ANC22-Presentations-Full Updated

P R E S E N T A T I O N S

Mines and Petroleum Minister

The Hon Bill Johnston MLA






AUSTRALIAN NICKEL CONFERENCE 2022

Western Australia’s nickel sector






•  WA’s fourth most valuable minerals sector, nickel

industry achieved sales of $4.9 billion in the past

financial year


•  Important source of jobs – Employment accounted for

5.3% of the State’s mines and petroleum workforce


•  Exploration companies have increasingly targeted


nickel-cobalt in recent years.


•  China remained the State’s largest nickel customer

accounting for 64% of nickel exports in 2021.





Mines and Petroleum Minister The Hon Bill Johnston MLA 2

Nickel projects and investment








•  Global demand for nickel in the manufacture of

lithium-ion batteries



•  Surge in local nickel project developments.


•  Increase in sales volumes



•  Number of exciting developments at the

exploration stage, including OZ Minerals’ West


Musgrave project.







Mines and Petroleum Minister The Hon Bill Johnston MLA 3

Downstream and global supply






•  Australian-first – BHP’s Nickel West unit achieved

first production of nickel sulphate in 2021


•  The plant capacity is rated at 100,000 tonnes of

nickel sulphate per year


•  Pure Battery Technologies plans to build $460

million precursor cathode active material (pCAM)

hub refinery in Kalgoorlie region


•  WA companies and projects are integrating with

global battery supply chains.






Mines and Petroleum Minister The Hon Bill Johnston MLA 4

WA Government supporting the sector







•  EIS receives $12.5 million per year to help

uncover the next big resource discovery



•  Geoscience Data Transformation Strategy

due for completion in 2025



•  $12 million over four years to commence the WA-

Array - a State-wide passive seismic survey



•  MRIWA expects to release its roadmap to

decarbonise WA in February 2023.





Mines and Petroleum Minister The Hon Bill Johnston MLA 5

Future Battery and Critical Minerals








•  Western Australia’s Future Battery and

Critical Minerals Industries Strategy.



•  Sets a platform for further investment in the

manufacturing of battery components.



•  Other priorities: participation in global supply

chains, promoting investment opportunities


and developing local workforce capabilities.








Mines and Petroleum Minister The Hon Bill Johnston MLA 6

Department of Mines, Industry Regulation and Safety







dmirs.wa.gov.au






@Resources_WA






Department of Mines, Industry Regulation and Safety






[email protected] +61 8 6552 6700








Mines and Petroleum Minister The Hon Bill Johnston MLA 7

Nickel: Supplying the Modern World




Australian Nickel Conference, 2022














Daniel Rodriguez

Vice President, APAC


CRU Group















October 2022

Legal notice



This presentation is private and confidential. It must not be disclosed in
whole or in part, directly or indirectly or in any other format without the
prior written permission of CRU International Limited.

CRU International Limited’s responsibility is solely to its clients and its
liability is limited to the amount of the fees actually paid for professional
services.

Although reasonable care and diligence has been used in the preparation
of this presentation, we do not guarantee the accuracy of any data,
assumptions, forecasts or other forward-looking statements. We accept no
liability to third parties, howsoever arising.

CRU takes information security seriously and currently holds the UK
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have the appropriate security controls across our organisation and third
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customers














Copyright CRU International Limited 2022. All rights reserved.

Agenda












o Introduction






o Costs, Production






o Regional Overview






o Outlook






o Demand










3

About CRU




CRU specialises in mining, metal, and fertilizer commodities delivering business intelligence through analysis, consulting, and events


Analysis Consulting Prices Events Sustainability Date Commodity

1969 Copper
‐ Subscriptions for ‐ Advice tailored to the ‐ Regular price ‐ Both commercial and ‐ Providing data and 1973 Lead & Zinc
regular publications needs of our clients assessments technical events insight for key areas 1975 Aluminium
and news for the bigger
‐ Market decisions ‐ Robust and ‐ Conferences sustainability
‐ Independent market ‐ Strategy development transparent ‐ Seminars questions 1980 Steel
analysis methodology 1981 Nickel, Chrome, Molybdenum
‐ Project valuation and ‐ Workshops ‐ Carbon Emissions and
‐ Short, medium and due diligence ‐ Unbiased and accurate Markets 1982 Iron Ore
long-term market assessments ‐ Networking forums
outlooks ‐ Policy advice & ‐ Compliance with ‐ Circular economy 1982 Ferro-Alloys
negotiation support
‐ Cost analysis and IOSCO code of best ‐ Policy and regulation 1986 Stainless Steel
forecasts practice
‐ Energy transition 1987 Metallurgical Coal
1988 Steel Sheets
1989 Ferro-Chrome

