Carrapateena, an Exploration and Project Update - SA Explorers

OZ MINERALSCARRAPATEENAAN EXPLORATION &PROJECT UPDATEMICK SAWYERMICK SAWYERSENIOR EXPLORATION GEOLOGISTWWW.OZMINERALS.COM

DISCLAIMERThis presentation has been prepared by OZ Minerals Limited (“OZ Minerals”) and consists of written materials/slides for a presentation concerningOZ 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 theviews, opinions and conclusions contained in this material. To the maximum extent permitted by law, OZ Minerals and its related bodies corporate and affiliates, andits respective directors, officers, employees, agents and advisers disclaim any liability (including, without limitation any liability arising from fault or negligence) for anyloss 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 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, theconstruction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metalsprices, 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 oncircumstances that will occur in the future and may be outside OZ Minerals’ control. Actual results and developments may differ materially from those expressed orimplied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, theimpact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areasof 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. Subjectto any continuing obligations under applicable law or any relevant stock exchange listing rules, OZ Minerals does not undertake any obligation to publicly release anyupdates or revisions to any forward looking statements contained in this presentation, whether as a result of any change in OZ Mineral’s expectations in relation tothem, 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.OZ MINERALS • PAGE 2

CARRAPATEENA COPPER – GOLD DEPOSIT INSOUTH AUSTRALIA• Acquired in May 2011.• 250km south-east of Prominent Hill.• Large IOCG deposit – similar toProminent Hill.• Northeastern margin of the GawlerCraton.• Within the Olympic MetallogenicProvince.• Project Meets OZ Minerals Strategy• Potential for production of50,000 – 150,000t per yearcontained copper• Potential for 20+ years mine life• Favourable mining jurisdiction.OZ MINERALS • PAGE 3

EXCELLENT LOCATION – WELL ENDOWED COPPERPROVINCE• 112 person exploration camp.• Access to site from Bookaloo rail sidingthen through Pernatty Station.• Four tenements for combined holding of1,072 sq/km.OZ MINERALS • PAGE 4

DISCOVERY AND TECK COMINCO JV• Discovery Hole CAR02 drilled in mid-2005by RMG Services (Rudy Gomez) intersecting i178m @ 1.83%Cu, 0.64 g/t Au (red collar).• JV with Teck Cominco Australia for~80,000m 000 – majority of drilling was vertical.• No compliant (JORC or NI43-101) resourcereleased - Main mineralised zone notintersected t until drill hole CAR032 (yellowcollar).• An initial Inferred Resource of203Mt at 1.31% copper, 0.56g/t gold, inthe southern area of the Carrapateenadeposit released by OZ Minerals in mid-2011.OZ MINERALS • PAGE 5

CARRAPATEENA COPPER – GOLD EXPLORATIONSOUTH AUSTRALIA* These are early stage studies which occur before pre-feasibility andfeasibility studies and any subsequent decision to mine.• Native title agreement reached forexploration activity.• Infill drilling of southern area toconvert Inferred Resources to Indicatedmajor focus during 2012.• Drilling to establish resource innorthern area – Exploration Target of25-45Mt @ 1% Cu.• ~43,000m diamond drilling through toend Q3 2012, with 41 holes.• Scoping studies* commencingc −−−Mining options: sub-level openstoping, sub-level caving, blockcaving and hybridMining inventories and rates beingdevelopedProduction schedules/early stagecosts being investigated.OZ MINERALS • PAGE 6

GEOLOGY• A deep deposit with 500m ofStuart Shelf sedimentary cover.CAR106W1 Chalcopyrite Mineralisation• Mineralisation starts at 500mand extends to 1500m belowsurface.• Cu-Au hosted in Paleo – Mesoproterozoic hematite breccias.• Breccia clasts dominated byDonington Granite, with lessergneiss and othermetasediments.• Alteration is classical IOCG withhematite, sericite, chlorite,carbonate (HSCC).CAR075 Bornite Mineralisation• Two high grade bornite podssurrounded by a chalcopyriteshell.OZ MINERALS • PAGE 7

