ASX QUARTERLY RELEASE

Second Quarter Report 2019

FOR THE THREE MONTHS ENDING 30 JUNE 2019

OZ Minerals Metal Production & Costs Q1 2019 Q2 2019 YTD FY 2019 Guidance
Total Copper (Tonnes) 27,442 28,525 55,967 103,000-115,500
Prominent Hill 25,575 26,959 52,534 95,000-105,000
Carrapateena - - - 2,000-4,000
Antas 1,867 1,566 3,433 6,000-6,500
Total Gold (Ounces) 34,648 27,072 61,720 122,200-135,600
Prominent Hill 32,947 25,810 58,757 115,000-125,000
Carrapateena - - - 3,000-6,000
Antas 1,701 1,262 2,963 4,200-4,600
C1 Cash Costs (US cents/lb) 60.7 78.6 69.9 77-88
Prominent Hill 48.6 66.7 57.9 65-75
Carrapateena - - - 135-145
Antas 227.0 288.0 255 240-280
All-in Sustaining Costs (US cents/lb) 103.9 119.7 111.9 125-135
Prominent Hill 90.7 107.5 99.3 110-120
Carrapateena - - - 185-195
Antas 285.0 335.0 307 330-360

Carrapateena project and Prominent Hill production tracking to plan

• Carrapateena on schedule for first concentrate in Q4; ~46,000 tonnes of development ore stockpiled
• Prominent Hill on track for guidance; Explorer Challenge drill targets identified
• West Musgrave progress update to be provided in Q3; 10Mtpa confirmed as optimised processing rate
• Brazil operational update released; low risk, modest capital hub strategy to be adopted
• Eloise JV restructure implemented; new earn-in agreements also signed in Carrapateena province and Sweden
• Cash balance at $187 million following $177 million investment into Carrapateena; growth capital to further
reduce cash balance by year end

“At the midpoint of the year we can mark progress right across the portfolio on delivery of our growth strategy.

“Both major assets, Prominent Hill and Carrapateena, are on plan. The strategy for realising value in the Carajás and
Gurupi provinces in Brazil has been released, West Musgrave study work has advanced, and two new exploration earn-in
agreements were established.

“Prominent Hill production is on track to achieve guidance and ramp-up of the underground progressed. Haulage run
rates of 3.7 Mtpa were achieved in May and consistency in maintaining these rates is now the focus. The results from the
Prominent Hill gold ore processing trial are nearing completion, with preliminary analysis demonstrating an improvement
in recoveries and throughput rates in line with expectations.

“Carrapateena is on schedule for first concentrate in Q4 with over 46,000 tonnes of development ore stockpiled. Decline
development has now reached over 15,000 metres at a vertical depth below surface of 630 metres and the primary
ventilation circuit to the first production level is now in place. Above ground, the minerals processing plant and non-
process infrastructure construction and procurement is approximately 80% complete, the tailings storage facility is over
90% complete and stringing of the electricity transmission line is completed.

Page | 1 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

“We released a positive Pre-Feasibility Study for CentroGold as part of a broader update on our Brazil acquisition which
outlined our approach to realising value in the Carajás and Gurupi provinces, through a low risk, modest capital outlay
hub strategy. The first planned Carajás hub will be the Antas facilities which will process ore trucked from a potential
1-1.2Mtpa Pedra Branca underground mine. A decision on whether to begin construction of the Pedra Branca decline is
expected in Q3.

“At West Musgrave, the technical study work has continued alongside an expanded, collaborative approach to developing
the project, which has involved key stakeholders, including traditional owners, potential contractors, consultants and the
West Australian Government. A progress report on the study, based on a 10Mtpa open pit mine, is due to be provided
later in Q3.

“We have refined our relationship with Minotaur Resources in the Cloncurry area, establishing a separate joint venture
around the Jericho discovery. 56 holes have been drilled in Jericho since April this year with the principal aim to improve
geological confidence in lode continuity and grade. We entered a second earn-in agreement with private explorers
Mineral Prospektering i Sverige in northern Sweden and just after the close of the quarter, a further earn-in agreement
was established with Investigator Resources to explore their Maslin’s project, approximately 50km south of Carrapateena.

“With investment of $177 million into Carrapateena, our cash balance was $187 million at the end of the quarter and will
reduce further by year-end with ongoing expenditure on growth capital.

