The area to the south of the deposit is dominated by a sequence of meta-gabbro-diorite interspersed with foliated pegmatites of granitic composition while the northern area is covered by a sequence of gneisses of granitic composition. The contact between the two rock units is represented by a shear zone which generally controls the distribution of the mineralisation with the Pedra Branca deposit comprising two zones of mineralisation, namely the “West” and the “East”.

The copper mineralisation is strong and pervasive, with various types of mineralisation (semi massive to disseminated) being distinguished in the drill core.

Pedra Branca East (PBE) is an Iron Oxide Copper Gold (IOCG) type deposit located within the Carajás Basement, and is hosted predominantly by diorite and sheared granite. Country rocks are mostly biotitegneisses (ortho-gneisses), while pegmatite dykes are abundant in proximity to the ore zones.

This deposit occurs along an E-W striking regional shear zone, which is represented by metres wide mylonitic zones marked by intense silicification. This shear zone is regionally crosscut by north-south, northeast and northwest striking faults.

PBE consists of a single continuous orebody, which strikes east-west and has a >600m strike extension. It is a sub-vertical to steeply dipping (south) plunging shoot, with a thicker higher grade central core which follows the plunge. The orebody begins to shallow out in dip at depth, >400m below surface and beyond.

The ore zone itself is typified by zones of high grade breccia matrix ore (fragments of hydrothermal breccia cemented together by semi massive sulphides), which are interspersed with zones of lower grade disseminated mineralisation. The most dominant of the high grade zones is the Hanging Wall High Grade Zone (HW-HGZ), which sits on the hanging wall contact and is present across the entire depth and breadth of the PBE orebody. The hanging wall high grade zone has a sharp and easily identifiable “knife edge” contact.

Two main ore types are identified:

• Semi-massive, high grade breccia matrix ore: consists of hydrothermal breccia zones with matrix filled by magnetite and chalcopyrite, plus subordinate pyrrhotite and less pyrite. The clasts are made of altered host rock and coarse amphibole. The typical range of assays for this ore type is between 4.0% copper to 10.0% copper.

• Disseminated ore: a low to medium grade ore which envelops the high-grade zone. It consists of the same sulphide assemblage, which is also associated with magnetite that occurs as fine disseminations in the host rock, sometimes following the foliation, and also filling veinlets and fractures. The typical assays range from below cut-off grade (0.9% copper) to 2.5% copper.

2021: OZ Minerals achieved a significant milestone with the start of mining ore from stopes at Pedra Branca, the first of the satellite mines to be realised under the Hub Strategy. Pedra Branca’s successful transition from a concept study to being permitted, built and into successful commissioning and production.

Status 2021: Construction complete, delivering processing production ore to Antas.

Mine rate: Ore production of 1.0 Mtpa.

The box cut, portal and initial few metres of decline was completed in 2016 and much of the infrastructure to resume its initial excavation is in place.

Sublevel stoping was selected as the mining method and has been deemed suitable for the orebody, based on orebody geometry and rock mass qualities.

Detailed infrastructure design was completed upon the mine design to address the required mine ventilation, mine dewatering, power supply, controls, and communication requirements.

Sublevel stoping with rock backfill will be applied in a bottom up bench stoping configuration. Stopes will be mined via long hole open stoping.

The pre-concentration and development waste will be utilised as backfill.

The Pedra Branca project is based on an underground mine and pre-concentration facility at the Pedra Branca site, with pre-concentrated ore to be transported and then processed in the existing Antas flotation plant.

Processing method: Ore sorting, conventional crushing, grinding, flotation and filtration.

The plant capacity at Antas North is 0.8 Mtpa, used as an assumption for the production plan. Metallurgical assumptions are based on comprehensive metallurgical test work that has been completed for the Antas North deposit and reconciliation results.

Metal recovery estimates are based on actual performance: Copper and Gold recoveries are estimated by equations with the life of mine averaging 97% for Copper and the 84% for Gold, respectively.

Treatment and refining charges for the concentrate reflect average industry commercial terms and conditions, according to the concentrate quality.

An ore sorting plant will be built at ........