BHP

VANCOUVER, British Columbia, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) ("Mundoro" or the "Company") is pleased to announce an update regarding exploration program results achieved to date, as well as the filing of its Management's Discussion and Analysis (MD&A) and Financial Statements for the second quarter and six-month period ended June 30, 2026. "Our financial results for the quarter reflect our strategic commitment to generate new property opportunities, particularly within Serbia, while simultaneously realizing efficiencies in corporate expenses, which were reduced by 24%, directing our capital toward the project pipeline. That priority carries into the second half of the year, where our generative focus shifts toward our Arizona copper assets. On the properties held with BHP, where exploration is partner-funded, the coming quarter includes drill testing of the Vitanovac target. We also remain focused on advancing the Borsko drill target, navigating the administrative and permitting process in Bulgaria, and progressing partnership discussions for our copper projects in Arizona," stated Teo Dechev, CEO of Mundoro. Exploration Highlights Skorusa East drilling completed: Assays received in full for drill holes completed at Skorusa East, 26-SKO-08 (499.8 m) and 26-SKO-09 (788.3 m). Tilva Rosh South: Assay results for Hole 26-OBL-05, drilled to a total depth of 1,302.7 m, have been partially received. New Hyperspectral core scanning: Approximately 9,725 m of core across 17 holes scanned to date. Petrophysical sampling: Programme advanced with selection of core intervals which are to be sent for petrophysical study in an independent laboratory. Target Refinement & Drill Proposals: Established formal drill proposals targeting three prospective areas: "During the second quarter of 2026, the BHP-Mundoro partnership successfully finalized two diamond drill holes at Skorusa East, alongside one hole at Oblez and a district-wide AMT survey. A comprehensive relogging initiative initiated during the period has yielded additional geological insights, refining the project and delineating priority drill targets at Skorusa East, Skorusa West, and Borsko. Furthermore, the Company is advancing upcoming targets at Tilva Rosh North and Tilva Rosh South for Q3-2026, with additional prospective areas slated for evaluation throughout the remainder of the year." Q2-2026 Financial Highlights For complete details of the Company’s financial results, please refer to the condensed interim consolidated financial statements and MD&A for the three-month and six-month periods ended June 30, 2026 and 2025. The Company’s filings are available on SEDAR+, and on Mundoro's website at www.mundoro.com under the heading Investors. All amounts are expressed in Canadian dollars unless otherwise indicated. Fees Earned: The Company’s fee income, which includes operator fees, option payments, interest, and miscellaneous income, totaled $251,009 for the quarter ended June 30, 2026 compared to $120,497 for the quarter ended June 30, 2025, representing an increase of $130,512. The increase was driven by the significant increase in exploration expenditures compared to the same quarter in the prior year. This resulted in higher operator fee income recognized during Q2 2026 compared to the same period in 2025. Exploration Expenditures: Exploration expenditures, represent both sole funded exploration by partners and expenditures for generative activities for the company, together those were $2,513,992 in Q2 2026 compared to $1,416,229 in Q2 2025, representing an increase of $1,097,763. Recoveries from option partners in Q2 2026 were $2,497,741 compared to $1,177,721 in Q2 2025. Generative Activities: Generative operations create long-term royalty opportunities and may generate future property payments, milestone payments, and other fees through the optioning of mineral projects to third parties. Included in total exploration expenditures are net exploration costs attributable to the Company’s generative operations in the three jurisdictions where it is active and which are funded by the Company These expenditures resulted in $16,251 in Q2 2026 compared to $238,508 in Q2 2025. Corporate Expenses: Corporate expenses in Q2 2026 were $281,162 compared to $367,563 in Q2 2025, representing a decrease of $86,401. Cash and Working Capital: As of June 30, 2026, the Company had cash and cash equivalents totaling $5,882,386 (December 31, 2025 - $5,217,157) and a working capital (current assets less current liabilities) of $1,232,738 (December 31, 2025 - $1,684,464). The Company has no long term debt. Net Income (Loss): For the quarter ended June 30, 2026, the Company recorded a net loss of $325,340 ($0.00 per share) compared to a net loss of $540,377 ($0.00 per share) for the quarter ended June 30, 2025. BHP-Mundoro Projects, Serbia Mundoro has advanced exploration areas primarily in Eastern Serbia, within the prolific Timok Magmatic Complex (TMC), known for copper-gold deposits including Bor, Veliki Krivelj, Majdanpek, Cukaru Peki, and the newly announced Malka Golaja Copper-Gold deposit. The area benefits from established infrastructure including well-serviced roads and grid power. The Company’s licenses in this region are optioned to a wholly owned subsidiary of BHP Group Limited (“BHP”) to earn-in as announced in prior press releases on January 23, 20231 and October 13, 20252. 2025 BHP Option Agreement - Skorusa & Oblez Skorusa Drill Results: The drilling campaign at Skorusa East, originally designed to be 1,000 m across two holes, concluded in May 2026 with a total drilled length of 1,288.1 m with the successful completion of holes 26-SKO-08 (499.8 m) and 26-SKO-09 (788.3 m). Comprehensive analytical data for these drill holes yielded anomalous geochemical results. Upon completion of internal QA/QC validation, the Company confirmed that although no economic-grade intervals were identified, the full assay suite for the Skorusa East campaign provided valuable geological insights (see Table 1). Hole 26-SKO-08 intersected shallow, polymetallic mineralization within the supergene zone and lithocap, alongside a distinct interval of quartz-pyrite-molybdenite veining at roughly 360 m. Hole 26-SKO-09 encountered two extensive, low-grade copper zones at depth, characterized by disseminated chalcopyrite and silica-pyrite-sericite-clay alteration assemblages. While these intersections do not represent economic mineralization, they serve as important indicators for target refinement. Specifically, the increasing copper tenor, elevated Cu/Zn ratios at depth, and persistent chalcopyrite below 400 m in 26-SKO-09 support the Company’s model: that current drilling has tested the lithocap and peripheral alteration zones of a porphyry system, leaving the potassic core untested. Integrating these findings with historical alteration data from Skorusa East has successfully established a prospective vector southeast of hole 26-SKO-09. Within the Skorusa West prospect, systematic relogging of the previously drilled core has delineated a prospective vector toward a potential porphyry system located northwest of drill hole 21-SKO-04 at depth. This model was established by integrating observed alteration patterns, specifically intersected potassic zones, with geochemical signatures and porphyry-style veining documented in earlier drilling campaigns. Oblez Drill Results: Following the completion of site preparation for one diamond drill hole along the western boundary of the Oblez license, drilling activities commenced in early June 2026 and was completed in July 2026 along with downhole geophysics. Hole 26-OBL-05 is targeting the southern extension of the Tilva Rosh system within the Oblez license area. Geological observations