Western Australia Iron Ore Brandon Craig Asset President WAIO 3 October 2022 Newman

Disclaimer Forward-looking statements This presentation contains forward-looking statements, 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; statements regarding trends in economic outlook; commodity prices and currency exchange rates; demand for commodities; medium- term guidance; production forecasts; operational performance; expectations, 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; closure or divestment of certain assets, operations or facilities (including associated costs); anticipated production or construction commencement dates; capital expenditure or costs and scheduling; operating costs, including unit cost guidance, and shortages of materials and skilled employees; anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; and tax and regulatory developments. Forward-looking statements may be identified by the use of terminology, including, but not limited to, ‘guidance’, ‘outlook’, ‘prospect’, ‘target’, ‘intend’, ‘aim’, ‘ambition’, ‘aspiration’, ‘goal’, ‘project’, ‘anticipate’, ‘estimate’, ‘plan’, ‘believe’, ‘expect’, ‘commit’, ‘may’, ‘should’, ‘must’, ‘will’, ‘would’, ‘continue’, ‘forecast’, ‘trend’, ‘annualised’ or similar words. These statements discuss future expectations concerning the results of assets or financial conditions, or provide other forward-looking information. The forward-looking statements are based on the information available as at the date of this presentation and/or the date of the Group’s planning processes or scenario analysis processes. There are inherent limitations with scenario analysis and it is difficult to predict which, if any, of the scenarios might eventuate. Scenarios do not constitute definitive outcomes for us. Scenario analysis relies on assumptions that may or may not be, or prove to be, correct and may or may not eventuate, and scenarios may be impacted by additional factors to the assumptions disclosed. Additionally, forward-looking statements in this presentation are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. BHP cautions against reliance on any forward-looking statements or guidance, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption arising in connection with the Ukraine conflict and COVID-19. For example, our future revenues from our assets, projects or mines described in this release 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 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; the duration and severity of the Ukraine conflict and the COVID-19 pandemic and their impact on our business; political uncertainty; labour unrest; and other factors identified in the risk factors discussed in section 9.1 of the Operating and Financial Review in the Appendix 4E 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. Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. Presentation of data Unless specified otherwise: operations includes operated assets and non-operated assets; total operations refers to the combination of continuing and discontinued operations; continuing operations refers to data presented excluding the impacts of Onshore US from the 2017 financial year onwards and excluding Petroleum from the 2021 financial year onwards; references to Underlying EBITDA margin exclude third party trading activities; data from subsidiaries are shown on a 100 per cent basis and data from equity accounted investments and other operations is presented, with the exception of net operating assets, reflecting BHP’s share; medium term refers to our five year plan. Numbers presented may not add up precisely to the totals provided due to rounding. All footnote content (except in the Annexures) is contained on slide 32. Non-IFRS information We use various Non-IFRS information to reflect our underlying performance. For further information please refer to Non-IFRS financial information set out in section 11 of the Operating and Financial Review in the Appendix 4E for the year ended 30 June 2022. No offer of securities Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Reliance on third party information The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP. BHP and its subsidiaries In this release, the terms ‘BHP’, the ‘Company, the ‘Group’, ‘BHP Group’, ‘our business’, ‘organisation’, ‘we’, ‘us’, ‘our’ and ourselves’ refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to note 28 ‘Subsidiaries’ of the Financial Statements in the Appendix 4E for a list of our significant subsidiaries. Those terms do not include non-operated assets. This release covers BHP’s functions and assets (including those under exploration, projects in development or execution phases, sites and closed operations) that 1 have been wholly owned and/or operated by BHP or that have been owned as a joint venture operated by BHP (referred to in this release as ‘operated assets’ or ‘operations’) during the period from 1 July 2021 to 30 June 2022. 1 BHP also holds interests in assets that are owned as a joint venture but not operated by BHP (referred to in this release as ‘non-operated joint ventures’ or ‘non-operated assets’). Notwithstanding that this release may include production, financial and other information from non- operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. 1. References in this release 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.. Western Australia Iron Ore site tour 3 October 2022 2

Acknowledgement of Country Banjima Country Yandi

Western Australia Iron Ore site tour: 3 days at a glance Meet the team DAY 1 DAY 3 Port Hedland DAY 2 South Flank Brandon Craig Anna Wiley Huw McKay Rod Dukino Kristy Heal Asset President Vice President Vice President Vice President Head of Finance WAIO Planning and Technical Market Analysis Sales and Marketing WAIO DAY and Economics Sustainability 1 Perth DAY 2 DAY 3 Steve Campbell Andrew Buckley Cindy Dunham Warren Wellbeloved General Manager General Manager General Manager General Manager South Flank Mining Area C Port Rail Western Australia Iron Ore site tour 3 October 2022 4

Western Australia Iron Ore snapshot An interconnected system bringing resources and people together to build a better world • Workforce of ~8,000 employees – 29% female and 11% Indigenous • Four processing hubs supported by five mines, all located in the Pilbara – Processing hubs are Newman, Jimblebar, Yandi and Mining Area C (including South Flank) – 220 trucks in operation; >30% autonomous – ~1,000 km of rail track – 182 locomotives; ~10,500 ore cars – Each train has an average length of ~2.8 km – Port operations at Nelson Point and Finucane Island include five car dumpers and eight shiploaders – Loading ~1,500 ships per year (or one every six hours) Western Australia Iron Ore site tour 3 October 2022 5

WAIO is a significant contributor to BHP An example of a large, long-life, low-cost asset Asset returns since investment in 1985 • Value unlocked through embedded growth optionality over the (annualised, %) long asset-life and first quartile cost performance Ø Return on Capital Employed (ROCE) • FY22: 75% S&P Index 30 year average • 10 year average: 41% • Consistent strong performance underpins significant contribution Ø EBITDA Original expected Actual • FY22: US$21.8bn 1 EBITDA margin • 10 year average: US$13.0bn (%) Ø EBITDA margin 80 • FY22: 71% 60 • 10 year average: 64%; consistently >50% Ø Free cash flow 40 • FY22: US$20.4bn 20 • 10 year average: US$10.8bn FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 • Increased production >50%, and lowered unit costs by ~40% in BHP WAIO the past decade Western Australia Iron Ore site tour 3 October 2022 6

Consistent delivery of superior returns Safer, lower cost, more reliable, more productive Operational excellence Value and returns Strong margins a Safe Stable and Strong price Lowest cost Social value Clear growth Continuous Large, high Disciplined operations reliable realisations iron ore embedded in pathway to improvement quality capital 2 relative to producer our approach >300 Mtpa; mindset resources allocation benchmark studies close to underway for existing hubs 330 Mtpa Western Australia Iron Ore site tour 3 October 2022 7

