“EARNING THE POTENTIAL TO GROW” STRATEGY RELEASE

OZ Minerals | 2

DISCLAIMER This presentation has been prepared by OZ Minerals Limited (“OZ Minerals”) and consists of written materials/slides for a presentation concerning

OZ Minerals. By reviewing/attending this presentation, you agree to be bound by the following conditions:

No representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information, contained in the presentation, or of the views, opinions and conclusions contained in this material. To the maximum extent permitted by law, OZ Minerals and its related bodies corporate and affiliates, and their respective directors, officers, employees, agents and advisers disclaim any liability (including, without limitation any liability arising from fault or negligence) for any loss or damage arising from any use of this material or its contents, including any error or omission therefrom, or otherwise arising in connection with it.

Some statements in this presentation are forward-looking statements within the meaning of the US securities laws. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside OZ Minerals’ control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors and activities by governmental authorities, such as changes in taxation or regulation.

Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of the presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, OZ Minerals does not undertake any obligation to publicly release any updates or revisions to any forward looking statements contained in this presentation, whether as a result of any change in OZ Minerals’ expectations in relation to them, or any change in events, conditions or circumstances on which any such statement is based.

Certain statistical and other information included in this presentation is sourced from publicly available third party sources and has not been independently verified.

All figures are expressed in Australian dollars unless stated otherwise.

This presentation should be read in conjunction with the Quarterly Report released today.

Production Target - A proportion of the production targets for 2016, 2017 and 2018 on page 16 is based on non reserve material. There is a low level of geological confidence associated with inferred or unclassified mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. The Reserves and Resources underpinning the production targets for 2016, 2017 and 2018 on page 16 have been prepared by a Competent Person in accordance with the JORC Code 2012.

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DISCLAIMER

Prominent Hill Mineral Resource and Ore Reserve estimates The information in this presentation that relates to the Prominent Hill Mineral Resource estimate and the Prominent Hill Ore Reserve estimate is extracted from the report entitled “Annual Resource and Reserve Update for Prominent Hill” which was released to the market on 20 November 2014 and is available to view on www.ozminerals.com/operations/resources--reserves.html. 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 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. The company 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. Carrapateena Mineral Resource estimate The information in this presentation that relates to Carrapateena Mineral Resource estimates is extracted from the report entitled “Annual Carrapateena Mineral Resource Update and Mineral Resource Explanatory Notes as at 30 June 2013” which was released to the market on 28 November 2013 and is available to view on www.ozminerals.com/operations/resources--reserves.html. 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 Competent Person’s findings are presented have not been materially modified from the original market announcement. Carrapateena Ore Reserve estimate The information in this presentation that relates to Carrapateena Ore Reserve is extracted from the report entitled “Carrapateena Ore Reserves Explanatory Notes as at 15 August 2014” which was released to the market on 18 August 2014 and is available to view on www.ozminerals.com/operations/resources--reserves.html. 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 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. The company 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.

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EARNING THE POTENTIAL TO GROW

A NEW STRATEGY – FOCUSED ON VALUE CREATION

• Safety – Safe work above all else, strive for a workplace with no injuries.

• Values – Integrity and strong governance in all aspects of the way we work.

• Capital discipline – Commitment to reliably and predictably deliver with disciplined capital deployment.

How

we

will

wor

k

• Lean business – Fit for purpose today with an agile and flexible approach to opportunity.

• Customer focus – Preferred supplier of mineral products to customers.

• Copper core – Foundation built of copper with base metals and gold opportunistically pursued.

• Multiple assets – Build and maintain a portfolio of valuable, risk managed cash generating assets.

Wha

t we

will

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s on

EARNING THE POTENTIAL TO GROW

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SAFETY

• Safety performance in 2014 was not acceptable.

• Safety performance vs our peers demonstrates clear room for improvement.

• No risk appetite to place employees and contractors in harm’s way.

• All activities must have appropriate controls in place with strong leadership present.

• Program of actions focused on:

- Site safety acceleration program.

- Mental health awareness.

