Highlights From the 2026 BMO Farm to Market Conference

Research evidence excerpt

Highlights From the 2026 BMO Farm to Market Conference

May 14, 2026 | 12:01 ET~

BHP Metals & Mining - International

Alexander Pearce Analyst

alexander.pearce@bmo.com +44 (0)20 7246 5435

BHP-LSE Rating Price: May-13 Target Total Rtn

BHP-NYSE Market Perform £33.53 £26.00 -19% Kodees Waran VP Associate

kodees.waran@bmo.com +44 (0)20 7246 5431

Legal Entity: BMO Capital Markets Limited

Highlights From the 2026 BMO Farm to Market

Conference

Bottom Line:

Karina Gistelinck, Asset President Potash, participated in a fireside chat at the 2026 BMO

Capital Markets Farm to Market Conference. Discussion centred on the strategic role of 40 2YR Price Volume Chart

potash within BHP’s portfolio, progress at Jansen Stage 1 and the framework guiding

capital allocation ahead of Jansen Stage 2 investment decision.

Key Points 25 4

20 2

Potash a Core, Long-Term Growth Pillar: Potash is one of BHP’s core commodity 1

pillars, with long-term demand linked to population growth, food security, and 15 Nov May Nov May 0

improving agricultural productivity. Jansen is positioned as a long-life, low-cost, LHS: Price (£) / RHS: Volume (mm) Source: FactSet

expandable asset that provides BHP with natural diversification and a counter-cyclical

hedge to industrial commodities.

Constructive Potash Demand Outlook: BHP remains constructive on medium-to-long

term potash demand, citing population growth, rising living standards, and the need

for more productive/sustainable use of arable land. BHP projects potash demand to

grow ~70% by 2050 and expects Jansen’s volumes to be absorbed without structural

disruption, supported by a gradual market entry aimed at limiting any pricing impact.

Jansen Stage 1 Execution, Ramp-up and Costs: Jansen Stage 1 is now >80% complete