CRU is a global independent authority with over 50 years experience in the metals mining, and fertilizer and chemicals 1990 Steel Long Products
sector, providing market analysis, consultancy and events services. Our long experience in the sector combined with our 1991 Steel Plate
global presence, means that CRU is uniquely positioned to draw upon our long-standing knowledge, experience and
relationships, offering a fully comprehensive multi-commodity service to our analysis and consulting clients. 1991 Wire & Cable
Our analysts and consultants are located in London, Mumbai, Beijing, Singapore, Shanghai, Sydney, Santiago, New York, 1992 Manganese
and Pittsburgh. Our global footprint allows us to access crucial market information, and to build strong relationships 1997 Coke
with key market players around the world.
2012 Alumina Price Index
As a privately owned with no alignment to producer, consumer or trader interests. Our independence is central to our
reputation and continued business success. 2014 Thermal Coal
2016 Lithium

4

What does CRU Consulting typically do?



CRU Consulting is committed to providing informed and practical advice to meet the needs of our clients and their stakeholders. Our
extensive network, deep understanding of commodity market issues, and analytical discipline, mean that we can assist clients in their

decision-making process.


Areas of expertise






Cost & Emissions Due diligence &
Market research Value in use Market Strategy Capital Support
benchmarking feasibility studies




• Market 101’s • Products specific • Cost • Market outlook • Offtake volumes • Market feasibility
price forecasts benchmarking study
• Multi-commodity • Competitive • Location
overviews • Preparation for • Analysing industry awareness advantages • Input into the IPO

• Investor support future contract cost structure prospectus
and guidance negotiations • Sales and supply • Pricing
• Assessing cost review mechanisms • Participation in
• Selective mining competitiveness investor
roadshows






All of this is underpinned by data and insight from CRU Analysis regular products



5

Energy transition demands new commodities and this year prices are booming




CRU basket of 38 mining, metals and fertiliser price forecasts | 2022 over 2021* Nickel Price Levels highest since 2007



Lithium | Ammonia | Potash KCl | Sulphur | Thermal Coal | Phosphate Rock | Nickel | Pet
Coke | Silicon | Cobalt | Met Coal | Brent Crude | Coal Tar | Aluminium MW | Zinc | 0%
Hot >15%
Aluminium | Ferrochrome | Phosphate DAP | Silico-Manganese | Steel Scrap |
Manganese Ore | Molybdenum | Sulphuric Acid | Alumina
M

Warm 5% to 15% Copper | Chrome Ore | Tin** | Met Coke | Gold | Urea

-15% +15%

F = Freezing (<-15%), M = Mild (0-5%), H = Hot (>15%)
Mild 0% to 5% Lead


CRU basket +39.4%


Cool -5% to 0% Platinum | Bauxite | Palladium
Raw Materials 51.0%



Metals 25.4%
Cold -15% to -5% Silver | Steel HRC China | Steel HRC US


Precious Metals -1.9%


Freezing <-15% Iron Ore
Fertilisers 69.2%




DATA: CRU Market Outlooks *2022 annual average price forecast over 2021 (29 April 2022). **ITA 6

Energy transition is leading to supply chain bottlenecks for key elements














Geopolitics are ‐ Policy developments due to Impact of War on Ukraine
affecting investment ‐ Responsibility for carbon emissions
patterns ‐ Investments in commodity production







‐ Share of renewables in the energy mix is growing strongly
Energy generation
demands new ‐ PV investments require Silicon
commodities ‐ Wind energy investments often require Rare Earth
Elements






‐ Connecting together many small generating units and high
Energy Transmission power car charging requires lots of Copper
remains copper
intensive ‐ Reducing domestic consumption of natural gas also puts
pressure on electricity transmission









