Freeport-mcmoran, Inc. · NYSE:FCX
Freeport-mcmoran — Q2 2025 Earnings Presentation
34 slides from Freeport-mcmoran's earnings presentation, Jul 23, 2025
Slide 1: FCX Conference Call 2nd Quarter 2025 Results
FCX Conference Call 2nd Quarter 2025 Results July 23, 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: 2Q25 Highlights
2Q25 Highlights Key Stats 2Q25 1H25 • Strong operating performance Copper Sales (mm lbs) 1,016 1,888 o Copper and gold sales above April 2025 guidance Gold Sales (k ozs) 522 650 o Unit net cash costs significantly below April 2025 guidance Copper Realization ($/lb) $4.54 $4.48 Gold Realization ($/oz
Slide 4: 2025 Focus Areas
2025 Focus Areas Execute Our Add Scale Deliver on Capture Value Enhance Operating in Leach New PTFI Through Optionality for Plans Initiative Smelter Innovation Future Growth Improve efficiencies, Target run rate of Achieve objective of Technology initiatives Bagdad, El Abra and reduce costs and 300
Slide 5: Copper – Metal of Electrification
Copper – Metal of Electrification Over 65% of the world’s copper is used in applications that deliver electricity* Metal of the Future • Prices up YTD with COMEX outperforming Infrastructure international benchmark on U.S. tariff news • Backbone of construction and urbanization • Possesses best elec
Slide 6: U.S. Copper Pricing
U.S. Copper Pricing LME and COMEX Copper Price Averages Section 232 Investigation on Copper $5.70 • In February 2025, the President identified copper as critical to U.S. national security, economic strength, and industrial resilience. $4.72 $4.57 • The Secretary of Commerce was directed to $4.45 inv
Slide 7: 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 8: Freeport – Significant Producer of Refined Copper
Freeport – Significant Producer of Refined Copper 2025e Mine Production* Cathode Production By Region Copper Smelting & Refining Facilities Indonesia South Leach 39% America Processing 27% 25% Arizona / New Mexico U.S. Mines with SX/EW Refineries: Morenci, Bagdad, Safford, Sierrita, Miami, Chino and
Slide 9: 2Q25 Operations Update
2Q25 Operations Update United States South America Indonesia Cu Sales: 308 mm lbs Cu Sales: 265 mm lbs Cu Sales: 443 mm lbs Unit Net Cash Costs: $3.04/lb Unit Net Cash Costs: $2.46/lb Au Sales: 518 k ozs Unit Net Cash Credits: 99¢/lb • Ongoing focus on increasing volumes/ • Cerro Verde mill continue
Slide 10: Grasberg Ore Grade Modeling Revisions
Grasberg Ore Grade Modeling Revisions • Grasberg Block Cave average reserve grade is 0.99% copper and 0.66 grams/ tonne for gold April Estimates July Estimates 5-Year Total o Significant variation within the ore body, particularly for gold 1.7 1.7 8.4 8.4 1.6 1.6 1.6 • Updated forecast reflects timi
Slide 11: Organic Growth Options
Organic Growth Options Copper projects estimated to total Kucing Liar development estimated 2.5 billion lbs per annum to total 0.5 million ozs per annum Copper Gold 30% 23% Indonesia Chile 100% Indonesia 47% U.S. For additional details, see project pipeline progress report on slide 26. 11
Slide 12: Annual Sales Profile
Annual Sales Profile July 2025 Estimate 5 Copper Gold 2 1.8 1.6 4.3 4.3 1.5 Sales 4.1 Sales 1.3 (billion lbs) 3.95 (million ozs) 4 1 3 0 2024 2025e 2026e 2027e NOTE: Consolidated gold sales include 931k ozs in 2024, 681k ozs in 2025e, 820k ozs in 2026e and 769k ozs in 2027e for noncontrolling intere
Slide 13: EBITDA and Cash Flow at Various Copper Prices
EBITDA and Cash Flow at Various Copper Prices Assuming $3,300/oz gold, $22/lb molybdenum ($ in bns except copper, gold and molybdenum prices) Sensitivities Average ’26e/’27e 25% COMEX Premium 50% COMEX Premium (US$ in mms) EBITDA EBITDA $20 Copper +/-$0.10/lb $425 $16 COMEX Premium $12 to LME +/-$0.
