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Freeport-McMoRan — FCX 2Q26 CC (company IR deck)
Freeport-McMoRan (FCX) · 29 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 — 2nd Quarter
All Operating Sites fcx.com FCX Conference 2nd Quarter 2026 Result July 23, 2026
Slide 2 — Cautionary Statement
Cautionary Statement 2 This presentation contains forward -looking statements in which FCX discusses its potential future performance, operations and pr ojects. Forward -looking statements are all statements other t projections or expectations relating to business outlook, strategy, goals or targets; restoration and remediati d p hased restart and ramp -up of production and downstream processing fol 2025 external mud incident at PT Freeport Indonesia ’ s (PTFI) Grasberg Block Cave (GBC) underground mine and the anticipated impact on FCX ’ s business, production, sales, results of operations and ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sale sh costs (credits) and operating costs; capital expenditur liquidity; the life of resource extension of operating rights in the Grasberg minerals district, including the TFI ’ s special mining business license (IUPK) beyond 2041 ; timing of shipments of inventor ’ s sustaina - related commitments, aspirations and targets; FCX ’ s overarching commitment to deliver responsibly produced copper and molybdenum, including int ain validation of its operatin achievement of FCX ’ s 2030 climate targets and its 2050 net zero aspiration; improvements in operating procedures and technology innovations a d r esults; development and produ future organic growth opportunities and investment decisions; tax rates; the impact of copper, gold and molybde ges ; the impact of deferred intercompany profits on earn resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and th eme ntation of FCX ’ s financial policy and future returns to commo variable) and share repurchases. The words “anticipates, ” “ may, ” “ can, ” “ plans, ” “ believes, ” “ estimates, ” “ expects, ” “ projects, ” “ targets, ” “ intends, ” “ likely, ” “ will, ” “ should, ” “ could, ” “ to be, ” “ potential, ” “ assumptions, ” “ guidance, ” “ aspirations, ” “ future ” “commitments, ” “ pursues, ” “ initiatives, ” “ objectives, ” “ opportunities, ” “ strategy ” and any similar expressions are intended to identify those assertions as forw -looking statements. The declaration and p of dividends (base timing and amount of any share repurchases are at the discretion of the Board of Directors (Board) and manageme ly, and are subject to a number of factors, including not ’ s net debt target, capi ’ s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and de emed relevant by the Board or management, as applicable. suspended or terminated at any time at the Board ’ s discretion. FCX cautions readers that forward -looking statements are not guarantees of future performance and actual results may differ mate rially from those anticipated, expected, projected o -looking statements factors that can cause FCX ’ s actual results to differ materially from those anticipated in the forward -looking statements include, but are not limited to, supply of and demand for, and prices of the c gold; changes in export duties and tariff rates; production rates; timing of shipments and sales; reduced custo cap acity; changes in the terms of arrangements or contrac ’ s ability to repair mud ru -related dam implement enhanced operating procedures, safely restart with a phased ramp -up and achieve full operating rates of production and downstream processing on the expected timeline and op and maintain relationships with commercial counterparties; price and availability of consumables and components as well as constraints on supply and logistics, and tra position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or indus , i ncluding market volatility regarding trade policies and changes in tax laws and regulations; political and social risks, including the potential effects of violence in vil unrest in Peru, and relations with local communities and I r inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delay or cancellations, including the ability to smelt and