15 December, 2025 (16:00:00 AEST) BHP (BHP: $A44.27) loses $A7 billion (2.9%) in MCap, steepest heavyweight fall in All Ordinaries Index; -$A1.32 [-2.9%] www.buysellsignals.com BHP Group Limited's (ASX: BHP $A44.27) stock price fell $A1.32 (2.9%) from its previous trading session to close at $A44.27. Compared with the All Ordinaries Index which fell 59.5 points (0.7%) in the day, the relative price change was -2.2%. It posted the steepest fall in MCap of $A6.7 billion with the most influence on the All Ordinaries Index. Its MCap is $A224.6 billion. Today its volatility (highest price minus lowest price/lowest price) of 2.5% was 1.8 times its average daily volatility of 1.4%. The stock traded between its three-day high of $A45.14 and its 11-day low of $A44.06 today. There were 8,450,000 shares worth $A374.1 million traded today; the volume was close to average trading. Today's update from Commodities markets - Copper Copper (NYMEX:HG;$5.36 per pound) drops 2.4% on high volatility Copper (NYMEX:HG) traded between an intraday low of $5.28 and a high of $5.53. The average daily volatility of 0.8% places Copper in the 2nd quartile in the market meaning it is moderately volatile. Copper price has decreased 12.95c (or 2.4%) from its last trading session of December 11 to close at $5.36 per pound.($11,817 per Ton), ending a two-day streak of rises. Today its volatility (highest price minus lowest price/lowest price) of 4.7% was 5.7 times the average daily volatility of 0.8%, up from 0.2% on Thursday and 0.3% on Wednesday. A fall in the price on high volatility is a bearish signal. PV$1000 [10 Years] = US$2,556 Present Value of US$1,000 invested in Copper 10 years ago is now worth US$2,556; this corresponds to a TRS or CAGR of 9.8% per annum [Total Annualized Return of Copper.] 52-Week Price Range: $4.01 per pound - $5.85 per pound 52-Week Price Range: $8,838 per Ton - $12,895 per Ton BHP (BHP) Stock Dashboard [traded in Australian Dollars, AUD] End-of-Day Mon, Dec 15 http://www.bhpbilliton.com/ Last $A44.27 52-Week Price Range $A33.25 - $A45.98 Ave Daily Volume 8,498,504 shares Currency 1.000 AUD = 0.665 USD Today's Volume [VI] 8,450,000 [1.0] Market Cap $A225 billion [US$149 billion] Exchange AUSTRALIAN [ASX] P/E 16.6 EPS (FY2025) $A1.78 EPS Growth (FY2025 vs FY2024) 14.1% Shares Outstanding 5,073,901,188 BHP in Indices All Ordinaries [of 387 stocks] Dividend Yield % (TTM) 1.77 DPS (past 12 months) $A1.9 or 188c Sector Materials [Rank by MCap 1 of 566 stocks] PV$1000 (1 yr) and TRS $A1,119; 11.9% US$1,166; 16.6% VI* Volume Index = Number of shares traded today/Average number of shares traded per day. A year ago the exchange rate was USD 1 = 1.57 AUD. USD1000 would have bought $A1,566. A year ago the BHP share price was $A40.35. $A1,566 would have bought 38.8 BHP shares on that day. Those 38.8 shares would be worth $A1,718 at today's share price of $A44.27. At today's exchange rate of USD1=1.5 AUD this is equivalent to USD1,143. Dividends reinvested are worth $A22 ($23). PV$1000= $1,166. APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER BHP: EXPORT DATA TO EXCEL: + PRICE VOLUME - 5-YEAR HISTORY + FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2025]: + PEER COMPARISON BHP: OTHER INFORMATION: + STOCK BUZZ + PRICE VOLUME CHARTS + USD vs AUD EXCHANGE RATE CHARTS IN HTML + COPPER COMMODITY PRICE CHARTS IN HTML + COPPER COMMODITY BUZZ IN HTML + BOARD OF DIRECTORS INDEX SECTION 1 MOVING ANNUAL RETURN % STOCK VS INDEX SECTION 2 CORPORATE PROFILE SECTION 3 THE PAST YEAR: PRESS RELEASES SECTION 4 COMMODITY BUZZ - COPPER SECTION 5 TODAY'S BEARISH SIGNALS SECTION 6 ONGOING BEARISH PARAMETERS SECTION 7 TODAY'S BULLISH SIGNALS SECTION 8 ONGOING BULLISH PARAMETERS Read more... ANNEXURE APPENDIX II STOCK IDENTIFIERS SECTION 1 MOVING ANNUAL RETURN % STOCK VS INDEX Dec 15 Last price in AUD Annual Return of stock, % Return of All Ordinaries Index, % Net return Stock minus Index, % 2025 44.27 11.7 6 5.6 2024 40.35 -8.7 7.9 -16.6 2023 44.2 7.4 8 -0.5 2022 41.14 30.4 -8.9 39.3 2021 31.55 2 12.8 -10.9 Annual return of the stock underperformed return of the Index in each of the past 3 years. SECTION 2 CORPORATE PROFILE 2.1 Activities BHP Group Limited is a leading global resources company headquartered in Australia, specializing in the exploration, development, production, and marketing of minerals, metals, and petroleum. Its core business activities encompass the