -—(683) Cash and cash equivalents disposed on merger of Petroleum with Woodside -—(399) Free cash flow – Discontinued operations -—903 Free cash flow – Total operations 11,903 5,636 25,215 Non-IFRS financial information derived from Consolidated Balance Sheet Net debt and gearing ratio 2024 2023 2022 Year ended 30 June US$M US$M US$M Interest bearing liabilities – Current 2,084 7,173 2,622 Interest bearing liabilities – Non-current 18,634 15,172 13,806 Total interest bearing liabilities 20,718 22,345 16,428 Comprising: Borrowing 17,602 19,326 13,852 Lease liabilities 3,116 3,019 2,576 Less: Lease liability associated with index-linked freight contracts 511 287 274 Less: Cash and cash equivalents 12,501 12,428 17,236 Less: Net debt management related instruments1 (1,395) (1,572) (1,688) Less: Net cash management related instruments2 (19) 36 273 Less: Total derivatives included in net debt (1,414) (1,536) (1,415) Net debt 9,120 11,166 333 Net assets 49,120 48,530 48,766 Gearing 15.7% 18.7% 0.7% 1. Represents the net cross currency and interest rate swaps included within current and non-current other financial assets and liabilities. 2. Represents the net forward exchange contracts related to cash management included within current and non-current other financial assets and liabilities.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 91 Net debt waterfall 2024 2023 Year ended 30 June US$M US$M Net debt at the beginning of the period (11,166) (333) Net operating cash flows 20,665 18,701 Net investing cash flows (8,762) (13,065) Net financing cash flows (11,669) (10,315) Net increase/(decrease) in cash and cash equivalents from Continuing and Discontinued operations 234 (4,679) Carrying value of interest bearing liability net repayments/(proceeds) 2,236 (4,893) Carrying value of debt related instruments settlements 321 677 Carrying value of cash management related instruments proceeds (361) (331) Fair value change on hedged loans 214 803 Fair value change on hedging derivatives (188) (691) Foreign currency exchange rate changes on cash and cash equivalents (159) (134) Lease additions (excluding leases associated with index-linked freight contracts) (429) (472) Acquisition of subsidiaries and operations1—(1,111) Divestment of subsidiaries and operations2 60—Other 118 (2) Non-cash movements (384) (1,607) Net debt at the end of the period (9,120) (11,166) 1. US$1,111 million of Interest bearing liabilities were acquired on 2 May 2023 as part of the acquisition of OZL. Excludes US$104 million cash acquired which is included in Net investing cash flows. 2. Relates to leases disposed as part of the Blackwater and Daunia mines divestment completed on 2 April 2024. Refer to Financial Statements note 3 ‘Exceptional items’ for further information. Net operating assets The following table reconciles Net operating assets for the Group to Net assets on the Consolidated Balance Sheet. 2024 2023 Year ended 30 June US$M US$M Net assets 49,120 48,530 Less: Non-operating assets Cash and cash equivalents (12,501) (12,428) Trade and other receivables1 (306) (26) Other financial assets2 (1,398) (996) Current tax assets (314) (508) Deferred tax assets (67) (56) Add: Non-operating liabilities Trade and other payables3 297 277 Interest bearing liabilities 20,718 22,345 Other financial liabilities4 1,558 1,764 Current tax payable 884 611 Non-current tax payable 40 68 Deferred tax liabilities 3,332 4,299 Net operating assets 61,363 63,880 Net operating assets Copper 36,368 34,229 Iron Ore 13,812 16,956 Coal 6,472 7,266 Group and unallocated items5 4,711 5,429 Total 61,363 63,880 1. Represents external finance receivable, receivables related to divestment of subsidiaries and operations and accrued interest receivable included within other receivables. 2. Represents cross currency and interest rate swaps, forward exchange contracts related to cash management and investment in shares, other investments, deferred receivable from divestment of subsidiaries and operations and associated receivables contingent on outcome of future events relating to realised commodity prices. 3. Represents accrued interest payable included within other payables. 4. Represents cross currency and interest rate swaps and forward exchange contracts related to cash management. 5. Group and unallocated items includes functions, other unallocated operations including Potash, Western Australia Nickel (which comprises the Nickel West operations and, following the OZL acquisition on 2 May 2023, the West Musgrave project), legacy assets and consolidation adjustments.

92 BHP Annual Report 2024 10 Non-IFRS financial information continued Other non-IFRS financial information Principal factors that affect Revenue, Profit from operations and Underlying EBITDA The following table describes the impact of the principal factors that affected Revenue, Profit from operations and Underlying EBITDA for FY2024 and relates them back to our Consolidated Income Statement. For information on the method of calculation of the principal factors that affect Revenue, Profit from operations and Underlying EBITDA refer to OFR 10.2 Total expenses, Other income Depreciation, and Profit/(loss) amortisation and from equity impairments and accounted Profit from Exceptional Underlying Revenue investments operations Items EBITDA US$M US$M US$M US$M US$M Year ended 30 June 2023 Revenue 53,817 Other income 394 Expenses excluding net finance costs (31,873) Profit/(loss) from equity accounted investments, related impairments and expenses 594 Total other income, expenses excluding net finance costs and Profit/(loss) from equity accounted investments, related impairments and expenses (30,885) Profit from operations 22,932 Depreciation, amortisation and impairments1 5,136 Exceptional item included in Depreciation, amortisation and impairments -Exceptional items (112) Underlying EBITDA 27,956 Change in sales prices 1,476—1,476—1,476 Price-linked costs—108 108—108 Net price impact 1,476 108 1,584—1,584 Change in volumes 55 (45) 10—10 Operating cash costs—(655) (655)—(655) Exploration and business development—(118) (118)—(118) Change in controllable cash costs2—(773) (773)—(773) Exchange rates (1) 254 253—253 Inflation on costs—(686) (686)—(686) Fuel, energy and consumable price movements—487 487—487 Non-cash—(301) (301)—(301) One-off items—316 316—316 Change in other costs (1) 70 69—69 Asset sales—38 38—38 Ceased and sold operations (983) 473 (510)—(510) New and acquired operations 918 (390) 528—528 Other 376 (262) 114—114 Depreciation, amortisation and impairments—(249) (249) 249 -Exceptional items—(6,206) (6,206) 6,206—Year ended 30 June 2024 Revenue 55,658 Other income 1,285 Expenses excluding net finance costs (36,750) (Loss)/profit from equity accounted investments, related impairments and expenses (2,656) Total other income, expenses excluding net finance costs and (loss)/profit from equity accounted investments, related impairments and expenses (38,121) Profit from operations 17,537 Depreciation, amortisation and impairments1 9,185 Exceptional item included in Depreciation, amortisation and impairments (3,800) Exceptional items 6,094 Underlying EBITDA 29,016 1. Depreciation and impairments that we classify as exceptional items are excluded from depreciation, amortisation and impairments. Depreciation, amortisation and impairments includes non-exceptional impairments of US$90 million (FY2023: US$75 million). 2. Collectively, we refer to the change in operating cash costs and change in exploration and business development as Change in controllable cash costs. Operating cash costs by definition do not include non-cash costs. The change in operating cash costs also excludes the impact of exchange rates and inflation, changes in fuel, energy costs and consumable costs, changes in exploration and evaluation and business development costs and one-off items. These items are excluded so as to provide a consistent measurement of changes in costs across all segments, based on the factors that are within the control and responsibility of the segment.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 93 Underlying return on capital employed (ROCE) 2024 2023 2022 Year ended 30 June US$M US$M US$M Profit after taxation from Continuing and Discontinued operations 9,601 14,324 33,055 Exceptional items1 5,763 606 (7,085) Subtotal 15,364 14,930 25,970 Adjusted for: Net finance costs 1,489 1,531 1,128 Exceptional items included within net finance costs1 (506) (452) (290) Income tax expense on net finance costs (303) (342) (287) Profit after taxation excluding net finance costs and exceptional items 16,044 15,667 26,521 Net assets at the beginning of the period 48,530 48,766 55,605 Net debt at the beginning of the period 11,166 333 4,121 Capital employed at the beginning of the period 59,696 49,099 59,726 Net assets at the end of the period 49,120 48,530 48,766 Net debt at the end of the period 9,120 11,166 333 Capital employed at the end of the period 58,240 59,696 49,099 Average capital employed 58,968 54,398 54,413 Underlying return on capital employed 27.2% 28.8% 48.7% 1. For more information refer to Financial Statements note 3 ‘Exceptional items’. Underlying return on capital employed (ROCE) by segment Group and unallocated Year ended 30 June 2024 items/ US$M Copper Iron Ore Coal eliminations1 Total Group Profit after taxation excluding net finance costs and exceptional items 4,099 11,877 1,254 (1,186) 16,044 Average capital employed 31,205 14,259 6,529 6,975 58,968 Underlying return on capital employed 13% 83% 19%—27.2% Group and unallocated Year ended 30 June 2023 items/ US$M Copper Iron Ore Coal eliminations1 Total Group Profit after taxation excluding net finance costs and exceptional items 3,293 10,300 2,970 (896) 15,667 Average capital employed 27,594 15,467 6,281 5,056 54,398 Underlying return on capital employed 12% 67% 47% – 28.8% 1. Group and unallocated items includes functions, other unallocated operations including Potash, Western Australia Nickel (which comprises the Nickel West operations and, following the OZL acquisition on 2 May 2023, the West Musgrave project), legacy assets and consolidation adjustments. Underlying return on capital employed (ROCE) by asset New South Year ended Western BHP Copper Western Wales 30 June 2024 Australia Mitsubishi Pampa South Australia Energy Total US$M Iron Ore Antamina Escondida Alliance Norte Australia1 Nickel2 Potash3 Coal4 Other Group Profit after taxation excluding net finance costs and exceptional items 11,939 440 2,912 1,038 296 671 (369) (265) 277 (895) 16,044 Average capital employed 19,732 1,404 10,677 6,731 4,224 14,578 1,269 5,303 (364) (4,586) 58,968 Underlying return on capital employed 61% 31% 27% 15% 7% 5%— ——27.2% New South Year ended Western BHP Copper Western Wales 30 June 2023 Australia Mitsubishi Pampa South Australia Energy Total US$M Iron Ore Antamina Escondida Alliance Norte Australia1 Nickel2 Potash3 Coal4 Other Group Profit after taxation excluding net finance costs and exceptional items 10,318 426 2,808 1,837 131 166 (51) (137) 1,212 (1,043) 15,667 Average capital employed 19,420 1,314 10,183 6,672 4,278 11,681 1,635 4,020 (591) (4,214) 54,398 Underlying return on capital employed 53% 32% 28% 28% 3% 1% (3%) ——28.8% 1. Includes Olympic Dam as well as Prominent Hill and Carrapateena which were acquired on 2 May 2023 as part of the acquisition of OZ Minerals Ltd. 2. Western Australia Nickel comprises the Nickel West operations and, following the OZL acquisition on 2 May 2023, the West Musgrave project. Western Australia Nickel ROCE has not been shown following the Group’s decision, announced on 11 July 2024, to temporarily suspend Nickel West operations and the West Musgrave project at Western Australia Nickel. 3. Potash ROCE has not been shown because it is distorted as the asset is non-producing and in its development phase. 4. NSWEC ROCE has not been shown as it is distorted by negative capital employed due to the rehabilitation provision being the primary balance remaining on Balance Sheet following previous impairments.

94 BHP Annual Report 2024 10 Non-IFRS financial information continued Unit costs Unit costs do not include the re-allocation to assets in FY2024 of the costs associated with the employee entitlements and allowances review conducted in FY2023, which were reported in Group and Unallocated in that period. The calculation of Escondida, Spence and Copper South Australia unit costs are set out in the tables below. Escondida unit costs Spence unit costs US$M FY2024 FY2023 FY2024 FY2023 Revenue 10,013 8,847 2,271 2,072 Underlying EBITDA 5,759 4,934 961 767 Gross costs 4,254 3,913 1,310 1,305 Less: by-product credits 523 459 105 137 Less: freight 194 202 49 48 Less: royalties 54 –—–Net costs 3,483 3,252 1,156 1,120 Sales (kt) 1,087 1,051 246 241 Sales (Mlb) 2,396 2,317 543 531 Cost per pound (US$)1 1.45 1.40 2.13 2.11 1. FY2024 based on average realised exchange rates of USD/CLP 907 (FY2023 USD/CLP 864). Copper South Australia unit costs US$M FY2024 Revenue 4,085 Underlying EBITDA 1,568 Gross costs 2,517 Less: by-product credits 1,354 Less: freight 57 Less: royalties 141 Less: re-allocation of costs associated with the employee entitlements and allowances review 14 Net costs 951 Sales (kt) 314 Sales (Mlb) 692 Cost per pound (US$)1,2 1.37 1. FY2024 based on an average realised exchange rate of AUD/USD 0.66. 2. FY2023 comparative is not disclosed as Copper South Australia includes Olympic Dam as well as Prominent Hill and Carrapateena which were acquired on 2 May 2023 as part of the acquisition of OZL which only contributed to the performance of the business from the date of acquisition. The calculation of WAIO unit costs is set out in the table below. WAIO unit costs US$M FY2024 FY2023 Revenue 27,805 24,678 Underlying EBITDA 18,964 16,660 Gross costs 8,841 8,018 Less: freight 2,182 1,876 Less: royalties 1,954 1,714 Less: re-allocation of costs associated with the employee entitlements and allowances review 48 -Net costs 4,657 4,428 Sales (kt, equity share) 255,977 248,883 Cost per tonne (US$)1 18.19 17.79 1. FY2024 based on an average realised exchange rate of AUD/USD 0.66 (FY2023 AUD/USD 0.67). The calculation of BMA unit costs is set out in the table below. BMA unit costs US$M FY2024 FY2023 Revenue 5,873 7,652 Underlying EBITDA 1,914 3,197 Gross costs 3,959 4,455 Less: freight 29 32 Less: royalties 1,260 1,667 Less: re-allocation of costs associated with the employee entitlements and allowances review 5 -Net costs 2,665 2,756 Sales (kt, equity share) 22,294 28,571 Cost per tonne (US$)1 119.54 96.46 1. FY2024 based on an average realised exchange rate of AUD/USD 0.66 (FY2023 AUD/USD 0.67).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 95 10.1 Definition and calculation of non-IFRS financial information Non-IFRS financial Reasons why we believe the non-IFRS information financial information are useful Calculation methodology Underlying attributable profit Allows the comparability of underlying financial performance by Profit after taxation from Continuing and Discontinued excluding the impacts of exceptional items. operations attributable to BHP shareholders excluding any Allows the comparability of underlying financial performance by exceptional items attributable to BHP shareholders. Underlying attributable profit excluding the impacts of exceptional items and the contribution of Underlying attributable profit from Continuing operations – Continuing operations Discontinued operations and is also the basis on which our dividend also excludes the contribution of Discontinued operations payout ratio policy is applied. from the above metrics. Underlying basic earnings On a per share basis, allows the comparability of underlying financial Underlying attributable profit divided by the weighted basic per share performance by excluding the impacts of exceptional items. average number of shares. Underlying basic earnings On a per share basis, allows the comparability of underlying financial Underlying attributable profit – Continuing operations per share performance by excluding the impacts of exceptional items and the divided by the weighted basic average number of shares. – Continuing operations contribution of Discontinued operations. Underlying EBITDA Used to help assess current operational profitability excluding the Earnings before net finance costs, depreciation, impacts of sunk costs (i.e. depreciation from initial investment). Each is amortisation and impairments, taxation expense, a measure that management uses internally to assess the performance Discontinued operations and exceptional items. of the Group’s segments and make decisions on the allocation of Underlying EBITDA includes BHP’s share of profit/(loss) resources. from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense/(benefit). Underlying EBITDA margin Underlying EBITDA excluding third-party product EBITDA, divided by revenue excluding third-party product revenue. Underlying EBIT Used to help assess current operational profitability excluding net Earnings before net finance costs, taxation expense, finance costs and taxation expense (each of which are managed at the Discontinued operations and any exceptional items. Group level) as well as Discontinued operations and any exceptional Underlying EBIT includes BHP’s share of profit/(loss) items. from investments accounted for using the equity method including net finance costs and taxation expense/(benefit). Profit from operations Earnings before net finance costs, taxation expense and Discontinued operations. Profit from operations includes Revenue, Other income, Expenses excluding net finance costs and BHP’s share of profit/(loss) from investments accounted for using the equity method including net finance costs and taxation expense/(benefit). Capital and exploration Used as part of our Capital Allocation Framework to assess efficient Purchases of property, plant and equipment and expenditure deployment of capital. Represents the total outflows of our operational exploration and evaluation expenditure including the investing expenditure. contribution of Discontinued operations. Capital and exploration Represents the total outflows of our operational investing expenditure Purchases of property, plant and equipment and expenditure excluding the contribution of Discontinued operations. exploration and evaluation expenditure. – Continuing operations Free cash flow It is a key measure used as part of our Capital Allocation Framework. Net operating cash flows less net investing cash flows. Reflects our operational cash performance inclusive of investment expenditure, which helps to highlight how much cash was generated in the period to be available for the servicing of debt and distribution to shareholders. Free cash flow Reflects our operational cash performance inclusive of investment Net operating cash flows from Continuing operations less – Continuing operations expenditure, but excluding the contribution of Discontinued operations. net investing cash flows from Continuing operations. Net debt Net debt shows the position of gross debt less index-linked freight Interest bearing liabilities less liability associated with contracts offset by cash immediately available to pay debt if required index-linked freight contracts less cash and cash and any associated derivative financial instruments. Liability associated equivalents less net cross currency and interest rate with index-linked freight contracts, which are required to be remeasured swaps less net cash management related instruments for to the prevailing freight index at each reporting date, are excluded from the Group at the reporting date. Gearing ratio the net debt calculation due to the short-term volatility of the index they Ratio of Net debt to Net debt plus Net assets. relate to not aligning with how the Group uses net debt for decision making in relation to the Capital Allocation Framework. Net debt includes the fair value of derivative financial instruments used to hedge cash and borrowings to reflect the Group’s risk management strategy of reducing the volatility of net debt caused by fluctuations in foreign exchange and interest rates. Net debt, along with the gearing ratio, is used to monitor the Group’s capital management by relating net debt relative to equity from shareholders. Net operating assets Enables a clearer view of the assets deployed to generate earnings by Operating assets net of operating liabilities, including highlighting the net operating assets of the business separate from the the carrying value of equity accounted investments financing and tax balances. This measure helps provide an indicator of and predominantly excludes cash balances, loans to the underlying performance of our assets and enhances comparability associates, interest bearing liabilities, derivatives hedging between them. our net debt, assets held for sale, liabilities directly associated with assets held for sale and tax balances.

96 BHP Annual Report 2024 10 Non-IFRS financial information continued Non-IFRS financial Reasons why we believe the non-IFRS information financial information are useful Calculation methodology Underlying return on capital Indicator of the Group’s capital efficiency and is provided on an Profit after taxation excluding exceptional items and net employed (ROCE) underlying basis to allow comparability of underlying financial finance costs (after taxation) divided by average capital performance by excluding the impacts of exceptional items. employed. Profit after taxation excluding exceptional items and net finance costs (after taxation) is profit after taxation from Continuing and Discontinued operations excluding exceptional items, net finance costs and the estimated taxation impact of net finance costs. These are annualised for a half year end reporting period. The estimated tax impact is calculated using a prima facie taxation rate on net finance costs (excluding any foreign exchange impact). Average capital employed is calculated as the average of net assets less net debt for the last two reporting periods. Adjusted effective tax rate Provides an underlying tax basis to allow comparability of underlying Total taxation expense/(benefit) excluding exceptional financial performance by excluding the impacts of exceptional items. items and exchange rate movements included in taxation expense/(benefit) divided by Profit from Continuing operations before taxation excluding exceptional items. Unit costs Used to assess the controllable financial performance of the Group’s Ratio of net costs of the assets to the equity share of sales assets for each unit of production. Unit costs are adjusted for site tonnage. Net costs is defined as revenue less Underlying specific non-controllable factors to enhance comparability between the EBITDA and excludes freight, re-allocation of the costs Group’s assets. associated with the employee entitlements and allowance review in FY2023, and other costs, depending on the nature of each asset. Freight is excluded as the Group believes it provides a similar basis of comparison to our peer group. The re-allocation to assets in FY2024 of the costs associated with the employee entitlements and allowances review in FY2023 are excluded in asset unit costs as these costs were already recognised in Group and Unallocated in FY2023. Escondida, Spence and Copper South Australia unit costs exclude: – by-product credits being the favourable impact of by-products (such as gold or silver) to determine the directly attributable costs of copper production – royalties, as these are costs that are not deemed to be under the Group’s control and the Group believes exclusion provides a similar basis of comparison to our peer group WAIO and BMA unit costs exclude: – royalties, as these are costs that are not deemed to be under the Group’s control and the Group believes exclusion provides a similar basis of comparison to our peer group 10.2 Definition and calculation of principal factors The method of calculation of the principal factors that affect the period on period movements of Revenue, Profit from operations and Underlying EBITDA are as follows: Principal factor Method of calculation Change in sales prices Change in average realised price for each operation from the prior period to the current period, multiplied by current period sales volumes. Price-linked costs Change in price-linked costs (mainly royalties) for each operation from the prior period to the current period, multiplied by current period sales volumes. Change in volumes Change in sales volumes for each operation multiplied by the prior year average realised price less variable unit cost. Controllable cash costs Total of operating cash costs and exploration and business development costs. Operating cash costs Change in total costs, other than price-linked costs, exchange rates, inflation on costs, fuel, energy and consumable price movements, non-cash costs and one-off items as defined below for each operation from the prior period to the current period. Exploration and evaluation and Exploration and evaluation and business development expense in the current period minus exploration and business business development development expense in the prior period. Exchange rates Change in exchange rate multiplied by current period local currency revenue and expenses. Inflation on costs Change in inflation rate applied to expenses, other than depreciation and amortisation, price-linked costs, exploration and business development expenses, expenses in ceased and sold operations and expenses in new and acquired operations. Fuel, energy and consumable Fuel and energy expense and price differences above inflation on consumables in the current period minus fuel and energy price movements expense in the prior period. Non-cash Change in net impact of capitalisation and depletion of deferred stripping from the prior period to the current period. One-off items Change in costs exceeding a pre-determined threshold associated with an unexpected event that had not occurred in the last two years and is not reasonably likely to occur within the next two years. Asset sales Profit/(loss) on the sale of assets or operations in the current period minus profit/(loss) on sale of assets or operations in the prior period. Ceased and sold operations Underlying EBITDA for operations that ceased or were sold in the current period minus Underlying EBITDA for operations that ceased or were sold in the prior period. New and acquired operations Underlying EBITDA for operations that were acquired in the current period minus Underlying EBITDA for operations that were acquired in the prior period. Share of profit/(loss) from equity Share of profit/(loss) from equity accounted investments for the current period minus share of profit/(loss) from equity accounted investments accounted investments in the prior period. Other Variances not explained by the above factors.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 97 11 Other information 11.1 Company details plans to seek to achieve or implement such objectives including our approach to equitable change and transitions, our Climate Transition Action BHP Group Limited’s registered office and global headquarters are at Plan, climate change adaptation strategy and goals, targets, pathways 171 Collins Street, Melbourne, Victoria 3000, Australia. ‘BHP’, the and strategies to seek to reduce or support the reduction of greenhouse ‘Company’, the ‘Group’, ‘BHP Group’, ‘our business’, ‘organisation’, ‘we’, gas emissions, and related perceived costs, benefits and opportunities for ‘us’, ‘our’ and ‘ourselves’ refer to BHP Group Limited, and except where the BHP; (xi) the assumptions, beliefs and conclusions in our climate change context otherwise requires, our subsidiaries. Refer to Financial Statements related statements and strategies, including in our Climate Change Report note 30 ‘Subsidiaries’ for a list of our significant subsidiaries. Those terms 2020, for example, in respect of future temperatures, energy consumption do not include non-operated assets. and greenhouse gas emissions, and climate-related impacts; (xii) our This Report covers functions and assets (including those under exploration, commitment to social value; (xiii) our commitments to sustainability reporting, projects in development or execution phases, sites and operations that frameworks, standards and initiatives; (xiv) our commitments to improve are closed or in the closure phase) that have been wholly owned and or maintain safe tailings storage management; (xv) our commitments to operated by BHP or that have been owned as a BHP-operated joint achieve certain inclusion and diversity targets, aspirations and outcomes; venture1 (referred to in this Report as ‘operated assets’ or ‘operations’) from (xvi) our commitments to achieve certain targets and outcomes with respect 1 July 2023 to 30 June 2024 unless otherwise stated. Certain sections of to Indigenous peoples and the communities where we operate; and (xvii) our this Report include data in relation to the Daunia and Blackwater mines, commitments to achieve certain health and safety targets and outcomes. which were divested during the year. Data in relation to the Daunia and Forward-looking statements are based on management’s expectations Blackwater mines is shown for the period up to completion on 2 April 2024, and reflect judgements, assumptions, estimates and other information unless stated otherwise. Some of the land and tenements related to the available, as at the date of this Report. These statements do not represent Daunia and Blackwater mines are pending transfer following completion, guarantees or predictions of future financial or operational performance however given that the assets are no longer under BMA’s control or and involve known and unknown risks, uncertainties and other factors, operated for BMA’s benefit (except for periods prior to completion or many of which are beyond our control and which may cause actual results where specifically stated) data related to the land and tenements has been to differ materially from those expressed in the statements contained in this excluded from this Report. Report. BHP cautions against reliance on any forward-looking statements. BHP also holds interests in assets that are owned as a joint venture but not For example, our future revenues from our assets, projects or mines operated by BHP (referred to in this Report as ‘non-operated joint ventures’ described in this Report will be based, in part, on the market price of the or ‘non-operated assets’). Notwithstanding that this Report may include commodities produced, which may vary significantly from current levels or production, financial and other information from non-operated assets, those reflected in our reserves and resources estimates. These variations, non-operated assets are not included in the BHP Group and, as a result, if materially adverse, may affect the timing or the feasibility of the statements regarding our operations, assets and values apply only to our development of a particular project, the expansion of certain facilities operated assets unless stated otherwise. or mines, or the continuation of existing assets. BHP Group Limited has a primary listing on the Australian Securities Other factors that may affect our future operations and performance, Exchange. BHP holds an international secondary listing on the London including the actual construction or production commencement dates, Stock Exchange, a secondary listing on the Johannesburg Stock Exchange revenues, costs or production output and anticipated lives of assets, and an ADR program listed on the New York Stock Exchange. mines or facilities include: (i) our ability to profitably produce and deliver the products extracted to applicable markets; (ii) the impact of economic 11.2 Forward-looking statements and geopolitical factors, including foreign currency exchange rates on the market prices of the commodities we produce and competition in the This Report contains forward-looking statements, which involve risks and markets in which we operate; (iii) activities of government authorities in the uncertainties. Forward-looking statements include all statements, other than countries where we sell our products and in the countries where we are statements of historical or present facts, including: statements regarding exploring or developing projects, facilities or mines, including increases in trends in commodity prices and currency exchange rates; demand for taxes and royalties or implementation of trade or export restrictions; commodities; global market conditions, reserves and resources estimates; (iv) changes in environmental and other regulations; (v) political or development and production forecasts; guidance; expectations, plans, geopolitical uncertainty; (vi) labour unrest; (vii) weather, climate variability strategies and objectives of management; climate scenarios; approval of or other manifestations of climate change; and (viii) other factors identified projects and consummation of transactions; closure, divestment, acquisition in the risk factors set out in OFR 8.1. or integration of certain assets, operations or facilities (including associated In addition, there are limitations with respect to scenario analysis, including costs or benefits); anticipated production or construction commencement any climate-related scenario analysis, and it is difficult to predict which, dates; capital costs and scheduling; operating costs and availability of if any, of the scenarios might eventuate. Scenario analysis is not an materials and skilled employees; anticipated productive lives of projects, indication of probable outcomes and relies on assumptions that may or mines and facilities; the availability, implementation and adoption of new may not prove to be correct or eventuate. technologies, including artificial intelligence; provisions and contingent Except as required by applicable regulations or by law, BHP does not liabilities; and tax, legal and other regulatory developments. Forward-looking statements may be identified by the use of terminology, undertake to publicly update or review any forward-looking statements, including, but not limited to, ‘aim’, ‘ambition’, ‘anticipate’, ‘aspiration’, ‘believe’, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. ‘commit’, ‘continue’, ‘could’, ‘ensure’, ‘estimate’, ‘expect’, ‘forecast’, ‘goal’, ‘guidance’, ‘intend’, ‘likely’, ‘may’, ‘milestone’, ‘must’, ‘need’, ‘objective’, ‘outlook’, ‘pathways’, ‘plan’, ‘project’, ‘schedule’, ‘seek’, ‘should’, ‘target’, Emissions and energy consumption data ‘trend’, ‘will’, ‘would’, or similar words. These statements discuss future Due to the inherent uncertainty and limitations in measuring GHG expectations or performance, or provide other forward-looking information. emissions and operational energy consumption under the calculation Examples of forward-looking statements contained in this Report include, methodologies used in the preparation of such data, all GHG emissions without limitation, statements describing (i) our strategy, Our Values and and operational energy consumption data or references to GHG emissions how we define our success; (ii) our expectations regarding future demand and operational energy consumption volumes (including ratios or for certain commodities, in particular copper, nickel, iron ore, steelmaking percentages) in this Report are estimates. There may also be differences coal, potash and steel, and our intentions, commitments or expectations with in the manner that third parties calculate or report GHG emissions or respect to our supply of certain commodities, including copper, nickel, iron operational energy consumption data compared to BHP, which means ore, potash, uranium and gold; (iii) our future exploration and partnership third-party data may not be comparable to our data. plans and perceived benefits and opportunities, including our focus to For information on how we calculate our GHG emissions and grow our copper and potash assets; (iv) our business outlook, including our outlook for long-term economic growth and other macroeconomic and operational energy consumption, refer to the BHP GHG Emissions Calculation Methodology 2024 available at bhp.com/climate industry trends; (vi) our projected and expected production and performance levels and development projects; (vii) our expectations regarding our investments, including in potential growth options and technology and This Report is made in accordance with a resolution of the Board. innovation, and perceived benefits and opportunities; (viii) our reserves Ken MacKenzie and resources estimates; (ix) our plans for our major projects and related Chair budget and capital allocations; (x) our expectations, commitments and Dated: 27 August 2024 objectives with respect to sustainability, decarbonisation, natural resource management, climate change and portfolio resilience and timelines and 1. References in this Annual Report to a ‘joint venture’ 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.

98 BHP Annual Report 2024 Governance Corporate Governance Statement Corporate Governance Statement 1. Corporate governance at BHP 1 Corporate governance at BHP 98 Good corporate governance underpins the way we conduct business. 2 FY2024 corporate governance highlights 98 3 BHP’s governance structure 99 This Corporate Governance Statement sets out the corporate governance framework currently in place for the Group, including the key policies 4 Board composition and succession 100 and practices. 5 Board Committees 105 BHP was fully compliant with the Recommendations of the fourth edition 6 Management 107 of the ASX Corporate Governance Council’s Corporate Governance 7 Shareholders and reporting 108 Principles and Recommendations (ASX Fourth Edition) throughout 8 Culture and conduct 109 FY2024. The ASX Fourth Edition is available at asx.com.au. 9 Risk management and assurance 110 BHP is also subject to governance requirements from our London Stock 10 US requirements 111 Exchange (LSE) and New York Stock Exchange (NYSE) listings and our registration with the Securities and Exchange Commission (SEC) in the Directors’ Report United States. This Corporate Governance Statement is current as at 27 August 2024 and 1 Review of operations, principal activities and state of affairs 112 has been approved by the Board. 2 Directors 112 More information on our corporate governance framework and practices is 3 Share interests 113 available at bhp.com/governance, which includes links to our Appendix 4G 4 Share capital and buy-back programs 113 and each of the publicly available documents referenced in this Corporate 5 Group Company Secretary 113 Governance Statement. 6 Indemnities and insurance 113 7 Dividends 113 2. FY2024 corporate governance highlights 8 Auditors 113 9 Non-audit services 114 10 Exploration, research and development 114 Our Values 11 ASIC Instrument 2016/191 114 The Board approved the refreshed BHP values which were 12 Proceedings on behalf of BHP Group Limited 114 updated in May 2024. Our Values reflect what we stand for 13 Performance in relation to environmental regulation 114 and who we aspire to be. 14 Additional information 114 Remuneration Report BHP Board updates People to shareholders and Remuneration Committee Chair letter 116 Our Board welcomed two new Non-executive Directors, Ross McEwan and Don Lindsay in FY2024, following the retirement 1 Remuneration governance 118 of Non-executive Directors Terry Bowen and Ian Cockerill. 2 Executive KMP remuneration framework 119 3 Remuneration for the CEO and other Executive KMP 121 4 Remuneration for Non-executive Directors 126 Investor engagement 5 Statutory KMP remuneration and other disclosures 127 We facilitated several investor engagement events and held presentations and briefings on key topics, for example decarbonisation, preparation of our Climate Transition Action Plan 2024 and key ESG themes at our ESG roundtable. Diversity Our Board continued to be gender balanced in FY2024 (which we define as a minimum 40 per cent women and 40 per cent men in line with the definition used by entities such as the International Labour Organization).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 99 3. BHP’s governance structure Board Our People Risk and Audit Committee Nomination and Governance Executive Committee CEO Leadership Team People and Shareholders Remuneration Committee Sustainability Committee Board Committees The Board has ultimate responsibility for overseeing BHP’s governance. The Board has established Committees to assist it in exercising The role of the Board, as set out in the Board Governance Document, is its authority, including monitoring the performance of BHP, to gain to represent shareholders and promote and protect the interests of BHP in assurance that progress is being made towards our purpose within the the short and long term. limits delegated by the Board. There are four standing Committees: The Board Governance Document outlines the Board’s responsibilities the Nomination and Governance Committee, Risk and Audit Committee, and processes, including the matters specifically reserved for the Board, Sustainability Committee and People and Remuneration Committee. the authority delegated to the Chief Executive Officer (CEO) and the Each Committee is delegated authority by the Board under its Charter. accountability of the CEO for that authority, and provides guidance on These Charters are available at bhp.com/governance the management of the relationship between the Board and the CEO. The Board Governance Document was updated in FY2023 and took effect from 1 July 2023. For more information on each of the Committees refer to section 5 The matters reserved for the Board as set out in the revised Board Governance Document include: Chair – appointing the CEO and determining the terms of the appointment The Chair is responsible for leading the Board and ensuring it operates – approving the appointment of Executive Leadership Team (ELT) to high governance standards. In particular, the Chair facilitates members and material changes to the organisational structure involving constructive Board relations and the effective contribution of all direct reports to the CEO Non-executive Directors. – succession planning for the CEO and direct reports to the CEO – monitoring the performance of the CEO and the Group Group Company Secretary – monitoring Board composition, processes and performance The Group Company Secretary is accountable to the Board and – approving the Group’s values, Our Code of Conduct, purpose and advises the Chair, the Board and individual Directors on all matters risk appetite of governance process. – establishing, approving and assessing measurable objectives for Chief Executive Officer achieving gender diversity in the composition of the Board, senior executives and workforce generally and assessing the Group’s progress The CEO is accountable to the Board for the authority that is delegated in achieving those measurable objectives to the CEO and for the performance of the Group. The CEO works in a – approving strategy, annual budgets, balance sheet management and constructive partnership with the Board and is required to report regularly funding strategy to the Board on progress. – approving commitments, capital and non-capital items, acquisitions and Access to management divestments above specified limits – approving the dividend policy and determining dividends The Board has extensive access to members of senior management who frequently attend Board and Committee meetings. Management makes – approving significant social, community and sustainability policies, presentations and engages in discussions with Directors, answers including those related to climate change and public sustainability goals questions and provides input and perspective on their areas and targets of responsibility. The Board also engages with members of management – reviewing and monitoring the effectiveness of the Group’s systems of at site visits. principal and emerging financial and non-financial risk management The Board also holds discussions in the absence of management and internal control, and making sure there is an appropriate risk as required. management framework in place – determining and adopting documents (including the publication of reports and statements to shareholders) that are required by BHP’s Constitution, statute or by other external regulation – determining and approving matters that are required by BHP’s Constitution, statute or by other external regulation to be determined or approved by the Board The Board Governance Document is available at bhp.com/governance

100 BHP Annual Report 2024 Corporate Governance Statement continued 4. Board composition and succession 4.1 Board of Directors Ken MacKenzie Mike Henry Xiaoqun Clever-Steg and Company Secretary BEng, FIEA, FAICD BSc (Chemistry) Diploma in Computer Science and The Board currently has International Marketing, MBA 10 members. The Directors’ NG RA qualifications, experience and Appointment Appointment Appointment special responsibilities are listed below. Independent Non-executive Non-independent Director since Independent Non-executive Director since September 2016 January 2020 Director since October 2020 Chair since 1 September 2017 Chief Executive Officer since Key to Committee membership Skills and experience 1 January 2020 Committee Chair Skills and experience Xiaoqun Clever-Steg has Ken MacKenzie has global Skills and experience over 20 years’ experience in Committee member executive experience and a deeply Mike Henry has over 30 years’ technology with a focus on strategic approach, with a focus experience in the global mining software engineering, data and AI, RA Risk and Audit on operational excellence, capital and petroleum industry, spanning cybersecurity and digitalisation. discipline and the creation of operational, commercial, safety, Xiaoqun was formerly Chief NG Nomination and Governance long-term shareholder value. technology and marketing roles. Technology Officer of Ringier AG Ken was the Managing Director Mike joined BHP in 2003 and has and ProSiebenSat.1 Media SE PR People and Remuneration and Chief Executive Officer of been a member of the Executive and Chief Operating Officer of S Sustainability Amcor Limited, a global packaging Leadership Team since 2011. Technology and Innovation at SAP company with operations in over 40 Prior to joining BHP, Mike worked in and President of SAP Labs China. countries, from 2005 until 2015. the resources industry in Canada, Xiaoqun brings significant Ken brings business management Japan and Australia. expertise in the development, and leadership skills in global Mike brings deep operational and selection and implementation of supply chains and governance, market knowledge across a range business transforming technology, gained during his career in of commodities and a strategic innovation and assessment of developed and emerging markets approach to resource and skills opportunities and risks in digital in the Americas, Australia, Asia development to implement BHP’s disruption. She has knowledge and Europe. Ken has experience strategy and future growth options and relationships across the in leading strategic transformation that will support global economic technology and innovation start-up at a business and enterprise-wide growth and decarbonisation. sector across Europe, Asia and level. His commitment to He is focused on creating a North America and brings depth continuous learning and skills safe, high-performance culture, to the Board’s review of managing development provides valuable enabled by an inclusive workplace cybersecurity risks as well as insights to Board deliberations and in which people are empowered assessment of opportunities to guidance to BHP’s leadership team at every level through the BHP invest in proven and emerging in navigating the fast-changing Operating System. technologies in the discovery of dynamics of the global economy new mineral deposits, safer and Mike is committed to building strong more cost-effective processing, and markets. relationships with governments, and technologies to reduce Indigenous partners, community GHG emissions and support the Current appointments stakeholders and business energy transition. Ken is the Chair of Melbourne partners to ensure BHP’s activities Business School Limited (since deliver mutual benefit to these Current appointments June 2023), sits on the Advisory stakeholders while driving strong Board of American Securities value for shareholders. Mike brings Xiaoqun is a Non-executive Capital Partners LLC (since a disciplined approach to the Director of Amadeus IT Group January 2016), and is a part-time Board’s considerations of capital SA (since June 2020), a Non-adviser at Barrenjoey (since allocation in assets, technology, executive Director of Straumann April 2021). commodities and risk management. Group (since April 2024) and on the Supervisory Board of Infineon Technologies AG (since February 2020).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 101 Gary Goldberg Michelle Hinchliffe Don Lindsay Ross McEwan BS (Mining Engineering), MBA BCom, FCA, ACA BS (Hons), MBA BBus S NG RA NG RA S RA PR Appointment Appointment Appointment Appointment Independent Non-executive Independent Non-executive Independent Non-executive Independent Non-executive Director since February 2020 Director since March 2022 Director since May 2024 Director since April 2024 Senior Independent Director since 21 December 2020 Skills and experience Skills and experience Skills and experience Michelle Hinchliffe has over 20 Don Lindsay has more than Ross McEwan has over 30 years’ Skills and experience years’ experience as a partner in 40 years’ global experience, global executive experience, Gary Goldberg has over 40 years’ KPMG’s financial services division. including in mining and resource including in the financial services global executive experience, Michelle was formerly a partner development, financial markets, industry, with deep expertise in including deep experience in of KPMG and held a number of transformational leadership, growth capital allocation, risk management mining, strategy, risk, commodity roles, including as the UK Chair and value creation. and value creation in complex value chain, capital allocation of Audit, a member of the KPMG Don was the President and regulatory environments. discipline and public policy. UK Executive Committee, and led Chief Executive Officer of Teck Ross was the CEO of National Gary was the Chief Executive KPMG’s financial services practice Resources Limited (from 2005 to Australia Bank (from 2019 to Officer of Newmont Corporation in Australia and was a member of 2022) and prior to that, worked for April 2024) and Group CEO of (from 2013 to 2019), and prior the KPMG Australia Board. almost 20 years with CIBC World the Royal Bank of Scotland (from to that, President and Chief Michelle has expertise and Markets Inc., where he served as 2013 to 2019). Prior to that, he held Executive Officer of Rio Tinto experience in understanding the President, Head of Investment and executive roles at Commonwealth Minerals. Gary has also been a complexities of multi-national firms Corporate Banking and Head of Bank of Australia, First NZ Capital Non-executive Director of Port operating in multiple reporting the Asia Pacific Region. Don also Securities and National Mutual Life Waratah Coal Services Limited and regulatory frameworks across served as Chair of the Board of Association of Australasia/AXA and Rio Tinto Zimbabwe, and Europe, the Americas, Asia and Governors for Mining and Metals New Zealand. served as Vice Chair of the World Africa. Her financial expertise and for the World Economic Forum, Ross brings a strong focus on Gold Council, Treasurer of the audit experience across a range Chair of the Business Council people and culture, technology International Council on Mining of industries and businesses, of Canada and Chair of the and innovation and has extensive and Metals, Co-Chair of the including in Australia, bring insights International Council on Mining experience in capital allocation World Economic Forum Mining to the Board on BHP’s assessment and Metals. and value creation. He has worked and Metals Industry community of risk, returns and its long-term Don brings extensive experience closely with a wide range of and Chair of the National Mining capital plan to create financial in global resource development as stakeholders, including customers, Association in the United States. strength and support BHP’s well as sustainability, community governments and regulators Gary is recognised for his future growth. health, safety and global education and brings a global perspective. leadership in bringing the and business forums. His technical Ross has a deep understanding mining industry together to Current appointments and management experience of organisational transformation raise standards in safety and Michelle is a Non-executive across a range of commodities and and brings a very strong focus on environmental performance in Director of Santander UK plc and mining jurisdictions brings a unique the customer and technology as a conjunction with community Santander UK Group Holdings Plc understanding of prospective driver of change. and government partnerships in (since June 2023) and Macquarie resources, cost of development and America and around the world. Group Limited and Macquarie Bank operations, and the assessment Current appointments He has management experience Limited (since March 2022). of opportunities to strengthen the Ross is currently on the Board of in implementing strategies focused portfolio of world-class assets. QinetiQ Group Plc (since March on safety, decarbonisation and 2024) and Ruminant Biotech Corp transformational investment Current appointments Limited (since June 2021). for commodities with long- Don is Chair of the Board of dated cycles, along with Manulife Financial Corporation his contribution to policy (since February 2023) and the development in environmental Invictus Games Vancouver Whistler management globally. 2025 (since November 2022). Current appointments Gary is a Director of Imperial Oil Limited (since May 2023).

102 BHP Annual Report 2024 Corporate Governance Statement continued Christine O’Reilly Catherine Tanna Dion Weisler Stefanie Wilkinson BBus LLB, Honorary Doctor of Business BASc (Computing), BA, LLB (Hons), LLM, FGIA Honorary Doctor of Laws PR RA NG S NG PR PR S Appointment Appointment Appointment Appointment Independent Non-executive Independent Non-executive Independent Non-executive Group Company Secretary since Director since October 2020 Director since April 2022 Director since June 2020 March 2021 Skills and experience Skills and experience Skills and experience Skills and experience Christine O’Reilly has over 30 Catherine Tanna has more than Dion Weisler has extensive global Stefanie Wilkinson was appointed years’ experience in the financial 30 years’ experience in the executive experience, including Group Company Secretary and infrastructure sectors, with resources, oil and gas, power transformation and commercial effective March 2021 and Group deep financial and public policy generation and retailing sectors. experience in the global information General Counsel effective expertise and experience in Catherine was formerly Managing technology sector, with a 2 April 2024. Prior to joining large-scale capital projects and Director of Energy Australia focus on capital discipline and BHP, Stefanie was a Partner at transformational strategy. between 2014 and 2021. Prior to stakeholder engagement. Herbert Smith Freehills, a firm she Christine was the Chief Executive this, she held senior executive Dion was formerly a Director and was with for 15 years, specialising Officer of the GasNet Australia roles with Shell and BG Group the President and Chief Executive in corporate law and governance Group and Co-Head of Unlisted with responsibility for international Officer of HP Inc. (from 2015 to for listed companies. Earlier in Infrastructure Investments at operations across Africa, North 2019) and continued as a Director her career, Stefanie was a solicitor Colonial First State Global Asset Asia, Russia, North America, and Senior Executive Adviser (until at Allen & Overy in the Middle East. Management, following an early Latin America and Australia. May 2020). He previously held Stefanie is a fellow of the career in investment banking Catherine was also a member of senior executive roles at Lenovo Governance Institute of Australia. and audit at Price Waterhouse. the Board of the Reserve Bank of Group Limited, was General Christine has also served as Australia (from 2011 to 2021) and a Manager Conferencing and a Non-executive Director of Director of the Business Council of Collaboration at Telstra Corporation Medibank Private Limited (from Australia (from 2016 to 2021). and held various positions at March 2014 to November 2021), Catherine has a track record Acer Inc., including as Managing Transurban Group (from April 2012 in leading cultural change and Director, Acer UK. to October 2020), CSL Limited sponsoring gender equity, Dion brings experience in (from February 2011 to October diversity and inclusion across transforming megatrends into 2020) and Energy Australia business and more broadly. opportunities and growth and Holdings Limited (from September She brings an understanding valuable insight on the power of 2012 to August 2018). of and contribution to complex innovation, technology and data. Christine has a deep understanding regulatory and policy environments. His experience also demonstrates of financial drivers of the Catherine’s experience in seeking insights into strategy development businesses and experience in to align customer and community in the global energy transition, capital allocation discipline across expectations, particularly where safety, decarbonisation sectors that have long-dated Indigenous communities, with and stakeholder management paybacks for shareholders and those of the enterprise and are critical. stakeholders. Her insights into regulators, provides unique cost efficiency and cash flow as insight and input to the Board. Current appointments well as the impact of policy on Dion is a Non-executive Director innovation, investment and project Current appointments of Intel Corporation (since June development are key inputs for Catherine is a Non-executive 2020) and a Non-executive Director the Board. Director at Bechtel Corporation of Thermo Fisher Scientific Inc. (since May 2023), Chair of Bechtel (since March 2017). Current appointments Australia (since December 2023), Christine is a Non-executive Senior Advisor at McKinsey & Director of Australia and New Company Inc (since April 2022) Zealand Banking Group (since and a member of the Advisory November 2021), Stockland Board of Fujitsu Australia (since Limited (since August 2018) and February 2022). Infrastructure Victoria (since November 2023).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 103 4.2 Director independence Throughout the year, the Chair discusses development areas with each Director. Board Committees review and agree their needs for more The Board is committed to ensuring that a majority of Directors briefings. The benefit of this approach is that induction and learning are independent. The Board has adopted a policy that it uses to determine the independence opportunities can be tailored to Directors’ Committee memberships, as of its Directors. well as the Board’s specific areas of focus. This approach is also intended to ensure a coordinated process for succession planning, Board renewal, training and development and Committee composition. In turn, these The Policy on the Independence of Directors is available at bhp.com/governance processes are relevant to the Nomination and Governance Committee’s role in identifying appropriate Non-executive Director candidates. Examples of activities in the training and development program include: Determination of Director independence – briefings and development sessions and deep dives to provide each The Board confirms that it considers all current Non-executive Directors, Director with a deeper understanding of the activities, environment, key including the Chair, to be independent of management and free of any issues and direction of BHP assets, along with broader sustainability, interest, position or relationship that might influence, or reasonably be climate-related, geopolitical and cybersecurity considerations perceived to influence, in a material respect their capacity to bring an independent judgement to bear on issues before the Board and to act – training on crisis management in the best interests of BHP as a whole rather than in the interests of an – site visits to provide insights into key issues at BHP’s sites and to individual security holder or other party. provide an opportunity for direct engagement with a cross-section of A determination of independence is carried out upon a Director’s workforce, community members, contractors, Indigenous and First appointment and re-election, annually, and when any new interests, Nations representatives and other stakeholders positions or relationships are disclosed by a Director. Some Directors hold – engagement with external experts to discuss views on current and or have previously held positions in companies that BHP has commercial emerging trends and risks (threats and opportunities) relationships with. The Board has assessed the relationships between BHP and the 4.5 Director skills, experience and attributes companies in which Directors hold or held positions and has concluded Overarching statement of Board requirements that the relationships do not interfere with the Directors’ capacity to bring an independent judgement to bear on issues before the Board, or their At BHP, we know inclusive and diverse teams are safer and more ability to act in the best interests of BHP as a whole. productive. This is because people in these teams feel safe to speak up, share their ideas and different points of view, and work together to solve Conflicts of interest problems and make better decisions. In accordance with Australian law, if a situation arises for consideration The BHP Board is no different and believes its members should comprise where a Director has a material personal interest, the affected Director Directors with a broad range of skills and diversity for the Board to: takes no part in decision-making unless approval is provided by the – provide the breadth and depth of understanding necessary to effectively non-interested Directors. Provisions for Directors’ interests are set out in create long-term shareholder value the Constitution of BHP Group Limited. – protect and promote the interests of BHP and the creation of social value 4.3 Board appointments and succession planning – ensure the talent, capability and culture of BHP support the long-term delivery of our strategy BHP adopts a structured and rigorous approach to Board succession planning to guard against the consequences of unforeseen departures and Attributes and commitment to role facilitate the orderly replacement of current Directors and oversees the All Directors are expected to comply with Our Code of Conduct, act with development of a diverse pipeline. This process is continuous, with the aim integrity, lead by example and promote the desired culture. of allowing the Board to determine an appropriate balance on the Board The Board believes each Non-executive Director has demonstrated the between experience and fresh perspectives, and the Board continues to be attributes of sufficient time to undertake the responsibilities of the role, fit for purpose. honesty and integrity, and a preparedness to question, challenge and As part of this process, Ross McEwan was appointed to the Board in April critique throughout the year through their participation in Board meetings, 2024 and Don Lindsay was appointed to the Board in May 2024 following and the other activities they have undertaken in their roles. the retirements of independent Non-executive Directors, Terry Bowen in November 2023 and Ian Cockerill in April 2024. Skills matrix Before the Board formally appoints a person or puts a person forward The Board, supported by the Nomination and Governance Committee, for election, the Board, with the assistance of external consultants, will reviews the skills and diversity represented by the Directors on the Board conduct appropriate background and reference checks as to that person’s and determines whether the composition and mix of those skills remains character, experience, education and criminal and bankruptcy history. appropriate to achieve BHP’s purpose and strategy. The Board has adopted a letter of appointment that contains the terms The Board maintains a skills matrix that identifies the skills and experience on which Non-executive Directors will be appointed, including the the Board needs for the next period of BHP’s development, considering basis upon which they will be indemnified by the Group. The letter of BHP’s circumstances and the changing external environment. appointment defines the role of Directors, including the expectations The Board skills matrix identifies the future-facing skills the Board intends in terms of independence, participation, time commitment and to build, acquire and retain over the medium term in anticipation of its continuous improvement. Written agreements are in place for all needs as it pursues its strategy of securing growth options in future-facing Non-executive Directors. commodities. The Board skills matrix not only indicates the skills the Board currently possesses, but also provides an illustration of the new skills 4.4 Director induction, training and development the Board intends to acquire. An external service provider is engaged to Upon appointment, each new Non-executive Director undertakes an assess the relevant skills and experience of the Directors on the Board set induction program tailored to their needs. Non-executive Directors also out in the skills matrix. undertake an induction program when they join a new Committee, which The Board collectively possesses all the skills and experience set out in is tailored to the areas specific to that Committee’s role and the Director’s the skills matrix, and each Director satisfies the Board requirements and previous experience. attributes discussed above. Following the induction program, Non-executive Directors participate in continuous improvement activities through a training and development program, which is overseen by the Nomination and Governance Committee to help Directors, individually and collectively, develop and maintain the skills and knowledge to assist them in performing their role effectively. The training and development program is periodically reviewed to maximise effectiveness and to tailor the program to the Directors’ needs and the Board’s areas of focus.

104 BHP Annual Report 2024 Corporate Governance Statement continued Number of 4.6 Diversity Skills and attributes Directors BHP has adopted an Inclusion and Diversity Position Statement, Mining which sets out our diversity policy and our priorities to accelerate the Senior executive who has deep operating or technical delivery of a more inclusive work environment and to enhance overall mining experience with a large company operating in workplace diversity. multiple countries; successfully optimised and led a suite of BHP’s Inclusion and Diversity Position Statement is available at large, global, complex operating assets that have delivered 3 bhp.com/careers/inclusion-diversity and is summarised in OFR 6.6 consistent and sustaining levels of high performance (related to cost, returns and throughput); successfully led exploration projects with proven results and performance; delivered Our aspiration is to achieve gender balance within our employee workforce large capital projects that have been successful in terms of performance and returns; and a proven record in terms of globally by the end of CY2025. We define gender balance as a minimum health, safety and environmental performance and results. 40 per cent women and 40 per cent men, in line with the definitions used by entities such as the International Labour Organization. Global experience The Board is responsible for approving the measurable objectives for Global experience gained from working, managing business achieving diversity in the composition of the Board, senior executives and units and residing in multiple geographies over an extended 9 period of time, including a deep understanding of and workforce generally and assessing the Group’s progress in achieving experience with global markets, and the geopolitical and those measurable objectives, which are set out below. The Nomination economic environment. and Governance Committee reviews and makes recommendations to the Board on the diversity and measurable objectives for achieving diversity in Strategy the composition of the Board and reviews the progress in achieving those Senior executive who has had accountability for 10 measurable objectives. enterprise-wide strategy development and implementation in industries with long cycles and developing and leading Measurable objectives for FY2024: business transformation strategies. 1. Increase female employee representation to 40 per cent by the end Commodity value chain and customers of FY2025 End-to-end value or commodity chain experience – Progress in FY2024: In FY2024, the Board approved the objective understanding of consumers and customers, marketing 8 to increase the representation of women across the BHP employee demand drivers (including specific geographic markets) and workforce by 3 per cent from the FY2023 objective of 35.2 per cent. other aspects of commodity chain development. During FY2024, BHP increased the representation of women working Financial acumen at BHP by 1.9 percentage points, with women now representing 37.1 per cent of the global employee workforce as at 30 June 2024.1 Extensive financial experience and the capability to evaluate 10 financial statements and understand key financial drivers of the 2. Maintain balanced representation for the Board and senior executives business, bringing a deep understanding of corporate finance (defined as ELT and direct reports to the ELT in grade 15 and and internal financial controls. above roles) Operating risk Progress in FY2024: Our Board continued to be gender balanced Extensive experience with the development and oversight of 9 in FY2024. complex frameworks focused on the identification, assessment Our senior executive ranks remain consistent and represent and assurance of operational workplace health, safety, 40.9 per cent women in FY2024. environment, climate and community risks. Technology For more information on our focus areas for diversity during FY2024 Recent experience and expertise with the development, and the respective proportions of men and women on the Board, in selection, and implementation of leading and business 8 senior executive positions and across the employee workforce refer transforming technology and innovation and responding to to OFR 6.6 digital disruption. More diversity data is available in the BHP ESG Standards and Capital allocation and cost efficiency Databook 2024 available at bhp.com/ESGStandards2024 Extensive direct experience gained through a senior executive 8 role in capital allocation discipline, cost efficiency and cash flow, with proven long-term performance. The Board’s composition reflects gender balance and a diversity of experience, education and geographic background. Social value, community, and stakeholder engagement Extensive track record of positive external stakeholder As at 30 June 2024, 40 per cent of Directors are female and the BHP engagement including in relation to community issues and Board satisfies the target in the UK Listing Rules and the guidance of 7 social responsibility. In depth understanding of public policy, having at least 30 per cent of Directors of each gender in accordance government relations and the intersection between value with the ASX Fourth Edition. BHP also satisfies the UK Listing Rule target generation and corporate reputation. of having at least one Director from a minority ethnic background on Sustainability and decarbonisation transition the Board. Understanding of, and experience with the identification BHP does not currently satisfy the UK Listing Rule target that at least one 8 and management of threats and opportunities related to of the senior positions on the Board (which for BHP is the Chair, Chief sustainability, and decarbonisation transition. Executive Officer and Senior Independent Director) is held by a woman. People and talent The UK Listing Rule target also includes the Chief Financial Officer in the category of a senior position on the Board. Vandita Pant was appointed as Extensive experience in talent and capability strategies, including for development, recruitment and retention, and 8 Chief Financial Officer in March 2024, but, in common with Australian listed industrial relations, managing workforce transitions and company practice, the Chief Financial Officer is not a Director on the Board upskilling workforce during periods of rapid change. of BHP. As part of its succession planning, the Board reviews the skills and diversity (including gender, age, personal strengths and social and ethnic Board tenure and diversity Tenure Region of nationality Gender diversity 0>3 years 40% Australia/NZ 60% Female 40% 3>6 years 50% Europe/UK 10% Male 60% 6>9 years 10% North America 30% 1. Progress does not include data from the Daunia and Blackwater mines which were divested during the year.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 105 backgrounds) represented by Directors on the Board and determines targets and goals. whether the composition and mix of those skills and diversity remains – The Risk and Audit Committee is responsible for assisting the Board appropriate to achieve BHP’s purpose and strategy. in overseeing and reviewing emerging and principal risks facing the The tables in Additional information 7 set out the information required Group, including climate risks. The Risk and Audit Committee also under the UK Listing Rules on diversity as at 30 June 2024. The data reviews and recommends to the Board public financial disclosures presented in these tables was collected by requesting all members of the regarding sustainability matters. Board, ELT and Group Company Secretary self-report in questionnaires – The Sustainability Committee reviews and advises the Board on the that include the tables prescribed by the UK Listing Rules. adequacy of the Group’s governance and performance in relation to climate matters. The Committee also reviews and recommends to 4.7 Board evaluation the Board disclosures regarding sustainability matters in the Annual The Board is committed to transparency in assessing the performance Report and other public documents related to the Group’s reporting of Directors. The Board conducts regular evaluations of its performance, on climate matters. the performance of its Committees, the Group Chair, Directors and the – The People and Remuneration Committee is responsible for governance processes that support the Board’s work. reviewing and recommending to the Board for approval of The evaluation considers the balance of skills, experience, independence performance measures and performance outcomes against those and knowledge of the Group on the Board, its diversity and culture, and the performance measures for the ELT. In doing so, the Committee operation of governance processes. considers recommendations from the Sustainability Committee in relation to climate measures. In FY2024, an internal evaluation was conducted with the assistance of external service provider, Lintstock. An external Board evaluation – Sexual harassment is a Board-level issue, supported by the Risk is conducted approximately every three years and was last conducted and Audit Committee on the risk and compliance aspects and the in FY2023. Sustainability Committee on the safety, operational aspects and security controls. Review of individual Director performance – Technology and cyber risk are Board-level issues, supported by the Risk The Board has adopted a policy for all Non-executive Directors to seek and Audit Committee, which reviews emerging and principal risks facing re-election annually. The Board uses the results of Director performance the Group, including cyber risk. evaluations in considering whether to nominate a Director for re-election by shareholders. In FY2024, an assessment was conducted of each Director’s The Board appoints the members and Chair of each Committee. performance prior to their nomination for re-election with the assistance Only independent Non-executive Directors can be Committee Chairs. of external service provider, Lintstock. Lintstock does not have any other The members and key roles and responsibilities of each Committee are set connection with the Group or individual Directors. out below. The assessment of Directors focused on the contribution of each Director For Committee attendance and members during FY2024 refer to to the work of the Board and its Committees, and the expectations of Directors’ Report 2 Directors as set out in BHP’s governance framework. In addition, the assessment focused on how each Director contributes to Board cohesion and effective relationships with fellow Directors, commits the time 5.1 Nomination and Governance Committee required to fulfil their role and effectively performs their responsibilities. Members Directors were asked to comment on areas where their fellow Directors Ken MacKenzie (Chair), Terry Bowen (until 1 November 2023), contribute the greatest value and potential areas for development. Gary Goldberg, Michelle Hinchliffe (from 1 November 2023), Lintstock provided feedback received to the Chair, which was then Christine O’Reilly, Catherine Tanna (from 1 July 2024) discussed with Directors. Feedback relating to the Chair was discussed with the Chair by the Senior Independent Director. As a result of these Key responsibilities/role and focus: outcomes, the review supported the Board’s decision to recommend each Director standing for re-election. The role of the Nomination and Governance Committee is to support the Board Committee assessments in relation to governance and nomination matters. The Committee oversees the Group’s corporate governance framework Following an assessment of its work, each Committee concluded that it and practices, succession planning and processes, Board and Director had met the requirements under its Charter in FY2024. performance evaluation, Director training and development, and advises and makes recommendations to the Board on the Group’s existing corporate governance policies, structures or practices. 5. Board Committees The Committee also supports the Board with sustainability-related matters that encompass issues that affect the whole of the Group, including areas The Board has four standing Committees and has delegated a number of strategy, risk and reporting, people and remuneration by reviewing and of duties to each Committee to assist the Board in exercising its recommending to the Board for approval the Group’s: responsibilities and discharging its duties. Each Committee’s Charter – significant social, community and sustainability policies, including those sets out the Committee’s roles and responsibilities. These Charters related to climate change, industry associations and charitable contributions were reviewed and updated in FY2023 as part of the governance review. – public sustainability targets and goals The aim was to review Board and Committee responsibilities and streamline and modernise the documents in order to best support BHP’s strategy and purpose. Key activities in FY2024: Succession planning processes The updated Charters took effect from 1 July 2023 and are available – Board and Committee succession at bhp.com/governance – Identification of suitable Non-executive Director candidates BHP’s Board and Committee governance structure facilitates a considered – Partnering with search firms regarding candidate searches and integrated approach on key matters, for example: Evaluation and training – Climate change is a Board-level issue. The Board is responsible for – Board evaluation and Director performance evaluation the governance and oversight of climate change issues, including – Director development program and training in relation to our strategic approach, risk management and public – Assessment of independence of Non-executive Directors disclosures. The Board approves significant social, community and Governance practices sustainability policies, including those related to climate change and public sustainability goals and targets, and oversees performance – Crisis management against our strategy, goals and targets. The Board is supported by each – Review of the Climate Transition Action Plan 2024 of its Committees: – The Nomination and Governance Committee reviews and makes recommendations to the Board on the Group’s significant social, community and sustainability policies, including those related to climate change. The Committee also reviews and makes recommendations to the Board on the Group’s public sustainability

106 BHP Annual Report 2024 Corporate Governance Statement continued 5.2 Risk and Audit Committee 5.3 Sustainability Committee 5.4 People and Remuneration Committee Members Members Members Michelle Hinchliffe (Chair since 1 November Catherine Tanna (Chair from 1 July 2024), Christine O’Reilly (Chair), Ross McEwan (from 2023, and a member of the Committee prior to Gary Goldberg (Chair until 1 July 2024), 3 April 2024), Catherine Tanna, Dion Weisler this date), Terry Bowen (Chair until 1 November Ian Cockerill (until 4 April 2024), Don Lindsay 2023), Xiaoqun Clever-Steg, Ian Cockerill (from 1 May 2024), Dion Weisler Key responsibilities/role and focus: (until 4 April 2024), Don Lindsay (from 1 May The role of the People and Remuneration 2024), Ross McEwan (from 3 April 2024), Key responsibilities/role and focus: Committee is to support and advise the Board on Christine O’Reilly people and remuneration matters. The role of the Sustainability Committee is to support and advise the Board on The Committee oversees the Group’s key Key responsibilities/role and focus: sustainability matters. strategies and policies relating to people, including The role of the Risk and Audit Committee is The Committee oversees the Group’s health, for attraction, recruitment, motivation and retention, to support and advise the Board in relation to safety, environment, climate and community employee engagement, leadership and talent financial reporting, external and internal audit, performance, including implementation of the development, industrial relations and employee capital management and risk management. The Group’s strategy, policies and processes in relation conduct, and monitors the effectiveness of the Committee also oversees and assists the Board in to these matters. Group’s people and culture strategy and its reviewing the emerging and principal risks facing alignment with the Group’s purpose and values. The Committee also reviews and advises the Board the Group, including financial and non-financial on the adequacy of the Group’s governance of The Committee oversees and monitors the risks that could threaten the Group’s business health, safety, environment, climate and community remuneration framework and practices, including model, future performance, solvency, liquidity matters, including consideration of emerging the adoption of incentive plans, levels of reward or reputation. areas of risk related to the Group’s operations for the CEO and other ELT members and any and its engagement with customers, suppliers major changes in employee benefits structures and communities. in the Group. US committee membership requirements The Board is satisfied that Michelle Hinchliffe, who For information on BHP’s remuneration serves as Chair on the Risk and Audit Committee, Key activities in FY2024: practices and policies, including on hedging meets the financial expert requirements under Sustainability BHP shares and equity instruments, refer the US Securities and Exchange Commission to the Remuneration Report (SEC) Rules and is independent under applicable – Operational decarbonisation, water stewardship, NYSE rules. The Board is also satisfied that the cultural heritage and Indigenous engagement, Committee meets the independence criteria under biodiversity, closure and rehabilitation, fatality Key activities in FY2024: Rule 10A-3 of the Exchange Act. elimination program and integrated contractor Remuneration management program updates – Executive remuneration strategies – Site visits Key activities in FY2024: – Group Chair, CEO, ELT members and Group – Reports on material health, safety, environment, Integrity of Financial Statements and funding Company Secretary remuneration climate and community risks, including tailings, matters occupational safety and sexual harassment People – Accounting matters for consideration, materiality – Health, safety and security function plan – People culture and strategy, people policies limits, half-year and full-year results and governance, material workforce trends – Internal audit reports and annual internal audit – Sarbanes-Oxley Act of 2002 (SOX) compliance plan related to health, safety, environment, – Employee engagement, leadership and – Financial governance procedures and community talent development – Funding and guarantee updates Disclosure – Diversity and inclusion policies and measurable objectives (below Board level) – Samarco dam failure provision, including related – Health, safety and environment provisions and contingent liabilities compliance updates Incentive plans – Carrying value of BHP’s assets – Sustainability disclosures – BHP’s employee incentive plans – Climate-related financial statement and – Group Modern Slavery Statement risk disclosures – Disclosures for Global Industry Standard on – Closure and rehabilitation provisions Tailings Management – Disputes and litigation updates Performance External Auditor and integrity of the audit – Monitor health, safety, environment, climate and process community performance, including progress against 2030 goals – Status and results of the external audit – Safety and sustainability measures and – Management and External Auditor performance outcomes for the ELT FY2024 closed sessions – Audit plan and review of the External CDP scorecard – Review health, safety and environment function Auditor’s performance – External Auditor independence and and performance of the Group Health, Safety non-audit services and Security Officer Effectiveness of systems of internal control and risk management – Reports on the significant risks facing the Group and the Group’s systems of risk management and internal control (including cybersecurity and data privacy) – Internal audit reports, annual internal audit plan and review of performance of the Internal Audit team – Reports on sexual harassment, racism and bullying, serious breaches of business conduct, regulatory compliance and grievance and investigation processes – Reserves and resources updates

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 107 6. Management Below the level of the Board, key management decisions are made by the CEO, the ELT, management committees and members of management in accordance with their delegated authority. 6.1 Executive Leadership Team Edgar Basto Caroline Cox Brandon Craig Chief Operating Officer Chief Legal, Governance and President Americas (BSc, Metallurgy) External Affairs Officer (BSc Engineering (Mechanical), MBL) Edgar Basto joined BHP in 1989 and was appointed (BA (Hons), MA, LLB, BCL) Brandon Craig joined BHP in 1999 and was appointed Chief Operating Officer in October 2022. Edgar is Caroline Cox joined BHP in 2014 and was appointed President of BHP Americas effective 1 March 2024. responsible for Group Health, Safety and Security, the Chief Legal, Governance and External Affairs Officer Brandon is responsible for BHP’s copper operations BHP Operating System (BOS) and global Performance in November 2020. Caroline is responsible for Legal, in Chile, joint venture interests in the Americas, and and Improvement. Edgar’s accountability also Governance, Ethics and Investigations, Compliance, potash operations in Canada. Immediately prior to his includes Copper South Australia and its long-term Global Corporate Affairs and Communications appointment as President Americas, Brandon was growth pathway following the recent integration and Sustainability and Social Value. Caroline has Asset President for BHP’s iron ore business in Western of the former OZ Minerals operations into our business. previously held senior roles at BHP, including Vice Australia. Brandon’s expertise with BHP extends more Edgar has previously held senior roles at BHP, President Legal, Group General Counsel, and Group than 20 years, holding various leadership roles spanning including President Minerals Australia, Asset President General Counsel & Company Secretary. Prior to joining the fields of maintenance, marketing and human resources. of Western Australia Iron Ore and Asset President BHP, Caroline was a Partner at Herbert Smith Freehills. Escondida (Chile). Geraldine Vandita Pant Catherine Raw Slattery Chief Financial Officer Chief Development Officer President Australia (BCom (Hons), MBA) (MA (Cantab.), Natural Sciences, MSc, (BSc, Physics, MSc, International Management) Vandita Pant joined BHP in 2016 and was appointed Mineral Project Appraisal, CFA) Geraldine Slattery joined BHP in 1994 and was Chief Financial Officer effective 1 March 2024. Catherine Raw joined BHP on 29 April 2024 as Chief appointed President Australia in October 2022. Vandita is responsible for overseeing the Group’s Development Officer. Catherine is responsible for Geraldine leads BHP’s Australian operations in Reporting, Tax, Treasury, Investor Relations, Financial strategy, acquisitions and divestments, securing Western Australia, Queensland and New South Wales. Planning, Risk and Internal Audit teams. Vandita has early-stage growth options and ventures. Prior to Geraldine has previously held senior roles at BHP, previously held senior roles at BHP, including as Chief joining BHP, Catherine held senior roles in resources including President Petroleum from March 2019 to Commercial Officer from July 2019 to 29 February and finance industries, including at SSE Thermal (a 31 May 2022. Geraldine has 30 years’ experience 2024, Group Treasurer and Head of Europe. Prior business unit of SSE plc) as Managing Director, Barrick with BHP, including as President Petroleum, Asset to joining BHP, Vandita had more than 20 years’ Gold Corporation as Chief Operating Officer for North President Conventional and prior to that in several experience in executive banking roles across India, America and as Chief Financial Officer, and BlackRock senior operational and business leadership roles Singapore, Japan and the United Kingdom. Vandita as Managing Director, Natural Resources Team. across the Petroleum business in the United Kingdom, brings strong global financial market, commodity, Australia and the United States. strategy, capital allocation and business development experience to the role. Johan Ragnar Udd van Jaarsveld Jad Vodopija Chief Commercial Officer Chief Technical Officer Chief People Officer (BAppSc (Mining Engineering), MEng, MBA) (BEng (Chem), MCom, Applied Finance, PhD (BA, PGDip (Industrial Relations and Human Rag Udd joined BHP in 1997 and was appointed Chief (Eng), Extractive Metallurgy) Resource Management), MComm) Commercial Officer effective 1 March 2024. Rag Johan van Jaarsveld joined BHP in 2016 and Jad Vodopija rejoined BHP in 2019 and was appointed has global accountability for Sales and Marketing, was appointed Chief Technical Officer effective Chief People Officer in July 2022. Jad is responsible Procurement, Maritime and for developing BHP’s 1 March 2024. Johan is responsible for Technology, for organisational strategy, talent and resource views on global commodities markets and macro Minerals Exploration, Innovation and the Centres of management, leadership development and workforce trends. Rag has over 25 years’ experience in the global Excellence for Projects, Maintenance, Resources performance. Jad has previously held senior roles at resources industry, including in Australia, Asia and and Engineering. Johan has previously held senior BHP, including Vice President, Human Resources. North and South America. He has held senior roles at executive roles at BHP, including Chief Development Prior to rejoining BHP, Jad was Vice President BHP in operations, logistics, projects and technology, Officer from September 2020 to 29 April 2024. Prior to Human Resources at Orica from 2016, before which including President Americas from November 2020 to joining BHP, Johan held executive positions in resources she had built her career at BHP and earlier on at Ford 29 February 2024, Acting Chief Technology Officer and and finance, including at Barrick Gold Corporation, Motor Company. Asset President of BHP Mitsubishi Alliance. Goldman Sachs and The Blackstone Group.

108 BHP Annual Report 2024 Corporate Governance Statement continued 6.2 Senior management succession Shareholder engagement practices A senior management succession process is conducted to support pipeline stability for critical roles. A talent deep dive is conducted by the Board at least once a year to evaluate these pipelines, including the diversity of Direct engagement the pipeline. We engage directly with institutional shareholders and Senior management succession is viewed from a five-year perspective investor representative organisations around the world that considers the readiness of successors across time horizons, contexts to discuss strategy and governance and to enable our and future capability demands. Select Board members are involved management, Board and Committees to regularly hear in the interview process for executive-level appointments one level investor expectations, which can then be used to refine below the CEO and occasionally for roles two levels below the CEO. and develop, and continuously improve, the governance Appropriate checks are undertaken before appointing a member of the processes of BHP. We also engage directly with retail ELT. BHP has a written agreement with each ELT member setting out the shareholders and their representatives. terms of their appointment. In December 2023, BHP announced the following changes to the ELT: Engagement on key sustainability themes – Vandita Pant was appointed as the Chief Financial Officer, effective In addition to our regular investor meetings program, in 1 March 2024 FY2024 we held direct engagement sessions with lead – Ragnar Udd was appointed as the Chief Commercial Officer, effective investors, including from Climate Action 100+, Nature Action 1 March 2024 – Brandon Craig was appointed as the President Americas, effective 100 and Principles for Responsible Investment’s (PRI) 1 March 2024 Advance initiative. We also held engagement sessions on preparation of our Climate Transition Action Plan 2024 to – Johan van Jaarsveld was appointed as the Chief Technical Officer, obtain feedback from investors on our approach. effective 1 March 2024 – Catherine Raw was appointed as the Chief Development Officer, effective 29 April 2024 Webcasts and Q&A sessions We provide webcasts and Q&A sessions as Laura Tyler (the former Chief Technical Officer) retired from BHP on forums to update shareholders on results or other 29 February 2024 and David Lamont ceased as Chief Financial Officer key announcements. on 29 February 2024 and commenced as Senior Executive Officer in an advisory and projects capacity, reporting directly to the CEO until February 2025. Website All relevant corporate governance information, including 6.3 Performance evaluation of executives our Annual Report, is available on our website at bhp.com. The performance of executives and other senior employees is reviewed All ASX announcements are promptly posted to the website. on an annual basis. The annual performance review process considers BHP encourages direct contact from shareholders and our the performance of executives against criteria designed to capture website has a ‘Contact Us’ form for contact with our Investor ‘what’ is achieved and ‘how’ it is achieved. All performance assessments Relations team. Anyone who is interested in receiving news of executives include how effective they have been in undertaking from BHP can subscribe to receive email alerts. their role and what they have achieved against their specified key performance indicators. A performance evaluation was conducted for all members of the ELT Chair and Non-executive Director investor meetings during FY2024. For the CEO, the performance evaluation was led by the The Chair and Senior Independent Director regularly Chair of the Board on behalf of all the Non-executive Directors and was meet with investors to discuss Board priorities and seek discussed with the People and Remuneration Committee and considered shareholder feedback. The People and Remuneration by the Board. Committee Chair also meets with investors and proxy 7. Shareholders and reporting advisors to discuss remuneration. 7.1 Shareholder and stakeholder engagement Annual General Meeting BHP shareholder engagement practices We facilitate and encourage shareholder participation at our Annual General Meeting (AGM). The meeting provides BHP engages regularly with our shareholders to understand their views an opportunity for all investors to hear about BHP’s and feedback and we have an investor relations program to provide performance and to question and engage with the Board avenues for effective and timely two-way communication with investors. We encourage shareholders to make their views known to us. and vote on the resolutions. The External Auditor is also Shareholders can contact us at any time through our Investor Relations available to answer questions at the AGM. team, with contact details available at bhp.com. In addition, shareholders Information on our AGM is available at bhp.com/meetings can communicate with us and our registrar electronically. Before the AGM, shareholders are provided with all material information in BHP’s possession relevant to their decision on whether to elect or re-elect a Director. Copies of the speeches delivered by the Chair and CEO at the AGM are released to the relevant stock exchanges and posted on our website. Proceedings at shareholder meetings are webcast live from our website. Resolutions at general meetings are decided by a poll rather than by a show of hands. A summary of proceedings and the outcome of voting on the items of business are released to the relevant stock exchanges and posted on our website as soon as they are available.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 109 Stakeholder engagement 7.2 Market disclosure The Board considers effective stakeholder engagement a key element BHP is committed to timely and balanced disclosure of market of its governance and oversight role. Our strategy, our 2030 goals, our sensitive information. purpose and our Risk Appetite Statement reflect the significance of BHP’s Market Disclosure and Communications policy sets out the external partners and stakeholders in decision-making. processes designed to ensure compliance with BHP’s relevant disclosure There are multiple ways the views of partners and stakeholders, beyond obligations and outlines the way in which information is communicated shareholders, are brought to the Board and its Committees. to shareholders, the investment community and the market. It outlines Examples of reports that are provided to the Board include Employee how we identify and distribute information to shareholders and market Perception Survey findings, gender pay gap reports and updates from the participants and sets out the role of the Disclosure Committee in managing CEO and Chief People Officer. In addition, the Risk and Audit Committee compliance with market disclosure obligations. and Sustainability Committee receive reports on engagement with The Board receives copies of material market announcements promptly regulators. The Risk and Audit Committee receives reports on material after they have been released. litigation and disputes with third parties and misconduct concerns raised Where BHP gives a new and substantive investor or analyst presentation, through confidential reporting platforms. The Sustainability Committee it releases a copy of the presentation materials to the market ahead of receives updates on Community Perception Survey findings. the presentation. Stakeholder engagement The Market Disclosure and Communications policy is available at bhp.com/governance Site visits Site visits provide an opportunity for Directors In addition, we have disclosure controls in place for periodic disclosures, to engage directly with the workforce, partners, including the Operational Review, our results announcements, debt community members, Indigenous and First Nations investor documents (such as the prospectus for the Euro or Australian representatives and contractors and gain a greater Medium-Term Notes) and Annual Report documents, which must comply understanding of the Group’s operations, culture, with relevant regulatory requirements. More information about these verification processes can be found material risks and risk management processes, and in the Disclosure Controls for Periodic Disclosure document other issues relevant to the specific site. Site visits in available at bhp.com/governance FY2024 included to Nickel West and BMA (November 2023), New South Wales Energy Coal (February 2024), Spence (April 2024) and Jansen (June 2024). 8. Culture and conduct Code of Conduct We are committed to the highest level of governance and strive to foster a Workforce Directors also have the opportunity to engage directly culture that values and rewards exemplary ethical standards, personal and with a cross-section of the workforce at Board and corporate integrity and respect for others. The Board, together with management, plays a critical role in setting and Committee meetings, at Director briefing sessions and reinforcing the culture of the Group. during visits to our sites and offices. Our Code of Conduct is approved by the Board and is based on Our Values: Do what’s right, Seek better ways and Make a difference. It applies to all our Directors, senior executives and employees. Presentations and briefings Our Code of Conduct includes our policies on speaking up and anti-bribery Presentation materials for briefings and speeches and corruption, sets out standards of behaviour for our people and is an related to financial results, strategy, decarbonisation important statement of the culture at BHP. and other key topics are available at bhp.com for all stakeholders. For more information on our policies on speaking up and our commitment against corruption refer to OFR 6.8 Our Code of Conduct is available at bhp.com/about/ Events operating-ethically/our-code/ Various events throughout the year, such as retail shareholder events in Australia and the UK and the BHP’s channels to raise misconduct concerns AGM, provide opportunities for engagement with a range of partners and stakeholders, including We have mechanisms in place for anyone to raise a query about Our government officials, community members, Code of Conduct or make a report if they feel Our Code of Conduct Traditional Owners and other Indigenous partners and has been breached. BHP’s reporting channels to raise misconduct non-government organisations. concerns comprise an online portal and 24-hour multilingual call service. These channels are confidential and accessible to all employees, contractors and external partners and stakeholders, including members of the public, to raise concerns about misconduct that may be unethical, illegal or inconsistent with Our Code of Conduct. All misconduct concerns raised through our reporting channels are reviewed and categorised by the Ethics and Investigations team. Once categorised, reports are assigned in accordance with internal policy and processes to an investigator, line leader or appropriate team for resolution. All significant Our Code of Conduct matters and key trends from investigations are reported to the Risk and Audit Committee. These are then reported to the Board as part of its report-out process. For more information on ethics and business conduct refer to OFR 6.8 More information on ethics and business conduct is available at bhp.com/ethics

110 BHP Annual Report 2024 Corporate Governance Statement continued 9. Risk management and assurance 9.2 External audit and financial reporting Integrity of Financial Statements 9.1 Risk management governance structure The RAC assists the Board in assuring the integrity of the Financial Risk governance Statements. The RAC evaluates and makes recommendations to the The Risk and Audit Committee (RAC) oversees and assists the Board in Board about the appropriateness of accounting policies and practices, risk management and reviewing the emerging and principal risks facing areas of judgement, compliance with accounting standards, stock the Group, including financial and non-financial risks that could threaten exchange and legal requirements and the results of the external audit. the Group’s business model, future performance, solvency, liquidity or reputation. This includes business risk, financial reporting risk, insurance CEO and CFO assurance risk, tax risk, technology security and cyber risk, climate risk and ethical For the FY2024 full year and half year, the CEO and CFO have provided compliance programs. The Board requires the CEO to implement a system a declaration that in their opinion, BHP’s financial records have been of control for identifying and managing risk. The Risk team is accountable properly maintained and those Financial Statements comply with for this system, known as BHP’s Risk Framework, and also supports, accounting standards and applicable regulatory requirements and give challenges and verifies risk management activities to give assurance to a true and fair view of the financial position and performance of BHP, management and the Board. The Directors, with support from the RAC, and that the opinion was formed on the basis of a sound system of risk monitor and, at least annually, will review the effectiveness of the Group’s management and internal control, which is operating effectively. The RAC systems of risk management and internal control. The RAC, in undertaking considered these certifications when recommending the Financial this review, makes a recommendation to the Board on whether the systems Statements to the Board for approval. of risk management and internal control continue to be sound and whether the Group is operating with due regard to the risk appetite set by the Board. External Auditor The RAC manages the relationship with the External Auditor on behalf For more information refer to OFR 8 of the Board. It considers the independence and reappointment of the External Auditor each year, as well as remuneration and other terms of engagement and makes a recommendation to the Board. Internal audit The Internal Audit team provides assurance to the Board, CEO and Evaluation of External Auditor and external audit process Executive Leadership Team on whether risk management, internal control The RAC evaluates the objectivity and independence of the External and governance processes are adequate and functioning. The Internal Auditor and the quality and effectiveness of the external audit Audit team is independent of the External Auditor. The RAC evaluates and, arrangements, including through: if thought fit, approves the Terms of Reference of the Internal Audit team – reviewing the terms of engagement of the External Auditor and the annual internal audit plan and monitors the effectiveness of the – considering the external audit plan, in particular to gain assurance that internal audit activities. it is tailored to reflect changes in circumstances from the prior year and The RAC approves the appointment and dismissal of the Chief Audit reviewing the plan during the audit engagement Officer (which is currently the Chief Risk and Audit Officer) and assesses – meeting with the audit partners, particularly the lead audit engagement their performance, independence and objectivity. During FY2024, the Chief partners, throughout the year and without management present Risk and Audit Officer reported directly to the RAC and functional oversight of the Internal Audit team was provided by the Chief Financial Officer. – discussing with the audit engagement partners the skills and experience of the broader audit team Effectiveness of systems of internal control and risk management – considering the quality of the External Auditor’s performance following the completion of the audit In delegating authority to the CEO, the Board has established CEO limits, outlined in the Board Governance Document. These limits require the CEO In addition, the RAC reviews the integrity, independence and objectivity to ensure there is a system of control in place for identifying and managing of the External Auditor and assesses whether there is any element of risk in BHP. Through the RAC, the Directors regularly review these the relationship that impairs or appears to impair the External Auditor’s systems for their effectiveness. These reviews include assessing whether judgement or independence. The External Auditor also certifies its processes continue to meet evolving external governance requirements. independence to the RAC. The RAC oversees and reviews the internal controls and risk management systems (including procedures, processes and systems for, among Non-audit services other things, financial controls, financial reporting, reporting of reserves Although the External Auditor provides some non-audit services to the and resources, closure and rehabilitation, legal and ethical compliance, Group, the objectivity and independence of the External Auditor are preventing fraud and serious breaches of business conduct, speak-up safeguarded through restrictions on the provision of these services with procedures, information technology security and cyber risk). Any material some services prohibited from being undertaken. breaches of Our Code of Conduct, including breaches of our anti-bribery and corruption requirements and any material incidents reported under Pre-approved services our speak-up procedures are reported quarterly to the RAC by the Chief The RAC has adopted a policy titled Provision of Audit and Other Services Compliance Officer. These reports are then communicated to the Board by the External Auditor covering the RAC’s pre-approval policies and through the report-out process. procedures to maintain the independence of the External Auditor. During FY2024, management presented an assessment of the material The categories of ‘pre-approved’ services are: risks facing BHP and the effectiveness of the Group’s systems of risk management. The reviews were overseen by the RAC, with findings and – Audit services – work that constitutes the agreed scope of the statutory recommendations reported to the Board. In addition to considering key audit and includes the statutory audits of BHP and its entities (including risks facing BHP, the Board assessed the effectiveness of internal controls interim reviews). The RAC monitors the audit services engagements and over key risks identified through the work of the Board Committees. if necessary, approves any changes in terms and conditions resulting from changes in audit scope, Group structure or other relevant events. Having carried out a review during FY2024, the Board is satisfied with the effectiveness of BHP’s risk management and internal control systems. – Audit-related and other assurance services – work that is outside the scope of the statutory audit but is consistent with the role of the external Environmental and social risks statutory auditor. This category includes work that is reasonably related to the performance of an audit or review and is a logical extension of the BHP’s risk factors (including material exposure to environmental and social audit or review scope, is of an assurance or compliance nature and is risks) and how we manage these risks are described in OFR 8. work that the external auditors must or are best placed to undertake and is permissible under the relevant applicable standard. – Tax services – identification of public subsidies and tax incentives and support regarding tax inspections by tax authorities, but only when support from the external auditor or audit firm is required by law.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 111 Activities outside the scope of the categories above are not ‘pre-approved’ There are inherent limitations to the effectiveness of any system of and must be approved by the RAC prior to engagement, regardless of the disclosure controls and procedures, including the possibility of human dollar value involved. In addition, any engagement for other services with a error and the circumvention or overriding of the controls and procedures. value over US$250,000, even if listed as a ‘pre-approved’ service, requires Even effective disclosure controls and procedures can only provide the approval of the RAC. reasonable assurance of achieving their control objectives. All engagements for non-audit services, whether ‘pre-approved’ or not and In the design and evaluation of our disclosure controls and procedures, regardless of the dollar value involved, are reported quarterly to the RAC. management was required to apply its judgement in evaluating the While not prohibited by BHP’s policy, any proposed engagement of the cost-benefit relationship of possible controls and procedures. External Auditor relating to internal control requires specific prior approval from the RAC. In addition, while the categories of ‘pre-approved’ services 10. US requirements include a list of certain pre-approved services, the use of the External Auditor to perform these services will always be subject to our overriding BHP Group Limited is a registrant with the SEC in the United States. It is governance practices as articulated in the policy. classified as a foreign private issuer and has American Depositary Shares In addition, the RAC did not approve any services during the year ended listed on the New York Stock Exchange (NYSE). 30 June 2024 pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of SEC We have reviewed the governance requirements applicable to foreign Regulation S-X (provision of services other than audit). private issuers under SOX, including the rules promulgated by the Fees paid to BHP’s External Auditor during FY2024 for audit and other SEC and the rules of the NYSE, and are satisfied that we comply with services were US$15.722 million, of which 71 per cent comprised audit those requirements. fees (including in relation to SOX matters), 12 per cent for audit-related Under NYSE rules, foreign private issuers such as BHP are required fees and 17 per cent for all other fees. US$10,000 fees were paid in to disclose any significant ways our corporate governance practices relation to tax services. For information on the fees paid refer to Financial differ from those followed by US companies under the NYSE corporate Statements note 36 ‘Auditor’s remuneration’. governance standards. After a comparison of our corporate governance practices with the requirements of Section 303A of the NYSE-Listed Our Provision of Audit and Other Services by the External Auditor Company Manual followed by US companies, two significant differences policy is available at bhp.com/governance were identified: Rule 10A-3 of the Exchange Act requires NYSE-listed companies financial Management’s reporting assessment of internal control over to ensure their audit committees are directly responsible for the appointment, compensation, retention and oversight of the work of the Management is responsible for establishing and maintaining adequate External Auditor unless the company’s governing law or documents or internal control over financial reporting (as defined in Rule 13a-15(f) and other home country legal requirements require or permit shareholders Rule 15d-15(f) under the Exchange Act). to ultimately vote on or approve these matters. Under the terms of Because of its inherent limitations, internal control over financial reporting our Constitution, our shareholders are ultimately responsible for the may not prevent or detect misstatements and, even when determined to be appointment and retention of the External Auditor and are required to effective, can only provide reasonable assurance with respect to financial vote on the appointment of the External Auditor from time to time (as statement preparation and presentation. Projections of any evaluation of required under Australian law). The RAC remains directly responsible for effectiveness to future periods are subject to the risk that controls may the compensation and oversight of the work of the External Auditor. become inadequate because of changes in conditions, or the degree of Under Section 303A.08 of the NYSE Listed Company Manual, compliance with the policies or procedures may deteriorate. shareholders must be given the opportunity to vote on all Under the supervision and with the participation of our management, equity-compensation plans and material revisions thereto, with certain including our CEO and CFO, the effectiveness of BHP’s internal control exemptions. Under Australian law, BHP Group Limited is not required over financial reporting was evaluated based on the framework and to provide for shareholder votes on all equity-compensation plans or criteria established in Internal Controls – Integrated Framework (2013), revisions thereto. Shareholder approval is required for issues of shares issued by the Committee of the Sponsoring Organizations of the Treadway to Directors and accordingly is sought only for certain incentive awards Commission. Based on this evaluation, management concluded that to the CEO. The Remuneration Report voted on by shareholders at the internal control over financial reporting was effective as at 30 June 2024. Annual General Meeting describes Board and executive remuneration. There were no material weaknesses in BHP’s internal controls over All incentive programs offered to the Board and/or Executives are financial reporting identified by management as at 30 June 2024. intended to comply with our remuneration framework. BHP has engaged independent registered public accounting firm, Ernst & We have a Securities Dealing policy and procedures that cover the Young, to issue an audit report on the effectiveness of our internal control purchase, sale and other dealings of our securities by Directors, senior over financial reporting for inclusion in the Annual Report on Form 20-F as management and employees that seek to promote compliance with filed with the SEC. applicable insider trading laws, rules and regulations. There were no changes in our internal control over financial reporting during FY2024 that materially affected or were reasonably likely to materially affect our internal control over financial reporting. During FY2024, the RAC reviewed our compliance with the obligations imposed by SOX, including evaluating and documenting internal controls as required by section 404 of SOX. and Management’s procedures assessment of disclosure controls Management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as at 30 June 2024. Disclosure controls and procedures are designed to provide reasonable assurance that the material financial and non-financial information required to be disclosed by BHP, including in the reports it files or submits under the Exchange Act, is recorded, processed, summarised and reported on a timely basis. This information is accumulated and communicated to BHP’s management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure. Based on the evaluation, management (including the CEO and CFO) concluded that as at 30 June 2024, our disclosure controls and procedures are effective in providing that reasonable assurance.