refin potential inventory adjustments; potential impairment of long -lived mining assets; satisfaction of requirements in accordance wi th PTFI ’ s IUPK to extend mining rights from 2031 through 2041 ; delays in Indonesia govern obtain Indonesia government approval, including on the agreed upon terms of the Memorandum of Understanding (MO d P TFI entered into with the Indonesia government and ’ s operating rights beyond 2041 ; delays in consummating the terms of the MOU, including entering into any definitive agreements; jor public health crisis; labor relations, in -related work stoppa costs; compliance with applicable environmental, health and safety laws and regulations; weather - and climate -related risks; env ironmental risks, including availability of secure wate investigations; tailings management; FCX ’ s ability to comply with its responsible production commitments under specific frameworks and and other factors described in more de “Risk Fac ” in FCX ’ s Annual Report on Form 10 -K for the year ended December 31 , 2025 , filed with the U.S. Securities and Exchange Commission. Investors are cautioned that many of the assumptions upon which FCX ’ s forward -looking statements are based are likely to change after the date the forw -looking statements are made, including r example commodity p cannot control, and production volumes and costs or technological solutions and innovations, some aspects of wh t b e able to control. Further, FCX may make changes to i undertakes no obligation to update any forward -looking statements, which are as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual ex Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates a , to a large extent, based on metal prices for the commodities we produc necessarily be indicative of future results or quantities ultimately recovered. This presentation also includes -looking statements regarding mineral resources not included in pr includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of ec t i n or on the Earth ’ s crust in such form, grade or quality, and qua extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until legal and e ili ty are confirmed based upon a comprehensive evaluation other material modifying factors. This presentation also includes forward -looking statements regarding mineral potential, which includes exploration targets and mineral resources but engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of me that estim mineral resources or mineral potential will become proven and probable mineral reserves. This presentation also contains measures such as unit net cash costs (credits) per pound of copper and molybd nd Adjusted EBITDA (earnings before interest, taxes, d recognized under U.S. generally accepted accounting principles (GAAP). FCX ’ s calculation and reconciliation of unit net cash costs (credits) per pound o rep orted in FCX ’ s consolidated statements are in the supplemental schedules of FCX ’ s 2Q26 press release, which is available on FCX ’ s website, fcx.com. A reconciliation of amounts reported in FCX ’ s consolidated financial statements t 28 . For forward -looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provid iliation to the most comparable GAAP measure without measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision tha le for these future periods, and the information needed to which are outside of FCX ’ s control as described above. Forward -looking non -GAAP measures are estimated consistent with the relevant definitions and assu ptions.
Slide 3 — Highlights
Highlights 3 •Strong margins and cash flows •2Q26 copper sales volumes and unit net cash costs favorable to April estimates •Grasberg Block Cave ramp -up met expectations and is progressing on schedule •1H26 U.S. copper mining operating income up ~ 2.4 x vs. 1H25 •Advanced organic copper growth: innovative leach and technology initiatives and brownfield expansion progressing •Purchased additional shares in Cerro Verde •2 million shares at cost of ~$ 107 mm •Increased ownership to 55.66 % from 55.08 % •Returned $ 0.6 bn to shareholders in 1H26 , including $ 0.2 bn of share purchases* •Strong financial position and positive operational and