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Freeport-McMoRan — FCX 3Q25 CC update (company IR deck)
Freeport-McMoRan (FCX) · 40 slides · Filed Oct 27, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All FCX deck slides
Slide 1 — November
fcx.com Freport Update November 18 , 2025
Slide 2 — Cautionary Statement
Cautionary Statement This presentation contains forward - loking statements in which FCX discuses its potential future performance, operations and p rojects. Forward - loking statements are al statements other than statements of historical facts, such as plans, projections or expectations relating to busines outlok, strategy, goals or targets; the underlying asumptions and estimate d i mpacts on FCX‘s business and stakeholders related to the Block Cave underground mine; global market conditions, including trade policies; ore grades and miling rates; production and sa les volumes; higher variability betwen PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; investigations, remediation eforts and phased restart and ramp - up of production and downstream processing fo Block Cave underground mine and the anticipated impact on future production, sales, results of operations and operating plans , a nd recoveries under insurance policies; potential exte 2041; timing of shipments of inventoried production; FCX‘s sustainability - related commitments and targets; FCX‘s overarching com mitment to deliver responsibly produced coper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX‘s 2030 climate targets net zero aspiration; improvements in operating procedures and technology inovations and aplications; exploration eforts and results; development and production activities, rates and costs; future organic growth oportunities; tax rates; the impa ct of coper, gold and molybdenum price changes; the impact of defered intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of setlements asociated with ongoing legal and environmental procedings; deb t repurchases; and the ongoing implementation of FCX‘s dividend payments (base or variable) and share repurchases. The words —anticipates,“ —may,“ —can,“ —plans,“ —be mat es,“ —expects,“ —projects,“ —targets,“ —intends,“ —like —guidance,“ —aspirations,“ —future,“ —commitments,“ —pursues,“ —initiatives,“ —objectives,“ —opportunities,“ —s ny similar expresions are intended to identify those asertions as forward - loking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of the Board of Directors (Bo ard) and management, respectively, and are subject to a target, capital availability, FCX‘s financial results, cash requirements, global economic conditions, changes in ctu al restrictions and other factors demed relevant by the Board or management, as aplicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board‘s discretion. FCX cautions readers that forward - loking statements are not guarantes of future performance and actual results may difer mat erialy from those anticipated, expected, projected or asumed in the forward - loking statements. Important factors that can cause FCX‘s actual results to differ materially from those anticipated in the forward - loking statements includ e, but are not limited to, suply of and demand for, and prices of the comodities FCX produces, primarily coper and gold; changes in export duties and tarif rates; production rates; timing of shipments and sales; price and availability of c ons umables and components FCX purchases as wel as constraints on suply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopoli tic al, regulatory or industry conditions, including market volatility regarding trade policies and tarif uncertainty; reduction s in liquidity and access to capital; PTFI‘s ability to successfully complete remediation activities, implement an ion s from the related investigation, safely restart, phase - in ramp - up and achieve ful operating rates of production and downstream procesing on the expected timeline and optimize production plans; recover amounts under insurance policies; resol ve force majeure declarations and maintain relationships with comercial counterparties; changes in tax laws and regulations; political and social risks, including the potential efects of violence in Indonesia, civil unrest in Peru, and rel ations with local comunities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferals or cancelations, inc luding the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential invento ry adjustments; potential impairment of long - lived mining assets; satisfaction of requirements in accordance with PTFI‘s IUPK to ex tend mining rights from 2031 through 2041; process rela cybersecurity risks; any major public health crisis; labor relations, including labor - related work stopages and increased costs ; compliance with aplicable environmental, health and safety laws and regulations; weather - and climate - related risks; environmental risks, including availability of secure water suplies; impacts, expenses or results from litigation or investi gat ions; tailings management; FCX‘s ability to comply with i and any changes to such frameworks and other factors described in more detail under the heading —Risk Factors“ l R eport on Form 10 - K for the year ended December 31, 2024 and in - K dated November 18, 2025, each filed with the U.S. Securities and Exchange Comision. The forward - loking statements, including projections, in this presentation are based on curent market conditions and several asumptions, and are subject to significant risks and uncertainties. Projections are dependent on operational performance, the timing of restarting and ramping up mining and smelting operations at PTFI folowing the September 2025 mud rus h incident, weather - related conditions and other factors detailed herein. Investors are cautioned that many of the assumptions upon which FCX‘s forward - loking statements are based are likely to change after the date the forward - loking statem ents are made, including for example comodity prices, which FCX canot control, and production volumes and costs or technological solutions and inovations, some aspects of which FCX may not be able to control. Further, FCX may make ch anges to its busines plans that could afect its results. FCX undertakes no obligation to update any forward - loking statements, which are as of the date made, notwithstanding any changes in its asumptions, changes in busines plans, actual exp erience or other changes. Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates are , to a large extent, based on metal prices for the comodities we produce and interpretations of geologic data, which may not necesarily be indicative of future results or quantities ultimately recovered. This presentation also includes forward - loking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and infered mineral resources, is a concentration or ocurence of material of economic interes t i n or on the Earth‘s crust in such form, grade or qualit extraction. Such a deposit canot qualify as recoverable proven and probable mineral reserves until legal and economic feasib ili ty are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material modifying factors. This presentation also includes forward - loking statements regarding mineral potential, which includes exploration targets and mineral resources but wil not qualify as mineral reserves until comprehensive enginering studies establish legal and economic feasibility. Significant aditional evaluation is required and no asurance can be given that the potential quantities of metal wil be produced. Acordingly, no asurance can be given t hat estimated mineral resources or mineral potential wil become proven and probable mineral reserves. This presentation also contains measures such as unit net cash costs (credits) per pound of coper and molybdenum, and EBITDA ( earnings before interest, taxes, depreciation, amortization and acretion), which are not recognized under U.S. generally accepted accounting principles (GAAP). For FCX‘s calculation and reconciliation of unit net cash costs r p ound of copper and molybdenum to amounts reported in FCX œ Unit Net Cash Costs (Credits)“ and to —Product Revenues and Production Costs“ of FCX‘s annual report on Form 10 - K for the year e nded December 31, 2024, which is available on FCX‘s w - loking non - GAP measures, FCX is unable to provide a reconciliation to the most comparable GAP measure without unreasonable efort because estimating suc h GAP measures and providing a meaningful reconciliation is extremely dificult and requires a level of precision that is unavailable for these future periods, and the information neded to reconcile these measures is dependent upon future ev ents, many of which are outside of FCX‘s control as des - loking non - GAP measures are estimated consistent with the relevant definitions and asumptions. 2
Slide 3 — Honoring Our Team Members
Honoring Our Team Members 3 * our prayers and condolences Ύ —We mourn the loss of our sev -workers and grieve with their families, Their memories will be forev forward. Our commitment to addres inherent in our business is to protecting our most impor œ our people The Freeport organization is safety of our people above a “ - Richard Adkerson, Chairm - Kathleen Quirk, Presi
Slide 4 — September 8
September 8 th Incident Overview 4 •External rush of mud originating from surface of former open pit •Entered through an undetected pathway conecting the Grasberg Block Cave (GBC) underground mine to mud acumulations in the former open pit •Traveled to multiple levels, including the Service Level where seven team members were found deceased •No warning indicators from monitoring or drawpoint sampling •Causes included a series of contributing conditions specific to the afected production block (PB) •Implementing enhanced operating procedures to adres the conditions that led to the incident Unprecedented in PTFI‘s 40+ - year underground history
