OZ Minerals : December 2021 Quarterly Report

ASX QUARTERLY RELEASE

Fourth Quarter Report 2021

FOR THE THREE MONTHS ENDING 31 DECEMBER 2021

	OZL Metal						Q4			Q1			Q2			Q3			Q4						FY 2021			FY 2022
	Production &			Units													FY 2021
					2020			2021			2021			2021			2021					Guidance			Guidance
	Costs
	Total Copper		Tonnes	28,939	26,842	32,681	33,794	32,169		125,486	120,000-		127,000-
			145,000	149,000
	Total Gold		Ounces	66,895	55,150	57,875	65,932	58,306		237,263	220,000-		208,000-
			243,000	230,000
	All-in Sustaining		US	62.7	136.5	134.5	106.7	159.6		134.3	125-140	135-155
	Costs		cents/lb
	C1 Cash Costs		US	6.4	63.3	60.7	42.9	90.9		64.2	60-70	85-95
		cents/lb

OZ Minerals delivers on 2021 Group production and costs; record $2.1 billion revenue

• 2021 Group production and costs guidance achieved

• 1. Copper guidance met for a seventh successive year
• Growth projects advanced:
• 1. Carrapateena Block Cave Expansion access declines underway

• 1. Prominent Hill Wira shaft mine expansion progressing to schedule o West Musgrave Study on track for investment decision in H2 2022
     o Carajás East hub strategy in place with Pedra Branca now mining from multiple stopes and a maiden Mineral Resource estimate for Santa Lúcia
• Strengthened our cultural and organisational foundations ahead of our next growth phase
• Record FY Revenue of $2.1 billion with a strong closing cash balance of $215 million (unaudited) after growth investments; significant liquidity available
• Annual company Total Recordable Injury Frequency (TRIF) of 3.77 compared with 5.29 in 2020, overshadowed by fatality in September
• 2022 focus on safe operational delivery, advancing growth projects and adding new growth options, whilst managing escalating pandemic related challenges, and inflationary pressures

"2021 saw OZ Minerals deliver operationally, despite a challenging environment, again achieving Group production and cost guidance, as well as advancing our growth projects at Carrapateena and Prominent Hill and the West Musgrave study. We also commenced production at Pedra Branca and declared a maiden Mineral Resource estimate for Santa Lúcia potentially the next satellite mine at our Carajás East hub. However, these achievements were marred by the tragic death of one of our team in September, a Byrnecut underground workforce member at Prominent Hill. We again extend our condolences to his family and friends.

"COVID related workforce and supply challenges persisted during the year but elevated during the last quarter as most Australian state borders reopened. We expect these challenges to continue into 2022 as we transition to "living with COVID" across the community. Temporary, short production interruptions are expected, particularly during the first half.

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2021 Highlights

"The adaptability of our workforce enabled us to achieve Group copper guidance for a seventh consecutive year while we also delivered on Group gold production, met our Group cost guidance and reduced our TRIF rate from 5.29 to 3.77. Record revenue of more than $2 billion was recorded and we ended the year with a cash balance of $215 million.

"In its second year of operation Carrapateena continued to optimise and debottleneck the processing facility with 4.6Mt of ore processed during the year (4.25Mtpa nameplate) while recording the highest production month on record in December, with 493kt of ore treated. This performance provides further confidence that the sub-level cave production rates can increase to circa 4.7 to 5Mtpa once the cave propagates to surface later this year and the second crusher is commissioned in early 2023. The proximity of our two South Australian mines and a common mining contractor enabled flexing of our underground resource pool across both operations towards the end of the year.

"The Carrapateena block cave expansion was approved at the beginning of the year and decline development is now underway. The expansion is looking to capitalise on the value opportunity beyond the existing sub-level cave operation, expanding Ore Reserves and mine life and unlocking Carrapateena's potential to be a multi-generational, lowest quartile cash cost producing province.

"Prominent Hill again delivered its production and cost targets. The Wira Shaft mine expansion was approved mid-year and work on the shaft collar is now well advanced. The construction of a hoisting shaft at Prominent Hill will extend the mine life to 2036, lowers operating cost, reduces operational risk and lowers emissions intensity. It also enables generational province potential with further mine life extensions possible as circa 67 million tonnes of resource remain outside the shaft expansion mine plan.

