23 June 2020

OZ Minerals strategy overview and

virtual tour of Carrapateena
OZ Minerals is today providing a strategy overview for investors which also includes a tour of its new
Carrapateena mine currently in ramp up towards full production. The 2.5 hour session is being conducted
virtually and a recording will be available this evening on the OZ Minerals website. The presentation materials
for the session are attached.
No new material information is being provided. Note that the Carrapateena Block Cave Expansion Pre-
Feasibility Study was released this morning along with the Carrapateena Life of Province Scoping Study and
the Carrapateena 2020 Ore Reserves Statement, which will be discussed during the session.
Topics being covered today include:
• Asset overview with respect to COVID response and more generally
• External context including copper market observations
• OZ Minerals’ strategy and purpose
• Accelerating aspirations post COVID-19 including normalising flexible ways of working
• OZ Minerals approach to Capital Management
• Carrapateena virtual tour including the underground mine and process plant
• Carrapateena Expansion following release of the Studies and 2020 Ore Reserve today
• Organic pipeline, priorities and milestones for the remainder of 2020
Speakers include:
• Chairman, Rebecca McGrath
• Chief Executive Officer, Andrew Cole
• Chief Financial Officer, Warrick Ranson
• Carrapateena General Manager, Myles Johnston
• Carrapateena Expansion Project Director, Andrew Mooney

This announcement is authorised for market release by OZ Minerals’ Managing Director and CEO,
Andrew Cole.

For further information, please contact:

Investors Media
Tom Dixon Sharon Lam
T 61 8 8229 6628 T 61 8 8229 6627
M 61 450 541 389 M 61 0438 544 937
tom.dixon@ozminerals.com sharon.lam@ozminerals.com

OZ Minerals Limited | ABN: 40 005 482 824 | 2 Hamra Drive, Adelaide Airport, South Australia 5950
T: +61 8 8229 6600 | F: +61 8 8229 6601 | info@ozminerals.com | www.ozminerals.com
Virtual strategy day and Carrapateena site visit
Presentation

23 JUNE 2020
Disclaimer
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 announcement is authorised for market release by OZ Minerals’ Managing Director and CEO, Andrew Cole.

OZ Minerals Registered Office: 2 Hamra Drive, Adelaide Airport, South Australia, 5950, Australia

PA G E 2 /
Copper’s long-term fundamentals remain highly attractive

Concentrate Refining and Megatrends

Production Smelting influencing demand

• Electrification of
• Improving levels of • Increasing smelting transport sector
exploration globally capacity build-out in
Before China • Increase in urban
Several large-scale
COVID-19 •
projects under
living and wealth
• TCRCs supportive of
construction smelters • Renewable energy
and grid investment

• Increasing smelting
• Supply interruptions capacity build-out in • Electrification of
• Exploration China transport sector
significantly lower • Production • Increase in urban
Today globally interruptions temporary living and wealth
• Several major projects • TCRCs supportive of • Renewable energy
paused; timelines concentrate producers and grid investment
uncertain (supply uncertainty)

Positive impact for Positive impact for Megatrends remain

OZ Minerals OZ Minerals highly attractive

PA G E 3 /
 A Modern Mining Company strategy
Reflecting the next phase of value creation growth

⁄ Global copper – non-copper opportunities are by-products ⁄ Investing responsibly – considering the impact of our
or coincidental in an inorganic growth opportunity capital allocation decisions on the five stakeholder
groups
⁄ Partnering – with other companies, institutions, customers
and people ⁄ Devolved and agile – embracing a devolved model to
⁄ Lean and innovative – delivering bottom half cost curve unlock discretionary effort and value; assets that easily
and superior operating performance; lean principles to drive bolt on or off
innovative solutions

PA G E 4 /
Aspirations mapped to strategy
Identifying the opportunities to accelerate