Slide 5 — Overview of Grasberg Minerals District
Overview of Grasberg Minerals District 5 Map of Orebodies * Estimate of recoverable proven and probable conso -term average prices of $ 3.25 /lb for copper and $ 1,600 /oz for gold PTFI Year - end 2024 Reserves* thru 2041 PB1C represents ~ 2%-3% of PTFI ‘s Cu and Au Res Kucing Liar 26% DMLZ 16% Coper Gold Big Gosan PB 2 - 7 41% 2 m ozs 8% Grasberg Block Cave 50% 3% 4% 3% 6% 46% 28% 3% 2% 4% 2% 4% 27 bn lbs AB Adits 204 Kucing Liar 2029 Grasberg Block Cave 2018 Grasberg Open Pit 190 - 2019 Ertsberg Pit 1973 - 1989 Big Gosan 207 Gunung Bijih Timur (GBT) 1981 - 194 Intermediate Ore Zone (IOZ) 194 - 203 Dep Ore Zone (DOZ) 20 - 202 Dep Mil Level Zone ( DMLZ) 2015 East Ertsberg Skarn System 4,30m 2,50m GBT DOZ DMLZ IOZ Grasberg Block Cave Big Gosan Kucing Liar N
Slide 6 — Background on Production Block 1C
Background on Production Block 1C 6 •PB1C is located aproximately 30 meters beneath the low spot of the former Grasberg surface mine •Largely composed of a low strength, clay rich, geological domain termed — Softzone “ •PB1C was designed with relatively narow geometry (thre panels wide) as an extension of an established Production Block (PB1S) which comenced production in 2019 •Production in PB1C started in 202 from two panels with the third panel (Panel 23) comencing production in October 2024 •Incident ocured through the formation of an undetected pathway along the cave boundary conecting a panel in PB1C to mud acumulation at the surface 6 * YTD through August 2025 Statistics PB1C PB1S GBC Drawpoints 70 174 923 PTFI Cu Au Cu Au % of Reserves 2% 3% 4% 6% % of Production* 7% 7% 8% 10% Grasberg Block Cave Plan Vie w Future PBs PB3 PB2N PB2S PB1 PB1N PB1C PB1S P23 P34 N (Panel 23 )
Slide 7 — Contributing Conditions
Contributing Conditions •Conditions in PB1C diferent than other Production Blocks •P artialy unbroken, overhanging & inclined shape of the cave boundary adjacent to an established cave area in PB1S •Faster rate of production draw in PB1C in relation to the adjacent established cave area in PB1S o PB1C cave geometry resulted in production from multiple panels combining to draw in a narrow channel (—High Velocity Zone“) ° M agnified —effective draw“ & velocity •Continued draw connected —High Velocity Zone“ to the surface 7 Unique Characteristics 6 P23 DP20S 340m 320m 30m 280m PB1N PB1C PB1S High Velocity Zone N Cros - Section of GBC & Pit Mud Pit Wal Inclined Cave Back Grasberg Block Cave ƚŚƌƵ t. ϭ͕ [ŽŽŬŝŶŐ b9
Slide 8 — Observations and Action Items
Observations and Action Items Dynamic Cave Management Use learnings to implement more adaptive cave management plans tailored to varying geological conditions, suported by robust controls and operational procedures to adres areas subject to external mud rush risks. Risk Assessment Throug While other areas with the same conditions, l applied district -wide to strength safety and resilience. Enhanced Risk Management Proceses •Use information from this unprecedented incident to further enhance risk management proceses. •While localized wet material is actively managed, the magnitude and pathway of this event was unforesen. Pursue Inovative Strategies •Aditional mud removal options for the botom of the former open pit •Emerging imaging technologies for improved cave management 8
Slide 9 — Path Forward
Path Forward •Restarted unaffected Big Gossan and Deep MLZ m in late October 2025 •Prepare GBC for Restart of PB 2/PB 3 •Mud removal in mine workings •Re-establish services •Installation of cement plugs for panels in PB 1C •PB1S Restart •Complete chute repairs •PB1C •Ongoing assessment and risk mitigation initiative PB2 & PB 3 Restart and ramp up begining 2Q 2026 PB1S Restart mid - 2027 PB1C Potential restart by YE 2027, pending further analysis and mud removal systems for former open pit 9
Slide 10 — Grasberg Minerals District Mine Plan
Grasberg Minerals District Mine Plan Metal Production, 2025 e œ 2029 e 10 1.0 1.0 1.5 1.7 1.7 0.9 0.9 1.2 1.4 1.3 2025e 2026e 2027e 2028e 2029e | Coper 2025e œ 2029e Total: 6.9 bilion lbs coper Anual Average: ~1.4 bilion lbs | Gold 2025e œ 2029e Total: 5.7 milion ozs gold Anual Average: ~1.14 milion ozs Cu bn lbs Au m ozs NOTE: Timing of annual production will depend on a number of factors including operational performanc ng up mining and smelting operation the September 2025 mud rush incident; weather -related conditions; and other factors. 2026 e production expected to exceed sales and assumes defer 60 mm lbs of copper and ~ 150 k ozs of gold related to inventory held at PTFI ‘ s smelt ing operations . FCX ‘s economic interest in PTFI is 48.76 %. e = estimate.
