Form 8-K

8-K — FREEPORT-MCMORAN INC

Accession: 0000831259-26-000021

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0000831259

SIC: 1000 (METAL MINING)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — fcx-20260423.htm (Primary)

EX-99.1 (a1q2026exhibit991.htm)

EX-99.2 (fcx1q26cc_final.htm)

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8-K

8-K (Primary)

Filename: fcx-20260423.htm · Sequence: 1

fcx-20260423

0000831259false00008312592026-04-232026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

Freeport-McMoRan Inc.

(Exact name of registrant as specified in its charter)

Delaware 001-11307-01 74-2480931

(State or other jurisdiction

of incorporation) (Commission

File Number)

(IRS Employer Identification No.)

4340 E. Cotton Center Blvd., Suite 110

Phoenix AZ 85040-8852

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (602) 366-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.10 per share

FCX

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

Freeport-McMoRan Inc. (FCX) issued a press release dated April 23, 2026, announcing its first-quarter 2026 financial and operating results. A copy of the press release is furnished hereto as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

The slides to be presented in connection with FCX’s previously announced first-quarter 2026 earnings conference call being webcast on the internet at 10:00 a.m. Eastern Time on April 23, 2026, are furnished hereto as Exhibit 99.2.

The information furnished pursuant to Item 2.02 and Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Exhibit Title

99.1

Press release dated April 23, 2026, titled “Freeport Reports First-Quarter 2026 Results.”

99.2

Slides presented in connection with FCX’s first-quarter 2026 earnings conference call conducted via the internet on April 23, 2026.

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Freeport-McMoRan Inc.

By: /s/ Ellie L. Mikes

----------------------------------------

Ellie L. Mikes

Vice President and Chief Accounting Officer

(authorized signatory and

Principal Accounting Officer)

Date: April 23, 2026

EX-99.1

EX-99.1

Filename: a1q2026exhibit991.htm · Sequence: 2

Document

Freeport Reports

First-Quarter 2026 Results

•First-quarter 2026 operating results:

◦Consolidated copper and gold sales exceeded January 2026 estimates

◦Consolidated average unit net cash costs favorable to January 2026 estimates

•Commenced phased ramp-up of the Grasberg Block Cave underground mine in March 2026. Projected ramp-up schedule has been adjusted to incorporate modifications to material handling systems

•Entered into Memorandum of Understanding with the Indonesia government for a life of resource extension of operating rights for PT Freeport Indonesia in the Grasberg minerals district

•Progressing organic copper growth projects, including:

◦Submitted environmental impact statement for potential major expansion at El Abra in Chile

◦Advanced innovative leaching technologies and potential major brownfield expansions in Arizona

•Strong financial position and favorable long-term outlook

•Net income attributable to common stock in first-quarter 2026 totaled $881 million, $0.61 per share, and adjusted net income attributable to common stock totaled $830 million, $0.57 per share.

•Consolidated production totaled 662 million pounds of copper, 97 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2026.

•Consolidated sales totaled 657 million pounds of copper, 121 thousand ounces of gold and 24 million pounds of molybdenum in first-quarter 2026.

•Consolidated sales are expected to approximate 3.1 billion pounds of copper, 650 thousand ounces of gold and 90 million pounds of molybdenum for the year 2026, including 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2026. Revised sales estimates for the year 2026 primarily reflect timing adjustments to the Grasberg Block Cave ramp-up schedule.

•Average realized prices were $5.78 per pound for copper, $4,889 per ounce for gold and $25.21 per pound for molybdenum in first-quarter 2026.

•Average unit net cash costs were $1.91 per pound of copper in first-quarter 2026 and are expected to average $1.95 per pound of copper for the year 2026.

•Operating cash flows totaled $1.5 billion, including $0.1 billion of working capital and other sources, in first-quarter 2026. Assuming prices of $6.00 per pound for copper, $4,500 per ounce for gold and $25.00 per pound for molybdenum for the remainder of 2026, operating cash flows are expected to approximate $8.7 billion, including $0.2 billion of working capital and other sources, for the year 2026.

•Capital expenditures totaled $1.0 billion, including $0.6 billion for major mining projects, in first-quarter 2026. Capital expenditures are expected to approximate $4.3 billion, including $3.0 billion for major mining projects, for the year 2026.

•At March 31, 2026, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $3.7 billion. At March 31, 2026, net debt totaled $2.4 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities). Refer to the supplemental schedule, “Net Debt,” on page VII.

•During first-quarter 2026, FCX purchased 1.7 million shares of its common stock for a total cost of $93 million ($54.25 average cost per share).

1

PHOENIX, AZ, April 23, 2026 – Freeport (NYSE: FCX) reported first-quarter 2026 net income attributable to common stock of $881 million, $0.61 per share, and adjusted net income attributable to common stock of $830 million, $0.57 per share after excluding after-tax net credits totaling $51 million, $0.04 per share, primarily for an insurance settlement associated with the September 2025 mud rush incident, partly offset by idle facility and restoration costs at PTFI. For additional information, refer to the supplemental schedule, “Adjusted Net Income,” on page VI.

Kathleen Quirk, President and Chief Executive Officer, said, “Our first quarter financial results reflect the strength of our diversified portfolio with growth in revenues, cash flow and earnings, compared with last year’s first quarter, despite reduced capacity at our Indonesia operations. Freeport’s global team is focused on restoring operations at Grasberg safely and sustainably, driving new technologies and efficiency programs to increase the profitability of our Americas operations and pursing our highly attractive portfolio of organic growth options to generate value for shareholders. Freeport is strongly positioned as “America’s Copper Champion” and as a global leader in copper with large scale, geographically diverse operations and a pipeline of near-, medium- and long-term growth options to support a growing market.”

SUMMARY FINANCIAL DATA

Three Months Ended March 31,

2026 2025

(in millions, except per share amounts)

Revenuesa,b

$ 6,234  $ 5,728

Operating incomea,c

$ 2,137  $ 1,303

Net income attributable to common stockb,c,d

$ 881  $ 352

Diluted net income per share of common stockb,c,d

$ 0.61  $ 0.24

Diluted weighted-average common shares outstanding

1,444  1,444

Operating cash flowse

$ 1,495  $ 1,058

Capital expenditures $ 973  $ 1,172

At March 31:

Cash and cash equivalents

$ 3,737  $ 4,385

Total debt, including current portion $ 9,414  $ 9,404

a.For segment financial results, refer to the supplemental schedule, “Business Divisions and Segments,” beginning on page VIII.

b.Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $34 million ($12 million to net income attributable to common stock or $0.01 per share) in first-quarter 2026 and $70 million ($24 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025. For further discussion, refer to the supplemental schedule, “Derivative Instruments,” on page VII.

c.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $70 million ($23 million to net income attributable to common stock or $0.02 per share) in first-quarter 2026 and $114 million ($34 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025. Refer to the supplemental schedule, “Deferred Profits,” on page VIII.

d.Includes after-tax net credits (charges) totaling $51 million ($0.04 per share) in first-quarter 2026 and $(6) million (less than $0.01 per share) in first-quarter 2025, that are described in the supplemental schedule, “Adjusted Net Income,” on page VI.

e.Cash provided by (used for) working capital totaled $0.1 billion in first-quarter 2026 and $(0.3) billion in first-quarter 2025.

2

SUMMARY OPERATING DATA

Three Months Ended March 31,

2026 2025

Copper (millions of recoverable pounds)

Production 662  868

Sales, excluding purchases 657  872

Average realized price per pound $ 5.78  $ 4.44

Site production and delivery costs per pounda

$ 3.29

b

$ 2.59

Unit net cash costs per pounda

$ 1.91

b

$ 2.07

Gold (thousands of recoverable ounces)

Production 97  287

Sales 121  128

Average realized price per ounce $ 4,889  $ 3,072

Molybdenum (millions of recoverable pounds)

Production 22  23

Sales, excluding purchases 24  20

Average realized price per pound $ 25.21  $ 21.67

a.Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page X.

b.Excludes idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI. Refer to “Adjusted Net Income,” on page VI for a summary of these charges.

Consolidated Sales Volumes

Copper

•First-quarter 2026 sales of 657 million pounds were higher than January 2026 estimate of 640 million pounds, primarily reflecting timing of shipments. As expected, first-quarter 2026 sales were below first-quarter 2025 sales of 872 million pounds, reflecting lower operating rates at PTFI following the September 2025 mud rush incident.

Gold

•First-quarter 2026 sales of 121 thousand ounces were significantly higher than January 2026 estimate of 60 thousand ounces, primarily reflecting timing of refined gold sales in Indonesia. As expected, first-quarter 2026 sales were below first-quarter 2025 sales, reflecting lower operating rates at PTFI following the September 2025 mud rush incident.

Molybdenum

•First-quarter 2026 sales of 24 million pounds were higher than January 2026 estimate of 22 million pounds and first-quarter 2025 sales of 20 million pounds, primarily reflecting timing of shipments.

Consolidated sales volumes for the year 2026 are expected to approximate 3.1 billion pounds of copper, 650 thousand ounces of gold and 90 million pounds of molybdenum, including 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2026. Current sales estimates for the year 2026 are lower than January 2026 estimates of 3.4 billion pounds of copper and 0.8 million ounces of gold, primarily reflecting a projected delay in achieving full ramp-up of the Grasberg Block Cave underground mine pending modifications to ore loading infrastructure. Refer to “Grasberg Block Cave Ramp-Up” beginning on page 7 for further information.

Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.

3

Consolidated Unit Net Cash Costs

Consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI) for FCX’s copper mines averaged $1.91 per pound of copper in first-quarter 2026, which were favorable to the January 2026 estimate of $2.60 per pound, primarily reflecting higher by-product credits. First-quarter 2026 average unit cash costs were favorable to first-quarter 2025 average unit net cash costs of $2.07 per pound of copper, primarily reflecting higher by-product credits, partly offset by lower copper volumes at PTFI.

Following the September 2025 mud rush incident and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI totaled $406 million in first-quarter 2026, which were excluded from consolidated unit net cash costs.

Based on achievement of current sales volume and cost estimates and assuming average prices of $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI) for FCX’s copper mines are expected to average $1.95 per pound of copper for the year 2026 (including $2.24 per pound of copper in second-quarter 2026). Following the onset of military conflict in the Middle East in late February 2026, costs for certain petroleum-based energy products, sulfur and sulfuric acid, and other consumables have risen significantly. Prices for diesel fuel and sulfuric acid have been highly volatile with significant regional dislocation. Accordingly, current cost estimates for the year 2026 are higher than January 2026 estimates, reflecting revised sales volumes at PTFI (refer to “Grasberg Block Cave Ramp-Up” beginning on page 7 for further information) and higher costs for energy and other consumables, partly offset by higher by-product credits.

The impact of price changes on consolidated unit net cash costs for the remainder of 2026 would approximate $0.02 per pound of copper for each $100 per ounce change in the average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum.

Projected sales volumes and unit net cash costs for the year 2026 are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.

Responsible Production

2025 Annual Report on Sustainability. FCX has published its 2025 Annual Report on Sustainability on its website at fcx.com/sustainability, marking FCX’s 25th year of reporting on its progress. FCX is committed to building upon its achievements in sustainability and its position as a leading responsible copper producer.

OPERATIONS

Leaching and Technology Innovation Initiatives. FCX is incorporating new applications, technologies and data analytics into its leaching processes across its United States (U.S.) and South America operations. Incremental copper production from these initiatives totaled 54 million pounds in first-quarter 2026 and 214 million pounds for the year 2025.

FCX continues to apply operational enhancements on a larger scale and is advancing testing of innovative technology to increase production from these initiatives. FCX is targeting annual production of approximately 300 million pounds of copper from these initiatives in 2026, with potential for further significant increases in recoverable metal in future years. FCX is deploying large-scale testing of an internally developed additive product at its Morenci operations with encouraging early results. In addition, FCX has identified other possible additives with strong potential and plans to apply heat to its stockpiles together with the new additives to further enhance recoveries. Continued success with these initiatives would be expected to contribute to additions in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.

In addition to its innovative leaching initiatives, FCX is pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of its current operations and future development projects. FCX believes these leaching and technology initiatives are particularly important to its U.S. operations, which have lower ore grades.

4

United States. FCX manages seven copper operations in the U.S. – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. FCX also operates a copper smelter and rod mill in Miami, Arizona, and copper refinery and rod mill in El Paso, Texas. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver.

All of FCX’s U.S. operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

Development Activities. FCX has substantial reserves, resources and future opportunities for organic growth in the U.S. associated with existing operations. Several initiatives are under way to target significant future growth in U.S. copper operations, including the leaching and technology innovation initiatives discussed above.

FCX has defined an opportunity to more than double the concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. FCX completed technical and economic studies in late 2023 and is updating these studies in advance of a potential investment decision during the second half of 2026. These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year. Estimated incremental project capital costs, which continue to be reviewed, approximate $3.5 billion. Expanded operations would provide improved efficiency and reduce unit net cash costs through economies of scale. Preliminary economics indicate that the expansion would require an incentive copper price of approximately $4.00 per pound and three to four years to complete. The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.

Conversion of Bagdad’s haul truck fleet to autonomous haulage was completed in 2025, making Bagdad the first major mine in the U.S. to operate a fully autonomous haulage fleet. FCX continues to optimize the performance of the new autonomous fleet at Bagdad and is advancing projects to expand tailings storage facilities and local infrastructure to enhance optionality in the future expansion opportunity.

FCX continues to advance pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity. Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a significant expansion project. FCX expects to complete these studies during 2026. The decision to proceed with and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.