extraction and processing of key commodities, including iron ore, copper, coal, nickel, and potash, with operations spanning multiple continents to meet global demand in sectors like manufacturing, energy, and infrastructure. Among its segments, copper has been the fastest-growing, fueled by rising demand from renewable energy technologies and electric vehicles, positioning BHP as a key player in the transition to a low-carbon economy. The company emphasizes operational excellence, innovation, and sustainable practices to optimize resource efficiency and deliver long-term value to shareholders and communities. It is Australia's largest Materials company by market capitalisation. SECTION 3 THE PAST YEAR: PRESS RELEASES 3.1 The Past Year: Press Releases http://www.buysellsignals.com/bst/01599102101151225322 SECTION 4 COMMODITY BUZZ - COPPER BUZZ article 1 of 3, Source: invest.wallstpicks.com, 1762 words Aug 05 2025: The Hidden Opportunity Tech Giants are Chasing - And it's Not What You Think Report: Early-stage company racing down the same path as the last monster breakout-before it delivered a staggering 23,580% return. While most investors chase the latest AI trend...The world's billionaire insiders are going deeper-to the essential tech that powers the whole revolution. Jeff Bezos. Richard Branson. Jack Ma. Andreessen Horowitz. They've all made strategic moves to this overlooked but critical piece of the AI supply chain- and when billionaires pile in this early, it's never by accident. Former Goldman Sachs strategist, Jeff Currie has called it, "The most compelling trade I've seen in 30+ years."1 This isn't about software, chips, or the latest AI app. It's about the metal driving the entire technological revolution- and it's about to break out to historic highs. One tiny company backed by some of the world's leading billionaires rode this same setup to a jaw-dropping 23,580% gain in just six years. Now, a new name is following a remarkably familiar playbook. It's called Star Copper Corp. (OTC:STCUF | CSE:STCU)-a high-potential explorer targeting one of the most copper-rich regions on Earth. But here's what makes this story different: the team behind Star Copper has done it before. They were the driving force behind Alpha Lithium, where they took a $20 million grassroots asset, raised over $100 million, built out a significant resource, and sold the company in a $313 million all-cash acquisition-all in just over three years. That wasn't a fluke. It was a masterclass in building value from the ground up. Now they're bringing that same strategy to copper. Star Copper's flagship project has already delivered promising historical drill results, with open mineralization in every direction. The next phase? A brand-new exploration program designed to uncover the full scale of what could be a major porphyry copper system. The current setup in copper echoes the beginnings of every major commodity bull market in history-surging demand, constrained supply, and early-stage explorers positioned to capture massive upside. With a seasoned team, a proven model, and a world-class asset, Star Copper is aiming to be the next breakout in the copper supercycle. A typically steady market, copper has hit all-time highs in 2024...and is now on track to shatter new records in 2025.2 Robert Friedland, a billionaire mining legend warns, "The world is suffering from a shortage of copper metal. Humanity would have to mine more copper in the next 20 years than we have in human history to meet surging global demand."3 That's thousands of years of demand crammed into just a couple of decades. This chart shows how this surging demand is set to create a massive shortage:4+ The supply-demand gap for copper is barely holding steady today - but that's about to change. A structural supply deficit is looming, and every year from now, the shortfall is expected to widen. What feels like "lean years" today, with copper prices already hitting all-time highs could soon be remembered as the good times. And it could get even worse because of AI. Copper already has a strong foundation of demand growth, driven by the accelerating global electrification megatrend. And every aspect needs more copper. EV's require 4x more copper than gas-powered vehicles. Wind turbines, solar panels, and battery storage rely on massive amounts of copper. The power grid needs a complete overhaul, requiring millions of tons