CARRAPATEENA – SELECTED EARLY DRILLINGRESULTS – Q1 2012:• CAR075 – 1,060m @ 1.88% Cu and 0.69 g/t Au from 510m• CAR076 – 680m @ 1.45% Cu and 0.64 g/t Au from 548m• CAR077 – 450m @ 1.24% Cu and 0.59 g/t Au from 668m 203.7Including: 203.7m @ 1.87% Cu and 0.93g/t Au from 810m @old f• CAR078 – 658m @ 1.97% Cu and 0.67 g/t Au from 741mIncluding: 430.5m @ 2.34% Cu and 0.73 g/t Au from 879.5m• Thick Cu intersections within modelled mineralised shell• Grade continuity outstanding• Extension to mineralisation at depth and to the north of modelledinferred resourceOZ MINERALS • PAGE 8

CARRAPATEENA – SELECTED RECENT DRILLINGRESULTS – Q3 2012:• Exploration works continue to upgradeInferred Resources to Indicated status.• 17 holes completed for a total of 12,460mduring Q3• Outstanding t results received in Q3 2012include:• 1,131.8m @ 1.52% Cu and 0.63g/t Au;• 1,492.3m @ 0.90% Cu and 0.38 g/t Au• High grade mineralisation extendingbeyond current resource envelope.OZ MINERALS • PAGE 9

CARRAPATEENA – SELECTED RECENT DRILLINGRESULTS – Q3 2012:OZ MINERALS • PAGE 10

CARRAPATEENA – SELECTED RECENT DRILLINGRESULTS – Q3 2012:OZ MINERALS • PAGE 11

CARRAPATEENA: REGIONAL EXPLORATION• Reviewing the regional exploration data hasproduced a number of high quality, drillready exploration targets.• Logistics for drill testing regional targetscurrently underway.• An ‘in-house’ ground gravity survey hascommenced to refine new targets prior todrilling.Drill targetPlanned GravityCompleted GravityOZ MINERALS • PAGE 12

THREE MINING OPTIONSBLOCK CAVINGSUB LEVELOPENSTOPINGSUB LEVEL CAVINGOZ MINERALS • PAGE 13

MINING METHODSPillars are leftbetween eachfrontSLOS Front 1Sub Level CaveTop down in 25m slicesSLOS Front 2SLOS Front 3Lift 1500m (BC)Block Cave Lift 1Extraction Level at 1000 mSLOS Front 4SLOS Front 5Lift 2400m (BC)Block Cave Lift 2Extraction Level at 1400 mOZ MINERALS • PAGE 14

MINING CONCEPTSTwo lift block cave concept10 to 15 million tonnes per yearSub level open stoping concept4 to 6 million tonnes per yearOZ MINERALS • PAGE 15

CARRAPATEENA: DECLINE DESIGN (SECTION VIEW)5100RL• OZ Minerals Boardapproves ExplorationDecline.West ExplorationAccess DriveGeotechnical Level 3Geotechnical Level 2Geotechnical Level 4Geotechnical Level 1South EastExploration Access Drive• Commencement in early2013 – Phase 1 includes,completion down to625m for geotechnicaltesting by mid-2016.-4475RL--4100RL-• Exploration decline willcontinue to a depth ofapproximately 1,000mfor further explorationaccess.LEGEND-3600RL-Exploration DeclineApproved by OZ Minerals BoardDevelopment Subject toFurther Approval by BoardNOZ MINERALS • PAGE 16

PURPOSE OF EXPLORATION DECLINE• In order to complete block cave feasibility study we need in situmeasurement of:− Rock mass characteristics (structures, joints, rock strength)− Rock stress conditions with depth− Hydrogeology− Plus additional resource drilling to depths greater than 1,500mOZ MINERALS • PAGE 17

CARRAPATEENA CONCEPTUAL PROJECTSCHEDULE2011 2012 2013 2014 2015 2016 2017Exploration drilling to complete initialInferred Resource, 10,000mOption studies for miningPhase II exploration drilling to move toIndicated ResourceGeotechnical drillingPre-feasibilityExploration declineFeasibility studyConstructionOZ MINERALS • PAGE 18

OTHER CURRENT PROJECT TIMELINES• Updated Resource Statement – planned for Q1 2013.• PFS – Commence Q1 2013.• Retention Lease – Awaits final response to public comment period.• Exploration Decline – Commence 2013. Work on accelerating thetimeline for potential development of Carrapateena includes evaluationof a tunnel boring machine to develop the exploration decline.• Scoping Studies – Ongoing - Potential sites for permanent village,mine area, mill site, airstrip etc.OZ MINERALS • PAGE 19

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