Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2025

Freeport-McMoRan Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-11307-01	74-2480931
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


333 North Central Avenue
Phoenix	AZ	85004
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (602) 366-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	FCX	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

Freeport-McMoRan Inc. (FCX) issued a press release dated January 23, 2025, announcing its fourth-quarter and year ended 2024 financial and operating results. A copy of the press release is furnished hereto as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

The slides to be presented in connection with FCX’s previously announced fourth-quarter 2024 earnings conference call being webcast on the internet at 10:00 a.m. Eastern Time on January 23, 2025, are furnished hereto as Exhibit 99.2.

The information furnished pursuant to Item 2.02 and Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number			Exhibit Title
99.1			Press release dated January 23, 2025, titled “Freeport Reports Fourth-Quarter and Year Ended 2024 Results.”

99.2			Slides presented in connection with FCX’s fourth-quarter 2024 earnings conference call conducted via the internet on January 23, 2025.

104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Freeport-McMoRan Inc.

By: /s/ Ellie L. Mikes

----------------------------------------

Ellie L. Mikes

Vice President and Chief Accounting Officer

(authorized signatory and

Principal Accounting Officer)

Date: January 23, 2025

Freeport Reports

Fourth-Quarter and Year Ended 2024 Results

•Solid operating performance

◦Fourth-quarter 2024 copper and gold sales volumes above October 2024 guidance

◦Fourth-quarter 2024 unit net cash costs below October 2024 guidance

•Commenced start-up at the Indonesia Precious Metals Refinery; Smelter start-up expected by mid-year 2025

•Advancing options for long-term organic growth

•Strong financial position

•Favorable market fundamentals and long-term outlook

▪Net income attributable to common stock in fourth-quarter 2024 totaled $274 million, $0.19 per share, and adjusted net income attributable to common stock totaled $450 million, $0.31 per share, after excluding net charges totaling $176 million, $0.12 per share.

▪Consolidated production totaled 1.04 billion pounds of copper, 432 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2024, and 4.2 billion pounds of copper, 1.9 million ounces of gold and 80 million pounds of molybdenum for the year 2024.

▪Consolidated sales totaled 1.0 billion pounds of copper, 350 thousand ounces of gold and 18 million pounds of molybdenum in fourth-quarter 2024, and 4.1 billion pounds of copper, 1.84 million ounces of gold and 78 million pounds of molybdenum for the year 2024.

▪Consolidated sales are expected to approximate 4.0 billion pounds of copper, 1.6 million ounces of gold and 88 million pounds of molybdenum for the year 2025, including 850 million pounds of copper, 225 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2025.

▪Average realized prices were $4.15 per pound for copper, $2,628 per ounce for gold and $22.23 per pound for molybdenum in fourth-quarter 2024, and $4.21 per pound for copper, $2,418 per ounce for gold and $21.77 per pound for molybdenum for the year 2024.

▪Average unit net cash costs were $1.66 per pound of copper in fourth-quarter 2024 and $1.56 per pound of copper for the year 2024. Unit net cash costs are expected to average $1.60 per pound of copper for the year 2025.

▪Operating cash flows totaled $1.4 billion in fourth-quarter 2024 and $7.2 billion for the year 2024. Operating cash flows are expected to approximate $6.2 billion for the year 2025, based on achievement of current sales volume and cost estimates, and assuming average prices of $4.00 per pound for copper, $2,700 per ounce for gold and $20.00 per pound for molybdenum for the year 2025.

▪Capital expenditures in fourth-quarter 2024 totaled $1.2 billion, including $0.6 billion for major mining projects and $0.2 billion for PT Freeport Indonesia’s (PT-FI) new smelter and precious metals refinery (PMR) (collectively, PT-FI’s new downstream processing facilities). For the year 2024, capital expenditures were $4.8 billion, including $2.1 billion for major mining projects and $1.17 billion for PT-FI’s new downstream processing facilities. Capital expenditures are expected to approximate $5.0 billion, including $2.8 billion for major mining projects and $0.6 billion for PT-FI’s new downstream processing facilities (excluding capitalized interest, owner’s costs and commissioning) for the year 2025.

▪During fourth-quarter 2024, FCX repaid $0.7 billion in maturing senior notes.

▪At December 31, 2024, consolidated debt totaled $8.9 billion and consolidated cash and cash equivalents totaled $3.9 billion, $4.7 billion including $0.7 billion of current restricted cash associated with a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks. Net debt totaled $1.06 billion, excluding $3.2 billion of debt for PT-FI’s new downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

PHOENIX, AZ, January 23, 2025 – Freeport (NYSE: FCX) reported fourth-quarter 2024 net income attributable to common stock of $274 million, $0.19 per share, and adjusted net income attributable to common stock of $450 million, $0.31 per share, after excluding net charges totaling $176 million, $0.12 per share, primarily associated with adjustments to asset retirement obligations, charges associated with legacy oil and gas properties and metals inventory adjustments. For additional information, refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

Richard Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, said, “We enter 2025 with a clear focus on continued strong execution of our operating plans, enhancing productivity, managing costs and capital, and advancing opportunities for long-term profitable growth and value creation. Our global team delivered solid results in 2024 and we are strongly positioned for the future with high-quality, large-scale copper assets, attractive organic growth options, successful track record of our team and a strong balance sheet. Copper's role in the global economy is increasingly important and Freeport is well positioned for the future as a global industry leader.”

SUMMARY FINANCIAL DATA


	Three Months Ended December 31,				Years Ended December 31,
	2024		2023		2024		2023
	(in millions, except per share amounts)
Revenuesa,b	$	5,720	$	5,905	$	25,455	$	22,855
Operating incomea,c	$	1,243	$	1,722	$	6,864	$	6,225


Net income attributable to common stockb,c,d	$	274	$	388	$	1,889	$	1,848
Diluted net income per share of common stockb,c,d	$	0.19	$	0.27	$	1.30	$	1.28

Diluted weighted-average common shares outstanding	1,445		1,444		1,445		1,443
Operating cash flowse	$	1,436	$	1,320	$	7,160	$	5,279
Capital expenditures	$	1,239	$	1,362	$	4,808	$	4,824
At December 31:
Cash and cash equivalents	$	3,923	$	4,758	$	3,923	$	4,758
Restricted cash and cash equivalents, currentf	$	888	$	1,208	$	888	$	1,208
Total debt, including current portion	$	8,948	$	9,422	$	8,948	$	9,422

a.For segment financial results, refer to the supplemental schedules, “Business Segments,” beginning on page XI.

b.Includes (unfavorable) favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $(77) million ($(28) million to net income attributable to common stock or $(0.02) per share) in fourth-quarter 2024, $(13) million ($(5) million to net income attributable to common stock or less than $0.01 per share) in fourth-quarter 2023, $28 million ($9 million to net income attributable to common stock or $0.01 per share) for the year 2024 and $183 million ($62 million to net income attributable to common stock or $0.04 per share) for the year 2023. For further discussion, refer to the supplemental schedule, “Derivative Instruments,” beginning on page IX.

c.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net (reductions) additions to operating income totaling $(52) million ($(20) million to net income attributable to common stock or $(0.01) per share) in fourth-quarter 2024, $(89) million ($(26) million to net income attributable to common stock or $(0.02) per share) in fourth-quarter 2023, $21 million ($(3) million to net income attributable to common stock or less than $0.01 per share) for the year 2024 and $64 million ($37 million to net income attributable to common stock or $0.03 per share) for the year 2023. Refer to the supplemental schedule, “Deferred Profits,” on page X.

d.Includes net charges totaling $176 million ($0.12 per share) in fourth-quarter 2024, $5 million (less than $0.01 per share) in fourth-quarter 2023, $257 million ($0.18 per share) for the year 2024 and $373 million ($0.26 per share) for the year 2023 that are described in the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

e.Working capital and other uses totaled less than $1 million in fourth-quarter 2024, $196 million in fourth-quarter 2023, $29 million for the year 2024 and $880 million for the year 2023.

f.Includes $0.7 billion at December 31, 2024, and $1.1 billion at December 31, 2023, associated with a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with Indonesia regulations.

SUMMARY OPERATING DATA


	Three Months Ended December 31,				Years Ended December 31,
	2024		2023		2024		2023
Copper (millions of recoverable pounds)
Production	1,041		1,095		4,214		4,212
Sales, excluding purchases	992		1,116		4,066		4,086
Average realized price per pound	$	4.15	$	3.81	$	4.21	$	3.85
Site production and delivery costs per pounda	$	2.49	$	2.25	$	2.49	$	2.36
Unit net cash costs per pounda	$	1.66	$	1.52	$	1.56	$	1.61
Gold (thousands of recoverable ounces)
Production	432		573		1,880		1,993
Sales	350		549		1,837		1,713
Average realized price per ounce	$	2,628	$	2,034	$	2,418	$	1,972
Molybdenum (millions of recoverable pounds)
Production	22		20		80		82
Sales, excluding purchases	18		22		78		81
Average realized price per pound	$	22.23	$	20.66	$	21.77	$	24.64

a.Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.

Consolidated Sales Volumes

•Fourth-quarter 2024 copper sales of 992 million pounds were slightly above the October 2024 estimate. Consistent with expectations, fourth-quarter 2024 copper sales were lower than fourth-quarter 2023 sales of 1.1 billion pounds, primarily reflecting lower ore grades and the timing of shipments at PT-FI.

•Fourth-quarter 2024 gold sales of 350 thousand ounces were slightly above the October 2024 estimate. Consistent with expectations, fourth-quarter 2024 gold sales were below fourth-quarter 2023 sales of 549 thousand ounces, primarily reflecting lower ore grades and the timing of shipments at PT-FI.

•Fourth-quarter 2024 molybdenum sales of 18 million pounds were lower than the October 2024 estimate of 20 million pounds and fourth-quarter 2023 sales of 22 million pounds, primarily reflecting timing of shipments.

Consolidated copper and gold production volumes for the year 2024 exceeded sales volumes for the year 2024, primarily reflecting an increase in concentrate inventory associated with the timing of approval of PT-FI’s permitted copper concentrate export quota for 2024 and inventory held at PT-FI’s new downstream processing facilities expected to be sold as refined metal in the second half of 2025.

Consolidated sales volumes for the year 2025 are expected to approximate 4.0 billion pounds of copper, 1.6 million ounces of gold and 88 million pounds of molybdenum, including 850 million pounds of copper, 225 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2025. Projected sales volumes are dependent on operational performance; Indonesia regulatory approval to export copper concentrate until repairs and full ramp-up of PT-FI’s new smelter are complete; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.

Consolidated Unit Net Cash Costs

Fourth-quarter 2024 consolidated average unit net cash costs (net of by-product credits) for FCX’s copper mines of $1.66 per pound of copper were lower than the October 2024 estimate of $1.72 per pound, primarily reflecting higher by-product credits. Fourth-quarter 2024 consolidated average unit net cash costs were higher than fourth-quarter 2023 average unit net cash costs of $1.52 per pound of copper, primarily reflecting lower sales volumes at PT-FI. Refer to “Operations” below for further discussion.