of copper to support the transition to renewable energy. But now, AI infrastructure is emerging as the game-changer in copper demand. That's an entirely new layer of demand-stacked on top of an already-tight market. Considering that, it's no surprise that billionaire investors like Jeff Bezos, Bill Gates, Richard Branson and Jack Ma have already positioned themselves in the copper boom. And its why companies like Star Copper (OTC:STCUF | CSE:STCU) are attracting major attention right now. 2025 Is A "Tipping Point" Year For Copper Copper is a commodity. Like all commodities, its price is mostly driven by supply and demand. But the current copper situation is different than most commodity booms. It's being squeezed from both sides. Demand is accelerating at record speed, and supply isn't just struggling to keep up, it's falling even further behind. We'll break both down below, but here's the bottom line from billionaire mining legend Robert Friedland. He said, "We see a crisis coming in physical markets and a requirement for much higher prices to enable most of the copper projects that are in development to have a prayer coming in."7 Translation? We're heading straight for a major copper shortage-and prices may have to surge to fix it. That's why companies like Star Copper (OTC:STCUF | CSE:STCU) are looking to fill the looming supply gap. And as this setup unfolds, the opportunity for early investors is becoming increasingly clear. This chart shows exactly why the copper market is at a breaking point:7 You can see "primary demand" rising steadily. But the "probable projects" that would provide the vital new supply are falling fast. Eventually, even just "possible projects" won't be enough. The result is extreme. And it's why we're going to look at this chart again. The supply and demand chart above results in growing supply shortages like this chart shows.8 This is where it gets serious. This chart shows we're not just looking at a "tight" market. Instead, we're staring down a massive supply gap. It's manageable for now... but that's not expected to last. Modest shortages grow and eventually they become extreme. A recent McKinsey study found that the global copper shortage could reach 6.5 million tonnes in the near future.9 To put that into perspective, consider Escondida, the world's largest copper mine in Chile. It's enormous. Its mine pits are 20 square kilometers wide. That's like 43,000 football fields.10 It produces $33 million worth of copper every single day.11 To meet the projected shortage, the world would need at least five new Escondida-scale mines to begin production within the next five years. That's not happening. Not even one mine of that scale is expected to come online by 2030 - let alone six. And there's not much hope for ever getting a mine that big again because new copper discoveries are rarer than they've been in decades.12 And that's why Star Copper (OTC:STCUF | CSE:STCU) is pushing ahead aggressively in one of the world's richest copper regions. Because the world isn't ready for what's coming. And smart investors are getting in before the real squeeze begins. Copper's Double-Whammy Supply Crisis Copper isn't just dealing with exploding demand - the supply side is collapsing too. Not only is production tight, but new discoveries are drying up. And it's why companies like Star Copper (OTC:STCUF | CSE:STCU) are racing to secure the next big find right now. We're finding fewer deposits, the ones we do find are getting smaller and they're often lower grade then ever before. That's a brutal combination and it's exactly why smart money is piling into copper plays before the squeeze hits full force. And it's going to take a lot of smart money to fix the problem. BloombergNEF's Transition Metals Outlook 2024 estimates that reaching global net-zero goals will require $2.1 trillion in investment - roughly $84 billion a year. But here's the kicker... Mining companies aren't spending anywhere near enough. Capital expenditures for copper mining plummeted to just $14.4 billion in 2022 - down more than 50% from $26.1 billion in 2013. So we've got skyrocketing demand...A broken discovery pipeline...And not enough investment into the system. That's a very compelling case for companies like Star Copper (OTC:STCUF | CSE:STCU) which are targeting new copper discoveries. But we haven't even mentioned the one thing that could make this crisis even