112 BHP Annual Report 2024 Directors’ Report The information presented by the Directors in this Directors’ Report There were no significant changes in BHP’s state of affairs that relates to BHP Group Limited and its subsidiaries. The Operating and occurred during FY2024 and no significant post balance date events Financial Review (OFR), the Remuneration Report and the ‘Lead Auditor’s other than as disclosed in the OFR and Financial Statements note 35 Independence Declaration’ are incorporated by reference into and form ‘Subsequent events’. part of this Directors’ Report. No other matter or circumstance has arisen since the end of FY2024 that has significantly affected or is expected to significantly affect 1. Review of operations, principal activities the operations, the results of operations or state of affairs of BHP in and state of affairs future years. A review of the operations of BHP during FY2024, the results of those 2. Directors operations during FY2024 and the expected results of those operations in future financial years are set out in the OFR 1-7, 9 and 11. Information on The Directors who served at any time during FY2024 or up until the likely developments in BHP’s operations in future years and the the date of this Directors’ Report are listed in the Board and Board expected results of those operations also appears in that section. Committee attendance table below. Information on the current Directors, including their terms of service, qualifications, experience and special We have excluded certain information from the OFR, to the extent responsibilities, and directorships of other listed companies held in the permitted by Australian law, on the basis that such information relates last three years, is set out in the Corporate Governance Statement. to impending developments or matters in the course of negotiation and This information is incorporated by reference into and forms part of this disclosure would be seriously prejudicial to the interests of BHP. This is Directors’ Report. because such disclosure could be misleading due to the fact it is premature or preliminary in nature, relates to commercially sensitive contracts, would undermine confidentiality between BHP and our suppliers and clients, or Director attendances at meetings would otherwise unreasonably damage BHP. The categories of information The Board meets as often as required. During FY2024, the Board met omitted include forward-looking estimates and projections prepared for 16 times. internal management purposes, information regarding BHP’s assets and Members of the Executive Leadership Team and other members of projects that is developing and susceptible to change, and information senior management attend meetings of the Board by invitation. relating to commercial contracts and pricing modules. Each Board Committee provides a standing invitation for any Non- Our principal activities, including significant changes in the nature of BHP’s executive Director to attend Committee meetings (rather than just limiting principal activities during FY2024 are disclosed in the OFR. attendance to Committee members). Committee agendas and papers are provided to all Directors concerning matters to be considered. The table below excludes the attendance of Directors at Committee meetings where they were not a Committee member. Board and Board Committee attendance in FY2024 Nomination and People and Risk and Audit Governance Remuneration Sustainability Board Committee Committee Committee Committee Attended/Held Attended/Held Attended/Held Attended/Held Attended/Held Terry Bowen1 7/7 4/4 3/3 Xiaoqun Clever-Steg 16/16 8/8 Ian Cockerill3 11/11 8/8 3/3 Gary Goldberg 16/16 6/6 4/4 Mike Henry 16/16 Michelle Hinchliffe2 16/16 8/8 3/3 Don Lindsay5 4/4 1/1 1/1 Ken MacKenzie 16/16 6/6 Ross McEwan4 5/5 1/1 1/1 Christine O’Reilly 16/16 8/8 6/6 6/6 Catherine Tanna 16/16 6/6 4/4 Dion Weisler 16/16 6/6 4/4 1. Terry Bowen served as a Non-executive Director from 1 October 2017 until his retirement on 1 November 2023 and was a member of the Risk and Audit and Nomination and Governance Committees until 1 November 2023. 2. Michelle Hinchliffe was appointed Chair of the Risk and Audit Committee and a member of the Nomination and Governance Committee from 1 November 2023. 3. Ian Cockerill served as a Non-executive Director from 1 April 2019 until his retirement on 4 April 2024 and was a member of the Risk and Audit and Sustainability Committees until 4 April 2024. 4. Ross McEwan was appointed as a Non-executive Director and a member of the Risk and Audit and People and Remuneration Committees from 3 April 2024. 5. Don Lindsay was appointed as a Non-executive Director and a member of the Risk and Audit and Sustainability Committees from 1 May 2024.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 113 3. Share interests since the end of FY2024. No options over unissued shares or unissued interests in BHP have been granted during or since the end of FY2024 and Directors’ shareholdings no shares or interests were issued as a result of the exercise of an option over unissued shares or interests during or since the end of FY2024. Subject to securities dealing constraints, Non-executive Directors have agreed to apply at least 25 per cent of their remuneration (base fees For more information refer to Financial Statements note 26 plus Committee fees) to the purchase of BHP shares until they achieve ‘Employee share ownership plans’. For information on movements in share capital during and since the end of FY2024 refer to a minimum shareholding requirement equivalent in value to one year of Financial Statements note 17 ‘Share capital’. remuneration (base fees plus Committee fees). Details of Directors’ shareholdings in BHP as at the date of this Directors’ 5. Group Company Secretary Report are shown in the table below. All Directors have met the minimum shareholding requirement under their Terms of Appointment as at 30 June Stefanie Wilkinson is the Group Company Secretary. For details of her 2024, with the exception of Don Lindsay and Ross McEwan who joined the qualifications and experience refer to Corporate Governance Statement Board on 1 May 2024 and 3 April 2024, respectively. No rights or options 4.1. Stefanie Wilkinson has experience in a company secretariat role or over shares in BHP Group Limited are held by any of the Non-executive other relevant fields arising from time spent advising other large-listed Directors. We have not made available to any Directors any interest in a companies or other relevant entities. registered scheme. No shareholder possesses voting rights that differ from those attaching to all of BHP Group Limited’s voting securities. 6. Indemnities and insurance Number Director of shares held1 Rule 146 of the BHP Group Limited Constitution requires the company Xiaoqun Clever-Steg 8,539 to indemnify, to the extent permitted by law, each Officer of BHP Group Limited against liability incurred in or arising out of the conduct of the Gary Goldberg 18,000 business of BHP or the discharge of the duties of the Officer. The Directors Mike Henry2 410,001 named in 4.1 of the Corporate Governance Statement, and the Company Michelle Hinchliffe 10,107 Secretary and other Officers of BHP Group Limited have the benefit of this requirement, as do individuals who formerly held one of those positions. Don Lindsay – In accordance with this requirement, BHP Group Limited has entered into Ken MacKenzie 58,446 Deeds of Indemnity, Access and Insurance (Deeds of Indemnity) with Ross McEwan – its Directors. Christine O’Reilly 9,420 Under BHP’s Deed Poll for Indemnification, BHP Group Limited and BHP Catherine Tanna 10,400 Group (UK) Ltd (formerly BHP Group Plc) must, to the extent permitted by Dion Weisler 7,544 law, indemnify current and former employees of the Group against liability to third parties incurred in or arising out of the conduct of the business of 1. The number of shares held refers to shares held either directly, indirectly or beneficially by the Group or the discharge of the duties of these employees, including Directors as at 27 August 2024. Where applicable, the information includes shares held in where an employee performs a role at another entity at the request of the name of a spouse, superannuation fund, nominee and/or other controlled entities. the Group. The indemnity is subject to certain limitations and does not 2. As at 27 August 2024, Mike Henry also holds 973,178 rights and options over shares in BHP Group Limited. For more information refer to the Equity awards section in the apply where the liability has arisen in circumstances involving dishonesty, Remuneration Report 5.2. recklessness, wilful misconduct or lack of good faith by the employee seeking indemnification. Executive Key Management Personnel In addition, as part of the arrangements to effect the demerger of South32, Interests held by members of the Executive Key Management Personnel we agreed to indemnify certain former Officers of BHP who transitioned (KMP) under employee equity plans as at 30 June 2024 are set out in to South32 from certain claims and liabilities incurred in their capacity as the tables contained in the Equity awards section in the Remuneration Directors or Officers of South32. Report 5.2. The terms of engagement for certain services include that we must The table below sets out the relevant interests in shares in BHP Group compensate and reimburse EY for and protect EY against any loss, Limited held directly, indirectly or beneficially, as at the date of this damage, expense or liability incurred by EY in respect of third-party Directors’ Report by those senior executives who were Executive claims arising from a breach by BHP of any obligation under the KMP (other than the Executive Director) on that date. engagement terms. We have insured against amounts that we may be liable to pay to Directors, Number Company Secretaries or certain employees (including former Officers) Executive KMP member of shares held1 pursuant to Rule 146 of the Constitution of BHP Group Limited or that we otherwise agree to pay by way of indemnity. The insurance policy also Brandon Craig 25,665 insures Directors, Company Secretaries and some employees (including Vandita Pant 170,688 former Officers) against certain liabilities (including legal costs) they may Geraldine Slattery 195,011 incur in carrying out their duties. For this Directors’ and Officers’ insurance, we paid premiums of US$17,535,690 excluding taxes during FY2024. 1. The number of shares held refers to shares held either directly, indirectly or beneficially as No indemnity in favour of a current or former Officer of BHP Group Limited at 27 August 2024. Where applicable, the information includes shares held in the name of a spouse, superannuation fund, nominee and/or other controlled entities. or in favour of the External Auditor was called on during FY2024. 4. Share capital and buy-back programs 7. Dividends During FY2024, we did not make any on-market or off-market purchases A final dividend of 74 US cents per share will be paid on 3 October 2024, of BHP Group Limited ordinary shares under any share buy-back program. resulting in total cash dividends determined in respect of FY2024 As at the date of this Directors’ Report, there were no current on-market of 146 US cents per share. buy-backs. Some of our executives receive rights over BHP shares as part of their For information on the dividends paid refer to Financial Statements note 19 ‘Dividends’ remuneration arrangements. Entitlements may be satisfied by the transfer of existing shares, which are acquired on-market by the Employee Share Ownership Plan Trusts or, in respect of some entitlements, by the issue 8. Auditors of shares. During FY2024, no shares were purchased on-market for the A copy of the declaration given by our External Auditor to the Directors in Employee Share Ownership Plan Trusts. relation to the auditors’ compliance with the independence requirements As at the date of this Directors’ Report, there were 14,700,777 unvested of the Australian Corporations Act 2001 and the Professional Code of equity awards outstanding in relation to BHP Group Limited ordinary shares Conduct for External Auditors is set out in Financial Statements 4. held by 24,462 holders. The expiry dates of these unvested equity awards No current Officer of BHP has held the role of director or partner of the range between August 2024 and August 2028 and there is no exercise Group’s current External Auditor. price. 5,710,261 fully paid ordinary shares in BHP Group Limited were issued as a result of the exercise of rights over unissued shares during or

114 BHP Annual Report 2024 Directors’ Report continued 9. Non-audit services 12. Proceedings on behalf of For information on the non-audit services undertaken by BHP’s External BHP Group Limited Auditor, including the amounts paid for non-audit services, refer to No proceedings have been brought on behalf of BHP Group Limited, Financial Statements note 36 ‘Auditor’s remuneration’. All non-audit nor has any application been made, under section 237 of the Australian services were approved in accordance with the process set out in the Corporations Act 2001. Policy on Provision of Audit and Other Services by the External Auditor. No non-audit services were carried out that were specifically excluded by the Policy on Provision of Audit and Other Services by the External 13. Performance in relation to Auditor. Based on advice provided by the Risk and Audit Committee, the environmental regulation Directors have formed the view that the provision of non-audit services is compatible with the general standard of independence for auditors, and BHP seeks to be compliant with all applicable environmental laws and that the nature of non-audit services means that auditor independence regulations relevant to its operations. We monitor compliance on a regular was not compromised. The reason for this view is that the objectivity and basis, including through external and internal means, to minimise the risk independence of the External Auditor are safeguarded through restrictions of non-compliance. on the provision of these services with some services prohibited from being undertaken. For more information on BHP’s performance in relation to health, safety and the environment refer to OFR 6.7, 6.1, 6.9 and 6.10 For more information about our policy in relation to the provision of non-audit services by the external auditor refer to ‘External audit and financial reporting’ in our Corporate Governance Statement 9.2 For the purposes of section 299(1)(f) of the Australian Corporations Act 2001, in FY2024 BHP was levied nine fines in relation to environmental laws and regulations at our operated assets, the total amount payable 10. Exploration, research and development being US$86,850.58. Companies within the Group carry out exploration and research and 14. Additional information development necessary to support their activities. For more information refer to OFR 5 ‘Our assets’, OFR 9 ‘Performance BHP Group Limited has a branch registered in the United Kingdom. by commodity’ and Additional information 6 ‘Mineral Resources The Group, through various subsidiaries, has also established branches and Ore Reserves’ in a number of other countries. The Directors’ Report is approved in accordance with a resolution of 11. ASIC Instrument 2016/191 the Board. BHP Group Limited is an entity to which the Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191 applies. Amounts in this Directors’ Report and the Financial Statements, except estimates of future Ken MacKenzie Mike Henry expenditure or where otherwise indicated, have been rounded to the Chair Chief Executive Officer nearest million dollars in accordance with ASIC Instrument 2016/191. Dated: 27 August 2024

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 115 Remuneration Report People Chair letter and to Remuneration shareholders Committee 116 1 Remuneration governance 118 2 Executive KMP remuneration framework 119 2.1 How the remuneration framework is set 119 2.2 Remuneration framework operation 119 2.3 Remuneration mix 120 3 Remuneration for the CEO and other Executive KMP 121 3.1 FY2024 remuneration received by the CEO 121 3.2 FY2024 CDP performance outcomes 121 3.3 FY2024 LTIP performance outcomes 124 3.4 Overarching discretion and vesting underpin 124 3.5 LTIP allocated during FY2024 125 3.6 Executive FY2025 remuneration KMP for the CEO and other 125 4 Remuneration for Non-executive Directors 126 4.1 Remuneration framework of Non-executive Directors 126 4.2 Non-executive and FY2025 Directors’ remuneration in FY2024 126 5 Statutory KMP remuneration and other disclosures 127 5.1 KMP remuneration table 127 5.2 Equity awards 128 5.3 Estimated value range of equity awards 130 5.4 Ordinary shareholdings and transactions 130 5.5 and Prohibition equity instruments on hedging of BHP shares 131 5.6 Share ownership guidelines and the MSR 131 5.7 Transactions with KMP 131 Abbreviation Item AGM Annual General Meeting CDP Cash and Deferred Plan CEO Chief Executive Officer DEP Dividend equivalent payment ELT Executive Leadership Team GHG Greenhouse gas HSEC Health, safety, environment and community IFRS International Financial Reporting Standards KMP Key Management Personnel LTIP Long-Term Incentive Plan MAP Management Award Plan MSR Minimum shareholding requirement ROCE Return on capital employed S&S Safety and sustainability TSR Total shareholder return

116 BHP Annual Report 2024 People and Remuneration Committee Chair letter to shareholders Dear Shareholders, I am pleased to provide BHP’s Remuneration Report for FY2024. Our approach and framework Our shareholders will During FY2024, the People and Remuneration Committee (Committee) see that our executive focused on achieving remuneration outcomes that fairly reflect the performance of BHP and the contribution of our employees while aligning remuneration outcom with the interests of shareholders and other key stakeholders. are aligned with The objectives of our remuneration framework are to support the execution of the Group’s global strategy, encourage and sustain a culture aligned our business with the Group’s values and BHP’s purpose and risk appetite, and provide performance competitive remuneration, linked to performance, sufficient to attract, retain and motivate our executives on a global basis. This is critical to delivering during FY2024.” the best outcomes for all BHP shareholders. FY2024 reflections We delivered strong operational and financial performance in FY2024. There is a 10 per cent measure for significant HSEC events. The outcome We achieved record production at Spence, Carrapateena and Western took into account the fatality at the Saraji mine in FY2024 and the 10 per Australia Iron Ore and widened our lead as the lowest cost major iron cent measure for significant HSEC events was reduced to zero in FY2024 ore producer. for the CEO. For other sustainability measures, good progress was made The safety of our people remains our absolute priority. FY2024 was against the scorecard’s climate change targets and our outcomes with overshadowed by the fatality of Luke O’Brien, a team member working respect to Indigenous partnerships was broadly aligned to target. As a with one of our contracting partners at BMA, who was fatally injured result, the CDP scorecard assessment for the safety and sustainability at the Saraji mine in Queensland. We remain committed to eliminating measures overall was 15 per cent out of a target of 25 per cent. fatalities and serious injuries at BHP. In a year where we have reported a For the financial measures, after fully eliminating the impacts of commodity fatality, it is important this has a flow-on impact on our performance-based prices during the year, operating performance at our operated assets was remuneration framework outcomes for BHP executives, which reinforces below the challenging internal targets set at the commencement of the our unwavering commitment to zero fatalities and serious injuries at BHP. year, particularly with respect to production volumes, despite achieving Appropriately, there has been an impact on remuneration outcomes from record production at some assets. The CDP scorecard assessment for the this event. financial measure was 37 per cent out of a target of 50 per cent. We continued to make meaningful progress towards a more inclusive From a personal contribution perspective, the Committee considered and diverse workforce, which is critical for productive and safer teams. Mike Henry’s performance against his Group measures. These included We increased female participation across the Group to over 37 per cent, projects and initiatives in respect of people, performance and portfolio. up almost 2 percentage points from last year. The Committee considered Mike’s performance against his Group In FY2023 we identified and disclosed two issues with certain allowances objectives was slightly below expectations and assessed it as 24 per cent and entitlements affecting some current and former employees in Australia. against the target of 25 per cent. We self-reported these issues to Australia’s Fair Work Ombudsman (FWO) This assessment against scorecard objectives gave an FY2024 CDP and engaged Protiviti, a global assurance firm, to undertake a review of our outcome for Mike of 76 per cent based on performance during the year. payroll systems. The Board and CEO have taken these issues seriously. Subsequent to this assessment, the Board also took into account the A range of consequences have been implemented for employees in CEO’s ultimate accountability for the operations of BHP, specifically payroll connection with these issues. For the CEO, a reduction has been applied issues, and made the decision to reduce Mike’s overall FY2024 outcome to his FY2024 CDP outcome (refer further below). by 4.3 percentage points from 76 per cent to 71.7 per cent. The CDP scorecard outcomes for other ELT members and the short-term FY2024 Cash and Deferred Plan scorecard incentive pool applicable to the majority of BHP employees below the ELT BHP’s Cash and Deferred Plan (CDP) is an annual cash and equity level, were, like the CEO, below the 100 per cent target and, for certain incentive scheme, with awards provided as cash and deferred shares that executives, the CDP scorecard outcomes included downward adjustments vest in two and five years. The FY2024 CDP scorecard used to assess reflecting accountability for BHP’s payroll issues. the CEO’s and other ELT members’ annual performance comprised stretching performance measures based on three elements – safety 2019 Long-Term Incentive Plan award and sustainability, financial and personal performance elements. A key The vesting outcome for the 2019 Long-Term Incentive Plan (LTIP) aspect of the CDP is that vesting of the five-year deferred share awards is award was 50 per cent. The LTIP performance condition is relative total underpinned by a holistic review of performance at the end of the five-year shareholder return against two separate index measures – a sector peer vesting period, including a review of safety and sustainability performance group and the MSCI World Index. BHP outperformed both the sector peer over the five-year period. Climate change CDP measures also play a meaningful role in the group and the MSCI World Index requirements for threshold vesting (at determination of our remuneration outcomes for our CEO and other ELT which 25 per cent of the award would vest) but performance was below members. Each year since FY2020, climate change scorecard targets the requirements for maximum vesting (at which 100 per cent of the award have represented 10 per cent in BHP’s CDP scorecard. Our Climate would vest). In considering vesting of the 2019 LTIP award, the Board and Committee Transition Action Plan (CTAP) 2024 provides an update on our climate have also conducted their normal holistic review of business performance strategy and our progress and plan in relation to our GHG emissions goals over the five years since the award was granted to ensure this level of and targets. vesting was appropriate. More information on the 2019 LTIP vesting outcome is included in 3.3 FY2024 LTIP performance outcomes and 3.4 FY2024 Cash and Deferred Plan outcomes for the CEO Overarching discretion and vesting underpin. The Committee assessed the CEO’s performance against the CDP Having considered the overall remuneration outcome for the CEO carefully, scorecard elements, which resulted in a FY2024 CDP outcome of 71.7 per the Committee concluded it was a fair reflection of performance and cent against a target of 100 per cent (and 47.8 per cent of the maximum). the experience of shareholders, and the application of any downwards The Board and Committee believe this overall outcome is appropriately discretion to the vesting of the LTIP was not warranted. More information aligned with BHP’s values, the shareholder experience and the interests of on the overall remuneration outcomes for the CEO for the year, and how the Group’s other key stakeholders. the outcomes are aligned to performance during FY2024, is provided in 3.1 Safety and sustainability measures have a 25 per cent total weighting. FY2024 remuneration received by the CEO.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 117 CEO FY2025 fixed remuneration CEO FY2025 CDP CEO FY2025 LTIP – Base salary US$1.893 million per annum, – Target cash award of 80% of base salary – The LTIP grant is based on a face value of 200% an increase of 4% from 1 September 2024. (maximum 120%). of base salary. – Pension contribution 10% of base salary. – Two awards of deferred shares each of equivalent – LTIP awards have challenging relative TSR value to the cash award, vesting in two and performance hurdles measured over five years. five years, respectively. – Three performance measures: – S&S – 25% – Financial – 50% – Group – 25% FY2025 remuneration People For FY2025, the Committee determined that the CEO’s base salary From 1 July 2023, the remit of the Committee expanded to include would increase by 4 per cent, effective 1 September 2024. In making oversight of BHP’s people and culture strategy, the organisation’s this decision, we have conducted benchmarking and considered the alignment with the Group’s purpose and values, employee engagement, external market demand for global senior executive talent. We benchmark leadership and talent development. the CEO’s and other executives’ remuneration against CEO and senior During the year, we engaged with management on our people policies executive roles in other global companies of similar complexity, reach and and governance, performance management system and the launch and scale. This detailed benchmarking is intended to ensure BHP’s executive embedment of Our refreshed Values. Committee members also monitored remuneration remains competitive to attract, motivate and retain key culture through Board visits to our sites and offices, management talented senior executives and is consistent with the global market. presentations and by considering trends and results from our Engagement The Committee considers the CEO’s base salary increase to be and Perception Surveys. Our aspiration to achieve gender balance within appropriate in this context, and it is below the average salary increase our employee workforce globally by the end of CY2025 remains a key applied for other BHP employees. Other components of the CEO’s total aspect of our broader focus on diversity and inclusion. target remuneration (pension contributions, benefits, CDP and LTIP) remain unchanged and, where relevant, as percentages of base salary. Summary A summary of the CEO’s arrangements for FY2025 is set out in the above table. We continue to provide a significant component of executive remuneration as at-risk variable remuneration to align remuneration with performance. The majority of the CEO’s remuneration package continues to be This year, we are confident the outcomes are consistent with the delivered in BHP equity, not in cash. The CEO’s remuneration is linked performance of BHP and the experience of our shareholders, while also to the performance of the business. In addition, the CEO has a minimum recognising our critical need to attract, motivate and retain our executives shareholding requirement of five times pre-tax base salary and this applies in order to progress our strategic objectives and deliver the best outcomes for two years post-retirement. This ensures the CEO’s remuneration for all of our shareholders. is aligned to the experience of BHP’s shareholders. As at the date of this Report, the CEO’s BHP shareholding is in excess of his minimum We look forward to ongoing dialogue with and the support of BHP’s shareholding requirement. shareholders. As always, we welcome your feedback and comments on any aspect of this Report. The Committee has also reviewed the base salaries and total target remuneration packages for other executive key management personnel. The Committee determined an increase of 8 per cent for the President Australia, reflecting performance and development in role. Given recent appointments, no other changes are being made for other executive key Christine O’Reilly management personnel at this time, and this will be the subject of future Chair, People and Remuneration Committee reviews. It is vital that we provide competitive remuneration to attract and 27 August 2024 retain highly skilled global executive talent, and our reviews are based on updated global benchmarking data. Other aspects of other executive key management personnel remuneration arrangements remain unchanged. Remuneration outcomes for the Group Chair and Non-executive Directors Fees for the Group Chair and Non-executive Directors are reviewed annually and are benchmarked against global companies of similar complexity, reach and scale. Following an assessment of the updated benchmarking, global market positioning and peer company relativities, a decision has been made that the Group Chair’s fee and the Non-executive Directors’ base fee will increase by 4 per cent with effect from 1 July 2024. The increases are considered appropriate given current benchmarking and the expectations, accountabilities and workloads of each of the Group Chair and Non-executive Directors. Having conducted this review, it was determined that there would be no change to the fees for other Committee roles or other allowances.

118 BHP Annual Report 2024 1 Remuneration governance 1.1 Board oversight The Board oversees the structure of remuneration for the Group (including the CEO) and ensures it is aligned with BHP’s values, purpose, strategy and risk appetite, including in relation to non-financial risk and with the long-term interests of BHP and its shareholders. The Board approves the remuneration framework for the Group Chair, CEO and other members of the ELT on recommendation from the Committee. The remuneration of Non-executive Directors (excluding the Group Chair) is a matter for the Group Chair and the Executive Director, and is reviewed by them each year having regard to the remuneration framework. No Director or executive is involved in deciding their own remuneration. The objective of the remuneration framework is to: – support the execution of the Group’s business strategy – encourage and sustain a culture aligned to BHP’s values, purpose and risk appetite, including in relation to non-financial risk – provide competitive remuneration, which is linked to performance, to attract, motivate and retain highly skilled executives on a global basis The Board approves the remuneration arrangements and outcomes for the Group Chair and CEO on recommendation from the Committee. 1.2 People and Remuneration Committee The Board has established the Committee to support and advise the Board on people and remuneration matters, as set out in the Committee Charter available at bhp.com. Each of the Committee members are independent Non-executive Directors. The current members of the Committee are Christine O’Reilly (Chair), Ross McEwan, Catherine Tanna and Dion Weisler. The Committee has unrestricted access to members of senior management as appropriate and invites them to attend meetings to provide reports and updates. However, members of management are not present when decisions are considered or taken concerning their own remuneration. The Committee can also draw on services from a range of external sources, including independent remuneration advisers. The Committee also receives input from other Board committees as required, in relation to financial performance and safety and sustainability matters. The Committee makes recommendations to the Board on the remuneration framework for the Group Chair, the CEO and other members of the ELT, including Executive KMP. The Committee is briefed on and considers prevailing market and economic conditions where our Executive KMP are based, the competitive environment and the positioning and relativities of pay and employment conditions across the wider BHP workforce. From 1 July 2023, the remit of the Committee expanded to include oversight of BHP’s people and culture strategy, the organisation’s alignment with the Group’s purpose and values, employee engagement, leadership and talent development. More information on the role and focus of the Committee can be found in Corporate Governance Statement 5.4, and details of meeting attendances can be found in Directors’ Report 2. The Committee’s approach is that remuneration outcomes, which are linked to performance, attract, motivate and retain highly skilled executives on a global basis. Remuneration should be fair to the individual and remuneration levels should accurately reflect the CEO’s and other Executive KMP’s responsibilities and contributions, while considering the positioning and relativities of pay and employment conditions across the wider BHP workforce. The Committee also considers shareholder views and those of the wider community when setting this remuneration framework. We proactively engage with our global institutional and investor representative shareholders regularly to discuss remuneration and governance matters. This feedback assists Directors to have a deep understanding of current shareholder and other stakeholder views when making remuneration decisions. 1.3 Engagement of independent remuneration advisers The Committee may appoint and instruct expert advisers who are advisers solely to the Committee, including remuneration consultants, to assist the Committee with advice in relation to the Group’s remuneration strategy, framework and policies. The Committee may meet with external advisers without management being present. Potential conflicts of interest are taken into account when remuneration consultants are selected and their terms of engagement regulate their level of access to, and require their independence from, BHP’s management. PwC was appointed to act as an independent remuneration adviser in FY2016 and is currently the only remuneration adviser appointed by the Committee. In that capacity, PwC may provide remuneration recommendations in relation to KMP, however, it did not provide any remuneration recommendations in FY2024. 1.4 Service contracts The terms of employment for the CEO and Executive KMP are formalised in their employment contracts. The current contracts of the CEO and Executive KMP are not fixed term. BHP may choose to terminate a contract on up to 12 months’ notice. BHP can require an executive to work through the notice period or may terminate the individual’s contract immediately by paying base salary plus pension contributions in lieu of the notice period. The CEO and Executive KMP must provide up to 12 months’ notice for voluntary resignation. 1.5 KMP for FY2024 This Remuneration Report describes the remuneration policies, practices, outcomes and governance for the KMP of BHP during FY2024. At BHP, KMP consists of the Directors (including the CEO), as well as certain members of our ELT who have authority and responsibility for planning, directing and controlling the activities of the Group directly or indirectly. In FY2024, Brandon Craig and Vandita Pant moved into new KMP roles within the BHP Group, and David Lamont and Ragnar Udd moved into new non-KMP roles within the BHP Group, all effective 1 March 2024. After due consideration, the Committee determined the Chief Operating Officer was no longer a KMP role effective 1 March 2024 as, since the successful integration of OZ Minerals into the BHP Group, the role no longer meets the threshold necessary for classification as KMP. Accordingly, for FY2024, the KMP comprised the following individuals: – Mike Henry, CEO and Executive Director – Edgar Basto, Chief Operating Officer (from 1 July 2023 to 29 February 2024) – Brandon Craig, President Americas (from 1 March 2024 to 30 June 2024) – David Lamont, Chief Financial Officer (from 1 July 2023 to 29 February 2024) – Vandita Pant, Chief Financial Officer (from 1 March 2024 to 30 June 2024) – Geraldine Slattery, President Australia – Ragnar Udd, President Americas (from 1 July 2023 to 29 February 2024) – All Non-executive Directors – for details of Non-executive Directors, including dates of appointment or cessation (where relevant), refer to Directors’ Report 2 These individuals have held their positions and were KMP for the whole of FY2024, unless stated otherwise.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 119 2 Executive KMP remuneration framework BHP has an overarching remuneration framework for Executive KMP that guides the Committee’s decisions and is designed to support our strategy and reinforce our culture and values. 2.1 How the remuneration framework is set The four principles that underpin the remuneration framework for Executive KMP are: Market competitive Reinforce BHP’s purpose Rewards achievement of Simple and to attract, motivate and support the delivery of our outperformance that balances transparent and retain high-quality strategy and behaviours aligned long-term sustainability and and experienced executives to Our Values risk appetite with shareholder wealth creation 2.2 Remuneration framework operation These principles are the same as those that apply to other employees, however, Executive KMP arrangements have a greater emphasis on and a higher proportion of remuneration that is at-risk as performance-related variable pay. The table below shows the key components of our remuneration framework: Fixed remuneration CDP LTIP Market competitive fixed remuneration is paid The CDP is an annual cash and equity award The LTIP is a long-term equity award link to attract, motivate and retain high-quality and that encourages and focuses executives’ efforts that focuses executives’ efforts on the experienced executives, and provide appropriate for the relevant financial year on the delivery achievement of sustainable long-term value and remuneration for these important roles in the Group. of the Group’s strategic priorities, balancing creation and success of the Group (including strategy financial and non-financial performance, to deliver appropriate management of business risks). to short-, medium- and long-term success aligned Purpose to our purpose and Our Values, and to motivate executives to strive to achieve stretch performance objectives. Base salary, pension contributions and benefits. Cash and deferred shares. Performance rights. Components Competitive fixed remuneration is aligned to Annual variable pay opportunity provided in cash Annual long-term variable pay opportunity global complexity, reach and scale, and reflects and two- and five- year deferred shares with allocated as awards of performance rights, executives’ responsibilities, location, skills, the outcome determined by the assessment of which are subject to a five-year relative TSR performance, qualifications and experience. performance against a balanced scorecard linked performance condition. The performance to execution of business strategy. A balanced rights are designed to align executives’ performance scorecard of short-, medium- and long-term reward with sustained shareholder wealth to elements including S&S (25% weighting), financial creation in excess of relevant comparator (50% weighting) and Group and individual group(s), through the relative TSR link performance measures (25% weighting) are performance condition. and chosen on the basis that they are expected to have Relative TSR has been chosen as an a significant short-, medium- and long-term impact appropriate measure as it enables an on the success of the Group, with appropriate objective external assessment over a targets for each measure that will appropriately sustained period on a basis that is familiar Approach motivate executives to achieve outperformance to shareholders. that contributes to the long-term sustainability of the Group and shareholder wealth creation.

120 BHP Annual Report 2024 2 Executive KMP remuneration framework continued 2.2 Remuneration framework operation continued CDP LTIP A CDP award is determined based on the assessment of each scorecard Vesting of the LTIP award is dependent on BHP’s TSR relative to the TSR of measure by the Committee and the Board, with guidance provided by other relevant comparator group(s) over a five-year performance period. relevant Board Committees (including the Sustainability Committee and Achievement against each TSR hurdle is assessed by the Committee and Risk and Audit Committee) in respect of S&S, financial and other measures. the Board, based on external data reviewed and confirmed by independent If performance is below the threshold level for any measure, no CDP award remuneration consultants. will be provided in respect of that portion of the CDP award opportunity. The Committee retains discretion to adjust all or part of any CDP award BHP’s TSR performance % of the LTIP award that will vest in the event the Committee does not consider the outcomes to be a true Below the 50th percentile 0% reflection of the performance of the Group or considers that individual Equal to the 50th percentile 25% performance performance or other circumstances makes this an inappropriate outcome. of This mitigates the risk of unintended award outcomes. Between the 50th percentile and the Sliding scale between 25% weighted 80th percentile and 100% Equal to or exceeds the 80th percentile 100% Assessment (outperformance) Where the TSR performance condition is not met, there is no retesting and awards will lapse. The Committee retains discretion to lapse any portion or all of the award where it considers the vesting outcome is not appropriate given Group or individual performance, or other circumstances apply that makes the vesting outcome an inappropriate outcome. This mitigates the risk of unintended outcomes. CDP awards are provided as cash and two awards of deferred shares, each of LTIP awards consist of rights to receive ordinary BHP shares in the future if equivalent value to the cash award, vesting in two and five years, respectively. the performance and service conditions are met. Awards of deferred shares comprise rights to receive ordinary BHP shares Before vesting, these rights are not ordinary shares and do not carry vesting at the end of the deferral periods subject to continued employment with entitlements to ordinary dividends or other shareholder rights, however, a BHP until the vesting date. Before the awards vest, these rights are not DEP is provided on vested awards. The Committee has a discretion to settle and ordinary shares and do not carry entitlements to ordinary dividends or LTIP awards in cash. other shareholder rights, however, a DEP is provided on vested awards. Vesting of five-year performance rights under the LTIP is underpinned by The Committee also has a discretion to settle CDP deferred shares in cash. a holistic review of performance at the end of the five-year performance Delivery Vesting of five-year deferred shares under the CDP is underpinned by a holistic period, including a review of S&S performance, profitability, cash flow, review of performance at the end of the five-year vesting period, including a balance sheet health, returns to shareholders, corporate governance and review of S&S performance, profitability, cash flow, balance sheet health, returns conduct over the five-year period. to shareholders, corporate governance and conduct over the five-year period. of On cessation of employment, a ‘good leaver’1 may receive a pro-rated On cessation of employment, for a ‘good leaver’1 their unvested LTIP awards cash award based on performance for that year. For a ‘good leaver’, their generally remain on foot and are pro-rated for the portion of the vesting period unvested CDP deferred awards generally remain on foot (wholly or in part) served, unless the Committee determines otherwise. These awards are eligible for unless the Committee determines otherwise. If the executive is not a ‘good vesting in the ordinary course, subject to any applicable performance conditions. Cessation employment leaver’, all unvested CDP deferred awards will lapse. If the executive is not a ‘good leaver’, all unvested LTIP awards will lapse. and In certain circumstances, including to prevent an executive obtaining an inappropriate benefit, the Committee may determine that some or all awards (including equity, cash and deferred share awards) are lapsed, forfeited or clawed back. The Committee may also suspend or delay vesting of awards if an Malus clawback investigation is underway, until the outcome of any investigation is known. BHP also has a Malus and Clawback Policy that applies to all equity awards. 1. ‘Good leaver’ treatment may apply where the reason for the cessation of employment with BHP is due to retirement, retrenchment or redundancy, termination by mutual agreement or such other circumstances that do not constitute resignation or termination for cause. 2.3 Remuneration mix The diagram below provides the scenarios for the potential total remuneration of the CEO and other Executive KMP at different levels of performance. Remuneration mix for the CEO and other Executive KMP Minimum CEO and other Executive KMP Consists of fixed remuneration, which comprises base salary, pension contributions (10 per cent of base salary) and other benefits (notional 10 per cent of base salary), the 100% details of which are set out in 5.1 KMP remuneration table. Target CEO Consists of fixed remuneration, target CDP (a cash award of 80 per cent of base salary plus two awards of deferred shares each of equivalent value to the cash award, vesting in 26% 17% 17% 17% 23% two and five years, respectively) and LTIP. The LTIP value in the chart is based on the fair value of the award, which is 50 per cent of the face value of 200 per cent of base salary for Other Executive KMP the CEO and 175 per cent for other Executive KMP. The potential impact of future share 27% 18% 18% 18% 19% price movements is not included in the value of deferred CDP shares or LTIP awards. Maximum CEO Consists of fixed remuneration, maximum CDP (a cash award of 120 per cent of base salary plus two awards of deferred shares each of equivalent value to the cash award, 17% 17% 17% 17% 32% vesting in two and five years respectively), and LTIP (in the chart based on the face value of 200 per cent of base salary for the CEO and 175 per cent for other Executive KMP). Other Executive KMP The potential impact of future share price movements is not included in the value of 18% 18% 18% 18% 28% deferred CDP shares or LTIP awards. Fixed remuneration CDP (cash) CDP (2-year deferred shares) CDP (5-year deferred shares) LTIP The maximum opportunity represented above is the most that could potentially be paid for each remuneration component. It does not reflect any intention by the Group to award that amount.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 121 3 Remuneration for the CEO and other Executive KMP The amount of remuneration actually received by the CEO and other Executive KMP each year under the CDP and LTIP depends on the achievement of business and individual performance measures. The Board and Committee applies its overarching discretion to determine fair and commensurate remuneration that reflects the objectives of the remuneration framework and takes into account shareholder expectations and market conditions. 3.1 FY2024 remuneration received by the CEO The table below is a voluntary non-statutory disclosure of the remuneration received by the CEO during FY2024 and FY2023. This table is unaudited and differs from the audited remuneration calculated in accordance with the Australian Accounting Standards (refer to 5.1 KMP remuneration table and Financial Statements note 26 ‘Employee share ownership plans’). This table is designed to provide greater transparency for shareholders and reflects actual remuneration received, with the CDP and LTIP included below representing those amounts that have been received as a consequence of satisfying performance conditions in the relevant financial year. The difference between the disclosure in the table below and the remuneration disclosed in 5.1 KMP remuneration table relates to the CDP and LTIP. The remuneration calculated in accordance with Australian Accounting Standards requires the fair value of the CDP and LTIP to be calculated at the time of grant and to be amortised over the relevant vesting periods regardless of the performance outcome. This may not reflect what the executive receives. In the table below, the CDP and LTIP values relate to the performance outcomes and actual amount received each year under the CDP (i.e. against the CDP scorecard) and the LTIP (i.e. based on the LTIP vesting outcome). Details of the components of remuneration are contained in 2 Executive KMP remuneration framework and the values in the table are explained further in the notes below. US$(’000) Base salary Benefits1 Pension2 CDP3 LTIP4 Total Mike Henry FY2024 1,808 35 181 3,113 3,376 8,513 FY2023 1,742 7 174 3,762 7,645 13,330 1. Benefits are non-pensionable and include net movements in leave balances, private health insurance, car parking, fringe benefits tax and personal tax return preparation in required countries. 2. FY2024 and FY2023 pension contributions were provided based on 10 per cent of base salary. 3. The values shown are the full CDP value (cash and deferred shares) earned based on performance during FY2024 and FY2023. The FY2024 CDP award will be provided one-third in cash in September 2024 and two-thirds in deferred shares, with one-third due to vest at the end of FY2026 and one-third due to vest at the end of FY2029 (on the terms of the FY2024 CDP award). The FY2023 CDP award was provided one-third in cash in September 2023 and two-thirds in deferred shares, with one-third due to vest at the end of FY2025 and one-third due to vest at the end of FY2028 (on the terms of the FY2023 CDP award). 4. The LTIP award values for FY2024 and FY2023 are based on the full awards Mike Henry received in 2019 and 2018, respectively, when he was President Operations Minerals Australia (prior to becoming and with no proration applied for time as CEO), and 50 per cent of the 2019 awards vesting and 100 per cent of the 2018 awards vesting. The 2019 LTIP award value in FY2024 is an estimate calculated on the average share price for the month of July 2024 (which will be updated for the actual share price on the vesting date in the 2025 Remuneration Report); whereas the 2018 LTIP award value in FY2023 was calculated on the actual share price on the vesting date (and updated from the 2023 Remuneration Report in which the value was an estimate calculated on the average share price for the month of July 2023). A revised remuneration framework took effect from 1 July 2019 and significantly reduced the LTIP grant size for the CEO from 400 per cent of base salary (on a face value basis) to 200 per cent and a rebalancing to a CDP award with a long-term focus. As a result, the remuneration for Mike Henry reported above reflects the transition to this structure and includes the full amounts of the CDP award earned during FY2024 and FY2023 (i.e. irrespective that some elements of the CDP award are deferred) together with the full amounts of pre-existing LTIP awards vesting at the end of FY2024 and the pre-existing LTIP awards vesting at the end of FY2023 that were granted in 2019 and 2018, respectively. The LTIP award sizes granted in 2019 and 2018 were double the current grant size. Had the current remuneration framework been in place when Mike’s 2019 and 2018 LTIP awards were granted and a reduced size awarded, the reported LTIP values would have been US$1.688 million for FY2024 and US$3.827 million for FY2023 (instead of US$3.376 million and US$7.645 million in the table above). The reported total remuneration would have therefore been US$6.825 million for FY2024 and US$9.512 million for FY2023 (instead of US$8.513 million and US$13.330 million in the table above). 3.2 FY2024 CDP performance outcomes The Board and the Committee assessed the Executive KMP’s CDP outcomes in light of the Group’s performance in FY2024 and took into account performance against the measures in each Executive KMP’s CDP scorecard. For the CEO, the Board’s and the Committee’s assessment against the CDP scorecard measures resulted in a CDP outcome for FY2024 at 76 per cent against the target of 100 per cent (or 51 per cent against maximum). As noted in the Chair letter, BHP has self-reported certain payroll issues to the FWO and is reviewing its payroll systems. The Board has determined that the CEO’s FY2024 CDP outcome will include a 4.3 percentage point reduction from 76 per cent to 71.7 per cent to reflect his ultimate accountability for BHP’s payroll systems. The CEO’s final CDP scorecard outcome for FY2024 is summarised in the following tables, including a narrative description of each performance measure and the CEO’s level of achievement, as determined by the Committee and approved by the Board. The level of performance for each measure is determined based on a range of threshold (the minimum necessary to qualify for any reward outcome), target (where the performance requirements are met) and maximum (where the performance requirements are significantly exceeded). Summary of outcomes for the CEO Weighting Percentage outcome Performance measure for FY2024 Threshold Target Maximum Mike Henry S&S Significant HSEC events 10% 0% Sustainability 15% 15% Financial 50% 37% Group 25% 24% Sub-total 100% 76% Committee discretion -4.3% Total 100% 71.7%

122 BHP Annual Report 2024 3 Remuneration for the CEO and other Executive KMP continued 3.2 FY2024 CDP performance outcomes continued Safety and sustainability The safety and sustainability (S&S) targets for the CEO are aligned to the Group’s 2030 goals. As it has done for several years, when assessing S&S performance against the scorecard targets, the Committee seeks guidance from the Sustainability Committee. The Committee has taken a holistic view of Group performance in critical areas, including considering any additional matters outside the scorecard targets that the Sustainability Committee has provided and considers relevant. The performance commentary below is provided against the significant HSEC events (including fatalities) scorecard targets, which were set on the basis of operated assets only. Significant HSEC events Measure outcome Zero Scorecard targets Performance against scorecard targets No significant (actual level 4) health, – In what is clearly a tragic and unacceptable outcome, we lost a colleague in January 2024 at our Saraji coal safety (including fatalities), environment or mine, which is part of our BHP Mitsubishi Alliance coal operations in Queensland, Australia. Our imperative is to community events during the year. continue to build our focus on fatality elimination and safety through field leadership, hazard identification and effective risk management. – The weighting of fatalities is 10 percentage points of the total 25 percentage points allocated to the whole S&S category. This results in a zero outcome for this measure. – No other significant health, environment or community incidents occurred during FY2024. The performance commentary below is provided against the sustainability scorecard targets, which were set on the basis of operated assets only. Climate change Measure outcome Slightly below target Scorecard targets Performance against scorecard targets Reported Scopes 1 and 2 GHG emissions – For FY2024, we bettered our operational GHG emissions scorecard target of 10.8 MtCO2-e by 4%, with an at our operated assets in FY2024 are at outcome of 10.3 MtCO -e.1 This was just below the performance which was required for a maximum outcome 10.8 MtCO -e. of 5% or more below the 2 target. However, having reviewed actual production levels at certain operated assets 2 compared to budget targets, the outcome for this measure was determined by the Committee to be slightly Deliver the FY2024 actions in the approved climate adaptation work program. below target. – All actions required in the approved climate adaptation work program were delivered during FY2024. Indigenous partnerships Measure outcome Slightly above target Scorecard targets Performance against scorecard targets No significant (actual level 4) cultural – No significant cultural heritage incidents occurred during FY2024. heritage events during the year. – Indigenous, Traditional Owner and First Nations vendor procurement significantly exceeded targets set with Achieve significant uplift from FY2023 US$609 million in Indigenous procurement spend in FY2024 (an 83% uplift from FY2023). Our overall FY2024 total global spend on Indigenous, Indigenous employment participation was slightly behind target. Traditional Owner and First Nations vendor procurement and achieve FY2024 Indigenous employment participation targets. 1. The operational GHG emissions outcome is different from our reported figures in 6.9 Climate change and our CTAP 2024. This is primarily due to annualisation (over 366 days) of production and GHG emissions for Blackwater and Daunia to reflect the FY2024 scorecard methodology. The overall outcome against the total S&S measures for FY2024 was 15 per cent out of the target of 25 per cent, with a zero outcome against a target of 10 per cent for the significant HSEC events measure and an outcome of 15 per cent against a target of 15 per cent for sustainability measures. Financial ROCE is underlying profit after taxation (excluding after-taxation finance costs and exceptional items) divided by average capital employed. ROCE is the key financial measure against which CDP outcomes for our senior executives are measured and is, in our view, a relevant measure to assess the financial performance of the Group for this purpose. While ROCE excludes exceptional items, the Committee reviews each exceptional item to assess if it should be included in the result when determining the ROCE CDP outcome. When assessing management’s performance, we make adjustments to the ROCE result to allow for changes in commodity prices, foreign exchange movements and other material items (from the levels assumed in setting the targets). This ensures the assessment appropriately measures outcomes that are within the control and influence of the Group and its executives. Of these adjustments, changes in commodity prices have historically been the most material due to volatility in prices and the impact on Group revenue and ROCE. As it has done for several years, the Committee seeks guidance each year from the Risk and Audit Committee when assessing financial performance against scorecard targets.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 123 ROCE Measure outcome Below target Scorecard targets Performance against scorecard targets For FY2024, the target for ROCE was 20.1%, with a threshold of ROCE of 27.2% was reported by BHP for FY2024. Adjusted for the factors outlined below, 17.1% and a maximum of 22.6%. ROCE is 18.5%, which is below target. The following adjustments were made to ensure the Achievement of the ROCE target will result in a target CDP outcomes appropriately reflect the performance of management for the year: outcome. The ROCE target considers the upside opportunities – The full elimination of the impacts of movements in commodities prices and exchange rates and downside risks inherent in BHP’s businesses, and is an decreased ROCE by 7.7 percentage points. outcome the Committee believes would be a level of performance that shareholders would view positively. The maximum and – Adjustments for other material items made to ensure the outcomes reflect the performance threshold are an appropriate range of ROCE outcomes, given of management for the year decreased ROCE by 1 percentage point. This was mainly due the upside opportunities and downside risks, which represent an to the elimination of the positive effect on reported ROCE outcomes of lower asset values in upper limit of stretch outperformance that would represent the the closing balance sheet due to the disposals of the Daunia and Blackwater mines in late maximum CDP award, and a lower limit of underperformance FY2024. This adjustment was necessary to ensure the basis of the ROCE outcome for CDP below which no CDP award should be made. purposes was the same as the basis upon which the ROCE target for FY2024 was set. The performance range around target is subject to a greater level – Having reviewed the FY2024 exceptional items (as described in Financial Statements note of downside risk than there is upside opportunity, mainly due 3 ‘Exceptional items’), the Committee determined these should not be considered for the to physical and regulatory asset constraints. Accordingly, the purposes of determining the FY2024 ROCE CDP outcome and that no further action was range between threshold and target is somewhat greater than required in respect of exceptional items. that between target and maximum. For maximum, the Committee The key driver of the FY2024 ROCE outcome of 18.5% being below the target for takes care not to create leveraged incentives that encourage FY2024 of 20.1% set at the commencement of the year was that actual production executives to push for short-term performance that goes beyond volumes at several assets during FY2024 were lower than the internal budgets set at the our risk appetite and current operational capacity. commencement of the year. The outcome against the ROCE measure for FY2024 was 37 per cent out of the target of 50 per cent. Group measures for the CEO Group measures for the CEO are determined at the start of the financial year and are an important element of effective performance management. These measures seek to balance financial and non-financial performance requirements and incentivise a high-performance culture. The CEO’s group measures for FY2024 included contribution to BHP’s overall performance and the management team, and the delivery of key projects and initiatives, as set out in the table below. People Measure outcome Slightly below target Scorecard targets Performance against scorecard targets Increase in female leadership representation by 3 – Female leadership increased in FY2024 by 2 percentage points to 31.7% at 30 June 2024, percentage points. compared to 29.7% at 30 June 2023. Accelerate cultural change by launching refreshed – Refreshed Our Values were designed and launched, a refreshed performance management BHP values, implementing a refreshed performance framework is being implemented, and the Operating Model was reviewed, and changes completed. management framework and delivery of Operating – Succession and development activities completed in accordance with expectations. Model changes. Progress ELT succession and development activities. Performance Measure outcome Slightly below target Scorecard targets Performance against scorecard targets Asset operational sites to complete formal BHP – 94% of asset operational sites completed formal BOS deployment in FY2024 (against the target of Operating System (BOS) deployment in FY2024 (>90% >90%). There has been an improvement in OEI scores Assessment on Assessment for 64% of all schedule adherence throughout). 90% of Sites in Sites in Sustain (against the target of >90%). Sustain to demonstrate Assessment on Assessment – Significant progress has been made on the Renova priority programs with 91% of resettlement improvement in Operational Excellence Indicator (OEI) cases now completed. Compensation and financial assistance to support approximately 430,000 scores. people affected by the dam failure has been paid as at 30 June 2024. Samarco successfully Drive material progress in our Brazil strategy, including concluded its Judicial Reorganisation process with the approval by the courts. The CNJ negotiations delivery of Renova priority programs (Resettlement and are progressing and judicial proceedings in connection with the dam failure are ongoing. Indemnification), Judicial Reorganisation, progress with – The CTAP 2024 has progressed according to plan, being approved by the Board and published as the National Council of Justice (CNJ) negotiations and part of the FY2024 Annual Reporting suite of documents. UK class action. – All FY2024 Reconciliation Action Plan commitments in Australia were achieved, including developing Finalise the development of the CTAP 2024. and embedding an integrated planning, tracking and reporting approach, which is driving accountability Implement our Reconciliation Action Plan commitments and transparency and has been recognised by Reconciliation Australia as best practice. We have made in Australia. progress on Indigenous procurement spend and employment participation, and listening sessions have been held as part of the Cultural Safety Review and priority improvement identified and underway. Portfolio Measure outcome On target Scorecard targets Performance against scorecard targets As agreed by the Board, execute against the strategy – The OZ Minerals integration program was successfully completed at the end of March 2024. The sale of and plan with respect to OZ Minerals integration and the Daunia and Blackwater coal mines to Whitehaven Coal was successfully completed in April 2024. other portfolio activities. – A number of growth options were progressed, evaluated and approved, and progress was made Investments in early-stage growth options. with an early-stage investment in FY2024, which provides future growth optionality. Overall, the performance of the CEO against the group measures for FY2024 was assessed as slightly below expectations and warranted an outcome of 24 per cent against the target of 25 per cent. The CDP performance measures for other Executive KMP for FY2024 are similar to those of the CEO outlined above. However, for the other Executive KMP, the weighting of each performance measure will vary to reflect the focus required from each Executive KMP role. As with the CEO, individual performance measures are determined at the start of the financial year. These include the other Executive KMP’s contribution to the delivery of projects and initiatives within the scope of their role and the overall performance of the Group. Individual performance of other Executive KMP was reviewed against these measures by the Committee and, on average, were considered to have marginally exceeded expectations and warranted an outcome slightly above target.

124 BHP Annual Report 2024 3 Remuneration for the CEO and other Executive KMP continued 3.2 FY2024 CDP performance outcomes continued The diagram below represents the FY2024 CDP weightings and outcomes against the original scorecard for other Executive KMP. Other Executive Other Executive KMP with region KMP without region Performance categories responsibility responsibility Threshold Target Maximum S&S Group 12.5% 12.5% Region 12.5% 12.5% Financial Group 25.0% 50.0% Region 25.0% 0% Individual 25.0% 25.0% BHP Minerals Australia Minerals America COO1 1. COO is the region comprising operated assets under the responsibility of the Chief Operating Officer. 3.3 FY2024 LTIP performance outcomes The five-year performance period for the 2019 LTIP award for relevant Executive KMP ended on 30 June 2024. Vesting is subject to the achievement of the relative TSR performance conditions and any discretion applied by the Committee (refer to 3.4 Overarching discretion and vesting underpin). For the 2019 LTIP award to vest in full, BHP’s TSR over the performance period from 1 July 2019 to 30 June 2024 must have been at or exceeded the 80th percentile of the Sector Group TSR and the MSCI World Index TSR (World TSR). TSR includes returns to BHP shareholders in the form of share price movements along with dividends paid and reinvested in BHP (including cash and in-specie dividends). BHP’s TSR performance was positive 92 per cent over the five-year period from 1 July 2019 to 30 June 2024. This is above the 50th percentile of the Sector Group TSR of positive 86 per cent but below the 80th percentile of the Sector Group TSR of positive 113 per cent, and above the 50th percentile of the World TSR of positive 58 per cent but below the 80th percentile of the World TSR of positive 117 per cent over the same period. This level of performance results in 50 per cent vesting for the 2019 LTIP award. The value of the CEO’s vested 2019 LTIP award has been reported in 3.1 FY2024 remuneration received by the CEO. The graph below shows BHP’s performance relative to comparator groups. BHP vs. Sector Group and MSCI World TSR over 2019 LTIP cycle TSR since 1 July 2019 (%) 250% 200% 150% 100% 50% 0 Jun-2019 Jun-2020 Jun-2021 Jun-2022 Jun-2023 Jun-2024 BHP TSR Sector Group 50th percentile TSR Sector Group 80th percentile TSR World (MSCI) 50th percentile TSR World (MSCI) 80th percentile TSR The value of the vested 2019 LTIP award is higher than the value of the vested award at the time it was granted in 2019. The share price has risen appreciably during the five-year period and there have been strong dividends. Of the value realised, 57 per cent is due to the value at the time the awards were granted and 43 per cent is due to share price appreciation and dividends. This value increment due to share price appreciation and dividends is consistent with the experience of shareholders over the period. 3.4 Overarching discretion and vesting underpin The rules of the CDP and LTIP and the terms and conditions of the awards provide the Committee with an overarching discretion to reduce the number of awards that will vest, notwithstanding that the performance conditions or the relevant service conditions have been met. This overarching discretion is a holistic, qualitative judgement (‘look back’) and is applied as an underpin test before final vesting is confirmed. It is an important risk management tool to ensure vesting is not simply driven by a formula or the passage of time that may give unexpected or unintended remuneration outcomes. The Committee considers its discretion carefully each year ahead of the scheduled vesting of CDP and LTIP equity awards in August. For the five-year CDP deferred awards, it considers performance holistically over the five-year period, including a five-year ‘look back’ on S&S performance, profitability, cash flow, balance sheet health, returns to shareholders, corporate governance and conduct. For the five years from FY2020 to FY2024, the Committee noted BHP’s continued progress in S&S outcomes (noting, however, the two fatalities in FY2023 and one in FY2024 have been taken into account in determining CDP outcomes for those years), strong operational performance with improving production and cost performance, and significant returns to shareholders. In respect of the vesting of CDP two-year deferred shares (granted in November 2022 in respect of performance in FY2022), the Committee did not identify any reason to exercise its downwards discretion.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 125 In respect of the vesting of the 2019 LTIP five-year performance rights, the formulaic outcome of the 2019 LTIP was 50 per cent vesting. Having undertaken the ‘look back’ review described above, the Committee concluded the vesting outcome was appropriate given Group and individual performance, and that no reasons were identified to warrant the exercise of its downwards discretion. There is no upwards discretion available to the Committee in respect of the 2019 LTIP and the overarching discretion may only reduce the number of awards that may vest. In FY2023 BHP identified and disclosed two issues with certain allowances and entitlements affecting some current and former employees in Australia. We self-reported these issues to the FWO and engaged Protiviti, a global assurance firm, to undertake a review of our payroll systems. In August 2023, ELT members had a negative 3 percentage point impact on the FY2023 CDP outcomes due to the costs of remediating the two employee entitlements and allowances issues. We also confirmed that we would monitor the outcome of the review and engagement with the regulatory authorities and that this may impact remuneration outcomes in the future. The Board and CEO have taken these issues seriously. A range of consequences have been implemented for employees in relation to these matters. In relation to remuneration outcomes, this year the Board has determined that the CEO’s FY2024 CDP outcome will include a 4.3 percentage point reduction to reflect his ultimate accountability for BHP’s payroll systems. This CDP reduction for the CEO in FY2024 is US$185,000 and is equivalent to 25 per cent of the CEO’s target annual short term incentive pro-rated for the portion of the relevant period that he was CEO. For others with accountability for BHP’s payroll issues (including current and prior ELT members) there have been reductions determined in variable remuneration outcomes ranging between 25 per cent to 100 per cent of relevant annual target variable pay. Accountability has been determined based on a number of factors, including tenure in relevant roles. 3.5 LTIP allocated during FY2024 Following shareholder approval at the 2023 AGM, 125,124 LTIP awards (in the form of performance rights) were granted to the CEO on 8 November 2023. The face value of the CEO’s award was 200 per cent of his base salary of US$1.820 million at the time of grant. The fair value of the awards were calculated by multiplying the face value of the award by the fair value factor of 41 per cent at the time (as determined by the independent adviser to the Committee). The 125,124 LTIP awards for the CEO was determined based on the US$ face value of the LTIP awards of US$3.640 million and calculated using the average share price and US$/A$ exchange rate over the 12 months up to and including 30 June 2023. LTIP awards granted to other Executive KMP during FY2024 were determined on the same basis as described above for the CEO, except that awards for other Executive KMP had a face value of 175 per cent of base salary. In addition to the LTIP terms set out in 2 Executive KMP remuneration framework, the Committee determined the following terms for the 2023 LTIP: Performance period – 1 July 2023 to 30 June 2028 Performance conditions – Vesting is conditional on two relative TSR performance measures. – An averaging period of six months will be used in the TSR calculations. – BHP’s TSR relative to the median TSR of the MSCI World Metals and Mining Index (Sector Group TSR) and the MSCI World Index (World TSR) will determine the vesting of 67% and 33% of the award, respectively. – For each portion of the award to vest in full, BHP’s TSR must be at or exceed the 80th percentile of the Sector Group TSR or the World TSR (as applicable). Threshold vesting (25% of each portion of the award) occurs where BHP’s TSR equals the 50th percentile (i.e. the median) of the Sector Group TSR or the World TSR (as applicable). Vesting occurs on a sliding scale between the 50th and 80th percentiles. 3.6 FY2025 remuneration for the CEO and other Executive KMP The remuneration for the CEO and other Executive KMP in FY2025 will be in accordance with the remuneration framework operation and the main elements are set out in the table below. Base salary CDP LTIP Base salaries are reviewed and benchmarked The Board and the Committee set the CDP The LTIP award to be granted to the CEO in FY2025 annually against external market demand for senior scorecard performance categories and measures has a maximum face value of US$3.786 million, executive talent to ensure they remain competitive. each year. being 200% of the CEO’s base salary at the time of Following the review, if the Board and Committee For FY2025, the balanced scorecard includes S&S grant. The number of LTIP awards expected to be assess and determine a base salary increase measures (25% weighting) such as elimination of granted to the CEO in FY2025 is 127,848 and has should apply to the CEO and/or other Executive significant harm (including safety), climate change been determined using the share price and US$/A$ KMP, the increase will be applicable from 1 and Indigenous partnerships, a ROCE financial exchange rate over the 12 months up to and including September. measure (50% weighting), and Group and individual 30 June 2024. The granting of this LTIP award is For FY2025, the Committee determined that the measures (25% weighting) relating to projects subject to the approval of shareholders at the 2024 CEO’s base salary would increase by 4%, effective and initiatives in respect of people, performance AGM. If approved, the award will be granted following 1 September 2024, to US$1.893 million. The and portfolio. The specific Group and individual the AGM (i.e. in or around November 2024, subject Committee has also reviewed the base salaries performance measures vary for Executive KMP to securities dealing considerations). The LTIP award and total target remuneration packages for other to reflect the focus required from each of them in granted in FY2025 will use the same performance Executive KMP. The Committee determined an their role. and service conditions as the LTIP award granted in increase of 8% for the President Australia, reflecting FY2024. Notably, certain S&S, Group and individual performance and development in role. Given recent measures have a long-term focus where they are LTIP awards granted to other Executive KMP during appointments, no other changes are being made for set with a view to achieving longer-term ambitions. FY2025 will be calculated on the same basis as other Executive KMP at this time, and this will be For example, annual GHG emission reduction described above for the CEO, except that awards for the subject of future reviews. targets reflect the ultimate achievement of BHP’s other Executive KMP will have a maximum face value medium-term target of at least a 30% reduction in of 175% of salary. operational GHG emissions from FY2020 levels by FY2030, however, progress towards this is not expected to be linear. As a consequence, vesting of five-year deferred shares under the CDP is underpinned by a holistic review of performance at the end of the five-year vesting period, allowing for performance against the longer-term ambitions to be considered.

126 BHP Annual Report 2024 4 Remuneration for Non-executive Directors Our remuneration framework for Non-executive Directors aligns with the Australian Securities Exchange Corporate Governance Council’s Principles and Recommendations (4th Edition). Non-executive Directors do not have any performance-based at-risk remuneration or receive any equity awards as part of their remuneration, therefore the totals shown below are total remuneration and total fixed fees. The maximum aggregate fees payable to Non-executive Directors (including the Group Chair) were approved by shareholders at the 2008 AGMs at US$3.800 million per annum. This sum includes base fees, Committee fees and pension contributions. Travel allowances and non-monetary benefits are not included in this limit. 4.1 Remuneration framework of Non-executive Directors The following table shows the components for Non-executive Directors’ remuneration. Non-executive Directors are not eligible to participate in any CDP or LTIP awards. Descriptions Purpose and link Competitive fees and benefits are paid to Non-executive Directors in order to attract and retain high-quality individuals, and to provide to strategy appropriate remuneration for the role undertaken. Fees The Group Chair is paid a single fee for all responsibilities. All other Non-executive Directors are paid a base fee and relevant Committee membership fees. Committee Chairs and the Senior Independent Director are paid an additional fee to reflect their extra responsibilities. All fee levels are reviewed annually and any changes are ordinarily effective from 1 July. Annual reviews take into account global benchmarking and advice provided by external advisers, as required. Fee levels reflect the size and complexity of the Group and the geographies where the Group operates. The economic environment and the financial performance of the Group are taken into account. Consideration is also given to salary reviews across the rest of the Group. Where the payment of pension contributions is required by law, these contributions are deducted from the Director’s overall fee entitlements. Benefits BHP is a global organisation and there is a considerable travel burden required of Non-executive Directors to travel to Board meetings and site visits. Travel allowances are paid on a per trip basis. As a consequence of our prior dual listed company structure, Non-executive Directors are required to prepare personal tax returns in Australia and the UK, regardless of whether they reside in one or neither of those countries. They are accordingly reimbursed for the costs of personal tax return preparation in whichever of the UK and/or Australia is not their place of residence (including payment of the tax cost associated with the provision of the benefit). Letters of appointment The Board has adopted a letter of appointment that contains the terms on which Non-executive Directors will be appointed, including the basis upon which they will be indemnified by the Group. The Board has adopted a policy under which all Non-executive Directors must seek re-election at the AGM each year. As a result of requiring re-election each year, Non-executive Directors do not have a fixed term in their letter of appointment. Payments on early termination or loss of office There are no provisions in any of the Non-executive Directors’ appointment arrangements for compensation payable on early termination of their directorship. A Non-executive Director may resign on reasonable notice. No payments are made to Non-executive Directors on loss of office. 4.2 Non-executive Directors’ remuneration in FY2024 and FY2025 The remuneration for the Non-executive Directors was paid in FY2024 and will be paid in FY2025 in accordance with the remuneration framework set out above. Fee levels for the Group Chair and the Non-executive Directors are reviewed annually and are benchmarked against peer companies of similar complexity, reach and scale with the assistance of external advisers (but not by the Committee-appointed independent remuneration adviser). Following an assessment of the updated benchmarking, global market positioning and peer company relativities, a decision has been made that the Group Chair’s fee and the Non-executive Directors’ base fee will increase by 4 per cent with effect from 1 July 2024. The increases are considered appropriate given current benchmarking and the expectations, accountabilities and workloads of each of the Group Chair and Non-executive Directors. Having conducted this review, it was determined that there would be no change to the fees for other Committee roles or other allowances. The below table sets out the annualised total remuneration and total fixed fees for FY2024 and FY2025 (including the increases from 1 July 2024). Levels of fees and travel allowances for Non-executive Directors (in US$) FY2024 FY2025 Base annual fee 168,000 175,000 Plus additional fees for: Senior Independent Director 53,000 53,000 Committee Chair: Risk and Audit 66,000 66,000 People and Remuneration 45,000 45,000 Sustainability 45,000 45,000 Nomination and Governance No additional fee No additional fee Committee membership: Risk and Audit 32,500 32,500 People and Remuneration 27,500 27,500 Sustainability 27,500 27,500 Nomination and Governance 18,000 18,000 Travel allowance:1 In excess of 3 hours and less than 10 hours 7,000 7,000 10 hours or more 15,000 15,000 Group Chair’s fee2 925,000 962,000 1. In relation to travel for Board and shareholder meetings, the time thresholds relate to a flight time in excess of three hours to travel to the meeting location (i.e. one-way flight time). Only one travel allowance is paid per round trip. 2. The Group Chair is paid a single fee for all responsibilities (i.e. no base annual fee or Committee fees).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 127 5 Statutory KMP remuneration and other disclosures 5.1 KMP remuneration table The table below has been prepared in accordance with relevant accounting standards. Remuneration data for KMP are for the periods of FY2023 and FY2024 that they were KMP. More information on the framework and operation of each element of remuneration is provided earlier in this Report. Share-based payments The figures included in the shaded columns of the statutory table below for share-based payments were not actually provided to the Executive KMP, including the CEO, during FY2023 or FY2024. These amounts are calculated in accordance with accounting standards and are the amortised IFRS fair values at grant date of equity and equity-related instruments that have been granted to the executives. For information on awards that were allocated and vested during FY2023 and FY2024, refer to 5.2 Equity awards. Post-employment Short-term benefits benefits Share-based payments Base Annual Non- Value Value of Financial salary/ cash monetary Other Retirement of CDP LTIP US$(‘000) year fees1 incentive2 benefits3 benefits4 benefits5 awards2,6 awards6 Total CEO Mike Henry FY2024 1,808 1,038 35 – 181 2,177 2,096 7,335 FY2023 1,742 1,254 7 – 174 2,107 2,206 7,490 Other Executive KMP Edgar Basto7 FY2024 673 425 – – 67 668 617 2,450 FY2023 975 704 2 – 98 1,030 820 3,629 Brandon Craig8 FY2024 267 173 28 378 27 33 254 1,160 David Lamont7 FY2024 673 425 1 – 67 649 641 2,456 FY2023 975 733 15 – 98 960 608 3,389 Vandita Pant8 FY2024 340 223 29 – 34 329 228 1,183 Geraldine Slattery FY2024 1,013 592 26 297 101 1,182 1,049 4,260 FY2023 950 665 113 400 95 1,117 947 4,287 Ragnar Udd7 FY2024 665 431 48 – 67 644 575 2,430 FY2023 917 711 49 – 92 911 748 3,428 Non-executive Directors Terry Bowen9 FY2024 78 – – – 7 – – 85 FY2023 241 – – 40 17 – – 298 Malcolm Broomhead9 FY2023 61 – – 15 6 – – 82 Xiaoqun Clever-Steg FY2024 188 – – 77 13 – – 278 FY2023 181 – – 79 12 – – 272 Ian Cockerill9 FY2024 162 – – 46 12 – – 220 FY2023 208 – – 106 12 – – 326 Gary Goldberg FY2024 284 – – 99 – – – 383 FY2023 284 – – 101 – – – 385 Michelle Hinchliffe FY2024 235 – – 45 – – – 280 FY2023 186 – – 37 6 – – 229 Don Lindsay10 FY2024 38 – – – – – – 38 Ken MacKenzie FY2024 907 – – 67 18 – – 992 FY2023 863 – – 63 17 – – 943 Ross McEwan10 FY2024 51 – – 45 4 – – 100 John Mogford9 FY2023 63 – – 33 – – – 96 Christine O’Reilly FY2024 263 – – 37 – – – 300 FY2023 268 – – 55 – – – 323 Catherine Tanna FY2024 205 – – 44 18 – – 267 FY2023 198 – – 52 17 – – 267 Dion Weisler FY2024 205 – – 22 18 – – 245 FY2023 198 – – 55 17 – – 270 1. Base salaries and fees shown in this table reflect the amounts paid over the 12-month period from 1 July 2023 to 30 June 2024 for each Executive KMP and Non-executive Director. In FY2024, the Executive KMP base salaries were increased from 1 September 2023 as follows: Mike Henry’s to US$1.820 million, Edgar Basto’s to US$1.020 million, David Lamont’s to US$1.020 million, Geraldine Slattery’s to US$1.020 million and Ragnar Udd’s to US$1.020 million. The other changes to Executive KMP base salaries during the year were as follows: Brandon Craig who was appointed President Americas on 1 March 2024 on an annual salary of US$0.800 million and Vandita Pant who was appointed Chief Financial Officer on 1 March 2024 on an annual salary of US$1.020 million. 2. Annual cash incentive in this table is the cash portion of CDP awards each Executive KMP earned in respect of performance during each financial year. CDP is provided one-third in cash and two-thirds in deferred shares (which are included in the share-based payments columns of the table). The cash portion of CDP awards is paid in September of the year following the relevant financial year. The minimum possible value awarded to each individual is nil, the target is 240 per cent of base salary (80 per cent in cash and 160 per cent in deferred shares) and the maximum is 360 per cent of base salary (120 per cent in cash and 240 per cent in deferred shares). For FY2024, Executive KMP earned the following CDP awards as a percentage of the target and maximum (the remaining portion has been forfeited): Mike Henry 71.7 per cent of target and 47.8 per cent of maximum, Edgar Basto 79 per cent of target and 53 per cent of maximum, Brandon Craig 81 per cent of target and 54 per cent of maximum, David Lamont 79 per cent of target and 53 per cent of maximum, Vandita Pant 82 per cent of target and 55 per cent of maximum, Geraldine Slattery 73 per cent of target and 49 per cent of maximum and Ragnar Udd 81 per cent of target and 54 per cent of maximum. 3. Non-monetary benefits are non-pensionable and include items such as net leave accruals, private family health insurance, car parking, fringe benefits tax and personal tax return preparation in required countries. 4. Other benefits are non-pensionable and for FY2024 include a one-off relocation allowance provided to Brandon Craig relating to his international relocation from Australia to Chile and one-off reimbursement to Geraldine Slattery associated with her house sale/purchase for international relocation from the United States to Australia. The majority of the amounts disclosed for benefits for Non-executive Directors are usually travel allowances: amounts of between US$ nil and US$105,000 for FY2024 and FY2023. For FY2024, amounts of between US$ nil and US$1,500 (US$ nil and US$3,000 for FY2023) are included in respect of tax return preparation, and amounts of between US$ nil and US$800 for FY2024 (US$ nil and US$1,400 for FY2023) are included in respect of the reimbursement of the tax cost associated with the provision of taxable benefits. 5. Retirement benefits for each Executive KMP in FY2023 and FY2024 were 10 per cent of base salary as per the remuneration framework. Non-executive Director fees are inclusive of minimum superannuation contributions of up to 11 per cent of remuneration for FY2024 (10.5 per cent for FY2023) in accordance with Australian superannuation legislation. No other pension contributions were paid. 6. The IFRS fair value of CDP and LTIP awards is estimated at grant date. Refer to Financial Statements note 26 ‘Employee share ownership plans’. 7. The FY2024 remuneration reported for Edgar Basto, David Lamont and Ragnar Udd reflects services as Executive KMP up to 29 February 2024. 8. The FY2024 remuneration reported for Brandon Craig and Vandita Pant reflects services as Executive KMP from 1 March 2024. 9. The FY2024 remuneration for Terry Bowen and Ian Cockerill relates to part of the year only, as they retired from the Board on 1 November 2023 and 4 April 2024, respectively. The FY2023 remuneration for Malcolm Broomhead and John Mogford relates to part of the year only, as they retired from the Board on 10 November 2022 and 31 October 2022, respectively. 10.The FY2024 remuneration reported for Don Lindsay and Ross McEwan relates to part of the year only, as they joined the Board on 1 May 2024 and 3 April 2024, respectively.