Consolidated unit net cash costs (net of by-product credits) for FCX’s copper mines are expected to average $1.60 per pound of copper for the year 2025 (including $2.05 per pound of copper in first-quarter 2025), based on achievement of current sales volume estimates (including estimates for copper concentrate exports from Indonesia) and cost estimates and assuming average prices of $2,700 per ounce of gold and $20.00 per pound of molybdenum for the year 2025. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. The impact of price changes on consolidated unit net cash costs for the year 2025 would approximate $0.04 per pound of copper for each $100 per ounce change in the average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum.

OPERATIONS

Technology and Leaching Innovation Initiatives. FCX is progressing initiatives across its North America and South America operations by incorporating new applications, technologies and data analytics to its leaching processes. In late 2023, FCX achieved its initial incremental annual run rate target of approximately 200 million pounds of copper. Incremental copper production from these initiatives totaled 50 million pounds in fourth-quarter 2024 and 214 million pounds for the year 2024, compared with a total of 144 million pounds for the year 2023. FCX has projects underway to apply recent operational enhancements on a larger scale and is testing new innovative technology applications that have the potential for significant increases in recoverable metal beyond the current run rate.

In addition to technology-driven leaching initiatives, FCX is pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies, and reducing costs and capital intensity of its current operations and future development projects.

North America. FCX manages seven copper operations in North America – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. FCX also operates a copper smelter in Miami, Arizona. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver. All of the North America operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

Development Activities. FCX has substantial reserves, resources and future opportunities for organic growth in the U.S. associated with existing operations.

FCX has a potential expansion project to more than double the concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. In late 2023, FCX completed technical and economic studies, which indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year at estimated incremental project capital costs of approximately $3.5 billion. Expanded operations would provide improved efficiency and reduce unit net cash costs through economies of scale. Project economics indicate that the expansion would require an incentive copper price in the range of $3.50 to $4.00 per pound and approximately three to four years to complete. The decision of whether to proceed and timing of the potential expansion will take into account overall copper market conditions, availability of labor and other factors, including pending conversion of the existing haul truck fleet to autonomous to support long-range plans. In parallel, FCX is enhancing local infrastructure and advancing activities for expanded tailings infrastructure projects required under long-range plans in order to advance the potential construction timeline.

FCX has commenced pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity. Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a further expansion project. FCX expects to complete these studies by mid-2026. The decision of whether to proceed and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.

Operating Data. Following is summary consolidated operating data for the North America copper mines:


	Three Months Ended December 31,				Years Ended December 31,
	2024		2023		2024		2023
Copper (millions of recoverable pounds)
Production	321		320		1,246		1,350
Sales, excluding purchases	318		318		1,257		1,361
Average realized price per pound	$	4.29	$	3.79	$	4.29	$	3.93

Molybdenum (millions of recoverable pounds)
Productiona	8		7		30		30

Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments	$	3.48	$	3.13	$	3.46	$	3.00
By-product credits	(0.58)		(0.40)		(0.48)		(0.49)
Treatment charges	0.14		0.13		0.13		0.12
Unit net cash costs	$	3.04	$	2.86	$	3.11	$	2.63

a.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at the North America copper mines.

b.For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.

FCX’s consolidated copper sales volumes from North America were 318 million pounds in fourth-quarter 2024, approximating fourth-quarter 2023. North America copper sales approximated 1.26 billion pounds for the year 2024 and are estimated to approximate 1.4 billion pounds for the year 2025.

Average unit net cash costs (net of by-product credits) for the North America copper mines of $3.04 per pound of copper in fourth-quarter 2024 were lower than third-quarter 2024 average unit net cash costs of $3.24 per pound. Compared with fourth-quarter 2023 average unit net cash costs, fourth-quarter 2024 average unit net cash costs were higher, primarily reflecting higher labor and mining costs, partly offset by higher by-product credits.

Average unit net cash costs (net of by-product credits) for the North America copper mines are expected to approximate $3.00 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates and assuming an average price of $20.00 per pound of molybdenum. North America’s average unit net cash costs for the year 2025 would change by approximately $0.05 per pound for each $2 per pound change in the average price of molybdenum.

South America. FCX manages two copper operations in South America – Cerro Verde in Peru (in which FCX owns a 55.08% interest) and El Abra in Chile (in which FCX owns a 51% interest). These operations are consolidated in FCX’s financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Development Activities. At the El Abra operations in Chile, FCX has completed substantial drilling and evaluations to define a large sulfide resource that would support a potential major mill project similar to the large-scale concentrator at Cerro Verde. FCX is preparing data for a potential submission of an environmental impact statement by year-end 2025, subject to ongoing stakeholder engagement and economic evaluations. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision of whether to proceed and timing of the potential project will take into account overall copper market conditions, required permitting and other factors.

Operating Data. Following is summary consolidated operating data for South America operations:


	Three Months Ended December 31,				Years Ended December 31,
	2024		2023		2024			2023
Copper (millions of recoverable pounds)
Production	291		286		1,168			1,202
Sales	298		287		1,177			1,200
Average realized price per pound	$	4.04	$	3.83	$	4.16		$	3.82






Molybdenum (millions of recoverable pounds)
Productiona	5		5		20			22

Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments	$	2.50	$	2.74	$	2.63	c	$	2.57
By-product credits	(0.31)		(0.22)		(0.34)			(0.39)
Treatment charges	0.16		0.19		0.16			0.19
Royalty on metals	0.01		0.01		0.01			0.01
Unit net cash costs	$	2.36	$	2.72	$	2.46		$	2.38

a.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at Cerro Verde.

c.Includes $0.08 per pound of copper for nonrecurring labor-related charges at Cerro Verde associated with new multi-year collective labor agreements with its two unions. Refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

FCX’s consolidated copper sales volumes from South America operations of 298 million pounds in fourth-quarter 2024 were higher than fourth-quarter 2023 copper sales volumes of 287 million pounds, primarily reflecting slightly higher production and timing of shipments. Copper sales from South America operations were 1.2 billion pounds for the year 2024 and are expected to approximate 1.1 billion pounds for the year 2025.

Average unit net cash costs (net of by-product credits) for South America operations of $2.36 per pound of copper in fourth-quarter 2024 were lower than fourth-quarter 2023 average unit net cash costs of $2.72 per pound, primarily reflecting lower maintenance, repair and energy costs, as well as higher by-product credits.

Average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.50 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates and assuming an average price of $20.00 per pound of molybdenum.

Indonesia. PT-FI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. PT-FI produces copper concentrate that contains significant quantities of gold and silver. Once the full ramp-up of the new downstream processing facilities is achieved, PT-FI will be a fully integrated producer of refined copper and gold. FCX has a 48.76% ownership interest in PT-FI and manages its operations. PT-FI’s results are consolidated in FCX’s financial statements.

Concentrate Exports. Current regulations in Indonesia prohibit exports of copper concentrate as of January 1, 2025. Pursuant to the terms of its special mining business license (IUPK) regarding force majeure events, PT-FI has requested approval from the Indonesia government to permit the export of copper concentrate in 2025 until the required repairs of its new smelter following the October 2024 fire incident (see below for further discussion) and full ramp-up are complete. Based on discussions to-date with the Indonesia government, PT-FI expects to re-commence exports of copper concentrate during first-quarter 2025, and pursuant to current regulations, would be required to pay a 7.5% export duty on copper concentrate exports during 2025.

Long-term Mining Rights. Pursuant to regulations issued during 2024, PT-FI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met, including ownership of integrated downstream facilities that have entered the operational stage; domestic ownership of at least 51% and agreement

with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Minerals. Application for extension may be submitted at any time up to one year prior to the expiration of PT-FI’s IUPK. PT-FI expects to apply for an extension during 2025, pending agreement with PT Mineral Industri Indonesia (MIND ID) on a purchase and sale agreement for the transfer in 2041 of an additional 10% interest in PT-FI.

An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

Operating and Development Activities. Over a multi-year investment period, PT-FI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone and Big Gossan) and completed an expansion of the milling facilities. In December 2024, PT-FI completed construction of a new copper cleaner circuit, a mill recovery project that will enhance recoveries and optimize concentrate production, with commissioning under way.

Kucing Liar. Long-term mine development activities are ongoing for PT-FI’s Kucing Liar deposit in the Grasberg minerals district. Kucing Liar is expected to produce over 7 billion pounds of copper and 6 million ounces of gold between 2029 and the end of 2041, and an extension of PT-FI’s operating rights beyond 2041 would extend the life of the project. Development activities commenced in 2022 and are expected to continue over an approximate 10-year timeframe. Capital investments for Kucing Liar are estimated to total $4 billion over the next seven to eight years (averaging approximately $0.5 billion per annum). Approximately $0.6 billion has been incurred to date. At full operating rates, annual production from Kucing Liar is expected to approximate 560 million pounds of copper and 520 thousand ounces of gold, providing PT-FI with sustained long-term, large-scale and low-cost production. Kucing Liar will benefit from substantial shared infrastructure and PT-FI’s experience and long-term success in block-cave mining.

Natural Gas Facilities. PT-FI plans to transition its existing energy source from coal to natural gas, which would meaningfully reduce PT-FI’s Scope 1 greenhouse gas emissions at the Grasberg minerals district. The majority of PT-FI’s planned investments in a new gas-fired combined cycle facility are expected to be incurred over the next three years, at a cost of approximately $1 billion, which represents an incremental cost of $0.4 billion compared to previously planned investments to refurbish the existing coal units. Once complete, PT-FI’s dual-fuel power plant and the new gas-fired combined cycle facility will be fueled by natural gas, supplied by a floating liquefied natural gas storage and regassification unit.

Downstream Processing Facilities.

New Smelter. Construction of the new greenfield smelter in Eastern Java, Indonesia was substantially completed during 2024. During start-up activities, a fire occurred in October 2024, requiring a temporary suspension of smelting operations to complete repairs. Procurement of long-lead items has advanced and repairs are scheduled to be completed by mid-2025. PT-FI expects restoration, repair and replacement costs to approximate $100 million, which are expected to be mostly offset through recovery under construction insurance programs. PT-FI expects to achieve full ramp-up by year-end 2025. Following the full ramp-up, PT-FI’s mining and smelting operations will be fully integrated.

PMR. As part of start-up activities, PT-FI commenced gold production at its new PMR in late 2024. The facility has capacity to refine all precious metals from PT-FI’s new smelter as well as from PT Smelting, PT-FI’s 66%-owned smelter and refinery in Gresik, Indonesia.

