Presentation2016 Third Quarter Report

2 1 O C T O B E R 2 0 1 6

Disclaimer

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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 Mineral’s 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.

Forward looking statements

Compliance Statements

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Prominent Hill Production Targets Cautionary Statement

Production targets for Prominent Hill are based on:

Classification: 2016-2019 TotalTotal Reserve: 90%Proved: 40%Probable: 50%Mine Plan Outside Of Reserve: 10%Measured: 1%Indicated: 1%Inferred: 5%Unclassified: 3%

There is a low level of geological confidence associated with inferred mineral resources. There is no certainty that further exploration work and studies will result in the conversion of the mineral resources into ore reserves or that the production targets will be realised.

The Ore Reserve and Mineral Resource estimates underpinning the production targets were prepared by Competent Persons in accordance with the JORC Code 2012. The production targets are the result of detailed studies based on the actual performance of our existing mines and processing plant. These studies include the assessment of mining, metallurgical, ore processing, marketing, government, legal, environmental, economic and social factors.

The Production Targets in this presentation were first set out in the market release ‘Record production sets scene for dividends and growth‘ created on 10 February 2016 which is available at http://www.ozminerals.com/uploads/media/160210_ASX_Release_2015_Full_Year_Results.pdf OZ Minerals confirms that it is not aware of any new information or data that materially affects that market announcement.

Prominent Hill Mineral Resource and Ore Reserve Estimates

The Ore Reserve and Mineral Resource estimates underpinning the production targets were prepared by Competent Persons in accordance with the JORC Code 2012. The production targets are the result of detailed studies based on the actual performance of our existing mines and processing plant. These studies include the assessment of mining, metallurgical, ore processing, marketing, government, legal, environmental, economic and social factors.Further information on Prominent Hill Mineral Resources and Ore Reserves is available in the Annual Resource and Reserve Update for Prominent Hill released to the ASX on 4 November 2015 which is available on the OZ Minerals website www.ozminerals.com/uploads/media/151104_ASX_Release_Prominent_Hill_Mineral_Resources_and_Reserves_Statement OZ Minerals confirms that it is not aware of any new information or data that materially affects the information included in that market announcement and, in the case of estimates of Mineral Resources and 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 findings of the Competent Person (Colin Lollo in relation to the Mineral Resource estimates and Justin Taylor in relation to the Ore Reserve estimates) are presented have not been materially modified from the original market announcement.

Delivering on our growth strategy

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• Safety – Safe work above all else,strive for a workplace with no injuries.

• Values – Integrity and strong governancein all aspects of the way we work.

• Capital discipline – Commitment toreliably and predictably deliver withdisciplined capital deployment.

How

we

will

wor

k

• Lean business – Fit for purpose today with an agile and flexible approach to opportunity.

• Customer focus – Preferred supplierof mineral products to customers.

• Copper core – Foundation built on copper with base metals and gold opportunistically pursued.

• Multiple assets – Build and maintain a portfolio of valuable, risk managed cash generating assets.

Wha

t we

will

focu

s on

Q3 Summary

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COPPER GUIDANCE ACHIEVED

• Carrapateena Pre-feasibility study results to be released in November

• Prominent Hill Mineral Resource and Ore Reserve update in November

GROWTH OPTIONS FURTHER REFINED

ITEM Q2 Q3

Contained Copper produced (t) 27,350 28,756

Contained Gold produced (oz) 30,099 28,466

C1 costs US c/lb 72.0 70.7

Favourable to annual guidance

Unfavourable to annual guidance

CONTAINED COPPER AND GOLD PRODUCED

C O M P A N Y O V E R V I E W

• Copper production up five per cent on prior quarter; on track for FY guidance

• 2016 gold guidance revised to 115,000 - 120,000 ounces following extended PH power outage

• C1 costs of US 70.7c/lb at lower end of guidance range; annualised procurement cost savings increased to $29 million

• Share buyback of $19 million and dividend of $18 million paid during the quarter

• Carrapateena box cut complete with Tjati decline construction on schedule

• Scoping study for West Musgrave project launched with JV partner Cassini Resources

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016

t / oz

Copper (t) Gold (oz)

Safety

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SAFETY PERFORMANCE SAFETY FOCUS CONTINUES

• June quarter TRIFR at 6.30; an increase on the prior quarter (5.81)

• Independent review of safety strategy effectiveness undertaken

• Cross work group hazard identification program embedded

• Physical health and wellbeing program underway

• Plant shutdown completed safely

• No injuries as a result of significant weather events

IMPROVEMENT PLANS IMPLEMENTED

• Underground safety improvement plan underway

• Safety culture change targeted with externally-led behaviour based program to start in Q4

• Significant improvement in September - best performance in 12 months (reduction in total injuries)

CROSS WORK GROUP HAZARD ID PROGRAM

S A F E T Y

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8

Dec-15 Mar-16 Jun-16 Sep-16

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OZ Minerals TRIF

Cash Generation

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WORKING CAPITAL MOVEMENTSA$M Jun 16 Sep 16* Change

Trade receivables 94 151 57

Concentrate (at cost) 45 42 (3)