128 BHP Annual Report 2024 5 Statutory KMP remuneration and other disclosures continued 5.2 Equity awards The interests held by Executive KMP under the Group’s employee equity plans are set out in the table below. Each equity award is a right to acquire one ordinary share in BHP Group Limited upon satisfaction of the vesting conditions. Our mandatory minimum performance requirements for securities dealing governs and restricts dealing arrangements and the provision of shares on vesting or exercise of awards. No interests under the Group’s employee equity plans are held by related parties of Executive KMP. Approval from BHP’s shareholders for the issue of equity awards to the CEO under the CDP and LTIP was obtained under ASX Listing Rule 10.14 at the 2023 AGM. DEP applies to awards provided to Executive KMP under the CDP and LTIP as detailed in 2 Executive KMP remuneration framework. No DEP is generally payable on MAP awards previously provided to Executive KMP. Executive KMP received or will receive awards under the CDP and LTIP. The terms and conditions of CDP and LTIP awards, including the performance conditions, are described in 2 Executive KMP remuneration framework. BHP senior management who are not KMP receive awards under the MAP. While no MAP awards were granted to Executive KMP after becoming KMP, as noted in the table below, Edgar Basto, Brandon Craig, Vandita Pant, Geraldine Slattery and Ragnar Udd hold or held MAP awards that were allocated to them prior to commencing their Executive KMP service. At At Award Market price on date of: Gain on DEP on Award Date 1 July 30 June vesting awards awards type of grant 2023 Granted Vested Lapsed 2024 date1 Grant2 Vesting3 (‘000)4 (‘000) Mike Henry CDP 8-Nov-23 – 43,106 – – 43,106 Aug 28 A$44.70 – – –CDP 8-Nov-23 – 43,106 – – 43,106 Aug 25 A$44.70 – – –CDP 22-Nov-22 44,335 – – – 44,335 Aug 27 A$43.48 – – –CDP 22-Nov-22 44,335 – – – 44,335 Aug 24 A$43.48 – – –CDP 23-Nov-21 55,246 – – – 55,246 Aug 26 A$38.05 – – –CDP 23-Nov-21 55,246 – 55,246 – – 25 Aug 23 A$38.05 A$43.02 A$2,377 A$527 CDP 20-Oct-20 49,692 – – – 49,692 Aug 25 A$35.90 – – –LTIP 8-Nov-23 – 125,124 – – 125,124 Aug 28 A$44.70 – – –LTIP 22-Nov-22 118,853 – – – 118,853 Aug 27 A$43.48 – – –LTIP 23-Nov-21 120,099 – – – 120,099 Aug 26 A$38.05 – – –LTIP 20-Oct-20 157,138 – – – 157,138 Aug 25 A$35.90 – – –LTIP 20-Nov-19 172,144 – – – 172,144 Aug 24 A$37.24 – – –LTIP 18-Dec-18 193,189 – 193,189 – – 25 Aug 23 A$33.50 A$43.02 A$8,311 A$3,397 Edgar Basto5 CDP 8-Nov-23 – 24,201 – – 24,201 Aug 28 A$44.70 – – –CDP 8-Nov-23 – 24,201 – – 24,201 Aug 25 A$44.70 – – –CDP 22-Nov-22 21,936 – – – 21,936 Aug 27 A$43.48 – – –CDP 22-Nov-22 21,936 – – – 21,936 Aug 24 A$43.48 – – –CDP 23-Nov-21 30,604 – – – 30,604 Aug 26 A$38.05 – – –CDP 23-Nov-21 30,604 – 30,604 – – 25 Aug 23 A$38.05 A$43.02 A$1,317 A$292 LTIP 8-Nov-23 – 61,359 – – 61,359 Aug 28 A$44.70 – – –LTIP 22-Nov-22 58,237 – – – 58,237 Aug 27 A$43.48 – – –LTIP 23-Nov-21 58,725 – – – 58,725 Aug 26 A$38.05 – – –LTIP 20-Oct-20 76,835 – – – 76,835 Aug 25 A$35.90 – – –MAP 19-May-20 31,649 – – – 31,649 Aug 24 A$35.05 – – –MAP 19-May-20 31,649 – 31,649 – – 25 Aug 23 A$35.05 A$43.02 A$1,362 – Brandon Craig6 MAP 8-Dec-23 23,600 – – – 23,600 Aug 28 A$47.74 – – –MAP 8-Dec-23 23,600 – – – 23,600 Aug 27 A$47.74 – – –MAP 27-Sep-23 23,600 – – – 23,600 Aug 26 A$43.49 – – –MAP 21-Sep-22 19,938 – – – 19,938 Aug 25 A$37.96 – – –MAP 29-Sep-21 19,945 – – – 19,945 Aug 24 A$36.39 – – –

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 129 At At Award Market price on date of: Gain on DEP on Award Date 1 July 30 June vesting awards awards type of grant 2023 Granted Vested Lapsed 2024 date1 Grant2 Vesting3 (‘000)4 (‘000) David Lamont5 CDP 8-Nov-23 – 25,203 – – 25,203 Aug 28 A$44.70 – – –CDP 8-Nov-23 – 25,203 – – 25,203 Aug 25 A$44.70 – – –CDP 22-Nov-22 24,775 – – – 24,775 Aug 27 A$43.48 – – –CDP 22-Nov-22 24,775 – – – 24,775 Aug 24 A$43.48 – – –CDP 23-Nov-21 18,009 – – – 18,009 Aug 26 A$38.05 – – –CDP 23-Nov-21 18,009 – 18,009 – – 25 Aug 23 A$38.05 A$43.02 A$775 A$172 LTIP 8-Nov-23 – 61,359 – – 61,359 Aug 28 A$44.70 – – –LTIP 22-Nov-22 58,237 – – – 58,237 Aug 27 A$43.48 – – –LTIP 23-Nov-21 58,725 – – – 58,725 Aug 26 A$38.05 – – –LTIP 1-Dec-20 76,835 – – – 76,835 Aug 25 A$38.56 – – – Vandita Pant6 CDP 8-Nov-23 22,682 – – – 22,682 Aug 28 A$44.70 – – –CDP 8-Nov-23 22,682 – – – 22,682 Aug 25 A$44.70 – – –CDP 22-Nov-22 17,834 – – – 17,834 Aug 27 A$43.48 – – –CDP 22-Nov-22 17,834 – – – 17,834 Aug 27 A$43.48 – – –CDP 23-Nov-21 20,347 – – – 20,347 Aug 26 A$38.05 – – –LTIP 8-Nov-23 45,632 – – – 45,632 Aug 28 A$44.70 – – –LTIP 22-Nov-22 43,296 – – – 43,296 Aug 27 A$43.48 – – –LTIP 23-Nov-21 34,440 – – – 34,440 Aug 26 A$38.05 – – –MAP 20-Oct-20 27,731 – – – 27,731 Aug 25 A$35.90 – – –MAP 20-Nov-19 26,197 – – – 26,197 Aug 24 A$37.24 – – – Geraldine Slattery CDP 8-Nov-23 – 22,870 – – 22,870 Aug 28 A$44.70 – – –CDP 8-Nov-23 – 22,870 – – 22,870 Aug 25 A$44.70 – – –CDP 22-Nov-22 23,784 – – – 23,784 Aug 27 A$43.48 – – –CDP 22-Nov-22 23,784 – – – 23,784 Aug 24 A$43.48 – – –CDP 23-Nov-21 28,258 – – – 28,258 Aug 26 A$38.05 – – –CDP 23-Nov-21 28,258 – 28,258 – – 25 Aug 23 A$38.05 A$43.02 A$1,216 A$269 CDP 20-Oct-20 28,562 – – – 28,562 Aug 25 A$35.90 – – –LTIP 8-Nov-23 – 61,359 – – 61,359 Aug 28 A$44.70 – – –LTIP 22-Nov-22 58,237 – – – 58,237 Aug 27 A$43.48 – – –LTIP 23-Nov-21 52,543 – – – 52,543 Aug 26 A$38.05 – – –LTIP 20-Oct-20 60,660 – – – 60,660 Aug 25 A$35.90 – – –LTIP 20-Nov-19 117,371 – – – 117,371 Aug 24 A$37.24 – – –MAP 21-Feb-19 31,965 – 31,965 – – 25 Aug 23 A$34.83 A$43.02 A$1,375 – Ragnar Udd5 CDP 8-Nov-23 – 24,452 – – 24,452 Aug 28 A$44.70 – – –CDP 8-Nov-23 – 24,452 – – 24,452 Aug 25 A$44.70 – – –CDP 22-Nov-22 22,167 – – – 22,167 Aug 27 A$43.48 – – –CDP 22-Nov-22 22,167 – – – 22,167 Aug 24 A$43.48 – – –CDP 23-Nov-21 18,415 – – – 18,415 Aug 26 A$38.05 – – –CDP 23-Nov-21 18,415 – 18,415 – – 25 Aug 23 A$38.05 A$43.02 A$792 A$176 LTIP 8-Nov-23 – 61,359 – – 61,359 Aug 28 A$44.70 – – –LTIP 22-Nov-22 55,266 – – – 55,266 Aug 27 A$43.48 – – –LTIP 23-Nov-21 52,543 – – – 52,543 Aug 26 A$38.05 – – –LTIP 2-Nov-20 68,748 – – – 68,748 Aug 25 A$33.81 – – –MAP 21-Aug-20 23,790 – – – 23,790 Aug 24 A$38.36 – – –MAP 21-Aug-20 23,790 – 23,790 – – 25 Aug 23 A$38.36 A$43.02 A$1,023 – 1. Where the vesting date is not yet known, the estimated vesting month is shown. Where awards lapsed (if any), the lapse date is shown. If the vesting conditions are met, awards will vest on or as soon as practicable after the first non-prohibited period date occurring after 30 June of the preceding year, subject to the terms of the award. The year of vesting is the second (CDP two-year deferred share awards), third (MAP), fourth (MAP) or fifth (MAP, CDP five-year deferred share awards and LTIP) financial year after grant. All awards are conditional awards and have no exercise period or exercise price; instead, ordinary fully paid shares are automatically allocated upon vesting (subject to a discretion to provide cash in lieu). Where vesting conditions are not met, the conditional awards will immediately lapse. 2. The market price shown is the closing price of BHP shares on the relevant date of grant. No price is payable by the individual to receive a grant of awards. The IFRS fair value of the CDP and LTIP awards granted in FY2024 at the grant date of 8 November 2023 are as follows: CDP – A$45.95 and LTIP – A$30.33. 3. The market price shown is the closing price of BHP shares on the relevant date of vest. 4. The gain on awards is calculated using the market price on date of vesting or exercise (as applicable) less any exercise price payable. The amounts that vested for the awards during FY2024 are as follows: CDP – 100 per cent vested; LTIP – 100 per cent vested; MAP – 100 per cent vested. 5. Awards shown as held by Edgar Basto, David Lamont and Ragnar Udd at 30 June 2024 are their balances at the date they ceased being KMP, being 29 February 2024. 6. The opening balances of awards for Brandon Craig and Vandita Pant reflect their holdings on the date that each became KMP, being 1 March 2024.

130 BHP Annual Report 2024 5 Statutory KMP remuneration and other disclosures continued 5.3 Estimated value range of equity awards The current face value (and estimate of the maximum possible total value) of equity awards allocated during FY2024 and yet to vest are the awards as set out in the previous table multiplied by the current share price of BHP Group Limited. The minimum possible total value of the awards is nil. The actual value that may be received by participants in the future cannot be determined as it is dependent on and therefore fluctuates with the share price of BHP Group Limited at the date that any particular award vests or is exercised. Five-year share price, dividend and earnings history The table below provides the five-year share price history for BHP Group Limited, history of dividends paid and the Group’s earnings. FY2024 FY2023 FY2022 FY2021 FY2020 Share price at beginning of year (A$) 45.26 40.05 48.22 35.82 41.68 Share price at end of year (A$) 42.68 44.99 41.25 48.57 35.82 Dividends paid (A$) 2.35 3.92 10.181 2.07 2.13 Attributable profit (US$ million, as reported) 7,897 12,921 30,900 11,304 7,956 1 The FY2022 dividends paid includes A$5.38 in respect of the in-specie dividend associated with the merger of the Petroleum business with Woodside. The highest and lowest closing share price during FY2024 were A$50.72 and A$41.95, respectively. 5.4 Ordinary shareholdings and transactions The number of ordinary shares in BHP Group Limited held directly, indirectly or beneficially by each individual (including shares held in the name of all close members of the Director’s or Executive KMP’s family and entities over which either the Director or Executive KMP or the family member has directly or indirectly, control, joint control or significant influence) is shown below. No shares are held nominally by any KMP or their related parties. These are ordinary shares held without performance conditions or restrictions and are included in MSR calculations for each individual. Held at Received as Held at 1 July 2023 Purchased remuneration1 Sold 30 June 2024 Mike Henry 677,218 – 248,435 515,652 410,001 Edgar Basto2 146,806 – 62,253 22,560 186,499 Brandon Craig3 25,665 – – – 25,665 David Lamont2 86,235 – 21,932 45,000 63,167 Vandita Pant3 170,688 – – – 170,688 Geraldine Slattery4 164,088 – 60,223 29,300 195,011 Ragnar Udd2 131,559 – 42,205 42,205 131,559 Terry Bowen5 11,000 – – – 11,000 Xiaoqun Clever-Steg 8,539 – – – 8,539 Ian Cockerill5 14,299 – – – 14,299 Gary Goldberg4 16,000 2,000 – – 18,000 Michelle Hinchliffe 8,508 1,599 – – 10,107 Don Lindsay6 – – – – –Ken MacKenzie 58,446 – – – 58,446 Ross McEwan6 – – – – –Christine O’Reilly 9,420 – – – 9,420 Catherine Tanna 10,400 – – – 10,400 Dion Weisler 7,544 – – – 7,544 1. Includes DEP in the form of shares on equity awards vesting, where applicable, as disclosed in 5.2 Equity awards. 2. Shares shown as held by Edgar Basto, David Lamont and Ragnar Udd at 30 June 2024 are their balances at the date they ceased being KMP on 29 February 2024. 3. The opening balances for Brandon Craig and Vandita Pant reflect their shareholdings on the date that each became KMP being 1 March 2024. 4. The following BHP Group Limited shares were held in the form of American Depositary Shares: 2,042 for Geraldine Slattery and 9,000 for Gary Goldberg. 5. Shares shown as held by Terry Bowen and Ian Cockerill at 30 June 2024 are their balances at the date of their retirement from the Board on 1 November 2023 and 4 April 2024, respectively. 6. The opening balances for Don Lindsay and Ross McEwan reflect their shareholdings on the date they became Non-executive Directors being 1 May 2024 and 3 April 2024, respectively.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 131 5.5 Prohibition on hedging of BHP shares and A two-year post-retirement shareholding requirement for the CEO applies equity instruments from the date of retirement, which will be the lower of the CEO’s MSR or the CEO’s actual shareholding at the date of retirement. The Executive KMP may not use unvested BHP equity awards as collateral Subject to securities dealing constraints, Non-executive Directors have or hedge the value of any unvested BHP equity awards or the value of agreed to apply at least 25 per cent of their remuneration (base fees plus shares and securities held as part of meeting the MSR. Committee fees) to the purchase of BHP shares until they achieve an MSR equivalent in value to one year of remuneration (base fees plus Committee Any securities that have vested and are no longer subject to restrictions, fees). Thereafter, they must maintain at least that level of shareholding or not held as part of meeting the MSR, may be subject to hedging throughout their tenure. At the end of FY2024, each Non-executive Director arrangements or used as collateral, provided that prior consent is obtained. met the MSR except for Don Lindsay and Ross McEwan, as they joined the Board on 1 May 2024 and 3 April 2024, respectively. 5.6 Share ownership guidelines and the MSR The share ownership guidelines and the MSR help to ensure the interests 5.7 Transactions with KMP of Directors, executives and shareholders remain aligned. The CEO and other Executive KMP are expected to grow their holdings to During the financial year, there were no transactions between the the MSR from the scheduled vesting of their employee awards over time. Group and its subsidiaries and KMP (including their related parties) The MSR is tested at the time that shares are to be sold. Shares may be (2023: US$ nil; 2022: US$ nil). There were no amounts payable by or loans sold to satisfy tax obligations arising from the granting, holding, vesting, with KMP (including their related parties) at 30 June 2024 (2023: US$ nil; exercise or sale of the employee awards or the underlying shares whether 2022: US$ nil). A number of KMP hold or have held positions in other companies the MSR is satisfied at that time or not. For FY2024: (i.e. personally related entities) where it is considered they control or significantly influence the financial or operating policies of those entities. – The MSR for the CEO was five times annual pre-tax base salary. At the There have been no transactions with those entities and no amounts end of FY2024, the CEO met the MSR. were owed by the Group to personally related entities or any other related parties (2023: US$ nil; 2022: US$ nil). – The MSR for other Executive KMP was three times annual pre-tax base salary. At the end of FY2024, the other Executive KMP met the This Remuneration Report was approved by the Board on 27 August 2024 MSR except for Brandon Craig, as he was appointed to the ELT and as and signed on its behalf by: Executive KMP on 1 March 2024. – No Executive KMP sold or purchased shares during FY2024, other than sales to satisfy taxation obligations, except for Mike Henry, who sold shares due to marital divorce, including reorganisation of holdings, and Ragnar Udd, who sold shares in order to partially fund the purchase of a residential dwelling. Christine O’Reilly Chair, People and Remuneration Committee 27 August 2024

132 BHP Annual Report 2024 Financial Statements 1 Consolidated Financial Statements 1.1 Consolidated Income Statement 133 1.2 Consolidated Statement of Comprehensive Income 133 1.3 Consolidated Balance Sheet 134 1.4 Consolidated Cash Flow Statement 135 1.5 Consolidated Statement of Changes in Equity 136 1.6 Notes to the Financial Statements 139 2 Consolidated entity disclosure statement 194 3 Directors’ declaration 198 4 Section Lead Auditor’s 307C of Independence the Australian Declaration Corporations under Act 2001 199 5 BHP Independent Group Limited auditor’s report to the members of 200 Notes to the Financial Statements Performance 1 Segment reporting 139 2 Revenue 141 3 Exceptional items 141 4 Significant events – Samarco dam failure 144 5 Expenses and other income 149 6 Income tax expense 150 7 Earnings per share 152 Working capital 8 Trade and other receivables 153 9 Trade and other payables 153 10 Inventories 153 Resource assets 11 Property, plant and equipment 154 12 Intangible assets 156 13 Impairment of non-current assets 156 14 Deferred tax balances 159 15 Closure and rehabilitation provisions 160 16 Climate change 162 Capital structure 17 Share capital 166 18 Other equity 166 19 Dividends 167 20 Provisions for dividends and other liabilities 168 Financial management 21 Net debt 169 22 Leases 171 23 Net finance costs 173 24 Financial risk management 173 Employee matters 25 Key management personnel 179 26 Employee share ownership plans 179 27 Employee benefits, restructuring and post-retirement employee benefits provisions 181 Group and related party information 28 Discontinued operations 183 29 Business combinations 184 30 Subsidiaries 185 31 Investments accounted for using the equity method 185 32 Interests in joint operations 188 33 Related party transactions 188 Unrecognised items and uncertain events 34 Contingent liabilities 189 35 Subsequent events 189 Other items 36 Auditor’s remuneration 190 37 BHP Group Limited 190 38 Deed of Cross Guarantee 191 39 New and amended accounting standards and interpretations and changes to accounting policies 193

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 133 1 Consolidated Financial Statements 1.1 Consolidated Income Statement for the year ended 30 June 2024 2024 2023 2022 Notes US$M US$M US$M Continuing operations Revenue 2 55,658 53,817 65,098 Other income 5 1,285 394 1,398 Expenses excluding net finance costs 5 (36,750) (31,873) (32,371) (Loss)/profit from equity accounted investments, related impairments and expenses 31 (2,656) 594 (19) Profit from operations 17,537 22,932 34,106 Financial expenses (2,198) (2,060) (1,050) Financial income 709 529 81 Net finance costs 23 (1,489) (1,531) (969) Profit before taxation 16,048 21,401 33,137 Income tax expense (6,015) (6,691) (10,430) Royalty-related taxation (net of income tax benefit) (432) (386) (307) Total taxation expense 6 (6,447) (7,077) (10,737) Profit after taxation from Continuing operations 9,601 14,324 22,400 Discontinued operations Profit/(loss) after taxation from Discontinued operations 28 – – 10,655 Profit after taxation from Continuing and Discontinued operations 9,601 14,324 33,055 Attributable to non-controlling interests 1,704 1,403 2,155 Attributable to BHP shareholders 7,897 12,921 30,900 Basic earnings per ordinary share (cents) 7 155.8 255.2 610.6 Diluted earnings per ordinary share (cents) 7 155.5 254.7 609.3 Basic earnings from Continuing operations per ordinary share (cents) 7 155.8 255.2 400.0 Diluted earnings from Continuing operations per ordinary share (cents) 7 155.5 254.7 399.2 The accompanying notes form part of these Financial Statements. 1.2 Consolidated Statement of Comprehensive Income for the year ended 30 June 2024 2024 2023 2022 Notes US$M US$M US$M Profit after taxation from Continuing and Discontinued operations 9,601 14,324 33,055 Other comprehensive income Items that may be reclassified subsequently to the income statement: Hedges: (Losses)/gains taken to equity (33) 95 (914) Losses/(gains) transferred to the income statement 49 (148) 881 Loss transferred to initial carrying amount of hedged item – 35 – Exchange fluctuations on translation of foreign operations taken to equity – – (5) Exchange fluctuations on translation of foreign operations transferred to income statement – – (54) Tax recognised within other comprehensive income 6 (5) 5 10 Total items that may be reclassified subsequently to the income statement 11 (13) (82) Items that will not be reclassified to the income statement: Re-measurement gains/(losses) on pension and medical schemes 41 (18) 24 Equity investments held at fair value (30) 17 (8) Tax recognised within other comprehensive income 6 (13) 7 (9) Total items that will not be reclassified to the income statement (2) 6 7 Total other comprehensive income/(loss) 9 (7) (75) Total comprehensive income 9,610 14,317 32,980 Attributable to non-controlling interests 1,708 1,400 2,160 Attributable to BHP shareholders 7,902 12,917 30,820 The accompanying notes form part of these Financial Statements.

134 BHP Annual Report 2024 1 Consolidated Financial Statements continued 1.3 Consolidated Balance Sheet as at 30 June 2024 2024 2023 Notes US$M US$M ASSETS Current assets Cash and cash equivalents 21 12,501 12,428 Trade and other receivables 8 5,169 4,594 Other financial assets 24 381 470 Inventories 10 5,828 5,220 Current tax assets 314 508 Other 145 131 Total current assets 24,338 23,351 Non-current assets Trade and other receivables 8 170 148 Other financial assets 24 1,229 1,115 Inventories 10 1,211 1,403 Property, plant and equipment 11 71,629 71,818 Intangible assets 12 1,718 1,610 Investments accounted for using the equity method 31 1,662 1,620 Deferred tax assets 14 67 56 Other 338 175 Total non-current assets 78,024 77,945 Total assets 102,362 101,296 LIABILITIES Current liabilities Trade and other payables 9 6,719 6,296 Interest bearing liabilities 21 2,084 7,173 Other financial liabilities 24 512 402 Current tax payable 884 611 Provisions 4,15,20,27 4,007 4,514 Deferred income 90 47 Total current liabilities 14,296 19,043 Non-current liabilities Trade and other payables 9 45 4 Interest bearing liabilities 21 18,634 15,172 Other financial liabilities 24 1,759 2,157 Non-current tax payable 40 68 Deferred tax liabilities 14 3,332 4,299 Provisions 4,15,20,27 15,088 11,973 Deferred income 48 50 Total non-current liabilities 38,946 33,723 Total liabilities 53,242 52,766 Net assets 49,120 48,530 EQUITY Share capital 17 4,899 4,737 Treasury shares 17 (36) (41) Reserves 18 (15) 13 Retained earnings 39,963 39,787 Total equity attributable to BHP shareholders 44,811 44,496 Non-controlling interests 18 4,309 4,034 Total equity 49,120 48,530 The accompanying notes form part of these Financial Statements. The Financial Statements were approved by the Board of Directors on 27 August 2024 and signed on its behalf by: Ken MacKenzie Mike Henry Chair Chief Executive Officer

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 135 1.4 Consolidated Cash Flow Statement for the year ended 30 June 2024 2024 2023 2022 Notes US$M US$M US$M Operating activities Profit before taxation from Continuing operations 16,048 21,401 33,137 Adjustments for: Depreciation and amortisation expense 5,295 5,061 5,683 Impairments of property, plant and equipment, financial assets and intangibles 3,890 75 515 Net finance costs 1,489 1,531 969 Loss/(profit) from equity accounted investments, related impairments and expenses 2,656 (594) 19 Other (243) 546 (350) Changes in assets and liabilities: Trade and other receivables (290) 867 (703) Inventories (530) (44) (865) Trade and other payables (27) (1,086) 727 Provisions and other assets and liabilities (469) 131 (248) Cash generated from operations 27,819 27,888 38,884 Dividends received 397 347 1,018 Interest received 724 545 58 Interest paid (1,680) (1,090) (657) Proceeds of cash management related instruments 361 331 378 Net income tax and royalty-related taxation refunded 547 232 105 Net income tax and royalty-related taxation paid (7,503) (9,552) (10,501) Net operating cash flows from Continuing operations 20,665 18,701 29,285 Net operating cash flows from Discontinued operations 28 – – 2,889 Net operating cash flows 20,665 18,701 32,174 Investing activities Purchases of property, plant and equipment (8,816) (6,733) (5,855) Exploration and evaluation expenditure (457) (350) (256) Exploration and evaluation expenditure expensed and included in operating cash flows 399 294 199 Investment in subsidiaries, operations and joint operations, net of cash 29 – (5,868) – Net investment and funding of equity accounted investments (701) (557) (266) Proceeds from sale of assets 149 444 221 Proceeds from sale of subsidiaries, operations and joint operations net of their cash 1,072 82 1,255 Other investing (408) (377) (271) Net investing cash flows from Continuing operations (8,762) (13,065) (4,973) Net investing cash flows from Discontinued operations 28 – – (904) Net cash completion payment on merger of Petroleum with Woodside 28 – – (683) Cash and cash equivalents disposed on merger of Petroleum with Woodside 28 – – (399) Net investing cash flows (8,762) (13,065) (6,959) Financing activities Proceeds from interest bearing liabilities 5,091 8,182 1,164 Settlements of debt related instruments (321) (677) – Repayment of interest bearing liabilities (7,327) (3,289) (3,358) Distributions to non-controlling interests (13) – –Purchase of shares by Employee Share Ownership Plan (ESOP) Trusts – (88) (149) Dividends paid (7,675) (13,268) (17,851) Dividends paid to non-controlling interests (1,424) (1,175) (2,540) Net financing cash flows from Continuing operations (11,669) (10,315) (22,734) Net financing cash flows from Discontinued operations 28 – – (33) Net financing cash flows (11,669) (10,315) (22,767) Net increase/(decrease) in cash and cash equivalents from Continuing operations 234 (4,679) 1,578 Net increase in cash and cash equivalents from Discontinued operations – – 1,952 Net cash completion payment on merger of Petroleum with Woodside – – (683) Cash and cash equivalents disposed on merger of Petroleum with Woodside – – (399) Cash and cash equivalents, net of overdrafts, at the beginning of the financial year 12,423 17,236 15,246 Foreign currency exchange rate changes on cash and cash equivalents (159) (134) (458) Cash and cash equivalents, net of overdrafts, at the end of the financial year 21 12,498 12,423 17,236 The accompanying notes form part of these Financial Statements.

136 BHP Annual Report 2024 1 Consolidated Financial Statements continued 1.5 Consolidated Statement of Changes in Equity for the year ended 30 June 2024 Attributable to BHP shareholders BHP Group Limited Total equity attributable Non- Share Treasury Retained to BHP controlling Total US$M capital shares Reserves earnings shareholders interests equity Balance as at 1 July 2023 4,737 (41) 13 39,787 44,496 4,034 48,530 Total comprehensive income – – (18) 7,920 7,902 1,708 9,610 Transactions with owners: Shares issued 162 (162) – – – – – Purchase of shares by ESOP Trusts – – – – – – –Employee share awards exercised net of employee contributions net of tax – 167 (134) (33) – – –Vested employee share awards that have lapsed, been cancelled or forfeited – – (1) 1 – – –Accrued employee entitlement for unexercised awards net of tax – – 129 – 129 – 129 Dividends – – – (7,712) (7,712) (1,424) (9,136) Distribution to non-controlling interests – – (4) – (4) (9) (13) Balance as at 30 June 2024 4,899 (36) (15) 39,963 44,811 4,309 49,120 Balance as at 1 July 2022 4,638 (31) 12 40,338 44,957 3,809 48,766 Total comprehensive income – – 4 12,913 12,917 1,400 14,317 Transactions with owners: Shares issued 99 (99) – – – – – Purchase of shares by ESOP Trusts – (88) – – (88) – (88) Employee share awards exercised net of employee contributions net of tax – 177 (132) (45) – – – Vested employee share awards that have lapsed, been cancelled or forfeited – – (1) 1 – – – Accrued employee entitlement for unexercised awards net of tax – – 130 – 130 – 130 Dividends – – – (13,420) (13,420) (1,175) (14,595) Balance as at 30 June 2023 4,737 (41) 13 39,787 44,496 4,034 48,530 Attributable to BHP shareholders Share capital Treasury shares Total equity BHP BHP BHP BHP attributable Non- Group Group Group Group Retained to BHP controlling Total US$M Limited Plc Limited Plc Reserves earnings shareholders interests equity Balance as at 1 July 2021 1,111 1,057 (32) (1) 2,350 46,779 51,264 4,341 55,605 Total comprehensive income – – – – (90) 30,910 30,820 2,160 32,980 Transactions with owners: BHP Group Limited shares issued 172 – (172) – – – – – – Purchase of shares by ESOP Trusts – – (148) (1) – – (149) – (149) Employee share awards exercised net of employee contributions net of tax – – 321 2 (207) (116) – – – Vested employee share awards that have lapsed, been cancelled or forfeited – – – – (30) 30 – – – Accrued employee entitlement for unexercised awards net of tax – – – – 143 – 143 – 143 Corporate structure unification 3,355 (1,057) – – (2,298) – – – – Dividends – – – – – (17,720) (17,720) (2,540) (20,260) In specie dividend on merger of Petroleum with Woodside – – – – – (19,559) (19,559) – (19,559) Divestment of subsidiaries, operations and joint operations – – – – – – – (157) (157) Transfers within equity on divestment of subsidiaries, operations and joint operations – – – – (14) 14 – – – Equity contributed net of tax – – – – 158 – 158 5 163 Balance as at 30 June 2022 4,638 – (31) – 12 40,338 44,957 3,809 48,766 The accompanying notes form part of these Financial Statements.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 137 Basis of preparation The accounting policies are consistently applied by all entities included in the Financial Statements. The Consolidated Financial Statements (Financial Statements) comprise In assessing the appropriateness of the going concern assumption BHP Group Limited (BHP or the Company) together with its controlled over the going concern period, management has stress tested BHP’s entities (Group) for the year ended 30 June 2024. BHP Group Limited, most recent financial projections to incorporate a range of potential incorporated and domiciled in Australia, is a for-profit company limited by future outcomes by considering BHP’s principal risks. The Group’s shares which are publicly traded on the Australian Securities Exchange. financial forecasts, including downside commodity price and production BHP Group Limited also has an international secondary listing on the scenarios, demonstrate that the Group believes that it has sufficient London Stock Exchange (LSE), a secondary listing on the Johannesburg financial resources to meet its obligations as they fall due throughout the Stock Exchange and is listed on the New York Stock Exchange (NYSE) in going concern period. As such, the Financial Statements continue to be the United States. prepared on the going concern basis. Prior to 31 January 2022, BHP Group Limited and BHP Group Plc, an incorporated UK-listed company, operated together as a single-for-profit Principles of consolidation economic entity under a Dual Listed Company (DLC) structure comprising A list of significant entities in the Group, including subsidiaries, joint a common Board of Directors, unified management structure and joint arrangements and associates at 30 June 2024 is contained in note 30 objectives. On 31 January 2022, BHP unified its corporate structure under ‘Subsidiaries’, note 31 ‘Investments accounted for using the equity method’ BHP Group Limited. and note 32 ‘Interests in joint operations’. Directors of BHP have included information in the Financial Statements Subsidiaries: The Financial Statements of the Group include the they deem to be material and relevant to the understanding of the consolidation of BHP Group Limited (the Company or parent entity) and Financial Statements. Disclosure may be considered material and relevant its subsidiaries, being the entities controlled by the parent entity during the if the dollar amount is significant due to its size or nature, or the information year (and prior to 31 January 2022, BHP Group Plc and its subsidiaries is important to understand the: while the DLC was in effect). Control exists where the Group: – Group’s current year results – has power over the investee – impact of significant changes in the Group’s business or – is exposed to, or has rights to, variable returns from its involvement – aspects of the Group’s operations that are important to with the entity future performance – has the ability to affect those returns through its power to direct the The Board of Directors resolved to authorise the issue of the financial activities of the entity report on 27 August 2024. The ability to approve the operating and capital budget of an entity and Basis of preparation and measurement the ability to appoint key management personnel are decisions that demonstrate that the Group has the existing rights to direct the relevant The Group’s Financial Statements as at and for the year ended 30 June 2024: activities of an entity. – are a consolidated general purpose financial report The results of subsidiaries acquired or disposed of during the year are – have been prepared in accordance with the requirements of: included in profit or loss from the date the Company gains control until the – the Australian Corporations Act 2001 (Corporations Act 2001) date when the Company ceases to control the subsidiary. When the Group – Australian Accounting Standards and other authoritative loses control of a subsidiary, the gain or loss on disposal is recognised in pronouncements of the Australian Accounting Standards Board profit or loss. (AASB) and International Financial Reporting Standards as Where the Group’s interest is less than 100 per cent, the interest issued by the International Accounting Standards Board (IASB) attributable to outside shareholders is reflected in non-controlling interests. (collectively referred to as IFRS) Changes in the Group’s interests in subsidiaries that do not result in a – are prepared on a going concern basis as the Directors: loss of control are accounted for as equity transactions. The carrying – have made an assessment of the Group’s ability to continue as a amount of the Group’s interests and the non-controlling interests are going concern for the 12 months from the date of this report adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests – consider it appropriate to adopt the going concern basis of accounting are adjusted and the fair value of the consideration paid or received is in preparing the Group’s Financial Statements recognised directly in equity and attributed to the owners of the Company. – measure items on the basis of historical cost principles, except for the The financial information of subsidiaries is prepared for the same reporting following items: period as the Group. The acquisition method of accounting is used to – derivative financial instruments and certain other financial assets and account for the Group’s business combinations. liabilities, which are carried at fair value Joint arrangements: The Group undertakes a number of business – non-current assets or disposal groups that are classified as activities through joint arrangements, which exist when two or more held-for-sale or held-for-distribution, which are measured at the lower parties have joint control. Joint arrangements are classified as either of carrying amount and fair value less costs to sell joint operations or joint ventures, based on the contractual rights and – include material accounting policies in the notes to the Financial obligations between the parties to the arrangement: Statements, specifically where accounting policy choices have been made in relation to the recognition and measurement basis used and – Joint operations: A joint operation is an arrangement in which the Group are relevant to an understanding of the Financial Statements shares joint control, primarily via contractual arrangements with other parties. In a joint operation, the Group has rights to the underlying – apply a presentation currency of US dollars, consistent with the assets and obligations for the liabilities relating to the arrangement. predominant functional currency of the Group’s operations. Amounts are This includes situations where the parties benefit from the joint activity rounded to the nearest million dollars, unless otherwise stated, in through a share of the output, rather than by receiving a share of the accordance with ASIC (Rounding in Financial/Directors’ Reports) results of trading. In relation to the Group’s interest in a joint operation, Instrument 2016/191 the Group recognises: its assets and liabilities, including its share of – present reclassified comparative information where required for any assets and liabilities held or incurred jointly; revenue from the sale consistency with the current year’s presentation of its share of the output and its share of any revenue generated from – adopt all new and amended standards and interpretations under IFRS the sale of the output by the joint operation; and its expenses including that are mandatory for application in periods beginning on 1 July 2023. its share of expenses incurred jointly. All such amounts are allocated None had a significant impact on the Financial Statements. Refer note in accordance with the terms of the arrangement, which is usually in 39 ‘New and amended accounting standards and interpretations and proportion to the Group’s interest in the joint operation. changes to accounting policies’ for details The Group accounts for the assets, liabilities, revenue and expenses – have not early adopted any standards and interpretations that have been relating to its interest in a joint operation in accordance with the IFRS issued or amended but are not yet effective, other than as outlined in Standards applicable to the particular assets, liabilities, revenue note 39 ‘New and amended accounting standards and interpretations and expenses. and changes to accounting policies’

138 BHP Annual Report 2024 1 Consolidated Financial Statements continued – Joint ventures: A joint venture is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement. A separate vehicle, not the parties, will have the rights to the assets and obligations for the liabilities relating to the arrangement. More than an insignificant share of output from a joint venture is sold to third parties, which indicates the joint venture is not dependent on the parties to the arrangement for funding, nor do the parties have an obligation for the liabilities of the arrangement. Joint ventures are accounted for using the equity method as outlined below. Associates: The Group accounts for investments in associates using the equity method as outlined below. An entity is considered an associate where the Group is deemed to have significant influence but not control or joint control. Significant influence is presumed to exist where the Group: – has over 20 per cent but less than 50 per cent of the voting rights of an entity, unless it can be clearly demonstrated that this is not the case or – holds less than 20 per cent of the voting rights of an entity; however, has the power to participate in the financial and operating policy decisions affecting the entity The Group uses the term ‘equity accounted investments’ to refer to joint ventures and associates collectively. Under the equity method, an investment in an associate or a joint venture is recognised initially at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group’s share of losses of an associate or a joint venture exceeds the Group’s interest in that associate or joint venture, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Foreign currencies Transactions related to the Group’s worldwide operations are conducted in a number of foreign currencies. The majority of the subsidiaries, joint arrangements and associates within each of the operations have assessed US dollars as the functional currency. Subsidiaries, joint arrangements and associates that have functional currencies other than US dollars are not material to the financial performance or the financial position of the Group. Foreign exchange gains and losses are recognised in the income statement, except for qualifying cash flow hedges (which are deferred to equity) and foreign exchange gains or losses on foreign currency provisions for site closure and rehabilitation costs (which are capitalised in property, plant and equipment for operating sites). Significant judgements and estimates Additional information including sensitivity Reserve impact on financial reporting analysis, where appropriate, has been Estimates of reserves may change from The Group’s accounting policies require the provided in the relevant notes to enhance an period-to-period as the economic assumptions use of judgement, estimates and assumptions. understanding of the impact of key estimates used to estimate reserves change and All judgements, estimates and assumptions and assumptions on the Group’s financial additional geological data is generated are based on the most current facts and position and performance. during the course of operations. Changes in circumstances and are reassessed on an ongoing basis. Actual results in future reporting Reserve estimates reserves may affect the Group’s financial periods may differ for these estimates under results and financial position in a number of different assumptions and conditions. Reserves are estimates of the amount of ways, including: product that can be demonstrated to be able – asset carrying values may be affected Further information regarding the Group’s to be economically and legally extracted from due to changes in estimated future significant judgements and key estimates and the Group’s properties. In order to estimate production levels assumptions, being those where changes reserves, assumptions are required about may materially affect financial results and – depreciation, depletion and amortisation a range of technical and economic factors, the carrying amount of assets and liabilities charged to the income statement may including quantities, qualities, production to be reported in the next reporting period, change where such charges are determined techniques, recovery efficiency, production are embedded within the following notes: on the units of production basis, or where and transport costs, commodity supply and demand, commodity and carbon prices and the useful economic lives of assets change Note exchange rates. – overburden removal costs recorded on the 4 Significant events – Samarco dam failure 6 Taxation Estimating the quantity and/or quality of balance sheet or charged to the income reserves requires the size, shape and depth statement may change due to changes in 11 Overburden removal costs of ore bodies to be determined by analysing stripping ratios or the units of production 11 Depreciation of property, plant and equipment geological data, such as drilling samples basis of depreciation 13 Impairment of non-current assets and geophysical survey interpretations. – closure and rehabilitation provisions may Economic assumptions used to estimate change where changes in estimated 15 Closure and rehabilitation provisions reserves change from period-to-period as reserves affect expectations about the 22 Leases additional technical and operational data timing or cost of these activities 29 Business combinations is generated. This process may require – the carrying amount of deferred tax assets complex and difficult geological judgements may change due to changes in estimates of to interpret the data. the likely recovery of the tax benefits

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 139 1.6 Notes to the Financial Statements Performance 1 Segment reporting Reportable segments The Group operated three reportable segments during FY2024, which are aligned with the commodities that are extracted and marketed and reflect the structure used by the Group’s management to assess the performance of the Group. Reportable segment Principal activities Copper Mining of copper, uranium, gold, zinc, molybdenum and silver Iron Ore Mining of iron ore Coal Mining of steelmaking coal and energy coal Group and unallocated items includes functions, other unallocated operations including Potash, Western Australia Nickel (which comprises the Nickel West operations and, following the OZ Minerals Ltd (OZL) acquisition on 2 May 2023, the West Musgrave project), legacy assets and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments. Group and unallocated Year ended 30 June 2024 items/ US$M Copper Iron Ore Coal eliminations Group total Revenue 18,566 27,952 7,666 1,474 55,658 Inter-segment revenue – – – – – Total revenue 18,566 27,952 7,666 1,474 55,658 Underlying EBITDA 8,564 18,913 2,290 (751) 29,016 Depreciation and amortisation (2,023) (2,027) (611) (634) (5,295) Impairment losses1 (17) (61) (2) (10) (90) Underlying EBIT 6,524 16,825 1,677 (1,395) 23,631 Exceptional items2 – (3,066) 880 (3,908) (6,094) Net finance costs (1,489) Profit before taxation 16,048 Capital expenditure (cash basis) 3,711 2,033 646 2,426 8,816 (Loss)/profit from equity accounted investments, related impairments and expenses 377 (3,032) – (1) (2,656) Investments accounted for using the equity method 1,573 – – 89 1,662 Total assets 42,145 25,569 9,528 25,120 102,362 Total liabilities 5,777 11,757 3,056 32,652 53,242 Group and unallocated Year ended 30 June 2023 items/ US$M Copper Iron Ore Coal eliminations Group total Revenue 16,027 24,812 10,958 2,020 53,817 Inter-segment revenue – – – – – Total revenue 16,027 24,812 10,958 2,020 53,817 Underlying EBITDA 6,653 16,692 4,998 (387) 27,956 Depreciation and amortisation (1,810) (1,993) (697) (561) (5,061) Impairment losses1 (33) (28) (6) (8) (75) Underlying EBIT 4,810 14,671 4,295 (956) 22,820 Exceptional items2 – 176 – (64) 112 Net finance costs (1,531) Profit before taxation 21,401 Capital expenditure (cash basis) 2,698 1,966 657 1,412 6,733 (Loss)/profit from equity accounted investments, related impairments and expenses 383 215 – (4) 594 Investments accounted for using the equity method 1,530 – – 90 1,620 Total assets 39,864 25,527 11,087 24,818 101,296 Total liabilities 5,635 8,571 3,821 34,739 52,766

140 BHP Annual Report 2024 1 Consolidated Financial Statements continued 1 Segment reporting continued Group and unallocated Year ended 30 June 2022 items/ US$M Copper Iron Ore Coal eliminations Group total Revenue 16,849 30,767 15,549 1,933 65,098 Inter-segment revenue – – – – – Total revenue 16,849 30,767 15,549 1,933 65,098 Underlying EBITDA 8,565 21,707 9,504 858 40,634 Depreciation and amortisation (1,765) (2,203) (762) (953) (5,683) Impairment losses1 (470) (33) (9) (3) (515) Underlying EBIT 6,330 19,471 8,733 (98) 34,436 Exceptional items2 – (729) 849 (450) (330) Net finance costs (969) Profit before taxation 33,137 Capital expenditure (cash basis) 2,528 1,848 621 858 5,855 (Loss)/profit from equity accounted investments, related impairments and expenses 658 (676) – (1) (19) Investments accounted for using the equity method 1,415 – – 5 1,420 Total assets 32,693 24,682 11,524 26,267 95,166 Total liabilities 5,248 7,884 3,874 29,394 46,400 1. Impairment losses exclude exceptional items of US$3,800 million (2023: US$ nil; 2022: US$ nil). 2. Exceptional items reported in Group and unallocated include Samarco dam failure related costs of US$(105) million (2023: US$(64) million; 2022: US$(13) million). Refer to note 3 ‘Exceptional items’ for further information. Geographical information Revenue by location of customer 2024 2023 2022 US$M US$M US$M Australia 2,393 1,702 1,649 Europe 1,702 1,961 2,129 China 34,752 31,205 36,618 Japan 4,557 6,971 8,401 India 3,371 3,447 5,215 South Korea 3,069 2,997 4,786 Rest of Asia 3,749 3,583 4,303 North America 1,601 1,382 1,282 South America 464 569 715 55,658 53,817 65,098 Non-current assets by location of assets 2024 2023 2022 US$M US$M US$M Australia 48,991 51,961 43,250 North America 6,979 5,081 3,964 South America 19,927 19,047 18,280 Rest of world 831 685 150 Unallocated assets1 1,296 1,171 858 78,024 77,945 66,502 1. Unallocated assets comprise deferred tax assets and other financial assets. Underlying EBITDA Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP’s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense/(benefit). Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from period-to-period and provide investors with further clarity in order to assess the performance of the Group’s operations. Management monitors exceptional items separately. Refer to note 3 ‘Exceptional items’ for additional detail. Segment assets and liabilities Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group’s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 141 2 Revenue Revenue by segment and asset 2024 2023 2022 US$M US$M US$M Escondida 10,013 8,847 9,500 Pampa Norte 2,375 2,491 2,670 Copper South Australia1 4,085 2,806 1,776 Third-party products 2,021 1,863 2,903 Other 72 20 – Total Copper2 18,566 16,027 16,849 Western Australia Iron Ore 27,805 24,678 30,632 Third-party products 25 21 19 Other 122 113 116 Total Iron Ore 27,952 24,812 30,767 BHP Mitsubishi Alliance 5,873 7,652 10,254 New South Wales Energy Coal 1,793 3,306 3,035 Other3 – – 2,260 Total Coal4 7,666 10,958 15,549 Group and unallocated items5 1,474 2,020 1,933 Inter-segment adjustment – – – Total revenue 55,658 53,817 65,098 1. Includes Olympic Dam as well as Prominent Hill and Carrapateena since acquisition on 2 May 2023. 2. Total Copper revenue includes: copper US$17,229 million (2023: US$14,902 million; 2022: US$15,992 million) and other US$1,337 million (2023: US$1,125 million; 2022: US$857 million). Other consists of direct sales of uranium, gold, zinc, molybdenum and silver. 3. FY2022 includes revenue related to BHP Mitsui Coal (BMC) divested in May 2022. 4. Total Coal revenue includes: steelmaking coal US$5,793 million (2023: US$7,430 million; 2022: US$11,990 million) and energy coal US$1,873 million (2023: US$3,528 million; 2022: US$3,559 million). 5. Group and unallocated items revenue includes: Western Australia Nickel US$1,473 million (2023: US$2,009 million; 2022: US$1,926 million) and other revenue US$1 million (2023: US$11 million; 2022: US$7 million). Revenue consists of revenue from contracts with customers of US$55,375 million (2023: US$53,910 million; 2022: US$65,504 million) and other revenue predominantly relating to provisionally priced sales of US$283 million (2023: US$(93) million; 2022: US$(406) million). Recognition and measurement The Group generates revenue from the production and sale of commodities. Revenue is recognised when or as control of the promised goods or services passes to the customer. In most instances, control passes when the goods are delivered to a destination specified by the customer, typically on board the customer’s appointed vessel. Revenue from the provision of services is recognised over time as the services are provided, but does not represent a significant proportion of total revenue and is aggregated with the respective asset and product revenue for disclosure purposes. The amount of revenue recognised reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services. Where the Group’s sales are provisionally priced, the final price depends on future index prices. The amount of revenue initially recognised is based on the relevant forward market price. Adjustments between the provisional and final price are accounted for under IFRS 9/AASB 9 ‘Financial Instruments’ (IFRS 9), separately recorded as other revenue and presented as part of the total revenue of each asset. The period between provisional pricing and final invoicing is typically between 60 and 120 days. Revenue from the sale of significant by-products is included within revenue. The Group applies the following practical expedients: – expected consideration is not adjusted for the effects of the time value of money if the period between the delivery and when the customer pays for the promised good or service is one year or less – no disclosure is provided for information relating to unfulfilled performance obligations, either due to the expected duration of the contract term being one year or less, or for longer term contracts, because the entity has a right to consideration (and can recognise revenue) for goods delivered 3 Exceptional items Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. Such items included within the Group’s profit from Continuing operations for the year are detailed below. Exceptional items attributable to Discontinued operations are detailed in note 28 ‘Discontinued operations’. Gross Tax Net Year ended 30 June 2024 US$M US$M US$M Exceptional items by category Samarco dam failure (3,677) (85) (3,762) Impairment of Western Australia Nickel assets (3,800) 1,125 (2,675) Blackwater and Daunia gain on divestment 877 (203) 674 Total (6,600) 837 (5,763) Attributable to non-controlling interests – – – Attributable to BHP shareholders (6,600) 837 (5,763)

142 BHP Annual Report 2024 1 Consolidated Financial Statements continued 3 Exceptional items continued Samarco Mineração S.A. (Samarco) dam failure The loss of US$3,762 million (after tax) relates to the Samarco dam failure, which occurred in November 2015, and comprises the following: Year ended 30 June 2024 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (139) (Loss)/profit from equity accounted investments, related impairments and expenses: Samarco dam failure provision (2,833) Fair value change on forward exchange derivatives (199) Net finance costs (506) Income tax expense (85) Total1 (3,762) 1. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. Western Australia Nickel impairment The Group recognised an impairment charge of US$2,675 million (after tax) in relation to the Western Australia Nickel assets. The impairment charge reflects the oversupply in the global nickel market that has seen a sharp decline in forward nickel prices in the short to medium term, escalation in capital costs for Western Australia Nickel, and changes to development plans including the Group’s decision, announced on 11 July 2024, to temporarily suspend Nickel West operations and the West Musgrave project at Western Australia Nickel. Refer to note 13 ‘Impairment of non-current assets’ for further information. Blackwater and Daunia gain on divestment On 2 April 2024 BHP and Mitsubishi Development Pty Ltd (MDP) completed the divestment of the Blackwater and Daunia mines (which were part of the BHP Mitsubishi Alliance (BMA)) to Whitehaven Coal. Each of BHP and MDP hold a 50% interest in BMA. Whitehaven Coal paid a US$100 million deposit on signing of the Asset Sale Agreement on 18 October 2023 and a further US$2 billion cash on completion plus a preliminary completion adjustment of US$44.1 million for working capital and other agreed adjustments (100% interest basis). US$1.1 billion in cash remains payable over 3 years after completion and a potential additional amount up to US$0.9 billion in a price-linked earnout may also be payable over 3 years (100% interest basis). The price-linked earnout is subject to a cap of US$350 million each year and depends on average realised pricing exceeding agreed thresholds for each of the 3 years following completion on 2 April 2024. The total cash consideration for the transaction could be up to US$4.1 billion plus the final completion adjustment amount (100% interest basis). Details of the gain on divestment is as follows: US$M Assets Inventories 113 Property, plant and equipment 1,453 Intangible assets 45 Other 3 Total assets 1,614 Liabilities Interest bearing liabilities 60 Other financial liabilities 43 Provisions 691 Total liabilities 794 Net assets disposed 820 Cash consideration – BHP share 1,072 Deferred and contingent consideration1 690 Transaction and other directly attributable costs (65) Income tax expense (203) Gain on divestment 674 1. Includes the fair value of contingent payments based on 35% revenue share to BMA, subject to average realised prices achieved by the Assets exceeding thresholds of    US$159/tonne in the 12 month period 12 months post completion, US$134/tonne in the 12 month period 24 months post completion and US$134/tonne in the 12 month period 36 months post completion. The exceptional items relating to the years ended 30 June 2023 and 30 June 2022 are detailed below. 30 June 2023 Gross Tax Net Year ended 30 June 2023 US$M US$M US$M Exceptional items by category Samarco dam failure (340) 17 (323) Chilean tax reform – (283) (283) Total (340) (266) (606) Attributable to non-controlling interests – (107) (107) Attributable to BHP shareholders (340) (159) (499)

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 143 Samarco Mineração S.A. (Samarco) dam failure The loss of US$323 million (after tax) related to the Samarco dam failure, which occurred in November 2015, and comprised the following: Year ended 30 June 2023 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (103) (Loss)/profit from equity accounted investments, related impairments and expenses: Samarco dam failure provision (256) Fair value change on forward exchange derivatives 471 Net finance costs (452) Income tax benefit 17 Total1 (323) 1. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. Chilean tax reform On 17 May 2023, the Chilean Lower House approved a Royalty Bill which would implement a 1 per cent royalty on revenues, a margin based tax with rates ranging between 8 per cent and 26 per cent, and a 46.5 per cent cap to the overall Chilean tax burden of mining companies. The President of the Lower House formally declared the legislative process complete on 12 June 2023, following receipt of the Chilean President’s formal confirmation that he had waived his veto power to oppose any of the provisions of the Royalty Bill. On 13 July 2023, the Constitutional Court finalised its review of certain aspects of the Royalty Bill, relating only to the distribution of proceeds. Applying judgement, it was determined that the proposed tax rates were substantively enacted prior to 30 June 2023, as the scope of the Constitutional Court review did not extend to reviewing the tax rates. While the timing of when the Group’s operations will be impacted by the reform depends on existing stability agreements, relevant deferred tax positions were remeasured by US$283 million in the Group’s FY2023 Financial Statements. 30 June 2022 Gross Tax Net Year ended 30 June 2022 US$M US$M US$M Exceptional items by category Samarco dam failure (1,032) (31) (1,063) Impairment of US deferred tax assets – (423) (423) Corporate structure unification costs (428) – (428) BHP Mitsui Coal (BMC) gain on disposal 840 – 840 Total (620) (454) (1,074) Attributable to non-controlling interests – – – Attributable to BHP shareholders (620) (454) (1,074) Samarco Mineração S.A. (Samarco) dam failure The loss of US$1,063 million (after tax) related to the Samarco dam failure, which occurred in November 2015, and comprises the following: Year ended 30 June 2022 US$M Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure (66) (Loss)/profit from equity accounted investments, related impairments and expenses: Samarco dam failure provision (595) Fair value change on forward exchange derivatives (81) Net finance costs (290) Income tax expense (31) Total1 (1,063) 1. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. Impairment of US deferred tax assets The Group recognised an impairment charge of US$423 million (after tax) in relation to deferred tax assets where the recoverability had historically been reliant on Petroleum earnings in the same tax group. While these tax assets remained with the Group following the merger of the Group’s oil and gas portfolio with Woodside, the impairment charge reflected the extent of other forecasted future earnings against which the assets can be recovered. Corporate structure unification costs The Group incurred transaction costs associated with the unification of the Group corporate structure under its existing Australian parent company, BHP Group Limited, which was completed on 31 January 2022. BHP Mitsui Coal (BMC) gain on disposal On 3 May 2022 the Group sold its 80 per cent interest in BHP Mitsui Coal Pty Ltd (BMC) to Stanmore SMC Holdings Pty Ltd, a wholly owned subsidiary of Stanmore Resources Limited (Stanmore Resources). Stanmore Resources paid US$1.1 billion cash consideration at completion plus a preliminary completion adjustment of US$218 million for working capital. Deferred consideration of US$222 million comprised US$100 million in cash, outstanding at 30 June 2022 and subsequently received on 3 November 2022, with potential for an additional amount of up to US$150 million (US$122 million discounted) in a price-linked earnout payable in the 2024 calendar year.

144 BHP Annual Report 2024 1 Consolidated Financial Statements continued 3 Exceptional items continued Details of the gain on disposal is as follows: US$M BHP share of net assets disposed 631 Gross consideration 1,318 Transaction and other directly applicable costs (69) Income tax expense – Deferred consideration 222 Gain on disposal 840 4 Significant events – Samarco dam failure On 5 November 2015, the Samarco Mineração S.A. (Samarco) iron ore operation in Minas Gerais, Brazil, experienced a tailings dam failure that resulted in a release of mine tailings, flooding the communities of Bento Rodrigues, Gesteira and Paracatu and impacting other communities downstream (the Samarco dam failure). Refer to section on ‘Samarco’ in the Operating and Financial Review. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). BHP Brasil’s 50 per cent interest is accounted for as an equity accounted joint venture investment. BHP Brasil does not separately recognise its share of the underlying assets and liabilities of Samarco, but instead records the investment as one line on the balance sheet. Each period, BHP Brasil recognised its 50 per cent share of Samarco’s profit or loss and adjusted the carrying value of the investment in Samarco accordingly. Such adjustment continued until the investment carrying value was reduced to US$ nil, with any additional share of Samarco losses only recognised to the extent that BHP Brasil has an obligation to fund the losses. After applying equity accounting, any remaining carrying value of the investment is tested for impairment. Any charges relating to the Samarco dam failure incurred directly by BHP Brasil or other BHP entities are recognised 100 per cent in the Group’s results. The financial impacts of the Samarco dam failure on the Group’s income statement, balance sheet and cash flow statement for the year ended 30 June 2024 are shown in the tables below and have been treated as an exceptional item. 2024 2023 2022 Financial impacts of Samarco dam failure US$M US$M US$M Income statement Expenses excluding net finance costs: Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure1 (139) (103) (66) (Loss)/profit from equity accounted investments, related impairments and expenses: Samarco dam failure provision2 (2,833) (256) (595) Fair value change on forward exchange derivatives3 (199) 471 (81) (Loss)/profit from operations (3,171) 112 (742) Net finance costs4 (506) (452) (290) Loss before taxation (3,677) (340) (1,032) Income tax (expense)/benefit5 (85) 17 (31) Loss after taxation (3,762) (323) (1,063) Balance sheet movement Other financial assets6 (280) 337 (160) Trade and other payables (4) (6) (1) Tax liabilities (85) 17 (31) Provisions (2,824) (260) (629) Net (increase)/decrease in liabilities (3,193) 88 (821)

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 145 2024 2023 2022 US$M US$M US$M Cash flow statement Loss before taxation (3,677) (340) (1,032) Adjustments for: Samarco dam failure provision2 2,833 256 595 Fair value change on forward exchange derivatives3 199 (471) 81 Proceeds of cash management related instruments 218 134 79 Net finance costs4 506 452 290 Changes in assets and liabilities: Trade and other payables 4 6 1 Net operating cash flows 83 37 14 Net investment and funding of equity accounted investments7 (640) (448) (256) Net investing cash flows (640) (448) (256) Net decrease in cash and cash equivalents (557) (411) (242) 1. Includes legal and advisor costs incurred. 2. US$3,700 million (2023: US$(33) million; 2022: US$691 million) change in estimate and US$(867) million (2023: US$289 million; 2022: US$(96) million) exchange translation. 3. The Group enters into forward exchange contracts to limit the Brazilian reais exposure on the dam failure provision. While not applying hedge accounting, the fair value changes in the forward exchange instruments are recorded within (Loss)/profit from equity accounted investments, related impairments and expenses in the Income Statement. 4. Amortisation of discounting of provision. 5. Includes tax on forward exchange derivatives and other taxes incurred during the period. 6. Includes forward exchange contracts described in item 3 above, and Senior notes issued by Samarco as part of its Judicial Reorganisation. 7. Includes US$(515) million (2023: US$(448) million; 2022: US$(256) million) utilisation of the Samarco dam failure provision and US$(125) million provided to Samarco following approval of the Judicial Reorganisation (2023: US$ nil; 2022: US$ nil). Equity accounted investment in Samarco BHP Brasil’s investment in Samarco remains at US$ nil. No dividends have been received by BHP Brasil from Samarco during the period and Samarco currently does not have profits available for distribution. Provision related to the Samarco dam failure 2024 2023 US$M US$M At the beginning of the financial year 3,681 3,421 Movement in provision 2,824 260 Comprising: Utilised (515) (448) Adjustments charged to the income statement: Change in cost estimate 3,700 (33) Amortisation of discounting impacting net finance costs 506 452 Exchange translation (867) 289 At the end of the financial year 6,505 3,681 Comprising: Current 1,500 1,876 Non-current 5,005 1,805 At the end of the financial year 6,505 3,681 Samarco dam failure provision and contingencies As at 30 June 2024, BHP Brasil has identified a provision and certain contingent liabilities arising as a consequence of the Samarco dam failure. The provision related to the Samarco dam failure recognised as at 30 June 2024 is US$6,505 million and reflects the Group’s best estimate of the potential outflows necessary to resolve all aspects of the Federal Public Prosecution Office BRL$155 billion claim and Framework Agreement obligations (see below). Contingent liabilities will only be resolved when one or more uncertain future events occur or related impacts become capable of reliable measurement and, as such, determination of contingent liabilities disclosed in the Financial Statements requires significant judgement regarding the outcome of future events. A number of the claims below do not specify the amount of damages sought and, where this is specified, amounts could change as the matter progresses. Ultimately, future changes in any matters for which a provision has been recognised or contingent liability disclosed could have a material adverse impact on BHP’s business, competitive position, cash flows, prospects, liquidity and shareholder returns.

146 BHP Annual Report 2024 1 Consolidated Financial Statements continued 4 Significant events – Samarco dam failure continued The following table summarises the current status of significant ongoing matters relating to the Samarco dam failure, along with developments during the financial year, and the associated treatment in the Financial Statements: Contingent Item Provision liability Samarco dam failure – Framework Agreement On 2 March 2016, BHP Brasil, Samarco and Vale S.A. (Vale) entered into a Framework Agreement with the Federal Government of Brazil, the states of Espirito Santo and Minas Gerais, and certain other public authorities to establish a foundation (Fundação Renova) that is developing and executing environmental and socio-economic programs (Programs) to remediate and provide compensation for damage caused by the Samarco dam failure (the Framework Agreement). Key Programs include those for financial assistance and compensation of impacted persons and those for remediation of impacted areas and resettlement of impacted communities. Uncertainty exists around the scope and cost of the Programs, including as a result of ongoing legal actions in relation to the number of individuals eligible for compensation and the amount of damages to which they are entitled. Further information on the key areas of estimation uncertainty is provided in the ‘Key judgements and estimates’ section below. Samarco has primary responsibility for funding Fundação Renova with each of BHP Brasil and Vale having secondary funding obligations in proportion to their 50 per cent shareholding in Samarco. While Samarco has recommenced operations, Samarco’s long-term cash flow generation remains highly sensitive to factors including returning to full production capacity, commodity prices and foreign exchange rates. Further, under the Samarco Judicial Reorganisation (refer to Samarco Judicial Reorganisation (JR) below), Samarco’s funding of obligations to remediate and compensate the damages resulting from the dam failure, including funding Fundação Renova, is capped at US$1 billion for the period CY2024 to CY2030. Notwithstanding this cap, and subject to certain conditions, to the extent that Samarco each year has a positive cash balance after meeting its various obligations, during this period Samarco’s shareholders are able to direct 50 per cent of Samarco’s year end excess cash balance to fund remediation and compensation obligations. Execution of the Programs is a key component in the resolution of the reparation process, including the Federal Public Prosecution Office claim and, therefore, the expected cost of executing the Programs and Samarco’s potential ability to contribute to remediation and compensation obligations have been considered when determining BHP Brasil’s provision in relation to the Samarco dam failure at 30 June 2024 (as outlined below). Federal Public Prosecution Office claim BHP Brasil is among the defendants named in a claim brought by the Brazilian Federal Public Prosecution Office on 3 May 2016, seeking R$155 billion (approximately US$28 billion) for reparation, compensation and moral damages in relation to the Samarco dam failure. Since early CY2021, BHP Brasil, Samarco and Vale have been engaging in negotiations with the Brazilian State and Federal Government and other public entities to seek a settlement of obligations under the Framework Agreement, the Federal Public Prosecution Office Claim, and other claims by government entities relating to the Samarco dam failure (the ‘Settlement Negotiations’). The Settlement Negotiations are ongoing and the outcome is uncertain. As at 30 June 2023, the Group disclosed a contingent liability in relation to the Federal Public Prosecution Office claim as, given the status of the claim and ongoing settlement negotiations, it was not possible to reliably estimate the potential outcomes of the claim beyond the estimated costs of completing the Programs under the Framework Agreement, which are being executed in relation to financial assistance and compensation of impacted persons, remediation of impacted areas and resettlement of impacted communities. On 25 January 2024, the Federal Court of Brazil issued a decision in relation to the Federal Public Prosecution Office Claim finding Samarco, Vale and BHP Brasil jointly and severally liable to pay collective moral damages arising from the Samarco dam failure in the amount of R$47.6 billion (US$8.6 billion) (to be adjusted for interest and inflation). The decision also determined that payment will only occur when any and all appeals are finally determined. In March 2024, the Federal Court found that the correct historical amount due of collective moral damages is R$46.7 billion (instead of R$47.6 billion). In April and May 2024, Samarco, Vale, BHP Brasil and various governmental parties appealed the decision. The appeal process is estimated to take approximately two to five years. The Federal Court issued rulings on 8 May 2024 and 20 May 2024 denying the requests for early enforcement. On 27 June 2024, the Federal Court dismissed without prejudice certain claims directed at the Companies in the Federal Public Prosecution Office Claim, on the grounds that they are already covered by previous agreements and decisions (such as the Framework Agreement). This decision did not dismiss the collective moral damages decision outlined above and is also subject to appeal. In June 2024, the Public Prosecutors’ Office and the Public Defense Office filed a public civil claim against Samarco, BHP Brasil, Vale and Fundação Renova for alleged gender discrimination against women in the reparation process. They requested certain changes in Fundaçăo Renova’s registration program, damages and an injunctive relief to implement emergency measures. On 14 August 2024, the Federal Court partially granted the injunctive relief request and ordered Fundação Renova to allow the review of the registration of all women who are either registered or have pending registration applications in Fundação Renova. The decision is subject to appeal. The Group has considered the additional information available from the status of the Settlement Negotiations (including all offers made by BHP Brasil, Samarco and Vale to date), updates to the estimated costs of executing the Framework Agreement Programs, the extent to which Samarco may be in a position to fund any future outflows and the judicial decision regarding collective moral damages to increase the provision related to the Samarco dam failure to US$6,505 million at 30 June 2024. The provision at 30 June 2024 reflects the Group’s best estimate of outflows required to resolve all aspects of the Federal Public Prosecution Office claim, being reparation, compensation and moral damages, and the Framework Agreement. Significant uncertainty remains around the resolution of the Federal Public Prosecution Office Claim and the Framework Agreement obligations, and there is a risk that outcomes may be materially higher or lower than amounts reflected in BHP Brasil’s provision for the Samarco dam failure. Key areas of uncertainty include the terms of any potential future outcome of the Settlement Negotiations, the extent to which Samarco is able to directly fund any future obligations relating to reparation, compensation and moral damages and the outcomes of appeals relating to the judicial decision regarding collective moral damages. Further information on the key areas of estimation uncertainty is provided in the ‘Key judgements and estimates’ section below. BHP Brasil, Samarco and Vale continue to maintain security, as required by a Governance Agreement, ratified on 8 August 2018, with the security currently comprising insurance bonds and a charge over certain Samarco assets.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 147 Contingent Item Provision liability Australian class action complaint BHP Group Limited is named as a defendant in a shareholder class action filed in the Federal Court of Australia on behalf of persons who acquired shares in BHP Group Limited or BHP Group Plc (now BHP Group (UK) Ltd) in periods prior to the Samarco dam failure. The amount of damages sought is unspecified. A trial is scheduled to commence in September 2025. United Kingdom group action complaint and Vale and Samarco’s Netherlands collective action complaint BHP Group (UK) Ltd (formerly BHP Group Plc) and BHP Group Limited (BHP Defendants) are named as defendants in group action claims for damages filed in the courts of England. These claims were filed on behalf of certain individuals, municipalities, businesses, faith-based institutions and communities in Brazil allegedly impacted by the Samarco dam failure. The amount of damages sought in these claims is unspecified. A trial in relation to the BHP Defendants’ liability for the dam failure is listed to commence in October 2024 and therefore a present obligation in relation to this matter is yet to be determined. In December 2022, the BHP Defendants filed their defence and a contribution claim against Vale. The contribution claim contended that if the BHP Defendants’ defence is not successful and the BHP Defendants are ordered to pay damages to the claimants, Vale should contribute to any amount payable. Vale contested the jurisdiction of the English courts to determine the contribution claim, with those challenges ultimately dismissed in December 2023. In January 2024, the BHP Defendants were served with a new group action filed in the courts of England on behalf of additional individuals and businesses in Brazil allegedly impacted by the Samarco dam failure. The new action makes broadly the same claims as the original action and the amount of damages sought in these claims is unspecified. In March 2024, a collective action complaint was filed in the Netherlands against Vale and a Dutch subsidiary of Samarco for compensation relating to the Fundão Dam failure. The claim filed in the Netherlands indicates that these claims were filed on behalf of certain individuals, municipalities, businesses, associations and faith-based institutions allegedly impacted by the Samarco dam failure who are not also claimants in the UK group action claims referred to above. BHP is not a defendant in the Netherlands proceedings. In July 2024, the BHP Defendants, BHP Brasil and Vale entered into an agreement – without any admission of liability in any proceedings – whereby: (i) Vale will pay 50% of any amounts that may be payable by the BHP Defendants to the claimants in the UK group action claims (or by the BHP Defendants, BHP Brasil or their related parties to claimants in any other proceedings in Brazil, England or the Netherlands covered by the agreement); and (ii) BHP Brasil will pay 50% of any amounts that may be payable by Vale to the claimants in the Netherlands proceedings (or by Vale or its related parties to claimants in any other proceedings in Brazil, England or the Netherlands covered by the agreement). The agreement reinforces the terms of the Framework Agreement entered into in 2016 which require BHP Brasil and Vale to each contribute 50% to the funding of the Renova Foundation for compensation of persons impacted by the Fundão Dam failure where Samarco is unable to contribute that funding. The BHP Defendants withdrew the contribution claim against Vale in England as it is no longer necessary given this agreement. Criminal charges The Federal Prosecutors’ Office has filed criminal charges against BHP Brasil, Samarco and Vale and certain employees and former employees of BHP Brasil (Affected Individuals) in the Federal Court of Ponte Nova, Minas Gerais. BHP Brasil rejects outright the charges against the company and the Affected Individuals and is defending itself from all charges while fully supporting each of the Affected Individuals in their defence of the charges. Civil public action commenced by Associations concerning the use of TANFLOC for water treatment The Vila Lenira Residents Association, State of Espirito Santo Rural Producers and Artisans Association, Colatina Velha Neighbourhood Residents Association, and United for the Progress of Palmeiras Neighbourhood Association have filed a lawsuit against Samarco, BHP Brasil and Vale and others, including the State of Minas Gerais, the State of Espirito Santo and the Federal Government. The plaintiffs allege that the defendants carried out a clandestine study on the citizens of the locations affected by the Fundão Dam Failure, using TANFLOC – a tannin-based flocculant/coagulant – that is currently used for wastewater treatment applications. The plaintiffs claim that this product allegedly put the population at risk due to its alleged experimental qualities. The plaintiffs are seeking multiple kinds of relief – material damages, moral damages, loss of profits – and that the defendants should pay for water supply in all locations where there is no water source other than the Doce River. On 17 November 2023, the Federal Court dismissed the lawsuit without prejudice considering the Association’s lack of standing to sue and the defectiveness of the complaint. The Associations filed a motion for clarification and the decision is still subject to appeal. Other claims BHP Brasil is among the companies named as defendants in a number of legal proceedings initiated by individuals, non-governmental organisations, corporations and governmental entities in Brazilian Federal and State courts following the Samarco dam failure. The other defendants include Vale, Samarco and Fundação Renova. The lawsuits include claims for compensation, environmental reparation and violations of Brazilian environmental and other laws, among other matters. The lawsuits seek various remedies including reparation costs, compensation to injured individuals and families of the deceased, recovery of personal and property losses, moral damages and injunctive relief. Certain of these legal proceedings are outside the scope of the negotiations currently in progress aimed at resolving all aspects of the Federal Public Prosecution Office BRL$155 billion claim and Framework Agreement obligations. In addition, government inquiries, studies and investigations relating to the Samarco dam failure have been commenced by numerous agencies and individuals of the Brazilian government and are ongoing. Additional lawsuits and government investigations relating to the Samarco dam failure could be brought against BHP Brasil and other Group entities in Brazil or other jurisdictions. The outcomes of these claims, investigations and proceedings remain uncertain and continue to be disclosed as contingent liabilities.

148 BHP Annual Report 2024 1 Consolidated Financial Statements continued 4 Significant events – Samarco dam failure continued Commitments Under the terms of the Samarco joint venture agreement, BHP Brasil does not have an existing obligation to fund Samarco. However, BHP Brasil has agreed to fund a total of up to US$925 million for the Fundaçăo Renova programs during calendar year 2024, with US$194 million being funded in the six month period to 30 June 2024. Any additional requests for funding or future investment provided would be subject to a future decision by BHP Brasil, accounted for at that time. Samarco judicial reorganisation Samarco filed for Judicial Reorganisation (JR) in April 2021, with the Second Business State Court for the Belo Horizonte District of Minas Gerais, State of Minas Gerais, Brazil (JR Court), following enforcement actions taken by certain financial creditors of Samarco which threatened Samarco’s operations. The JR was an insolvency proceeding that provided a means for Samarco to restructure its financial debts and establish a stable financial position to allow Samarco to continue to rebuild its operations and strengthen its ability to meet obligations in relation to reparation, compensation and moral damages in relation to the Samarco dam failure. Samarco’s operations continued during the JR proceeding. On 28 July 2023, Samarco and one of its supporting creditors jointly filed a consensual Judicial Reorganisation Plan (Consensual Plan) with the JR Court, which provided, among other things, that the agreements entered into between Samarco and Brazilian public authorities in connection with the Fundão dam failure will not be impaired by the Consensual Plan and Samarco will continue to have the primary obligation to fund Fundação Renova. On 1 September 2023, the JR Court ratified the Consensual Plan. Following the ratification, Samarco entered into definitive debt restructure agreements with its financial creditors to implement the debt restructure, including the exchange of Samarco’s existing financial debt for US$3.6 billion of long-term unsecured debt that matures in June 2031 and remains non-recourse to Samarco’s shareholders. Further, as part of the agreement Samarco issued Senior notes to its Shareholders which also mature in June 2031. Samarco has paid the majority of labour claims, suppliers and other non-financial creditors as required by the Consensual Plan. The debt restructure does not impact Fundaçăo Renova’s ability to undertake the Programs under the Framework Agreement. Samarco continues to have primary responsibility for funding Fundação Renova and each of BHP Brasil and Vale will continue to have secondary responsibility to fund 50% of Fundaçăo Renova if Samarco does not meet its funding obligations under the Framework Agreement. Under the Consensual Plan, Samarco’s funding obligation to remediate and compensate the damages resulting from the dam failure, including funding Fundaçăo Renova, is capped at US$1 billion for the period CY2024 to CY2030 (Renova Cap). Notwithstanding the Renova Cap, and subject to certain conditions, to the extent that Samarco each year has a positive cash balance after meeting its various obligations including operating capital requirements, debt service and Renova Cap requirements, Samarco’s shareholders are able to direct 50% of Samarco’s year end excess cash balance to fund remediation and compensation obligations. BHP Brasil has considered the extent to which Samarco may be in a position to fund any future outflows, when determining the dam failure related provision at 30 June 2024. Key judgements and estimates – the terms of any potential future settlement Australian class action and the claim filed in agreement seeking a definitive and the Netherlands against Vale and a Dutch Judgements substantive settlement of claims relating subsidiary of Samarco. The outcomes of litigation are inherently to the Samarco dam failure, including Given these factors, future actual cash difficult to predict and significant judgement amounts payable, obligations of the parties outflows may differ from the amounts has been applied in assessing the likely to perform ongoing Programs of work in currently provided and changes to any of outcome of legal claims and determining which relation to reparation and compensation, the key assumptions and estimates outlined legal claims require recognition of a provision and the period of time over which any above could result in a material impact or disclosure of a contingent liability. The facts settlement amounts may be payable. A one to the provision in the next and future and circumstances relating to these cases are year increase or decrease, in isolation, to reporting periods. regularly evaluated in determining whether a the period over which amounts payable The following section provides disclosure of provision for any specific claim is required. have been estimated to be settled would matters to which Samarco (and not the Group) Management has determined that a provision result in a change to the dam failure provision of approximately US$125 million; is a party. can be recognised at 30 June 2024 to reflect the estimated costs to resolve all aspects of – the scope and cost of executing the Samarco the Federal Public Prosecution Office claim Programs under the Framework Agreement, and the Framework Agreement. It is not Dam failure related provision and including as a result of ongoing legal yet possible to provide a range of possible contingencies actions in relation to the number of people outcomes or a reliable estimate of potential eligible for compensation and the amount of In addition to its provisions in relation to future exposures to BHP in connection to damages to which they are entitled; the Framework Agreement and the Federal the contingent liabilities noted above, given Public Prosecution Office claim as at 30 June – the outcomes of appeals relating to the their status. 2024, Samarco has recognised provisions of judicial decision regarding collective moral US$0.4 billion (30 June 2023: US$0.4 billion), Estimates damages, including any appeals that may based on currently available information, The provision for the Samarco dam failure be lodged by the Brazilian Federal Public in relation to other dam failure related reflects the Group’s estimate of the costs Prosecution Office; and matters to which BHP Brasil is not a party. to resolve all aspects of the Federal Public – the extent to which Samarco is able to The magnitude, scope and timing of these Prosecution Office claim and Framework directly fund any future obligations relating additional costs are subject to a high degree Agreement and requires the use of significant to reparation, compensation or moral of uncertainty and Samarco has indicated judgements, estimates and assumptions. damages. Samarco’s long-term cash flow that it anticipates that it will incur future costs While the provision has been measured based generation remains highly sensitive to beyond those provided. These uncertainties on the latest information available, changes factors including its ability to return to full are likely to continue for a significant period in facts and circumstances are likely in future production capacity, commodity prices and and changes to key assumptions could result reporting periods and may lead to material foreign exchange rates. in a material change to the amount of the revisions to these estimates and there is a provision in future reporting periods. Any such The provision may also be affected by factors unrecognised obligations are therefore risk that outcomes may be materially higher or including but not limited to updates to discount contingent liabilities and, at present, it is not lower than amounts currently reflected in the and foreign exchange rates. A 0.5% increase practicable to estimate their magnitude or provision. However, it is currently not possible in the discount rate would, in isolation, reduce possible timing of payment. Accordingly, it is to determine what facts and circumstances may the provision by approximately US$130 million. also not possible to provide a range of possible change, therefore revisions in future reporting In addition, the provision may be impacted outcomes or a reliable estimate of total periods due to the key estimates and factors by decisions in, or resolution of, existing potential future exposures at this time. outlined below cannot be reliably measured. and potential legal claims in Brazil and other The key estimates that may have a material jurisdictions, including the outcome of the impact upon the provision in the next and United Kingdom group action claims, the future reporting periods include:

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 149 Samarco is also named as a defendant in a Samarco has also identified a number of Brazilian Social Contribution Levy number of other legal proceedings initiated by individually immaterial tax-related uncertainties Samarco has received tax assessments for individuals, non-governmental organisations, which have been reflected, where appropriate, the alleged non-payment of Brazilian Social corporations and governmental entities in in the Group’s share of associate and joint Contribution Levy for the calendar years Brazilian Federal and State courts following venture contingent liabilities presented in note 2007-2014. Based on its assessment of the Samarco dam failure. The lawsuits include 34 ‘Contingent liabilities’. currently available information as at 30 June claims for compensation, environmental 2024, Samarco recognised gross provisions rehabilitation and violations of Brazilian Samarco insurance of US$0.4 billion, US$0.2 billion net of environmental and other laws, among other Samarco has standalone insurance US$0.2 billion court deposits paid (30 June matters. The lawsuits seek various remedies policies in place with Brazilian and global 2023: gross provisions of US$1.1 billion, including rehabilitation costs, compensation insurers. Insurers’ loss adjusters or claims US$0.9 billion net of US$0.2 billion court to injured individuals and families of the representatives continue to investigate and deposits paid) and disclosed contingent deceased, recovery of personal and property assist with the claims process for matters not liabilities of US$0.2 billion (30 June 2023: losses, moral damages and injunctive yet settled. As at 30 June 2024, an insurance US$0.2 billion). As at 30 June 2024, BHP relief. In addition, government inquiries and receivable has not been recognised by Brasil’s 50% share of the impact of the investigations relating to the Samarco dam Samarco in respect of ongoing matters. provision recognised by Samarco is reflected failure have been commenced by numerous Samarco non-dam failure related in the Group’s equity accounting for Samarco. agencies of the Brazilian government and are provisions and contingent liabilities ongoing. Given the status of proceedings it Brazilian corporate income tax rate The following non-dam failure related matters Samarco has received tax assessments, and is not possible to provide a range of possible pre-date and are unrelated to the Samarco disclosed contingent liabilities, for alleged outcomes or a reliable estimate of total dam failure. Samarco is currently contesting incorrect calculation of Corporate Income Tax potential future exposures to Samarco. aspects of both of these matters in the (IRPJ) in respect of the 2000-2003 and 2007-Additional lawsuits and government Brazilian courts. Given the status of these tax investigations relating to the Samarco dam 2014 income years totalling approximately matters, the timing of resolution and potential US$1.0 billion (30 June 2023: US$1.1 billion). failure could be brought against Samarco. economic outflow for Samarco is uncertain. 5 Expenses and other income 2024 2023 2022 US$M US$M US$M Employee benefits expense: Wages and salaries 4,633 4,539 4,197 Employee share awards 112 97 109 Social security costs 5 4 4 Pension and other post-retirement obligations 374 339 338 Less employee benefits expense classified as exploration and evaluation expenditure (49) (35) (30) Changes in inventories of finished goods and work in progress (289) 301 (774) Raw materials and consumables used 6,536 6,710 5,991 Freight and transportation 2,270 2,299 2,319 External services 5,795 4,768 4,525 Third-party commodity purchases 1,977 1,878 2,959 Net foreign exchange losses/(gains) 23 (197) (326) Fair value change on derivatives1 84 135 (29) Government royalties paid and payable 3,571 3,841 4,014 Exploration and evaluation expenditure incurred and expensed in the current period 399 294 199 Depreciation and amortisation expense 5,295 5,061 5,683 Net impairments: Property, plant and equipment 3,833 73 515 Goodwill and other intangible assets 57 2 – All other operating expenses 2,124 1,764 2,677 Total expenses 36,750 31,873 32,371 (Gain)/loss on disposal of subsidiaries and operations2 (915) (8) (840) Dividend income3 (1) (19) (241) Other income4 (369) (367) (317) Total other income (1,285) (394) (1,398) 1. Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of business as well as derivatives used as part of the funding of dividends. 2. Mainly relates to the divestment of Blackwater and Daunia mines in FY2024 and BMC in FY2022. Refer to note 3 ‘Exceptional items’ for further information. 3. During FY2022, the Group received dividends of US$238 million from Cerrejón. On 11 January 2022, BHP completed the sale of its 33.33 per cent interest in Cerrejón to joint venture partner, Glencore plc. In accordance with the sale agreement, the final sale proceeds were adjusted for the dividends received to a final number of US$50 million. 4. Other income is generally income earned from transactions outside the course of the Group’s ordinary activities and may include certain management fees from non-controlling interests and joint arrangements, royalties and commission income. Recognition and measurement Other income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably measured. Dividend income is recognised upon declaration.

