OZ Minerals : Summary of Mineral Resource & Reserve Statements

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16 NOVEMBER 2021

Growth projects strengthen Mineral Resources and

Ore Reserves

• Group Ore Reserve copper metal tonnes increase by ~5%
• Growth project updates since group MROR update in November 20201 include:

1. Prominent Hill underground Ore Reserve tonnes increase of ~26% due to Wira Shaft Mine Expansion approved in August; 48Mt @ 1.6% copper equivalenti

1. West Musgrave Ore Reserve tonnes increase ~15% with December 2020 Pre- Feasibility Study Update; 253Mt @ 0.35% Cu and 0.32% Ni

• 1. Maiden Mineral Resource at Santa Lúcia; 5.8Mt @ 2.1% Cu and 0.35 g/t Au
• Group Mineral Resources 10.3Mt of contained copper2; Mineral Resource copper metal tonnes increase by ~2%

OZ Minerals has today released its annual Mineral Resource and Ore Reserve summary which reports changes in company Resources and Reserves over the prior year. Also released today is a Mineral Resource and Ore Reserve Statement for Prominent Hill, as at 30 June 2021. In the past 12 months a Mineral Resource and Ore Reserve update has been provided for West Musgrave and a maiden Mineral Resource estimate for Santa Lúcia. Highlights can be found in Table 1 below.

Table 1: Mineral Resources and Ore Reserves annual update highlights and year on year movement

	Category *			Tonnes			CuEqi			Cu			Ni			Au			Ag			Cu			Ni			Au			Ag			Increase /
			(Mt)			(%)			(%)			(%)			(g/t)			(g/t)			(kt)			(kt)			(koz)			(Moz)			Decrease3
	Prominent Hill UG copper Mineral Resource	140		1.5		1.0					0.8		2.7		1,400				3,600		12			10 Mt (+7%)
	Prominent Hill UG Ore Reserve	48		1.6		1.2					0.7		3		560					1,100		4.7			10 Mt (+26%)
	Prominent Hill Proved Reserve copper	2.4		0.8		0.6					0.4		1.7		14					28		0.1			1.2 Mt (-33%)
	stockpiles
	Prominent Hill Ore Reserve gold stockpiles	12					0.1					0.6		0.4		14					210		0.2			3 Mt (-20%)
	West Musgrave Mineral Resource	390					0.34		0.31	0.06					1,300	1,200		500						50 Mt (+15%)
	West Musgrave Ore Reserve	253					0.35		0.32	0.06					890		820		700						33 Mt (+15%)
	Santa Lúcia Mineral Resource	5.8					2.1					0.35		4.8		120					66		0.89			5.8 Mt (+100%)

* Mineral Resources are inclusive of Ore Reserves. Numbers in Table subject to rounding.

1. "Resource updates strengthen Australian copper assets" released 16 November 2020 available at https://www.ozminerals.com/en/investing-in-us/asx-releases/2020-asx-releases/resource-updates-strengthen-australian-copper-assets
2. Group Mineral Resources total includes Copper, Gold and Nickel deposits for a total of 1,800Mt at 0.6% Cu
3. Change in Resource and Reserve tonnes versus November 2020 update

OZ Minerals Limited | ABN: 40 005 482 824 | 2 Hamra Drive, Adelaide Airport, South Australia 5950

T: [phone] | F: [phone] | [e-mail] | www.ozminerals.com

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Carrapateena Province

The Carrapateena Mineral Resource and Ore Reserve has been updated with depletion from mining up to 30 June 2021. A drilling campaign of ~35 kms, designed to enhance understanding of the mineralization, structural influence and stress regimes within the wider resource is in progress and was ~30% complete as at 30 June 2021. The drilling campaign is expected to be completed in Q1 2022 with information collected incorporated in an annual updated Mineral Resource and Ore Reserve in Q4 2022.