indicate a fresh, brecciated andesite sequence to 250 m, transitioning into fresh volcanic and tuff breccias of basaltic composition to approximately 805 m. A structurally deformed interval with fault gouge and fine-grained sooty pyrite was encountered between 858 m and 923 m. From approximately 923 m the hole entered in propylitic alteration, characterized by disseminated epidote and chlorite increasing in intensity with depth, accompanied by 0.5% to 2% disseminated pyrite and isolated chalcopyrite grains. Porphyry-style quartz stockwork veining was not observed throughout the hole. Partial assay results for Hole 26-OBL-05, to a depth of 643 m, have been received (see Table 1). Interpretation suggests that elevated copper values in the upper 75 m—including 2.0 m grading 0.25% Cu from 38.0 m—reflect supergene enrichment within permeable lava flow horizons. Additionally, broad zones of weakly anomalous lead were noted between 148–238 m and 340–450 m, while increased sulphur from 467–515 m correlates with higher pyrite concentrations. A notable decrease in magnetic susceptibility at depth aligns with the transition into propylitic alteration. Analytical results for the remainder of the hole are pending and expected during Q3-2026. The core is currently undergoing hyperspectral scanning. These initial findings indicate that the volcanic sequence at the far eastern edge of Tilva Rosh South remains largely unaltered to depths exceeding 900 m, establishing an important constraint boundary at the eastern edge in this area and refocusing the efforts to the northwest for this target. Summary of Geophysics Surveys over Skorusa & Oblez: Over a 179.5 sq km area spanning Oblez and Skorusa, an Audio-Magnetotelluric (AMT) survey was conducted using an 800 m × 800 m grid. Launched at the beginning of Q2-2026. The AMT survey concluded in early Q3. To support target interpretation with supplementary data across the same footprint, a ground gravity survey on a 400 m × 400 m grid was started in April 2026 and finished in early May 2026. AMT surveying across Oblez and Skorusa was completed in July 2026. Exploration Plans for Skorusa & Oblez: Field mapping: Conduct follow-up investigations of new surface geochemical anomalies to delineate further prospective areas and assess their potential. Geophysical surveys: Data integration and geological modeling for both datasets (AMT and Gravity) are slated for H2-2026. Petrophysical testing: Core and rock analysis began in Q3 2026 and will provide supporting data for integration with geophysical data. Upgrading geochemical data: To improve drill targeting and refine the exploration model, selected drill hole samples are being evaluated for advanced assaying techniques. Table 1 — Selected assay intervals, Skorusa East and Tilva Rosh South Intervals are downhole lengths; true widths are not known at this time. Grades are length-weighted and uncut. Dashes denote values below the reporting threshold for that element. 2023 BHP Option Agreement — Borsko, Trstenik & South Timok Corridor Borsko Summary: Previous exploration efforts have successfully delineated Target 1, characterized by an extensive alteration lithocap measuring approximately 1.6 km by 1.5 km, which remains preserved under post-mineral cover. The scale and integrity of this lithocap indicate a shallow erosional environment, suggesting that the prospective underlying porphyry system is likely intact and requires further testing. Technical efforts throughout the second quarter focused on the systematic integration of prior drilling datasets to further refine the project's structural and geological framework. Exploration Plans: Refine the geological model and establish a formal drill proposal for Target 1 at Borsko. This work involves the comprehensive re-logging of initial drill holes alongside the synthesis of geochemical and geophysical data, with completion anticipated early in Q3-2026 following the analysis of five additional drill holes. Trstenik Summary: The Trstenik Project area comprises 55 sq km in the northern Timok Magmatic Complex. This area is strategically situated along the northern strike of the world-class Majdanpek copper-gold porphyry deposit. Investigations to date within the Southern Target have identified structural frameworks, lithological units, and alteration patterns that are characteristic of porphyry-style systems and related high-grade skarn or carbonate-replacement (CRD) mineralization. Q2 Summary: During the period, technical efforts centered on synthesizing drill data from hole 25-ZEL-30 into the Central-North Target model. Although economic mineralization was not encountered, the hole intersected a fault zone and failed to test the primary target. To better define the geological timing of the andesitic dykes observed in 25-ZEL-30, two core intervals were selected for U-Pb geochronology and detailed petrological analysis, with results expected in the third quarter of 2026. Exploration Plans: Ongoing work is focused on refining targets and developing drill proposals for the Central, Southwest, and Southeast prospect areas. South Timok Corridor Summary: Spanning approximately 306 sq km, the South Timok Corridor Project area integrates four contiguous exploration licenses—Vitanovac, Ponor, Lipovica, and Orlovac. Situated 40 to 70 km south of the Bor Mine Complex, this district represents the southern extension of the prolific Timok Magmatic Complex. The geological setting transitions from exposed Upper Cretaceous magmatic centers in the north to prospective "blind" targets obscured by sedimentary cover in the south and west. The area is being explored as a unified magmatic-hydrothermal search space, applying systematic deep-sensing geophysics to vector toward concealed porphyry and epithermal systems. Q2 Summary: Technical efforts during the period centered on the systematic integration of existing geophysical interpretations with regional geological observations. Modelling initiatives throughout Q2-2026 focused on discriminating between barren features and potentially mineralized centers concealed beneath cover to support the upcoming drill test at Vitanovac. Reconnaissance field investigations were conducted to enhance the technical understanding of the district’s geological characteristics. Furthermore, regional geological cross-sections were established, synthesizing surface mapping from outcropping areas with deep-sensing geophysical inversions to refine the cohesive 3D structural model. Exploration Plans: The upcoming phase of exploration will focus on one additional drill hole at the Vitanovac target, designed to evaluate the geophysical interpretation and the local stratigraphy. Site mobilization is scheduled to commence in Q3-2026. Additionally, the Company is evaluating advanced assaying techniques for selected drill hole samples to improve the geochemical model and further refine drill targeting. JOGMEC-Mundoro EE1 Copper Project, Bulgaria Summary: The EE1 Project area, located in northwestern Bulgaria, spans approximately 166.5 sq km and targets a district-scale, sediment-hosted stratiform copper system. Situated within a prolific metallogenic belt containing approximately 60 known historical copper-lead-zinc occurrences and mines, the project is being advanced through a strategic partnership with the Japan Organization for Metals and Energy Security (JOGMEC). Technical efforts have successfully established the geological framework and delineated priority drill targets; however, active field operations remained paused during the period pending final permit approvals. The JOGMEC-Mundoro partnership has systematically de-risked the project through the synthesis of comprehensive soil geochemistry, detailed surface mapping, a 41.3 line-km