JPM | BIG AUSSIE REPORTING: Cost Escalations in Focus, Thoughts on BHP, RIO and a Heavily Shorted EVN

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JPM | BIG AUSSIE REPORTING: Cost Escalations in Focus, Thoughts on BHP, RIO and a Heavily Shorted EVN

Specialist Sales

APAC Specialist Sales J P M O R G A N

12 July 2026

JPM | BIG AUSSIE REPORTING: Cost Escalations in Focus,

Thoughts on BHP, RIO and a Heavily Shorted EVN

Anmol Mehta

+852 2800 8896

anmol.mehta@jpmorgan.com

Happy Sunday. We have BHP, RIO & EVN reporting this week where we expect cost inflation to be the key focus through

reporting season. All in all, expect a 5-10% EBITDA margin impact to miners. On positioning, LO’s are heavily skewed to BHP

in Australia due to lack of AI alternatives whilst HFs prefer RIO on the potential for non-core asset sales. In gold, Evolution

Mining has seen shorts reach 1Y highs despite the stock correcting 15% -last quarter the stock was up 9% on the day despite

missing on sales and AISC’s, something similar you could see this reporting seasons. Full thoughts & setup below.

Key Highlights Today

• COST ESCALATION: Expect a 5-10% Negative EBITDA margin impact to Miners

• BHP & RIO: Positioning, debates & Setup into Earnings this week

• EVOLUTION MINING: Short Interest Ratio at 1 Year Highs, Squeeze Risk Again?

• ACCESS: Jon Sharp is hosting Evolution’s CEO this at 8am HKT this thursday (Please reach out to join)

Earnings This Week

Date Metals & Mining

07/14

Rio Tinto Limited Q2 Sales (06:30)

07/15 Evolution Mining Q4 Sales

07/16 BHP Q4 Sales (06:30)

07/17 JSW Steel

Detailed Highlights

Happy Sunday, heading into yet another reporting season we’ve got 3 quarterlies to focus on this week RIO, BHP and

Evolution Mining (for Wednesday and Thursday). Full financials will be reported later (Rio 29thJuly, BHP 11th Aug and EVN 19th

Aug), you will get valuable data with Production & Unit cost updates.