Operating Data. Following is summary consolidated operating data for Indonesia operations:



	Three Months Ended December 31,				Years Ended December 31,
	2024		2023		2024		2023
Copper (millions of recoverable pounds)
Production	429		489		1,800		1,660
Sales	376		511		1,632		1,525
Average realized price per pound	$	4.11	$	3.81	$	4.19	$	3.81

Gold (thousands of recoverable ounces)
Production	428		569		1,861		1,978
Sales	343		544		1,817		1,697
Average realized price per ounce	$	2,628	$	2,034	$	2,418	$	1,972

Unit net cash (credits) costs per pound of coppera
Site production and delivery, excluding adjustments	$	1.65	$	1.42	$	1.64	$	1.62
Gold, silver and other by-product credits	(2.56)		(2.29)		(2.82)		(2.30)
Treatment charges	0.32		0.34		0.35		0.35
Export duties	0.26		0.31		0.28		0.21
Royalty on metals	0.25		0.22		0.27		0.22
Unit net cash (credits) costs	$	(0.08)	$	—	$	(0.28)	$	0.10

a.For a reconciliation of unit net cash (credits) costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.

PT-FI’s consolidated copper sales volumes of 376 million pounds and consolidated gold sales volumes of 343 thousand ounces in fourth-quarter 2024 were below fourth-quarter 2023 copper sales volumes of 511 million pounds and gold sales volumes of 544 thousand ounces, primarily reflecting lower ore grades and timing of shipments. PT-FI’s consolidated copper and gold production volumes for the year 2024 exceeded 2024 sales volumes, primarily reflecting an increase in concentrate inventory associated with the timing of approval of its permitted copper concentrate export quota for 2024 and inventory held at PT-FI’s new downstream processing facilities expected to be sold as refined metal in the second half of 2025.

Consolidated sales volumes from PT-FI are expected to approximate 1.55 billion pounds of copper and 1.6 million ounces of gold for the year 2025. PT-FI’s projected sales volumes in 2025 reflect reduced operating rates associated with two planned major maintenance projects in its concentrating facilities. Projected sales volumes are dependent on operational performance; Indonesia regulatory approval to export copper concentrate until repairs and full ramp-up of PT-FI’s new smelter are complete; weather-related conditions; and other factors detailed in the “Cautionary Statement” below.

PT-FI’s unit net cash credits (including gold, silver and other by-product credits) of $0.08 per pound of copper in fourth-quarter 2024 were favorable compared to unit net cash costs (net of gold, silver and other by-product credits) of less than $0.01 per pound of copper in fourth-quarter 2023, primarily reflecting higher gold credits, partly offset by lower copper volumes.

Average unit net cash credits (including gold, silver and other by-product credits) for PT-FI are expected to approximate $0.27 per pound of copper for the year 2025, based on achievement of current sales volumes (including estimates for copper concentrate exports) and cost estimates and assuming an average price of $2,700 per ounce of gold. PT-FI’s average unit net cash credits for the year 2025 would change by approximately $0.09 per pound of copper for each $100 per ounce change in the average price of gold.

Molybdenum. FCX operates two wholly owned primary molybdenum operations in Colorado – the Climax open-pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines and at FCX’s North America copper mines and South America operations is processed at FCX’s conversion facilities.

Operating and Development Activities. Production from the primary molybdenum operations totaled 9 million pounds of molybdenum in fourth-quarter 2024 and 8 million pounds in fourth-quarter 2023. FCX’s consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the primary molybdenum operations and at FCX’s North America copper mines and South America operations, which are presented on page 3.

Average unit net cash costs for the primary molybdenum operations of $16.18 per pound of molybdenum in fourth-quarter 2024 were higher than average unit net cash costs of $14.83 per pound in fourth-quarter 2023, primarily reflecting contract labor transition costs, partially offset by higher volumes. Average unit net cash costs for the primary molybdenum operations are expected to approximate $15.20 per pound of molybdenum for the year 2025, based on achievement of current sales volumes and cost estimates.

For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.

PRELIMINARY ESTIMATED RECOVERABLE PROVEN AND PROBABLE MINERAL RESERVES AND MINERAL RESOURCES

FCX has significant mineral reserves, mineral resources and future development opportunities within its portfolio of mining assets. FCX’s preliminary estimated consolidated recoverable proven and probable mineral reserves from its mines at December 31, 2024, include 97.0 billion pounds of copper, 23.0 million ounces of gold and 3.16 billion pounds of molybdenum, which were determined using metal price assumptions of $3.25 per pound for copper, $1,600 per ounce for gold and $12.00 per pound for molybdenum. The preliminary estimated recoverable proven and probable mineral reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recovery rates and smelter recovery rates, where applicable. Recoverable mineral reserve volumes are those which FCX estimates can be economically extracted or produced at the time of the mineral reserve determination.


	Preliminary Estimated Recoverable Proven and Probable Mineral Reserves
	at December 31, 2024
	Copper	Gold	Molybdenum
	(billion pounds)	(million ounces)	(billion pounds)
North America	41.6	0.6	2.51
South Americaa	28.4	—	0.66
Indonesiab	27.0	22.4	—
Consolidated basisc,d	97.0	23.0	3.16

Net equity intereste	70.2	11.5	2.87

a.Excludes the El Abra mill project discussed on page 5 (estimated potential addition of approximately 20 billion recoverable pounds of copper in concentrate and cathode).

b.Reserves are included through the life of the IUPK in 2041. An extension of operating rights would provide additional mineral reserves.

c.Consolidated mineral reserves represent estimated metal quantities after reduction for FCX’s joint venture partners’ interest at the Morenci mine in North America. Excluded from the table above are FCX’s estimated recoverable proven and probable silver reserves of 318 million ounces, which were determined using $20 per ounce.

d.May not foot because of rounding.

e.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership. Excluded from the table above are FCX’s estimated net recoverable proven and probable silver reserves of 213 million ounces.

Following is a summary of changes in FCX’s preliminary estimated consolidated recoverable proven and probable mineral reserves during 2024:


	Copper		Gold	Molybdenum
	(billion pounds)		(million ounces)	(billion pounds)
Reserves at December 31, 2023	104.1		24.5	3.34
Net revisions	(3.0)	a	0.4	(0.10)
Production	(4.2)		(1.9)	(0.08)
Reserves at December 31, 2024b	97.0		23.0	3.16

a.Revisions are primarily the result of higher cost assumptions and updated geologic models.

b.May not foot because of rounding.

In addition to the preliminary estimated consolidated recoverable proven and probable mineral reserves, FCX’s preliminary estimated consolidated mineral resources (including measured, indicated and inferred resources) at December 31, 2024, which were assessed using $3.75 per pound for copper, totaled 193 billion pounds of incremental contained copper. FCX continues to pursue opportunities to convert this material into mineral reserves, future production volumes and cash flow. See “Cautionary Statement” below.

LIQUIDITY, CASH FLOWS, CASH AND DEBT

Liquidity. At December 31, 2024, FCX had $3.9 billion in consolidated cash and cash equivalents, $4.7 billion including $0.7 billion of current restricted cash associated with PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks. In addition, FCX has $3.0 billion of availability under its revolving credit facility, and PT-FI and Cerro Verde have $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

Operating Cash Flows. FCX generated operating cash flows of $1.4 billion in fourth-quarter 2024 and $7.2 billion for the year 2024.

FCX’s consolidated operating cash flows are estimated to approximate $6.2 billion for the year 2025, based on current sales volume and cost estimates, and assuming average prices of $4.00 per pound of copper, $2,700 per ounce of gold and $20.00 per pound of molybdenum. The impact of price changes on operating cash flows for the year 2025 would approximate $375 million for each $0.10 per pound change in the average price of copper, $140 million for each $100 per ounce change in the average price of gold and $135 million for each $2 per pound change in the average price of molybdenum.

Capital Expenditures. Capital expenditures totaled $1.2 billion, including $0.6 billion for major mining projects and $0.2 billion for PT-FI’s new downstream processing facilities, in fourth-quarter 2024. For the year 2024, capital expenditures were $4.8 billion, including $2.1 billion for major mining projects and $1.17 billion for PT-FI’s new downstream processing facilities.

Capital expenditures are expected to approximate $5.0 billion for the year 2025, including $2.8 billion for major mining projects and $0.6 billion for PT-FI’s new downstream processing facilities (excluding capitalized interest, owner’s costs and commissioning). Projected capital expenditures for major mining projects include $1.1 billion for planned projects, primarily associated with underground mine development in the Grasberg minerals district and expansion projects in North America, and $1.7 billion for discretionary growth projects.

Cash. Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share and withholding taxes, at December 31, 2024 (in billions):


Cash at domestic companies	$	1.5
Cash at international operations	2.4		a
Total consolidated cash and cash equivalents	3.9

Noncontrolling interests’ share	(1.1)
Cash, net of noncontrolling interests’ share	2.8
Withholding taxes	(0.1)
Net cash available	$	2.7

a.Excludes $0.7 billion of current restricted cash associated with a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government.

Debt. Following is a summary of total debt and the weighted-average interest rates at December 31, 2024 (in billions, except percentages):


				Weighted- Average Interest Rate
Senior notes:
Issued by FCX	$	5.3		5.0%
Issued by PT-FI	3.0			5.4%
Issued by Freeport Minerals Corporation	0.3			7.5%
PT-FI revolving credit facility	0.3			6.0%
Other	—		a	3.5%
Total debt	$	8.9		5.2%

a.Amount not shown because of rounding.

At December 31, 2024, there were (i) no borrowings and $7 million in letters of credit issued under FCX’s $3.0 billion revolving credit facility, (ii) $250 million in borrowings outstanding under PT-FI’s $1.75 billion revolving credit facility, and (iii) no borrowings outstanding under Cerro Verde’s $350 million revolving credit facility. In November 2024, FCX repaid $0.7 billion in scheduled senior note maturities using cash on hand and has no further senior note maturities until 2027. FCX’s total debt has an average remaining duration of approximately 10 years.

FINANCIAL POLICY

FCX’s financial policy is aligned with its strategic objectives of maintaining a solid balance sheet, providing cash returns to shareholders and advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding debt for PT-FI’s new downstream processing facilities). FCX’s Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

Net Debt. At December 31, 2024, FCX’s net debt, excluding $3.2 billion of debt for PT-FI’s new downstream processing facilities, totaled $1.06 billion (which was net of $0.7 billion of current restricted cash associated with PT-FI’s export proceeds). Refer to the supplemental schedule, “Net Debt,” on page IX.

Common Stock Dividends. On December 18, 2024, FCX’s Board declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which will be paid on February 3, 2025, to shareholders of record as of January 15, 2025. The declaration and payment of dividends (base or variable) are at the discretion of the Board and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.

Share Repurchase Program. As of January 22, 2025, FCX has 1.4 billion shares of common stock outstanding and $3.1 billion is available under its share repurchase program. The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

WEBCAST INFORMATION

A conference call with securities analysts to discuss FCX’s fourth-quarter 2024 results is scheduled for today at 10:00 a.m. Eastern Time. The conference call will be broadcast on the internet along with slides. Interested parties may listen to the conference call live and view the slides by accessing fcx.com. A replay of the webcast will be available through Friday, February 14, 2025.

-----------------------------------------------------------------------------------------------------------

FREEPORT: Foremost in Copper

FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.

FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX’s website at fcx.com.

Cautionary Statement: This press release 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 business outlook, strategy, goals or targets; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs (credits) and operating costs; capital expenditures; operating plans (including mine sequencing); cash flows; liquidity; PT-FI’s commissioning, remediation and ramp up of its new smelter and full production at the PMR; potential extension of PT-FI’s IUPK beyond 2041; export licenses, export duties and export volumes, including PT-FI’s ability to continue exports of copper concentrate until full ramp-up is achieved at its new smelter in Indonesia; timing of shipments of inventoried production; FCX’s commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; execution of FCX’s energy and climate strategies and the underlying assumptions and estimated impacts on FCX’s business and stakeholders related thereto; achievement of 2030 climate targets and 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of the Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; PT-FI’s ability to export and sell or inventory copper concentrates through remediation and full ramp-up of its new smelter in Indonesia; changes in export duties; completion of remediation activities and achieving full ramp-up of the new smelter in Indonesia; full production at the PMR; production rates; timing of shipments; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PT-FI’s IUPK to extend mining rights from 2031 through 2041; process relating to the extension of PT-FI’s IUPK beyond 2041; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; litigation results; tailings management; FCX’s ability to comply with its responsible production commitments under specific frameworks; and any changes to such frameworks and other factors described in more detail

under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission.

Investors are cautioned that many of the assumptions upon which FCX’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.

Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates are, to a large extent, based on metal prices for the commodities we produce and interpretations of geologic data, which may not necessarily be indicative of future results or quantities ultimately recovered. This press release also includes forward-looking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material modifying factors. Accordingly, no assurance can be given that the estimated mineral resources will become proven and probable mineral reserves.

This press release also contains measures such as net debt, adjusted net income and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of this press release. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.


FREEPORT
SELECTED OPERATING DATA

	Three Months Ended December 31,
	2024	2023	2024			2023
	Production		Sales
COPPER (millions of recoverable pounds)
(FCX’s net interest in %)
North America
Morenci (72%)a	124	140	125			137
Safford (100%)	67	56	66			57
Sierrita (100%)	45	43	45			44
Bagdad (100%)	37	35	37			35
Chino (100%)	36	32	34			32
Tyrone (100%)	10	11	11			11
Miami (100%)	2	3	2			3
Other (100%)	—	—	(2)			(1)
Total North America	321	320	318			318

South America
Cerro Verde (55.08%)b	233	229	246			234
El Abra (51%)	58	57	52			53

Total South America	291	286	298			287

Indonesia
Grasberg minerals district (48.76%)	429	489	376			511


Total	1,041	1,095	992		c	1,116		c
Less noncontrolling interests	352	384	329			397
Net	689	711	663			719





Average realized price per pound			$	4.15		$	3.81


GOLD (thousands of recoverable ounces)
(FCX’s net interest in %)
North America (100%)	4	4	7			5

Indonesia (48.76%)	428	569	343			544
Consolidated	432	573	350			549
Less noncontrolling interests	219	292	176			279
Net	213	281	174			270




Average realized price per ounce			$	2,628		$	2,034

MOLYBDENUM (millions of recoverable pounds)
(FCX’s net interest in %)
Climax (100%)	6	5	N/A			N/A
Henderson (100%)	3	3	N/A			N/A
North America copper mines (100%)a	8	7	N/A			N/A
Cerro Verde (55.08%)b	5	5	N/A			N/A
Consolidated	22	20	18			22
Less noncontrolling interests	2	2	2			3
Net	20	18	16			19





Average realized price per pound			$	22.23		$	20.66















a. Amounts are net of Morenci’s joint venture partners’ undivided interests.

b. FCX’s interest in Cerro Verde is 55.08%, and prior to September 2024 it was 53.56%.

c. Consolidated sales volumes exclude purchased copper of 16 million pounds in fourth-quarter 2024 and 18 million pounds in fourth-quarter 2023.



FREEPORT
SELECTED OPERATING DATA (continued)

	Years Ended December 31,
	2024	2023		2024			2023
	Production			Sales
COPPER (millions of recoverable pounds)
(FCX’s net interest in %)
North America
Morenci (72%)a	505	575		517			578
Safford (100%)	249	245		246			250
Sierrita (100%)	165	185		167			183
Bagdad (100%)	146	146		146			148
Chino (100%)	133	141		133			143
Tyrone (100%)	43	51		44			53
Miami (100%)	9	12		10			12
Other (100%)	(4)	(5)		(6)			(6)
Total North America	1,246	1,350		1,257			1,361

South America
Cerro Verde (55.08%)b	949	985		958			988
El Abra (51%)	219	217		219			212

Total South America	1,168	1,202		1,177			1,200

Indonesia
Grasberg minerals district (48.76%)	1,800	1,660		1,632			1,525


Total	4,214	4,212		4,066		c	4,086		c
Less noncontrolling interests	1,465	1,414		1,384			1,344
Net	2,749	2,798		2,682			2,742





Average realized price per pound				$	4.21		$	3.85

GOLD (thousands of recoverable ounces)
(FCX’s net interest in %)
North America (100%)	19	15		20			16

Indonesia (48.76%)	1,861	1,978	d	1,817			1,697		d
Consolidated	1,880	1,993		1,837			1,713
Less noncontrolling interests	953	952		931			808
Net	927	1,041		906			905




Average realized price per ounce				$	2,418		$	1,972

MOLYBDENUM (millions of recoverable pounds)
(FCX’s net interest in %)
Climax (100%)	18	17		N/A			N/A
Henderson (100%)	12	13		N/A			N/A
North America copper mines (100%)a	30	30		N/A			N/A
Cerro Verde (55.08%)b	20	22		N/A			N/A
Consolidated	80	82		78			81
Less noncontrolling interests	9	10		9			10
Net	71	72		69			71





Average realized price per pound				$	21.77		$	24.64















a. Amounts are net of Morenci’s joint venture partners’ undivided interests.


b. FCX’s interest in Cerro Verde is 55.08%, and prior to September 2024 it was 53.56%.


c. Consolidated sales volumes exclude purchased copper of 158 million pounds for the year 2024 and 103 million pounds for the year 2023.

d. Includes approximately 190 thousand ounces of gold production and sales volumes attributed to PT Mineral Industri Indonesia’s (MIND ID) approximate 19% economic interest in accordance with the PT Freeport Indonesia (PT-FI) shareholder agreement.


FREEPORT
SELECTED OPERATING DATA (continued)

	Three Months Ended December 31,		Years Ended December 31,
	2024	2023	2024	2023
North Americaa
Leach Operations
Leach ore placed in stockpiles (metric tons per day)	619,300	740,500	609,400	692,000
Average copper ore grade (%)	0.20	0.19	0.20	0.23
Copper production (millions of recoverable pounds)	209	223	842	941

Mill Operations
Ore milled (metric tons per day)	334,200	305,100	311,700	308,500
Average ore grades (%):
Copper	0.29	0.31	0.30	0.32
Molybdenum	0.02	0.02	0.02	0.02
Copper recovery rate (%)	84.9	81.0	83.2	81.8
Production (millions of recoverable pounds):
Copper	161	152	601	633
Molybdenum	8	7	31	31

South America
Leach Operations
Leach ore placed in stockpiles (metric tons per day)	153,700	193,500	164,300	191,200
Average copper ore grade (%)	0.46	0.38	0.42	0.35
Copper production (millions of recoverable pounds)	77	80	295	317

Mill Operations
Ore milled (metric tons per day)	414,700	407,600	415,500	417,400
Average ore grades (%):
Copper	0.32	0.33	0.33	0.34
Molybdenum	0.01	0.02	0.01	0.01
Copper recovery rate (%)	82.9	78.9	83.6	81.3
Production (millions of recoverable pounds):
Copper	214	206	873	885
Molybdenum	5	5	20	22

Indonesia
Ore extracted and milled (metric tons per day):
Grasberg Block Cave underground mine	138,900	133,200	133,800	117,300
Deep Mill Level Zone underground mine	64,900	76,500	64,900	75,900
Big Gossan underground mine	7,100	8,300	8,000	7,900
Other adjustments	300	(3,700)	1,700	(2,800)


Total	211,200	214,300	208,400	198,300
Average ore grades:
Copper (%)	1.21	1.32	1.27	1.22
Gold (grams per metric ton)	0.92	1.18	1.00	1.12
Recovery rates (%):
Copper	87.3	90.2	88.4	89.7
Gold	75.5	78.8	76.9	77.9
Production (recoverable):
Copper (millions of pounds)	429	489	1,800	1,660
Gold (thousands of ounces)	428	569	1,861	1,978











Molybdenumb
Ore milled (metric tons per day)	28,300	28,200	28,000	27,900
Average molybdenum ore grade (%)	0.18	0.17	0.16	0.15
Molybdenum production (millions of recoverable pounds)	9	8	30	30







a.Amounts represent 100% operating data, including Morenci’s joint venture partners’ share.

b. Represents FCX’s primary molybdenum operations in Colorado.

III


FREEPORT
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended				Years Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(In Millions, Except Per Share Amounts)
Revenuesa	$	5,720	$	5,905	$	25,455	$	22,855
Cost of sales:
Production and deliveryb	3,758		3,360		15,554		13,627
Depreciation, depletion and amortization	537		589		2,241		2,068


Total cost of sales	4,295		3,949		17,795		15,695
Selling, general and administrative expenses	129		120		513		479
Exploration and research expenses	41		34		156		137
Environmental obligations and shutdown costs	12		80		127		319



Total costs and expenses	4,477		4,183		18,591		16,630
Operating income	1,243		1,722		6,864		6,225
Interest expense, netc	(70)		(97)		(319)		(515)

Net gain on early extinguishment of debt	—		—		—		10

Other income, net	67		103		362		286
Income before income taxes and equity in affiliated companies’ net earnings	1,240		1,728		6,907		6,006
Provision for income taxesd	(520)		(724)		(2,523)		(2,270)
Equity in affiliated companies’ net earnings	1		3		15		15


Net income	721		1,007		4,399		3,751

Net income attributable to noncontrolling interestse	(447)		(619)		(2,510)		(1,903)


Net income attributable to common stockholdersf,g	$	274	$	388	$	1,889	$	1,848






Diluted net income per share attributable to common stock	$	0.19	$	0.27	$	1.30	$	1.28






Diluted weighted-average common shares outstanding	1,445		1,444		1,445		1,443

Dividends declared per share of common stock	$	0.15	$	0.15	$	0.60	$	0.60

a.Includes adjustments to provisionally priced concentrate and cathode sales. For a summary of adjustments to provisionally priced copper sales, refer to the supplemental schedule, “Derivative Instruments,” beginning on page IX.

b.FCX is engaged in various studies associated with potential future expansion projects primarily at its mining operations. Production and delivery costs include charges for these feasibility and optimization studies totaling $38 million in fourth-quarter 2024, $46 million in fourth-quarter 2023, $155 million for the year 2024 and $185 million for the year 2023. Additionally, production and delivery costs include charges for operational readiness and startup costs associated with PT-FI’s new smelter and precious metals refinery (PMR) (collectively, PT-FI’s new downstream processing facilities) totaling $59 million in fourth-quarter 2024, $7 million in fourth-quarter 2023, $133 million for the year 2024 and $18 million for the year 2023.

c.Consolidated interest costs (before capitalization) totaled $181 million in fourth-quarter 2024, $177 million in fourth-quarter 2023, $710 million for the year 2024 and $782 million for the year 2023. Consolidated interest costs for the year 2023 included $74 million of interest charges associated with contested tax rulings issued by the Peruvian Supreme Court and a $13 million credit for the settlement of interest on Cerro Verde’s historical profit sharing liability.

d.For a summary of FCX’s income taxes, refer to the supplemental schedule, “Income Taxes,” beginning on page VIII.

e.Net income attributable to noncontrolling interests is primarily associated with PT-FI, Cerro Verde and El Abra. For further discussion, refer to the supplemental schedule, “Noncontrolling Interests,” beginning on page X.

f.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to the supplemental schedule, “Deferred Profits,” on page X.

g.Refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII, for a summary of net (charges) credits impacting FCX’s consolidated statements of income.