“Looking ahead, our main focus is on continuing to deliver to plan at Prominent Hill and advancing safely towards
construction completion at the Carrapateena project. We expect to provide updates in Q3 on the Prominent Hill Haulage
Feasibility Study which is an important aspect of the Prominent Hill Expansion Study, and outcomes of the gold ore
processing trial. A progress report on the West Musgrave Pre-Feasibility Study is also expected in Q3 and an update on
whether we will begin construction of the Pedra Branca decline ahead of completion of the Feasibility Study.”

Andrew Cole, Managing Director and CEO

23 July 2019

Page | 2 OZ Minerals Second Quarter 2019 Results

 ASX QUARTERLY RELEASE

OPERATIONS, PROJECTS AND A GROWING PIPELINE OF OPPORTUNITIES

ASSET TIMELINE*
2019 2020 2021 2022 2023 2024

PROMINENT HILL Copper Mineral Resource: 130Mt @ 1.1% Cu, 0.6 g/t Au I Gold Mineral Resource: 20Mt @ 0.1% Cu, 1.2g/t Au

Ore Reserve: 69Mt @ 1.0% Cu, 0.6 g/t Au

EXPANSION STUDY

CARRAPATEENA SLC Mineral Resource: 46Mt @ 1.4% Cu, 0.7 g/t Au I BC Mineral Resource: 541Mt @ 0.6% Cu, 0.3g/t Au

SLC Ore Reserve: 79Mt @ 1.8% Cu, 0.7g/t Au

EXPANSION STUDY SUB LEVEL CAVE TO BLOCK CAVE TRANSITION

CARAJÁS PROCESSING HUB

ANTAS ORE TRANSITIONING TO PEDRA BRANCA ORE
ANTAS OPEN PIT
Mineral Resource: 2.6Mt @ 1.2% Cu, 0.4 g/t Au
PEDRA BRANCA UNDERGROUND
EARLY WORKS Mineral Resource: 19Mt @ 1.6% Cu, 0.4 g/t Au

CENTROGOLD Mineral Resource: 28Mt @ 1.9 g/t Au (excludes Chega Tudo deposit)
EARLY WORKS Ore Reserve: 20Mt @ 1.7 g/t Au

WEST MUSGRAVE (70% OZ MINERALS)

Nebo- Babel Mineral Resource: 238Mt @ 0.35% Ni, 0.38% Cu

Succoth Mineral Resource: 156Mt @ 0.6% Cu **
PANTERA
Mineral Resource: 20.8Mt @ 1.7% Cu, 0.2 g/t Au***

P RE-
CONCEP T / SCOP ING FEA SIB ILITY
FEA SIB ILITY CONSTRUCTION RA M P UP P RODUCTION
DRILLING STUDY STUDY
STUDY

* 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
*** Refer ASX Announcement “Maiden Pantera MRE pushes Avanco’s Carajás Resource Base Beyond 1 Mt of Contained Copper” released on 19 March 2018, for Competent Person’s Consent, material assumptions,
and technical parameters underpinning the Pantera MRE

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
Page | 3 OZ Minerals Second Quarter 2019 Results
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 findings are presented have not been materially modified from the original market announcement. All Mineral Resource figures are estimates.
ASX QUARTERLY RELEASE

SOCIAL PERFORMANCE Total recordable injury frequency per million

hours worked of 6.37 was marginally lower than
8 the prior quarter (6.58). Safety performance at
7 Prominent Hill continued to improve with site
TRIF reducing to 4.01 but this was offset by a
6
slight rise in TRIF recorded at Carrapateena.
5
Frequency

The company has developed a statement on

4 climate change which can be accessed via the
3 Sustainability section of the OZ Minerals website.
The statement sets out the company position,
2
OZ Minerals TRIF recognises climate change as a strategic risk, and
1 that a roadmap is currently in development for
0 reporting in line with the Taskforce on Climate-
Sep-18 Dec-18 Mar-19 Jun-19 related Financial Disclosure framework.

Figure 1: OZ Minerals TRIF

At Carrapateena, focus on local and regional recruitment saw the team participate in the Port Pirie Jobs Fair and run its first
OZ Minerals Career Hub, an innovative way of streamlining the interview and recruitment process to make it more
accessible for regional applicants. The team also finalised a cross-asset graduate program for its 2020 intake, with
participants now able to gain experience at both Carrapateena and Prominent Hill. The Regional Training Community of
Practice also met for the first time with local registered training organisations, further building positive relationships with
local Upper Spencer Gulf businesses.

