FIRST QUARTER REPORT 2015 20 April 2015 DISCLAIMER This - PowerPoint PPT Presentation

FIRST QUARTER REPORT 2015 20 April 2015

DISCLAIMER 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 their 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 therefrom, or otherwise arising in connection with it. Some statements in this presentation are forward-looking statements within the meaning of the US securities laws. 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 and 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. OZ Minerals | 2

2015 FIRST QUARTER OVERVIEW IMPROVED SAFETY & COMMUNITY PERFORMANCE, BUT MORE WORK TO DO Improvement, but more work required Improvement in safety performance • commenced. 10 10 Reduction in TRIFR to 6.7 and reduction • in LTIFR to 1.7. 8 8 LTI Frequency Rate Focus on investigation of significant TRI Frequency Rate • 6 6 incidents and high potential incidents, with lessons then reflected in changed 4 4 work practices and continued staff education. 2 2 Executing MoU with Adelaide University • 0 0 to explore win-win partnership Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 opportunities. OZ Minerals TRIFR OZ Minerals LTIFR Joined with South Australian • Government, Universities and other mining companies to initiate the South Australian focused Copper-Uranium Transformation Research Hub. OZ Minerals | 3

2015 FIRST QUARTER OVERVIEW A STRONG BASE FROM WHICH TO BUILD • Strong copper production of 31,160 tonnes, First Quarter Results – Key Statistics best quarterly production since Q1 2010. Item Value • Gold production slightly lower than prior Contained Copper produced (t) 31,160 quarter with maximum value derived from Contained Gold produced (oz) 32,873 prioritising copper ore. Open pit waste (Mt) 9.94 • Ankata and Malu Underground mining as Open pit ore (Mt) 2.85 planned. Focus for 2015 remains on improving development rates. Underground ore (Mt) 0.46 • Open pit unit costs increased from Q4 due to Milling (Mt) 2.48 demobilisation charges, lower total tonnes offset by lower diesel prices. Copper sold (t) 25,289 • Sales lower than production due to shipment Gold sold (oz) 29,650 timing with March shipment occurring in April. Open Pit unit costs $/t 5.77 C1 costs USc/lb 63 • Lower C1 costs reflect higher copper production and falling A$/US$. Favorable to guidance Unfavorable to guidance OZ Minerals | 4

2015 FULL – YEAR GUIDANCE 2015 GUIDANCE REFLECTIVE OF A LEANER, MORE AGILE BUSINESS • Accelerating mine plan pulls copper 2015 Production and Costs production forward. Item Range • Reducing mine volumes release cash flow Copper production 110,000 to 120,000 tonnes earlier. Gold production 100,000 to 110,000 ounces • Mine unit costs influenced by fixed costs Open pit strip ratio 2.8 to 3.2 which don’t adjust with mined volumes. Open pit material movement 48 to 52 Mt • C1 costs benefit from higher total copper Open pit unit mining costs $5.80 to $6.10/t production and lower A$/US$. • Malu UG capital expenditure lower than C1* US80 to US95 c/lb previously advised with deferral of drilling Malu Underground capital $80 million and reduced development rates. expenditure • Studies focused on unlocking Carrapateena Sustaining capital expenditure $16 million value and reducing risk. Studies and Exploration • Hydromet $19m • Other studies (Rail, Malu Deeps) • Exploration focused on drilling at very $6m promising Jamaica prospects and advanced • Carrapateena drilling $5m • Global drilling $8m target identification. • Other Carrapateena activities and lease retention $7m * Assumptions: Gold US$1,200oz, A$/US$ 78c OZ Minerals | 5