"The West Musgrave study progressed well during the year with many aspects of the project well advanced and technically de-risked. The team continues to work through a range of value opportunities for inclusion into the project base case albeit we are also seeing capital escalation in a number of areas, with full costings yet to be concluded. The project remains on track for a final investment decision in H2 2022, however, uncertainties also remain in relation to ongoing border restrictions, labour availability and the potential impact on project schedule and costs.

"Our Carajás Hub strategy took shape with the underground mine at Pedra Branca ramping up stope production, although at a lower rate than originally intended due to equipment supply and some resourcing issues, and a maiden Mineral Resource was announced for Santa Lúcia.

"During 2021 we had anticipated completing study updates for both the Carajás East and West Hubs, however we now expect to deliver these updates in 2022, allowing time to include additional drilling into the study results. The studies will investigate the opportunity for Santa Lúcia to potentially be the next satellite mine at our Carajás East Hub and for Pantera to underpin the investment required to establish the first mine at a potential future Carajás West Hub.

"To support our next growth phase we recruited several new Executive Leadership roles, further complementing the strength of our management team.

Focus for 2022

"In 2022 we are committed to safely delivering our operational targets and advancing our growth projects across the portfolio, including:

• progressing the expansions at Prominent Hill and Carrapateena both of which unlock the potential for multi- generational, low-cost mining provinces
• continuing to develop opportunities within our Carajás Hub strategy in Brazil
• progressing the West Musgrave project study for a final investment decision in H2 2022
• expanding our exploration activities and adding to our growth pipeline where possible
• closely managing our costs in a significant inflationary environment
• strengthening our culture and moving towards further realising our strategic aspirations

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• holding ourselves accountable as a sustainable and responsible producer creating value for all our stakeholders

"As we transition to living with COVID across the community we will be closely monitoring and managing potential supply chain interruptions and labour shortages along with the inflationary cost environment.

"We have also provided 2022 guidance which will see Group copper production increase with improving grades at Carrapateena partially offset by lower grades at Prominent Hill and marginally lower gold production at Prominent Hill. Group All-in Sustaining Costs are expected to be broadly in line with 2021 with a reduction in sustaining capital partially offset by increased Group C1 costs due to additional underground ore mined per unit of production at Prominent Hill with no material change in total mining unit costs.

"Our financial position remains strong with $215 million cash balance at the end of the year and significant liquidity available. Our capital management framework provides a strong platform for allocating capital to the right projects and accessing finance, should it be required, to fund our considerable growth pipeline."

Andrew Cole, Managing Director and CEO

27 January 2022

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OPERATIONS, PROJECTS AND A GROWING PIPELINE OF OPPORTUNITIES

Operations Project/Studies

Note: This page must be read in conjunction with the Production Targets Cautionary Statement, together with the copper equivalent calculation formulas and references to the relevant Resource and Reserve Statements on page 25

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STAKEHOLDER VALUE CREATION

During the final quarter of 2021 we funded incentive programs to lift vaccination rates amongst indigenous communities where we operate. The structure of the programs was developed, operated and administered in partnership with local communities and healthcare providers and as a result were well supported and had high success rates. Programs run in Jameson have resulted in a vaccination rate of 80% first dose, 58% double dose (ages 16+) and booster doses are now 13% (for ages 18+). In Port Augusta two vaccination drives were undertaken with over 140 people vaccinated for the first time across the two days, increasing vaccination rates and providing public health information and support to the community. Programs in Coober Pedy will be commencing in 2022.

During 2021 our Stakeholder Support Fund has provided funding totalling $1.5 million and, as well as the vaccination incentive programs, has supported the employment of a health coordinator in Jameson, the provision of much-needed PPE equipment to communities at our Brazil operations, emergency food supplies in Port Augusta, and funding for FoodBank SA as well as additional governance training for our Traditional Owner partner organisations. The Fund was established in 2020 to enable stakeholder resilience during COVID-19 with a total funding of $4 million and will continue in 2022.

Further stakeholder value creation initiatives were undertaken through the Flagship Social Contribution Program which supports First Nations education through partnerships with the Clontarf Foundation and the Smith Family as well as sponsoring the Royal Flying Doctors Service to provide emergency healthcare to the remote communities with which we work.

Total recordable injury frequency (TRIF) per million hours worked of 3.77 was lower than the prior quarter (4.21) and the 2020 annual TRIF (5.29).

Frequency

6

5

4

3

2

1

0

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Figure 1: OZ Minerals TRIF

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