Audio-Magnetotelluric (AMT) survey, and a 160 sq km drone-borne magnetic survey. These geophysical datasets have been modeled to support the refinement of specific drill targets throughout the project area. Exploration Plans: Despite receiving a favorable assessment from the Ministry of Environment and Water in 2024, the drill permitting process continues to experience delays due to an ongoing NGO appeal. Following the conclusion of court proceedings in Q1-2026, the next hearing is scheduled for the third quarter of 2026. Pending a successful resolution of these administrative challenges, Mundoro remains focused on site mobilization and the execution of the first modern drill test of the geological and AMT-delineated stratiform copper targets within the district. Svoboda Tender, Bulgaria: The Svoboda area, located within the Panagyurishte Mineral Belt approximately 100 km southeast of Sofia, was awarded to Mundoro's local subsidiary in a competitive tender process in September 2017. The administrative process to formalize the exploration contract with the Ministry of Energy (MoE) continues to experience procedural delays. Mundoro maintains ongoing communication with the relevant Ministries and remains committed to unlocking the value of this historical district once administrative procedures are finalized. Mundoro Projects, Arizona The Company’s portfolio in Arizona comprises three district-scale exploration projects—Dos Cabezas, Picacho, and Copperopolis—strategically located within the prolific Laramide Magmatic Arc. Systematic generative programs have successfully identified prospective intrusions, providing geological de-risking and advancing all three assets to the option-ready stage. Throughout the second quarter of 2026, Mundoro continued to execute additional confidentiality agreements and hosted technical reviews, including site visits by major mining groups and exploration companies. Management remains actively engaged in discussions to secure strategic option agreements for these copper projects in the USA. Dos Cabezas Project, Arizona: Located south of the Safford mining district, this 100%-owned, 61 sq km project is situated 150 km east of Tucson. The project holds six targets where the priority target has spotted drill locations to test the potential mineralized center of a Laramide-aged porphyry copper system. Picacho Project, Arizona: Situated within the Globe-Superior-Ray porphyry cluster, this 100%-owned, 105 sq km project area targets "blind" Laramide-aged porphyry centers concealed beneath shallow alluvial cover. Copperopolis Project, Arizona: Located in Yavapai County, east of the Baghdad mining district, this project is held approximately 73.09% by Mundoro. Q2-2026 assay results from a systematic rock sampling program confirmed elevated Cu-Au-Mo values proximal to established NW-SE structural corridors. High-grade values are concentrated along these corridors, while mapping and the pervasive extent of mineralization suggest the potential for an Iron-Oxide-Copper-Gold (IOCG) system. Generative Programs The Company continues to advance the identification and assessment of prospective mineral opportunities: Serbia: Advancing generative work within the Timok and Tertiary magmatic corridors, with a technical focus on copper-gold porphyry systems, skarns, and associated epithermal mineralization. USA: Evaluating the Laramide Belt in Arizona for copper-molybdenum potential while investigating secondary prospective regions across the broader Western US Cordillera. Global: Utilizing a systematic district-scale approach to source additional copper assets that align with Mundoro's established project generator strategy. Quality Assurance and Quality Control All sampling and analytical work has been carried out under the supervision of the Qualified Person and in accordance with industry standard practice. Drill core was cut in half by diamond saw, with one half submitted for analysis and the other retained on site for reference. Samples were prepared and analysed by ALS-Bor (Serbia), Rosia Montana (Romania), Loughrea (Ireland), which is independent of the Company and accredited to ISO/IEC 17025. Multi-element analyses, including copper, were completed by ME-MS61L method after four-acid digestion and achieved via ICP-MS, and gold by Au-AA24 method by fire assay of 50 g sample and AAS finish, with over-limit results re-assayed by GRA22 for Au and OG62 method for multi-element analysis. Certified reference materials and blanks were inserted into the sample stream at a rate of one in every 20 samples alternating, and field duplicates were inserted into the sample stream at a rate of one in every 25 samples, in addition to the laboratory's internal quality control procedures. All quality control results were reviewed by the Qualified Person and were found to be within acceptable limits. Qualified Persons The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information has been reviewed and approved by Humberto Brockway, EurGeol, a Qualified Person as defined by NI 43-101 and Director of Exploration to the Company. About Mundoro Capital Inc. Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro and creates royalties attached to each mineral property optioned to partners. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA. ON BEHALF OF THE BOARD OF DIRECTORS OF MUNDORO, Teo Dechev, Chief Executive Officer, President and Director Follow us on social media:LinkedIn: https://ca.linkedin.com/company/mundoro-capital-incX: https://x.com/MundoroCapital View the latest Corporate Presentation. For further information about Mundoro, please visit our website at www.mundoro.com or contact:Teo Dechev, Chief Executive Officer, President and DirectorMicheal Starogiannis, Business Development and Investor Relations, Company investor line: +1-604-669-8055, [email protected] References¹ Mundoro Capital website (Link), January 23, 2023 News release2 Mundoro Capital website (Link), October 13, 2025 News release Caution Concerning Forward-Looking Statements This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward-looking statements in this News Release include expectations as to the mineral potential of the Company's projects, the Company's future strategy and business plan and execution of the Company's existing plans. We caution readers of this News Release not to place undue reliance on forward-looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro's assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedarplus.ca. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/304ccb91-3eb9-459e-ab44-45b990d61bf8 https://www.globenewswire.com/NewsRoom/AttachmentNg/5b2d3bd9-6b70-4f89-9627-58f097e0ee35

