BHP : Decarbonisation Roundtable - Presentation, 26 June 2024

Decarbonisation: Strategy and progress

Investor Presentation

26 June 2024

Enel Green Power's hybrid renewable energy park that provides renewable electricity to our Escondida and Spence assets

Disclaimer

Forward-looking statements

This presentation may contain forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements other than statements of historical or present facts, including statements regarding: our strategy, our values and how we define success; our expectations of a competitive advantage for our business or certain products; our commitment to generating social value; our commitments under sustainability frameworks, standards and initiatives; our intention to achieve certain sustainability-related targets, goals, milestones and metrics; trends in commodity prices and currency exchange rates; demand for commodities; reserves and production forecasts; plans, strategies and objectives of management; climate scenarios; assumed long-term scenarios; potential global responses to climate change; the potential effect of possible future events on the value of the BHP portfolio; approval of certain projects and consummation of certain transactions; closure or divestment of certain assets, operations or facilities (including associated costs); anticipated production or construction commencement dates; capital costs and scheduling; operating costs and supply (including shortages) of materials and skilled employees; anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; and tax and regulatory developments.

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For example, our future revenues from our assets, projects or mines which may be described in this presentation will be based, in part, upon the market price of the minerals or metals produced, which may vary significantly from current levels. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing assets.

Other factors that may affect the actual construction or production commencement dates, costs or production output and anticipated lives of assets, mines or facilities include our ability to profitably produce and transport the minerals and/or metals extracted to applicable markets; the impact of foreign currency exchange rates on the market prices of the minerals and/or metals we produce; activities of government authorities in the countries where we sell our products and in the countries where we are exploring or developing projects, facilities or mines, including increases in taxes; changes in environmental and other regulations; political or geopolitical uncertainty; labour unrest; and other factors identified in the risk factors discussed in section 8.1 of the Operating and Financial Review in the BHP Annual Report 2023 and BHP's filings with the U.S. Securities and Exchange Commission (the 'SEC') (including in Annual Reports on Form 20-F) which are available on the SEC's website at www.sec.gov.

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Presentation of information and data

Numbers presented may not add up precisely to the totals provided due to rounding.

Due to the inherent uncertainty and limitations in measuring greenhouse gas (GHG) emissions and operational energy consumption under the calculation methodologies used in the preparation of such data, all GHG emissions and operational energy consumption data or references to GHG emissions and operational energy consumption volumes (including ratios or percentages) in this presentation are estimates. Emissions calculation and reporting methodologies may change or be progressively refined over time resulting in the need to restate previously reported data. There may also be differences in the manner that third parties calculate or report GHG emissions or operational energy consumption data compared to BHP, which means that third-party data may not be comparable to our data. For information on how we calculate our GHG emissions and operational energy consumption data, refer to the BHP Scopes 1, 2 and 3 GHG Emissions Calculation Methodology 2023, available at bhp.com. All footnote content is contained on slide 22.

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BHP and its subsidiaries

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Decarbonisation: Strategy and progress
26 June 2024	2

Decarbonisation overview

Dr Graham Winkelman

Vice President Climate

Jimblebar in Western Australia will be the site of our first planned battery electric haul truck trial in CY2024

Decarbonisation in our operations and value chain

BHP is working with global partners and other stakeholders in the value chain

On track to reduce our operational GHG emissions (Scopes 1 and 2 from our operated assets) by at least 30% by FY2030 from FY2020 levels

We have a goal to achieve net zero operational GHG emissions by CY2050

• To succeed, we know that technology must advance rapidly
• The pathway to net zero will be non-linear as we organically grow our business
• We are using our Capital Allocation Framework to maximise the returns on our GHG emissions abatement

We are pursuing the long-term goal of net zero Scope 3 emissions by CY20501

• To support this goal, we have made strong progress on our strategy in the areas of steelmaking and maritime decarbonisation via partnerships, trials and pilots

Decarbonisation: Strategy and progress
26 June 2024	4

Progress towards our FY2030 operational GHG emissions target

We are firmly focused on reducing operational GHG emissions and have made good progress to date

Operational GHG emissions2

(Mt CO2-e)

16	 32%

14
	8%
12	4%
10
8	46%	10%
	6%

20%

6

4

41%	62%
2
0

FY2020

Chile

Australia

Other

FY2023

Organic

New

Diesel

Natural

Fugitives

FY2030F

PPAs

PPAs

changes

growth

PPAs

gas

Note: PPAs - Power Purchase Agreements.

