Slide 1: FCX Conference Call 2nd Quarter 2026 Results
FCX Conference Call 2nd Quarter 2026 Results July 23, 2026 fcx.com All Operating Sites
Slide 2: Cautionary Statement
Cautionary Statement 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
Slide 3: Highlights
Highlights Key Stats 2Q26 1H26 • Strong margins and cash flows Copper Sales (mm lbs) 710 1,367 • 2Q26 copper sales volumes and unit net cash costs favorable Gold Sales (k ozs) 123 244 to April estimates Copper Realization ($/lb) $6.17 $6.04 Gold Realization ($/oz) $4,520 $4,704 • Grasberg Block Cave
Slide 4: 2026 Focus Areas
2026 Focus Areas Execution Leach Initiative Innovation Future Growth Deliver on operating Targeting annual run Deploy technologies Advance major growth plans across all sites rate of ~300 mm lbs by to strengthen options in long-lived and safely and YE26 and further define long-term cost copper distr
Slide 5: Copper – Metal of Electrification
Copper – Metal of Electrification Over 65% of the world’s copper is used in applications that deliver electricity* Infrastructure • LME and COMEX copper prices up YTD • Backbone of construction, urbanization and energy infrastructure • Global demand growth driven by key secular • Superior electrical
Slide 6: Operations Update
Operations Update United States South America Indonesia Cu Sales: 312 mm lbs Cu Sales: 245 mm lbs Cu Sales: 153 mm lbs Unit Net Cash Costs: $2.94/lb Unit Net Cash Costs: $2.48/lb Au Sales: 118 k ozs Unit Net Cash Credits: $0.81/lb* • Copper sales in 1H26 +4% vs. 1H25 • Strong performance at Cerro Ve
Slide 7: Robust Project Pipeline Update
Robust Project Pipeline Update New Leach Bagdad Safford/Lone Star El Abra Grasberg Technologies Expansion Expansions Expansion District Americas Arizona Arizona Chile Indonesia • Achieved run rate of • Expected to add 200-250 • Substantial resource • Submitted EIS in March 2026 • Kucing Liar project
Slide 8: Freeport – America's Copper Champion
Freeport ̶ America’s Copper Champion® Fully integrated operations in Southwest U.S. • Valuable U.S. franchise with long-standing history in U.S. Upstream copper mines with SX/EW facilities dating back to late 1800s Downstream smelting and refining facilities • Dominant U.S. copper producer; Operatio
Slide 9: Annual Sales Profile
Annual Sales Profile July 2026 Estimate 5 Copper Gold 2 Sales Sales 1.2 4.1 1.07 1.0 (billion lbs) (million ozs) 4 3.8 1 0.65 3.6 3.1 0 3 2025 2026e 2027e 2028e NOTE: Consolidated gold sales include 538k ozs in 2025, 330k ozs in 2026e, 512k ozs in 2027e and 615k ozs in 2028e for noncontrolling inter
Slide 10: EBITDA and Cash Flow at Various Copper Prices
EBITDA and Cash Flow at Various Copper Prices Assuming $4,000/oz gold, $30/lb molybdenum ($ in bns except copper, gold and molybdenum prices) Sensitivities Average ’27e/’28e (US$ in mms) $24 EBITDA $18 Copper +/-$0.10/lb $390 Molybdenum +/-$1.00/lb $ 85 EBITDA $12 Gold +/-$100/oz $105 $6 Currencies
Slide 11: Consolidated Capital Expenditures
Consolidated Capital Expenditures ($ in bns) Projected Discretionary Spending by Project $4.8 2027e $4.3 2026e $3.9 Discretionary Discretionary Discretionary $1.9 Major $1.6 $1.4 Kucing Bagdad Projects Planned (2) Liar Early 39% (2) 47% Planned Planned (2) $1.2 42% Works $0.9 $1.4 42% Other 14% Othe
Slide 12: Financial Policy: Performance-Based Payout Framework
Financial Policy: Performance-Based Payout Framework PRIORITIES • Prioritize balance sheet as cornerstone of financial policy o Investment grade rated by S&P, Moody’s and Fitch Maintain Strong Balance Sheet o Maintain net debt, excluding downstream projects, below $3-4 bn threshold (1) o Net debt, e
Slide 13: Freeport – Store of Value
Freeport – Store of Value Large-Scale Producer Organic Growth Pipeline Leadership Position in Critical Metal Significant Gold Producer Strong Global Leader with Valuable U.S. Franchise 13
Slide 14: Reference Slides
) COPPER AT OUR CORE Reference Slides FREE! FOREMOST II
Slide 15: Financial Highlights
Financial Highlights | Sales Data 2Q26 2Q25 Copper Consolidated Volumes, excluding purchases (mm lbs) 710 1,016 Average Realization (per lb) $ 6.17 $ 4.54 Site Production & Delivery Costs (per lb) $ 3.28 (1) $ 2.71 Unit Net Cash Costs (per lb) $ 1.97 (1) $ 1.13 Gold Consolidated Volumes (000’s ozs)
Slide 16: 2Q26 Mining Operating Summary