- Leadership development.

- Focus on significant incidents.

- Increased risk awareness.

WE WILL HAVE A WORKPLACE WITH ZERO HARM TO OUR PEOPLE

Performance vs peers

Safety performance

* CY or FY 2014 comparison, Source: Company data, Citibank. Selection of peers includes PanAust, Sandfire, Illuka, Newcrest, Fortescue, BHPBilliton.

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Peer 1 OZMinerals

Peer 2 Peer 3 Peer 4 Peer 5 Peer 6

TRIF

R*

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2010 2011 2012 2013 2014

TRIFR LTIFR

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VALUES

WE MAINTAIN OUR COMMITMENT TO STRONG VALUES AND GOVERNANCE

• We will always stay true to our values of integrity, respect, action and results.

• We will always behave in an ethical and transparent manner.

• We recognise that we play a key role in local communities and continue to actively support and participate in the local community to strengthen our social licence to operate.

• We will increase our engagement with our stakeholders.

• We will constantly strive for local win-win solutions through employment, local business development and partnerships.

• Winner 2015 South Australian Premiers Community Excellence Awards in Mining and Energy: OZ Minerals Excellence in Leadership, Women in Resources. Commendation: Excellence in Supporting Communities.

Provide opportunities for local communities

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CAPITAL DISCIPLINE

CAPITAL WILL BE DEPLOYED IN THE MOST VALUABLE MANNER

• We will continue to apply a highly disciplined approach to use of capital.

• Internal and external growth options must compete for capital vs. shareholder distributions.

• Strong balance sheet must be engaged to facilitate growth options.

• Shareholder distributions must be simple, transparent and consistent.

Uses of Capital

External growth

Internal growth

Shareholder distributions

Capital discipline

STRATEGY DELIVERY PLAN

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DEFINED PATH TO CREATE VALUE

We have a crystal clear and very achievable plan to grow OZ Minerals in a disciplined value accretive way.

Our engine room in Prominent Hill will deliver significant reliable cash flow to fuel the creation of a diversified operational portfolio.

Our approach will be underpinned by fundamentals, a rigorous understanding of risk and a relentless focus on value creation.

LEAN BUSINESS MULTIPLE OPERATIONS

‘Vision without execution is Hallucination.’ Thomas Edison

EARNING THE POTENTIAL TO GROW

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Assess • New approach to managing risk. • LOM value creation. • Strengthen and embed lean accountability.

Identify • Continuous reinvention and improvement. • Supplier optimisation and value extraction.

Implement • Clear responsibilities and accountabilities. • Safe work is non-negotiable. • Our values will govern all our behaviours.

WE HAVE ALREADY MADE SIGNIFICANT INROADS, BUT MORE TO COME

DEVELOPING A COST CULTURE

LEAN BUSINESS

• We’ve already taken decisions to remove ˷$40m from the business with favorable market conditions removing an additional ˷$8m

- Relocation of Corporate office to Adelaide and structure simplification • ~$10 million annualised savings (~+Net $5 million

expense in 2015)

- Restructure and leaner Prominent Hill • ~$9.5 million in annualised savings (neutral in 2015)

- Reduction in exploration expenditure and refocused activity • $10 million saving

- Reduction in sustaining capital • $6 million saving

- Resequencing of Malu UG resource drilling • $5 million saving

- Market based, diesel and power • $8 million saving

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LEAN BUSINESS

RELOCATION PROCESS RELOCATION OUTCOME

April • Executive team recruited. • Broader recruitment commenced.

May-June • Handover plan commenced. • Staged redundancies in Melbourne.

July - August • Handover completed. • Final redundancies in Melbourne. • Functional closure of Melbourne office.

• Lean flatter decentralised business model. • Low cost, agile and decisive operating rhythm.

• Risk mitigation strategies in place. • Clear corporate knowledge handover requirements.

• Net 2015 cost ~$5 million. • Annualised savings of ~$10 million.