Diesel

Electricity

Natural Gas

Fugitives

Other

Forecast

Range of uncertainty

Decarbonisation: Strategy and progress

26 June 2024

5

BHP's operational decarbonisation trajectory

The pathway will be non-linear and requires significant effort to overcome organic growth and technology challenges3

Operational GHG emissions

(Mt CO2-e)

Electricity

Diesel

Gas

Fugitives

Other

16

Nickel West

Nickel West

Southern Cross

Enel Green Power PPA

Energy Partnership,

BMA

Northern Goldfields

CleanCo PPA 2.0

14

Solar Project PPA

WAIO

Organic

APA PPA

growth with

Olympic Dam

12

no GHG

Neoen PPA

BMA

emissions

CleanCo

reduction

10

PPA

Olympic Dam

8

Iberdrola PPA

WAIO

WAIO

Beginning of electric

Nickel West

haul truck adoption

First electric

Our GHG

6

SUN Energy

Escondida

Spence

excavator

PPA

trials

Trolley assist electric haul

Trolley assist electric

emissions

truck adoption

haul truck adoption

Escondida

WAIO

reduction

4

and Spence

WAIO

Range of

First electric

pathway

Enel PPA and

First electric locomotive trials

WAIO

Colbun PPA

truck trials

uncertainty

Spence

Escondida

Beginning of electric

Boiler diesel displacement

locomotive adoption

2

Boiler diesel displacement

WAIO Inland renewable energy

0

Broadmeadow at BMA Destruction of drained methane

Our net zero

-2

Negative GHG emissions solutions

trajectory

FY2020

FY2025

FY2030

FY2035

FY2040

FY2045

CY2050

Decarbonisation: Strategy and progress
26 June 2024	6

Value chain strategy and long-term Scope 3 net zero goal

Our focus areas are defined by materiality, ability to impact and alignment to our commodity and asset portfolio

Support the development and adoption of GHG emission reduction technologies in steelmaking

Enhance the quality of the iron ore and steelmaking coal we produce

Support the development and adoption of GHG emission reduction technologies in shipping

Encourage suppliers to pursue net zero GHG emissions

Control

	Collaborative	BHP
Research	partnerships
Ventures
	and consortiums

Enhance the quality of the iron ore and steelmaking coal we produce

Low GHG emission	Efficiency
alternative fuels	improvements

SelectiveSupportive

purchasingengagements

Influence.

Standardisation and traceability

Improve carbon accounting

Measurement and monitoring

Decarbonisation: Strategy and progress
26 June 2024	7

Operational decarbonisation

Dan Heal

Vice President Operational Decarbonisation

Minerals Australia

BHP is collaborating with equipment manufacturers and others across the industry to accelerate development of the technology required

Global operational GHG emissions snapshot

Strong progress made in reduction of Scope 2 emissions by signing multiple low GHG emissions PPAs at many of our operated assets

			Scope 1: Natural gas				Scope 1: Diesel		Scope 1: Fugitives / Other		Scope 2: Purchased electricity
	Escondida	BMA					WAIO	NiW		CopperSA	Pampa Norte
FY2020 asset	21%	24%				11%		20%	24%
emissions split				13%
4,140		3,400				2,470		1,060		944	890	39%
by source4		46%
kTCO2-e	kTCO2-e		kTCO2-e	52% kTCO2-e	19%		kTCO2-e9%	kTCO2-e
(%)
											68%	61%
	79%			29%					76%
							9%

• 100%

Scope 2 purchased electricity emissions5

(CO2-e)

		 50%
FY20	FY25e	FY20	FY25e



50%

 60%

 55%

 100%

FY20

FY25e

FY20

FY25e

FY20

FY25e

FY20

FY25e

Decarbonisation: Strategy and progress
26 June 2024	9

Globally, haul trucks are the largest user of diesel at BHP

Our preferred pathway to eliminate diesel is via electrification

Diesel use by type of equipment6

(%)

	Trucks	Ancillary	Locomotives	Excavators	Drills	Electric Rope	Draglines
	& others	/ Loaders	Shovels
Equipment	~800	~670	~180	~110	~150	~30	~20
count6
Technology	Under	No current	Under	Available	Available	Available	Available
readiness	development	pathway	development

Fuel-to-wheel efficiency of alternative fuel sources7

Electricity

~80%

H2

Hydrogen

~30%

Diesel ~30%

Decarbonisation: Strategy and progress
26 June 2024	10