CASH UTILISATION
($M)

Figure 2: Cash utilisation Q2 2019

Page | 4 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Q on Q
Movement The cash balance reduced to $187 million at 30
June after a $177 million cash investment in
Carrapateena ($156 million of capital
expenditure) and other growth projects and
taxes.
The net ore inventory movement of $43 million
was made up of a non-cash ore drawdown of
$41 million and a $2 million Net Realisable
Value (NRV) decrease due to assumption
changes related to the processing of the low-
grade stockpile.
Ore inventory will continue to deplete as open
pit stockpiles supplement underground ore
* Unaudited
** Includes non-cash depreciation and NRV adjustment feed, maintaining the plant at full capacity to
mid-2023.
Figure 3: Working capital movements

PROMINENT HILL PROVINCE

For operating and cost statistics, please refer to Tables 1 and 2 on pages 15 and 16 of this report.

(t/oz) (kt) (Cu %)

40,000 900 2.5

35,000 800
700 2
30,000
600
25,000 1.5
500
20,000
400
1
15,000 300
10,000 200 0.5
5,000 100

0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019
Copper Gold UG Ore Hauled (LHS) UG Mined Grade (RHS)

Figure 4: Prominent Hill production Figure 5: Prominent Hill UG ore hauled and grades

Operational Delivery
Prominent Hill produced 26,959 tonnes of copper and 25,810 ounces of gold during the quarter and remains on track to
achieve full year guidance.

Underground Operations
Underground operations delivered 838kt of ore at 1.58% copper. Haulage volumes improved following resolution of the
manning and equipment availability constraints encountered early in the year. Haulage volumes achieved run rates of
~3.7Mtpa during May, with efforts focused on reducing equipment interaction and maintaining one-way trucking loops to
sustain higher volumes.

Page | 5 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Mined grades were lower than the prior quarter due to stope sequencing and are expected to improve through H2.

Works continued on the Malu Paste Plant with completion now expected in H1 2020, following final detailed planning and
remaining long lead item selection. Expansion of the underground electrical network commenced in preparation for
delivery of the Malu East primary ventilation fans in Q4, with commissioning of the fans scheduled for late Q1 2020.
A potential short mine closure at the end of Q3 has been flagged by the Department of Defence for Woomera activities,
however this is not expected to impact guidance.

Processing
There was 2.4Mt of ore milled for the quarter. Copper content in concentrate produced was 47% with gold at 14 g/t. Plant
recoveries were 84% for copper and 68% for gold.

The scheduled concentrator shutdown was completed safely in May with the next shutdown scheduled for September.

(Mt) (Mt) (US c/lb)

35 3

30 2.5
25
2
20
1.5
15
1
10

5 0.5

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017 2017 2017 2017 2018 2018 2018 2018 2019 2019

Ore Stockpile (LHS) Mill Throughput (RHS)

Figure 6: PH stockpiles and mill throughput Figure 7: PH Unit C1 costs Q2 2019 vs. Q1 2019

Costs
C1 cash costs were US 67c/ lb for the quarter with an All-In Sustaining Cost of US 108c/ lb. As expected, costs were higher
than Q1, with higher mining costs a result of an increasing proportion of underground ore processed (albeit at a lower
grade compared to the previous quarter), and lower gold by-product credits following the completion of the gold ore trial
in Q1. TCRC and transport costs were lower, primarily due to the customer mix and higher concentrate grade.

Projects and Studies

Interpretation of the completed gold ore processing trial continued with preliminary analysis demonstrating an
improvement in recoveries, with throughput rates in line with expectations. The objective of the trial is to determine
whether bringing forward the processing of the regular grade gold stockpile in place of the low grade copper stockpile
from 2020 derives greater value. An update on 2020 production will be provided during Q3, following final review.
Phase one of the Expansion Study diamond drilling campaign was completed on schedule with ~6.0 km achieved during
the quarter. Results are still to be finalised but were considered sufficient to support the phase two campaign. The Haulage
Feasibility Study is progressing well and remains on track for completion in Q3.

Page | 6 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Exploration Potential

The three month long Explorer Challenge competition concluded in the quarter with A$1 million in prize money awarded.

The winning entry, Team Guru, employed interpretable machine learning models for mineral exploration using
geochemistry, geophysics and surface geology. Targets from the competition have been identified and drilling is expected
to commence in early Q4.

In addition to direct target generation, the techniques and methodologies employed in the competition will now be
considered for other projects across the OZ Minerals portfolio.

CARRAPATEENA PROVINCE
Operational Delivery

The Carrapateena project remains on track for first concentrate production in Q4 and has ~46,000 tonnes of development
ore stockpiled. A total of 2,824 development metres was achieved during the quarter with total development reaching
15,127 metres (4,254 metres to the face of the Tjati decline) and a vertical depth of 630 metres.