Our strategy is underpinned by the way we work Enabling our people to contribute to their full potential to achieve operational excellence Data People & Digital enablement supporting value creation Inclusive, performance orientated culture strategy culture WAIO BHP Safer Deep technical capability enables improvement Centres of Empowered people drive continuous Operating Excellence Lower cost and best practice from other industries improvement and faster learning System More reliable More productive Common Functional systems & Common systems and roles a stronger Deeper capability, greater agility model role foundation for improvement and sharper focus definitions Western Australia Iron Ore site tour 3 October 2022 8

WAIO values safe operations above all else Empowering our workforce though culture, systems and controls 3 Events with fatal potential (#, index FY18 = 100) Over 11 years fatality free; fatal potential events down 65% since FY18 -65% Disciplined approach to material risk management (e.g. COVID-19) FY18 FY19 FY20 FY21 FY22 Focus on eliminating sexual harassment, racism and bullying Automation reducing safety events (# of reported “SME Collision Incident” events / total movement) -75% 1.1 1.0 Technology and automation supporting improved safety performance 0.8 0.6 0.5 0.2 Newman Yandi Area C Newman Average Jimblebar East West conventional Frontline engagement through BOS and field leadership program Conventional Automated Source: Events Management, Surface Mobile Equipment (SME) interactions actual, hazard and near miss events for CY2020. Newman East has since transitioned to autonomous trucks. Western Australia Iron Ore site tour 3 October 2022 9

Social value embedded in our approach Helps enable sustainable operations long term and positions us to access future opportunities Thriving, Decarbonisation Healthy Indigenous Safe, inclusive Responsible environment partnerships and future ready empowered supply chains communities workforce Contributing to Delivering Building Enhancing safety Contributing to Supporting ethical, 5 the world’s nature-positive relationships based diversity, capability, long-term prosperity sustainable and climate ambitions outcomes on trust, respect and and wellbeing and resilience transparent supply mutual benefit chains One of the lowest A$300m Pilbara Air Co-creating plans with A$324m paid to local Working closely with ~29% female GHG emissions- Quality Program Traditional Owners representation in suppliers through customers, including intensity iron ore (including wind Local Buying our partnerships on FY22 Pilbara Aboriginal 4 producers fences) Program in FY22 Scope 3 emissions Health Alliance ~11% Indigenous Trialling four battery Focus on responsible Jimblebar 362 entry pathway representation in Yandi land electric locomotives water management beneficiation in roles in FY22 FY22 rehabilitation scheduled for delivery studies partnership Childcare and in late 2023 Considerable wellbeing services investment for Port renewable power security and physical purchase agreement upgrades at camps with Alinta Western Australia Iron Ore site tour 3 October 2022 10

Indigenous partnerships Building relationships based on trust, respect and mutual benefit Emphasis on co-creating plans and high-quality relationships Ongoing commitment to Heritage protection through 8 Traditional Owner Groups consultation on strengthened systems and heritage and the development of across our portfolio processes Cultural Heritage Management Plans Creating mutual value and long-term, sustainable change More than doubling spend with Increasing Indigenous Supporting workforce participation Support for Western Australia’s employment from Indigenous businesses and training Aboriginal Cultural Heritage reform ~11% >A$300m 25% in FY22 by FY24 of entry pathway roles are Indigenous Western Australia Iron Ore site tour 3 October 2022 11

Large resource base in proximity to existing infrastructure Enables capital efficient volumes over the next few decades 7 Mines replacement to achieve 330 Mtpa run rate 6 • 30 Bt Mineral Resources (Mtpa, peak capacity) 340 • Currently operate four processing hubs supported by five mines 320 7 • ~95% of Mineral Resources within 50 km of existing processing hubs 300 – Estimated average hub life of 40-60 years 280 • Includes low-cost development options adjacent to existing hubs 260 – Attractive future options in Central Pilbara 240 • Characteristics of our deposits support low-cost operations 220 – Mining strip ratio expected to remain stable at ~1.3 over the next 200 Sustaining volume >300 Mt 330 Mt studies five years 8 Mines expansions – Majority of mining above the water table. Increased below water Studies (inc. mines expansions vs accelerating processing hub) table mining over the medium term Western Australia Iron Ore site tour 3 October 2022 12

Competitive advantage High-grade ore and percentage of lump drives superior price realisation Index quality ore Increasing lump proportion Premium price realisation Iron content in ore Lump proportion Realised price (%) (%, FY22) ($US/wmt FOB, FY22) WAIO Yandi Competitors Platts 62% Index 66 Range with South Flank fully ramped up 113 29 28 62 58 2 0 54 5 6 7 8 9 10 WAIO Competitor 1 Competitor 2 Competitor 3 WAIO Competitor 1 Competitor 2 Competitor 3 Impurities (Combined SiO +AlO ,%) 2 2 • High-quality, low-impurity ore • Sector leading lump product mix • Strong customer relationships and technical expertise drives strong price • South Flank will increase overall • South Flank is expected to increase the realisations portfolio grade to ~62% (from ~61%); portion of lump in the portfolio to 30-33% 9 some grade variability over the next when fully ramped up • We have outperformed our competitors in 9 couple of years during ramp-up price performance, achieving ~98.5% of • Lump is highly sought after in a 10 the Platts 62% benchmark in FY22 • Studying options to beneficiate decarbonising steel industry Jimblebar product to increase value Note: Competitors include Rio Tinto, Vale and FMG; bubble size represents production volumes; production volumes, grade and price comparison excludes pellet. BHP average product grade excludes Yandi. Studies are underway on the optimal growth pathway above 300 Mt and the resultant grade and lump contributions. Western Australia Iron Ore site tour 3 October 2022 13

Unlocking capacity across the value chain Disciplined investment to shift the bottleneck to the port over the medium term Mines Rail Port Direct to ship ore Mining Ore handling Product Train load-outs Rail Car Shipped via Shiploaders plants stockpiles dumpers stockyards and berths Current (284 Mtpa – FY23 guidance mid-point) – Tightly coupled supply chain $ $ Medium term (>300 Mtpa) – South Flank ramped up, utilising latent Yandi infrastructure, debottlenecking Port and Rail $ $ $ $ $ Studies (330 Mtpa) – Additional car dumper and routes to shift system bottleneck to outflow (shiploaders), growth mine Step in supply chain Notional system bottleneck Investment focus to achieve future capacity Investment focus on debottlenecking Western Australia Iron Ore site tour 3 October 2022 14 $ $

Delivering productivity at Mines Productivity mitigating expanding deposits and increased haul cycle times Greater truck payload increasing production Productivity driving improved truck hours (hours, index FY19 = 100) (t, index FY19 = 100) 120 120 110 110 ~115 111 109 100 100 100 100 100 90 90 80 80 FY19 FY22 Medium term FY19 FY22 Medium term Accelerating autonomous truck roll out Mine life driving higher haul cycle times (Number of autonomous trucks) (min, index FY19 = 100) 200 130 >184 150 120 121 >90 100 110 112 50 72 100 51 100 0 90 FY19 FY22 Medium term FY19 FY22 Medium term Western Australia Iron Ore site tour 3 October 2022 15