Slide 11 — •Rain & runof erode fines
Grasberg Surface Conditions 11 340m 320m 30m 280m N /ƌŽƐƐ Ͳ{ĞĐƚŝŽŶ ŽĨ D./ Θ tŝƚ t. ϭb t. ϭ/ PB1S Mud •Surface subsidence impacts pit wals as cave expands •Rain & runof erode fines from slopes •Results in mud acumulation in the topographic low of the pit •Material disipates over time in the caving proces Pit Wal Topographic Low DƌĂƐďĞƌŐ .ůŽĐŬ /ĂǀĞ ƚŚƌƵ t. ϭ͕ [ŽŽŬŝŶŐ b9
Slide 12 — Illustrative Summary of Incide
Illustrative Summary of Incide 12 P23 DP20S 340m 320m 30m ϮϴϬϬ ŵ t. ϭb t. ϭ/ PB1S High Velocity Zone Mud liquified & entered drawpoint •Cave back developed an inclined slope •Continued draw created unforesen high flow velocity zone & high shear along the inclined cave back that propagates to surface •Mud drawn down into High Velocity Zone •Column of mud drawn close to the drawpoints •Mud liquified & entered drawpoint N /ƌŽƐƐ Ͳ{ĞĐƚŝŽŶ ŽĨ D./ Θ tŝƚ ƚŚƌƵ t. ϭ͕ [ŽŽŬŝŶŐ b9 LŶĐůŝŶĞĚ /ĂǀĞ .ĂĐŬ
Slide 13 — External Mud Rush v. Wet Muck Incidents
External Mud Rush v. Wet Muck Incidents 13 •Wet Muck Event V Water from the surface percolates through permeable rock & travels into UG mine where it is managed through gravity drainage systems V Some a reas of the orebody generate fine material at the drawpoint V When water moves down through broken rock in the cave & encounters fine material, wet muck spils are posible & generaly limited to volume of the drawbel PTFI has safety controls & work practices to protect our people from the risk of localized wet muck flows •External Mud Rush Event V Large volume of flowable mud traveling downward from the surface through vertical pathway Nature of the mud rush incident was unique ‘s long undergroun & different from wet muck incidents PT wĞŵŽƚĞ [ŽĂĚŝŶŐ ŽŶ 9džƚƌĂĐƚŝŽŶ [ĞǀĞů wĞŵŽƚĞůLJ ĐŽŶƚƌŽůů wŽĐŬ .ƌĞĂŬĞƌƐ Autonomous Train Haulage Remote Train Loading Spilminator (wet muck control chute)
Slide 14 — Grasberg Water Management
Amole Tunel Undercut Level Extraction Level Service Level Haulage Level LPS Level AB Adit Grasberg Block Cave 3040m 2850m 2830m 2810m 2780m 2710m Drainage Level 2701m 2510m to portal Uper Pumping Station (UPS) UPS Level 2960m To Portal Mil Water Suply Lower Pumping Station (LPS ) Final Pit Cros - Section Grasberg Open Pit & Grasberg Block Cave Grasberg Open Pit Grasberg Water Management 14 •Mine located in an area with heavy rainfall, approximating five meters per annum •Robust water management programs including collection, drainage & monitoring and systems to divert rainwater from former open pit •Water from the surface percolates through permeable rock & travels into UG mine where it is managed through gravity drainage systems, allowing water to exit the mine at the AB tunnel drainage level Gravity FlowPumps Pumping
Slide 15 — Grasberg Block Cave
Grasberg Block Cave Levels are conected by ventilation raises, ore pases & drain holes alowing gravity - driven material & water flow betwen levels Cros - Section of GBC Drawbel Driling Undercut Ring Driling Cave Muckpile Air Gap Undercut Level 2850m Elevation Extraction Level 2830m Elevation Service Level 2810m Elevation Rail Haulage Level 2760m Elevation Orepas Chute Galery Ore Train Slot Raise Grizly & Rock Breaker Drawpoints Loading Chute Drawbel Drawbel Driling Undercut Ring Driling Cave Muckpile Air Gap Undercut Level 2850m Elevation Extraction Level 2830m Elevation Service Level 2810m Elevation Rail Haulage Level 2760m Elevation Orepas Chute Galery Ore Train Slot Raise Grizly & Rock Breaker Drawpoints Loading Chute Drawbel Mud Flow Mud Rush entered from Surface of Open Pit 15 50 ~50 ~19 Conceptual Illus Connections between Levels
Slide 16 — Mud Rush Area by Level
~90,000 m3, ~ 200 K t ~25 % of total mud rush ~160,0 m 3 , ~350K t ~45% of total mud rush ~10,0 m 3 , ~240K t ~30% of total mud rush Extraction Level 2830m Service Level 281m/2812m Haulage Level 2760m 16 Impacted Areas Mud into GBC Panel 23 DP 20 S Impacted Areas Autonomous Rail Haulage (instaled track) Mud Rush Area by Level Grasberg Block Cave
Slide 17 — Mud Rush Incident
