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Page | 1 OZ Minerals First Quarter 2020 Results - 15 April 2020

ASX QUARTERLY RELEASE

First Quarter Report 2020 FOR THE THREE MONTHS ENDING 31 MARCH 2020

OZ Minerals Metal Production & Costs Q1 2020 FY 2020 Guidance

Total Copper (Tonnes) 20,231 83,000-100,000

Prominent Hill 15,580 55,000-65,000

Carrapateena 2,495 20,000-25,000

Carajás 2,156 8,000-10,000

Total Gold (Ounces) 55,606 207,000-234,000

Prominent Hill 49,049 165,000-185,000

Carrapateena 5,041 35,000-40,000

Carajás 1,516 7,000-9,000

C1 Cash Costs (US cents/lb) 8.8 60-75

Prominent Hill (26.8) 5-15

Carrapateena 157.8 175-195

Carajás 97.0 155-175

All-in Sustaining Costs (US cents/lb) 74.9 115-130

Prominent Hill 29.0 60-70

Carrapateena 306.0 235-260

Carajás 144.0 215-235

Operational continuity as business review defers 2020 expenditure

• Prominent Hill delivers strong gold production with negative C1 costs; copper production in line with plan

• Carrapateena plant ramp-up ahead of schedule; underground development re-sequenced to accelerate surface

stockpile build

• Significant progress made at Carajás Hub; Pedra Branca decline development on track, ore sorting installation at

Antas and first concentrate parcel prepared for transport via Vale logistics network

• No material production impacts experienced at OZ Minerals’ mine sites following global COVID-19 outbreak

• ~$150 million of 2020 capital and operating costs deferred following the COVID-19 response review

• All operations remain on track for 2020 production guidance based on current operating conditions

• Revolving credit facility increased to $480 million to further improve liquidity; end Q1 net debt $89 million,

expected to move net cash positive through Q2 and for remainder of the year, price dependent (net debt

$2 million at 14 April)

“Despite the COVID-19 pandemic constraints and response to protect the health of our employees, other stakeholders and

business generally, the operations delivered a strong opening to 2020 with only critical frontline roles on site in the latter

half of the quarter.

“Prominent Hill delivered 15,580 tonnes of copper and 49,049 ounces of gold at a negative C1 cost and achieved its

highest monthly underground haulage volumes in March, exceeding an annualised 4Mt run rate.

“Carrapateena continues to stockpile ore on surface with the materials handling system enabling progressive efficiencies as

the underground development progresses. The plant ramp-up is ahead of schedule with a five-day continuous period at



12,000t/day nameplate capacity achieved in March and impressive early metal recoveries averaging over 90% for copper

and 85% for gold.

“Total surface stockpiles at the end of March were ~18Mt at Prominent Hill and ~300kt at Carrapateena.

“Carrapateena and Prominent Hill expansion studies progressed during the quarter with the Carrapateena expansion pre-

feasibility study still on schedule for release mid-year.

“In Brazil, development of the Carajás Hub saw significant progress with Pedra Branca underground development now

reaching 274 metres, installation of ore sorting equipment at Antas nearing completion and the implementation of the first

phase of the strategic Vale-OZ Minerals cooperation agreement, utilising Vale rail and port infrastructure to realise

operational and cost efficiencies.

“Some $150 million of 2020 costs were removed through the deferral of growth capital, exploration and study expenditure,

along with general company-wide cost savings as part of the COVID-19 business response1. Following this review,

exploration fieldwork and other projects, including West Musgrave, have been pared back to preserve cash during 2020

and protect community and employee health in line with government requirements and our own operating strategies.

“No material production impacts have been experienced to date as a result of our COVID-19 response or government

restrictions. The Company has in place a comprehensive management plan to protect the health and safety of our people

and other stakeholders, including the early introduction of travel restrictions, improved hygiene measures and social

distancing initiatives. Both Prominent Hill and Carrapateena have moved towards a full South Australian based workforce

with the temporary relocation of some interstate based contractors and employees to the state. We have however planned

for a range of potential worsening scenarios, some of which may necessitate a future change to guidance if production is

impacted and costs or capital are further reduced.

“We are also working on a post COVID-19 recovery plan to ensure the Company is able to accelerate out of the crisis. Our

scenario planning seeks to preserve jobs with redeployment across the organisation wherever possible.