Delivering productivity at Rail and Port interface Debottlenecking Port and Rail increases productivity Track speed restrictions impact on cycle time Five car dumper (CD) availability (mins, index FY20 = 100) (%, index FY19 = 100) 100 110 100 80 105 105 100 74 100 60 90 40 45 20 80 FY20 FY22 Medium term FY19 FY22 Medium term Pre-dump cycle time Number of days operated in 5CD mode (hours, index FY19 = 100) (%, index FY19 = 100) 100 140 100 137 131 87 80 120 >90 76 60 100 100 40 80 FY19 FY22 Medium term FY19 FY22 Medium term Western Australia Iron Ore site tour 3 October 2022 16

Sector leading free cash flow performance Lowest cost iron ore producer, with low sustaining capital intensity 12 Lowest cost producer for four consecutive years • FY23 unit cost guidance of US$18-19/t​ FOB, decreasing to ($US/t) <US$17/t FOB in the medium term (both @ $0.72 FX) 25 – Supply chain reliability, BOS and Operations Services provide strategic advantage 20 • Low sustaining capital intensity of ~US$5/t in the medium term 15 (+/- 50% in any given year) – Supported by larger ore bodies connecting to four processing 10 hubs FY18 FY19 FY20 FY21 FY22 WAIO C1 WAIO FOB Competitor C1 Competitors FOB 11 13 Among lowest sustaining capital requirements Leading free cash flow performance ($US/t) ($US/t) 100 10.0 7.5 75 5.0 50 2.5 25 0.0 0 WAIO Competitor 1 Competitor 2 FY18 FY19 FY20 FY21 FY22 WAIO Competitors Western Australia Iron Ore site tour 3 October 2022 17

Technology is a key enabler Improving safety, equipment reliability and increasing productivity across the value chain Autonomous haulage Rail Technology Project (RTP) Shiploader automation • Jimblebar and Newman East embedded • Replaces end of life rail signalling systems with • Currently testing two shiploaders, with plans to fully new technology automate all eight by the end of 2023 • South Flank on track to be completed by end CY23 • Moving block technology (communications based • Artificial Intelligence in surveying ships, with world • Studies underway for Newman West and Mining train control) to reduce train separation first, 3D laser scan technology Area C • Enables material risks reduction • Eliminating risks from manual operation and • Accelerating autonomous pathway to ~85% in reducing loading time medium term Value chain integration • Improvements in scheduling and decision support to optimise flow through the supply chain Western Australia Iron Ore site tour 3 October 2022 18

Growing to >300 Mtpa in the medium term Focus on debottlenecking the Inflow system (Port and Rail) • The supply chain is highly interconnected with limited sprint capacity • Capital intensity of between US$45 – US$60/t Phase 1 – Maximising capacity through port five car dumpers system Port • Port Debottlenecking Project (PDP1), completion in FY24, includes a yard extension and rate increases on our shiploader routes Mines • South Flank ramped up by FY25 Extension of South Yard and new/upgrades on • Potential to utilise latent Yandi infrastructure with proximate orebodies infrastructure and remnant ore • Continued productivity improvements supported by BOS and MECoE strategies and progressive roll-out of autonomous haulage trucks Western Australia Iron Ore site tour 3 October 2022 19

Studying options for growth to 330 Mtpa Shifting the system constraint to design bottleneck at Outflow (shiploaders) Phase 2: Enable a stable future proof supply chain • Studies expected to be completed in FY25 Port • Further debottlenecking the Port, likely through an additional car- CD 6 dumper, routes and yard expansion Rail • Further rail optimisation, capitalising on reduced train separation from moving block technology • Increased ore carried per train via longer trains Mine Existing operations • Ability to leverage existing infrastructure (e.g. Yandi) and Future options beneficiate will be key considerations, trade-off against new processing hub Marillana Yandi • Mine options include Ministers North, Jinidi, Homestead, East Ministers North Area C Opthalmia and Marillana Jinidi South Flank East Ophthalmia Homestead Newman Jimblebar Western Australia Iron Ore site tour 3 October 2022 20

Consistent delivery of superior returns Safer, lower cost, more reliable, more productive Operational excellence Value and returns Strong margins a Safe Stable and Strong price Lowest cost Social value Clear growth Continuous Large, high Disciplined operations reliable realisations iron ore embedded in pathway to improvement quality capital 2 relative to producer our approach >300 Mtpa; mindset resources allocation benchmark studies close to underway for existing hubs 330 Mtpa Western Australia Iron Ore site tour 3 October 2022 21

Decarbonisation: operational emissions Anna Wiley Vice President Planning and Technical 3 October 2022 Newman

Decarbonisation: operational emissions WAIO is on track to deliver our plans to lower operational emissions, with further upside potential as new technologies emerge 4 WAIO is one of the lowest carbon intensity iron ore producers globally Renewable PPA to lower electricity greenhouse gas emissions at 14 Port Hedland by 50% Yarnima power station to provide firm power while technology evolves Large proportion of our Pilbara operations’ power generation planned to come from renewables by 2040 Working with OEMs to replace our diesel locomotives and trucks with battery electric technology Western Australia Iron Ore site tour 3 October 2022 23

WAIO’s decarbonisation pathway Delivering structural abatement of emissions through technological advancement Emissions source FY2020 2050 Electricity (10%) Natural Gas (15%) Diesel (75%) Flexibility in the implementation horizon is Studies and pilots are critical near-term Our pathway to net-zero is vital as technologies and renewable actions to evaluate the technology options dependent on advancement and markets evolve; this will help to enable and assess suitability to our operations, feasibility of new technology the best business decisions to be made in we are acting now to set up for the future support of long-term emissions reduction Western Australia Iron Ore site tour 3 October 2022 24

WAIO is one of the lowest carbon intensity producers WAIO represents around 22% of BHP’s overall operational emissions (Scope 1 and Scope 2) 15 2021 Carbon Intensity – Seaborne Iron Ore (Kilograms CO -equivalent per tonne of iron ore (wet)) 2 250 Axis blue, redo formatting. 200 Add dot points into subheading 150 100 50 0 0% 25% 50% 75% 100% Scope 1 & 2 (includes integrated: Rail + Port + Ocean) Scope 1 & 2 (includes integrated: Rail + Port + Ocean) Non-integrated: Rail + Port + Ocean Non-integrated: Rail + Port + Ocean Source: Skarn Associates, BHP. Western Australia Iron Ore site tour 3 October 2022 25