150 BHP Annual Report 2024 1 Consolidated Financial Statements continued 6 Income tax expense 2024 2023 2022 US$M US$M US$M Total taxation expense comprises: Current tax expense 7,435 6,690 10,673 Deferred tax (benefit)/expense (988) 387 64 Total taxation expense 6,447 7,077 10,737 2024 2023 2022 US$M US$M US$M Factors affecting income tax expense for the year Income tax expense differs to the standard rate of corporation tax as follows: Profit before taxation 16,048 21,401 33,137 Tax on profit at Australian prima facie tax rate of 30 per cent 4,814 6,420 9,941 Tax effect of (loss)/profit from equity accounted investments, related impairments and expenses1 737 (37) (19) Derecognition of deferred tax assets and current year tax losses2 666 526 1,087 Tax on remitted and unremitted foreign earnings 224 137 441 Amounts (over)/under provided in prior years (25) (18) (80) Foreign exchange adjustments (79) 94 (233) Recognition of previously unrecognised tax assets (110) (109) (3) Impact of tax rates applicable outside of Australia (556) (558) (801) Other 344 236 97 Income tax expense 6,015 6,691 10,430 Royalty-related taxation (net of income tax benefit)3 432 386 307 Total taxation expense 6,447 7,077 10,737 1. This item removes the prima facie tax effect on (loss)/profit from equity accounted investments, related impairments and expenses that are net of tax, with the exception of the Samarco forward exchange derivatives described in note 4 ‘Significant events – Samarco dam failure’, which are taxable. 2. Includes the tax impacts related to the exceptional impairments of US deferred tax assets in the year ended 30 June 2022 as presented in note 3 ‘Exceptional items’. 3. Includes the revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill, as presented in note 3 ‘Exceptional items’. Income tax recognised in other comprehensive income is as follows: 2024 2023 2022 US$M US$M US$M Income tax effect of: Items that may be reclassified subsequently to the income statement: Hedges: (Losses)/gains taken to equity 10 (29) 274 Losses/(gains) transferred to the income statement (15) 45 (264) Others – (11) – Income tax (charge)/credit relating to items that may be reclassified subsequently to the income statement (5) 5 10 Items that will not be reclassified to the income statement: Re-measurement gains/(losses) on pension and medical schemes (13) 7 (9) Income tax (charge)/credit relating to items that will not be reclassified to the income statement (13) 7 (9) Total income tax (charge)/credit relating to components of other comprehensive income1 (18) 12 1 1. Included within total income tax relating to components of other comprehensive income is US$(18) million relating to deferred taxes and US$ nil relating to current taxes (2023: US$12 million and US$ nil; 2022: US$1 million and US$ nil).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 151 Recognition and measurement Taxation on the profit/(loss) for the year comprises current and deferred tax. Taxation is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax effect is also recognised in equity or other comprehensive income. Current tax Deferred tax Royalty-related taxation Current tax is the Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts Royalties are treated as expected tax on the of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation taxation arrangements taxable income for the of taxable profit, and is accounted for in accordance with IAS 12/AASB 112 ‘Income Taxes’ (IAS 12). (impacting income year, using tax rates Deferred tax is generally provided on temporary differences arising between the tax bases of assets and tax expense/(benefit)) and laws enacted liabilities and their carrying amounts in the Financial Statements. Deferred tax assets are recognised to the when they are imposed or substantively extent that it is probable that future taxable profits will be available against which the temporary differences under government enacted at the can be utilised. authority and the amount reporting date, and payable is calculated any adjustments to Deferred tax is not recognised for temporary differences relating to: by reference to revenue tax payable in respect – initial recognition of goodwill derived (net of any of previous years. – initial recognition of assets or liabilities in a transaction that is not a business combination and that affects allowable deductions) neither accounting nor taxable profit, except where the transaction gives rise to equal and offsetting taxable after adjustment for and deductible temporary differences temporary differences. Obligations arising from – investment in subsidiaries, associates and jointly controlled entities where the Group is able to control royalty arrangements the timing of the reversal of the temporary difference and it is probable that they will not reverse in the that do not satisfy these foreseeable future criteria are recognised Deferred tax is measured at the tax rates that are expected to be applied when the asset is realised or the as current liabilities and liability is settled, based on the laws that have been enacted or substantively enacted at the reporting date. included in expenses. Current and deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset and when the tax balances are related to taxes levied by the same tax authority and the Group intends to settle on a net basis, or realise the asset and settle the liability simultaneously. International Tax Reform – Pillar Two Model Rules The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting previously published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy, including the implementation of a global minimum tax. The Group has a presence in jurisdictions that have enacted or substantively enacted legislation in relation to the OECD/G20 BEPS Pillar Two model rules. The enacted or substantively enacted rules apply to income years commencing on or after 1 January 2024 and, on this basis, there is no current tax impact for the income year ended 30 June 2024. The temporary exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes has been applied at 30 June 2024, pursuant to the amendments to IAS 12 issued on 23 May 2023 and 27 June 2023 by the IASB and AASB respectively. The Group continues to monitor and evaluate the domestic implementation of the Pillar Two rules in the jurisdictions in which it operates. The Group’s potential exposure to Pillar Two taxes, based on legislation that is enacted or substantively enacted, is not expected to be material. Uncertain tax and royalty matters The Group operates across many tax jurisdictions. Application of tax law can be complex and requires judgement to assess risk and estimate outcomes. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of tax assets and tax liabilities, including deferred tax, recognised on the balance sheet and the amount of other tax losses and temporary differences not yet recognised. The evaluation of tax risks considers both amended assessments received and potential sources of challenge from tax authorities. The status of proceedings for these matters will impact the ability to determine the potential exposure and in some cases, it may not be possible to determine a range of possible outcomes or a reliable estimate of the potential exposure. Tax and royalty matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities and legal proceedings. Tax and royalty obligations assessed as having probable future economic outflows capable of reliable measurement are provided for as at 30 June 2024. Matters with a possible economic outflow and/or presently incapable of being measured reliably are contingent liabilities and disclosed in note 34 ‘Contingent liabilities’. Details of uncertain tax and royalty matters relating to Samarco are disclosed in note 4 ‘Significant events – Samarco dam failure’. Key judgements and estimates Income tax classification Judgements: The Group’s accounting policy for taxation, including royalty-related taxation, requires management’s judgement as to the types of arrangements considered to be a tax on income in contrast to an operating cost. Deferred tax Judgements: Judgement is required in: – determining the amount of deferred tax assets to be recognised based on the likely timing and the level of future taxable profits; – assessing whether changes in tax regimes or applicable tax rates are substantively enacted at the reporting date; – recognising deferred tax liabilities arising from temporary differences in investments. These deferred tax liabilities caused principally by retained earnings held in foreign tax jurisdictions are recognised unless repatriation of retained earnings can be controlled and is not expected to occur in the foreseeable future. In FY2023, judgement was applied in determining the Chilean Royalty Bill was substantively enacted at the reporting date. It was considered that the process of enactment was complete and the remaining steps for enactment would not change the outcome of the tax rates to be applied in measuring the deferred tax assets and liabilities. Estimates: The Group assesses the recoverability of recognised and unrecognised deferred taxes, including losses in Australia, the United States and Canada on a consistent basis. Estimates and assumptions relating to projected earnings and cash flows as applied in the Group impairment process are used for operating assets. These forecasts are also used to estimate the royalty-related tax rates to apply when the deferred tax assets are realised and deferred tax liabilities are settled.

152 BHP Annual Report 2024 1 Consolidated Financial Statements continued 7 Earnings per share 2024 2023 2022 Earnings attributable to BHP shareholders (US$M) – Continuing operations 7,897 12,921 20,245 – Total 7,897 12,921 30,900 Weighted average number of shares (Million) – Basic 5,068 5,064 5,061 – Diluted 5,077 5,073 5,071 Basic earnings per ordinary share (US cents) – Continuing operations 155.8 255.2 400.0 – Total 155.8 255.2 610.6 Diluted earnings per ordinary share (US cents) – Continuing operations 155.5 254.7 399.2 – Total 155.5 254.7 609.3 Headline earnings per ordinary share (US cents) – Basic 195.9 256.1 439.0 – Diluted 195.6 255.7 438.1 Refer to note 28 ‘Discontinued operations’ for basic earnings per share and diluted earnings per share for Discontinued operations. Earnings on American Depositary Shares represent twice the earnings for BHP Group Limited ordinary shares. Headline earnings is a Johannesburg Stock Exchange defined performance measure and is reconciled from earnings attributable to ordinary shareholders as follows: 2024 2023 2022 US$M US$M US$M Earnings attributable to BHP shareholders 7,897 12,921 30,900 Adjusted for: (Gain)/loss on sales of property, plant and equipment, intangibles and investments (29) (9) (95) Impairments of property, plant and equipment and intangibles 3,905 75 515 Gain on disposal of subsidiaries and operations (915) – (840) Gain on merger of Petroleum – – (8,167) Tax effect of above adjustments (928) (17) (97) Subtotal of adjustments 2,033 49 (8,684) Headline earnings 9,930 12,970 22,216 Diluted headline earnings 9,930 12,970 22,216 Recognition and measurement Diluted earnings attributable to BHP shareholders are equal to the earnings attributable to BHP shareholders. Following unification of the BHP corporate structure on 31 January 2022, the aggregate weighted average number of ordinary shares of only BHP Group Limited is considered in the composition of basic earnings per share. The calculation of the number of ordinary shares used in the computation of basic earnings per share is the weighted average number of ordinary shares of BHP Group Limited outstanding during the period after deduction of the number of shares held by the BHP Group Limited Employee Equity Trust. For the purposes of calculating diluted earnings per share, the effect of 9 million dilutive shares has been taken into account for the year ended 30 June 2024 (2023: 9 million shares; 2022: 10 million shares). The Group’s only potential dilutive ordinary shares are share awards granted under the employee share ownership plans for which terms and conditions are described in note 26 ‘Employee share ownership plans’. Diluted earnings per share calculation excludes instruments which are considered antidilutive. At 30 June 2024, there are no instruments which are considered antidilutive (2023: nil; 2022: nil).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 153 Working capital 8 Trade and other receivables 2024 2023 US$M US$M Trade receivables 3,687 3,418 Other receivables 1,652 1,324 Total 5,339 4,742 Comprising: Current 5,169 4,594 Non-current 170 148 Recognition and measurement Trade receivables are recognised initially at their transaction price or, for those receivables containing a significant financing component, at fair value. Trade receivables are subsequently measured at amortised cost using the effective interest method, less an allowance for impairment, except for provisionally priced receivables which are subsequently measured at fair value through profit or loss under IFRS 9. The collectability of trade and other receivables is assessed continuously. At the reporting date, specific allowances are made for any expected credit losses based on a review of all outstanding amounts at reporting period-end. Individual receivables are written off when management deems them unrecoverable. The net carrying amount of trade and other receivables approximates their fair values. Credit risk Trade receivables generally have terms of less than 30 days. The Group has no material concentration of credit risk with any single counterparty and is not dominantly exposed to any individual industry. Credit risk can arise from the non-performance by counterparties of their contractual financial obligations towards the Group. To manage credit risk, the Group maintains Group-wide procedures covering the application for credit approvals, granting and renewal of counterparty limits, proactive monitoring of exposures against these limits and requirements triggering secured payment terms. As part of these processes, the credit exposures with all counterparties are regularly monitored and assessed on a timely basis. The credit quality of the Group’s customers is reviewed and the solvency of each debtor and their ability to pay the receivable is considered in assessing receivables for impairment. The 10 largest customers represented 39 per cent (2023: 31 per cent) of total credit risk exposures managed by the Group. Receivables are deemed to be past due or impaired in accordance with the Group’s terms and conditions. These terms and conditions are determined on a case-by-case basis with reference to the customer’s credit quality, payment performance and prevailing market conditions. As at 30 June 2024, trade receivables of US$59 million (2023: US$8 million) were past due but not impaired. The majority of these receivables were less than 30 days overdue. At 30 June 2024, trade receivables are stated net of provisions for expected credit losses of US$1 million (2023: US$9 million). 9 Trade and other payables 2024 2023 US$M US$M Trade payables 5,338 4,893 Other payables 1,426 1,407 Total 6,764 6,300 Comprising: Current 6,719 6,296 Non-current 45 4 10 Inventories 2024 2023 US$M US$M Definitions Raw materials and consumables 2,305 2,106 Spares, consumables and other supplies yet to be utilised in the production process or in the rendering of services. Work in progress 3,516 3,514 Commodities currently in the production process that require further processing by the Group to a saleable form. Finished goods 1,218 1,003 Commodities ready-for-sale and not requiring further processing by the Group. Total1 7,039 6,623 Comprising: Inventories classified as non-current are not expected to be utilised or sold within Current 5,828 5,220 12 months after the reporting date or within the operating cycle of the business. Non-current 1,211 1,403 1. Inventory write-downs of US$69 million were recognised during the year (2023: US$100 million; 2022: US$163 million). Inventory write-downs of US$19 million made in previous periods were reversed during the year (2023: US$37 million; 2022: US$23 million). Recognition and measurement Regardless of the type of inventory and its stage in the production process, inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average costs and involves estimates of expected metal recoveries and work in progress volumes, calculated using available industry, engineering and scientific data. These estimates are periodically reassessed by the Group taking into account technical analysis and historical performance. For processed inventories, cost is derived on an absorption costing basis. Cost comprises costs of purchasing raw materials and costs of production, including attributable mining and manufacturing overheads taking into consideration normal operating capacity. Inventory quantities are assessed primarily through surveys and assays.

154 BHP Annual Report 2024 1 Consolidated Financial Statements continued Resource assets 11 Property, plant and equipment Land and Plant and Other mineral Assets under Exploration buildings equipment assets construction and evaluation Total US$M US$M US$M US$M US$M US$M Net book value – 30 June 2024 At the beginning of the financial year 8,140 36,654 13,304 13,481 239 71,818 Additions1 27 1,206 795 8,840 58 10,926 Remeasurements of index-linked freight contracts2 – 230 – – – 230 Depreciation for the year (637) (4,287) (264) – – (5,188) Impairments for the year3 (88) (1,440) (930) (1,365) (10) (3,833) Disposals (1) (15) – – – (16) Divestment of subsidiaries and operations4 (293) (1,093) (23) (44) – (1,453) Transfers and other movements 417 3,249 (655) (3,815) (51) (855) At the end of the financial year5 7,565 34,504 12,227 17,097 236 71,629 – Cost 15,180 86,989 19,900 19,106 1,035 142,210 – Accumulated depreciation and impairments (7,615) (52,485) (7,673) (2,009) (799) (70,581) Net book value – 30 June 2023 At the beginning of the financial year 8,079 35,500 8,494 9,031 191 61,295 Additions1 194 1,024 842 6,332 56 8,448 Acquisition of subsidiaries and operations6 88 2,256 4,612 720 – 7,676 Remeasurements of index-linked freight contracts2 – 53 – – – 53 Depreciation for the year (586) (4,156) (225) – – (4,967) Impairments for the year3 – (73) – – – (73) Disposals (2) (6) – – – (8) Transfers and other movements 367 2,056 (419) (2,602) (8) (606) At the end of the financial year5 8,140 36,654 13,304 13,481 239 71,818 – Cost 15,258 85,394 19,420 14,245 1,029 135,346 – Accumulated depreciation and impairments (7,118) (48,740) (6,116) (764) (790) (63,528) 1. Includes change in estimates and net foreign exchange gains/(losses) related to the closure and rehabilitation provisions for operating sites. Refer to note 15 ‘Closure and rehabilitation provisions’. 2. Relates to remeasurements of index-linked freight contracts including continuous voyage charters (CVCs). Refer to note 22 ‘Leases’. 3. Refer to note 13 ‘Impairment of non-current assets’ for information on impairments. 4. Relates to the divestment of the Blackwater and Daunia mines completed on 2 April 2024. Refer to note 3 ‘Exceptional items’ for more information. 5. Includes the carrying value of the Group’s right-of-use assets relating to land and buildings and plant and equipment of US$2,708 million (2023: US$2,809 million). Refer to note 22 ‘Leases’ for the movement of the right-of-use assets. 6. Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information. Recognition and measurement Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation and impairment charges. Cost is the fair value of consideration given to acquire the asset at the time of its acquisition or construction and includes the direct costs of bringing the asset to the location and the condition necessary for operation and the estimated future costs of closure and rehabilitation of the facility. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Refer to note 22 ‘Leases’ for further details. Right-of-use assets are presented within the category of property, plant and equipment according to the nature of the underlying asset leased. Exploration and evaluation Exploration costs are incurred to discover mineral resources. Evaluation costs are incurred to assess the technical feasibility and commercial viability of resources found. Exploration and evaluation expenditure is charged to the income statement as incurred, except in the following circumstances in which case the expenditure may be capitalised: – the exploration and evaluation activity is within an area of interest that was previously acquired as an asset acquisition or in a business combination and measured at fair value on acquisition or – the existence of a commercially viable mineral deposit has been established A regular review of each area of interest is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Development expenditure When proven mineral reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as assets under construction within property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 155 The Group may use funds sourced from external parties to finance the acquisition and development of assets and operations. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. Borrowing costs directly attributable to acquiring or constructing a qualifying asset are capitalised during the development phase. In the instance where saleable material is extracted prior to the commissioning of a project/site, sale proceeds are recognised as revenue, with associated costs also recognised in the income statement. On completion of development, all assets included in assets under construction are reclassified as either plant and equipment or other mineral assets and depreciation commences. Other mineral assets Other mineral assets comprise: – capitalised exploration, evaluation and development expenditure for assets in production – mineral rights acquired – capitalised development and production stripping costs Overburden removal costs The process of removing overburden and other waste materials to access mineral deposits is referred to as stripping. Stripping is necessary to obtain access to mineral deposits and occurs throughout the life of an open-pit mine. Development and production stripping costs are classified as other mineral assets in property, plant and equipment. Stripping costs are accounted for separately for individual components of an ore body. The determination of components is dependent on the mine plan and other factors, including the size, shape and geotechnical aspects of an ore body. The Group accounts for stripping activities as follows: Development stripping costs These are initial overburden removal costs incurred to obtain access to mineral deposits that will be commercially produced. These costs are capitalised when it is probable that future economic benefits (access to mineral ores) will flow to the Group and costs can be measured reliably. Once the production phase begins, capitalised development stripping costs are depreciated using the units of production method based on the proven and probable reserves of the relevant identified component of the ore body which the initial stripping activity benefits. Production stripping costs These are post initial overburden removal costs incurred during the normal course of production activity, which commences after the first saleable minerals have been extracted from the component. Production stripping costs can give rise to two benefits, the accounting for which is outlined below: Production stripping activity Benefits of stripping activity Extraction of ore (inventory) in current period. Improved access to future ore extraction. Period benefited Current period Future period(s) Recognition and When the benefits of stripping activities are realised in the form When the benefits of stripping activities are improved access to measurement criteria of inventory produced; the associated costs are recorded in future ore; production costs are capitalised when all the following accordance with the Group’s inventory accounting policy. criteria are met: – the production stripping activity improves access to a specific component of the ore body and it is probable that economic benefits arising from the improved access to future ore production will be realised – the component of the ore body for which access has been improved can be identified – costs associated with that component can be measured reliably Allocation of costs Production stripping costs are allocated between the inventory produced and the production stripping asset using a life-of-component waste-to-ore (or mineral contained) strip ratio. When the current strip ratio is greater than the estimated life-of-component ratio a portion of the stripping costs is capitalised to the production stripping asset. Asset recognised from Inventory Other mineral assets within property, plant and equipment. stripping activity Depreciation basis Not applicable On a component-by-component basis using the units of production method based on proven and probable reserves. Key judgements and estimates Judgements: Judgement is applied by management in determining the components of an ore body. Estimates: Estimates are used in the determination of stripping ratios and mineral reserves by component. Changes to estimates related to life-of-component waste-to-ore (or mineral contained) strip ratios and the expected ore production from identified components are accounted for prospectively and may affect depreciation rates and asset carrying values. Depreciation Depreciation of assets, other than land, assets under construction and capitalised exploration and evaluation that are not depreciated, is calculated using either the straight-line (SL) method or units of production (UoP) method, net of residual values, over the estimated useful lives of specific assets. The depreciation method and rates applied to specific assets reflect the pattern in which the asset’s benefits are expected to be used by the Group. The Group’s proved and probable reserves for minerals assets are used to determine UoP depreciation unless doing so results in depreciation charges that do not reflect the asset’s useful life. Where this occurs, alternative approaches to determining reserves are applied, to provide a phasing of periodic depreciation charges that better reflects the asset’s expected useful life. Where assets are dedicated to a mine lease, the useful lives below are subject to the lesser of the asset category’s useful life and the life of the mine lease, unless those assets are readily transferable to another productive mine. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not depreciated.

156 BHP Annual Report 2024 1 Consolidated Financial Statements continued 11 Property, plant and equipment continued Key estimates The determination of useful lives, residual values and depreciation methods involves estimates and assumptions and is reviewed annually. Any changes to useful lives or any other estimates or assumptions, including the expected impact of climate change and the transition to a lower carbon economy, may affect prospective depreciation rates and asset carrying values. The table below summarises the principal depreciation methods and rates applied to major asset categories by the Group. Capitalised exploration, evaluation Category Buildings Plant and equipment Mineral rights and development expenditure Typical depreciation methodology SL SL UoP UoP Depreciation rate 25-50 years 3-30 years Based on the rate of Based on the rate of depletion of reserves depletion of reserves Commitments The Group’s commitments for capital expenditure were US$5,958 million as at 30 June 2024 (2023: US$3,975 million). The Group’s commitments related to leases are included in note 22 ‘Leases’. 12 Intangible assets 2024 2023 Other Other Goodwill intangibles Total Goodwill intangibles Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial year 1,389 221 1,610 1,197 172 1,369 Additions – 101 101 – 51 51 Acquisition of subsidiaries and operations1 – – – 192 – 192 Amortisation for the year – (107) (107) – (94) (94) Impairments for the year2 (50) (7) (57) – (2) (2) Disposals – (12) (12) – (15) (15) Divestment of subsidiaries and operations3 – (45) (45) – – –Transfers and other movements 2 226 228 – 109 109 At the end of the financial year 1,341 377 1,718 1,389 221 1,610 – Cost 1,391 1,798 3,189 1,389 1,529 2,918 – Accumulated amortisation and impairments (50) (1,421) (1,471) – (1,308) (1,308) 1. Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information. 2. Refer to note 13 ‘Impairment of non-current assets’ for information on impairments. 3. Relates to the divestment of the Blackwater and Daunia mines completed on 2 April 2024. Refer to note 3 ‘Exceptional items’ for more information. Recognition and measurement Goodwill Where the fair value of the consideration paid for a business acquisition exceeds the fair value of the identifiable assets, liabilities and contingent liabilities acquired, the difference is treated as goodwill. Goodwill is not amortised and is measured at cost less any impairment losses. Other intangibles The Group capitalises amounts paid for the acquisition of identifiable intangible assets, such as software, licences and initial payments for the acquisition of mineral lease assets, where it is considered that they will contribute to future periods through revenue generation or reductions in cost. These assets, classified as finite life intangible assets, are carried in the balance sheet at the fair value of consideration paid (cost) less accumulated amortisation and impairment charges. Intangible assets with finite useful lives are amortised on a straight-line basis over their useful lives. The estimated useful lives are generally no greater than eight years. Initial payments for the acquisition of intangible mineral lease assets are capitalised and amortised over the term of the permit. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area. Capitalised costs are only carried forward to the extent that they are expected to be recovered through the successful exploitation of the area of interest or alternatively by its sale. To the extent that capitalised expenditure is no longer expected to be recovered, it is charged to the income statement. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and therefore not amortised. 13 Impairment of non-current assets 2024 Property, Goodwill Equity-plant and and other accounted equipment intangibles investment Total Cash generating unit Segment US$M US$M US$M US$M Western Australia Nickel Group and unallocated 3,744 56 – 3,800 Other Various 89 1 – 90 Total impairment of non-current assets 3,833 57 – 3,890 Reversal of impairment – – – –Net impairment of non-current assets 3,833 57 – 3,890

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 157 2023 Property, Goodwill Equity-plant and and other accounted equipment intangibles investment Total Cash generating unit Segment US$M US$M US$M US$M Other Various 73 2 – 75 Total impairment of non-current assets 73 2 – 75 Reversal of impairment – – – – Net impairment of non-current assets 73 2 – 75 Recognition and measurement Impairment tests for all non-financial assets (excluding goodwill) are performed when there is an indication of impairment. Goodwill is tested for impairment at least annually. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs, being the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. If the carrying amount of the asset or CGU exceeds its recoverable amount, the asset or CGU is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount. Previously impaired assets (excluding goodwill as impairment losses are not reversed in subsequent periods) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or CGU. Such reversal is recognised in the income statement. There were no reversals of impairment in the current or prior year. How recoverable amount is calculated The recoverable amount is the higher of an asset’s or CGU’s fair value less cost of disposal (FVLCD) and its value in use (VIU). Fair value less cost of disposal FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax cash flows expected to arise from the continued use of the asset, including the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost, and its eventual disposal where a market participant may take a consistent view. Cash flows are discounted using an appropriate post-tax market discount rate to arrive at a net present value of the asset, which is compared against the asset’s carrying value. FVLCD may also take into consideration other market-based indicators of fair value. FVLCD are based primarily on Level 3 inputs as defined in note 24 ‘Financial risk management’ unless otherwise noted. Value in use VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal or closure. VIU is determined by applying assumptions specific to the Group’s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation. Impairment of non-current assets (excluding goodwill) Impairment of non-current assets relating to the year ended 30 June 2024 are detailed below. Western Australia Nickel At 30 June 2024, the Group determined that the overall recoverable amount of the Western Australia Nickel CGU to be approximately negative US$600 million including closure provisions. Considering the recoverable amount of individual assets within the CGU, this resulted in an aggregate impairment to property, plant and equipment of US$3,744 million and intangible assets of US$56 million in FY2024. The impairment is driven by oversupply in the global nickel market that has seen a sharp decline in forward nickel prices in the short to medium term, escalation in capital costs for Western Australia Nickel, and changes to development plans including the Group’s decision, announced on 11 July 2024, to temporarily suspend Nickel West operations and the West Musgrave project at Western Australia Nickel. The Western Australia Nickel CGU is part of the ‘Group and unallocated items’ reportable segment. The post-impairment carrying value of Western Australia Nickel property, plant and equipment is not material. Recoverable amount used for the impairment assessment was determined using a fair value less costs of disposal methodology, applying discounted cash flow techniques utilising a post-tax real discount rate of 7.5 per cent. The valuation is most sensitive to changes in the long-term nickel price outlook and foreign exchange assumptions. There were no material impairments of non-current assets for the year ended 30 June 2023. Impairment test for goodwill The carrying amount of goodwill has been allocated to the CGUs, or groups of CGUs, as follows: 2024 2023 Cash generating unit US$M US$M Olympic Dam – 1,010 OZ Minerals Limited provisional goodwill – 192 Copper SA 1,154 – Other 187 187 Total goodwill 1,341 1,389 For the purpose of impairment testing, goodwill has been allocated to CGUs or groups of CGUs, that are expected to benefit from the synergies of previous business combinations, which represent the level at which management will monitor and manage goodwill. In previous reporting periods the Olympic Dam goodwill has been tested for impairment as part of the Olympic Dam CGU. In the current reporting period, and moving forward, the Olympic Dam goodwill has been tested for impairment at the Copper SA level, which comprises Olympic Dam, Carrapateena and Prominent Hill.

158 BHP Annual Report 2024 1 Consolidated Financial Statements continued 13 Impairment of non-current assets continued On 2 May 2023, the Group acquired OZ Minerals Limited (OZL) (refer to note 29 ‘Business combination’ for details). In 2024 following the acquisition of OZL, the Group reorganised its reporting structure and established Copper SA, which comprises the Olympic Dam CGU as well as the acquired Carrapateena and Prominent Hill CGUs. On completion of the OZL business combination accounting, the OZL goodwill of US$194 million was allocated as follows: – US$144 million to the Copper SA group of CGUs; and – US$50 million to Western Australia Nickel CGU, which was written off at 31 December 2023 as part of the impairment of Western Australia Nickel assets. From FY2024, the Olympic Dam goodwill is tested for impairment as part of the Copper SA group of CGUs as this represents the level at which the Group now monitors and manages the goodwill. Goodwill held by other CGUs is US$187 million (2023: US$187 million). This represents less than one per cent of net assets at 30 June 2024 (2023: less than one per cent). There was no impairment of other goodwill in the year to 30 June 2024 (2023: US$ nil). Copper SA goodwill Impairment test The Group performed an impairment test of the Copper SA Group of CGUs, including goodwill, as at 30 June 2024 and an conclusion impairment charge was not required. How did the Goodwill of US$1,010 million and US$144 million in relation to the acquisitions of WMC Resources Ltd (2005) and OZ Minerals Ltd goodwill arise? (2023), respectively. Segment Copper SA is part of the Copper reportable segment. How were the FVLCD methodology using DCF techniques has been applied in determining the recoverable amount of Copper SA. valuations calculated? Significant The valuation of Copper SA exceeded its carrying amount by approximately US$8.4 billion and is most sensitive to changes in copper assumptions and commodity price, production volumes, operating costs and discount rates. It is considered that there are no reasonably possible sensitivities changes in these key assumptions that would, in isolation, result in the estimated recoverable amount being equal to the carrying amount. The valuation applied a post-tax real discount rate of 7.0 per cent. Key judgements and estimates that have been applied in the FVLCD valuation are disclosed further below. Key judgements and estimates When recoverable amount is measured using Future production volumes VIU, estimates are made regarding the present Estimated production volumes were Judgements: Assessment of indicators value of future cash flows based on internal based on detailed data and took into of impairment or impairment reversal budgets and forecasts and life of asset plans. account development plans established by and the determination of CGUs for Key estimates are similar to those identified for management as part of the Group’s long-term impairment purposes require significant FVLCD, although some assumptions and values planning process. When estimating FVLCD, management judgement. may differ as they reflect the perspective of assumptions reflect all reserves and resources Indicators of impairment may include changes management rather than a market participant. in the Group’s operating and economic that a market participant would consider All estimates require judgements and when valuing the respective CGU, which in assumptions, including those arising from assumptions and are subject to risk and some cases are broader in scope than the changes in reserves or mine planning, updates uncertainty that may be beyond the control of reserves that would be used in a VIU test. to the Group’s commodity supply, demand the Group; hence, there is a possibility that In determining FVLCD, risk factors may be and price forecasts, or the possible additional changes in circumstances will materially alter applied to reserves and resources which do impacts from emerging risks including those projections, which may impact the recoverable not meet the criteria to be treated as proved. related to climate change and the transition to amount of an asset or CGU at each reporting a low-carbon economy. date. With the exception of the Western Cash outflows (including operating Climate change Australia Nickel CGU impairment mentioned costs, capital expenditure, closure and above, no indicators of impairment, or rehabilitation costs and taxes) The Group’s impairment assessments may be impairment reversal, were identified across the impacted by climate change and the transition Cash outflows are based on internal budgets Group’s remaining CGUs at 30 June 2024. and forecasts and life of asset plans. to a low-carbon economy. Further detail is provided in note 16 ‘Climate change’. The significant estimates impacting Cost assumptions reflect management the Group’s recoverable amount experience and expectations. Tax assumptions Estimates: The Group performs a recoverable determinations are: reflect existing and substantively enacted amount determination for an asset or CGU tax and royalty regimes and rates applicable when there is an indication of impairment or Commodity prices in the jurisdiction of the CGU. In the case of impairment reversal. FVLCD, cash flow projections include the Commodity prices were based on latest When the recoverable amount is measured internal forecasts which assume short-term anticipated cash flow effects of any capital by reference to FVLCD, in the absence market prices will revert to the Group’s expenditure to enhance production or reduce of quoted market prices or binding sale assessment of long-term price. These price cost where a market participant may take a agreement, estimates are made regarding forecasts reflect management’s long-term consistent view. VIU does not take into account the present value of future post-tax cash views of global supply and demand, built upon future development. flows. These estimates are made from the past experience of the commodity markets Discount rates perspective of a market participant and and are benchmarked with external sources include prices, future production volumes, of information such as analyst forecasts. The Group uses real post-tax discount operating costs, capital expenditure, closure Prices are adjusted based upon premiums or rates applied to real post-tax cash flows. and rehabilitation costs, taxes, risking factors discounts applied to global price markers to The discount rates are derived using the applied to cash flows and discount rates. reflect the location, nature and quality of the weighted average cost of capital methodology. The cash flow forecasts may include net Group’s production, or to take into account Adjustments to the rates are made for any risks cash flows expected from the extraction, contracted prices. that are not reflected in the underlying cash processing and sale of material that does not flows, including country risk. currently qualify for inclusion in ore reserves. Reserves and resources are included in the assessment of FVLCD to the extent that it is considered probable that a market participant would attribute value to them.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 159 14 Deferred tax balances The movement for the year in the Group’s net deferred tax position is as follows: 2024 2023 2022 US$M US$M US$M Net deferred tax (liability)/asset At the beginning of the financial year (4,243) (3,007) (1,402) Acquisition of subsidiaries and operations1 – (867) – Income tax credit/(charge) recorded in the income statement2,3,4 988 (387) (125) Income tax (charge)/credit recorded directly in equity (6) 6 (42) Divestment of subsidiaries and operations5 (3) – (1,439) Other movements (1) 12 1 At the end of the financial year (3,265) (4,243) (3,007) 1. Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information. 2. Includes US$1,125 million income tax credit in the year ended 30 June 2024 as a result of an impairment of Western Australia Nickel Assets. 3. Includes US$(283) million revaluation of deferred tax balances in the year ended 30 June 2023, following the substantive enactment of the Chilean Royalty Bill. Refer to note 3 ‘Exceptional items’ for more information. 4. Includes Discontinued operations income tax charge to the income statement in 2022 of US$(61) million. 5. Relates to the divestment of BMC and merger of Petroleum with Woodside in 2022. Refer to notes 3 ‘Exceptional items’ and 28 ‘Discontinued operations’ for more information. For recognition and measurement refer to note 6 ‘Income tax expense’. The composition of the Group’s net deferred tax assets and liabilities recognised in the balance sheet and the deferred tax expense (credited)/charged to the income statement is as follows: Deferred tax assets Deferred tax liabilities (Credited)/charged to the income statement 2024 2023 2024 2023 2024 2023 2022 US$M US$M US$M US$M US$M US$M US$M Type of temporary difference Depreciation1 (756) (629) 5,221 6,259 (894) 452 554 Exploration expenditure 14 11 – (1) (2) (2) 13 Employee benefits 23 27 (407) (425) 6 (94) 20 Closure and rehabilitation 155 143 (1,770) (1,753) (29) (296) 24 Resource rent tax – – – – – – (129) Other provisions 55 64 (196) (210) 23 4 49 Deferred income – 14 (23) – (9) 37 (31) Deferred charges (55) (82) 522 644 (148) 85 7 Investments, including foreign tax credits 274 225 411 370 (6) (54) (298) Foreign exchange gains and losses (9) (14) 80 190 (115) 42 33 Tax losses 364 276 (84) (214) 40 37 28 Lease liability1 9 18 (730) (767) 45 (83) (10) Other (7) 3 308 206 101 259 (135) Total 67 56 3,332 4,299 (988) 387 125 1. Includes deferred tax associated with the recognition of right-of-use assets and lease liabilities on adoption of IFRS 16. Refer to note 22 ‘Leases’.

160 BHP Annual Report 2024 1 Consolidated Financial Statements continued 14 Deferred tax balances continued The composition of the Group’s unrecognised deferred tax assets and liabilities is as follows: 2024 2023 US$M US$M Unrecognised deferred tax assets Tax losses and tax credits1 9,126 8,572 Investments in subsidiaries2 1,533 1,661 Mineral rights3 3,216 3,287 Other deductible temporary differences4 1,978 1,912 Total unrecognised deferred tax assets 15,853 15,432 Unrecognised deferred tax liabilities Investments in subsidiaries2 2,307 2,179 Total unrecognised deferred tax liabilities 2,307 2,179 1. At 30 June 2024, the Group had income and capital tax losses with a tax benefit of US$5,589 million (2023: US$5,709 million) and tax credits of US$3,537 million (2023: US$2,863 million), which are not recognised as deferred tax assets, because it is not probable that future taxable profits or capital gains will be available against which the Group can utilise the benefits. The gross amount of tax losses carried forward that have not been recognised is as follows: 2024 2023 Year of expiry US$M US$M Income tax losses Not later than one year 28 22 Later than one year and not later than two years 10 5 Later than two years and not later than five years 43 47 Later than five years and not later than 10 years 652 549 Later than 10 years and not later than 20 years 1,003 1,317 Unlimited 5,620 4,889 7,356 6,829 Capital tax losses Not later than one year – – Later than two years and not later than five years – – Unlimited 13,494 13,870 Gross amount of tax losses not recognised 20,850 20,699 Tax effect of total losses not recognised 5,589 5,709 Of the US$3,537 million of tax credits, US$2,792 million expires not later than 10 years (2023: US$2,405 million) and US$745 million expires later than 10 years and not later than 20 years (2023: US$458 million). 2. The Group has deferred tax assets and deferred tax liabilities associated with undistributed earnings of subsidiaries that have not been recognised because the Group is able to control the timing of the reversal of the temporary differences and it is not probable that these differences will reverse in the foreseeable future. Where the Group has undistributed earnings held by associates and joint interests, the deferred tax liability will be recognised as there is no ability to control the timing of the potential distributions. 3. The Group has deductible temporary differences relating to mineral rights for which deferred tax assets have not been recognised because it is not probable that future capital gains will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. 4. The Group has other deductible temporary differences for which deferred tax assets have not been recognised because it is not probable that future taxable profits will be available against which the Group can utilise the benefits. The deductible temporary differences do not expire under current tax legislation. 15 Closure and rehabilitation provisions 2024 2023 US$M US$M At the beginning of the financial year 9,887 8,689 Capitalised amounts for operating sites: Change in estimate 463 510 Exchange translation (58) (50) Adjustments charged/(credited) to the income statement: Change in estimate 85 12 Exchange translation (47) (8) Other adjustments to the provision: Amortisation of discounting impacting net finance costs 556 839 Acquisition of subsidiaries and operations1 – 168 Divestment of subsidiaries and operations2 (652) – Expenditure on closure and rehabilitation activities (395) (273) Other movements (2) – At the end of the financial year 9,837 9,887 Comprising: Current 610 520 Non-current 9,227 9,367 Operating sites 6,349 7,366 Closed sites 3,488 2,521 1. Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information. 2. Relates to the divestment of the Blackwater and Daunia mines completed on 2 April 2024. Refer to note 3 ‘Exceptional items’ for more information.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 161 Profile of closure and rehabilitation cash flows The table below indicates the estimated profile of the Group’s closure and rehabilitation provisions. The profile reflects the undiscounted forecast cash flows that underpin the provisions. In some instances, the Group has an obligation to rehabilitate and maintain a closed site for an indefinite period. For the purpose of this analysis, the cashflow period has been restricted to 100 years. 2024 2023 Proportion of the Group’s undiscounted forecast cashflows % % In one year or less 3 3 In more than one year but not more than two years 3 4 In more than two years but not more than five years 8 8 In more than five years but not more than ten years 15 14 In more than ten years 71 71 Total 100 100 The Group is required to close and rehabilitate sites and associated facilities at the end of or, in some cases, during the course of production to a condition acceptable to the relevant authorities, as specified in licence requirements and the Group’s closure performance requirements. The key components of closure and rehabilitation activities are: – the removal of all unwanted infrastructure associated with an operation – the return of disturbed areas to a safe, stable and self-sustaining condition, consistent with the agreed post-closure land use Recognition and measurement Provisions for closure and rehabilitation are recognised by the Group when: – it has a present legal or constructive obligation as a result of past events – it is more likely than not that an outflow of resources will be required to settle the obligation – the amount can be reliably estimated Initial recognition and measurement Subsequent measurement Closure and rehabilitation provisions The closure and rehabilitation asset, recognised within property, plant and equipment, is depreciated over the life of the are initially recognised when an operations. The value of the provision is progressively increased over time as the effect of discounting unwinds, resulting environmental disturbance first in an expense recognised in net finance costs. occurs. The individual site provisions The closure and rehabilitation provision is reviewed at each reporting date to assess if the estimate continues to reflect are an estimate of the expected the best estimate of the obligation. If necessary, the provision is remeasured to account for factors such as: value of future cash flows required to close the relevant site using current – additional disturbance during the period standards and techniques and taking – revisions to estimated reserves, resources and lives of operations including any changes to expected operating into account risks and uncertainties. lives arising from the Group’s latest assessment of the potential impacts of climate change and the transition to a Individual site provisions are low-carbon economy discounted to their present value – developments in technology using currency specific discount rates aligned to the estimated timing of – changes to regulatory requirements and environmental management strategies cash outflows. – changes in the estimated extent and costs of anticipated activities, including the effects of inflation and movements in When provisions for closure and foreign exchange rates rehabilitation are initially recognised, – movements in interest rates affecting the discount rate applied the corresponding cost is capitalised Changes to the closure and rehabilitation estimate for operating sites are added to, or deducted from, the related asset as an asset, representing part of the and amortised on a prospective basis over the remaining life of the operation, generally applying the units of production cost of acquiring the future economic method. benefits of the operation. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation that is probable and capable of reliable estimation. Closed sites Where future economic benefits are no longer expected to be derived through operation, changes to the associated closure and remediation costs are charged to the income statement in the period identified. This amounted to US$38 million in the year ended 30 June 2024 (2023: US$4 million; 2022: US$74 million).

162 BHP Annual Report 2024 1 Consolidated Financial Statements continued 15 Closure and rehabilitation provisions continued Key estimates of studies and management’s current of closure activities. Estimates can also be assessment of stakeholder expectations. impacted by the emergence of new closure and Closure cost estimates are generally based on While progressive closure is performed rehabilitation techniques, changes in regulatory conceptual level studies early in the operating across a number of operations, significant requirements and stakeholder expectations life of an asset with more detailed studies and activities are generally undertaken at the end for closure (including costs associated planning performed as closure risks (including of the production life at the individual sites, the with equitable transition), development of those related to climate change) are identified estimated timing of which is informed by the new technologies, risks relating to climate and/or as an asset, or parts thereof, near closure. Group’s current assumptions relating to demand change and the transition to a low-carbon As such, the recognition and measurement of for commodities and carbon pricing, and their economy, and experience at other operations. closure and rehabilitation provisions requires the impact on the Group’s long-term price forecasts. These uncertainties may result in future use of significant estimates and assumptions, actual expenditure differing from the amounts including, but not limited to: Approximately 52 per cent (2023: 51 per cent) currently provided for in the balance sheet. – the extent (due to legal or constructive of the Group’s total undiscounted forecast obligations) of potential activities cashflows are expected to be incurred after Sensitivity required for the removal of infrastructure, more than 30 years, reflecting the long-lived nature of many of the Group’s operations which A 0.5 per cent increase in the discount rates decharacterisation of tailings storage have remaining production lives ranging from applied at 30 June 2024 would result in a facilities and rehabilitation activities – costs associated with future 5-87 years (2023: 1-103 years). The discount decrease to the closure and rehabilitation closure activities rates applied to the Group’s closure and provision of approximately US$665 million, a rehabilitation provisions are determined by decrease in property, plant and equipment of – the extent and period of post-closure reference to the currency of the closure cash approximately US$457 million in relation to monitoring and maintenance, including flows, the period over which the cash flows will operating sites and an income statement credit water management be incurred and prevailing market interest rates of approximately US$208 million in respect of (where available). The discount rates applied closed sites. In addition, the change would result – applicable discount rates to the Group’s closure and rehabilitation in a decrease of approximately US$23 million – the timing of cash flows and ultimate closure to depreciation expense and a US$21 million of operations provisions were revised during the year to reflect increases in market interest rates. increment in net finance costs due to unwind of The effect of changes to discount rates was a discount for the year ending 30 June 2025. The extent, cost and timing of future closure activities may also be impacted by decrease of approximatively US$336 million Given the long-lived nature of the majority of the potential physical impacts of climate in the closure and rehabilitation provision of the Group’s assets, the majority of final closure change and the transition to a low-carbon which US$167 million in respect of closed sites activities are generally not expected to occur economy. Further detail is provided in note 16 was recognised in the income statement. for a significant period of time. ‘Climate change’. While the closure and rehabilitation provisions However, a one-year acceleration in Estimates for post-closure monitoring and reflect management’s best estimates based forecast cash flows of the Group’s closure maintenance reflect the Group’s strategies for on current knowledge and information, further and rehabilitation provisions, in isolation, individual sites, which may include possible studies, trials and detailed analysis of relevant would result in an increase to the provision relinquishment. The period of monitoring knowledge and resultant closure activities for of approximately US$231 million, an and maintenance included in the provision individual assets continue to be performed increase in property, plant and equipment requires judgement and considers regulatory throughout the life of asset. Such studies of US$148 million in relation to operating and licencing requirements, the outcomes and analysis can impact the estimated costs sites and an income statement charge of US$83 million in respect of closed sites. 16 Climate change The Group recognises that warming of the climate is unequivocal, the human influence is clear and physical impacts are unavoidable. Identifying, monitoring and assessing the actual and potential impacts of climate change is complex and the Group continues to develop its assessment of the actual and potential financial impacts of climate-related risks (threats and opportunities), including the transition to a net zero economy and physical risk impacts. The Group’s current climate change strategy focuses on: – building a portfolio to support the megatrends shaping our world, including future-facing commodities (copper, nickel and potash) and steelmaking materials (iron ore and steelmaking coal) – reducing operational (Scopes 1 and 2 from operated assets) greenhouse gas (GHG) emissions – investing in low to zero GHG emissions technologies – supporting Scope 3 GHG emissions reductions in the Group’s value chain and promoting product stewardship – managing climate-related risks – working with others to enhance the global policy and market response Areas of these Financial Statements that may be impacted in connection with this strategy throughout the value creation and delivery cycle of the Group’s operations, include: Phase Areas of potential Financial Statement impact Exploration and acquisition – Financial impact of portfolio decisions Development and mining / – Impact of transition risks on asset carrying values Process and logistics – Physical climate-related risks and asset carrying values – Application of carbon pricing assumptions and acquisition of carbon credits – Useful economic lives of property, plant and equipment – Expenditure on operational (Scopes 1 and 2 from operated assets) decarbonisation Sales, marketing and – Expenditure to support value chain (Scope 3) decarbonisation procurement Closure and rehabilitation – Timing, scope and expected cost of closure and rehabilitation activities At the date of issue of these Financial Statements, indicators show the appropriate measures are not in place globally to drive decarbonisation at the pace or scale required to achieve the aim of the Paris Agreement to limit the global average temperature increase to 1.5°C above pre-industrial levels. The significant judgements and key estimates used in the preparation of these Financial Statements reflect the Group’s current planning range (which implies a projected global average temperature increase of approximately 2°C by CY2100), as described below.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 163 While not the basis of preparation of these Financial Statements, the The Group has developed three unique planning cases which comprise Group continues to perform sensitivity analysis under the Group’s 1.5°C the Group’s planning range: a ‘most likely’ base case, used as the basis for scenario to consider potential Financial Statement impacts of commodity judgements and assumptions in these Financial Statements, and an upside and carbon prices in a rapidly decarbonising world. The Group’s 1.5°C case and downside case that provide the range’s boundaries. The three cases scenario is not a forecast of what is likely to occur. reflect proprietary forecasts for the global economy and associated sub- Future changes to the Group’s climate change strategy or global sectors (i.e. energy, transport, agriculture and steel) and the resulting market decarbonisation trends may impact the Group’s significant judgements outlook for the Group’s core commodities. and key estimates, and result in material changes to financial results, Given the complexity and inherent uncertainty of long run forecasting, cash flows and the carrying values of certain assets and liabilities in future these pathways are reviewed periodically to reflect new information, with reporting periods. a process in place to assess the need to update internal long-term price outlooks for developments in the periods between pathway updates. Financial impact of portfolio decisions The Group reflects the planning range and associated price Over recent years, the Group has repositioned its portfolio towards outlooks in the internal valuations used as the basis for the Group’s commodities that can help enable and support the megatrends of impairment assessments. decarbonisation and electrification, urbanisation and population growth. The discount rate used in the internal valuations reflects a real post-tax Refer to note 2 ‘Revenue’, which presents current and prior year weighted average cost of capital (WACC), including country and state risk revenue by commodity. Key portfolio changes the Group has made in premia where appropriate, and ranges from 7.0 per cent to 9.5 per cent FY2024 include: across the Group (2023: 7.0 per cent to 9.5 per cent). Cash flow forecasts – sanctioning of the Jansen Stage 2 potash investment (following approval used as the basis for impairment testing include asset specific risks, of Jansen Stage 1 in FY2022) including climate-related risks such as operational interruptions as a result – further consolidation of the Group’s steelmaking coal portfolio of physical climate-related risks, and therefore the Group does not include to concentrate on the higher-quality (grade) coals (which enable a separate climate-related risk adjustment in the Group’s WACC. steelmakers to be more efficient and operate with a lower GHG Further detail on the Group’s significant judgements and estimates that emissions intensity) through the divestment of Blackwater and Daunia inform the planning range and FY2024 impairment assessments, is mines from the BHP Mitsubishi Alliance (BMA) (following the divestment included in note 13 ‘Impairment of non-current assets’. of the Group’s interest in BHP Mitsui Coal in FY2022) In addition to the planning range, and as described below in ‘Paris Agreement and 1.5°C scenarios’, the Group uses its 1.5°C scenario, which In recent years, the Group also: – completed the acquisition of OZ Minerals in FY2023 to support the implies a global average temperature increase of 1.5°C by CY2100, to test creation of a South Australia copper basin resilience of the Group’s portfolio in a rapidly decarbonising world. – completed the divestment of the Group’s Petroleum business through its Physical climate-related risks and asset carrying values merger with Woodside in FY2022 The Group’s operations are exposed to physical climate-related risks. – divested the Group’s interest in the Cerrejón non-operated energy coal In FY2024, the Group continued to progress studies of physical climate-joint venture in FY2022 related risks to better understand the potential impacts on safety, productivity and cost, with the work to continue in FY2025. Also in FY2022, the Group announced that it would retain New South The studies consider potential impacts of acute and chronic risks from Wales Energy Coal (NSWEC) in its portfolio, seek the relevant approvals material climate hazards, which differ based on an operated asset’s to continue mining beyond the current consent that expires at the end of geographic region, asset infrastructure and operational processes. FY2026 and proceed with a managed process to cease mining at the asset The studies are ongoing and therefore the Group’s consideration by the end of FY2030. of physical climate-related risks, including factors such as potential Following impairments recognised in previous periods, the net operational interruptions caused by extreme weather events, therefore carrying value of NSWEC at 30 June 2024 is approximately negative includes only the Group’s current best estimates of related potential US$200 million comprising property, plant and equipment (PP&E) of financial impacts. approximately US$540 million and closure provisions and other liabilities of Given the complexity of physical climate-related risk modelling and the approximately US$740 million. As at 30 June 2024, the potential exposure status of the Group’s ongoing physical risk assessment process, the to further impairment for NSWEC is limited to the book value of PP&E of identification of additional risks and/or the detailed development of the US$540 million, with the forecast cash flows over the proposed operating Group’s response may result in material changes to financial results and period supporting the current carrying value. Further, the useful lives of the carrying values of assets and liabilities in future reporting periods. NSWEC PP&E do not exceed the remaining proposed operating period. Application of carbon pricing assumptions and In July 2024, the Group announced that the Nickel West operations and West Musgrave project (Western Australia Nickel) would be temporarily acquisition of carbon credits suspended from October 2024. Refer to note 13 ‘Impairment of non-current The Group’s carbon credits and offsetting strategy is managed at the assets’ for further details. Group level. However, investment decisions and asset valuations used for the purposes of impairment testing consider carbon price assumptions Impact of transition risks on asset carrying values in relevant regions by applying a carbon price to estimated unmitigated Significant judgements and key estimates in relation to the preparation Scopes 1 and 2 GHG emissions over the life of the respective operation. of these Financial Statements, including asset carrying values and In determining the Group’s strategy and carbon price forecast, factors impairment assessments, are impacted by the Group’s current assessment including a country’s current and announced climate policies, targets of the range of economic and climate-related conditions that could exist and societal factors, such as public acceptance and demographics, are in the world’s transition to a net zero economy, considering the current considered. As at the date of these Financial Statements, the carbon price trajectory of society and the global economy as a whole. used in asset valuations reflects the following ranges: For example, demand for the Group’s commodities may decrease due to policy, regulatory (including carbon pricing mechanisms), legal, US$ real (July 2024) FY2030 FY2030 FY2050 FY2050 technological, market or societal responses to climate change, resulting per tCO2-e Low High Low High in a proportion of a cash generating unit’s (CGU) reserves becoming Australia 28 83 166 248 incapable of extraction in an economically viable fashion. Alternatively, Brazil 6 55 138 221 technological or market developments increasing demand for commodities in the portfolio that help enable decarbonisation may have a positive Chile 9 44 166 248 impact on prices for those commodities. Canada 71 110 221 248 Key customer countries1 1 193 28 276 1. Maximum low and high values found across China, India, European Union, United States, Japan, Korea, Indonesia, South Africa, Other Latin and Central America and Other Asia.

164 BHP Annual Report 2024 1 Consolidated Financial Statements continued 16 Climate change continued A significant proportion of the Group’s renewable electricity is currently sourced through power purchase agreements and judgement is required in The Group currently acquires carbon credits primarily for regulatory purposes. determining the appropriate accounting treatment of such arrangements. The Group’s plan is to achieve its FY2030 operational (Scopes 1 and 2 from Depending on the specific terms and conditions, power purchase operated assets) GHG emissions target through structural abatement, but if agreements may be recognised as an expense when incurred, a financial there is an unanticipated shortfall in the pathway to achieve the target, there derivative or a lease liability, with an associated right of use asset. may be a need to surrender voluntary carbon credits to close the performance In addition to operational expenditure on renewable energy, the Group gap. The Group will not use regulatory carbon credits when determining recognised the following in relation to power purchase agreements at whether it has achieved its FY2030 target. The Group may also sell carbon 30 June 2024: credits, depending on internal use requirements, or originate carbon credits through project development or direct investment. – US$44 million of lease liabilities, with associated right of use assets Acquired carbon credits are recognised as an asset initially at cost and are (2023: US$ nil) subsequently subject to impairment and/or net realisable value assessments. – financial derivatives with a fair value of approximately US$92 million Classification of the asset reflects the intended manner of use: (2023: US$50 million) – Inventory – where the intended use is uncertain or the carbon credit is available for trading purposes (either separately or ‘bundled’ with sale of Estimated future cash flows for the Group’s assets include amounts a commodity); or associated with projects aimed at contributing to the achievement of the Group’s medium-term target and long-term goal. These cash flow – Intangible asset – held for regulatory or voluntary surrender estimates form the basis of the Group’s impairment assessments as outlined in further detail in note 13 ‘Impairment of non-current assets’. Obligations arising from greenhouse gas emission schemes, such as the The Group estimates up to US$4 billion (nominal terms) in spend Australian Safeguard Mechanism (which requires its largest industrial facilities and commitments over the decade to FY2030 to execute the Group’s to surrender eligible carbon credits when their Scope 1 GHG emissions operational decarbonisation plans. This amount incorporates capital exceed a progressively declining legislated limit, known as the baseline) expenditure and lease commitments that were previously expected to are recognised as a liability at the reporting date when the Group has be classified as capital expenditure and reflects the incremental cost an obligation. to facilitate the Group’s reduction in operational GHG emissions (e.g. During FY2024, the Group surrendered approximately US$1 million in the additional cost of buying or leasing an electric truck versus the diesel carbon credits (~47,000 tCO2-e) to satisfy Australian assets’ FY2023 combustion truck it would replace). Safeguard Mechanism obligations. There were no voluntary surrenders. Many of the projects planned to commence before FY2030 are likely to As at 30 June 2024, the Group recognised: – Approximately US$23 million in carbon credits within intangible assets extend beyond the Group’s medium-term target period and are expected to (with no carbon credits classified as inventory). make a substantial contribution towards the Group’s long-term goal of net zero operational GHG emissions by CY2050. Significant expenditure on – An obligation of US$17 million, representing the FY2024 requirement fleet renewal at certain assets, for example Olympic Dam, is expected to to surrender eligible carbon credits under the Safeguard Mechanism. occur after FY2030. The Group intends to satisfy this liability through the surrender of carbon As the Group’s climate response is further integrated into business-credits in FY2025. as-usual planning, the spending on climate initiatives is expected to increasingly form part of ordinary course business expenditures. Useful economic lives of property, plant and equipment Any change to the Group’s climate change strategy and future cash The determination of useful lives of the Group’s PP&E requires judgement, flows could impact the expected level of expenditure on operational including consideration of the Group’s climate change strategy, targets and decarbonisation and the associated Financial Statement significant goals, decarbonisation plans and the possible impact of transition risks on judgements and key estimates. demand for the Group’s commodities. Useful lives are reviewed each reporting period, including to ensure they do decarbonisation Expenditure to support value chain (Scope 3) not exceed the remaining expected operating life of the operation in which they are utilised. The remaining lives of the Group’s operations reflect the The Group continues to invest, including through partnership with others, in Group’s planning range and its underlying climate-related assumptions. potential GHG emissions reduction opportunities in its value chain through A key component of the Group’s operational decarbonisation strategy technology innovation and development to support GHG emissions is the displacement of diesel within the Group’s operations, particularly reductions by steelmaking customers and in the maritime industry. the haul truck fleet. The Group is supporting the development of new However, while the Group seeks to influence reduction opportunities, Scope equipment by original equipment manufacturers, including entering 3 emissions occur outside of the Group’s direct control. Reduction pathways into partnerships focused on the development and trialling of electric are dependent on the development, and upstream or downstream locomotives and haul trucks. deployment of, solutions and/or supportive policy and improvements in While technical and commercial development of the technology needed is Scope 3 emissions measurement. Where possible, the financial impact of progressing, the Group’s operational plans generally assume replacement the Group’s activities in support of the development of Scope 3 emissions of haul trucks, and other diesel powered equipment, at the end of their reduction pathways is reflected in these Financial Statements. In FY2024, useful lives in line with the Group’s regular fleet renewal programs. this included expenditure of approximately US$30 million to support For example, a significant proportion of the Group’s existing WAIO mining collaborative partnerships, consortiums, research and development and fleet is due for replacement prior to the expected availability of battery BHP Ventures investments. electric vehicle solutions. As such, the Group’s decarbonisation plans have Given the inherent uncertainty in future technology and policy not had a material impact on the estimated remaining useful lives of the advancements, it is not currently possible to reliably estimate or measure Group’s existing fleet of assets in FY2024. the full potential Financial Statement impacts of the Group’s pursuit of its Scope 3 goals and targets. Expenditure operated assets) on operational decarbonisation (Scopes 1 and 2 from rehabilitation Timing, scope activities and expected cost of closure and The Group set a medium-term target to reduce its operational GHG emissions (Scopes 1 and 2 from operated assets) by at least 30 per cent The extent, timing and cost of the Group’s future closure activities may from the Group’s FY2020 baseline levels by FY2030 and a long-term goal be impacted by potential physical and transition climate-related impacts. to achieve net zero operational GHG emissions by CY2050. The FY2020 In estimating the potential cost of closure activities, the Group considers baseline for the medium-term target and subsequent performance is factors such as long-term weather outlooks, for example forecast adjusted for acquisitions, divestments and methodology changes. changes in rainfall patterns. Closure cost estimates also consider the While the Group’s operational GHG emissions increased in FY2024, impact of the Group’s climate change strategy on the costs and timing compared to FY2023, largely as emissions from organic growth exceeded of performing closure activities and the impact of new technology where reductions from decarbonisation activities, the Group remains on track appropriately developed and tested. For example, closure cost estimates to meet its FY2030 target. Operational decarbonisation activities during largely continue to reflect the use of existing fuel sources for the Group’s FY2024 continued to focus on transitioning the Group’s electricity supply equipment while the Group continues to invest in the development of to renewable sources and continuing to progress projects in relation to alternative fuel sources and fleet electrification. displacement of diesel. Expenditure in relation to diesel displacement and fugitive methane is expected to increase towards the second half of the decade, with capital expenditure in these areas not material in FY2024.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 165 The estimated cost of closure activities includes management’s current Demand for the Group’s commodities best estimate in relation to post-closure monitoring and maintenance, The Group acknowledges that there are a range of possible energy which may be required for significant periods beyond the completion of transition scenarios, including those that are aligned with the aims of other closure activities and is therefore exposed to potential long-term the Paris Agreement, that may indicate different outcomes for individual climate-related impacts. While reflecting management’s current best commodities. The Group examines the resilience of its portfolio to a 1.5°C estimate, the cost of post-closure monitoring and maintenance may scenario (the Group’s 1.5°C scenario) by considering the impact of the change in future reporting periods as the understanding of, and potential commodity and carbon prices under that scenario using the Group’s latest long-term impacts from a changing climate continue to evolve. Given the long-lived nature of the majority of the Group’s assets, the operating plans. There are inherent limitations with scenario analysis and it is difficult to majority of final closure activities are not expected to occur for a significant predict which, if any, of the range of scenarios the Group utilises might period of time. However: – Acknowledging the wide range of potential energy transition impacts eventuate and none of the scenarios considered constitutes a definitive for steelmaking coal demand and the impact of any significant changes outcome for the Group. The Group’s 1.5°C scenario has a distinct impact in demand on mine lives, for illustrative purposes only, a one-year on each of its commodities with current trends impacting the degree change in the mine life of the Group’s steelmaking coal assets would, of likelihood of future outcomes aligning with different elements of the in isolation, change the closure and rehabilitation provisions for those scenario. However, based on current trends, it is considered unlikely that assets by approximately US$40 million. the Group’s 1.5°C scenario would occur. As the electrification megatrend is well underway, there is a higher – The Group announced in FY2022 the planned closure of NSWEC likelihood of a positive impact to demand reflected in the Group’s 1.5°C by FY2030. As such, while the provision is subject to estimation and scenario eventuating for commodities which stand to benefit from this assumptions, the timing of closure is no longer considered materially megatrend, including copper, nickel and uranium. susceptible to potential long-term climate-related transition risks. The Group’s 1.5°C pathway for potash is driven by increasing competition Further, while the Group is evaluating the approach to the closure of for land and the need for agricultural productivity. NSWEC and potential expenditure relating to an equitable change The long-term commodity prices for potash, copper, nickel and uranium and transition for its workforce, the Group continues to engage with its under the Group’s 1.5°C scenario are favourable to or materially consistent employees and the community to understand and develop the most with the price outlooks from the base case of the Group’s planning range. appropriate transition plan. As the Group’s approach is currently under Price-only sensitivities using the prices derived from the Group’s 1.5°C development with impacted parties, it is not yet supported by a detailed, scenario do not indicate an illustrative impairment for those commodities. formal plan or commitment and therefore no provision relating to equitable However, the global steelmaking sector, like many hard-to-abate sectors, change and transition costs can be recognised as at 30 June 2024. More detail on the key judgements and estimates impacting the Group’s is not currently seeing the investment, policy settings or technological closure and rehabilitation provisions is presented in note 15 ‘Closure and progress needed to align with the trajectory in the Group’s 1.5°C scenario. The Group’s 1.5°C scenario assumes an aggressive decarbonisation rehabilitation provisions’. pathway for the steelmaking sector as a result of increased scrap Paris Agreement and 1.5°C scenarios collection, progression or acceleration of currently challenging, evolving The Group acknowledges that there are a range of energy transition or early-stage decarbonisation technologies and top-down government scenarios, including those that are aligned with the goals of the policies. The current signposts do not indicate progress in line with this trajectory. Paris Agreement, that may indicate different outcomes for individual While GHG emissions intensity of steel production reduces significantly commodities. As noted, indicators show the appropriate measures are in the Group’s 1.5°C scenario, underlying demand for steel (including the not in place globally to drive decarbonisation pathways at a pace or proportion from ore-based steel production) remains strong. As such, scale required to limit the global average temperature increase to 1.5°C the price derived from the Group’s 1.5°C scenario for iron ore remains above pre-industrial levels (particularly in hard-to-abate sectors, like steelmaking). However, to the extent governments, institutions, companies, materially aligned with the Group’s base case assumptions and does not and society increasingly focus on addressing climate change, the potential indicate an illustrative impairment. for a non-linear and/or more rapid transition trajectory increases. The assumptions within the Group’s 1.5°C scenario result in a greater Accordingly, in addition to the Group’s planning range, which implies a relative impact to steelmaking coal prices, compared to the base case projected global average temperature increase of around 2°C by CY2100, assumptions. Under the Group’s base case assumptions within the the Group utilises a range of scenarios, including a 1.5°C scenario, when planning range, headroom in excess of US$6 billion exists between the testing the resilience of its portfolio and major investment decisions. carrying value of the Group’s steelmaking coal assets and their estimated In FY2024, the Group developed a new 1.5°C scenario, which does valuation. In a price-only sensitivity, using the prices derived from the not currently inform the Group’s planning range and intentionally uses Group’s 1.5°C scenario, while current headroom would reduce, no aggressive assumptions around political, technological and behavioural illustrative impairment of the Group’s steelmaking coal assets is indicated. change, particularly for hard-to-abate sectors, such as steelmaking. It is In addition, to provide further analysis of the risk of potential impairment designed to specifically test the Group’s current portfolio following changes in a 1.5°C scenario, the Group has also performed a price-only sensitivity to its portfolio since the Group’s previous 1.5°C scenario published in the for steelmaking coal assets under a 1.5°C scenario published by Wood BHP Climate Change Report 2020. Mackenzie, a research and consultancy business for the global energy, The Group’s 1.5°C scenario is not a forecast of what is likely to occur and power and renewables, subsurface, chemicals and metals and mining represents one of many hypothetical pathways for the future based on industries. This further analysis acknowledges the wide range of potential different assumptions relating to world-wide economies, including global energy transition impacts for steelmaking coal. energy systems. While the Group does not currently see a 1.5°C outcome Under the Wood Mackenzie 1.5°C scenario, reflecting the prices outlined as likely, a 1.5°C scenario is utilised to inform the Group’s understanding of below, a price-only sensitivity would also reduce the current headroom the potential impacts of an acceleration in global decarbonisation. All 1.5°C on the Group’s steelmaking coal assets, but does not indicate an scenarios require steep global annual GHG emission reductions, sustained illustrative impairment. for decades, to stay within a 1.5°C carbon budget (i.e. the total net amount of GHG emissions that can be emitted worldwide to limit global average CY2030 Price CY2050 Price temperature increase to 1.5°C by CY2100). Price source (real, US$/tonne) (real, US$/tonne) The Group continues to monitor global decarbonisation signposts and Wood Mackenzie Net Zero 180 143 updates its planning range, associated price outlooks and cost of carbon (1.5°C) Scenario (June 2024) assumptions. If such signposts indicate the appropriate measures are in place for achievement of a 1.5°C outcome, this will be reflected in the The Group considers that it is currently impracticable to fully assess all Group’s planning range. potential Financial Statement impacts in scenario analysis. Accordingly, these price-only sensitivities reflect different prices while assuming that Capital allocation all other factors in the asset valuations, such as production and sales The Group includes a 1.5°C scenario sensitivity in capital allocation processes, volumes, capital and operating expenditures, carbon pricing and the which compares the demand outlook for the Group’s products in the planning discount rate, remain unchanged from those used in the Group’s FY2024 range to that of a rapidly decarbonising global economy, should that eventuate. impairment assessments. As such, the sensitivities do not attempt to assess all potential impacts, including those on asset valuations, that may Consideration of the Group’s 1.5°C scenario in the capital allocation arise under a 1.5°C scenario and do not consider any actions the Group process is intended to test resilience of the Group’s portfolio and mitigate would take in respect of operating and investment plans to mitigate the the risk of stranded assets, and associated impairments, should global cash flow and valuation impacts that may arise in a 1.5°C scenario. measures to achieve a 1.5°C outcome be adopted.

166 BHP Annual Report 2024 1 Consolidated Financial Statements continued Capital structure 17 Share capital BHP Group Limited BHP Group Plc 2024 2023 2022 2022 shares shares shares shares Share capital issued Opening number of shares 5,065,820,556 5,062,323,190 2,945,851,394 2,112,071,796 Issue of shares 5,710,261 3,497,366 4,400,000 – Corporate structure unification1 – – 2,112,071,796 (2,112,071,796) Purchase of shares by ESOP Trusts (5,687,667) (6,442,571) (8,704,669) (63,567) Employee share awards exercised following vesting 5,841,767 6,081,843 8,522,684 77,748 Movement in treasury shares under Employee Share Plans (154,100) 360,728 181,985 (14,181) Closing number of shares 5,071,530,817 5,065,820,556 5,062,323,190 – Comprising: Shares held by the public 5,070,273,143 5,064,408,782 5,061,272,144 – Treasury shares 1,257,674 1,411,774 1,051,046 – 1. As a result of the corporate structure unification on 31 January 2022, 2,112,071,796 fully paid ordinary shares in BHP Group Limited were issued to BHP Group Plc shareholders in a one for one exchange of their BHP Group Plc ordinary shares, resulting in BHP Group Limited becoming the sole parent company of the Group with a single set of shareholders. In August 2023, BHP Group Limited issued 2,919,231 fully paid ordinary shares to the BHP Group Limited Employee Equity Trust and Solium Capital (Australia) Pty Ltd at A$43.52 per share (2023: 3,497,366 fully paid ordinary shares issued at A$40.51 per share; 2022: 4,400,000 fully paid ordinary shares issued at A$52.99 per share) and in March 2024, BHP Group Limited issued 2,791,030 fully paid ordinary shares to the BHP Group Limited Employee Equity Trust and Computershare Nominees CI Ltd at A$43.79 per share to satisfy the vesting of employee share awards and related dividend equivalent entitlements under those employee share plans. Share capital of BHP Group Limited at 30 June 2024 is composed of the following categories of shares: Ordinary shares fully paid Treasury shares Each fully paid ordinary share of BHP Group Treasury shares are fully paid ordinary shares of BHP Group Limited that are held by the ESOP Trusts for Limited carries the right to one vote at a the purpose of issuing shares to employees under the Group’s Employee Share Plans. Treasury shares are meeting of the Company. recognised at cost and deducted from equity, net of any income tax effects. When the treasury shares are subsequently sold or reissued, any consideration received, net of any directly attributable costs and income tax effects, is recognised as an increase in equity. Any difference between the carrying amount and the consideration, if reissued, is recognised in retained earnings. 18 Other equity 2024 2023 2022 US$M US$M US$M Recognition and measurement Common control reserve (1,603) (1,603) (1,603) The common control reserve arose on unification of the Group’s corporate structure and represents the residual on consolidation between BHP Group Ltd’s investment in BHP Group Plc (now known as BHP Group (UK) Ltd) and BHP Group Plc’s share capital, share premium and capital redemption reserve at the time of unification. Employee share awards reserve 166 171 174 The employee share awards reserve represents the accrued employee entitlements to share awards that have been charged to the income statement and have not yet been exercised. Once exercised, the difference between the accumulated fair value of the awards and their historical on-market purchase price is recognised in retained earnings. Cash flow hedge reserve 27 10 41 The cash flow hedge reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge is recognised in the income statement when the hedged transaction impacts the income statement, or is recognised as an adjustment to the cost of non-financial hedged items. The hedging reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge relationship. Cost of hedging reserve (7) (1) (19) The cost of hedging reserve represents the recognition of certain costs of hedging for example, basis adjustments, which have been excluded from the hedging relationship and deferred in other comprehensive income until the hedged transaction impacts the income statement. Foreign currency (14) (14) (14) The foreign currency translation reserve represents exchange translation reserve differences arising from the translation of non-US dollar functional currency operations within the Group into US dollars. Equity investments reserve (21) 9 (8) The equity investment reserve represents the revaluation of investments in shares recognised through other comprehensive income. Where a revalued financial asset is sold, the relevant portion of the reserve is transferred to retained earnings. Non-controlling interest 1,437 1,441 1,441 The non-controlling interest contribution reserve represents the excess contribution reserve of consideration received over the book value of net assets attributable to equity instruments when acquired by non-controlling interests. Total reserves (15) 13 12

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 167 Summarised financial information relating to each of the Group’s subsidiaries with non-controlling interests (NCI) that are significant to the Group is shown below: 2024 2023 Other Other Minera individually Minera individually Escondida immaterial Escondida immaterial US$M Limitada subsidiaries Total Limitada subsidiaries Total Group share (per cent) 57.5 57.5 Current assets 3,683 3,144 Non-current assets 12,639 12,160 Current liabilities (2,484) (1,598) Non-current liabilities (4,989) (5,413) Net assets 8,849 8,293 Net assets attributable to NCI 3,761 548 4,309 3,525 509 4,034 Revenue 10,013 8,847 Profit after taxation 2,894 2,365 Other comprehensive income 13 (8) Total comprehensive income 2,907 2,357 Profit after taxation attributable to NCI 1,230 474 1,704 1,005 398 1,403 Other comprehensive income attributable to NCI 6 (2) 4 (3) – (3) Net operating cash flow 4,180 3,168 Net investing cash flow (1,806) (1,351) Net financing cash flow (2,415) (1,620) Dividends paid to NCI 993 431 1,424 712 463 1,175 While the Group controls Minera Escondida Limitada, the non-controlling interests hold certain protective rights that restrict the Group’s ability to sell assets held by Minera Escondida Limitada, or use the assets in other subsidiaries and operations owned by the Group. Minera Escondida Limitada is also restricted from paying dividends without the approval of the non-controlling interests. 19 Dividends Year ended 30 June 2024 Year ended 30 June 2023 Year ended 30 June 2022 Per share Total Per share Total Per share Total US cents US$M US cents US$M US cents US$M Dividends paid during the period Prior year final dividend 80 4,065 175 8,858 200 10,119 Interim dividend 72 3,647 90 4,562 150 7,601 152 7,712 265 13,420 350 17,720 Dividends paid during the period differs from the amount of dividends paid in the Consolidated Cash Flow Statement as a result of foreign exchange gains and losses relating to the timing of equity distributions between the record date and the payment date. Additional derivative settlements of US$44 million were made as part of the funding of the dividend paid during the period and is disclosed in Proceeds/(settlements) of cash management related instruments in the Consolidated Cash Flow Statement. Each American Depositary Share (ADS) represents two ordinary shares of BHP Group Limited. Dividends determined on each ADS represent twice the dividend determined on each BHP Group Limited ordinary share. Dividends are determined after period-end and announced with the results for the period. Interim dividends are determined in February and paid in March. Final dividends are determined in August and paid in September or October. Dividends determined are not recorded as a liability at the end of the period to which they relate. Subsequent to year-end, on 27 August 2024, BHP Group Limited determined a final dividend of 74 US cents per share (US$3,752 million), which will be paid on 3 October 2024 (30 June 2023: final dividend of 80 US cents per share – US$4,052 million; 30 June 2022: final dividend of 175 US cents per share – US$8,857 million). BHP Group Limited dividends for all periods presented are, or will be, fully franked based on a tax rate of 30 per cent. 2024 2023 2022 US$M US$M US$M Franking credits as at 30 June 9,165 7,953 7,007 Franking credits arising on the future payment/(refund) of taxes relating to the period 83 (261) 2,043 Total franking credits available1 9,248 7,692 9,050 1. The payment of the final 2024 dividend determined after 30 June 2024 will reduce the franking account balance by US$1,608 million.

168 BHP Annual Report 2024 1 Consolidated Financial Statements continued 20 Provisions for dividends and other liabilities The disclosure below excludes closure and rehabilitation provisions (refer to note 15 ‘Closure and rehabilitation provisions’), employee benefits, restructuring and post-retirement employee benefits provisions (refer to note 27 ‘Employee benefits, restructuring and post-retirement employee benefits provisions’) and provision related to the Samarco dam failure (refer to note 4 ‘Significant events – Samarco dam failure’). 2024 2023 US$M US$M At the beginning of the financial year 769 674 Acquisition of subsidiaries and operations1 – 61 Dividends determined 7,712 13,420 Charge/(credit) for the year: Underlying 180 156 Discounting 2 2 Exchange variations (42) (161) Released during the year (120) (62) Utilisation (92) (35) Dividends paid (7,675) (13,268) Transfers and other movements (24) (18) At the end of the financial year 710 769 Comprising: Current 220 384 Non-current 490 385 1. Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 169 Financial management 21 Net debt The Group seeks to maintain a strong balance sheet and deploys its capital with reference to the Capital Allocation Framework. The Group monitors capital using the net debt balance and the gearing ratio, being the ratio of net debt to net debt plus net assets. The net debt definition includes the fair value of derivative financial instruments used to hedge cash and borrowings which reflects the Group’s risk management strategy of reducing the volatility of net debt caused by fluctuations in foreign exchange and interest rates. Under IFRS 16/AASB16 ‘Leases’, certain vessel lease contracts are required to be remeasured at each reporting date to the prevailing freight index. While these liabilities are included in the Group interest bearing liabilities, they are excluded from the net debt calculation as they do not align with how the Group assesses net debt for decision making in relation to the Capital Allocation Framework. In addition, the freight index has historically been volatile which creates significant short-term fluctuation in these liabilities. 2024 2023 US$M Current Non-current Current Non-current Interest bearing liabilities Bank loans 540 2,070 5,310 2,192 Notes and debentures 848 14,084 1,337 10,482 Lease liabilities 686 2,430 521 2,498 Bank overdraft and short-term borrowings 3 – 5 – Other 7 50 – – Total interest bearing liabilities 2,084 18,634 7,173 15,172 Less: Lease liability associated with index-linked freight contracts 267 244 114 173 Less: Cash and cash equivalents Cash 8,150 – 7,206 – Short-term deposits 4,351 – 5,222 – Less: Total cash and cash equivalents 12,501 – 12,428 – Less: Derivatives included in net debt Net debt management related instruments1 (171) (1,224) (113) (1,459) Net cash management related instruments2 (19) – 36 – Less: Total derivatives included in net debt (190) (1,224) (77) (1,459) Net debt 9,120 11,166 Net assets 49,120 48,530 Gearing 15.7% 18.7% 1. Represents the net cross currency and interest rate swaps designated as effective hedging instruments included within current and non-current other financial assets and liabilities. 2. Represents the net forward exchange contracts included within current and non-current other financial assets and liabilities. Cash and short-term deposits are disclosed in the cash flow statement net of bank overdrafts and interest bearing liabilities at call. 2024 2023 2022 US$M US$M US$M Total cash and cash equivalents 12,501 12,428 17,236 Bank overdrafts and short-term borrowings (3) (5) – Total cash and cash equivalents, net of overdrafts 12,498 12,423 17,236 Cash and cash equivalents includes US$112 million (2023: US$95 million) restricted by legal or contractual arrangements. Recognition and measurement Cash and short-term deposits in the balance sheet comprise cash at bank and on hand and highly liquid cash deposits with short-term maturities that are readily convertible to known amounts of cash with insignificant risk of change in value. The Group considers that the carrying value of cash and cash equivalents approximate fair value due to their short-term to maturity. Refer to note 22 ‘Leases’ and note 24 ‘Financial risk management’ for the recognition and measurement principles for lease liabilities and other financial liabilities. Interest bearing liabilities and cash and cash equivalents include balances denominated in the following currencies: Interest bearing liabilities Cash and cash equivalents 2024 2023 2024 2023 US$M US$M US$M US$M USD 15,203 16,289 4,445 5,925 EUR 2,440 3,050 5 544 GBP 1,613 1,587 711 674 AUD 1,265 1,233 3,840 1,797 CAD 5 7 3,259 3,362 Other 192 179 241 126 Total 20,718 22,345 12,501 12,428 The Group enters into derivative transactions to convert the majority of its exposures above into US dollars. Further information on the Group’s risk management activities relating to these balances is provided in note 24 ‘Financial risk management’.

170 BHP Annual Report 2024 1 Consolidated Financial Statements continued 21 Net debt continued Liquidity risk The Group’s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due and is managed as part of the portfolio risk management strategy. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short-term and long-term forecast information. Recognising the cyclical volatility of operating cash flows, the Group has defined minimum target cash and liquidity buffers to be maintained to mitigate liquidity risk and support operations through the cycle. The Group’s strong credit profile, diversified funding sources, its minimum cash buffer and its committed credit facilities ensure that sufficient liquid funds are maintained to meet its daily cash requirements. The Group’s Moody’s credit rating has remained at A1/P-1 outlook stable (long-term/short-term). The Group’s S&P Global’s rating has remained at A-/A-1 outlook stable (long-term/short-term). There were no defaults on the Group’s liabilities during the period. Counterparty risk The Group is exposed to credit risk from its financing activities, including short-term cash investments such as deposits with banks and derivative contracts. This risk is managed by Group Treasury in line with the counterparty risk framework, which aims to minimise the exposure to a counterparty and mitigate the risk of financial loss through counterparty failure. Exposure to counterparties is monitored at a Group level across all products and includes exposure with derivatives and cash investments. Investments and derivatives are only transacted with approved counterparties who have been assigned specific limits based on a quantitative credit risk model. These limits are updated at least bi-annually. Additionally, derivatives are subject to tenor limits and investments are subject to concentration limits by rating. Derivative fair values are inclusive of valuation adjustments that take into account both the counterparty and the Group’s risk of default. Standby arrangements and unused credit facilities The Group’s committed revolving credit facility operates as a back-stop to the Group’s uncommitted commercial paper program. The combined amount drawn under the facility or as commercial paper will not exceed US$5.5 billion. As at 30 June 2024, US$ nil commercial paper was drawn (2023: US$ nil). The facility is due to mature on 10 October 2026. A commitment fee is payable on the undrawn balance and interest is payable on any drawn balance comprising a reference rate plus a margin. The agreed margins are typical for a credit facility extended to a company with the Group’s credit rating. Maturity profile of financial liabilities The maturity profile of the Group’s financial liabilities based on the undiscounted contractual amounts, taking into account the derivatives related to debt, is as follows: Bank loans, Expected Derivatives Other Obligations Trade 2024 debentures future interest related to financial under lease and other US$M and other loans payments debentures liabilities liabilities payables1 Total Due for payment: In one year or less or on demand 1,402 884 485 333 836 6,618 10,558 In more than one year but not more than two years 1,362 827 171 67 591 15 3,033 In more than two years but not more than five years 4,960 1,923 377 233 1,012 27 8,532 In more than five years 10,999 4,784 1,131 163 1,761 3 18,841 Total 18,723 8,418 2,164 796 4,200 6,663 40,964 Carrying amount 17,602 – 1,513 758 3,116 6,663 29,652 Bank loans, Expected Derivatives Other Obligations Trade 2023 debentures future interest related to financial under lease and other US$M and other loans payments debentures liabilities liabilities payables1 Total Due for payment: In one year or less or on demand 6,659 757 536 257 658 6,175 15,042 In more than one year but not more than two years 1,399 595 388 126 538 4 3,050 In more than two years but not more than five years 4,058 1,410 399 267 1,031 – 7,165 In more than five years 8,093 3,693 1,020 211 1,846 – 14,863 Total 20,209 6,455 2,343 861 4,073 6,179 40,120 Carrying amount 19,326 – 1,755 804 3,019 6,179 31,083 1. Excludes input taxes of US$101 million (2023: US$121 million) included in other payables.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 171 22 Leases Movements in the Group’s lease liabilities during the year are as follows: 2024 2023 US$M US$M At the beginning of the financial year 3,019 2,576 Additions 593 542 Acquisition of subsidiaries and operations1 – 423 Remeasurements of index-linked freight contracts 230 53 Lease payments (837) (706) Foreign exchange movement (16) 12 Amortisation of discounting 181 130 Divestment of subsidiaries and operations2 (60) – Transfers and other movements 6 (11) At the end of the financial year 3,116 3,019 Comprising: Current liabilities 686 521 Non-current liabilities 2,430 2,498 1. Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information. 2. Relates to the divestment of the Blackwater and Daunia mines completed on 2 April 2024. Refer to note 3 ‘Exceptional items’ for more information. A significant proportion by value of the Group’s lease contracts relate to plant facilities, office buildings and vessels. Lease terms for plant facilities and office buildings typically run for over 10 years and vessels from four to 10 years. Other leases include port facilities, various equipment and vehicles. The lease contracts contain a wide range of different terms and conditions including extension and termination options and variable lease payments. The Group’s lease obligations are included in the Group’s Interest bearing liabilities and, with the exception of vessel lease contracts that are priced with reference to a freight index, form part of the Group’s net debt. The maturity profile of lease liabilities based on the undiscounted contractual amounts is as follows: 2024 2023 Lease liability US$M US$M Due for payment: In one year or less or on demand 836 658 In more than one year but not more than two years 591 538 In more than two years but not more than five years 1,012 1,031 In more than five years1 1,761 1,846 Total 4,200 4,073 Carrying amount 3,116 3,019 1. Includes US$738 million (2023: US$808 million) due for payment in more than ten years. At 30 June 2024, commitments for leases not yet commenced based on undiscounted contractual amounts were US$1,170 million (2023: US$1,271 million). Movements in the Group’s right-of-use assets during the year are as follows: 2024 2023 Land and Plant and Land and Plant and buildings equipment Total buildings equipment Total US$M US$M US$M US$M US$M US$M Net book value At the beginning of the financial year 573 2,236 2,809 452 1,909 2,361 Additions 26 567 593 192 350 542 Acquisition of subsidiaries and operations – – – – 423 423 Remeasurements of index-linked freight contracts – 230 230 – 53 53 Depreciation expensed during the period (79) (638) (717) (71) (462) (533) Impairments for the year – (140) (140) – – – Divestment of subsidiaries and operations1 (30) (40) (70) – – – Transfers and other movements – 3 3 – (37) (37) At the end of the financial year 490 2,218 2,708 573 2,236 2,809 – Cost 742 4,479 5,221 758 4,088 4,846 – Accumulated depreciation and impairments (252) (2,261) (2,513) (185) (1,852) (2,037) 1. Relates to the divestment of the Blackwater and Daunia mines completed on 2 April 2024. Refer to note 3 ‘Exceptional items’ for more information.