NEW FLATTER CORPORATE STRUCTURE WITH MATERIAL COST SAVINGS

CEO Andrew Cole

CFO

Andrew Coles Successor identified

Operations Manager

Brian Kilgariff

Head of Corporate Affairs

Peter Hannam Successor identified

Head of Human Resources

Dorothy Tonna Successor identified

Head of Project Services

Brett Triffett

Head of Corporate Development

Richard Hedstrom

Head of Legal

Helen Dyson Successor identified

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LEAN BUSINESS

• Revised open pit mine plan involves accelerated mining rates through to mid-2017 when we switch the fleet to our smaller (primarily OZ owned/Thiess operated) mining fleet.

• Current end of open pit mine life is 2018, but cash will be realised from stockpiles beyond this.

• Open pit performance significantly improved with 2 excavators + 32 trucks (Avail. > 70%).

• Predictable and reliable production paramount with clear accountabilities, investment in monitoring and modeling capabilities, and clear risk and control framework.

• Monitoring of cover sequence for movement will continue, unloading overburden will continue to de –risk the pit in 2015 (expenditure estimated at $4m).

• Continued constructive discussions with Thiess to reduce ongoing costs. Current contract drives increasing unit costs going forward.

Accelerated mine plan implications

Implication Outcome

Lowest total mining cost over LOM

Highest NPV

Working capital investment in ROM

De-risk open pit

Flexibility in concentrate blend

ACCELERATED OPEN PIT MINE PLAN CREATES VALUE, BUT TIES UP CASH INITIALLY

Open pit movement and strip ratios

Strip Ratio: 4.6

2.8-3.2

1.0-1.2 0.4-0.6

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2014 2015 2016 2017 2018

Mt Waste Ore

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MALU UNDERGROUND REVIEW RECONFIRMS VALUE ACCRETIVE

LEAN BUSINESS

• First ore from Malu UG delivered on schedule in Q4 2014.

• Malu UG business case has been reconfirmed to deliver incremental value to Prominent Hill

₋ Long life.

₋ Synergies across site, specifically with Ankata UG and processing.

₋ Current production assisting to offset remaining capital expenditure.

• Focus for Ankata and Malu UG in 2015 is to improve development rates.

• Stockpile of open pit ore and continual mining from UG will allow efficient use of the plant well past the closure of the open pit.

• Malu Deeps provides longer term optionality subject to outcomes of 2015 scoping study.

Increased value & extended life through UG mining

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LEAN BUSINESS

Copper production Range

2015 Copper production 110,000 to 120,000 tonnes

2016-2017 Copper production 105,000 to 115,000 tonnes

2018 Copper production 90,000 to 100,000 tonnes

Gold production Range

2015-2018 Gold production 100,000 to 110,000 ounces

Production* • Copper ore will be priority milled, high grade UG copper ore first then OP copper ore.

• Copper production above 105,000 tonnes until 2018.

• Gold production above 100,000 ounces until 2018.

• Ankata, Malu UG and open pit gold stockpiles will facilitate production 2020+.

* Refer to Production Target cautionary statement on page 2.

LONG TERM GUIDANCE REFLECTS START OF STRATEGY EXECUTION

Production targets based on; Reserves Proven material 35.6% Reserves Probable material 56.8% Resources Measured material 1.0% Resources Indicated material 0.6% Resources Inferred material 3.5% Non classified material 2.5% Previously multi year production outlook issued pre Malu Underground reserve. Further information on Prominent Hill Resources and Reserves is available in the Annual Resource and Reserve Update for Prominent Hill released on 20 November 2014 which is available on the OZ Minerals website at http://www.ozminerals.com/operations/resources--reserves.html and in the OZ Minerals 2014 Annual Report.

EARNING THE POTENTIAL TO GROW

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CUSTOMER FOCUS

A SOLUTION TOOL KIT TO LEVERAGE A GLOBAL CONCENTRATE MARKET

• Ongoing customer base diversification into smelting and blending markets to optimise concentrate value.

• Continued management of uranium through both technical and commercial solutions.

• As planned, approximately 90% of 2015 sales committed under long term contracts with long term customers.

