Slide 1: Freeport Update
Freeport Update November 18, 2025 fcx.com
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: Honoring Our Team Members
Honoring Our Team Members “We mourn the loss of our seven co-workers and * grieve with their families, friends and loved ones. Their memories will be forever present as we go forward. Our commitment to addressing all risks inherent in our business is unwavering and essential to protecting our most i
Slide 4: September 8th Incident Overview
September 8th Incident Overview • External rush of mud originating from surface of former open pit • Entered through an undetected pathway connecting the Grasberg Block Cave (GBC) underground mine to mud accumulations in the former open pit • Traveled to multiple levels, including the Service Level
Slide 5: Overview of Grasberg Minerals District
Overview of Grasberg Minerals District Map of Orebodies PTFI Year-end 2024 Reserves* thru 2041 Copper Gold 27 bn lbs 22 mm ozs 4,300m Grasberg Open Pit 1990-2019 Kucing Liar 28% 26% N DMLZ 16% 22% East Ertsberg Grasberg Skarn System PB 2-7 Big Gossan 41% 33% Block Cave Grasberg Gunung Bijih 8% 4% 20
Slide 6: Background on Production Block 1C
Background on Production Block 1C Grasberg Block Cave • PB1C is located approximately 300 meters beneath Plan View the low spot of the former Grasberg surface mine PB1N • Largely composed of a low strength, clay rich, PB1C geological domain termed “Softzone” PB1 PB1S PB2N P23 (Panel 23) • PB1C was d
Slide 7: Contributing Conditions
Contributing Conditions Unique Characteristics • Conditions in PB1C different than other Production Blocks Cross-Section of GBC & Pit N • Partially unbroken, overhanging & inclined thru PB1, Looking NE shape of the cave boundary adjacent to an 3400m established cave area in PB1S Mud Pit Wall • Faste
Slide 8: Observations and Action Items
Observations and Action Items Enhanced Risk Management Processes Risk Assessment Throughout District • Use information from this unprecedented While other areas within GBC do not exhibit incident to further enhance risk the same conditions, lessons learned will be management processes. applied distr
Slide 9: Path Forward
Path Forward • Restarted unaffected Big Gossan and Deep MLZ mines in late October 2025 • Prepare GBC for Restart of PB2/PB3 • Mud removal in mine workings • Re-establish services • Installation of cement plugs for panels in PB1C • PB1S Restart • Complete chute repairs • PB1C • Ongoing assessment and
Slide 10: Grasberg Minerals District Mine Plan
Grasberg Minerals District Mine Plan Metal Production, 2025e – 2029e | Copper 2025e – 2029e Total: 6.9 billion lbs copper Annual Average: ~1.4 billion lbs | Gold 2025e – 2029e Total: 5.7 million ozs gold Annual Average: ~1.14 million ozs 1.7 1.7 1.5 1.4 1.3 1.2 1.0 1.0 0.9 0.9 Cu Au bn lbs mm ozs 20
Slide 11: Grasberg Surface Conditions
Grasberg Surface Conditions Cross-Section of GBC & Pit N thru PB1, Looking NE • Surface subsidence 3400m impacts pit walls as cave expands Mud Pit Wall • Rain & runoff erode fines 3200m from slopes Topographic Low • Results in mud Grasberg accumulation in the Block 3000m topographic low of the pit C
Slide 12: Illustrative Summary of Incident
Illustrative Summary of Incident Cross-Section of GBC & Pit N • Cave back developed an thru PB1, Looking NE inclined slope 3400m • Continued draw created unforeseen high flow velocity zone & high shear along the 3200m inclined cave back that propagates to surface High Velocity • Mud drawn down into
Slide 13: External Mud Rush v. Wet Muck Incidents
External Mud Rush v. Wet Muck Incidents Nature of the mud rush incident was unique in PTFI’s long underground history & different from wet muck incidents PTFI routinely manages Remotely controlled • External Mud Rush Event Rock Breakers ✓ Large volume of flowable mud traveling downward from the surf
Slide 14: Grasberg Water Management