Operating Data. Following is summary consolidated operating data for the U.S. copper mines:

Three Months Ended March 31,

2026 2025

Copper (millions of recoverable pounds)

Production

309  301

Sales, excluding purchases

327  307

Average realized price per pound $ 5.85  $ 4.60

Molybdenum (millions of recoverable pounds)

Productiona

7  8

Unit net cash costs per pound of copperb

Site production and delivery, excluding adjustments

$ 3.50

$ 3.48

By-product credits

(0.70) (0.49)

Treatment charges

0.13  0.12

Unit net cash costs

$ 2.93  $ 3.11

a.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at FCX’s U.S. copper mines.

b.For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page X.

5

FCX’s consolidated copper sales volumes from the U.S. copper mines of 327 million pounds in first-quarter 2026 were higher than first-quarter 2025 copper sales volumes of 307 million pounds, primarily reflecting timing of shipments. Consolidated copper sales from FCX’s U.S. copper mines are expected to approximate 1.4 billion pounds for the year 2026.

Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $2.93 per pound of copper in first-quarter 2026 were favorable to first-quarter 2025 average unit net cash costs of $3.11 per pound of copper, primarily reflecting higher by-product credits, partly offset by higher costs for sulfuric acid, diesel fuel and other consumables.

Based on achievement of current sales volume and cost estimates and assuming an average price of $25.00 per pound of molybdenum for the remainder of 2026, average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $3.02 per pound of copper for the year 2026. Current cost estimates for 2026 reflect recent pricing impacts for energy and other consumables. The U.S. copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.04 per pound for each $2 per pound change in the average price of molybdenum for the remainder of 2026.

South America. FCX manages two copper operations in South America – Cerro Verde in Peru (55.08%-owned) and El Abra in Chile (51%-owned). These operations are consolidated in FCX’s financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Development Activities. At the El Abra operations in Chile, FCX has a significant opportunity to expand the operation to include a major mill facility similar to the large-scale concentrator at Cerro Verde. The project could result in the addition of over 700 million pounds of copper production per year. In March 2026, El Abra submitted an environmental impact statement to Chile regulatory authorities. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision to proceed with and timing of the potential project will take into account required permitting, market conditions and other factors.

Operating Data. Following is summary consolidated operating data for South America operations:

Three Months Ended

March 31,

2026 2025

Copper (millions of recoverable pounds)

Production

258  271

Sales

248  275

Average realized price per pound

$ 5.66  $ 4.36

Molybdenum (millions of recoverable pounds)

Productiona

6  6

Unit net cash costs per pound of copperb

Site production and delivery, excluding adjustments

$ 3.15  $ 2.76

By-product credits

(0.79) (0.44)

Treatment charges

0.01  0.07

Royalty on metals

0.01  0.01

Unit net cash costs

$ 2.38  $ 2.40

a.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at Cerro Verde.

b.For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page X.

6

FCX’s consolidated copper sales volumes from South America operations of 248 million pounds in first-quarter 2026 were lower than first-quarter 2025 copper sales volumes of 275 million pounds, primarily reflecting lower leach placements. Copper sales from South America operations are expected to approximate 1.05 billion pounds for the year 2026.

Average unit net cash costs (net of by-product credits) for South America operations of $2.38 per pound of copper in first-quarter 2026 were lower than first-quarter 2025 average unit net cash costs of $2.40 per pound of copper, primarily reflecting higher by-product credits and lower treatment charges, offset by lower copper volumes and the impact of currency exchange rates on labor costs.

Based on achievement of current sales volume and cost estimates and assuming an average price of $25.00 per pound of molybdenum for the remainder of 2026, average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.60 per pound of copper for the year 2026. Current cost estimates for 2026 reflect recent pricing impacts for energy and other consumables.

Indonesia. PTFI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. In addition to copper, the Grasberg minerals district also produces gold and silver. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold. FCX has a 48.76% ownership interest in PTFI and manages its operations. PTFI’s results are consolidated in FCX’s financial statements.

Operating, Development and Exploration Activities. Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan) and completed related expansion of the milling facilities. At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest cost operations in the world. First-quarter 2026 production of 95 million pounds of copper and 92 thousand ounces of gold primarily reflects the impact of the temporary suspension of operations at the Grasberg Block Cave underground mine following the September 2025 mud rush incident. A phased restart and ramp-up of the Grasberg Block Cave underground mine is in progress.

PTFI is also conducting exploration in the Grasberg minerals district targeting the potential extension of significant mineralization below the DMLZ underground mine.

Long-term Mining Rights. In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration in 2041. An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource. PTFI and FCX are working with the Indonesia government to complete the license renewal process.

Grasberg Block Cave Ramp-Up. Following the September 8, 2025, external mud rush incident, PTFI has progressed a series of activities to address the incident and advance preparation for a safe and sustainable restoration of operations.

PTFI previously announced plans for a phased restart and ramp-up of operations, including (i) the successful restart of the unaffected DMLZ and Big Gossan mines in October 2025, (ii) the planned restart of Grasberg Block Cave Production Blocks 2 and 3 in second-quarter 2026 and ramp up in the second half of 2026, (iii) the planned restart of Grasberg Block Cave Production Block 1S in second-quarter 2027 and (iv) the potential restart of Production Block 1C by the end of 2027.

During first-quarter 2026, PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026. PTFI also continued to advance activities for a planned future start-up of Production Block 1S and risk mitigation strategies associated with drainage and cave management technologies.

7

During initial ramp-up activities in Production Blocks 2 and 3, PTFI encountered changes in operating conditions at the Grasberg Block Cave underground mine following the period of inactivity between September 2025 and April 2026, resulting in a significant increase in the ratio of wet drawpoints compared to the number of drawpoints containing dry material. While PTFI’s existing automated systems to extract ore at the drawpoints are sufficient to support a ramp-up to previously planned levels, modifications to the chute system used to load ore into the automated trains will be required to operate at full capacity. As a result, near-term production from Production Blocks 2 and 3 is expected to be limited to approximately 60% of capacity until required modifications to ore loading infrastructure are made.

Installation of specialized equipment to accommodate the higher percentage of wet ore has commenced and will be sequenced initially to prioritize areas that would benefit the most from the enhancements. PTFI expects the current bottlenecks can be substantially addressed by mid-2027.

PTFI’s overall production rates, which were previously forecast to approximate 85% of capacity in the second half of 2026 and reach 100% of capacity by the end of 2027 are now expected to approximate 65% in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.

Given the early stage of the initial ramp‑up, production forecasts are inherently more variable than they were prior to the incident. As the ramp‑up progresses over the coming months, additional clarity is expected on a number of factors that could have a positive or negative impact on PTFI’s near‑term forecast. PTFI is confident in the resource, its ability to conduct large‑scale mining safely and efficiently, and its long‑term plans to operate one of the world’s most successful and valuable copper and gold deposits.

In first-quarter 2026, PTFI recognized a gain of $0.7 billion for an insurance settlement associated with the September 2025 mud rush incident under its property and business interruption policies (refer to the supplemental schedule, “Adjusted Net Income,” on page VI). PTFI expects to receive the proceeds from this settlement in second-quarter 2026.

Kucing Liar. Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. During 2025, PTFI completed studies to evaluate the potential to expand the footprint of the deposit which was previously designed to operate at a long-term rate of 90,000 metric tons of ore per day. The studies identified a low-cost expansion opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and increase Kucing Liar’s reserves by approximately 20%. As a result, PTFI’s preliminary estimates of Kucing Liar reserves currently approximate 8 billion pounds of copper and 8 million ounces of gold to be recovered through 2041, and an extension of PTFI’s operating rights beyond 2041 would extend the life of the project. Average annual Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold. The economic studies took into account an approximate 10% increase in Kucing Liar capital ($0.5 billion), impact to operating rates at the Grasberg Block Cave underground mine and reduction of capital expenditures associated with PTFI’s mine operations in connection with the processing of higher pyrite ore.

At March 31, 2026, PTFI had incurred approximately $1.3 billion for Kucing Liar development, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year). Initial production is expected to commence ramping up in the 2030 timeframe.

Downstream Processing Facilities. PTFI’s smelter and PT Smelting, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia, smelt and refine copper concentrate from PTFI, and the PMR processes anode slimes from the smelter and PT Smelting.

Following the September 2025 mud rush incident, smelting operations in Indonesia at both PTFI’s smelter and PT Smelting were adjusted as a result of limited copper concentrate availability. In late December 2025, PT Smelting resumed operations. Shipments to PTFI’s smelter are expected to recommence in the second half of 2026 at a reduced rate dependent on available copper concentrate from mining operations at the Grasberg Block Cave underground mine.

The PMR has operated on a limited basis since the September 2025 mud rush incident, primarily processing anode slimes from PT Smelting.

FCX expects higher variability between PTFI’s production and sales until its downstream processing facilities achieve normalized operating rates.

8

Operating Data. Following is summary consolidated operating data for Indonesia operations:

Three Months Ended

March 31,

2026 2025

Copper (millions of recoverable pounds)

Production

95  296

Sales

82  290

Average realized price per pound

$ 5.89  $ 4.34

Gold (thousands of recoverable ounces)

Production

92  284

Sales

116  125

Average realized price per ounce

$ 4,893  $ 3,072

Unit net cash (credits) costs per pound of coppera

Site production and delivery, excluding adjustments $ 2.91

b

$ 1.49

By-product credits (7.65) (1.46)

Treatment charges 0.61

b,c

0.19

Export duties —  0.19

Royalty on metals

0.60  0.23

Unit net cash (credits) costs $ (3.53) $ 0.64

a.For a reconciliation of unit net cash (credits) costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page X.

b.Excludes idle facility and restoration costs associated with the September 2025 mud rush incident. Refer below and to “Adjusted Net Income,” on page VI for a summary of these charges.

c.Reflects downstream tolling fees and operating costs and does not represent market treatment and refining rates. Favorable offsets associated with incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities are included in revenues and by-product credits.

PTFI’s consolidated sales volumes of 82 million pounds of copper and 116 thousand ounces of gold in first-quarter 2026 were lower than first-quarter 2025 sales volumes of 290 million pounds of copper and 125 thousand ounces of gold, reflecting lower operating rates following the September 2025 mud rush incident.

PTFI’s unit net cash credits (including by-product credits) of $3.53 per pound of copper in first-quarter 2026 were favorable compared to unit net cash costs (net of by-product credits) of $0.64 per pound of copper in first-quarter 2025, primarily reflecting higher by-product credits, partly offset by lower volumes.

Following the September 2025 mud rush incident and until PTFI’s operations return to normal capacity, a portion of PTFI’s production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs, which were excluded from PTFI's unit net cash credits, totaled $406 million in first-quarter 2026.

Consolidated sales volumes from PTFI are expected to approximate 0.7 billion pounds of copper and 650 thousand ounces of gold for the year 2026. PTFI’s current sales estimates for the year 2026 are lower than January 2026 estimates of 0.9 billion pounds of copper and 0.8 million ounces of gold, primarily reflecting a projected delay in achieving full ramp-up of the Grasberg Block Cave underground mine pending modifications to ore loading infrastructure. Refer to “Grasberg Block Cave Ramp-Up” above for further information. Copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.

Based on achievement of current sales volume and cost estimates and assuming an average price of $4,500 per ounce of gold for the remainder of 2026, average unit net cash credits (including by-product credits and excluding idle facility and restoration costs associated with the September 2025 mud rush incident) for PTFI are expected to approximate $1.30 per pound of copper for the year 2026. Current cost estimates for 2026 reflect

9

recent pricing impacts for energy and other consumables. PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.08 per pound of copper for each $100 per ounce change in the average price of gold for the remainder of 2026.

Molybdenum Mines. FCX operates two wholly owned primary molybdenum operations in Colorado – the Climax open-pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines and at FCX’s U.S. copper mines and Cerro Verde mine, is processed at FCX’s conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines totaled 9 million pounds of molybdenum in both the first quarters of 2026 and 2025. FCX’s consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the primary molybdenum operations and at FCX’s U.S. copper mines and Cerro Verde mine, which are presented on page 3.

Average unit net cash costs for the Molybdenum mines of $15.69 per pound of molybdenum in first-quarter 2026 were higher than average unit net cash costs of $13.72 per pound in first-quarter 2025, primarily reflecting higher costs for labor, supplies and energy. Average unit net cash costs for the Molybdenum mines are expected to approximate $17.80 per pound of molybdenum for the year 2026, based on achievement of current sales volume and cost estimates.

For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page X.

LIQUIDITY, CASH FLOWS, CASH AND DEBT

Liquidity. At March 31, 2026, FCX had $3.7 billion in consolidated cash and cash equivalents. FCX also had $3.0 billion of availability under its revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

Operating Cash Flows. FCX generated operating cash flows of $1.5 billion, including $0.1 billion of working capital and other sources, in first-quarter 2026.

FCX’s consolidated operating cash flows are expected to approximate $8.7 billion for the year 2026, including $0.2 billion of working capital and other sources, based on current sales volume and cost estimates, and assuming prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026. The impact of price changes for the remainder of 2026 on operating cash flows would approximate $220 million for each $0.10 per pound change in the average price of copper, $50 million for each $100 per ounce change in the average price of gold and $90 million for each $2 per pound change in the average price of molybdenum.

Capital Expenditures. Capital expenditures totaled $1.0 billion in first-quarter 2026, including $0.6 billion for major mining projects.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development in the Grasberg minerals district, and $1.6 billion for discretionary growth projects.