Trade payables (60) (68) (8)

Ore inventory 399 434 35

Working Capital 478 559 81

Cash balance 564 509 (55)* Balances unaudited

STRONG CASH BALANCE MAINTAINED

• $509 million cash balance; short term cash effects for quarter included:

• $57 million increase in trade receivables due to significant weather related disruptions

• $29 million 2008 class action settlement and remaining defence costs paid in July

• $19 million on share buyback during quarter with total program spend of $26 million

• $18 million interim dividend payment of six cents per share

• $14 million growth capital investment in Carrapateena project

• Gold hedge increased by 19koz bringing total hedge (commencing 2018) to 190koz

• Strategy to lock in copper price at time of sale implemented from 1 July 2016

RECEIVABLES BALANCE TO NORMALISE

F I N A N C I A L S

• Trade receivables expected to reduce in Q4

• Ore inventory build to continue0

1

2

3

4

5

6

7

8

9

July August September

Days2014 2015 2016

RAIN DAYS LOST IMPACTING LOGISTICS

Prominent Hill

Open Pit performance

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ITEM Q2 Q3

Open Pit ore mined (Mt) 3.7 3.0

Open Pit waste mined (Mt) 3.0 3.0

• Sound quarterly performance in line with expectations

• Production interruptions safely managed following predicted geotechnical basement event and adverse weather

• Open pit annual benchmarking study continues to demonstrate first quartile productivities

• Positive impact of cost and productivity measures

• Longest haul distance in database

• First quartile unit cost performance using effective flat haul metrics

• Life of Mine pit dewatering infrastructure installed

• Operational metrics unaffected by power outage

OPEN PIT PERFORMANCE

ONGOING IMPROVEMENT INITIATIVES

• ROM re handling project initiated to reduce costs

• Pit fleet to haul underground ore from the new in-pit infrastructure

OP CASH MINING COST vs. ORE STOCKPILED

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

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016

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15

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25$MMt

Ore Stockpile (LHS) OP cash mining cost (RHS)

Underground performance

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ITEM Q2 Q3

Underground ore mined (kt) 531 513

UNDERGROUND ORE HAULED

UNDERGROUND ON TRACK FOR GUIDANCE

CONTINUED IMPROVEMENTS

• Underground mine contributed 513kt of ore at 2.29 per cent copper

• Infrastructure and roadway improvements underway to increase equipment effectiveness and overall productivity

• Second decline on track to increase production

• Power outage effects mitigated through on site initiatives limiting overall impact

• Third decline built to provide future ventilation

• Accelerated ore production in Q4• Improved ventilation circuit

• Infrastructure improvements ongoing

• Mine sump reduction reducing overall costs

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

Favourable to annual guidance Unfavourable to annual guidance

0

100

200

300

400

500

600

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

(kt)

Processing Plant performance

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• Total ore milled increased quarter on quarter

• Third planned mill shutdown for CY16 completed safely and ahead of schedule

• Opportune maintenance undertaken on SAG girth gear and mill thickeners

PRODUCTION RESUMED FOLLOWING OUTAGEITEM Q2 Q3

Ore milled (Mt) 2.3 2.4

Copper recovery (%) 85 86

Gold recovery (%) 72 72

RISK MITIGATION REMAINS A FOCUS

• 14 per cent of forecast plant available time already lost in Q4 due to power outage

• New fabricated girth gear despatched to site during October

• Trial pre-crushing of selected ore types to commence in Q4 to test hardness throughput study outcomes

MILL THROUGHPUT

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

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Q22016

Q32016

Mt

Cost Performance

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• Q3 C1 cost of US 70.7c/lb; YTD C1 cost of US 72.7c/lb within guidance

• YTD All-in sustaining cost of US 118c/lb

• Lower OP unit mining costs of $6.30/t with embedded efficiency and effectiveness improvements

• Underground operating unit costs of $53/t; higher than the prior quarter due to lower ore tonnes and higher operating activity in development

• Procurement cost savings program realised $29 million of annualised savings to date

C1 COST ANALYSIS

COSTS REMAIN ON TRACK TO GUIDANCE

CONTINUED FOCUS ON COSTS

ITEM Q2 Q3

Open Pit unit costs $/t 6.64 6.30

Underground unit costs $/t 48 53

C1 costs US c/lb 72 71

Favourable to annual guidance

Unfavourable to annual guidance

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

72.0 70.7

(8.1)(5.8) 8.2

(0.4) 3.12.4 (0.7)

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Q2 Actual2016

Miningcosts

Deferredmining

Oreinventory

adjustment

Siteprocessing

costs

TC/RC andtransport

Net By -Productcredit

Otherdirect cash

costs

Q3 Actual2016

Unit Cost C1 - Q3 2016 versus Q2 2016

• Procurement cost saving target of $40 million annualised for program completion in 2016