Mud Rush Incident •Mobile equipment** •Locomotive & railcars •Raisebore machine •Fixed Rockbreakers •4 Chute Galleries (Haula •Ventilation, IT, automa equipment), electrical geotech infrastructure througho by mud rush •Mud Rush Statistics V 9 km of drifts (out of a total of 180 km in the mine) V 800,000 mt of wet mud material ( 360,000 m3) •Major Equipment & Infrastructure Being Assessed V LHD Loaders 10 77 V Locomotives 1 15 V Ore Railcars 11 170 V Fixed Rockbreakers 6 45 V Installed Rail (km) 1.25 17.24 V Ore Chutes 16 69 Equipment & Infra Potentially Damaged or D estroyed * * estimates as we have not completed surveys & damage asesments 17 Buried LHD Loaders on Extraction Level, PB1C Total GBC Flet Potentialy Impacted* ** includes jumbo drill, LHD loaders, ex Preliminary Damage Areas
Slide 18 — Reopening Assessment
Reopening Assessment •Development can be continued; several recomendations wil be implemented prior to initiating production (scheduled for 2029) •Development restarted in October 18 •Mining method, open stope mine with backfil, does not involve the failure mechanisms asociated with the GBC incident •Restarted on October 29 •No acumulation of mud & is substantialy deper than the GBC •F ormation of any high velocity pathway highly unlikely •Restarted on October 28 DMLZ Block Cave Big Gossan Open Stope & Paste Backfill Kucing Lia Block Cave Developm Although notably distinct from GBC, implemented throughout the district DMLZ, Big Gosan & Kucing Liar
Slide 19 — PB2/3
•Being isolated with cement plugs •Risk mitigation strategies being asesed for potential future restart 19 •Beneath the curent acumulation of mud in the pit botom but is fuly broken through to surface with no inclined cave back •No overlying acumulation of mud •Draw management plan to take into acount learnings from incident PB2/3 PB1S PB1C Reopening Asesment •Mud management of former open pit expected to provide a high - level of control & risk reduction Grasberg Block Cave
Slide 20 — •Establish Cave Management Comites
Key Recomendations •Update cave management plans & draw protocols •Establish Cave Management Comites •Enhance monitoring, reporting & audit protocols •Pursue mud removal options for the open pit •Trial advanced monitoring technologies & dewatering methods Recommendations focus on using l cave management, operational sa 20
Slide 21 — Risk Management
Risk Management Diamond Driling Sandvik DU31 Dril Cable - Suspended Slury Pumping Conventional up - hole Coring for Slury Pond Drainage Soft Zone DƌĂƐďĞƌŐ tŝƚ Water -Driven In -the -Hole Hammer Drill tŝƚ .ŽƚƚŽŵ Dril Holes Pit Botom Drainage Galery Soft Zone Grasberg Pit Pit Botom /ƌŽƐƐ Ͳ{ĞĐƚŝŽŶ tůĂŶ ëŝĞǁ DƌĂƐďĞƌŐ tŝƚ GBC Soft Zone New Drift for Drainage Galery GBC New Drift for Drainage Galery tŝƚ .ŽƚƚŽŵ DƌĂƐďĞƌŐ tŝƚ tůĂŶ ëŝĞǁ 21 ~3,0 meters of new drift development Larger Diameter (5“) & F ast driling (~20 meters/day) Small Diameter (<3“) & Slow driling (~10 meters/day) Mud Removal Options for Former Open Pit
Slide 22 — Risk Management
Risk Management - Cave Geometry •Inherent challenges associated with d with precision VInclined cave boundary in PB 1C unidentified prior incident •As part of the incident review VTeam utilized emerging muon imaging trialing prior to the incident to me geometry could be inferred VStrong correlation between muon imag techniques established a post -accident cave shape •New imaging technologies provide enha 22
Slide 23 — GBC Recovery Timeline
23 GBC Recovery Timeline 4Q25 1Q26 2Q26 2026 ϮϬϮϱ aƵĚ wĞŵŽǀĂů ŝŶ 9džƚƌĂĐƚŝŽŶ Θ {ĞƌǀŝĐĞ [ĞǀĞůƐ {ĞƌǀŝĐĞ [ĞǀĞů wĞŚĂď͕ LŶĨƌĂƐƚƌƵĐƚƵƌĞ Θ {ĞƌǀŝĐĞƐ Updated PB2/3 CMP* PB2/3 Start - up Design & Construction of Plugs (PB1C) Haulage Level Mud Removal PB2/3 Restart * Cave Management Plan (CMP) Major Near -Term Milestones for PB 2/3 Restart
Slide 24 — PTFI Underground Operations