Cash. Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share and withholding taxes, at March 31, 2026 (in billions):

Cash at domestic companies $ 1.9

Cash at international operations 1.8

Total consolidated cash and cash equivalents 3.7

Noncontrolling interests’ share (0.8)

Cash, net of noncontrolling interests’ share 2.9

Withholding taxes (0.1)

Net cash available $ 2.8

10

Debt. Following is a summary of consolidated debt and the weighted-average interest rates at March 31, 2026 (in billions, except percentages):

Weighted-

Average

Interest Rate

Senior notes:

Issued by FCX $ 5.3  5.0%

Issued by PTFI 3.0  5.4%

Issued by Freeport Minerals Corporation 0.4  7.5%

PTFI revolving credit facility 0.3  5.4%

Atlantic Copper lines of credit and other 0.5  4.0%

Total consolidated debt $ 9.4

a

5.2%

a.Does not foot because of rounding.

At March 31, 2026, there were (i) no borrowings and $5 million in letters of credit issued under FCX’s $3.0 billion revolving credit facility, (ii) $250 million in borrowings outstanding under PTFI’s $1.75 billion revolving credit facility, and (iii) no borrowings outstanding under Cerro Verde’s $350 million revolving credit facility.

FCX’s consolidated debt has an average remaining duration of approximately eight years. There are no senior note maturities scheduled in 2026 and $1.3 billion scheduled in 2027.

FINANCIAL POLICY

FCX’s financial policy is aligned with its strategic objectives of maintaining a solid balance sheet, providing cash returns to shareholders and advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding project debt for PTFI’s downstream processing facilities). FCX’s Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

Net Debt. At March 31, 2026, FCX’s net debt totaled $2.4 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page VII.

Common Stock Dividends. On March 25, 2026, FCX’s Board declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which will be paid on May 1, 2026, to shareholders of record as of April 15, 2026. The declaration and payment of dividends (base or variable) are at the discretion of the Board and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.

Share Repurchase Program. During first-quarter 2026, FCX purchased 1.7 million shares of its common stock for a total cost of $93 million ($54.25 average cost per share), bringing total purchases under its $5.0 billion share repurchase program to 53.7 million shares for a total cost of $2.1 billion ($39.01 average cost per share). As of April 22, 2026, FCX has 1.4 billion shares of common stock outstanding and $2.9 billion is available under its share repurchase program. The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

CONFERENCE CALL

A conference call with securities analysts to discuss FCX’s first-quarter 2026 results is scheduled for today at 10:00 a.m. Eastern Time. The conference call will be broadcast on the internet along with slides. Interested parties may listen to the conference call live and view the slides by accessing fcx.com. A replay of the webcast will be available through Friday, May 22, 2026.

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11

FREEPORT: Foremost in Copper

FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.

FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX’s website at fcx.com.

Cautionary Statement: This press release contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; restoration and remediation efforts, and phased restart and ramp-up of production and downstream processing following the mud rush incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on FCX’s business, production, sales, results of operations and operating plans; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; potential extension of PTFI’s IUPK beyond 2041; timing of shipments of inventoried production; FCX’s sustainability-related commitments and targets; FCX’s overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX’s 2030 climate targets and its 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to shareholders, including dividend payments (base or 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 forward-looking 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 and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, 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 materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important 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 commodities FCX produces, primarily copper and gold; changes in export duties and tariff rates; production rates; timing of shipments and sales; PTFI’s ability to repair mud rush incident-related damage, 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 optimize production plans; resolve force majeure declarations and maintain relationships with commercial counterparties; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions, including market volatility regarding trade policies and tariff uncertainty; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities 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, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041; process relating to the extension of PTFI’s IUPK beyond 2041; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; impacts, expenses or results from litigation or investigations; tailings management; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” 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 forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX 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 experience or other changes.

This press release also contains measures such as net debt, adjusted net income and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of this press release. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods, and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.

12

FREEPORT

SELECTED OPERATING DATA

Three Months Ended March 31,

2026 2025 2026 2025

Production Sales

COPPER (millions of recoverable pounds)

(FCX’s net interest in %)

United States (U.S.)

Morenci (72%)a

115  112  123  117

Safford (100%) 68  62  73  64

Sierrita (100%) 43  45  45  45

Chino (100%) 42  35  43  34

Bagdad (100%) 33  36  34  36

Tyrone (100%) 7  9  8  9

Miami (100%) 2  2  2  2

Other (100%) (1) —  (1) —

Total U.S. 309  301  327  307

South America

Cerro Verde (55.08%) 210  211  205  210

El Abra (51%) 48  60  43  65

Total South America 258  271  248  275

Indonesia

Grasberg minerals district (48.76%) 95  296  82  290

Consolidated 662  868  657

b

872

b

Less noncontrolling interests 167  276  155  275

Net 495  592  502  597

Average realized price per pound $ 5.78

$ 4.44

GOLD (thousands of recoverable ounces)

(FCX’s net interest in %)

U.S. (100%) 5  3  5  3

Indonesia (48.76%) 92  284  116  125

Consolidated 97  287  121  128

Less noncontrolling interests 47  146  59  64

Net 50  141  62  64

Average realized price per ounce $ 4,889  $ 3,072

MOLYBDENUM (millions of recoverable pounds)

(FCX’s net interest in %)

Climax (100%) 6  6  N/A N/A

Henderson (100%) 3  3  N/A N/A

U.S. copper mines (100%)a

7  8  N/A N/A

Cerro Verde (55.08%) 6  6  N/A N/A

Consolidated 22  23  24  20

Less noncontrolling interests 3  3  3  2

Net 19  20  21  18

Average realized price per pound $ 25.21  $ 21.67

a. Amounts are net of Morenci’s joint venture partners’ undivided interests.

b. Consolidated sales volumes exclude purchased copper of 10 million pounds in first-quarter 2026 and 66 million pounds in first-quarter 2025.

I

FREEPORT

SELECTED OPERATING DATA (continued)

Three Months Ended

March 31,

2026 2025

U.S.a

Leach Operations

Leach ore placed in stockpiles (metric tons per day)

695,400  583,700

Average copper ore grade (%) 0.21  0.20

Copper production (millions of recoverable pounds)

200  191

Mill Operations

Ore milled (metric tons per day)

337,900  321,900

Average ore grades (%):

Copper

0.30  0.29

Molybdenum

0.02  0.02

Copper recovery rate (%) 81.8  84.1

Production (millions of recoverable pounds):

Copper

154  154

Molybdenum

8  8

South America

Leach Operations

Leach ore placed in stockpiles (metric tons per day)

113,200  168,400

Average copper ore grade (%) 0.43  0.39

Copper production (millions of recoverable pounds)

62  77

Mill Operations

Ore milled (metric tons per day)

420,500  411,300

Average ore grades (%):

Copper

0.29  0.30

Molybdenum

0.01  0.01

Copper recovery rate (%) 83.5  83.7

Production (millions of recoverable pounds):

Copper

196  194

Molybdenum

6  6

Indonesia

Ore extracted and milled (metric tons per day):

Deep Mill Level Zone underground mine 66,800  60,400

Big Gossan underground mine 7,300  6,600

Grasberg Block Cave underground mine 4,400  93,600

Other adjustments 5,500  1,000

Total

84,000  161,600

Average ore grades:

Copper (%) 0.65  1.11

Gold (grams per metric ton)

0.48  0.83

Recovery rates (%):

Copper

90.4  87.8

Gold

79.6  76.3

Production (recoverable):

Copper (millions of pounds)

95  296

Gold (thousands of ounces)

92  284

Molybdenumb

Ore milled (metric tons per day)

32,800  32,600

Average molybdenum ore grade (%) 0.17  0.17

Molybdenum production (millions of recoverable pounds) 9  9

a.Amounts represent 100% operating data, including Morenci’s joint venture partners’ share.

b. Represents FCX’s primary molybdenum operations in Colorado.

II

FREEPORT

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended

March 31,

2026 2025

(In Millions, Except Per Share Amounts)

Revenuesa

$ 6,234  $ 5,728

Cost of sales:

Production and deliveryb

4,065  3,756

Depreciation, depletion and amortization (DD&A) 514  466

Total cost of sales 4,579  4,222

Selling, general and administrative expenses 162  154

Exploration and research expenses 38  39

Environmental obligations and shutdown costs 17  10

PT Freeport Indonesia (PTFI) mud rush incident insurance settlement (699) —

Total costs and expenses 4,097  4,425

Operating income 2,137  1,303

Interest expense, netc

(114) (70)

Other income, net 11  58

Income before income taxes and equity in affiliated companies’ net earnings 2,034  1,291

Provision for income taxesd

(653) (500)

Equity in affiliated companies’ net earnings 6  2

Net income 1,387  793

Net income attributable to noncontrolling interestse

(506) (441)

Net income attributable to common stockholdersf,g

$ 881  $ 352

Diluted net income per share attributable to common stock $ 0.61  $ 0.24

Diluted weighted-average common shares outstanding 1,444  1,444

Dividends declared per share of common stock $ 0.15  $ 0.15

a.Includes adjustments to provisionally priced concentrate and cathode sales. For a summary of adjustments to provisionally priced copper sales, refer to “Derivative Instruments,” on page VII.

b.Includes charges totaling (i) $31 million in first-quarter 2026 and $36 million in first-quarter 2025 for feasibility and optimization studies primarily associated with potential future expansion projects at FCX’s mining operations, and (ii) $3 million in first-quarter 2026 and $44 million in first-quarter 2025 for operational readiness and startup costs associated with PTFI’s smelter and precious metals refinery (collectively, PTFI’s downstream processing facilities).

c.Consolidated interest costs (before capitalization) totaled $174 million in both first-quarter 2026 and 2025.

d.For a summary of FCX’s income taxes, refer to “Income Taxes,” beginning on page VI.

e.Net income attributable to noncontrolling interests is associated with PTFI, Cerro Verde and El Abra. For further discussion, refer to “Noncontrolling Interests,” on page VIII.

f.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to “Deferred Profits,” on page VIII.

g.Refer to “Adjusted Net Income,” on page VI, for a summary of net credits (charges) impacting FCX’s consolidated statements of income.

III

FREEPORT

CONSOLIDATED BALANCE SHEETS (Unaudited)

March 31, December 31,

2026 2025

(In Millions)

ASSETS

Current assets:

Cash and cash equivalents

$ 3,737  $ 3,824

Restricted cash and cash equivalents 280  230

Trade accounts receivable

681  977

Value added and other tax receivables 666  686

Inventories:

Product

3,042  3,332

Materials and supplies, net

2,865  2,738

Mill and leach stockpiles

1,513  1,423

PTFI mud rush incident insurance settlement receivable 699  —

Other current assets

609  580

Total current assets

14,092  13,790

Property, plant, equipment and mine development costs, net 41,101  40,736

Long-term mill and leach stockpiles 1,100  1,173

Long-term tax receivables 832  810

Other assets 1,715  1,658

Total assets $ 58,840  $ 58,167

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$ 4,142  $ 4,565

Accrued income taxes

725  456

Current portion of debt

500  466

Current portion of environmental and asset retirement obligations (AROs) 323  313

Dividends payable - common stock 217  219

Total current liabilities

5,907  6,019

Long-term debt, less current portion 8,914  8,913

Environmental and AROs, less current portion 5,592  5,541

Deferred income taxes 4,641  4,622

Long-term leases, less current portion 987  1,010

Other liabilities 1,288  1,296

Total liabilities

27,329  27,401

Equity:

Stockholders’ equity:

Common stock

163  163

Capital in excess of par value

23,713  23,680

Retained earnings 2,050  1,385

Accumulated other comprehensive loss

(304) (305)

Common stock held in treasury

(6,117) (6,024)

Total stockholders’ equity 19,505  18,899

Noncontrolling interests 12,006  11,867

Total equity

31,511  30,766

Total liabilities and equity $ 58,840  $ 58,167

IV

FREEPORT

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Three Months Ended

March 31,

2026 2025

(In Millions)

Cash flow from operating activities:

Net income $ 1,387  $ 793

Adjustments to reconcile net income to net cash provided by operating activities:

DD&A 514  466

PTFI mud rush incident insurance settlement (699) —

Net charges for environmental and AROs, including accretion 71  49

Payments for environmental and AROs (38) (50)

Stock-based compensation

68  54

Net charges for defined pension and postretirement plans

12  14

Pension plan contributions

(5) (3)

Deferred income taxes

19  26

Charges for PTFI social investment programs 11  15

Payments for PTFI social investment programs (12) (13)

Other, net

28  4

Changes in working capital and other:

Accounts receivable

325  (215)

Inventories

201  (143)

Other current assets

—  24

Accounts payable and accrued liabilities

(671) 2

Accrued income taxes and timing of other tax payments

284  35

Net cash provided by operating activities 1,495  1,058

Cash flow from investing activities:

Capital expenditures:

U.S. copper mines (244) (255)

South America operations (114) (85)

Indonesia operations (456) (704)

Molybdenum mines

(29) (19)

Other

(130) (109)

Other, net (12) (4)

Net cash used in investing activities

(985) (1,176)

Cash flow from financing activities:

Proceeds from debt

1,137  1,088

Repayments of debt

(1,102) (636)

Finance lease payments (9) (3)

Cash dividends and distributions paid:

Common stock (218) (218)

Noncontrolling interests

(225) —

Treasury stock purchases (93) (55)

Proceeds from exercised stock options 19  1

Payments for withholding of employee taxes related to stock-based awards (43) (22)

Net cash (used in) provided by financing activities (534) 155

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (24) 37

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year 4,173  4,911

Cash and cash equivalents and restricted cash and cash equivalents at end of perioda

$ 4,149  $ 4,948

a.Includes current and long-term restricted cash and cash equivalents of $0.4 billion at March 31, 2026, and $0.6 billion at March 31, 2025.

