Slide 1: FCX Conference Call: 4th Quarter and Year Ended 2025 Results
FCX Conference Call 4th Quarter and Year Ended 2025 Results January 22, 2026 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: 2025 Highlights
2025 Highlights Copper Adjusted EBITDA (1) Production Sales Price Realization $9.9 bn 3.4 3.6 $4.75 bn lbs bn lbs per lb Operating Cash Flow Gold $5.6 bn Net of $1.3 bn in working capital uses 1.0 1.1 $3,423 mm ozs mm ozs per oz Capital Expenditures $3.9 bn Molybdenum Excluding $0.6 bn to complete P
Slide 4: 2026 Focus Areas
2026 Focus Areas Execution Leach Initiative Innovation Future Growth Deliver on operating Targeting 300 mm lbs Deploy technologies Advance major growth plans across all sites (+40% YoY) in 2026 to strengthen options in long-lived and safely and and further define long-term cost copper districts at s
Slide 5: Copper Commentary
Copper Commentary Copper added to USGS List of Critical Minerals in November 2025 Copper ̶ Metal of Electrification Inventories Cu Price (metric tons) 2025 Low High ($/lb) Over 65% of the world’s copper is used in 2,250,000 LME $3.87 $5.68 $6.50 applications that deliver electricity* 2,000,000 COMEX
Slide 6: S&P Global Copper Study Published in January 2026
S&P Global Copper Study Published in January 2026 Copper in the Age of AI: Challenges of Electrification Key takeaways from independent study led by Dan Yergin, Vice Chairman, S&P Global • “Accelerating pace of electrification” is projected to drive copper demand to 42 million metric tons by 2040, a
Slide 7: S&P Global – Copper Consumption Growth to be Driven by Energy Transition, AI and Data Centers & Defense
S&P Global – Copper Consumption Growth to be Driven by Energy Transition, AI and Data Centers & Defense 2024 2040e Compound Annual Growth Rate of 27.6 mt of Consumption 42.3 mt of Consumption Copper Consumption Core Economic Uses 1.6% Energy Transition 4.6% Energy 68% 32% Transition, AI and Data Cen
Slide 8: 4Q25 Highlights
4Q25 Highlights October • Strong execution Key Stats Actual Estimate Copper Sales (mm lbs) 709 635 – Copper and gold sales higher than October 2025 estimate Gold Sales (k ozs) 80 60 – Unit net cash costs favorable to October 2025 estimate Unit Net Cash Costs ($/lb) $2.22 $2.47 • Restarted operations
Slide 9: Operations Update
Operations Update United States South America Indonesia Cu Sales: 342 mm lbs Cu Sales: 255 mm lbs Cu Sales: 112 mm lbs Unit Net Cash Costs: $2.93/lb Unit Net Cash Costs: $2.57/lb Au Sales: 75 k ozs Unit Net Cash Credits: 74¢/lb* • Copper production +5% year-over-year • Cerro Verde mill exceeded 400k
Slide 10: Grasberg Block Cave: Planned Restart Overview
Grasberg Block Cave Planned Restart Overview • PB 2/3 Restart ▪ Mud clean-up on various levels of GBC ▪ Install plugs in Mid-Access Drift (MAD) ▪ Repair & install infrastructure services ▪ Planned restart in April; ramp-up to 100K t/d by 2H26 • PB 1S Restart ▪ Additional clean-up & plug installation
Slide 11: GBC Recovery Update
GBC Recovery Update PB 2/3 Restart Major Milestones Inrush Source (P23, DP20S) Outline of PB1 Restart Scope Clean-up Mucking ~97% complete Legend of Extraction & (2.7 km out of 2.8 km Confirmed Spill Service Levels required for PB 2/3 Restart) Completed Clean-up Future Plugs Required Scope MAD Plugs
Slide 12: Long-Lived Reserve Base
Long-Lived Reserve Base Copper Reserves (1) By Region Incremental Mineral Mineral Indonesia Consolidated Reserves (1) Resources (2) 22% As of 12/31/2025 (recoverable) (contained) South America 40% Copper (bn lbs) 112.3 165.1 United States 38% Gold (mm ozs) 20.6 61.5 Copper Resources (2) By Region Mo
Slide 13: FCX Project Pipeline Update
FCX Project Pipeline Update New Leach Bagdad Safford/Lone Star El Abra Grasberg Technologies Expansion Expansions Expansion District Americas Arizona Arizona Chile Indonesia • Achieved run rate of • 200 – 250 mm • Substantial resource • Preparing EIS, targeting • Kucing Liar project in ~240 mm lbs/y
Slide 14: America's Copper Champion
America’s Copper Champion Driving Value Through Innovative Growth & Cost Reduction Annual Copper Production U.S. Unit Net Cash Costs, (bns of lbs) After By-Product Credits ($/lb) Potential for ~60% Targeting ~20% Increase Decrease ~2 $3.11 Bagdad 2X 1.25 Leach Initiatives ~ $2.50 U.S. Base Base Prod
Slide 15: Annual Sales Profile
Annual Sales Profile January 2026 Estimate Copper 5 Gold 2 Sales Sales 1.2 1.3 4.2 1.07 (billion lbs) 4.1 (million ozs) 1 0.8 4 3.6 3.4 0 3 2025 2026e 2027e 2028e NOTE: Consolidated gold sales include 538k ozs in 2025e, 410k ozs in 2026e, 615k ozs in 2027e and 666 ozs in 2028e for noncontrolling int
Slide 16: EBITDA and Cash Flow at Various Copper Prices
EBITDA and Cash Flow at Various Copper Prices Assuming $4,000/oz gold, $20/lb molybdenum ($ in bns except copper, gold and molybdenum prices) Sensitivities Average ’27e/’28e (US$ in mms) EBITDA $20 EBITDA $16 Copper +/-$0.10/lb $415 $12 Molybdenum +/-$1.00/lb $ 85 $8 Gold +/-$100/oz $120 ’26e Curren