Grasberg Water Management • Mine located in an area with Cross-Section heavy rainfall, approximating five Grasberg Open Pit & Grasberg Block Cave meters per annum Final Pit Grasberg Open Pit • Robust water management programs including collection, Grasberg Mill Water Supply Block Cave drainage & mon
Slide 15: Grasberg Block Cave
Grasberg Block Cave Connections between Levels Cross-Section of GBC Conceptual Illustration Mud Rush entered Air Gap Mud Flow from Surface of Open Pit Undercut Ring ~19 Cave Muckpile Drilling Drawbell Drawbell Drilling Slot Raise Undercut Level ~50 2850m Elevation 2850m Elevation Grizzly Extraction
Slide 16: Mud Rush Area by Level
Mud Rush Area by Level Grasberg Block Cave Extraction Level Service Level Haulage Level 2830m 2811m/2812m 2760m Impacted Impacted Autonomous Rail Haulage Areas Areas (installed track) Mud into GBC Panel 23 DP 20S ~90,000 m3, ~200K t ~160,000 m3, ~350K t ~110,000 m3, ~240K t ~25% of total mud rush ~4
Slide 17: Mud Rush Incident Preliminary Damage Areas
Mud Rush Incident Preliminary Damage Areas Equipment & Infrastructure • Mud Rush Statistics Potentially Damaged or Destroyed* ✓ 9 km of drifts (out of a total of 180 km in the mine) • Mobile equipment** • Locomotive & railcars ✓ 800,000 mt of wet mud material (360,000 m3) • Raisebore machine • Fixed
Slide 18: Reopening Assessment: DMLZ, Big Gossan & Kucing Liar
Reopening Assessment DMLZ, Big Gossan & Kucing Liar DMLZ Big Gossan Kucing Liar Block Cave Open Stope & Paste Backfill Block Cave Development Project • No accumulation of mud • Mining method, open • Development can be & is substantially deeper stope mine with backfill, continued; several than the GB
Slide 19: Reopening Assessment: Grasberg Block Cave
Reopening Assessment Grasberg Block Cave PB2/3 PB1S PB1C • No overlying • Beneath the current • Being isolated with cement accumulation of mud accumulation of mud in plugs the pit bottom but is fully • Draw management plan broken through to surface • Risk mitigation strategies to take into account w
Slide 20: Key Recommendations
Key Recommendations Recommendations focus on using learnings to strengthen cave management, operational safety & risk mitigation • Update cave management plans & draw protocols • Establish Cave Management Committees • Enhance monitoring, reporting & audit protocols • Pursue mud removal options for t
Slide 21: Risk Management: Mud Removal Options
Risk Management Mud Removal Options for Former Open Pit Conventional up-hole Coring Water-Driven In-the-Hole Cable-Suspended for Slurry Pond Drainage Hammer Drill Slurry Pumping Pit Bottom Drainage Gallery Small Diameter (<3”) & Larger Diameter (5”) & Grasberg Pit ~3,000 meters of new drift Slow dri
Slide 22: Risk Management - Cave Geometry
Risk Management - Cave Geometry • Inherent challenges associated with determining cave shape geometry with precision ✓ Inclined cave boundary in PB1C unidentified prior to incident • As part of the incident review ✓ Team utilized emerging muon imaging technology that PTFI was trialing prior to the i
Slide 23: GBC Recovery Timeline
GBC Recovery Timeline Major Near-Term Milestones for PB2/3 Restart 2025 2026 4Q25 1Q26 2Q26 Haulage Level Mud Removal Updated PB2/3 CMP* Mud Removal in Extraction & Service Levels Design & Construction of Plugs (PB1C) Service Level Rehab, Infrastructure & Services PB2/3 Restart PB2/3 Start-up * Cave
Slide 24: PTFI Underground Operations
PTFI Underground Operations Forefront of Technology & Risk Management Seismic Monitoring & Cave Propagation & Draw Control Automation & Management Flow Monitoring Management Remote Operations • State of the art monitoring system • In-cave marker monitoring system • Automated draw control management
Slide 25: Successful 58-Year History, Proven Resilience, Promising Future
SUCCESSFUL 58-YEAR HISTORY PROVEN RESILIENCE UNITED TEAM PROMISING FUTURE
Slide 26: Copper – Metal of Electrification
Copper – Metal of Electrification Over 65% of the world’s copper is used in applications that deliver electricity* Copper added to USGS List of Critical Minerals in November 2025 Metal of the Future Inventories Cu Price (metric tons) ($/lb) Infrastructure 1,750,000 $5.50 • Backbone of construction a