V

FREEPORT

ADJUSTED NET INCOME

Management uses adjusted net income to evaluate FCX’s operating performance and believes that investors’ understanding of FCX’s performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. This information differs from net income attributable to common stock determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. FCX’s adjusted net income, which may not be comparable to similarly titled measures reported by other companies, follows (in millions, except per share amounts).

Three Months Ended March 31,

2026 2025

Pre-tax

After-taxa

Per Share Pre-tax

After-taxa

Per Share

Net income attributable to common stock N/A $ 881  $ 0.61  N/A $ 352  $ 0.24

PTFI mud rush incident insurance settlement $ 699  $ 207  $ 0.14  $ —  $ —  $ —

PTFI mud rush incident - idle facility and restoration costs:

Production and delivery costs (406) (120) (0.08) —  —  —

DD&A (93) (28) (0.02) —  —  —

PTFI smelter fire repair costs, net of insurance —  —  —  (23) (7) —

Net adjustments to environmental obligations and litigation reserves (5) (5) —  7  7  —

Cerro Verde historical tax mattersb

22  12  0.01  —  —  —

Other net charges (15) (15) (0.01) (12) (6) —

Total net credits (charges)c

$ 203  $ 51  $ 0.04  $ (28) $ (6) $ —

Adjusted net income attributable to common stock N/A $ 830  $ 0.57  N/A $ 358  $ 0.24

a.Reflects impact to FCX’s net income attributable to common stock (i.e., net of any taxes and noncontrolling interests).

b.First-quarter 2026 includes credits recorded to other income, net, for interest to be collected by Cerro Verde associated with the closure of its 2020 income tax audit.

c.May not foot because of rounding.

INCOME TAXES

Following is a summary of the approximate amounts used in the calculation of FCX’s consolidated income tax provision (in millions, except percentages):

Three Months Ended March 31,

2026 2025

Income Tax

Effective Income Tax Income Effective (Provision)

Incomea

Tax Rate Provision

(Loss)a

Tax Rate Benefit

U.S.b

$ 434  —% $ (5) $ (75) —% $ 2

South America 721  39% (281) 495  39% (193)

Indonesia 838  36% (302) 795  36% (288)

Eliminations and other 41  N/A (12) 76  N/A (42)

Rate adjustmentc

—  N/A (53) —  N/A 21

Continuing operations $ 2,034  32%

$ (653) $ 1,291  39% $ (500)

a.Represents income (loss) before income taxes, equity in affiliated companies’ net earnings, and noncontrolling interests.

b.In addition to FCX’s U.S. copper and molybdenum mines, which had operating income of $778 million in first-quarter 2026 and $317 million in first-quarter 2025 (refer to “Business Divisions and Segments,” beginning on page VIII), the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with FCX’s senior notes and general and administrative expenses. The U.S. jurisdiction also includes net revisions to environmental obligation estimates and charges associated with legacy oil and gas properties, which are described in “Adjusted Net Income,” on page VI, as applicable.

c.In accordance with applicable accounting standards, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate.

VI

FREEPORT

INCOME TAXES (continued)

Assuming achievement of current sales volume and cost estimates and prices of $6.00 per pound for copper, $4,500 per ounce for gold and $25.00 per pound for molybdenum for the remainder of 2026, FCX estimates its consolidated effective tax rate for the year 2026 would approximate 30%. Changes in projected sales volumes and average prices during 2026 would incur tax impacts at estimated effective rates of 40% for Peru, 36% for Indonesia and 0% for the U.S. At higher copper prices, FCX’s U.S. jurisdiction may be subject to the Corporate Alternative Minimum Tax provisions of the U.S. Inflation Reduction Act of 2022. However, given its U.S. tax position, FCX would expect the consolidated effective tax rates to decline because of a higher share of earnings from U.S. operations.

NET DEBT

FCX believes that net debt provides investors with information related to the performance-based payout framework in FCX’s financial policy, which requires FCX to maintain its net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding project debt for PTFI’s downstream processing facilities). FCX defines net debt as consolidated debt less consolidated cash and cash equivalents. This information differs from consolidated debt determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for consolidated debt determined in accordance with U.S. GAAP. FCX’s net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in millions):

As of March 31, 2026

Current portion of debt $ 500

Long-term debt, less current portion 8,914

Consolidated debt 9,414

Less: consolidated cash and cash equivalents 3,737

FCX net debt 5,677

Less: debt for PTFI’s downstream processing facilities 3,236

a

FCX net debt, excluding debt for PTFI’s downstream processing facilities $ 2,441

a.Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s revolving credit facility.

DERIVATIVE INSTRUMENTS

For the three months ended March 31, 2026, FCX’s mined copper was sold 38% as rod, 34% as cathode, and 28% in concentrate. All of FCX’s copper concentrate and some cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) based primarily on quoted London Metal Exchange (LME) monthly average settlement copper prices. FCX records revenues and invoices customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on provisionally priced concentrate and cathode sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement.

FCX’s average realized copper price was $5.78 per pound in first-quarter 2026, reflecting copper sales from South America and Indonesia operations, which are generally based on quoted LME monthly average settlement copper prices, which averaged $5.83 per pound in first-quarter 2026, and copper sales from U.S. copper mines, which are generally based on prevailing Commodity Exchange Inc. (COMEX) monthly average settlement copper prices, which averaged $5.79 per pound in first-quarter 2026.

Following is a summary of the adjustments to prior period and current period provisionally priced copper sales (in millions, except per share amounts):

Three Months Ended March 31,

2026 2025

Prior

Perioda

Current

Periodb

Total

Prior

Perioda

Current

Periodb

Total

Revenues

$ 34  $ (55) $ (21) $ 70  $ 46  $ 116

Net income attributable to common stock $ 12  $ (18) $ (6) $ 24  $ 15  $ 39

Diluted net income per share of common stock $ 0.01  $ (0.01) $ —  $ 0.02  $ 0.01  $ 0.03

a.Reflects adjustments to provisionally priced copper sales at December 31, 2025 and 2024.

b.Reflects adjustments to provisionally priced copper sales for the three months ended March 31, 2026 and 2025.

At March 31, 2026, FCX had provisionally priced copper sales totaling 136 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $5.58 per pound, subject to final LME settlement prices over the next several months. FCX estimates that each $0.05 change in the price realized from the quarter-end provisional price would have an approximate $12 million effect on 2026 revenues ($4 million to net income attributable to common stock). The LME copper settlement price was $5.99 per pound on April 22, 2026.

VII

FREEPORT

DEFERRED PROFITS

FCX defers recognizing profits on intercompany sales from its mining operations to Atlantic Copper until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $70 million ($23 million to net income attributable to common stock) in first-quarter 2026 and $114 million ($34 million to net income attributable to common stock) in first-quarter 2025. FCX’s net deferred profits on inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $68 million ($22 million to net income attributable to common stock) at March 31, 2026. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in FCX’s net deferred profits and quarterly earnings.

NONCONTROLLING INTERESTS

Net income attributable to noncontrolling interests, which is primarily associated with PTFI, Cerro Verde and El Abra, totaled $506 million in first-quarter 2026 (which represented 25% of FCX’s consolidated income before income taxes) and $441 million in first-quarter 2025 (which represented 34% of FCX’s consolidated income before income taxes). Refer to “Business Divisions and Segments” below for net income attributable to noncontrolling interests for each of FCX’s business segments.

Based on achievement of current sales volume and cost estimates, and assuming prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, FCX estimates that net income attributable to noncontrolling interests will approximate $2.0 billion for the year 2026, which would represent approximately 24% of FCX’s consolidated income before income taxes. The actual amount will depend on many factors, including relative performance of each business segment, commodity prices, costs and other factors.

BUSINESS DIVISIONS AND SEGMENTS

FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines.

In the U.S., FCX operates seven copper operations – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A majority of the copper produced at the U.S. copper mines is cast into copper rod by the U.S. Rod & Refining operations.

In South America, FCX operates two copper operations – Cerro Verde in Peru and El Abra in Chile.

In Indonesia, PTFI operates the Grasberg minerals district. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold.

U.S. Rod & Refining consists of copper conversion facilities, including a refinery and two rod mills. These operations process copper produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis.

Atlantic Copper in Spain smelts and refines copper concentrate and markets refined copper and precious metals in slimes.

Intersegment sales are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

FCX allocates certain operating costs, expenses and capital expenditures to its business divisions and segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations in the below tables), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the business divisions and segments. Accordingly, the following information reflects management determinations that may not be indicative of what the actual financial performance of each business division and segment would be if it was an independent entity.

VIII

FREEPORT

BUSINESS DIVISIONS AND SEGMENTS (continued)

(in millions) Atlantic Corporate,

U.S. Copper Mines South America Operations U.S. Copper Other

Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX

Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total

Three Months Ended March 31, 2026

Revenues:

Unaffiliated customers $ 12  $ 8  $ 20  $ 1,218  $ 253  $ 1,471  $ 1,072  $ —  $ 2,052  $ 966  $ 653

a

$ 6,234

Intersegment 764  1,415  2,179  163  —  163  —  212  10  3  (2,567) —

Production and delivery 437  854  1,291  651  158  809  710

b

136  2,046  929  (1,856) 4,065

DD&A 69  96  165  86  17  103  194

b

24  1  7  20  514

Selling, general and administrative expenses —  1  1  2  —  2  25  —  —  11  123  162

Exploration and research expenses 8  8  16  4  1  5  —  —  —  —  17  38

Environmental obligations and shutdown costs —  —  —  —  —  —  —  —  —  —  17  17

PTFI mud rush incident insurance settlement —  —  —  —  —  —  (699) —  —  —  —  (699)

Operating income (loss) 262  464  726  638  77  715  842  52  15  22  (235) 2,137

Interest expense, net (1) —  (1) (4) —  (4) (15) —  —  (9) (85) (114)

Other (expense) income, net (1) (1) (2) (4) 4  —  (2) —  —  1  14  11

Provision for income taxes —  —  —  (246) (35) (281) (302) —  —  (3) (67) (653)

Equity in affiliated companies’ net earnings —  —  —  —  —  —  5  —  —  —  1  6

Net income attributable to noncontrolling interests —  —  —  (182) (19) (201) (292) —  —  —  (13) (506)

Net income attributable to common stockholders 881

Total assets at March 31, 2026 3,434  7,512  10,946  8,772  2,301  11,073  27,959  2,006  374  1,904  4,578  58,840

Capital expenditures 44  200  244  74  40  114  456  29  14  56  60  973

Three Months Ended March 31, 2025

Revenues:

Unaffiliated customers $ 83  $ 108  $ 191  $ 917  $ 212  $ 1,129  $ 1,564  $ —  $ 1,624  $ 752  $ 468

a

$ 5,728

Intersegment 494  945  1,439

174  73  247  6  177  8  3  (1,880) —

Production and delivery 419  793  1,212  587  201  788  578  122  1,622  734  (1,300)

c

3,756

DD&A 50  74  124  91  20  111  186  26  1  7  11  466

Selling, general and administrative expenses —  1  1  2  —  2  27  —  —  9  115  154

Exploration and research expenses 6  6  12  2  2  4  2  —  —  —  21  39

Environmental obligations and shutdown costs (7) —  (7) —  —  —  —  —  —  —  17  10

Operating income (loss) 109  179  288  409  62  471  777  29  9  5  (276) 1,303

Interest expense, net —  —  —  (4) —  (4) (9) —  —  (11) (46) (70)

Other (expense) income, net (1) 3  2  32  (1) 31  16  —  —  (5) 14  58

Provision for income taxes —  —  —  (171) (22) (193) (288) —  —  (10) (9) (500)

Equity in affiliated companies’ net earnings (losses) —  —  —  —  —  —  3  —  —  —  (1) 2

Net income attributable to noncontrolling interests —  —  —  (126) (17) (143) (275) —  —  —  (23) (441)

Net income attributable to common stockholders 352

Total assets at March 31, 2025 3,239  6,950  10,189  8,166  2,073  10,239  28,006  2,021  364  1,448  3,755  56,022

Capital expenditures 59  196  255  74  11  85  704  19  17  43  49  1,172

IX

FREEPORT

BUSINESS DIVISIONS AND SEGMENTS (continued)

a.Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and certain of the U.S. copper mines and the Cerro Verde mine.

b.Includes idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI. For a summary of these charges, refer to “Adjusted Net Income,” on page VI.

c.Includes charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter.

PRODUCT REVENUES AND PRODUCTION COSTS

FCX believes unit net cash costs (credits) per pound of copper and molybdenum are measures intended to provide investors with information about the cash-generating capacity of its mining operations expressed on a basis relating to the primary metal product for the respective operations. FCX uses this measure for the same purpose and for monitoring operating performance by its mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. These measures are presented by other metals mining companies, although FCX’s measures may not be comparable to similarly titled measures reported by other companies.

FCX presents gross profit per pound of copper in the following tables using both a “by-product” method and a “co-product” method. FCX uses the by-product method in its presentation of gross profit per pound of copper because (i) the majority of its revenues are copper revenues, (ii) it mines ore, which contains copper, gold, molybdenum and other metals, (iii) it is not possible to specifically assign all of FCX’s costs to revenues from the copper, gold, molybdenum and other metals it produces and (iv) it is the method used by FCX’s management and Board of Directors to monitor its mining operations and to compare mining operations in certain industry publications. In the co-product method presentations, shared costs are allocated to the different products based on their relative revenue values, which will vary to the extent FCX’s metals sales volumes and realized prices change.