172 BHP Annual Report 2024 1 Consolidated Financial Statements continued 22 Leases continued Right-of-use assets are included within the underlying asset classes in Property, plant and equipment. Refer to note 11 ‘Property, plant and equipment’. Amounts recorded in the income statement and the cash flow statement for the year were: 2024 2023 2022 US$M US$M US$M Included within Income statement Depreciation of right-of-use assets 717 533 964 Profit from operations Short-term, low-value and variable lease costs1 916 795 847 Profit from operations Interest on lease liabilities 181 130 119 Financial expenses Cash flow statement Principal lease payments 656 576 1,130 Cash flows from financing activities Lease interest payments 181 130 119 Cash flows from operating activities 1. Relates to US$792 million of variable lease costs (2023: US$714 million; 2022: US$585 million), US$96 million of short-term lease costs (2023: US$47 million; 2022: US$222 million) and US$28 million of low-value lease costs (2023: US$34 million; 2022: US$40 million). Variable lease costs include contracts for hire of mining service equipment, drill rigs and transportation services. These contracts contain variable lease payments based on usage and asset performance. Recognition and measurement All leases with the exception of short-term (under 12 months) and low-value leases are recognised on the balance sheet, as a right-of-use asset and a corresponding interest bearing liability. Lease liabilities are initially measured at the present value of the future lease payments from the lease commencement date and are subsequently adjusted to reflect the interest on lease liabilities, lease payments and any remeasurements due to, for example, lease modifications or a change to future lease payments linked to an index or rate. Lease payments are discounted using the interest rate implicit in the lease or, where the rate is not readily determinable, the interest payments are discounted at the Group’s weighted average incremental borrowing rate, adjusted to reflect factors specific to the lease, including where relevant the currency, tenor and location of the lease. In addition to containing a lease, the Group’s contractual arrangements may include non-lease components. For example, certain mining services arrangements involve the provision of additional services, including maintenance, drilling activities and the supply of personnel. The Group has elected to separate these non-lease components from the lease components in measuring lease liabilities. Non-lease components are accounted for in accordance with the accounting policies applied to each underlying good or service received. Low-value and short-term leases are expensed to the income statement. Variable lease payments not dependent on an index or rate are excluded from lease liabilities, and expensed to the income statement. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost will initially correspond to the lease liability, adjusted for initial direct costs, lease payments made prior to lease commencement, capitalised provisions for closure and rehabilitation and any lease incentives received. The lease asset and liability associated with all index-linked freight contracts, including continuous voyage charters (CVCs), are measured at each reporting date based on the prevailing freight index (generally the Baltic C5 index). Where the Group is the operator of an unincorporated joint operation and all investors are parties to a lease, the Group recognises its proportionate share of the lease liability and associated right-of-use asset. In the event the Group is the sole signatory to a lease, and therefore has the sole legal obligation to make lease payments, the lease liability is recognised in full. Where the associated right-of-use asset is sub-leased (under a finance sub-lease) to a joint operation, for instance where it is dedicated to a single operation and the joint operation has the right to direct the use of the asset, the Group (as lessor) recognises its proportionate share of the right-of-use asset and a net investment in the lease, representing amounts to be recovered from the other parties to the joint operation. If the Group is not party to the head lease contract but sub-leases the associated right-of-use asset (as lessee), it recognises its proportionate share of the right-of-use asset and a lease liability which is payable to the operator. Key judgements and estimates Judgements: Certain contractual arrangements not in the form of a lease require the Group to apply significant judgement in evaluating whether the Group controls the right to direct the use of assets and therefore whether the contract contains a lease. Management considers all facts and circumstances in determining whether the Group or the supplier has the rights to direct how, and for what purpose, the underlying assets are used in certain mining contracts and other arrangements, including outsourcing and shipping arrangements. Judgement is used to assess which decision-making rights mostly affect the benefits of use of the assets for each arrangement. Where a contract includes the provision of non-lease services, judgement is required to identify the lease and non-lease components. Estimates: Where the Group cannot readily determine the interest rate implicit in the lease, estimation is involved in the determination of the weighted average incremental borrowing rate to measure lease liabilities. The incremental borrowing rate reflects the rates of interest a lessee would have to pay to borrow over a similar term, with similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. Under the Group’s portfolio approach to debt management, the Group does not specifically borrow for asset purchases. Therefore, the incremental borrowing rate is estimated referencing the Group’s corporate borrowing portfolio and other similar rated entities, adjusted to reflect the terms and conditions of the lease (including the impact of currency, credit rating of subsidiary entering into the lease and the term of the lease), at the inception of the lease arrangement or the time of lease modification. The Group estimates stand-alone prices, where such prices are not readily observable, in order to allocate the contractual payments between lease and non-lease components.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 173 23 Net finance costs 2024 2023 2022 US$M US$M US$M Financial expenses Interest expense using the effective interest rate method: Interest on bank loans, overdrafts and all other borrowings 1,467 997 491 Interest capitalised at 6.82% (2023: 5.71%; 2022: 2.90%)1 (530) (271) (113) Interest on lease liabilities 181 130 119 Discounting on provisions and other liabilities 1,064 1,293 645 Other gains and losses: Fair value change on hedged loans (214) (803) (1,286) Fair value change on hedging derivatives 188 691 1,277 Exchange variations on net debt 27 9 (99) Other 15 14 16 Total financial expenses 2,198 2,060 1,050 Financial income Interest income (709) (529) (81) Net finance costs 1,489 1,531 969 1. Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings. Tax relief for capitalised interest is approximately US$159 million (2023: US$81 million; 2022: US$34 million). Recognition and measurement Interest income is accrued using the effective interest rate method. Finance costs are expensed as incurred, except where they relate to the financing of construction or development of qualifying assets. 24 Financial risk management 24.1 Financial risks Financial and capital risk management strategy The financial risks arising from the Group’s operations comprise market, liquidity and credit risk. These risks arise in the normal course of business and the Group manages its exposure to them in accordance with the Group’s portfolio risk management strategy. The objective of the strategy is to support the delivery of the Group’s financial targets, while protecting its future financial security and flexibility by taking advantage of the natural diversification provided by the scale, diversity and flexibility of the Group’s operations and activities. As part of the risk management strategy, the Group monitors target gearing levels and credit rating metrics under a range of different stress test scenarios incorporating operational and macroeconomic factors. Market risk management The Group’s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. Under the strategy outlined above, the Group seeks to achieve financing costs, currency impacts, input costs and commodity prices on a floating or index basis. In executing the strategy, financial instruments are potentially employed in three distinct but related activities. The following table summarises these activities and the key risk management processes: Activity Key risk management processes 1 Risk mitigation On an exception basis, hedging for the purposes of mitigating risk related to specific and significant expenditure Execution of transactions within on investments or capital projects will be executed if necessary to support the Group’s strategic objectives. approved mandates. 2 Economic hedging of commodity sales, operating costs, short-term cash deposits, other monetary items and debt instruments Where Group commodity production is sold to customers on pricing terms that deviate from the relevant index target and Measuring and reporting where a relevant derivatives market exists, financial instruments may be executed as an economic hedge to align the the exposure in customer revenue price exposure with the index target and US dollars. commodity contracts and issued debt instruments. Where debt is issued in a currency other than the US dollar and/or at a fixed interest rate, fair value and cash flow hedges Executing hedging derivatives to may be executed to align the debt exposure with the Group’s functional currency of US dollars and/or to swap to a floating align the total group exposure interest rate. to the index target. Where short-term cash deposits and other monetary items are denominated in a currency other than US dollars, Execution of transactions within derivative financial instruments may be executed to align the foreign exchange exposure to the Group’s functional approved mandates. currency of US dollars. 3 Strategic financial transactions Opportunistic transactions may be executed with financial instruments to capture value from perceived market Execution of transactions within over/under valuations. approved mandates. Primary responsibility for the identification and control of financial risks, including authorising and monitoring the use of financial instruments for the above activities and stipulating policy thereon, rests with the Financial Risk Management Committee under authority delegated by the Chief Executive Officer.

174 BHP Annual Report 2024 1 Consolidated Financial Statements continued 24 Financial risk management continued Interest rate risk The Group is exposed to interest rate risk on its outstanding borrowings and short-term cash deposits from the possibility that changes in interest rates will affect future cash flows or the fair value of fixed interest rate financial instruments. Interest rate risk is managed as part of the portfolio risk management strategy. The majority of the Group’s debt is issued at fixed interest rates. The Group has entered into interest rate swaps and cross currency interest rate swaps to convert most of its fixed interest rate exposure to floating US dollar interest rate exposure. As at 30 June 2024, 97 per cent of the Group’s borrowings were exposed to floating interest rates inclusive of the effect of swaps (2023: 98 per cent). The fair value of interest rate swaps and cross currency interest rate swaps in hedge relationships used to hedge both interest rate and foreign currency risks are shown in the valuation hierarchy in section 24.4 ‘Derivatives and hedge accounting’. Based on the net debt position as at 30 June 2024, taking into account interest rate swaps and cross currency interest rate swaps, it is estimated that a one percentage point increase in the Secured Overnight Financing Rate (SOFR) interest rate will decrease the Group’s equity and profit after taxation by US$47 million (2023: decrease of US$58 million). This assumes the change in interest rates is effective from the beginning of the financial year and the fixed/floating mix and balances are constant over the year. Currency risk The US dollar is the predominant functional currency within the Group and as a result, currency exposures arise from transactions and balances in currencies other than the US dollar. The Group’s potential currency exposures comprise: – translational exposure in respect of non-functional currency monetary items – transactional exposure in respect of non-functional currency expenditure and revenues The Group’s foreign currency risk is managed as part of the portfolio risk management strategy. Translational exposure in respect of non-functional currency monetary items Monetary items, including financial assets and liabilities, denominated in currencies other than the functional currency of an operation are restated at the end of each reporting period to US dollar equivalents and the associated gain or loss is taken to the income statement. The exception is foreign exchange gains or losses on foreign currency denominated provisions for closure and rehabilitation at operating sites, which are capitalised in property, plant and equipment. The Group has entered into cross currency interest rate swaps and foreign exchange forwards to convert its significant foreign currency exposures in respect of monetary items into US dollars. Fluctuations in foreign exchange rates are therefore not expected to have a significant impact on equity and profit after tax. The following table shows the carrying values of financial assets and liabilities at the end of the reporting period denominated in currencies other than the US dollar that are exposed to foreign currency risk: 2024 2023 Net financial (liabilities)/assets – by currency of denomination US$M US$M AUD (3,850) (4,168) CAD (543) (312) CLP (150) (74) GBP 323 353 EUR 239 217 Other 43 355 Total (3,938) (3,629) The principal non-functional currencies to which the Group is exposed are the Australian dollar, the Canadian dollar, the Chilean peso, the Pound sterling and the Euro. Based on the Group’s net financial assets and liabilities as at 30 June 2024, a weakening of the US dollar against these currencies (one cent strengthening in Australian dollar, one cent strengthening in Canadian dollar, 10 pesos strengthening in Chilean peso, one penny strengthening in Pound sterling and one cent strengthening in Euro), with all other variables held constant, would decrease the Group’s equity and profit after taxation by US$17 million (2023: decrease of US$15 million). Transactional exposure in respect of non-functional currency expenditure and revenues Certain operating and capital expenditure is incurred in currencies other than an operation’s functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the functional currency of operations and certain exchange control restrictions may require that funds be maintained in currencies other than the functional currency of the operation. These currency risks are managed as part of the portfolio risk management strategy. The Group may enter into forward exchange contracts when required under this strategy. Commodity price risk The risk associated with commodity prices is managed as part of the portfolio risk management strategy. Substantially all of the Group’s commodity production is sold on market-based index pricing terms, with derivatives used from time to time to achieve a specific outcome. Financial instruments with commodity price risk comprise forward commodity and other derivative contracts with net liabilities at fair value of US$42 million (2023: net liabilities of US$20 million).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 175 Provisionally priced commodity sales and purchases contracts Provisionally priced sales or purchases volumes are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms within these sales and purchases arrangements have the character of a commodity derivative. Trade receivables or payables under these contracts are carried at fair value through profit or loss using Level 2 valuation inputs based on forecast selling prices in the quotation period. The Group’s exposure at 30 June 2024 to the impact of movements in commodity prices upon provisionally invoiced sales and purchases volumes was predominately around copper. The Group had 428 thousand tonnes of copper exposure as at 30 June 2024 (2023: 314 thousand tonnes) that was provisionally priced. The final price of these sales and purchases volumes will be determined during the first half of FY2025. A 10 per cent change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or decrease profit after taxation by US$299 million (2023: US$184 million). The relationship between commodity prices and foreign currencies is complex and movements in foreign exchange rates can impact commodity prices. Liquidity risk Refer to note 21 ‘Net debt’ for details on the Group’s liquidity risk. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily from customer receivables) and from its financing activities, including deposits with banks and financial institutions, other short-term investments, interest rate and currency derivative contracts and other financial instruments. Refer to note 8 ‘Trade and other receivables’ and note 21 ‘Net debt’ for details on the Group credit risk. 24.2 Recognition and measurement All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date. Financial assets are subsequently carried at fair value or amortised cost based on: – the Group’s purpose, or business model, for holding the financial asset – whether the financial asset’s contractual terms give rise to cash flows that are solely payments of principal and interest The resulting Financial Statements classifications of financial assets can be summarised as follows: Contractual cash flows Business model Category Solely principal and interest Hold in order to collect contractual cash flows Amortised cost Solely principal and interest Hold in order to collect contractual cash flows and sell Fair value through other comprehensive income Solely principal and interest Hold in order to sell Fair value through profit or loss Other Any of those mentioned above Fair value through profit or loss Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through profit or loss under IFRS 9. The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as ‘hold in order to sell’, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution. With the exception of derivative contracts and provisionally priced trade payables which are carried at fair value through profit or loss, the Group’s financial liabilities are classified as subsequently measured at amortised cost. The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss. Fair value measurement The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group’s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates. The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument. For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole: IFRS 13 Fair value hierarchy Level 1 Level 2 Level 3 Valuation inputs Based on quoted prices (unadjusted) Based on inputs other than quoted Based on inputs not observable in in active markets for identical financial prices included within Level 1 that the market using appropriate valuation assets and liabilities. are observable for the financial models, including discounted cash asset or liability, either directly (i.e. flow modelling. as unquoted prices) or indirectly (i.e. derived from prices).

176 BHP Annual Report 2024 1 Consolidated Financial Statements continued 24 Financial risk management continued 24.3 Financial assets and liabilities The financial assets and liabilities are presented by class in the table below at their carrying amounts. IFRS 13 Fair value hierarchy 2024 2023 Level1 IFRS 9 Classification US$M US$M Current cross currency and interest rate swaps2 2 Fair value through profit or loss 5 34 Current other derivative contracts3 2,3 Fair value through profit or loss 118 407 Current other financial assets4 Amortised cost 234 – Current other investments5 1,2 Fair value through profit or loss 24 29 Non-current cross currency and interest rate swaps2 2 Fair value through profit or loss 113 149 Non-current other derivative contracts3 2,3 Fair value through profit or loss 103 228 Non-current other financial assets6 3 Fair value through profit or loss 195 246 Non-current other financial assets4,7 Amortised cost 398 – Non-current investment in shares 1,3 Fair value through other comprehensive income 201 224 Non-current other investments5 1,2 Fair value through profit or loss 219 268 Total other financial assets 1,610 1,585 Cash and cash equivalents Amortised cost 12,501 12,428 Trade and other receivables8 Amortised cost 1,597 1,506 Provisionally priced trade receivables 2 Fair value through profit or loss 3,250 2,705 Total financial assets 18,958 18,224 Non-financial assets 83,404 83,072 Total assets 102,362 101,296 Current cross currency and interest rate swaps2 2 Fair value through profit or loss 176 147 Current other derivative contracts 2 Fair value through profit or loss 241 176 Current other financial liabilities9 Amortised cost 95 79 Non-current cross currency and interest rate swaps2 2 Fair value through profit or loss 1,337 1,608 Non-current other derivative contracts3 2,3 Fair value through profit or loss 54 82 Non-current other financial liabilities9 Amortised cost 368 467 Total other financial liabilities 2,271 2,559 Trade and other payables10 Amortised cost 6,049 5,338 Provisionally priced trade payables 2 Fair value through profit or loss 614 841 Bank overdrafts and short-term borrowings11 Amortised cost 3 5 Bank loans11 Amortised cost 2,610 7,502 Notes and debentures11 Amortised cost 14,932 11,819 Lease liabilities12 3,116 3,019 Other11 Amortised cost 57 – Total financial liabilities 29,652 31,083 Non-financial liabilities 23,590 21,683 Total liabilities 53,242 52,766 1. All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes. 2. Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date. 3. Includes net other derivative assets of US$92 million related to power purchase contract agreements that are categorised as Level 3 (2023: US$46 million). 4. Includes deferred consideration of US$495 million in relation to the divestment of the Blackwater and Daunia mines. 5. Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$243 million (2023: US$290 million) of which other investments (mainly US Treasury Notes) of US$134 million categorised as Level 1 (2023: US$138 million). 6. Includes receivables contingent on future realised coal price of US$195 million (2023: US$246 million receivables contingent on outcome of future events relating to mining and regulatory approvals). 7. Includes Senior notes of US$137 million relating to Samarco with a maturity date of 30 June 2031 (refer to note 4 ‘Significant events – Samarco dam failure’ for further information). 8. Excludes input taxes of US$492 million (2023: US$531 million) included in other receivables. 9. Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group’s Escondida operations. 10. Excludes input taxes of US$101 million (2023: US$121 million) included in other payables. 11. All interest bearing liabilities, excluding lease liabilities, are unsecured. 12. Lease liabilities are measured in accordance with IFRS 16/AASB 16 ‘Leases’. The carrying amounts in the table above generally approximate to fair value. In the case of US$532 million (2023: US$534 million) of fixed rate debt not swapped to floating rate, the fair value at 30 June 2024 was US$538 million (2023: US$538 million). The fair value is determined using a method that can be categorised as Level 2 and uses inputs based on benchmark interest rates, alternative market mechanisms or recent comparable transactions. For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period. Offsetting financial assets and liabilities The Group enters into money market deposits and derivative transactions under International Swaps and Derivatives Association master netting agreements that do not meet the offsetting criteria in IAS 32/AASB 132 ‘Financial Instruments: Presentation’, but allow for the related amounts to be set-off in certain circumstances. The amounts set out as cross currency and interest rate swaps in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a gross basis.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 177 24.4 Derivatives and hedge accounting The Group uses derivatives to hedge its exposure to certain market risks and may elect to apply hedge accounting. Hedge accounting Derivatives are included within financial assets or liabilities at fair value through profit or loss unless they are designated as effective hedging instruments. Where hedge accounting is applied, at the start of the transaction, the Group documents the type of hedge, the relationship between the hedging instrument and hedged items and its risk management objective and strategy for undertaking various hedge transactions. The documentation also demonstrates that the hedge is expected to be effective. The Group applies the following types of hedge accounting to its derivatives hedging the interest rate and currency risks of its notes and debentures: – Fair value hedges – the fair value gain or loss on interest rate and cross currency swaps relating to interest rate risk, together with the change in the fair value of the hedged fixed rate borrowings attributable to interest rate risk are recognised immediately in the income statement. If the hedge no longer meets the criteria for hedge accounting, the fair value adjustment on the note or debenture is amortised to the income statement over the period to maturity using a recalculated effective interest rate. – Cash flow hedges – changes in the fair value of cross currency interest rate swaps which hedge foreign currency cash flows on the notes and debentures are recognised directly in other comprehensive income and accumulated in the cash flow hedging reserve. To the extent a hedge is ineffective, changes in fair value are recognised immediately in the income statement. When a hedging instrument expires, or is sold, terminated or exercised, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is amortised to the income statement over the period to the hedged item’s maturity. When hedged, the Group hedges the full notional value of notes or debentures. However, certain components of the fair value of derivatives are not permitted under IFRS 9 to be included in the hedge accounting above. Certain costs of hedging are permitted to be recognised in other comprehensive income. Any change in the fair value of a derivative that does not qualify for hedge accounting, or is ineffective in hedging the designated risk due to contractual differences between the hedged item and hedging instrument, is recognised immediately in the income statement. The table below shows the carrying amounts of the Group’s notes and debentures by currency and the derivatives which hedge them: – The carrying amount of the notes and debentures includes foreign exchange remeasurement to period-end rates and fair value adjustments when included in a fair value hedge. – The breakdown of the hedging derivatives includes remeasurement of foreign currency notional values at period-end rates, fair value movements due to interest rate risk, foreign currency cash flows designated into cash flow hedges, costs of hedging recognised in other comprehensive income, ineffectiveness recognised in the income statement and accruals or prepayments. – The hedged value of notes and debentures includes their carrying amounts adjusted for the offsetting derivative fair value movements due to foreign currency and interest rate risk remeasurement. Fair value of derivatives Carrying Foreign Recognised Recognised Recognised Hedged amount of exchange in cash flow in cost of in the Accrued value of 2024 notes and notional at Interest hedging hedging income and other notes and US$M debentures spot rates rate risk reserve reserve statement1 cash flows Total debentures2 A B C D E F G B to G A + B + C USD 10,928 – 498 – – 2 (48) 452 11,426 GBP 1,595 521 247 (13) 3 (69) (16) 673 2,363 EUR 2,409 367 259 (27) 7 (50) (286) 270 3,035 Total 14,932 888 1,004 (40) 10 (117) (350) 1,395 16,824 Fair value of derivatives Carrying Foreign Recognised Recognised Recognised Hedged amount of exchange in cash flow in cost of in the Accrued value of 2023 notes and notional at Interest hedging hedging income and other notes and US$M debentures spot rates rate risk reserve reserve statement1 cash flows Total debentures2 A B C D E F G B to G A + B + C USD 7,245 – 214 – – 32 23 269 7,459 GBP 1,566 522 274 24 (9) (69) 35 777 2,362 EUR 3,008 434 302 (39) 10 (49) (132) 526 3,744 Total 11,819 956 790 (15) 1 (86) (74) 1,572 13,565 1. Predominantly related to ineffectiveness. 2. Includes US$532 million (2023: US$534 million) of fixed rate debt not swapped to floating rate that is not in a hedging relationship. The weighted average interest rate payable is USD SOFR +1.40 per cent (2023: USD SOFR +1.54 per cent). Refer to note 23 ‘Net finance costs’ for details of net finance costs for the year.

178 BHP Annual Report 2024 1 Consolidated Financial Statements continued 24 Financial risk management continued Movements in reserves relating to hedge accounting The following table shows a reconciliation of the components of equity and an analysis of the movements in reserves for all hedges. For a description of these reserves, refer to note 18 ‘Other equity’. Cash flow hedging reserve Cost of hedging reserve 2024 US$M Gross Tax Net Gross Tax Net Total At the beginning of the financial year 15 (5) 10 (1) – (1) 9 Add: Change in fair value of hedging instrument recognised in OCI (24) 7 (17) (9) 3 (6) (23) Less: Reclassified from reserves to financial expenses – recognised through OCI 49 (15) 34 – – – 34 At the end of the financial year 40 (13) 27 (10) 3 (7) 20 Cash flow hedging reserve Cost of hedging reserve 2023 US$M Gross Tax Net Gross Tax Net Total At the beginning of the financial year 59 (18) 41 (27) 8 (19) 22 Add: Change in fair value of hedging instrument recognised in OCI 95 (29) 66 – – – 66 Less: Reclassified from reserves to financial expenses – recognised through OCI (174) 53 (121) 26 (8) 18 (103) Less: Loss/(gain) transferred to balance sheet related items 35 (11) 24 – – – 24 At the end of the financial year 15 (5) 10 (1) – (1) 9 Changes in interest bearing liabilities and related derivatives resulting from financing activities The movement in the year in the Group’s interest bearing liabilities and related derivatives are as follows: Derivatives (assets)/ Interest bearing liabilities liabilities Bank Cross overdraft and currency Bank Notes and Lease short-term and interest loans debentures liabilities borrowings Other rate swaps Total 2024 US$M At the beginning of the financial year 7,502 11,819 3,019 5 – 1,572 Proceeds from interest bearing liabilities 400 4,691 – – – – 5,091 Settlements of debt related instruments – – – – – (321) (321) Repayment of interest bearing liabilities (5,319) (1,338) (656) – (14) – (7,327) Change from Net financing cash flows (4,919) 3,353 (656) – (14) (321) (2,557) Other movements: Divestment of subsidiaries and operations – – (60) – – – Interest rate impacts – (214) – – – 188 Foreign exchange impacts 24 (35) (16) – – 35 Lease additions – – 593 – – – Remeasurement of index-linked freight contracts – – 230 – – – Other interest bearing liabilities/derivative related changes 3 9 6 (2) 71 (79) At the end of the financial year 2,610 14,932 3,116 3 57 1,395 2023 US$M At the beginning of the financial year 2,472 11,363 2,576 – 17 1,688 Proceeds from interest bearing liabilities 5,450 2,732 – – – – 8,182 Settlements of debt related instruments – – – – – (677) (677) Repayment of interest bearing liabilities (1,087) (1,610) (576) – (16) – (3,289) Change from Net financing cash flows 4,363 1,122 (576) – (16) (677) 4,216 Other movements: Acquisition of subsidiaries and operations 688 – 423 – – – Interest rate impacts – (803) – – – 691 Foreign exchange impacts (23) 128 12 – – (127) Lease additions – – 542 – – – Remeasurement of index-linked freight contracts – – 53 – – – Other interest bearing liabilities/derivative related changes 2 9 (11) 5 (1) (3) At the end of the financial year 7,502 11,819 3,019 5 – 1,572

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 179 Employee matters 25 Key management personnel Key management personnel compensation comprises: 2024 2023 2022 US$ US$ US$ Short-term employee benefits 12,687,272 13,599,217 13,979,139 Post-employment benefits 634,005 659,020 634,363 Share-based payments 11,143,944 11,455,666 11,165,439 Total 24,465,221 25,713,903 25,778,941 Key Management Personnel (KMP) includes the roles which have the authority and responsibility for planning, directing and controlling the activities of BHP. These are Non-executive Directors, the CEO, the Chief Financial Officer, the President Australia and the President Americas. Transactions and outstanding loans/amounts with key management personnel There were no purchases by key management personnel from the Group during FY2024 (2023: US$ nil; 2022: US$ nil). There were no amounts payable by key management personnel at 30 June 2024 (2023: US$ nil; 2022: US$ nil). There were no loans receivable from or payable to key management personnel at 30 June 2024 (2023: US$ nil; 2022: US$ nil). Transactions with personally related entities A number of Directors of the Group hold or have held positions in other companies (personally related entities) where it is considered they control or significantly influence the financial or operating policies of those entities. There were no reportable transactions with those entities and no amounts were owed by the Group to personally related entities at 30 June 2024 (2023: US$ nil; 2022: US$ nil). For more information on remuneration and transactions with key management personnel, refer to the Remuneration Report under Governance. 26 Employee share ownership plans Awards, in the form of the right to receive ordinary shares in BHP Group Limited have been granted under the following employee share ownership plans: Cash and Deferred Plan (CDP), Long-Term Incentive Plan (LTIP), Management Award Plan (MAP) and the all-employee share plan, Shareplus. Some awards are eligible to receive a cash payment, or the equivalent value in shares, equal to the dividend amount that would have been earned on the underlying shares awarded to those participants (the Dividend Equivalent Payment, or DEP). The DEP is provided to the participants once the underlying shares are allocated or transferred to them. Awards under the plans do not confer any rights to participate in a share issue; however, there is discretion under each of the plans to adjust the awards in response to a variation in the share capital of BHP Group Limited. The table below provides a description of each of the plans. Plan CDP LTIP and MAP Shareplus Type Short-term incentive Long-term incentive All-employee share purchase plan Overview The CDP is a plan for Executive KMP and The LTIP is a plan for Executive KMP and members of the Executive Employees may members of the Executive Leadership Team who Leadership Team who are not Executive KMP, and awards are contribute up are not Executive KMP. granted annually. to US$5,000 to Generally under the CDP, two thirds of the value of a The MAP is a plan for BHP senior management who are not acquire shares participant’s short-term incentive amount is awarded Executive KMP. The number of share rights awarded is determined in any plan year. as rights to receive BHP Group Limited shares at by a participant’s role and grade. On the third the end of the vesting period (and the remaining one anniversary of third is delivered in cash). Two awards of deferred the start of a plan shares are granted, each of the equivalent value to year, the Group will the cash award, vesting between two and five years match the number respectively. Awards of deferred shares may also of acquired shares. be granted to members of the Executive Leadership Team as additional retention awards with vesting periods of up to five years. Vesting Service conditions only for the two-year award. LTIP: Service and performance conditions. Service conditions conditions Vesting of the four-year awards are subject to From FY2023 BHP’s Total Shareholder Return1 (TSR) performance only. service and individual performance conditions. relative to two Morgan Stanley Capital International (MSCI) market Vesting of the five-year awards are subject to indices, the MSCI World Metals and Mining Index (“Sector Group service conditions and also to a holistic review of TSR”) and the MSCI World Index (“World TSR”). The Sector Group performance at the end of the five-year vesting TSR over a five-year performance period determines the vesting of period, including a five-year view on Safety and 67 per cent of the awards, while performance relative to the World Sustainability performance, profitability, cash flow, TSR determines the vesting of 33 per cent of the awards. For awards balance sheet health, returns to shareholders, granted prior to FY2023, TSR performance relative to a bespoke corporate governance and conduct. sector peer group and the MSCI World Index determines the vesting of 67 per cent and 33 per cent of the award, respectively. 25 per cent of the award will vest where BHP’s TSR is equal to the median TSR of the relevant comparator group(s), as measured over the performance period. Where TSR is below the median, awards will not vest. Vesting occurs on a sliding scale when BHP’s TSR measured over the performance period is between the median TSR of the relevant comparator group(s) up to a nominated level of TSR outperformance over the relevant comparator group(s), as determined by the Committee, above which 100 per cent of the award will vest. MAP: Service conditions only. Vesting period Between 2 and 5 years LTIP – 5 years 3 years MAP – 1 to 5 years Dividend Yes LTIP – Yes No Equivalent MAP – Varies Payment Exercise period None None None 1. For LTIP awards granted prior to unification and where the five-year performance period ends after unification, the TSR at the start of the performance period is based on the weighted average of the TSRs of BHP Group Limited and BHP Group Plc and the TSR at the end of the performance period is based on the TSR of BHP Group Limited.

180 BHP Annual Report 2024 1 Consolidated Financial Statements continued 26 Employee share ownership plans continued Employee share awards Weighted Number of Number Number of average Weighted awards at the Number of of awards Number awards at the remaining average beginning of the awards issued vested and of awards end of the contractual share price at 2024 financial year during the year exercised lapsed financial year life (years) exercise date CDP awards 968,581 532,680 219,701 70,071 1,211,489 2.1 A$43.02 LTIP awards 2,558,796 564,431 520,443 177,078 2,425,706 2.2 A$43.02 MAP awards1 6,653,726 2,515,913 2,626,587 555,855 5,987,197 1.2 A$43.33 Shareplus 5,123,851 2,457,307 2,460,834 607,438 4,512,886 1.2 A$44.35 1. There were 75,457 awards vested and exercisable at the end of the financial year. Fair value and assumptions in the calculation of fair value for awards issued Weighted average fair value of awards granted Estimated during the year Risk-free Estimated life Share price volatility of Dividend 2024 US$ interest rate of awards at grant date share price yield CDP awards1 29.71 n/a 2-5 years A$44.70/A$42.75 n/a n/a LTIP awards 19.51 4.23% 5 years A$44.70 33.61% n/a MAP awards2 23.95 n/a 1-5 years A$43.49/ n/a 5.21%/ A$47.74/ 5.60%/ A$45.52/ 7.44% A$42.75 Shareplus 24.40 n/a 3 years A$47.23 n/a 7.41% 1. Includes CDP awards granted on 8 December 2023 and 20 June 2024. 2. Includes MAP awards granted on 27 September 2023, 8 December 2023, 12 April 2024 and 20 June 2024. Recognition and measurement The fair value at grant date of equity-settled share awards is charged to the income statement over the period for which the benefits of employee services are expected to be derived. The fair values of awards granted were estimated using a Monte Carlo simulation methodology and Black-Scholes option pricing technique and consider the following factors: – exercise price – expected life of the award – current market price of the underlying shares – expected volatility using an analysis of historic volatility over different rolling periods. For the LTIP, it is calculated for all sector comparators and the published MSCI World Index – expected dividends – risk-free interest rate, which is an applicable government bond rate – market-based performance hurdles – non-vesting conditions Where awards are forfeited because non-market-based vesting conditions are not satisfied, the expense previously recognised is proportionately reversed. The tax effect of awards granted is recognised in income tax expense, except to the extent that the total tax deductions are expected to exceed the cumulative remuneration expense. In this situation, the excess of the associated current or deferred tax is recognised in equity and forms part of the employee share awards reserve. The fair value of awards as presented in the tables above represents the fair value at grant date. In respect of employee share awards, the Group utilises the BHP Group Limited Employee Equity Trust. The trustee of this trust is an independent company, resident in Jersey. The trust uses funds provided by the Group to acquire ordinary shares to enable awards to be made or satisfied. The ordinary shares may be acquired by purchase in the market or by subscription at not less than nominal value.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 181 27 Employee benefits, restructuring and post-retirement employee benefits provisions 2024 2023 US$M US$M Employee benefits1 1,698 1,749 Restructuring2 45 28 Post-retirement employee benefits3 300 373 Total provisions 2,043 2,150 Comprising: Current 1,677 1,734 Non-current 366 416 Post-retirement Employee employee benefits Restructuring benefits3 Total 2024 US$M US$M US$M US$M At the beginning of the financial year 1,749 28 373 2,150 Charge/(credit) for the year: Underlying 1,375 55 65 1,495 Discounting – – 21 21 Yield on defined benefit scheme assets – – (4) (4) Exchange variations (21) – (45) (66) Released during the year (98) (10) (1) (109) Remeasurement gains taken to retained earnings – – (41) (41) Utilisation (1,268) (27) (68) (1,363) Divestment of subsidiaries and operations4 (39) – – (39) Transfers and other movements – (1) – (1) At the end of the financial year 1,698 45 300 2,043 1. The expenditure associated with total employee benefits will occur in a pattern consistent with when employees choose to exercise their entitlement to benefits. 2. Total restructuring provisions include provisions for terminations and office closures. 3. The net liability recognised in the Consolidated Balance Sheet includes US$142 million present value of funded defined benefits pension obligation (2023: US$151 million) offset by fair value of defined benefit scheme assets US$(147) million (2023: US$(159) million), US$63 million present value of unfunded defined pension and post-retirement medical benefits obligation (2023: US$79 million) and US$242 million unfunded post-employment benefits obligation in Chile (2023: US$302 million). 4. Relates to the divestment of the Blackwater and Daunia mines completed on 2 April 2024. Refer to note 3 ‘Exceptional items’ for more information. Recognition and measurement Provisions are recognised by the Group when: – there is a present legal or constructive obligation as a result of past events – it is more likely than not that a permanent outflow of resources will be required to settle the obligation – the amount can be reliably estimated and measured at the present value of management’s best estimate of the cash outflow required to settle the obligation at the reporting date

182 BHP Annual Report 2024 1 Consolidated Financial Statements continued 27 Employee benefits, restructuring and post-retirement employee benefits provisions continued Provision Description Employee benefits Liabilities for benefits accruing to employees up until the reporting date in respect of wages and salaries, annual leave and any accumulating sick leave are recognised in the period the related service is rendered. Liabilities recognised in respect of short-term employee benefits expected to be settled within 12 months are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for other long-term employee benefits, including long service leave, are measured as the present value of estimated future payments for the services provided by employees up to the reporting date. Liabilities that are not expected to be settled within 12 months are discounted at the reporting date using market yields of high-quality corporate bonds or government bonds for countries where there is no deep market for corporate bonds. The rates used reflect the terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. In relation to industry-based long service leave funds, the Group’s liability, including obligations for funding shortfalls, is determined after deducting the fair value of dedicated assets of such funds. Liabilities for short and long-term employee benefits (other than unpaid wages and salaries) are disclosed within employee benefits. Other liabilities for unpaid wages and salaries related to the current period are recognised in other creditors. Review of employee allowances and entitlements On 1 June 2023, the Group disclosed the identification of two issues with certain allowances and entitlements affecting a number of current and former employees in Australia. The identified issues relate to rostered employees having leave incorrectly deducted on public holidays since 2010 (leave issue) and certain employees at Port Hedland being eligible for additional allowances due to an error with the employing entity in their employment documentation (employing entity issue). The Group self-reported the issues to the Fair Work Ombudsman in Australia. Since the date of the announcement, the Group has recredited leave hours to current employees and begun making payments to former employees who were impacted by the leave issue. The Group has also commenced making payments to current and former employees for historical impacts of the employing entity issue in the first quarter of FY2025. The Group’s best estimate of the remaining cost of remediating the two issues, incorporating on-costs, including associated superannuation and interest payments (BHP share) is reflected in employee benefit provisions at 30 June 2024. There remains a risk that other instances of non-compliance requiring remediation may be identified through the Group’s review processes and associated provisions may be recognised in future reporting periods. Restructuring Restructuring provisions are recognised when: – the Group has developed a detailed formal plan identifying the business or part of the business concerned, the location and approximate number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline – the restructuring has either commenced or been publicly announced and can no longer be withdrawn Payments that are not expected to be settled within 12 months of the reporting date are measured at the present value of the estimated future cash payments expected to be made by the Group. Post-retirement Defined contribution pension schemes and multi-employer pension schemes employee benefits For defined contribution schemes or schemes operated on an industry-wide basis where it is not possible to identify assets attributable to the participation by the Group’s employees, the pension charge is calculated on the basis of contributions payable. The Group contributed US$368 million during the financial year (2023: US$358 million; 2022: US$324 million) to defined contribution plans and multi-employer defined contribution plans. These contributions are expensed as incurred. Defined benefit pension and post-retirement medical schemes The Group operates or participates in a number of defined benefit pension schemes throughout the world, all of which are closed to new entrants. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separately from those of the Group and are administered by trustees or management boards. The Group also operates a number of unfunded post-retirement medical schemes in the United States, Canada and Europe. For defined benefit schemes, an asset or liability is recognised in the balance sheet based at the present value of defined benefit obligations less, where funded, the fair value of plan assets, except that any such asset cannot exceed the present value of expected refunds from and reductions in future contributions to the plan. Full actuarial valuations are prepared by local actuaries for all schemes, using discount rates based on market yields at the reporting date on high-quality corporate bonds or by reference to national government bonds if high-quality corporate bonds are not available. Where funded, scheme assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 183 Group and related party information 28 Discontinued operations On 1 June 2022 (Completion date) BHP completed the merger of the Group’s oil and gas portfolio with Woodside Energy Group Limited (‘Woodside’). Woodside acquired the entire share capital of BHP Petroleum International Pty Ltd (‘BHP Petroleum’) in exchange for 914,768,948 newly issued Woodside ordinary shares. On the Completion Date, the Group paid a fully franked in specie dividend in the form of Woodside shares to eligible BHP shareholders. Eligible BHP shareholders received one Woodside share for every 5.5340 BHP shares they held on the Group’s register at the record date of 26 May 2022. As part of completion and in order to reflect the economic effective date of 1 July 2021, the Group made a net cash payment of US$0.7 billion (net of completion adjustments) to Woodside in addition to US$0.4 billion in cash that was left in the BHP Petroleum bank accounts to fund ongoing operations. The total cash transfer of US$1.1 billion reflected the net cash flows generated by BHP Petroleum between 1 July 2021 and Completion Date adjusted for dividends Woodside would have paid on the newly issued Woodside ordinary shares, had the Merger completed on 1 July 2021. There was no contribution of Discontinued operations to the Group’s profit and cash flows for years ended 30 June 2024 and 30 June 2023. The Blackwater and Daunia mines, while being divested on 2 April 2024, are not considered to meet the criteria for classification as a Discontinued operation given their relative size to the Group and the Coal segment. For further information, refer to note 3 ‘Exceptional items’. The contribution of Discontinued operations for the year ended 30 June 2022 is detailed below: Income statement – Discontinued operations 2022 US$M Profit/(loss) after taxation from operating activities 2,496 Net gain on Petroleum merger with Woodside (after tax) 8,159 Profit/(loss) after taxation 10,655 Attributable to non-controlling interests – Attributable to BHP shareholders 10,655 Basic earnings/(loss) per ordinary share (cents) 210.5 Diluted earnings/(loss) per ordinary share (cents) 210.1 The total comprehensive income attributable to BHP shareholders from Discontinued operations was a gain of US$10,596 million for the year ended 30 June 2022. Cash flows from Discontinued operations 2022 US$M Net operating cash flows 2,889 Net investing cash flows1 (904) Net financing cash flows2 (33) Net increase/(decrease) in cash and cash equivalents from Discontinued operations 1,952 Net cash completion payment on merger of Petroleum with Woodside (683) Cash and cash equivalents disposed (399) Total cash impact 870 1. Includes purchases of property, plant and equipment and capitalised exploration related to drilling and development expenditure of US$1,144 million, proceeds from sale of subsidiaries, operations and joint operations, net of cash of US$91 million, proceeds from sale of assets of US$151 million and other investing outflows of US$2 million. 2. Represents net repayment of interest bearing liabilities of US$33 million. Exceptional items – Discontinued operations Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. There were no exceptional items related to Discontinued operations for years ended 30 June 2024 and 30 June 2023. The Exceptional item related to Discontinued operations included within the Group’s profits for the year ended 30 June 2022 is detailed below. Gross Tax Net Year ended 30 June 2022 US$M US$M US$M Exceptional items by category Net gain on Petroleum merger with Woodside1 8,167 (8) 8,159 Total 8,167 (8) 8,159 Attributable to non-controlling interests – – – Attributable to BHP shareholders 8,167 (8) 8,159 1. The tax expense associated with the exceptional item reflects the tax impact of transaction costs and other restructuring related activities undertaken pre-merger. There were no further tax impacts arising on the net gain on merger of our Petroleum business with Woodside as generated tax losses were either offset with capital gains in other entities in the Group, or not recognised on the basis that it is not probable that future capital gains will be available against which the Group can utilise the tax losses.

184 BHP Annual Report 2024 1 Consolidated Financial Statements continued 28 Discontinued operations continued Net gain on disposal of Discontinued operations Details of the net gain on Petroleum merger with Woodside is presented below: 2022 US$M Net assets disposed 10,172 Fair value of Woodside shares1 19,566 Net cash completion payment on merger of Petroleum with Woodside2 (683) Foreign currency translation reserve transferred to the income statement 54 Other provisions and related indemnities recognised at completion (353) Transaction and other directly attributable costs (245) Income tax expense (8) Net gain on Petroleum merger with Woodside 8,159 1. Represents the consideration received being the fair value of 914,768,948 Woodside ordinary shares received using the closing ASX share price of A$29.76 on 31 May 2022 (US$21.39 equivalent based on an exchange rate of AUD/USD 0.7187). 2. Reflects the net cash flows generated by BHP Petroleum between 1 July 2021 and Completion Date adjusted for dividends Woodside would have paid on the newly issued Woodside ordinary shares, had the Merger completed on 1 July 2021. 29 Business combinations There were no business combinations entered into by the Group during the year ended 30 June 2024. Business combination during the year ended 30 June 2023 OZ Minerals Limited On 2 May 2023 (Acquisition Date), the Group acquired 100 per cent of the issued share capital of OZ Minerals Limited (OZL) for a net cash consideration of US$5.9 billion. The terms of the acquisition did not include any contingent consideration. The Group had 12 months from the acquisition date to make adjustments in the current period to the fair value of net identifiable assets acquired and the resultant value of goodwill with no restatement of comparative information. As at 2 May 2024, the Group finalised the purchase price allocation which has resulted in a net increase of US$2 million in goodwill from the provisional amount reported at 30 June 2023. Details of the business combination are as follows: Final Fair value US$M Assets Cash and cash equivalents 104 Trade and other receivables1 77 Other financial assets 7 Inventories 329 Property, plant and equipment 7,661 Intangible assets – goodwill 194 Current tax receivable 36 Other assets 25 Total assets 8,433 Liabilities Trade and other payables 242 Interest bearing liabilities 1,111 Deferred tax liabilities2 850 Provisions 258 Total liabilities 2,461 Identifiable net assets acquired 5,972 Total consideration paid3 4 5,972 Cash and cash equivalents acquired (104) Net cash consideration paid 5,868 1. This represents the gross contractual amount for trade and other receivables all of which is expected to be collected. 2. This primarily represents the difference between the fair value of the mineral rights acquired and the corresponding tax base. 3. The Group executed a forward exchange contract to hedge the foreign exchange exposure on the consideration made in AUD. On maturity of the hedging instrument, a hedge loss of US$35 million was capitalised to the cost of the acquisition. 4. The consideration paid by the Group was A$26.50 (at the average hedged exchange rate of AUD/USD 0.6681) per OZL share over 337,314,920 shares and excluded a special dividend of A$1.75 per OZL share which was paid by OZL to its shareholders immediately prior to acquisition. Goodwill of US$194 million represented the excess of consideration paid above the fair value of the acquired assets and liabilities. The goodwill primarily arises from the deferred tax liability recognised at acquisition due to a difference between the fair value of mineral rights acquired and the corresponding tax base. None of the goodwill recognised is expected to be deductible for tax purposes. During 2024, US$1,094 million of goodwill and property, plant and equipment recognised as part of the OZL business combination has been impaired. Refer to note 13 ‘Impairment of non-current assets’ for information on impairments.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 185 Key judgements and estimates Judgements: Judgement is required to determine the fair value of assets acquired and liabilities assumed at acquisition date in a business combination, which could have a material impact on goodwill. Estimates: The Group used the discounted cash-flow method to measure the fair value of mineral rights. Key assumptions used included commodity prices, production volumes, life of mine, cash outflows (including operating costs, capital expenditure, closure and rehabilitation costs and taxes), discount rates and risking factors. 30 Subsidiaries Significant subsidiaries of the Group are those with the most significant contribution to the Group’s net profit or net assets. The Group’s interest in the subsidiaries’ results are listed in the table below. Group’s interest Country of 2024 2023 Significant subsidiaries incorporation Principal activity % % Coal Hunter Valley Energy Coal Pty Ltd Australia Coal mining 100 100 Copper BHP Olympic Dam Corporation Pty Ltd Australia Copper, uranium and gold mining 100 100 Compañia Minera Cerro Colorado Limitada Chile Copper mining 100 100 Minera Escondida Ltda1 Chile Copper mining 57.5 57.5 Minera Spence SA Chile Copper mining 100 100 OZ Minerals Carrapateena Pty Ltd Australia Copper and gold mining 100 100 OZ Minerals Prominent Hill Operations Pty Ltd Australia Copper and gold mining 100 100 Iron Ore BHP Iron Ore (Jimblebar) Pty Ltd2 Australia Iron ore mining 85 85 BHP Iron Ore Pty Ltd Australia Service company 100 100 BHP (Towage Service) Pty Ltd Australia Towing services 100 100 Marketing BHP Billiton Freight Singapore Pte Limited Singapore Freight services 100 100 BHP Billiton Marketing AG Switzerland Marketing and trading 100 100 BHP Billiton Marketing Asia Pte Ltd Singapore Marketing support and other services 100 100 Group and Unallocated BHP Billiton Finance B.V. The Netherlands Finance 100 100 BHP Billiton Finance Limited Australia Finance 100 100 BHP Billiton Finance (USA) Limited Australia Finance 100 100 BHP Canada Inc. Canada Potash development 100 100 BHP Group Operations Pty Ltd Australia Administrative services 100 100 BHP Nickel West Pty Ltd Australia Nickel mining, smelting, 100 100 refining and administrative services OZ Minerals Musgrave Operations Pty Ltd Australia Nickel and copper development 100 100 WMC Finance (USA) Limited Australia Finance 100 100 1. As the Group has the ability to direct the relevant activities at Minera Escondida Ltda, it has control over the entity. The assessment of the most relevant activity in this contractual arrangement is subject to judgement. The Group establishes the mine plan and the operating budget and has the ability to appoint the key management personnel, demonstrating that the Group has the existing rights to direct the relevant activities of Minera Escondida Ltda. 2. The Group has an effective interest of 92.5 per cent in BHP Iron Ore (Jimblebar) Pty Ltd; however, by virtue of the shareholder agreement with ITOCHU Iron Ore Australia Pty Ltd and Mitsui & Co. Iron Ore Exploration & Mining Pty Ltd, the Group’s interest in the Jimblebar mining operation is 85 per cent, which is consistent with the other respective contractual arrangements at Western Australia Iron Ore. 31 Investments accounted for using the equity method Significant interests in equity accounted investments of the Group are those with the most significant contribution to the Group’s net profit or net assets. The Group’s ownership interest in significant equity accounted investments results are listed in the table below. Ownership interest Significant associates Country of incorporation/ Associate or 2024 2023 and joint ventures principal place of business joint venture Principal activity Reporting date % % Compañía Minera Antamina S.A. Peru Associate Copper and zinc 31 December 33.75 33.75 (Antamina) mining Samarco Mineração S.A. Brazil Joint venture Iron ore mining 31 December 50.00 50.00 (Samarco)

186 BHP Annual Report 2024 1 Consolidated Financial Statements continued 31 Investments accounted for using the equity method continued Voting in relation to relevant activities in Antamina, determined to be the approval of the operating and capital budgets, does not require unanimous consent of all participants to the arrangement, therefore joint control does not exist. Instead, because the Group has the power to participate in the financial and operating policies of the investee, this investment is accounted for as an associate. Samarco is jointly owned by BHP Billiton Brasil Ltda (BHP Brasil) and Vale S.A. (Vale). As the Samarco entity has the rights to the assets and obligations to the liabilities relating to the joint arrangement and not its owners, this investment is accounted for as a joint venture. The Group is restricted in its ability to make dividend payments from its investments in associates and joint ventures as any such payments require the approval of all investors in the associates and joint ventures. The ownership interest at the Group’s and the associates’ or joint ventures’ reporting dates are the same. When the annual financial reporting date is different to the Group’s, financial information is obtained as at 30 June in order to report on an annual basis consistent with the Group’s reporting date. The movement for the year in the Group’s investments accounted for using the equity method is as follows: Total equity Year ended 30 June 2024 Investment in Investment in accounted US$M associates joint ventures investments At the beginning of the financial year 1,620 – 1,620 (Loss)/profit from equity accounted investments, related impairments and expenses1 376 (3,032) (2,656) Investment in equity accounted investments 63 – 63 Dividends received from equity accounted investments (397) – (397) Other¹ – 3,032 3,032 At the end of the financial year 1,662 – 1,662 1. Represents financial impacts of Samarco dam failure in the Group’s loss from equity accounted investments, related impairments and expenses. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information. The following table summarises the financial information relating to each of the Group’s significant equity accounted investments. Associates Joint ventures 2024 Individually Individually US$M Antamina immaterial1 Samarco2 immaterial Total Current assets 1,699 5643 Non-current assets 6,325 7,214 Current liabilities (987) (3,266)4 Non-current liabilities (2,389) (23,211) Net assets/(liabilities) – 100% 4,648 (18,699) Net assets/(liabilities) – Group share 1,569 (9,349) Adjustments to net assets related to accounting policy adjustments (71) –Investment in Samarco – 5166 Impairment of the carrying value of the investment in Samarco – (1,041)7 Additional share of Samarco losses – 7,8918 Unrecognised losses – 1,9839 Carrying amount of investments accounted for using the equity method 1,498 164 – – 1,662 Revenue – 100% 4,381 1,553 Profit/(loss) from Continuing operations – 100% 1,353 (6,726)10 Share of profit/(loss) of equity accounted investments 457 (3,363) Adjustments to share of profit/(loss) related to accounting policy adjustments 8 (6)¹¹ Impairment of the carrying value of the investment in Samarco – –Additional share of Samarco losses – 506 Fair value change on forward exchange derivatives – (199) Movement in unrecognised losses – 309 (Loss)/profit from equity accounted investments, related impairments and expenses 465 (89) (3,032) – (2,656) Comprehensive income – 100% 1,353 (6,726) Share of comprehensive (loss)/income – Group share in equity accounted investments 465 (89) (3,032) – (2,656) Dividends received from equity accounted investments 397 – – – 397

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 187 Associates Joint ventures 2023 Individually Individually US$M Antamina immaterial1 Samarco2 immaterial Total Current assets 1,519 5373 Non-current assets 5,670 5,739 Current liabilities (774) (11,167)4 Non-current liabilities (1,944) (10,614) Net assets/(liabilities) – 100% 4,471 (15,505) Net assets/(liabilities) – Group share 1,509 (7,753) Adjustments to net assets related to accounting policy adjustments (79) 2915 Investment in Samarco – 5166 Impairment of the carrying value of the investment in Samarco – (1,041)7 Additional share of Samarco losses – 6,0348 Unrecognised losses – 1,9539 Carrying amount of investments accounted for using the equity method 1,430 190 – – 1,620 Revenue – 100% 4,350 1,554 Profit/(loss) from Continuing operations – 100% 1,571 (3,018)10 Share of profit/(loss) of equity accounted investments 530 (1,509) Adjustments to share of profit/(loss) related to accounting policy adjustments (79) 2311 Impairment of the carrying value of the investment in Samarco – – Additional share of Samarco losses – 452 Fair value change on forward exchange derivatives – 471 Movement in unrecognised losses – 7789 Profit/(loss) from equity accounted investments, related impairments and expenses 451 (72) 215 – 594 Comprehensive income – 100% 1,571 (3,018) Share of comprehensive income/(loss) – Group share in equity accounted investments 451 (72) 215 – 594 Dividends received from equity accounted investments 327 1 – – 328 Associates Joint ventures 2022 Individually Individually US$M Antamina immaterial Samarco2 immaterial Total Revenue – 100% 5,264 1,670 Profit/(loss) from Continuing operations – 100% 2,133 (528)10 Share of profit/(loss) of equity accounted investments 720 (276) Impairment of the carrying value of the investment in Samarco – – Additional share of Samarco losses – 290 Fair value change on forward exchange derivatives – (81) Movement in unrecognised losses – (609)9 Profit/(loss) from equity accounted investments, related impairments and expenses 720 (63) (676) – (19) Comprehensive income – 100% 2,133 (528) Share of comprehensive income/(loss) – Group share in equity accounted investments 720 (63) (676) – (19) Dividends received from equity accounted investments 776 11 – – 787 1. The unrecognised share of gain for the period was US$41 million (2023: unrecognised share of gain for the period was US$76 million), which decreased the cumulative losses to US$100 million (2023: decrease to US$141 million). 2. Refer to note 4 ‘Significant events – Samarco dam failure’ for further information regarding the financial impact of the Samarco dam failure which occurred in November 2015 on BHP Brasil’s share of Samarco’s losses. The financial information disclosed represents the underlying financial information of Samarco updated to reflect the Group’s best estimate of the costs to resolve all aspects of the Federal Public Prosecution Office claim and Framework Agreement. 3. Includes cash and cash equivalents of US$251 million (2023: US$138 million). 4. Includes current financial liabilities (excluding trade and other payables and provisions) of US$ nil (2023: US$7,154 million). 5. Relates mainly to dividends declared by Samarco that remain unpaid at balance date and which, in accordance with the Group’s accounting policy, are recognised when received not receivable. 6. Any working capital funding provided to Samarco is capitalised as part of the Group’s investments in joint ventures and disclosed as an impairment included within the Samarco impairment expense line item. 7. In the year ended 30 June 2016 BHP Brasil adjusted its investment in Samarco to US$ nil (resulting from US$(655) million share of loss from Samarco and US$(525) million impairment). Additional cumulative impairment losses relating to working capital funding of US$(516) million have also been recognised. 8. BHP Brasil has recognised accumulated additional share of Samarco losses of US$(7,891) million resulting from US$(6,147) million provisions relating to the Samarco dam failure and US$(1,744) million recognised as net finance costs. 9. Share of Samarco’s losses for which BHP Brasil does not have an obligation to fund. 10. Includes depreciation and amortisation of US$165 million (2023: US$144 million; 2022: US$205 million), interest income of US$43 million (2023: US$42 million; 2022: US$19 million), interest expense of US$807 million (2023: US$1,384 million; 2022: US$628 million), other finance income in relation to the Judicial Reorganisation of US$1,756 million (2023: US$ nil; 2022: US$ nil) and income tax benefit/(expense) of US$999 million (2023: US$(213) million; 2022: US$(7) million). 11. Includes accounting policy adjustments mainly related to the removal of foreign exchange gains on excluded dividends payable.

188 BHP Annual Report 2024 1 Consolidated Financial Statements continued 32 Interests in joint operations Significant joint operations of the Group are those with the most significant contributions to the Group’s net profit or net assets. The Group’s interest in the joint operations results are listed in the table below. Group’s interest 2024 2023 Significant joint operations Country of operation Principal activity % % Mt Goldsworthy1 Australia Iron ore mining 85 85 Mt Newman1 Australia Iron ore mining 85 85 Yandi1 Australia Iron ore mining 85 85 Central Queensland Coal Associates Australia Coal mining 50 50 1. These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements. Assets held in joint operations subject to significant restrictions are as follows: Group’s share 2024 2023 US$M US$M Current assets 1,928 1,561 Non-current assets 25,307 26,370 Total assets1 27,235 27,931 1. While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. 33 Related party transactions The Group’s related parties are predominantly subsidiaries, associates and joint ventures, and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 25 ‘Key management personnel’. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. – All transactions to/from related parties are made at arm’s length, i.e. at normal market prices and rates and on normal commercial terms. – Outstanding balances at year-end are unsecured and settlement occurs in cash. Loan amounts owing from related parties represent secured loans made to associates and joint ventures under co-funding arrangements. Such loans are made on an arm’s length basis. – No guarantees are provided or received for any related party receivables or payables. – No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of expected credit losses due from related parties. – There were no other related party transactions in the year ended 30 June 2024 (2023: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 27 ‘Employee benefits, restructuring and post-retirement employee benefits provisions’. – Related party transactions with Samarco are described in note 4 ‘Significant events – Samarco dam failure’. Further disclosures related to related party transactions are as follows: Transactions with related parties Joint ventures Associates 2024 2023 2024 2023 US$M US$M US$M US$M Sales of goods/services – – – – Purchases of goods/services – – 1,606.639 1,589.094 Interest income – – – – Interest expense – – – – Dividends received – – 396.856 327.679 Net loans made to/(repayments from) related parties – – – – Outstanding balances with related parties Joint ventures Associates 2024 2023 2024 2023 US$M US$M US$M US$M Trade amounts owing to related parties – – 246.764 246.239 Loan amounts owing to related parties – – – – Trade amounts owing from related parties – – 0.249 6.730 Loan amounts owing from related parties – – – –

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 189 Unrecognised items and uncertain events 34 Contingent liabilities 2024 2023 US$M US$M Associates and joint ventures1 1,492 1,094 Subsidiaries and joint operations1 859 1,184 Total 2,351 2,278 1. There are a number of matters, for which it is not possible at this time to provide a range of possible outcomes or a reliable estimate of potential future exposures, and for which no amounts have been included in the table above. A contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. A contingent liability may also be a present obligation arising from past events but is not recognised on the basis that an outflow of economic resources to settle the obligation is not viewed as probable, or the amount of the obligation cannot be reliably measured. When the Group has a present obligation, an outflow of economic resources is assessed as probable and the Group can reliably measure the obligation, a provision is recognised. The Group has entered into various counter-indemnities of bank and performance guarantees related to its own future performance, which are in the normal course of business. The likelihood of these guarantees being called upon is considered remote. The Group presently has tax matters, litigation and other claims, for which the timing of resolution and potential economic outflow are uncertain. Obligations assessed as having probable future economic outflows capable of reliable measurement are provided at reporting date and matters assessed as having possible future economic outflows capable of reliable measurement are included in the total amount of contingent liabilities above. Individually significant matters, including narrative on potential future exposures incapable of reliable measurement, are disclosed below, to the extent that disclosure does not prejudice the Group. Uncertain tax and The Group is subject to a range of taxes and royalties across many jurisdictions, the application of which is uncertain in some royalty matters regards. Changes in tax law, changes in interpretation of tax law, periodic challenges and disagreements with tax authorities, and legal proceedings result in uncertainty of the outcome of the application of taxes and royalties to the Group’s business. To the extent uncertain tax and royalty matters give rise to a contingent liability, an estimate of the potential liability is included within the table above, where it is capable of reliable measurement. Samarco contingent The table above includes contingent liabilities related to the Group’s equity accounted investment in Samarco to the extent they are liabilities capable of reliable measurement. Details of contingent liabilities related to Samarco are disclosed in note 4 ‘Significant events – Samarco dam failure’. Divestments and Where the Group divests or demerges entities, it is generally agreed to provide certain indemnities to the acquiring or demerged demergers entity. Such indemnities include those provided as part of the demerger of South32 Ltd in May 2015, divestment of Group’s Onshore US assets in September 2018 and October 2018, divestment of BMC in May 2022 and the merger of the Group’s Petroleum business with Woodside in June 2022. No material claims have been made pursuant to these indemnities as at 30 June 2024. 35 Subsequent events On 30 July 2024, the Group announced an agreement with Lundin Mining to jointly acquire 100% of Filo Corp., a Toronto Stock Exchange listed company which owns the Filo del Sol (FDS) copper project. BHP and Lundin Mining also agreed to form a 50/50 joint venture to hold the FDS and Josemaria projects located in the Vicuńa district of Argentina and Chile (together with the Filo Acquisition, the Proposed Transaction). Lundin Mining owns 100% of the Josemaria project. BHP’s total cash payment for the Proposed Transaction is expected to be approximately US$2.1 billion. In connection with the Filo Acquisition, BHP and Lundin Mining have also agreed to subscribe for 3,484,848 common shares of Filo Corp. at a price of C$33.00 per share for aggregate gross proceeds of C$115 million (the Filo Share Placement) to provide interim financing to Filo Corp. Other than the matters outlined above or elsewhere in the Financial Statements, no matters or circumstances have arisen since the end of the financial year that have significantly affected, or may significantly affect, the operations, results of operations or state of affairs of the Group in subsequent accounting periods.

190 BHP Annual Report 2024 1 Consolidated Financial Statements continued Other items 36 Auditor’s remuneration 2024 2023 2022 US$M US$M US$M Fees payable to the Group’s auditors for assurance services Audit of the Group’s Annual Report 10.558 9.700 9.816 Audit of the accounts of subsidiaries, joint ventures and associates 0.534 0.551 0.605 Audit-related assurance services required by legislation to be provided by the auditor 1.871 1.808 1.933 Other assurance and agreed-upon procedures under legislation or contractual arrangements 2.261 1.991 7.938 Total assurance services 15.224 14.050 20.292 Fees payable to the Group’s auditors for non-assurance services Other services 0.498 0.180 –Total other services 0.498 0.180 – Total fees 15.722 14.230 20.292 All amounts were paid to EY or EY affiliated firms with fees determined, and predominantly billed, in US dollars. Fees payable to the Group’s auditors for assurance services Audit of the Group’s Annual Report comprises fees for auditing the statutory financial report of the Group and includes audit work in relation to compliance with section 404 of the US Sarbanes-Oxley Act. Audit-related assurance services required by legislation to be provided by the auditors mainly comprises review of the half-year report. Other assurance services comprise assurance in respect of the Group’s sustainability reporting, economic contribution reporting, and other non-statutory reporting. Fees payable to the Group’s auditors for other services Other services provided in FY2024 and FY2023 primarily relate to an independent assessment of technology project governance. No amounts were payable for other services in FY2022. 37 BHP Group Limited BHP Group Limited does not present unconsolidated parent company Financial Statements. Selected financial information of the BHP Group Limited parent company is as follows: 2024 2023 US$M US$M Income statement information for the financial year Profit after taxation for the year 13,696 10,924 Total comprehensive income 13,695 10,925 Balance sheet information as at the end of the financial year Current assets 9,026 3,579 Total assets 45,443 39,232 Current liabilities 1,531 1,476 Total liabilities 1,734 1,637 Share capital 4,611 4,449 Treasury shares (36) (41) Reserves 161 165 Retained earnings 38,973 33,022 Total equity 43,709 37,595 Parent company guarantees BHP Group Limited has guaranteed certain financing arrangements available to subsidiaries of US$4,856 million at 30 June 2024 (2023: US$5,499 million). BHP Group Limited and its wholly owned subsidiary BHP Group (UK) Ltd (formerly BHP Group Plc) have severally, fully and unconditionally guaranteed the payment of the principal and premium, if any, and interest, including certain additional amounts that may be payable in respect of the notes issued by 100 per cent owned finance subsidiary, BHP Billiton Finance (USA) Ltd. BHP Group Limited and BHP Group (UK) Ltd have guaranteed the payment of such amounts when they become due and payable, whether on an interest payment date, at the stated maturity of the notes, by declaration or acceleration, call for redemption or otherwise. The guaranteed liabilities at 30 June 2024 amounted to US$3,500 million (2023: US$4,234 million). In addition, BHP Group Limited and BHP Group (UK) Ltd have severally guaranteed a Group Revolving Credit Facility of US$5,500 million (2023: US$5,500 million), which remains undrawn. BHP Group Limited has severally, fully and unconditionally guaranteed the payment of principal and premium, if any, and interest related to US$7,500 million (2023: US$2,750 million) of US Global bonds issued by BHP Billiton Finance (USA).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 191 38 Deed of Cross Guarantee BHP Group Limited together with certain wholly owned subsidiaries set out below have entered into a Deed of Cross Guarantee (Deed) dated 6 June 2016 or have subsequently joined the Deed by way of an Assumption Deed. The effect of the Deed is that BHP Group Limited has guaranteed to pay any outstanding liabilities upon the winding up of any wholly owned subsidiary that is party to the Deed. Wholly owned subsidiaries that are party to the Deed have also given a similar guarantee in the event that BHP Group Limited or another party to the Deed is wound up. On 2 May 2023, BHP Lonsdale Investments Pty Ltd (a wholly owned subsidiary of BHP Group Limited that is a party to the Deed) acquired OZ Minerals Pty Ltd (formerly OZ Minerals Ltd). OZ Minerals Pty Ltd and certain of its wholly owned subsidiaries were added as parties to the Deed by way of an Assumption Deed effective 27 June 2024. OZ Minerals Pty Ltd was a disclosing entity for part of FY2024 and is relying on relief granted by ASIC under ASIC Instrument 24-0213 (Specific ASIC Instrument). The Specific ASIC Instrument relieves OZ Minerals Pty Ltd and its directors from certain provisions of the Corporations Act 2001 (Cth) including the requirements for preparation, audit and lodgement of financial reports and a directors’ report for FY2024. It also relieves BHP Group Limited from financial reporting obligations to the extent that any non-compliance with those obligations arises merely from the inclusion of notes that have been prepared pursuant to section 6 of the ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 (ASIC Instrument). The following companies are parties to the Deed and members of the Closed Group as at 30 June 2024: BHP (Towage Services) Pty Ltd1 OS ACPM Pty Ltd1 BHP Direct Reduced Iron Pty Limited OS MCAP Pty Ltd1 BHP Iron Ore Pty Ltd1 UMAL Consolidated Pty Ltd1 BHP Minerals Pty Ltd1 BHP Freight Pty Ltd BHP WAIO Pty Ltd1 BHP Group Operations Pty Ltd1 Pilbara Gas Pty Limited BHP Innovation Pty Ltd BHP Coal Pty Ltd1 BHP Lonsdale Investments Pty Ltd BHP MetCoal Holdings Pty Ltd1 BHP Minerals Holdings Proprietary Limited1 Broadmeadow Mine Services Pty Ltd BHP Nickel West Pty Ltd1 Central Queensland Services Pty Ltd BHP Olympic Dam Corporation Pty Ltd1 Hay Point Services Pty Limited The Broken Hill Proprietary Company Pty Ltd1 BHP Yakabindie Nickel Pty Ltd1 OZ Minerals Brazil (Holdings) Pty Ltd1,2 OZ Minerals Pty Ltd1,2 OZ Minerals Musgrave Holdings Pty Ltd2 OZ Minerals Prominent Hill Pty Ltd1,2 OZ Minerals Prominent Hill Operations Pty Ltd1,2 Carrapateena Pty Ltd1,2 OZM Carrapateena Pty Ltd2 Minotaur Resources Holdings Pty Ltd1,2 Avanco Resources Pty Ltd1,2 OZ Minerals Carrapateena Pty Ltd1,2 OZ Minerals Musgrave Operations Pty Ltd2 1. For the year ended 30 June 2024, these companies have relied on relief from the Corporations Act 2001 (Cth) requirements for preparation, audit and lodgement of financial reports and directors’ reports pursuant to the ASIC Instrument or the Specific ASIC Instrument (as applicable) and the Deed. 2. These companies were added to the Deed by way of an Assumption Deed effective 27 June 2024. A Consolidated Statement of Comprehensive Income and Retained Earnings and Consolidated Balance Sheet, comprising BHP Group Limited and the wholly owned subsidiaries that are party to the Deed for the years ended 30 June 2024 and 30 June 2023 are as follows: 2024 2023 Consolidated Statement of Comprehensive Income and Retained Earnings US$M US$M Revenue 34,404 32,649 Other income 4,508 5,553 Expenses excluding net finance costs (26,369) (21,703) Net finance costs (1,466) (1,002) Total taxation expense (2,640) (3,562) Profit after taxation 8,437 11,935 Total other comprehensive income – – Total comprehensive income 8,437 11,935 Retained earnings at the beginning of the financial year 38,667 40,196 Net effect on retained earnings of entities added to/removed from the Deed 14 – Profit after taxation for the year 8,437 11,935 Transfers to and from reserves (32) (44) Dividends (7,712) (13,420) Retained earnings at the end of the financial year 39,374 38,667

192 BHP Annual Report 2024 1 Consolidated Financial Statements continued 38 Deed of Cross Guarantee continued 2024 2023 Consolidated Balance Sheet US$M US$M ASSETS Current assets Cash and cash equivalents 9 3 Trade and other receivables 2,380 1,678 Loans to related parties 12,494 6,123 Other financial assets 215 4 Inventories 2,869 2,344 Current tax assets – 79 Other 101 113 Total current assets 18,068 10,344 Non-current assets Trade and other receivables 37 34 Other financial assets 464 326 Inventories 545 546 Property, plant and equipment 41,430 37,069 Intangible assets 1,368 1,140 Investments in Group companies 27,552 33,176 Other 2 6 Total non-current assets 71,398 72,297 Total assets 89,466 82,641 LIABILITIES Current liabilities Trade and other payables 4,126 3,574 Loans from related parties 28,306 19,564 Interest bearing liabilities 216 5,168 Other financial liabilities 13 –Current tax payable 39 –Provisions 1,913 1,961 Deferred income 4 4 Total current liabilities 34,617 30,271 Non-current liabilities Trade and other payables 47 5 Loans from related parties 4,041 2,800 Interest bearing liabilities 783 657 Other financial liabilities 1 38 Deferred tax liabilities 596 773 Provisions 4,788 4,408 Deferred income 2 3 Total non-current liabilities 10,258 8,684 Total liabilities 44,875 38,955 Net assets 44,591 43,686 EQUITY Share capital – BHP Group Limited 4,899 4,737 Treasury shares (36) (41) Reserves 354 323 Retained earnings 39,374 38,667 Total equity 44,591 43,686

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 193 39 New and amended accounting standards and interpretations and changes to accounting policies New and amended accounting pronouncements adopted in the current year Amendment to IAS 12/AASB112 ‘Income taxes’ (IAS 12) At 30 June 2023, the Group adopted amendments to IAS 12 issued by the IASB and AASB on 23 May 2023 and 27 June 2023, respectively, in relation to the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two income tax. The amendments introduced a temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two model rules. At 30 June 2024, having applied the temporary exception in the prior reporting period, the Group is required to disclose the potential impacts of Pillar Two income taxes. Refer to note 6 ‘Income tax expense’ for more information. Amendment to IAS 1/AASB 101 ‘Presentation of Financial Statements’ (IAS 1) On 1 July 2023, the Group adopted amendments to IAS 1 that require entities to disclose their material accounting policy information rather than their significant accounting policies. The amendments did not significantly impact the Group’s Financial Statements. New and amended accounting pronouncements on issue but not yet effective IFRS 18/AASB 18 ‘Presentation and Disclosure in Financial Statements’ (IFRS 18) On 9 April 2024 and 14 June 2024, the IASB and AASB, respectively, issued IFRS 18 which will replace IAS 1 ‘Presentation of Financial Statements’ for reporting periods beginning on or after 1 January 2027, with early application permitted. IFRS 18 introduces new requirements on presentation within the statement of profit or loss, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and the notes. Further, the classification of interest and dividends within the statement of cash flows will change for some entities. Management is currently assessing the impact of IFRS 18 on presentation and disclosures in the Group’s Financial Statements. A number of other accounting standards and interpretations have been issued and will be applicable in future periods. While these remain subject to ongoing assessment, no significant impacts have been identified to date. These pronouncements have not been applied in the preparation of these Financial Statements.

194 BHP Annual Report 2024 2 Consolidated entity disclosure statement In accordance with the requirements of Subsection 295(3A) of the Australian Corporations Act 2001 (Cth), set out below is the consolidated entity disclosure statement disclosing information in respect of BHP Group Limited and entities it controlled at 30 June 2024. Body corporates Tax residency Place Percentage Body corporate, incorporated of share Australian Foreign Entity name partnership or trust or formed capital held or foreign1 jurisdiction(s) BHP Group Limited Body corporate Australia N/A Australian N/A Agnew Pastoral Company Pty Ltd Body corporate Australia 100% Australian N/A Albion Downs Pty Limited2 Body corporate Australia 100% Australian N/A Avanco Holdings Pty Ltd Body corporate Australia 100% Australian N/A Avanco Resources Pty Ltd Body corporate Australia 100% Australian N/A AVB Brazil Pty Ltd Body corporate Australia 100% Australian N/A AVB Carajas Holdings Pty Ltd Body corporate Australia 100% Australian N/A AVB Copper Pty Ltd Body corporate Australia 100% Australian N/A AVB Minerals Pty Ltd Body corporate Australia 100% Australian N/A BHP (AUS) DDS Pty Ltd Body corporate Australia 100% Australian N/A BHP (Towage Services) Pty Ltd Body corporate Australia 100% Australian N/A BHP Aluminium Australia Pty Ltd Body corporate Australia 100% Australian N/A BHP Billiton Finance (USA) Limited Body corporate Australia 100% Australian N/A BHP Billiton Finance Limited Body corporate Australia 100% Australian N/A BHP Billiton SSM Development Pty Ltd Body corporate Australia 100% Australian N/A BHP Capital No. 20 Pty Limited Body corporate Australia 100% Australian N/A BHP Coal Pty Ltd Body corporate Australia 100% Australian N/A BHP Direct Reduced Iron Pty Ltd Body corporate Australia 100% Australian N/A BHP Energy Coal Australia Pty Ltd Body corporate Australia 100% Australian N/A BHP Freight Pty Ltd Body corporate Australia 100% Australian N/A BHP Group Operations Pty Ltd Body corporate Australia 100% Australian N/A BHP Innovation Pty Ltd Body corporate Australia 100% Australian N/A BHP IO Mining Pty Ltd Body corporate Australia 100% Australian N/A BHP IO Workshop Pty Ltd Body corporate Australia 100% Australian N/A BHP Iron Ore (Jimblebar) Pty Ltd Body corporate Australia 85% Australian N/A BHP Iron Ore Holdings Pty Ltd Body corporate Australia 100% Australian N/A BHP Iron Ore Pty Ltd Body corporate Australia 100% Australian N/A BHP Lonsdale Investments Pty Ltd Body corporate Australia 100% Australian N/A BHP Manganese Australia Pty Ltd Body corporate Australia 100% Australian N/A BHP Marine & General Insurances Pty Ltd Body corporate Australia 100% Australian N/A BHP Metals Exploration Pty Ltd Body corporate Australia 100% Australian N/A BHP MetCoal Holdings Pty Ltd Body corporate Australia 100% Australian N/A BHP Minerals Holdings Proprietary Limited Body corporate Australia 100% Australian N/A BHP Minerals Pty Ltd3 Body corporate Australia 100% Australian N/A BHP Nickel Operations Pty Ltd Body corporate Australia 100% Australian N/A BHP Nickel West Pty Ltd2 Body corporate Australia 100% Australian N/A BHP Olympic Dam Corporation Pty Ltd Body corporate Australia 100% Australian N/A BHP Pty Ltd Body corporate Australia 100% Australian N/A BHP Queensland Coal Investments Pty Ltd Body corporate Australia 100% Australian N/A BHP Shared Business Services Pty Ltd Body corporate Australia 100% Australian N/A BHP SSM Indonesia Holdings Pty Ltd Body corporate Australia 100% Australian N/A BHP SSM International Pty Ltd Body corporate Australia 100% Australian N/A BHP Titanium Minerals Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Boodarie) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Iron Brolga) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Iron Corella) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Iron Ibis) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Iron Kestrel) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Iron Osprey) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Iron Whistler) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Mallina) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Iron Quail) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Atlantis) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Clerke) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Darwin) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Discovery) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Endeavour) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Enterprise) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Imperieuse) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Inspiration) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (Iron Wren) Pty Ltd Body corporate Australia 100% Australian N/A

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 195 Body corporates Tax residency Place Percentage Body corporate, incorporated of share Australian Foreign Entity name partnership or trust or formed capital held or foreign1 jurisdiction(s) BHP Towage Services (Iron Robin) Pty Ltd Body corporate Australia 100% Australian N/A BHP Towage Services (RT Tough) Pty Ltd Body corporate Australia 100% Australian N/A BHP WAIO Pty Ltd Body corporate Australia 100% Australian N/A BHP Western Mining Resources International Pty Ltd Body corporate Australia 100% Australian N/A BHP Yakabindie Nickel Pty Ltd Body corporate Australia 100% Australian N/A Billiton Australia Finance Pty Ltd Body corporate Australia 100% Australian N/A BM Alliance Coal Marketing Pty Limited Body corporate Australia 50% Australian N/A BM Alliance Coal Operations Pty Limited Body corporate Australia 50% Australian N/A Broadmeadow Mine Services Pty Ltd Body corporate Australia 100% Australian N/A Carrapateena Pty Ltd Body corporate Australia 100% Australian N/A Cassini Resources Pty Ltd Body corporate Australia 100% Australian N/A Central Queensland Services Pty Ltd Body corporate Australia 100% Australian N/A Coal Mines Australia Pty Ltd Body corporate Australia 100% Australian N/A Crossbow Resources Pty Ltd Body corporate Australia 100% Australian N/A CTP Assets Pty Ltd Body corporate Australia 100% Australian N/A CTP Operations Pty Ltd Body corporate Australia 100% Australian N/A Estrela Metals Pty Ltd Body corporate Australia 100% Australian N/A Hay Point Services Pty Limited Body corporate Australia 100% Australian N/A Hunter Valley Energy Coal Pty Ltd Body corporate Australia 100% Australian N/A Minotaur Resources Holdings Pty Ltd Body corporate Australia 100% Australian N/A Mt Arthur Coal Pty Limited Body corporate Australia 100% Australian N/A Mt Arthur Underground Pty Ltd Body corporate Australia 100% Australian N/A OS ACPM Pty Ltd Body corporate Australia 100% Australian N/A OS MCAP Pty Ltd Body corporate Australia 100% Australian N/A OZ Exploration Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Brazil (Holdings) Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Carrapateena Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Equity Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Group Treasury Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Holdings Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals International (Holdings) Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Investments Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Musgrave Holdings Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Musgrave Operations Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Prominent Hill Operations Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Prominent Hill Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Services Pty Ltd Body corporate Australia 100% Australian N/A OZ Minerals Zinifex Holdings Pty Ltd Body corporate Australia 100% Australian N/A OZM Carrapateena Pty Ltd Body corporate Australia 100% Australian N/A Pilbara Gas Pty Limited Body corporate Australia 100% Australian N/A Pilbara Pastoral Company Pty Limited4 Body corporate Australia 25% Australian N/A The Broken Hill Proprietary Company Pty Ltd Body corporate Australia 100% Australian N/A UMAL Consolidated Pty Ltd Body corporate Australia 100% Australian N/A United Iron Pty Ltd Body corporate Australia 100% Australian N/A Wirraway Metals & Mining Pty Ltd Body corporate Australia 100% Australian N/A WMC Finance (USA) Limited Body corporate Australia 100% Australian N/A ZRUS Holdings Pty Ltd Body corporate Australia 100% Australian N/A Ethel Creek Company Partnership Partnership N/A N/A Australian5 N/A Mt Keith Pastoral Partnership Partnership N/A N/A Australian5 N/A ARL Holdings Ltd Body corporate Bermuda 100% Foreign Bermuda ARL South America Exploration Ltd Body corporate Bermuda 100% Foreign Bermuda SLM Santa Lucia Mineracao Ltda Body corporate Brazil 100% Foreign Brazil ACG Mineracao Ltda Body corporate Brazil 100% Foreign Brazil Araguaia Participações Ltda Body corporate Brazil 100% Foreign Brazil Avanco Resources Mineracao Ltda Body corporate Brazil 100% Foreign Brazil AVB Mineracao Ltda Body corporate Brazil 100% Foreign Brazil BHP Billiton Brasil Ltda Body corporate Brazil 100% Foreign Brazil BHP Internacional Participacoes Ltda Body corporate Brazil 100% Foreign Brazil Consórcio Santos Luz de Imóveis Ltda Body corporate Brazil 90% Foreign Brazil Jenipapo Recursos Naturais Ltda. Body corporate Brazil 100% Foreign Brazil MCT Mineracao Ltda Body corporate Brazil 100% Foreign Brazil Mineracao Aguas Boas Ltda Body corporate Brazil 100% Foreign Brazil

196 BHP Annual Report 2024 2 Consolidated entity disclosure statement continued Body corporates Tax residency Place Percentage Body corporate, incorporated of share Australian Foreign Entity name partnership or trust or formed capital held or foreign1 jurisdiction(s) WMC Mineracao Ltda. Body corporate Brazil 100% Foreign Brazil BHP Billiton UK Holdings Limited Body corporate British Virgin 100% Foreign United Kingdom Islands BHP Billiton UK Investments Limited Body corporate British Virgin 100% Foreign United Kingdom Islands BHP Canada Inc. Body corporate Canada 100% Foreign Canada BHP Investments Canada Inc Body corporate Canada 100% Foreign Canada BHP World Exploration Inc. Body corporate Canada 100% Foreign Canada Rio Algom Exploration Inc. Body corporate Canada 100% Foreign Canada Rio Algom Investments (Chile) Inc Body corporate Canada 100% Foreign Canada Rio Algom Limited Body corporate Canada 100% Foreign Canada Global BHP Copper Ltd. Body corporate Cayman Islands 100% Foreign Cayman Islands RAL Cayman Inc. Body corporate Cayman Islands 100% Foreign Cayman Islands Riocerro Inc Body corporate Cayman Islands 100% Foreign Cayman Islands Riochile Inc Body corporate Cayman Islands 100% Foreign Cayman Islands BHP Chile Inversiones Limitada Body corporate Chile 100% Foreign Chile BHP Exploration Chile SpA Body corporate Chile 100% Foreign Chile Compania Minera Cerro Colorado Limitada Body corporate Chile 100% Foreign Chile Kelti S.A. Body corporate Chile 57.50% Foreign Chile Minera Escondida Ltda Body corporate Chile 57.50% Foreign Chile Minera Spence SA Body corporate Chile 100% Foreign Chile Operation Services Chile SpA Body corporate Chile 100% Foreign Chile Tamakaya Energía SpA Body corporate Chile 100% Foreign Chile BHP Billiton International Trading (Shanghai) Co., Ltd. Body corporate China 100% Foreign China BHP Minerals (Shanghai) Co., Ltd Body corporate China 100% Foreign China Cerro Quebrado S.A. Body corporate Ecuador 100% Foreign Ecuador Stein Insurance Company Limited Body corporate Guernsey 100% Foreign Guernsey BHP Marketing Services India Pvt Ltd Body corporate India 100% Foreign India BHP Minerals India Pvt Limited Body corporate India 100% Foreign India PT Billiton Indonesia Body corporate Indonesia 100% Foreign Indonesia Billiton Investments Ireland Limited Body corporate Ireland 100% Foreign Ireland OZ Minerals Jamaica Limited Body corporate Jamaica 100% Foreign Jamaica BHP Japan Limited Body corporate Japan 100% Foreign Japan BMA Japan KK Body corporate Japan 50% Foreign Japan BHP Billiton Services Jersey Limited Body corporate Jersey 100% Foreign Jersey BHP Billiton Limited Employee Equity Trust Trust N/A N/A N/A N/A Billiton Employee Share Ownership Trust Trust N/A N/A N/A N/A Avanco Lux S.ar.l Body corporate Luxembourg 100% Foreign Luxembourg Avanco Lux S.C.S. Body corporate Luxembourg 100% Foreign Luxembourg BHP Shared Services Malaysia Sdn. Bhd. Body corporate Malaysia 100% Foreign Malaysia BHP Billiton Company B.V. Body corporate Netherlands 100% Foreign Netherlands BHP Billiton Finance B.V. Body corporate Netherlands 100% Foreign United Kingdom, Netherlands6 BHP Billiton International Metals B.V. Body corporate Netherlands 100% Foreign Netherlands Billiton Development B.V. Body corporate Netherlands 100% Foreign Netherlands Billiton Guinea B.V. Body corporate Netherlands 100% Foreign United Kingdom, Netherlands6 Billiton Investment 3 B.V. Body corporate Netherlands 100% Foreign United Kingdom, Netherlands6 Billiton Investment 8 B.V. Body corporate Netherlands 100% Foreign United Kingdom, Netherlands6 Billiton Marketing Holding B.V. Body corporate Netherlands 100% Foreign Netherlands Billiton Suriname Holdings B.V. Body corporate Netherlands 100% Foreign United Kingdom, Netherlands6 Marcona International, S.A. Body corporate Panama 100% Foreign Panama OZ Minerals Peru S.A.C. Body corporate Peru 100% Foreign Peru BHP Billiton (Philippines) Inc. Body corporate Philippines 99.99% Foreign Philippines BHP Shared Services Philippines Inc. Body corporate Philippines 99.99% Foreign Philippines QNI Philippines Inc Body corporate Philippines 99.99% Foreign Philippines BHP Metals Exploration d.o.o. Beograd Body corporate Serbia 100% Foreign Serbia BHP Billiton Freight Singapore Pte Limited Body corporate Singapore 100% Foreign Singapore BHP Billiton Marketing Asia Pte Ltd. Body corporate Singapore 100% Foreign Singapore BM Alliance Marketing Pte Ltd Body corporate Singapore 50% Foreign Singapore OZ Minerals Insurance Pte Ltd Body corporate Singapore 100% Foreign Singapore Westminer Insurance Pte Ltd Body corporate Singapore 100% Foreign Singapore

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 197 Body corporates Tax residency Place Percentage Body corporate, incorporated of share Australian Foreign Entity name partnership or trust or formed capital held or foreign1 jurisdiction(s) Consolidated Nominees (Proprietary) Limited Body corporate South Africa 100% Foreign South Africa Phoenix Mining Finance Company Proprietary Limited Body corporate South Africa 100% Foreign South Africa BHP Midgard A.B. Body corporate Sweden 100% Foreign Sweden BHP Billiton Marketing AG Body corporate Switzerland 100% Foreign Switzerland BHP Billiton (UK) DDS Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Billiton (UK) Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Billiton Finance PLC Body corporate United Kingdom 100% Foreign United Kingdom BHP Billiton Group Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Billiton Holdings Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Billiton International Services Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Billiton Marketing UK Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Billiton Petroleum Great Britain Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Billiton Sustainable Communities Body corporate United Kingdom 100% Foreign United Kingdom BHP BK Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Finance Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Group (UK) Ltd Body corporate United Kingdom 100% Foreign United Kingdom BHP Group Holdings Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Holdings Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP International Services Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Marketing UK Limited Body corporate United Kingdom 100% Foreign United Kingdom BHP Minerals Europe Limited Body corporate United Kingdom 100% Foreign United Kingdom Billiton Executive Pension Scheme Trustee Limited Body corporate United Kingdom 100% Foreign United Kingdom 141 Union Company Body corporate United States 100% Foreign United States BHP Chile Inc. Body corporate United States 100% Foreign United States BHP Copper Inc Body corporate United States 100% Foreign United States BHP Escondida Inc.7 Body corporate United States 100% Foreign United States BHP Finance (International) Inc. Body corporate United States 100% Foreign United States BHP Foreign Holdings Inc. Body corporate United States 100% Foreign United States BHP Foundation Body corporate United States 0% Foreign United States BHP Holdings (International) Inc. Body corporate United States 100% Foreign United States BHP Holdings (USA) Inc. Body corporate United States 100% Foreign United States BHP Holdings International (Investments) Inc. Body corporate United States 100% Foreign United States BHP International Finance Corp. Body corporate United States 100% Foreign United States BHP Marketing North America Inc. Body corporate United States 100% Foreign United States BHP Mineral Resources Inc. Body corporate United States 100% Foreign United States BHP Minerals Exploration Inc. Body corporate United States 100% Foreign United States BHP Minerals International Exploration Inc. Body corporate United States 100% Foreign United States BHP Minerals International LLC Body corporate United States 100% Foreign United States BHP Minerals Service Company Body corporate United States 100% Foreign United States BHP New Mexico Coal Inc. Body corporate United States 100% Foreign United States BHP Peru Holdings Inc. Body corporate United States 100% Foreign United States BHP Queensland Coal Limited Body corporate United States 100% Australian United States BHP Resolution Holdings LLC Body corporate United States 100% Foreign United States BHP Ventures US Inc Body corporate United States 100% Foreign United States Carson Hill Gold Mining Corporation Body corporate United States 100% Foreign United States Rio Algom Mining LLC Body corporate United States 100% Foreign United States WMC Corporate Services Inc. Body corporate United States 100% Foreign United States 1. Whether an entity was an Australian resident or foreign resident within the meaning of the Income Tax Assessment Act 1997 has been determined in accordance with the Commissioner of Taxation’s public guidance, including TR 2018/5 and PCG 2018/9. 2. Entity is a partner in the Mt Keith Pastoral Partnership. 3. Entity is a participant in the BHP Iron Ore (Jimblebar) Pty Ltd joint venture and partner in the Ethel Creek Partnership. 4. Entity is a partner in the Ethel Creek Company Partnership. 5. The partners of this partnership are incorporated in Australia. 6. Entity is a tax resident of the United Kingdom for the purposes of the United Kingdom-Netherlands double tax agreement. 7. Entity is a participant in the Minera Escondida Ltda joint venture.