Slide 27: FCX Project Pipeline Update
FCX Project Pipeline Update New Leach Bagdad Lone Star/Safford El Abra Grasberg Technologies Expansion Expansions Expansion District Americas Arizona Arizona Chile Indonesia • Sustaining initial target • 200 – 250 mm • Advancing pre-feasibility • Preparing EIS, targeting • Kucing Liar project in of
Slide 28: Americas Leach Innovation Initiatives
Americas Leach Innovation Initiatives Low Cost, High Value | Targeting Copper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques Significant Potential Scaling the Opportunity Incremental Production Target ~42 bn lbs Contained * (mm lbs) ~600 mm lbs/annum ~ 8
Slide 29: America's Copper Champion
America’s Copper Champion Driving Value Through Innovative Growth & Cost Reduction Annual Copper Production U.S. Unit Net Cash Costs, (bns of lbs) After By-Product Credits ($/lb) Potential for ~90% Targeting ~20% Increase Decrease ~2.35 Safford/Lone Star $3.11 Bagdad 2X 1.25 Leach Initiatives ~ $2.5
Slide 30: Annual Sales Profile
Annual Sales Profile November 2025 Estimate Copper 5 Gold 2 Sales Sales 1.2 4.1 (million ozs) 1.05 (billion lbs) 1 0.75 4 3.5 3.45 0 3 2025e 2026e 2027e NOTE: Consolidated gold sales include 530k ozs in 2025e, 384k ozs in 2026e and 615k ozs in 2027e for noncontrolling interests. 2026e assumes deferr
Slide 31: EBITDA and Cash Flow at Various Copper Prices
EBITDA and Cash Flow at Various Copper Prices Assuming $4,000/oz gold, $25/lb molybdenum ($ in bns except copper, gold and molybdenum prices) Sensitivities Average ’27e/’28e (US$ in mms) EBITDA EBITDA $20 Copper +/-$0.10/lb $420 $16 COMEX Premium $12 to LME +/-$0.10/lb $145 $8 ’26e Molybdenum +/-$1.
Slide 32: Consolidated Capital Expenditures
Consolidated Capital Expenditures Excluding Indonesia Downstream Projects CAPEX (1) ($ in bns) Projected Discretionary Spending by Project $3.9 $4.1 2026e 2025e $3.6 Discretionary Discretionary Other Discretionary 5% $1.35 $1.5 Atlantic 12% 10% Major $1.0 Copper Kucing Liar Projects CirCular 15% Pla
Slide 33: Freeport – Store of Value
Freeport – Store of Value Large Organic Leadership Significant Strong Global Scale Growth Position in Gold Leader with Producer Pipeline Critical Metal Producer Valuable U.S. Franchise 33
Slide 34: Reference Slides
PROGRESS Reference Slides FREEPORT FOREMOST IN COPPER 34
Slide 35: Grasberg Block Cave Development Overview
Grasberg Block Cave Development Overview Mining Levels Development Diagram Air Gap • Undercut Level – initiates cave by Undercut Ring removing rock beneath mining Cave Muckpile Drilling block Drawbell • Extraction Level – active mining Drawbell Drilling where broken rock gravitates Slot Raise throug
Slide 36: PTFI 2041 Extension Update
PTFI 2041 Extension Update • Government regulations provide life-of-mine extension rights, subject to meeting requirements for domestic ownership and downstream integration • Application for extension may be submitted at any time prior to the current IUPK expiration (PTFI expiration in 2041) • Exten
Slide 37: Freeport – America's Copper Champion
Freeport ̶ America’s Copper Champion • Strong U.S. franchise Fully integrated operations in Southwest U.S. Upstream copper mines with SX/EW facilities • Long-standing history in U.S. dating back to late 1800s Downstream smelting and refining facilities • Dominant U.S. copper producer o Operations ac
Slide 38: 2025e Outlook
2025e Outlook | Sales Outlook | Unit Net Cash Cost of Copper | Operating Cash Flows (2,4) | Capital Expenditures • Copper: 3.5 billion lbs • Site prod. & delivery(1) • ~$5.5 billion @ $4.75/lb • $3.9 billion (excluding o 2025e: $2.77/lb copper for 4Q25e PTFI’s downstream • Gold: 1.05 million ozs o 4
Slide 39: 2026 Sales Estimates
2026 Sales Estimates Copper Sales Gold Sales By Region By Half By Half South Indonesia 1H26e America 1H26e 28% ~20% 32% ~40% 2H26e ~60% 2H26e United States ~80% 40% 3.45 bn lbs 3.45 bn lbs 750k ozs e = estimate. 39
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