FCX shows revenue adjustments for prior period open sales as a separate line item. Because these adjustments result from prior period sales, these amounts have been reflected separately from revenues on current period sales. Noncash and other costs, net which are removed from site production and delivery costs in the calculation of unit net cash costs, consist of items such as ARO accretion and other adjustments, inventory write-offs and adjustments, stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, operational readiness and startup costs, restructuring and/or unusual charges. As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method. The following schedules are presentations under both the by-product and co-product methods together with reconciliations to amounts reported in FCX’s consolidated financial statements.

X

FREEPORT

PRODUCT REVENUES AND PRODUCTION COSTS (continued)

U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended March 31, 2026

(In millions) By-Product Co-Product Method

Method Copper

Molybdenuma

Otherb

Total

Revenues, excluding adjustments $ 1,920  $ 1,920  $ 195  $ 82  $ 2,197

Site production and delivery, before net noncash

and other costs shown below 1,149  1,011  135  52  1,198

By-product credits (229) —  —  —  —

Treatment charges 42  39  —  3  42

Net cash costs 962  1,050  135  55  1,240

DD&A 165  136  14  15  165

Noncash and other costs, net 48

c

44  3  1  48

Total costs 1,175  1,230  152  71  1,453

Other revenue adjustments, primarily for pricing

on prior period open sales —  —  —  1  1

Gross profit $ 745  $ 690  $ 43  $ 12  $ 745

Copper sales (millions of recoverable pounds) 328  328

Molybdenum sales (millions of recoverable pounds)a

7

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments $ 5.85  $ 5.85  $ 25.56

Site production and delivery, before net noncash

and other costs shown below 3.50  3.08  17.63

By-product credits (0.70) —  —

Treatment charges 0.13  0.12  —

Unit net cash costs 2.93  3.20  17.63

DD&A 0.50  0.41  1.83

Noncash and other costs, net 0.15

c

0.14  0.44

Total unit costs 3.58  3.75  19.90

Other revenue adjustments, primarily for pricing

on prior period open sales —  —  —

Gross profit per pound $ 2.27  $ 2.10  $ 5.66

Reconciliation to Amounts Reported

Production

Revenues and Delivery DD&A

Totals presented above $ 2,197  $ 1,198  $ 165

Treatment charges —  42  —

Noncash and other costs, net —  48  —

Other revenue adjustments, primarily for pricing

on prior period open sales 1  —  —

Eliminations and other 1  3  —

U.S. copper mines 2,199  1,291  165

Other miningd

5,949  4,630  329

Corporate, other & eliminations (1,914) (1,856) 20

As reported in FCX’s consolidated financial statements $ 6,234  $ 4,065  $ 514

a.Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $17 million ($0.05 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page VIII.

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PRODUCT REVENUES AND PRODUCTION COSTS (continued)

U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended March 31, 2025

(In millions) By-Product Co-Product Method

Method Copper

Molybdenuma

Otherb

Total

Revenues, excluding adjustments $ 1,414  $ 1,414  $ 155  $ 41  $ 1,610

Site production and delivery, before net noncash

and other costs shown below 1,070  952  131  34  1,117

By-product credits (150) —  —  —  —

Treatment charges 37  35  —  2  37

Net cash costs 957  987  131  36  1,154

DD&A 124  112  10  2  124

Noncash and other costs, net 39

c

37  2  —  39

Total costs 1,120  1,136  143  38  1,317

Other revenue adjustments, primarily for pricing

on prior period open sales 4  4  —  1  5

Gross profit $ 298  $ 282  $ 12  $ 4  $ 298

Copper sales (millions of recoverable pounds) 307  307

Molybdenum sales (millions of recoverable pounds)a

8

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments $ 4.60  $ 4.60  $ 20.16

Site production and delivery, before net noncash

and other costs shown below 3.48  3.10  17.05

By-product credits (0.49) —  —

Treatment charges 0.12  0.11  —

Unit net cash costs 3.11  3.21  17.05

DD&A 0.40  0.36  1.28

Noncash and other costs, net 0.13

c

0.12  0.29

Total unit costs 3.64  3.69  18.62

Other revenue adjustments, primarily for pricing

on prior period open sales 0.01  0.01  —

Gross profit per pound $ 0.97  $ 0.92  $ 1.54

Reconciliation to Amounts Reported

Production

Revenues and Delivery DD&A

Totals presented above $ 1,610  $ 1,117  $ 124

Treatment charges (4) 33  —

Noncash and other costs, net —  39  —

Other revenue adjustments, primarily for pricing

on prior period open sales 5  —  —

Eliminations and other 19  23  —

U.S. copper mines 1,630  1,212  124

Other miningd

5,510  3,844  331

Corporate, other & eliminations (1,412) (1,300) 11

As reported in FCX’s consolidated financial statements $ 5,728  $ 3,756  $ 466

a.Reflects sales of molybdenum produced by certain of the U.S. copper mines to FCX’s molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $14 million ($0.05 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page VIII.

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FREEPORT

PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Operations Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended March 31, 2026

(In millions) By-Product Co-Product Method

Method Copper

Othera

Total

Revenues, excluding adjustments $ 1,401  $ 1,401  $ 202  $ 1,603

Site production and delivery, before net noncash

and other costs shown below 779  689  103  792

By-product credits (196) —  —  —

Treatment charges 2  2  —  2

Royalty on metals 3  3  —  3

Net cash costs 588  694  103  797

DD&A 103  90  13  103

Noncash and other costs, net 17

b

16  1  17

Total costs 708  800  117  917

Other revenue adjustments, primarily for pricing

on prior period open sales 28  28  7  35

Gross profit $ 721  $ 629  $ 92  $ 721

Copper sales (millions of recoverable pounds) 248  248

Gross profit per pound of copper:

Revenues, excluding adjustments $ 5.66  $ 5.66

Site production and delivery, before net noncash

and other costs shown below 3.15  2.78

By-product credits (0.79) —

Treatment charges 0.01  0.01

Royalty on metals 0.01  0.01

Unit net cash costs 2.38  2.80

DD&A 0.41  0.36

Noncash and other costs, net 0.07

b

0.07

Total unit costs 2.86  3.23

Other revenue adjustments, primarily for pricing

on prior period open sales 0.11  0.11

Gross profit per pound $ 2.91  $ 2.54

Reconciliation to Amounts Reported

Production

Revenues and Delivery DD&A

Totals presented above $ 1,603  $ 792  $ 103

Treatment charges (2) —  —

Royalty on metals (3) —  —

Noncash and other costs, net —  17  —

Other revenue adjustments, primarily for pricing

on prior period open sales 35  —  —

Eliminations and other 1  —  —

South America operations 1,634  809  103

Other miningc

6,514  5,112  391

Corporate, other & eliminations (1,914) (1,856) 20

As reported in FCX’s consolidated financial statements $ 6,234  $ 4,065  $ 514

a.Includes silver sales of 0.8 million ounces ($75.66 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.

b.Includes charges totaling $11 million ($0.05 per pound of copper) for feasibility and optimization studies.

c.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page VIII.

XIII

FREEPORT

PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Operations Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended March 31, 2025

(In millions) By-Product Co-Product Method

Method Copper

Othera

Total

Revenues, excluding adjustments $ 1,199  $ 1,199  $ 135  $ 1,334

Site production and delivery, before net noncash

and other costs shown below 759  688  87  775

By-product credits (121) —  —  —

Treatment charges 19  19  —  19

Royalty on metals 2  2  —  2

Net cash costs 659  709  87  796

DD&A 111  99  12  111

Noncash and other costs, net 14

b

14  —  14

Total costs 784  822  99  921

Other revenue adjustments, primarily for pricing

on prior period open sales 60  60  2  62

Gross profit $ 475  $ 437  $ 38  $ 475

Copper sales (millions of recoverable pounds) 275  275

Gross profit per pound of copper:

Revenues, excluding adjustments $ 4.36  $ 4.36

Site production and delivery, before net noncash

and other costs shown below 2.76  2.50

By-product credits (0.44) —

Treatment charges 0.07  0.07

Royalty on metals 0.01  0.01

Unit net cash costs 2.40  2.58

DD&A 0.40  0.36

Noncash and other costs, net 0.05

b

0.05

Total unit costs 2.85  2.99

Other revenue adjustments, primarily for pricing

on prior period open sales 0.22  0.22

Gross profit per pound $ 1.73  $ 1.59

Reconciliation to Amounts Reported

Production

Revenues and Delivery DD&A

Totals presented above $ 1,334  $ 775  $ 111

Treatment charges (19) —  —

Royalty on metals (2) —  —

Noncash and other costs, net —  14  —

Other revenue adjustments, primarily for pricing

on prior period open sales 62  —  —

Eliminations and other 1  (1) —

South America operations 1,376  788  111

Other miningc

5,764  4,268  344

Corporate, other & eliminations (1,412) (1,300) 11

As reported in FCX’s consolidated financial statements $ 5,728  $ 3,756  $ 466

a.Includes silver sales of 0.8 million ounces ($33.79 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.

b.Includes charges totaling $15 million ($0.05 per pound of copper) for feasibility and optimization studies.

c.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page VIII.

XIV

FREEPORT

PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs

Three Months Ended March 31, 2026

(In millions) Co-Product Method

By-Product Method Copper Gold

Silver & Othera

Total

Revenues, excluding adjustments $ 485  $ 485  $ 565  $ 64  $ 1,114

Site production and delivery, before net noncash

and other costs shown below 240  104  122  14  240

By-product credits (630) —  —  —  —

Treatment charges 50  22  25  3  50

Royalty on metals 50  24  24  2  50

Net cash (credits) costs (290) 150  171  19  340

DD&A 192

b

84  97  11  192

Noncash and other costs, net 422

c

184  214  24  422

Total costs 324  418  482  54  954

Other revenue adjustments, primarily for pricing

on prior period open sales 9  9  1  —  10

Gross profit $ 170  $ 76  $ 84  $ 10  $ 170

Copper sales (millions of recoverable pounds) 82  82

Gold sales (thousands of recoverable ounces) 116

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments $ 5.89  $ 5.89  $ 4,893

Site production and delivery, before net noncash

and other costs shown below 2.91  1.27  1,052

By-product credits (7.65) —  —

Treatment charges 0.61  0.26  220

Royalty on metals 0.60  0.29  210

Unit net cash (credits) costs (3.53) 1.82  1,482

DD&A 2.33

b

1.02  842

Noncash and other costs, net 5.13

c

2.23  1,855

Total unit costs 3.93  5.07  4,179

Other revenue adjustments, primarily for pricing

on prior period open sales 0.10  0.10  11

Gross profit per pound/ounce $ 2.06  $ 0.92  $ 725

Reconciliation to Amounts Reported

Production

Revenues and Delivery DD&A

Totals presented above $ 1,114  $ 240  $ 192

Treatment charges (2) 48

d

—

Royalty on metals (50) —  —

Noncash and other costs, net —  422  —

Other revenue adjustments, primarily for pricing

on prior period open sales 10  —  —

Eliminations and other —  —  2

Indonesia operations 1,072  710  194

Other mininge

7,076  5,211  300

Corporate, other & eliminations (1,914) (1,856) 20

As reported in FCX’s consolidated financial statements $ 6,234  $ 4,065  $ 514

a.Includes silver sales of 0.5 million ounces ($84.38 per ounce average realized price).

b.Includes $93 million ($1.13 per pound of copper) of idle facility costs associated with the September 2025 mud rush incident.

c.Includes $406 million ($4.93 per pound of copper) of idle facility and restoration costs associated with the September 2025 mud rush incident.

d.Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).

e.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page VIII.

XV

FREEPORT

PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Operations Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended March 31, 2025

(In millions) Co-Product Method

By-Product Method Copper Gold

Silver & Othera

Total

Revenues, excluding adjustments $ 1,258  $ 1,258  $ 385  $ 21  $ 1,664

Site production and delivery, before net noncash

and other costs shown below 432  326  100  6  432

By-product credits (422) —  —  —  —

Treatment charges 56  42  13  1  56

Export duties 55  42  12  1  55

Royalty on metals 66  48  18  —  66

Net cash costs 187  458  143  8  609

DD&A 186  141  43  2  186

Noncash and other costs, net 97

b

73  23  1  97

Total costs 470  672  209  11  892

Other revenue adjustments, primarily for pricing

on prior period open sales 19  19  15  1  35

Gross profit $ 807  $ 605  $ 191  $ 11  $ 807

Copper sales (millions of recoverable pounds) 290  290

Gold sales (thousands of recoverable ounces) 125

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments $ 4.34  $ 4.34  $ 3,072

Site production and delivery, before net noncash

and other costs shown below 1.49  1.12  797

By-product credits (1.46) —  —

Treatment charges 0.19  0.15  102

Export duties 0.19  0.14  102

Royalty on metals 0.23  0.17  144

Unit net cash costs 0.64  1.58  1,145

DD&A 0.64  0.49  343

Noncash and other costs, net 0.34

b

0.25  179

Total unit costs 1.62  2.32  1,667

Other revenue adjustments, primarily for pricing

on prior period open sales 0.06  0.07  116

Gross profit per pound/ounce $ 2.78  $ 2.09  $ 1,521

Reconciliation to Amounts Reported

Production

Revenues and Delivery DD&A

Totals presented above $ 1,664  $ 432  $ 186

Treatment charges (8) 48

c

—

Export duties (55) —  —

Royalty on metals (66) —  —

Noncash and other costs, net —  97  —

Other revenue adjustments, primarily for pricing

on prior period open sales 35  —  —

Eliminations and other —  1  —

Indonesia operations 1,570  578  186

Other miningd

5,570  4,478  269

Corporate, other & eliminations (1,412) (1,300) 11

As reported in FCX’s consolidated financial statements $ 5,728  $ 3,756  $ 466

a.Includes silver sales of 0.4 million ounces ($34.05 per ounce average realized price).

b.Includes charges totaling $44 million ($0.15 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities, $24 million ($0.08 per pound of copper) related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities and $23 million ($0.08 per pound of copper) for remediation costs related to the October 2024 fire incident at PTFI’s smelter.

c.Represents tolling costs paid to PT Smelting.

d.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page VIII.