“The Company’s financial position has been further strengthened with the extension of the revolving credit facility to $480

million, providing an additional liquidity buffer should it be required as we continue to fund the ramp-up of Carrapateena

and development of the Carajás Hub. At the end of the quarter we moved to a net debt position of $89 million as planned,

which is expected to progressively move net cash positive though Q2 and further strengthen though the remainder of the

year with Carrapateena’s cash generation principally covering operating and capital costs going forward. Net debt stood at

$2 million as at 14 April.

“The Board and Executive team thank our frontline and support employees, contractors, suppliers and State and Municipal

Governments for their contribution and support as we rapidly respond to a changing environment to protect the health of

our people and maintain site operations.”

Andrew Cole, Managing Director and CEO

15 April 2020

1 See OZ Minerals announcement titled “COVID-19 update: production continuity, reduction in growth capital and other expenditure” released on 30

March 2020 and available at: www.ozminerals.com/media/asx/

http://www.ozminerals.com/media/asx/



OPERATIONS, PROJECTS AND A GROWING PIPELINE OF OPPORTUNITIES

ASSET TIMELINE*

* Indicative timeline assumes required study hurdles and proposed timeframes achieved. ** See Cassini Resources’ ASX Release entitled “Maiden Succoth Resource Estimate” dated 7 December 2015 and available at: www.cassiniresources.com.au/investor-relations/asx-announcements

The MROR information on this timeline is extracted from the company’s previously published MROR statements and are available at: www.ozminerals.com/operations/resources-reserves/ . OZ Minerals confirms that

it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources or Ore Reserves, that all

material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. OZ Minerals confirms that the form and context

in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. All Mineral Resource figures are estimates.

http://www.cassiniresources.com.au/investor-relations/asx-announcements

http://www.ozminerals.com/operations/resources-reserves/



SOCIAL PERFORMANCE

Figure 1: OZ Minerals TRIF

Notwithstanding OZ Minerals' cash preservation strategy, a $4 million stakeholder support fund has been established for

relief and longer-term rebuilding efforts for our most vulnerable stakeholders in Australia and Brazil. The company is

developing a framework for sustainable support through this period.

COVID-19 RESPONSE

The health and wellbeing of OZ Minerals’ employees and other stakeholders continues to be the priority in planning for and

adapting activities to the changing dynamics of the evolving COVID-19 pandemic. To date there has not been any

significant mine site disruption, however plans are in place to respond should conditions deteriorate. Whilst the

circumstances remain fluid, an extensive range of preventative and contingency measures have been actioned across the

company to ensure ongoing employee safety and continued operations.

In light of the COVID-19 pandemic health implications and travel restrictions, a prudent and extensive review of all growth,

exploration and other expenditure was undertaken, with overall 2020 cash spend reduced at this stage by ~$150 million to

further strengthen the Company’s robust financial position.

CASH UTILISATION

Figure 2: Cash utilisation Q1 2020

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Jun-19 Sep-19 Dec-19 Mar-20

Fre

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OZ Minerals TRIF

Total recordable injury frequency per million

hours worked of 6.56 was higher than the prior

quarter (6.32).

An increase in the Prominent Hill TRIF was due

to three minor severity “restricted duty

injuries” experienced in the quarter. In total, 11

days of restricted duties were recorded due to

the cautionary treatment approach that

encouraged recovery and healing, ensuring

personnel could return to full duties without

aggravating or reoccurring injuries.

At Carrapateena, a number of relatively minor

recordable injuries occurred during the

operational ramp up phase. Efforts continue to

focus on training and hazard management.

($M)



Figure 3: Working capital movements

A cash investment of $95 million was made into the Carrapateena project ($94 million including payables).

Ore inventory stockpiles will continue to reduce at Prominent Hill, supplementing underground ore feed to maintain the

plant at full capacity to mid-2023. Ore inventory at Carrapateena will be processed during the year as the operation ramps

up to planned capacity.

PROMINENT HILL PROVINCE

For operating and cost statistics, please refer to Table 1 on page 15 of this report.

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

Operational Delivery

Prominent Hill produced 15,580 tonnes of copper and 49,049 ounces of gold during the quarter and is currently on track to

achieve annual guidance.

The cash balance was $61 million at 31 March

after payment of dividends, investment in

Carrapateena, and drawdown of debt.