Prominent Hill Province

Increases in Mineral Resources since 30 June 2020 were primarily due to the inclusion of information from additional delineation and grade control drilling completed, offset by depletion of existing surface stockpiles and ongoing mining of the underground Mineral Resource.

Increases in the Ore Reserve have been reported with the inclusion of material below the previous Life-of- Mine following the completion of the Wira Shaft Mine Expansion study partially offset by depletion through mining and stockpile processing. Underground Ore Reserve tonnes have increased by ~26% to 48Mt, with copper metal up ~27% and gold metal up ~31%.

Ore Reserve stockpiles decreased by ~20% to 12Mt, with copper metal down ~17% and gold metal down ~38%. Decreases to stockpiles were attributed to stockpile processing.

West Musgrave Province

The West Musgrave Pre-Feasibility Study Update, released in December 2020, was supported by an updated Ore Reserve of 253 Mt at 0.35% Cu and 0.32% Ni. The Ore Reserve tonnes have increased by ~15% and were due to the net result of updated operating costs based on increased throughput opportunity, metallurgical test work, and changes in metal price and exchange rate assumptions, partially offset by recovery/dilution factors.

47.5 kms of infill drilling has been completed during 2021, focused on increasing Ore body confidence. Information collected will be incorporated in an updated Mineral Resource and Ore Reserve in 2022.

Carajás Province

The decrease in the Antas North Mineral Resources was primarily due to depletion.

There is no Ore Reserve at Antas North due to the complete mining depletion of the Antas North pit.

A maiden Mineral Resource estimate of 5.8Mt at 2.1% Cu and 0.35 g/t Au at Santa Lúcia was released in September 2021. Assay results for recently completed 7,000 meters of drilling are pending and are anticipated to provide greater confidence in the Mineral Resource estimate with an update to be completed by mid-2022.

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Summary

OZ Minerals Managing Director and Chief Executive Officer, Andrew Cole, said, "It is pleasing to see the contribution of our growth projects with significant increases of the Mineral Resource and Ore Reserve at both Prominent Hill and West Musgrave adding ~5% to group Ore Reserve copper metal tonnes over the last 12 months.

"The 2020/21 drilling program at Prominent Hill, focused on infill drilling to convert material from Inferred to Indicated Resources. It resulted in an increased confidence in our ore body knowledge and informed the approval of the Wira Shaft Mine Expansion. The expansion will see a long and productive future for Prominent Hill with the Wira shaft enabling access to areas previously thought uneconomic and opening up potential new prospects. Around 67Mt of Mineral Resource still sits outside our shaft enabled mine plan and we anticipate being able to convert some of this material into Ore Reserves over the coming years as we gain better access to drill the lower areas of the deposit.

"The 2021 drilling program at West Musgrave will inform an updated Mineral Resource and Ore Reserve in 2022 which will help support a potential project investment decision, expected in the second half of 2022. The project continues to fulfill its ambition as a low carbon, low cost, long life copper and nickel mine. A drilling program at the Succoth copper deposit commenced in September 2021 and will inform a 2022 update to the current Inferred Mineral Resource estimate totaling 156Mt at 0.6% Cu, which can potentially add upside in mine life or production rate to the West Musgrave Province.

"Mining of the Antas open pit was completed in Q2 2021 while production from Pedra Branca commenced in Q3 2021, demonstrating the Brazil team's ability to take a mine through concept study, permitting, construction and into production within three years. A maiden Mineral Resource estimate declared at Santa Lúcia is a further step in our Brazil Hub strategy with Santa Lúcia ore potentially being processed concurrently with Pedra Branca ore at the central Carajás East processing facility. A scoping study is underway with a view to releasee in mid-2022.

"At Carrapateena we have been focused on developing the upper levels of the sub level cave whilst managing cave propagation. We remain confident in our orebody knowledge with very good reconciliation of our resource model through to the plant. An extensive drilling program currently underway will provide sufficient information to update the Carrapateena Mineral Resource and Ore Reserve in 2022."