XVI

FREEPORT

PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended March 31,

(In millions) 2026 2025

Revenues, excluding adjustmentsa

$ 221  $ 186

Site production and delivery, before net noncash

and other costs shown below 129  116

Treatment charges and other 9  9

Net cash costs 138  125

DD&A 24  26

Noncash and other costs, net 7  6

Total costs 169  157

Gross profit $ 52  $ 29

Molybdenum sales (millions of recoverable pounds)a

9  9

Gross profit per pound of molybdenum:

Revenues, excluding adjustmentsa

$ 25.21  $ 20.32

Site production and delivery, before net noncash

and other costs shown below 14.73  12.70

Treatment charges and other 0.96  1.02

Unit net cash costs 15.69  13.72

DD&A 2.80  2.83

Noncash and other costs, net 0.75  0.62

Total unit costs 19.24  17.17

Gross profit per pound $ 5.97  $ 3.15

Reconciliation to Amounts Reported

Production

Three Months Ended March 31, 2026 Revenues and Delivery DD&A

Totals presented above $ 221  $ 129  $ 24

Treatment charges and other (9) —  —

Noncash and other costs, net —  7  —

Molybdenum mines 212  136  24

Other miningb

7,936  5,785  470

Corporate, other & eliminations (1,914) (1,856) 20

As reported in FCX’s consolidated financial statements $ 6,234  $ 4,065  $ 514

Three Months Ended March 31, 2025

Totals presented above $ 186  $ 116  $ 26

Treatment charges and other (9) —  —

Noncash and other costs, net —  6  —

Molybdenum mines 177  122  26

Other miningb

6,963  4,934  429

Corporate, other & eliminations (1,412) (1,300) 11

As reported in FCX’s consolidated financial statements $ 5,728  $ 3,756  $ 466

a.Reflects sales of the Molybdenum mines’ production to FCX’s molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, FCX’s consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.

b.Represents the combined total for FCX’s other mining operations as presented in “Business Divisions and Segments,” beginning on page VIII. Also includes amounts associated with FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.

XVII

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EX-99.2

Filename: fcx1q26cc_final.htm · Sequence: 3

fcx1q26cc_final

All Operating Sites fcx.com FCX Conference Call 1st Quarter 2026 Results April 23, 2026

Cautionary Statement 2 This presentation contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; restoration and remediation efforts, and phased restart and ramp-up of production and downstream processing following the mud rush 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 operating plans; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; potential extension of PTFI’s special mining business license (IUPK) beyond 2041; timing of shipments of inventoried production; FCX’s sustainability-related commitments and targets; FCX’s overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX’s 2030 climate targets and its 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “w ill,” “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 forward- looking 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 (Board) and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, 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 materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important 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 commodities FCX produces, primarily copper and gold; changes in export duties and tariff rates; production rates; timing of shipments and sales; PTFI’s ability to repair mud rush incident-related damage, 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 optimize production plans; resolve force majeure declarations and maintain relationships with commercial counterparties; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions, including market volatility regarding trade policies and tariff uncertainty; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities 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, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041; process relating to the extension of PTFI’s IUPK beyond 2041; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; impacts, expenses or results from litigation or investigations; tailings management; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” 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 forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX 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 experience 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 commodities we produce and interpretations of geologic data, which may not necessarily be indicative of future results or quantities ultimately recovered. This presentation also includes forward-looking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material modifying factors. This presentation also includes forward-looking statements regarding mineral potential, which includes exploration targets and mineral resources but will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of metal will be produced. Accordingly, no assurance can be given that estimated 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 molybdenum, net debt and Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and accretion), which are not recognized under U.S. generally accepted accounting principles (GAAP). FCX’s calculation and reconciliation of unit net cash costs (credits) per pound of copper and molybdenum and net debt to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of FCX’s 1Q26 press release, which is available on FCX’s website, fcx.com. A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 32. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods, and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.

1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 Highlights 3 ($ in bn)Financial Highlights (1) A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 32. (2) Cash provided by (used for) working capital totaled $0.1 bn in 1Q26 and ($0.3) bn in 1Q25. (3) Includes $0.6 bn for major projects in 1Q26 and 1Q25. NOTE: Refer to non-GAAP disclosure on slide 2. • 1Q26 sales volumes and unit net cash costs favorable to January estimates • U.S. copper mining operating income up ~2.5x vs. 1Q25 • Initiated phased ramp-up of Grasberg Block Cave; ramp-up forecast adjusted for modifications to material handling systems • Signed MOU with Indonesian government to extend PTFI operating rights for the life of resource • Advanced organic copper growth: El Abra EIS submitted for potential major expansion; Arizona leach technology and brownfield expansion progressing • Returned $0.3bn to shareholders, including $0.1bn of share repurchases* • Strong balance sheet and favorable long-term outlook *Share repurchases include $93 mm in 1Q26 ($54.25 avg. per share) Operating Cash Flow (2) $1.5 Adjusted EBITDA (1)Revenues $2.5 $6.2 $5.7 $1.9 $1.1 CAPEX (3) $1.0 $1.2

Pursuing Value For All Stakeholders 2026 Focus Areas 4 Leach Initiative Targeting ~300 mm lbs in 2026 and further define path to ~800 mm lbs per annum by 2030. Innovation Deploy technologies to strengthen long-term cost competitiveness in the Americas and unlock significant value. Future Growth Advance major growth options in long-lived copper districts at Bagdad, El Abra and Safford/Lone Star. Execution Deliver on operating plans across all sites and safely and sustainably restore Grasberg mining and smelting operations.

Copper – Metal of Electrification 5 Technology • Demand expected to benefit from advances in AI, communications and expanding connectivity * internationalcopper.org Infrastructure • Backbone of construction, urbanization and energy infrastructure • Superior electrical and thermal conductivity of any industrial metal Transportation • Essential material component of electric vehicles / hybrids • Used in electric motors, batteries, inverters, wiring and charging stations Freeport is strategically positioned as a leading copper producer * internationalcopper.org Over 65% of the world’s copper is used in applications that deliver electricity*

Operations Update 6 • Copper sales +7% vs. 1Q25 • Unit net cash costs down 6% vs. 1Q25 • Ongoing focus on increasing volumes, improving run times • Targeting increase from innovative leach initiative: ~300 mm lbs in 2026 o Commenced large-scale testing of internally developed additive o Lab tests of additional internally developed additives showing encouraging results o Commenced pilot testing of heat at Morenci with additional modular heating units planned at scale • New initiative advancing to use technology for greater efficiencies and cost reduction • Cerro Verde effectively managed challenges in 1Q26 associated with severe weather and mill restrictions • Pursuing innovative leach opportunities at El Abra; heat trials expected in 2H26 • Submitted environmental impact statement for potential major expansion and transformational growth at El Abra • Completed remediation and restoration activities required for restart of GBC Production Blocks (PB) 2 and 3 • Ramp-up schedule adjusted to incorporate required loading infrastructure modifications in haulage level • Continue to advance activities for future start-up of PB 1S • Smelters operating at reduced rates until GBC ramps up • $0.7 bn insurance settlement (expect proceeds in 2Q26) NOTE: Refer to non-GAAP disclosure on slide 2. United States South America Indonesia Cu Sales: 327 mm lbs Unit Net Cash Costs: $2.93/lb Cu Sales: 248 mm lbs Unit Net Cash Costs: $2.38/lb Cu Sales: 82 mm lbs Au Sales: 116 k ozs Unit Net Cash Credits: $3.53/lb* * Excludes idle facility and restoration costs associated with mud rush incident at PTFI.

Grasberg Update • Remediation for opening of PB 2/3 completed on schedule • Initial mining in PB 2/3 commenced in March • Number of wet drawpoints in PB 2/3 increased following extended period of inactivity ▪ Dry to Wet ratio impacts transfer of ore to automated trains at Haulage Level ▪ Commenced required modifications to rail loading infrastructure to achieve full ramp-up; PB 2/3 production limited over next 12 months ▪ Majority of bottlenecks to be addressed by mid-2027 • Advancing preparation for the future start-up of PB 1S and progressed drainage & cave-management risk-mitigation strategies • Confident in the quality of the resource, ability to operate large-scale underground mining safely & efficiently long-term Status as of April 2026 7 Muon Detector Installation Completed Infrastructure Repairs in Mid Access Drift

▪ Additional clean-up & plug installations ▪ Complete chute repairs ▪ Planned restart in mid-2027 ▪ Potential restart by YE 2027 Grasberg Block Cave 8 ✓ Completed mud clean-up on various levels of GBC ✓ Installed plugs in Mid-Access Drift (MAD) ✓ Repaired & installed infrastructure services ✓ Initial mining commenced in March 2026 (previously expected in 2Q26) ▪ Revised Ramp-up Schedule: Planned Restart Overview • PB 2/3 Restart • PB 1S Restart • PB 1C Restart • Risk Management Plan View Grasberg Pit Grasberg Block Cave Kucing Liar N Future PBs PB3 PB2N PB2S PB1 PB1N PB1C PB1S P23 P34 DP20S Jan 2026 Apr 2026 Ramp-up (t/d) 100K by 2H26 60K in 2H26, 90K in 2Q27 Estimates as of ▪ Strengthen cave management plans ▪ Mud inrush controls, including mud removal options ▪ Emerging Cave Imaging Technology (muons)

9 Grasberg BC Extraction Level Increase in Wet Drawpoints in PB 2/3 since September 2025 September 2025 Number of wet drawpoints increased following extended period of inactivity April 2026 N Grasberg BC Extraction Level, 2830m 183 Wet Drawpoints (~30% of total) 2.5:1 Dry:Wet Ratio Wet Dry Drawpoint Classification PB1N P B 1 C PB1S PB3 Future PBs Plan View PB3 PB2S PB2N PB2S PB2N 280 Wet Drawpoints (~45% of total) 1.3:1 Dry:Wet Ratio 635 Total Active Drawpoints (DPs) in PB 2/3 Sept 2025 • 452 Dry DPs & 183 Wet DPs 1 Panel with less than 1:1 Dry:Wet Ratio April 2026 • 355 Dry DPs & 280 Wet DPs 10 Panels with less than 1:1 Dry:Wet Ratio

GBC Ore: Extraction to Haulage Loading Infrastructure: Regular Chute & Chute Regulator 10 Chute RegulatorRegular Chute Drawbell Drilling Undercut Ring DrillingCave Muckpile Air Gap Undercut Level 2850m Elevation Extraction Level 2830m Elevation Service Level 2810m Elevation Rail Haulage Level 2760m Elevation Orepass Chute GalleryOre Train Slot Raise Grizzly & Rock Breaker Drawpoints Loading Chute Drawbell Extraction Level 2830m elevation Service Level 2810m elevation Rail Haulage Level 2760m elevation Mined ore from loaders is dropped down through orepass to chute to load on railcars GBC Ore from Extraction Level to Loading on Haulage Level

Grasberg Minerals District Mine Plan Metal Production, 2025 – 2030e 11 1.0 0.8 1.2 1.6 1.6 1.7 0.9 0.7 1.0 1.4 1.3 1.2 2025 2026e 2027e 2028e 2029e 2030e | Copper 2026e – 2030e Total: 6.9 billion lbs copper Annual Average: ~1.4 billion lbs | Gold 2026e – 2030e Total: 5.6 million ozs gold Annual Average: ~1.1 million ozs Cu bn lbs Au mm ozs NOTE: Timing of annual production will depend on a number of factors including operational performance; the ramp-up of the Grasberg Block Cave underground mine; weather-related conditions; and other factors. 2026e production expected to exceed sales and assumes deferrals of ~100 mm lbs of copper and ~50k ozs of gold related to inventory held at PTFI’s smelting operations. FCX’s economic interest in PTFI is 48.76%. e = estimate.