market outlook Key Stats 2Q26 1H26 Copper Sales (mm lbs ) 710 1,367 Gold Sales (k ozs ) 123 244 Copper Realization ($/ lb ) $6.17 $6.04 Gold Realization ($/oz) $4,520 $4,704 Unit Net Cash Costs ($/ lb ) $1.97 $1.94 Operating Cash Flow CAPEX $2.1 (3) $3.5 (2) 1H26 ($ bns ) (1) A reconciliation of amounts reported in FCX ’ s consolidated financial sta is included on slide 28 . (2) Cash used for working capital totaled $ 0.6 bn for 2Q26 and $ 0.5 bn for 1H26 . (3) Major projects totaled $ 0.7 bn in 2Q26 and $ 1.3 bn in 1H26 . NOTE: Refer to non -GAAP disclosure on slide 2. $5.4 (1) Adjusted EBITDA $1.1 (3) $2.0 (2) 2Q26 ($ bns ) $2.9 (1) Operating Cash Flow CAPEX Adjusted EBITDA * Share purchases included 3.4 m shares for average cost of $59.30/share.
Slide 4 — 2026
Pursuing Value For Al Stakeholders 2026 Focus Areas 4 Leach Initiative Targeting annual run rate of ~ 300 mm lbs by YE26 and further define path to ~ 800 mm lbs per annum by 2030 Innovation Deploy technologies to strengthen long - term cost competitivenes in the Americas and unlock significant value Future Growth Advance major growth options in long - lived coper districts at Bagdad, El Abra and Saford/Lone Star Execution Deliver on operating plans across all sites and safely and sustainably restore Grasberg mining and smelting operations
Slide 5 — Copper
Copper œ Metal of Electrification •LME and COMEX copper prices up YTD •Global demand growth driven by key secular trends including electric -grid investment, EVs, data centers, and defense spending œ China demand supported by robust grid spending and manufacturing for exports •Warehouse exchange inventories outside U.S. experiencing tightness •Long -term fundamentals supported by secular trends at time of limited supply growth Over 65 % of the world ’s copper is used in applications that 5 Technology • Demand expected to benefit from advances in AI, comunications and expanding conectivity Infrastructure • Backbone of construction, urbanization and energy infrastructure • Superior electrical and thermal conductivity of any industrial metal Transportation • Essential material c vehicles / hybrids • Used in electric mot inverters, wiring an * Source: internationalcopper.org
Slide 6 — Operations Update
Operations Update 6 ñ Copper sales in 1H26 +4% vs. 1H25 ñ Ongoing focus on increasing volumes, improving run times ñ Morenci mine rate in 2Q26 up 30 % compared to average over last 5 years ñ Advancing growth oLeach initiatives ࡳDeploying initial internally generated additives ࡳAdditional additives scheduled in 2027 ࡳMorenci heat trials in progress o Bagdad expansion advancing towards investment decision ñ Strong performance at Cero Verde despite mine sequencing constraints in 2Q ñ Leach initiatives: heat trials at El Abra expected to comence in 2H26 ñ Advancing EIS proces with Chilean regulatory authorities for major expansion at El Abra ñ Steady progres in phased ramp - up and achieved planed operating rates ñ Material handling system upgrades at GBC advancing on schedule ñ Continue to advance activities for future restart of PB 1S ñ Submited formal license aplication in June 2026 for Grasberg extension folowing completed MOU NOTE: Refer to non - GAP disclosure on slide 2. United States South America Indonesia Cu Sales: 312 mm lbs Unit Net Cash Costs: $ 2.94 /lb Cu Sales: 245 mm lbs Unit Net Cash Costs: $ 2.48 /lb Cu Sales: 153 m lbs Au Sales: 18 k ozs Unit Net Cash Credits : $0.81/ lb * * Excludes idle facility and restoration costs asociated with mud rush incident at PTFI. 34 55 69 April May June GBC Mining Rate ( 000 ‘s t/d)
Slide 7 — Robust Project Pipeline Update