worse... AI Straw Breaks The Camel's Copper Back Copper prices are climbing - and hovering near all-time highs. But this isn't your usual supply-and-demand story. The delicate balance that's kept copper in check for years is breaking apart. Its because of Data centers. And they're about to rewrite the rulebook for copper demand. According to researchers at global consulting giant McKinsey & Company, the number of data centers is set to triple by the end of the decade.13 And with that growth comes an energy appetite unlike anything we've seen. They're projecting annual electricity demand between 171 and 219 gigawatts of electricity.14 That's the equivalent of 20 New York Cities running at full capacity in the middle of summer.15 And every single watt needs copper. From the power grid to the racks of processors, copper is the lifeblood of this digital infrastructure. Copper was in a tight spot before the AI and data center frenzy launched. Now the market is breaking wide open. And companies like Star Copper (OTC:STCUF | CSE:STCU) are rolling out plans to seize the opportunity. Because copper stocks are growing exponentially. The copper boom is happening right now and investors are already making huge profits. Star Copper (OTC:STCUF | CSE:STCU) is a relatively early-stage copper exploration company. But it's following a proven path that's already created billion-dollar wins in this sector. One of the most exciting copper stories in the world is KoBold Metals. It might be the best investment of the last five years. In 2019, KoBold started with just $5 million in funding and with a valuation of $12.5 million.16 By the end of 2024, it had raised $500 million and reached a $2.96 billion valuation. That makes KoBold's total increase at 23,580%17 in six years. It's like a stock going from $1 to $236... in six years It's an eye-popping move, fueled entirely by copper. Using artificial intelligence, KoBold takes old mining data and turns it into new discoveries. And it's working. The company's rising value speaks for itself. It has attracted backing from Jeff Bezos, Richard Branson, Jack Ma, and venture capital firm Andreessen Horowitz. Even with strong support from tech leaders and mining giants, the copper shortage is far from over. And KoBold isn't the only success story. Filo Mining is another copper play making early investors rich. Located in the Andes Mountains on the Chile-Argentina border, Filo's stock traded around C$2.00 before its major copper discovery. Within five years, it was bought out for C$32.50 per share-a gain of over 1,500%. That buyout was worth more than C$4 billion. But that's not all. NGEX Resources is another big name in copper. In 2020, its shares traded between C$0.50 and C$1.00. Then it confirmed a major copper discovery-also in the Andes Mountains in Argentina. Since then, its stock has kept climbing year after year. By 2025, NGEX shares were trading above C$13-a gain of more than 2,400% since 2020. These are porphyry copper discoveries-and they're creating massive value. And there's another major win: Skeena Resources has made a big multi-metallic discovery in the Golden Triangle. That's the same region Star Copper is exploring in. Just a year ago, you could've bought Skeena shares for under C$5.00. By 2025, they were trading above C$16 which is more than a 3x gain. The copper boom is real. And it's just getting started. And it's why Star Copper (OTC:STCUF | CSE:STCU) is looking to make its move right now. Source: invest.wallstpicks.com BUZZ article 2 of 3, Source: reuters.com, 117 words Jan 09 2025: Exclusive: Copper output at Chile's Codelco rose to 1.328 mln tons in 2024, document shows SANTIAGO, Jan 8 (Reuters) - Copper production from Chile's Codelco, the world's largest producer of the red metal, reached 1.328 million metric tons last year, according to an internal document seen by Reuters on Wednesday. The closely watched final number had not previously been reported but Chairman Maximo Pacheco said earlier this week that 2024 output was "slightly higher" than the 1.325 million tons produced in 2023. Faced with declining ore grades, accidents and mistakes at major construction projects, Codelco has been struggling to boost production from 25-year lows and revved up production at the end of the year to hit its 2024 target. Source: reuters.com BUZZ article 3 of 3, Source: CNBC, 1130 words Jan 06 2025: Several commodities face