New PPA to reduce emissions at Port Hedland Alinta agreement expected to deliver a 50% reduction in emissions at Port 16 ~75 MW demand (Port) ~610 kt CO -e GHG emissions 2 ~150 MW demand (Pilbara) (~25% of WAIO total) Port • Integrating a 45 MW solar farm, 35 MW battery energy storage system and low emissions intensity thermal power • Scheduled to be fully operational in late 2024 • The PPA is expected to deliver cost savings, provide optionality to improve network redundancy and maintain firm power supply as well as providing a 50% reduction in 14 reported emissions from electricity at our Port facilities • BHP and Alinta Energy have also entered into a memorandum of understanding in relation to the development of the Shay Gap Wind Farm. The Shay Gap Wind Farm is currently planned to be 45 MW, with a potential first-generation date of 2027 Pilbara • Pilbara requires a more complex solution as it is an islanded network Western Australia Iron Ore site tour 3 October 2022 26

Our renewable transition will be supported by Yarnima Our highly efficient Open Cycle Gas Power Station will provide firm power in the Pilbara 17 Gas power generation in WA Emission Intensity (t CO -e/MWh) 2 0.70 0.61 0.56 0.46 • Yarnima enables the production of reliable gas power while emitting fewer tonnes CO emissions per MWh produced than our 2 competition • A further ~900 MW of generation will be required to support Competitor 1 Competitor 2 Competitor 3 Yarnima growth and the power demands of electrification of trucks and locomotives Power generation mix over time • By 2040 we intend to have a large proportion of our electricity (MWh) generated from renewable sources • Yarnima's future will be assessed as large-scale carbon neutral firm generation options become commercially available • Our goal is that 100% of electricity generated will come from net zero greenhouse gas emissions sources by 2050 Chart is illustrative only, not to scale Western Australia Iron Ore site tour 3 October 2022 27

We are trialling battery electric locomotives Preparing for the replacement of our diesel powered locomotive fleet ~190 million litres ~490 kt of CO -e GHG emissions 2 ~180 locomotives of diesel annually (~20% of WAIO total) EMPTY EMPTY • Partnership agreements signed with Overhead battery charging Significant battery use as the locomotive travels to power empty consist CHARGING Wabtec and Progress Rail in January 2022 INFRASTRUCTURE through the train load out. uphill towards mines. EMPTY Significant battery use • Each OEM will supply two battery electric to power empty consist 8 uphill towards mines. 1 locomotives for an operational trial in 7 EMPTY Q3 FY2024 2 MINE Fully charged batteries. LOADED • Trial will test the potential of energy 6 Fully charged batteries recapture using the unique topography of 3 CHARGING LOADED INFRASTRUCTURE the rail network 5 Some energy LOADED consumption first part • On completion of a successful trial, battery of journey caused by 4 Regenerative braking allows uphill sections. for energy to be harvested electric locomotives are expected to be and stored within batteries LOADED during downhill propulsion. PORT delivered from 2027 Overhead battery charging as the locomotive/train travels through the car dumper. Western Australia Iron Ore site tour 3 October 2022 28

Mines will focus on battery electric technology Collaborating for large-scale haul truck electrification solutions 18 ~300 haul trucks ~500 million litres ~1,340 kt CO -e GHG emissions 2 ~45 excavators of diesel annually (~55% of WAIO total) ~500 ancillary equipment • Partnership agreements signed in 2021 with Komatsu and Caterpillar to accelerate development and deployment of Zero Emission Haul Trucks • Caterpillar battery electric early learner haul truck to be trialled in 2025 • On completion of a successful trial we are aiming for the first battery electric haul trucks to be operational by 2027, with full fleet replaced by mid-2030s • Where possible current fleet life will be extended to meet the commercialisation of battery electric technology • Charge-on-Challenge identified need for industry collaboration to standardise charging interfaces for mining equipment Western Australia Iron Ore site tour 3 October 2022 29

Decarbonisation: operational emissions WAIO is on track to deliver our plans to lower operational emissions, with further upside potential as new technologies emerge 4 WAIO is one of the lowest carbon intensity iron ore producers globally Renewable PPA to lower electricity greenhouse gas emissions at 14 Port Hedland by 50% Yarnima power station to provide firm power while technology evolves Large proportion of our Pilbara operations’ power generation planned to come from renewables by 2040 Working with OEMs to replace our diesel locomotives and trucks with battery electric technology Western Australia Iron Ore site tour 3 October 2022 30

Footnotes 1. Slide 6: EBITDA Margin presented on a ‘continuing operations’ basis. 2. Slide 7,22: Based on published unit costs by major iron ore producers, as reported at 30 June 2022. 3. Slide 9: Fatal potential events include High Potential Injuries (HPI) and near miss events. 4. Slide 10,23,30: 2021 Carbon Intensity for Seaborne Iron Ore is detailed on slide 25. 5. Slide 10: Nature positive is defined by the WBCSD / TNFD 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.” It includes land and water management practices that halt and reverse nature loss – that is, supporting healthy, functioning ecosystems. 6. Slide 12: BHP FY2022 Annual Report for resource classification, quality and cut-off grade of the Mineral Resources. 7. Slide 12: Based on revised CY2020 life of asset plan, subject to change as growth to 330 Mtpa study progress. 8. Slide 12: Sustaining studies in progress: mines expansion primarily through crusher and conveyor infrastructure; wet processing infrastructure likely required at Newman to manage increasing below water table ore. 9. Slide 13: The increased lump and grade estimates subsequent to the ramp up of South Flank excludes Yandi, which is expected to provide supply chain flexibility for several years. 10. Slide 13: Price performance is based on published average realised pricing, as reported at 30 June 2022. 11. Slide 17: Sustaining capital disclosure for BHP represents the 5 year average +/- 50% in any given year. The competitor data represents the sustaining capital disclosure for FY23 for FMG and CY22 Rio Tinto. Not all major competitors disclose sustaining capital requirements. 12. Slide 17: Competitors include Vale, Rio Tinto and FMG, measured on an annualised based on published half year unit cost measurements. 13. Slide 17: Free Cash Flow (FCF) represents reported EBITDA less capital expenditure as a proxy methodology in the absence of available public data. 14. Slide 23, 27, 30: Based on current forecast demand and compared with FY20. 15. Slide 25: The iron ore emissions intensity curve is based on CY2021 data estimates from Skarn Associates for seaborne iron ore operations. The emissions intensity basis is kilograms of CO -equivalent per tonne of iron ore (wet basis) 2 produced per mine. BHP operations have been aggregated to WAIO level and overlayed with reported BHP data points for CY2021 for: i) iron ore production (wet basis); ii) Scope 1 emissions; and iii) Scope 2 emissions incorporating integrated rail, port and ocean emissions. Non-integrated Port + Rail + Ocean emissions intensity estimates utilise Skarn Associates data across the dataset. In case of WAIO, only the emissions from non-integrated Ocean freight are applicable as Rail & Port emissions are included as part of Scopes 1 and 2 emissions. 16. Slide 26: Includes natural gas emissions (electricity is ~10% of WAIO total, natural gas is ~15%). 17. Slide 27: Sourced from Clean Energy Regulator, Electricity sector emissions and generation data 2020-21. #1 is Newman Power Station, #2 is Solomon Power Station, #3 is West Angelas Power Station 18. Slide 29: Includes all haul trucks of which ~220 are large mining trucks. Western Australia Iron Ore site tour 3 October 2022 32