Working capital increased by $103 million

resulting from:

• Increase in trade receivables of $77 million

(timing of shipments); ~$118 million

received since the end of the quarter

• Decrease in trade payables of $23 million

due to timing of payables and accruals

• Reduction in ore inventory of $15 million

The net ore inventory movement of $15 million

was made up of a non-cash ore drawdown of

$37 million at Prominent Hill partially offset by

ore build-up of $17 million at Carrapateena and

a $5 million unwind on Net Realisable Value.

* Unaudited

** Includes non-cash depreciation and Net Realisable Value adjustment

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(Cu %)(kt)

UG Ore Hauled (LHS) UG Mined Grade (RHS)

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(t/oz)

Copper Gold



Underground Operations

Underground operations delivered 842kt of ore at 1.47% copper. Despite March achieving record run rates in excess of

4Mtpa, underground ore movement for the quarter was impacted by a significant rainfall event in February, with more than

120mm of rain falling in a seven hour period restricting access to stockpiled underground ore in the open pit. Lower

equipment availabilities were also experienced following several maintenance events affecting the trucking fleet.

A significant upgrade of the remote surface telemetry systems for the underground mining fleet during the quarter has

already seen considerable productivity gains for the operation. This capability will continue to mature during Q2 as the

mine moves into the eastern lenses of the Malu underground deposit. This transition into the east of the deposit is due to

accelerated development which will open up additional mining fronts, reduce mining interactions and allow continuous

one-way haulage through the mine.

Commissioning of the Malu Paste Plant commenced in the quarter with the full plant ramp-up scheduled for late Q2.

Commissioning activities were hindered in March following COVID-19 related state border closures, however these issues

have since been resolved. Underground installation of the Malu East electrical network continued to progress well through

the quarter with a rescheduled delivery of the primary ventilation fans resulting in an expected Q2 commissioning.

Figure 6: Malu paste plant construction completed Figure 7: Primary Ventilation Fan undergoing

factory acceptance testing in Zitron, Spain

Processing

There was 2.2Mt of ore milled for the quarter. Copper content in concentrate produced was 49% with gold at 48 g/t. Plant

recoveries were 86% for copper and 80% for gold.

Plant throughput was lower than the prior quarter as processing transitioned to a higher proportion of harder gold ore and

an extended scope for the planned maintenance shutdown.



Figure 8: PH stockpiles and mill throughput Figure 9: PH Unit C1 costs Q1 2020 vs. Q4 2019

Costs

C1 cash costs were US (27c/lb) for the quarter with an All-In Sustaining Cost of US 29c/lb. C1 costs benefited from the

robust gold production and elevated gold price. Lower copper volume produced as a result of less ore milled and lower

copper head grade resulted in higher fixed costs per pound of copper produced. Mining costs were higher as a result of

February’s weather interruptions and filling activity while processing costs were higher following additional maintenance

costs from the extended shut and additional costs associated with the use of diesel generation during the tie-in of the Hill

to Hill substation. The weaker Australian dollar also favoured C1 performance quarter on quarter.

The costs attributable to ore stockpiles processed during the quarter amounted to $32 million. This was made up of a non-

cash ore drawdown of $37 million and a $5 million unwind on the Net Realisable Value calculation.

Projects and Studies

Prominent Hill expansion study work continued during the quarter with the team focused on high priority opportunities

including resource confirmation, mine design options, processing plant operating strategy, and material handling system

optimisation. Scoping work also commenced on additional opportunities that will be used to shape the remainder of the

study. The expansion study diamond drilling campaign saw 2.1km completed during the quarter with drilling scheduled to

continue throughout 2020.

Exploration Potential

Stage 2 drilling of the Mount Woods Unearthed Challenge targets was postponed due to the COVID-19 pandemic.

CARRAPATEENA PROVINCE


Carrapateena produced 2,495 tonnes of copper and 5,041 ounces of gold during the quarter with progressive production

increases expected through the second half of the year following plant commissioning. The first containers of concentrate

have been trucked to the port, awaiting further concentrate for a first bulk shipment to customers in Q2. Following the

deferral of non-essential 2020 capital expenditure, guidance from 2021 is currently under review, however no material

changes are expected at this stage.