headwinds in 2025 - but this metal's record rally is set to continue Key Points Global commodity prices are largely expected to fall in 2025, but certain items such as gold and gas are likely to see higher prices, according to industry experts. Market participants will also be keeping an eye on further China stimulus in hopes that it may fuel a recovery in commodities demand in the world's second-largest economy. Commodity prices are largely expected to fall in 2025 due to a sluggish global economic outlook and a resurgent dollar, but gold and gas prices are poised to rally this year, according to industry experts. Commodities had a mixed 2024: While investors flocked to gold to hedge against inflation, commodities such as iron ore fell as the world's largest consumer of metals, China, struggled with tepid growth. The story this year is likely to be the same. "Commodities in general will be under pressure across the board in 2025," said research firm BMI's head of commodities analysis Sabrin Chowdhury, adding that the strength of the U.S. dollar will cap demand for commodities priced in the greenback. Market participants will be keeping an eye on further China stimulus in hopes that it may fuel a recovery in commodities demand in the world's second-largest economy. Oil prices to slip Crude oil prices last year were dragged down by weak Chinese demand and a supply glut, and market watchers expect prices to remain pressured in 2025. The International Energy Agency in November painted a bearish oil market picture for 2025, forecasting global oil demand to grow under a million barrels per day. This compares to a two million barrel per day increase in 2023. Commonwealth Bank of Australia sees Brent oil prices falling to $70 per barrel this year on expectations increased oil supply from non‑OPEC+ countries that'll eclipse the rise in global oil consumption. BMI said in its December note that the first half of 2025 was likely to see a supply glut as substantial new production from U.S., Canada, Guyana and Brazil comes online. Also, if OPEC+ plans to roll back voluntary cuts materialize, the oversupply will further pressure prices. BMI noted that the demand picture in 2025 was not clear yet. "Global oil and gas demand remains uncertain, with stable economic growth and rising fuel demand offset by trade war impacts, inflation and contracting demand in developed markets." Global crude benchmark Brent was last trading at $76.34 per barrel, around the same levels as it was a year ago in early January. Gas set to rise Global natural gas prices have rallied since mid-December 2024, driven by cold weather and geopolitics, Citi analysts said. Ukraine's recent halt of Russian gas flow to several European nations on New Year's Day has introduced greater uncertainty to the global gas markets. As long as the cutoff remains in place, gas prices are likely to remain elevated. Colder weather for the rest of winter in the U.S. and Asia could also keep prices elevated, said Citi. BMI forecasts gas prices to rise by about 40% in 2025 to $3.4 per million British thermal units (MMbtu) compared to an average of $2.4 per MMbtu in 2024, driven by growing demand from the LNG sector and higher net pipeline exports. U.S. Henry Hub natural gas prices, which was the gauge that BMI referred to, are currently trading at $2.95 per MMbtu. "LNG will continue to drive new consumption, supported by rising export capacity and strong demand in Europe and Asia," BMI analysts wrote. Gold may add sheen Gold prices notched a slew of all-time highs last year, and the run of fresh records could extend in 2025. "Investors are optimistic about gold and silver for 2025 because they are so pessimistic on geopolitics and government debt," said Adrian Ash, director of research at BullionVault, a gold investment services firm, emphasizing on the yellow metal's role as a hedge against risk. JPMorgan analysts also expect gold prices to rise, especially if U.S. policies become "more disruptive" in the form of increased tariffs, elevated trade tensions and higher risks to economic growth. Gold notched its best annual performance in over a decade last year. Bullion prices rose about 26% in 2024, data from FactSet showed, driven by central bank as well as retail investor purchases. BullionVault and JPMorgan expect gold prices to go up to $3,000 per ounce in 2025. Silver and platinum likely to advance Gold's poorer