Freeport-mcmoran, Inc. · NYSE:FCX
Freeport-mcmoran — Q1 2026 Earnings Presentation
42 slides from Freeport-mcmoran's earnings presentation, Apr 23, 2026
Slide 1: FCX Conference Call 1st Quarter 2026 Results
FCX Conference Call 1st Quarter 2026 Results April 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: 1Q26 Highlights
1Q26 Highlights • 1Q26 sales volumes and unit net cash costs favorable to Financial Highlights ($ in bn) January estimates Revenues Adjusted EBITDA (1) • U.S. copper mining operating income up ~2.5x vs. 1Q25 $6.2 $5.7 • Initiated phased ramp-up of Grasberg Block Cave; ramp-up forecast adjusted for m
Slide 4: 2026 Focus Areas
2026 Focus Areas Execution Leach Initiative Innovation Future Growth Deliver on operating Targeting ~300 mm lbs Deploy technologies Advance major growth plans across all sites in 2026 and further to strengthen options in long-lived and safely and define path to ~800 mm long-term cost copper district
Slide 5: Copper – Metal of Electrification
Copper – Metal of Electrification Infrastructure Over 65% • Backbone of construction, urbanization and energy of the world’s infrastructure copper is used in • Superior electrical and thermal conductivity of any applications that industrial metal deliver electricity* Technology • Demand expected to
Slide 6: Operations Update
Operations Update United States South America Indonesia Cu Sales: 327 mm lbs Cu Sales: 248 mm lbs Cu Sales: 82 mm lbs Unit Net Cash Costs: $2.93/lb Unit Net Cash Costs: $2.38/lb Au Sales: 116 k ozs Unit Net Cash Credits: $3.53/lb* • Copper sales +7% vs. 1Q25 • Cerro Verde effectively managed • Compl
Slide 7: Grasberg Update
Grasberg Update Status as of April 2026 • Remediation for opening of PB 2/3 completed on schedule • Initial mining in PB 2/3 commenced in March • Number of wet drawpoints in PB 2/3 increased following extended period of inactivity ▪ Dry to Wet ratio impacts transfer of ore to automated trains at Hau
Slide 8: Grasberg Block Cave
Grasberg Block Cave Planned Restart Overview • PB 2/3 Restart ✓ Completed mud clean-up on various levels of GBC ✓ Installed plugs in Mid-Access Drift (MAD) ✓ Repaired & installed infrastructure services ✓ Initial mining commenced in March 2026 (previously expected in 2Q26) ▪ Revised Ramp-up Schedule
Slide 9: Grasberg BC Extraction Level
Grasberg BC Extraction Level Increase in Wet Drawpoints in PB 2/3 since September 2025 September 2025 April 2026 Grasberg BC Extraction Level, 2830m PB1N N PB2N Drawpoint Classification PB2N 1C Plan View PB Wet Dry PB1S 635 Total Active Drawpoints (DPs) in PB 2/3 Sept 2025 PB2S Future PB2S • 452 Dry
Slide 10: GBC Ore: Extraction to Haulage
GBC Ore: Extraction toDrawbell Haulage Loading Infrastructure: Regular Chute & Drilling Drawbell Chute Regulator Slot Raise Undercut Level 2850m Elevation GBC Ore from Extraction Level Regular Chute Chute Regulator to Loading on Haulage Level Grizzly Extraction Level & Rock Breaker 2830m Elevation D
Slide 11: Grasberg Minerals District Mine Plan
Grasberg Minerals District Mine Plan Metal Production, 2025 – 2030e | Copper 2026e – 2030e Total: 6.9 billion lbs copper Annual Average: ~1.4 billion lbs | Gold 2026e – 2030e Total: 5.6 million ozs gold Annual Average: ~1.1 million ozs 1.7 1.6 1.6 1.4 1.3 1.2 1.2 1.0 1.0 0.9 0.8 0.7 Cu Au bn lbs mm
Slide 12: 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 • 200 – 250 mm • Substantial resource • Submitted Environmental • Kucing Liar project in ~240 mm lbs
Slide 13: 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; Operation
Slide 14: Annual Sales Profile
Annual Sales Profile April 2026 Estimate 5 Copper Gold 2 Sales Sales 1.3 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 666 k ozs in 2028e for noncontrolling int
Slide 15: Recent Cost Pressures
Recent Cost Pressures • Sufficient sourcing support current operations but inflationary pressures are increasing, led by energy • Indonesia energy cost pressures are rising faster, driven by regional supply-chain dislocations • FCX’s diesel costs in March 2026 increased by over 80% compared with the
Slide 16: EBITDA and Cash Flow at Various Copper Prices
EBITDA and Cash Flow at Various Copper Prices Assuming $4,500/oz gold, $25/lb molybdenum ($ 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 $110 $6 Currencies
Slide 17: Consolidated Capital Expenditures
Consolidated Capital Expenditures ($ in bns) Projected Discretionary Spending by Project $4.3 $4.5 $3.9 2026e 2027e Discretionary Discretionary Discretionary $1.6 $1.7 Major $1.4 Kucing Bagdad Projects (2) Planned (2) Liar 53% Planned Early Planned (2) $1.2 37% $0.9 $1.4 42% Works 42% Other Other 16
Slide 18: Financial Policy: Performance-Based Payout Framework
Financial Policy: Performance-Based Payout Framework ~50% available cash flow(1) for shareholder returns Maintaining Strong Providing Cash Returns Advancing Organic Balance Sheet to Shareholders Growth Opportunities • Strong credit metrics $6.0 bn Distributed Since 6/30/21 • Positioned for future gr
Slide 19: 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 19
Slide 20: Reference Slides
) COPPER AT OUR CORE Reference Slides FREE! FOREMOST II
Slide 21: Financial Highlights