Robust Project Pipeline Update 7 El Abra Expansion Chile Safford/Lone Star Expansions Arizona Grasberg District Indonesi Bagdad Expansion Arizona New Leach Technologies Americas •Achieved run rate of ~240 mm lbs /yr YE 25 •Targeting run rate of ~300 mm lbs/yr by YE 26 •New additives combined with heating stockpiles showing potential for building scale •Driving innovation toward ~800 mm lbs /yr by 2030 •Expected to ad 20 - 250 m lbs of coper and 10 - 12 m lbs of moly per year •Capital cost estimates being finalized taking into acount curent estimates for materials, equipment and labor •Potential investment decision in 2H26 •3 - 4 yr construction •Substantial resource •Pre -feasibility study expected in 2026 •Targeting incremental addition of 300 -400 mm lbs /yr beginning in 2030 s •Kucing Liar projec development, 130 k t/d expansion - Ramp -up anticipat commence in 2030 timefr - 750 mm lbs Cu & 735 k oz Au per annum at sustain large -scale pro •License extens provide growth over life of r •Submitted EIS in March 2026 •~2-3-yr permitting process •~4-yr construction •Potential start -up in 2033 timeframe •Targeting incremental production of + 700 mm lbs of copper and 10 mm lbs of moly per year Low capital intensity 2023 estimate: ~$3.5 bilion incremental (under review) Updated est. in 2026 indicates ~30% above 2023 est. Incentive Price: ~$4/ lb Developing estimate ~$ 4 billion rem for Kucing Liar ~$1.4 billion in to date ~$7.5 bilion ( 2024 estimate ) Excludes $2 bilion for extension of leach operations Incentive Price: <$4/ lb ANTICIPATED CAPITAL INVESTMENT
Slide 8 — Freeport
Freeport ࡳ America ‘s Copper Champion ® 8 •Valuable U.S. franchise with -standing hist dating back to late 1800 s •Dominant U.S. copper producer ~70 % of total U.S. refined pro •One of the largest U.S. coppe •Entering a period of potentia Upstream coper mines with SX/EW facilities Downstream smelting and refining facilities EL PASO Coper Refinery and Rod Mil CHINO TYRONE MORENCI BAGDAD SAFFORD/LONE STAR SIERRITA MIAMI Mine, Coper Rod Plant & Smelter Fuly integrated operations in Southwest U.S. ARIZONANEW MEXICO TEXAS Driving Value Through Innovati Annual Copper Producti Potential for ~ 60 % Increase (bns of lbs ) ~2 1.25 U.S. Base Production Base Leach Initiatives Bagdad 2X 2024 2030 e Target e = estimate
Slide 9 — Annual Sales Profile
Gold Sales (million ozs) (billion lbs) Coper Sales Annual Sales Profile July 2026 Estimate 9 NOTE: Consolidated copper sales include 1.11 bn lbs in 2025 , 0.81 bn lbs in 2026 e, 1.13 bn lbs in 2027 e and 1.27 bn lbs in 2028 e for noncontrolling interests; excludes purchased copper. Estimates are dependent on operational performance; the ramp -up of the GBC underground mine at PTFI; weather -related conditions; timing of shipments and other factors. Additionally, 2026 e assumes deferrals of ~ 100 mm lbs of copper related to inventory held at PTFI ’ s smelting operations. e = estimate. NOTE: Consolidated gold sales include 538 k ozs in 2025 , 330 k ozs in 2026 e, 512 k ozs in 2027 e and 615 k ozs in 2028 e for noncontrolling interests. E operational performance; the ramp -up of the GBC underground mine - related conditions; timing of shipments and ot 2026 e assumes deferrals of ~ 50 k ozs of gold related to inventory held ’ s smelting operatio (million lbs) Moly Sales 0 1 2 3 4 5 2025 2026e 2027e 2028e 3.6 3.1 3.8 4.1 0 25 50 75 10 2025 2026e 2027e 2028e 83 93 85 95 0 1 2 2025 2026e 2027e 2028e 1.07 0.65 1.0 1.2
Slide 10 — EBITDA and Cash Flow at Various Co
EBITDA and Cash Flow at Various Co Assuming $ 4,000 /oz gold, $ 30 /lb molybdenum 10 NOTE: Refer to non -GAAP disclosure on slide 2. EBITDA excludes idle facility and restoration costs associated w (1) U.S. Dollar Exchange Rates: 914 Chilean peso, 17,000 Indonesian rupiah , $ 0.70 Australian dollar, $ 1.15 euro, 3.47 Peruvian sol base case assumption. 10 % equals a 10 % strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecaste ies equates to a cost benefit of n ($ in bns except copper, gold and molybdenum prices) Operating Cash Flow Excludes working capital changes EBITDA Sensitivities Aver (US$ in mms) EBITDA Operating Cash Flow Copper +/ -$0.10 /lb $300 Molybdenum +/ -$1.00 /lb $ 80 Gold +/ -$100 /oz $ 70 Currencies (1) +/ -10 % $180 Diesel +/ -10 % $ 85 Copper +/ -$0.10 /lb $390 Molybdenum +/ -$1.00 /lb $ 85 Gold +/ -$100 /oz $105 Currencies (1) +/ -10 % $250 Diesel +/ -10 % $120 $0 $5 $10 $15 $20 Cu $5.0/lb Cu $6.0/lb Cu $7.0/lb ‘27 e/ ‘28 e Avg $0 $6 $12 $18 $24 Cu $5.0/lb Cu $6.0/lb Cu $7.0/lb ‘27e/‘28e Avg
Slide 11 — Consolidated Capital Expenditures
