22 August, 2025 (16:00:00 AEST) BHP (BHP: $A42.0) decreases, 2 days' volume in a day; -6c [-0.1%] Vol Index 1.6 [1 is avg] www.buysellsignals.com BHP Group Limited's (ASX: BHP $A42.0) stock price decreased 6.0c (0.1%) from its previous trading session to close at $A42.0. Compared with the All Ordinaries Index which fell 49.9 points (0.5%) in the day, the relative price increase was 0.4%. Today its volatility (highest price minus lowest price/lowest price) of 1.9% was 1.4 times its average daily volatility of 1.4%. Today the stock traded at its 287-day high of $A42.81. The last time the price hit that high level was on Friday, Nov 08, 2024. The low for the day was $A42.0. There were 13,490,000 shares worth $A566.6 million traded today. The fall was exacerbated by robust volume of 1.6 times the average daily volume of 8.6 million shares. In the past four days trading has been on consistently high volumes; Volume Index (VI) has been 1.1 or higher. Today's update from Commodities markets - Copper Copper (NYMEX:HG;$4.45 per pound) rises for a second consecutive day, a two-day rise of 0.4% Copper (NYMEX:HG), has risen 1.85c (or 0.4%) for a second consecutive day on Thursday bringing its two-day rise to 1.90c or 0.4%. Copper last traded at $4.45 per pound.($9,811 per Ton). PV$1000 [10 Years] = US$1,912 Present Value of US$1,000 invested in Copper 10 years ago is now worth US$1,912; this corresponds to a TRS or CAGR of 6.7% 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 Fri, Aug 22 http://www.bhpbilliton.com/ Last $A42.0 52-Week Price Range $A33.25 - $A45.31 Ave Daily Volume 8,563,504 shares Currency 1.000 AUD = 0.642 USD Today's Volume [VI] 13,490,000 [1.6] Market Cap $A213 billion [US$137 billion] Exchange AUSTRALIAN [ASX] P/E 17.3 EPS (FY2024) $A1.56 EPS Growth (FY2024 vs FY2023) -38.8% Shares Outstanding 5,073,901,188 BHP in Indices All Ordinaries [of 387 stocks] Dividend Yield % (TTM) 4.47 DPS (past 12 months) $A2.4 or 235c Sector Materials [Rank by MCap 1 of 566 stocks] PV$1000 (1 yr) and TRS $A1,130; 13% US$1,075; 7.5% VI* Volume Index = Number of shares traded today/Average number of shares traded per day. Primary Exchange and Other Listings: Trading Currency and Volume (Excl ADR) Exchange Ticker Currency Last ADVT Vol % of Total Today's VI ASX BHP AUD 42 9,127,302 99.1 1.5 OTCBB BHPLF USD 25.06 268,702 0.9 0.5 Total 100.00 1 AUD [Australian Dollar]= 0.642 USD Stock Buzz Other Publishers Buzz in the past week Aug Headline Publisher Wed 20 Donald Trump comes out swinging amid talks with Rio Tinto s Simon Trott and BHP s Mike Henry The Australian Wed 20 Is mining under-taxed? BHP is anything but Australian Financial Review Wed 20 BHP chief beats Anthony Albanese to securing meeting with Donald Trump as concerns over US-Australia alliance rage on Sky News Australia Tue 19 Mining giant BHP threatens to mothball Queensland mines on royalty hit, coal price slump news.com.au Tue 19 Resources Technology Showcase: BHP iron ore chief Tim Day not quite as bullish as Twiggy on green dreams The West Australian INDEX SECTION 1 MOVING ANNUAL RETURN % STOCK VS INDEX SECTION 2 CORPORATE PROFILE AND INDEPENDENT RATINGS SECTION 3 RECENT NEWS AND RESEARCH SECTION 4 THE PAST YEAR: PRESS RELEASES SECTION 5 COMMODITY BUZZ - COPPER SECTION 6 TODAY'S BEARISH SIGNALS SECTION 7 ONGOING BEARISH PARAMETERS SECTION 8 TODAY'S BULLISH SIGNALS SECTION 9 ONGOING BULLISH PARAMETERS Read more... ANNEXURE APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER APPENDIX II STOCK IDENTIFIERS SECTION 1 MOVING ANNUAL RETURN % STOCK VS INDEX Aug 22 Last price in AUD Annual Return of stock, % Return of All Ordinaries Index, % Net return Stock minus Index, % 2025 42 12.5 11.4 1.1 2024 39.01 -0.8 10.7 -11.5 2023 39.35 14.7 5.9 8.8 2022 34.31 4.3 -9.4 13.7 2021 32.88 21 28.4 -7.4 Annual return of the stock overperformed return of the Index in each of the past 3 years. SECTION 2 CORPORATE PROFILE AND INDEPENDENT RATINGS 2.1 Activities BHP Group Limited is an Australia-based resources company. The Company is a producer of commodities, including iron ore, copper, nickel, potash and metallurgical (steelmaking) coal. It is focused on offering a range of resources, which provides copper for renewable energy; nickel for electric vehicles; potash for sustainable farming, and iron ore and metallurgical coal for the steel needed for global infrastructure and the energy transition. Its segments include Copper, Iron Ore, and Coal. Its Copper segment is engaged in mining of copper, silver, zinc, molybdenum, uranium, and gold. Its Iron Ore segment is engaged in mining of iron ore. Its Coal segment is engaged in mining of metallurgical coal and energy coal. The Company is also focused on operating Olympic Dam, Prominent Hill, and Carrapateena underground copper-gold mines in South Australia. Its operations are situated in Australia, Europe, China, Japan, India, South Korea, rest of Asia, North America, South America, and others. It is Australia's largest Materials company by market capitalisation. 