Slide 17: Consolidated Capital Expenditures
Consolidated Capital Expenditures ($ in bns) Projected Discretionary Spending by Project $4.3 $4.5 $3.9 Discretionary Discretionary 2026e 2027e Discretionary $1.6 $1.7 Major $1.4 Projects Planned (2) Kucing Bagdad Planned (2) Planned (2) $1.2 Liar Early 53% $0.9 $1.4 42% Works 37% 45% Other Other Ot
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 $5.7 bn Distributed Since 6/30/21 • Positioned for future gr
Slide 19: 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 19
Slide 20: Reference Slides
PROGRESS Reference Slides FREEPORT FOREMOST IN COPPER 20
Slide 21: Financial Highlights
Financial Highlights | Sales Data 4Q25 2025 Copper Consolidated Volumes, excluding purchases (mm lbs) 709 3,574 Average Realization (per lb) $ 5.33 $ 4.75 Site Production & Delivery Costs (per lb) (1) $ 3.05 $ 2.75 Unit Net Cash Costs (per lb) (1) $ 2.22 $ 1.65 Gold Consolidated Volumes (000’s ozs)
Slide 22: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile (US$ bns) $8 Total Debt & Cash at 12/31/25 Significant liquidity PTFI Revolver $ 0.3 ▪ $3.8 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 faci
Slide 23: 4Q25 Mining Operating Summary
4Q25 Mining Operating Summary Sales From Mines for 4Q25 by Region United States South America (2) Indonesia (3) 376 342 318 298 343 (1) 255 22 18 (1) 112 Cu Mo 75 Au mm lbs mm lbs 000’s ozs 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 United South 4Q25 Unit Net Cash Costs (Credits) (per lb of C
Slide 24: 2026e Outlook
2026e Outlook Sales Unit Net Cash Operating Capital Outlook Cost of Copper Cash Flows (2,3) Expenditures • Copper: 3.4 billion lbs • Site prod. & delivery(1) • ~$8 billion @ $5.00/lb • $4.3 billion o 2026e: $2.86/lb copper for 2026e • Gold: 0.8 million ozs o $3.0 billion for major o 1Q26e: $3.23/lb
Slide 25: 2025 and 2026e Sales by Region
2025 and 2026e Sales by Region 2025 United States South America Indonesia 1,296 1,205 1,073 (2) (1) 1.07 83 Cu Mo Au mm lbs mm lbs mm ozs 2026e 1,400 1,080 900 90 (1) 0.8 Cu Mo Au mm lbs mm lbs mm ozs (1) Includes molybdenum produced in South America. (2) Includes gold produced in United States. e =
Slide 26: 2025 and 2026e Unit Production Costs by Region
2025 and 2026e Unit Production Costs by Region Unit Production Costs / (Credits) 2025 United States South America Indonesia Consolidated Cash Unit Costs (per lb of Cu) Site Production & Delivery (1) $3.51 $2.82 $1.86 (2) $2.75 (2) By-product Credits (0.59) (0.47) (3.17) (1.42) Treatment Charges 0.13
Slide 27: 2026e Quarterly Sales
2026e Quarterly Sales Copper 1200 Gold 400 290 310 Sales 1,020 Sales 300 (million lbs) 980 (000’s ozs) 1000 200 140 100 60 800 740 0 1Q26e 2Q26e 3Q26e 4Q26e 640 600 NOTE: Consolidated gold sales include 30k ozs in 1Q26e, 72k ozs in 2Q26e, 149k ozs in 3Q26e and 159k ozs in 4Q26e for noncontrolling in
Slide 28: Grasberg Minerals District Mine Plan
Grasberg Minerals District Mine Plan Metal Production, 2025 – 2030e | Copper 2026e – 2030e Total: 7.6 billion lbs copper Annual Average: ~1.5 billion lbs | Gold 2026e – 2030e Total: 6.0 million ozs gold Annual Average: ~1.2 million ozs 1.7 1.7 1.7 1.5 1.4 1.3 1.2 1.2 1.0 1.0 0.9 0.9 Cu Au bn lbs mm
Slide 29: 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 30: Mud Rush Incident
Mud Rush Incident Damaged Areas • Mud Rush Statistics ✓ 9 km of drifts (out of a total of 180 km in the mine) ✓ 800,000 mt of wet mud material (360,000 m3) • Major Equipment & Infrastructure Damaged 2 LHD Loaders Jumbo Drill Total GBC Chute Gallery 21 Damaged Fleet ✓ LHD Loaders 11 77 ✓ Locomotives
Slide 31: 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 32: 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 PB1 PB1S geological domain termed “Softzone” PB2N P23 (Panel 23) • PB1C was d
Slide 33: 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 34: 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 35: 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/ann
Slide 36: 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 37: Discretionary Capital Projects
Discretionary Capital Projects* Kucing Liar Bagdad 2X Expansion • Mine development in progress; expansion to 130,000 t/d • Potential expansion to double concentrator capacity • Sustain large-scale, low-cost Cu & Au production • Completed feasibility study in late 2023; retesting • Capital investment
Slide 38: 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 39: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in mm) 4Q25 2025 2024 Net income attributable to common stock $406 $2,204 $1,889 Interest expense, net 110 369 319 Income tax provision 202 2,221 2,523 Depreciation, depletion and amortization 485 2,244 2,241 Net gain on sales of assets - (16) - Accretion and stock-
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