SA Mining and Exploration Conferencesaemc.com.au/archive/2015/15cole.pdfscheduling and costing phase 2016 Potential priority diamond drill targets 10.3% Cu cut-off; 2$57 NSR cut-off;

Adelaide Convention CentreSA Mining and Exploration Conference

1 1 D E C E M B E R 2 0 1 5

Disclaimer

P A G E 2 /

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.

Other Disclosures

P A G E 3 /

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.

Prominent Hill Mineral Resources and Ore ReservesFurther information on Prominent Hill Mineral Resources and Ore Reserves is available in the Annual Resource and Reserve Update for Prominent Hill released on 4 November 2015 which is available on the OZ Minerals website at http://www.ozminerals.com/uploads/media/151104_ASX_Release_Prominent_Hill_Mineral_Resources_and_Reserves_Statement..pdfOZ 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.

Highly prospective Gawler Craton

P A G E 4 /

Unlocking and maximising value

• South Australia is a favourable mining jurisdiction

• Gawler Craton contains one of the world’s largest ore bodies at Olympic Dam and other significant deposits, including Prominent Hill and Carrapateena

• Supportive State Government – just announced another $20m towards exploration and investment in State’s Copper Belt

• Strong community support

• Export route to Asian and European markets via Adelaide

South Australia’s Copper discovery gap

P A G E 5 /Source: MinEx Consulting March 2012

Mt Cu-eq

South Australia, unlike other locations, has a huge gap between the largest and second-largest known copper deposit … suggesting the opportunity exists to more significant deposits here.

South Australia, unlike other locations, has a huge gap between the largest and second-largest known copper deposit … suggesting the opportunity exists to more significant deposits here.

When should companies invest?

P A G E 6 /

Market sentiment declining…

A$ copper pricing remains strong

Discovery and development takes time

P A G E 7 /

All commodities found in the World: 1950-2013

Source: MinEx Consulting © February 2014

Rewarding perseverance

P A G E 8 /

Mining and exploration in South Australia

1957

WMC started exploration

1975

Discovery of Olympic Dam18 YEARS

Olympic Dam CarrapateenaProminent Hill

Rewarding perseverance

P A G E 9 /

Prominent Hill

1990

Metals Ex Exploration

2001

Discovery of Prominent Hill11 YEARS

1999

Return to orebody

Prominent Hill value creation 2015

P A G E 1 0 /

Making the most of our current asset – our first priority

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q32013

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Tonnes

CONTAINED COPPER PRODUCED ITEM Q1 Q2 Q3

Contained Copper produced (t) 31,160 32,991 33,518

Contained Gold produced (oz) 32,873 24,790 23,817

C1 costs USc/lb 63 75 74

Unfavorable to guidanceFavorable to guidance

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

Prominent Hill underground

P A G E 1 1 /

2016 priority drilling • Large Underground Resource Base

• 2016 Target identification nearing completion

• 2016 drilling is focused on potential conversion of Inferred and Indicated Mineral Resource

• 2016 priority diamond drilling Program is currently in final design, scheduling and costing phase

2016 Potential priority diamond drill targets

1 0.3% Cu cut-off; 2 $57 NSR cut-off; 3 0.5g/t Au cut-off Below 0.3% Cu.* Resource figures are based on Measured, Indicated and Inferred resource classification and Reserve figures are based on Proven and Probable classified material.

Full summary of information relating to Prominent Hill Mineral Resources and Reserves is set out in the ‘Annual Resource and Reserve Update for Prominent Hill’ created on 04 November 2015 and is available at www.ozminerals.com/operations/resources--reserves.html .

Prominent Hill underground

P A G E 1 2 /

2016 priority drilling • Scoping study underway for the indicative

second decline economics

• Possible 2016/2017 commencement

• Potential capital spend ~ $10 million

• Increase throughput with current resource base

• Further reductions of unit costs with scale

• Drilling program to unlock the large underground resource to potentially increase life

Conceptual 2nd Decline

Prominent Hill value creation 2028+

P A G E 1 3 /

Prominent Hill base case • Copper ore is priority milled due to highest value• Multiple ore sources allow mill to remain at

or near capacity through early 2022• Integrated underground mine creates significant

economic benefit with decreasing development costs in later years

• Low-risk ROM stocks provide further significant cash flows as current working capital investment is realised

• ROM stock cash realised 2019-2022• Mill has proven capability to process high 50%+

levels of gold ore• Opportunities to change base case include;

• 2nd UG decline access to increase UG annual volume

• Resource drilling to extend UG life

2019 2020 2021 2022

High grade ore from PH Underground (to 2028)

<2.8

Mt

6-8M

t Cu and Au ROM ore processing

Mill at capacity of 9-11Mt p.a.through early 2022

“Low risk cash generation from current underground operations and stockpiles. High

throughput levels reduce fixed cost allocations.”

