Slide 1: FCX Conference Call 4th Quarter and Year End 2024 Results
FCX Conference Call 4th Quarter and Year End 2024 Results January 23, 2025 fcx.com 1
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 t
Slide 3: 2024 Year in Review / Strong Execution
2024 Year in Review / Strong Execution Copper Sales and Unit Net Cash Costs in line with January 2024 Guidance Copper Sales Unit Net Cash Costs (1) Adjusted EBITDA (1,2) Operating Cash Flows (bns) ($ per lb) ($ bns) ($ bns) $1.61 $10.0 4.1 4.1 $1.56 $7.2 $8.8 $5.3 2023 2024 2023 2024 2023 2024 2023
Slide 4: 2025 Focus Areas
2025 Focus Areas Execute Add Deliver On Capture Enhance Our Scale in PT-FI Value Optionality Operating Leach Smelter Through For Future Plans Initiative Innovation Growth Improve efficiencies, Target run rate of Achieve objective Technology initiatives Bagdad, El Abra reduce costs and 300 mm lbs per
Slide 5: Copper Market Commentary
Copper Market Commentary Inventories Cu Price (metric tons) ($/lb) Copper Prices ($/lb) 1,500,000 $5.00 4Q24 2024 YTD 2025* LME Copper Settlement Price LME Settlement $4.17 $4.15 $4.07 1,250,000 $4.50 COMEX $4.23 $4.22 $4.24 1,000,000 $4.00 The Metal of Electrification • Favorable long-term demand d
Slide 6: 4Q24 Highlights
4Q24 Highlights October • Solid operating performance Key Stats Actual Guidance – Copper and gold sales above October 2024 guidance Copper Sales (mm lbs) 992 980 Gold Sales (k ozs) 350 340 – Unit net cash costs below October 2024 guidance Unit Net Cash Costs ($/lb) $1.66 $1.72 • Commenced start-up a
Slide 7: 4Q 2024 Operations Update
4Q 2024 Operations Update North America South America Indonesia Cu Sales: 318 mm lbs Cu Sales: 298 mm lbs Cu Sales: 376 mm lbs Unit Net Cash Costs: $3.04/lb Unit Net Cash Costs: $2.36/lb Au Sales: 343 k ozs Unit Net Cash Credits: 8¢/lb • Positive trends in mining & milling • Strong operating rates a
Slide 8: Americas Leach Innovation Initiatives
Americas Leach Innovation Initiatives Low Cost, High Value Targeting Copper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques Scaling the Opportunity Significant Potential Long-term Production Target (mm lbs) 39 bn lbs Contained * ~800 mm lbs/annum 800 Sout
Slide 9: Project Pipeline Progress Report
Project Pipeline Progress Report New Leach Bagdad Lone Star El Abra Grasberg Technologies Expansion Expansions Expansion District Americas Arizona Arizona Chile Indonesia o Sustaining initial target o Targeting investment o Commenced pre- o Preparing EIS, targeting o Kucing Liar project in of ~200 m
Slide 10: Annual Sales Profile
Annual Sales Profile January 2025 Estimate Copper 5 Gold 2 1.8 1.6 1.6 Sales 4.3 4.3 Sales 1.5 (billion lbs) 4.1 (million ozs) 4.0 4 1 0 3 2024 2025e 2026e 2027e NOTE: Consolidated gold sales include 931k ozs in 2024, 833k ozs in 2025e, 820k ozs in 2026e and 769k ozs in 2027e for noncontrolling inte
Slide 11: Unit Net Cash Cost / (Credit) Comparison
Unit Net Cash Cost / (Credit) Comparison North America South America Indonesia Consolidated ($ per lb of Cu) $3.11 $3.00 $2.46 $2.50 $1.56 $1.60 ($0.28) ($0.27) (1) (2) (1) (3) (1,3) (2,3) (1,3) 2024 2025e 2024 2025e 2024 2025e 2024 2025e % of Annual Cu Sales 31% 34% 29% 27% 40% 39% (1) 2025 estimat
Slide 12: EBITDA and Cash Flow at Various Copper Prices