PARTNERING GLOBAL COPPER LEAN AND INNOVATIVE

Supply Chain Customers Mine Process
• Our business model empowers Assets to • We responsibly produce clean value-adding products in • We have a net positive impact on water, striving to
optimise for their local conditions partnership with our customers in a transparent manner minimise water usage and add value with what we
• We deliver the activities along our value chain consume.
to enable our local stakeholder aspirations for • We will emit zero Scope 1 emissions and strive to
generations to come systemically reduce Scope 2 & 3 emissions across
our value chain
Stakeholders • We consume and produce in a way that generates
• We work closely with our stakeholders to create zero net waste and creates value for stakeholders
mutual value by building each other's capability
and capacity Business Process
• We use data and technology for tactical decision
making, repetitive work and to improve safety,
allowing our people to focus on complex and
innovative thinking
Our simplified systems and processes are a
DEVOLVED AND AGILE •
competitive advantage
Rapid Delivery
• We work with the best talent and capability no
matter where it resides, driving an outcome-
based organisation
INVESTING RESPONSIBLY
• Our assets are brought to full value early Asset Mix
through a rapid approach to our project • Our partnering and diversified ownership models
pipeline and provide optimal value for creates shared responsibility across
stakeholders all stakeholders
• Our Assets are scalable and adaptive • We attract investment due to how we operate, our
strong financial returns and our top quartile
Organisational Structure
• We are a low bureaucracy organisation
HOW WE WORK TOGETHER shareholder returns

structured around the work to be done rather Workplaces

than traditional concepts of roles, to enable • We are a virtual organisation, bound by our Purpose and
rapid decision-making free from hierarchy Aspirations, not by geography or physical infrastructure.
• We challenge all assumptions about how and where work
needs to be done and what's possible

Redefining the Employee

• We deliberately weave personal and professional
growth into our everyday work, enabling people to do the
best work of their lives.

PA G E 5 /
Project Beyond work package one
Workplaces – empowering our people

HOW WE WORK TOGETHER

⁄ We challenge all assumptions about how and where work

needs to be done and what’s possible

⁄ We are a virtual organisation bound by our purpose and

aspirations not by geography or physical infrastructure

WHAT’S CHANGING

⁄ All people working with OZ Minerals will create tailored

individual ‘work-life plans’ based on their ‘whole of life’ needs
and the requirements of their role

⁄ Those working remotely will continue to do so wherever

possible

⁄ Facilities will evolve into collaborative spaces to connect with

colleagues and stakeholders, and cater to those few remote
workers who need desk space

⁄ All assets will establish and utilise Remote Operating Centres

to increase the flexibility of our operations and enable more
people to work remotely

PA G E 6 /
The way we think about opportunities

⁄ Investors have a choice

Comparative returns 2017 - 2020 (rebased to 100)
OZ Minerals vs alternative investment options ⁄ Portfolio diversification
⁄ Investment hurdle rates
OZL MSCI Mining ASX200 Copper LME Global Mining Fund
⁄ Reputation
130
Investment ⁄ Resilience
120 focus
⁄ Predictability
110

100
⁄ How we respond
90
⁄ Sector exposure
80
⁄ TSR performance
70
⁄ ESG performance
60
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 ⁄ Strength of balance sheet
⁄ Competitive AISC

PA G E 7 /
Capital Management at OZ Minerals

Strategy Market analysis, scenario testing

(ROIC / EPS)

Capital
Value
Organic
Buyback
Growth Operating
Allocation Productivity, operating

Special
Framework
(FCF / Cash
Creation Assets
(AISC / ROACE)
margins, diversification
M&A
Dividend conversion) (NPV / TSR)

Balance
sheet
Gearing, sustainable dividends* (Debt/EBITDA,
payout)

* Prioritise returns to shareholders by paying a sustainable ordinary dividend from pre-growth cash flow, while having regard to near term,
identified capital investment opportunities that create superior value, and the need to maintain a strong balance sheet.

PA G E 8 /
We take a multi-dimensional view to capital allocation

OZ Minerals Capital Allocation Process

Enabler Proposal, Review & Assessment Impact

1 2 Project 3 Independent 4 Portfolio 5 Value

Strategy
Proposal Review Assessment Creation

Global • NPV + shadow • Valuation • ROIC

Copper Shareholder
carbon value confirmation • Balance sheet
Investing • AISC (Cu unit, • Valuation scenario impact
Responsibly LOM) testing • Free cashflow Employee
• Internal rate of • Benchmarking • Earnings per
Lean & return • Capital efficiency share
Innovative Community
• ROACE and intensity • Stakeholder
Devolved • Payback • Technical review assessment
& Agile • Optionality • Option value • Risk - threats and Government
enabled • Risk - threats and opportunities
Partnering • Stakeholder opportunities
assessment Supplier

How We • Risk - threats and

Work opportunities
Together

Progressive, connected and iterative process

PA G E 9 /
Delivering results

Investing Responsibly Sustainable returns and growth Outperforming alternatives

Total Shareholder Returns of global

base metal and diversified miners
Capital Allocation since 2015 since 2015

Carrapateena
Studies Investment
Exploration Acquisitions
4%
5%
11%

Sustaining
Capital

13%
Value
Creation Dividends
9%

Growth
Capital

58%

PA G E 10 /
 Carrapateena Expansion Pre-Feasibility Study
Expansion creates significant value uplift and unlocks long-life mining province