Development continued on the first production level and the second and third level accesses continued on schedule.
Raiseboring for primary ventilation continued, with the ventilation circuit to the first production level now established.

Underground infrastructure work continued with over 4,000m of HV cable installed underground, and early civil works were
completed on the materials handling system, including installation of underground conveyor supports and brackets.

3000

2500

2000
(Metres)

1500

1000

500

0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019

Figure 8: Quarterly development metres Figure 9: HV and service brackets in conveyor decline

The minerals processing plant and non-process infrastructure construction and procurement is ~80% complete and on
schedule. Installation of grinding mills is complete with only liners and trommel placement remaining. All electrical switch
rooms are in position with site cabling and piping well underway. Modular buildings are complete and steel framed
building erection, cladding and fit-out is progressing. Commissioning teams are on-site preparing to commence the staged
commissioning process.

Page | 7 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Transmission line stringing is complete and the northern wellfield stage one is nearing completion. Tailings storage facility
works are over 90% complete and progressing well, with the decant cell expansion approved by regulators and now
installed.

Figure 10: Minerals processing plant Figure 11: Stockpile feed conveyor

Expenditure for Q2 on the Carrapateena project was $155.7 million.

Projects and Studies

OZ Minerals will be trialling a 250 kW hybrid energy solution facility at Carrapateena in an area separate from the operating
plant and mine, demarcated for piloting and prototyping. This trial is part of the Energy and Mining Collaboration, an
initiative by OZ Minerals in collaboration with Adelaide University, CSIRO, the Department of Energy and Mining, the Rocky
Mountain Institute, SunSHIFT and the Tonsley Innovation Precinct, to develop renewable energy solutions for mining sites
and demand management opportunities.

The Carrapateena Block Cave Expansion Pre-Feasibility Study (PFS) and the Carrapateena Life of Province Plan Scoping
Study (SS) continued to plan. Additional mining, geotechnical and processing capability was recruited into the Expansion
Team to match PFS scope and schedule requirements. These additional team members add further Australian and
international caving experience to OZ Minerals, supporting development of the wider Carrapateena Province.

Expenditure for Q2 on the Carrapateena Province Expansion was $2.3 million.

Exploration Potential

OZ Minerals has entered into a new exploration earn-in agreement to explore for Iron Oxide Copper Gold (IOCG) with
Investigator Resources Limited (ASX:IVR) at the Maslins prospect, located on the Stuart Shelf approximately 55km south of
Carrapateena. Investigator Resources is an ASX-listed Australian mineral explorer with extensive exploration experience in
the Gawler Craton of South Australia.

CARAJÁS PROVINCE
Operational Delivery

Antas produced 1,566 tonnes of copper and 1,262 ounces of gold during the quarter.

The planned implementation of a staged, low risk and capital conservative hub strategy will potentially see copper
processing facilities serving multiple small and mid-sized mines in the Carajás province.

Page | 8 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Mining studies indicated the future of Antas to be limited, with closure planned for 2021. The mine is expected to be
marginally cash flow positive over the remainder of its life as costs progressively reduce from 2020, following completion of
the open pit cutback. The continued operation of the Antas processing facilities will enable it to become the first Carajás
province hub, potentially processing ore trucked ~70km from the Pedra Branca mine.

Projects and Studies

A revised Pedra Branca Feasibility Study base case sees a circa 1-1.2Mtpa underground mine with ore to be processed at
the Antas processing hub. A decision is expected in Q3 on starting development of the Pedra Branca decline.

Further studies associated with the new base case, including transport options, will be completed before a final investment
decision is considered. Depending on the positive and timely outcomes of further studies and various decision points, Pedra
Branca run of mine ore trucking could begin mid-2021.

Exploration Potential

Drilling focussed on prospects in the vicinity of the Antas mine, with a 6,500m exploration program. A single hole was
completed on the Estrella Sul target which returned narrow copper bearing intervals, which will be followed up with further
drilling subject to land access. Late in the quarter drilling commenced on the Clovis target, to be followed by drilling on the
Paulinho, Capivara and Aguas Boa N prospects.

At the Canaa block, drilling at Marques Sul following up on geochemical and geophysical targets intersected narrow
intervals of gold mineralisation. Drilling on the Canaa West target will take place in Q3 pending landowner and access
agreements. Negotiations are underway with geophysical service providers to carry out airborne EM over the greater part of
the block currently held by OZ Minerals, not covered by previous work.

Exploration and evaluation expenditure of $4.0 million was incurred at the Carajás province in Q2 and expensed as incurred.