EBITDA and Cash Flow at Various Copper Prices Assuming $2,700/oz gold, $20/lb molybdenum ($ in bns except copper, gold and molybdenum prices) Sensitivities Average ’26e/’27e (US$ in mms) EBITDA $16 EBITDA $12 Copper +/-$0.10/lb $425 Molybdenum +/-$1.00/lb $ 85 $8 Gold +/-$100/oz $150 $4 Average Curr
Slide 13: Consolidated Capital Expenditures
Consolidated Capital Expenditures Excluding Indonesia Downstream Projects CAPEX (1) ($ in bns) $4.4 $4.4 $3.6 Discretionary Discretionary Discretionary $1.7 $1.6 $1.0 Major Projects (2) Planned Planned Planned $1.7(2) $1.1 $1.1 $1.2 Other Other Other $1.5 $1.6 $1.6 2024 2025e 2026e (1) New smelter c
Slide 14: 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 $4.7 bn Distributed • Positioned for future growth • Investment G
Slide 15: Executing Clearly Defined Strategy Focused On Copper
Executing Clearly Defined Strategy Focused On Copper Responsible Long-lived Organic producer of scale reserves growth options Cash returns to Experienced Solid balance shareholders management team sheet 15 15
Slide 16: Reference Slides
Reference Slides FREEPORT FOREMOST IN COPPER
Slide 17: 2024 Operational and Financial Highlights
2024 Operational and Financial Highlights Copper Adjusted EBITDA Production Sales Price Realization (1) $10.0 bn 4.2 4.1 $4.21 Operating Cash Flow bn lbs bn lbs per lb $7.2 bn Gold Net of <$0.1 bn in working capital and (1) other uses 1.9 1.8 $2,418 Capital Expenditures mm ozs mm ozs per oz $3.6 bn
Slide 18: Financial Highlights
Financial Highlights Sales Data 4Q24 2024 Copper Consolidated Volumes, excluding purchases (mm lbs) 992 4,066 Average Realization (per lb) $ 4.15 $ 4.21 Site Production & Delivery Costs (per lb) $ 2.49 $ 2.49 Unit Net Cash Costs (per lb) $ 1.66 $ 1.56 (1) Gold Consolidated Volumes (000’s ozs) 350 1,
Slide 19: 2024 Operational Data by Region
2024 Operational Data by Region 2024 Sales by Region North America South America Indonesia 1,632 1,257 1,177 1.8 78 (1) Cu Mo Cu Cu Au mm lbs mm lbs mm lbs mm lbs mm ozs 2024 Unit Net Cash North South Costs / (Credits) (per lb of Cu) America America Indonesia Consolidated (3) Site Production & Deliv
Slide 20: 4Q 2024 Mining Operating Summary
4Q 2024 Mining Operating Summary Sales From Mines for 4Q24 by Region North America South America (2) Indonesia (3) 511 544 376 318 318 298 287 343 (1) (1) 22 18 Cu Mo Au mm lbs mm lbs 000 ozs 4Q24 4Q23 4Q24 4Q23 4Q24 4Q23 4Q24 4Q23 4Q24 4Q23 North South 4Q24 Unit Net Cash Costs / (Credits) (per lb o
Slide 21: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile (US$ bns) $8 Total Debt & Cash at 12/31/24 Significant liquidity PT-FI Revolver $ 0.3 ▪ $3.9 bn in consolidated cash and cash equiv. FCX/FMC Senior Notes/Other 5.6 PT-FI Senior Notes 3.0 ▪ $3.0 bn in availability under FCX credit fa
Slide 22: Long-Lived Reserve Base
Long-Lived Reserve Base Incremental Copper Reserves (1) By Region Mineral Mineral Consolidated Reserves (1) Resources (2) As of 12/31/2024 (recoverable) (contained) South Indonesia America Copper (bn lbs) 97.0 193.2 28% 29% Gold (mm ozs) 23.0 65.9 Molybdenum (bn lbs) 3.2 5.6 North America 43% (1) Pr
Slide 23: 2025e Outlook
2025e Outlook Sales Unit Net Cash Operating Capital Outlook Cost of Copper Cash Flows (1,3) Expenditures • Copper: 4.0 billion lbs • Site prod. & delivery • ~$6.2 billion @ $4.00/lb • $4.4 billion (excluding o 2025e: $2.60/lb copper in 2025e downstream projects) • Gold: 1.6 million ozs o 1Q25e: $2.6
Slide 24: 2025e Operational Data