2.2 Independent Ratings and Relative Value Indicators + Top 100 Polluters: According to environmental non-profit Carbon Disclosure Project (CDP) just 100 companies have been the source of more than 70% of the world's greenhouse gas emissions from 1988 to 2015. The CDP ranked BHP Group Limited 20 [rank 1 is worst] in the top 100 polluters. BHP Group Limited contributed 0.91% of global industrial greenhouse gas emissions in that period. + Newsweek 500: It was ranked 226 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 7.5% in Waste productivity, 7.3% in Water productivity and 5.2% in Carbon productivity. + Top 40 Miners: It is the largest by MCap among the PwC Top 40 Miners. + Industryweek 1000: It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 77. + PwC 100: It was ranked 54 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; a deterioration over 6 years from rank 19 as at March 31, 2009. + IHS Energy 50: It was ranked 44 in IHS Energy's list of Top 50 Energy Companies 2013; a deterioration over a year from rank 23 in 2012. 2.3 Contact Details Website http://www.bhpbilliton.com/ Physical Address Level 18, 171 Collins Street, MELBOURNE, VIC, AUSTRALIA, 3000 Phone (61) 1300 55 47 57 Fax (61 3) 9609 3015 Email James.Agar@bhpbilliton.com 2.4 Industry & Sector [of 725 stocks] Classification Level Name of Sector Economic Sector Basic Materials Business Sector Mineral Resources Industry Group Metals & Mining Industry Specialty Mining & Metals SECTION 3 RECENT NEWS AND RESEARCH A year ago the exchange rate was USD 1 = 1.48 AUD. USD1000 would have bought $A1,481. A year ago the BHP share price was $A39.01. $A1,481 would have bought 38 BHP shares on that day. Those 38 shares would be worth $A1,595 at today's share price of $A42.0. At today's exchange rate of USD1=1.56 AUD this is equivalent to USD1,024. Dividends reinvested are worth $A53 ($51). PV$1000= $1,075. SECTION 4 THE PAST YEAR: PRESS RELEASES 4.1 Press Releases and Corporate Wire Press Release article 1 of 4, Source: WEC, 43 words February 25: BHP announces dividend BHP today announced an interim dividend of 78.50c per share, franked to 100%. The ex-dividend date is Thursday, March 06, 2025 and it is payable on Thursday, March 27. Press Release article 2 of 4, 962 words October 09 2024: BHP : Chairman's Statement Chair's review Dear Shareholders, I am pleased to provide BHP's Annual Report for FY2024. Our operational and financial performance was strong in FY2024, and we made solid progress against our social value and sustainability commitments. It is more than four years since we began the strategic transformation of BHP's portfolio towards future-facing commodities and the world has changed markedly in that time. Thank you for the trust you have given us through this period. Today, BHP has a portfolio of world-class assets focused on products that are critical to the future. A portfolio positioned for growth, yet resilient and able to withstand volatility. A product mix that can continue to deliver financial and social value over the long term. However, FY2024 was overshadowed by a fatality. We are deeply saddened that Luke O'Brien, a team member working with one of our contracting partners at BHP Mitsubishi Alliance (BMA), was fatally injured in January in a vehicle incident at the Saraji mine in Queensland. Our heartfelt thoughts and condolences go to Luke's family and friends. Safety is our top priority and our commitment to zero fatalities and serious injuries at BHP is unwavering. Our strategic priorities During FY2024 I had the pleasure of meeting with our people, Indigenous partners, suppliers and other stakeholders at our global sites and offices. These discussions reinforced that our ongoing commitment to the priorities of safety, culture and capability, capital discipline, the continued development of our world-class portfolio and social value continue to be the right focus areas for BHP. Safe, inclusive and productive workplaces Our commitment to safety includes eliminating sexual harassment, racism and bullying in our workplaces. We