2015 THIRD QUARTER REPORT 23 October 2015

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OZ Minerals | 2

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. For

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COMPLIANCE STATEMENTS

Carrapateena Mineral Resource estimate

The information in this presentation that relates to Carrapateena Mineral Resource estimate is extracted from the announcement entitled ‘Carrapateena

Update’ released to the market on 6 October 2015 and available at http://www.ozminerals.com/Media/docs/151006-Carrapateena-High-Grade--

Explanatory-notes-1503c513-d142-485c-8a51-52b3c24ad7bc-0.pdf. The company confirms that it is not aware of any new information or data that

materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material

assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially

changed. The company confirms that the form and context in which the findings of the Competent Person (Stuart Masters) are presented have not

been materially modified from the original market announcement.

Production Targets Cautionary Statement

The production targets referred to on slides 5 and 13 are based on:

Proved Reserves 36%

Probable Reserves 58%

Measured Resources outside Reserves 1%

Indicated Resources outside Reserves 1%

Inferred Resources 4%

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 Prominent Hill 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 on 20 November 2014 which is available on the OZ Minerals website at http://www.ozminerals.com/operations/resources--reserves.html and

in the OZ Minerals 2014 Annual Report. OZ Minerals confirms that it is not aware of any new information or data that materially affects the information

included in the original 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.

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STRATEGY

A STRATEGY FOCUSED ON VALUE CREATION

• Safety – Safe work above all else,

strive for a workplace with no injuries.

• Values – Integrity and strong governance

in all aspects of the way we work.

• Capital discipline – Commitment to

reliably and predictably deliver with

disciplined capital deployment.

Ho

w w

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ork

• Lean business – Fit for purpose today with an

agile and flexible approach to opportunity.

• Customer focus – Preferred supplier

of mineral products to customers.

• Copper core – Foundation built of copper with

base metals and gold opportunistically pursued.

• Multiple assets – Build and maintain a portfolio

of valuable, risk managed cash generating assets.

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OZ Minerals | 5

SUMMARY

Quarterly copper production 28 per cent

above the previous corresponding period

Q3 copper production of 33,518 tonnes

2015 copper production guidance revised

upwards to 126-131kt; future year production

guidance unchanged¹

2015 C1 unit cost guidance revised downwards

to US70-80c/lb

Open pit unit mining cost (inc. geology) guidance

reduced to $5.60 - $5.80/t

2015 PRODUCTION GUIDANCE RAISED

• Carrapateena high grade resource identified,

scoping study commenced

• Positive first results from the Hydromet

demonstration trial

• Multiple external growth options under active

consideration

• Efficiency focus continuing to push costs down

MULTIPLE OPTIONS FOR INCREASED SH VALUE

ITEM Q2 Q3

Contained Copper produced (t) 32,991 33,518

Contained Gold produced (oz) 24,790 23,817

C1 costs USc/lb 75 74

Favorable to guidance

Unfavorable to guidance

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Tonnes

CONTAINED COPPER PRODUCED

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

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SAFE WORK AND STRONG LEADERSHIP

Reduction in TRIFR to 5.96 (an 11 percent

decrease on the prior quarter (6.68)

Significant Incident auditing focus on

implementation and effectiveness of controls

Site Safety Acceleration Program: in field

observations completed, focus areas determined

Mental health supervisor workshops completed

SAFETY PERFORMANCE IMPROVING

CLEAR AREAS OF FOCUS MOVING FORWARD

• Collaborative vision created, focus on time

in field and immediate visible action

• Analysis, education and understanding

of critical risks and associated controls

• Increasing awareness through focus

on hidden and developing hazards,

building strong capable leadership

SAFETY PERFORMANCE

[Insert image].

[Insert image].

0

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4

6

8

10

0

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4

6

8

10

Oct-14 Jan-15 Apr-15 Jul-15

Fre

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OZ Minerals TRIF OZ Minerals LTIF

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OZ Minerals | 7

ITEM Q2 Q3

Open pit ore mined 2.5Mt 3.0Mt

Open pit waste mined 9.9Mt 9.7Mt

OPEN PIT PERFORMANCE

Unit costs reflect efficiency gains and tighter

cost control

Sustained productive operating performance,

improved excavator utilisation

Pit stability - now seeing less movement in the

wall when compared to any other time since

monitoring began

Waste to ore strip ratio continued to decline

as planned (3.2:1 for the quarter compared

to 4.0:1 in the prior quarter)

OPEN PIT PERFORMANCE IMPROVING

FURTHER IMPROVEMENTS PLANNED

• External benchmarking has highlighted

productivity improvement against our peers

• Key areas of further opportunity identified

focusing on dig rate and equipment effectiveness

• Innovative deal signed with Minotaur Exploration

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ITEM Q2 Q3

Underground ore mined 409kt 451kt

UNDERGROUND PERFORMANCE

UNDERGROUND MINING ADVANCES

FURTHER IMPROVEMENTS PLANNED

Underground mine contributed 0.45Mt

of ore at 2% copper in Q3

Underground integration delivering benefits

Increased development rates achieved

through improved operating discipline

with underground ramp up

Options to provide additional underground

access under consideration

• Production improvement plan being

implemented focusing on cycle planning

and equipment effectiveness

• Mine plan optimisation underway to

debottleneck and accelerate production

UNDERGROUND ORE HAULED

0

50

100

150

200

250

300

350

400

450

500

Q1 2

012

Q2 2

012

Q3 2

012

Q4 2

012

Q1 2

013

Q2 2

013

Q3 2

013

Q4 2

013

Q1 2

014

Q2 2

014

Q3 2

014

Q4 2

014

Q1 2

015

Q2 2

015

Q3 2

015

(kt)