2025e Operational Data 2025e Sales by Region North America South America Indonesia(2) 1,550 1,360 1,090 88 (1) 1.6 (3) Cu Mo Cu Cu Au mm lbs mm lbs mm lbs mm lbs mm ozs North South 2025e Unit Net Cash Costs / (Credits) (4) America America Indonesia Consolidated Site Production & Delivery (5) (per lb
Slide 25: 2025e Quarterly Sales
2025e Quarterly Sales Copper 1200 Gold 600 475 475 Sales 1,045 1,040 1,065 Sales 450 450 (million lbs) 1000 (thousand ozs) 300 225 850 150 800 0 1Q25e 2Q25e 3Q25e 4Q25e NOTE: Consolidated gold sales include 115k ozs in 1Q25e, 244k ozs in 2Q25e, 231k ozs in 600 3Q25e and 243k ozs in 4Q25e for noncont
Slide 26: Grasberg Minerals District Mine Plan Metal Production, 2024 – 2029e
Grasberg Minerals District Mine Plan Metal Production, 2024 – 2029e Copper 2025e – 2029e Gold 2025e – 2029e Total: 8.4 billion lbs copper Total: 7.2 million ozs gold Annual Average: ~1.7 billion lbs Annual Average: ~1.4 million ozs 1.9 1.8 1.8 1.8 1.7 1.6 1.6 1.6 1.5 1.5 1.4 1.1 Cu Au bn mm lbs ozs
Slide 27: PT-FI's IUPK Extension Update
PT-FI’s IUPK Extension Update Plan View Potential beyond 2041 • Government issued regulation in 2Q24 to allow life-of-mine extension Mineral Resources Potential/Exploration Targets • Conditions for IUPK holders include o Ownership of integrated downstream facilities that have entered the operational
Slide 28: Discretionary Capital Projects
Discretionary Capital Projects* Kucing Liar Bagdad 2X Expansion ● Commenced 10-year mine development in 2022 ● Potential expansion to double concentrator capacity ● Sustain large-scale, low-cost Cu & Au production ● Completed feasibility study in late 2023 (see slide 29) ● Capital investment: ~$500
Slide 29: 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 • Completed technical studies in late 2023 to double concentrator capacity – Expected to expand concentrator capacity by ~90-105k t/d –
Slide 30: 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 – 33 trucks – CAPEX ~$80 mm – Target completion YE 2025 • Potential for efficiency gains / productivity improvements • Initiative help
Slide 31: 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 LNG Carrier at Grasberg with 265MW gas-fired combined LNG transfer cycle facility Floating Storage & Regas Unit (FSRU) • ~$1 bn project (incremental ~$0.4 bn compared to Subsea ga
Slide 32: 2024 ESG Highlights
2024 ESG Highlights • Advanced implementation of the Global Tailings Standard in the Americas (6 of 7 operating sites completed) • Progressed transition of existing energy source at PT-FI Grasberg from coal to natural gas • Maintained Copper Mark and Molybdenum Mark and began assurance of sites agai
Slide 33: The Copper Mark
The Copper Mark Recognition for Responsible Production • FCX has achieved, and is committed to maintaining, the Copper Mark and/or Molybdenum Mark at all of its operating sites globally AWARDED SITES Atlantic Copper smelter Henderson mine (CO) • Initiated Copper Mark 2.0 assurance process in 2024 wh
Slide 34: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 12 mos ended 12 mos ended ($ in mm) 4Q24 12/31/24 12/31/23 Net income attributable to common stock $274 $1,889 $1,848 Interest expense, net 70 319 515 Income tax provision 520 2,523 2,270 Depreciation, depletion and amortization 537 2,241 2,068 Accretion and stock-base
Slide 35: FOREMOST IN COPPER
FOREMOST IN COPPER