FREEPORT
CONSOLIDATED BALANCE SHEETS (Unaudited)

	December 31,
	2024		2023
	(In Millions)
ASSETS
Current assets:
Cash and cash equivalents	$	3,923	$	4,758
Restricted cash and cash equivalentsa	888		1,208
Trade accounts receivable	578		1,209
Value added and other tax receivables	564		455

Inventories:
Product	3,038		2,472
Materials and supplies, net	2,382		2,169
Mill and leach stockpiles	1,388		1,419
Other current assets	535		375

Total current assets	13,296		14,065
Property, plant, equipment and mine development costs, net	38,514		35,295


Long-term mill and leach stockpiles	1,225		1,336


Other assets	1,813		1,810

Total assets	$	54,848	$	52,506

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	4,057	$	3,729
Accrued income taxes	859		786
Current portion of environmental and asset retirement obligations (AROs)	320		316
Dividends payable	219		218

Current portion of debt	41		766
Total current liabilities	5,496		5,815
Long-term debt, less current portion	8,907		8,656
Environmental and AROs, less current portion	5,404		4,624
Deferred income taxes	4,376		4,453
Other liabilities	1,887		1,648

Total liabilities	26,070		25,196



Equity:
Stockholders’ equity:
Common stock	162		162
Capital in excess of par value	23,797		24,637
Accumulated deficit	(170)		(2,059)
Accumulated other comprehensive loss	(314)		(274)
Common stock held in treasury	(5,894)		(5,773)
Total stockholders’ equity	17,581		16,693
Noncontrolling interests	11,197		10,617
Total equity	28,778		27,310
Total liabilities and equity	$	54,848	$	52,506

a.Includes $0.7 billion at December 31, 2024, and $1.1 billion at December 31, 2023, associated with a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government.


FREEPORT
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Years Ended
	December 31,
		2024		2023
		(In Millions)
Cash flow from operating activities:
Net income		$	4,399	$	3,751
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		2,241		2,068




Net charges for environmental and AROs, including accretion		622		295
Payments for environmental and AROs		(234)		(250)
Stock-based compensation		109		109
Charge for talc-related litigation		—		65
Net charges for defined pension and postretirement plans		35		62
Pension plan contributions		(78)		(75)
Net gain on early extinguishment of debt		—		(10)

Deferred income taxes		(76)		182








Change in deferred profit on PT-FI’s sales to PT Smeltinga		—		(112)
Charges for social investment programs at PT-FI		103		84
Payments for social investment programs at PT-FI		(54)		(44)
Impairment of oil and gas properties		69		67
Other, net		53		(33)
Changes in working capital and other:
Accounts receivable		460		166
Inventories		(638)		(873)
Other current assets		(41)		(29)
Accounts payable and accrued liabilities		143		(161)
Accrued income taxes and timing of other tax payments		47		17
Net cash provided by operating activities		7,160		5,279

Cash flow from investing activities:
Capital expenditures:
North America copper mines		(1,033)		(761)
South America operations		(375)		(368)

Indonesia operations		(2,908)		(3,411)
Molybdenum mines		(117)		(84)
Other		(375)		(200)



Proceeds from sales of assets		19		27


Acquisition of additional ownership interest in Cerro Verde		(210)		—
Loans to PT Smelting for expansion		(28)		(129)

Other, net		(1)		(30)
Net cash used in investing activities		(5,028)		(4,956)

Cash flow from financing activities:
Proceeds from debt		2,251		1,781
Repayments of debt		(2,731)		(2,980)



Finance lease payments		(41)		(3)
Cash dividends and distributions paid:
Common stock		(865)		(863)
Noncontrolling interests		(1,833)		(625)
Treasury stock purchases		(59)		—
Contributions from noncontrolling interests		—		50
Proceeds from exercised stock options		29		47
Payments for withholding of employee taxes related to stock-based awards		(35)		(50)
Debt financing costs		—		(7)
Net cash used in financing activities		(3,284)		(2,650)

Net decrease in cash, cash equivalents and restricted cash and cash equivalents		(1,152)		(2,327)

Cash, cash equivalents and restricted cash and cash equivalents at beginning of year		6,063		8,390
Cash, cash equivalents and restricted cash and cash equivalents at end of yearb		$	4,911	$	6,063

a.As a result of PT-FI’s commercial arrangement with PT Smelting changing from a concentrate sales agreement to a tolling arrangement in January 2023, there are no further sales to PT Smelting.

b.Includes current and long-term restricted cash and cash equivalents of $1.0 billion at December 31, 2024, and $1.3 billion at December 31, 2023.

FREEPORT

ADJUSTED NET INCOME

Management uses adjusted net income to evaluate FCX’s operating performance and believes that investors’ understanding of FCX’s performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. This information differs from net income attributable to common stock determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. FCX’s adjusted net income, which may not be comparable to similarly titled measures reported by other companies, follows (in millions, except per share amounts).


	Three Months Ended December 31,
	2024							2023
	Pre-tax			After-taxa		Per Share		Pre-tax			After-taxa		Per Share
Net income attributable to common stock	N/A			$	274	$	0.19	N/A			$	388	$	0.27

PT-FI net (charges) credits	$	(148)	b	$	(44)	$	(0.03)	$	112	c	$	33	$	0.02
Oil and gas net chargesd	(71)			(71)		(0.05)		(10)			(10)		(0.01)
Inventory adjustments	(48)			(48)		(0.03)		(6)			(6)		—
PT-FI smelter fire costs, net of insurancee	(3)			(1)		—		—			—		—
Cerro Verde new collective labor agreements (CLAs)	2			1		—		—			—		—
Net adjustments to environmental obligations and related litigation reserves	1			1		—		(61)			(61)		(0.04)


PT-FI historical tax matters	—			—		—		7			5		—





Other net (charges) credits	(13)		f	(13)		(0.01)		21		g	19		0.01
Net tax credits	N/A			—		—		N/A			14		0.01
Total net (charges) creditsk	$	(280)		$	(176)	$	(0.12)	$	63		$	(5)	$	—

Adjusted net income attributable to common stock	N/A			$	450	$	0.31	N/A			$	393	$	0.27



	Years Ended December 31,
	2024							2023
	Pre-tax			After-taxa		Per Share		Pre-tax			After-taxa		Per Share
Net income attributable to common stock	N/A			$	1,889	$	1.30	N/A			$	1,848	$	1.28

PT-FI net (charges) credits	$	(182)	b	$	(54)	$	(0.04)	$	74	c	$	16	$	0.01
Oil and gas net chargesd	(222)			(222)		(0.15)		(74)			(74)		(0.05)
Inventory adjustments	(91)			(91)		(0.06)		(14)			(13)		(0.01)
PT-FI smelter fire costs, net of insurancee	(3)			(1)		—		—			—		—
Cerro Verde new CLAs	(97)			(32)		(0.02)		—			—		—
Net adjustments to environmental obligations and related litigation reserves	(75)			(75)		(0.05)		(260)			(260)		(0.18)
PT-FI historical tax mattersh	42			181		0.13		2			1		—
U.S. income tax examsi	11			47		0.03		—			—		—
Cerro Verde historical tax mattersj	—			—		—		(142)			(73)		(0.05)



Net gain on early extinguishment of debt	—			—		—		10			10		0.01

Other net (charges) credits	(27)		f	(9)		(0.01)		7		g	5		—
Net tax credits	N/A			—		—		N/A			14		0.01
Total net chargesk	$	(643)		$	(257)	$	(0.18)	$	(396)		$	(373)	$	(0.26)

Adjusted net income attributable to common stock	N/A			$	2,146	$	1.48	N/A			$	2,221	$	1.54

a.Reflects impact to FCX’s net income attributable to common stock (i.e., net of any taxes and noncontrolling interests).

b.The fourth quarter and year 2024 include charges recorded to production and delivery mostly associated with adjustments to PT-FI’s ARO. The year 2024 also includes $34 million in charges recorded to production and delivery that were capitalized in prior years associated with construction of PT-FI’s new downstream processing facilities.

c.The fourth quarter and year 2023 primarily reflect credits recorded to production and delivery to adjust PT-FI’s historical ARO model. The year 2023 also includes credits (charges) associated with the release of export duty exposure for prior years and an administrative fine, which were recorded to revenues ($17 million) and production and delivery ($(55) million), respectively.

d.Primarily reflects charges recorded to production and delivery associated with impairments and adjustments to abandonment obligations, including assumed oil and gas abandonment obligations resulting from bankruptcies of other companies.

e.Includes charges recorded to production and delivery for damaged assets and initial investigation and repair costs totaling $43 million, mostly offset by insurance recovery credits of $40 million.

VII

FREEPORT

ADJUSTED NET INCOME (continued)

f.Other net charges for the 2024 periods primarily reflect amounts recorded to production and delivery associated with mining ARO adjustments and asset impairments.

g.Other net credits for the 2023 periods primarily reflect $14 million recorded to production and delivery costs for mining ARO adjustments and $10 million recorded to other income, net for an international tax refund. The year 2023 also reflects $13 million of credits recorded to interest expense, net for the settlement of interest on Cerro Verde’s historical profit-sharing liability and $30 million of charges recorded to production and delivery associated with mining asset impairments and contract cancellation costs.

h.The year 2024 includes net credits associated with closure of PT-FI’s 2021 corporate income tax audit and resolution of a framework for disputed tax matters, which were recorded as a benefit to income taxes ($182 million), production and delivery ($8 million) and interest expense, net ($8 million). In addition, FCX recognized a credit of $26 million in other income, net associated with the reduction in the related accrual to indemnify MIND ID from potential losses arising from historical tax disputes. In accordance with PT-FI's Shareholder Agreement, settlements of historical tax matters that originated before December 31, 2022, should be attributed based on the economics from the Initial Period (i.e., approximately 81% to FCX and 19% to MIND ID). Accordingly, the noncontrolling interest portion of these credits totaled $43 million.

i.The year 2024 reflects the release of tax reserves ($36 million) and related interest expense ($11 million) associated with closure of FCX's 2017 and 2018 U.S. federal income tax exams.

j.The year 2023 reflects charges (credits) associated with contested tax rulings by the Peruvian Supreme Court recorded to interest expense, net ($74 million), other income, net ($69 million) and production and delivery ($(1) million).

k.May not foot because of rounding.