198 BHP Annual Report 2024 3 Directors’ declaration In accordance with a resolution of the Directors of BHP Group Limited, the Directors declare that: (a) in the Directors’ opinion the Financial Statements and notes are in accordance with the Australian Corporations Act 2001 (Cth), including: (i) complying with the applicable Accounting Standards and the Australian Corporations Regulations 2001 (Cth); and (ii) giving a true and fair view of the assets, liabilities, financial position and profit or loss of BHP Group Limited and the Group as at 30 June 2024 and of their performance for the year ended 30 June 2024 (b) in the Directors’ opinion the consolidated entity disclosure statement required by Subsection 295(3A) of the Australian Corporations Act 2001 (Cth), as disclosed in section 2 ‘Consolidated entity disclosure statement’, is true and correct (c) the Financial Statements comply with International Financial Reporting Standards, as disclosed in the Basis of preparation to the Financial Statements (d) to the best of the Directors’ knowledge, the management report (comprising the Operating and Financial Review and Directors’ Report) includes a fair review of the development and performance of the business and the position of BHP Group Limited and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that the Group faces (e) in the Directors’ opinion there are reasonable grounds to believe that BHP Group Limited will be able to pay its debts as and when they become due and payable (f) as at the date of this declaration, there are reasonable grounds to believe that BHP Group Limited and each of the members of the Closed Group identified in note 38 to the Financial Statements will be able to meet any liabilities to which they are, or may become, subject because of the Deed of Cross Guarantee between BHP Group Limited and those group entities pursuant to ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 and, in respect of OZ Minerals Pty Ltd, ASIC Instrument 24-0213 (g) the Directors have been given the declarations required by Section 295A of the Australian Corporations Act 2001 (Cth) from the Chief Executive Officer and Chief Financial Officer for the financial year ended 30 June 2024 Signed in accordance with a resolution of the Board of Directors. Ken MacKenzie Mike Henry Chair Chief Executive Officer 27 August 2024

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 199 4 Lead Auditor’s Independence Declaration under Section 307C of the Australian Corporations Act 2001 Auditor’s independence declaration to the directors of BHP Group Limited As lead auditor for the audit of the financial report of BHP Group Limited for the financial year ended 30 June 2024, I declare to the best of my knowledge and belief, there have been: (a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; (b) no contraventions of any applicable code of professional conduct in relation to the audit; and (c) no non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of BHP Group Limited and the entities it controlled during the financial year. Ernst & Young Rodney Piltz Partner Melbourne 27 August 2024 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

200 BHP Annual Report 2024 5 Independent auditor’s report to the members of BHP Group Limited Report on the audit of the financial report Opinion We have audited the financial report of BHP Group Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated balance sheet as at 30 June 2024, the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2024 and of its consolidated financial performance for the year ended on that date; and b. Complying with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB), Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards (ASAs) and International Standards on Auditing issued by the International Auditing and Assurance Standards Board (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our consideration of climate change The Group has assessed climate-related risks as threats and opportunities that have the potential to impact the financial statements as outlined in Note 16 of the financial report. These risks and opportunities include both transition risks and physical risks arising from climate change and the transition to a low carbon economy (climate change). Our audit, with the assistance of our climate change specialists, considered the climate-related risks and opportunities that have the potential to materially impact the basis of preparation, including the key judgements and estimates exercised by the Group in the preparation of the financial report. The Group has incorporated its current climate change strategy, including Board approved commitments and actions in the basis of preparation of the financial report, reflecting the Group’s best estimate of the potential impact to the financial statements as at 30 June 2024. The impacts of climate change are most material to the judgements and estimates involved in the assessment of the carrying value of property, plant and equipment and the determination of closure and rehabilitation provisions. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 201 Assessment of the carrying value of property, plant and equipment Why significant How our audit addressed the key audit matter Refer to Note 11 ‘Property, plant and equipment’ and The primary audit procedures we performed, amongst others, included the following: Note 13 ‘Impairment of non-current assets’. – We evaluated the design of, and tested the operating effectiveness of, the Group’s Accounting standards require an assessment of controls over the assessment for indicators of impairment, impairment reversal and the indicators of impairment and impairment reversal assessment of the recoverable amount of the Western Australia Nickel CGU. annually, or more frequently if indicators of impairment – We performed an analysis for indicators of impairment and impairment reversal, which exist, for each cash generating unit (CGU). included considering the performance of the assets and external market conditions. The Group’s assessment of indicators of impairment Our procedures involved assessing the key inputs such as commodity price forecasts, and impairment reversal included an evaluation of discount rates, reserve estimation, operating and capital expenditure, comparable geo-political risks, regulatory and legislative changes, market data and asset performance. macro-economic disruptions, commodity price – We evaluated the historical accuracy of prior year’s forecast cash flows by comparing forecasts, reserve estimates, forecast operating and to current year’s actual cash flows. capital expenditure and asset performance. The Group focused on the CGUs that were the most susceptible to – We considered the impact of geo-political risks, regulatory and legislative changes and changes in key input assumptions. macro-economic disruptions as part of our evaluation of indicators of impairment and impairment reversal. The key input assumptions in the Group’s determination of indicators of impairment or impairment reversal, which – We involved our valuation specialists to assist in evaluating, amongst other matters, influence whether or not an estimate of the recoverable the discount rates applied and commodity price forecasts. amount of a CGU is required were as follows: – We assessed commodity price forecasts assumed by the Group against comparable – Commodity prices: assumptions in relation market data. to commodity price forecasts are inherently The Group uses internal and external experts to provide geological, metallurgical, mine uncertain. There is a risk that the assumptions are planning and commodity price forecast information to support key assumptions in the not reasonable and may not appropriately reflect assessment of indicators of impairment or impairment reversal and determination of the changes in supply and demand, including the impact recoverable amount. of climate change. With assistance from our mining reserves specialists, we examined the information – Reserves: assessing the estimation of reserves is provided by the Group’s experts, including assessment of the reserve estimation complex as there is significant estimation uncertainty methodology against the relevant industry and regulatory guidance. We also assessed in assessing the quantities of reserves, and the the qualifications, competence and objectivity of the internal and external experts. amount that will be economically recovered based Our procedures to address the recoverable amount of the Western Australia Nickel on future production estimates over the asset life, CGU included: including the impact of climate change. – Evaluation of whether the methodology applied complied with the requirements of the – Discount rates: given the long life of the relevant Accounting Standards; Group’s assets, CGU recoverable amounts – Assessment of the commodity price forecasts adopted with reference to broker and are sensitive to the discount rate applied. analyst data; Determining the appropriate discount rate to apply to – Assessment of the discount rate adopted, with reference to external market data; a CGU is judgemental. During the year, the Group determined that indicators – Determination of whether cash flow projections for operating and capital expenditure of impairment existed for the Western Australia Nickel agreed to approved budgets and forecasts and assessment of the reasonableness of CGU, requiring an impairment test to determine forecast cash flows against past performance of the CGU; the recoverable amount of the CGU as disclosed in – Assessment of the impacts of climate change as set out in our climate change related Note 13 of the financial report. procedures below; The Group assessed the recoverable amount of the – Assessed how a market participant would attribute value under a FVLCD methodology; Western Australia Nickel CGU using a Fair Value Less – Performance of sensitivity analysis to evaluate the impact of reasonably possible Cost of Disposal methodology (FVLCD), as disclosed changes in key assumptions such as commodity price forecasts, discount rates, in Note 13 of the financial report. An impairment charge of US$3,800 million was production quantities, operating costs and capital expenditure; and – Testing the mathematical accuracy of the impairment model and calculated recorded for the Western Australia Nickel CGU. The key input assumptions in the Group’s recoverable amount. Climate change related procedures: determination of the recoverable amount are consistent With the assistance of our climate change and valuation specialists we undertook the to those identified above. following procedures: The assessment of the indicators of impairment – Evaluated how the impact of climate change, as outlined in Note 16 of the financial or impairment reversal and recoverable amount report, was reflected in commodity price forecasts and carbon price assumptions. of the CGU was considered to be a key audit matter as it involved significant judgement. – Assessed how strategies to mitigate transition and physical risks, such as the Group’s Auditing the recoverable amount of a CGU is complex committed expenditure on decarbonisation activities, were reflected into the forecast and subjective due to the use of forward-looking cashflows considered as part of the Group’s assessment of indicators of impairment estimates, which are inherently difficult to determine and impairment reversal. with precision. There is also a level of judgement – Assessed the accuracy of the Group’s disclosure regarding climate-related risks that applied by the Group in determining the key inputs into have the potential to adversely impact long term steelmaking coal pricing and the these forward-looking estimates. The Group’s current climate change strategy continues carrying value of the Group’s steelmaking coal CGU. – Considered the consistency of Other Information reported by the Group in relation to to assess climate-related risks, including transition and its climate change strategy, with the key estimates adopted in the Group’s assessment physical risks. The Group’s current understanding of the potential of indicators of impairment and impairment reversal and recoverable amount of the financial impacts of climate change have been Western Australia Nickel CGU. – Assessed the adequacy of the Group’s climate change disclosures in Note 16 of the incorporated into the assessment of indicators of financial report. impairment and impairment reversal, the results of which are disclosed in Notes 13 and 16 of the financial report. We assessed the adequacy of the disclosures included in Notes 11 and 13 of the financial report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

202 BHP Annual Report 2024 5 Independent auditor’s report to the members of BHP Group Limited continued Closure and rehabilitation provisions Why significant How our audit addressed the key audit matter Refer to Note 15 ‘Closure and rehabilitation provisions’. The primary audit procedures we performed, amongst others, included The Group has closure and rehabilitation obligations to restore and the following: rehabilitate environmental disturbances created by its operations and – We evaluated the design of, and tested the operating effectiveness related sites. of, the Group’s controls related to the determination of closure and These obligations arise from regulatory and legislative requirements rehabilitation provision estimates. across multiple jurisdictions. – We evaluated the Group’s legal and regulatory obligations for The key inputs used to determine the required closure and rehabilitation closure and rehabilitation, life of operation, future rehabilitation costs, provisions are: discount rates and timing of future cashflows. – Life of the operation or site; – We assessed whether the future rehabilitation costs were consistent with the closure plans prepared by the Group’s internal experts. – Estimated cost of future closure and rehabilitation activities; – We tested the mathematical accuracy of the closure and rehabilitation – Timing of the closure and rehabilitation activities; provision calculations. – Discount rates; and – We assessed the discount rates adopted to calculate the closure – Current regulatory and legislative requirements. and rehabilitation provisions, including benchmarking to comparable As a result of these inputs and the evaluation of climate-related risks market data. – With the assistance of our rehabilitation subject matter specialists, and strategies, closure and rehabilitation provisions have a high degree we evaluated a sample of closure and rehabilitation provisions for of estimation uncertainty with a wide potential range of reasonably operating and closed sites within the Group, including: possible outcomes. – Evaluation of the closure and rehabilitation plans with regard to Closure and rehabilitation provisions were considered to be a key audit applicable regulatory and legislative requirements; matter as the estimation of these provisions is complex, involves a high degree of judgement including the impacts of climate change and often – Evaluation of the methodology used by the Group’s internal mine requires specialist expertise to estimate the costs required to satisfy closure engineers against industry practice and our understanding closure and rehabilitation obligations. of the business; and The Group’s current understanding of the potential financial impacts of – Assessment of the reasonableness of the timing of cash flows climate change have been incorporated into the related estimates, to the and cost estimates against the closure and rehabilitation plan and extent they can be reliably measured, in the determination of the closure industry practice. and rehabilitation provisions, the results of which are disclosed in Notes – The Group has used internal and external experts to support 15 and 16 of the financial report. the estimation of the mine closure and rehabilitation provisions. With the assistance of our rehabilitation subject matter specialists, we assessed the qualifications, competence and objectivity of the internal and external experts and that the information provided by the Group’s internal and external experts has been appropriately reflected in the calculation of the closure and rehabilitation provisions. Climate change related procedures: With the assistance of our climate change and rehabilitation subject matter specialists, we undertook the following procedures: – Evaluated how physical risk has been incorporated into the closure and rehabilitation provision estimates, such as the Group’s current understanding of changes to long-term weather outlooks and the potential to impact site closure designs and post-closure monitoring activities. – Evaluated the consistency of Other Information reported by the Group in relation to its climate change strategy with the key inputs used to determine the closure and rehabilitation provisions. – For the Group’s steelmaking coal assets, we evaluated the potential for climate change to shorten mine operating lives and therefore impact the timing of closure activities. – Assessed the reasonableness of the Group’s disclosure of the Profile of closure and rehabilitation cashflows included in Note 16 of the financial report and the impact of a one-year acceleration to the Group’s steelmaking coal closure and rehabilitation provisions included in Note 16. We assessed the adequacy of the disclosures included in Notes 15 and 16 of the financial report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 203 Samarco dam failure provisions recognised and contingent liabilities disclosures Why significant How our audit addressed the key audit matter Refer to Note 3 ‘Exceptional items’, Note 4 ‘Significant events – The primary audit procedures we performed, amongst others, included Samarco dam failure’ and Note 34 ‘Contingent liabilities’. the following: The provision at 30 June 2024 reflects the Group’s best estimate of – We assessed the design of, and tested the operating effectiveness of, the cash outflows required to resolve all aspects of the Federal Public Group’s controls over the Samarco dam failure accounting and disclosure Prosecution Office claim, being reparation, compensation and moral process. This included testing controls over: damages, and the Framework Agreement. – The determination of the provision for the settlement of the Federal Significant uncertainty remains around the resolution of the Federal Public Prosecution Office claim and the Framework Agreement, Public Prosecution Office Claim and the Framework Agreement including significant assumptions in the estimate of amounts payable, obligations, and there is a risk that outcomes may be materially obligations to perform ongoing programs in relation to reparation and higher or lower than amounts reflected in the provision for the compensation, and the period over which any amounts payable may Samarco dam failure. be made; There were a number of significant judgements and disclosures – The determination of the amount of funding Samarco is able to directly made by the Group in relation to the Samarco dam failure, including: contribute to fund any future obligations; and – Determining the terms of any potential future outcome of the – The Group’s assessment of the legal claims and determination of the settlement negotiations; associated provision and related contingent liability disclosures. – Quantifying the costs to resolve all aspects of the Federal Public – We assessed the key assumptions used to determine the provision Prosecution Office claim, being reparation, compensation and recorded by the Group in relation to potential obligations by: moral damages, and the Framework Agreement; – Understanding the impact of any court decisions on the Federal Public – Assessing the extent to which Samarco is able to directly fund Prosecution Office claim and the Framework Agreement; any future obligations relating to reparation, compensation and – Determining whether or not it is possible to provide a range of moral damages; outcomes or a reliable estimate of any potential settlement outcomes; – Considering possible outcomes of appeals relating to the judicial – Inquiring with the Group’s subject matter experts regarding the cost decision regarding collective moral damages; estimate to resolve all aspects of the Federal Public Prosecution – Determining the status, accounting treatment and quantification Office claim and to complete the various programs of work under the (if applicable) of the legal claims against BHP Group Limited, BHP Framework Agreement; Group (UK) Ltd, BHP Billiton Brasil Ltda and Samarco; and – Evaluating the qualifications, competence and objectivity of the – Disclosures relating to the contingent liabilities from the various Group’s subject matter experts, and the independent external legal claims and other circumstances that represent exposures to party that contribute to the determination of the cash flow the Group. estimates by considering their qualifications, scope of work and remuneration structure; We identified the Samarco dam failure provisions recognised, and – Comparing the nature and extent of remediation activities described in contingent liabilities disclosures, as a key audit matter as auditing the Framework Agreement and any new obligations under any potential these estimates is complex. There is a high degree of estimation future settlement agreement, to the activities included in the cash uncertainty, together with a wide range of reasonable outcomes. flow forecasts; Significant judgement was required in relation to assessing the completeness and measurement of the estimated cash outflows – Selecting a sample of cost estimates included in the provision and related to the provisions and contingent liabilities, including the considering the underlying supporting documentation; probability of the outflows. – Assessing the extent to which Samarco is able to directly fund any future obligations relating to reparation, compensation and moral damages by: – Comparison to Samarco’s business plan and our understanding of the operations; and – Performance of sensitivity analysis to evaluate the impact of reasonably possible changes in key assumptions such as commodity price forecasts, debt refinancing scenarios and tax contingencies; – Testing the mathematical accuracy of the provision model; – Assessing the period in which a provision change was recorded by understanding when the event that caused the change occurred; – Evaluating the historical accuracy of prior year’s forecasted cash flows with respect to the Group’s current year actual cash flows; and – Considering the claims and assessing their status and whether they now represent liabilities through: – Inquiries with the Group’s internal legal advisors, senior management, Group finance, and members of the Executive Leadership Team, with respect to the ongoing settlement negotiations; – Inspection of correspondence with external legal advisors; and – Independent confirmation letters received from external legal advisors. We assessed the disclosures regarding the environmental and legal contingent liabilities as included in Note 34, and the relevant disclosures regarding the significant events relating to Samarco dam failure as included in Note 4 against the disclosure requirements of the relevant Australian Accounting Standards. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

204 BHP Annual Report 2024 5 Independent auditor’s report to the members of BHP Group Limited continued Information other than the financial report and auditor’s – Evaluate the appropriateness of accounting policies used and the report thereon reasonableness of accounting estimates and related disclosures made by the directors. The directors are responsible for the other information. The other – Conclude on the appropriateness of the directors’ use of the going information comprises the information included in the Company’s 2024 concern basis of accounting and, based on the audit evidence annual report, but does not include the financial report and our auditor’s obtained, whether a material uncertainty exists related to events report thereon. or conditions that may cast significant doubt on the Group’s ability Our opinion on the financial report does not cover the other information to continue as a going concern. If we conclude that a material and accordingly we do not express any form of assurance conclusion uncertainty exists, we are required to draw attention in our auditor’s thereon, with the exception of the Remuneration Report and our related report to the related disclosures in the financial report or, if such assurance opinion. disclosures are inadequate, to modify our opinion. Our conclusions In connection with our audit of the financial report, our responsibility are based on the audit evidence obtained up to the date of our is to read the other information and, in doing so, consider whether the auditor’s report. However, future events or conditions may cause the other information is materially inconsistent with the financial report Group to cease to continue as a going concern. or our knowledge obtained in the audit or otherwise appears to be – Evaluate the overall presentation, structure and content of the materially misstated. financial report, including the disclosures, and whether the financial If, based on the work we have performed on other information obtained report represents the underlying transactions and events in a manner prior to the date of this auditor’s report, we conclude that there is a that achieves fair presentation. material misstatement of this other information, we are required to report – Obtain sufficient appropriate audit evidence regarding the financial that fact. We have nothing to report in this regard. information of the entities or business activities within the Group to Responsibilities of the directors for the financial report express an opinion on the financial report. We are responsible for the direction, supervision and performance of the Group audit. We remain The directors of the Company are responsible for the preparation of: solely responsible for our audit opinion. a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with We communicate with the directors regarding, among other matters, International Financial Reporting Standards as issued by the IASB, the planned scope and timing of the audit and significant audit findings, Australian Accounting Standards and the Corporations Act 2001; and including any significant deficiencies in internal control that we identify b) the consolidated entity disclosure statement that is true and correct in during our audit. accordance with the Corporations Act 2001, and We also provide the directors with a statement that we have complied for such internal control as the directors determine is necessary to with relevant ethical requirements regarding independence, and to enable the preparation of: communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where i) the financial report (other than the consolidated entity disclosure applicable, actions taken to eliminate threats or safeguards applied. statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report ii) the consolidated entity disclosure statement that is true and correct of the current year and are therefore the key audit matters. We describe and is free of misstatement, whether due to fraud or error. these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare In preparing the financial report, the directors are responsible for circumstances, we determine that a matter should not be communicated assessing the Group’s ability to continue as a going concern, disclosing, in our report because the adverse consequences of doing so would as applicable, matters relating to going concern and using the going reasonably be expected to outweigh the public interest benefits of concern basis of accounting unless the directors either intend to such communication. liquidate the Group or to cease operations, or have no realistic alternative but to do so. Report on the audit of the Remuneration Report Auditor’s responsibilities for the audit of the Opinion on the Remuneration Report financial report We have audited the Remuneration Report included in the Directors’ Report for the year ended 30 June 2024. Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether In our opinion, the Remuneration Report of BHP Group Limited for due to fraud or error, and to issue an auditor’s report that includes our the year ended 30 June 2024, complies with section 300A of the opinion. Reasonable assurance is a high level of assurance, but is Corporations Act 2001. not a guarantee that an audit conducted in accordance with the ASAs and ISAs will always detect a material misstatement when it exists. Responsibilities Misstatements can arise from fraud or error and are considered material The directors of the Company are responsible for the preparation and if, individually or in the aggregate, they could reasonably be expected presentation of the Remuneration Report in accordance with section to influence the economic decisions of users taken on the basis of this 300A of the Corporations Act 2001. Our responsibility is to express an financial report. opinion on the Remuneration Report, based on our audit conducted in As part of an audit in accordance with the ASAs and ISAs, we exercise accordance with ASAs and ISAs. professional judgement and maintain professional scepticism throughout the audit. We also: – Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. Ernst & Young The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. – Obtain an understanding of internal control relevant to the audit Rodney Piltz in order to design audit procedures that are appropriate in the Partner circumstances, but not for the purpose of expressing an opinion on Melbourne the effectiveness of the Group’s internal control. 27 August 2024 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 205 Additional information 1 Information on mining operations 1 Information on mining operations 205 Minerals Australia 2 Financial information summary 216 Iron ore mining operations 3 Financial information by commodity 217 4 Production 219 The following table contains additional details of our iron ore mining operations. This table should be read in conjunction with OFR 5.1 and 5 Major projects 221 the production table and reserves and resources tables in Additional 6 Mineral Resources and Ore Reserves 222 information 4 and 6. 7 People – performance data 234 Mine & location 8 Legal proceedings 235 WAIO Pilbara region, Western Australia 9 Shareholder information 238 Newman West (Mt Whaleback, Orebodies 29, 30, 31 9.1 History and development 238 and 35) 9.2 Markets 238 Newman East (Orebodies 24, 25 and 32) 9.3 Organisational structure 238 Mt Newman joint venture 9.4 Constitution 238 Means of access Private road 9.5 Share ownership 240 Ore transported by Mt Newman JV-owned rail to Port 9.6 Dividends 241 Hedland (427 km) 9.7 American Depositary Receipts fees and charges 242 Type and amount BHP Minerals 85% 9.8 Supplemental cybersecurity disclosures for US reporting 242 of ownership Mitsui-ITOCHU Iron 10% 9.9 Government regulations 243 ITOCHU Minerals and Energy of Australia 5% 10 Glossary 245 Operator BHP Title, leases Mineral lease granted and held under the Iron Ore or options and (Mount Newman) Agreement Act 1964 expires in 2030 acreage involved with right to successive renewals of 21 years each ML244SA – approximately 78,934 hectares History and stage Production stage of property Production began at Mt Whaleback in 1969 Production from Orebodies 24, 25, 29, 30, 31, 32 and 35 complements production from Mt Whaleback Production from Orebodies 31 and 32 started in 2015 and 2017 respectively Mining at Orebody 18 ceased in 2020 after depletion Mine type & Open-cut mineralisation Bedded ore types classified as per host Archaean or style Proterozoic iron formation, which are Brockman and Marra Mamba; also present is iron-rich detrital material Power source Power for all mine operations in the Central and Eastern Pilbara is supplied by BHP’s natural gas-fired Yarnima power station Power consumed in port operations is supplied via a contract with APA Group (formerly Alinta) Processing Newman Hub: primary crusher, ore handling plant, plants and other heavy media beneficiation plant, stockyard blending available facilities facility, single cell rotary car dumper, train load out (nominal capacity 75 Mtpa) Orebody 25: Ore processing plant (nominal capacity 12 Mtpa) ceased operation mid-FY2022 Key permit State Agreement contains conditions set by conditions the Western Australian Government, including requirements for future development proposals; environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community plans/initiatives/ investment requirements; payment of rent, taxes and government royalties Tenements granted by the Western Australian Government under the Mining Act 1978 (WA) (WA Mining Act) Key permit conditions include resource reporting, environmental compliance and reporting, rehabilitation considerations and offset payments and payment of lease rentals and royalties Registered Indigenous Land Use Agreements with conditions, including appropriate native title compensation and opportunity sharing; enshrine heritage protections and land access rights; and guarantee certain heritage, environment and consultation processes

206 BHP Annual Report 2024 1 Information on mining operations continued Mine & location Mine & location WAIO Pilbara region, Western Australia WAIO Pilbara region, Western Australia Yandi joint venture Jimblebar Means of access Private road Bill’s Hill, Eastern Syncline and Mt Helen (jointly called Western Ridge deposits) Ore transported by Mt Newman JV-owned rail to Port Hedland (316 km) Jimblebar operation* Yandi JV’s railway spur links Yandi hub to Mt Newman Means of access Private road JV main line Jimblebar ore is transported via overland conveyor Type and amount BHP Minerals 85% (12.4 km) and by Mt Newman JV-owned rail to Port of ownership ITOCHU Minerals and Energy of Australia 8% Hedland (428 km) Mitsui Iron Ore Corporation 7% The Western Ridge deposits are located close to Operator BHP Newman Operations and all production will be trucked and/or transported via overland conveyor Title, leases Mining lease granted pursuant to the Iron Ore Type and amount BHP Minerals 85% or options and (Marillana Creek) Agreement Act 1991 expires in 2033 of ownership ITOCHU Minerals and Energy of Australia 8% acreage involved with 1 renewal right to a further 21 years to 2054 Mitsui & Co. Iron Ore Exploration & Mining 7% M270SA – approximately 30,344 hectares *Jimblebar is an ‘incorporated’ venture with the above History and stage Production stage companies holding A Class Shares with rights to of property Production began at the Yandi mine in 1992 certain parts of mining lease 266SA held by BHP Iron Capacity of Yandi hub expanded between 1994 Ore (Jimblebar) Pty Ltd (BHPIOJ) and 2013 BHP Minerals holds 100% of the B Class Shares, Yandi commenced production ramp down activity which has rights to all other Jimblebar assets in FY2022 Operator BHP Mine type & Open-cut Title, leases Mining lease granted pursuant to the Iron Ore mineralisation Channel iron deposits are Cainozoic fluvial sediments or options and (McCamey’s Monster) Agreement Authorisation Act style acreage involved 1972 expires in 2030 with rights to successive renewals Power source Power for all mine operations in the Central and of 21 years each Eastern Pilbara is supplied by BHP’s natural gas-fired M266SA – approximately 51,756 hectares Yarnima power station Power consumed in port operations is supplied via a History and stage Production stage contract with APA Group (formerly Alinta) of property Production began in March 1989 From 2004, production was transferred to Wheelarra Processing 2 primary crushers, 1 ore handling plant, stockyard JV as part of the Wheelarra sublease agreement plants and other blending facility and 1 train load out (nominal capacity available facilities 50 Mtpa) This sublease agreement expired in March 2018 Decommissioning of additional facilities, including 2 Ore was first produced from the newly commissioned ore handling plants, 2 primary crushers and 1 train load Jimblebar Hub in late 2013 out, is ongoing as part of planned ramp down activities Jimblebar sells ore to the Newman JV proximate to the Key permit State Agreement contains conditions set by Jimblebar Hub conditions the Western Australian Government, including Production at Western Ridge commenced in FY2022 requirements for future development proposals; Mine type & Open-cut environmental compliance and reporting obligations; mineralisation Bedded ore types classified as per host Archaean closure and rehabilitation considerations; local style or Proterozoic banded iron formation, which are procurement and community plans/initiatives/ Brockman and Marra Mamba; also present is iron-rich investment requirements; payment of rent, taxes and detrital material government royalties Tenements granted by the Western Australian Power source Power for all mine operations in the Central and Government under the WA Mining Act Eastern Pilbara is supplied by BHP’s natural gas-fired Yarnima power station Key permit conditions include resource reporting, Power consumed in port operations is supplied via a environmental compliance and reporting, rehabilitation contract with APA Group (formerly Alinta) considerations and offset payments and payment of lease rentals and royalties Processing 3 primary crushers, ore handling plant, train loadout, Registered Indigenous Land Use Agreements plants and other stockyard blending facility and supporting mining hub with conditions, including appropriate native title available facilities infrastructure (nominal capacity 71 Mtpa) compensation and opportunity sharing; enshrine Production from the Western Ridge deposits will be heritage protections and land access rights; and processed through existing processing facility for guarantee certain heritage, environment and Newman operations consultation processes Key permit State Agreement contains conditions set by conditions the Western Australian Government, including requirements for future development proposals; environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community plans/initiatives/ investment requirements; payment of rent, taxes and government royalties Tenements granted by the Western Australian Government under the WA Mining Act Key permit conditions include resource reporting, environmental compliance and reporting, rehabilitation considerations and offset payments and payment of lease rentals and royalties Registered Indigenous Land Use Agreement with conditions, including appropriate native title compensation and opportunity sharing; enshrine heritage protections and land access rights; and guarantee certain heritage, environment and consultation processes

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 207 Mine & location Key permit State Agreements contain conditions set by WAIO Pilbara region, Western Australia conditions the Western Australian Government, including requirements for future development proposals; Yarrie environmental compliance and reporting obligations; Nimingarra closure and rehabilitation considerations; local procurement and community plans/initiatives/ Mining Area C South Flank investment requirements; payment of rent, taxes and government royalties Mt Goldsworthy joint venture Tenements granted by the Western Australian Government under the WA Mining Act Means of access Private road Key permit conditions include resource reporting, Yarrie and Nimingarra iron ore transported by Mt environmental compliance and reporting, rehabilitation Goldsworthy JV-owned rail to Port Hedland (218 km) Mining Area C iron ore transported by Mt Newman JV- considerations and offset payments and payment of owned rail to Port Hedland (360 km) lease rentals and royalties South Flank iron ore transported by overland conveyors Registered Indigenous Land Use Agreements (8–16 km) to the Mining Area C processing hub with conditions, including appropriate native title compensation and opportunity sharing; enshrine Mt Goldsworthy JV railway spur links Mining Area C heritage protections and land access rights; and and South Flank to Yandi JV’s railway spur guarantee certain heritage, environment and consultation processes Type and amount BHP Minerals 85% of ownership Mitsui Iron Ore Corporation 7% ITOCHU Minerals and Energy of Australia 8% Mine & location Operator BHP WAIO Pilbara region, Western Australia Title, leases 1 mineral lease and 1 mining lease both granted POSMAC joint venture or options and pursuant to the Iron Ore (Goldsworthy – Nimingarra) Means of access Private road acreage involved Agreement Act 1972, expire in 2035, with rights to successive renewals of 21 years each. ML251SA and POSMAC JV sells ore to Mt Goldsworthy JV at Mining M263SA – approximately 15,623 hectares Area C A number of smaller mining leases granted under the Ore is transported via Mt Goldsworthy JV-owned rail WA Mining Act expire in 2026 with rights to successive and Mt Newman JV-owned rail to Port Hedland renewals of 21 years. 5 leases – approximately Mt Goldsworthy JV railway spur links Mining Area C to 2,999 hectares Yandi JV’s railway spur 3 mineral leases granted under the Iron Ore (Mount Type and amount BHP Minerals 65% Goldsworthy) Agreement Act 1964, which expire 2028, of ownership ITOCHU Minerals and Energy of Australia 8% with rights to successive renewals of 21 years each Mitsui Iron Ore Corporation 7% ML235SA, ML249SA and ML281SA – approximately 91,124 hectares POS-Ore 20% History and stage Production stage Operator BHP of property Operations commenced at Mt Goldsworthy in 1966 and Title, leases Sublease over part of Mt Goldsworthy Mining Area C at Shay Gap in 1973 or options and mineral lease that expires on the earlier of termination acreage involved of the mineral lease or the end of the POSMAC JV Original Goldsworthy mine closed in 1982 ML281SA – approximately 56,335 hectares Associated Shay Gap mine closed in 1993 Mining at Nimingarra mine ceased in 2007, then History and stage Production stage continued from adjacent Yarrie area of property Production commenced in October 2003 Production commenced at Mining Area C mine in 2003 POSMAC JV sells all ore to Mt Goldsworthy JV at Yarrie mine operations were suspended in Mining Area C February 2014 Mine type & Open-cut First ore at South Flank commenced in May 2021 mineralisation Bedded ore types classified as per host Archaean or style Proterozoic iron formation, which is Marra Mamba Mine type & Mining Area C, South Flank, Yarrie and Nimingarra are mineralisation open-cut Power source Power for all mine operations in the Central and style Bedded ore types classified as per host Archaean Eastern Pilbara is supplied by BHP’s natural gas-fired or Proterozoic iron formation, which are Brockman, Yarnima power station Marra Mamba and Nimingarra; also present is iron-rich Power consumed in port operations is supplied via a detrital material contract with APA Group (formerly Alinta) Power source Power for Yarrie and Shay Gap is supplied by their own Processing POSMAC sells all ore to Mt Goldsworthy JV, which is small diesel generating stations plants and other then processed at Mining Area C Power for all remaining mine operations in the Central available facilities and Eastern Pilbara is supplied by BHP’s natural gas- Key permit Key permit conditions of POSMAC joint venture are fired Yarnima power station conditions captured within the Mount Goldsworthy joint venture Power consumed in port operations is supplied via a key permit conditions outlined above contract with APA Group (formerly Alinta) Processing Mining Area C: 2 primary crushers, 2 ore handling plants and other plants, stockyard blending facility and train load out available facilities (nominal capacity 64 Mtpa) South Flank: 2 primary crushers, 1 ore handling plant, stockyard and blending facility and train load out (nominal capacity 80 Mtpa)

208 BHP Annual Report 2024 1 Information on mining operations continued Coal mining operations Mine & location The following table includes details about our mining operations as New South Wales Approximately 126 km northwest of Newcastle, New at 30 June 2024. It does not include information on the Daunia and Energy Coal South Wales, Australia Blackwater coal mining operations, which were divested by BMA’s owners Mt Arthur Coal during the year. While some of the land and tenements related to the Means of access Public road Daunia and Blackwater mines is pending transfer following completion in April 2024, the assets are now under Whitehaven Coal’s control and Coal transported by third-party rail operated for their benefit and have been excluded on that basis. Type and amount BHP 100% This table should be read in conjunction with OFR 5.1 and the production of ownership table and reserves and resources tables in Additional information 4 and 6. Operator BHP Mine & location Title, leases New South Wales Energy Coal holds 10 mining leases, or options and 2 subleases and 1 exploration licence BHP Mitsubishi Bowen Basin, Queensland, Australia acreage involved Alliance Total mining leases approximately 8,750 hectares Goonyella Riverside Broadmeadow History and stage Production stage Caval Ridge of property Production commenced in 2002 (previous operations Peak Downs dating to the early 1960s) Saraji and Saraji South mines Approval to expand mining granted in 2010 with an Central Queensland Coal Associates joint venture additional area also granted by an approval modification in 2014 Means of access Public road Current Development Consent expires in 2026 Coal transported by rail to Hay Point Coal Terminal On 16 June 2022, BHP announced the decision to Distances between the mines and port are between 191 cease mining at the asset by the end of FY2030 km and 212 km Type and amount BHP 50% The application to continue mining for an additional of ownership 4 years from FY2026 to FY2030 was lodged with the Mitsubishi Development 50% New South Wales Government in September 2023 and is currently under assessment Operator BMA Mine type & Open-cut Title, leases Mining leases, including undeveloped tenements, have mineralisation style or options and expiry dates ranging up to 2045, renewable for further Produces a medium rank bituminous thermal coal acreage involved periods as Queensland Government legislation allows Power source New South Wales electricity grid connection under a Approximately 79,752 hectares excluding the tenements deemed long-term contract and energy purchased via a pending transition to Whitehaven Coal Retail Agreement Mining is permitted to continue under the legislation Processing Beneficiation facilities: coal handling, preparation, during the renewal application period plants and other washing plants available facilities Nominal capacity in excess of 23 Mtpa All required renewal applications were lodged and pending a decision from the Minister Key permit The project approval contains key conditions: (i) it History and stage Production stage conditions requires MAC to be operated generally in accordance of property with the environmental assessment; and (ii) permits Goonyella mine commenced in 1971, merged with extraction of up to 36 Mtpa of run of mine coal from adjoining Riverside mine in 1989 Operates as Goonyella Riverside underground and open-cut operations, with open-cut extraction limited to 32 Mtpa Production commenced at: Peak Downs in 1972 Saraji in 1974 Norwich Park in 1979 Broadmeadow (longwall operations) in 2005 Caval Ridge in 2014 Production at Saraji South (formerly Norwich Park) ceased in May 2012. Since October 2022, limited product has been sourced from Saraji South for processing at Saraji Mine type & All open-cut except Broadmeadow mineralisation style (longwall underground) Bituminous coal is mined from the Permian Moranbah Coal measures Products range from premium-quality, low-volatile, high-vitrinite hard coking coal to medium-volatile hard coking coal, to weak coking coal and medium ash thermal coal as a secondary product Power source Queensland electricity grid connection is under long-term contracts and energy purchased via Retail Agreements Processing On-site beneficiation processing facilities plants and other Combined nominal capacity of 50 Mtpa available facilities Key permit Key permit conditions are contained in the various conditions legislation set by the Queensland Government and include conditions relating to carrying out works in accordance with the environmental authority and approved development plans, payment of rents, reporting and payment of royalties. Mining leases granted under the Central Queensland Coal Associates Agreement Act 1968 place an extraction cap of 1,860 Mt

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 209 Nickel mining operations Mine & location The following table contains additional details of our mining operations. Nickel West 375 km north of Kalgoorlie, Western Australia This table should be read in conjunction with OFR 5.1 and the production Venus sub-level caving operation table and reserves and resources tables in Additional information 4 and 6. B11 block caving operation Mine & location Camelot open-pit mine Nickel West 450 km north of Kalgoorlie, Western Australia Rocky’s Reward open-pit mine Mt Keith Mine Leinster mine complex and concentrator Mt Keith Satellite Mine (Yakabindie) Means of access Public road Mt Keith mine and concentrator Nickel concentrate shipped by road and rail to Means of access Private road Kalgoorlie Nickel Smelter Nickel concentrate transported by road to Leinster for Type and amount BHP 100% drying and on-shipping of ownership Type and amount BHP 100% Operator BHP of ownership Title, leases Mining leases granted by Western Operator BHP or options and Australian Government acreage involved Key leases expire between 2025 and 2040 Title, leases Mining leases granted by Western or options and Australian Government Renewals of principal mineral lease in accordance acreage involved Key leases expire between 2029 and 2036 with State Agreement ratified by the Nickel (Agnew) Agreement Act 1974 First renewal of 21 years is as a right. Further renewals at government discretion Leinster mining leases approximately 6,325 hectares Mt Keith mining leases approximately 9,240 hectares Camelot mining leases approximately 2,353 hectares Mt Keith satellite mining leases approximately History and stage Production stage 3,835 hectares of property Production commenced in 1979 History and stage Production stage Acquired in 2005 as part of WMC acquisition of property Commissioned in 1995 by WMC Leinster underground ceased operations in 2013 and Acquired in 2005 as part of WMC acquisition recommenced operations in 2016 with Venus sub-level cave now in operation and B11 block cave developing its Mt Keith Satellite Mine contains 2 open-pit mines: undercut and draw points Six Mile Well and Goliath, both in full production Rocky’s Reward open-pit mine ceased mining in 2021 Nickel West operations will be temporarily suspended from October 2024 Nickel West operations will be temporarily suspended from October 2024 Mine type & Open-cut mineralisation style Mine type & Open-cut and underground Disseminated textured magmatic nickel-sulphide mineralisation style mineralisation associated with a metamorphosed Steeply dipping disseminated and massive textured ultramafic intrusion nickel-sulphide mineralisation associated with metamorphosed ultramafic lava flows and intrusions Power source On-site third-party gas-fired turbines and renewable solar generation with backup from diesel Power source On-site third-party gas-fired turbines and renewable engine generation solar generation with back up from diesel engine generation Contracts expire in December 2038 Contracts expire in December 2038 Natural gas sourced and transported under separate long-term contracts Natural gas sourced and transported under separate long-term contracts Processing Concentration plant with a nominal capacity of 11 Mtpa plants and other of ore Processing Concentration plant with a nominal capacity of 3 Mtpa available facilities plants and other of ore available facilities Key permit Use of the land for the purposes set out by the Western conditions Australian Government under granted mining tenements Key permit Use of the land for the purposes set out by the and broadly comprise of submission of detailed mining conditions Western Australian Government in the Nickel (Agnew) proposals; payment of royalties, annual rent to the Agreement Act 1974 broadly comprise of submission State Government; rates to relevant local governments; of detailed mining proposals and additional proposals; compliance with environmental regulations and mine payment of royalties, annual rent to Western Australian closure requirements and other reporting obligations. Government; rates to relevant local governments; Existing mining operations are also subject to an compliance with environmental regulations and mine Indigenous Land Use Agreement (ILUA), which includes closure requirements and other reporting obligations. commitments for payments made to trust accounts; Existing mining operations are also subject to an Indigenous employment and business opportunities; Indigenous Land Use Agreement (ILUA), which includes heritage and cultural protections commitments for payments made to trust accounts; Indigenous employment and business opportunities; heritage and cultural protections

210 BHP Annual Report 2024 1 Information on mining operations continued Mine & location Mine & location Nickel West 450 km north of Kalgoorlie, Western Australia West Musgrave Musgrave Province, Western Australia Project Cliffs mine Means of access Public road Means of access Private road Type and amount BHP 100% Nickel ore transported by road to Leinster or Mt Keith for of ownership further processing Operator BHP Type and amount BHP 100% of ownership Title, leases The Project contemplates 2 copper and nickel deposits or options and (Babel pit and Nebo pit) within the West Musgrave Operator BHP Title, leases Mining leases granted by Western acreage involved Ranges of Western Australia M69/149, L69/56, L69/57 and L69/44 or options and Australian Government acreage involved Development Envelope of 20,852 hectares Key leases expire between 2025 and 2028 History and stage Scoping studies completed in 2017 First renewal of 21 years is as of right. Further renewals of property Pre-feasibility study completed by OZ Minerals and at government discretion Cassini Resources Ltd in 2020 Mining leases approximately 2,675 hectares Acquired by OZ Minerals in October 2020 History and stage Production stage of property Final investment decision in September 2022 Production commenced in 2008 Acquired in 2023 as part of OZ Minerals acquisition Acquired in 2005 as part of WMC acquisition West Musgrave Project will be temporarily suspended Nickel West operations will be temporarily suspended from October 2024 from October 2024 Mine type & Open-pit (still in project stage) Mine type & Underground mineralisation style Magmatic nickel and copper sulphide mineralisation style Steeply dipping massive textured nickel-sulphide mineralisation associated with metamorphosed Power source Long-term power expected to be delivered by an ultramafic lava flows off-grid hybrid power system (wind, solar, battery and thermal generation) Power source Supplied from Mt Keith Processing Crushing, vertical roller mill, flotation producing Processing Mine site plants and other separate nickel and copper concentrates (still in plants and other available facilities project stage) available facilities Key permit All key regulatory approvals in place and a Land Key permit Use of the land for the purposes set out by the Western conditions access agreement signed with the Ngaanyatjarra conditions Australian Government under granted mining tenements people to develop 2 copper and nickel deposits (Babel and broadly comprise of submission of detailed mining pit and Nebo pit) within the West Musgrave Ranges proposals; payment of royalties, annual rent to the (including mining, accommodation, an airstrip and State Government; rates to relevant local government; processing facilities) compliance with environmental regulations and mine closure requirements and other reporting obligations. There are a number of strict conditions on cultural Existing mining operations are also subject to an heritage, flora and fauna, inland waters and greenhouse Indigenous Land Use Agreement (ILUA), which includes gas, including: commitments for payments made to trust accounts; – no more than 3,830 hectares clearing of Indigenous employment and business opportunities; native vegetation heritage and cultural protections – achieving net zero greenhouse gas emissions by 2040, including up to 60 megawatts (instantaneous load requirement) of fossil fuel electricity generation with the remainder of the power supply to be generated through solar or wind electricity generation – abstraction of up to 7.5 gigalitres of groundwater per annum – compliance with the Cultural Heritage Management Plan, including no direct disturbance of the ethnographic exclusion zones

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 211 Nickel smelters, refineries and processing plants Copper South Australia Smelter, refinery or processing plant Copper mining operations Nickel West 56 km south of Kalgoorlie, Western Australia The following table contains additional details of our mining operations. This table should be read in conjunction with OFR 5.1 and 5.2, and Kambalda nickel concentrator the production table and reserves and resources tables in Additional Ownership BHP 100% information 4 and 6. Operator BHP Title, leases Mineral leases granted by Western Mine & location Olympic Dam 560 km northwest of Adelaide, South Australia or options Australian Government Key leases expire in 2028 Means of access Public road Mining leases approximately 242 hectares Copper cathode trucked to ports Key permit Use of the land for the purposes set out by the Western Uranium oxide transported by road to ports conditions Australian Government under granted mining tenements Gold bullion transported by road and plane and broadly comprise of submission of detailed mining Type and amount BHP 100% proposals; payment of royalties, annual rent to the of ownership State Government; rates to relevant local government; compliance with environmental regulations and mine Operator BHP closure requirements and other reporting obligations Title, leases Mining lease granted by South Australian Government Product Concentrate containing approximately 13% nickel or options expires in 2036 and acreage Approximately 17,788 hectares Power source On-site third-party gas-fired turbines supplemented by involved access to grid power Right of extension for 50 years (subject to remaining Contracts expire in December 2038 mine life) Natural gas sourced and transported under separate History and stage Production stage long-term contracts of property Acquired in 2005 as part of Western Mining Corporation Nominal production 1.6 Mtpa ore (WMC) acquisition capacity Nickel sourced through ore tolling and concentrate Copper production began in 1988 purchase arrangements with third parties in Kambalda Nominal milling capacity raised to 9 Mtpa in 1999 and outer regions Optimisation project completed in 2002 Smelter, refinery or processing plant New copper solvent extraction plant commissioned Nickel West Kalgoorlie, Western Australia in 2004 Kalgoorlie nickel smelter Major smelter maintenance campaigns completed in 2017 and 2022 Ownership BHP 100% Mine type & Underground Operator BHP mineralisation style Title, leases Freehold title over the property Large poly-metallic deposit of iron oxide-copper-or options uranium-gold mineralisation Key permit Power source Electricity transmitted via BHP’s 275 kV power line from conditions Port Augusta and ElectraNet’s system upstream of Port Augusta Product Matte containing approximately 65% nickel Power is sourced from the local grid, which is supplied Power source On-site third-party gas-fired turbines supplemented by under a retail contract, currently supplemented by access to grid power Power Purchase Agreement with Iberdrola Contracts expire in December 2038 Processing Underground automated train and trucking network plants and other feeding crushing, storage and ore hoisting facilities Natural gas sourced and transported under separate available facilities long-term contracts 2 grinding circuits Nominal production 110 ktpa nickel metal in matte Nominal milling capacity of 11 Mtpa capacity Flash furnace produces copper anodes, which are then refined to produce copper cathodes Electrowon copper cathode and uranium oxide Smelter, refinery or processing plant concentrate produced by leaching and solvent Nickel West 30 km south of Perth, Western Australia extracting flotation tailings Kwinana nickel refinery Gold cyanide leach circuit and gold room producing Ownership BHP 100% gold bullion Operator BHP Key permit The Roxby Downs (Indenture Ratification) Act 1982 conditions (Indenture Act) applies to Olympic Dam’s operations. Title, leases Freehold title over the property It contains conditions from the South Australian or options Government, including relating to the protection and management of the environment; water; closure and Key permit rehabilitation considerations; local procurement and conditions community plans/initiatives/project commitments; and Product London Metal Exchange grade nickel briquettes, payment of royalties. Olympic Dam also holds other nickel powder relevant approvals and tenements granted by the South Australian Government, including under the Mining Act Also intermediate products, including copper sulphide, 1971 (SA) cobalt-nickel-sulphide, ammonium sulphate Nickel sulphate containing approximately 22% nickel Power source Power is sourced from the local grid, which is supplied under a retail contract, supplemented by a Power Purchase Agreement with Merredin Solar Farm for 50% of its output Nominal production 82.5 ktpa nickel metal in powder, briquettes and nickel capacity sulphate (with approval to increase up to 90 ktpa) 99 kt–100 kt nickel sulphate (approximately 22 kt–24 kt nickel)

212 BHP Annual Report 2024 1 Information on mining operations continued Mine & location Mine & location Carrapateena The Gawler Craton, South Australia, approximately 160 Prominent Hill 650 km northwest of Adelaide, 130 km southeast of the km north of Port Augusta town of Coober Pedy Means of access 60 km private access road Means of access Mine access road (45 km off Stuart Highway) Copper concentrate trucked to ports Copper concentrate (containing gold and silver) trucked Type and amount BHP 100% to Wirrida Railway siding via dedicated Concentrate of ownership Export Road Operator BHP Type and amount BHP 100% Title, leases The Carrapateena Project holds a mining lease (ML of ownership or options and 6471) and 5 miscellaneous purposes licences (MPL Operator BHP acreage involved 149, 152, 153, 154 and 156), which were granted Title, leases Mining lease ML 6228 granted by South Australian by the South Australian Government and expire in or options and Government expires in August 2041 January 2039, with the exception of MPL 149 which acreage involved Miscellaneous purpose licences (MPL 81, 82, 83, 84, expires in July 2038 91, 93, 94 96, 97, 101, 112 to 117 and 119 to 122) and Approximately 44,144 hectares in size across all extractive mineral leases (EML 6234, 6236 to 6242, 6 tenements 6278 to 6296, 6299 to 6301) which were granted by the An application for tenement extensions can be made South Australian Government and expire in August 2041 within 6 months of the tenement expiry date Approximately 11,401 hectares across all 51 tenements History and stage 2011 – OZ Minerals acquired Carrapateena History and stage 2009 – Malu open-pit mine commissioned of property exploration project of property 2012 – Ankata underground mine 2014 – Pre-feasibility study completed expansion commissioned 2016 – Carrapateena scoping study completed 2015 – Malu underground mine 2017 – Feasibility study updated expansion commissioned 2017 – Works on enabling infrastructure commenced 2017 – Expansion of the underground operation with new northern decline (Liru) 2018 – Project approvals completed 2018 – Malu open-pit mine safely closed after more than 2018 – Construction commenced 100 Mt of ore was mined over 10 years 2019 – Construction completed 2019 – Underground ramp up to 4.0 Mt 2019 – First saleable concentrate produced 2019 – Prominent Hill expansion study commenced 2019 – Block Cave expansion pre-feasibility 2021 – Wira Shaft Mine expansion investment approved study commenced 2022 – Decision to increase the electric hoisting shaft’s 2020 – 4.25 Mtpa ramp up achieved capacity from 6 Mtpa to 6.5 Mtpa 2020 – Block Cave expansion pre-feasibility 2023 – Acquired as part of OZ Minerals acquisition study completed Mine type & Underground 2020 – Block Cave expansion approved mineralisation style Iron oxide copper gold deposit 2020 – New 270 km transmission line to Prominent Hill via Carrapateena commissioned Power source SA power grid via a high voltage power transmission line operated under a Build Own Operate 2020 – Early works on Western Access Maintain agreement Road commenced Power purchased via Retail Agreement 2021 – Block Cave expansion early works underway Processing Conventional crushing, semi-autogenous grinding 2022 – Cave propagated to surface 2023 – Acquired as part of OZ Minerals acquisition plants and other (SAG) and ball mill grinding circuit and flotation available facilities processing plant on site 2024 – Commissioning of Crusher Station 2 Nameplate capacity of 10 Mtpa Mine type & Underground Key permit MPEPR2022/137 Program for Environment Protection mineralisation style Iron oxide copper gold deposit conditions and Rehabilitation for Mineral Lease (ML) 6228 and Associated Extractive Minerals Leases and Power source Electricity transmitted via private power line operated Miscellaneous Purpose Licences under a Build Own Operate Maintain (BOOM) agreement with ElectraNet Department for Environment and Water: Water Licences 396811 and 396809 Power purchased via Retail Agreement Environment Protection Authority Licence 22764 Processing Conventional crushing, grinding and flotation on plants and other mine site Environment Protection Authority Licence 51429: available facilities Licence to Carry out Mining or Mineral Processing Nominal milling capacity of 5.5 Mt pursuant to Radiation Protection and Control Act 2021 Key permit The SA Mining Act and associated Mining Regulations conditions 2020 (SA) apply to the Carrapateena Project. Each tenement document (either ML or MPL) in conjunction with the operation’s Program for Environment Protection and Rehabilitation (PEPR) outlines the conditions from the South Australian Government that must be complied with including those relating to the protection and management of the environment, water, closure and rehabilitation The Carrapateena Project is also approved by the Federal Government under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) and as such has further conditions regarding nationally threatened flora and fauna species

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 213 Minerals Americas Mine & location Copper mining operations Pampa Norte Atacama Desert The following table contains additional details of our mining operations. Spence 162 km northeast of Antofagasta, Chile This table should be read in conjunction with OFR 5.3 and the production Means of access Public road table and reserves and resources tables in Additional information 4 and 6. Copper cathode transported by rail to ports at Mejillones Mine & location and Antofagasta Escondida Atacama Desert Copper concentrate transported by rail or trucks to port in Mejillones 170 km southeast of Antofagasta, Chile Means of access Private road available for public use Molybdenum concentrate is transported by trucks Type and amount BHP 100% Copper cathode transported by rail to ports at of ownership Antofagasta and Mejillones Operator BHP Copper concentrate transported by Escondida-owned pipelines to its Coloso port facilities Title, leases Mining concession from Chilean Government valid or options and indefinitely (subject to payment of annual fees) Type and amount BHP 57.5% acreage involved of ownership Mining concessions (exploitation): approximately Rio Tinto 30% 44,000 hectares JECO Corporation consortium comprising Mitsubishi, History and stage Production stage JX Nippon Mining and Metals 10% of property First copper produced in 2006 JECO 2 Ltd 2.5% Spence Growth Option (i.e. new 95 ktpd copper Operator BHP concentrator and molybdenum plants) produced first Title, leases Mining concession from Chilean Government valid copper in December 2020 and first molybdenum in or options and indefinitely (subject to payment of annual fees) April 2022 acreage involved Mining concessions (exploitation) approximately Key permit Mining companies in Chile must obtain environmental 380,000 hectares conditions approvals for their projects, issued by the Environmental Assessment Service (SEA), in order to operate History and stage Production stage Depending on the particular characteristics and/ of property Original construction completed and production or extension of the relevant project to be assessed, commenced in 1990 Start of operations of the third concentrator plant approvals can be obtained following a full Environmental in 2015 Impact Study (EIA) or after a less complex Environmental Impact Declaration (DIA) Inauguration of Escondida Water Supply desalination Mining companies are required to pay an annual fee for plant (CY2018) and its extension (CY2019) each mining concession Key permit Mining companies in Chile must obtain environmental Mine type & Open-cut conditions approvals for their projects, issued by the Environmental mineralisation style Enriched and oxidised porphyry copper deposit Assessment Service (SEA), in order to operate Depending on the particular characteristics and/ containing in situ copper oxide mineralisation that or extension of the relevant project to be assessed, overlies a near-horizontal sequence of supergene approvals can be obtained following a full Environmental sulphides, transitional sulphides and finally primary Impact Study (EIA) or after a less complex (hypogene) sulphide mineralisation Power source Electricity sourced from 100% renewable sources Environmental Impact Declaration (DIA) and certified by the Chilean Electricity Authority Mining companies are required to pay an annual fee for (Coordinador Eléctrico Nacional – CEN) each mining concession Mine type & 2 open-cut pits: Escondida and Escondida Norte Renewable power purchase agreements (PPAs) with mineralisation style third parties supply most of Spence electricity needs. Escondida and Escondida Norte mineral deposits are The remainder is supplied by Tamakaya SpA (100% adjacent but distinct supergene enriched porphyry owned by BHP) copper deposits Spence-owned transmission lines connect to Chile’s Power source Electricity sourced from 100% renewable sources northern power grid and certified by the Chilean Electricity Authority Processing Crushing facilities feed concentrator and (Coordinador Eléctrico Nacional – CEN) plants and other leaching processes Renewable power purchase agreements (PPAs) with available facilities 1 copper concentrator plant with 95 ktpd capacity third parties supply approximately 99% of Escondida (by-products: gold and silver), molybdenum plant and a electricity needs with the balance supplied by Tamakaya 1,000 litres per second desalinated water plant under a SpA (100% owned by BHP) Build Own Operate Transfer (BOOT) agreement Escondida-owned transmission lines connect to Chile’s Dynamic leach pads, solvent extraction and northern power grid electrowinning plant Processing Crushing facilities feed concentrator and Nominal capacity of tank house: 200 ktpa plants and other leaching processes copper cathode available facilities 3 concentrator plants produce copper concentrate from sulphide ore by flotation extraction process (byproducts: gold and silver) 2 solvent extraction and electrowinning plants produce copper cathode Nominal capacity: 422 ktpd (nominal milling capacity) and 350 ktpa copper cathode (nominal capacity of tank house) 2 x 168 km concentrate pipelines, 167 km water pipeline Port facilities at Coloso, Antofagasta Desalinated water plant (total water capacity of 3,800 litres per second)

214 BHP Annual Report 2024 1 Information on mining operations continued Mine & location Mine & location Pampa Norte Atacama Desert Antamina Andes mountain range, Peru Cerro Colorado 120 km east of Iquique, Chile Mine: San Marcos – Ancash, 270 km northeast of Lima Means of access Public road Port: Huarmey – Ancash, 300 km north of Lima Copper cathode trucked to port at Iquique Means of access Public road Type and amount BHP 100% Copper and zinc concentrates transported by Antamina-of ownership owned pipeline to its Punta Lobitos port Operator BHP Molybdenum and lead/bismuth concentrates transported by truck Title, leases Mining concession from Chilean Government valid Type and amount BHP 33.75% or options and indefinitely (subject to payment of annual fees) of ownership acreage involved Transitioned to care and maintenance in Glencore 33.75% December 2023 Teck 22.5% Mining concessions (exploitation): approximately Mitsubishi 10% 34,000 hectares Operator Compañía Minera Antamina S.A. History and stage Production stage of property Title, leases Mining rights from Peruvian Government held Commercial production commenced in 1994 or options and indefinitely, subject to payment of annual fees and Expansions in 1996 and 1998 acreage involved supply of information on investment and production Cerro Colorado entered temporary care and Total acreage: approximately 6,600 hectares maintenance in December 2023 History and stage Production stage Key permit Mining companies in Chile must obtain environmental of property Commercial production commenced in 2001 conditions approvals for their projects, issued by the Environmental Assessment Service (SEA), in order to operate Key permit During FY2024, the National Environmental Certification conditions Service (SENACE) approved Antamina’s Modification of Depending on the particular characteristics and/ the Environmental Impact Assessment (MEIA), enabling or extension of the relevant project to be assessed, Antamina to extend its life from CY2028 to CY2036, approvals can be obtained following a full Environmental maintaining annual production volumes within its current Impact Study (EIA) or after a less complex operational footprint Environmental Impact Declaration (DIA) Mine type & Open-cut Mining companies are required to pay an annual fee for mineralisation style Zoned porphyry and skarn deposit with central copper each mining concession dominated ores and an outer band of copper-zinc Mining companies in Chile that enter a care and dominated ores maintenance period must obtain approval of a Power source Contracts with individual power producers Temporary Closure Plan, sectorial permit, from Sernageomin (Mining Authority). This permit is initially Processing Primary crusher, concentrator, copper and zinc flotation granted for a period of 2 years and is renewable for an plants and other circuits, bismuth/moly cleaning circuit additional period of up to 3 years available facilities Nominal milling capacity 145 ktpd Mine type & Open-cut mineralisation style 304 km concentrate pipeline Enriched and oxidised porphyry copper deposit containing in situ copper oxide mineralisation that Port facilities at Huarmey overlies a near-horizontal sequence of supergene Mine & location sulphides, transitional sulphides and finally primary (hypogene) sulphide mineralisation Resolution Superior/Project: Pinal – Arizona, 100 km east of Power source Electricity purchased from external vendors Phoenix, United States Means of access Public road Processing Crushing facilities, dynamic leach pads, solvent plants and other extraction plant, electrowinning plant Type and amount BHP 45% available facilities of ownership Rio Tinto 55% (operator) Nominal capacity of tank house: 130 ktpa copper cathode Operator Resolution Copper Mining LLC Title, leases Private land, patented and unpatented mining claims or options and Total acreage: approximately 46,000 acres acreage involved History and stage Exploration stage of property The Resolution deposit is within the footprint of and adjacent to the historical Magma Copper Mine The Resolution non-operated joint venture (NOJV) was formed in 2004 with Rio Tinto as operator Key permit The Resolution Copper Project is subject to a conditions federal permitting process pursuant to the National Environmental Policy Act (NEPA) and other US legislation, including requirements for consultation, coordination and collaboration with Native American Tribes The NEPA process is led by the US Forest Service The Resolution Copper Project is also required to obtain several state and local permits, including air quality and groundwater protection permits Mine type & Underground mineralisation style Porphyry copper and molybdenum deposit Power source 115 kV power lines to East and West Plant sites with supply contract with Salt River Project Processing Water treatment and reverse osmosis plant, 2 active plants and other underground shafts with associated support available facilities infrastructure, including hoisting, ventilation and cooling, and a rail corridor connecting the site to the national rail network

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 215 Iron ore mining operations Title, leases The total area of the Jansen lease is approximately The following table contains additional details of our mining operations. or options and 1,120 square km This table should be read in conjunction with OFR 5.3 and the production acreage involved All surface lands have been acquired table and reserves and resources tables in Additional information 4 and 6. History and stage Development stage of property Stage 1 is currently under construction Mine & location Samarco Southeast Brazil Stage 2 was sanctioned and execution commenced in FY2024 Samarco Mine: Mariana – Minas Gerais, 130 km southeast of Belo Horizonte Key permit The Jansen Project received Ministerial approval under conditions the Saskatchewan Environmental Assessment Act Port: Anchieta – Espírito Santo, 520 km east of Belo Horizonte Following approval, various federal, provincial and municipal permits have been or will be obtained for Means of access Public road construction and operation of facilities Iron ore pellets exported via Samarco port facilities – Mine type & Underground Ubu Port mineralisation style The Lower Patience Lake (LPL) sub-member is Type and amount BHP Brasil 50% the potash horizon targeted for Jansen. The LPL of ownership Vale S.A. 50% sub-member is a bedded evaporite composed of sylvite (KCl), halite (NaCl) with variable amounts of Operator Samarco Mineração S.A. disseminated insoluble and clay seams Title, leases Mining concessions granted by Brazilian Government Power source Electricity transmitted via BHP’s 230 kV substation and or options and subject to compliance with the mine plan upstream provincial power utility system acreage involved Samarco recommenced iron ore pellet production in Processing Mill, buildings and other facilities and infrastructure are December 2020, having met licensing requirements plants and other under construction to restart operations at its Germano complex in Minas available facilities Gerais and its Ubu complex in Espírito Santo Mining rights for approximately 1,605 hectares Mine & location History and stage Production stage Pedra Branca Água Azul do Norte, Pará of property Production began at Germano mine in 1977 and at Approximately 160 km from Marabá and 900 km from Alegria complex in 1992 Belém in the state of Pará, Brazil Second pellet plant built in 1997 Means of access Public road Third pellet plant, second concentrator and second From Água Azul to Parauapebas from highway (PA 150) pipeline built in 2008 to be transported by train to the port of Itaqui in São Luiz, state of Maranhão, Brazil Fourth pellet plant, third concentrator and third pipeline Type and amount BHP 100% built in 2014 of ownership Key permit Samarco has an operating licence (LOC – Corrective Operator OZ Minerals Brasil conditions Operating License) obtained for the return of operations For the continuity of operations, it has a long-term Title, leases The property belongs to OZ Minerals Brasil licensing plan that includes expansion of the mining or options and area and new structures for the disposal of waste acreage involved and tailings History and stage 2018 – OZ Minerals acquired mine operator Avanco Mine type & Open-cut of property Resources – including projects in the Carajás Copper mineralisation style Itabirites (metamorphic quartz-hematite rock) and friable Region and the Gurupi Greenstone Belt hematite ores 2019 – Construction commenced Power source Samarco holds interests in 2 hydroelectric power 2020 – First developmental ore sent to Antas plants, which supply part of its electricity needs. for processing The remainder is purchased from the free 2021 – Commencement of underground mining in (non-regulated) electricity market Pedra Branca and inaugural resource identification Processing Facilities currently operating include 1 concentrator, announcement in Santa Lúcia plants and other a system of tailings disposal combining a confined pit 2022 – Ramped up to full production available facilities and filtration plant for dry stacking of sandy tailings, 2023 – Acquisition of OZ Minerals by BHP beneficiation plants, pipelines, 1 pellet plant and 2024 – Santa Lucia project permitting process granted port facilities by SEMAS- environment Agency of Pará State Following Samarco’s plan to gradually restart operations, the restart of a second concentrator and Key permit The closure plan to be updated in accordance with pelletising plant, and expansion of the existing filtration conditions requirement from ANM (n° 68/2021) when the life of plant are expected to be in operation by early CY2025 mine changes Annual environmental report (RIAA) required to be submitted in accordance with the activities developed Other mining operations for the mine production The following table contains additional details of our mining operations. Mine type & Underground This table should be read in conjunction with OFR 5.3 and the production mineralisation style Iron oxide copper gold deposit. High grade zones table and reserves and resources tables in Additional information 4 and 6. of semi-massive and breccia style mineralisation. Dominant chalcopyrite (copper mineralisation) Mine & location Power source 3MW required to operate mine coming from power Jansen (under Province of Saskatchewan, approximately 140 km east lines from north of state (Tucurui hydroelectric plant). construction) of Saskatoon, Canada The expansion required is in progress with new lines to Means of access Public road achieve 7MW Muriate of Potash (MOP) to be transported by rail to the Processing The material is processed in Antas Norte Plant located port at Westshore Terminal in Delta, British Columbia, plants and other in the municipality of Curionópolis. Plant capacity is 800 Canada available facilities ktpa and the tailings are deposited in the exhausted mine existing on site Type and amount BHP 100% of ownership Mill, buildings and other facilities and infrastructure are in the Curionópolis municipality Operator BHP

216 BHP Annual Report 2024 2 Financial information summary We prepare our Consolidated Financial Statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. We publish our Consolidated Financial Statements in US dollars. All Consolidated Income Statement, Consolidated Balance Sheet and Consolidated Cash Flow Statement information below has been derived from audited Financial Statements. For more information refer to the Financial Statements. Some information in this section has been presented on a Continuing operations basis to exclude the contribution from Discontinued operations. Year ended 30 June US$M 2024 2023 2022 2021 2020 Consolidated Income Statement (Financial Statements 1.1) Revenue 55,658 53,817 65,098 56,921 38,924 Profit from operations 17,537 22,932 34,106 25,515 13,683 Profit after taxation from Continuing operations 9,601 14,324 22,400 13,676 8,628 Profit/(loss) after taxation from Discontinued operations -—10,655 (225) 108 Profit after taxation from Continuing and Discontinued operations attributable to BHP shareholders (Attributable profit) 7,897 12,921 30,900 11,304 7,956 Profit after taxation from Continuing operations attributable to BHP shareholders 7,897 12,921 20,245 11,529 7,848 Dividends per ordinary share – paid during the period (US cents) 152.0 265.0 350.0 156.0 143.0 Dividends per ordinary share – determined in respect of the period (US cents) 146.0 170.0 325.0 301.0 120.0 In specie dividend on merger of Petroleum with Woodside (US cents) – – 386.4 – –Basic earnings per ordinary share (US cents)1 155.8 255.2 610.6 223.5 157.3 Diluted earnings per ordinary share (US cents)1 155.5 254.7 609.3 223.0 157.0 Basic earnings from Continuing operations per ordinary share (US cents)1 155.8 255.2 400.0 228.0 155.2 Diluted earnings from Continuing operations per ordinary share (US cents)1 155.5 254.7 399.2 227.5 154.8 Number of ordinary shares (million)1 – At period end 5,072 5,066 5,062 5,058 5,058 – Weighted average 5,068 5,064 5,061 5,057 5,057 – Diluted 5,077 5,073 5,071 5,068 5,069 Consolidated Balance Sheet (Financial Statements 1.3)2 Total assets 102,362 101,296 95,166 108,927 105,733 Net assets 49,120 48,530 48,766 55,605 52,175 Share capital (including share premium) 4,899 4,737 4,638 2,686 2,686 Total equity attributable to BHP shareholders 44,811 44,496 44,957 51,264 47,865 Consolidated Cash Flow Statement (Financial Statements 1.4) Net operating cash flows3 20,665 18,701 32,174 27,234 15,706 Capital and exploration expenditure4,5 9,273 7,083 7,545 7,120 7,640 Other financial information (OFR 10) Net debt5 9,120 11,166 333 4,121 12,044 Underlying attributable profit5 13,660 13,420 23,815 17,077 9,060 Underlying attributable profit – Continuing operations5 13,660 13,420 21,319 16,985 8,948 Underlying EBITDA5 29,016 27,956 40,634 35,073 19,870 Underlying EBIT5 23,631 22,820 34,436 29,853 15,130 Underlying basic earnings per share (US cents)5 269.5 265.0 470.6 337.7 179.2 Underlying basic earnings per share – Continuing operations (US cents)5 269.5 265.0 421.2 335.9 176.9 Underlying return on capital employed (per cent)5 27.2 28.8 48.7 32.5 16.9 1. For more information on earnings per share refer to Financial Statements note 7 ‘Earnings per share’. 2. The Consolidated Balance Sheet for comparative periods includes the associated assets and liabilities in relation to Blackwater and Daunia mines (disposed in FY2024), Petroleum (merger with Woodside in FY2022), BMC and Cerrejón (both disposed in FY2022) as IFRS 5 ‘Non-current Assets Held for Sale and Discontinued Operations’ does not require the Consolidated Balance Sheet to be restated for comparative periods. 3. Net operating cash flows are after dividends received, net interest paid, proceeds and settlements of cash management related instruments, net taxation paid and includes Net operating cash flows from Discontinued operations. 4. Capital and exploration and evaluation expenditure is presented on a cash basis and represents purchases of property, plant and equipment plus exploration and evaluation expenditure from the Consolidated Cash Flow Statement and includes purchases of property, plant and equipment plus exploration and evaluation expenditure from Discontinued operations. For more information refer to Financial Statements note 28 ‘Discontinued operations’. Exploration and evaluation expenditure is capitalised in accordance with our accounting policies, as set out in Financial Statements note 11 ‘Property, plant and equipment’. 5. We use non-IFRS financial information to reflect the underlying performance of the Group. Underlying attributable profit, Underlying basic earnings per share and Underlying return on capital employed includes Continuing and Discontinued operations. Refer to OFR 10 for a reconciliation of non-IFRS financial information to their respective IFRS measure. Refer to OFR 10.1 for the definition and method of calculation of non-IFRS financial information. Refer to Financial Statements note 21 ‘Net debt’ for the composition of Net debt.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 217 3 Financial information by commodity Management believes the following financial information presented by commodity provides a meaningful indication of the underlying financial performance of the assets, including equity accounted investments, of each reportable segment. Information relating to assets that are accounted for as equity accounted investments is shown to reflect BHP’s share, unless otherwise noted, to provide insight into the drivers of these assets. For the purposes of this financial information, segments are reported on a statutory basis in accordance with IFRS 8/AASB 8 ‘Operating Segments’. The tables for each commodity include an ‘adjustment for equity accounted investments’ to reconcile the equity accounted results to the statutory segment results. For a reconciliation of non-IFRS financial information to respective IFRS measures and an explanation as to the use of Underlying EBITDA in assessing our performance refer to OFR 10 For the definition and method of calculation of non-IFRS financial information refer to OFR 10.1 For more information as to the statutory determination of our reportable segments refer to Financial Statements note 1 ‘Segment reporting’ Year ended Net 30 June 2024 Underlying Underlying Exceptional operating Capital Exploration Exploration US$M Revenue2 EBITDA3 EBIT3 items4 assets3 expenditure gross to profit5 Copper Escondida 10,013 5,759 4,821 13,113 1,806 Pampa Norte6 2,375 896 468 4,843 721 Antamina7 1,478 968 746 1,498 437 Copper South Australia8 4,085 1,568 928 16,498 1,048 Other7 72 (176) (228) 416 136 Total Copper from Group production 18,023 9,015 6,735—36,368 4,148 Third-party products 2,021 74 74 — - Total Copper 20,044 9,089 6,809—36,368 4,148 216 215 Adjustment for equity accounted investments7 (1,478) (525) (285) — (437) (3) (2) Total Copper statutory result 18,566 8,564 6,524—36,368 3,711 213 213 Iron Ore Western Australia Iron Ore 27,805 18,964 16,902 20,597 2,026 Samarco9 ——(6,606) - Other 122 (48) (74) (179) 7 Total Iron Ore from Group production 27,927 18,916 16,828 (3,066) 13,812 2,033 Third-party products 25 (3) (3) — - Total Iron Ore 27,952 18,913 16,825 (3,066) 13,812 2,033 86 41 Adjustment for equity accounted investments — — — — Total Iron Ore statutory result 27,952 18,913 16,825 (3,066) 13,812 2,033 86 41 Coal BHP Mitsubishi Alliance10 5,873 1,914 1,394 6,725 533 New South Wales Energy Coal11 1,945 502 408 (211) 100 Other—(27) (50) (42) 14 Total Coal from Group production 7,818 2,389 1,752 880 6,472 647 Third-party products — — — Total Coal 7,818 2,389 1,752 880 6,472 647 14 3 Adjustment for equity accounted investments11 (152) (99) (75) — (1) — Total Coal statutory result 7,666 2,290 1,677 880 6,472 646 14 3 Group and unallocated items Potash—(255) (257) 6,138 1,090 1 1 Western Australia Nickel12 1,473 (302) (374) (6) 1,254 50 58 Other13 1 (194) (764) (1,421) 82 93 93 Total Group and unallocated items 1,474 (751) (1,395) (3,908) 4,711 2,426 144 152 Inter-segment adjustment — — — — Total Group 55,658 29,016 23,631 (6,094) 61,363 8,816 457 409