BHP Group Limited BHP used its fiscal fourth-quarter earnings call to frame copper, operating discipline and project execution as the core drivers of its next phase. Chief executive officer Brandon Craig said that the agenda is to accelerate performance, deliver programmatic growth and strengthen safety, social value and talent. Copper generated 54% of group Underlying EBITDA for the first time in fiscal 2026, giving management a strong base for its growth plans. Craig said that BHP expects attributable copper-equivalent production to grow around 5% annually through fiscal 2035, within companywide growth of 3% to 4% per year from fiscal 2027 to fiscal 2035. He emphasized brownfield growth predominantly, with the lower-risk pathway reaching about 2.5 million tons of attributable copper-equivalent production by the mid-2030s. At Escondida, management approved roughly $500 million of precommitment funding for a new concentrator ahead of a final investment decision in 2027 or 2028. The project is expected to provide 230,000 to 270,000 tons per year of copper capacity. Craig said that the BHP Operating System, or BOS, remains the foundation for safer and more productive operations. The Operational Excellence Index rose to 52 from 36 in 2020 after roughly 7,000 initiatives. These initiatives delivered more than $5 billion of first-year cost savings, and Craig has tasked teams with moving the companywide OEI toward 65. Technology is another lever. Craig said initiatives were delivering incremental EBITDA at an annual run rate of almost $500 million by the end of 2026, with BHP targeting more than $650 million by the end of 2027. Chief Financial Officer Vandita Pant said that BHP expects capital expenditure of around $11 billion per year on average over the medium term, reflecting updated Jansen Stage 2 estimates and foreign exchange changes. Pant said more than half of growth spending will go to copper, rising to roughly two-thirds when investment in non-operated joint ventures is included. She also said that the copper capital program is entirely self-funding at consensus prices, supporting simultaneous investment in four major copper projects while preserving balance-sheet flexibility. Craig said that Western Australia Iron Ore produces about $10 per ton more free cash flow than its closest peer. BHP plans to sustain production above 305 Mtpa from the fourth quarter of fiscal 2028. Management also intends to reduce WAIO unit costs below $19 per ton in fiscal 2029. Fiscal 2027 guidance of $20.25 to $21.75 per ton remains subject to diesel movements. At BMA, Craig said that the steelmaking coal plan does not include a sale. BHP is targeting 43 to 45 Mtpa of medium-term production on a 100% basis, and unit costs below $120 per ton. Craig said that Jansen Stage 1 remains on track for first production in mid-calendar 2027. Once ramped, management expects each stage to generate around $1 billion of EBITDA annually with margins above 60%. At Copper South Australia, Craig said that BHP is evaluating ways to accelerate production growth. The broader strategy targets up to 650,000 tons of annual copper production in the second phase. Vicuña is another key option. Craig said that the joint venture is progressing toward a potential Stage 1 final investment decision as early as the end of calendar 2026. Management paired greater growth ambition with continued capital discipline. Craig tied future value creation to execution, operating stability and project delivery rather than higher commodity prices alone. Safety also remained foundational after the fatal injury of a contracting colleague at BMA's Peak Downs mine in July. Craig said that leaders are reverifying critical controls while the investigation continues. BHP carries a Zacks Rank #3 (Hold). Its Style Scores are uneven, with a Growth Score of B, a Value Score of D, a Momentum Score of F and a VGM Score of C. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks' framework gives the strongest preference to Zacks Rank #1 or 2 (Buy) stocks paired with A or B Style Scores. For BHP, the favorable Growth Score is offset by weaker Value and Momentum readings and a middle-range VGM Score. The Zacks Rank can change as earnings estimates are revised following the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Underlying NPAT increased 37.6% to $12.8 million, with underlying EPS up 48.2% to $0.329, reflecting strong margin and utilization improvements. Free cash flow surged 83% to $18.3 million, driven by a 42% increase in net operating cash flow to $52.8 million, enhancing capital management flexibility. The balance sheet strengthened, with cash up to $24.7 million and debt reduced from $93 million to $85 million, leaving $77 million in undrawn facility capacity. Return on net assets improved to 9% from 8% in FY25, supported by better asset utilization, stronger margins, and disciplined capital allocation, with a medium-term goal of double-digit returns. The company secured a significant seven-year contract with BHP's Olympic Dam, adding to a solid pipeline and providing long-term earnings visibility, particularly in the copper sector. Fleet modernization is on track with an average fleet age of 5.9 years, within the target range, allowing for flexible and non-pressured future investment decisions. Revenue growth remained modest at just 2.4% to $271 million, indicating that profit growth is being driven more by cost discipline and margin expansion than top-line expansion. The company incurred $2.3 million in costs related to the Clark Creek incident, along with a net $800,000 recoupment for misuse of company funds, highlighting operational and governance risks. Statutory NPAT comparisons were negatively impacted by the absence of a $14 million deferred tax asset recognized in FY25, and the company remains in a non-tax-paying position for the medium term. The dividend remains unfranked, which may be less attractive to certain investors, despite a slight increase to $0.0225 per share. Management noted a 'selective' approach to renewables, particularly wind farm work, due to approval delays and a focus on managing risk, potentially limiting growth in that sector. The company's aspiration to reach a 15% return on net assets is considered a medium-term goal, with management acknowledging it will not be achieved in the near term. Warning! GuruFocus has detected 4 Warning Sign with ASX:BOL. Is ASX:BOL fairly valued? Test your thesis with our free DCF calculator. Q: Could you provide more color on the significant growth in profit relative to sales in FY26 (2% revenue growth vs. 38% NPAT growth) and how much scope there is to continue this work in FY27, including what gives you confidence in continued EPS growth?A: Lester (CEO) highlighted a solid foundation and confirmed the company is budgeting for continued EPS growth, citing the recent significant seven-year contract with BHP's Olympic Dam as a future-facing opportunity. Peter (CFO) added that there is no single driver, but the path to double-digit Return on Net Assets (RONA) involves improving utilization and focusing on profitable business rather than chasing revenue. The company is being selective about the work it takes, ensuring it can make money and perform the work safely, while also disposing of underperforming assets. Q: What does the pipeline and opportunities for material contracts look like, and how should we think about revenue growth after significant EPS growth from the focus on returns?A: Lester (CEO) stated there is a good opportunity set in front of them, with the recent BHP Olympic Dam extension being a key example. The focus is less on large headline numbers and more on converting opportunities that are profitable and meet return requirements. Peter (CFO) added that not every contract signed meets disclosure requirements, so many smaller contracts are not publicly disclosed, but they are confident in the overall pipeline. Q: What is the company's order of priority for capital management and allocation?A: Peter (CFO) explained that capital management is a balance, with the on-market share buyback being a favored mechanism to return money to the market, alongside a small uplift in dividends. The company is aware of investor preferences, noting that while some are happy with unfranked dividends, most traditionally prefer franked dividends. Lester (CEO) emphasized that every additional dollar deployed needs to have a clear purpose and an appropriate return, and Peter added that capital deployment is tightly controlled by active board members. Q: What approximate timeframe do you anticipate to reach the aspirational RONA target of 15%?A: Peter (CFO) noted that 15% is an aspirational target, and based on the marginal improvement trajectory over the past three years (6% in FY24, 8% in FY25, 9% in FY26), it would not be reached in the near