Appendix

Summary of mining and processing hubs Joint venture Processing hub Mining hub Main mineral deposits Mount Whaleback, Eastern Ridge, Mount Newman Shovelanna Newman operations Newman Western Ridge Jimblebar South Jimblebar, Wheelarra, Jimblebar Jimblebar Hashimoto Yandi Yandi Yandi Yandi (end-of-life ramp down started in July 2021) Mining Area C North Flank, Packsaddle Mount Goldsworthy (POSMAC JV holds a sublease over Mining Area C the Mining Area C mine South Flank (new mine, first South Flank production started in May 2021) Western Australia Iron Ore site tour 3 October 2022 34

Steel and iron ore market outlook Dr Huw McKay Vice President, Market Analysis and Economics Dr Rod Dukino Vice President, Sales and Marketing Sustainability 3 October 2022

Disclaimer Forward-looking statements This presentation contains forward-looking statements, 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; statements regarding trends in economic outlook; commodity prices and currency exchange rates; demand for commodities; medium- term guidance; production forecasts; operational performance; expectations, 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; closure or divestment of certain assets, operations or facilities (including associated costs); anticipated production or construction commencement dates; capital expenditure or costs and scheduling; operating costs, including unit cost guidance, and shortages of materials and skilled employees; anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; and tax and regulatory developments. Forward-looking statements may be identified by the use of terminology, including, but not limited to, ‘guidance’, ‘outlook’, ‘prospect’, ‘target’, ‘intend’, ‘aim’, ‘ambition’, ‘aspiration’, ‘goal’, ‘project’, ‘anticipate’, ‘estimate’, ‘plan’, ‘believe’, ‘expect’, ‘commit’, ‘may’, ‘should’, ‘must’, ‘will’, ‘would’, ‘continue’, ‘forecast’, ‘trend’, ‘annualised’ or similar words. These statements discuss future expectations concerning the results of assets or financial conditions, or provide other forward-looking information. The forward-looking statements are based on the information available as at the date of this presentation and/or the date of the Group’s planning processes or scenario analysis processes. There are inherent limitations with scenario analysis and it is difficult to predict which, if any, of the scenarios might eventuate. Scenarios do not constitute definitive outcomes for us. Scenario analysis relies on assumptions that may or may not be, or prove to be, correct and may or may not eventuate, and scenarios may be impacted by additional factors to the assumptions disclosed. Additionally, forward-looking statements in this presentation are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. BHP cautions against reliance on any forward-looking statements or guidance, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption arising in connection with the Ukraine conflict and COVID-19. For example, our future revenues from our assets, projects or mines described in this release 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 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; the duration and severity of the Ukraine conflict and the COVID-19 pandemic and their impact on our business; political uncertainty; labour unrest; and other factors identified in the risk factors discussed in section 9.1 of the Operating and Financial Review in the Appendix 4E 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. Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. Presentation of data Unless specified otherwise: operations includes operated assets and non-operated assets; total operations refers to the combination of continuing and discontinued operations; continuing operations refers to data presented excluding the impacts of Onshore US from the 2017 financial year onwards and excluding Petroleum from the 2021 financial year onwards; references to Underlying EBITDA margin exclude third party trading activities; data from subsidiaries are shown on a 100 per cent basis and data from equity accounted investments and other operations is presented, with the exception of net operating assets, reflecting BHP’s share; medium term refers to our five year plan. Numbers presented may not add up precisely to the totals provided due to rounding. All footnote content (except in the Annexures) is contained on slide 27. Non-IFRS information We use various Non-IFRS information to reflect our underlying performance. For further information please refer to Non-IFRS financial information set out in section 11 of the Operating and Financial Review in the Appendix 4E for the year ended 30 June 2022. No offer of securities Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Reliance on third party information The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP. BHP and its subsidiaries In this release, the terms ‘BHP’, the ‘Company, the ‘Group’, ‘BHP Group’, ‘our business’, ‘organisation’, ‘we’, ‘us’, ‘our’ and ourselves’ refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to note 28 ‘Subsidiaries’ of the Financial Statements in the Appendix 4E for a list of our significant subsidiaries. Those terms do not include non-operated assets. This release covers BHP’s functions and assets (including those under exploration, projects in development or execution phases, sites and closed operations) that 1 have been wholly owned and/or operated by BHP or that have been owned as a joint venture operated by BHP (referred to in this release as ‘operated assets’ or ‘operations’) during the period from 1 July 2021 to 30 June 2022. 1 BHP also holds interests in assets that are owned as a joint venture but not operated by BHP (referred to in this release as ‘non-operated joint ventures’ or ‘non-operated assets’). Notwithstanding that this release may include production, financial and other information from non- operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. 1. References in this release 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.. Western Australia Iron Ore site tour 3 October 2022 2

Portfolio positively leveraged to megatrends Low cost assets and world class resource base across a differentiated set of commodities 30/30 year growth Population Rising living Decarbonising Electrifying Geopolitical BHP 1.5°C Portfolio Urbanisation growth standards power transport risk scenario Copper >2x + ++ +++ +++ +++ ~ 1 Largest endowment Nickel Second largest sulphide ~4x + ++ +++ + ++++ + 2 resource Steel 3 Lowest cost iron ore ~2x + +++ ++ ++ ~ ~ Leading met coal supplier Potash Large-scale resource supports >2x +++ + + ~ ~ +++ 4 up to 100 years of operation ¾ of power ~10 bn ~7 bn ~$400 tn ~2 bn 2050 estimate, capacity total population; urban population; world GDP; EVs on the road; - wind & solar; change from current + 2¼ bn + 2¾ bn 4-fold gain 100-fold gain 5 13-fold energy gain + Indicators are versus a baseline that does not include the theme being assessed. ~ Signifies trivial direct impact or offsetting forces that are basically in balance. Western Australia Iron Ore site tour 3 October 2022 3

Steel is the building block of a better world Different climate scenarios do not produce highly divergent outcomes Buildings & infrastructure Transportation & machinery Cumulative steel demand ranges and scenarios (30yr/30yr, %) 250 200 BHP planning range 150 100 Renewable energy Climate adaptation 50 0 1.5 degrees Deep Green ~2 degrees ~3 degrees Climate Crisis Source: BHP analysis, Vivid Economics. Note: Our portfolio is tested across a range of future scenarios, including a scenario where warming is limited to 1.5°C. Scenarios were developed prior to the impacts of the COVID-19 pandemic, and therefore any possible effects of the pandemic were not considered in the modelling. Western Australia Iron Ore site tour 3 October 2022 4 Decarbonisation & Traditional application Climate adaptation