7

There are many commodities which are stressed by the energy transition











More critical in 2022: 13 elements – Li, C, Mg, Al, Sc, Ti, V, Mo, Ru, Th, Pd, Os, Ir
Less critical in 2022: 10 elements – Cr, Ge, Se, Sb, Te, Hf, Au, Hg, Ti, Bi










Red elements combine






‐ Role in electrification & energy
transition
‐ Long term uncertainties
‐ Short term supply chain

bottlenecks
‐ Limited substitution possibilities






Source: World Materials Forum (https://worldmaterialsforum.com/home.html). This table is a collaboration between CRU, BRGM and McKinsey
Note: Elements in white have not been assessed


8

CRU & Nickel Coverage























































Data: CRU 9

Nickel Supply





• The first quartile of the 2020 CRU cash cost curve is
dominated by concentrates operations. NPI Conc HPAL FeNi



• These operations benefit from tried and tested low-cost

froth floatation processing along with revenue streams
from multiple metals as these mines are generally
polymetallic in nature.



• In 2022, the lowest cost sites are Platinum mines CRU value adjusted cash cost, including royalties 2022 Nickel Cash Price

producing nickel as by products (South Africa) alongside
some PGM rich mines in Russia (Polar) and Canada
(Glencore INO, Vale Sudbury)



• There are 2 main definitions of mine costs; cash costs and

all-in-sustaining cost. In effect, they show how much it
costs a mining operation to produce a tonne of Nickel. Cumulative nickel production, '000
tonnes











Data: CRU 10

Nickel Costs: Story of 2022



• Global average nickel costs see a record high, 66% increase YoY
CRU Cash Costs $/t, Nickel price $/t

th
• Nickel price rallies above the 90 percentile
35,500
90th 75th 50th Price


31,500



27,500



23,500



19,500



15,500




11,500



7,500
Jan 17 Jul 17 Jan 18 Jul 18 Jan 19 Jul 19 Jan 20 Jul 20 Jan 21 Jul 21 Jan 22 Jul 22






Data: CRU Base Metal Cost Dashboard 11

Nickel Costs: Story of 2022



Only 4% y-o-y increase was noted for the HPAL site costs noted the highest increase caused by higher
concentrate miners site costs Sulphur price, power costs spike and ramp up of new operations
Site costs by driver, 2020-2026 Site costs by driver, 2020-2026
16,000 16,000
+4% +15%




8,000 8,000


Ore Purchase Costs
Labour Costs
0 0
2020 2022 2024 2026 Power Costs 2020 2022 2024 2026
NPI and FeNi costs are highly sensitive to energy costs, Fuel Costs
ore price Coke Costs • The highest inflation was noted for HPAL operations. The
Site costs by driver, 2020-2026 Consumables Costs increase can be attributed to high increase in sulphur price
Maintenance Costs
16,000 (~10% YOY), fuel cost increase due to diesel price and finally new
capacity in ramp up (higher costs vs. fully ramped up operation)
+2%
• The increase of NPI and Ferronickel site costs shown on global

8,000 scale is cushioned by influx of new Indonesian capacity. The
domestic ore prices is Indonesia although higher than in 2021
are not nearly as high as the import prices for Chinese or
Japanese producers. Power costs increase is in line with the coal
0 price inflation.
2020 2022 2024 2026
Data: CRU 12

Nickel Producing Profiles



• Indonesia to remain the key source of nickel production

Production profiles for top producing countries

Unconstrained nickel production, '000t





ROW Indonesia China
5000

4500
Russia Australia Canada
4000

3500

3000


2500

2000

1500

1000

500

0
2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029



Data: CRU 13

Nickel Production Outlook



• Indonesia 2022 Mining Potential Projects Capacity by Region
CRU Costs & Emissions database grew to include ~30 nickel projects on 6 continents
2022 Nickel mine projects, all statuses


Estimated production capacity, kt

100 300



Asia




North America




Africa




Australia




Europe





South America

*Costed capacity only

Data: CRU 14

Nickel Production Outlook




Sulphide grade decline driven by aging operations and potential entry All nickel supplying geographies are expected to show grade decline
of new, low-grade projects over the next decade


