Freeport-mcmoran, Inc. · NYSE:FCX

Freeport-mcmoran — BMO Capital Markets 29th Global Metals & Mining Conference 2020

10 slides from Freeport-mcmoran's conference presentation, Feb 24, 2020

  1. Slide 1: Richard C. Adkerson, Vice Chairman, President & CEO

    Richard C. Adkerson Vice Chairman of the Board, President & Chief Executive Officer fcx.com

  2. Slide 2: Cautionary Statement Regarding Forward-Looking Statements

    Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements in which FCX discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations

  3. Slide 3: Recognized Global Leader in Copper

    Recognized Valuable Global Leader Long-Lived in Copper Assets  One of the Largest Publicly  Cu Sales Growth: 2019-2021e: 30% traded Producers; NYSE-Listed  ~30-yr Reserve Life for Copper  Global Workforce: ~68,000  +60-yr Life, Including Mineralized  Copper: Strong Fundamental Material, Provid

  4. Slide 4: Americas Portfolio

    Americas Portfolio STRONG FRANCHISE Lone Star - Building Value in New  Valuable Portfolio Difficult to Replicate U.S. Cornerstone Asset • ~70% of FCX’s Copper Reserves & Sales  Long-Lived Reserves with Embedded Growth Options  Incorporating Data Analytics to Add Volumes, Improve Efficiencies & Gr

  5. Slide 5: Grasberg Open Pit

    Grasberg Open Pit Total Material Mined (bn t) Strip Ratio – Open Pit Only Copper Production (bn lbs) 5.2 2.5 33 IMPRESSIVE PAST Gold Production (mm ozs) Gross Revenues 53 ~$97 Bn(1) (1) 80% of historical gross revenues from open pit (1990 – 2019) and are based on average historical prices of $1.94/l

  6. Slide 6: Grasberg Underground

    Grasberg Underground ROBUST FUTURE Copper 2020e – 2024e Total: 7.2 billion lbs copper Total Material Mined (bn t) 1.8 Annual Average: 1.4 billion lbs Strip Ratio N/A 1.7 1.7 Copper Production (bn lbs) 36 1.6 Gold Production (mm ozs) 29 1.4 Gross Revenues ~$150 Billion(1) g& 0.67 0.75 iar Grasberg op

  7. Slide 7: Executing The Plan

    Executing The Plan EXPANDING MARGINS & CASH FLOW Rising Copper Sales & Declining Unit Costs Annual EBITDA Estimates (billion lbs) ($/lb) ($ in billions, except per pound amounts) Copper Sensitivities Assuming $1,500 Gold/$10 Molybdenum 4.3 ~$7 30% ~$6 Increase 3.3 $1.74 $2.7 $1.30 ~25% Reduction $2.

  8. Slide 8: Freeport

    FREEPORT PemeeVviOST IN COPPER

  9. Slide 9: Reference Slide

    Reference Slide PROVEN ASSETS. FUNDAMENTAL VALUE. FREEPORT-McMoRan

  10. Slide 10: Adjusted EBITDA Reconciliation

    Adjusted EBITDA Reconciliation (in millions) 12 mos. ended 4Q19 12/31/19 Net Income (Loss) Attributable to Common Stock – Continuing Operations $ 8 $(242) Interest expense, net 219 620 Income tax provision 329 510 Depreciation, depletion and amortization 391 1,412 Metals inventory adjustments 79 179

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