Consolidated Capital Expenditures 2025 2026e 2027e Major Projects (1) Ex cludes $0.6 bn in CAPEX for PTFI’s downstream processing facilities. (2) Planed projects primarily include CAPEX asociated with Grasberg underground development, suporting mil and power capital cos ts, a portion of spending on the new gas - fired combined cycle facility, and a leaching project at El Abra. NOTE: Amounts include capitalized interest. Discretionary CAPEX wil be excluded from the available cash flow calculation for pu rposes of the performance - based payout framework. e= estimate. $1.6 $0.9 Planed (2) Discretionary $1.4 $3.9 Other Other $1.7 Planned (2) Discretionary $4.8 Other $1.3 $1.4 $1.6 $4.3 47 % 39% 14 % Grasberg Energ Transition & O Atlantic Copper CirCular 2027e Projected Discretionary Spending by Project 2026 e ($ in bns) 1 42 % 42 % 16 % (1) Planed (2) Discretionary $1.2 $1.9 Kucing Liar Bagdad Early Works
Slide 12 — Financial Policy: Performance
12 Cash Returns to Shareholders Invest in Value Enhancing Organic Growth Oportunities Maintain Strong Balance Sheet •Prioritize balance sheet as corner oInvestment grade rated by S&P, Moody ‘s and Fitch oMaintain net debt, excluding downstre 3-4 bn thresh (1) oNet debt, excluding Indonesia downstr 6/30 /26 : $ 2.1 bn (1) •~50 % of available cash flow to be r (2) o$6.3 bn distributed since 6/30 /21 •~50 % available to advance organic g PRIORITIES Financial Policy: Performance -Based Payout Framew (1) Net debt equals consolidated debt less consolidated cash and cash equivalents. Net debt at 6/30 /26 excludes $ 3.2 bn of debt associated with PTFI ’s downstream processing facilities. (2) Available cash flow equals available cash flows generated after planned capital spending (excluding PTFI ’ s downstream processing facilities funded with debt and d (3) FCX has acquired 55.4 mm shares of its common stock for a total cost of $ 2.2 bn ($ 39.80 avg. cost per share) under its share repurchase program since No 2021 , including 3.4 mm shares for a total o 203 mm ($ 59.30 avg. cost per share) in 1H26 . NOTE: Refer to non -GAAP disclosure on slide 2. Base Dividend 34 % Variable Dividend 31% Share Repurchases (3) 35%
Slide 13 — Freeport
Significant Gold Organic Growth Pipeline Strong Global Leader with Valuable U.S. Franchise Leadership Posit Critical Metal Large -Scale Producer Freeport œ Store of Value 13
Slide 14 — Reference Slides
Reference Slides
Slide 15 — Financial Highlights
Financial Highlights 15 Coper Consolidated Volumes, excluding purchases (m lbs) 710 1,016 Average Realization (per lb) $ 6.17 $ 4.54 Site Production & Delivery Costs (per lb) $ 3.28 $ 2.71 Unit Net Cash Costs (per lb) $ 1.97 $ 1.13 Gold Consolidated Volumes (000’s ozs) 123 52 Average Realization (per oz) $ 4,520 $ 3,291 Molybdenum Consolidated Volumes (m lbs) 25 2 Average Realization (per lb) $28.75 $21.10 2Q26 (1) Excludes idle facility and restoration costs associated with mud rush incident at PTFI. (2) Cash used for working capital, including tax payments, totaled $ 0.6 bn in 2Q26 and <$ 0.1 bn in 2Q25 . (3) Includes $ 3.2 bn of debt associated with PTFI ’ s downstream processing facilities. NOTE: Refer to non -GAAP disclosure on slide 2. Revenues $ 7.0 $ 7.6 Net Income Attributable to Common Stock $ 1.0 $ 0.8 Diluted Net Income Per Share $ 0.68 $ 0.53 Operating Cash Flows $ 2.0 $ 2.2 Capital Expenditures $ 1.1 $ 1.3 Total Debt $ 9.4 $ 9.3 Cash and Cash Equivalents $ 4.1 $ 4.5 (in bilions, except per share amounts) | Sales Data | Financial Results 2Q25 (3) (1) (2) (1)
Slide 16 — 2Q26 Mining Operating Sumary
2Q26 Mining Operating Sumary 16 (1) Silver sales totaled 0.4 mm ozs in 2Q26 and 0.5 mm ozs in 2Q25 . Also includes molybdenum sales of 5 mm lbs in 2Q26 and 4 mm lbs in 2Q25 from South America. (2) Silver sales totaled 0.8 mm ozs in 2Q26 and 2Q25 . (3) Silver sales totaled 0.6 mm ozs in 2Q26 and 1.1 mm ozs in 2Q25 . (4) Excludes idle facility and restoration costs associated with the mud rush incident at PTF (5) Treatment charges reflect costs from PTFI ’ s downstream operations and do not reflect market TC/RC rates. In addi significant offsets in revenue and by -product credits associated with incremental metals and sulfuric acid prod ’ s downstream operations. NOTE: Refer to non -GAAP disclosure on slide 2. Site Production & Delivery, excl. adjs. $3. 71 $3.33 $2.30 $3.28 By -product Credits (0.92 ) (0.90 ) (3.96 ) (1.57 ) Treatment Charges 0.15 0.04 0.47 0.18 Royalties - 0.01 0.38 0.08 Unit Net Cash Costs (Credits) $2.94 $2.48 $( 0.81 ) $1.97 United South States America Indonesia Consolidated (per lb of Cu) 2Q26 Unit Net Cash Costs (Credits) United States 2 25 (1) 308 312 2Q26 2Q25 Indonesia 43 153 518 118 South America 245 265 Sales From Mines by Region 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 (2) Au k ozs Mo mm lbs Cu mm lbs (4) (4) (3) (4,5 ) (4)
