Presentation

2019 Second Quarter Report

2 3 J U L Y 2 0 1 9

Disclaimer

P A G E 2 /

Forward Looking Statements

This presentation has been prepared by OZ Minerals Limited (OZ Minerals) and consists of written materials/slides for a presentation concerning

OZ Minerals. By reviewing/attending this presentation, you agree to be bound by the following conditions.

No representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information, contained in the presentation or of the

views, opinions and conclusions contained in this material. To the maximum extent permitted by law, OZ Minerals and its related bodies corporate and affiliates,

and its respective directors, officers, employees, agents and advisers disclaim any liability (including, without limitation any liability arising from fault or negligence)

for any loss or damage arising from any use of this material or its contents, including any error or omission there from, or otherwise arising in connection with it.

Some statements in this presentation are forward-looking statements. Such statements include, but are not limited to, statements with regard to capacity, future

production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected

capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery

and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and

“envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in

the future and may be outside OZ Minerals’ control. Actual results and developments may differ materially from those expressed or implied in such statements

because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign

currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world,

the actions of competitors, activities by governmental authorities such as changes in taxation or regulation.

Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of the presentation.

Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, OZ Minerals does not undertake any obligation to publicly

release any updates or revisions to any forward looking statements contained in this presentation, whether as a result of any change in OZ Minerals’ expectations

in relation to them, or any change in events, conditions or circumstances on which any such statement is based.

Certain statistical and other information included in this presentation is sourced from publicly available third party sources and has not been independently

verified.

All figures are expressed in Australian dollars unless stated otherwise.

This presentation should be read in conjunction with the Quarterly Report released today.

Compliance Statements

P A G E 3 /

CentroGold Production Targets Cautionary Statement

The Production Targets for the CentroGold asset are based on:

/ Probable Ore Reserve 85%

/ Inferred Mineral Resource 15%

The modifying factors used in the estimation of the Ore Reserve were also applied to the Mineral Resources in the generation of the production target.

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the

determination of Indicated Mineral Resources or that the production targets will be realised.

The Ore Reserve and Mineral Resource estimates underpinning the production targets were prepared by a Competent Person in accordance with the JORC Code

2012.

The material assumptions used in the estimation of the production targets and associated financial information can be found in the

OZ Minerals announcements titled “Gurupi Province potential strengthened on CentroGold Pre-Feasibility Study” and “CentroGold Project Combined ‘Blanket’

and ‘Contact’ Mineral Resource as at 06 May 2019 and Ore Reserve as at 24 June 2019 Statement and Explanatory Notes”, released on 11 July 2019 and available

at: www.ozminerals.com/media/asx/

A Modern Mining Company Strategy

P A G E 4 /

• Driving inclusion and diversity, resulting in superior

performance

• Working safely, unlocking innovation, embracing

change and consistently delivering

• Our people are our ambassadorsHo

w w

e w

ork

• Global copper – Copper as driver of value;

strategic exposure to base and precious metals

• Capital discipline – Spending on things we

need that represent best value and make a

difference

• Devolved and agile – Embracing a devolved

model to unlock discretionary effort and value;

assets that easily bolt on or off

• Lean and innovative – Delivering bottom half

cost curve and superior operating performance;

lean principles to drive innovative solutions

• Customer focus – Leveraging global asset base

to develop partnerships with customers

Wh

at

we d

o

O V E R V I E W

Reflecting the next phase of value creation growth

Company Snapshot

O V E R V I E W

P A G E 5 /

Operating Mine Mine in construction Exploration Study phase

Australia Brazil

Exploration Cash

Broker consensus of

OZL valuation

Asset Timeline*

P A G E 6 /

O V E R V I E W

* Indicative timeline assumes required study hurdles and proposed timeframes achieved.

