OZ MINERALS 2012 FIRST QUARTER REPORT

26 APRIL 2012 WWW.OZMINERALS.COM OZ MINERALS • NOVEMBER 2009 • PAGE 1 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 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 relate to the future and are forward looking statements. Such statements may include, but are not limited to, statements with regard to intention, 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 Mineral’s 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 and intentions 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.

OZ MINERALS • PAGE 2 HIGHLIGHTS

• Strong and production for the quarter.

• Production impact from rain event minimised.

• Continued improvement in safety performance.

• First ore from stoping from Ankata underground mine achieved at the end of the quarter.

• Further drill results at Carrapateena indicating extensions to resource.

OZ MINERALS • PAGE 3 SAFETY

OZ Minerals Lost Time and Total Recordable Injury Frequency Rate 12 month moving average *

25 5

20 4

15 3

10 2 Rate LTI Frequency TRI Rate TRI Frequency

5 1

0 0 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12

* Injuries per million man hours OZ Minerals TRIFR OZ Minerals LTIFR

• Continued improvement in lost time injury frequency rate.

OZ MINERALS • PAGE 4 PROMINENT HILL

PROMINENT HILL PRODUCTION DEC QTR MAR QTR STATISTICS '11 '12 • 10% increase in material MINED ORE 2,212,157 1,945,417 movement. (TONNES) WASTE 14,266,345 16,102,251 • Copper and gold production on track to meet 2012 guidance of MINED GRADE COPPER (%) 1.28 1.11 100,000t-110,000t of copper and GOLD (G/T) 0.47 0.49 130,000oz-150,000oz of gold. ORE MILLED (TONNES) 2,442,800 2,460,397 MILLED GRADE COPPER (%) 1.22 1.24 • Higher milled gold grades GOLD (G/T) 0.61 0.63 contribute to strong quarterly RECOVERY COPPER (%) 89.9 89.2 gold production. GOLD (%) 78.6 77.9 COPPER TONNES 53,163 55,322 • New concentrates handling CONCENTRATE system commissioned at the PRODUCED Port of Adelaide. CONTAINED COPPER 26,802 27,182 METAL IN (TONNES) CONCENTRATES GOLD (OZ) 37,814 38,887 TOTAL CONCENTRATE (DM TONNES) 56,396 41,677 SOLD C1 CASH COSTS US CENTS PER LB 84.2 96.9

OZ MINERALS • PAGE 5 UNIT PRODUCTION COSTS

Unit Cost C1 - Q4 2011 vs. Q1 2012 (US c/lb) 110.00 Increase in average Draw down on A$/US$ to 1.06 from 1.01 ROM stocks 100.00 partially offset by higher waste movement 90.00

Increase in mining 80.00 costs due to equipment Higher gold mobilisation, offset 70.00 grades by lower processing and administration costs 60.00

50.00

40.00 84.2 (0.6) (3.9) 9.7 0.6 8.1 (1.2) 96.9

Q4 Actual 2011 Commodity Price Volume Volume Costs FX Volume Q1 Actual 2012 (By Product) (Cost Driver) (Payable Metal)

OZ MINERALS • PAGE 6 UNDERGROUND DEVELOPMENT

• Production commenced at Ankata with first stopes blasted in March 2012. • Project approved June 2010, construction commenced November 2010, full production expected by Q3 2012. • Annual mine production of 1.2mt of high grade copper ore contributing ~25,000t of copper and ~12,000oz of gold in concentrates.

OZ MINERALS • PAGE 7 PROMINENT HILL UNDERGROUND DEVELOPMENT

West PROMINENT HILL LONG SECTION East

• Exploration decline advanced to 445 metres, expected to be completed in Q4 2012. • Drilling from the exploration decline under the Malu pit expected in H2 2012. OZ MINERALS • PAGE 8 GEOPHYSICAL SURVEYS Q1 2012

GEOPHYSICAL SURVEYS Q1 2012 • Geophysics continued in Q1 Ground Gravity focused on the southern Electromagnetics (EM) boundary of the tenement

Seismic Reflection within the ‘mine corridor’ to OZ Minerals tenements define drill targets employing: IMX tenements - Induced Polarisation - Electromagnetics - Seismic Reflection

Cairn Hill Mine • New targets have been generated for further drill testing.

Brumby

Fyans

Prominent Hill Mine

OZ MINERALS • PAGE 9 DIAMOND DRILLING Q1 2012

DIAMOND DRILLING Q1 2012 • Drilling in the quarter mainly Near Mine followed up geophysical OZ Regional signatures identified in 2011 IMX JV OZ Minerals tenements with a continued focus in the IMX tenements ‘mine corridor’. • 5 – 6 rigs deployed across near mine, regional and IMX JV ground.