2016 2017 2018

OP ore

2028

Prominent Hill exploring potential

P A G E 1 4 /

Identifying new drill targets in SA

Rewarding perseveranceCarrapateena

1989

Prospect drilling

2005

Discovery of Carrapateena16 YEARS

CarrapateenaMaximising value Timeline to unlock Carrapateena’s value

1. BASE CASE OPTIMISATION Potential to lower upfront capital by ~$200m

2. GAWLER CRATON STRATEGY - RAILPotential to lower upfront capital by ~$1bn and phase costs over mine life

3. HIGH GRADEPotential for a lower cost, lower risk start up project which can expand over time to maximise value

Progress update

Cultural heritage clearance near completion Scoping study well advanced

Three options under consideration

Today

Carrapateena High Grade Potential high value starter project with later expansion

SECTION (view west) 2015 INDICATED AND INFERRED MINERAL RESOURCES

Bornite

Chalcopyrite

Other (Hematite)

LEGEND

61 Mt @ 2.4% Cu, 0.9 g/t Au (at A$120/t NSR cut-off)

*CuEq = Cu (%) + Au (g/t) x 0.424 + Ag (g/t) x 0.00624, based on assumed recoveries of 91% for Cu and 67% for Au and Ag which are taken from previous metallurgical test work, and the economic assumptions listed in Table 2 of the Resource explanatory notes which can be found at www.ozminerals.com/operations/resources-reserves. Copper, gold and silver are all considered to have reasonable potential to be recovered and sold

Grade vs. tonnage curve

Carrapateena High Grade Conceptual timeline

• Timeline is conceptual only. Next decision point is in Q1 2016 when all options are complete and can be assessed together • Potential for first high grade production in 2019• Project proceeding will be contingent on a successful outcome to the Scoping Study, Board Approval and Regulatory Approvals

including Traditional Owner and Community consultation

Rewarding perseveranceWhat do we need to help us persevere?• Think long-term

• Be open-minded and continually invest

• Courageous exploration ventures

• Enabling user-pays infrastructure

• Simple and enabling bureaucratic processes

• Collaboration and partnerships with stakeholders

• New talent and creative thinking

• Technical solutions

HydrometIntroduction to Hydromet

What is Hydromet?

• Hydromet uses existing technology to remove impurities from copper concentrate

• By using an autoclave, chalcopyrite and bornite are changed into chalcocite and covellite in leaching process that removes iron

• Process removes other impurities as well• Developed in collaboration with Orway Minerals Consultants

Benefits of Hydromet

• Impurities are removed (opens up new markets)• Minimal copper lost • Concentrate has significantly higher copper and gold content

(which increases payability)• Concentrate is reduced in mass (slashing transport costs by up to

40 percent)• Autoclaves already used in the copper industry –technology is tried

and tested

Autoclave photo courtesy of SNC Lavalin

Hydromet demonstration plantPositive early results

• Pilot Plant completed in 2014 had a scale of 1.1kg/hr

• Demonstration Plant has a scale of 55kg/hr –50 times larger than Pilot Plant

• External engineering review has confirmed Demonstration scale is sufficient to allow design of a full scale plant

• Early Demonstration Plant results; 55% Cu in product and significant reduction in impurities - consistent with Pilot Plant

• Will run continuously until December with final analysis complete in April 2016

NONOX AUTOCLAVE

FILTERS COPPER PRECIPITATION

NONOX FEED TANKS

Photos courtesy of Teck’s CESL Facility, Richmond, BC, Canada

When should companies invest?Market sentiment decliningA$ copper pricing remains strong

Play the fundamentals, not sentimentOpportunity, quality and long term outlook should drive decisions

0.85

0.90

0.95

1.00

1.05

1.10

(8)

(4)

0

4

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Cu grade (RHS)Surplus/deficit (LHS)Source: Wood Mackenzie.via BHPB1. Production from current operating mines and committed new projects

Copper grade1 decline will lead to a market in deficit(Mt) (% Cu in the mill)

Source: Wood Mackenzie, September 2013

Global Cu demand by country

Exploring Potential Partnership with Toro Energy

P A G E 2 5 /

Thankyou for listening