Nickel average mined grade by ore type % Nickel average mined grade by country , %
1
1,
2.5 Sulphide 2.5 South Africa Brazil Canada Russia
Indonesia Australia China

2.0 2.0




1.5 1.5




1.0 1.0
-28%

0.5 0.5




0.0
2010 2020 2030 2040 2050 2010 2020 2030 2040 2050









1 - unconstrained, including probable, possible and speculative projects as supply
Data: CRU 15

Regional Overview: Indonesia



• Indonesia, Nickel Giant places high in the 3 Quartile of cost curve
rd
• The 2022 discount for both NPI and FeNi is pushing Indonesia
higher in the cost curve. CRU has not yet finalized the final 2022
discount but is expecting to see Indonesia costs move to the right
Indonesia sits in the 3rd quartile of the cost curve
Cost curve by country highlight, 2022, $t/Ni
Royalties Costs
30,000 Labour Costs
Power Costs
25,000 Fuel Costs
Explosives Costs
20,000
Coke Costs
Grinding Media Cost
15,000
Average Site Consumables Costs
Cost 10,450 $/t Maintenance Costs
10,000
Ore Purchase Costs

5,000


0


-5,000








Data: CRU 16

Regional Overview: Australia • 4 largest nickel producer globally
th




Australia – Mines & Plants Operating mine Australia – Nickel by process route
2022 status 2022
Project
Flotatation
Smelter or refinery Hydrometallurgy






Australia Nickel Producers
2022 ‘000 Nickel



BHP 56


IGO 43


Glencore 33


fqm 30


Mincor 10


prm 7 Concentrates
Intermediates
ANM 0 Other


Data: CRU 17

Regional Overview: Australia




• Labour, consumables & energy costs were key to Australia’s costs





Labour and energy costs represent more than half of Diesel prices in CRU macro assumptions saw a record 45% inflation since 2021
Australia’s site costs Australia – selected unit prices, 2020-2024, $/unit
Australia – Site cost by driver, 2022, %
$/hr & $/MWh $/l
160 1.0




Royalties Costs 120 +45%
Labour Costs
Power Costs
Average Fuel Costs
Site Cost Explosives Costs 80 0.5
11,350 $/t Chemicals Costs

Grinding Media Cost
Consumables Costs 40 Labour
Maintenance Costs Power
Diesel
0.0
2020 2021 2022 2023 2024








Data: CRU 18

Nickel Market Outlook: China’s nickel sulphate production reached a new record in August























































Data: CRU, Xinzedate, S&P Global 19

Nickel Market Outlook: China nickel imports at multi-year low























































Data: LME, CRU, S&P Global 20

Nickel Market Outlook: Demand in batteries to reach 1.1 Mt by 2026























































Data: CRU Note: high nickel chemistries include NMC721, NMC811 & NMCA, medium nickel chemistries include NMC532 & NMC622 21

Nickel Market Outlook: Battery Sector Main Contributor to Nickel Demand Growth























































Data: CRU 22

Battery Sector Share of Nickel Demand to Grow to 28% by 2040























































Data: CRU 23

Industry Needs 1.6Mt of New Supply by 2040























































Data: CRU 24

Thank you


















Daniel Rodriguez

Vice President, APAC


CRU Group






[email protected]