are determined to eliminate these unequivocally unacceptable behaviours. We know diverse and inclusive teams are safer and more productive. We achieved a 1.9 percentage point year-on-year increase in female employee participation in FY2024 to 37.1 per cent by year end. We also made progress towards our Indigenous employment targets, including Indigenous employee participation reaching 10.1 per cent in Chile and 11.2 per cent in Canada by year end. We have more work to do, but we are making progress on our commitment to provide a safe and inclusive workplace culture. Positioned for success BHP, and mining, have a clear and undeniable role to provide the metals and minerals the world needs for more sustainable development. The global trends shaping our future are interconnected, unstoppable and bring with them new challenges and opportunities for our sector. A growing and increasingly urbanised population seeking a higher standard of living will require vast amounts of metals and minerals. That demand will only be amplified by the energy transition. We are continuing to position our portfolio to align with these trends. Iron ore for steel to build cities and renewables infrastructure, steelmaking coal for the blast furnace process for making steel, copper for electrification, nickel for electric vehicle batteries and potash for food security and more sustainable land. Delivering value BHP's strong operational performance and disciplined approach to capital allocation has seen the Board determine dividends totaling US$7.4 billion to shareholders for the year. This will take the total amount of cash dividends returned to you since 1 July 2021 to over $US42 billion including the FY2024 final dividend. We continued to make significant contributions to the communities where we operate through employment, community partnerships, payments to local suppliers, and taxes and royalties paid to governments. Our total global economic contribution was US$49.2 billion in FY2024. Creating social value is vital to our business and goes hand in hand with long-term sustainable shareholder value. In FY2024, we delivered tangible progress in each of the six pillars of our social framework which are focused on decarbonisation, the environment, Indigenous partnerships, workforce, communities, and supply chains. Social value is interwoven into our strategic decision-making through our social value framework, which helps us to meet the world's demand for resources more sustainably, with more renewable energy, less fresh water use and less disruption. Board updates Our structured Board renewal process continued in FY2024. Ross McEwan joined the Board as a Non-executive Director on 3 April 2024. Ross has significant experience in the financial services industry with deep expertise in capital allocation, risk management and value creation in complex regulatory environments. Don Lindsay also joined the Board as a Nonexecutive Director on 1 May 2024 and brings over 40 years of global experience in the resources sector and investment banking, including in mining and resource development, financial markets, growth and value creation. In April 2024, Ian Cockerill retired from the Board and in October 2023, Terry Bowen also retired from the Board. We benefited greatly from Ian's and Terry's extensive experience and I would like to thank them for their contribution and commitment to BHP during their time with us. Outlook In recent decades, we have seen global economies and supply chains come together and support sustained economic development. Today, we are seeing more turbulence, tension and polarisation in the geopolitical landscape. We expect economic conditions to remain challenging in FY2025 as geopolitical issues continue to create volatility and impact global markets, security and trade. Despite these challenges, I am optimistic about our future. We have a world-class portfolio of large, long-life and high-quality assets which stands to benefit from the global changes shaping our world. We have a clear focus on being the best operator in the resources sector, being disciplined in capital management through our Capital Allocation Framework and having a differentiated approach to creating social value. We have a culture that is committed to safety, productivity and continuous improvement and we are working to make our workforce more inclusive and diverse. I am confident BHP is well positioned to continue to create sustainable long-term value for shareholders and for our partners and stakeholders in the