term but rather in the medium term. He jokingly added he would only keep his job if they get there fairly quickly. Lester (CEO) clarified there is no single lever, but rather getting more from existing assets and being careful where the next dollar is invested. Q: Is the improvement in free cash flow sustainable?A: Peter (CFO) affirmed that the improvement is sustainable, prefacing that it's based on the quality of revenue being chased and deliberate decisions about where to contract and how to pick the next piece of work. He expressed optimism that free cash flow generation will continue to grow, describing the outlook as "quietly confident." Q: How would the $200 million of secured contract work for FY27 compare to FY26 at the same time last year?A: Lester (CEO) highlighted the most significant contract was the one announced at the back end of June (BHP Olympic Dam). He emphasized the pivot to longer-term maintenance work, which provides recurring revenue. He also noted the business is diversified within the resources space, with exposure to coal, gold, iron, and copper, which provides comfort. The pipeline is looking good across infrastructure, industrials, and renewables. Q: What is NPAT and CapEx guidance for FY27, noting that you have previously provided qualitative guidance?A: Lester (CEO) stated the company is in a good position and doesn't have to make decisions under pressure. He noted the fleet has a 15-year life cycle with a valuated average age of 5.9 years. For CapEx, he suggested modeling a number between $15 million and $19 million, compared to the ~$17 million spent last year. Q: How are you seeing the outlook for the wind farm sector, given media talk about wind farms no longer stacking up financially?A: Lester (CEO) reiterated comments from the half-year presentation that the lag in wind farms was due to the approvals process. He believes there is still a long pipeline that will come off towards the back end of this year or early next year. While the company's capability remains, its participation model has changed to be more selective, ensuring risks are managed and returns are appropriate for Boom. Q: When do you expect to be in a tax paying position?A: Peter (CFO) said the company expects its tax position to evolve as losses are utilized, but declined to give a precise cash tax date as it depends on future taxable income and legislation regarding the utilization of tax losses. He indicated the medium term is the timeframe. Q: Is M&A part of your plans going forward?A: Lester (CEO) stated that organic growth is the current priority, as there is plenty to do with the existing pipeline. If an inorganic opportunity comes up, it would have to compete like everything else and meet hurdle rates, but the company generally does not comment on M&A. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in BHP Group Limited Sponsored ADR? Here are five stocks we like better. Strong fiscal 2026 results: Underlying EBITDA rose 27% to $33 billion, underlying attributable profit increased 30% to $13 billion, and BHP declared a record-high four-year full-year dividend of $8.7 billion. Copper became the portfolio’s largest earnings driver, contributing 54% of group EBITDA as BHP produced roughly 2 million tonnes for a second consecutive year. WA Iron Ore also achieved record production while maintaining its position as the lowest-cost major producer. Growth spending will prioritize copper and potash: More than half of medium-term capital expenditure is expected to go toward copper, with projects including Escondida, Vicuña and Jansen Stage 1 supporting targeted production and cash-flow growth through the 2030s. Rust to Riches: The Great Resource Realignment BHP Group (NYSE:BHP) reported higher earnings, cash flow and shareholder returns for fiscal 2026, supported by stronger copper prices, record iron ore production in Western Australia and continued cost discipline across its portfolio. Chief Executive Officer Brandon Craig said the company produced about 2 million tonnes of copper for the second consecutive year, making it the world’s largest copper producer. Copper contributed more than half of BHP’s annual EBITDA for the first time, while Western Australia Iron Ore, or WAIO, delivered record production. → AMG’s Alternatives Boom Powers Record Growth Forget Chips, Buy Wires: BHP Hits Highs as Copper Overtakes Iron The company also addressed a recent fatality involving a worker employed by a contracting partner at the Peak Downs Mine in Queensland’s Bowen Basin. Craig said BHP is investigating the incident and has directed leaders across its global operations to reverify critical controls for higher-risk activities. “The only acceptable number is zero, and we are not there yet,” Craig said of the company’s safety performance. → Microsoft's Maia 300 Chip Targets NVIDIA's AI Dominance BHP Positioned to Win From U.S.-Australia Minerals Pact Chief Financial Officer Vandita Pant said underlying EBITDA rose 27% to $33 billion for the fiscal year, with a margin of nearly 60%. Underlying attributable profit increased 30% to $13 billion, while return on capital employed reached 26%. Total attributable profit, including exceptional items, rose 9% to nearly $10 billion. The result included a $2.3 billion non-cash impairment related to the Jansen potash project. → The Metals Company’s Big Bet Now Comes Down to a License BHP ended the year with net debt below $9 billion. The board determined a final dividend of $5 billion, or $0.99 per share for the June half, bringing the full-year dividend to $8.7 billion, its highest level in four years. Pant said the dividend was supported by operating results and proceeds from the Antamina silver streaming agreement. Underlying EBITDA: $33 billion, up 27% Underlying attributable profit: $13 billion, up 30% Total attributable profit: nearly $10 billion, up 9% Return on capital employed: 26% Full-year dividend: $8.7 billion Higher commodity prices aided the result, with copper prices up 35% and iron ore prices up 3%, according to Pant. She said group unit costs improved by more than 6% despite currency pressures, inflation and higher diesel and asset prices. BHP’s copper business generated a record $18 billion in EBITDA, representing 54% of group EBITDA, at a 70% margin. Pant said Escondida’s unit costs improved 10%, while Copper South Australia’s unit costs improved by more than 70%, aided by $4.5 billion in by-product contributions across the copper business. At Olympic Dam in South Australia, BHP delivered its highest production in 20 years. Unit cost fell to $0.32 per pound, supported by $2.3 billion in by-product revenue, resulting in records for EBITDA and free cash flow, Craig said. WAIO recorded production and shipment records and remained the world’s lowest-cost major iron ore producer for a seventh consecutive year, Pant said. Its C1 unit costs rose just 1% during the year, and the business generated approximately $10 per tonne more free cash flow than its closest peer, according to Craig. In steelmaking coal, BMA production has increased 10% over the past two years, Pant said, while stripping volumes reached their highest level in five years. Craig said BHP’s improvement plan for BMA does not include selling the business. Craig said BHP is seeking to accelerate safety, productivity and growth through its BHP Operating System, or BOS, and expanded technology deployment. Since 2020, BHP’s Operational Excellence Index score has increased to 52 from 36, with about 7,000 initiatives generating more than $5 billion in first-year cost savings. The company is targeting an Operational Excellence Index score of 65, which Craig described as beyond the level considered world-leading under external benchmarks. Technology initiatives were