OZ Minerals Board approved construction of a hoisting shaft at the Prominent Hill copper gold mine which will extend the mine life to 2036 at 6 million tonnes per annum. The shaft mine expansion also enables generational province potential with further mine life extensions possible as 67 million tonnes of resource remains outside the shaft expansion mine plan. Further, an exploration program has also identified that mineralisation remains open at depth beyond the current Mineral Resource boundary, potentially accessible via the shaft. The exploration update released on August 18, 2021 also provides further clarity on satellite orebodies closer to the surface that could potentially be mined simultaneously. The exploration potential is not contemplated in the shaft business case. The $600 million Wira shaft investment will increase annual copper production rates by 23% at a 20% lower operating cost over the current trucking life of mine estimates. Work on sinking the Wira shaft is expected to commence in the first quarter of 2022 and is scheduled for completion in 2024. The hoisting shaft provides access to Mineral Resource outside the current trucking mine plan that would have been uneconomical via a trucking operation from ~2033. Key project changes since the study update released in November 2020 include: Increase in the Ore Reserve of 13 million tonnes as a result of infill drilling done since July 2020 (38% increase). Extended mine life, now 15 years (previously 11 years). Site operating costs lowered by $14-$20 per tonne. Pre-production capital of circa $600 million (previously $450 million) due to an increase in scope to incorporate operational efficiencies and longer mine life, greater accuracy of estimates from suppliers, and inflation pressure on raw materials and labour costs. Prominent Hill mine began operation in 2009 as an open pit and is now an underground mine producing 4.5 million tonnes per annum moving to between 4.5 and 5 million tonnes per annum from 2022 via a trucking operation. Upon completion of the Wira shaft installation in 2024, the underground production rate will increase to 6 million tonnes per annum from 2025. The shaft operation is expected to commence in 2025 around the same time the stockpiled ore from the original open pit is fully depleted. The average annual copper production is expected to be circa 54,000 tonnes and 108,000 ounces of gold post 2025, some 23% more than expected in the current trucking operation. The key project metrics for the Wira shaft mine expansion, compared to the current trucking life of mine (LOM). Production Targets Cautionary Statement for Study Update: OZ Minerals advises that the Prominent Hill Expansion Study update is based upon a subset of the Prominent. Hill Mineral Resources and Ore Reserves. The Production Target of the expansion study case comprises: 27.8% Proved Ore Reserves; 37.3% Probable Ore Reserves; 1.4% Measured Mineral Resources; 3.6% Indicated Mineral Resources and 29.9% Inferred Mineral 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. 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 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. The Ore Reserve and Mineral Resource estimates underpinning the production targets were prepared by a Competent Person in accordance with the JORC Code 2012.