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2018 2018 2018 2018 2019 2019 2019 2019 2020

(Mt)(Mt)

Ore Stockpile (LHS) Mill Throughput (RHS)

(US c/lb)



Underground Operations

Underground development continued to progress well with 3,765 metres achieved during the quarter. Following the

COVID-19 business review, a re-sequencing of the mine to prioritise development in the ore body and accelerate Run of

Mine ore stockpile build was implemented in preparation for any potential worsening of conditions. Circa 300kt of

development and production ore was stockpiled on surface at the end of the quarter.

Final commissioning of the underground crusher and materials handling system has been completed and both are

operating to design expectations.

Production rates have consistently increased on the first production level, ramping up from 28 ring firings in January, to 44

and then 65 in February and March respectively. Cave monitoring has shown evidence of cave initiation, with the cave front

now established across the full extent of the slot drive and increasing in area.

Figure 10: Quarterly development metres Figure 11: Concentrate loading

Processing

Carrapateena plant ramp-up is progressing ahead of plan, having achieved nameplate throughput rate for sustained

periods within the first month since commissioning. A five-day continuous period at 12,000t/day nameplate capacity was

achieved in March, and subsequent to this, an operating day saw 13,000t milled in 24 hours. In addition, the plant has seen

strong early metal recoveries averaging over 90% for copper and 85% for gold.

In line with previously provided guidance, the plant will be tested and optimised through the first half of 2020 with

production expected to progressively increase through the second half of the year to reach 4.25Mtpa run rates by year-end.

Costs

Ore processed during the quarter was sourced from pre-production stockpiles in place at 31 December 2019, with direct

processing costs capitalised and excluded from C1 cash costs. Circa 90% of these stockpiles were processed during the

quarter and future net revenue from this concentrate will be recognised as a reduction in capital expenditure. Ore stockpiles

increased during the quarter by $17 million and will be processed during Q2.

Capitalised expenditure for Q1 on the Carrapateena project was $94 million. This includes the capitalisation of processing

costs related to the pre-production ore stockpile, for which an offsetting credit will be recorded in Q2 when this

concentrate is sold.

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16 17 17 17 17 18 18 18 18 19 19 19 19 20

(Metres)




The Carrapateena Expansion study continued to progress fundamental threat control and opportunity studies with

independent peer review, value optimisation and study documentation close-out the focus during the quarter. The Block

Cave Expansion Pre-Feasibility Study and Life of Province Scoping Study are on track for release in Q2 2020.

Diamond drilling continued in the quarter to improve geological and geotechnical orebody knowledge and support the

ongoing expansion and Life of Province studies. This drilling will continue during 2020 and into future stages of study and

execution.

Expenditure for Q1 on the Carrapateena Province Expansion was $5.6 million and expensed as incurred.


During the quarter Investigator Resources (ASX:IVR) completed the stage one drill program on the Maslins prospect,

located on the Stuart Shelf approximately 55km south of Carrapateena. The drill program comprised of two diamond drill

holes totalling 2,499m with both drill holes intersecting Gawler Range Volcanics and multiple intervals of Gairdner dolerite

dyke. Select samples have been sent for assay and geophysical modelling of the downhole data is ongoing, however no

significant mineralisation was intersected.

CARAJÁS PROVINCE


Carajás produced 2,156 tonnes of copper and 1,516 ounces of gold during the quarter and is on track to achieve annual

guidance. C1 cash costs were US 97c/lb with an All-In Sustaining Cost of US 144c/lb. Unit costs for copper produced

benefited from the increase in copper volume primarily due to higher grades. The new open pit mine contractor

successfully completed its transition and is now fully operational.

Pedra Branca remains on track for first development ore mid-2020 with 274 metres of decline development completed

during the quarter. Ore sorting equipment installation at Antas is nearing completion with commissioning targeted for May.

This equipment will later relocate to Pedra Branca.

The first concentrate parcel was prepared for transport via Vale’s rail network with implementation of the first phase of the

strategic Vale-OZ Minerals cooperation agreement utilising Vale rail and port infrastructure to realise operational and cost

efficiencies.

Figure 12: Pedra Branca decline development Figure 13: Antas ore sorter installation




Activity at Clovis, located ~3 km from the Antas mine, focused on planning for the upcoming resource definition drill

program. A trial gravity survey was completed over the deposit and these results are being incorporated into the geological

model.