year ahead. Press Release article 3 of 4, 29 words September 23 2024: BHP announces AGM BHP has announced its Annual General Meeting will take place on Wednesday, October 30. Press Release article 4 of 4, Source: WEC, 41 words September 02 2024: BHP announces dividend BHP today announced an interim dividend of $A1.09 per share. The ex-dividend date is Thursday, September 12, 2024 and it is payable on Thursday, October 03. SECTION 5 COMMODITY BUZZ - COPPER BUZZ article 1 of 4, 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 4, 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 4, 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 BUZZ article 4 of 4, Source: CNBC, 515 words Aug 27 2024: Copper prices near six-week high as one strategist says the 'worst of the correction is over' Key Points Prices of the red metal have been climbing steadily in recent weeks, paring losses after falling to a four-month low in early August. Saxo Bank's Ole Hansen said copper's recent rally had been bolstered by renewed demand from hedge funds which had previously cut their exposure "during the recent and deep 24% correction." "We believe the worst of the correction is over," Hansen said. Copper prices on Tuesday rose to an almost six-week high, supported by fresh investor demand and market optimism over the potential for imminent U.S. interest rate cuts. Copper for September delivery briefly touched $4.3065 per pound in New York on Tuesday, notching its highest level since July 18, when copper traded as high as $4.4280. The contract was last seen trading 0.4% higher at $4.2365. Three-month copper on the London Metal Exchange, meanwhile, traded 1.3% higher at around $9,406 per metric ton. Prices of the red metal have been climbing steadily in recent weeks, paring losses after falling to a four-month low in early August. Ole Hansen, head of commodity strategy at Saxo Bank, said copper's recent rally had been bolstered in part by renewed demand from hedge funds which had previously cut their exposure to the base metal "during the recent and deep 24% correction." "We believe the worst of the correction is over, but before copper can mount a stronger recovery, demand fundamentals need to improve, potentially supported by restocking through lower funding costs once the [Federal Open Market Committee] starts its long-awaited rate-cutting cycle," Hansen said in a research note published Friday. "Until then, traders will continue to look out for signs of improvement, not least through the reduction of elevated stock levels at warehouses monitored by the three major futures exchanges," he added. Rate cut optimism Late last week, Federal Reserve Chairman Jerome Powell boosted already high expectations for a U.S. interest rate cut at the central bank's Sept. 18 meeting. Powell on Friday said that "the time has come for policy to adjust," although declined to provide exact indications on the timing or extent of the cut. Copper prices are seen as likely to benefit from U.S. interest rate cuts, with looser monetary policy expected to alleviate the financial strain on manufacturers and construction firms. Demand for copper is widely considered a proxy for economic health. The red metal is critically important to various sectors including the energy transition ecosystem, and is integral to manufacturing electric vehicles, power grids and wind turbines. Wall Street banks have been bullish on the outlook for copper prices this year, citing supply risks and improving demand for energy transition metals. Indeed, analysts at Citi said in early April that the second secular bull market of copper this century was now underway - roughly 20 years after the first such cycle. "From a technical standpoint, the rally has paused after meeting resistance at the early August highs at USD 4.22 per pound in New York and USD 9,320 per ton in London. A break would open up for an extension to USD 4.31 and USD 9,500, respectively," Saxo Bank's Hansen said. Source: CNBC SECTION 6 TODAY'S BEARISH SIGNALS 6.1 Short Selling + In the Australian Short Selling market of 1254 stocks, short selling (on ASX and CHI-X) as a % of issued shares ranked 160th and within the top quartile of stocks, a bearish indicator. + The current short volume is 1.6 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. 6.2 Downtrend Trailing Relative Strength (6 months) at 48 percentile: - The stock has a 6-month relative strength of 48 in the Australian market of 1,444 stocks which means it has underperformed 52% of the market. 