+61 427 012 169






October 2022

Delivering the resources for a




decarbonising world


























Matt Terry
General Manager, Kalgoorlie Nickel Smelter


Kalgoorlie Nickel Smelter

Disclaimer



Forward-looking statements
This presentation contains forward-looking statements, which may include statements regarding: our strategy, our values and how we define success; our expectations of a competitive advantage for our business or certain products; our commitment
to generating social value; our commitments under sustainability frameworks, standards and initiatives; our intention to achieve certain sustainability-related targets, goals, milestones and metrics; trends in commodity prices and currency exchange
rates; demand for commodities; reserves and production forecasts; plans, strategies and objectives of management; climate scenarios; assumed long-term scenarios; potential global responses to climate change; the potential effect of possible future
events on the value of the BHP portfolio; approval of certain projects and consummation of certain transactions; closure or divestment of certain assets, operations or facilities (including associated costs); anticipated production or construction
commencement dates; capital costs and scheduling; operating costs and supply (including shortages) of materials and skilled employees; anticipated productive lives of projects, mines and facilities; provisions and contingent liabilities; and tax and
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forward-looking information. Forward-looking statements are based on management’s current expectations and reflect judgments, assumptions, estimates and other information available as at the date of this presentation and/or the date of the Group’s
planning processes or scenario analysis processes. There are inherent limitations with scenario analysis and it is difficult to predict which, if any, of the scenarios might eventuate. Scenarios do not constitute definitive outcomes for us. Scenario
analysis relies on assumptions that may or may not be, or prove to be, correct and may or may not eventuate, and scenarios may be impacted by additional factors to the assumptions disclosed.
Additionally, forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to
differ materially from those expressed in the statements contained in this presentation. BHP cautions against reliance on any forward-looking statements or guidance, particularly in light of the current economic climate and the significant volatility,
uncertainty and disruption arising in connection with the Ukraine conflict and COVID-19.
For example, our future revenues from our assets, projects or mines which may be described in this presentation will be based, in part, upon the market price of the minerals or metals produced, which may vary significantly from current levels. These
variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing assets.
Other factors that may affect the actual construction or production commencement dates, costs or production output and anticipated lives of assets, mines or facilities include our ability to profitably produce and transport the minerals and/or metals
extracted to applicable markets; the impact of foreign currency exchange rates on the market prices of the minerals and/or metals we produce; activities of government authorities in the countries where we sell our products and in the countries where
we are exploring or developing projects, facilities or mines, including increases in taxes; changes in environmental and other regulations; the duration and severity of the Ukraine conflict and the COVID-19 pandemic and their impact on our business;
political uncertainty; labour unrest; and other factors identified in the risk factors discussed in section 9.1 of the Operating and Financial Review in the Appendix 4E and BHP’s filings with the U.S. Securities and Exchange Commission (the ‘SEC’)
(including in Annual Reports on Form 20-F) which are available on the SEC’s website at www.sec.gov.
Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to
future performance.
Presentation of information and data
Numbers presented may not add up precisely to the totals provided due to rounding. Due to the inherent uncertainty and limitations in measuring greenhouse gas (GHG) emissions and operational energy consumption under the calculation
methodologies used in the preparation of such data, all GHG emissions and operational energy consumption data or references to GHG emissions and operational energy consumption volumes (including ratios or percentages) in this presentation are
estimates. There may also be differences in the manner that third parties calculate or report GHG emissions or operational energy consumption data compared to BHP, which means that third-party data may not be comparable to our data. For
information on how we calculate our GHG emissions and operational energy consumption data, see our Methodology tab in our ESG Standards and Databook, available at bhp.com.
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No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.
Reliance on third party information
The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the
information. This presentation should not be relied upon as a recommendation or forecast by BHP.
BHP and its subsidiaries
In this presentation, the terms ‘BHP’, the ‘Company’, the ‘Group’, ‘BHP Group’, ‘our business’, ‘organisation’, ‘we’, ‘us’ and ‘our’ refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to note 28
‘Subsidiaries’ of the Financial Statements in the Appendix 4E for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this presentation may include production, financial and other information from
non-operated assets, non-operated assets are not included in the Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless otherwise stated.
Matthew Terry
5 October 2022 2

Acknowledgement of Country
























































Matthew Terry
5 October 2022 3

Nickel West in Western Australia


Our vision is to energise the future through innovation and excellence









Kalgoorlie Nickel Smelter
Mt Keith Open Cut Mines
& Concentrator













Kambalda Nickel Concentrator
Cliffs Mine


Kwinana Nickel Refinery
Leinster
Underground
& Concentrator









Matthew Terry
5 October 2022 4

Megatrends underpin a major uplift in nickel demand



Providing the opportunity to scale an established and capable asset



•  Worldwide, we expect 3 out of 5 passenger car sales to Cumulative demand in the next 30 years compared to the last
be electric by 2030, rising to 9 out of 10 by 2040 30 years 1
(%)
•  In the next 30 years, our lowest plausible case BHP 1.5°C Scenario
envisages a doubling of demand versus the previous Central Energy View
Lower Carbon View
30 years BHP Climate Crisis Scenario