** See Cassini Resources’ ASX Release entitled “Maiden Succoth Resource Estimate” dated 7 December 2015 and available at: www.cassiniresources.com.au/investor-relations/asx-announcements

*** Refer ASX Announcement “Maiden Pantera MRE pushes Avanco’s Carajás Resource Base Beyond 1 Mt of Contained Copper” released on 19 March 2018, for Competent Person’s Consent, material assumptions, and

technical parameters underpinning the Pantera MRE

Multiple projects progressing through build and study phases

The MROR information on this timeline is extracted from the company’s previously published MROR statements and are available at: www.ozminerals.com/operations/resources-reserves/ . OZ Minerals confirms that it is not

aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions

and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. OZ Minerals confirms that the form and context in which the Competent

Person’s findings are presented have not been materially modified from the original market announcement. All Mineral Resource figures are estimates.

PROMINENT HILL Copper Mineral Resource: 130Mt @ 1.1% Cu, 0.6 g/t Au I Gold Mineral Resource: 20Mt @ 0.1% Cu, 1.2g/t Au

CARRAPATEENA SLC Mineral Resource: 46Mt @ 1.4% Cu, 0.7 g/t Au I BC Mineral Resource: 541Mt @ 0.6% Cu, 0.3g/t Au

SLC Ore Reserve: 79Mt @ 1.8% Cu, 0.7g/t Au

SUB LEVEL CAVE TO BLOCK CAVE TRANSITION

CARAJÁS PROCESSING HUB

TRANSITIONING TO PEDRA BRANCA ORE

ANTAS OPEN PIT

Mineral Resource: 2.6Mt @ 1.2% Cu, 0.4 g/t Au

PEDRA BRANCA UNDERGROUND

Mineral Resource: 19Mt @ 1.6% Cu, 0.4 g/t Au

CENTROGOLD Mineral Resource: 28Mt @ 1.9 g/t Au (excludes Chega Tudo deposit)

Ore Reserve: 20Mt @ 1.7 g/t Au

WEST MUSGRAVE (70% OZ MINERALS)

Succoth Mineral Resource: 156Mt @ 0.6% Cu **

PANTERA

Mineral Resource: 20.8Mt @ 1.7% Cu, 0.2 g/t Au***

EARLY WORKS

EARLY WORKS

ANTAS ORE

2019 2020 2021 2024

Ore Reserve: 69Mt @ 1.0% Cu, 0.6 g/t Au

2022 2023

RAM P UP PRODUCTIONCONCEPT /

DRILLING

SCOPING

STUDY

PRE-

FEASIBILITY

STUDY

FEASIBILITY

STUDYCONSTRUCTION

Nebo- Babel Mineral Resource: 238Mt @ 0.35% Ni, 0.38% Cu

EXPANSION STUDY

EXPANSION STUDY

Summary

P A G E 7 /

CARRAPATEENA AND PROMINENT HILL ON TRACK

⁄ Prominent Hill Haulage Feasibility Study and gold ore

processing trial updates

⁄ West Musgrave Pre-Feasibility Study update

⁄ Drilling: Jericho, Succoth, One Tree Hill, Antas Near Mine /

Regional, Canaa West, Gurupi, CentroGold, Mt Skipper,

Nullarbor, Pedra Branca extension, Mt Woods

UPCOMING ACTIVITY

ITEM Q1 Q2

Contained Copper produced (t) 27,442 28,525

Contained Gold produced (oz) 34,648 27,072

All-In Sustaining Cost US c/lb 104 120

C1 cost US c/lb 61 79

Favourable to annual guidance Unfavourable to annual guidance

CONTAINED COPPER AND GOLD PRODUCED

O V E R V I E W

⁄ Carrapateena on schedule for first concentrate in Q4;

~46,000 tonnes of development ore stockpiled

⁄ Prominent Hill on track for guidance; Explorer Challenge

drill targets identified

⁄ West Musgrave studies progressing; 10Mtpa confirmed as

optimised processing rate

⁄ Brazil operational update released; low risk, modest capital

hub strategy to be adopted

⁄ Eloise JV restructure implemented; new earn-in agreements

also signed in Carrapateena province and Sweden

⁄ Cash balance at $187 million following $177 million

investment into Carrapateena; growth capital to further

reduce cash balance by year end

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017 2017 2017 2017 2018 2018 2018 2018 2019 2019