PTFI Underground Operations 24 •State of the art monitoring system •Suported by industry experts •Mine - scale design upgrades to improve seismic conditions Seismic Monitoring & Management Cave Propagation & Flow Monitoring •In - cave marker monitoring system •Cuting edge cave propagation & in cave density using muon detection In -hole markers to detect cave advance & propagation In -cave beacons to track flow velocity & direction Detection of constantly occurring cosmic particles (muons) to measure the cave density above the footprint (emerging cave imaging technology) 24/7 Monitoring Micro - seismic Monitoring System (deployed in al mining areas) Automation & Remote Operations Draw Control Management •Automated draw control management system (Phase 1 deployed in March 2025) •Automatic asignment of each bucket to operator based on compliance to plan, drawpoint availability & wet muck blending •Improved balance betwen cave health requirements & production targets Compliance View Tablet directing operator to the next drawpoint •Remote control sy consoles so opera operate equipment safe location ( ie , surface •Automated loading systems Remote Driling Remote Loading Forefront of Technology & Risk Management
Slide 25 — PROVENRESILIENCE
SUCESFUL58 - YEAR HISTORY PROVENRESILIENCE UNITEDTEAM PROMISINGFUTURE
Slide 26 — Coper
Coper œ Metal of Electrification Over 65 % of the world ‘s copper is used in applications that Infrastructure • Backbone of construction and • Possesses best electrical an of any industrial metal Technology • Demand expected to benefit f communications and expanding Decarbonization • Critical to energy efficienc • High intensity use in clean solar and renewables Transportation • Essential material component •Used in electric motors, bat charging stations 26 Metal of the Future $2.0 $2.50 $3.0 $3.50 $4.0 $4.50 $5.0 $5.50 0 250,0 50,0 750,0 1,0,0 1,250,0 1,50,0 1,750,0 Jan-20 Jan-21 Jan-2 Jan-23 Jan-24 Jan-25 LME Coper Setlement Price Inventories (metric tons) Cu Price ($/ lb ) Global Coper Exchange Inventories Includes LME, COMEX and Shanghai exchanges Source: Bloomberg as of 11 /12 /25 Copper added to USGS List of Critical Minerals in November 2025 * internationalcopper.org
Slide 27 — FCX Project Pipeline Update
FCX Project Pipeline Update 27 El Abra Expansion Chile Lone Star/Saford Expansions Arizona Grasberg District Indonesia Bagdad Expansion Arizona New Leach Technologies Americas •Sustaining initial target of ~ 200 mm lbs /yr •Targeting increase to ~300 œ 400 mm lbs/yr in 2026 /2027 •Driving innovation toward 800 mm lbs /yr by 2030 •20 œ 250 m incremental lbs /yr •Derisking in progres with autonomous conversion, tailings infrastructure investment and housing •3 - 4 yr construction •Reviewing timing of investment decision •Advancing pre - feasibility study with expected completion in 2026 •Targeting incremental adition of 30 œ 40 m lbs / yr begining in 2030s •Substantial resource •Kucing Liar project in development - Ramp - up to comence prior to 2030 - 560 m lbs Cu & 520 k oz Au per anum reflected in base plan •Extension of mining rights beyond 2041 would create oportunities for future growth •Preparing EIS, targeting submision in 1Q 2026 •3 - yr permiting proces •4 - yr construction •Potential start - up in 203 timeframe •~750 m lbs / yr •Potential reserve ads: ~20 bn lbs <$1 bilion Incremental investment $3.5 billion based on recent feasibility Incentive Price: <$ 4/lb Developing estimate ~$ 4 billion re for Kucing Liar $1.0 billion incu ~$7.5 bilion (under review) Excludes $2 bilion for extension of leach operations Incentive Price: <$4/ lb ANTICIPATED CAPITAL INVESTMENT
Slide 28 — | Targeting Coper in Stockpiles Unrecoverable by
Americas Leach Innovation Initiati Low Cost, High Value 28 * Coper from historical placements beyond asumed recovery estimates and is not included in mineral reserves or mineral reso urc es. Refer to slide 2. South America 16% Other U.S. 34 % Morenci 50% Significant Potential ~42 bn lbs Contained * Leach Everywhere ~15% Heat ~50 % Aditives ~35% ~60 m lbs /anum Incremental Prod | Targeting Coper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques 50 144 214 30 80 202 2023 2024 2026e By 2030e Scaling the Oportunity (mm lbs) ~ ~ e = estimate.
Slide 29 — America‘s Copper Champion
29 America‘s Copper Champion $3.1 $2.50 2024 2027e Target ~ Annual Copper Production (bns of lbs ) Targeting ~ 20 % Decrease Potential for ~90% Increase ~2.35 1.25 U.S. 2024 Base Production Base Leach Initiatives Bagdad 2X U.S. Unit Net Cash Co After By -Product Credits ($/lb) Driving Value Through Inovative Growth & Cost Reduction Saford/Lone Star NOTE: Refer to non - GAP disclosure on slide 2. e = estimate.