INCOME TAXES

Following is a summary of the approximate amounts used in the calculation of FCX’s consolidated income tax provision (in millions, except percentages):


	Three Months Ended December 31,
	2024					2023
				Income Tax						Income Tax
	Income		Effective	(Provision)		Income		Effective		(Provision)
	(Loss)a		Tax Rate	Benefit		(Loss)a		Tax Rate		Benefit
U.S.b	$	(140)	4%	$	6	$	(125)	—%	c	$	(2)
South America	323		40%	(129)		200		37%		(74)
Indonesia	1,045		37%	(383)		1,695		36%		(615)








Eliminations and other	12		N/A	(2)		(42)		N/A		15
Rate adjustmentd	—		N/A	(12)		—		N/A		(48)
Continuing operations	$	1,240	42%	$	(520)	$	1,728	42%		$	(724)


	Years Ended December 31,
	2024							2023
					Income Tax								Income Tax
	Income			Effective	(Provision)			Income			Effective		(Provision)
	(Loss)a			Tax Rate	Benefit			(Loss)a			Tax Rate		Benefit
U.S.b	$	(533)	e	7%	$	36	e	$	55		—%	c	$	1
South America	1,519			40%	(604)			1,303			40%		(515)
Indonesia	5,754			36%	(2,089)			4,830			37%		(1,771)

Cerro Verde historical tax matters	—			N/A	—			(142)		f	N/A		3
PT-FI historical tax matters	16		g	N/A	182		g	(5)			N/A		(3)





Eliminations and other	151			N/A	(48)			(35)			N/A		15

Continuing operations	$	6,907		37%	$	(2,523)		$	6,006		38%		$	(2,270)

a.Represents income before income taxes, equity in affiliated companies’ net earnings, and noncontrolling interests.

b.In addition to FCX’s North America copper mines, which had operating income of $170 million in fourth-quarter 2024, $114 million in fourth-quarter 2023, $0.8 billion for the year 2024 and $1.0 billion for the year 2023 (refer to the supplemental schedule, “Business Segments,” beginning on page XI), the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with FCX’s senior notes and general and administrative expenses. The U.S. jurisdiction also includes net revisions to environmental obligation estimates and charges associated with oil and gas abandonment obligations and impairments (refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII for additional information).

c.Includes a valuation allowance release on prior year unbenefited net operating losses.

d.In accordance with applicable accounting rules, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate.

VIII

FREEPORT

INCOME TAXES (continued)

e.Refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII for discussion of the net credits associated with the closure of FCX's 2017 and 2018 U.S. federal income tax exams.

f.Refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII for discussion of the pre-tax charges associated with contested tax rulings issued by the Peruvian Supreme Court.

g.Refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII for discussion of net credits associated with closure of PT-FI’s 2021 corporate income tax audit and resolution of a framework for Indonesia disputed tax matters.

The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period.

In September 2024, the Internal Revenue Service (IRS) issued proposed regulations that provide guidance on the application of CAMT, which are not final and subject to change. Based on the proposed guidance released by IRS, FCX has determined that the provisions of the Act did not impact FCX’s financial results for the years 2024 or 2023.

Assuming achievement of current sales volume and cost estimates and average prices of $4.00 per pound for copper, $2,700 per ounce for gold and $20.00 per pound for molybdenum, FCX estimates its consolidated effective tax rate for the year 2025 would approximate 40%. Changes in projected sales volumes and average prices during 2025 would incur tax impacts at estimated effective rates of 39% for Peru, 36% for Indonesia and 0% for the U.S., which excludes any impact from the Act.

NET DEBT

FCX believes that net debt provides investors with information related to the performance-based payout framework in FCX’s financial policy, which requires FCX to maintain its net debt at a level not to exceed the net debt target of $3 billion to $4 billion, excluding debt for PT-FI’s new downstream processing facilities. FCX defines net debt as consolidated debt less (i) consolidated cash and cash equivalents and (ii) current restricted cash associated with PT-FI’s export proceeds. This information differs from consolidated debt determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for consolidated debt determined in accordance with U.S. GAAP. FCX’s net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in millions):


	As of December 31, 2024

Current portion of debt	$	41
Long-term debt, less current portion	8,907
Consolidated debt	8,948
Less: consolidated cash and cash equivalents	3,923
Less: current restricted cash associated with PT-FI’s export proceeds	736		a
FCX net debt	4,289
Less: debt for PT-FI’s new downstream processing facilities	3,233		b
FCX net debt, excluding debt for PT-FI’s new downstream processing facilities	$	1,056

a.In accordance with a regulation issued by the Indonesia government, 30% of PT-FI’s export proceeds are being temporarily deposited into Indonesia banks for a period of 90 days before withdrawal and are presented as current restricted cash and cash equivalents in FCX’s consolidated balance sheet. As the 90-day holding period is the only restriction on the cash, FCX has included such amount in the calculation of net debt.

b.Represents PT-FI’s senior notes and $250 million of borrowings under PT-FI’s revolving credit facility.

DERIVATIVE INSTRUMENTS

For the year 2024, FCX’s mined copper was sold 45% in concentrate, 34% as cathode and 21% as rod. All of FCX’s copper concentrate and some cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) based primarily on quoted London Metal Exchange (LME) monthly average copper prices. FCX records revenues and invoices customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on provisionally priced concentrate and cathode sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement. In fourth-quarter 2024, LME copper settlement prices averaged $4.17 per pound and FCX’s average realized copper price was $4.15 per pound.

FREEPORT

DERIVATIVE INSTRUMENTS (continued)

Following is a summary of the adjustments to prior period and current period provisionally priced copper sales (in millions, except per share amounts):


	Three Months Ended December 31,
	2024						2023
	Prior Perioda		Current Periodb		Total		Prior Perioda		Current Periodb		Total
Revenues	$	(77)	$	(81)	$	(158)	$	(13)	$	79	$	66
Net income attributable to common stock	$	(28)	$	(25)	$	(53)	$	(5)	$	24	$	19
Diluted net income per share of common stockc	$	(0.02)	$	(0.02)	$	(0.04)	$	—	$	0.02	$	0.01

a.Reflects adjustments to provisionally priced copper sales at September 30, 2024 and 2023.

b.Reflects adjustments to provisionally priced copper sales during the fourth quarters of 2024 and 2023.

c.May not foot across because of rounding.



	Years Ended December 31,
	2024						2023
	Prior Perioda		Current Periodb		Total		Prior Perioda		Current Periodb		Total
Revenues	$	28	$	89	$	117	$	183	$	(86)	$	97
Net income attributable to common stock	$	9	$	31	$	40	$	62	$	(35)	$	27
Diluted net income per share of common stock	$	0.01	$	0.02	$	0.03	$	0.04	$	(0.02)	$	0.02

a.Reflects adjustments to provisionally priced copper sales at December 31, 2023 and 2022.

b.Reflects adjustments to provisionally priced copper sales for the years 2024 and 2023.

At December 31, 2024, FCX had provisionally priced copper sales totaling 133 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $3.96 per pound, subject to final pricing over the next several months. FCX estimates that each $0.05 change in the price realized from the quarter-end provisional price would have an approximate $12 million effect on 2025 revenues ($4 million to net income attributable to common stock). The LME copper price settled at $4.14 per pound on January 22, 2025.

DEFERRED PROFITS

FCX defers recognizing profits on intercompany sales to Atlantic Copper until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net (reductions) additions to operating income totaling $(52) million ($(20) million to net income attributable to common stock) in fourth-quarter 2024, $(89) million ($(26) million to net income attributable to common stock) in fourth-quarter 2023, $21 million ($(3) million to net income attributable to common stock) for the year 2024 and $64 million ($37 million to net income attributable to common stock) for the year 2023. FCX’s net deferred profits on its inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $181 million ($60 million to net income attributable to common stock) at December 31, 2024. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in FCX’s net deferred profits and quarterly earnings.

NONCONTROLLING INTERESTS

Net income attributable to noncontrolling interests is primarily associated with PT-FI, Cerro Verde and El Abra and totaled $447 million in fourth-quarter 2024 (which represented 36% of FCX’s consolidated income before income taxes), $619 million in fourth-quarter 2023 (which represented 36% of FCX’s consolidated income before income taxes), $2.5 billion for the year 2024 (which represented 36% of FCX’s consolidated income before income taxes) and $1.9 billion for the year 2023 (which represented 32% of FCX’s consolidated income before income taxes). Refer to “Business Segments” below for net income attributable to noncontrolling interests for each of FCX’s business segments.

Beginning January 1, 2023, FCX's economic and ownership interest in PT-FI is 48.76% except for net income associated with the settlement of historical tax matters in first-quarter 2024 and approximately 190 thousand ounces of gold sales in first-quarter 2023, which were attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID).

In September 2024, FCX increased its ownership interest in Cerro Verde to 55.08% from 53.56%.

FREEPORT

NONCONTROLLING INTERESTS (continued)

Based on achievement of current sales volume and cost estimates and assuming average prices of $4.00 per pound of copper, $2,700 per ounce of gold and $20.00 per pound of molybdenum, FCX estimates that net income attributable to noncontrolling interests is estimated to approximate $2.3 billion (which would represent 35% of FCX’s consolidated income before income taxes) for the year 2025. The actual amount will depend on many factors, including relative performance of each business segment, commodity prices, costs and other factors.

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

For comparative purposes, the 2023 tables have been adjusted to conform with the current year presentation, primarily for the combination of the Grasberg minerals district and PT-FI’s new downstream processing facilities. PT-FI’s new downstream processing facilities will exclusively receive concentrate from the Grasberg minerals district, which reflects PT-FI’s integrated and dependent operations within Indonesia (i.e., Indonesia operations). The PMR will receive anode slimes from the smelter and from PT Smelting. FCX's Chief Executive Officer, identified as its chief operating decision maker under business segment accounting guidance, makes executive management decisions, including resource allocation and mine planning, for the Indonesia operations as a single business segment.

Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.