6.3 Overbought/Bearish Signals: - The Relative Strength Index (RSI) of 75.4 has penetrated the overbought line of 70, suggesting the price gain of 5.5% in the last 14 days is unusually high. - The Stochastic indicator of 87.5 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 7 ONGOING BEARISH PARAMETERS 7.1 BHP sees dividend fall for a third consecutive year BHP reported dividends per share of $A1.88 in the past year, down 20.1% from the previous year. This is the third consecutive dividend decrease. In the past 3 years average annual compound growth rate of dividends was -27.1%. 7.2 EPS growth [FY2024 vs FY2023] of -38.8%: FY EPS ($) Growth % 2024 1.56 -38.8 2023 2.55 -58.2 SECTION 8 TODAY'S BULLISH SIGNALS 8.1 Relative Value Indicators: Undervaluation compared with Index averages and bond yield - Earnings yield of 5.8% is more attractive compared with the Australian average earning yield of 1.8%. - The earnings yield of 5.8% is 1.4 times the 10-year bond yield of 4.3%. (All figures in %) Earnings Yield 5.8 Australian avg 1.8 Dividend Yield 4.5 Bond Yield 4.3 Dividend Yield > Bond Yield of 4.28%: The dividend yield of 4.47% is 1.04 times the triple-A bond yield of 4.28%. The times factor of 1.04 is above the benchmark factor of 0.67 times set by Benjamin Graham. (All figures in %) Dividend Yield 4.47 Bond Yield 4.28 Spread 0.19 The Dividend Yield of 4.5% is better than the Index average of 3.2% - The relative yield of the stock, defined by its yield of 4.5%, divided by average yield of dividend yielding stocks in the All Ordinaries Index of 3.2% is 141.5%. This suggests the stock is undervalued in dividend yield terms. 8.2 PAST WEEK: MODERATE MOMENTUM UP BHP strengthens 0.1% on firm volume 1.1 times average. Compared with the All Ordinaries Index which rose 22.2 points (or 0.2%) in the week, the relative price change was -0.1%. Week 34 of 2025: Up 0.1%; the price ranged between a high of $A42.12 on Tuesday Aug 19 and a low of $A41.47 on Monday Aug 18. Aug BHP Close [AUD] Change % Comment Fri 22 Decreases, 2 days' volume in a day 42 -0.1 VI*=1.6 Thu 21 Increases - at bullish turning point 42.06 0.7 VI*=1.1 Wed 20 Falls 1.2% from 14-day high 41.75 -0.9 VI*=1.2 Tue 19 Hits one-month high on firm volume 42.12 1.6 Top Rise; VI*=1.2; RPC=2.2% Mon 18 Drops 1.2% on weak volume 41.47 -1.2 Steepest Fall * RPC - Relative Price Change is % price change of stock less % change of the All Ordinaries Index. [Volume Index (VI); 1 is average] 8.3 Uptrend Price/Moving Average Price of 1.08 and positive MACD: - The Price/MAP 200 for BHP is 1.08. Being higher than 1 is a bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of $A39.31 is higher than the 200-day MAP of $A38.97, a second bullish indicator. - The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 41.45 minus the 26-day EMA of 40.75 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal. Past Quarter: The Best 3 weeks in the past quarter In the past quarter the week beginning Monday August 11 saw the highest weekly rise of 4.4% for a relative price increase of 2.9%. Mon-Fri Change % All Ordinaries Index Change % Vol Ind [1 is avg] Aug 11-15 4.4 1.5 0.8 Jun 23-27 3.6 0.2 1.1 Jun 30-Jul 04 3.2 1.1 1.3 8.4 Other Bullish Signals - Return on Equity of 19.5% versus sector average of 5.2% and market average of 4.1%. - Total Liabilities/EBITDA of 2.9 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5. - Return on Assets of 9.4% versus sector average of 2.8% and market average of 0.8%. - Return on Capital Employed of 20.7% versus sector average of 2.9% and market average of 1.7%. - Interest cover defined by EBIT/I is 8.3 times. This indicates it is less leveraged. MCap/Total Assets: - Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1.3. 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 32.8%. This is better than sector average of 20.9%. - Net profit margin has averaged 26.1% 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 of 19.5% is better than sector average of 5.2%. This is computed as net profit margin of 17.2% times asset turnover [sales/assets] of 0.54 times leverage factor [total assets/shareholders' equity] of 2.1. SECTION 9 ONGOING BULLISH PARAMETERS 9.1 Rank in the top 99% by Liquidity in the Australian market Description Value Rank Ave daily turnover $A327 million In top 99% 9.2 Rank in the top 1% by Size in the Australian market Description Value Rank Turnover $A566.6 million In Top 1% Annual Revenue $55.7 billion In Top 1% MCap $137 billion In Top 1% 9.3 Past quarter momentum up: BHP jumps 8.7% on average volume 1.0 times