Santa Lucia is one of the joint venture type asset agreements reached with Vale and the contract was signed early in the

quarter along with development of a go forward plan for progressing various government interactions including the Brazil

National Development Bank.

At Pantera, access through to the end of 2020 has been successfully negotiated with all relevant landowners. The local

municipality has provided a licence to conduct clearing and grubbing and scopes of the drilling contract and equipment

rental are being developed in preparation for removal of COVID-19 related restrictions. Desktop scoping study work

continues.

Figure 14: Proximity of Carajás operations, projects and targets


Exploration activities in Q1 focused on geochemical sampling and ground EM on prospects close to the Antas mine.

Encouraging geophysical results were received from Estrella and numerous prospects within the Paes Carvalho project. All

field activities were suspended late in the quarter.

Capital Expenditure incurred in Q1 at Carajás was $5.2 million with exploration and evaluation expenditure of $1.8 million.

GURUPI PROVINCE


Work continued on the CentroGold injunction removal during the quarter, however further progress has been delayed due

to the regulator suspending its administrative activities for 60 days as a result of COVID-19. Preparatory work continues for

the application to be progressed once the regulator resumes administrative activities.




Q1 activity comprised of further trenching and sampling at the Sequiro prospect before all field activity was suspended.

Exploration and evaluation expenditure of $0.9 million was incurred in the Gurupi province during Q1.

MUSGRAVE PROVINCE


The West Musgrave pre-feasibility study was released during the quarter, demonstrating a long life ~26-year open pit

copper and nickel sulphide mine with bottom quartile cash costs and average annual production of ~28,000 tonnes of

copper and ~22,000 tonnes of nickel in concentrates2.

The project has developed innovative off-grid renewable power and processing solutions that would be supported by up to

80% renewable electricity generation from solar and wind. A Maiden Probable Ore Reserve of 220Mt at 0.36% Cu and 0.33%

Ni was also declared3.

The EPA Part IV approvals have continued to progress and will be targeting lodgement in Q2, however, the decision was

made in early March to close the West Musgrave site amid the COVID-19 outbreak on concerns for the health and welfare

of the community. Access to the Ngaanyatjarra Lands was subsequently restricted by the Western Australian Government.

The project ‘go forward’ path is continuing to be assessed with Joint Venture partner Cassini Resources in light of COVID-19

implications, resulting in minimal spend in 2020.


No significant work was undertaken during the quarter.

Figure 15: West Musgrave project tenements

Exploration and evaluation expenditure of $7.5 million was incurred at West Musgrave in Q1 of which $7.3 million was

capitalised.

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

3 See OZ Minerals announcement titled “West Musgrave Project Nebo-Babel Deposits Ore Reserve Statement and Explanatory Notes as at 11th Feb 2020”,

released on 12 February 2020 and available at: www.ozminerals.com/operations/resources-reserves/




EXPLORATION AND GROWTH

The 2020 field program with Minotaur Exploration commenced during Q1 with a ground EM survey focussed on targets

north east of the Iris/Electra prospects. 28.4 line kms of data were acquired over 10 lines (on 400m and 800m apart) before

the program was suspended.

The Red Metal Exploration Alliance completed one diamond drill hole on the Nullarbor Plain, for a total of 666.3 m, to test

for a copper-gold IOCG deposit in basement rocks below the Eucla Basin. The drilling investigated a coincident

aeromagnetic-gravity anomaly (target T13). The geophysical response of the target was explained by the results of the

drilling which determined the geology of this target to be a mafic-ultramafic intrusive body. No evidence of an IOCG

mineralising system was detected by drilling and the Company subsequently withdrew from the agreement. All field activity

with the Red Metal Exploration Alliance is now suspended due to the COVID-19 pandemic.

A ground EM program was completed at Lannavarra during Q1 and the data is undergoing analysis. No further field activity

is expected at the Lannavaara and Painirova projects until Q4.

Expenditure of $9.6 million was incurred on exploration and growth projects in Q1 and expensed as incurred.

Figure 16: Growth pipeline



CORPORATE

Gold hedges that matured during the quarter amounted to 22,428 ounces at an average price of A$1,744/oz. The total

amount of gold hedged at the end of the quarter was 140,022 ounces at an average price of A$1,754/oz.