218 BHP Annual Report 2024 3 Financial information by commodity continued Year ended Net 30 June 2023 Underlying Underlying Exceptional operating Capital Exploration Exploration US$M Revenue2 EBITDA3 EBIT3 items4 assets3 expenditure gross to profit Copper Escondida 8,847 4,934 4,070 12,207 1,351 Pampa Norte6 2,491 754 244 4,487 647 Antamina7 1,468 998 824 1,430 374 Copper South Australia8 2,806 703 251 15,782 641 Other7 20 (209) (228) 323 59 Total Copper from Group production 15,632 7,180 5,161—34,229 3,072 Third-party products 1,863 18 18 — - Total Copper 17,495 7,198 5,179—34,229 3,072 151 148 Adjustment for equity accounted investments7 (1,468) (545) (369) — (374) (6) (3) Total Copper statutory result 16,027 6,653 4,810—34,229 2,698 145 145 Iron Ore Western Australia Iron Ore 24,678 16,660 14,663 20,438 1,956 Samarco9 ——(3,382) - Other 113 33 9 (100) 10 Total Iron Ore from Group production 24,791 16,693 14,672 176 16,956 1,966 Third-party products 21 (1) (1) — - Total Iron Ore 24,812 16,692 14,671 176 16,956 1,966 96 52 Adjustment for equity accounted investments — — — — Total Iron Ore statutory result 24,812 16,692 14,671 176 16,956 1,966 96 52 Coal BHP Mitsubishi Alliance10 7,652 3,197 2,572 7,545 488 New South Wales Energy Coal11 3,455 1,953 1,868 (243) 156 Other - (39) (57) (36) 13 Total Coal from Group production 11,107 5,111 4,383—7,266 657 Third-party products — — — Total Coal 11,107 5,111 4,383—7,266 657 13 6 Adjustment for equity accounted investments11 (149) (113) (88) — — - Total Coal statutory result 10,958 4,998 4,295—7,266 657 13 6 Group and unallocated items Potash—(205) (207) 4,469 647 1 1 Western Australia Nickel12 2,009 162 55 2,255 683 52 48 Other13 11 (344) (804) (1,295) 82 43 42 Total Group and unallocated items 2,020 (387) (956) (64) 5,429 1,412 96 91 Inter-segment adjustment — — — —Total Group 53,817 27,956 22,820 112 63,880 6,733 350 294 1. Group profit before taxation comprised Underlying EBITDA of US$29,016 million (FY2023: US$27,956 million), exceptional items, depreciation, amortisation and impairments of US$11,479 million (FY2023: US$5,024 million) and net finance costs of US$1,489 million (FY2023: US$1,531 million). 2. Total revenue from thermal coal sales, including BMA and NSWEC, was US$1,873 million (FY2023: US$3,528 million). 3. For more information on the reconciliation of non-IFRS financial information to our statutory measures, reasons for usefulness and calculation methodology, please refer OFR 10 ‘Non-IFRS financial information’. 4. Excludes exceptional items relating to Net finance costs US$506 million and Income tax benefit US$837 million (FY2023: Net finance costs US$452 million and Income tax expense US$266 million). 5. Includes US$10 million (FY2023: US$ nil) of exploration expenditure previously capitalised, written off as impaired (included in depreciation and amortisation). 6. Includes Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023. 7. Antamina, SolGold and Resolution (the latter two included in Other) are equity accounted investments and their financial information presented above with the exception of net operating assets reflects BHP Group’s share. Group and Copper level information is reported on a statutory basis which reflects the application of the equity accounting method in preparing the Group financial statements – in accordance with IFRS. Underlying EBITDA of the Group and the Copper segment, includes D&A, net finance costs and taxation expense of US$525 million (FY2023: US$545 million) related to equity accounted investments. 8. Includes Olympic Dam as well as Prominent Hill and Carrapateena which were acquired on 2 May 2023 as part of the acquisition of OZL. 9. Samarco is an equity accounted investment. With the exception of net operating assets, the financial information presented reflects BHP Billiton Brasil Ltda’s share. All financial impacts following the Samarco dam failure have been reported as exceptional items in both reporting periods. 10. On 2 April 2024 BHP and Mitsubishi Development Pty Ltd (MDP) completed the divestment of the Blackwater and Daunia mines (which were part of the BHP Mitsubishi Alliance (BMA) to Whitehaven Coal. This resulted in a net after tax gain of US$674 million that has been recognised as an exceptional item. BHP continued to report its share of profit and loss within the Coal Segment and asset tables until that date. Refer to Financial Statements Note 3 ‘Exceptional items’ for further information. 11. Includes Newcastle Coal Infrastructure Group (NCIG) which is an equity accounted investment and its financial information presented above, with the exception of net operating assets, reflects BHP Group’s share. Total Coal statutory result excludes contribution related to NCIG until future profits exceed accumulated losses. 12. Western Australia Nickel comprises the Nickel West operations and, following the OZL acquisition on 2 May 2023, the West Musgrave project. 13. Other includes functions, other unallocated operations including legacy assets and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 219 4 Production The table below details our mineral and derivative product production for all operations for the three years ended 30 June 2024, 2023 and 2022. Unless otherwise stated, the production numbers represent our share of production and include BHP’s share of production from which profit is derived from our equity accounted investments. Production information for equity accounted investments is included to provide insight into the operational performance of these entities. For information on minerals pricing during the past three years refer to OFR 9 BHP share of production1 Year ended 30 June BHP interest % 2024 2023 2022 Copper2 Payable metal in concentrate (kt) Escondida, Chile3 57.5 926.7 832.7 802.6 Pampa Norte, Chile4 100 150.3 125.3 111.2 Copper South Australia, Australia5 100 106.3 19.9 Antamina, Peru6 33.75 143.9 138.4 149.9 Carajás, Brazil7 100 8.4 1.6 Total 1,335.6 1,117.9 1,063.7 Cathode (kt) Escondida, Chile3 57.5 198.6 222.6 201.4 Pampa Norte, Chile4 100 115.3 163.5 170.0 Copper South Australia, Australia5 100 215.7 212.5 138.4 Total 529.6 598.6 509.8 Total copper (kt) 1,865.2 1,716.5 1,573.5 Lead Payable metal in concentrate (t) Antamina, Peru6 33.75 332 657 1,118 Total 332 657 1,118 Zinc Payable metal in concentrate (t) Antamina, Peru6 33.75 103,392 125,048 123,200 Total 103,392 125,048 123,200 Gold Payable metal in concentrate (troy oz) Escondida, Chile3 57.5 181,061 189,095 166,972 Pampa Norte, Chile4 100 13,280 26,811 28,870 Copper South Australia, Australia5 100 163,061 32,736 Carajás, Brazil7 100 5,813 1,153 Total 363,215 249,795 195,842 Refined gold (troy oz) Copper South Australia, Australia5 100 207,123 186,029 119,517 Total 207,123 186,029 119,517 Total gold (troy oz) 570,338 435,824 315,359 Silver Payable metal in concentrate (troy koz) Escondida, Chile3 57.5 5,446 5,074 5,334 Pampa Norte, Chile4 100 1,654 1,318 1,011 Copper South Australia, Australia5 100 1,134 201 Antamina, Peru6 33.75 3,359 3,885 5,078 Total 11,593 10,478 11,423 Refined silver (troy koz) Copper South Australia, Australia5 100 995 1,089 743 Total 995 1,089 743 Total silver (troy koz) 12,588 11,567 12,166 Uranium Payable metal in concentrate (t) Copper South Australia, Australia5 100 3,603 3,406 2,375 Total 3,603 3,406 2,375 Molybdenum Payable metal in concentrate (t) Pampa Norte, Chile4 100 794 990 71 Antamina, Peru6 33.75 1,822 1,172 798 Total 2,616 2,162 869

220 BHP Annual Report 2024 4 Production continued BHP share of production1 Year ended 30 June BHP interest % 2024 2023 2022 Iron Ore Production (kt)8 Newman Joint Venture, Australia 85 58,102 56,945 57,041 Area C Joint Venture, Australia 85 105,868 107,375 94,431 Yandi Joint Venture, Australia 85 17,855 21,410 38,922 Jimblebar, Australia9 85 73,111 66,801 58,782 Total Western Australia Iron Ore 254,936 252,531 249,176 Samarco, Brazil6 50 4,748 4,512 4,071 Total iron ore 259,684 257,043 253,247 Steelmaking coal Production (kt)10 Blackwater, Australia11 50 3,572 5,055 5,834 Goonyella Riverside, Australia 50 6,434 8,310 8,360 Peak Downs, Australia 50 4,217 5,480 4,944 Saraji, Australia 50 3,287 4,596 4,614 Daunia, Australia11 50 1,513 1,989 1,491 Caval Ridge, Australia 50 3,252 3,590 3,899 Total BHP Mitsubishi Alliance (BMA) 22,275 29,020 29,142 South Walker Creek, Australia12 80 – – 4,941 Poitrel, Australia12 80 – – 2,981 Total BHP Mitsui Coal12 – – 7,922 Total steelmaking coal 22,275 29,020 37,064 Energy coal Production (kt) New South Wales Energy Coal, Australia 100 15,368 14,172 13,701 Cerrejón, Colombia6,13 33.3 – – 4,236 Total energy coal 15,368 14,172 17,937 Nickel Saleable production (kt) Western Australia Nickel, Australia14,15 100 81.6 80.0 76.8 Total 81.6 80.0 76.8 Cobalt Saleable production (t) Western Australia Nickel, Australia14,15 100 734 752 632 Total 734 752 632 1. BHP share of production includes the Group’s share of production for which profit is derived from our equity accounted investments, unless otherwise stated. 2. Metal production is reported on the basis of payable metal. 3. Shown on 100 per cent basis. BHP interest in saleable production is 57.5 per cent. 4. Includes Spence for the full year and Cerro Colorado which entered temporary care and maintenance in December 2023. 5. The year ended 30 June 2024 includes Olympic Dam, Prominent Hill and Carrapateena. The year ended 30 June 2023 includes Olympic Dam and two months of production from Prominent Hill and Carrapateena from 1 May 2023, following the acquisition of OZ Minerals on 2 May 2023. 6. For statutory financial reporting purposes, this is an equity accounted investment. We have included production numbers from our equity accounted investments as the level of production and operating performance from these operations impacts Underlying EBITDA of the Group. Our use of Underlying EBITDA is explained in OFR 4.3. 7. The year ended 30 June 2023 includes two months of production from 1 May 2023, following the acquisition of OZ Minerals on 2 May 2023. 8. Iron ore production is reported on a wet tonnes basis. 9. Shown on 100 per cent basis. BHP interest in saleable production is 85 per cent. 10. Steelmaking coal production is reported on the basis of saleable product. Production figures may include some thermal coal. 11. BHP completed the sale of the Blackwater and Daunia mines on 2 April 2024. Production reported until their divestment on 2 April 2024. 12. Shown on 100 per cent basis. BHP completed the sale of its 80 per cent interest in BHP Mitsui Coal (BMC) on 3 May 2022. Production reported until 30 April 2022. 13. BHP completed the sale of our 33.3 per cent interest in Cerrejón on 11 January 2022. Production for Cerrejón reported until 31 December 2021. 14. Nickel contained in matte and refined nickel metal, including briquette, powder, nickel sulphate and by-product streams. 15. On 11 July 2024, we announced the temporary suspension of operations at Western Australia Nickel from October 2024, with a transition period to commence from July 2024.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 221 5 Major projects Jansen Stage 1 (JS1) is 52 per cent complete and remains on track for first production in late CY2026 with a two-year ramp-up period. The engineering work and execution of procurement agreements is largely complete. In FY2025, underground and surface construction works will continue, including structural, mechanical and electrical activities for the mill areas. We also expect to complete the conversion of the service shaft headframe to a permanent structure. In FY2025, we estimate capex of US$1.3 billion for JS1 (FY2024: US$0.9 billion). In October 2023, we approved an investment of US$4.9 billion for Jansen Stage 2 (JS2), which when combined with JS1, will increase our total planned potash production capacity to approximately 8.5 Mtpa representing around 10 per cent of the estimated market when fully ramped up. JS2 execution activity has now commenced and is 2 per cent complete, with first production expected in FY2029, followed by a three-year ramp-up period. In FY2025, the focus will be on detailed engineering, procurement for major equipment and construction packages, and structural steel fabrication. In FY2025, we estimate capex of US$0.5 billion for JS2 (FY2024: US$0.2 billion). Capital Project expenditure First production Commodity and ownership Project scope/capacity US$M target date Progress Potash Jansen Stage 1 Design, engineering and construction of 5,723 End-CY2026 Project is 52% complete (Canada) 100% an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa Potash Jansen Stage 2 Development of additional mining districts, 4,859 FY2029 Project is 2% complete (Canada) 100% 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 Capital and exploration expenditure was US$9.3 billion in FY2024. This was made up of investment in organic development of US$5.9 billion, which includes approximately US$2.7 billion on copper projects and approximately US$1.1 billion at Jansen, plus an exploration spend of US$0.5 billion primarily at Copper South Australia; and maintenance1 and decarbonisation expenditure of US$3.0 billion with US$1.2 billion sustaining capital at WAIO to support our medium-term goal of producing >305 Mtpa. In July this year, we signed an agreement with Lundin Mining to jointly acquire Filo Corp. and to enter a joint venture with the intent of developing the Filo del Sol and Josemaria copper projects. Capital and exploration expenditure of approximately US$10 billion is expected for FY2025, including approximately US$0.5 billion of exploration. In FY2026 and the medium term,2 capital and exploration expenditure of approximately US$11 billion per annum on average is expected. We have flexibility to adjust capital spend and phasing of projects to accommodate market dynamics and cash flow generation. Guidance is subject to exchange rate movements. 1. Maintenance capital includes non-discretionary spend for the following purposes: deferred development and production stripping; risk reduction, compliance and asset integrity. 2. Average for FY2027–FY2029.

222 BHP Annual Report 2024 6 Mineral Resources and Ore Reserves Resources are the estimated quantities of material that can potentially be Our internal controls utilise management systems, including, but not limited commercially recovered from BHP’s properties. Reserves are a subset to, formal quality assurance and quality control processes, standardised of resources that can be demonstrated to be able to be economically and procedures, workflow processes, data security covering record keeping, legally extracted. In order to estimate reserves, assumptions are required chain of custody and data storage, supervision and management approval, about a range of technical and economic factors, including quantities, reconciliations, internal and external reviews and audits. qualities, production techniques, recovery efficiency, production and Our internal requirements and standards provide the basis for the transport costs, commodity supply and demand, commodity prices and governance over the estimation and reporting of Mineral Resources and exchange rates. The statement of Mineral Resources and Ore Reserves Ore Reserves and provide technical guidance to all reporting assets. presented in this Annual Report has been produced in accordance with These internal requirements and standards are periodically reviewed and the Australian Securities Exchange (ASX) Listing Rules Chapter 5 and the updated for alignment with industry practice and reporting regulations. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, December 2012 (JORC Code). Our internal controls for exploration data, as they relate to Mineral Resources and Ore Reserves estimations, are managed by our operating Predicted sales prices, based on supply and demand forecast and current assets with assurance provided by the Resource Centre of Excellence. and long-term historical average price trends, have been used. The Ore These include procedures and standards defining minimum requirements Reserves tabulated are held within existing, permitted mining tenements. of critical aspects to support exploration and resource development Mineral leases are of sufficient duration (or convey a legal right to renew programs, spatial quality control checks on measurement points (e.g. for sufficient duration) to enable all reserves on the leased properties to collar, down-hole survey), quality control checks on samples, including be mined in accordance with current production schedules. Ore Reserves laboratory data quality checks, geological database reviews and back-up may include areas where some additional approvals remain outstanding, routines and technical peer review across the data gathering, integration however it is anticipated such approvals will be obtained within the and estimation processes. timeframe required by the current life-of-mine schedule. Our internal controls for Mineral Resources and Ore Reserves estimations Declaration tables include, but are not limited to: – source data review from database extracts, using exploratory data – All Mineral Resources and Ore Reserves presented are reported in statistical analysis prior to use in the estimation of Mineral Resources. 100 per cent terms (unless otherwise stated) and represent estimates Identification of data to exclude outliers and visual checks against as at 30 June 2024. estimation domains – Tonnes are reported as dry metric tonnes (unless otherwise stated). – peer reviews of the estimation inputs based on statistical studies All tonnes and grade/quality information have been rounded, so small and estimation parameters as applied in industry standard differences may be present in the totals. estimation software – The Measured and Indicated Mineral Resources are inclusive of those – visual and statistical validation of the estimates against source data and Mineral Resources modified to produce the Ore Reserves. where available reconciliation to previous models, operational models and production data Other reporting jurisdictions – peer review of the classification applied, considering quantitative The information contained in this document is expected to differ from that measures and qualitative considerations reported to the United States Securities and Exchange Commission (SEC) – peer review of assumptions applied that convert resources to reserves in our Annual Report on Form 20-F for the year ended 30 June 2024. – independent audits or reviews for new or materially changed Mineral Mineral resources and mineral reserves reporting requirements for SEC Resources and Ore Reserves filings in the United States are set forth in S-K 1300. S-K 1300 requires resources estimates to be reported exclusive of reserves estimates and both Operating assets manage internal risk registers relating to uncertainties in reported only for the portion attributable to our interest in such resources the Mineral Resources and Ore Reserves estimates to direct future work or reserves. In addition, specific disclosure requirements pertaining to programs or estimation updates. These may include but are not limited to: economic assumptions and interpretation of reasonable prospects of economic extraction are expected to result in further differences between – areas of uncertainty in the estimates impacting local interpretations the resources and reserves estimates presented in this document and those – bulk density assumptions, based on sample testwork or to be reported in our Annual Report on Form 20-F. operational results Key differences in the estimation of our resources and reserves pursuant to – metallurgical recovery assumptions, based on testwork or the ASX Listing Rules and S-K 1300 are the economic inputs, commodity plant performance prices and cost assumptions. Estimates we report in accordance with the – changes in commodity prices, costs and exchange rate assumptions ASX Listing Rules and JORC Code (2012) are generally based on cost forecasts and internally-generated projected long-term commodity prices – geotechnical and hydrogeological considerations impacting on and current operating costs or costs used in studies for development underground or open-cut mining assumptions projects. S-K 1300 requires mineral resources and mineral reserves – ore loss and dilution, mining selectivity and production rate assumptions estimates to be based on a reasonable and justifiable commodity price – cut-off value changes to meet product specifications selected by a qualified person. The estimates reported in accordance with – changes in environmental, permitting and social licence to S-K 1300 are generally based on the historical average costs and prices operate assumptions over a timeframe of three years for production stage properties or, for development stage properties, costs determined from first principles. Our resources and reserves estimates to be reported in our Annual Report Further to assurance activities by the assets specifically relating to the on Form 20-F are therefore not directly comparable to those presented estimation of resources and reserves, the Resource Centre of Excellence in this document and should be considered in relation to the differing with subject matter experts has developed standards and guidelines reporting and disclosure requirements of the jurisdiction under which they across BHP for reviewing and documenting the information supporting our are presented. Mineral Resources and Ore Reserves estimates, describing the methods used and verifying the reliability of such estimates. These activities are Assurance and verification supported by the following controls: – The reporting of Mineral Resources and Ore Reserves estimates are BHP has internal controls over our Mineral Resources and Ore Reserves required to follow BHP’s standard procedures for public reporting in estimation efforts that are designed to produce reasonable and reliable accordance with current regulatory requirements. estimates aligned with industry practice and our regulatory reporting – Annual risk reviews are conducted with Competent Persons and BHP requirements. The governance for our estimation efforts is located at employees on all Mineral Resources and Ore Reserves to be reported, both the asset and the BHP Group level within our Resource Centre of including a year-on-year change impact assessment, reconciliation Excellence, an internal assurance team independent of our Competent performance metrics for the operating mines and a control assessment Persons and BHP employees who are responsible for the estimations. for the estimation inputs. The information and supporting documentation The assets provide first-line assurance on estimates through peer are prepared by the Competent Persons relating to the estimates and review and validation processes. The Resource Centre of Excellence is evaluated for compliance with BHP’s internal controls. Based on these responsible for assurance over the processes implemented by the assets reviews, recommendations of endorsement are provided to our senior as they relate to Mineral Resources and Ore Reserves estimations and management for the use and reporting of the Mineral Resources and the compiling of the estimates to be reported in accordance with the ASX Ore Reserves. Listing Rules and JORC Code (2012).

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 223 – Periodic internal technical ‘deep dive’ assessments of Mineral Competent Persons Resources and Ore Reserves are conducted on a frequency that is informed by asset materiality and outcomes of the annual risk reviews. Copper – Management and closure reviews of actions assigned to Competent Mineral Escondida: R Maureira (MAusIMM) employed by Minera Persons and BHP employees resulting from the annual risk reviews and Resources Escondida Limitada technical ‘deep dive’ assessments are conducted. Cerro Colorado and Spence: R Guerrero Roman (MAusIMM) – Assurance is undertaken over the reporting documentation provided by Pampa Escondida, Pinta Verde and Chimborazo: E Mulet Cortes Competent Persons for public release and management and verification (MAusIMM) employed by Minera Escondida Limitada of inputs into the BHP Resources and Reserves reporting database. Pantera and Pedra Branca: C Lollo (FAusIMM) Succoth: P Ormond (MAusIMM) The Resource Centre of Excellence also provides an annual update on Carrapateena and Fremantle Doctor: S Light (MAusIMM) assurance activities and changes relating to our resources and reserves estimation efforts to the Risk and Audit Committee (RAC) in connection Prominent Hill: B Whittaker (MAusIMM) with the RAC’s responsibility over the effectiveness of systems of internal Olympic Dam: J L Macdonald (MAusIMM) control and risk management of BHP. Antamina: L Canchis Perez (FAusIMM) employed by Compañía Inherent risks in the estimation of Mineral Resources Minera Antamina S.A. Ore Escondida: P Castillo (MAusIMM) employed by Minera Escondida and Ore Reserves Reserves Limitada Estimated annual cash flows from our future operations, estimated Spence: P Elissetche (MAusIMM) production schedules, estimated capital expenditure and operating costs, Pedra Branca: J Moura (MAusIMM) estimated site closure costs, estimated royalty and tax costs, valuation Carrapateena: M Fargher (MAusIMM) assumptions and interpretations of geological data obtained from drill holes and other exploration techniques may not necessarily be indicative Prominent Hill: AM Ebbels (FAusIMM-CP) of future results. The assumptions and interpretations used to estimate our Olympic Dam: F Mello (MAusIMM) Mineral Resources and Ore Reserves may change from period to period, Antamina: F Angeles Beron (PEGBC) employed by Compañía and because additional geological data generated during the course of Minera Antamina S.A. our operations may not be consistent with the data on which we based our Iron ore Mineral Resources and Ore Reserves, such estimates may change from Mineral WAIO: C Allison (MAusIMM), M Furness (MAusIMM), E Maidens period to period or may need to be revised. No assurance can be given Resources (MAIG) that our Mineral Resources and Ore Reserves presented in this Annual Report will be recovered at the grade, quality or quantities presented or Samarco: L Bonfioli (MAusIMM) employed by Samarco Mineração S.A. at all. Ore WAIO: A Balueva (MAusIMM), P K Chhajer (MAusIMM-CP), J There are numerous uncertainties inherent in the estimation of Mineral Reserves Frewen (MAusIMM), R Fuentes Acosta (MAusIMM), H Mavhondo Resources and Ore Reserves. Areas of uncertainty that may materially (MAusIMM), N Nicholls (MAusIMM) impact our Mineral Resources and Ore Reserves estimates may include, Samarco: E Baeta (MAusIMM) employed by Samarco Mineração but are not limited to: (i) changes to long-term commodity prices, external S.A. market factors, foreign exchange rates and other economic assumptions; (ii) changes in geological interpretations of mineral deposits and geological Coal modelling, including estimation input parameters and techniques; (iii) Coal Goonyella Complex: D James (MAusIMM) changes to metallurgical or process recovery assumptions which adversely Resources Saraji, Blackwater, Daunia and Togara South: R Saha (MAusIMM) affect the volume, grade or qualities of our commodities produced (for Peak Downs: J L Young (MAusIMM) example, processing that results in higher deleterious elements that result in penalties) or other changes to mining method assumptions; (iv) Caval Ridge: C Williams (MAusIMM-CP) changes to input assumptions used to derive the potentially mineable Saraji South: J Robin (MAusIMM) shapes applicable to the assumed underground or open-pit mining Mt Arthur Coal: J James (MAusIMM) methods used to constrain the estimates; (v) changes to life of mine or Coal Goonyella Complex: V Grajdan (MAusIMM) and D Walker production rate assumptions; (vi) changes to dilution and mining recovery Reserves (MAusIMM) assumptions; (vii) changes to cut-off grades applied to the estimates; Peak Downs: P Gupta (MAusIMM) (viii) changes to geotechnical data, structures, rock mass strength, stress regime, hydrogeological, hydrothermal or geothermal factors; (ix) changes Saraji: N Mohtaj (MAusIMM) to infrastructure supporting the operations of or access to the applicable Caval Ridge, Saraji South and Daunia: G Bustos (MAusIMM-CP) mine site; (x) changes to mineral, surface, water or other natural resources Blackwater: R Campbell (MAusIMM) rights; (xi) changes to royalty, taxes, environmental, permitting and social Mt Arthur Coal: D Perkins (MAusIMM) licence assumptions in the jurisdictions where we operate; and (xii) Potash changes in capital or operating costs. Mineral Jansen: B Németh (MAusIMM) and O Turkekul (APEGS) Estimates of Mineral Resources are subject to further exploration and Resources evaluation of development and operating costs, grades, recoveries and other material factors, and therefore, are subject to uncertainty. Ore Jansen: J Sondergaard (MAusIMM) Mineral Resources do not meet the threshold for Ore Reserves modifying Reserves factors, such as engineering, legal or economic feasibility, that would Nickel allow for the conversion to Ore Reserves. Accordingly, no assurance can Mineral Leinster: R Finch (MAusIMM), M Hope (MAusIMM), G Merello be given that our Mineral Resources not included in Ore Reserves will Resources (MAusIMM) become recoverable Proved and Probable Ore Reserves. Mt Keith, Yakabindie and Honeymoon Well: R Finch (MAusIMM) This statement is based on and fairly represents information and and M Hope (MAusIMM) supporting documentation compiled by Competent Persons (as defined Cliffs and Jericho: G Merello (MAusIMM) and M Hope in the JORC Code). All Competent Persons have, at the time of reporting, (MAusIMM) sufficient experience relevant to the style of mineralisation and type of Nebo and Babel: P Ormond (MAusIMM) deposit under consideration and to the activity they are undertaking to Ore Leinster, Mt Keith, Cliffs and Yakabindie: B Hollins (MAusIMM) qualify as a Competent Person. Reserves Nebo and Babel: Y Sitorus (MAusIMM) Each Competent Person listed is an employee of BHP or a company in which BHP has a controlling interest (unless otherwise stated) and Annual Report compilation F Bodycoat (MAusIMM-CP), Resource Centre of Excellence declares they have no issues that could be perceived by investors as a material conflict of interest in preparing the reported information. All Competent Persons are a Member or Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) or the Australian Institute of Geoscientists (AIG) or a Recognised Professional Organisation. Each Competent Person consents to the inclusion in this Annual Report of the matters based on their information in the form and context in which it appears.

224 BHP Annual Report 2024 6 Mineral Resources and Ore Reserves continued Copper Mineral Resources As at 30 June 2024 Measured Resources Indicated Resources Commodity deposit1 Ore type Mt %Cu ppmMo g/tAu Mt %Cu ppmMo g/tAu Copper operations Escondida2 Oxide 90 0.57 – – 14 0.54 – –Mixed 50 0.48 – – 37 0.48 – –Sulphide 5,080 0.58 – – 4,000 0.53 – –Cerro Colorado3 Oxide 68 0.61 – – 113 0.62 – –Supergene Sulphide 48 0.58 – – 97 0.58 – –Transitional Sulphide 72 0.45 – – 104 0.41 – –Hypogene Sulphide – – – – – – – –Spence4 Oxide 14 0.63 – – 1.6 0.59 – –Supergene Sulphide 82 0.55 – – 29 0.45 – –Transitional Sulphide 16 0.58 100 – 0.2 0.47 50 –Hypogene Sulphide 736 0.46 160 – 696 0.43 130 –Copper projects Pampa Escondida Sulphide 294 0.53 – 0.07 1,150 0.55 – 0.10 Pinta Verde Oxide 109 0.59 – – 64 0.52 – –Sulphide – – – – 23 0.50 – –Chimborazo Sulphide – – – – 135 0.50 – –Pantera OC Sulphide – – – – 13 1.28 – 0.17 Succoth OC Sulphide – – – – 61 0.57 – –Copper gold operations Mt %Cu g/tAu g/tAg Mt %Cu g/tAu g/tAg Pedra Branca5 UG Sulphide 0.58 1.57 0.48 – 7.9 1.67 0.43 –Carrapateena UG Sulphide 130 0.98 0.40 4 470 0.62 0.26 3 Prominent Hill6 UG Sulphide 42 1.15 0.59 3 50 0.86 0.88 2 SP Sulphide 0.3 1.04 0.61 3 1.6 0.11 0.56 0.3 SP Low-grade – – – – 2.2 0.16 0.34 0.6 Copper gold project Fremantle Doctor UG Sulphide – – – – – – – – Copper uranium gold operation Mt %Cu kg/tU3O8 g/tAu g/tAg Mt %Cu kg/tU3O8 g/tAu g/tAg Olympic Dam7 OC Sulphide 3,570 0.61 0.20 0.32 1 3,310 0.57 0.19 0.23 1 UG Sulphide 820 1.55 0.45 0.61 3 640 1.48 0.45 0.51 3 Copper zinc operation Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo Antamina8 Sulphide Cu only 275 0.80 0.12 8 250 339 0.83 0.14 9 260 Sulphide Cu-Zn 70 0.86 1.60 20 90 188 1.00 1.82 18 80 UG Sulphide Cu only – – – – – – – – – –UG Sulphide Cu-Zn – – – – – – – – – – 1. Cut-off criteria: Deposit Ore type Mineral Resources Ore Reserves Escondida Oxide ≥ 0.20%SCu - Full SaL—Variable cut-off grade (V_COG): oxide ≥ 0.20%SCu and sulphide ≥0.30%Cu. Mixed ≥ 0.30%Cu - Sulphide ≥0.25%Cu or ≥0.30%Cu depending on processing. ≥ 0.30%Cu and greater than V_COG of the concentrator. Sulphide ore is processed in the concentrator plants as a result of an optimised mine plan with consideration of technical and economical parameters in order to maximise net present value. Sulphide Leach—≥ 0.25%Cu and lower than V_COG and with >30% of copper carried by more leachable copper minerals. Sulphide Leach ore is processed by dump leaching as an alternative to the concentrator process. Cerro Colorado Oxide & Supergene ≥ 0.25%Cu -Sulphide Transitional ≥ 0.20%Cu -Sulphide & Hypogene Sulphide Spence All ore types ≥ 0.20%Cu ≥ 0.20%Cu Pampa Escondida Sulphide ≥ 0.30%Cu -Pinta Verde Oxide ≥ 0.20%SCu - Sulphide ≥ 0.30%Cu - Chimborazo Sulphide ≥ 0.30%Cu -Pantera OC Sulphide ≥ 0.25%Cu -Succoth OC Sulphide Net smelter return (NSR) cut-off of A$19/t which represents the mill -limited break-even cut-off inclusive of processing, ore re-handling and material handling costs per total tonne mined. Pedra Branca UG Sulphide Cut-off based on NSR value of US$52/t. Cut-off based on NSR for two regions of the mine: US$62/t above the upper mining level (925) and US$68/t below the 925 mining level. Carrapateena UG Sulphide Cut-off based on NSR value of A$25/t to generate a continuous Cut-off based on NSR value of A$30/t for Block Cave 1 and NSR shape in which all material has the potential to be mined by block A$34 for Block Cave 2. Cut-off in the SLC varies by block between cave mining method. NSR A$65-90/t. Prominent Hill UG Sulphide Cut-off based on NSR value of A$48/t, being life of mine break- Cut-off varies with material handling requirements and is between even cut-off of A$57/t multiplied by a factor of 0.83. An NSR of NSR value of A$65-75/t. A$48/t is equivalent to 0.52%Cu, 0.36g/t Au and 1.7g/t Ag. SP Sulphide & SP Cut-off based on NSR value of A$17/t which is inclusive of re- Cut-off based on NSR value of A$17/t which is inclusive of re-handling Low-grade handling and processing costs. and processing costs.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 225 As at 30 June 2023 Inferred Resources Total Resources BHP Total Resources interest Mt %Cu ppmMo g/tAu Mt %Cu ppmMo g/tAu % Mt %Cu ppmMo g/tAu 2.0 0.51 – – 106 0.56 – – 57.5 111 0.58 – – 20 0.45 – – 107 0.47 – – 125 0.47 – –9,060 0.53 – – 18,100 0.55 – – 18,800 0.54 – –5.7 0.58 – – 187 0.62 – – 100 187 0.62 – – 22 0.64 – – 167 0.59 – – 167 0.59 – – 29 0.42 – – 205 0.43 – – 205 0.43 – –1,700 0.36 – – 1,700 0.36 – – 1,700 0.36 – – – – – – 16 0.63 – – 100 21 0.61 – –0.3 0.42 – – 111 0.52 – – 119 0.48 – – – – – – 16 0.58 100 – 12 0.58 90 –786 0.39 90 – 2,220 0.43 130 – 2,300 0.43 120 – 5,400 0.44 – 0.04 6,840 0.46 – 0.06 57.5 6,860 0.46 – 0.06 15 0.54 – – 188 0.56 – – 57.5 188 0.57 – – 37 0.45 – – 60 0.47 – – 60 0.47 – – 80 0.60 – – 215 0.54 – – 57.5 218 0.53 – –7.1 1.09 – 0.15 20 1.21 – 0.17 100 20 1.21 – 0.17 57 0.52 – – 120 0.54 – – 100 120 0.54 – –Mt %Cu g/tAu g/tAg Mt %Cu g/tAu g/tAg Mt %Cu g/tAu g/tAg 7.3 1.38 0.36 – 16 1.53 0.40 – 100 17 1.54 0.41 –300 0.26 0.13 2 900 0.55 0.24 3 100 900 0.56 0.24 3 66 0.85 0.90 2 158 0.93 0.81 3 100 162 0.94 0.81 3 – – – – 1.9 0.24 0.57 0.7 4.4 0.19 0.58 0.5 – – – – 2.2 0.16 0.34 0.6 2.2 0.16 0.34 0.6 100 0.51 0.33 1 100 0.51 0.33 1 100 100 0.51 0.33 1 Mt %Cu kg/tU3O8 g/tAu g/tAg Mt %Cu kg/tU3O8 g/tAu g/tAg Mt %Cu kg/tU3O8 g/tAu g/tAg 2,840 0.58 0.20 0.22 1 9,720 0.59 0.20 0.26 1 100 9,640 0.58 0.19 0.26 1 190 1.44 0.41 0.63 3 1,650 1.51 0.45 0.57 3 1,740 1.49 0.44 0.58 3 Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo 536 0.87 0.14 8 240 1,150 0.84 0.13 8 250 33.75 1,190 0.84 0.14 8 250 215 1.06 1.52 16 80 473 1.01 1.65 17 80 502 1.01 1.63 17 80 268 1.28 0.21 11 170 268 1.28 0.21 11 170 251 1.28 0.22 12 180 166 1.12 1.33 15 60 166 1.12 1.33 15 60 166 1.14 1.41 16 60 Deposit Ore type Mineral Resources Ore Reserves Fremantle Doctor UG Sulphide Cut-off based on NSR value of A$25/t used to generate a -continuous shape in which all material has the potential to be mined by block cave mining method. Olympic Dam OC Sulphide Variable between 0.1%Cu and 0.3%Cu - UG Sulphide Variable between 0.6%Cu and 1.0%Cu Variable between 1.0%Cu and 1.7%Cu Low-grade—≥ 0.6%Cu Antamina Sulphide Cu only Net value per concentrator hour (US$/h) incorporating all material Net value per concentrator hour (US$/h) incorporating all material revenue and cost factors and includes metallurgical recovery (see revenue and cost factors and includes metallurgical recovery (see footnote 11 for averages). Mineralisation at the US$0/hr limit is footnote 11 for averages). Mineralisation at the US$6,000/hr limit approximately equivalent to 0.16%Cu, 2.3g/tAg, 130ppmMo with is approximately equivalent to 0.16%Cu, 2.1g/tAg, 141ppmMo with 7,055t/hr mill throughput. 7,032t/hr mill throughput. Sulphide Cu-Zn Net value per concentrator hour (US$/h) incorporating all material Net value per concentrator hour (US$/h) incorporating all material revenue and cost factors and includes metallurgical recovery (see revenue and cost factors and includes metallurgical recovery (see footnote 11 for averages). Mineralisation at the US$0/hr limit is footnote 11 for averages). Mineralisation at the US$6,000/hr limit is approximately equivalent to 0.09%Cu, 0.70%Zn, 4.5g/tAg with approximately equivalent to 0.09%Cu, 0.85%Zn, 3.2g/tAg with 6,284t/ 6,286t/hr mill throughput. hr mill throughput. UG Sulphide Cu NSR value incorporating all material revenue and includes -only metallurgical recovery. Only sub-level stoping mining method at US$53.8/t break-even cut-off was applied, equivalent to 0.80%Cu, 7.2g/tAg and 140ppmMo. Predicted metallurgical recoveries of 93% for Cu, 81% for Ag and 51% for Mo. UG Sulphide Cu-Zn NSR value incorporating all material revenue and includes -metallurgical recovery. Only sub-level stoping mining method at US$53.8/t break-even cut-off was applied, equivalent to 0.58%Cu, 1.02%Zn and 10.4g/tAg. Predicted metallurgical recoveries of 83% for Cu, 83% for Zn and 74% for Ag. 2. Escondida – The decrease in Mixed ore type was mainly due to changes in geotechnical parameters. 3. Cerro Colorado – Remained on care and maintenance. 4. Spence – The decrease in Oxide and Supergene Sulphide ore types was due to depletion and updated economic parameters. The increase in Transitional Sulphide ore type was due to updated economic parameters. 5. Pedra Branca – The decrease in Mineral Resources was due to depletion. 6. Prominent Hill – The decrease in SP Sulphide ore type was due to depletion. 7. Olympic Dam – The decrease in UG Sulphide ore type was due to a resource estimate update supported by additional drilling. 8. Antamina – The decrease in Sulphide Cu-Zn ore type was mainly due to depletion. An increase in UG Sulphide Cu only ore type was due to updated economic parameters.

226 BHP Annual Report 2024 6 Mineral Resources and Ore Reserves continued Copper Ore Reserves As at 30 June 2024 Proved Reserves Probable Reserves Commodity deposit1,9,10 Ore type Mt %Cu ppmMo Mt %Cu ppmMo Copper operations Escondida11,13 Full SaL 180 0.80 – 36 0.61 –Oxide – – – – – –Sulphide 3,370 0.63 – 1,400 0.54 –Sulphide Leach 1,260 0.38 – 239 0.37 –Spence11,12,14 Oxide 12 0.63 – 0.6 0.53 –Supergene Sulphide 44 0.60 – 37 0.51 –Transitional Sulphide 11 0.55 120 0.2 0.41 96 Hypogene Sulphide 390 0.57 190 385 0.50 130 Copper gold operations Mt %Cu g/tAu g/tAg Mt %Cu g/tAu g/tAg Pedra Branca12,15 UG Sulphide 0.31 1.65 0.49 – 2.6 2.07 0.53 –Carrapateena11 UG Sulphide – – – – 185 1.03 0.41 4 Prominent Hill11,16 UG Sulphide 21 1.18 0.54 3 28 0.82 0.70 2 SP Sulphide 0.3 1.04 0.61 3 1.6 0.11 0.56 0.3 SP Low-grade – – – – 2.2 0.16 0.34 0.6 Copper uranium gold operation Mt %Cu kg/tU3O8 g/tAu g/tAg Mt %Cu kg/tU3O8 g/tAu g/tAg Olympic Dam11,17 UG Sulphide 285 1.96 0.61 0.74 5 273 1.73 0.57 0.59 3 Low-grade – – – – – 42 0.84 0.28 0.33 2 Copper zinc operation Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo Antamina11,18 Sulphide Cu only 91 0.90 0.13 8 350 46 1.04 0.18 10 340 Sulphide Cu-Zn 25 1.00 1.81 19 100 36 0.96 1.94 17 90 9. Approximate drill-hole spacings used to classify the reserves were: Deposit Proved Reserves Probable Reserves Escondida Full SaL: 30m × 30m Full SaL: 45m × 45m Sulphide: 50m × 50m Sulphide: 90m × 90m Sulphide Leach: 60m × 60m Sulphide Leach: 115m × 115m Spence Oxide 50m x 50m 100m × 100m for all ore types Supergene Sulphide, Transitional Sulphide & Hypogene Sulphide: 70m × 70m Pedra Branca 25m x 50m 50m x 50m Carrapateena – 25m to 100m Prominent Hill <35m 35m to 75m Olympic Dam 20m to 35m 35m to 70m Antamina 25m to 55m 40m to 80m 10. Ore delivered to process plant. 11. Metallurgical recoveries for the operations were: Deposit Metallurgical recovery Escondida Full SaL: 76% Sulphide: 85% Sulphide Leach: 42% Spence Oxide: 84% Supergene Sulphide: 81% Carrapateena Cu 92%, Au 84%, Ag 73% Prominent Hill UG Sulphide and SP Sulphide: Cu 86%, Au 83%, Ag 75% SP Low-grade: Cu 65%, Au 55% Olympic Dam Cu 94%, U3O8 68%, Au 70%, Ag 63% Antamina Sulphide Cu only: Cu 93%, Zn 0%, Ag 81%, Mo 51% Sulphide Cu-Zn: Cu 83%, Zn 83%, Ag 74%, Mo 0% 12. Metallurgical recoveries based on testwork: Deposit Metallurgical recovery Spence Transitional Sulphide and Hypogene Sulphide: Cu 85%, Mo 55% Pedra Branca Cu 83-95%, Au 53-72% 13. Escondida – Full SaL ore type has replaced Oxide ore type. The increase in Full SaL ore type was due to a change in processing methodology for ore types at Escondida. The decrease in Sulphide Leach ore type was due to updates in the mine design and economic assumptions. 14. Spence – The decrease in Ore Reserves was due to changes in economic parameters and an updated mine plan. 15. Pedra Branca – The decrease in Ore Reserves was due to depletion. 16. Prominent Hill – The decrease in UG Sulphide and SP Sulphide ore types was due to depletion. 17. Olympic Dam – The decrease in UG Sulphide ore type was due to a change in cut-off grade and updated macroeconomics. 18. Antamina – The decrease in Ore Reserves was mainly due to depletion.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 227 As at 30 June 2023 Total Reserves BHP Total Reserves Mt %Cu ppmMo interest Mt %Cu ppmMo % 216 0.77 – 57.5 – – – – – – 158 0.52 – 4,770 0.60 – 4,780 0.64 – 1,500 0.38 – 1,650 0.41 – 13 0.63 – 100 18 0.63 – 81 0.56 – 115 0.49 – 11 0.55 120 12 0.58 90 775 0.54 160 1,210 0.46 140 Mt %Cu g/tAu g/tAg Mt %Cu g/tAu g/tAg 2.9 2.03 0.52 – 100 3.4 1.99 0.52 –185 1.03 0.41 4 100 189 1.04 0.41 4 49 0.97 0.63 3 100 54 0.99 0.64 3 1.9 0.24 0.57 0.7 4.4 0.19 0.58 0.5 2.2 0.16 0.34 0.6 2.2 0.16 0.34 0.6 Mt %Cu kg/tU3O8 g/tAu g/tAg Mt %Cu kg/tU3O8 g/tAu g/tAg 558 1.85 0.59 0.67 4 100 590 1.82 0.58 0.67 4 42 0.84 0.28 0.33 2 44 0.79 0.27 0.34 2 Mt %Cu %Zn g/tAg ppmMo Mt %Cu %Zn g/tAg ppmMo 137 0.95 0.15 9 340 33.75 173 0.94 0.15 8 350 61 0.98 1.89 18 90 80 0.98 1.89 15 80

228 BHP Annual Report 2024 6 Mineral Resources and Ore Reserves continued Iron ore Mineral Resources As at 30 June 2024 Measured Resources Indicated Resources Commodity deposit1,2 Ore type Mt %Fe %P %SiO %Al O %LOI Mt %Fe %P %SiO %Al O %LOI 2 2 3 2 2 3 Iron ore operations WAIO3,4,5,6 BKM 3,180 60.6 0.14 4.7 2.6 5.4 4,950 59.5 0.14 5.4 2.6 6.1 CID 330 55.7 0.05 6.4 2.3 11.0 340 56.2 0.06 6.5 2.3 10.3 DID – – – – – – 190 61.8 0.05 3.8 3.5 3.5 MM 1,610 61.2 0.07 3.6 1.8 6.4 1,680 59.6 0.06 4.8 2.2 7.0 NIM – – – – – – – – – – – –Brazil Mt %Fe %Pc Mt %Fe %Pc Samarco ROM 3,050 39.3 0.05 1,720 37.7 0.05 Ore Reserves As at 30 June 2024 Proved Reserves Probable Reserves Commodity deposit1,7 Ore type Mt %Fe %P %SiO %Al O %LOI Mt %Fe %P %SiO %Al O %LOI 2 2 3 2 2 3 Iron ore operations WAIO3,4,8,9,10,11,12 BKM 1,250 62.2 0.13 3.4 2.3 4.6 1,310 61.8 0.13 3.6 2.2 5.0 CID 22 57.0 0.05 5.5 1.7 10.8 3.0 56.5 0.06 6.0 2.3 10.7 MM 740 62.3 0.06 2.9 1.6 5.9 1,000 61.2 0.06 3.5 1.8 6.6 Brazil Mt %Fe %Pc Mt %Fe %Pc Samarco13 ROM 97 40.7 0.07 752 43.0 0.05 1. The Mineral Resources and Ore Reserves qualities listed refer to in situ mass percentage on a dry weight basis. Wet tonnes are reported for WAIO deposits and Samarco, including moisture contents for WAIO: BKM – Brockman 3%, CID – Channel Iron Deposits 8%, DID – Detrital Iron Deposits 4%, MM – Marra Mamba 4% and Samarco: ROM 6.5%. 2. A single cut-off grade was applied in WAIO per deposit ranging from 50-58%Fe with an additional threshold of <6%Al 0 applied to the DID ore type. For Samarco the cut-off grade 2 3 was 22%Fe. 3. WAIO – Mineral Resources and Ore Reserves are reported on a Pilbara basis by ore type to align with our production of blended lump products which comprises BKM and MM ore types and blended fines products including CID. This also reflects our single logistics chain and associated management system. 4. WAIO – BHP interest is reported as Pilbara Ore Reserves tonnes weighted average across all joint ventures which can vary from year to year. BHP ownership varies between 85% and 100%. 5. WAIO – Mineral Resources are restricted to areas which have been identified for inclusion based on a risk assessment, including heritage sites. 6. WAIO – The increase in the DID ore type was due to a resource estimate update informed by additional drilling. The decrease in NIM ore type was due to an updated economic assessment. Steelmaking Coal Coal Resources As at 30 June 2024 Measured Resources Indicated Resources Commodity deposit1,2 Mining method Coal type Mt %Ash %VM %S Mt %Ash %VM %S Steelmaking coal operations CQCA JV Goonyella Complex OC Met 593 8.7 21.9 0.51 122 9.3 22.0 0.53 UG Met 1,410 9.8 20.8 0.53 423 10.3 19.4 0.54 Peak Downs OC Met 1,024 10.4 19.2 0.61 568 11.3 19.1 0.68 Caval Ridge OC Met 282 12.3 22.0 0.56 211 11.9 20.1 0.56 Saraji OC Met/Th 1,106 10.4 16.9 0.62 506 11.0 16.0 0.68 UG Met/Th 81 9.5 15.7 0.56 164 11.0 16.3 0.59 Saraji South OC Met 280 9.4 17.2 0.66 126 9.7 17.2 0.72 Blackwater3 OC Met/Th – – – – – – – –UG Met/Th – – – – – – – –Daunia3 OC Met/Th – – – – – – – – 1. Tonnages are reported on an in situ moisture basis. Coal qualities are for a potential product on an air-dried basis. 2. Cut-off criteria: Deposit Mining method Coal Resources Coal Reserves Goonyella Complex OC ≥ 0.5m seam thickness, core yield ≥50% and ≤35% raw ash ≥ 0.5m seam thickness UG ≥ 2.0m seam thickness, core yield ≥50% and ≤35% raw ash ≥ 2.5m seam thickness Peak Downs OC ≥ 0.5m seam thickness and ≤35% raw ash ≥ 0.5m seam thickness Caval Ridge OC ≥ 0.3m seam thickness and core yield ≥30% ≥ 0.4m seam thickness Saraji OC ≥ 0.5m seam thickness, core yield ≥35% and ≤35% raw ash ≥ 0.5m seam thickness UG ≥ 2.0m seam thickness, core yield ≥35% and ≤35% raw ash –Saraji South OC ≥ 0.5m seam thickness, core yield ≥50% ≥ 0.5m seam thickness 3. Divestment of Blackwater and Daunia was completed on 2 April 2024.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 229 As at 30 June 2023 Inferred Resources Total Resources BHP Total Resources interest Mt %Fe %P %SiO2 %Al2O3 %LOI Mt %Fe %P %SiO2 %Al2O3 %LOI % Mt %Fe %P %SiO2 %Al2O3 %LOI 11,700 58.9 0.14 5.7 2.6 6.7 19,830 59.3 0.14 5.4 2.6 6.4 85 19,880 59.3 0.14 5.5 2.6 6.4 870 54.7 0.06 6.8 3.0 11.1 1,540 55.2 0.06 6.6 2.7 10.9 1,560 55.3 0.06 6.6 2.7 10.9 80 60.0 0.06 4.9 4.2 4.3 280 61.2 0.06 4.1 3.7 3.8 260 61.3 0.06 4.1 3.7 3.7 4,580 59.1 0.07 5.2 2.4 7.2 7,870 59.6 0.07 4.8 2.2 7.0 8,020 59.7 0.07 4.7 2.2 7.0 – – – – – – – – – – – – 200 61.1 0.06 8.8 1.1 1.8 Mt %Fe %Pc Mt %Fe %Pc Mt %Fe %Pc 420 37.4 0.06 5,190 38.6 0.05 50 5,210 38.6 0.05 As at 30 June 2023 Total Reserves BHP Total Reserves interest Mt %Fe %P %SiO %Al O %LOI % Mt %Fe %P %SiO %Al O %LOI 2 2 3 2 2 3 2,560 62.0 0.13 3.5 2.3 4.8 85 2,450 61.9 0.13 3.7 2.3 4.8 25 56.9 0.05 5.6 1.8 10.8 60 56.6 0.05 5.5 1.8 11.2 1,740 61.7 0.06 3.2 1.7 6.3 1,810 61.7 0.06 3.2 1.7 6.3 Mt %Fe %Pc Mt %Fe %Pc 849 42.7 0.06 50 – – – 7. Approximate drill-hole spacings used to classify the reserves were: Deposit Proved Reserves Probable Reserves WAIO 50m × 50m 150m × 50m Samarco 100m x 100m 200m x 200m 8. WAIO – Recovery was 100% for all ore types (tonnage basis). 9. WAIO – Iron ore is marketed for WAIO as Lump (direct blast furnace feed) and Fines (sinter plant feed). 10. WAIO – Cut-off grades used to estimate Ore Reserves range from 50–62%Fe for all material types. Ore delivered to process facility. 11. WAIO – Ore Reserves are all located on State Agreement mining leases that guarantee the right to mine. Across WAIO, State Government approvals (including environmental and heritage clearances) are required before commencing mining operations in a particular area. Included in the Ore Reserves are select areas where one or more approvals remain outstanding, but where, based on the technical investigations carried out as part of the mine planning process and company knowledge and experience of the approvals process, it is expected that such approvals will be obtained as part of the normal course of business and within the time frame required by the current mine schedule. 12. WAIO – The decrease in CID ore type was due to changes in modifying factors and depletion. 13. Samarco – The increase in Ore Reserves was due to the re-instatement of mining permits. As at 30 June 2023 Inferred Resources Total Resources BHP Total Resources interest Mt %Ash %VM %S Mt %Ash %VM %S % Mt %Ash %VM %S 50 12.4 24.8 0.59 765 9.0 22.1 0.52 50 780 9.0 22.1 0.52 662 9.3 18.9 0.51 2,495 9.7 20.0 0.52 2,501 9.7 20.0 0.52 366 11.9 20.3 0.74 1,958 10.9 19.4 0.65 50 1,975 10.9 19.4 0.65 146 11.9 18.8 0.49 640 12.1 20.7 0.54 50 653 12.1 20.7 0.54 463 12.2 15.7 0.67 2,075 11.0 16.4 0.65 50 2,087 11.0 16.4 0.65 200 13.1 16.3 0.60 445 11.7 16.2 0.59 445 11.7 16.2 0.59 84 10.5 16.8 0.74 490 9.7 17.1 0.69 50 491 9.7 17.1 0.69 – – – – – – – – 50 1,615 6.0 29.7 0.43 – – – – – – – – 222 7.2 29.1 0.36 – – – – – – – – 50 115 15.1 19.8 0.42

230 BHP Annual Report 2024 6 Mineral Resources and Ore Reserves continued Steelmaking Coal Coal Reserves As at 30 June 2024 Proved Probable Proved Probable Total Marketable Marketable Reserves Reserves Reserves Reserves Reserves Commodity Mining Coal deposit1,2,4,5,6,7 method type Mt Mt Mt Mt Mt Steelmaking coal operations CQCA JV Goonyella Complex8 OC Met 407 41 448 301 31 UG Met 25 – 25 19 –Peak Downs9 OC Met/Th 695 243 938 422 124 Caval Ridge OC Met 186 104 290 110 64 Saraji9,10 OC Met/Th 344 38 382 226 19 Saraji South11 OC Met 71 3.1 74 45 2 Blackwater3 OC Met/Th – – – – –Daunia3 OC Met/Th – – – – – 4. Geophysically logged, laboratory analysed, cored drillholes with a coal sample linear recovery greater than 90% are used to classify Coal Reserves. Drill-hole spacings vary between seams and geological domains, as determined by geostatistical analysis where possible. The range of maximum drill-hole spacings used to classify the Coal Reserves were: Deposit Proved Reserves Probable Reserves Goonyella Complex 900m to 1,300m 1,750m to 2,400m Peak Downs 200m to 2,250m 400m to 4,300m Caval Ridge 350m to 1,300m 650m to 2,400m Saraji 450m to 1,800m 800m to 3,600m Saraji South 500m to 2,650m 1,000m to 4,200m Energy Coal Coal Resources As at 30 June 2024 Measured Resources Indicated Resources Mining Coal Kcal/ Kcal/ Commodity deposit1,2 method type Mt %Ash %VM %S kg CV Mt %Ash %VM %S kg CV Energy coal operations Mt Arthur Coal3 OC Th 80 19.0 29.5 0.66 6,170 37 19.8 29.3 0.54 6,060 Energy coal project Togara South UG Th – – – – – 1,420 13.7 29.0 0.31 6,546 Coal Reserves As at 30 June 2024 Proved Probable Total Reserves Reserves Reserves Proved Marketable Reserves Probable Marketable Reserves Mining Coal Kcal/ Kcal/ Commodity deposit method type Mt Mt Mt Mt %Ash %VM %S kg CV Mt %Ash %VM %S kg CV Energy coal operation Mt Arthur Coal1,2,4,5,6,7,8 OC Th 69 35 104 51 15.5 30.5 0.51 5,910 26 15.5 30.3 0.51 5,910 1. Cut-off criteria: Deposit Coal Resources Coal Reserves Mt Arthur Coal ≥ 0.3m seam thickness and ≤35% raw ash ≥ 0.3m seam thickness, ≤32%ash, ≥40% coal plant yield Togara South ≥ 2.0m seam thickness and ≤25% raw ash - 2. Qualities are reported on an air-dried in situ basis. Tonnages are reported as in situ. 3. Mt Arthur Coal – The decrease in Coal Resources was due to depletion.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 231 As at 30 June 2023 Total Marketable Reserves BHP Total Marketable Reserves interest Mt %Ash %VM %S % Mt %Ash %VM %S 332 8.9 22.5 0.52 50 343 8.9 22.5 0.52 19 9.0 22.9 0.54 24 9.0 22.9 0.54 546 10.5 21.9 0.64 50 556 10.5 21.9 0.64 174 10.5 22.4 0.57 50 181 10.5 22.4 0.57 245 10.5 18.0 0.64 50 265 10.5 18.1 0.64 47 9.6 17.6 0.65 50 55 9.6 17.6 0.65 – – – – 50 183 8.9 26.0 0.41 – – – – 50 67 8.2 20.4 0.34 5. Product recoveries for the operations were: Deposit Product recovery Goonyella Complex 74% Peak Downs 53% Caval Ridge 51% Saraji 60% Saraji South 54% 6. Total Coal Reserves were at 4% moisture content when mined. Total Marketable Reserves were at a product specification moisture content (9.5-10% Goonyella Complex; 10.5% Peak Downs and Caval Ridge; 10.1% Saraji, 10-11% Saraji South) and at an air-dried quality basis for sale after the beneficiation of the Total Coal Reserves. 7. Coal delivered to handling plant. 8. Goonyella Complex – The decrease in Coal Reserves was mainly due to depletion. 9. Percentage of secondary thermal products for Reserves with coal type Met/Th are: Peak Downs 6% and Saraji 1%. Contributions may vary year on year based on market demand. 10. Saraji – The decrease in Coal Reserves was mainly due to changes in economic parameters. 11. Saraji South – The decrease in Coal Reserves was mainly due to changes in economic parameters. As at 30 June 2023 Inferred Resources Total Resources Total Resources BHP Kcal/ Kcal/ interest Kcal/ Mt %Ash %VM %S kg CV Mt %Ash %VM %S kg CV % Mt %Ash %VM %S kg CV 6.5 23.3 28.8 0.49 5,700 124 19.5 29.4 0.61 6,110 100 143 19.4 29.5 0.62 6,110 201 16.1 28.5 0.32 6,271 1,620 14.0 29.0 0.31 6,510 100 1,620 14.0 29.0 0.31 6,510 30 June 2023 Total Marketable Reserves Total Marketable Reserves BHP Kcal/ interest Kcal/ Mt %Ash %VM %S kg CV % Mt %Ash %VM %S kg CV 77 15.5 30.4 0.51 5,910 100 92 15.7 30.4 0.53 5,890 4. Mt Arthur Coal – Approximate drill-hole spacings used to classify the reserves were: Deposit Proved Reserves Probable Reserves Mt Arthur Coal 200m to 800m (geophysical logged, ≥95% core recovery) 400m to 1,550m (geophysical logged, ≥95% core recovery) 5. Mt Arthur Coal – Overall product recovery for the operation was 67%. 6. Mt Arthur Coal – Moisture content when mined is 8.5%. Moisture content for Marketable Reserves is 9.5%. 7. Mt Arthur Coal – Coal delivered to handling plant where it may be washed through a coal handling and preparation plant or sold as raw product. 8. Mt Arthur Coal – The decrease in Marketable Coal Reserves was due to depletion.

232 BHP Annual Report 2024 6 Mineral Resources and Ore Reserves continued Potash Mineral Resources As at 30 June 2024 As at 30 June 2023 Measured Resources Indicated Resources Inferred Resources Total Resources Total Resources O O O O BHP O Commodity Ore %K 2 2 2 2 interest 2 deposit type Mt %Insol. %MgO Mt %K %Insol. %MgO Mt %K %Insol. %MgO Mt %K %Insol. %MgO % Mt %K %Insol. %MgO Potash project Jansen1,2,3,4,5 LPL 5,230 25.6 7.7 0.08 – – – – 1,280 25.6 7.7 0.08 6,510 25.6 7.7 0.08 100 6,510 25.6 7.7 0.08 Ore Reserves As at 30 June 2024 As at 30 June 2023 Proved Reserves Probable Reserves Total Reserves Total Reserves O O O BHP O Commodity Ore 2 2 2 interest 2 deposit type Mt %K %Insol. %MgO Mt %K %Insol. %MgO Mt %K %Insol. %MgO % Mt %K %Insol. %MgO Potash project Jansen1,4,5,6 LPL – – – – 1,070 24.9 7.5 0.10 1,070 24.9 7.5 0.10 100 1,070 24.9 7.5 0.10 1. Mineral Resources and Ore Reserves are stated for the Lower Patience Lake (LPL) potash unit. 2. Mineral Resources are reported using a seam thickness of 3.96m from the top of 406 clay seam. 3. Measured Resources grade has been assigned to Inferred Resources. 4. %K2O grade is equivalent to %KCl content using a mineralogical conversion factor of 1.583. 5. Tonnages are reported on an in situ moisture content basis, estimated to be 0.3%. 6. Ore Reserves are based on an expected metallurgical recovery of 88%. Nickel Mineral Resources As at 30 June 2024 As at 30 June 2023 Measured Indicated Inferred Total Total Resources Resources Resources Resources Resources BHP Commodity interest deposit1 Ore type Mt %Ni Mt %Ni Mt %Ni Mt %Ni % Mt %Ni Nickel West operations Leinster OC Disseminated Sulphide 4.1 0.72 77 0.58 52 0.64 133 0.60 100 133 0.60 OC Massive Sulphide 0.25 4.4 1.0 4.9 0.37 4.7 1.6 4.8 1.6 4.8 UG Disseminated Sulphide 16 1.8 15 1.4 4.3 1.2 36 1.6 36 1.5 UG Massive Sulphide 0.70 5.4 2.2 5.6 1.2 4.4 4.1 5.2 4.2 5.2 Oxide – – – – 5.1 1.8 5.1 1.8 5.1 1.8 SP Oxidised – – – – 1.9 1.7 1.9 1.7 1.9 1.7 Mt Keith OC Disseminated Sulphide 132 0.54 67 0.52 24 0.52 223 0.53 100 224 0.53 Cliffs2 UG Disseminated Sulphide – – 4.5 0.86 0.84 1.1 5.3 0.89 100 8.0 0.92 UG Massive Sulphide 0.72 3.5 0.82 3.8 0.52 3.9 2.1 3.7 2.0 3.7 Yakabindie OC Disseminated Sulphide 148 0.61 88 0.61 148 0.61 384 0.61 100 388 0.61 Nickel West projects Honeymoon Well OC Disseminated Sulphide – – 138 0.62 6.5 0.66 144 0.62 100 144 0.62 UG Disseminated Sulphide 9.6 0.69 18 0.75 3.9 0.72 31 0.73 31 0.74 UG Massive Sulphide 0.47 5.6 0.82 6.2 0.15 6.7 1.4 6.1 1.4 6.3 Jericho3 OC Disseminated Sulphide – – 19 0.57 80 0.55 98 0.56 100 86 0.55 Nickel copper projects Mt %Ni %Cu Mt %Ni %Cu Mt %Ni %Cu Mt %Ni %Cu Mt %Ni %Cu Nebo OC Sulphide – – – 49 0.34 0.32 1.1 0.35 0.38 50 0.34 0.32 100 50 0.34 0.32 Babel OC Sulphide 91 0.31 0.36 190 0.28 0.31 58 0.32 0.35 340 0.30 0.33 100 340 0.30 0.33

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 233 Nickel Ore Reserves As at 30 June 2024 As at 30 June 2023 Proved Reserves Probable Reserves Total Reserves Total Reserves BHP Commodity interest deposit4 Ore type Mt %Ni Mt %Ni Mt %Ni % Mt %Ni Nickel West operations Leinster OC – – – – – – 100 1.3 0.58 UG – – – – – – 8.5 1.5 Mt Keith OC – – – – – – 100 75 0.58 Cliffs UG – – – – – – 100 0.51 2.0 Yakabindie OC – – – – – – 100 164 0.65 Nickel copper projects Mt %Ni %Cu Mt %Ni %Cu Mt %Ni %Cu Mt %Ni %Cu Nebo OC – – – – – – – – – 100 36 0.37 0.35 Babel OC – – – – – – – – – 100 236 0.30 0.34 1. Cut-off criteria: Deposit Ore type Mineral Resources Leinster OC Disseminated Sulphide ≥ 0.40%Ni OC Massive Sulphide Stratigraphic UG Disseminated Sulphide Variable between stratigraphic for block cave and ≥1.0%Ni UG Massive Sulphide Stratigraphic Oxide ≥ 1.2%Ni Mt Keith OC Disseminated Sulphide Variable between 0.35%Ni and 0.40%Ni based on mineralogy Cliffs UG Disseminated Sulphide ≥ 0.40%Ni UG Massive Sulphide Stratigraphic Yakabindie OC Disseminated Sulphide ≥ 0.35%Ni Honeymoon Well OC Disseminated Sulphide ≥ 0.35%Ni UG Disseminated Sulphide ≥ 0.40%Ni UG Massive Sulphide Stratigraphic Jericho OC Disseminated Sulphide ≥ 0.40%Ni Nebo & Babel OC Sulphide Cut-off based on NSR value of A$13/t which represents mill-limited break-even cut-off inclusive of processing and re-handling costs per total tonne mined 2. Cliffs – The decrease in UG Disseminated Sulphide ore type was mainly due to depletion. The increase in UG Massive Sulphide ore type was due to a resource estimate update informed by additional drilling. 3. Jericho – The increase in UG Disseminated Sulphide ore type was mainly due to a resource estimate update informed by additional drilling. 4. Nickel Ore Reserves – The decrease in Ore Reserves was mainly due to changes in macro-economics and are subject to further studies.

234 BHP Annual Report 2024 7 People – performance data1,2,3 Table 1 – Workforce data and diversity by region FY2024 Employees by gender number and % Number and Average number Region % of employees and % of contractors2 Male Male % Female Female % Asia 1,651 4.0 4,335 8.5 625 37.9 1,026 62.1 Australia 31,155 76.2 18,737 36.9 20,501 65.8 10,654 34.2 Europe 84 0.2 9 0.0 38 45.2 46 54.8 North America 693 1.7 1,537 3.0 362 52.2 331 47.8 South America 7,289 17.8 26,097 51.5 4,186 57.4 3,103 42.6 Total 40,872 100.0 50,715 100.0 25,712 62.9 15,160 37.1 Table 2 – Employees by category and diversity for FY2024 Gender Region Employment category Total % of Total Male Female Asia Australia Europe North America South America Full time 38,962 95.3 25,054 13,908 1,613 29,601 77 676 6,995 Part time 1,132 2.8 444 688 3 1,121 3 5 0 Fixed term full time 672 1.6 182 490 35 327 4 12 294 Fixed term part time 11 0.0 3 8 0 11 0 0 0 Casual 95 0.2 29 66 0 95 0 0 0 Total 40,872 100.0 25,712 15,160 1,651 31,155 84 693 7,289 Table 3 – Employees by category and diversity for FY2024 Gender Gender % Age group % Category Total Male Female Male % Female % Under 30 30–39 40–49 50+ Senior leaders 262 158 104 60.3 39.7 0.0 6.9 51.9 41.2 Managers 1,369 828 541 60.5 39.5 0.4 23.4 51.2 25.1 Supervisory and 18,070 10,723 7,347 59.3 40.7 9.2 39.3 32.9 18.6 professional Operators and 21,171 14,003 7,168 66.1 33.9 20.1 28.7 25.2 26.0 general support Total 40,872 25,712 15,160 62.9 37.1 14.5 33.0 29.7 22.8 Board and executive management diversity In accordance with UK Listing Rule 14.3.30(2), these tables set out the Board and executive management diversity data as at 30 June 2024. Gender identity Number of senior positions Number of Board Percentage on the Board (CEO, Number in executive Percentage of executive Region members of the Board CFO, SID and Chair)4 management5 management5 Men 6 60% 3 5 45% Women 4 40% – 6 55% Not specified/ 0 0% – 0 0% prefer not to say Ethnic background Number of Board Percentage Number of senior Number in executive Percentage of executive Region members of the Board positions on the Board4 management5 management5 White British or other 8 80% 2 7 64% White (including minority-white groups) Mixed/Multiple 1 10% 1 3 27% ethnic groups Asian/Asian British 1 10% – 1 9% Black/ 0 0% – 0 0% African/Caribbean/ Black British Other ethnic group 0 0% – 0 0% Not specified/prefer 0 0% – 0 0% not to say 1. Based on a ‘point-in-time’ snapshot of employees as at 30 June 2024, including employees on extended absence, which was 1,146 in FY2024. There is no significant seasonal variation in employment numbers. 2. Contractor data is collected from internal organisation systems. Contractor data is averaged for a 10-month period, July 2023 to April 2024. 3. Figures reported do not include employees and contractors of BHP Billiton Mitsubishi Alliance Blackwater and Daunia operations, sold to Whitehaven Coal during FY2024. Figures reported do not include employees and contractors of the operations located in Brazil, that were acquired as part of the OZ Minerals acquisition completed during FY2023. 4. These tables are set out in the format prescribed by the UK Listing Rules. For BHP, the senior Board positions are the CEO, Senior Independent Director and Chair as the CFO is not a member of the Board, in line with market practice for Australian listed companies. 5. In accordance with the UK Listing Rules, executive management includes the Executive Leadership Team (the most senior executive body below the Board) and the Group Company Secretary, excluding administrative and support staff.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 235 8 Legal proceedings The Group is involved from time to time in legal proceedings and – In June 2018, Samarco, BHP Brasil, Vale, the other parties to the government investigations, including claims and pending actions against Framework Agreement, the Public Prosecutors’ Office2 and the Public it seeking damages or clarification or prosecution of legal rights and Defense Office3 entered into a Governance Agreement (ratified by the regulatory inquiries regarding business practices. Insurance or other Court on 8 August 2018), which settled the merits of the R$20 billion indemnification protection may offset the financial impact on the Group Public Civil claim and established a process to renegotiate the Programs of a successful claim. over two years to progress settlement of the R$155 billion Federal This section summarises the significant legal proceedings, investigations, Public Prosecutors’ Office claim. Under the Governance Agreement, and associated matters in which the Group is currently involved or has renegotiation of the Programs is based on certain agreed principles, finalised since our last Annual Report. including full reparation consistent with Brazilian law, the requirement for a technical basis for any proposed changes, consideration of findings Legal proceedings relating to the failure of the from experts appointed by Samarco, BHP Brasil and Vale, consideration of findings from experts appointed by prosecutors and consideration of Fundão tailings dam at the Samarco iron ore feedback from impacted communities. operations in Minas Gerais and Espírito Santo (Samarco dam failure) In February 2021, the Minas Gerais State Prosecutor filed a public civil action against Samarco, BHP Brasil, Vale and Renova Foundation The Group is engaged in numerous legal proceedings relating to the seeking the dissolution of Renova Foundation. The plaintiffs are Samarco dam failure. While there has been progress in priority areas, seeking R$10 billion (approximately US$1.8 billion1) for moral damages. such as individual compensation and indemnification for the damage An injunction for the immediate intervention in Renova Foundation was caused by the dam failure, it is not possible at this time to provide a range also sought, alleging the need to preserve information and documents of possible outcomes for all proceedings or a reliable estimate of potential produced by Renova Foundation to evaluate criminal and civil future exposures. BHP Billiton Brasil Ltda. (BHP Brasil) is a party to responsibilities. A ruling on the merits is pending. approximately 42 ongoing public civil claims, of which 20 are suspended. Since 7 January 2020, the Federal Court has issued several decisions The most significant of these proceedings are summarised in this section creating 14 enforcement proceedings and ruled on several proceedings Additional information 8. There are numerous additional lawsuits against linked to the R$20 billion Public Civil claim and R$155 billion Federal Public Samarco relating to the dam failure to which the Group is not a party. Prosecutors’ Office claim, including dismissal without prejudice of some of the requests and proceedings. Issues covered by these proceedings Public civil actions brought by federal prosecutors include, for example, environmental recovery, tailings management, human and agreements health risk and ecological risk, resettlement of affected communities, infrastructure and development, registration of certain impacted individuals Several legal proceedings have been brought by government authorities under the Programs, monthly emergency financial aid, loss of profit and and civil associations claiming environmental and socioeconomic damages indemnities for people impacted by the Samarco dam failure, resumption and a number of specific remediation measures as a result of the Samarco of economic activities, water supply for human consumption and hiring of dam failure, including proceedings in which BHP Brasil is a defendant. technical advisers to impacted people, Renova Foundation’s governance Among the claims brought against BHP Brasil are: – the public civil action brought by the Federal Government of Brazil, and management system, and new areas allegedly affected by the dam states of Espírito Santo and Minas Gerais and other public authorities failure, including freezing orders requests. In October 2023, the Federal Court judge rendered a decision determining against Samarco and its shareholders, BHP Brasil and Vale S.A. (Vale) that the Interfederative Committee (IFC), which is an external and in November 2015, seeking their joint liability for the full reparation of independent body responsible for supervising Renova Foundation and environmental and socioeconomic damages arising from the Samarco its programs, holds the final authority to determine technical issues dam failure, in the amount of R$20 billion (approximately US$3.6 billion1) concerning the reparation. This decision was confirmed by the Federal (the R$20 billion Public Civil claim) – the public civil action brought by the Brazilian Federal Public Court of Appeals in April 2024, which upheld that Renova Foundation Prosecutors’ Office against Samarco, BHP Brasil and Vale, as well as and the Companies must comply with all IFC’s directions, which are other public entities in May 2016, seeking R$155 billion (approximately presumed to be valid and must prevail, unless the Companies and Renova Foundation can present clear proof that they are illegal. In January US$27.9 billion1) for reparation, compensation and social, individual and 2024, the Federal Court rendered a decision (25 January decision) that collective moral damages in relation to the Samarco dam failure (the found Samarco, Vale and BHP Brasil jointly and severally liable to pay R$155 billion Federal Public Prosecutors’ Office claim) collective moral damages in the amount of R$47.6 billion (approximately US$8.6 billion1) (to be adjusted for interest and inflation). The decision A number of other proceedings to which BHP Brasil is a party are currently ordered that no payment should occur until the decision is final and suspended due to their connection with the R$20 billion Public Civil claim unappealable. In March 2024, the Federal Court found that the correct and R$155 billion Federal Public Prosecutors’ Office claim. historical amount due of collective moral damages is R$46.7 billion Samarco, Vale, BHP Brasil, and other public authorities have entered into (instead of R$47.6 billion). Samarco, Vale, and BHP Brasil appealed agreements for the remediation of damages resulting from the Samarco the decision challenging the merits and amount of damages. In May dam failure. 2024, the various government parties filed interlocutory appeals to the 25 January decision seeking increased damages and the ability to enforce – In March 2016, Samarco, BHP Brasil and Vale (Companies), entered the judgment prior to it becoming final. The Federal Court judge and the into a Framework Agreement with the Federal Government of Brazil, Federal Court of Appeals issued rulings denying the requests for early the states of Espírito Santo and Minas Gerais and certain other public enforcement. On 27 June 2024, the Federal Court judge dismissed without authorities to establish a foundation (Renova Foundation) to develop prejudice certain claims directed at the Companies in the R$155 billion and execute environmental and socioeconomic programs (Programs) Federal Public Prosecutors’ Office claim, on the grounds that they are to remediate and provide compensation for damages caused by already covered by previous agreements and decisions (such as the the Samarco dam failure. The term of the Framework Agreement Framework Agreement). This decision did not dismiss the collective moral is 15 years, renewable for periods of one year successively until all damages decision outlined above and is subject to appeal. obligations under the Framework Agreement have been performed. In June 2024, the Public Prosecutors’ Office and the Public Defense Office Under the Framework Agreement, Samarco is responsible, as a primary filed a public civil claim against the Companies and Renova Foundation for obligor, for funding Renova Foundation’s annual calendar year budget alleged gender discrimination against women in the reparation process. for the duration of the Framework Agreement. The amount of funding for They requested certain changes in Renova Foundation’s registration each calendar year will depend on the remediation and compensation program, damages and an injunctive relief to implement emergency projects to be undertaken in a particular year and judicial decisions. measures. On 14 August 2024, the Federal Court partially granted the To the extent that Samarco does not meet its funding obligations injunctive relief request and ordered Renova Foundation to allow the under the Framework Agreement, BHP Brasil and Vale have funding review of the registration of all women who are either registered or have obligations under the Framework Agreement, as secondary obligors, pending registration applications in Renova Foundation. The decision is each in proportion to its 50 per cent shareholding in Samarco in this subject to appeal. section Additional information 8. 1. Based on the exchange rate as at 30 June 2024. 2. The Public Prosecutors’ Office includes the Federal, State of Minas Gerais and State of Espírito Santo public prosecutors’ offices. 3. The Public Defense Office includes the Federal, State of Minas Gerais and State of Espírito Santo public defense offices.

236 BHP Annual Report 2024 8 Legal proceedings continued The parties have been engaging in negotiations to seek a definitive and Indigenous Communities – Civil public action for substantive settlement of claims relating to the Samarco dam failure. partial nullity of agreements The negotiations are ongoing and the outcome is uncertain. The potential In February 2024, the Federal Prosecutor’s Office filed a collective lawsuit liabilities resulting from current and future claims, lawsuits, proceedings, against the Companies, alleging that the settlement agreements entered enforcement actions and Framework Agreement obligations relating to into between Renova Foundation and the Indigenous communities of the Samarco dam failure, together with the potential cost of implementing Tupiniquim Guarani, Mboapy Pindó, and Comboios contain nullities remedies sought in the various proceedings, cannot be estimated with regarding the release of monthly Emergency Subsistence Aid (ASE), and certainty at this time and there is a risk that outcomes may be materially requested an injunction ordering the Companies to continue to pay ASE higher or lower than amounts reflected in BHP Brasil’s provision and to the Indigenous Peoples of the Tupiniquim, Comboios, and Caieiras contingencies for the Samarco dam failure. Velha II, in the Indigenous Lands of Aracruz, State of Espírito Santo in For more information on BHP Brasil’s provision and contingencies Brazil, following certain new rules, including an increase in the monthly for the Samarco dam failure refer to Financial Statements note 4 payment amount. On 4 March 2024, the Federal Court granted the ‘Significant events – Samarco dam failure’ Federal Prosecutor’s request for a preliminary injunction, which was later overturned in April 2024. As of 30 June 2024, a final decision on the merits Civil public actions commenced by the State is pending. Prosecutors’ Office in the state of Minas Gerais Other civil proceedings in Brazil (Mariana CPA cases) As noted above, BHP Brasil has been named as a defendant in numerous The State Prosecutors of Mariana have commenced several civil public lawsuits relating to the Samarco dam failure. In addition, government actions (CPAs) against Samarco, BHP Brasil and Vale. inquiries and investigations relating to the Samarco dam failure have On 10 December 2015, the State Prosecutors’ Office in the state of Minas been commenced by the Brazilian Government’s representatives and are Gerais filed a CPA against Samarco, BHP Brasil and Vale before the State ongoing, including studies regarding impact of the dam failure. Court in Mariana claiming indemnification (amount not specified) for moral BHP Brasil’s potential liabilities, if any, resulting from other pending and and material damages to an unspecified group of individuals affected by future claims, lawsuits and enforcement actions relating to the Samarco the Samarco dam failure, including the payment of costs for housing and dam failure, together with the potential cost of implementing remedies social and economic assistance (CPA Mariana I). sought in the various proceedings, cannot be reliably estimated at this On 2 October 2018, the parties reached a settlement dismissing the claim, time. Ultimately, these could have a material adverse impact on BHP’s which was ratified by the Court. Under this settlement, Renova Foundation business, competitive position, cash flows, prospects, liquidity and has reached more than 100 individual agreements with impacted families shareholder returns. in Mariana for the payment of damages. In connection with CPA Mariana I, the State Prosecutors (Minas Gerais) For more information on the Samarco dam failure refer to OFR 7 started enforcement proceedings against Samarco, BHP Brasil and Vale. There are six enforcement proceedings under way, which among other As of 30 June 2024, Samarco had been named as a defendant in more things seek (i) to set a deadline for completion of resettlement of the than 87,200 small claims for moral damages in which people argue their residents of Mariana’s districts and for fines to be imposed for delays to public water service was interrupted for between five and 10 days, of which resettlement; (ii) to set the final term that will allow new households to join approximately 38,000 claims are still active. BHP Brasil is a co-defendant the resettlement; (iii) payment of compensation to affected individuals in more than 24,300 of these cases. for delivery of houses below standard; (iv) to guarantee access to water sources for the families of the collective resettlements; (v) payment of The Brazilian Code of Civil Procedure provides that repetitive claims can fines for alleged delays in presenting proposals and making payments be settled through a proceeding known as the Resolution of Repetitive to affected individuals; and (vi) payment of compensation to impacted Demands Procedure (IRDR). Under the IRDR, a court will hear a ‘pilot individuals who allege they have not yet received compensation and a case’ representative of such recurring legal matters and the judgment in penalty for the alleged delays in making such payments. that decision will set a precedent for the resolution of similar cases in that In addition to CPA Mariana I, the State Prosecutors (Minas Gerais) jurisdiction. An IRDR has been established in Minas Gerais and the court commenced other CPAs in Mariana against Samarco, BHP Brasil, Vale in the pilot case has ruled that the mandatory parameter for resolution and, in some cases, Renova Foundation. The claims presented in those of claims will be the payment of R$2,000 (approximately US$4001) per CPAs are related to damages that, according to the State Prosecutors, individual claim for moral damages due to the suspension of public water are not covered by CPA Mariana I. supply. Appeals before higher courts were filed. Meanwhile, as of 30 June 2024, Samarco has reached settlement in more than 18,200 individual As to those CPAs, there are proceedings that (i) have been settled cases. On 21 May 2024, the Superior Court of Justice granted the State by the parties, including BHP Brasil, (ii) have been dismissed or (iii) Prosecutor of Minas Gerais request to declare null the IRDR due to the are still pending (9 in total). Renova Foundation is responsible for any alleged failure to satisfy the procedural requirements necessary for its pending obligations set forth in the settlement agreements relating to the formal admissibility. CPAs and for complying with future awards eventually rendered in the remaining CPAs. Samarco’s judicial reorganisation Civil public action commenced by Associations On 9 April 2021, Samarco filed for judicial reorganisation (JR) with the concerning the use of Tanfloc for water treatment Second Business State Court for the Belo Horizonte District of Minas Gerais (JR Court). On 28 July 2023, Samarco and one of its supporting (R$120 billion Associations claim) creditors filed a consensual plan (Consensual Plan), which provided, On 28 October 2021, the Vila Lenira Residents Association, State of among other things, that the agreements entered into between Samarco Espírito Santo Rural Producers and Artisans Association, Colatina Velha and Brazilian public authorities in connection with the Samarco dam failure Neighbourhood Residents Association, and United for the Progress of will not be impaired by the Consensual Plan and Samarco will continue Palmeiras Neighbourhood Association filed a lawsuit against Samarco, to have the primary obligation to fund Renova Foundation. In addition, BHP Brasil and Vale and others, including the State of Minas Gerais, the pursuant to the Consensual Plan, between 2024 and full payment of the State of Espírito Santo and the Federal Government. The plaintiffs allege debt owed by Samarco to the holders of the senior notes, Samarco is the defendants carried out a clandestine study on the citizens of the permitted to fund remediation activities to Renova Foundation up to a locations affected by the Samarco dam failure, using Tanfloc, a tannin- US$1 billion cap. This means that BHP Brasil and Vale will pay directly based flocculant/coagulant that is currently used for wastewater treatment or fund Samarco in the form of common equity in respect of remediation applications. The plaintiffs claim this product allegedly put the population at obligations, including payments to Renova Foundation, in excess of risk due to its alleged experimental qualities. the US$1 billion cap. The JR Court confirmed the Consensual Plan on 1 September 2023. Following the confirmation of the Consensual Plan and On 17 November 2023, the Federal Court dismissed the lawsuit without satisfaction of other conditions precedent set forth therein, the definitive prejudice due to the Associations’ lack of standing to sue and the documentation formalising the consummation of Samarco’s financial debt defectiveness of the complaint. The Associations filed a motion for restructuring was executed on 1 December 2023. Samarco has paid the clarification and the decision is still subject to appeal. majority of labour claims, suppliers and other non-financial creditors as provided in the Consensual Plan. BHP Brasil participated in Samarco’s JR proceeding in its capacities as a shareholder and creditor of Samarco.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 237 Class or group action claims Criminal charges BHP Group Limited and certain of its subsidiaries have been named On 20 October 2016, the Federal Prosecutors’ Office in Brazil filed as defendants in class or group action claims related to the Samarco criminal charges against Samarco, BHP Brasil, Vale and certain of their dam failure. The most significant of those claims are summarised in the employees and former employees in the Federal Court of Ponte Nova, bullets below. Minas Gerais. On 3 March 2017, BHP Brasil and the charged employees – BHP Group Limited is named as a defendant in a shareholder class and former employees of BHP Brasil (Affected Individuals) filed their action in the Federal Court of Australia on behalf of persons who preliminary defences. The Federal Court granted Habeas Corpus petitions acquired shares in BHP Group Limited or BHP Group Plc (now BHP in favour of all eight Affected Individuals, terminating the charges against Group (UK) Ltd) in periods prior to the Samarco dam failure. The amount those individuals. The Federal Prosecutors’ Office appealed seven of the of damages sought in the class action is unspecified. A trial is scheduled decisions with hearings of the appeals still pending. BHP Brasil remains to commence in September 2025. a defendant in the criminal proceeding. The evidentiary phase has been concluded and Federal Prosecutors and defendants are expected to – BHP Group (UK) Ltd (formerly BHP Group Plc) and BHP Group present written closing arguments by August 2024. BHP Brasil rejects Limited are named as defendants in group action claims for damages the charges against BHP Brasil and the Affected Individuals and expects filed in the courts of England. These claims were filed on behalf of to defend against the charges and fully support each of the Affected certain individuals, municipalities, businesses and communities in Individuals in their defences of the charges. Brazil allegedly impacted by the Samarco dam failure. The amount of damages sought in these claims is unspecified. In December 2022, the In several civil proceedings the Federal Court has stated that Renova BHP parties filed their defence and a contribution claim against Vale. Foundation has allegedly obstructed the adoption of reparation measures. The contribution claim contended that if the BHP parties’ defence is not The judge ordered an official notice to be sent to the Prosecutor’s Office successful and they are ordered to pay damages to the claimants, Vale to communicate his view on the need for an investigation into Renova should contribute to any amount payable. A trial in relation to the BHP Foundation’s conduct. On 10 May 2024 the Public Prosecutor’s Office parties’ liability for the dam failure is set to commence in October 2024. publicly announced that they will conduct an investigation into Renova Foundation, without specifying if civil or criminal liability for Renova – In January 2024, the BHP parties were served with a new group action Foundation, BHP Brasil, Vale, Samarco or any individual will be sought. filed in the courts of England on behalf of additional individuals and businesses in Brazil allegedly impacted by the Samarco dam failure. Legal proceedings unrelated to the The new action makes broadly the same claims as the original action and the amount of damages sought in these claims is unspecified. Samarco dam failure South African class action claim In March 2024, a claim was filed in the Netherlands against Vale S.A. and a Dutch subsidiary of Samarco for compensation relating to the On 14 August 2023, an application to commence a class action was filed in Fundão dam failure. The claim filed in the Netherlands indicates that the High Court of South Africa on behalf of current and former mineworkers these claims were filed on behalf of certain individuals, municipalities, (and the dependants of certain mineworkers). The mineworkers are alleged businesses, associations, and faith-based institutions allegedly impacted to have contracted coal mine dust lung disease and to have worked on by the Samarco dam failure who are not also claimants in the UK specified coal mines in South Africa between 1965 and the filing date. group action claims referred to above. BHP is not a defendant in the ‘BHP Billiton Plc Incorporated’ is named as a respondent, alongside Netherlands proceedings. South32 SA Holdings Limited and Seriti Power (Proprietary) Limited. The claims against the BHP entity relate to the period from 1999 to 2015. In July 2024, BHP Group Limited, BHP Group (UK) Ltd, BHP Brasil Ltda The relevant businesses were divested in 2015 as part of the demerger of and Vale S.A. entered into an agreement – without any admission of South32 Limited. liability in any proceedings – whereby: (i) Vale will pay 50 per cent of any amounts that may be payable by the BHP Defendants to the claimants in The matter is currently at the certification stage whereby the South African the UK group action claims (or by the BHP Defendants, BHP Brasil or their Court must first grant permission for a class action to proceed. BHP, related parties to claimants in any other proceedings in Brazil, England or South32 and Seriti have filed notices opposing certification. The amount the Netherlands covered by the agreement); and (ii) BHP Brasil will pay 50 of damages sought by the Applicants on behalf of the putative class is per cent of any amounts that may be payable by Vale to the claimants in unspecified. BHP has notified South32 that it considers any liability to the the Netherlands proceedings (or by Vale or its related parties to claimants Applicants arising from the class action to be indemnified under the terms in any other proceedings in Brazil, England or the Netherlands covered of the Separation Deed agreed as part of the demerger of South32 in 2015. by the agreement). The agreement reinforces the terms of the Framework Agreement entered into in 2016 which require BHP Brasil and Vale to each contribute 50 per cent to the funding of the Renova Foundation for compensation of persons impacted by the Fundão dam failure where Samarco is unable to contribute that funding. The BHP Defendants withdrew the contribution claim against Vale in England as it is no longer necessary given this agreement. 1. Based on the exchange rate as at 30 June 2024. 2. The Public Prosecutors’ Office includes the Federal, State of Minas Gerais and State of Espírito Santo public prosecutors’ offices. 3. The Public Defense Office includes the Federal, State of Minas Gerais and State of Espírito Santo public defense offices.