Robust Project Pipeline Update 12 El Abra Expansion Chile Safford/Lone Star Expansions Arizona Grasberg District Indonesia Bagdad Expansion Arizona New Leach Technologies Americas • Achieved run rate of ~240 mm lbs/yr by YE25 • Targeting increase to ~300 – 400 mm lbs/yr in 2026/2027 • New additives combined with heating stockpiles showing potential for building scale • Driving innovation toward ~800 mm lbs/yr by 2030 • 200 – 250 mm incremental lbs/yr • Derisking in progress with autonomous conversion, tailings infrastructure investment and housing • Retesting economics for 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 2030s • Kucing Liar project in development, 130k t/d expansion - Ramp-up anticipated to commence in 2030 timeframe - 750 mm lbs Cu & 735k oz Au per annum at full rate to sustain large-scale production • Signed MOU for life of resource extension; targets beyond 2041 create opportunities for future growth • Submitted Environmental Impact Statement in March 2026 • ~2-3-yr permitting process • ~4-yr construction • Potential start-up in 2033 timeframe • +700 mm lbs/yr incremental <$1 billion Incremental investment ~$3.5 billion (under review) Incentive Price: ~$4/lb Developing estimate ~$4 billion remaining for Kucing Liar ~$1.3 billion incurred to date ~$7.5 billion (under review) Excludes $2 billion for extension of leach operations Incentive Price: <$4/lb ANTICIPATED CAPITAL INVESTMENT

Freeport ̶ America’s Copper Champion 13 • Valuable U.S. franchise with long-standing history in U.S. dating back to late 1800s • Dominant U.S. copper producer; Operations account for ~70% of total U.S. refined production • One of the largest U.S. copper resource positions • Entering a period of brownfield growth Upstream copper mines with SX/EW facilities Downstream smelting and refining facilities EL PASO Copper Refinery and Rod Mill CHINO TYRONE MORENCI BAGDAD SAFFORD/LONE STAR SIERRITA MIAMI Mine, Copper Rod Plant & Smelter Fully integrated operations in Southwest U.S. ARIZONA NEW MEXICO TEXAS Driving Value Through Innovative Growth & Cost Reduction Annual Copper Production Potential for ~60% Increase (bns of lbs) ~2 1.25 U.S. Base Production Base Leach Initiatives Bagdad 2X 2024 2030e Target e = estimate

Gold Sales (million ozs)(billion lbs) Copper Sales Annual Sales Profile April 2026 Estimate 14 NOTE: Consolidated copper sales include 1.11 bn lbs in 2025, 0.82 bn lbs in 2026e, 1.13 bn lbs in 2027e and 1.28 bn lbs in 2028e for noncontrolling interests; excludes purchased copper. Estimates are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; weather- related conditions; timing of shipments and other factors. Additionally, 2026e assumes deferrals of ~100 mm lbs of copper related to inventory held at PTFI’s smelting operations. e = estimate. NOTE: Consolidated gold sales include 538k ozs in 2025, 330k ozs in 2026e, 512k ozs in 2027e and 666 k ozs in 2028e for noncontrolling interests. Estimates are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; weather-related conditions; timing of shipments and other factors. Additionally, 2026e assumes deferrals of ~50 k ozs of gold related to inventory held at PTFI’s smelting operations. (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 75 100 2025 2026e 2027e 2028e 83 90 90 95 0 1 2 2025 2026e 2027e 2028e 1.07 0.65 1.0 1.3

Recent Cost Pressures • Sufficient sourcing support current operations but inflationary pressures are increasing, led by energy • Indonesia energy cost pressures are rising faster, driven by regional supply-chain dislocations • FCX’s diesel costs in March 2026 increased by over 80% compared with the January / February average o Equivalent to ~$0.5 billion on an annualized basis • Energy represented ~15% of FCX’s global direct costs (~50% diesel) in 2025 • Sulfuric acid costs have also risen, with spot prices more than doubling o FCX has limited exposure to spot market o FCX’s smelters provide a natural hedge for sulfuric acid • Continuing to monitor potential impacts on other consumables 15 South America Diesel 44%56% Power Indonesia Diesel 65% 35% Coal & Other United States 100 49% Power 2025 Energy Summary Diesel Consumption (mm gal/yr) Diesel 51% 90 90

EBITDA and Cash Flow at Various Copper Prices Assuming $4,500/oz gold, $25/lb molybdenum 16 NOTE: Refer to non-GAAP disclosure on slide 2. These illustrations include insurance proceeds associated with the Grasberg mud rush incident. In 1Q26, PTFI recognized a gain of $0.7 bn for an insurance settlement associated with the September 2025 mud rush incident under its property and business interruption policies and expects to receive proceeds in 2Q26. EBITDA also excludes idle facility and restoration costs associated with the mud rush incident at PTFI. e = estimate. (1) U.S. Dollar Exchange Rates: 911 Chilean peso, 16,000 Indonesian rupiah, $0.70 Australian dollar, $1.16 euro, 3.43 Peruvian sol base case assumption. Each +10% equals a 10% strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecasted expenditures in these foreign currencies equates to a cost benefit of noted amounts. ($ in bns except copper, gold and molybdenum prices) Operating Cash Flow Excludes working capital changes EBITDA Sensitivities Average ’27e/’28e (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% $ 80 Copper +/-$0.10/lb $390 Molybdenum +/-$1.00/lb $ 85 Gold +/-$100/oz $110 Currencies (1) +/-10% $250 Diesel +/-10% $115 $0 $5 $10 $15 $20 Cu $5.00/lb Cu $6.00/lb Cu $7.00/lb ’27e/’28e Avg $0 $6 $12 $18 $24 Cu $5.00/lb Cu $6.00/lb Cu $7.00/lb ’27e/’28e Avg

Consolidated Capital Expenditures 2025 2026e 2027e Major Projects (1) Excludes $0.6 bn in CAPEX for PTFI’s downstream processing facilities. (2) Planned projects primarily include CAPEX associated with Grasberg underground development, supporting mill and power capital costs and a portion of spending on the new gas-fired combined cycle facility. NOTE: Amounts include capitalized interest. Discretionary CAPEX will be excluded from the available cash flow calculation for purposes of the performance-based payout framework. e= estimate. $1.6 $0.9 Planned (2) Discretionary $1.4 $3.9 Other Other $1.6 Planned (2) Discretionary $4.5 Other $1.3 $1.4 $1.6 $4.3 53% 37% 10% Grasberg Energy Transition & Other Atlantic Copper CirCular 2027e Projected Discretionary Spending by Project 2026e ($ in bns) 17 42% 42% 16% (1) Planned (2) Discretionary $1.2 $1.7 Kucing Liar Bagdad Early Works

Financial Policy: Performance-Based Payout Framework ~50% available cash flow(1) for shareholder returns 18 (1) Available cash flow equals available cash flows generated after planned capital spending (excluding PTFI’s downstream processing facili ties funded with debt and discretionary CAPEX) and distributions to noncontrolling interests. (2) Net debt equals consolidated debt less consolidated cash and cash equivalents. Net debt at 3/31/26 excludes $3.2 bn of debt associated with PTFI’s downstream processing facilities. (3) FCX has acquired 53.7 mm shares of its common stock for a total cost of $2.1 bn ($39.01 avg. cost per share) under its share repurchase program since November 2021, including 1.7 mm shares for a total of $93 mm ($54.25 avg. cost per share) in 1Q26. NOTE: Refer to non-GAAP disclosure on slide 2. Board reviews structure of performance-based payout framework at least annually Maintaining Strong Balance Sheet 6/30/2021 3/31/2026 $2.4 $3.4 Net Debt, excluding Indonesia downstream projects ($ in bns) Providing Cash Returns to Shareholders $6.0 bn Distributed Since 6/30/21 35% Share Repurchases(3) Variable Dividend Base Dividend 34% 31% Advancing Organic Growth Opportunities • Positioned for future growth • Organic project pipeline – Leach innovation initiatives – Kucing Liar/Grasberg District – Bagdad 2X – El Abra expansion – Safford/Lone Star sulfide expansions (2) • Strong credit metrics • Investment Grade rated by S&P, Moody’s and Fitch • Net debt, excluding downstream projects, below $3-4 bn threshold

Significant Gold Producer Organic Growth Pipeline Strong Global Leader with Valuable U.S. Franchise Leadership Position in Critical Metal Large Scale Producer Freeport – Store of Value 19

Reference Slides

Financial Highlights 21 Copper Consolidated Volumes, excluding purchases (mm lbs) 657 872 Average Realization (per lb) $ 5.78 $ 4.44 Site Production & Delivery Costs (per lb) $ 3.29 $ 2.59 Unit Net Cash Costs (per lb) $ 1.91 $ 2.07 Gold Consolidated Volumes (000’s ozs) 121 128 Average Realization (per oz) $4,889 $3,072 Molybdenum Consolidated Volumes (mm lbs) 24 20 Average Realization (per lb) $25.21 $21.67 1Q26 (1) Excludes idle facility and restoration costs associated with mud rush incident at PTFI. (2) Cash provided by (used for) working capital totaled $0.1 bn in 1Q26 and ($0.3) bn in 1Q25. (3) Includes $3.2 bn of debt associated with PTFI’s downstream processing facilities. NOTE: Refer to non-GAAP disclosure on slide 2. Revenues $ 6.2 $ 5.7 Net Income Attributable to Common Stock $ 0.9 $ 0.4 Diluted Net Income Per Share $ 0.61 $ 0.24 Operating Cash Flows $ 1.5 $ 1.1 Capital Expenditures $ 1.0 $ 1.2 Total Debt $ 9.4 $ 9.4 Cash and Cash Equivalents $ 3.7 $ 4.4 (in billions, except per share amounts) | Sales Data | Financial Results 1Q25 (3) (1) (2) (1)

Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile 22 $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 $ 3.7 Net Debt (1) $ 5.7 Net Debt/Adjusted EBITDA(2) 0.5x $ - at 3/31/26Total Debt & Cash $1.8 (3) 5.00% Sr. Notes & FMC Sr. Notes 4.763% PTFI Sr. Notes 5.315% & 6.2% PTFI Sr. Notes Significant liquidity ▪ $3.7 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 mm in availability under Cerro 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 uncommitted lines of credit and other short-term lines are included in FCX’s revolver balance, which matures in 2027. NOTE: Refer to non-GAAP disclosure on slide 2. Atlantic Copper $0.1

1Q26 Mining Operating Summary 23 (1) Includes 6 mm lbs in 1Q26 and 1Q25 from South America. (2) Silver sales totaled 0.8 mm ozs in 1Q26 and 1Q25. (3) Silver sales totaled 0.5 mm ozs in 1Q26 and 0.4 mm ozs in 1Q25. (4) Excludes idle facility and restoration costs associated with the mud rush incident at PTFI. (5) Treatment charges reflect costs from PTFI’s downstream operations and do not reflect market TC/RC rates. In addition, these treatment charges do not reflect the significant offsets in revenue and by-product credits associated with incremental metals and sulfuric acid produced by PTFI’s downstream operations. NOTE: Refer to non-GAAP disclosure on slide 2. Site Production & Delivery, excl. adjs. $3.50 $3.15 $2.91 $3.29 By-product Credits (0.70) (0.79) (7.65) (1.60) Treatment Charges 0.13 0.01 0.61 0.14 Royalties - 0.01 0.60 0.08 Unit Net Cash Costs (Credits) $2.93 $2.38 $(3.53) $1.91 United South States America Indonesia Consolidated (per lb of Cu)1Q26 Unit Net Cash Costs (Credits) United States 20 24 (1) 307327 1Q26 1Q25 Indonesia 290 82 125 116 South America 248 275 Sales From Mines by Region 1Q26 1Q25 1Q26 1Q25 1Q26 1Q251Q26 1Q25 (2) (1) Au k ozs Mo mm lbs Cu mm lbs (4) (4) (3) (5)

2026e Outlook 24 (1) Excludes $1.3 bn in 2026e and $0.3 bn in 2Q26e for projected idle facility and restoration costs associated with the mud rush incident at PTFI. (2) Assumes average prices of $4,500/oz gold and $25/lb molybdenum for 2Q26e – 4Q26e. (3) For 2Q26e – 4Q26e each $100/oz change in gold is estimated to have an approximate $50 mm impact and each $2/lb change in molybdenum is estimated to have an approximate $90 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; the ramp-up of PTFI’s Grasberg Block Cave underground mine; impacts related to the conflict in the Middle East, including potential changes in energy costs and other 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: 90 million lbs • Site prod. & delivery(1) o 2026e: $3.18/lb o 2Q26e: $3.32/lb • After by-product credits(1,2) o 2026e: $1.95/lb o 2Q26e: $2.24/lb • $4.3 billion o $3.0 billion for major projects(4) o $1.3 billion for other projects • ~$8.7 billion @ $6.00/lb copper for 2Q26e – 4Q26e • Each 10¢/lb change in copper for 2Q26e – 4Q26e = $220 million impact Sales Outlook Unit Net Cash Cost of Copper Operating Cash Flows (2,3) Capital Expenditures

2026e Operational Data By Region 25 by Region2026e Sales (1) 1,048 90 1,367 663 650 (3) United States Indonesia(2)South America (per lb of Cu) Site Production & Delivery (5) $3.60 $3.19 $2.30 $3.18 By-product Credits (0.70) (0.63) (4.50) (1.49) Treatment Charges 0.12 0.03 0.50 0.17 Royalties - 0.01 0.40 0.09 Unit Net Cash Costs / (Credits) $3.02 $2.60 $(1.30) $1.95 2026e Unit Net Cash Costs / (Credits) (4) United South States America Indonesia Consolidated NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. (7) Au k ozs Mo mm lbs Cu mm lbs Cu mm lbs Cu mm lbs (1) Includes molybdenum produced in South America. (2) Copper and gold sales estimates are dependent on operational performance; the ramp-up of PTFI’s Grasberg Block Cave underground mine; impacts related to the conflict in the Middle East, including potential changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors. (3) Includes gold produced in U.S. (4) Estimates assume average prices of $4,500 oz gold and $25/lb molybdenum for 2Q26e – 4Q26e. Quarterly unit costs will vary significantly with quarterly metal sales volumes. (5) Production costs include profit sharing in South America and severance taxes in U.S. (6) Excludes idle facility and restoration costs associated with the mud rush incident at PTFI. (7) Treatment charges reflect costs from PTFI’s downstream operations and do not reflect market TC/RC rates. In addition, these treatment charges do not reflect the significant offsets ($0.38/lb in 2026e) in revenue and by-product credits associated with incremental metals and sulfuric acid produced by PTFI’s downstream operations. (6) (6)