⁄ Conversion of the lower portion of the sub-level cave INDICATIVE CARRAPATEENA RESOURCE NSR/t CROSS SECTION
to a series of block caves significantly increases value,
reserve and mine life

⁄ Unlocks substantial resource and earnings growth

opportunities for the company and is a strategic value
driver for OZ Minerals

⁄ On a global scale and based on annual production,

AISC and CuEq, resource size and jurisdiction risk, the
project benchmarks as world class opportunity

PROPOSED PLANT EXPANSION BY A PARALLEL PLANT

⁄ Carrapateena Expansion delivers substantial undiscounted

free cashflows over its long mine life (26+ years)

⁄ Capital investment weighted towards 2025-2027 for surface

infrastructure to increase production rate, with mining cost
for Block Cave 1 similar to the sub-level cave base case

⁄ Grade profile from SLC to BC1 brings higher grade and value
forward in the asset life

⁄ Optionality is maintained throughout the project and

province allowing for progressive optimisation over time

PA G E 11 /
Life of Province Scoping Study
Potential multi-generational province beyond the Block Cave Expansion

⁄ The Life of Province Scoping Study is a material opportunity to further unlock the
Carrapateena Province for many decades after the PFS Scope

⁄ Potentially provides the region with a multi-generational mine that delivers

significant value for OZ Minerals’ stakeholders, supporting the South Australia’s
Copper Strategy

⁄ Expansion capital spent for BC1 removes the capital hurdle for future caves in the
Province, assisted by the cost base of the 12 Mtpa rate

POTENTIAL CARRAPATEENA LIFE OF PROVINCE MINE LAYOUT

PA G E 12 /
 Asset Timeline*
Multiple projects progressing through build and study phases
2020 2021 2022 2023 2024
PROMINENT HILL Mineral Resource: 140Mt @ 1.0% Cu, 0.7 g/t Au
Ore Reserve: 61Mt @ 0.9% Cu, 0.6 g/t Au

EXPANSION STUDY

CARRAPATEENA BC Mineral Resource: 970Mt @ 0.5% Cu, 0.2g/t Au

SLC / BC1 / BC2 Ore Reserve: 220Mt @ 1.1% Cu, 0.44g/t Au

EXPANSION STUDY DECLINE CONSTRUCTION AND FS STAGE 2 SUB LEVEL CAVE TO BLOCK CAVE TRANSITION

CARAJÁS - ANTAS HUB Antas North Mineral Resource: 2.6Mt @ 1.2% Cu, 0.4 g/t Au

ANTAS OPEN PIT ORE & PEDRA BRANCA UNDERGROUND ORE Pedra Branca Mineral Resource: 19Mt @ 1.6% Cu, 0.4 g/t Au
Pedra Branca Ore Reserve: 5Mt @ 2.1% Cu, 0.5 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) Nebo-Babel Ore Reserve: 220Mt @ 0.33% Ni, 0.36% Cu

PROJECT TIMELINE TO BE UPDATED FOLLOWING CLOSURE OF THE CASSINI RESOURCES ACQUISITION Nebo-Babel Mineral Resource: 340Mt @ 0.33% Ni, 0.36% Cu
Succoth Mineral Resource: 156Mt @ 0.6% Cu **
CARAJÁS - PANTERA HUB

CONCEPT / DRILLING SCOPING STUDY PRE-FEASIBILITY STUDY FEASIBILITY STUDY CONSTRUCTION RAMP UP PRODUCTION

* 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

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
PA G findings
E 1 are
3 presented
/ have not been materially modified from the original market announcement. All Mineral Resource figures are estimates.
2020 Key Milestones
2020
Business Area Milestone
Q1 Q2 Q3 Q4

Malu Paste Plant commissioned 

Prominent Hill Province Expansion Feasibility Study update and investment decision

Mineral Resource and Ore Reserve update

Carrapateena expansion Pre-Feasibility Study update 

Life of Province Plan Scoping Study update 
Carrapateena Province
Carrapateena Sub Level Cave ramp-up reaches 4.25Mtpa run rate

Mineral Resource and Ore Reserve update

Pedra Branca first development ore 

Carajás Province
Hub studies and Mineral Resource update

CentroGold injunction removal / commencement of Feasibility Study

Gurupi Province
Mineral Resource update

West Musgrave Pre-Feasibility Study update 

Musgrave Province
Mineral Resource update and maiden Ore Reserve 

PA G E 14 /