Figure 12: Carajás operations and known deposits Figure 13: Gurupi projects and tenements

GURUPI PROVINCE
Projects and Studies

The potential of the Gurupi province has strengthened on completion of the CentroGold PFS1 which demonstrated a
minimum 10-year open pit operation could be developed for low capital investment with bottom half operating costs.

1
See OZ Minerals announcement titled “Gurupi Province potential strengthened on CentroGold Pre-Feasibility Study”, released on 11 July 2019 and
available at: www.ozminerals.com/media/asx/

Page | 9 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

The PFS sees CentroGold life of mine average gold production2 of 100,000-120,000 oz pa, with 190,000-210,000 oz pa in
the first two years, and a life of mine All-In Sustaining cost of US$640/ oz. Construction costs are estimated to be circa
US$155 million for a project NPV of circa US$200 million.

CentroGold is also expected to become a Gurupi processing hub, servicing nearby deposits such as Chega Tudo, eight
kilometres to the west.

Current activities are focused on permitting and village relocation planning, with the Feasibility Study and further regional
exploration to begin following removal of the injunction.

Exploration Potential

The acquisition of the Jiboia exploration tenements to the north of CentroGold have expanded the total land package held
to ~2,300km2 along 85 km of strike length, with the CentroGold project now comprising less than 3% of this land.

Drilling was completed at the Sequeiro target during the quarter with six holes completed for ~860m. Late in the quarter
drilling commenced on the Pica Pau prospect with two holes completed for ~400m. Samples have been dispatched and
assay results are awaited.

Work has commenced on the Jiboia project with geological mapping/sampling and the construction of a new base camp.

Exploration and evaluation expenditure of $2.2 million was incurred at the Gurupi province in Q2 and expensed as incurred.

MUSGRAVE PROVINCE
Projects and Studies

Work on the West Musgrave project progressed during the quarter, with a focus on developing core mining and processing
concepts and investigating new opportunities to add further value to the project. A mining Hill of Value study was
completed, examining a wide range of throughput and pit shell cut off grades to arrive at an optimised project
configuration. The study confirmed 10Mtpa as the optimised processing plant throughput rate.

A new Bulk Separation flowsheet was tested and confirmed as value adding relative to the previous Sequential flowsheet. In
the Bulk Separation flowsheet, nickel and copper are floated together into a single cleaned concentrate and then separated
into two products. By contrast the Sequential flowsheet separates nickel and copper in the rougher stage. The impact is a
materially coarser grind size with consequent reduction in capital and operating costs. Test work to confirm our confidence
in this flowsheet will continue over the next six months.

Work also continued to address new opportunities in mine scheduling, mine waste management, mine automation,
workforce planning and power supply. Water supply is largely de-risked from a water quantity and quality point of view,
however de-risking is ongoing in relation to the presence of subterranean fauna within the mine pits and for dewatering of
the western portion of the Nebo Pit prior to mining.

A Western Australian Government Hub process was well supported with attendees from 10 different government
departments attending. The intent of the Hub was to introduce OZ Minerals, Cassini Resources and the project and to
explore opportunities to work together to add value, particularly from a community point of view.

A progress report on the PFS is expected in Q3.

2
These production targets must be read in conjunction with the production targets cautionary statement on page 17

Page | 10 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Exploration Potential

Drilling by joint venture partner, Cassini Resources, saw multiple high-grade copper intersections in drill hole CZD0099,
representing the best results at the One Tree Hill prospect to date. Assay results can be found at:
www.cassiniresources.com.au/investor-relations/asx-announcements .

Figure 14: WA Government hub Figure 15: Diamond drilling at One Tree Hill

Exploration and evaluation expenditure of $7.9 million was incurred at West Musgrave in Q2 and capitalised.

EXPLORATION AND GROWTH

Drilling commenced on a significant drill program at the Jericho project. A total of 56 holes have been drilled since April for
~14,400m with the aim of the program to increase the confidence in the central section of the Jericho deposit, where
grades and thicknesses have been the best encountered to date. Assay results received can be found at
www.minotaurexploration.com.au/investor-information/asx-announcements/ .

A new additional joint venture specifically for the Jericho project was created, excising Jericho from the Eloise joint venture
area. OZ Minerals attained a 70% beneficial interest in the Eloise Joint Venture after reaching investment of $10 million over
three years and have now agreed to loan carry Minotaur Exploration’s funding share of Jericho from 1 April 2019, in return
for an 80% beneficial interest in the project. OZ Minerals also significantly increased its footprint in the Cloncurry District of
north west Queensland through formation of the Cloncurry Regional Alliance with Minotaur.