cousin, silver, could also see prices rise, especially as demand for solar power - silver is used in building solar panels - remains resilient and the metal's supply stays limited. "Both silver and platinum have strong underlying deficit fundamentals, and we think a catch up trade later in 2025, once base metals find firmer footing, could be quite potent," JPMorgan analysts noted. Silver is primarily utilized in industrial applications and is frequently incorporated in the production of automobiles, solar panels, jewelry and electronics. It is also needed in building artificial intelligence products and has military applications as well, said CIO of Swiss Asia Capital's CIO Juerg Kiener. That said, silver's upside will be dependent on global industrial demand which will be impacted by Trump's tariffs, precious metals trading services group MKS Pamp wrote in an outlook report. Copper faces demand worries Prices of copper, which is key to the manufacturing of electric vehicles and power grids, may see a dent after shooting to a record high this year on the back of a global energy transition. "A potential deceleration in energy transition amid Trump's policy shifts might dampen, to some extent, the 'green sentiment' that bolstered prices in 2024," BMI wrote in a note. While copper prices rose to a record high in May 2024 largely as a result of a squeezed market, they trended lower for the rest of the year, and will continue to do so, John Gross, president at the eponymous metals management consultancy John Gross and Company, told CNBC. A cocktail mix of high inflation, elevated interest rates and a stronger dollar will weigh on all metals markets, the metals market veteran said. Iron ore forecast to drop Iron ore prices may also slide on the back of an oversupply resulting from Chinese policies and geopolitics. "The expected U.S. tariffs on China, changing nature of Chinese stimulus and new low-cost supply [will] push the market into further surplus," Goldman Sachs said, forecasting prices to decline to $95 per ton in 2025. This despite China likely to import record amount of iron ore this year, according to Reuters. Iron ore prices fell over 24%, according to data from FactSet. Cocoa and coffee Cocoa and coffee prices stand out amongst the soft commodities basket, having scaled record highs in 2024 fueled by adverse weather conditions and supply tightness in key producing regions. But demand may taper in 2025. "Given that these commodities are trading at levels well above cost of production, we expect production to expand and demand to contract in the coming year," Rabobank researchers said. Source: CNBC SECTION 5 TODAY'S BEARISH SIGNALS 5.1 PAST WEEK: WEAK MOMENTUM DOWN BHP dips 0.4% on below average volume 0.9 times average. Compared with the All Ordinaries Index which rose 8.8 points (or 0.1%) in the week, the relative price change was -0.6%. The price ranged between a low of $A44.27 on Monday Dec 15 and a high of $A45.59 on Friday Dec 12. Dec BHP Close [AUD] Change % Comment Mon 15 Loses $A7 billion (2.9%) in MCap, steepest heavyweight fall in All Ordinaries Index 44.27 -2.9 Steepest Fall Fri 12 Hits year-high 9th time in three months 45.59 1.1 Price rise on beating relative strength Thu 11 Hits year-high 8th time in three months 45.1 1.3 Top Rise; RPC=1.2% Wed 10 Strengthens above moving average price 44.54 0.5 Price rise on beating relative strength Tue 09 Decreases on below average volume 44.3 -0.4 Overbought: close to 14-day high * RPC - Relative Price Change is % price change of stock less % change of the All Ordinaries Index. 5.2 Rank in the bottom 24% by Relative Valuation in the Australian market Description Value Rank Price/Earnings/Growth 1.18 In Bottom 24% Dividend Yield % 1.8% In Bottom 21% 5.3 Short Selling + In the Australian Short Selling market of 1254 stocks, short selling (on ASX and CHI-X) as a % of issued shares ranked 158th and within the top quartile of stocks, a bearish indicator. + The current short volume is 2.3 times its own historical average of 0.02%. It been up 111.1% from the previous day, been up 81.5% from a week ago and been up 511.4% from a month ago, a significant bearish indicator. 5.4 Downtrend Trailing Relative Strength (6 months) at 47 percentile: - The stock has a 6-month relative strength of 47 in the Australian market of 1,348 stocks which means it has underperformed 53% of the market. 