OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor BHP ASX

BHP Group Limited

Producer · Copper · Iron Ore · Others · Potash · CL · AU · PE · CA · AR · US · BR Rating locked: sign in to view v8 · bhp-20261024t141016-full
Last 2026-11-06
A$57.62
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$292.8B
EV
A$305.2B
Cash
US$18.4B
Debt
US$23.6B
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$18.4B Self Funding
Debt US$23.6B Net cash US$-5.2B
Basic shares 5.1B 2026-08-18
Runway Self Funding FY26 US$21.778bn operating cash flow exceeds US$10.257bn capital and exploration. A burn-derived finite runway is not meaningful for the current profitable operating portfolio.

Liquidity

Financial position

June unrestricted reported cash USD18.445bn, debt USD23.625bn and lease liabilities USD3.496bn; undrawn USD5.5bn backstop. Valuation-date cash is separately bridged for July-October operating cash, final dividend and GIP funding. Group cash contains consolidated subsidiaries; minority cash split is undisclosed and bounded in the review.

Inventory composition1

US$6,591m current plus US$1,790m noncurrent inventory. Book value is not free surplus cash; cash flow models incorporate operational inventory economics.

Group inventory current and noncurrent
US$8.4B carrying

Capital structure

Ownership and dilution

Ordinary shares
5.1B
Fully diluted
5.1B

5,081,391,706 issued shares less 1,228,608 treasury shares plus 17,562,722 unvested zero-price awards = 5,097,725,820 fully diluted claims. Award vesting may be settled on market; all existing rights included as dilution rather than deducting their cost again. Future employee services remain an operating expense. DRP purchases existing market shares.

Security classes2
ClassTypeQuantityStrikeExpiry
Issued ordinary shares at June close, including already issued employee sharesOrdinary Share5.1B——
All unvested zero exercise price share awards disclosed 18 August 2026; conservative potential dilutionPerformance Right17.6MA$0—

KPI history

Operating metrics · Escondida

escondida production shown
095,144190,288285,432380,576Q1 FY25: 304,200 tQ1 FY25Q2 FY25: 339,800 tQ2 FY25Q3 FY25: 333,600 tQ3 FY25Q4 FY25: 327,300 tQ4 FY25Q1 FY26: 328,900 tQ1 FY26Q2 FY26: 317,200 tQ2 FY26Q3 FY26: 303,200 tQ3 FY26Q4 FY26: 311,900 tQ4 FY26
MetricUnitTrendQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
escondida productiontQ1 FY25: 304,200 tQ2 FY25: 339,800 tQ3 FY25: 333,600 tQ4 FY25: 327,300 tQ1 FY26: 328,900 tQ2 FY26: 317,200 tQ3 FY26: 303,200 tQ4 FY26: 311,900 t304,200339,800333,600327,300328,900317,200303,200311,900
Operating metric source table17
MetricProjectPeriodPeriod typeValueStatus
escondida productionEscondidaFY26Year1,261,200 tReported
spence productionSpenceFY26Year212,600 tReported
copper_sa productionCopper SaFY26Year320,700 tReported
antamina productionAntaminaFY26Year448,888.89 tReported
waio productionWaioFY26Year291,164,000 tReported
bma productionBmaFY26Year37,252,000 tReported
mt_arthur productionMt ArthurFY26Year16,361,000 tReported
samarco productionSamarcoFY26Year15,680,000 tReported
waio c1_costWaioFY26Year16.4 USD/t wet oreReported
escondida productionEscondidaQ1 FY25Quarter304,200 tReported
escondida productionEscondidaQ2 FY25Quarter339,800 tReported
escondida productionEscondidaQ3 FY25Quarter333,600 tReported
escondida productionEscondidaQ4 FY25Quarter327,300 tReported
escondida productionEscondidaQ1 FY26Quarter328,900 tReported
escondida productionEscondidaQ2 FY26Quarter317,200 tReported
escondida productionEscondidaQ3 FY26Quarter303,200 tReported
escondida productionEscondidaQ4 FY26Quarter311,900 tReported
Company guidance8
MetricProjectPeriodLowHighStatus
ProductionescondidaFY271,000,0001,100,000 tCurrent
ProductionspenceFY27210,000230,000 tCurrent
Productioncopper_saFY27290,000320,000 tCurrent
ProductionantaminaFY27355,555.56414,814.81 tCurrent
ProductionwaioFY27286,000,000298,000,000 tCurrent
ProductionbmaFY2737,000,00041,000,000 tCurrent
Productionmt_arthurFY2714,000,00016,000,000 tCurrent
ProductionsamarcoFY2715,000,00016,000,000 tCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-23Ann. 2026-08-18DividendUS$5B——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Material arrangements independently checked against annual report pp12-16, 173, 179-183 and both FY26 transcripts; new original GIP tariff evidence added. No undisclosed customer or hedge terms invented.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Stream · Active
Counterparties
Wheaton Precious Metals
Applies to
Antamina · Silver
Economic direction
Burden
Period
From 2026-04-02; no end date stated
Key terms
Upfront funding: 4,300,000,000 USD
Initial delivery: 33.75 %
Continuing payment: 20 %
Financial liability: 4,273,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Strategic Partnership · Active
Counterparties
Global Infrastructure Partners
Applies to
Western Australia Iron Ore · Iron Ore
Economic direction
Mixed
Period
From 2026-08-18; no end date stated
Key terms
Cash financing: 2,000,000,000 USD
Partnership economic share: 49 %
Tariff term: 25 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Joint Venture · Active
Counterparties
Rio Tinto and JECO
Applies to
Escondida · Copper · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
BHP economic interest: 57.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Joint Venture · Active
Counterparties
Glencore, Teck and Mitsubishi
Applies to
Antamina · Copper · Zinc · Silver · Lead
Economic direction
Mixed
Period
Dates not stated
Key terms
BHP economic interest: 33.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Joint Venture · Active
Counterparties
Mitsubishi
Applies to
BHP Mitsubishi Alliance · Others
Economic direction
Mixed
Period
Dates not stated
Key terms
BHP economic interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Joint Venture · Active
Counterparties
Vale
Applies to
Samarco · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
BHP economic interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Joint Venture · Active
Counterparties
Lundin Mining
Applies to
Vicuña / Filo del Sol and Josemaria · Copper · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
BHP economic interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Joint Venture · Active
Counterparties
Rio Tinto
Applies to
Resolution Copper · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
BHP economic interest: 45 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Other · Active
Counterparties
Brazil public authorities and eligible claimants
Applies to
Samarco · Iron Ore
Economic direction
Burden
Period
Dates not stated
Key terms
BHP provision: 5,200,000,000 USD
FY27 payment: 900,000,000 USD
FY28 payment: 500,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Royalty · Active
Counterparties
Western Australia government and third parties
Applies to
Western Australia Iron Ore · Iron Ore
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Royalty · Active
Counterparties
Queensland government
Applies to
BHP Mitsubishi Alliance · Others
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-backed economic interest or contractual cash burden; valuation treatment is specified once in the candidate and not inferred from the predecessor narrative.

Offtake · Active
Counterparties
China Mineral Resources Group
Applies to
Western Australia Iron Ore · Iron Ore
Economic direction
Benefit
Period
Dates not stated
Key terms
Pricing basis: Traded index; majority USD text
How it affects our valuation

No valuation treatment is available for this arrangement.