Financial Highlights | Sales Data 1Q26 1Q25 Copper Consolidated Volumes, excluding purchases (mm lbs) 657 872 Average Realization (per lb) $ 5.78 $ 4.44 Site Production & Delivery Costs (per lb) (1) $ 3.29 $ 2.59 Unit Net Cash Costs (per lb) (1) $ 1.91 $ 2.07 Gold Consolidated Volumes (000’s ozs) 12
Slide 22: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile (US$ bns) $8 Total Debt & Cash at 3/31/26 Significant liquidity PTFI Revolver $ 0.3 ▪ $3.7 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 23: 1Q26 Mining Operating Summary
1Q26 Mining Operating Summary Sales From Mines by Region United States South America (2) Indonesia (3) 327 307 275 290 24 (1) (1) 248 20 125 82 116 Cu Mo Au mm lbs mm lbs k ozs 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 United South 1Q26 Unit Net Cash Costs (Credits) (per lb of Cu) States Ame
Slide 24: 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) • ~$8.7 billion @ $6.00/lb • $4.3 billion o 2026e: $3.18/lb copper for 2Q26e – 4Q26e • Gold: 0.65 million ozs o $3.0 billion for major o 2Q26e
Slide 25: 2026e Operational Data By Region
2026e Operational Data By Region 2026e Sales by Region United States South America Indonesia(2) 1,367 1,048 90 (1) 663 (3) 650 Cu Mo Cu Cu Au mm lbs mm lbs mm lbs mm lbs k ozs 2026e Unit Net Cash Costs / (Credits) (4) United South (per lb of Cu) States America Indonesia Consolidated Site Production
Slide 26: 2025 Site Production Costs Breakdown
2025 Site Production Costs Breakdown United States South America Indonesia Consolidated Other 4% 4% Acid 7% 11% 7% Materials 5% Energy and 36% 31%* 12% Supplies 19% 34% 36% 37% 15% Labor 16% 34% 19% 40% 33% * Support costs, taxes/fees, social costs & other 26
Slide 27: 2026e Quarterly Sales
2026e Quarterly Sales Copper 1000 Gold 300 900 Sales Sales 190 200 830 200 (million lbs) (000’s ozs) 140 121 750 100 690 657 0 1Q26 2Q26e 3Q26e 4Q26e 500 NOTE: Consolidated gold sales include 59k ozs in 1Q26, 72k ozs in 2Q26e, 97k ozs in 3Q26e and 102k ozs in 4Q26e for noncontrolling interests. Esti
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) ~ 800 ~600 mm lbs/annum
Slide 29: Bagdad 2X Expansion Update
Bagdad 2X Expansion Update • Operation located in northwest Arizona • Reserve life exceeds 80 years • Potential expansion to double concentrator capacity • Completed conversion of haul truck fleet to autonomous haulage in 2025 • Completed technical and economic studies in late 2023 – Expected to exp
Slide 30: 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 • Completed feasibility study in late 2023; retesting • Sustain large-scale, low-cost Cu & Au production economics • Capital
Slide 31: 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 32: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 12-Mo. Ended ($ in mm) 1Q 2026 1Q 2025 3/31/2026 Net income attributable to common stock $881 $352 $2,733 Interest expense, net 114 70 413 Income tax provision 653 500 2,374 Depreciation, depletion and amortization 514 466 2,292 PTFI mud rush incident insurance settlem
Slide 33: Grasberg Reference Slides
) COPPER AT OUR CORE Grasberg ) Reference Slides
Slide 34: Major Milestone
Major Milestone MOU for life of resource extension at Grasberg • In February 2026, FCX entered into an MOU with the Indonesia government for a life of resource extension of operating rights for PTFI in the Grasberg minerals district. • Under the MOU, PTFI’s IUPK will be amended, subject to issuance
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: GBC Ore: Extraction to Haulage
Drawbell GBC Ore: Extraction to Haulage Drawbell Drilling Slot Raise Undercut Level GBC Ore from Extraction Level Grasberg BC Chute Galleries 2850m Elevation to Loading on Haulage Level Plan View Grizzly & Rock Breaker N Extraction Level 2830m Elevation Drawpoints PB2N Orepass Service Level Extracti
Slide 37: Loading Railcars on Haulage Level
Loading Railcars on Haulage Level Chute Regulators Open Position Closed Position Side View Ore from Ore from (Flow Regulator) Extraction Level Extraction Level Chute Open Regulator Ore into railcar Regular Chute Ore into Closed railcar 3 parts move to No Ore loaded close in Closed Position Flow Regu
Slide 38: GBC Recovery Update
GBC Recovery Update PB 2/3 Restart Major Milestones for PB 2/3 Restart Inrush Source (P23, DP20S) EFD Plugs (installed) Clean-up Mucking Legend of Extraction & ✓ 100% complete Confirmed Spill Service Levels Completed Clean-up MAD Plugs Mid-Access ✓ Engineered plugs Required Scope PB 2/3 Restart (ins
Slide 39: GBC Mining Rate Ramp-up
GBC Mining Rate Ramp-up Current Status Projected GBC Mining Rates & Schedule of Chute Regulator Installations PB 2/3 Ramp-up 140 Installation CG45 & CG44 Installations • Initial mining commenced in March 2026 of Chute 120 through March 2027 Regulators* • Mining in April MTD averaged 31K t/d 100 • Ne
Slide 40: External Mud Rush v. Wet Muck Management
External Mud Rush v. Wet Muck Management • External Mud Rush Event • Large volume of flowable mud traveling downward from the surface Remotely controlled Rock Breakers through vertical pathway • Wet Muck Management • Water from the surface percolates through permeable rock & travels into UG mine whe
Slide 41: 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 42: Freeport
) FREEPORT FOREMOST IN COPPER