(t/oz)

Copper Gold

Cash Generation

P A G E 8 /

WORKING CAPITAL MOVEMENTS - QUARTER CASH MOVEMENTS*

⁄ Cash balance of $187 million at 30 June

⁄ H1 2019 revenue circa $420 million; concentrate

shipments deferred into Q3 to align with

customer requirements

⁄ Trade receivables decrease of $29 million and

concentrate inventory increase of $39 million due

to shipment timing

⁄ Net ore inventory reduction of $43 million as

open pit stockpile processing continues

⁄ Carrapateena project cash investment of $177

million ($156 million of capital expenditure)

UPCOMING ACTIVITY

G R O U P F I N A N C I A L S

(A$M) Cash Utilisation: Q2 2019

⁄ Growth capital expenditure to further reduce

cash balance by year end

⁄ Ore inventory balance to continue depleting

with processing of Prominent Hill open pit ore

stockpiles to mid-2023

* Unaudited ** Includes non-cash depreciation and NRV adjustment

-$200 $0 $200 $400 $600 $800

(Millions)

Jun-19* Mar-19*

-$29M

+$39M

+$7M

-$155M

-$43M

-$26M

Trade receivables

Concentrate

Ore inventory**

Working capital

Cash balance

Trade payables

Q on Q

Movement

Prominent Hill UNDERGROUND ORE HAULED AND GRADE OPERATIONAL DELIVERY

EXPLORATION POTENTIAL

P R O M I N E N T H I L L P R O V I N C E

⁄ Copper and gold production on track for annual guidance

⁄ Underground mine produced 838kt of ore at 1.58% copper;

lower grades due to planned stope sequence which are

expected to improve in H2

⁄ Underground haulage run rates of ~3.7Mtpa achieved during

May; focus on reducing equipment interaction and

maintaining one-way trucking loops to sustain higher volumes

⁄ Potential short closure requirement at the end of Q3 flagged

by Department of Defence for Woomera activities not

expected to impact guidance

STOCKPILES AND MILL THROUGHPUT

P A G E 9 /

0

0.5

1

1.5

2

2.5

0

100

200

300

400

500

600

700

800

900

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017 2017 2017 2017 2018 2018 2018 2018 2019 2019

(Cu %)(kt)

UG Ore Hauled (LHS) UG Mined Grade (RHS)

0

0.5

1

1.5

2

2.5

3

0

5

10

15

20

25

30

35

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017 2017 2017 2017 2018 2018 2018 2018 2019 2019

(Mt)(Mt)

Ore Stockpile (LHS) Mill Throughput (RHS)

PROJECTS & STUDIES

⁄ Phase one Underground Expansion Study diamond drilling

completed with ~6km achieved during quarter; results to be

finalised but considered sufficient to support phase two

campaign

⁄ Haulage Feasibility Study on track for completion in Q3

⁄ Gold ore processing trial analysis nearing completion;

preliminary results show improved recoveries with

throughput in line with expectations

⁄ Explorer Challenge competition identifies new Mount Woods

drill targets; drilling expected to commence early Q4

⁄ Competition techniques and methodologies in consideration

for other projects

Prominent Hill Cost Performance

P A G E 1 0 /

C1 COST ANALYSIS

COST PERFORMANCE

UPCOMING ACTIVITY

ITEM Q1 Q2

All-In Sustaining Cost US c/lb 91 108

C1 costs US c/lb 49 67

Favourable to annual guidance Unfavourable to annual guidance

P R O M I N E N T H I L L P R O V I N C E

(US c/lb)