Essential value chains have differing demand drivers Each is essential to our way of life and has a distinctive relationship to economic development Food value chain Steel value chain Energy value chain Population growth and dietary change Urbanisation and industrialisation Motorisation, electrification, industrialisation Food, feed, fibre, fuel Buildings, infrastructure, machinery, other goods Transport, power, heat, chemicals 1 Low degree of recycling High degree of recycling Low degree of recycling Steady increase in intensity through the entire Swift increase in intensity on the way to middle Swift increase in intensity on the way to middle development journey, high income plateau income, where a distinct peak forms income, flatter beyond, high income plateau GDP per head GDP per head GDP per head Traditional growth drivers Major uses by society Degree of Circularity Relationship to living standards Note: Illustrative only, reflecting stylised empirical path of major societies through time that have reached high income levels. 1. Recycling of nutrients via crop residue or manure occurs, but the food value chain is very inefficient and highly subject to waste. Western Australia Iron Ore site tour 3 October 2022 5 Crop needs per head Steel demand per head Primary energy per head

Industry has distinctive composition in each major region Heterogeneity informs our approach to long run forecasting, with emphasis on a bottom-up methodology Steel demand by broad end-use Steel supply by basic process & fleet age Steel supply by metallic mix 100% 100% 100% 75% 75% 75% 50% 50% 50% 25% 25% 25% 18 12 44 45 63 0% 0% 0% India China Japan Germany USA India China Japan Germany USA India China Japan Germany USA BOF EAF XX average age* Construction Manufacture & others Pig iron DRI Scrap Net exports: direct and indirect, % output Iron ore: domestic & imported sources Scrap import dependency 40% 100% 40% 20% 75% 20% 0% 50% 0% (20)% 25% (20)% (40)% (40)% 0% India China Japan Germany USA India China Japan Germany USA India China Japan Germany USA Direct steel Indirect steel Import Domestic Net import Source: World Steel, United Nation, Global Trade Atlas, BHP analysis. * Capacity weighted estimate of integrated steelmaking facilities, based on a sample, not a Census. Germany is EU and US is North America for this metric. Western Australia Iron Ore site tour 3 October 2022 6

Stock of steel per head plateaus at high income levels Range of end-states in terms of capital stock depth are relatively narrow, but paths to the end-state are diverse Accumulated stock of steel in use per capita (tonnes finished steel /capita) 18 2021 actuals 2050 15 2040 2030 12 2021 9 2050 6 2010 2040 China 2000 2050 1990 3 2040 2030 2030 2021 2021 Other Asia 2010 0 developing India 0 10 20 30 40 50 60 1990 1990 USA 1950-2021 Germany 1950-2021 Japan 1950-2021 Korea 1970-2021 GDP per capita (PPP) Source: BHP analysis; Global Insight; United Nation; worldsteel. Asian developing countries include ASEAN and other Asian developing countries. Western Australia Iron Ore site tour 3 October 2022 7

Stock levels ultimately converge, but run rates are diverse China’s post-plateau run-rate trajectory remains uncertain, with diverse examples from economies already at the high income level Steel production by region per head (kg) World Industrial pioneers Continental scale powers 800 300 800 600 600 400 400 250 200 200 0 0 200 1950 1970 1990 2010 1950 1970 1990 2010 Germany UK France CIS USA 150 Advanced exporters Populous emerging giants 100 1,600 800 1,200 600 50 800 400 400 200 0 0 0 1950 1970 1990 2010 1950 1970 1990 2010 1950 1970 1990 2010 India China Japan Korea Source: World Steel, United Nations, BHP analysis. Western Australia Iron Ore site tour 3 October 2022 8

China: a young, advanced, coastal fleet New capacity positioned to service dynamic domestic demand centres and secure competitive access to imported raw materials Cumulative steel demand ranges and scenarios Map of China steel projects (30yr/30yr, %) Newly added capacity 2018-2023 by 250 blast furnace volume (Mt) BHP planning range 150 200 100 50 150 0 Steel capacity >10 Mt 5-10 Mt 100 <5 Mt 50 3 1,000-2,000 m 3 2,000-3,000 m 0 3 >3,000 m Deep Green ~2 degrees ~3 degrees Source: BHP analysis. ILLUSTRATIVE ONLY Note: Our portfolio is tested across a range of future scenarios, including a scenario where warming is limited to 1.5°C. Scenarios were developed prior to the impacts of the COVID-19 pandemic, and therefore any possible effects of the pandemic were not considered in the modelling. Western Australia Iron Ore site tour 3 October 2022 9

India: the major growth vector for global steel Brownfield optionality puts official targets within reach; integrated steelmaking to gain share at expense of coal-based DRI Growing steel capacity in India Cumulative steel demand ranges and scenarios (Mt) 200 (30yr/30yr, %) BF-BOF Others 150 700 100 50 BHP planning range 600 0 Existing Construction Planned 500 400 300 200 Existing 100 Under construction Planning / Announced 0 Deep Green ~2 degrees ~3 degrees Mineral rich state ILLUSTRATIVE ONLY Source: BHP analysis. Source: BHP analysis. Western Australia Iron Ore site tour 3 October 2022 10

South East Asia: gearing up for domestic demand Multiple countries within the region are building up capacity at home, seeking to reduce historical import dependency Cumulative steel demand ranges and scenarios Map of SE Asia steel projects (30yr/30yr, %) Burgeoning steel capacity in SE Asia (Mt) 500 80 60 400 BHP planning range 40 20 0 300 Steel capacity 200 100 Existing Under construction 0 Deep Green ~2 degrees ~3 degrees Planning / Announced ILLUSTRATIVE ONLY Source: SEAISI. Source: BHP analysis. Western Australia Iron Ore site tour 3 October 2022 11

Steel a net beneficiary of decarbonisation & climate Net impact of decarbonising power and physical impacts of climate change is a modest uplift in medium and long term demand Global finished steel demand in 2030 & 2050 by driver (million tonnes) We estimate a modest uplift in our base case for steel demand 2030 in both 2030 and 2050 from the net impact of four forces: 11 +2% 17 28 (14) • Infrastructure of decarbonisation [more steel] Final Initial • Decline of fossil energy demand [less steel] • Higher capital stock turnover [more steel] 60 2050 +4% 73 • Slower economic growth due to the physical (53) climate impacts & carbon policies [less steel] (4) Final Initial Macro/ Capital Clean Fossil other stock Power Power turnover Western Australia Iron Ore site tour 3 October 2022 12