5.5 Overbought/Bearish Signals: - The Relative Strength Index (RSI) of 72.4 has penetrated the overbought line of 70, suggesting the price gain of 5.9% in the last 14 days is unusually high. - The Stochastic indicator of 89.8 has broken through the overbought line of 80; this indicates the price is close to its 14-day high and is likely to revert to a downtrend. SECTION 6 ONGOING BEARISH PARAMETERS 6.1 Rank in the bottom 24% by Growth in the Australian market Description Value Rank EPS Growth % 14.1 In Bottom 24% 6.2 BHP sees dividend fall for a third consecutive year BHP reported dividends per share of 78.50c in the past year, down 64.2% from the previous year. This is the third consecutive dividend decrease. In the past 3 years average annual compound growth rate of dividends was -44.4%. 6.3 Satisfies 4 out of 9 criteria of Joseph Piotroski [pass mark 5]: - Positive net income. - Positive operating cashflow. - Return on Assets improvement [from 9.4% to 10.2%]. - Good quality of earnings [operating cashflow exceeds net income]. But does not meet the following 5 criteria of Joseph Piotroski: - Improvement in long-term debt to total assets. - Improvement in current ratio. - Total shares on issue unchanged (or reduction in total shares on issue). - Improvement in gross margin. - Improvement in asset turnover. SECTION 7 TODAY'S BULLISH SIGNALS 7.1 Relative Value Indicators: Undervaluation compared with sector averages Price/Earnings of 16.6 < Materials sector (of 512 stocks) avg of 25.7: - The price-to-earnings ratio of 16.6 indicates undervaluation compared with sector average of 25.7 and market average of 24.5. Price/Earnings/Growth of 1.18 < Materials sector (of 512 stocks) avg of 5.6: - Price/Earnings/Growth of 1.18 (based on the year-on-year growth in trailing 12 months EPS of 14.1%) versus sector average of 5.6 and market average of 3.8. 7.2 Relative Value Indicators: Undervaluation compared with Index averages and bond yield - Earnings yield of 6.0% is more attractive compared with the Australian average earning yield of 4.1%. - The earnings yield of 6.0% is 1.3 times the 10-year bond yield of 4.8%. (All figures in %) Earnings Yield 6.0 Australian avg 4.1 Dividend Yield 1.8 Bond Yield 4.8 Sector P/E Fortune 500 Stock: 16.6; Sector: 24.6 undervalued Top40 Miners Stock: 16.6; Sector: 24.9 undervalued 7.3 Uptrend Today's Volatility: The 4% discount to 12-month high of $A45.98 against the 33% premium to 12-month low of $A33.25 suggests the stock continues to push for new highs. Price/Moving Average Price of 1.1 and positive MACD: - The Price/MAP 200 for BHP is 1.1. Being higher than 1 is a bullish indicator. It is higher than the Price/MAP 200 for the All Ordinaries Index of 1.02, a second bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of $A42.93 is higher than the 200-day MAP of $A40.16, a third bullish indicator. The 200-day MAP has increased to $A40.16, a fourth bullish indicator. - The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 44.03 minus the 26-day EMA of 43.33 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal. Past Month: - Rises to Falls: In the past month the number of rises outnumbered falls 13:8 or 1.6:1. Past Quarter: - In the last three months the stock has hit a new 52-week high nine times, pointing to a significant uptrend. The Best 3 weeks in the past quarter In the past quarter the week beginning Monday December 01 saw the highest weekly rise of 7.6% for a relative price increase of 7.5%. Mon-Fri Change % All Ordinaries Index Change % Vol Ind [1 is avg] Dec 01-05 7.6 0.1 1 Sep 22-26 6.5 0.2 1 Oct 13-17 3.3 0.3 1.1 7.4 Other Bullish Signals - Return on Equity of 21.3% versus sector average of 8.3% and market average of 7.7%. - Total Liabilities/EBITDA of 2.8 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5. - Return on Assets of 10.2% versus sector average of 4.5% and market average of 1.6%. - Return on Capital Employed of 21.6% versus sector average of 12.0% and market average of 3.3%. - Interest cover defined by EBIT/I is 11.4 times. This indicates it is less leveraged. MCap/Total Assets: - Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1.4. Compared with the rest of the market the stock is undervalued. - Over the last 3 years average annual compound growth rate of earnings per share was 10.8%. This is considered moderate. - Net profit margin has averaged 21.9% in the last 3 years. This is considered superior and suggests