2018 Fourth Quarter Report Presentation 2 4 J A N U A R Y

Transcription

1 2018 Fourth Quarter Report Presentation 2 4 J A N U A R Y

2 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 presentation should be read in conjunction with the Quarterly Report released today. P A G E 2 /

3 Compliance Statements Prominent Hill Production Targets Cautionary Statement Production Targets for the Prominent Hill Underground only are based on: Proved Ore Reserve 64% Probable Ore Reserve 27% Measured Mineral Resource 1% Indicated Mineral Resource 1% Inferred Mineral Resource 7% Production Targets for the entire Prominent Hill asset are based on: Proved Ore Reserve 77% Probable Ore Reserve 17% Measured Mineral Resource 1% Indicated Mineral Resource 1% Inferred Mineral Resource 4% 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 Estimate underpinning these Production Targets were prepared by a Competent Person in accordance with the JORC Code 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. Prominent Hill Resources and Reserves The information on Prominent Hill Mineral Resources and Ore Reserves in this presentation is extracted from the document entitled Prominent Hill 2018 Mineral Resource and Ore Reserve Statement and Explanatory Notes released on 12 November 2018 and available at 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 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. P A G E 3 /

4 Compliance Statements Carrapateena Production Targets Cautionary Statement Production targets for Carrapateena are based on: Probable Ore Reserves: 94% Inferred Mineral Resources: 6% 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 determination of Inferred 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 The material assumptions used in the estimation of the production targets and associated financial information referred to in this presentation can be found in the Carrapateena Feasibility Study Update released on 24 August 2017, the Restated 2016 Carrapateena Mineral Resource Statement as at 18 November 2016 released on 9 December 2016, and the Carrapateena Ore Reserve Statement as at 4 August 2017 released on 24 August Carrapateena Resources and Reserves The information on the 134 Mt Carrapateena Mineral Resource in this presentation is extracted from the document entitled Carrapateena Project Mineral Resource Statement and Explanatory Notes as at 18 November 2016 released on 9 December 2016 and available at 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, 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. The information on Carrapateena Ore Reserves in this presentation is extracted from the document entitled Carrapateena Project Ore Reserve Statement and Explanatory Notes as at 4 August 2017 released on 24 August 2017 and available at 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, 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. Copper Equivalent calculation Khamsin and Saddle Zone drill results The copper equivalent percent was calculated using the following formula: Cu Eq % = Cu % + (0.647 * Au g/t). Copper equivalent has been calculated using a copper price of $US 6415/tonne and a gold price of $US 1292/oz. P A G E 4 /

5 How we work What we do O V E R V I E W A Modern Mining Company Strategy Reflecting the next phase of value creation growth Global copper Copper as driver of value; strategic exposure to base and precious metals Capital discipline Spending on things we need that represent best value and make a difference Devolved and agile Embracing a devolved model to unlock discretionary effort and value; assets that easily bolt on or off Lean and innovative Delivering bottom half cost curve and superior operating performance; lean principles to drive innovative solutions Customer focus Leveraging global asset base to develop partnerships with customers Driving inclusion and diversity, resulting in superior performance Working safely, unlocking innovation, embracing change and consistently delivering Our people are our ambassadors P A G E 5 /

6 O V E R V I E W Company Snapshot Operating Mine Mine in construction Study phase Exploration Lannavaara, Sweden Oaxaca, Mexico Musgrave Province Eloise Gurupi Province CentroGold Paraiso, Peru Carajás Province STRATEGIC OPERATIONAL PROJECTS Coompana Antas Pedra Branca Pantera Concentrate Treatment Plant Power Prominent Hill Province Carrapateena Province P A G E 6 /

7 O V E R V I E W Asset Timeline* Multiple projects progressing through build and study phases PROMINENT HILL UNDERGROUND AT Mtpa FROM 2019 I PLANT AT ~9-10Mtpa to MID-2023 I CURRRENT MINE LIFE TO 2030 EXPANSION STUDY CARRAPATEENA ANTAS PEDRA BRANCA EXPANSION STUDY EARLY WORKS 4.25Mtpa I 20 YEAR LIFE I AVERAGE: 65Kt pa Cu and 67Koz pa Au SUB LEVEL CAVE TO BLOCK CAVE TRANSITIONS I BLOCK CAVE OF LOWER GRADE REGIONS MINERAL RESOURCE UPDATE AND OPEN PIT OPTIMISATION UNDERWAY FS SCOPE up to 1.6 Mtpa WEST MUSGRAVE (51% OZ MINERALS) CENTROGOLD PANTERA EARLY WORKS PFS SCOPE ~10+Mtpa SCOPING STUDY MINE LIFE 11 YEARS I 129.9Koz pa Au MAIDEN INFERRED RESOURCE 350kt Cu + 140koz Au CONCEPT / DRILLING SCOPING STUDY PRE-FEASIBILITY STUDY FEASIBILITY STUDY CONSTRUCTION RAMP UP PRODUCTION POTENTIAL EXTENSION *Indicative timeline assumes required study hurdles and proposed timeframes achieved. Previously announced project parameters stated. P A G E 7 /