2Q26 Mining Operating Summary Sales From Mines by Region United States(1) South America (2) Indonesia (3) 443 518 312 308 25 245 265 22 153 118 Cu Mo Au mm lbs mm lbs k ozs 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 United South 2Q26 Unit Net Cash Costs (Credits) (per lb of Cu) States America
Slide 17: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile (US$ bns) $8 Total Debt & Cash at 6/30/26 Significant liquidity PTFI Revolver $ 0.3 ▪ $4.1 bn in consolidated cash and cash equiv. FCX/FMC Senior Notes/Other 6.1 PTFI Senior Notes 3.0 ▪ $3.0 bn in availability under FCX credit facil
Slide 18: 2026e Outlook
2026e Outlook Sales Unit Net Cash Operating Capital Outlook Cost of Copper Cash Flows (2,3) Expenditures • Copper: 3.1 billion lbs • Site prod. & delivery(1) • ~$8.3 billion @ $6.00/lb • $4.3 billion o 2026e: $3.23/lb copper for 2H26e • Gold: 0.65 million ozs o $3.0 billion for major o 3Q26e: $3.31/
Slide 19: 2026e Operational Data By Region
2026e Operational Data By Region 2026e Sales by Region (1) United States South America Indonesia 1,360 1,022 93 (2) 675 (3) 654 Cu Mo Cu Cu Au mm lbs mm lbs mm lbs mm lbs k ozs 2026e Unit Net Cash Costs / (Credits) (1,4) United South (per lb of Cu) States America Indonesia Consolidated Site Producti
Slide 20: 2026e Quarterly Sales
2026e Quarterly Sales Copper 1000 940 Gold 300 250 Sales Sales 200 160 (million lbs) (000’s ozs) 121 123 750 750 710 100 657 0 1Q26 2Q26 3Q26e 4Q26e 500 NOTE: Consolidated gold sales include 59k ozs in 1Q26, 61k ozs in 2Q26, 82k ozs in 3Q26e and 128k ozs in 4Q26e for noncontrolling interests. Estima
Slide 21: Grasberg Minerals District Mine Plan
Grasberg Minerals District Mine Plan Metal Production, 2025 – 2030e | Copper 2026e – 2030e Total: 6.8 billion lbs copper Annual Average: ~1.4 billion lbs | Gold 2026e – 2030e Total: 5.4 million ozs gold Annual Average: ~1.1 million ozs 1.7 1.6 1.5 1.3 1.2 1.2 1.2 1.0 1.0 0.9 0.8 0.7 Cu Au bn lbs mm
Slide 22: Grasberg Block Cave Status Report
Grasberg Block Cave Status Report • Production Blocks 2 and 3 ramp-up progressing CG452 in line with April schedule ✓ Remediation completed in 1Q26 ✓ Ramp-up commenced in March 2026 ✓ Planned operating rates achieved in 2Q26 • Production Block 1S restart targeted in mid-2027 ✓ Clean-up, plug constru
Slide 23: Risk Management
Risk Management Mud Removal Options for Former Open Pit Conventional up-hole Coring Water-Driven In-the-Hole Remove Flowable Material Pit Bottom for Slurry Pond Drainage Hammer Drill With In-pit Pumping Drainage Gallery Small Diameter (<3”) & Larger Diameter (5”) & Pit bottom pumping via cable- ~3 k
Slide 24: Americas Leach Innovation Initiatives
Americas Leach Innovation Initiatives Low Cost, High Value Targeting Copper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques Significant Potential Scaling the Opportunity Incremental Production Target ~42 bn lbs Contained * (mm lbs) ~ 800 ~600 mm lbs/annum
Slide 25: Investment Case for Bagdad Expansion
Investment Case for Bagdad Expansion Low risk U.S. brownfield growth project • Would advance FCX's U.S. copper growth strategy Bagdad Prescott • Would become the second-largest U.S. copper mine Phoenix • 80+ year reserve life supports doubling capacity • Expected to add 200-250 mm lbs of Cu and 10-1
Slide 26: Bagdad Site Map
Bagdad Site Map Primary Crusher ~11 miles Existing Concentrator & CLP New 2X Concentrator Facilities New Tailings Open Pit Storage Facility Mine Main Access Water Road Pipeline Upper Townsite Mammoth TSF Sycamore Lodge Legend Existing Infrastructure N HV Power Line 2X Expansion Infrastructure 1 mile
Slide 27: Discretionary Capital Projects
Discretionary Capital Projects* Kucing Liar Bagdad 2X Expansion • Mine development in progress; expansion to • Potential expansion to double concentrator capacity 130,000 t/d • Capital cost estimates being finalized taking into • Sustain large-scale, low-cost Cu & Au production account current estim
Slide 28: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in mm) 12-Mo. Ended 2Q 2026 1H 2026 6/30/2026 Net income attributable to common stock $984 $1,865 $2,945 Interest expense, net 95 209 426 Income tax provision 544 1,197 2,068 Depreciation, depletion and amortization 523 1,037 2,147 PTFI mud rush incident insurance s
Slide 29: Freeport – Foremost in Copper
) FREEPORT FOREMOST IN COPPER