• Our integrated value chain from mine to market allows OZ Minerals to anticipate and respond to customer driven market changes.

• Consistent with prior periods full disclosure of selling costs included in C1 breakout.

Understand market conditions and have strong relationships with

customers

• Ore stockpile management

• Jameson cell

• Customer diversity

• Blending

Technical solution

Commercial solution

Customised qualities to meet customer needs

Max

imis

e va

lue

at e

ach

stag

e

Robust reliable mine plan with strong understanding of mineralogy

Integrated value chain

EARNING THE POTENTIAL TO GROW

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COPPER CORE

• Copper is a global metal exposed to infrastructure and consumer growth – with no significant substitution risk.

• Tightening supply growth post 2016, with exploration budgets reduced globally.

• Lower A$ has offset the recent reduction in US$ prices, providing Australian producers with an advantage.

• A$ pricing vs US$ pricing spread has increased from mid 2014 onward as the A$ has fallen.

Source: WoodMackenzie (March2015)

COPPER OUTLOOK HAS PROVED MORE ROBUST THAN OTHER COMMODITIES

Average A$ Cu price 28% above US$ in 2015

Tightening global copper mine supply growth

Source: Bloomberg

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• Significant Reserves and Resource base.

• Revised exploration program reflects significant mineral inventory already available.

• Current Prominent Hill Reserves support mining into mid 2020s.

• Current Prominent Hill Resources allow studies to expand and extend life, and create further value.

• In 2015, further work will occur to create value from 800Mt Carrapateena Resource:

• Rail Studies

• Hydromet Studies

Prominent Hill1 Carrapateena2

Significant Ore Reserves and Minerals Resources*

COPPER CORE

OZ MINERALS HAS A SIGNIFICANT COPPER RESOURCE BASE TO LEVERAGE

*Further information on OZ Minerals reserves and resources can be found at http://www.ozminerals.com/operations/resources--reserves.html and in OZ Minerals Annual Report 2014.

1 Refer to page 3 for compliance statement 2 Refer to page 3 for compliance statement

EARNING THE POTENTIAL TO GROW

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MULTIPLE ASSETS

• OZ Minerals has significant organic growth options with a strong proven team;

− Carrapateena (Khamsin and Fremantle Doctor)

− Malu Deeps

− Jamaica

• Current environment is bringing numerous assets to market.

• Internal discipline requires strong due diligence, clear pathway to cash and thorough risk management frameworks.

• Activities focused on advanced development projects and producing assets.

• New revised OZ Minerals investment criteria and existing skill sets opens the window for other opportunities.

TODAYS MARKET CONDITIONS ENABLE VALUE ACCRETIVE ACQUISITIONS

Pipeline

Market conditions

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Source: Bloomberg

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MULTIPLE ASSETS

• Target size, country listing and mine life criteria removed – focus on value and risk only.

• Investment decisions made on a case-by-case basis.

• Thorough understanding of risks critical.

− zero tolerance for safety or personnel risk

− zero tolerance for values or governance risk

• “Value extraction” approach to assets in copper, other base metals or possibly gold – where we can leverage our skills in marketing, processing, and balance sheet strength.

• Assets which may be ‘too small’, non core or distressed can allow OZ Minerals to leverage expertise.

• A portfolio of many small or a few large are equally acceptable.

A NEW INVESTMENT APPROACH OPENS DOOR FOR NEW OPPORTUNITIES

Retain historic discipline and analysis methodology

Expanded set of assets in market with realistic pricing

Overlay competitive skills sets to derive value

Larger investment set

Leverage competitive advantage to new investment criteria

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• The Gawler Craton is a world class mineral district and OZ Minerals has numerous resources (Carrapateena, Khamsin, Fremantle Doctor) and new targets in our extensive (>6,500km2) exploration lease.

• Carrapateena PFS details significant value (>$1B) from long life low cost mine.

• All activities in 2015 focused on increasing value and de-risking Carrapateena .

• Unique SA Government partnership to assist with Hydromet and infrastructure solutions.