Planning range
•  In BHP’s 1.5°C scenario, which requires steep global 300
annual emissions reductions, sustained for decades,
demand uplift is closer to four-fold


•  Auto makers are moving fast to secure supply 200

agreements




100






0
Primary Primary Iron ore
Nickel Copper (proxy for primary iron)
Source: BHP, Vivid Economics.
1 Refer to BHP’s Climate Change Report 2020, available at bhp.com, for a description of each
Matthew Terry of these scenarios and their essential assumptions, caveats and limitations.
5 October 2022 5

High quality nickel is key to a decarbonising world



We have a competitive advantage and are positioned to grow





Social value creates opportunities







Growing demand for a sustainable nickel product Social Growing
Value Demand






1
Second largest nickel sulphide resource in the world Nickel
West





Scalable Significant
Mining excellence and scalable infrastructure
Operations Resource






Investment opportunities across the value chain




1 Source: FY2022 BHP Annual Report. Refer to detailed table for BHP’s Nickel Mineral
Resources slide 13.
Matthew Terry
5 October 2022 6

Nickel West operational emissions baseline



Our pathway to net zero by 2050





BHP’s targets
Other
7% Diesel
Natural Gas 21% FY Maintain operational GHG emissions at or
19%
2022 below adjusted FY2017 levels - achieved



FY Reduce operational GHG emissions by at least
1.04 2030 30 per cent from FY2020** levels

Fugitives
0% Mt CO -e
2
2050 Net zero operational GHG emissions










Electricity
53% Notes:
**FY2020 baseline will be adjusted for any material acquisitions and divestments, and to reflect
progressive refinement of emissions reporting methodologies. The target’s boundary may in
some cases differ from required reporting boundaries. The use of carbon offsets will be
governed by BHP’s approach to carbon offsetting described at bhp.com/climate.



Matthew Terry
5 October 2022 7

Electric car makers value sustainable nickel suppliers



Greenhouse gas emission reduction through solar farms and renewable energy agreements




Merredin •  50MW of solar power from the Merredin Solar Farm.
Solar Farm •  Enough energy to power 100% of the
PPA Kwinana Nickel Refinery




Flat Rocks •  75.6MW wind farm to be built near Kojonup.
Wind Farm •  Enough energy to power 100% of Kalgoorlie Nickel
PPA Smelter and Kambalda Concentrator, from 2024.


•  27.4MW solar farm at Mt Keith
Northern
Goldfields •  10.7MW solar farm and 10.1 MW BESS at Leinster

Solar Project •  Expected Reduction of 12% of Scope 2 emissions based
on FY2020

•  Potential wind in the northern Goldfields
Exploring
other options •  Fleet electrification
•  Mineral carbonation at Mt Keith Tailings Dam

Leinster Solar Farm, Western Australia







8

Pursuing increases to the scale of Nickel West



Through the supply chain, from mine to market





Unlock equity feed sources with new mines








Increase volume through supply chain








Step change in nickel recovery








Debottlenecking opportunities






Jenny Knight, Furnace Coordinator, Kalgoorlie
Smelter renewal key to unlock future capacity







9

Social value is the right thing to do



It helps to protect our business today and positions us to access future opportunities





Social Value and Heritage







Decarbonising




Sustainable

nickel
ction
produ Water and biodiversity










Supply chain transparency

Apprenticeship programme, Kalgoorlie



Recycling





10

The future is clear



Our commodities are essential to everyday life, and necessary for decarbonisation






BHP has a globally significant nickel resource, essential

to a decarbonising world







Demand from batteries is estimated to grow substantially
over the next 10 years







Social value is embedded in our planning and

sets us apart






We will help supply the world with low carbon nickel for the

energy transition


John Stewart, Merredin Solar Farm




11



Competent Person Statement – Nickel Mineral Resources



Nickel West Mineral Resources Competent Person Statement
The information in this slide relates to Nickel West Mineral Resources as at 30 June 2022. Mineral Resources are inclusive of Ore Reserves and is based on information compiled by Richard Finch as Competent Person (compiler) for all declared Mineral Resources. The information in
this presentation that relates to the FY2022 Mineral Resources reported by the Company in compliance with the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012’ (‘The JORC Code 2012 Edition’) in the 2022 BHP Annual Report.
Report is available to view on www.bhp.com.