average. Past month to High Low VWAP Volume Index * 22 Aug 2025 42.81 39.18 40.99 0.9 22 Jul 2025 41.69 35.52 38.39 1.0 20 Jun 2025 39.39 35.88 37.71 1.2 [*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] 9.4 Rank in the top 22% by Productivity in the Australian market Description Value Rank Return on Capital Employed [ROCE] % 20.7 In Top 15% Return on Equity [ROE] % 19.5 In Top 15% Return on Assets [ROA] % 9.4 In Top 22% 9.5 Present Value of AUD1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVAUD1000 > 1,086 PVAUD1,000 3 mo ago 1 yr ago 3 yrs ago BHP.ASX $A1,087 $A1,130 $A1,506 Materials sector $A1,110 $A1,159 $A1,198 All Ordinaries Index $A1,078 $A1,118 $A1,267 9.6 Past quarter: price rise of 8.7% 3-Month price change of 8.7% for BHP outperformed the change of 7.5% in the All Ordinaries Index for a relative price change of 1.2%. Price Change % Quarter BHP 8.7 Materials sector 10.9 All Ordinaries Index 7.5 9.7 Created Market Value [CMV] past 19 yrs of $A78.2 billion - Market Capitalization has increased by $A118.5 billion from $A94.6 billion to $A213.1 billion in the last 19 years. This increase comprises cumulative retained earnings (RETE) of $A40.3 billion and Created Market Value of $A78.2 billion. The Created Market Value multiple, defined by the change in MCap for every AUD1 of retained earnings is exemplary at $A2.94. 9.8 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 12.9% TSR % 1 yr 3 yrs 5 yrs BHP.ASX 13 14.5 18.3 9.9 Safe Interest Cover Interest cover of 8.3 is above a safe benchmark figure of 3. However, it has decreased from 11.4 a year ago. Years Interest cover 2024 8.3 2023 11.39 9.10 Low Debt to Equity (%) and Reducing The debt to equity ratio of 43.2% is under a safe benchmark figure of 50%. Moreover, it has improved from 46.9% a year ago. Years Debt to Equity (%) Jun 2024 43.22 Jun 2023 46.87 Jun 2022 34.87 Jun 2021 37.97 Jun 2020 52.27 9.11 Increased Volume, up 47% in 5 years In the past five years, Average Daily Volume of Trading (ADVT) has increased 46.7% to 8.6 million shares. Avg. Daily Volume Traded 12 months ended Aug 22, million shares Year ADVT 2025 8.6 2024 7.6 2023 8.7 2022 11.2 2021 5.8 9.12 Increased VWAP, up 22% in 5 years In the past five years Volume Weighted Average Price (VWAP) has increased by 21.5% to $A39.26. Past five years, 12 months ended Aug 22 (AUD) Year High Price VWAP Low Price 2025 45.31 39.26 33.25 2024 47.25 41.83 36.94 2023 44.15 38.84 31.77 2022 44.36 35.3 28.08 2021 40.46 32.32 24.38 9.13 Increased share turnover, up 74% in 5 years In the past five years, average daily share turnover has increased 74.1% to $A331 million. This suggests increased liquidity. Past five years, 12 months ended Aug 22 (AUD million) Year Average Daily Turnover 2025 331.0 2024 321.9 2023 339.1 2022 400.7 2021 190.1 9.14 Revenue, EPS, and EBITDA: - Revenue growth rate has shown signs of recovery in recent years. [compared with previous year, all figures in %] FY Revenue Growth EPS Growth EBITDA Growth 2024 3 -39 -22 2023 -17 -58 -31 9.15 Satisfies three criteria of Benjamin Graham - "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield equals the triple-A bond yield of 4.3%. -""Total debt less than tangible book value""; total debt of USD21.2 billion is less than tangible book value of USD47.4 billion. -""Stability of growth in earnings over the last 5 years, defined as no more than two declines of 5% or greater in year-end earnings""; there have been 2 declines in earnings in the last 5 years. 9.16 Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]: - Positive net income. - Positive operating cashflow. - Good quality of earnings [operating cashflow exceeds net income]. - Improvement in current ratio from 1.2 to 1.7. - Improvement in asset turnover [growth in revenue of 3.4% exceeded growth in assets of 1.1%]. But does not meet the following 4 criteria of Joseph Piotroski: - Return on Assets improvement. - Improvement in long-term debt to total assets. - Total shares on issue unchanged (or reduction in total shares on issue). - Improvement in gross margin. APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER BHP: EXPORT DATA TO EXCEL: + PRICE VOLUME - 5-YEAR HISTORY + FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2024]: + PEER COMPARISON BHP: OTHER INFORMATION: + NEWS ARCHIVES - BHP PAST 3 YEARS: + 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 APPENDIX II STOCK IDENTIFIERS ISIN: AU000000BHP4 PermID: 4295856983 RIC: BHP.AX LEI: WZE1WSENV6JSZFK0JC28 Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situa