FREEPORT

BUSINESS SEGMENTS (continued)



(in millions)																					Atlantic		Corporate,
	North America Copper Mines				South America Operations												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Operations			Mines		Refining		& Refining		nations			Total
Three Months Ended December 31, 2024
Revenues:
Unaffiliated customers	$	11	$	17	$	28	$	831		$	216	$	1,047	$	2,085		$	—	$	1,454	$	679	$	427	a	$	5,720
Intersegment	566		1,017		1,583		161			—		161		158			177		11		—		(2,090)			—
Production and delivery	437		881		1,318		617			163		780		917		b,c	137		1,465		649		(1,508)		d	3,758		e
Depreciation, depletion and amortization	47		65		112		99			15		114		270			22		—		8		11			537


Selling, general and administrative expenses	1		—		1		2			—		2		34			—		—		7		85			129
Exploration and research expenses	4		6		10		3			2		5		—			—		—		—		26			41
Environmental obligations and shutdown costs	—		—		—		—			—		—		—			—		—		—		12			12


Operating income (loss)	88		82		170		271			36		307		1,022			18		—		15		(289)			1,243

Interest expense, net	—		—		—		5			—		5		11			—		—		8		46			70

Other (expense) income, net	—		(7)		(7)		4			13		17		26			—		—		12		19			67
Provision for income taxes	—		—		—		112			17		129		383			—		—		—		8			520
Equity in affiliated companies’ net earnings	—		—		—		—			—		—		—			—		—		—		1			1
Net income (loss) attributable to noncontrolling interests	—		—		—		80		f	19		99		358		g	—		—		—		(10)			447


Total assets at December 31, 2024	3,228		6,766		9,994		8,096			2,060		10,156		27,309			2,018		202		1,705		3,464			54,848
Capital expenditures	45		245		290		84			19		103		705			29		12		54		46			1,239

Three Months Ended December 31, 2023
Revenues:
Unaffiliated customers	$	16	$	19	$	35	$	767		$	197	$	964	$	2,548		$	—	$	1,334	$	606	$	418	a	$	5,905
Intersegment	541		823		1,364		149			—		149		189			157		12		—		(1,871)			—
Production and delivery	446		724		1,170		651			171		822		699		b	118		1,343		579		(1,371)		d	3,360		e
Depreciation, depletion and amortization	43		63		106		93			16		109		334			18		1		7		14			589


Selling, general and administrative expenses	1		—		1		2			—		2		39			—		—		7		71			120
Exploration and research expenses	3		4		7		4			2		6		2			—		—		—		19			34
Environmental obligations and shutdown costs	(1)		2		1		—			—		—		—			—		—		—		79		h	80


Operating income (loss)	65		49		114		166			8		174		1,663			21		2		13		(265)			1,722

Interest expense, net	—		—		—		3			—		3		7			—		—		9		78			97

Other (expense) income, net	(1)		11		10		23			—		23		32			—		(1)		(8)		47			103
Provision for (benefit from) income taxes	—		—		—		76			(2)		74		615			—		—		—		35			724

Equity in affiliated companies’ net earnings	—		—		—		—			—		—		1			—		—		—		2			3
Net income attributable to noncontrolling interests	—		—		—		58		f	2		60		583		g	—		—		—		(24)			619


Total assets at December 31, 2023	3,195		5,996		9,191		8,120			1,930		10,050		25,548			1,782		172		1,326		4,437			52,506
Capital expenditures	56		160		216		92			17		109		857			41		4		21		114			1,362

XII

FREEPORT

BUSINESS SEGMENTS (continued)



(in millions)																					Atlantic		Corporate,
	North America Copper Mines				South America Operations												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Operations			Mines		Refining		& Refining		nations			Total
Year Ended December 31, 2024
Revenues:
Unaffiliated customers	$	101	$	79	$	180	$	3,618		$	915	$	4,533	$	9,774		$	—	$	6,196	$	3,009	$	1,763	a	$	25,455
Intersegment	2,246		3,814		6,060		638			—		638		544			592		43		8		(7,885)			—
Production and delivery	1,826		3,170		4,996		2,529		i	701		3,230		3,368		b,c	530		6,206		2,912		(5,688)		d	15,554		e
Depreciation, depletion and amortization	187		252		439		380			66		446		1,193			73		4		28		58			2,241


Selling, general and administrative expenses	2		2		4		8			—		8		127			—		—		28		346			513
Exploration and research expenses	17		27		44		12			4		16		8			—		—		—		88			156
Environmental obligations and shutdown costs	—		—		—		—			—		—		—			—		—		—		127			127


Operating income (loss)	315		442		757		1,327			144		1,471		5,622			(11)		29		49		(1,053)			6,864
Interest expense, net	—		1		1		21			—		21		28			—		—		36		233		j	319

Other (expense) income, net	(1)		2		1		42			24		66		136			—		(1)		13		147			362
Provision for (benefit from) income taxes	—		—		—		542			62		604		1,907		k	—		—		(11)		23			2,523
Equity in affiliated companies’ net earnings	—		—		—		—			—		—		7			—		—		—		8			15
Net income attributable to noncontrolling interests	—		—		—		412		f	67		479		2,022		g	—		—		—		9			2,510
Capital expenditures	184		849		1,033		293			82		375		2,908			117		35		142		198			4,808

Year Ended December 31, 2023
Revenues:
Unaffiliated customers	$	91	$	152	$	243	$	3,330		$	824	$	4,154	$	7,816		$	—	$	5,886	$	2,791	$	1,965	a	$	22,855
Intersegment	2,328		3,745		6,073		787			—		787		621			677		40		19		(8,217)			—
Production and delivery	1,730		3,048		4,778		2,529			710		3,239		2,570		b,c	439		5,901		2,718		(6,018)		d	13,627		e
Depreciation, depletion and amortization	175		243		418		395			64		459		1,028			66		5		28		64			2,068


Selling, general and administrative expenses	2		2		4		9			—		9		129			—		—		28		309			479
Exploration and research expenses	11		39		50		10			4		14		2			—		—		—		71			137
Environmental obligations and shutdown costs	(1)		28		27		—			—		—		—			—		—		—		292		h	319


Operating income (loss)	502		537		1,039		1,174			46		1,220		4,708			172		20		36		(970)			6,225
Interest expense, net	—		1		1		77		l	—		77		35			—		—		31		371			515
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—		10			10
Other (expense) income, net	(5)		3		(2)		(13)		l	11		(2)		122			(1)		(2)		(8)		179			286
Provision for (benefit from) income taxes	—		—		—		495			17		512		1,774			—		—		—		(16)			2,270
Equity in affiliated companies’ net earnings	—		—		—		—			—		—		10			—		—		—		5			15
Net income (loss) attributable to noncontrolling interests	—		—		—		300		f	36		336		1,614		g	—		—		—		(47)			1,903
Capital expenditures	232		529		761		271			97		368		3,324			84		13		64		210			4,824

XIII

FREEPORT

BUSINESS SEGMENTS (continued)

a.Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America copper mines and South America operations.

b.Includes ARO adjustments totaling charges of $144 million in fourth-quarter 2024 and for the year 2024 and credits totaling $112 million in fourth-quarter 2023 and for the year 2023.

c.Includes charges for an administrative fine totaling $4 million in fourth-quarter 2024 and for the year 2024 and $55 million for the year 2023.

d.Includes oil and gas charges related to asset impairments and adjustments to AROs, including abandonment obligations, totaling $68 million in fourth-quarter 2024, $10 million in fourth-quarter 2023, $217 million for the year 2024 and $70 million for the year 2023.

e.Includes metal inventory adjustments of $48 million in fourth-quarter 2024, $6 million in fourth-quarter 2023, $91 million for the year 2024 and $14 million for the year 2023.

f.Beginning in September 2024, FCX's interest in Cerro Verde is 55.08%, and prior to September 2024 was 53.56%.

g.Beginning January 1, 2023, FCX's economic and ownership interest in PT-FI is 48.76% except for net income associated with the settlement of historical tax matters in first-quarter 2024 and approximately 190 thousand ounces of gold sales in first-quarter 2023, which were attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID).

h.Includes a charge of $65 million associated with an adjustment to the proposed settlement of talc-related litigation.

i.Includes nonrecurring labor-related charges totaling $97 million associated with Cerro Verde’s new multi-year CLAs with its two unions.

j.Includes an $11 million credit associated with the closure of FCX’s 2017 and 2018 U.S. federal income tax returns.

k.Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters.

l.Interest expense, net includes $74 million of charges associated with contested tax rulings issued by the Peruvian Supreme Court, partly offset by a $13 million credit for the settlement of interest on Cerro Verde’s historical profit sharing liability. Other (expense) income, net includes a charge of $69 million associated with contested tax rulings issued by the Peruvian Supreme Court. Also refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

PRODUCT REVENUES AND PRODUCTION COSTS

FCX believes unit net cash costs (credits) per pound of copper and molybdenum are measures intended to provide investors with information about the cash-generating capacity of FCX’s mining operations expressed on a basis relating to the primary metal product for the respective operations. FCX uses this measure for the same purpose and for monitoring operating performance by its mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. These measures are presented by other metals mining companies, although FCX’s measures may not be comparable to similarly titled measures reported by other companies.

FCX presents gross profit per pound of copper in the following tables using both a “by-product” method and a “co-product” method. FCX uses the by-product method in its presentation of gross profit per pound of copper because (i) the majority of its revenues are copper revenues, (ii) it mines ore, which contains copper, gold, molybdenum and other metals, (iii) it is not possible to specifically assign all of FCX’s costs to revenues from the copper, gold, molybdenum and other metals it produces and (iv) it is the method used by FCX’s management and Board of Directors to monitor FCX’s mining operations and to compare mining operations in certain industry publications. In the co-product method presentations, shared costs are allocated to the different products based on their relative revenue values, which will vary to the extent FCX’s metals sales volumes and realized prices change.

FCX shows revenue adjustments for prior period open sales as a separate line item. Because these adjustments do not result from current period sales, these amounts have been reflected separately from revenues on current period sales. Noncash and other costs, net which are removed from site production and delivery costs in the calculation of unit net cash costs, consist of items such as accretion of AROs, inventory write-offs and adjustments, stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, restructuring and/or unusual charges. As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method. The following schedules are presentations under both the by-product and co-product methods together with reconciliations to amounts reported in FCX’s consolidated financial statements.