Carrapateena

Carrapateena

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C A R R A P A T E E N A

DECLINE DEVELOPMENT UNDERWAY

• PYBAR mobilised to site and infrastructure established

• Magazine, workshop, settling ponds, laydown, change rooms and batch plant

• Boxcut complete and first firing of Tjati decline undertaken on schedule

• Underground development commenced

APPROVALS PROCESS PROGRESSING

PFS NEARING COMPLETION

BOX CUT COMPLETE

• Community consultation commenced in preparation for Mining Lease submission

• Kokatha partnering agreement progressing well

• Technical workshops with Government completed

• PFS level engineering complete and market pricing undertaken

• Collation of cost estimates underway

• PFS results released to market in November

Concentrate Treatment Plant

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• Additional test work completed providing confidence in process performance

• Further pilot plant work planned

• NONOX and CPL autoclaves ordered and detailed designs underway

• Metallurgical test work from drill core due in December

C A R R A P A T E E N A

ENGINEERING PROGRESSING

• Due diligence on CTP land parcel continued

• Several options identified for treatment and distribution hub in South Australia

CTP LOCATION

Source: Wood Mackenzie

Comparison mines: Almalyk, Andina, Antamina, Antapaccay, Batu Hijau, Bingham Canyon, Buenavista(Cananea), Candelaria, Centinela, Cerro Verde Mill, Chuquicamata, Collahuasi, Constancia, Cuajone, Dexing, El Teniente, Erdenet, Escondida, Gay, Highland Valley Copper, Kansanshi, Koktaus, La Caridad, Los Bronces, Los Pelambres, Lubin, Luita, Mina Ministro Hales, Morenci, Mount Isa Cu, Oyu Tolgoi, Polkowice, PT Freeport Indonesia, Rudna, Salobo, Sarcheshmeh, Sossego, Toquepala, Toromocho Project, Zhezkazgan

Exploration and Growth

Growth Pipeline

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• Capital discipline exercised following comprehensive review of exploration results

• Benefits retained from any further exploration success via deferred cash payments and royalty

WITHDRAWAL FROM JAMAICA

• Heads of Agreement with MithrilResources to explore seven new exploration licences

• Drill target generation exercise commenced

COOMPANA PROVINCE

• Growth strategy involves building a pipeline of opportunities

• If at any time it is determined a project does not have the potential to generate substantial value, OZ Minerals will cease expenditure and withdraw from the arrangement

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

West Musgrave – Nebo-Babel & Succoth

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• Joint venture agreement with Cassini Resources formalised

• $3 million scoping study to identify commercial pathway commenced

• Focus on improvement in metallurgical recovery and operational scale to extract increased value from the resource

• Initial drill program to start in early November

• Exploration drilling targeting Succoth and One Tree Hill prospects

• Resource definition drilling of high grade zones at Nebo-Babel

• Scoping study completion expected September 2017

CASSINI JOINT VENTURE UNDERWAYWEST MUSGRAVE TIMELINE

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

Mt Woods – Minotaur JV

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

• Ground electromagnetic surveys completed during the quarter

• 1st hole at the Orion prospect intersected a wide graphitic shear zone adequately explaining the EM anomaly

• Drilling continues on Orion, Bellatrix and Jupiter prospects

• Results to be reviewed in Q4 with further work programs developed as required

TAURUS DRILLING COMMENCES

DRILLING CONTINUES

Plan of Taurus ground EM image, anomalies and modelled plate trends over RTP1VD Magnetic image

Eloise – Minotaur JV

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

• Iris drilling successfully intercepts sulphide rich breccia's and stringer zones

• Sulphide-rich intersections coincident with modelled EM plate

• Narrow breccia zones are quartz-pyrrhotite-chalcopyrite infilled

• Style of breccia and stringer zones bear distinct similarities to the Eloise high grade copper gold deposit

• Deep EM target to north identified

IRIS NORTH AND SOUTH TARGETS TESTED

FURTHER WORK COMMENCES AT IRIS

• 1,500m of drilling to test depth and strike extensions of sulphide rich system

• Infill EM program targeting strike extensions of Iris system

• Downhole EM program

Supplementary Slides

Guidance

Guidance 2016 2017 2018 2019

PROMINENT HILL:

Copper production1 115,000 to 125,000 tonnes 105,000 to 115,000 tonnes 85,000 to 95,000 tonnes 65,000 to 75,000 tonnes

Gold production2 115,000 to 120,000 ounces3 125,000 to 135,000 ounces 140,000 to 150,000 ounces 150,000 to 160,000 ounces

Open pit total movement 30Mt to 35Mt 15Mt to 20Mt < 5Mt

Open pit strip ratio Circa 1.0 times Circa 0.5 times Circa 0.25 times

Open pit unit mining costs* $6.40 - $6.60/tonne

Underground ore movement 2.0 - 2.2Mt

Underground unit mining costs* $45 to $55/tonne

Underground capital expenditure $65M - $75M (inc development)

Site sustaining capital expenditure $15 to $20 million

C1 costs (OP & UG) US 70c - US 80c/lb

OTHER:

Exploration $10 - $15 million

1, 2 These production targets must be read in conjunction with the production cautionary statement on slide 3

3 Gold production guidance revised in October 2016 from 125,000 – 135,000 ounces following extended power outage at Prominent Hill

* Open Pit Unit Mining Costs include geology costs. Underground Unit Mining Costs include geology costs and exclude underground capital expenditure.

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