OXIANA LIMITEDTHIRD QUARTER REPORT 2007Owen Hegarty, Managing Director & CEO – October 23 2007F

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1. HIGHLIGHTS

2. MARKETS

3. SEPON GOLD AND COPPER

4. GOLDEN GROVE

5. PROMINENT HILL

6. MARTABE

7. TORO / NOVA MERGER

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3Highlights

HIGHLIGHTS MARKET SEPON GOLDEN GROVE PROMINENT HILL

Group production and costs on track.

Expansion studies announced for Golden Grove and Prominent Hill.

High grade gold and copper results returned at Sepon.

Strong half year financial results with solid revenues and cash flow.

Fully franked interim dividend of 4c /share paid.

MARTABE TORO / NOVA

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4

580

600

620

640

660

680

700

720

740

760

780

Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07

2

2.25

2.5

2.75

3

3.25

3.5

3.75

4

Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07

2500

2700

2900

3100

3300

3500

3700

3900

4100

4300

Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07

5000

5500

6000

6500

7000

7500

8000

8500

9000

Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07

Gold• 28 year highs

Zinc• Stocks remain low • Demand remains solid

Copper• Supply disruptions in Latin America • Spot TC’s low

Oxiana• Dividends increasing • Expansions to continue growth

Markets remain strong

HIGHLIGHTS MARKET

LME Gold Spot Price

LME Copper Spot Price

LME Zinc Spot Price

US$/o

z

US$/t

onne

A$

US$/t

onne

Oxiana Share Price

SEPON GOLDEN GROVE PROMINENT HILL MARTABE TORO / NOVA

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5Sepon – production and costs

HIGHLIGHTS SEPONMARKET GOLDEN GROVE PROMINENT HILL

-

10,000

20,000

30,000

40,000

50,000

60,000

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

2007Q2

2007Q3

Sepon Gold

• 22,355oz for quarter.

• On track to meet 100,000oz forecast.

• Total cash cost US$499/oz, impacted by drawdown on stockpiles.

• 2007 forecast US$450-US$500/oz.

• Primary gold expansion dependent on further resources.

MARTABE

Sepon Copper

• 16,139t for quarter.

• Direct cash cost US63c/lb. (forecast US$65-70c/lb)

• 60,000-63,000t for 2007.

• Two-stage plan for copper expansion

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

2007Q2

2007Q3

tonn

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6Sepon – exploration

HIGHLIGHTS SEPONMARKET GOLDEN GROVE PROMINENT HILL MARTABE

THENGKHAM NORTH

THENGKHAM SOUTH

HOUAY YENG23m@ 4.93% Cu

KEYResults received this quarter

14m @ 7.76g/t Au

6m @ 2.59g/t Au2m @ 25.05g/t Au

86.9m @ 3.29% Cu50m @ 2.18% Cu25m @ 4.21% Cu

35.2m @ 3.05% Cu

11m @ 9.22% Cu17m @ 9.43% Cu

23m @ 4.93% Cu

12m @ 18.75% Cu

9.9m @ 13.4% Cu9.2m @ 20.4% Cu

7.8m @ 17.52% Cu

21m @ 20.42g/t Au

8.5m @ 18.2g/t Au6.1m @ 14.2g/t Au

43.8m @ 8.72g/t Au

TORO / NOVA

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7Golden Grove - production and costs

SEPON GOLDEN GROVEHIGHLIGHTS MARKET PROMINENT HILL MARTABE

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

2005 Q1 2005 Q2 2005 Q3 2005 Q4 2006 Q1 2006 Q2 2006 Q3 2006 Q4 2007 Q1 2007 Q2 2007 Q3

Tonn

es

Zinc CopperMining and production• Predominantly zinc quarter.• 35,751t zinc.• 2,420t copper.• 18,671oz gold.• 1.3Moz silver.• Production for 2007 as forecast.

- 140,000t to 150,000t zinc - 12,000t to 15,000t copper- 50,000t to 55,000t gold - 3 - 3.5Moz silver- 10,000t to 13,000t lead

Costs• Total cash cost US31c/lb.

Exploration• Xantho Extensions -: 22.4m @ 16.1% zinc and 1.3g/t Au,

and 6.8m @ 21.0% Zn

Expansion studies• To extend mine life beyond 2020 begun• Underground extensions • Open pit developments • Plant productivity improvements. Gossan Hill Budget

Gossan Hill Extension

Scuddles

Scuddles Extensions

Cu Oxide Pit

Primary Cu Pit

0

500

1,000

1,500

2,000

2,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Mill

ed O

re (k

t)

0

25

50

75

100

125

150

175

200

Con

tain

ed M

etal

(kt)

Cu Contained Metal Zn Contained Metal

TORO / NOVA

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8Prominent Hill

Mining ahead of schedule.

~ 100,000m3 mined/day

~ 33.5Mbcm mined to the end of the quarter

Concrete pours: mill pedestals, crusher, stockpile reclaim tunnel, concentrate storage area, flotation area.

GOLDEN GROVE PROMINENT HILLSEPONHIGHLIGHTS MARKET MARTABE TORO / NOVA

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West East

Recent results:87m @ 1.18% Cu, 0.48 g/t Au

Chalcocite-bornite

‘EasternGoldZone’

Cover

Base of current resource

4000mE 4400mE 4800mE 5200mE 5600mE 6000mE 6400mE

1200mRL

800mRL

400mRL

LEGEND

0mRL

10 year pit outline

UntestedGold

Potential

UndergroundMining

Potential

GoldPotential

Chalcopyrite

metres

0 400200 300100

UntestedCopper

Potential

12m @ 8.28 g/t Au

25m @ 3.14% Cu & 0.23 g/t Au

60m @ 1.36 g/t Au

13.2m @ 12.6% Cu

27m @ 2.82 g/t Au

16m @ 5.72 g/t Au

87m @ 1.18% Cu & 0.48 g/t Au

11m @ 5.47 g/t Au

21m @ 3.71% Cu

72m @ 1.12 g/t Au

Prominent Hill Resource Expansion Drilling

GOLDEN GROVE PROMINENT HILLSEPONHIGHLIGHTS MARKET MARTABE

Gold

Copper

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10Martabe – Feasibility Study

Purnama pit infill and extension drilling continues

Technical review continues

Geology

Mining

Metallurgy

Feasibility Study due end 2007

PROMINENT HILLGOLDEN GROVESEPONHIGHLIGHTS MARKET

INDONESIA

Lake Toba

Contract of Work

MEDAN

TEBING TINGGI

KABANJAHE

PEMATANGSIANTAR

PARAPAT

TARUTUNG

SIBOLGA

PADANGSIDEMPUAN

KOTANOPANNATAL

MARTABE

MARTABE TORO / NOVA

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11Toro-Nova merger

Toro and Nova agreed merger

5.5 Toro shares for each Nova share

Oxiana to own 46%

Current acceptances ~85.77% -unconditional

Offer extended until 26 October

PROMINENT HILLGOLDEN GROVESEPONHIGHLIGHTS MARKET TORO / NOVAMARTABE

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12On track for a strong finish to 2007

• Strong market outlook.

• Production and costs to plan.

• Growth pipeline

- Prominent Hill expansion studies x 2

- Golden Grove expansion studies x 3

- Martabe gold feasibility study

- Sepon copper expansion

• Near mine exploration success.

- Sepon

- Golden Grove

- Prominent Hill

• Regional exploration competitive advantage.

• Strong cash balance.

HIGHLIGHTS MARKET SEPON GOLDEN GROVE PROMINENT HILL MARTABE TORO / NOVA

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