a high margin of safety. - As per the Du Pont analysis, Return on Equity is high at 21.3%. This is computed as net profit margin of 21.7% times asset turnover [sales/assets] of 0.47 times leverage factor [total assets/shareholders' equity] of 2.1.Also, this has improved from 19.5% last year. ROE (%) Profit Margin (%) Asset Turnover Leverage factor Current Year 21.3 21.7 0.47 2.1 Previous Year 19.5 17.2 0.54 2.1 SECTION 8 ONGOING BULLISH PARAMETERS 8.1 EPS growth [FY2025 vs FY2024] of 14.1%: FY EPS ($) Growth % 2025 1.78 14.1 2024 1.56 -38.9 8.2 Rank in the top 99% by Liquidity in the Australian market Description Value Rank Ave daily turnover $A329 million In top 99% 8.3 Rank in the top 1% by Size in the Australian market Description Value Rank Turnover $A374.1 million In Top 1% MCap $149 billion In Top 1% Annual Revenue $51.3 billion In Top 1% 8.4 Past quarter momentum up: BHP jumps 9.1% on average volume 1.0 times average. Past month to High Low VWAP Volume Index * 15 Dec 2025 45.98 40.18 42.69 0.9 14 Nov 2025 44.55 41.91 43.29 0.9 15 Oct 2025 43.54 39.30 41.54 1.1 [*Volume Index of 0.9 means volume for the month was 0.9 times its 12-month average] [VWAP is defined as the Volume Weighted Average Price; High Low prices and VWAP are shown in AUD] 8.5 Rank in the top 19% by Productivity in the Australian market Description Value Rank Return on Equity [ROE] % 21.3 In Top 11% Return on Capital Employed [ROCE] % 21.6 In Top 12% Return on Assets [ROA] % 10.2 In Top 19% 8.6 Present Value of AUD1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVAUD1000 > 1,090 PVAUD1,000 3 mo ago 1 yr ago 3 yrs ago BHP.ASX $A1,091 $A1,119 $A1,232 Materials sector $A994 $A1,160 $A1,121 All Ordinaries Index $A986 $A1,044 $A1,208 8.7 The Best Periods [3 Mo, 1 Yr] with Price Change % > 9 1-Year price change of 9.7% for BHP outperformed the change of 4.4% in the All Ordinaries Index for a relative price change of 5.3%. Price Change % Quarter Year BHP 9.1 9.7 Materials sector -0.8 16 All Ordinaries Index -2.5 4.4 8.8 Created Market Value [CMV] past 20 yrs of $A108.5 billion - Market Capitalization has increased by $A151.5 billion from $A73.2 billion to $A224.6 billion in the last 20 years. This increase comprises cumulative retained earnings (RETE) of $A43 billion and Created Market Value of $A108.5 billion. The Created Market Value multiple, defined by the change in MCap for every AUD1 of retained earnings is exemplary at $A3.52. 8.9 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 7% TSR % 1 yr 3 yrs 5 yrs BHP.ASX 11.9 7.1 15.8 8.10 P/E/G < 1 The price earnings ratio of 16.6 divided by trailing twelve months eps growth of 14.1% corresponds to an attractive P/E/G of 1.2 times; this is better than sector average of 3.8. EPS Growth (%) 14.12 P/E/G 1.18 P/E 16.57 8.11 Improved EBIT Margins: EBIT margin is positive and has increased from 32.8% to 39.3% in the past year. FY EBIT Margins (%) 2025 39.3 2024 32.8 2023 43.6 2022 52.5 2021 44.9 8.12 Safe Interest Cover and Improving Interest cover of 11.4 is above a safe benchmark figure of 3. Moreover, it has improved from 8.3 a year ago. Years Interest cover 2025 11.36 2024 8.3 2023 11.39 8.13 Low Debt to Equity (%) The debt to equity ratio of 47.3% is under a safe benchmark figure of 50%. However, it has deteriorated from 43.2% a year ago. Years Debt to Equity (%) Jun 2025 47.32 Jun 2024 43.22 Jun 2023 46.87 Jun 2022 34.87 Jun 2021 37.97 8.14 Increased Volume, up 31% in 5 years In the past five years, Average Daily Volume of Trading (ADVT) has increased 30.7% to 8.5 million shares. Avg. Daily Volume Traded 12 months ended Dec 15, million shares Year ADVT 2025 8.5 2024 7.8 2023 7.7 2022 11.9 2021 6.5 8.15 Increased VWAP, up 20% in 5 years In the past five years Volume Weighted Average Price (VWAP) has increased by 19.7% to $A39.79. Past five years, 12 months ended Dec 15 (AUD) Year High Price VWAP Low Price 2025 45.98 39.79 33.25 2024 47.25 41.37 36.48 2023 46.23 41.25 37.66 2022 44.36 36.41 29.59 2021 40.46 33.25 28.08 8.16 Increased share turnover, up 52% in 5 years In the past five years, average daily share turnover has increased 52.1% to $A332.9 million. This suggests increased liquidity. Past five years, 12 months ended Dec 15 (AUD million) Year Average Daily Turnover 2025 332.9 2024 326.8 2023 322.2 2022 438.5 2021 218.9 8.17 Revenue, EPS, and EBITDA: 5-years average annualized earnings growth rate of 2.5% - Revenue gro