• Studies underway

- Hydromet to upgrade concentrate to ~60%

- Rail to transfer capital cost and improve IRR

- Capital review to ensure lean project

• Large size of Carrapateena means it will not be OZ Minerals’ only operating asset and will only be developed with a partner.

GAWLER CRATON HAS THE PEDIGREE OF A WORLD-CLASS COPPER DISTRICT

MULTIPLE ASSETS

Gawler Craton – regional solutions

EARNING THE POTENTIAL TO GROW

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VALUE CREATION

NEW DIVIDEND POLICY REFLECTS STRATEGY AMBITIONS

New dividend policy

Consideration of dividend payments will be made subject to; • Legal and prudential requirements • Investing or balance sheet activity required

“Endeavour to pay a minimum of 20% of net cash generation not required for investing or balance

sheet activity”

• Our new dividend policy represents a disciplined approach to capital management.

• OZ Minerals has a strong growth focus.

• The dividend policy will allow transparent and consistent distributions to shareholders.

• The majority of cash generated will be invested in the company to enable this strategy.

• OZ Minerals currently expects to be paying tax from Prominent Hill earnings in 2017.

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VALUE CREATION

OUR STRATEGY WILL DRIVE VALUE CREATION

Clear value proposition

Reliable and strong cash generation from optimised Prominent Hill

Internal and external growth options to meet

strategic goal of multiple cash

generating assets

Clear and reliable dividend policy

Superior returns to shareholders

Strong balance sheet

• A clear and constant focus on delivering value for our shareholders is at the forefront of the strategy.

• Each decision we make will be analysed against a clear value creation criteria.

• The process of understanding risk and linking risk with value will be built into all business processes.

EARNING THE POTENTIAL TO GROW

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CREATING A MODERN MINING COMPANY A NEW BUSINESS MODEL IS REQUIRED TO DELIVER THIS NEW STRATEGY

Value creation: A growth company creating long term value

• Declining safety record

• High overhead costs

• Centralised business

• Unpredictable production

• Insufficient cost culture

• Constraining investment criteria

• Mismatched exploration search criteria

Prior

• Safe • Lean and decisive • Transparent, open and

collaborative • Decentralised: corporate

delivers the strategy and assets run the operations

• Value decisions to maximise cash realisation early

• Cost culture • Change risk profile with

increased risk in some areas (e.g. plant) and less in others (e.g. open pit).

Lean

• Removed target size and mine life restrictions

• Expanded opportunity window to Copper, Base Metals and Gold

• Removed ‘approved country’ list and focus on asset risk only

• Carrapateena: focus on improving value and decreasing risk to attract partners for development

Multiple assets

Clear goals and accountabilities to drive strategy delivery Lack of accountability culture

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DEFINED PATH TO CREATE VALUE Co

mpl

eted

U

nder

way

New strategy and new targets Relocating Corporate office Restructuring whole of business Divested Sandfire Suspend Fremantle Doctor exploration Revised mine plan.

Recognised favorable external market

New investment criteria defined Commenced active due diligence

Improve safety performance Strengthen and embed lean accountability New Adelaide corporate team Further de-risk Malu Open Pit Grow concentrate ‘toolbox’ Supplier optimization and value extraction

Expand pipeline of opportunities Add new assets/operations to portfolio Prominent Hill Malu Deep study Carrapateena value adding studies Partner for Carrapateena Disciplined exploration activities

LEAN BUSINESS MULTIPLE OPERATIONS

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‘Vision without execution is Hallucination.’ Thomas Edison

✔

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SUMMARY

• A strong first quarter production result reflecting the significant improvements in productivities within the Malu Open Pit.

• A new and fully endorsed strategy defined as “earning the potential to grow”.

• We have a clear execution plan.

• We will deliver reliable results and be accountable for our actions.

• We will assess all actions on a value basis.

• We will take risk where value equation is clear.

• Unique opportunity with strong balance sheet, favourable markets and the support of all stakeholders to grow the business.

EARNING THE POTENTIAL TO GROW