8 O V E R V I E W Summary ITEM Q3 Q4 FY 2018 Contained Copper produced (t) 31,919 29, ,998 Contained Gold produced (oz) 36,601 40, ,647 All-In Sustaining Cost US c/lb C1 cost US c/lb Favourable to annual guidance Unfavourable to annual guidance CONTAINED COPPER AND GOLD PRODUCED (t/oz) 40,000 35,000 FY 2018 gold production, AISC and C1 costs guided for Prominent Hill only STRONG YEAR FOR OPERATIONS AND GROWTH Prominent Hill copper and gold production exceed 2018 guidance with AISC and C1 costs below guided range; mine life extended to 2030 Carrapateena project in peak construction and on schedule for first concentrate production in Q4 Q4 TRIF at 7.53 higher than Q3 due to an increase in low severity injuries at Carrapateena as a result of construction ramp up; prevention strategies escalated at site Unaudited 2018 net revenue circa $1,115 million Cash balance at $505 million after growth investments West Musgrave PFS advances with positive early resource infill drilling results Carajás province optimisation continues; high-grade copper returned from Pantera drilling 30,000 25,000 20,000 15,000 10,000 5,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Copper Gold UPCOMING ACTIVITY Gold production guidance raised for 2019 Carrapateena province expansion Scoping Study results Musgrave province Mineral Resource update for Nebo-Babel Prominent Hill gold processing trial Drilling: Carrapateena regional, Punt Hill, Pedra Branca, Pantera, CentroGold, Antas near mine, Lannavaara P A G E 8 /

9 P R O M I N E N T H I L L P R O V I N C E Prominent Hill Performance UNDERGROUND ORE HAULED AND GRADE (kt) (Cu %) Q Q Q Q Q Q Q Q UG Ore Hauled (LHS) UG Mined Grade (RHS) STOCKPILES AND MILL THROUGHPUT (Mt) (Mt) 35 3 PERFORMANCE Copper and gold production exceed 2018 guidance, driven by end of life open pit optimisation and strong process controls All other guidance metrics achieved for 2018 Underground mine produced 765kt of ore at 1.98% copper in Q4 Underground Ore Reserve growth extends mine life to 2030 with a 50% increase in Proved Ore Reserves Malu paste plant initial site works commenced including geotechnical investigation, earthwork design and preliminary civils Underground expansion study diamond drill platform development ahead of schedule Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q UPCOMING ACTIVITY Gold production guidance raised for 2019 Gold processing trial to assess recoveries and mill throughput rates with a view to bringing forward processing of the regular grade gold stockpile in place of the low grade copper stockpile from 2020 Expansion study diamond drilling to commence Q P A G E 9 / Ore Stockpile (LHS) Mill Throughput (RHS)

10 P R O M I N E N T H I L L P R O V I N C E Prominent Hill Cost Performance ITEM Q3 Q4 FY 2018 All-In Sustaining Cost US c/lb C1 costs US c/lb Underground unit costs $/t C1 COST ANALYSIS (US c/lb) Favourable to annual guidance Unfavourable to annual guidance COST PERFORMANCE Q4 All-In Sustaining Cost of US 97c/lb; FY AISC of US 114c/lb below annual guidance as a result of lower sustaining capex through 2018 Q4 C1 costs of US 52c/lb were lower than the prior quarter on increased gold production; FY C1 costs of US 73c/lb also below annual guidance Q4 site processing costs lower with no scheduled maintenance shutdown during the quarter Q4 TCRC and transport costs lower in Q4 due to customer mix Underground operating unit costs of $56/t in line with the prior quarter; FY unit costs of $54 in line with guidance No scheduled plant maintenance shutdown in Q4 Customer mix Gold production higher due to ore blend UPCOMING ACTIVITY Prominent Hill cost guidance for 2019 All-In Sustaining Costs of US c/lb C1 costs of US 65c-75c/lb P A G E 10 /