Slide 17 — Strong Balance Shet and Liquidity
Strong Balance Shet and Liquidity Attractive Debt Maturity Profile 17 $0 $2 $4 $6 $8 2026 2027 2028 2029 2030 2031 Thereafter (US$ bns) $4.8 5.40 % & 5.45 % Sr. Notes and FMC Sr. Notes PTFI Revolver $ 0.3 FCX/FMC Senior Notes/Other 6.1 PTFI Senior Notes 3.0 Total Debt $ 9.4 Cons. Cash and Cash Equivalents $ 4.1 Net Debt (1) $ 5.3 Net Debt/Adjusted EBITDA (2) 0.5 x $ - at 6/30/26 Total Debt & Cash $1.3 (3) 5.00 % Sr. Notes & FMC Sr. Notes 4.763 % PTFI Sr. Notes 5.315 % & 6.2 % PTFI Sr. Notes Significant liquidity °$ 4.1 bn in consolidated cash and cash equiv. °$3.0 bn in availability under FCX credit facility °$1.5 bn in availability under PTFI credit facility °$350 m in availability under Cero Verde credit facility 4.125% & 4.375% Sr. Notes $1.2 $0.5 5.25% Sr. Notes 4.25 % & 4.625 % Sr. Notes $1.0 PTFI Revolver (1) Includes $3.2 bn of debt associated with PTFI’s downstream processing facilities. (2) Trailing 12 - months. (3) For purposes of this schedule, maturities of uncomited lines of credit and other short - term lines are included in FCX’s revolv er balance, which matures in 2031. NOTE: Refer to non - GAP disclosure on slide 2. $0.6 FMC Sr. Notes and Other
Slide 18 — 2026
2026 e Outlook 18 (1) Excludes $ 1.2 bn in 2026 e and $ 0.3 bn in 3Q26 e for projected idle facility and restoration costs associated with the mud rush (2) Assumes average prices of $ 4,000 /oz gold (each $ 100 /oz change equals $ 0.02 /lb ) and $ 30 /lb molybdenum (each $ 2/lb change equals $ 0.03 /lb ) for 2H26 e. (3) For 2H26 e e ach $ 100 /oz change in gold is estimated to have an approximate $ 40 mm impact and each $ 2/lb change in molybdenum is estimated to have an appro 45 mm impact. (4) Major projects CAPEX includes $ 1.4 bn for planned projects and $ 1.6 bn of discretionary projects. NOTE: Projected copper and gold sales and unit net cash costs are dependent on operational performance -up of PTFI ’ s GBC underground mine; changes in energy cos consumables; weather -related conditions; timing of shipments and other factors. e = estimate. Refer to non -GAAP disclosure on slide 2. •Copper: 3.1 billion lbs •Gold: 0.65 million ozs •Molybdenum: 93 million lbs •Site prod. & delivery (1) o2026 e: $ 3.23 /lb o3Q26 e: $ 3.31 /lb •After by -product credits (1, 2) o2026 e: $ 1.90 /lb o3Q26 e: $ 2.00 /lb •$4.3 bilion o $3.0 bilion for major projects (4) o $1.3 bilion for other projects •~$ 8.3 bilion @ $6.0/lb coper for 2H26 e •Each 10¢/lb change in coper for 2H26e = $150 milion impact Sales Outlook Unit Net Cash Cost of Copper Operating Cash Flows (2,3) Capital Expenditur
Slide 19 — 2026
2026 e Operational Data By Regio 19 by Region 2026 e Sales (2) 1,02 93 1,360 675 654 (3) United States Indonesia South America (per lb of Cu) Site Production & Delivery $3.65 $3.29 (5) $2.30 $3.23 By -product Credits (0.82 ) (0.77 ) (4.39 ) (1.59 ) Treatment Charges 0.13 0.03 0.47 0.17 Royalties - 0.01 0.40 0.09 Unit Net Cash Costs / (Credits) $2.96 $2.56 $( 1.22 ) $1.90 2026 e Unit Net Cash Costs / (Credits) (1,4 ) United South States America Indonesia Consolidated NOTE: Refer to non -GAAP disclosure on slide 2. e = estimate. (6,7 ) Au k ozs Mo m lbs Cu m lbs Cu mm lbs Cu mm lbs (1) Projected sales volumes and unit net cash costs (credits) are dependent on operational performance; the ramp - up of PTFI’s GBC un derground mine; changes in energy costs and other consumables; weather - related conditions; timing of shipments and other factors. (2) Includes molybdenum produced in South America. (3) Includes gold produced in U.S. (4) Estimates asume average prices of $4,0/oz gold and $30/ lb molybdenum for 2H26e. Quarterly unit costs wil vary significantly with quarterly metal sales volumes. (5) Production costs include profit sharing in South America. (6) Excludes idle facility and restoration costs asociated with the mud rush incident at PTFI. (7) Treatment charges reflect costs from PTFI’s downstream operations and do not reflect market T In adition, these trea tment charges do not reflect the significant ofsets ($0.52/ lb in 2026e) in revenue and by - product credits associated with incremental metals and sulfuric acid produce operations. (6) (6) (6) (1)