generating incremental EBITDA at an annual run rate of nearly $500 million by the end of fiscal 2026, and BHP aims to increase that figure to more than $650 million by the end of fiscal 2027. Pant said BHP expects to generate about $50 billion of attributable free cash flow at spot prices during the next five years after funding growth investments. Under a sustained multiyear downside commodity-price scenario, the company still expects approximately $15 billion in free cash flow over that period. BHP expects average capital expenditure of about $11 billion annually over the medium term, in nominal terms at constant foreign-exchange rates. More than half of growth spending will go to copper, rising to roughly two-thirds when non-operated joint ventures are included. Craig said BHP’s portfolio is estimated to deliver annual growth of 3% to 4% from 2027 through 2035, including roughly 5% annual growth in copper. The company’s lower-risk copper pathway targets about 50% growth by the mid-2030s, reaching around 2.5 million tonnes per year of attributable copper-equivalent production. BHP approved about $500 million of pre-commitment funding for a new concentrator at Escondida and expects a final investment decision in 2027 or 2028. The company is also advancing the Vicuña copper joint venture with Lundin Mining, which has received environmental approval for stage one, approval under Argentina’s RIGI fiscal-stability program and a royalty agreement with San Juan province. A stage-one investment decision could come as early as the end of the calendar year. Meanwhile, Jansen Stage 1 remains on track for first production in the middle of the next calendar year. Once ramped up, each stage is expected to generate about $1 billion in annual EBITDA with margins above 60%, Craig said. BHP Group is an Anglo-Australian natural resources company engaged principally in the exploration, development, production and marketing of commodities. Its core businesses include the extraction and processing of iron ore, copper, metallurgical and thermal coal, nickel and other minerals. BHP operates large-scale mining and processing assets and supplies raw materials used across steelmaking, energy and industrial supply chains. The company has a global operating footprint with significant assets and projects in Australia and the Americas, and commercial activities that serve customers worldwide. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "BHP Group H2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. BHP Group (ASX:BHP) reports record earnings, with copper becoming its largest earnings contributor for the first time. Copper earnings surpass iron ore, reflecting BHP Group's accelerated focus on copper production and related growth projects. The company outlines plans to increase copper output by up to 40% by 2035 through projects in Chile and Australia. BHP Group declares its highest annual dividend in four years, highlighting balance sheet capacity and cash generation. This shift toward copper points to a broader materials trend linked to electrification and digital infrastructure that is worth exploring further through 28 best rare earth metal stocks. BHP Group is a global metals and mining company with a market cap of A$324.4b and operations across Australia, Asia, Europe and the Americas, with copper now sitting alongside its long established iron ore business as a key earnings pillar. We've flagged 1 risk for BHP Group. See which could impact your investment. Copper now contributes 54% of BHP Group's underlying earnings, which shifts the company toward revenue that is more closely linked to electrification, data centers and power networks. This changes the earnings mix away from a heavy reliance on iron ore, although iron ore and steelmaking coal still underpin large, long life assets. The result broadly supports the Narrative that copper and other critical minerals are key growth drivers, while highlighting that project execution risk remains important. The copper focus aligns with the described pipeline of copper and potash projects. Cost and inflation pressures seen at Jansen are a live example of the execution risks flagged in the Narrative. If we take a look at the community Narrative for BHP Group, we can see how this news fits into the bigger investment story. The clearest checks will be copper production and unit cost trends from key assets such as Escondida, Olympic Dam and other major projects over the next few reporting periods. Investors can also track whether the planned up to 40% copper output increase by 2035 is supported by incremental project milestones and disciplined capital spending updates. For the full picture including more risks and rewards, check out the complete BHP Group analysis. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BHP.AX. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Release Date: August 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record production at Western Australia Iron Ore and around 2 million tons of copper for the second consecutive year, solidifying BHP Group Ltd (NYSE:BHP)'s position as the world's largest copper producer. Underlying EBITDA rose 27% to $33 billion with a margin of nearly 60%, and underlying attributable profit increased 30% to $13 billion. Unit costs improved by over 6% across the group, with notable cost declines at Escondida (10%) and Copper South Australia (over 70%), enhancing margins. Strong cash flow generation and a strengthened balance sheet, with net debt below $9 billion, supported a full-year dividend of $8.7 billion, the highest in four years. A robust growth pipeline, including copper projects expected to deliver around 5% annual growth and the Jansen potash project on track for first production, positions BHP Group Ltd (NYSE:BHP) for future value creation. A fatality at Peak Downs Mine underscores ongoing safety challenges, with the company acknowledging that progress is not the measure and zero fatalities remains an unmet goal. A $2.3 billion non-cash impairment related to Jansen negatively impacted total attributable profit, which rose only 9% to nearly $10 billion. Higher copper prices (up 35%) were a key tailwind, but the company faces currency pressures, inflation, and higher diesel and asset prices, which could pressure future costs. The Jansen project has highlighted the need for improved major project execution, with the company admitting that project delivery performance must be enhanced. Despite strong results, the company's growth estimates of 3-4% per year through 2035 are higher than what many investors model (around 2%), indicating a potential gap in market expectations. Warning! GuruFocus has detected 8 Warning Signs with BHP. Is BHP fairly valued? Test your thesis with our free DCF calculator. Q: What is the company's strategy for growth and how does it plan to deliver on its production targets?A: CEO Brandon Craig outlined three priorities: accelerating performance through the BHP Operating System (BOSS) and technology, delivering disciplined programmatic growth, and strengthening foundations. The company estimates 3% to 4% annual production growth from 2027 to 2035, including ~5% per year in copper. This growth is supported by a pipeline of high-quality projects, including the lower-risk copper pathway targeting ~2.5 million tons per year by the mid-2030s, and the Jansen potash project. Q: Can you provide details on the financial results and capital returns for the fiscal year 2026?A: CFO Vandita Pant reported underlying EBITDA of $33 billion, up 27%, with a margin of nearly 60%. Underlying attributable profit rose 30% to $13 billion, and return on capital employed was 26%. The company declared a final dividend of 99 US cents per share, bringing the full-year