The Company successfully negotiated amendments to increase its revolving credit facility to $480 million (from $300

million) with the existing syndicate of leading Australian and international banks. The terms of the facility have been

extended by 12 months to April 2023. The facility is available to fund Group operations and provides a prudent liquidity

reserve in the current fluid environment.

A fully franked final dividend of 15 cents per share totalling $48.6 million was paid to shareholders during Q1, with an

unaudited closing cash balance of $61 million and debt balance of $150 million recorded at 31 March.

OZ Minerals has advised shareholders they will not be able to physically attend its Annual General Meeting on 17 April to

ensure compliance with the Australian Government's public health restrictions on public gatherings. Details of how to

attend the Virtual AGM were provided with the Notice of Annual General Meeting dated 16 March 2020.

2020 KEY MILESTONES



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 14 April 2020

Ordinary Shares 324,188,240

Share Price Activity for the March Quarter (Closing Price)

High $10.99

Low $5.99

Last $8.52 (14 April 2020)

Average daily volume 3.0 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

[email protected]

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

Tom Dixon

Group Manager – Investor Relations

Telephone: +61 (8) 8229 6628

Mobile: +61 (0) 450 541 389

Email: [email protected]

Media

Sharon Lam

Group Manager – Communications

Telephone: +61 (8) 8229 6627

Mobile: +61 (0) 438 544 937

Email: [email protected]

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

http://www.ozminerals.com/

mailto:[email protected]





Table 1: Production and Costs – March Quarter

Q1 2020 PRODUCTION & COSTS PROMINENT HILL CARRAPATEENA CARAJAS GROUP

MINED (TONNES)

OP ORE - - 139,741 139,741

UG ORE 842,472 306,011 - 1,148,483

OP WASTE - - 352,653 352,653

MINED GRADE SOURCE

OPEN PIT ORE COPPER (%) - - 1.16 1.16

GOLD (G/T) - - 0.49 0.49

UNDERGROUND ORE COPPER (%) 1.47 0.75 - 1.28

GOLD (G/T) 0.49 0.41 - 0.47

ORE MILLED (TONNES) 2,168,405 267,010 193,459 2,628,874

MILLED GRADE

COPPER (%) 0.82 1.03 1.15 0.87

GOLD (G/T) 0.89 0.69 0.29 0.83

SILVER (G/T) 1.94 7.42 - 2.35

RECOVERY

COPPER (%) 86.3 91.3 97.3 88.5

GOLD (%) 79.6 85.1 80.8 79.3

SILVER (%) 78.0 79.8 - 78.2

COPPER CONCENTRATE PRODUCED TONNES 31,686 6,802 8,255 46,743

CONCENTRATE GRADE

COPPER (%) 49.2 36.7 26.1 43.3

GOLD (G/T) 48.1 23.1 5.7 37.0

SILVER (G/T) 102.3 233.4 - 103.3

CONTAINED METAL IN CONCENTRATES

PRODUCED

COPPER (TONNES) 15,580 2,495 2,156 20,231

GOLD (OZ) 49,049 5,041 1,516 55,606

SILVER (OZ) 104,194 51,041 - 155,235

TOTAL CONCENTRATE SOLD (DM TONNES) 37,027 - 7,220 44,247

CONTAINED METAL IN CONCENTRATES

SOLD

COPPER (TONNES) 16,592 - 1,878 18,470

GOLD (OZ) 39,210 - 1,479 40,689

SILVER (OZ) - - - -

COST SUMMARY

MINING COSTS US Cents/lb 97.5 243.7 47.0 110.0

SITE PROCESSING COSTS US Cents/lb 52.7 - 43.0 45.3

TC/RC and TRANSPORT US Cents/lb 34.4 - 39.0 30.7

NET BY - PRODUCT CREDIT US Cents/lb (229.1) (153.9) (51.0) (201.2)

OTHER DIRECT CASH COSTS US Cents/lb 17.7 68.0 19.0 24.0

TOTAL C1 COSTS US Cents/lb (26.8) 157.8 97.0 8.8

ROYALTIES US Cents/lb 24.7 9.6 20.0 22.4

OTHER INDIRECT COSTS US Cents/lb 5.1 87.4 7.0 15.3

TOTAL CASH COSTS US Cents/lb 3.0 254.8 124.0 46.5

D&A US Cents/lb 40.5 19.2 63.0 40.3

TOTAL PRODUCTION COSTS US Cents/lb 43.5 274.0 187.0 86.8

AISC US Cents/lb 29.0 306.0 144.0 74.9

There was a Q1 net ore inventory movement of A$15 million, made up of a non-cash net ore inventory drawdown of A$20

million and Net Realisable Value write-up of A$5 million. These movements are not included in the production and costs

table above. There was also a Q1 net increase of concentrate inventory of $18 million.