Essential for the decarbonisation of power Steel consumption in power will triple from today with demand from wind and solar 5 times bigger Renewable energy Global steel demand from power generation Renewable power tends to require (Mt finished steel, new capacity + rebuild) more steel compared to fossil fuels (Steel t/MW of capacity) 140 120 Wind 190 offshore 100 80 Hydro 161 60 Wind 124 40 onshore 20 Nuclear 59 0 2015 2020 2025 2030 2035 2040 2045 2050 2050 steel demand in Power Gen% total Power Generation vs 2020 steel demand 2050 Nuclear Hydro & other renewables Coal 58 Solar Wind onshore Wind offshore Fossil fuel & others 3x 5% Solar 45 Share in 2020 <2% Non-fossil fuel share of steel demand in power gen (%) Gas 35 2015 2030 2050 Oil 15 ~100% 63% 94% Source: Hatch, ArcelorMittal. Western Australia Iron Ore site tour 3 October 2022 13

Capital ages faster under climate extremes Shorter capital lifetimes and higher capital stock turnover are the intuitive outcomes of a harsher physical climate Capital ages linearly as temperatures rise … … but the relationship is more complex with respect to precipitation 1 1 Capital depreciation rate Capital depreciation rate (%) (%) Dryer Annual precipitation Wetter Mean temperature Hotter The results we present on capital depreciation are general and abstract in nature, being estimated at the whole of capital stock level, either nationally or regionally, in addition to being based on average climate parameters at the same level of aggregation. Therefore, they are not appropriate for accounting use for specific assets, where local climatic and other idiosyncratic factors will be in play. Underlying data sourced from the Penn World Table, analysis by BHP. Western Australia Iron Ore site tour 3 October 2022 14

Global scrap ratio to rise steadily towards “50 in 50” Global ratio will reach and surpass pre-China boom levels, as end-of-life scrap availability in China more than doubles by 2050 1 Global steel production and scrap consumption Regional scrap to steel ratio 2 2 (Mt) (ratio %) (ratio %) 2,500 60 60 50 50 2,000 40 40 1,500 30 30 1,000 20 20 500 10 10 0 0 0 1990 2000 2010 2020 2030 2040 2050 2010 2020 2030 2040 2050 China India & other developing Asia Rest of World Steel output (Mt) Scrap usage (Mt) Global scrap to steel ratio (%, RHS) Source: BHP analysis. 1. Scrap consumption is net of estimated consumption in foundry sector and is based on steel production and consumption. 2. Scrap consumption / crude steel production. Western Australia Iron Ore site tour 3 October 2022 15

Iron ore range is resilient, but notably lower than steel Alternative metallics compete with primary ore in coming decades Cumulative steel and iron ore demand ranges and scenarios The evolution of contestable demand: ~2 degrees (30yr/30yr, %) (%) 250 Steel (iron ore plus other metallics) Iron ore 77% 69% 200 59% BHP steel planning range China BHP iron ore 150 planning range Others 100 RoW 7% Europe 7% 5% Developed 7% 11% 3% 50 Asia 6% 11% Developing DRI related 17% 12% Asia 14% 3% 2% 8% demand 1% 0 1.5 degrees Deep Green ~2 degrees ~3 degrees Climate Crisis 2021 2035 2050 2021 2035 2050 Source: BHP analysis. Contestable demand = Global seaborne + China domestic. Source: BHP for all scenarios, Vivid Economics for 1.5 degrees. Note: Our portfolio is tested across a range of future scenarios, including a scenario where warming is limited to 1.5°C. Some scenarios were developed prior to the impacts of the COVID-19 pandemic, and therefore any possible effects of the pandemic were not considered in the modelling. They are presented here “as is”. Western Australia Iron Ore site tour 3 October 2022 16

Low expectations of the late 2010s were not fulfilled Consensus views of iron ore industry development pre-Brumadinho were a poor predictor of actual performance Contestable demand Majors’ seaborne exports Juniors’ seaborne exports + China’s (Mt) (Mt) domestic iron ore production (Mt) +125 1,826 1,800 1,800 1,800 1,701 –79 1,355 1,275 1,200 1,200 1,200 +183 588 600 600 600 405 0 0 0 CY21 forecast in 2018 CY21 Actual CY21 forecast in 2018 CY21 Actual CY21 forecast in 2018 CY21 Actual BHP Australia others Brazil China Juniors China Developed Asia Others Source: 1）Wood Mackenzie. “Before” was sourced from the CY2018 Q3 long term forecast before the Brumadinho tragedy. “Now” use the version of CY2022 Q2 long term forecast. 2）BHP operational review for the half year ended 31 Dec 2021. 3) IHS GTA. Western Australia Iron Ore site tour 3 October 2022 17

Reliability of supply is highly valuable in an uncertain world Accurate volume guidance, delivery to specifications, competitive price realisation, durably low cost operations and attractive margins Performance versus guidance mixed across the industry 2030 – BHP projected to remain the lowest cost major producer (%, average variation from initial guidance mid point, FY14-FY21) (CFR China, 62% Fe Fines equivalent, US$/dry tonne) 100 2.0 1.0 80 0.0 (1.0) 60 Competitor 1 (2.0) Competitor 2 Competitor 3 40 (3.0) (4.0) 20 (5.0) (6.0) 0 BHP Competitor 1 Competitor 2 Competitor 3 0 250 500 750 1,000 1,250 1,500 1,750 2,000 Mt (wet) Source: Company reports, SBG Securities, analysis by BHP. Source: Wood Mackenzie. Western Australia Iron Ore site tour 3 October 2022 18

Steel decarbonisation pathways Dr Rod Dukino Vice President, Sales and Marketing Sustainability 3 October 2022

Steel decarbonisation in three stages Regions will transit through these stages at different rates, based on local conditions faced by steel producers Optimisation stage Transition stage Green end state Up to 20% CO reduction vs. BAU 30-60% CO reduction vs. BAU >80% CO reduction vs. BAU 2 2 2 Incremental improvements in raw Modifications to BF-BOF route and Low carbon technologies have materials and process conditions for increased use of renewable energy matured and cost competitive for the integrated steelmaking route: sources and install low carbon development at scale technologies Low Carbon Fuels Modified BF with CCUS Raw Material Quality Blast Furnace Modifications Direct Reduction with Green Hydrogen Energy Optimisation / Efficiency Carbon Capture Electric Steelmaking Technology Improvements Other New Technologies Western Australia Iron Ore site tour 3 October 2022 20