Slide 30 — Anual Sales Profile
Anual Sales Profile November 2025 Estimate 30 NOTE: Consolidated copper sales include 1.07 bn lbs in 2025 e, 0.99 bn lbs in 2026 e and 1.26 bn lbs in 2027 e for noncontrolling interests; excludes purchased copper. Timing of annual sales will depend on number of factors including operational performance; the timing of restarting and ramping up mining smelting operations at PTFI following the September 2025 mud rush incident; weather -related conditions; and other factors. Additionally, 2026 e assumes deferrals of ~ 60 mm lbs of copper related to inventory held at PTFI ‘s smelting operations. e = estimate. NOTE: Consolidated gold sales include 530k ozs in 2025e, 384k ozs in 2026e and 615k ozs in 2027e for noncontroling interests. 2026e asumes deferals of ~150 k ozs of gold related to inventory held at PTFI‘s smelting operations (milion lbs) Moly Sales (bilion lbs) Copper Sales 0 1 2 3 4 5 2025e 2026e 2027e 3.5 3.45 4.1 0 25 50 75 10 2025e 2026e 2027e 82 95 90 0 1 2 2025e 2026e 2027e 1.05 0.75 1.2 Gold Sales (milion ozs)
Slide 31 — EBITDA and Cash Flow at Various Co
$0 $4 $8 $12 $16 $20 Cu $4.0/lb Cu $4.50/lb Cu $5.0/lb Average ‘27e/‘28e EBITDA and Cash Flow at Various Co Assuming $ 4,000 /oz gold, $ 25 /lb molybdenum 31 NOTE: Refer to non - GAP disclosure on slide 2. These ilustrations excludes potential insurance proceds asociated with the Gra sberg mud rush incident. PTFI is seking recovery of damages under its property and busines interuption insurance policies, which cover up to $1.0 bn in loses (subject to a li mit of $0.7 bn on underground incidents), after a $0.5 bn deductible. 2026e EBITDA also excludes idle facility costs and recovery expenses asociated with the mud rush incident at PTF I. e = estimate. (1) U.S. Dolar Exchange Rates: 965 Chilean peso, 16,0 Indonesian rupiah, $0.6 Australian dolar, $1.17 euro, 3.46 Peruvian so l b ase case asumption. Each +10% equals a 10% strengthening of the U.S. dolar; a strengthening of the U.S. dolar against forecasted expenditures in these foreign curenc ies equates to a cost benefit of noted amounts. ($ in bns except coper, gold and molybdenum prices) Operating Cash Flow Excludes working capital changes EBITDA Sensitivities Av (US$ in mms) EBITDA Operating Cash Flow Coper +/ - $0.10/lb $35 COMEX Premium to LME +/ - $0.10/ lb $145 Molybdenum +/ - $1.0/lb $ 85 Gold +/ - $10/oz $ 85 Curencies (1) +/ - 10% $170 Diesel +/ - 10% $ 5 Coper +/ - $0.10/lb $420 COMEX Premium to LME +/ - $0.10/ lb $145 Molybdenum +/ - $1.0/lb $ 90 Gold +/ - $10/oz $130 Curencies (1) +/ - 10% $240 Diesel +/ - 10% $ 80 ‘26 e $0 $4 $8 $12 $16 $20 Cu $4.0/lb Cu $4.50/lb Cu $5.0/lb Average ‘27e/‘28e ”26e
Slide 32 — Consolidated Capital Expenditures
Consolidated Capital Expenditures Excluding Indonesia Downstream Projects CAPEX (1) 2024 2025e 2026e Major Projects (1) CAPEX for PTFI‘s downstream processing facilities includes $1.2 bn in 2024 and $0.6 bn in 2025e. (2) Planed projects primarily include CAPEX asociated with Grasberg underground development, suporting mil and power capital cos ts and a portion of spending on the new gas - fired combined cycle facility. NOTE: Amounts include capitalized interest. Discretionary CAPEX and spending on downstream procesing facilities wil be excl ude d from the fre cash flow calculation for purposes of the performance - based payout framework. e= estimate. $1.6 $0.95 Planed (2) Discretionary Planned (2) Discretionary $1.35 $ 3.9 Other Other $1.5 $1.1 Planned (2) Discretionary $1.0 $3.6 Other $1.3 $1.3 $1.5 $4.1 41 % 20% 12% 15% 12% Kucing Liar Bagdad Early Works Grasberg Energy Transition Atlantic Copper CirCular Other 2026e Projected Discretionary Spending by Project 2025e ($ in bns) 32 46 % 39 % 10% 5% Note: Other includes Grasberg Mil Recovery (2025), Saford 120k stacking and leach inovation spending.