238 BHP Annual Report 2024 9 Shareholder information 9.1 History and development – relates to a contract that insures or would insure the Director against liabilities the Director incurs as an officer of BHP, but only if the contract BHP Group Limited (formerly BHP Billiton Limited, before then does not make BHP or a related body corporate the insurer BHP Limited and, before that, The Broken Hill Proprietary Company – relates to any payment by BHP or a related body corporate in respect of Limited) was incorporated in 1885 and is registered in Australia with an indemnity permitted by law, or any contract relating to or containing ABN 49 004 028 077. such an indemnity, or 9.2 Markets – is in a contract or proposed contract with or for the benefit of or on behalf of a related body corporate and arises merely because the Director is a director of a related body corporate As at the date of this Annual Report, BHP Group Limited has a primary listing on the Australian Securities Exchange (ASX) (ticker BHP) in If a Director has a material personal interest and is not entitled to vote Australia, an international secondary listing on the London Stock Exchange on a proposal, they will not be counted in the quorum for any vote on a (LSE) (ticker BHP), a secondary listing on the Johannesburg Stock resolution concerning the material personal interest. Exchange (ticker BHG) and is listed on the New York Stock Exchange (NYSE) in the United States. Loans by Directors Trading on the NYSE is in the form of American Depositary Receipts (ADRs) evidencing American Depositary Shares (ADSs), with each ADS Any Director may lend money to BHP at interest with or without security representing two ordinary shares of BHP Group Limited. Citibank N.A. or may, for a commission or profit, guarantee the repayment of any money (Citibank) is the Depositary for the ADS program. BHP Group Limited’s borrowed by BHP and underwrite or guarantee the subscription of shares ADSs have been listed for trading on the NYSE (ticker BHP) since or securities of BHP or of any corporation in which BHP may be interested 28 May 1987. without being disqualified as a Director and without being liable to account to BHP for any commission or profit. 9.3 Organisational structure Appointment and retirement of Directors BHP Group Limited is the ultimate parent company of all subsidiaries within Appointment of Directors the BHP Group. From June 2001 to January 2022, BHP operated under a Dual Listed The Constitution provides that a person may be appointed as a Director of Company (DLC) structure, with two separate parent companies (BHP BHP Group Limited by the existing Directors of BHP or may be elected by Group Limited and BHP Group Plc (now BHP Group (UK) Limited) and the shareholders in a general meeting. Any person appointed as a Director of BHP Group Limited by the existing their respective subsidiaries operating as a single unified economic entity Directors will hold office only until the next general meeting that includes run by a unified Board and senior executive management team. On 31 January 2022, BHP unified its DLC structure, following which an election of Directors. A person may be nominated by shareholders as a Director of BHP Group BHP Group Plc (now BHP Group (UK) Limited) became a subsidiary of Limited if: BHP Group Limited. – a shareholder provides a valid written and signed notice of 9.4 Constitution the nomination – the person nominated by the shareholder satisfies candidature for the This section sets out a summary of BHP Group Limited’s Constitution, as office and provides written and signed notice of their willingness to be well as other related arrangements under applicable laws and regulations. elected as a Director Provisions of the Constitution of BHP Group Limited can be amended only where such amendment is approved by special resolution. A special and the nomination is provided at least 40 business days before the date of resolution is a resolution that is passed by at least 75 per cent (i.e. at least the general meeting. The person nominated as a Director may be elected three quarters) of the votes cast by BHP shareholders entitled to vote being to the Board by ordinary resolution passed in a general meeting. in favour of the resolution. Retirement of Directors Board The Board has adopted a policy under which all Non-executive Directors must, if they wish to remain on the Board, seek re-election by shareholders The Board may exercise all powers of BHP, other than those that are annually. This policy took effect in 2011 and replaced the previous reserved for BHP shareholders to exercise in a general meeting. system that required Non-executive Directors to submit themselves to shareholders for re-election at least every three years. Power to issue securities A Director may be removed from the Board in accordance with applicable Under the Constitution, the Board has the power to issue any BHP shares law and must vacate their office as a Director in certain circumstances set or other securities (including redeemable shares) with preferred, deferred out in the Constitution. There is no requirement for a Director to retire on or other special rights, obligations or restrictions. The Board may issue reaching a certain age. shares on any terms it considers appropriate, provided that: – the issue does not affect any special rights of shareholders Rights attaching to shares – if required, the issue is approved by shareholders Dividend rights – if the issue is of a class other than ordinary shares, the rights attaching Under Australian law, dividends on shares may be paid only if the to the class are expressed at the date of issue company’s assets exceed its liabilities immediately before the dividend is determined and the excess is sufficient for payment of the dividend, Restrictions on voting by Directors the payment of the dividend is fair and reasonable to the company’s shareholders as a whole and the payment of the dividend does not A Director may not vote in respect of any contract or arrangement or any materially prejudice the company’s ability to pay its creditors. other proposal in which they have a material personal interest except in certain prescribed circumstances, including (subject to applicable laws) The Constitution provides that payment of any dividend may be made in where the material personal interest: any manner, by any means and in any currency determined by the Board. – arises because the Director is a shareholder of BHP and is held in All unclaimed dividends may be invested or otherwise used by the Board common with the other shareholders of BHP for the benefit of BHP until claimed or otherwise disposed of according to law. BHP Group Limited is governed by the Victorian unclaimed monies – arises in relation to the Director’s remuneration as a Director of BHP legislation, which requires BHP to pay to the State Revenue Office any – relates to a contract BHP is proposing to enter into that is subject to unclaimed dividend payments of A$20 or more that have remained approval by the shareholders and will not impose any obligation on BHP unclaimed for over 12 months. if it is not approved by the shareholders – arises merely because the Director is a guarantor or has given an indemnity or security for all or part of a loan, or proposed loan, to BHP – arises merely because the Director has a right of subrogation in relation to a guarantee or indemnity referred to above

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 239 Voting rights Variation of class rights For the purposes of determining which shareholders are entitled to attend Rights attached to any class of shares issued by BHP Group Limited can or vote at a meeting of BHP Group Limited and how many votes such only be varied where such variation is approved by: shareholder may cast, the Notice of Meeting specifies when a shareholder – the company as a special resolution, and must be entered on the Register of Shareholders in order to have the right to attend or vote at the meeting. The specified time must be not more than – the holders of the issued shares of the affected class, either by a special 48 hours before the time of the meeting. resolution passed at a separate meeting of the holders of the issued shares of the class affected, or with the written consent of members with Shareholders who wish to appoint a proxy to attend, vote or speak at at least 75 per cent of the votes of that class a meeting of BHP Group Limited on their behalf must deposit the form appointing a proxy so that it is received not less than 48 hours before the Annual General Meetings time of the meeting. Rights to share in profits The Annual General Meeting (AGM) provides a forum to facilitate the sharing of shareholder views and is an important event in the BHP The rights attached to shares of BHP Group Limited, as regards the calendar. The meeting provides an update for shareholders on our participation in the profits available for distribution that the Board performance and offers an opportunity for shareholders to ask questions determines to distribute, are as follows: and vote. To vote at an AGM, a shareholder must be a registered holder of BHP Group Limited shares at a designated time before the relevant AGM. – The holders of any preference shares will be entitled, in priority to any payment of dividend to the holders of any other class of shares, to a Key members of management, including the Chief Executive Officer (CEO) preferred right to participate as regards dividends up to but not beyond and Chief Financial Officer, are present and available to answer questions. a specified amount in distribution. The External Auditor will also be available to answer questions. – Any surplus remaining after payment of the distributions above will be Proceedings at AGMs are webcast live from our website. Copies of the payable to the holders of ordinary shares in equal amounts per share. speeches delivered by the Chair and CEO to the AGM are released to the relevant stock exchanges and posted on our website. The outcome Rights on return of assets on liquidation of voting on the items of business are released to the relevant stock exchanges and posted on our website as soon as they are available On a return of assets on liquidation of BHP Group Limited, the assets following completion of the AGM and finalisation of the polls. of BHP Group Limited remaining available for distribution among shareholders after the payment of all prior ranking amounts owed to More information on our AGMs is available at bhp.com/meetings all creditors and holders of preference shares, and to all prior ranking statutory entitlements, are to be applied on an equal priority with any amount paid to the holders of BHP Group Limited ordinary shares. Conditions governing general meetings Any surplus remaining is to be applied in making payments solely to the holders of BHP Group Limited ordinary shares in accordance with The Board may, and must on requisition in accordance with applicable their entitlements. laws, call a general meeting of the shareholders at the time and place or places and in the manner determined by the Board. No shareholder Redemption of preference shares may convene a general meeting of BHP Group Limited except where entitled under law to do so. Any Director may convene a general meeting If BHP Group Limited at any time proposes to create and issue any whenever the Director thinks fit. General meetings can also be adjourned, preference shares, the terms of the preference shares may give either cancelled or postponed where permitted by law or the Constitution. or both of BHP Group Limited and the holder the right to redeem the Notice of a general meeting must be given to each shareholder entitled to preference shares. vote at the meeting and such notice of meeting may be given in the form The preference shares’ terms may also give the holder the right to convert and manner in which the Board thinks fit subject to any applicable law. the preference shares into ordinary shares. Five shareholders of the company present in person or by proxy constitute a quorum for a general meeting. A shareholder who is entitled to attend Under the Constitution, the preference shares must give the holders: and cast a vote at a general meeting of BHP Group Limited may appoint – the right (on redemption and on a winding-up) to payment in cash in a person as a proxy to attend and vote for the shareholder in accordance priority to any other class of shares of (i) the amount paid or agreed to with applicable law. All provisions of the Constitution relating to general be considered as paid on each of the preference shares; and (ii) the meetings apply with any necessary modifications to any special meeting of amount, if any, equal to the aggregate of any dividends accrued but any class of shareholders that may be held. unpaid and of any arrears of dividends – the right, in priority to any payment of dividend on any other class of Limitations of rights to own securities shares, to the preferential dividend There are no limitations under the Constitution restricting the right to own BHP shares or other securities. The Australian Foreign Acquisitions and Capital calls Takeovers Act 1975 imposes a number of conditions that restrict foreign Subject to the terms on which any shares may have been issued, the ownership of Australian-based companies. Board may make calls on the shareholders in respect of all monies unpaid For information on share control limits imposed by relevant laws refer to on their shares. BHP Group Limited has a lien on every partly paid share Additional information 9.8 for all amounts payable in respect of that share. Each shareholder is liable to pay the amount of each call in the manner, at the time and at the place specified by the Board (subject to receiving at least 14 days’ notice Documents on display specifying the time and place for payment). A call is considered to have Documents filed by BHP Group Limited on the Australian Securities been made at the time when the resolution of the Board authorising the call Exchange (ASX) are available at asx.com.au and documents filed on the was passed. London Stock Exchange (LSE) are available at data.fca.org.uk/#/nsm/ nationalstoragemechanism. Documents filed on the ASX or on the LSE Borrowing powers are not incorporated by reference into this Annual Report. The documents Subject to relevant law, the Directors may exercise all powers of BHP to referred to in this Annual Report as being available on our website, borrow money and to mortgage or charge its undertaking, property, assets bhp.com, are not incorporated by reference and do not form part of this (both present and future) and all uncalled capital or any part or parts Annual Report. thereof, and to issue debentures and other securities, whether outright or BHP Group Limited files Annual Reports and other reports and as collateral security for any debt, liability or obligation of BHP or of any third party. information with the US Securities and Exchange Commission (SEC). These filings are available on the SEC website at sec.gov

240 BHP Annual Report 2024 9 Shareholder information continued 9.5 Share ownership Share capital The details of the share capital for BHP Group Limited are presented in Financial Statements note 17 ‘Share capital’ and remain current as at 16 July 2024. Substantial shareholders in BHP Group Limited BHP Group Limited is not directly or indirectly controlled by another corporation or by any government. No shareholder possesses voting rights that differ from those attaching to all of BHP Group Limited’s voting securities. The following table shows holdings of 5 per cent or more of voting rights in BHP Group Limited’s shares as notified to BHP Group Limited under the Australian Corporations Act 2001 (Cth), Section 671B as at 16 July 2024. Date of last notice Identity of person % of total Title of class or group Date received Date of change Number owned voting rights1 Ordinary shares BlackRock Group2 03 February 2022 31 January 2022 347,008,470 6.85% Ordinary shares Citigroup Global Markets 26 April 2022 21 April 2022 318,921,856.17 6.2999% Australia Pty Limited Ordinary shares State Street Corporation 15 May 2024 13 May 2024 310,604,627 6.12% Ordinary shares The Vanguard Group Inc. 13 September 2022 07 September 2022 253,318,530 5.001% 1. The percentages quoted are based on the voting rights provided in the last substantial shareholders’ notice. 2. In addition, on 3 February 2022, BlackRock Group notified that, as of 31 January 2022, it owned 4,152,969 American Depositary Receipts, with a voting power of 0.08 per cent. Each American Depositary Receipt represents two fully paid ordinary shares in BHP Group Limited. Twenty largest shareholders as at 16 July 2024 (as named on the Register of Shareholders)1 Number of fully % of issued BHP Group Limited paid shares capital 1. HSBC Custody Nominees (Australia) Limited 2 1,385,528,644 27.32 2. J P Morgan Nominees Australia Pty Limited 909,805,343 17.94 3. Citicorp Nominees Pty Ltd 379,203,501 7.48 4. Citicorp Nominees Pty Limited <Citibank NY ADR DEP A/C> 289,613,351 5.71 5. Computershare Clearing Pty Ltd <CCNL DI A/C>3 230,277,141 4.54 6. South Africa Control A/CC4 186,947,112 3.69 7. BNP Paribas Nominees Pty Ltd <Agency Lending A/C> 104,509,093 2.06 8. National Nominees Limited 75,964,078 1.50 9. BNP Paribas Noms Pty Ltd 68,456,596 1.35 10. Citicorp Nominees Pty Limited <Colonial First State Inv A/C> 45,222,045 0.89 11. HSBC Custody Nominees (Australia) Limited <Nt-Comnwlth Super Corp A/C> 36,674,802 0.72 12. BNP Paribas Nominees Pty Ltd <Clearstream> 24,925,705 0.49 13. Computershare Nominees CI Ltd <ASX Shareplus Control A/C> 22,796,591 0.45 14. BNP Paribas Nominees Pty Ltd <HUB24 Custodial Serv Ltd> 18,864,475 0.37 15. Netwealth Investments Limited <Wrap Services A/C> 15,707,723 0.31 16. Australian Foundation Investment Company Limited 13,413,159 0.26 17. HSBC Custody Nominees (Australia) Limited 12,593,578 0.25 18. Argo Investments Limited 9,990,464 0.20 19. BNP Paribas Noms (NZ) Ltd 5,759,220 0.11 20. HSBC Custody Nominees (Australia) Limited <Euroclear Bank SA NV A/C> 5,574,343 0.11 3,841,826,964 75.75 1. Many of the 20 largest shareholders shown for BHP Group Limited hold shares as a nominee or custodian. In accordance with the reporting requirements, the tables reflect the legal ownership of shares and not the details of the underlying beneficial holders. 2. HSBC Custody Nominees (Australia) Limited is listed twice in the above table as they are registered separately under the same name on the share register. 3. Computershare Clearing Pty Ltd <CCNL DI A/C> represents the Depositary Interest Register (UK). 4. South Africa Control A/CC represents the South African branch register.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 241 US share ownership as at 16 July 2024 BHP Group Limited Number of Number of fully % of issued Classification of holder shareholders % paid shares capital Registered holders of voting securities 1,737 0.28 4,354,308 0.09 ADR holders 1,851 0.30 289,590,7361 5.71 1. The number of shares corresponds to 144,795,368 ADRs. Distribution of shareholdings by size as at 16 July 2024 BHP Group Limited Number of Number of Size of holding shareholders % shares1 % 1–5002 299,724 48.57 58,313,947 1.15 501–1,000 107,646 17.44 82,278,812 1.62 1,001–5,000 165,585 26.83 372,175,995 7.34 5,001–10,000 26,637 4.32 187,925,361 3.71 10,001–25,000 13,366 2.17 200,493,124 3.95 25,001–50,000 2,787 0.45 95,487,981 1.88 50,001–100,000 912 0.15 62,785,184 1.24 100,001–250,000 312 0.05 44,593,549 0.88 250,001–500,000 73 0.01 23,970,370 0.47 500,001– and over 73 0.01 3,943,506,494 77.76 Total 617,115 100 5,071,530,817 100 1. One ordinary share entitles the holder to one vote. 2. The number of BHP Group Limited shareholders holding less than a marketable parcel (A$500) based on the market price of A$43.08 as at 16 July 2024 was 7,576. 9.6 Dividends Policy The Group adopted a dividend policy in February 2016 that provides for a minimum 50 per cent payout of Underlying attributable profit (Continuing operations) at every reporting period. For information on Underlying attributable profit (Continuing operations) for FY2024 refer to OFR 4.2 and OFR 10 The Board will assess, at each reporting period, the ability to pay amounts additional to the minimum payment, in accordance with the Capital Allocation Framework, as described in OFR 2. In FY2024, we determined our dividends and other distributions in US dollars as it is our main functional currency. Payments BHP Group Limited shareholders may have their cash dividends paid directly into their bank account in Australian dollars, UK pounds sterling, New Zealand dollars, South African rand or US dollars, provided they have submitted direct credit details and if required, a valid currency election nominating a financial institution to the BHP Share Registrar no later than close of business on the dividend reinvestment plan election date. BHP Group Limited shareholders who do not provide their direct credit details will receive dividend payments by way of a cheque in Australian dollars. BHP Group Limited shareholders who reside in New Zealand must provide valid direct credit details to receive their dividend payment. Dividend reinvestment plan BHP offers a dividend reinvestment plan to registered shareholders, which provides shareholders the opportunity to reinvest dividends to purchase additional BHP shares in the market, rather than receiving dividends in cash. Participation in the plan is entirely optional and is subject to the terms and conditions of the plan, which can be found at bhp.com/DRP.

242 BHP Annual Report 2024 9 Shareholder information continued 9.7 American Depositary Receipts fees 9.8 Supplemental cybersecurity disclosures for and charges US reporting We have an American Depositary Receipts (ADR) program for BHP Group Our approach to managing material risks from cyber threats is integrated Limited which has a 2:1 ordinary shares to American Depositary Share into our overall risk management processes. Cybersecurity risks are (ADS) ratio. addressed by BHP’s Risk Framework, a system of control for identifying and managing risks, implemented by the CEO. Depositary fees For information on our Risk Framework refer to OFR 8 Citibank serves as the depositary bank for our ADR program. ADR holders agree to the terms in the deposit agreement filed with the SEC We employ a number of measures designed to protect against, detect and for depositing ordinary shares or surrendering ADSs for cancellation and respond to cyber threats, events or attacks, including BHP’s mandatory for certain services as provided by Citibank. Holders are required to pay minimum performance requirements for technology and cybersecurity, certain fees for general depositary services provided by Citibank, as set cybersecurity performance requirements for suppliers and cybersecurity out in the tables below. resilience programs. In addition, cybersecurity standards, cybersecurity Standard depositary fees risk and control guidance, security awareness programs and training Depositary service Fee payable by the ADR holders to build capability, security assessments and continuous monitoring, restricted physical access to hardware and crisis management plans are Issuance of ADSs upon deposit Up to US$5.00 per 100 ADSs also in place to manage cybersecurity. of shares (or fraction thereof) issued We utilise dedicated internal and external cybersecurity personnel to focus Delivery of Deposited Securities Up to US$5.00 per 100 ADSs on assessing, detecting, identifying, managing, preventing and responding against surrender of ADSs (or fraction thereof) surrendered to cyber threats, events and attacks. We have a dedicated cybersecurity Distribution of Cash Dividends Up to US$1.50 per 100 ADSs team, which has been in place since 2016 and has 24/7 monitoring and (or fraction thereof) held response capability that leverages core in-house capability and external service providers. Our assets, functions and projects are responsible for Corporate actions depositary fees managing localised or project-specific exposure to technology and cyber Depositary service Fee payable by the ADR holders risks, including risks associated with business-critical technology systems, with guidance provided by our cybersecurity team. Enterprise-level risks Cash Distributions other than Cash Up to US$2.00 per 100 ADSs that are specific to technology, such as those that pose a greater threat to Dividends (i.e. sale of rights, other (or fraction thereof) held our wider business and strategic opportunities, are managed by our global entitlements, return of capital) Technology team and other relevant stakeholders. Distribution of ADSs pursuant Up to US$5.00 per 100 ADSs We regularly evaluate and assess the threat landscape and our security to exercise of rights to purchase (or fraction thereof) held controls, including through audits and assessments, regular network and additional ADSs. Excludes stock endpoint monitoring, vulnerability testing, penetration testing and tabletop dividends and stock splits exercises that include members of BHP’s management team. To assess Distribution of securities other than Up to US$5.00 per 100 ADSs the design and effectiveness of our cybersecurity controls, we engage ADSs or rights to purchase additional (or fraction thereof) held with assessors, consultants, auditors or other third parties, including ADSs (i.e., spin-off shares) through independent third-party reviews of our information technology Distribution of ADSs pursuant to an No fee security program conducted on a periodic basis. We have processes in ADR ratio change in which shares place to consider and remediate any findings from these reviews and are distributed assessments as required. We also have processes to oversee and identify material cybersecurity risks associated with our use of third-party service Fees payable by the Depositary to the Issuer providers, including performing diligence on certain third parties that have Citibank has provided a BHP net reimbursement of US$2,512,358.75 in access to our systems, data or facilities that store such systems or data FY2024 for ADR program-related expenses for BHP’s ADR program. and we continually monitor cybersecurity risks identified through such ADR program-related expenses include legal and accounting fees, diligence. We also utilise contractual clauses to manage cybersecurity listing fees, expenses related to investor relations in the United States, risks, including by requiring certain agreements to be subject to periodic fees payable to service providers for the distribution of material to ADR cybersecurity audits. We have experienced targeted and non-targeted cybersecurity threats in holders, expenses of Citibank as administrator of the ADS Direct Plan the past; however, no prior cybersecurity incident has materially affected and expenses to remain in compliance with applicable laws. Citibank has further agreed to waive other ADR program-related our business strategy, results of operations or financial condition. expenses for FY2024, amounting to US$5,812.12, which are associated For information on our risk factors refer to OFR 8.1 with the administration of the ADR program. The ADSs issued under our ADR program trade on the NYSE under the stock ticker BHP. As of 16 July 2024, there were 144,795,368 ADSs on Governance issue and outstanding in the BHP Group Limited ADR program. The Board, supported by the Risk and Audit Committee (RAC), is Charges responsible for oversight of emerging and principal risks facing the Group. The Board and the RAC receive updates on the Group’s cybersecurity Holders are also required to pay the following charges in connection position, and the Group has policies in place through the Group’s with depositing of ordinary shares and surrendering ADSs for disclosure process that are designed to escalate material incidents. cancellation and for the purpose of withdrawing deposited securities: taxes and other governmental charges, registration fees, transmission For information on other Board Committee activities that support risk and delivery expenses, expenses and charges incurred by the depositary governance at BHP refer to the above ‘Risk governance’ disclosures in the conversion of foreign currency, fees and expenses of the depositary and Corporate Governance Statement 5 in connection with compliance with exchange control regulations and The CEO is responsible for the effectiveness of BHP’s Risk Framework other regulatory requirements and fees and expenses incurred by the with oversight from the Board. Primary responsibility for Technology and depositary or other nominee in connection with servicing or delivery of Systems Group Risk (which includes the cybersecurity risks), rests with the deposit securities. Chief Technical Officer under authority delegated by the CEO.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 243 The Chief Technical Officer is accountable for and establishes the risk In many of the jurisdictions where we or our suppliers or customers appetite for Technology and Systems, while the Vice President (VP) operate, legislation and regulations are increasingly being enacted in Technology Secure & Architecture is responsible for overseeing the response to the potential impacts of climate change and to implement performance of cybersecurity risks in the Technology and Systems Group international environmental commitments. For example, as a result of the Risk category within that risk appetite, and provides reports concerning Paris Agreement a number of governments, including Australia, Chile, these matters to the Chief Technical Officer. Canada and the United States, have submitted Nationally Determined Our VP Technology Secure & Architecture oversees the prevention, Contributions to reduce national greenhouse gas emissions (GHG). detection, mitigation and remediation of cybersecurity incidents through Further, the governments in a number of regions where we or our suppliers their management of, and participation in, our cybersecurity risk or customers operate have advanced targets and goals to reduce GHGs. management and cybersecurity strategy processes described above. In Australia, the National Greenhouse and Energy Reporting Act 2007 (Cth) imposes requirements for corporations meeting a certain threshold Our VP Technology Secure & Architecture leads the BHP cybersecurity to register and report company information about GHGs and energy team involved in monitoring and managing our cyber security threat risk production and consumption as part of a single, national reporting and assurance process. That team includes personnel with significant scheme and establishes the Safeguard Mechanism to keep certain GHG information technology experience. During FY2024, two individuals emissions at or below legislated limits, known as baselines, for Australia’s held the role of VP Technology Secure & Architecture, each of whom largest industrial facilities. On 1 July 2023, amendments to the Safeguard has more than 25 years of experience in the information technology and Mechanism commenced operation, which require facility baselines for information security field, including serving as chief information security Scope 1 GHG emissions at Australia’s largest industrial facilities to be officer (CISO) and deputy CISO at other large companies. Our current decreased in accordance with a set decline rate, with a view to achieving VP Technology Secure & Architecture holds a number of qualified consistent and gradual emission reductions on a trajectory consistent with technical expert certifications, including Certified Information Systems achieving Australia’s GHG emission reduction targets of 43 per cent below Security Professional (CISSP) since 2001 and various cybersecurity- 2005 levels by 2030 and net zero by 2050. Facilities that exceed their related technical certifications, in addition to Master in Information progressively declining legislated baselines may apply credits to meet the Technology (specialising in Information Security) and Master in Business compliance obligations. Administration degrees, and is active in various cybersecurity industry collaboration groups internationally. Regulations setting emissions standards for fuels used to power vehicles and equipment at our assets and the modes of transport used in our supply 9.9 Government regulations chains can also have a substantial impact, both directly and indirectly, on the markets for these products, with flow-on impacts on our costs. Our business is subject to a broad range of laws and regulations imposed A number of governments and regulators in relevant jurisdictions for by governments and regulatory bodies. These laws and regulations BHP have proposed or foreshadowed disclosure rules that would require touch all aspects of our business, including how we extract, process and enhanced climate-related and broader sustainability-related disclosures. explore for minerals and how we conduct our operations, including laws For example, in Australia, the Federal Government has proposed and regulations governing matters such as environmental protection, legislation that would implement a new mandatory climate-related financial land rehabilitation, occupational health and safety, human rights, cultural disclosure regime and associated auditing and assurance requirements, heritage, the rights and interests of Indigenous peoples, competition, intended to be phased in from 1 January 2025. There is also growing foreign investment, export, marketing of minerals, and taxes. focus on mandatory corporate due diligence and reporting for climate- and broader sustainability-related issues in the value chain. For example, The ability to extract and process minerals is fundamental to BHP. the new European Union (EU) Corporate Sustainability Due Diligence In most jurisdictions, the rights to extract mineral deposits are owned Directive requires in-scope companies to conduct human rights and by the government. We obtain the right to access the land and extract the environmental due diligence on the company’s own operations and their product by entering into licences or leases with the government that owns business partners’ chain of activities (largely upstream). While it is not yet the mineral deposit. We also rely on governments to grant the rights possible to reasonably estimate the exact nature, extent, timing and cost or necessary to transport and treat the extracted material to prepare it for other impacts of any future climate-related or broader sustainability-related sale. The terms of the lease or licence, including the time period of the regulatory programs or future legislative action that may be enacted, lease or licence, vary depending on the laws and regulations of the we anticipate we will be required to dedicate more resources to address relevant jurisdiction or terms negotiated with the relevant government. legislative or regulatory changes. Generally, we own the product we extract and we are required to pay In Australia, national environmental law is currently undergoing review with royalties or other taxes to the government. In Australia and Chile, recent the potential for significant reform, including an emphasis on addressing reforms to mining royalties laws have been adopted. For example, environmental decline and achieving nature-positive outcomes, although from 1 July 2022, a progressive system of coal royalties in the State of timing, scope and outcome remain uncertain. Aspects of heritage Queensland was adopted, resulting in higher royalty rates as the price of protection laws in Australia have also been reviewed. For example, coal passes certain monetary thresholds. In May 2024, the Queensland in November 2023, the Western Australian parliament repealed the Government introduced new legislation to Parliament which, if passed, Aboriginal Cultural Heritage Act 2021 (WA) and reverted to the previous would prevent future governments from reversing these higher royalty rates Aboriginal Cultural Heritage Act 1972 (WA) (with limited amendments). without parliamentary approval. Similarly, in September 2023, the State Our business is also subject to a number of regulations and legal of New South Wales introduced a new coal royalty scheme, replacing the developments relating to employee relations. emergency domestic coal cap and reservation measures. This increase took effect on 1 July 2024, increasing the royalty rate payable for different From time to time, certain trade sanctions are adopted by the United methods of extraction by 2.6 percentage points. In May 2023, the Chilean Nations (UN) Security Council and/or various governments, including in the Congress approved a mining royalty bill to establish a new regulatory United Kingdom, the United States, the European Union (EU), China and tax framework for copper mining activities, which, in general terms, Australia against certain countries, entities or individuals, that may restrict established that mining operators are subject to an ad-valorem component our ability to sell extracted minerals or other products to and/or our ability plus a margin component, with a maximum tax rate of 46.5 per cent. to purchase goods or services from, these countries, entities or individuals. The new Chilean mining royalties took effect from 1 January 2024, subject to existing tax stability agreements. In most instances, the rights to explore for minerals are granted to us by the government that owns the natural resources we wish to explore. Usually, the right to explore carries with it the obligation to spend a defined amount of money on the exploration, or to undertake particular exploration activities. Environmental protection, mine closure, land rehabilitation, cultural heritage and occupational health and safety are principally regulated by governments and to a lesser degree, if applicable, by conditions under leases or licences. These obligations often require us to make substantial expenditures to minimise or remediate the environmental impact of our assets and to ensure the safety of our employees, contractors and the communities where we operate.

244 BHP Annual Report 2024 9 Shareholder information continued Shareholding limits Post-unification requirements under FATA Under current Australian legislation, the payment of any dividends, interest The Treasurer gave approval under the FATA for the actions taken as or other payments by BHP Group Limited to non-resident holders of BHP part of implementation of the unification of BHP’s DLC structure on the Group Limited’s shares is not restricted by exchange controls or other conditions set out below: limitations, except that in certain circumstances, BHP Group Limited may – BHP Group Limited remains an Australian resident company, be required to withhold Australian taxes. incorporated under the Corporations Act, that is listed on the ASX From time to time, certain sanctions are adopted by the UN Security under the name ‘BHP Group Limited’ and trades under that name. Council and/or various governments, including in the United Kingdom, the – BHP Group Limited remains the ultimate holding company of and United States, the EU and Australia. Those sanctions prohibit, or in some continues to ultimately manage and control the companies conducting cases impose, certain approval and reporting requirements on transactions the businesses that are presently conducted by the subsidiaries of BHP involving sanctioned countries, entities and individuals and/or assets Group Limited, including the Minerals and Services businesses, for so controlled or owned by them. Certain transfers into or out of Australia of long as those businesses form part of the BHP Group. amounts greater than A$10,000 in any currency may also be subject to reporting requirements. – The headquarters of BHP Group Limited (including the BHP Group’s corporate head offices) are in Australia. The Australian Foreign Acquisitions and Takeovers Act 1975 (the FATA) restricts certain acquisitions of interests in securities in Australian – The Chief Executive Officer of BHP Group Limited has their principal companies, including BHP Group Limited. Generally, under the FATA, office in Australia. the prior approval of the Australian Treasurer must be obtained for – The centre of administrative and practical management of BHP Group proposals by a foreign person (either alone or together with its associates) Limited is in Australia and BHP Group Limited’s corporate head office to acquire 20 per cent or more of the voting power or issued securities activities, of the kind presently carried on in Australia, continue to be in an Australian company. Lower approval thresholds apply in certain managed in Australia. circumstances, including for acquisitions of interests in entities that – The headquarters of BHP Group Limited is publicly acknowledged operate a ‘national security business’, and acquisitions of interests by as being in Australia in significant public announcements and in all foreign government investors of voting power or issued securities in an public documents. Australian company. – The Chief Executive Officer of BHP Group Limited has their principal The FATA also empowers the Treasurer to make certain orders prohibiting place of residence in Australia. acquisitions by foreign persons in Australian companies, including BHP – The majority of all regularly scheduled Board meetings of BHP Group Group Limited (and requiring divestiture if the acquisition has occurred) Limited in any calendar year occurs in Australia. where the Treasurer considers the acquisition to be contrary to national security or the national interest. Except for the restrictions under the FATA, there are no limitations, either under Australian law or under the Constitution of BHP Group Limited, on the right of non-residents to hold or vote BHP Group Limited ordinary shares.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 245 10 Glossary 10.1 Mining-related terms Grade or Quality Any physical or chemical Mineral Resources A concentration or measurement of the characteristics of the occurrence of solid material of economic 3D Three dimensional. material of interest in samples or product. interest in or on the Earth’s crust in such form, AIG The Australian Institute of Geoscientists. Greenfield The development or exploration grade (or quality) and quantity that there are APEGS Association of Professional Engineers located outside the area of influence of existing reasonable prospects for eventual economic and Geoscientists of Saskatchewan. mine operations/infrastructure. extraction. The location, quantity, grade AusIMM The Australasian Institute of Mining Hypogene Sulphide Hypogene mineralisation (or quality), continuity and other geological and Metallurgy. is formed by fluids at high temperature characteristics of a Mineral Resource are known, and pressure derived from magmatic estimated or interpreted from specific geological Beneficiation The process of physically activity. Copper in Hypogene Sulphide is evidence and knowledge, including sampling separating ore from waste material prior to mainly provident from the copper bearing (JORC Code, 2012 Edition). subsequent processing of the improved ore. mineral chalcopyrite and higher metal Mineralisation Any single mineral or Bituminous Coal of intermediate rank with recoveries are achieved via grinding/flotation combination of minerals occurring in a mass, relatively high carbon content. concentration processes. or deposit, of economic interest. Block cave An area resulting from an Indicated (Mineral) Resources That part of a Mixed (ore type) Refer to Transitional Sulphide. underground mining method where the orebody is undermined to make it collapse under its Mineral Resource for which quantity, grade Modifying Factors Considerations used to own weight. (or quality), densities, shape and physical convert Mineral Resources to Ore Reserves. characteristics are estimated with sufficient These include, but are not restricted to, mining, Brownfield The development or exploration confidence to allow the application of Modifying processing, metallurgical, infrastructure, located inside the area of influence of existing Factors in sufficient detail to support mine economic, marketing, legal, environmental, mine operations which can share infrastructure/ planning and evaluation of the economic viability social and governmental factors. management. of the deposit (JORC Code, 2012 Edition). Nickel intermediates Concentrate, matte, Coal Reserves Equivalent to Ore Reserves, Inferred (Mineral) Resources That part of residue and mixed sulphides. but specifically concerning coal. a Mineral Resource for which quantity and Nominated production rate The approved Coal Resources Equivalent to Mineral grade (or quality) are estimated on the basis average production rate for the remainder of the Resources, but specifically concerning coal. of limited geological evidence and sampling. life-of-asset plan or five-year plan production Coking coal Used in the manufacture of coke, Geological evidence is sufficient to imply but not rate if significantly different to life-of-asset which is used in the steelmaking process by verify geological and grade (or quality) continuity production rate. virtue of its carbonisation properties. Coking coal (JORC Code, 2012 Edition). Open-cut (OC) Surface working in which the may also be referred to as steelmaking coal or In situ Situated in the original place. working area is kept open to the sky. metallurgical coal. JORC The Australasian Joint Ore Ore Reserves The economically mineable Competent Person A minerals industry Reserves Committee. part of a Measured and/or Indicated Mineral professional who is a Member or Fellow of The JORC Code A set of minimum standards, Resource. It includes diluting materials and Australasian Institute of Mining and Metallurgy, recommendations and guidelines for public allowances for losses, which may occur when or of the Australian Institute of Geoscientists, reporting in Australasia of Exploration Results, the material is mined or extracted and is defined or of a ‘Recognised Professional Organisation’ Mineral Resources and Ore Reserves. by studies at Pre-Feasibility or Feasibility (RPO), as included in a list available on the The guidelines are defined by JORC, which is level as appropriate that include application of JORC and ASX websites. These organisations sponsored by the Australian mining industry and Modifying Factors. Such studies demonstrate have enforceable disciplinary processes, its professional organisations. that, at the time of reporting, extraction including the powers to suspend or expel a Leaching The process by which a soluble metal could reasonably be justified (JORC Code, member. A Competent Person must have a can be economically recovered from minerals in 2012 Edition). minimum of five years’ relevant experience in the style of mineralisation or type of deposit under ore by dissolution. PEGBC Association of Professional consideration and in the activity that the person LOI (loss on ignition) A measure of the Engineers and Geoscientists of the is undertaking (JORC Code, 2012 Edition). percentage of volatile matter (liquid or gas) Province of British Columbia. Copper cathode Electrolytically refined copper contained within a mineral or rock. LOI is Probable (Ore) Reserves The economically that has been deposited on the cathode of an determined to calculate loss in mass when mineable part of an Indicated and, in some electrolytic bath of acidified copper sulphate subjected to high temperatures. circumstances, a Measured Mineral Resource. solution. The refined copper may also be MAIG Member of the Australian Institute The confidence in the Modifying Factors produced through leaching and electrowinning. of Geoscientists. applying to a Probable Ore Reserve is lower Marketable (Coal) Reserves Represents than that applying to a Proved Ore Reserve. Cut-off grade A nominated grade above which beneficiated or otherwise enhanced coal product Consideration of the confidence level of the an Ore Reserve or Mineral Resource is defined. where modifications due to mining, dilution and Modifying Factors is important in conversion of For example, the lowest grade of mineralised processing have been considered, must be Mineral Resources to Ore Reserves. A Probable material that qualifies as economic for estimating publicly reported in conjunction with, but not Ore Reserve has a lower level of confidence an Ore Reserve. instead of, reports of Coal Reserves. The basis than a Proved Ore Reserve but is of sufficient Electrowinning/electrowon An electrochemical quality to serve as the basis for a decision on process in which metal is recovered by of the predicted yield to achieve Marketable Coal Reserves must be stated (JORC Code, 2012). the development of the deposit (JORC Code, dissolving a metal within an electrolyte and 2012 Edition). plating it onto an electrode. MAusIMM Member of the Australasian Institute of Mining and Metallurgy. Proved (Ore) Reserves The economically Energy coal Used as a fuel source in electrical mineable part of a Measured Mineral Resource. power generation, cement manufacture and MAusIMM-CP Member of the Australasian Institute of Mining and Metallurgy – A Proved Ore Reserve implies a high degree of various industrial applications. Energy coal may confidence in the Modifying Factors. A Proved also be referred to as steaming or thermal coal. Chartered Professional. Ore Reserve represents the highest confidence FAusIMM Fellow of the Australasian Institute of Measured (Mineral) Resources That part of category of reserve estimate and implies a Mining and Metallurgy. a Mineral Resource for which quantity, grade high degree of confidence in geological and FAusIMM-CP Fellow of the Australasian (or quality), densities, shape and physical grade continuity, and the consideration of the Institute of Mining and Metallurgy – characteristics are estimated with confidence Modifying Factors. The style of mineralisation Chartered Professional. sufficient to allow the application of Modifying or other factors could mean that Proved Ore Factors to support detailed mine planning and Flotation A method of selectively recovering Reserves are not achievable in some deposits final evaluation of the economic viability of the minerals from finely ground ore using a froth (JORC Code, 2012 Edition). deposit (JORC Code, 2012 Edition). created in water by specific reagents. In the ROM (run of mine) Run of mine product mined flotation process, certain mineral particles Metallurgical coal A broader term than in the course of regular mining activities. are induced to float by becoming attached to coking coal, which includes all coals used Tonnes include allowances for diluting materials bubbles of froth and the unwanted mineral in steelmaking, such as coal used for the and for losses that occur when the material particles sink. pulverised coal injection process. May also be is mined. referred to as steelmaking coal. Full SaL A processing technology that allows Slag A by-product of smelting after the desired the extraction of copper using chlorine-assisted metal has been extracted from its ore. leaching predominantly for sulphidic material. Smelting The process of extracting metal from its ore by heating and melting.

246 BHP Annual Report 2024 10 Glossary continued Solvent extraction A method of separating one Ni nickel Activity data (in relation to greenhouse gas or more metals from a leach solution by treating (GHG) emissions data) A quantitative measure NiSO nickel sulphate with a solvent that will extract the required metal, 4 of a level of activity that results in GHG leaving the others. The metal is recovered from NSR Net smelter return emissions. Activity data is multiplied by an energy the solvent by further treatment. P phosphorous and/or emissions factor to derive the energy consumption and GHG emissions associated with SP (stockpile) An accumulation of ore or mineral Pc phosphorous in concentrate a process or an operation. Examples of activity built up when demand slackens or when the PCI pulverised coal injection data include kilowatt-hours of electricity used, treatment plant or beneficiation equipment is S sulphur quantity of fuel used, output of a process, hours incomplete or temporarily unable to process equipment is operated, distance travelled and SCu soluble copper the mine output; any heap of material formed to SiO silica floor area of a building. create a buffer for loading or other purposes or 2 Adjusted/unadjusted (in respect to GHG material dug and piled for future use. Th thermal coal emissions data) Adjusted means calculated Sub-level cave An area within an underground U O uranium oxide to present the GHG emissions data for a time 3 8 mine which uses the sub-level cave method. VM volatile matter period (such as a baseline year or reporting This is where an orebody is extracted from the year) as though relevant changes took effect Zn zinc upper horizons first and mining progresses from the start of that period even though downwards level by level. they occurred during or not until after the Supergene Sulphide Supergene is a term 10.3 Units of measure end of the period. Unless expressly stated used to describe near-surface processes and otherwise, relevant changes are all acquisitions, % percentage or per cent divestments and/or GHG emission calculation their products, formed at low temperature and Bt billion tonnes methodology changes. For example, when pressure by the activity of meteoric or surface we adjust the FY2020 baseline year for our water. Copper in Supergene Sulphide is mainly CO -e carbon dioxide equivalent 2 operational GHG emission target and goal to provident from the copper bearing minerals dmt dry metric tonne compare our adjusted FY2024 performance data chalcocite and covellite and is amenable to against it: GJ gigajoule both grinding/flotation concentration and – the FY2020 data is presented with Scopes leaching processes. g/t grams per tonne 1 and 2 emissions for operated assets that Tailings Those portions of washed or milled ore ha hectare have been acquired or divested by BHP that are too poor to be treated further or remain kcal/kg kilocalories per kilogram added or removed (respectively), and applying after the required metals and minerals have kg/tonne kilograms per tonne methodology changes that took effect, been extracted. or kg/t between 1 July 2019 and 30 June 2024; and Total (Mineral) Resources The sum of Inferred, km kilometre – the FY2024 data is presented as though any Indicated and Measured Mineral Resources. ktoz thousand troy ounces acquisitions, divestments and/or methodology Total (Ore) Reserves The sum of Proved and kt kilotonnes changes that occurred during the year took Probable Ore Reserves. effect from the start of the year ktpa kilotonnes per annum Transitional Sulphide This is a term used to This enables a ‘like for like’ comparison that describe the zone of mineralisation that is ktpd kilotonnes per day provides the information most relevant to a gradation between Supergene Sulphide kV kilovolt assessing progress against our GHG emissions and Hypogene Sulphide resulting from kW kilowatt targets and goals. Unadjusted means calculated the incomplete development of the former kWh kilowatt hour to present the GHG emissions data for a as it overprints the latter. This results in a reporting year so that any relevant changes that lb pound occurred during the year (including acquisitions, more irregular distribution of the three main copper bearing minerals and is amenable m metre divestments and/or methodology changes) m³ cubic metre are applied only from the date they took effect. to both grinding/flotation concentration and Adjustments (in respect of our GHG emissions leaching processes. ML megalitre targets and goals) Calculations to present GHG Troy oz Troy ounce is a unit of measure of Mt million tonnes emissions data on an adjusted basis. precious metals. MtCO -e million tonnes of carbon TSF Tailings storage facility/facilities. 2 dioxide equivalent ADR (American Depositary Receipt) An instrument evidencing American Depositary Underground (UG) Below the surface Mtpa million tonnes per annum Shares or ADSs, which trades on a stock mining activities. MW megawatt exchange in the United States. Wet tonnes Production is usually quoted in oz troy ounce ADS (American Depositary Share) A share terms of wet metric tonnes (wmt). To adjust from issued under a deposit agreement that has PJ petajoule wmt to dry metric tonnes (dmt) a factor is applied been created to permit US-resident investors based on moisture content. ppm parts per million to hold shares in non-US companies and, if Yield The percentage of material of interest that scf standard cubic feet listed, trade them on the stock exchanges in the is extracted during mining and /or processing. t Tonne United States. ADSs are evidenced by American Depositary Receipts, or ADRs, which are the tCO2-e tonnes of carbon dioxide equivalent instruments that, if listed, trade on a stock 10.2 Terms used in reserves t/h tonnes per hour exchange in the United States. and resources tpa tonnes per annum ASIC (Australian Securities and Investments tpd tonnes per day Commission) The Australian Government Ag silver agency that enforces laws relating to companies, TW terawatt securities, financial services and credit in order AI O alumina TWh terawatt hour 2 3 to protect consumers, investors and creditors. Ash inorganic material remaining wmt wet metric tonnes Assets Assets are a set of one or more after combustion geographically proximate operations Au gold 10.4 Other terms (including open-cut mines and underground Cu copper mines). Assets include our operated and 2030 goals Our aspirational goals for non-operated assets. CV calorific value FY2030 under the pillars of our 2030 social ASX (Australian Securities Exchange) ASX is a Fe iron multi-asset class vertically integrated exchange Insol. insolubles value scorecard: Decarbonisation; Healthy environment; Indigenous partnerships; Safe, group that functions as a market operator, K2O potassium oxide inclusive and future-ready workforce, Thriving, clearing house and payments system facilitator. empowered communities and Responsible It oversees compliance with its listing and KCl potassium chloride LOI loss on ignition supply chains. operating rules, promotes standards of corporate AASB (Australian Accounting Standards Board) governance among Australia’s listed companies LPL Lower Patience Lake Accounting standards as issued by and helps educate retail investors. (stratigraphic unit) the Australian Accounting Standards Board. Australian Carbon Credit Units Australian Met metallurgical coal Carbon Credit Units issued by the Australian Government through a regulatory framework MgO magnesium oxide established under the Carbon Credit (Carbon Mo molybdenum Farming Initiative) Act 2011.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 247 Baseline/baseline year (in relation to GHG CBWT (context-based water targets) ECR (Economic Contribution Report) BHP’s emissions targets and goals) A year used as a Context-based water targets aim to address Economic Contribution Report for the year basis to compare and measure performance of the water challenges shared by BHP and ended 30 June 2024. future years. other stakeholders in the regions where we Ecosystem A dynamic complex of plant, BHP BHP Group Limited and its subsidiaries. operate. These targets are based on what we animal and microorganism communities BHP Group Limited BHP Group Limited. heard from others and our own assessment of and the non-living environment, interacting as BHP Group Limited share A fully paid ordinary water-related risks and opportunities. a functional unit. (Convention on Biological share in the capital of BHP Group Limited. CMD Coal mine dust. Diversity (1992) Article 2; Intergovernmental BHP Group Limited shareholders The holders of CEO Water Mandate The CEO Water Mandate Science-Policy Platform on Biodiversity and BHP Group Limited shares. is a UN Global Compact initiative that mobilises Ecosystem Services (2019) Global Assessment business leaders on water, sanitation and the Report on Biodiversity and Ecosystem Services). BHP Group Plc BHP Group Plc (now known as BHP Group (UK) Ltd) and its subsidiaries. Sustainable Development Goals. Companies that Ecosystem function The flow of energy endorse the CEO Water Mandate commit to and materials through the biotic and abiotic BHP Group Plc share A fully paid ordinary share continuous progress against six core elements of components of an ecosystem. This includes in the capital of BHP Group Plc (now known as their water stewardship practice and in so doing, many processes such as biomass production, BHP Group (UK) Ltd). better understand and manage their own water trophic transfer through plants and animals, BHP Group Plc shareholders The holders of risks. The six core areas are: Direct Operations, nutrient cycling, water dynamics and heat BHP Group Plc shares (prior to unification of the Supply Chain & Watershed Management, transfer. (Intergovernmental Science-Policy DLC structure). Collective Action, Public Policy, Community Platform on Biodiversity and Ecosystem BHP Group (UK) Ltd BHP Group (UK) Ltd Engagement and Transparency. BHP is an active Services (2019) Global Assessment Report on (formerly known as BHP Group Plc) and signatory of the Mandate. Biodiversity and Ecosystem Services). its subsidiaries. Commercial Our Commercial function seeks Ecosystem services The contributions of BHP Healthy environment goal roadmap Our to maximise commercial and social value across ecosystems to the benefits that are used in Group-level framework for nature-positive our end-to-end supply chain. It provides effective economic and other human activity. (United plans to achieve the 2030 Healthy environment and efficient service levels to our assets and Nations et al. (2021) System of Environmental-goal under our social value scorecard, which customers through world-class insights and market Economic Accounting—Ecosystem Accounting). is intended to apply to our operated assets in intelligence, deep subject-matter expertise, simple ELT (Executive Leadership Team) The Australia, Chile and Canada. processes and centralised standard activities. Executive Leadership Team directly reports to BHP shareholders In the context of BHP’s The function is organised around the core activities the Chief Executive Officer and is responsible for financial results, BHP shareholders refers to the in our inbound and outbound value chains, the day-to-day management of BHP and leading holders of shares in BHP Group Limited. supported by credit and market risk management, the delivery of our strategic objectives. Biofuel A fuel, usually a liquid fuel, produced and strategy and planning activities. Emission factor A factor that converts activity from renewable biological feedstock sources, Community concern Broadly classified as data into GHG emissions data (e.g. kg CO2-e such as plant material, vegetation or any communication to a BHP representative emitted per GJ of fuel consumed, kg CO2-e agricultural waste. by a member of the community where an emitted per KWh of electricity used). Biodiversity The variability among living issue has not yet necessarily occurred but Energy (in relation to BHP) Energy means organisms from all sources, including, inter alia, has the potential/likelihood to escalate into a all forms of energy products where ‘energy terrestrial, marine and other aquatic ecosystems formal complaint. products’ means combustible fuels, heat, and the ecological complexes of which they Community complaint A verbal or written renewable energy, electricity or any other form are part; this includes diversity within species, notification made directly to a BHP of energy from operations that are owned or between species and of ecosystems. (Convention representative by a member of the community controlled by BHP. The primary sources of on Biological Diversity (1992) Article 2). relating to an alleged adverse impact on the energy consumption come from fuel consumed BMA The BHP Mitsubishi Alliance. community arising from BHP’s activities and/ by haul trucks at our operated assets, as well as Board The Board of Directors of BHP. or employee or contractor behaviour in part or purchased electricity used at our operated assets. BOS BHP Operating System. in whole. Energy content factor The energy content of a CAF BHP’s Capital Allocation Framework. Company BHP Group Limited and fuel is an inherent chemical property that is a its subsidiaries. function of the number and types of chemical Carbon credit The reduction or removal of carbon dioxide, or the equivalent amount of a Continuing operations Assets/operations/ bonds in the fuel. different GHG, using a process that measures, entities that are owned and/or operated by BHP, Entrained water Entrained water includes water tracks and captures GHGs to compensate for excluding assets/operations/entities classified as incorporated into product and/or waste streams, an entity’s GHG emissions emitted elsewhere. Discontinued operations. such as tailings, that cannot be easily recovered. Credits may be generated through projects in Convention of Biological Diversity The Equity share approach (in relation to GHG which GHG emissions are avoided, reduced, Convention on Biological Diversity (CBD) emissions data) A consolidation approach removed from the atmosphere or permanently is the international legal instrument for ‘the whereby a company accounts for GHG stored (sequestration). Carbon credits are conservation of biological diversity, the emissions from operations according to its share generally created and independently verified sustainable use of its components and the fair of equity in the operation. The equity share in accordance with either a voluntary program and equitable sharing of the benefits arising out reflects economic interest, which is the extent of or under a regulatory program. The purchaser of the utilisation of genetic resources’ that has rights a company has to the risks and rewards of a carbon credit can ‘retire’ or ‘surrender’ been ratified by 196 nations. flowing from an operation. Also see the definition it to claim the underlying reduction towards CTAP 2024 BHP’s second Climate Transition for Operational control approach. their own GHG emissions reduction targets or Action Plan, published on 27 August 2024. ESG Environmental, Social and Governance. goals or to meet legal obligations, which is also Directions (Directions for Coal Mines) The New Executive KMP (Key Management referred to as carbon offsetting or offsetting. South Wales Government Coal Market Price Personnel) Executive Key Management We define regulatory carbon credits to mean Emergency Directions. Personnel includes the Executive Director (our carbon credits used to offset GHG emissions Discontinued operations Assets/operations/ CEO), the Chief Financial Officer, President for regulatory compliance in our operational entities that have either been disposed of or are Australia, President Americas, and the Chief locations (such as the Safeguard Mechanism in classified as held for sale in accordance with Operating Officer. It does not include the Australia). We define voluntary carbon credits to IFRS 5/AASB 5 Non-current Assets Held for Non-executive Directors (on our Board). mean carbon credits generated through projects Sale and Discontinued operations. Fatality Elimination Program (FEL) The that reduce or remove GHG emissions outside Dividend record date The date, determined by Fatality Elimination Program involves all the scope of regulatory compliance (including a company’s board of directors, by when an Assets developing control implementation Australian Carbon Credit Units not used for investor must be recorded as an owner of shares plans. These plans identify the relevant regulatory compliance). in order to qualify for a forthcoming dividend. controls required to address their respective Carbon dioxide equivalent The universal unit DLC (Dual Listed Company) BHP’s Dual Listed operations fatality risks, including timeframes of measurement to indicate the global warming Company structure had two parent companies for when control implementation is possible. potential (GWP) of each GHG, expressed (BHP Group Limited and BHP Group Plc (now Progress against these plans is monitored in terms of the GWP of one unit of carbon known as BHP Group (UK) Ltd)) operating monthly via the BHP FEL dashboard. The aim dioxide. It is used to evaluate releasing (or as a single economic entity as a result of the is to implement and sustain as many ‘hard’ avoiding releasing) different GHGs against a DLC merger. The DLC structure was unified on controls as possible, whilst also recognising that common basis. 31 January 2022. to build a robust control framework it will rely Carbon neutral Making or resulting in no net DLC merger The Dual Listed Company merger on all elements of the hierarchy of control being release of GHG emissions into the atmosphere, between BHP Group Limited and BHP Group available, including soft/administrative controls including as a result of offsetting. Carbon neutral Plc (now known as BHP Group (UK) Ltd) on (i.e. human-dependent controls). includes all those GHG emissions as defined for 29 June 2001. BHP reporting purposes.

248 BHP Annual Report 2024 10 Glossary continued Financial control approach (in relation Green hydrogen Hydrogen produced using Lower GHG emission(s) (for shipping) to GHG emissions data) A consolidation electrolysis powered by renewable energy, with Capable of between 5 per cent to 80 per cent approach whereby a company reports GHG no associated Scope 1 emissions or Scope lower GHG emissions intensity (gCO2 -e/joule) emissions based on the accounting treatment 2 emissions. on a well-to-wake basis compared to in the company’s consolidated financial Grievance An event or community complaint conventional fossil fuels used in shipping. statements, as follows: relating to an adverse impact/event that has Lower GHG emission(s) (other than shipping – 100 per cent for operations accounted for escalated to the point where a third-party fuels) Capable of lower absolute GHG as subsidiaries, regardless of the equity intervention or adjudication is required emissions or GHG emissions intensity than the interest owned to resolve. current state or the conventional or incumbent – for operations accounted for as a joint GRI (Global Reporting Initiative) The Global technology, as applicable. operation, the company’s interest in Reporting Initiative works with businesses and Low to zero GHG emission(s) (for shipping) the operations governments to understand and communicate Capable of between 81 per cent to It does not report GHG emissions from their impact on critical sustainability issues. 100 per cent lower GHG emissions intensity operations that are accounted for using Groundwater Water beneath the earth’s (gCO2 -e/joule) on a well-to-wake basis the equity method in the company’s surface, including beneath the seabed, which compared to conventional fossil fuels used financial statements. fills pores or cracks between porous media, in shipping. Fugitive methane emissions Methane emissions such as soil, rock, coal and sand, often forming Low to zero GHG emission(s) (for energy that are not physically controlled but result aquifers. Groundwater may be abstracted for products other than shipping fuels) Capable from the intentional or unintentional releases of use from bore fields or accessed via dewatering of between 90 per cent to 100 per cent lower methane from coal mining. to access ore. For accounting purposes, water GHG emissions intensity during generation Functions Functions operate along global that is entrained in the ore can be considered and/or combustion (as applicable) compared reporting lines to provide support to all areas as groundwater. to conventional fossil fuel generation and/ of the organisation. Functions have specific Group BHP Group Limited and its subsidiaries. or combustion. accountabilities and deep expertise in areas GWP (global warming potential) A factor Market-based method/reporting (in relation to such as finance, legal, governance, technology, describing the radiative forcing impact (degree GHG emissions data) Scope 2 emissions based human resources, corporate affairs, health, of harm to the atmosphere) of one unit of a given on the generators (and therefore the generation safety and community. GHG relative to one unit of CO2. BHP currently fuel mix from which the reporter contractually Future-facing commodity A commodity that uses GWP from the Intergovernmental Panel on purchases electricity and/or is directly provided BHP determines to be positively leveraged Climate Change (IPCC) Assessment Report 5 electricity via a direct line transfer). in the energy transition and broader global (AR5) based on a 100-year timeframe. MFL (Maximum Foreseeable Loss) The MFL response to climate change, with potential HPI (high-potential injuries) High-potential is the estimated impact to BHP if a risk were for decades-long demand growth to support injuries are recordable injuries and first aid to materialise in a worst-case scenario without emerging megatrends like electrification cases where there was the potential for a fatality. regard to probability and assuming all controls and decarbonisation. Currently, the major ICMM (International Council on Mining and are ineffective. commodities in the BHP portfolio that fall within Metals) The International Council on Mining and Nature The natural world, with an emphasis this criterion include copper, nickel and potash. Metals is an international organisation dedicated on the diversity of living organisms (including GBF (Kunming-Montreal Global Biodiversity to a safe, fair and sustainable mining and people) and their interactions among themselves Framework) The Kunming-Montreal Global metals industry. and with their environment. (Adapted from Biodiversity Framework is a set of targets and IFRS (International Financial Reporting Díaz, S et al. (2015) The IPBES Conceptual goals adopted by the 15th Conference of Parties Standards) Accounting standards as issued by Framework – Connecting Nature and People). (COP15) to the United Nations Convention on the International Accounting Standards Board. Nature-positive A high-level goal and Biological Diversity (CBD) in December 2022 Indigenous Peoples Policy Statement concept describing a future state of nature that aims to address the loss of biodiversity Articulates BHP’s approach to engaging (e.g. biodiversity, ecosystem services and and restore natural ecosystems by 2030. with and supporting Indigenous peoples. natural capital) which is greater than the current Gearing ratio The ratio of net debt to net debt IPCC (Intergovernmental Panel on Climate state. This definition comes from the Taskforce plus net assets. Change) The Intergovernmental Panel on on Nature-related Financial Disclosures (TNFD) GHG (greenhouse gas) For BHP reporting Climate Change is the United Nations body for Framework – Beta release v0.1. purposes, these are the aggregate assessing the science related to climate change. Near zero emissions (for steelmaking or anthropogenic carbon dioxide equivalent IUCN (International Union for Conservation ironmaking) 0.40 tonnes of CO2 -e per tonne emissions of carbon dioxide (CO2), methane of Nature) The International Union for of crude steel for 100 per cent ore-based (CH4), nitrous oxide (N2O), hydrofluorocarbons Conservation of Nature is an international production (no scrap), as defined by the (HFCs), perfluorocarbons (PFCs) and sulphur organisation working in the field of nature International Energy Agency (IEA) and hexafluoride (SF6). Nitrogen trifluoride (NF3) conservation and sustainable use of implemented in ResponsibleSteel International GHG emissions are currently not relevant for natural resources. Standard V2.0 (‘near zero’ performance level BHP reporting purposes. GHG emissions in 4 threshold). IEA (2022), Achieving Net Zero KMP (Key Management Personnel) Key this report are presented in tonnes CO2-e or its Heavy Industry Sectors in G7 Members, Management Personnel includes the roles multiples, unless otherwise stated. IEA, Paris, License: CC BY 4.0, which also which have the authority and responsibility for GISTM Global Industry Standards on describes the boundary for the emission planning, directing and controlling the activities Tailings Management. intensity calculation (including in relation to of BHP. These are Non-executive Directors, Global goal for nature The global goal for upstream emissions). the CEO, the Chief Financial Officer, the nature defines what is needed to halt and President Australia, the President Americas. Net zero (for a BHP GHG emissions target, reverse today’s current state of loss of nature. goal or pathway, or similar) Net zero includes KPI (key performance indicator) Used to It is supported by a number of organisations the use of carbon credits as governed by BHP’s measure the performance of the Group, that ask governments to adopt the goal at the approach to carbon offsetting, available at bhp. individual businesses and executives in any international level, which each country, the com/climate. one year. private sector, communities and others can Net zero (for industry sectors, the global Legacy assets Legacy assets refer to those contribute to achieving. economy, transition or future, or similar) BHP operated assets, or part thereof, located Goal (for BHP with respect to GHG Net zero refers to a state in which the GHGs in the Americas that are in the closure phase. emissions) An ambition to seek an outcome (as defined in this Glossary) going into the LME (London Metal Exchange) A major futures atmosphere are balanced by removal out of for which there is no current pathway(s), but exchange for the trading of industrial metals. the atmosphere. for which efforts are being or will be pursued towards addressing that challenge, subject to Location-based reporting (in relation to GHG NGER (National Greenhouse and Energy certain assumptions or conditions. Such efforts emissions data) Scope 2 emissions based on Reporting Scheme) The Australian National may include the resolution of existing potential average energy generation emission factors Greenhouse and Energy Reporting scheme or emerging pathways. for defined geographic locations, including is a single national framework for reporting local, subnational, or national boundaries (i.e. and disseminating company information about Goals of the Paris Agreement The central grid factors). In the case of a direct line transfer, GHG emissions, energy production, energy objective of the Paris Agreement is its long-term the location-based emissions are equivalent to temperature goal to hold the global average consumption and other information specified the market-based emissions. under the National Greenhouse and Energy temperature increase to well below 2°C above Reporting Act 2007. pre-industrial levels and pursue efforts to limit the temperature increase to 1.5°C above Nickel intermediates Concentrate, matte, residue and mixed sulphides. pre-industrial levels.

Contents Overview Operating and Financial Review Governance Financial Statements Additional Information 249 NOJV (non-operated asset/non-operated joint PPA (power purchasing agreement) An SEC (United States Securities and Exchange venture) Non-operated assets/non-operated agreement between a vendor and purchaser Commission) The US regulatory commission joint ventures are our interests in assets that are for the sale of electricity, which may be wholly that aims to protect investors, maintain fair, owned as a joint venture but not operated by or partially renewable or other low to zero GHG orderly and efficient markets and facilitate BHP. References in this Annual Report to a ‘joint emissions energy and either physically supplied capital formation. venture’ are used for convenience to collectively directly to the purchaser or for supply from an Senior manager An employee who has describe assets that are not wholly owned electricity grid. responsibility for planning, directing or controlling by BHP. Such references are not intended to PPE (personal protective equipment) PPE the activities of the entity or a strategically characterise the legal relationship between the means anything used or worn to minimise risk significant part of it. In the OFR, senior manager owners of the asset. to a worker’s health and safety, including air includes senior leaders and any persons who NSWEC New South Wales Energy Coal. supplied respiratory equipment. are directors of any subsidiary company even if Occupational illness An illness that occurs as Physical climate-related risk Acute risks that they are not senior leaders. a consequence of work-related activities or are event-driven, including increased severity Shareplus BHP’s all-employee share exposure. It includes acute or chronic illnesses and frequency of extreme weather events and purchase plan. or diseases, which may be caused by inhalation, chronic risks resulting from longer-term changes Social investment Social investment is our absorption, ingestion or direct contact. in climate patterns. voluntary contribution towards projects OELs (occupational exposure limits) An OEL is Reference year (for a BHP GHG emissions or donations with the primary purpose of an upper limit on the acceptable concentration target or goal) A year used to track progress contributing to the resilience of the communities of a hazardous substance in workplace air towards GHG emissions targets and goals. where we operate and the environment, aligned for a particular material or class of materials. It is not a baseline for GHG emissions targets with our broader business priorities. OELs may also be set for exposure to physical and goals. Social value Our positive contribution to society agents such as noise, vibration or radiation. Residual mix The mix of energy generation through the creation of mutual benefit for BHP, Offsetting (in relation to GHG emissions) The resources and associated attributes such our shareholders, Indigenous partners and the use of carbon credits. Refer to the definition of as GHG emissions in a defined geographic broader community. carbon credit. boundary left after contractual instruments have South32 During FY2015, BHP demerged OFR BHP’s Operating and Financial Review for been claimed/retired/cancelled. The residual mix a selection of our alumina, aluminium, coal, the year ended 30 June 2024. can provide an emission factor for companies manganese, nickel, silver, lead and zinc assets Onshore US BHP’s Petroleum asset (divested without contractual instruments to use in a into a new company – South32 Limited. in the year ended 30 June 2019) in four US market-based method calculation. A residual mix Steelmaking coal Metallurgical coal of a shale areas (Eagle Ford, Permian, Haynesville is currently unavailable to account for voluntary sufficient high quality (grade) that it is suitable and Fayetteville), where we produced oil, purchases and this may result in double counting for use in steelmaking. Refer to Additional condensate, gas and natural gas liquids. between electricity consumers. information 10.1 for the definition of metallurgical Operated assets Operated assets are our Safeguard Mechanism A mechanism coal and coking coal. assets (including those under exploration, established in Australia under the National Surface water All water naturally open to projects in development or execution phases, Greenhouse and Energy Reporting Act 2007 the atmosphere, including rivers, lakes and sites and operations that are closed or in to keep certain GHG emissions at or below creeks and external water dams but excluding the closure phase) that are wholly owned legislated limits, known as baselines, for water from oceans, seas and estuaries (e.g. and operated by BHP or that are owned as a Australia’s largest industrial facilities. Reforms precipitation and runoff, including snow and hail). BHP-operated joint venture. References in this to the Safeguard Mechanism that applied from Sustainability (including sustainable and Annual Report to a ‘joint venture’ are used for 1 July 2023 are intended to reduce Scope sustainably) We describe our approach to convenience to collectively describe assets that 1 emissions at Australia’s largest industrial sustainability and its governance in this Report, are not wholly owned by BHP. Such references facilities on a trajectory consistent with achieving including OFR 6. Our references to sustainability are not intended to characterise the legal Australia’s GHG emission reduction targets (including sustainable and sustainably) in relationship between the owners of the asset. of 43 per cent below 2005 levels by 2030 and this Report and our other disclosures do not net zero by 2050. Facilities that exceed their Operational control approach (in relation mean we will not have any adverse impact on progressively declining legislated baselines may to GHG emissions data) A consolidation the economy, the environment or society, and apply Australian Carbon Credit Units to meet the approach whereby a company accounts for do not imply we will necessarily give primacy compliance obligations. 100 per cent of the GHG emissions over to consideration of or achieve any absolute which it has operational control (a company SASB (Sustainability Accounting Standards outcome in relation to any one economic, is considered to have operational control over Board) The Sustainability Accounting Standards environmental or social issue (such as zero an operation if it or one of its subsidiaries has Board is a non-profit organisation that develops GHG emissions or other environmental effects). the full authority to introduce and implement its standards focused on the financial impacts Structural GHG emissions abatement operating policies at the operation). It does not of sustainability. Actions taken at a source of GHG emissions account for GHG emissions from operations Scope 1 emissions (GHG emissions) Scope 1 to avoid generating GHG emissions. in which it owns an interest but does not have emissions are direct GHG emissions from For BHP, this includes contractual power operational control. Also see the definition for operations that are owned or controlled by the purchase agreements. Equity share approach. reporting company. For BHP, these are primarily Target (for BHP with respect to GHG Operational GHG emissions Our operational GHG emissions from fuel consumed by haul emissions) An intended outcome in relation to GHG emissions are the Scope 1 emissions and trucks at our operated assets, as well as fugitive which we have identified one or more pathways Scope 2 emissions from our operated assets. methane emissions from coal production at our for delivery of that outcome, subject to certain operated assets. Operations Open-cut mines, underground assumptions or conditions. mines and processing facilities, which in the Scope 2 emissions (GHG emissions) Scope 2 TCFD (Task Force on Climate-Related Financial case of BHP are within our operated assets. emissions are indirect GHG emissions from the Disclosures) The task force created by the generation of purchased or acquired electricity, Other (with respect to water consumption Financial Stability Board to improve and increase steam, heat or cooling that is consumed by volumes) This includes water volumes used for reporting of climate-related financial information, operations that are owned or controlled by the purposes such as potable water consumption which has released recommendations designed reporting company. BHP’s Scope 2 emissions and amenity facilities at our operated assets. to help companies provide better information have been calculated using the market-based Paris Agreement The Paris Agreement is an to investors and others about how they method unless otherwise specified. agreement between countries party to the United think about and assess climate-related risks Scope 3 emissions (GHG emissions) Scope and opportunities. Nations Framework Convention on Climate 3 are all other indirect GHG emissions (not Change to strengthen efforts to combat climate Third-party water Water supplied by an entity included in Scope 2 emissions) that occur in change and adapt to its effects, with enhanced external to the operational facility. Third-party the reporting company’s value chain. For BHP, support to assist developing countries to do so. water may contain water from three sources, these are primarily emissions resulting from Petroleum (asset group) A group of oil and surface water, groundwater and seawater. our customers using and processing the gas assets formerly operated by BHP before commodities we sell, as well as upstream Tier 1 asset An asset that we believe is large, its merger with Woodside in June 2022. emissions associated with the extraction, long life and low cost. Petroleum’s core production operations were production and transportation of the goods, TNFD (Taskforce on Nature-Related Financial located in the US Gulf of Mexico, Australia and services, fuels and energy we purchase for use Disclosures) The Taskforce on Nature-Related Trinidad and Tobago. Petroleum produced crude at our operations; emissions resulting from the Financial Disclosures is a global, market-led oil and condensate, gas and natural gas liquids. transportation and distribution of our products; initiative that aims to develop a risk management and operational emissions (on an equity basis) and disclosure framework for organisations from our non-operated joint ventures. to report and act on evolving nature-related dependencies, impacts, risks and opportunities.

250 BHP Annual Report 2024 10 Glossary continued Transition risk (climate-related) Risks that arise United Nations SDGs (Sustainable from existing and emerging policy, regulatory, Development Goals) The Sustainable legal, technological, market and other societal Development Goals, also known as the Global responses to the challenges posed by climate Goals, were adopted by the United Nations in change and the transition to a net zero 2015 as a universal call to action to end poverty, global economy. protect the planet, and ensure that by 2030 all TRIF (total recordable injury frequency) people enjoy peace and prosperity. The sum of (fatalities + lost-time cases + Value chain GHG emissions Scope 3 emissions restricted work cases + medical treatment in our reported GHG emissions inventory. cases) x 1,000,000 ÷ actual hours worked. WAF (Water Accounting Framework) A common Stated in units of per million hours worked. mining and metals industry approach to water BHP adopts the US Government Occupational accounting in Australia. Safety and Health Administration guidelines Water quality – Type 1 Water of high quality for the recording and reporting of occupational that would require minimal (if any) treatment to injury and illnesses. TRIF statistics exclude meet drinking water standards. This water is non-operated assets. considered high quality/high grade in the ICMM TSR (total shareholder return) Measures the ‘Good Practice’ Guide (2nd Edition) (2021). return delivered to shareholders over a certain Water quality – Type 2 Water of medium period through the movements in share price quality that would require moderate treatment and dividends paid (which are assumed to be to meet drinking water standards (it may have reinvested). It is the measure used to compare a high salinity threshold of no higher than BHP’s performance to that of other relevant 5,000 milligrams per litre total dissolved solids companies under the Long-Term Incentive Plan. and other individual constituents). This water is Underlying attributable profit Profit/(loss) after considered high quality/high grade in the ICMM taxation attributable to BHP shareholders ‘Good Practice’ Guide (2nd Edition) (2021). excluding any exceptional items attributable to Water quality – Type 3 Water of low quality BHP shareholders as described in Financial that would require significant treatment to meet Statements note 3 ‘Exceptional items’. For more drinking water standards. It may have individual information refer to OFR 10. constituents with high values of total dissolved Underlying EBIT Earnings before net finance solids, elevated levels of metals or extreme costs, taxation expense, Discontinued levels of pH. This type of water also includes operations and any exceptional items. seawater. This water is considered low quality/ Underlying EBIT includes BHP’s share of profit/ low grade in the ICMM ‘Good Practice’ Guide (loss) from investments accounted for using the (2nd Edition) (2021). equity method including net finance costs and Well-to-wake basis Inclusive of the GHG taxation expense/(benefit). For more information emissions across the entire process of fuel refer to OFR 10. production, delivery and use onboard vessels. Underlying EBITDA Earnings before net WRSA (Water Resource Situational finance costs, depreciation, amortisation and Analysis) A Water Resource Situational impairments, taxation expense, Discontinued Analysis is a holistic assessment of the water operations and any exceptional items. situation where an operated asset operates. Underlying EBITDA includes BHP’s share The process is designed to describe the water of profit/(loss) from investments accounted challenges that partners and stakeholders for using the equity method including net share and the opportunities for collective action finance costs, depreciation, amortisation and to address those challenges. The WRSA is impairments and taxation expense/(benefit). prepared by a credible third party and draws on For more information refer to OFR 10. publicly available information and direct partner Unification The unification of BHP’s corporate and stakeholder input. Within a defined area that structure under BHP Group Limited as effected includes the water resources that BHP interacts on 31 January 2022. with, each WRSA includes assessment of: Unit costs One of the financial measures BHP – the ongoing stability of the volume and quality uses to monitor the performance of individual of the water resources, taking into account assets. Unit costs are calculated as ratio of interactions of all other parties and any related net costs of the assets to the equity share of environmental, social or cultural values and sales tonnage. Net costs is defined as revenue climate change forecasts less Underlying EBITDA and excluding freight, – the state of water infrastructure, water access, and other costs, depending on the nature of sanitation and hygiene of local communities each asset. For information on the method of – the environmental health of the water calculation of the unit costs refer to OFR 10.1. catchments that feed the water resources taking into account the extent of vegetation, runoff and any conservation of the area – external water governance arrangements and their effectiveness

Corporate directory BHP Registered Offices Share Registrars and New Zealand Computershare Investor Services Limited BHP Group Limited Transfer Offices Australia Australia Level 2/159 Hurstmere Road Level 18 BHP Group Limited Registrar Takapuna Auckland 0622 Postal address – Private Bag 92119 171 Collins Street Computershare Investor Services Pty Limited Auckland 1142 Melbourne VIC 3000 Yarra Falls, 452 Johnston Street Telephone: +64 9 488 8777 Telephone Australia: 1300 55 47 57 Abbotsford VIC 3067 Telephone International: +61 3 9609 3333 Postal address – GPO Box 2975 Melbourne VIC 3001 United States Facsimile: +61 3 9609 3015 Computershare Trust Company, N.A. Telephone: 1300 656 780 (within Australia) 150 Royall Street Group Company Secretary +61 3 9415 4020 (outside Australia) Canton MA 02021 Stefanie Wilkinson Facsimile: +61 3 9473 2460 Postal address – PO Box 43078 Email enquiries: investorcentre.com/bhp Providence RI 02940-3078 BHP Corporate Centres Telephone: +1 888 404 6340 United Kingdom United Kingdom (toll free within US) Nova South, 160 Victoria Street BHP Group Limited Depositary Facsimile: +1 312 601 4331 London, SW1E 5LB, UK Computershare Investor Services PLC The Pavilions, Bridgwater Road Telephone: +44 20 7802 4000 ADR Depositary, Transfer Agent Bristol BS13 8AE Facsimile: +44 20 7802 4111 and Registrar Postal address (for general enquiries) Citibank Shareholder Services Chile The Pavilions, Bridgwater Road PO Box 43077 Cerro El Plomo 6000 Bristol BS99 6ZZ Providence RI 02940-3077 Piso 15 Telephone: +44 344 472 7001 Telephone +1 781 575 4555 (outside of US) Las Condes 7560623 Facsimile: +44 370 703 6101 +1 877 248 4237 (+1-877-CITIADR) Santiago Telephone: +56 2 2579 5000 Email enquiries: (toll free within US) Facsimile: +56 2 2202 6328 webcorres@computershare.co.uk Email enquiries: citibank@shareholders-online.com South Africa Website: citi.com/dr Commercial Office BHP Group Limited Branch Register and Transfer Secretary Singapore Computershare Investor Services (Pty) Limited 10 Marina Boulevard, #18-01 Rosebank Towers Marina Bay Financial Centre, Tower 2 15 Biermann Avenue Singapore 018983 Telephone: +65 6421 6000 Rosebank 2196 Facsimile: +65 6809 4000 South Africa Postal address – Private Bag X9000 Saxonwold 2132 South Africa Telephone: +27 11 373 0033 Facsimile: +27 11 688 5217 Email enquiries: web.queries@computershare.co.za Holders of shares dematerialised into Strate should contact their CSDP or stockbroker. ANNUAL REPORT CONTRIBUTION ECONOMIC SLAVERY MODERN How to access information on BHP 2024 REPORT 2024 STATEMENT 2024 You will always be able to access and read our Annual Report on our website at bhp.com, along with a range of other publications that BHP produces. You can make an election as to how you would like to receive certain documents (including Annual Reports, Notices of Meeting and Proxy/ voting forms), including in physical or electronic form. To tell us your preference, go to https://www-au.computershare.com/ Investor/#Home and follow the prompts. Annual Economic Modern Slavery Climate Transition Report Contribution Statement 2024 Action Plan 2024 Read our reports at bhp.com 2024 Report 2024

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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.