⁄ Q2 All-In Sustaining and C1 costs higher in line with

annual guidance

⁄ Higher costs driven primarily by lower gold production

(lower by-product credits) following completion of the

gold ore processing trial in Q1

⁄ Mining costs higher as a result of increasing

proportion of underground ore processed

⁄ Processing costs in line with prior quarter with

scheduled shutdowns completed to plan in both Q1

and Q2

⁄ TCRC and transport costs lower primarily due to

customer mix and a higher concentrate grade

⁄ Prominent Hill costs remain on track for 2019

annual guidance:

⁄ All-In Sustaining Costs of US 110-120c/lb

⁄ C1 costs of US 65c-75c/lb

Customer mix

and higher

concentrate

grade

Lower gold

production

vs. Q1

Increased

proportion of

UG ore

processed

Carrapateena

P A G E 1 1 /

QUARTERLY DEVELOPMENT METRES

C A R R A P A T E E N A P R O V I N C E

⁄ Carrapateena on schedule for first concentrate in Q4; ~46,000

tonnes of development ore stockpiled

⁄ Total decline development on track at 15,127 metres (4,254 metres

to face of Tjati decline); vertical depth below surface now at 630

metres

⁄ Raiseboring for primary ventilation continued; ventilation circuit to

first production level established

⁄ Over 4km of high voltage cable installed underground with early

civil works completed on the materials handling system

⁄ Minerals processing plant and non-process infrastructure

construction and procurement ~80% complete

⁄ Tailings Storage Facility construction over 90% complete

MINERALS PROCESSING PLANT

0

500

1000

1500

2000

2500

3000

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019

(Metr

es)

OPERATIONAL DELIVERY

EXPLORATION POTENTIAL

PROJECTS & STUDIES

⁄ 250 kW hybrid energy solution facility to be trialled as part of the

Energy and Mining Collaboration to develop renewable solutions

for mining sites and demand management opportunities

⁄ Expansion team capability strengthened with recruitment of

experienced candidates across mining, geotechnical and

processing, adding domestic and international caving experience

⁄ New earn-in agreement entered with Investigator Resources

Limited at the Maslins prospect, located approximately 50km

south of the Carrapateena project (see appendix)

Carajás

P A G E 1 2 /

C A R A J A S P R O V I N C E

⁄ New Pedra Branca base case sees a potential capacity of circa

1-1.2Mtpa underground mine:

⁄ Decline development decision expected Q3

⁄ Further studies associated with the new base case, including

transport options, will be completed before a final

investment decision is considered

OPERATIONS, TENEMENTS AND KNOWN DEPOSITS

⁄ Foothold in the Carajás extends over 1,800 km2 (excluding

Pantera), providing long term exploration opportunities in a

high-quality region to support province strategy

⁄ Drilling focussed on prospects in the vicinity of the Antas mine,

with a 6,500m exploration program

⁄ Drilling commenced on the Clovis target; to be followed by

drilling on the Paulinho, Capivara and Aguas Boa N prospects

EXPLORATION POTENTIAL

PROJECTS & STUDIES

OPERATIONAL DELIVERY

⁄ Low risk, modest capital hub strategy to be adopted with

processing infrastructure serving multiple small to mid-scale

mines

⁄ Antas pit closure planned for 2021

⁄ Antas processing plant positioned to continue beyond 2021 as

first Carajás hub, taking ore trucked from Pedra Branca

Gurupi

P A G E 1 3 /

G U R U P I P R O V I N C E

⁄ Province potential strengthened on CentroGold Pre-Feasibility

Study1 which demonstrated a minimum 10-year open pit

operation for low capital investment with bottom half operating

costs:

⁄ Average annual gold production (life of mine) of

100koz – 120koz with 190koz – 210koz in each of the first

two years of production2

⁄ All-In Sustaining costs of ~US$ 640/ oz

⁄ Pre-production capital cost of ~US$ 155 million

⁄ Project Net Present Value of ~US$ 200 million

⁄ CentroGold expected to become Gurupi processing hub

⁄ Current work focused on permitting and relocation activities;