R. Finch is current Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and he is full-time employee of BHP. R. Finch has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). R. Finch is a BHP shareholder and is entitled to participate in employee share holding plans.
R. Finch consents to the inclusion in the presentation of the matters based on their information in the form and context in which it appears.

Mineral Resources as presented are reported in 100 per cent terms. Dry tonnages are reported and all tonnage and quality information has been rounded, hence small differences may be present in the totals. Total contained nickel metal is presented in the table below as kilo tonnes
(kt). No metallurgical recovery has been applied to the calculation of contained nickel metal. Mineral Resources classification is applied based on mineralisation type, geological understanding and an assessment of reasonable prospects for eventual economic extraction.


Compiled Nickel West Mineral Resources as at 30 June 2022
Measured Resources Indicated Resources Inferred Resources Total Resources
Deposit Mineralisation Type Contained Metal BHP Interest (%)
Tonnes (Mt) % Ni Tonnes (Mt) % Ni Tonnes (Mt) % Ni Tonnes (Mt) % Ni
(Ni Mt)
OC Disseminated Sulphide 4.1 0.72 77 0.58 52 0.64 133 0.60 0.80 100
OC Massive Sulphide 0.25 4.4 1.0 4.9 0.37 4.7 1.6 4.8 0.077 100
UG Disseminated Sulphide 15 1.9 9.9 1.4 3.4 1.3 28 1.6 0.45 100
Leinster
UG Massive Sulphide 0.53 5.0 1.9 5.4 1.0 4.1 3.4 5.0 0.17 100
Oxide – – – – 5.2 1.8 5.2 1.8 0.094 100
SP Oxidised – – – – 1.9 1.7 1.9 1.7 0.032 100
OC Disseminated Sulphide 133 0.54 67 0.52 24 0.52 224 0.53 1.2 100
Mt Keith
SP 3.6 0.49 – – – – 3.6 0.49 0.018 100
UG Disseminated Sulphide – – 6.1 0.87 1.7 1.0 7.8 0.90 0.070 100
Cliffs
UG Massive Sulphide 0.66 3.6 1.0 3.6 0.46 3.6 2.1 3.6 0.076 100
OC Disseminated Sulphide 125 0.58 106 0.63 170 0.61 401 0.61 2.4 100
Yakabindie
SP 4.6 0.60 – – – – 4.6 0.60 0.028 100
UG Disseminated Sulphide 1.4 1.3 6.9 1.3 1.7 0.63 10 1.2 0.12 100
Venus
UG Massive Sulphide 0.12 5.8 0.58 6.5 0.36 6.2 1.1 6.3 0.069 100
Nickel West Projects
OC Disseminated Sulphide – – 138 0.62 6.5 0.66 144 0.62 0.89 100
Honeymoon Well 9.1 0.72 18 0.75 3.8 0.74 31 0.74 0.23 100
UG Disseminated Sulphide
UG Massive Sulphide 0.35 6.0 0.92 6.4 0.17 6.6 1.4 6.3 0.088 100
Jericho OC Disseminated Sulphide – – – – 31 0.59 31 0.59 0.18 100
West Jordan OC Disseminated Sulphide – – – – 43 0.52 43 0.52 0.22 100



Matthew Terry
5 October 2022 13

IGO Limited




Critical metal products for a clean energy future


Matt Dusci – Chief Operating Officer

5 October 2022

Agenda


















1 Our Market













2 Our Journey












3 Our Operations

















2
2

Overview of Our Market














3

Climate Change



Core to decarbonisation is Class 1 Nickel




Global Emissions by Scenario, 2000 to 2050 (GtCO -eq) 1
2



Actual
Pre-Paris
60
Paris 2015
Glasgow Pledges
Net Zero



40








20








0
2000 2010 2020 2030 2040 2050






Cumulative emissions reached ~1.3 trillion tonnes last year, resulting in
~1.1 C rise in average temperature compared to pre-industrial levels
0




1.  Source: Wood Mackenzie: Global Metals & Mining Forum August 2022 4