Multiple ‘near’ net zero pathways for steel industry Pathways for industry to be largely decarbonised through primary steel production from iron ore Emissions Intensity 2.0 1.5 1.0 0.5 0 (t-CO2/t-steel) Pathways Gas recycle 1 H 2 C Non-fossil carbon C Fossil carbon C Modified BF Renewable power CCUS BF BOF BF BOF BF BOF CCUS CCUS H Green hydrogen 2 Conventional BF-BOF now Electric 2a 2 Arc Furnace H 2 (EAF) > 66Fe H2 DRI DRI DRI EAF EAF Electric Furnace H 2 2b Electric Smelter Furnace (ESF) DRI BF BOF ESF DRI BOF 3 Electrolysis EC Transition Green End State ~30-60% reduction ~90% reduction BF Blast Furnace ESF Electric Smelting Furnace Path 1 uses carbon as primary reductant BOF Basix Oxygen Furnace SR Smelting Reactor Path 2 and 3 use hydrogen or electricity as primary reductant Western Australia Iron Ore site tour EAF Electric Arc Furnace EC Electrolysis Cell 3 October 2022 21

3% of current iron ore supply is ‘EAF quality’ today This will drive innovation along the value chain as steel decarbonisation scenarios develop Iron ore supply curve by quality band (2022) Fe grade (%) Pellet, 9% 68 66 Lump, 15% 64 Fines+ 62 Pellet Feed, 76% 60 58 56 54 52 50 Mt 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% < 58% 58-60% 60-63% 63-65% 65-67% > 67% Source: Wood Mackenzie. Western Australia Iron Ore site tour 3 October 2022 22

Differentiated regional steel decarbonisation pathways Key enablers are policy, supply of renewable power and carbon storage capacity, age and scale of blast furnace fleet Optimisation BF optimisation Gas DRI H2 DRI-EF Green & Transition Energy efficiency, material quality Scrap, Modified BF Modified BF-CCUS Electrolysis End State Policy-supported transition drive major 2035 2050 producers into hydrogen DRI-EF 2020 EU Aging blast furnaces to be retired in the coming Scrap nationalism for more EAF; 1-2 decades gas-based DRI ramp-up as the Transition stage 2035 2020 2050 Modified BF + CCUS China Other pathways /technologies in the mix Opportunities for better raw material quality and Scrap is a steady passive efficiency gains abatement lever Modified BF + CCUS 2020 2035 2050 Lack of renewable power and carbon storage Limited potential for raw Developed resource driving exploration of carbon transport material or process efficiency optimisation and DRI in overseas markets APAC Comprehensive decarbonisation roadmap for Modified BF Loss in competition for export markets likely and transition to DRI-EF 2035 2050 The region with perhaps the youngest modern 2020 India / BF fleet by 2050 CCU options developed with lack of ASEAN conventional storage Build / expand modern BF fleet to replace sub- Exploration of alternative iron-making techs standard coal-based DRI (in India) and induction to replace fragmented coal RI-EAF furnaces (in ASEAN) segment Western Australia Iron Ore site tour 3 October 2022 23

BHP’s Climate Transition Action Plan A framework to discuss our strategy and engagement FY2022 385Mt 16Mt 3Mt 9Mt https://www.bhp.com/sustainability/climate-change Western Australia Iron Ore site tour 3 October 2022 24

Partnerships with customers and other industry leaders Looking to scale modified Blast Furnace (BF) projects, engaging research and technology providers to de-risk alternate pathways Customer Partnerships Research Ventures Fundamental and industrial programs in Partnerships with 5 key Investing in green Australia, China, North America and Europe customers end state Leading research institutes, industrial 13% of global steel production consultants and technology providers technologies Optimise raw material performance in Test, design and scale Modified BF, CCUS Modified blast furnace Test electrolysis in concept then assess for and DRI-EF plant trials Develop DRI - EF processes for Pilbara ores scale up Sign MOUs, scope core projects Start exploratory test work & concept studies Initial investments & lab testing Complete feasibility studies & test work Support plant trials & product performance Pilot campaigns with BHP ores Plan and execute plant trials Explore demo plant options Assess scale up options FY22 FY23+ Progress Focus Western Australia Iron Ore site tour 3 October 2022 25

Footnotes 1. Slide 3: Largest copper endowment 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, Q1 2022. Source BHP data: FY2021 BHP Annual Report. 2. Slide 3: Second largest nickel sulphide resource on a contained metal basis, equity share. Source peers: MinEx Consulting Global Ni Database, December 2018. Source BHP data: FY2021 BHP Annual Report. 3. Slide 3: Based on published unit costs by major iron ore producers, as reported at 30 June 2022. 4. Slide 3: Based on a Reserve life of 94 years as reported in BHP’s 17 August 2021 news release, available to view on www.bhp.com, with further optionality from Jansen’s 5,230 Mt Measured Resource base. 5. Slide 3: Three-quarters refers to the share of power capacity. 13-fold refers to the increase in the volume of primary energy, not the increase in the share. Western Australia Iron Ore site tour 3 October 2022 27

Appendix

Our decarbonisation targets and goals are clear To support the net zero transition, we will continue to pursue sustainable provision of our products Operations (Scopes 1 and 2) Value chain (Scope 3) 2030 FY2030 Target Goals Steelmaking. Support industry to develop technologies Reduce operational greenhouse gas Electricity Shipping and pathways capable of 30% emissions intensity (GHG) emissions by at least 30% from reduction in integrated steelmaking, with widespread FY2020 levels. adoption expected post 2030. Pursue net Shipping. Support 40% emissions intensity reduction 2050 zero by of BHP-chartered shipping of BHP products. 2050 Achieve net zero operational GHG Goal Diesel Suppliers emissions. 2050 Goal Pursue the long-term goal of net zero Scope 3 GHG emissions. Achievement is uncertain and we cannot Fugitive Steelmakers and ensure the outcome alone. emissions other customers Targets Shipping. Net zero GHG emissions from all shipping of BHP products*. Suppliers. Net zero for the operational GHG emissions of our direct suppliers*. Important note 1 The baseline year(s) of our targets will be adjusted for These targets are referable to a FY2020 baseline year. Goal An ambition to seek an outcome for which there is Target An intended outcome in relation to which we have * any material acquisitions and divestments based on Our ability to achieve the targets is subject to the no current pathway(s), but for which efforts will be identified one or more pathways for delivery of that Refer to the full description of emissions at the time of the transaction, and to reflect widespread availability of carbon neutral solutions to meet pursued towards addressing that challenge, subject to outcome, subject to certain assumptions or conditions. BHP’s climate change targets and progressive refinement of emissions reporting our requirements, including low/zero-emissions certain assumptions or conditions. goals, including essential definitions, methodologies. The targets’ boundaries may in some technologies, fuels, goods and services. assumptions and caveats, at cases differ from required reporting boundaries. The use Information is valid at July 2022 bhp.com/climate of carbon offsets will be governed by BHP’s approach to carbon offsetting described at bhp.com/climate. Western Australia Iron Ore site tour 3 October 2022 29