Feasibility Study and regional exploration to commence

following injunction removal

GURUPI PROJECTS AND TENEMENTS

2 These production targets must be read in conjunction with the production target cautionary statement on slide 3

EXPLORATION POTENTIAL

PROJECTS & STUDIES

⁄ Significant potential upside with Jiboia tenement purchase

consolidating Gurupi greenstone belt, bringing province to

2,300km2 along 85 km of strike length

⁄ Drilling completed at the Sequeiro target and commenced at the

Pica Pau prospect; assay results awaited

1 See OZ Minerals announcement titled “Gurupi Province potential strengthened on CentroGold Pre-Feasibility Study”, released on 11 July 2019 and available at: www.ozminerals.com/media/asx/

⁄ Completion of mining Hill of Value study and confirmation of

10Mtpa as the optimised processing rate

⁄ Confirmation of Bulk Separation flotation flowsheet (Ni and Cu

floated together into a single cleaned concentrate then separated

into two products) as preferred over a Sequential flowsheet

⁄ Continued development of key opportunities in mine schedule

optimisation, process flowsheet, process equipment selection,

logistics and power

⁄ Ongoing de-risking of water supply including Nebo pit dewatering

and subterranean fauna studies

⁄ Continuation of infill drilling with a view to increasing Indicated

resources sufficient to underpin a substantial Ore Reserve on

completion of the PFS

⁄ Successful Western Australian Government Hub, introducing the

project to a large number of government departments and

workshopping focus areas for project and community success

West Musgrave

M U S G R A V E P R O V I N C E

P A G E 2 4 /

WESTERN AUSTRALIAN GOVERNMENT HUB

DIAMOND DRILLING AT ONE TREE HILL

P A G E 1 4 /

EXPLORATION POTENTIAL

PROJECTS & STUDIES

⁄ Strong drill results at One Tree Hill prospect with multiple high

grade copper intersections in drill hole CZD00991

1 Assay results can be found at: www.cassiniresources.com.au/investor-relations/asx-announcements

Other Project Updates – Jericho and Painirova

P A G E 1 5 /

PAINIROVA, SWEDEN

⁄ Second earn-in agreement entered with private explorers Mineral

Prospektering i Sverige to explore for iron oxide copper-gold (IOCG)

and shear-hosted copper deposits on the Painirova project in the

Norrbotten region of northern Sweden

⁄ OZ Minerals committed to spending US$500,000 on exploration after

which further budget approval can be sought to continue

⁄ Project located between the Mertainen iron oxide apatite deposit and

the active Leveäniemi mine at Svappavaara, in Sweden’s most prolific

mining belt (see appendix)