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

For further information, please contact:
Investors	Media
Travis Beinke	Sharon Lam
T 61 8 8229 6622	T 61 8 8229 6627
M 61 417 768 003	M 61 0438 544 937
[e-mail]	[e-mail]

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Table 2: OZ Minerals Group Mineral Resources

			Mineral Resources*					Measured							Indicated							Inferred														Total
			Copper			Tonnes			Cu			Au			Ag			Tonnes			Cu			Au			Ag			Tonnes			Cu			Au			Ag			Tonnes			CuEqi			Cu			Au			Ag			Cu			Au			Ag
					Mt			%			g/t			g/t			Mt			%			g/t			g/t			Mt			%			g/t			g/t			Mt			%			%			g/t			g/t			kt			koz			Moz
			Prominent Hill underground	42		1.3		0.6		3.2		44		0.9		0.9		2.7		51		0.8		0.9		2.3		140		1.5		1.0		0.8		2.7		1,400		3,600		12
			Prominent Hill surface stocks	2.4		0.6		0.4		1.7		-		-		-		-		-		-		-		-		2.4		0.8		0.6		0.4		1.7		14		28		0.1
			Carrapateena	130		0.96		0.42		3.6		490		0.62		0.26		2.9		330		0.32		0.16		2.0		950		-		0.56		0.25		2.7		5,400		7,500		82
			Fremantle Doctor	-		-		-		-		-		-		-		-		104		0.7		0.5		3		104		-		0.7		0.5		3		800		2,000		10
			Succoth	-		-		-		-		-		-		-		-		156		0.60		-		-		156		-		0.60		-		-		943		-		-
			Jericho4	-		-		-		-		-		-		-		-		9.1		1.4		0.3		1.6		9.1		-		1.4		0.3		1.6		130		88		0.5
only
			Antas North	0.1		0.7		0.3		-		0.4		0.8		0.2		-		1.1		0.3		0.1		-		1.5		-		0.5		0.1		-		7.1		6.6		-
			Pedra Branca	2.3		1.6		0.5		-		11		1.6		0.4		-		4.8		1.5		0.4		-		19		-		1.6		0.4		-		300		270		-
			Santa Lúcia5	-		-		-		-		0.91		6.1		0.97		9.2		4.9		1.3		0.24		3.9		5.8		-		2.1		0.35		4.8		120		66		0.89
			Total			170			1.0			0.5			3.4			550			0.7			0.3			2.8			660			0.5			0.2			1.7			1,400			-			0.6			0.3			2.3			9,000			13,000			100
						Tonnes			Cu			Au			Ag			Tonnes			Cu			Au			Ag			Tonnes			Cu			Au			Ag			Tonnes			CuEqi			Cu			Au			Ag			Cu			Au			Ag
			Gold
					Mt			%			g/t			g/t			Mt			%			g/t			g/t			Mt			%			g/t			g/t			Mt			%			%			g/t			g/t			kt			koz			Moz
use
			Prominent Hill surface stocks	-		-		-		-		12		0.1		0.6		0.4		-		-		-		-		12		-		0.1		0.6		0.4		15		220		0.2
			CentroGold	-		-		-		-		21		-		1.9		-		7.3		-		1.8		-		28		-		-		1.9		-		-		1,700		-
			Chega Tudo	-		-		-		-		8.2		-		1.6		-		3.1		-		1.5		-		11.3		-		-		1.6		-		-		577		-
			Total			-			-			-			-			41			0.04			1.5			0.1			10			-			1.7			-			51			-			0.03			1.5			0.1			15			2,500			0.2
			Nickel			Tonnes			Ni			Cu			Au			Tonnes			Ni			Cu			Au			Tonnes			Ni			Cu			Au			Tonnes			CuEqi			Ni			Cu			Au			Ni			Cu			Au
					Mt			%			%			g/t			Mt			%			%			g/t			Mt			%			%			g/t			Mt			%			%			%			g/t			kt			kt			Moz
			Babel	-		-		-		-		260		0.30		0.34		0.06		79		0.32		0.37		0.06		340		-		0.31		0.35		0.06		1,000		1,200		0.7
			Nebo	-		-		-		-		52		0.36		0.32		0.04		2.3		0.32		0.33		0.04		54		-		0.36		0.32		0.04		190		170		0.1
personalr
Total	-		-		-		-		310		0.31		0.34		0.06		82		0.32		0.37		0.06		390		-		0.31		0.34		0.06		1,200		1,300		0.7