Slide 14: Consolidated Capital Expenditures
Consolidated Capital Expenditures Excluding Indonesia Downstream Projects CAPEX (1) ($ in bns) Projected Discretionary Spending by Project $4.5 $4.3 2025e 2026e $3.6 Discretionary Discretionary Discretionary $1.6 $1.7 Other 6% Atlantic 13% 4% Major $1.0 Copper Kucing Liar 14% Projects (2) Planned Ci
Slide 15: Financial Policy: Performance-Based Payout Framework
Financial Policy: Performance-Based Payout Framework ~50% free cash flow(1) for shareholder returns Maintaining Strong Providing Cash Returns Advancing Organic Balance Sheet to Shareholders Growth Opportunities • Strong credit metrics $5.2 bn Distributed Since 6/30/21 • Positioned for future growth
Slide 16: 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 16
Slide 17: Reference Slides
PROGRESS Reference Slides FREEPORT FOREMOST IN COPPER 7
Slide 18: Financial Highlights
Financial Highlights | Sales Data 2Q25 2Q24 Copper Consolidated Volumes, excluding purchases (mm lbs) 1,016 931 Average Realization (per lb) $ 4.54 $ 4.48 Site Production & Delivery Costs (per lb) $ 2.71 $ 2.56 Unit Net Cash Costs (per lb) $ 1.13 $ 1.73 Gold Consolidated Volumes (000’s ozs) 522 361
Slide 19: 2Q25 Mining Operating Summary
2Q25 Mining Operating Summary Sales From Mines for 2Q25 by Region United States South America (2) Indonesia (3) 443 518 337 308 292 302 356 (1) (1) 265 22 21 Cu Mo Au mm lbs mm lbs 000’s ozs 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 United South 2Q25 Unit Net Cash Costs (Credits) (per lb of
Slide 20: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile (US$ bns) $8 Total Debt & Cash at 6/30/25 Significant liquidity PTFI Revolver $ 0.3 ▪ $4.5 bn in consolidated cash and cash equiv. FCX/FMC Senior Notes/Other 6.0 PTFI Senior Notes 3.0 ▪ $3.0 bn in availability under FCX credit facil
Slide 21: 2025e Outlook
2025e Outlook | Sales Outlook | Unit Net Cash Cost of Copper | Operating Cash Flows (1,3) | Capital Expenditures • Copper: 3.95 billion lbs • Site prod. & delivery • ~$7 billion @ $4.40/lb copper • $4.3 billion (excluding o 2025e: $2.64/lb for 2H25e (~$7.9 bn using PTFI’s downstream • Gold: 1.3 mill
Slide 22: 2025e Operational Data
2025e Operational Data 2025e Sales by Region United States South America Indonesia(2) 1,542 1,331 1,075 (1) 1.3 (3) 82 Cu Mo Cu Cu Au mm lbs mm lbs mm lbs mm lbs mm ozs 2025e Unit Net Cash Costs / (Credits) (4) United South States America Indonesia Consolidated (6) Site Production & Delivery (5) (pe
Slide 23: 2025e Quarterly Sales
2025e Quarterly Sales Copper 1200 Gold 600 522 1,070 Sales 1,016 Sales 450 (million lbs) 990 (000’s ozs) 350 335 1000 300 872 128 150 800 0 1Q25 2Q25 3Q25e 4Q25e 600 NOTE: Consolidated gold sales include 64k ozs in 1Q25, 266k ozs in 2Q25, 179k ozs in 3Q25e and 172k ozs in 4Q25e for noncontrolling in
Slide 24: Grasberg Minerals District Mine Plan
Grasberg Minerals District Mine Plan Metal Production, 2024 – 2029e | Copper 2025e – 2029e Total: 8.4 billion lbs copper Annual Average: ~1.7 billion lbs | Gold 2025e – 2029e Total: 7.0 million ozs gold Annual Average: ~1.4 million ozs 1.9 1.8 1.8 1.8 1.7 1.6 1.6 1.5 1.5 1.4 1.3 1.2 Cu Au bn lbs mm
Slide 25: PTFI's IUPK Extension Update
PTFI’s IUPK Extension Update Plan View • Government issued regulation in 2Q24 to Potential beyond 2041 allow life-of-mine extension Mineral Resources • Conditions for IUPK holders include Potential/Exploration Targets o Ownership of integrated downstream facilities that have entered the operational
Slide 26: Project Pipeline Progress Report
Project Pipeline Progress Report New Leach Bagdad Lone Star El Abra Grasberg Technologies Expansion Expansions Expansion District Americas Arizona Arizona Chile Indonesia • Sustaining initial target • Targeting investment • Advancing pre-feasibility • Preparing EIS, targeting • Kucing Liar project i
Slide 27: 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 Scaling the Opportunity Significant Potential Long-term Production Target (mm lbs) 39 bn lbs Contained * ~800 mm lbs/annum 800 So
Slide 28: Bagdad 2X Expansion Update
Bagdad 2X Expansion Update • Operation located in northwest Arizona • Reserve life exceeds 80 years • Converting existing manned haul truck fleet to 100% autonomous • Potential expansion to double concentrator capacity • Completed technical and economic studies in late 2023 – Expected to expand conc
Slide 29: Autonomous Haulage at Bagdad
Autonomous Haulage at Bagdad • Bagdad expected to become first U.S. mine with a fully autonomous haulage system • Converting existing manned fleet to 100% autonomous – 26 of 33 trucks completed to date – CAPEX ~$80 mm • Potential for efficiency gains / productivity improvements • Initiative helps al
Slide 30: Combined Cycle Gas Turbine Power Plant at Grasberg
Combined Cycle Gas Turbine Power Plant at Grasberg Offshore • Completed feasibility study to replace existing coal plant at Grasberg with 265 MW LNG Carrier gas-fired combined cycle facility LNG transfer • ~$1 bn project (incremental ~$0.4 bn compared to previous plans to refurbish coal units); cost
Slide 31: Discretionary Capital Projects
Discretionary Capital Projects* Kucing Liar Bagdad 2X Expansion • Commenced 10-year mine development in 2022 • Sustain large-scale, low-cost Cu & Au production • Potential expansion to double concentrator capacity • Capital investment: ~$500 mm/yr average • Completed feasibility study in late 2023 (
Slide 32: The Copper Mark
The Copper Mark Recognition for Responsible Production FCX AWARDED SITES • The Copper Mark is an assurance framework developed Atlantic Copper smelter Henderson mine (CO) to demonstrate the copper industry’s responsible production practices & refinery (Spain) Miami smelter, mine Bagdad mine (AZ) & r
Slide 33: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 12 mos ended ($ in mm) 2Q25 1H25 6/30/2025 Net income attributable to common stock $772 $1,124 $1,924 Interest expense, net 82 152 294 Income tax provision 850 1,350 2,607 Depreciation, depletion and amortization 668 1,134 2,271 Accretion and stock-based compensation 5
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