* Support costs, taxes/fees, social costs & other South America United States Labor Energy Acid 4% 37% 40% 12% 7% 19% 7% Indonesia Consolidated 34% 19% 16% 31%* 36% Materials and Supplies 26 2025 Site Production Costs Breakdown Other 4% 11% 15% 33% 36% 34% 5%

2026e Quarterly Sales 27e = estimate (million lbs) Moly Sales Gold Sales (000’s ozs) 0 100 200 300 1Q26 2Q26e 3Q26e 4Q26e 121 140 190 200 0 5 10 15 20 25 1Q26 2Q26e 3Q26e 4Q26e 24 22 22 22 NOTE: Consolidated copper sales include 155 mm lbs in 1Q26, 181 mm lbs in 2Q26e, 226 mm lbs in 3Q26e and 256 mm lbs in 4Q26e for noncontrolling interests; excludes purchased copper. Estimates are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; weather-related conditions; timing of shipments and other factors. NOTE: Consolidated gold sales include 59k ozs in 1Q26, 72k ozs in 2Q26e, 97k ozs in 3Q26e and 102k ozs in 4Q26e for noncontrolling interests. Estimates are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; weather-related conditions; timing of shipments and other factors. (million lbs) Copper Sales 0 250 500 750 1000 1Q26 2Q26e 3Q26e 4Q26e 657 690 830 900

Americas Leach Innovation Initiatives Low Cost, High Value 28 * Copper from historical placements beyond assumed recovery estimates and is not included in mineral reserves or mineral resources. 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 Copper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques 50 144 214 240 300 800 2022 2023 2024 YE 2025 2026e By 2030e Scaling the Opportunity (mm lbs) ~ ~ e = estimate. Run Rate

Bagdad 2X Expansion Update 29 • Operation located in northwest Arizona • Reserve life exceeds 80 years • Potential expansion to double concentrator capacity • Completed conversion of haul truck fleet to autonomous haulage in 2025 • Completed technical and economic studies in late 2023 – Expected to expand concentrator capacity by ~100 - 120k t/d – Project capital approximates $3.5 billion (continues to be reviewed) – Economics indicate incentive copper price of ~$4.00/lb – Expected to add incremental production of 200 - 250 mm lbs/yr of copper and ~10 mm lbs/yr of molybdenum – Construction timeline: 3 - 4 years • Advancing activities for expanded tailings infrastructure to enhance project optionality • Retesting economics for potential investment decision in 2H26

Discretionary Capital Projects* 30 • 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 2026e) through 2033 • 8 bn lbs copper & 8 mm ozs gold through 2041 • 750 mm lbs & 735k 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 calcu lation (defined on slide 18) for purposes of the performance-based payout framework. NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. • Potential expansion to double concentrator capacity • Completed feasibility study in late 2023; retesting economics • 2026e CAPEX: o ~$500 mm to expand tailings infrastructure o ~$150 mm for early works Bagdad 2X Expansion • Advancing plans to transition existing energy source from coal to natural gas • Project deferred approximately 18 months after mud rush • CAPEX of ~$115 mm in 2027e net of avoided coal cost • Recycle electronic material • ~$250 mm remaining to be spent in 2026e • Expect to commence production in 2H26e • ~$80 mm per annum in projected incremental EBITDA Atlantic Copper CirCular Kucing Liar Grasberg Energy Transition to Natural Gas

The Copper Mark Recognition for Responsible Production 31 • The Copper Mark is an assurance framework developed to demonstrate the copper industry’s responsible production practices • FCX has achieved, and is committed to maintaining, the Copper Mark and Molybdenum Mark at all operating sites globally, as applicable • Producers participating in the Copper Mark and Molybdenum Mark are committed to adhering to internationally recognized responsible operating practices; the framework currently includes 33 issue areas across 5 ESG categories • Requires third-party assurance of site performance and independent Copper Mark validation every three years • The Copper Mark 2.0 assurance process in progress • The Copper Mark is governed by an independent board including NGO participation and multi-stakeholder advisory council FCX AWARDED SITES Atlantic Copper smelter & refinery (Spain) Bagdad mine (AZ) Cerro Verde mine (Peru) Chino mine (NM) Climax mine (CO) El Abra mine (Chile) El Paso refinery & rod mill (TX) Fort Madison (IA) Henderson mine (CO) Miami smelter, mine & rod mill (AZ) Morenci mine (AZ) PTFI mine (Indonesia) Rotterdam (Netherlands) Safford mine (AZ) Sierrita mine (AZ) Stowmarket (UK) Tyrone mine (NM) Note: FCX’s copper producing sites that produce by-product molybdenum have received both the Copper Mark and the Molybdenum Mark. With the completion of PTFI’s downstream processing facilities, we currently are working toward their initial Copper Mark validation.

Adjusted EBITDA Reconciliation ($ in mm) 12-Mo. Ended 1Q 2026 1Q 2025 3/31/2026 Net income attributable to common stock $881 $352 $2,733 Interest expense, net 114 70 413 Income tax provision 653 500 2,374 Depreciation, depletion and amortization 514 466 2,292 PTFI mud rush incident insurance settlement (699) - (699) Net gain on sales of assets - - (16) Stock-based compensation and accretion 110 91 293 Other net charges (1) 411 28 1,305 Other income, net (11) (58) (176) Net income attributable to NCI 506 441 2,013 Equity in affiliated companies’ net earnings (6) (2) (5) Adjusted EBITDA (2) $2,473 $1,888 $10,527 (1) Primarily includes net charges for idle facility, restoration and recovery costs associated with the PTFI mud rush incident ($406 mm in 1Q26 and $1,031 mm for the 12 months ended 3/31/2026). The 12 months ended 3/31/2026 also include oil and gas charges ($115 mm); fixed asset impairments/write-offs at PTFI ($81 mm); and remediation costs related to the October 2024 fire incident at PTFI’s smelter ($42 mm). 1Q25 primarily includes net charges associated with previously capitalized land lease costs associated with PTFI’s downstream processing facilities ($24 mm) and remediation costs related to the October 2024 fire incident at PTFI’s smelter ($23 mm); partly offset by adjustments to mining reclamation liabilities ($(11) mm) and environmental obligations and related litigation reserves ($(7) mm). (2) Adjusted EBITDA is a non-GAAP financial measure that is frequently used by securities analysts, investors, lenders and others to evaluate companies’ performance, including, among other things, profitability before the effect of financing and similar decisions. Because securities analysts, investors, lenders and others use Adjusted EBITDA, management believes that our presentation of Adjusted EBITDA affords them greater transparency in assessing our financial performance. Adjusted EBITDA should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA may not necessarily be comparable to similarly titled measures reported by other companies, as different companies calculate such measures differently. 32

Grasberg Reference Slides

Major Milestone MOU for life of resource extension at Grasberg • In February 2026, FCX entered into an MOU with the Indonesia government for a life of resource extension of operating rights for PTFI in the Grasberg minerals district. • Under the MOU, PTFI’s IUPK will be amended, subject to issuance by the Indonesia government. • Agreement reinforces long-term stability and continuity of large-scale operations for the benefit of all stakeholders. • PTFI intends to complete expeditiously its extension application reflecting the agreed terms. • Commitments include increased exploration, advancement of long-term development studies, expanded community support in Papua, and continued domestic downstreaming. • FCX will maintain a 48.76% ownership interest through 2041 and hold ~37% beginning in 2042. • FCX to be reimbursed for its pro-rata costs incurred using book value for investments that benefit the post- 2041 period. • Existing governance and operating agreements will continue over the life of the resource. 34

Grasberg Block Cave Development Overview 35 Drawbell Drilling Undercut Ring DrillingCave Muckpile Air Gap Undercut Level 2850m Elevation Extraction Level 2830m Elevation Service Level 2810m Elevation Rail Haulage Level 2760m Elevation Orepass Chute GalleryOre Train Slot Raise Grizzly & Rock Breaker Drawpoints Loading Chute Drawbell Development Diagram • Undercut Level – initiates cave by removing rock beneath mining block • Extraction Level – active mining where broken rock gravitates through drawbells to drawpoints • Service Level – hosts ore passes, ventilation systems and other support infrastructure • Haulage Level – transports ore to primary crushers via rail systems • Drainage Level* – handles water discharge & dewatering operations Mining Levels * Drainage level (not shown at left) is located 50 meters below Haulage Level at 2710 m elevation

GBC Ore: Extraction to Haulage 36 Drawbell Drilling Undercut Ring DrillingCave Muckpile Air Gap Undercut Level 2850m Elevation Extraction Level 2830m Elevation Service Level 2810m Elevation Rail Haulage Level 2760m Elevation Orepass Chute GalleryOre Train Slot Raise Grizzly & Rock Breaker Drawpoints Loading Chute Drawbell Extraction Level 2830m elevation Service Level 2810m elevation Rail Haulage Level 2760m elevation Mined ore from loaders is dropped down through orepass to chute to load on railcars GBC Ore from Extraction Level to Loading on Haulage Level PB2S PB2N Grasberg BC Chute Galleries Plan View N CG## = Chute Gallery Chute PB3

Loading Railcars on Haulage Level Chute Regulators 37 Chute Regulator Open Position Closed Position Regular Chute Ore from Extraction Level Side View Ore from Extraction Level Ore into railcar Open Closed (Flow Regulator) Ore into railcar 3 parts move to close Flow Regulator Chute Regulator No Ore loaded in Closed Position

GBC Recovery Update 38 Clean-up Mucking of Extraction & Service Levels Infrastructure (Extraction & Service Levels) Updated Cave Management Plan PB 2/3 Start-up Mid-Access Drift Plugs (P23, P24 & P25) PB 2/3 Restart ✓ 100% complete ✓ Infrastructure repairs completed ✓ Cave Maintenance mucking initiated in March Major Milestones for PB 2/3 Restart ✓ Engineered plugs poured & cured Plan View Extraction Level Plan View Service Level Inrush Source (P23, DP20S) MAD Plugs (installed) Outline of PB2/3 Restart Scope Outline of PB1 Restart Scope Outline of PB2/3 Restart Scope Future Plug Outline of PB1 Restart Scope EXH6 Plugs (installed) EFD Plugs (installed) ✓ Updated Legend Confirmed Spill Completed Clean-up Required Scope PB 2/3 Restart PB1 Restart

GBC Mining Rate Ramp-up • Initial mining commenced in March 2026 • Mining in April MTD averaged 31K t/d • Near-term GBC production to be limited to ~60% of capacity until ore loading infrastructure modifications completed • Overall PTFI Production Rates • Bottlenecks expected to be substantially addressed by mid-2027 39 0 20 40 60 80 100 120 140 1Q26 2Q26e 3Q26e 4Q26e 1Q27e 2H27e G B C M in in g R a te ( 0 0 0 ’s t /d ) * Chute Gallery 45 (CG45) covers installation of chute regulators on 4 chutes, impacting production from 4 panels; CG44 covers installations of chute regulators on 9 chutes, impacting production from 9 panels CG45 & CG44 Installations through March 2027 Installation of Chute Regulators* Projected GBC Mining Rates & Schedule of Chute Regulator Installations Current Status PB 2/3 Ramp-up Jan 2026 Apr 2026 85% in 2H26 65% in 2H26 100% by YE 2027 80% by mid-2027 ~100% by YE 2027 Estimated % of Capacity as of

40 External Mud Rush v. Wet Muck Management • Wet Muck Management • Water from the surface percolates through permeable rock & travels into UG mine where it is managed through gravity drainage systems • Some areas of the orebody generate fine material at the drawpoint • When water moves down through broken rock in the cave & encounters fine material, wet muck is possible & generally limited to volume of the drawbell • Freeport's design at the GBC includes the use of automation at the Extraction and Haulage Levels to manage wet muck with autonomous loaders, comprehensive monitoring, the use of exclusion zones and blending strategies • System design for automated train loading on the haulage level is being modified to enhance flexibility to accommodate varying ore characteristics • External Mud Rush Event • Large volume of flowable mud traveling downward from the surface through vertical pathway PTFI has safety controls & work practices to protect our people from the risk of localized wet muck flows Remote Loading on Extraction Level Remotely controlled Rock Breakers Autonomous Train Haulage Remote Train Loading Spillminator (wet muck control chute)

Concrete Batch Plant C-pump(s) Low-head discharge hose (350m) Power line extension (3,000m) Drive/Pump House (3685m) East Anchor (3650m) Drain Hole Surface Manifold Risk Management Sandvik DU311 Drill Remove Flowable Material With In-pit Pumping Conventional up-hole Coring for Slurry Pond Drainage Soft Zone Grasberg Pit Water-Driven In-the-Hole Hammer Drill Pit Bottom Drill Holes Grasberg Pit Plan View 41 ~3 km of new drift development to drill & drain pit bottom Larger Diameter (5”) & Fast drilling (~200 meters/day) Small Diameter (<3”) & Slow drilling (~10 meters/day) Mud Removal Options for Former Open Pit New Drift Grasberg Pit GBC Pit Bottom Two drill holes making water Target to drill in 2H26 Target pumping in 2027 • First blast of drifts in April • Initiate drainage in 2027 Pit bottom pumping via cable- deployed pump Submersible Pump Pit Bottom Drainage Gallery April 2026

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Apr. 23, 2026

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