E X P L O R A T I O N A N D G R O W T H

Painirova Prospect

Magnetite Chlorite Chalcopyrite Breccia

⁄ OZ Minerals attained a 70% beneficial interest in the Eloise Joint

Venture (containing the Jericho deposit) after reaching investment

of $10 million over 3 years

⁄ New additional JV specifically for Jericho excised from the Eloise

JV area; Minotaur loan-carry arrangement lifts OZ Minerals

beneficial ownership of Jericho to 80%

⁄ Jericho drilling re-commenced with total of 56 holes drilled since

April for ~14,400m; aiming to increase confidence in central

section of the deposit

⁄ Strategic Alliance over the Cloncurry district agreed with Minotaur

Resources

JERICHO / CLONCURRY DISTRICTJERICHO JV AREA WITH DRILL HOLE LOCATIONS

Operations, projects and a growing pipeline of opportunities

Growth Pipeline

P A G E 1 6 /

E X P L O R A T I O N A N D G R O W T H

FS: Feasibility Study

PFS: Pre-Feasibility Study

SS: Scoping Study

STUDIES DEVELOPMENT OPERATIONS

ONE TREE HILL

YAPPSU

Resource

estimateNo Resource

estimate

NEBO-BABEL OP

PFS

KHAMSIN

THE SADDLE

SS

PUNT HILLCARRA

REGIONAL

CENTROGOLD OP

PFS COMPLETE

PANTERAPEDRA BRANCA

UG FS

CARRAPATEENA

SLC

ANTAS OP

PROMINENT HILL

UG + STOCKPILESMT WOODS

Reserve

estimate

MASLINSFREMANTLE

DOCTOR

SS

CARRAPATEENA

BC PFS

HAULAGE STUDY FS

Other

Study

UNDERGROUND

EXPANSION STUDY

SUCCOTH

OAXACA

PARAISO

PAINIROVA

LANNAVARRA

YARRIE

GULF

THREE WAYS

LAWN HILL

JERICHO

NULLARBOR

COOMPANA

MOUNT SKIPPER

PR

OM

INEN

T

HIL

L P

RO

VIN

CE

CA

RR

AP

AT

EEN

A

PR

OV

INC

EC

AR

AJA

S

PR

OV

INC

E

GU

RU

PI

PR

OV

INC

E

MU

SG

RA

VE

PR

OV

INC

E

OT

HER

REG

ION

S

SEQUEIRO PICA PAU JIBOIA

ESTRELLA SUL

CLOVIS

PAULINHO

MARQUES SUL

CANAA WEST

CAPIVARA

AGUAS BOA N

EXPLORATION

2019 Key Milestones

P A G E 1 7 /

L O O K I N G F O R W A R D

✓ Milestone completed

Q1 Q2 Q3 Q4

Haulage Feasibility Study

Updated Mineral Resource and Ore Reserve Statement

Province expansion Scoping Study  ✓

First commercial concentrate production

Updated Mineral Resource and Ore Reserve Statement

Antas Mineral Resource and Ore Reserve update + 2019 guidance  ✓

Pedra Branca Mineral Resource update ✓

Pedra Branca early works decision

CentroGold Pre-Feasibility Study  ✓

CentroGold Mineral Resource update

Mineral Resource update for Nebo-Babel ✓ 

70% earn-in to project ✓

Pre-Feasibility Study update

Carajás Province

Gurupi Province

Business Area Milestone2019

Prominent Hill Province

Carrapateena Province

Musgrave Province

2019 Guidance

P A G E 1 8 /

GUIDANCE2019

PROMINENT HILL CARRAPATEENA ANTAS TOTAL

Copper Production (tonnes) 95,000-105,000 2,000-4,000 6,000-6,500 103,000-115,500

Gold Production (ounces) 115,000-125,000 3,000-6,000 4,200-4,600 122,200-135,600

Underground Ore Movement (Mt) 3.7-4.0

Underground Sustaining Capital Expenditure (A$M) 50-60 50-60

Site Sustaining Capital Expenditure (A$M) 12-15 4-6 10-10.5 26-31.5

Growth Capital Expenditure (incl. mine development) (A$M) 35-45 540-5703,4 575-615

AISC (US c/lb)2 110-120 185-195 330-360 125-135

C1 Costs (US c/lb)2 65-751 135-145 240-280 77-88

Exploration (A$M) 30-35

Project studies and drilling commitments to next stage gate (A$M) 75-805

1 US dollar denominated C1 costs for Prominent Hill will benefit by US1.5c per US1c reduction in the AUD/USD exchange rate.

2 AUD/USD of 0.73 has been used in converting A$ costs to US$ for C1 and AISC guidance.

3 Additional commissioning expenditure of A$40-A$45 million in 2019 will be offset on sale of concentrate from commissioning ore in Q1 2020. Guidance does not include

copper produced from ore mined during mine construction.

4 Carrapateena growth capital expenditure includes pre-production capital (A$465-A$485 million), mine development (A$30-A$35 million) and underground infrastructure

development (A$45-A$50 million).

5 Project studies and drilling costs of A$75-A$80 million reflects anticipated expenditure on Board approved studies to their next milestone. Should the Board approve a

project to proceed to a further milestone, additional funds will be incurred and guidance will be updated as required.

O V E R V I E W

Appendix

P A G E 1 9 /

Maslins and Painirova earn-in project locations

MASLINS LOCATION PAINIROVA AND LANNAVAARA LOCATIONS