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PROCESSING PLANT PERFORMANCE

Total ore milled was 2.7 million tonnes

Plant recoveries remain high at 88 percent

for copper and 71 percent for gold

Record daily throughput rates achieved

Shutdown completed safely in less than

scheduled timeline

2015 water recovery greater than LOM at PH

PROCESSING PLANT PERFORMANCE ITEM Q2 Q3

Ore milled (Mt) 2.6Mt 2.7Mt

Copper recoveries (%) 89% 88%

Gold recoveries (%) 72% 71%

FURTHER IMPROVEMENTS TARGETED

• Debottlenecking underway to generate

incremental improvement in plant performance

• Alternative consumable trials underway targeting

improved grinding performance and lower costs

MILL THROUGHPUT

*30 day historic rolling average (dmt per operating hour)

900

1200

Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015

Mill throughput (tph*)

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• Restructure of procurement function and

overhaul of contract management processes

• Business will aim to deliver 15 per cent

reduction in overall costs

COST PERFORMANCE

Open pit unit costs guidance revised

down to 5.60-5.80/tonne for 2015

Underground costs expected to remain

at $46 per tonne for Q4 2015

C1 costs of US74c/lb (Q3) and US71c/lb (YTD)

a result of strong cost control, depreciating

FX and efficient OP production

C1 cost guidance reduced to US 70 – 80 c/lb

for 2015

C1 FACTOR ANALYSIS

COST REDUCTIONS PROGRESSING

NEW INITIATIVES OUTLINED

ITEM Q2 Q3

Open Pit unit costs $/t 5.80 5.62

Underground unit costs $/t 41 46

C1 costs USc/lb 75 74

Favorable to guidance

Unfavorable to guidance

55.00

60.00

65.00

70.00

75.00

80.00

85.00

90.00

75.3 2.5 1.1 6.1 (4.8) (4.8) (1.1) 74.3

Q2 Actual

2015

Gold price Payable

gold

volume

Volume

(Cost

Driver)

Costs

(Price)

FX Payable

copper

volume

Q3 Actual

2015

(US c/lb) Unit Cost C1 - Q3 2015 vs Q2 2015

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STRONG SALES PERFORMANCE

Strong performance in sales volumes

Continued strong demand for our copper

concentrate from both long term and new

customers

Meetings with all customers during quarter

to strengthen relations and maintain focus

on their needs

Continuing improvement in ability to

customise concentrate

"This need for investment is becoming desperate

in zinc and lead and will become an issue in

copper in the next few years”

WoodMac October 2015

CUSTOMER FOCUS

COPPER PRICE IN A$ RELATIVELY STABLE

ITEM Q2 Q3

Copper sold (t) 30,275 37,661

Gold sold (oz) 29,650 27,301

$2.00

$2.25

$2.50

$2.75

$3.00

$3.25

$3.50

$3.75

$4.00

Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15

$/l

b

US$/lb A$/lb

Source: Bloomberg

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CARRAPATEENA

Carrapateena high grade resource assessed;

61Mt @ 2.9% CuEq²

High grade option priority escalated

Hydromet process appears scalable;

copper-in concentrate levels > 55%

Impurities well below penalty levels

HIGH GRADE AND HYDROMET PROGRESS

VALUE IMPROVING INITIATIVES

INDICATED AND INFERRED MINERAL RESOURCES

• Scoping study aiming to define up to 3 Mtpa

option with indicative capital of less than

$1 billion

• Market update provided Q1 2016 on preferred

option; all supportable by Hydromet process

• Demonstration plant trial proceeding to verify

scalability to full production

2 Please refer to the statement supporting this estimate on slide 3

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SUMMARY

Quarterly copper production 28 per cent

above the previous corresponding period

Q3 copper production of 33,518 tonnes

2015 copper production guidance revised

upwards to 126-131kt; future year guidance

unchanged¹

2015 C1 unit cost guidance revised downwards

to US70-80c/lb

Open pit unit mining cost (inc. geology) guidance

reduced to $5.60 - $5.80/t

2015 PRODUCTION GUIDANCE RAISED

• Carrapateena high grade resource identified,

scoping study commenced

• Positive first results from the Hydromet

demonstration trial

• Multiple external growth options under active

consideration

• Efficiency focus continuing to push costs down

MULTIPLE OPTIONS FOR INCREASED SH VALUE

ITEM Q2 Q3

Contained Copper produced (t) 32,991 33,518

Contained Gold produced (oz) 24,790 23,817

C1 costs USc/lb 75 74

Favorable to guidance

Unfavorable to guidance

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Tonnes

CONTAINED COPPER PRODUCED

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

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