11 F I N A N C I A L S Cash Generation WORKING CAPITAL MOVEMENTS - QUARTER Trade receivables Concentrate Trade payables Ore inventory Working capital Cash balance -$200 $0 $200 $400 $600 $800 (Millions) Dec-18* Sep-18* (A$M) Cash Utilisation Q $3M -$28M -$18M -$35M -$78M +$51M CASH MOVEMENTS Cash balance of $505 million at 31 December Concentrate inventory decreased due to shipments late in quarter Trade payables higher by $18 million due to capital related expenditure Q3 net ore inventory reduction of $35 million: Non-cash ore drawdown of $32 million $3 million NRV write down due to timing of low grade gold ore processing and revised economic assumptions Carrapateena project cash investment of $99 million ($95 million of expenditure) Exploration and development spend of $14 million primarily across Carajás, Gurupi and Carrapateena provinces UPCOMING ACTIVITY Ore inventory balance to continue reducing with processing of open pit ore stockpiles Cash balance to reduce during 2019 due to capital expenditure requirements Unwind of gold hedge instruments P A G E 11 / * Unaudited ** Includes non-cash depreciation and NRV adjustment

12 (Metres) C A R R A P A T E E N A P R O V I N C E Carrapateena Development Progress QUARTERLY DECLINE ADVANCE Q Q Q Q Q Q Q Q Q FIRST LIFT OF CRUSHER CHAMBER PROGRESS DURING QUARTER Tjati decline entered basement granite and progressed towards first production level Development rates increased with additional working areas available and expansion of underground Mining Alliance team Total decline development on track at 9,889 metres (3,748 metres from surface to face of Tjati decline); vertical depth below surface is 531 metres First lift of underground crusher level complete Processing plant and non-process infrastructure construction progressing well with bulk earthworks and critical concrete pours complete High voltage powerline over 40% complete Tailings Storage Facility construction commenced and progressing to schedule Southern Access Road upgrade commenced Northern wellfield Early Contractor Involvement nearing completion UPCOMING ACTIVITY Decline development rates to accelerate further as more working areas become available Crusher one excavation to continue Two surface ventilation rises to commence piloting Underground plant and personnel ramp up to meet schedule Construction of Northern wellfield P A G E 12 /

13 M U S G R A V E P R O V I N C E West Musgrave Pre-Feasibility Study WEST MUSGRAVE CAMP DRILLING AT NEBO ACTIVITY DURING QUARTER Project awarded Lead Agency status by the Western Australian Regulator, recognising the significance of the project to the state and allowing for a streamlined approvals process PFS drilling program completed; Resource model update progressed for Nebo-Babel In-fill drilling program commenced to enhance the potential Feasibility Study schedule Cultural heritage assessments for infrastructure areas were progressed with the Ngaanyatjarra Traditional Owners Metallurgical test work focussing on a variability program and flowsheet opportunities continued Process plant and infrastructure engineering progressed Market testing of power solutions undertaken Water exploration drilling and groundwater modelling completed Costs for the West Musgrave project capitalised from October UPCOMING ACTIVITY Completion of the Nebo-Babel Resource model update Completion of process plant and infrastructure engineering and collation of updated cost estimates Completion of metallurgical variability test work Continuation of the infill drilling program Commencement of mine design P A G E 13 /

14 Mill Throughput (t/h) C A R A J A S A N D G U R U P I P R O V I N C E S Carajás and Gurupi Province Activity ANTAS PROCESSING PLANT THROUGHPUT July August September October November December PANTERA DRILLING CROSS SECTION 1 OPTIMISATION WORK CONTINUES Carlos Gonzalez appointed Chief Executive Brazil, joining OZ Minerals with over 25 years experience within Brazil in international mining companies Carajás Province: Antas produced 2,883 tonnes of copper and 2,333 ounces of gold in Q4, resulting in H2 copper production of 5,887 tonnes which was marginally below expectations Record hourly plant throughput and plant ore tonnes milled in December following operational improvements Review of open pit Mineral Resource and mine plan underway Resource delineation drilling continued at Pedra Branca East with four drill rigs successfully completing 4,562m High grade copper returned from Pantera drilling; Mineralisation now extends over 1.2km of strike length and remains open down-dip, along strike and down-plunge Gurupi Province: resource delineation drilling continued into the Contact deposit (CentroGold); engagement with neighbouring communities and permitting activities progressed UPCOMING ACTIVITY 2019 guidance for Antas to be released in Q2 upon completion of the Mineral Resource and Ore Reserve update and revised mine plan Completion of Pedra Branca Resource delineation program P A G E 14 / 1 See OZ Minerals announcement titled High-grade copper returned from Pantera drilling released on 6 December 2018 and available at:

15 E X P L O R A T I O N A N D G R O W T H Growth Pipeline Operations, projects and a growing pipeline of opportunities EXPLORATION STUDIES DEVELOPMENT OPERATIONS COOMPANA ELOISE FREMANTLE DOCTOR WEST MUSGRAVE REGION EAST MUSGRAVE KHAMSIN SUCCOTH WEST MUSGRAVE PUNT HILL CARRA REGIONAL THE SADDLE NEBO-BABEL OP PFS CARRAPATEENA UG PROMINENT HILL UG OAXACA PARAISO LANNAVAARA CARAJÁS PROVINCE* - ANTAS REGIONAL & CANAA BLOCK PANTERA PEDRA BRANCA UG FS ANTAS OP GURUPI PROVINCE* CENTROGOLD OP PFS * Multiple targets under review No Resource estimate Resource estimate FS: Feasibility Study PFS: Pre-Feasibility Study P A G E 15 /

16 E X P L O R A T I O N A N D G R O W T H New Earn-in Agreement Signed in Peru VIEW FROM PROJECT SITE COPPER BEARING SITE SAMPLES PARAISO, PERU Earn-in agreement with private Peruvian company Inversiones Gravity image (CBG 250) Mineras La Chalina S.A.C. to explore for iron oxide copper-gold Magnetic high contours (IOCG) deposits on the Paraiso project in the Arequipa district of (10nT contour interval) southern coastal Peru Project located close to the coast, infrastructure and is at relatively low elevation Historical exploration on the licences has included soil sampling, geological mapping, limited geophysics and drilling of nine holes Previous drilling focused on a small (150 x 150 metre) area near historical workings; majority of drill holes intersected copper mineralisation OZ Minerals has committed US$500,000 on exploration in the first 12 months, after which it can elect to proceed with the project OZ Minerals can earn 100% of the project by spending US$11,525,000 over five years UPCOMING ACTIVITY Initial work program to include geological mapping, rock chip and soil sampling, ground geophysics and an airborne magnetic survey. The main targets not previously drill tested include: Esmeralda - surface copper oxide mineralisation has been traced over a strike length of 400 metres. Casper - a 400 x 300 metre copper-in-soil anomaly outlined by previous explorers P A G E 16 /

17 O V E R V I E W 2019 Key Milestones Business Area Prominent Hill Province Carrapateena Province West Musgrave Province Carajás Province Gurupi Province Strategic Operational Projects Milestone Haulage Feasibility Study Updated Mineral Resource and Ore Reserve Statement Province expansion Scoping Study First commercial concentrate production Updated Mineral Resource and Ore Reserve Statement Mineral Resource update for Nebo-Babel 70% earn-in to project Pre-Feasibility Study Antas Mineral Resource and Ore Reserve update guidance Pedra Branca Mineral Resource update Pedra Branca early works decision / commencement CentroGold Pre-Feasibility Study CentroGold Mineral Resource update CTP decision on next steps 2019 Q1 Q2 Q3 Q4 P A G E 17 /

18 G U I D A N C E Updated Guidance GUIDANCE 2019* PROMINENT HILL CARRAPATEENA TOTAL Copper Production (tonnes) 1 95, ,000 2,000-4,000 97, ,000 Gold Production (ounces) 1 115, ,000 3,000-6, , ,000 Underground Ore Movement (Mt) Underground Sustaining Capital Expenditure (A$M) Site Sustaining Capital Expenditure (A$M) Growth Capital Expenditure (incl. mine development) (A$M) , AISC (US c/lb) C1 Costs (US c/lb) Exploration (A$M) Project studies and drilling commitments to next stage gate (A$M) * 2019 guidance for Antas will be released in Q2 upon completion of the Mineral Resource and Ore Reserve update and revised mine plan P A G E 18 / 1 These production targets must be read in conjunction with the production targets cautionary statements on slides 3 and 4 2 US dollar denominated C1 costs for Prominent Hill will benefit by US1.5c per US1c reduction in the AUD/USD exchange rate. 3 AUD/USD of 0.73 has been used in converting A$ costs to US$ for C1 and AISC guidance 4 Additional commissioning expenditure of A$40-A$45 million in 2019 will be offset on sale of concentrate from commissioning ore in Q Guidance does not include copper produced from ore mined during mine construction. 5 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) 6 Project studies and drilling costs of A$45-A$50 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.