Heritage clearances and land access negotiations were completed at the Mt Skipper project during the quarter and drilling
will commence early Q3. An infill gravity survey was completed over the Nullarbor project and with several targets
identified, drilling is expected to be completed in H2.

At the Lannavaara project in northern Sweden, ground based EM and magnetic geophysical surveys were completed during
the quarter. Drilling of priority targets will commence in early Q3.

OZ Minerals expanded the partnership with Mineral Prospektering i Sverige AB by signing a new earn-in agreement on the
Painirova project in northern Sweden with an initial commitment to spend US$500,000 on exploration after which further
budget approval can be sought to continue. Painirova is located between the Mertainen iron oxide apatite deposit and the
active Leveäniemi mine at Svappavaara, in Sweden’s most prolific mining belt. An airborne EM and magnetic survey is
planned to be flown in Q3 in order to delineate structural / conductive targets and define target areas for follow up.

No field work was undertaken on the Oaxaca projects in Mexico and the company continues to work with its partner to
advance drill permitting.

Page | 11 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Field work undertaken at the Paraiso project in Peru in Q2 included geological mapping and sampling. The program
identified a number of geochemical anomalies which require further on-ground work and initial geophysical surveys.

Exploration and evaluation expenditure of $15.8 million was incurred on exploration and growth projects in Q2 and
expensed as incurred.

Figure 16: Growth pipeline

CORPORATE
Capability was strengthened with the appointment of experienced mining executive, Steve McClare, as OZ Minerals Chief
Technical Officer and West Musgrave Operations General Manager. Steve most recently held the position of Managing
Director & CEO at Hillgrove Resources and has over 28 years’ experience across all facets of mining, from exploration to
closure.

Gold hedges that matured during the quarter amounted to 17,448 ounces at an average price of A$1,713/oz. The total
amount of gold hedged at the end of the quarter was 200,069 ounces at an average price of A$1,746/oz.

H1 2019 Net Revenue of circa $420 million is expected with shipments deferred to Q3 to align with customer requirements.
A closing cash balance of $187 million was recorded at 30 June (unaudited).

Page | 12 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

2019 KEY MILESTONES

2019
Business Area Milestone
Q1 Q2 Q3 Q4

Haulage Feasibility Study

Prominent Hill Province
Updated Mineral Resource and Ore Reserve Statement

Province expansion Scoping Study ✓

Carrapateena Province First commercial concentrate production

Updated Mineral Resource and Ore Reserve Statement

Antas Mineral Resource and Ore Reserve update + 2019 guidance ✓

Carajás Province Pedra Branca Mineral Resource update ✓
Pedra Branca early works decision

CentroGold Pre-Feasibility Study ✓

Gurupi Province
CentroGold Mineral Resource update

Mineral Resource update for Nebo-Babel ✓

Musgrave Province 70% earn-in to project ✓
Pre-Feasibility Study update

✓ Milestone completed

Page | 13 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Corporate Information

Webcast
As is OZ Minerals’ established practice, a presentation associated with this Quarterly Report will be broadcast at 10am
(AEST) on the day that the Report is lodged with the ASX. Access to this live broadcast is available to all interested parties
via the OZ Minerals website (www.ozminerals.com) and is archived on the website shortly thereafter for ongoing public
access. The date of each Quarterly Report presentation is announced in advance and can be found on the OZ Minerals
website.

While we will endeavour to release the Report on the date provided in advance, we may bring the announcement forward if
the relevant information is finalised earlier than expected or delay the Report if information is not final.

Issued Share Capital at 22 July 2019

Ordinary Shares 323,874,831

Share Price Activity for the June Quarter (Closing Price)

High $10.92

Low $8.89

Last $10.09 (22 July 2019)

Average daily volume 2.1 million shares

Share Registry
Link Market Services Limited
Tower 4, 727 Collins Street
Docklands VIC 3008
Telephone Australia: (+61) 1300 306 089
Facsimile: +61 (2) 9287 0303
registrars@linkmarketservices.com.au

Registered Office
2 Hamra Drive
Adelaide Airport, South Australia, 5950, Australia
Telephone: +61 (8) 8229 6600
Fax: +61 (8) 8229 6601

Investor and Media Enquiries

Investors Media
Tom Dixon Sharon Lam
Group Manager – Investor Relations Group Manager – Communications
Telephone: +61 (8) 8229 6628 Telephone: +61 (8) 8229 6627
Mobile: +61 (0) 450 541 389 Mobile: +61 (0) 438 544 937
Email: tom.dixon@ozminerals.com Email: sharon.lam@ozminerals.com