Table 2: Guidance

Note: Changes to guidance represent savings identified in the COVID-19 response review4. Figures in brackets denote previously issued guidance.

1 US dollar denominated C1 costs for Prominent Hill will benefit by US2.5c and Carrapateena will benefit by US3.0c per US1c reduction in the AUD/USD

exchange rate.

2 AUD/USD of 0.68 has been used in converting A$ costs to US$ and assumed gold price of US$1,350/oz for C1 and AISC guidance.

3 Excludes deferred consideration of US$50million which will become payable in H2 2020 provided certain milestones are met, in addition to growth

capital.

4 Revenue and associated direct processing and selling costs for ~295kt of stockpiled development ore will be offset against pre-production capital

and is excluded from the 2020 operating and capital expenditure guidance.

5 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. Projects with funding milestones during 2020 include West

Musgrave, Carrapateena and Prominent Hill expansions, Carajás opportunities and CentroGold. It is expected ~60% of expenditure will be expensed

in the current year.

4 See OZ Minerals announcement titled “COVID-19 update: production continuity, reduction in growth capital and other expenditure” released on 30

March 2020 and available at: www.ozminerals.com/media/asx/

GUIDANCE 2020

PROMINENT HILL CARRAPATEENA CARAJÁS TOTAL

Copper Production (tonnes) 55,000-65,000 20,000-25,000 8,000-10,000 83,000-100,000

Gold Production (ounces) 165,000-185,000 35,000-40,000 7,000-9,000 207,000-234,000

Underground Ore Movement (Mt) 3.7-4.0 2.0-2.6

Sustaining Capital Expenditure (A$M)

- Mine Development 40-50 15-20 - 55-70

- Site20-30(25-35)

9-12 (15-20)

5-8 34-50(45-63)

Growth Capital Expenditure (A$M)

- Mine Development - 110-125 (115-130)

10-15120-140 (125-145)

- Other 17-22 75-853,4

(125-140)

35-40(65-70)

127-147 (207-232)

AISC (US c/lb)2 60-70

(80-90)

235-2604

(245-270)

215-235 (225-245)

115-130 (135-150)

C1 Costs (US c/lb)2 5-15

1

(15-25)

175-1951,4

(180-200)

155-175 (165-185)

60-75(70-85)

Exploration (A$M) 15-20(25-30)

Project studies to next stage gate (A$M) 30-35

5

(35-40)

http://www.ozminerals.com/media/asx/



West Musgrave Production Targets Cautionary Statement

Production Targets for the West Musgrave project are based on:

Probable Ore Reserves: 84%

Indicated Mineral Resources: 5%

Inferred Mineral Resources: 11%

The modifying factors used in the estimation of the Ore Reserve were also applied to the Indicated Resources and Inferred

Resources. 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 Target

itself will be realised.

The material assumptions used in the estimation of the Production Target and associated forecast financial information are

set out in West Musgrave Project Nebo-Babel Mineral Resource and Ore Reserve Statements and Explanatory Notes as at

11th February 2020 Table 1. The Ore Reserve and Mineral Resource estimates underpinning the Production Target were

prepared by a Competent Person in accordance with the JORC Code 2012.

West Musgrave Ore Reserve and Mineral Resource

The information on the West Musgrave Mineral Resources and Ore Reserves estimates in this document are extracted from

the documents titled “West Musgrave Project Nebo-Babel Deposits Ore Reserve Statement and Explanatory Notes as at

11th Feb 2020” and “West Musgrave Project Nebo-Babel Deposits Mineral Resource Statement and Explanatory Notes as at

11th Feb 2020”, released on 12 February 2020 and available at: www.ozminerals.com/operations/resources-reserves/ . OZ

Minerals confirms that it is not aware of any new information or data that materially affects the information included in the

original market 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.


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