19 G U I D A N C E Prominent Hill Metal Production 1 PROMINENT HILL GUIDANCE 2019 Copper production Gold production NEW Gold production - OLD Underground Ore Movement 95, ,000 Tonnes 115, ,000 Ounces 100, ,000 Ounces 3.7Mt 4.0Mt / 2019 gold guidance increased by a total of circa 15kt due to an increase in gold feed grade / Gold processing trial to assess recoveries and mill throughput rates with a view to bringing forward processing of regular grade gold stockpiles in place of the low grade copper stockpile from 2020 kt/koz PH Metal Production Actual Guidance Copper (kt) Copper Guidance Range (kt) Gold (koz) Gold Guidance Range (koz) P A G E 19 / 1 The production targets on this slide must be read in conjunction with the cautionary statement on slide 3

20 G U I D A N C E Prominent Hill Capital Costs PROMINENT HILL GUIDANCE 2019 Underground sustaining capital expenditure Site sustaining capital expenditure Growth capital expenditure (incl. mine development) A$50 - A$60 Million A$12 - A$15 Million A$35 A$45 Million / Underground sustaining capital expenditure: ongoing mine development / Site sustaining capital expenditure: multiple maintenance and upgrade projects across site / Growth capital expenditure: expansion drilling and mine development, resource definition drilling, Malu paste plant and Malu East ventilation MINERAL RESOURCE DELINEATION DRILLING CONCEPTUAL PASTE PLANT DESIGN Open mineralisation with ongoing Mineral Resource delineation drilling in 2019 P A G E 20 /

21 G U I D A N C E Prominent Hill Operating Costs PROMINENT HILL GUIDANCE 2019 All-in sustaining cost 1 C1 costs 1 US 110c - US 120c/lb US 65c - US 75c/lb 1 AUD/USD of 0.73 has been used in converting A$ costs to US$ for C1 and AISC guidance / 2019 All-In Sustaining Cost and C1 cost guidance to remain in-line with 2018 / Prominent Hill to continue operating in the bottom quartile of the cost curve (US c/lb) Prominent Hill C1 Costs Actual Guidance (US c/lb) Prominent Hill All-In Sustaining Costs Actual Guidance C1 Cost Guidance Range AISC Guidance Range P A G E 21 /

22 G U I D A N C E Carrapateena 1 CARRAPATENA GUIDANCE 2019 Copper production Gold production Site Sustaining capital expenditure Growth capital expenditure (incl. mine development) 2,000-4,000 Tonnes 3,000-6,000 Ounces A$4 - A$6 Million A$540 - A$570 Million* / Site sustaining expenditure: primarily engineering and maintenance equipment / Growth capital expenditure: pre-production capital (A$465-A$485 million), mine development (A$30-A$35 million), underground infrastructure development (A$45-A$50 million) / * Additional commissioning expenditure of A$40-A$45 million in 2019 will be offset on sale of concentrate from commissioning ore in Q The associated metal production and costs are excluded from the production and cost guidance above. MINERALS PROCESISNG PLANT COARSE ORE STOCKPILE RECLAIM TUNNEL P A G E 22 / 1 The production targets on this slide must be read in conjunction with the cautionary statement on slide 4

23 G U I D A N C E Growth GUIDANCE 2019 Exploration A$30 - A$35 MILLION / Province approach to continue through 2019 with earn-in agreements progressing a pipeline of opportunities to leverage exploration expertise in specific geologies and locations / Exploration guidance excludes Prominent Hill resource to reserve conversion A$30-A$35 million covers a broad range of domestic and international opportunities Australian Exploration International Joint Ventures (ex-brazil) Brazilian Exploration Exploration guidance also provides for new opportunities during 2019 P A G E 23 /