• Several new targets tested. Cairn Hill Mine • Prospects being followed up. • Multiple untested targets remain. Larissa FE Aquilla Kennedy Dam Current Rig Position

Brumby Current Rig Position

Fyans

Cressida Tahemi Bluebird Sth

Prom Hill Sth OZ MINERALS • PAGE 10 Prominent Hill Mine Current Rig Position

CARRAPATEENA: PLAN VIEW SHOWING DRILLHOLES COMPLETED AND IN PROGRESS DURING Q1

Exploration • Further infill drilling to convert Target Area April 2011 inferred resource to indicated resource.

Chalcopyrite Zone • Encouraging results supporting model and showing extensions of mineralisation.

• Hole 078 extension of over Zone 50 metres of lower bornite zone.

DD12CAR081

DD12CAR084W2 Bornite Zone DD11CAR078

DD12CAR083 DD12CAR085 DD11CAR077

Inferred Resource Area April 2011

OZ MINERALS • PAGE 11

CARRAPATEENA Q1 DRILLING RESULTS: DD11CAR078 COPPER ASSAYS

Cross section showing drill hole DD11CAR078 Extensions of over 50 metres of the lower bornite zone. Significant results include: Upper Bornite Zone • 658m @ 1.97% Cu and 0.67 g/t Au from 741m, including; 741m – 813.7m 72.7m @ 1.76% Cu − 430m @ 2.34% Cu and 0.73g/t Au from 879m.

Chalcopyrite Zone 879.5m – 1310m 430.5m @ 2.34% Cu

Extension of Bornite Zone 50 metres west 1361m – 1399m of April 2011 38m @ 1.34% Cu Resource Boundary

Lower Bornite Zone

OZ MINERALS • PAGE 12 CARRAPATEENA Q1 DRILLING RESULTS: DD11CAR077 COPPER ASSAYS Cross section showing drill hole DD11CAR077 High grade mineralisation supported in Chalcopyrite zone.

Significant results include: Upper Bornite Zone • 450m @ 1.24% Cu and 0.59g/t Au from 668m including; 810m – 1013m 203.7m @ 1.87% Cu − 203m @ 1.87% Cu and 0.93g/t Au from 810m.

Chalcopyrite Zone

Lower Bornite Zone

OZ MINERALS • PAGE 13 CONCLUSION

• A strong production performance at Prominent Hill for the quarter. • The underground achieves first ore from stoping. • Exploration intensity maintained. • M&A remains an important focus.

OZ MINERALS • PAGE 14 THIS INFORMATION HAS BEEN APPROVED FOR RELEASE IN THE FORM AND CONTEXT IN WHICH IT APPEARS BY MR JIM HODGKISON WHO IS A FULL TIME EMPLOYEE OF OZ MINERALS AND HAS SUFFICIENT EXPERIENCE WHICH IS RELEVANT TO THE STYLE OF MINERALISATION AND TYPE OF DEPOSIT UNDER CONSIDERATION AND TO THE ACTIVITY UNDERTAKEN TO QUALIFY AS A COMPETENT PERSON AS DEFINED IN THE 2004 EDITION OF THE ‘AUSTRALASIAN CODE FOR REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES. WITHIN THIS PRESENTATION REFERENCES TO EXPLORATION RESULTS RELATING TO PROMINENT HILL ARE BASED ON INFORMATION COMPILED BY MR MARCEL VAN ECK MSC WHO IS A FULL-TIME EMPLOYEE OF OZ MINERALS, IS A MEMBER OF THE AUSTRALIAN INSTITUTE OF GEOSCIENTISTS AND HAS SUFFICIENT EXPERIENCE RELEVANT TO THE STYLE OF MINERALISATION AND TYPE OF DEPOSIT UNDER CONSIDERATION AND TO THE ACTIVITIES UNDERTAKEN TO QUALIFY AS A COMPETENT PERSON AS DEFINED BY THE JORC CODE (2004). MR VAN ECK HAS CONSENTED TO THE INCLUSION OF THE MATERIAL IN THE FORM AND CONTEXT IN WHICH IT APPEARS. ALL OTHER REFERENCES TO EXPLORATION RESULTS WITHIN THIS PRESENTATION ARE BASED ON INFORMATION COMPILED BY MR A HOUSTON BSC WHO IS A FULL-TIME EMPLOYEE OF OZ MINERALS, IS A MEMBER OF THE AUSTRALIAN INSTITUTE OF GEOSCIENTISTS AND HAS SUFFICIENT EXPERIENCE RELEVANT TO THE STYLE OF MINERALISATION AND TYPE OF DEPOSIT UNDER CONSIDERATION AND TO THE ACTIVITIES UNDERTAKEN TO QUALIFY AS A COMPETENT PERSON AS DEFINED BY THE JORC CODE (2004). MR HOUSTON HAS CONSENTED TO THE INCLUSION OF THE MATERIAL IN THE FORM AND CONTEXT IN WHICH IT APPEARS OZ MINERALS • NOVEMBER 2009 • PAGE 15