MasterMetals: $BHP - Q3 2025 Activities Report

Copper production: 1.5MM T, +10%, Escondida +20%

Iron Ore production unchanged

It's been a rough year for BHP, like all base metal miners, let's see if fortunes change…

CEO expects "limited direct impact of tariffs" but "the implication of slower economic growth and a fragmented trading environment could be more significant."

"China's ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook."

Summary of Results:

Copper

BHP delivered record nine-month group copper production of 1.5 million tonnes, +10%, driven by 20% increase at Escondida and strong performances at Spence & Copper SA.

Average realised price of US$4.19/Ib, +13% vs.FY24 US$3.72/Ib

Copper 2025 production guidance unchanged at 1.845 MM T— 2.045 MM T.

Iron Ore

- record nine-month iron ore production, with WAIO demonstrating its resilience to offset the impact of Tropical Cyclone and Storms; Samarco continues to ramp up.