Slide 20 — 2026
2026 e Quarterly Sales 20 e = estimate (million lbs) Moly Sales Gold Sales (000’s ozs) 0 10 20 30 1Q26 2Q26 3Q26e 4Q26e 121 123 160 250 0 10 20 30 1Q26 2Q26 3Q26e 4Q26e 24 25 2 2 NOTE: Consolidated coper sales include 15 m lbs in 1Q26, 190 m lbs in 2Q26, 197 m lbs in 3Q26e and 268 m lbs in 4Q26e for noncontroling interests; excludes purchased coper. Estimates are dependent on operational performance; the ramp - up of the GBC underground mine at PTFI; weather - related conditions; timing of shipments and other factors. NOTE: Consolidated gold sales include 59 k ozs in 1Q26 , 61 k ozs in 2Q26 , 82 k ozs in 3Q26 e and 128 k ozs in 4Q26 e for noncontrolling interests. Estimates are depend operational performance; the ramp -up of the GBC underground m weather -related conditions; timing of shipments (million lbs) Copper Sales 0 250 50 750 10 1Q26 2Q26 3Q26e 4Q26e 657 710 750 940
Slide 21 — Grasberg Minerals District Mine Pl
Grasberg Minerals District Mine Pl Metal Production, 2025 – 2030e 21 1.0 0.8 1.2 1.5 1.6 1.7 0.9 0.7 1.0 1.2 1.3 1.2 2025 2026e 2027e 2028e 2029e 2030e | Copper 2026 e œ 2030 e Total: 6.8 billion lbs copper Annual Average: ~ 1.4 billion lbs | Gold 2026 e œ 2030 e Total: 5.4 million ozs gold Annual Average: ~ 1.1 million ozs Cu bn lbs Au mm ozs NOTE: T iming of anual production wil depend on a number of factors including operational performance; the ramp - up of the GBC underground mine; weather - related conditions; and other factors. 2026e production expected to exced sales and asumes deferals of ~10 m lbs of coper and ~50k ozs of gold related to inventory held at PTFI’s ing operations . FCX’s economic interest in PTFI is 48.76%. e = estimate.
Slide 22 — Grasberg Block Cave Status
Grasberg Block Cave Status 22 •Production Blocks 2 and 3 ramp - up progresing in line with April schedule VRemediation completed in 1Q26 VRamp - up comenced in March 2026 VPlaned operating rates achieved in 2Q26 •Production Block 1S restart targeted in mid - 2027 VClean - up, plug construction and infrastructure repairs ongoing •Drainage and cave - management initiatives advancing •Haulage - level material handling upgrades on schedule •Expected PTFI production capacity milestones: ~65 % In 2H26 ~80 % By mid -27 Near Ful Capacity By YE27 Installation of chu continues on schedule CG452
Slide 23 — Risk Management
Concrete Batch Plant C - pump(s) Low - head discharge hose (350m) Power line extension (3,0m) Drive/Pump House (3685m) East Anchor (3650m) Drain Hole Surface Manifold Risk Management {ĂŶĚǀŝŬ 5Ü ϯϭϭ 5ƌŝůů Remove Flowable Material With In - pit Pumping Conventional up -hole Coring for Slurry Pond Drainage {ŽĨƚ ùŽŶĞ Grasberg Pit Water -Driven In -the -Hole Hammer Drill Pit Botom 5ƌŝůů IŽůĞƐ DƌĂƐďĞƌŐ tŝƚ tůĂŶ ëŝĞǁ 23 ~3 km of new drift d to drill & drain Larger Diameter ( 5“) & Fast drilling (~ 200 meters/day) Small Diameter (<3“) & Slow driling (~10 meters/day) Mud Removal Options for Former Open Pit New Drift Grasberg Pit GBC Pit Botom Water in pit botom reduced significantly ÇĂƌŐĞƚ ƚŽ Ěƌŝůů ŝŶ ϯvϮϲ ÇĂƌŐĞƚ ƉƵŵƉŝŶŐ ŝŶ ϮϬϮϳ •First blast of drifts in April •Initiate drainage in 2027 Pit bottom pumping via cable - deployed pump Submersible Pump Pit Botom Drainage Galery tŝƚ .ŽƚƚŽŵ WƵůLJ ϭϳ͕ ϮϬϮϲ
Slide 24 — Americas Leach Innovation Initiati
Americas Leach Innovation Initiati Low Cost, High Value 24 * Copper from historical placements beyond assumed recovery estimates and is not included in mineral re 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 % Additives ~35 % ~600 mm lbs /annum Incremental Production Target Targeting Coper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques 50 144 214 240 300 800 202 2023 2024 YE 2025 YE 2026e By 2030e Scaling the Oportunity (m lbs) ~ ~ e = estimate. Run Rate