Page | 14 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Table 1: Production and Costs – June Quarter

Q2 2019 PRODUCTION & COSTS PROMINENT HILL ANTAS GROUP
OP ORE - 80,961 80,961
MINED (TONNES) UG ORE 838,107 - 838,107
OP WASTE - 1,473,658 1,473,658
MINED GRADE SOURCE
COPPER (%) - 1.04 1.04
OPEN PIT ORE
GOLD (G/T) - 0.32 0.32
COPPER (%) 1.58 - 1.58
UNDERGROUND ORE
GOLD (G/T) 0.64 - 0.64
ORE MILLED (TONNES) 2,380,435 196,546 2,576,981
COPPER (%) 1.34 0.83 1.3
MILLED GRADE GOLD (G/T) 0.5 0.24 0.48
SILVER (G/T) 3.17 - 2.93
COPPER (%) 84.2 95.7 85.1
RECOVERY GOLD (%) 67.9 83.2 68.1
SILVER (%) 66.1 - 67.1
COPPER CONCENTRATE PRODUCED TONNES 57,890 5,861 63,751
COPPER (%) 46.6 27.0 44.7
CONCENTRATE GRADE GOLD (G/T) 13.9 6.7 13.2
SILVER (G/T) 87.5 - 79.4
COPPER (TONNES) 26,959 1,566 28,525
CONTAINED METAL IN CONCENTRATES PRODUCED GOLD (OZ) 25,810 1,262 27,072
SILVER (OZ) 162,808 - 162,808
TOTAL CONCENTRATE SOLD (DM TONNES) 42,460 6,573 49,033
COPPER (TONNES) 19,036 1,772 20,808
CONTAINED METAL IN CONCENTRATES SOLD GOLD (OZ) 23,092 1,448 24,540
SILVER (OZ) 107,200 - 107,200
COST SUMMARY
MINING COSTS US Cents/lb 52.9 185.0 60.0
SITE PROCESSING COSTS US Cents/lb 33.4 67.0 35.2
TC/RC and TRANSPORT US Cents/lb 31.3 57.0 32.7
NET BY - PRODUCT CREDIT US Cents/lb (59.6) (47.0) (58.9)
OTHER DIRECT CASH COSTS US Cents/lb 8.7 26.0 9.6
TOTAL C1 COSTS US Cents/lb 66.7 288.0 78.6
ROYALTIES US Cents/lb 16.6 28.0 17.2
OTHER INDIRECT COSTS US Cents/lb 2.3 11.0 2.8
TOTAL CASH COSTS US Cents/lb 85.6 327.0 98.6
D&A US Cents/lb 23.8 70.0 26.3
TOTAL PRODUCTION COSTS US Cents/lb 109.4 397.0 124.9
AISC US Cents/lb 107.5 335.0 119.7

There was a Q2 net ore inventory movement of A$43 million, made up of a non-cash ore inventory drawdown of A$41
million and Net Realisable Value (NRV) write down of A$2 million. These movements are not included in the production and
costs table above.

Page | 15 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Table 2: Production and Costs – 2019 Year to Date