dividend to $8.7 billion, the highest in four years. Net debt was below $9 billion. Q: How is BHP addressing safety concerns following a recent fatality?A: CEO Brandon Craig addressed the tragic loss of a colleague at Peak Downs Mine, emphasizing that safety is the top priority. He stated that the company is committed to learning from the incident, with teams working through the investigation and leaders re-verifying critical controls for higher-risk activities. The aspiration remains to eliminate fatalities and high-potential injuries, with the only acceptable number being zero. Q: What is the outlook for the copper business and its contribution to the company?A: Copper is BHP's largest growth opportunity, with production of ~2 million tons for the second consecutive year, contributing more than half of annual EBITDA for the first time. The lower-risk growth pathway targets ~50% growth by the mid-2030s to ~2.5 million tons of attributable copper equivalent production. Key projects include Escondida's new concentrator, with $500 million in pre-commitment funding approved and an FID expected in 2027/28, and the Vicuna joint venture, which is progressing towards a potential FID by the end of the calendar year. Q: How is BHP managing costs and improving operational efficiency?A: The BHP Operating System (BOSS) is central to cost discipline. The Operational Excellence Index (OEI) has improved from 36 to 52 since 2020, with ~7,000 initiatives delivering over $5 billion in cost savings in their first year. Unit costs improved over 6% across the group despite inflation. The company aims to push the OEI score towards 65, beyond world-leading benchmarks. Technology initiatives are delivering incremental EBITDA at an annual run rate of ~$500 million, targeted to reach $650 million by the end of 2027. Q: What is the company's capital expenditure (CapEx) plan and how will it be funded?A: CFO Vandita Pant stated that CapEx is expected to be around $11 billion per year on average over the medium term. More than half of the growth spend will go to copper, with approximately two-thirds including non-operated joint ventures. The copper CapEx program is entirely self-funding at consensus prices, supported by the large base of cash flow from being the largest copper producer and a disciplined approach to sequencing and partnerships. Q: What are the expectations for the Jansen potash project?A: Jansen Stage 1 remains on track for first production in mid-calendar year 2027. Once ramped up, it is expected to deliver around $1 billion of EBITDA per year per stage, with margins above 60%. The project adds diversification, as potash demand drivers and customer markets are differentiated from other commodities, leading to less correlated prices and more stable earnings. Q: How is BHP planning to unlock value from its existing capital base?A: The company is focused on releasing value from undervalued capital, with a potential to unlock around $10 billion. Of this, $6.3 billion has already been executed in the last nine months, including proceeds from the Antamina silver streaming transaction. Additionally, the company received almost $1 billion in cash from previously announced non-core asset sales. Q: What is the company's view on the future of its steelmaking coal business (BMA)?A: CEO Brandon Craig affirmed that BHP has a plan to improve performance and returns at BMA, and that plan does not include selling the business. The focus is on strengthening the supply chain and cost productivity to lift production and reduce costs over the medium term. There is potential to invest further if fiscal conditions improve. Q: What is the expected free cash flow generation over the next five years?A: CFO Vandita Pant projected that at spot prices, BHP expects to generate around $50 billion in attributable free cash flow over the next five years, after funding growth investments. Even under a sustained multi-year downside commodity price scenario, the company still expects to generate around $15 billion of free cash flow over the period, highlighting the resilience of its diversified portfolio. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

BHP Group Limited recently reported full-year 2026 results, with sales rising to US$58,760 million and net income reaching US$9,833 million, and declared an ordinary dividend of US$0.99 per security for the six months to June 30, 2026. For the first time, copper overtook iron ore as BHP’s largest earnings driver, contributing the majority of underlying EBITDA and reshaping the group’s portfolio focus. Next, we’ll explore how copper’s new role as BHP’s main earnings engine may influence the company’s existing investment narrative. AI is about to change healthcare. These 7 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. To own BHP today, you need to be comfortable with a miner that is increasingly defined by copper rather than iron ore. The short term catalyst is copper’s new role as BHP’s main earnings engine, while a key risk is execution across multiple large copper and potash projects. The latest results, where copper generated 54% of EBITDA and supported higher profit, reinforce that pivot rather than changing the risk profile in a fundamental way. The full year 2026 result on 17 August looks most relevant here. BHP reported sales of US$58,760 million and net income of US$9,833 million, alongside a US$0.99 dividend per security for the half. That combination of higher earnings, strong copper contribution and a sizeable payout gives you a concrete sense of how the copper pivot is already flowing through to cash returns, but it also underlines how dependent the story has become on that single metal. But while copper’s strength is front and center, investors should also be aware of how project delays or cost overruns could... Read the full narrative on BHP Group (it's free!) BHP Group's narrative projects $56.1 billion revenue and $13.3 billion earnings by 2029. This requires 1.3% yearly revenue growth and about a $3.1 billion earnings increase from $10.2 billion today. Uncover how BHP Group's forecasts yield a A$61.02 fair value, a 4% downside to its current price. By contrast, the most cautious analysts were assuming fairly flat revenue around US$52.5 billion and earnings of about US$13.0 billion by 2029, and they worry that the same copper heavy growth ambitions that excite others could just as easily magnify permitting, cost and timing risks, so it is worth seeing how their more pessimistic view holds up after such a copper led result. Explore 16 other fair value estimates on BHP Group - why the stock might be worth as much as 90% more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your BHP Group research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision. Our free BHP Group research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate BHP Group's overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: Outshine the giants: these 17 early-stage AI stocks could fund your retirement. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 28 best rare earth metal stocks of the very few that mine this essential strategic resource. Uncover the next big thing with 57 elite penny stocks that balance risk and reward. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BHP.AX. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in BHP Group Limited Sponsored ADR? Here are five stocks we like better. BHP reported a strong fiscal 2026, driven by record Western Australia iron-ore production, strong Escondida copper output and resilient commodity prices. Copper generated more than 50% of EBITDA for the first time, while net debt fell below $9 billion and annual dividends reached $8.7 billion. The company is prioritizing copper growth, targeting an increase in attributable production from 1.4 million to 2 million tons and beyond through expansions at Escondida and Copper South Australia, the Vicuña project in Argentina and longer-term Resolution options in Arizona. Safety remains BHP’s top priority following a fatality at the Peak Downs mine. Management also highlighted plans to improve productivity, expand potash and iron-ore production, and advance decarbonization, with emissions down nearly one-third from 2020 and almost 80% of assets powered by renewable energy. Rust to Riches: The Great Resource Realignment BHP Group (NYSE:BHP) reported higher earnings, record copper and Western Australia Iron Ore production, and a full-year dividend of $8.7 billion for fiscal 2026, as the miner said it plans to accelerate operational improvements and pursue growth in copper, potash and other core commodities. Chief Executive Officer Brandon Craig said the company entered the year from a position of strength, citing its Tier 1 asset base, operating system and balance sheet. He said BHP’s agenda is to improve safety, productivity and growth while maintaining capital-allocation discipline. → Applied Materials Beat Everything but Wall Street’s Expectations for Margins Forget Chips, Buy Wires: BHP Hits Highs as Copper Overtakes Iron Craig opened the presentation by addressing the death of a contractor colleague at the Peak Downs Mine in the Bowen Basin. He said the company was investigating the incident and that leaders across global operations were re-verifying critical controls for high-risk activities. “The only acceptable number is zero,” Craig said, referring to fatalities and high-potential injuries. Chief Financial Officer Vandita Pant said underlying EBITDA rose 27% to $33 billion for the fiscal year, producing a margin of nearly 60%. Underlying attributable profit increased 30% to $13 billion, while return on capital employed reached 26%. → Texas Roadhouse and Brinker International Have the Recipe Rivals Are Missing BHP Positioned to Win From U.S.-Australia Minerals Pact Total attributable profit, including exceptional items, increased 9% to nearly $10 billion. Results included a $2.3 billion non-cash impairment related to Jansen. Net debt fell below $9 billion, Pant said. The board determined a final dividend of $5 billion, or $0.99 per share for the June half, bringing the full-year dividend to $8.7 billion, the company’s highest in four years. BHP said proceeds from its Antamina silver streaming agreement also supported the payout. Copper prices were up 35% during the year, while iron ore prices increased 3%, according to BHP. Group unit costs improved by more than 6%, despite currency pressures, inflation and higher diesel and asset prices. BHP said it received nearly $1 billion in cash from previously announced non-core asset sales during the year. → AirJoule Technologies: Short Squeeze Setup Amid Rising Risks BHP produced approximately 2 million tons of copper for a second consecutive year and said copper accounted for more than half of annual EBITDA for the first time. The copper business generated a record $18 billion in EBITDA, representing 54% of group EBITDA, with a 70% margin. At Escondida, unit costs improved 10%, while Copper South Australia’s unit costs declined by more than 70%, supported by by-product revenue. BHP said Escondida delivered records for material mined and concentrator throughput, helping offset the effect of ore grades. The company approved about $500 million in pre-commitment funding for a new concentrator at Escondida. Craig said BHP expects to make a final investment decision on that project in 2027 or 2028. The optimized project scope is expected to provide higher throughput, production and returns, he said. BHP also said its lower-risk copper growth pathway could lift attributable copper-equivalent production by roughly 50% by the mid-2030s, to about 2.5 million tons annually. This includes more than 500,000 tons of copper-equivalent by-products. At the Vicuña joint venture with Lundin Mining, the company received environmental approval for Stage 1 and approval under Argentina’s RIGI investment framework during the half. Vicuña also signed a royalty agreement with Argentina’s San Juan province. Craig said a Stage 1 final investment decision could come as early as the end of the calendar year. Craig said BHP’s Operating System, or BOS, remains central to its efforts to improve safety and productivity. The company’s Operational Excellence Index score increased to 52 from 36 in 2020, and BHP said it has undertaken roughly 7,000 initiatives across the business over that period. In their first year of implementation, those initiatives generated more than $5 billion in cost savings, according to the company. BHP aims to raise its companywide Operational Excellence Index score to 65, which Craig said would exceed external world-leading benchmarks. Technology initiatives were delivering incremental EBITDA at an annual run rate of almost $500 million by the end of fiscal 2026, and BHP is targeting more than $650 million by the end of fiscal 2027. Western Australia Iron Ore achieved record production and shipments, while C1 unit costs rose only 1%, BHP said. Pant said WAIO remained the world’s lowest-cost major iron ore producer for a seventh consecutive year and had reduced costs in real terms after the COVID-19 period. In steelmaking coal, BMA production increased 10% over two years, according to the company. Craig said BHP does not plan to sell the business and sees an opportunity to improve production and costs through supply-chain and productivity initiatives. BHP expects capital expenditures to average about $11 billion annually over the medium term, measured in nominal terms at constant foreign-exchange rates. More than half of growth spending is expected to go toward copper, rising to about two-thirds when non-operated joint ventures are included. Pant said BHP expects its copper capital program to be self-funding at consensus prices. At spot prices, the company expects to generate approximately $50 billion in attributable free cash flow over the next five years after funding growth investments. Under a sustained multiyear downside commodity-price scenario, BHP expects about $15 billion in free cash flow over the same period. Jansen Stage 1 remains on track for first production in the middle of the next calendar year, Craig said. Once ramped up, each stage is expected to generate about $1 billion of EBITDA annually with margins above 60%. BHP said potash would add a differentiated earnings stream to its portfolio because its demand drivers and customer markets differ from those of its other commodities. Looking ahead, BHP estimated its portfolio could deliver 3% to 4% annual growth from 2027 through 2035, including approximately 5% annual growth in copper. Craig said the company’s priorities are to improve operational performance, execute projects on time and on budget, and build future growth options through partnerships, exploration and early-stage investments. BHP Group is an Anglo-Australian natural resources company engaged principally in the exploration, development, production and marketing of commodities. Its core businesses include the extraction and processing of iron ore, copper, metallurgical and thermal coal, nickel and other minerals. BHP operates large-scale mining and processing assets and supplies raw materials used across steelmaking, energy and industrial supply chains. The company has a global operating footprint with significant assets and projects in Australia and the Americas, and commercial activities that serve customers worldwide. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "BHP Group H2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.