Slide 25 — Investment Case for Bagdad Exp
Investment Case for Bagdad Exp 25 •Would advance FCX's U.S. coper growth strategy •Would become the second - largest U.S. coper mine •80+ year reserve life suports doubling capacity •Expected to ad 20 - 250 m lbs of C u and 10 - 12 m lbs of Moly anualy * •10% - owned multi - decade operating history with existing infrastructure and comunity suport •Scale expected to reduce unit costs •Economics suported at ~$4.0/ lb coper with exposure to positive market •Molybdenum by - product credits enhance project economics •Favorable U.S. tax atributes Strengthens Freeport‘s position as America‘s Co Champion ® Bagdad Prescott Phoenix Low risk U.S. brownfield growth project * Equivalent to incremental growth of ~ 130 kt of CuEq per annum based on life of mine
Slide 26 — Bagdad Site Map
Bagdad Site Map 26 Townsite Existing Concentrator & CLP Upper Mammoth TSF Open Pit Mine N 1 mile New Tailings Storage Facility Water Pipeline New 2X Concentrator Facilities HV Power Line Sycamore Lodge Main Access Road Primary Crusher Existing Infrastructure 2X Expansion Infrastructure Legend ~11 miles New 2X Concentrator Facilities
Slide 27 — Discretionary Capital Projects
Discretionary Capital Projects 27 • Mine development in progress; expansion to 130,000 t/d • Sustain large -scale, low -cost Cu & Au production • Capital investment: ~$ 0.5 bn/yr average (~$ 0.6 bn in 2026 e) through 2033 • 8 bn lbs copper & 8 mm ozs gold through 2041 • 750 mm lbs & 735 k ozs per annum at full rates • Initial production expected to commence ramp -up in 2030 timeframe *These discretionary projects and PTFI ’s downstream processing facilities will be excluded from the available cash flow 12 ) for purposes of the performan -based payout fra NOTE: Refer to non -GAAP disclosure on slide 2. e = estimate. • Potential expansion to double concentrator capacity • Capital cost estimates being finalized taking into acount curent estimates for materials, equipment and labor • Potential investment decision in 2H26 • 2026e CAPEX: o ~$50 m to e xpand tailings infrastructure o ~$150 m for e arly works Bagdad 2X Expansion • Advancing plans to transition existing energy source from coal to natural gas • After mud rush incident, project deferred ~ 18 months • CAPEX of ~$ 150 mm in 2027 e net of avoided coal cost • Recycle electronic materia • 2026 CAPEX: ~$ 250 mm • Expect to commence product 2H26 e • ~$ 80 mm per annum in project Atlantic Copper CirCular Kucing Liar Grasberg Energy Transition to Natural Gas
Slide 28 — Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in m) 12 - Mo. Ended 2 Q 2026 1H 2026 6 /30/2026 Net income atributable to comon stock $984 $1,865 $ 2,945 Interest expense, net 95 209 426 Income tax provision 54 1,197 2,068 Depreciation, depletion and amortization 523 1,037 2,147 PTFI mud rush incident insurance setlement - (69) (69) Gain on sales of asets (18) (18) ( 34 ) Stock - based compensation and acretion 76 186 31 Other net charges (1) 31 72 1,584 Other income, net ( 2 ) ( 3 ) (157) Net income atributable to NCI 407 913 1,645 Equity in affiliated companies‘ net earnings (5) (1) (4 ) Adjusted EBITDA (2) $2,895 $5,368 $10,232 (1) Primarily includes net charges for idle facility, direct recovery and restoration costs a 2025 external mud rush incident ($ 284 mm in 2Q26 , $690 mm in 1H26 and $ 1.3 bn for the 12 months ended 6/30 /2026 ). The 12 months ended 6/30 /2026 also include oil and gas charges ($ 106 mm) and fixed asset impairments/write -offs at PTFI ($ 73 mm). (2) Adjusted EBITDA is a non -GAAP financial measure that is frequently used by securities analysts, invest evaluate companies ’ performance, including, among other things, profitability before the effect of financing and similar d s, investors, lenders and others use A EBITDA, management believes that our presentation of Adjusted EBITDA affords them greater cia l performance. Adjusted EBITDA should not be considered as a substitute for measures of financial performance prepared i TDA may not necessarily be compara to similarly titled measures reported by other companies, as different companies calculat 28