* Mineral Resources are inclusive of Ore Reserves. Numbers in Table subject to rounding; 4 OZ Minerals has 80% ownership of the Jericho JV, however the data is reported on a 100% basis. 5 The Santa Lúcia project is 100% owned by Vale and the Brazil National Economic Development Bank (BNDES) holds a right to participate in up to 50% of the economic results of the project. OZ Minerals has an option to purchase Vale's share of the project and is in discussions with BNDES regarding the possible acquisition of its option to acquire the other 50% interest in the project. Data reported is on a 100% basis.

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Table 3: OZ Minerals Group Ore Reserves

	Ore Reserves*							Proved										Probable																			Total
	Copper			Tonnes				Cu				Au				Ag			Tonnes				Cu				Au				Ag			Tonnes				CuEqi				Cu				Au					Ag				Cu				Au				Ag
			Mt				%				g/t				g/t			Mt				%				g/t				g/t			Mt				%				%				g/t					g/t				kt				koz				Moz
	Prominent Hill Underground	25			1.3			0.6			3.2		24			1.0			0.7			2.8		48			1.6			1.2			0.7			3.0			560			1,100		4.7
	Prominent Hill surface stocks	2.4			0.6			0.4			1.7		-			-			-			-		2.4			0.8			0.6			0.4			1.7			14			28		0.1
	Carrapateena	-			-			-			-		210			1.1			0.44			4.3		210			1.3			1.1			0.44			4.3			2,300			3,000		30
	Antas North	-			-			-			-		-			-			-			-		-			-			-			-			-			-			-		-
	Pedra Branca	1.1			1.9			0.6			-		3.9			2.1			0.5			-		5.0			-			2.1			0.5			-			104			89		-
	Total			28				1.3				0.6				3.0			240				1.1				0.5				4.1			270				-				1.1				0.5					4.0				3,000				4,200				35
	Gold			Tonnes				Cu				Au				Ag			Tonnes				Cu				Au				Ag			Tonnes				CuEqi				Cu				Au					Ag				Cu				Au				Ag
			Mt				%				g/t				g/t			Mt				%				g/t				g/t			Mt				%				%				g/t					g/t				kt				koz				Moz
	Prominent Hill surface stocks	-			-			-			-		12			0.1			0.6			0.4		12			-			0.1			0.6			0.4			14			210		0.2
	CentroGold	-			-			-			-		20			-			1.7			-		20			-			-			1.7			-			-			1,100		-
	Total			-				-				-				-			31				0.04				1.2				0.2			31				-				0.04				1.2					0.2				14				1,200				0.2
	Nickel			Tonnes				Ni				Cu				Au			Tonnes				Ni				Cu				Au			Tonnes				CuEqi				Ni				Cu					Au				Ni				Cu				Au
			Mt				%				%				g/t			Mt				%				%				g/t			Mt				%				%				%					g/t				kt				kt				Moz
	Babel	-		-		-		-		220		0.31		0.35		0.06		220		-		0.31		0.35	0.06		680		770		0.4
	Nebo	-		-		-		-		33		0.41		0.36		0.04		33		-		0.41		0.36	0.04		140		120		0.05
	Total	-		-		-		-		253		0.32		0.35		0.06		253		-		0.32		0.35		0.06		820		890		0.5

* Numbers in Table subject to rounding

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