24 G U I D A N C E Project Studies and Drilling Commitments GUIDANCE 2019 Project studies and drilling commitments A$45-A$50 Million / Project studies and drilling costs of A$45-A$50 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. / Duration of project studies and drilling commitments guided for 2019 is highlighted for each of the major projects below: PROMINENT HILL EXPANSION STUDY UNDERGROUND AT Mtpa FROM 2019 I PLANT AT ~9-10Mtpa to MID-2023 I CURRRENT MINE LIFE TO 2030 CARRAPATEENA EXPANSION STUDY ANTAS PEDRA BRANCA EARLY WORKS WEST MUSGRAVE (51% OZ MINERALS) CENTROGOLD PANTERA EARLY WORKS 4.25Mtpa I 20 YEAR LIFE I AVERAGE: 65Kt pa Cu and 67Koz pa Au SUB LEVEL CAVE TO BLOCK CAVE TRANSITIONS I BLOCK CAVE OF LOWER GRADE REGIONS MINERAL RESOURCE UPDATE AND OPEN PIT OPTIMISATION UNDERWAY FS SCOPE up to 1.6 Mtpa PFS SCOPE ~10+Mtpa SCOPING STUDY MINE LIFE 11 YEARS I 129.9Koz pa Au MAIDEN INFERRED RESOURCE 350kt Cu + 140koz Au CONCEPT / DRILLING SCOPING STUDY PRE- FEASIBILITY STUDY FEASIBILITY STUDY CONSTRUCTION RAMP UP PRODUCTION POTENTIAL EXTENSION Indicative timeline assumes required study hurdles and proposed timeframes achieved. Previously announced project parameters stated. P A G E 24 /

25 Appendices

26 C A R R A P A T E E N A P R O V I N C E Exploration Drilling Saddle Zone 1 737,000 me 740,000 me Residual Gravity Anomaly Q4 DRILLING RESULTS N Fremantle Doctor Mineralised Envelope 6,546,000 mn Two diamond drill holes completed from surface plus one daughter hole from a subsurface wedge completed during the quarter. First time bornite and chalcopyrite mineralisation has been intersected in the Saddle Zone. Best intersection of 1.39% copper equivalent 2 from 1317m in DD18SAD001W1 Hole Number From (m) To (m) Interval (m) Cu (%) Au (g/t) 1 km Carrapateena Mineralised Envelope 6,543,000 mn DD18SAD001* and* DD18SAD001W1* and* and* *0.1% Cu cut off with unlimited internal dilution. **0.7% Cu cut off up to/including 4m internal dilution. Reported as down hole lengths as true widths are not known. 1 See OZ Minerals Fourth Quarter Report 2018 Appendix 1 for JORC 2012 Table 1 information on Saddle Zone drill results P A G E 2 6 / 2 Copper equivalent calculation assumptions can be found on slide 4

27 C A R R A P A T E E N A P R O V I N C E Exploration Drilling Saddle Zone 1 Vertical depth below surface approximately 500m 0.48% Cu, 0.83 g/t Au, from 520m 0.62% Cu, 0.61 g/t Au, from 946.6m 0.54% Cu, 0.06 g/t Au, from 969.5m Fremantle Doctor Mineralised Envelope 0.75% Cu, 0.99 g/t Au, from 1317m DD18SAD002 Looking North-west Note: Section is clipped with a window of +/- 600m. *0.1% Cu cut off with unlimited internal dilution. DD18SAD001W1 DD18SAD001 P A G E 2 7 / 1 See OZ Minerals Fourth Quarter Report 2018 Appendix 1 for JORC 2012 Table 1 information on Saddle Zone drill results

28 C A R R A P A T E E N A P R O V I N C E Exploration Drilling Khamsin 1 729,000 me 731,000 me N Residual Gravity Anomaly 6,549,000 mn Q4 DRILLING RESULTS Follow up drill hole was undertaken following the positive drill results reported in DD18KMS031 in Q Further bornite intersection extending the known mineralisation to the south west DD18KMS033 Section mN Hole Number From (m) To (m) Interval (m) Cu (%) Au (g/t) 6,547,000 mn DD18KMS033* DD18KMS033* Including** *0.1% Cu cut off with unlimited internal dilution. **0.7% Cu cut off up to/including 4m internal dilution. 1 km 1 See OZ Minerals Fourth Quarter Report 2018 Appendix 1 for JORC 2012 Table 1 information on Khamsin drill results P A G E 2 8 /

29 C A R R A P A T E E N A P R O V I N C E Exploration Drilling Khamsin 1 Vertical depth below surface approximately 550m 0.05% Cu, 1.25 g/t Au, from 738m 2.23% Cu, 0.06 g/t Au, from 907m 1.17% Cu, 0.06 g/t Au, from 907m Looking North Note: Section is clipped with a window of +/- 600m. *0.1% Cu cut off with unlimited internal dilution. **0.7% Cu cut off up to/including 4m internal dilution. DD18KMS033 P A G E 2 9 / 1 See OZ Minerals Fourth Quarter Report 2018 Appendix 1 for JORC 2012 Table 1 information on Khamsin drill results