2019 YTD PRODUCTION & COSTS PROMINENT HILL ANTAS GROUP
OP ORE - 183,935 183,935
MINED (TONNES) UG ORE 1,580,028 - 1,580,028
OP WASTE - 2,795,764 2,795,764
MINED GRADE SOURCE
COPPER (%) - 0.98 0.98
OPEN PIT ORE
GOLD (G/T) - 0.22 0.22
COPPER (%) 1.74 - 1.74
UNDERGROUND ORE
GOLD (G/T) 0.56 - 0.56
ORE MILLED (TONNES) 4,676,012 401,623 5,077,635
COPPER (%) 1.32 0.89 1.29
MILLED GRADE GOLD (G/T) 0.55 0.27 0.53
SILVER (G/T) 2.66 - 2.45
COPPER (%) 85 95.9 85.4
RECOVERY GOLD (%) 71.1 84.5 71.3
SILVER (%) 70.6 - 78.3
COPPER CONCENTRATE PRODUCED TONNES 115,999 12,769 128,768
COPPER (%) 45.3 26.9 43.5
CONCENTRATE GRADE GOLD (G/T) 15.8 7.2 14.9
SILVER (G/T) 84 - 75.6
COPPER (TONNES) 52,534 3,433 55,967
CONTAINED METAL IN CONCENTRATES PRODUCED GOLD (OZ) 58,757 2,963 61,720
SILVER (OZ) 313,097 - 313,097
TOTAL CONCENTRATE SOLD (DM TONNES) 89,909 14,565 104,474
COPPER (TONNES) 37,998 3,894 41,892
CONTAINED METAL IN CONCENTRATES SOLD GOLD (OZ) 52,470 3,248 55,718
SILVER (OZ) 230,462 - 230,462
COST SUMMARY
MINING COSTS US Cents/lb 51.2 166.0 58.2
SITE PROCESSING COSTS US Cents/lb 33.0 61.0 34.7
TC/RC and TRANSPORT US Cents/lb 33.6 54.0 34.8
NET BY - PRODUCT CREDIT US Cents/lb (69.0) (50.0) (67.8)
OTHER DIRECT CASH COSTS US Cents/lb 9.1 24.0 10.0
TOTAL C1 COSTS US Cents/lb 57.9 255.0 69.9
ROYALTIES US Cents/lb 17.2 34.0 18.2
OTHER INDIRECT COSTS US Cents/lb 2.4 10.0 2.9
TOTAL CASH COSTS US Cents/lb 77.5 296.0 90.9
D&A US Cents/lb 24.7 67.0 27.3
TOTAL PRODUCTION COSTS US Cents/lb 102.2 363.0 118.2
AISC US Cents/lb 99.3 307.0 111.9

There was a H1 net ore inventory movement of A$82 million, made up of a non-cash ore inventory drawdown of A$80
million (of which $50 million related to capitalised depreciation) and Net Realisable Value (NRV) write down of A$2 million.
These movements are not included in the production and costs table above.

Page | 16 OZ Minerals Second Quarter 2019 Results

ASX QUARTERLY RELEASE

Table 3: Guidance

2019
GUIDANCE
PROMINENT HILL CARRAPATEENA ANTAS TOTAL

Copper Production (tonnes) 95,000-105,000 2,000-4,000 6,000-6,500 103,000-115,500

Gold Production (ounces) 115,000-125,000 3,000-6,000 4,200-4,600 122,200-135,600

Underground Ore Movement (Mt) 3.7-4.0

Underground Sustaining Capital Expenditure (A$M) 50-60 50-60

Site Sustaining Capital Expenditure (A$M) 12-15 4-6 10-10.5 26-31.5

3,4
Growth Capital Expenditure (incl. mine development) (A$M) 35-45 540-570 575-615

2
AISC (US c/lb) 110-120 185-195 330-360 125-135

2 1
C1 Costs (US c/lb) 65-75 135-145 240-280 77-88

Exploration (A$M) 30-35

Project studies and drilling commitments to next stage 5

75-80
gate (A$M)

1
US dollar denominated C1 costs for Prominent Hill will benefit by US1.5c per US1c reduction in the AUD/USD exchange rate.
2
AUD/USD of 0.73 has been used in converting A$ costs to US$ for C1 and AISC guidance.
3
Additional commissioning expenditure of A$40-A$45 million in 2019 will be offset on sale of concentrate from commissioning ore in Q1 2020. Guidance
does not include copper produced from ore mined during mine construction.
4 Carrapateena growth capital expenditure includes pre-production capital (A$465-A$485 million), mine development (A$30-A$35 million) and
underground infrastructure development (A$45-A$50 million).
5 Project studies and drilling costs of A$75-A$80 million reflects anticipated expenditure on Board approved studies to their next milestone. Should the
Board approve a project to proceed to a further milestone, additional funds will be incurred and guidance will be updated as required.

CentroGold Production Targets Cautionary Statement

The Production Targets for the CentroGold asset are based on:

Probable Ore Reserve 85%

Inferred Mineral Resource 15%

The modifying factors used in the estimation of the Ore Reserve were also applied to the Mineral Resources in the generation of the production target.

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in
the determination of Indicated Mineral Resources or that the production targets will be realised.

The Ore Reserve and Mineral Resource estimates underpinning the production targets were prepared by a Competent Person in accordance with the JORC
Code 2012.

The material assumptions used in the estimation of the production targets and associated financial information can be found in the OZ Minerals
announcements titled “Gurupi Province potential strengthened on CentroGold Pre-Feasibility Study” and “CentroGold Project Combined ‘Blanket’ and
‘Contact’ Mineral Resource as at 06 May 2019 and Ore Reserve as at 24 June 2019 Statement and Explanatory Notes”, released on 11 July 2019 and
available at: www.ozminerals.com/media/asx/

Page | 17 OZ Minerals Second Quarter 2019 Results