Slide 33 — Freport
33 Freport œ Store of Value 3 Significant Gold Producer Organic Growth Pipeline Leadership Position in Critical Metal Large Scale Producer Strong Global Leader with Valuable U.S. Franchise
Slide 34 — Reference Slides
34 Reference Slides
Slide 35 — Grasberg Block Cave
Grasberg Block Cave Drawbel Driling Undercut Ring Driling Cave Muckpile Air Gap Undercut Level 2850m Elevation Extraction Level 2830m Elevation Service Level 2810m Elevation Rail Haulage Level 2760m Elevation Orepas Chute Galery Ore Train Slot Raise Grizly & Rock Breaker Drawpoints Loading Chute Drawbel Development Diagram •Undercut Level œ initiates removing rock bene block •Extraction Level œ active mi where broken rock through drawbells to drawpoin •Service Level œ hosts ore ventilation system support infrastruc •Haulage Level œ transports primary crushers v •Drainage Level * œ handles w discharge & dewate Mining Levels 35 Development Overview * Drainage level (not shown at left) is locate 50 meters below Haulage Lev 2710 m elevat
Slide 36 — PTFI 2041 Extension Update
PTFI 2041 Extension Update •Government regulations provide life - of - mine extension rights, subject to meting requirements for domestic ownership and downstream integration •Aplication for extension may be submited at any time prior to the curent IUPK expiration (PTFI expiration in 2041) •Extension would enable continuity of large - scale operations for the benefit of al stakeholders •PTFI is preparing extension aplication; expected to be submited during 4Q 2025 o PTFI expects to pursue aditional exploration, conduct studies for future aditional development and expand its social programs •FCX expects to maintain its ownership interest of ~49% through 2041 and would hold an ~37% interest after 2041 o Existing governance agrements would continue over the life of the resource 36
Slide 37 — Freeport
Freeport ࡳ America ‘s Copper Champion 37 •Strong U.S. franchise •Long - standing history in U.S. dating back to late 180s •Dominant U.S. coper producer o Operations acount for ~70% of total U.S. refined production o Integrated producer with smelter, refineries and rod mils •Proven track record of trust with comunities •One of the largest U.S. coper resource positions •Uniquely positioned to increase U.S. coper production o Inovative leach oportunities o Portfolio of brownfield expansions •Employs over 39,0 workers in the U.S. (including 25,0 contractors) •U.S. represents aproximately one - third of FCX‘s copper production, 43% of reserves and 46% of coper resources Upstream coper mines with SX/EW facilities Downstream smelting and refining facilities EL PASO Copper Refinery and CHINO TYRONE MORENCI BAGDAD SAFORD/LONE STAR SIERITA MIAMI Mine, Coper Rod Plant & Smelter Fully integrated operat ARIZONA NEW MEXICO TEXAS
Slide 38 — | Unit Net Cash
2025 e Outlook 38 (1) Excludes idle facility costs and recovery expenses asociated with the mud rush incident at PTFI. (2) Asumes average prices of $4,0/oz gold and $25/lb molybdenum for 4Q25e. (3) 2025e consolidated unit net cash costs include 10 ¢ / lb for PTFI export duties and exclude idle facility costs. (4) For 4Q25e e ach $10/oz change in gold is estimated to have an aproximate $15 m impact and each $2/lb change in molybdenum is estimated to have an aproximate $30 m impact. (5) Major projects CAPEX includes $0.95 b n for planed projects and $1.35 bn of discretionary projects. NOTE: Projected coper and gold sales and unit net cash costs are dependent on operational performance; the timing of restart ing and ramping up mining and smelting operations at PTFI folowing the September 2025 mud rush incident; weather - related conditions; timing of shipments and other factors. e = estimate. Refer to non - GAP disclosure on slide 2. •Coper: 3.5 bilion lbs •Gold: 1 .05 milion ozs •Molybdenum: 82 milion lbs | Sales Outlook •Site prod. & delivery (1) o 2025e: $2.7/ lb o 4 Q25e: $ 3 . 21 /lb •After by - product credits ( 2 ) o 2025e: $1.68/ lb (3) o 4Q25e: $ 2 .47/ lb | Unit Net Cash Cost of Coper •$3.9 billion (exclud PTFI ‘s downstre projects) o$2.3 billion fo projects (5) o$1.6 billion fo projects | Capital Expenditure •~$5.5 bilion @ $4.75/lb coper for 4Q25 e •Each 10¢/lb change in coper for 4Q25e = $80 milion impact | Operating Cash Flows (2,4)
Slide 39 — 2026 Sales Estimates
2026 Sales Estimates South America 32 % United States 40% Indonesia 28% 2H26 e ~60 % 1H26 e ~40 % 2H26e ~80% 1H26e ~20% Coper Sales Gold Sales By Region By Half 3.45 bn lbs 3.45 bn lbs 750k ozs e = estimate. 39 By Half
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