XIV


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended December 31, 2024
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	1,373		$	1,373	$	175	$	58	$	1,606
Site production and delivery, before net noncash and other costs shown below	1,112			983		131		48		1,162
By-product credits	(183)			—		—		—		—
Treatment charges	44			41		—		3		44
Net cash costs	973			1,024		131		51		1,206
Depreciation, depletion and amortization (DD&A)	111			99		9		3		111

Noncash and other costs, net	102		c	99		3		—		102
Total costs	1,186			1,222		143		54		1,419
Other revenue adjustments, primarily for pricing on prior period open sales	(4)			(4)		—		—		(4)
Gross profit	$	183		$	147	$	32	$	4	$	183

Copper sales (millions of recoverable pounds)	320			320
Molybdenum sales (millions of recoverable pounds)a						8

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	4.29		$	4.29	$	20.56
Site production and delivery, before net noncash and other costs shown below	3.48			3.07		15.40
By-product credits	(0.58)			—		—
Treatment charges	0.14			0.13		—
Unit net cash costs	3.04			3.20		15.40
DD&A	0.35			0.31		1.11

Noncash and other costs, net	0.32		c	0.31		0.26
Total unit costs	3.71			3.82		16.77
Other revenue adjustments, primarily for pricing on prior period open sales	(0.01)			(0.01)		—
Gross profit per pound	$	0.57		$	0.46	$	3.79

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	1,606		$	1,162	$	111
Treatment charges	(3)			41		—
Noncash and other costs, net	—			102		—
Other revenue adjustments, primarily for pricing on prior period open sales	(4)			—		—
Eliminations and other	12			13		1
North America copper mines	1,611			1,318		112
Other miningd	5,772			3,948		414


Corporate, other & eliminations	(1,663)			(1,508)		11
As reported in FCX’s consolidated financial statements	$	5,720		$	3,758	$	537

a.Reflects sales of molybdenum produced by certain of the North America copper mines to FCX’s molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $48 million ($0.15 per pound of copper) for metals inventory adjustments. Also, includes charges totaling $14 million ($0.04 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended December 31, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	1,209		$	1,209	$	134	$	42	$	1,385
Site production and delivery, before net noncash and other costs shown below	996			892		119		35		1,046
By-product credits	(126)			—		—		—		—
Treatment charges	43			41		—		2		43
Net cash costs	913			933		119		37		1,089
DD&A	106			95		9		2		106

Noncash and other costs, net	62		c	58		3		1		62
Total costs	1,081			1,086		131		40		1,257

Gross profit	$	128		$	123	$	3	$	2	$	128

Copper sales (millions of recoverable pounds)	319			319
Molybdenum sales (millions of recoverable pounds)a						7

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	3.79		$	3.79	$	19.80
Site production and delivery, before net noncash and other costs shown below	3.13			2.80		17.50
By-product credits	(0.40)			—		—
Treatment charges	0.13			0.13		—
Unit net cash costs	2.86			2.93		17.50
DD&A	0.33			0.30		1.40

Noncash and other costs, net	0.20		c	0.18		0.44
Total unit costs	3.39			3.41		19.34

Gross profit per pound	$	0.40		$	0.38	$	0.46

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	1,385		$	1,046	$	106
Treatment charges	—			43		—
Noncash and other costs, net	—			62		—

Eliminations and other	14			19		—
North America copper mines	1,399			1,170		106
Other miningd	5,959			3,561		469


Corporate, other & eliminations	(1,453)			(1,371)		14
As reported in FCX’s consolidated financial statements	$	5,905		$	3,360	$	589

a.Reflects sales of molybdenum produced by certain of the North America copper mines to FCX’s molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $26 million ($0.08 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XVI


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Year Ended December 31, 2024
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	5,417		$	5,417	$	608	$	186	$	6,211
Site production and delivery, before net noncash and other costs shown below	4,362			3,911		489		152		4,552
By-product credits	(604)			—		—		—		—
Treatment charges	169			161		—		8		169
Net cash costs	3,927			4,072		489		160		4,721
DD&A	439			394		36		9		439

Noncash and other costs, net	235		c	222		11		2		235
Total costs	4,601			4,688		536		171		5,395

Gross profit	$	816		$	729	$	72	$	15	$	816

Copper sales (millions of recoverable pounds)	1,263			1,263
Molybdenum sales (millions of recoverable pounds)a						30

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	4.29		$	4.29	$	20.13
Site production and delivery, before net noncash and other costs shown below	3.46			3.10		16.20
By-product credits	(0.48)			—		—
Treatment charges	0.13			0.12		—
Unit net cash costs	3.11			3.22		16.20
DD&A	0.34			0.31		1.19

Noncash and other costs, net	0.19		c	0.18		0.36
Total unit costs	3.64			3.71		17.75

Gross profit per pound	$	0.65		$	0.58	$	2.38

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	6,211		$	4,552	$	439
Treatment charges	(4)			165		—
Noncash and other costs, net	—			235		—

Eliminations and other	33			44		—
North America copper mines	6,240			4,996		439
Other miningd	25,337			16,246		1,744


Corporate, other & eliminations	(6,122)			(5,688)		58
As reported in FCX’s consolidated financial statements	$	25,455		$	15,554	$	2,241

a.Reflects sales of molybdenum produced by certain of the North America copper mines to FCX’s molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $62 million ($0.05 per pound of copper) for feasibility and optimization studies. Also, includes charges totaling $60 million ($0.05 per pound of copper) for metals inventory adjustments.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XVII


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Year Ended December 31, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	5,368		$	5,368	$	710	$	171	$	6,249
Site production and delivery, before net noncash and other costs shown below	4,093			3,621		535		149		4,305
By-product credits	(669)			—		—		—		—
Treatment charges	169			161		—		8		169
Net cash costs	3,593			3,782		535		157		4,474
DD&A	418			371		39		8		418

Noncash and other costs, net	242		c	215		24		3		242
Total costs	4,253			4,368		598		168		5,134
Other revenue adjustments, primarily for pricing on prior period open sales	13			13		—		—		13
Gross profit	$	1,128		$	1,013	$	112	$	3	$	1,128

Copper sales (millions of recoverable pounds)	1,367			1,367
Molybdenum sales (millions of recoverable pounds)a						30

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	3.93		$	3.93	$	23.38
Site production and delivery, before net noncash and other costs shown below	3.00			2.65		17.63
By-product credits	(0.49)			—		—
Treatment charges	0.12			0.12		—
Unit net cash costs	2.63			2.77		17.63
DD&A	0.30			0.27		1.30

Noncash and other costs, net	0.18		c	0.16		0.77
Total unit costs	3.11			3.20		19.70
Other revenue adjustments, primarily for pricing on prior period open sales	0.01			0.01		—
Gross profit per pound	$	0.83		$	0.74	$	3.68

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	6,249		$	4,305	$	418
Treatment charges	(9)			160		—
Noncash and other costs, net	—			242		—
Other revenue adjustments, primarily for pricing on prior period open sales	13			—		—
Eliminations and other	63			71		—
North America copper mines	6,316			4,778		418
Other miningd	22,791			14,867		1,586


Corporate, other & eliminations	(6,252)			(6,018)		64
As reported in FCX’s consolidated financial statements	$	22,855		$	13,627	$	2,068

a.Reflects sales of molybdenum produced by certain of the North America copper mines to FCX’s molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $107 million ($0.08 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XVIII


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Operations Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended December 31, 2024
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	1,208		$	1,208	$	104	$	1,312
Site production and delivery, before net noncash and other costs shown below	746			695		63		758
By-product credits	(92)			—		—		—
Treatment charges	50			50		—		50
Royalty on metals	2			2		—		2
Net cash costs	706			747		63		810
DD&A	115			106		9		115

Noncash and other costs, net	22		b	21		1		22
Total costs	843			874		73		947
Other revenue adjustments, primarily for pricing on prior period open sales	(51)			(51)		—		(51)
Gross profit	$	314		$	283	$	31	$	314

Copper sales (millions of recoverable pounds)	298			298

Gross profit per pound of copper:

Revenues, excluding adjustments	$	4.04		$	4.04
Site production and delivery, before net noncash and other costs shown below	2.50			2.33
By-product credits	(0.31)			—
Treatment charges	0.16			0.16
Royalty on metals	0.01			0.01
Unit net cash costs	2.36			2.50
DD&A	0.39			0.35

Noncash and other costs, net	0.07		b	0.07
Total unit costs	2.82			2.92
Other revenue adjustments, primarily for pricing on prior period open sales	(0.17)			(0.17)
Gross profit per pound	$	1.05		$	0.95

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	1,312		$	758	$	115
Treatment charges	(50)			—		—
Royalty on metals	(2)			—		—
Noncash and other costs, net	—			22		—
Other revenue adjustments, primarily for pricing on prior period open sales	(51)			—		—
Eliminations and other	(1)			—		(1)
South America operations	1,208			780		114
Other miningc	6,175			4,486		412


Corporate, other & eliminations	(1,663)			(1,508)		11
As reported in FCX’s consolidated financial statements	$	5,720		$	3,758	$	537

a.Includes silver sales of 0.9 million ounces ($29.72 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.

b.Includes charges totaling $16 million ($0.05 per pound of copper) for feasibility and optimization studies.

c.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XIX


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Operations Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended December 31, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	1,096		$	1,096	$	79	$	1,175
Site production and delivery, before net noncash and other costs shown below	786			736		66		802
By-product credits	(63)			—		—		—
Treatment charges	55			55		—		55
Royalty on metals	2			2		—		2
Net cash costs	780			793		66		859
DD&A	109			101		8		109

Noncash and other costs, net	20		b	20		—		20
Total costs	909			914		74		988
Other revenue adjustments, primarily for pricing on prior period open sales	(6)			(6)		—		(6)
Gross profit	$	181		$	176	$	5	$	181

Copper sales (millions of recoverable pounds)	287			287

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.83		$	3.83
Site production and delivery, before net noncash and other costs shown below	2.74			2.57
By-product credits	(0.22)			—
Treatment charges	0.19			0.19
Royalty on metals	0.01			0.01
Unit net cash costs	2.72			2.77
DD&A	0.39			0.35

Noncash and other costs, net	0.07		b	0.07
Total unit costs	3.18			3.19
Other revenue adjustments, primarily for pricing on prior period open sales	(0.02)			(0.02)
Gross profit per pound	$	0.63		$	0.62

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	1,175		$	802	$	109
Treatment charges	(55)			—		—
Royalty on metals	(2)			—		—
Noncash and other costs, net	—			20		—
Other revenue adjustments, primarily for pricing on prior period open sales	(6)			—		—
Eliminations and other	1			—		—
South America operations	1,113			822		109
Other miningc	6,245			3,909		466


Corporate, other & eliminations	(1,453)			(1,371)		14
As reported in FCX’s consolidated financial statements	$	5,905		$	3,360	$	589

a.Includes silver sales of 0.9 million ounces ($23.96 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.

b.Includes charges totaling $14 million ($0.05 per pound of copper) for feasibility studies.

c.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Operations Product Revenues, Production Costs and Unit Net Cash Costs

Year Ended December 31, 2024
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	4,894		$	4,894	$	446	$	5,340
Site production and delivery, before net noncash and other costs shown below	3,094		b	2,865		281		3,146
By-product credits	(394)			—		—		—
Treatment charges	193			193		—		193
Royalty on metals	8			7		1		8
Net cash costs	2,901			3,065		282		3,347
DD&A	446			409		37		446

Noncash and other costs, net	87		c	85		2		87
Total costs	3,434			3,559		321		3,880
Other revenue adjustments, primarily for pricing on prior period open sales	32			33		(1)		32
Gross profit	$	1,492		$	1,368	$	124	$	1,492

Copper sales (millions of recoverable pounds)	1,177			1,177

Gross profit per pound of copper:

Revenues, excluding adjustments	$	4.16		$	4.16
Site production and delivery, before net noncash and other costs shown below	2.63		b	2.43
By-product credits	(0.34)			—
Treatment charges	0.16			0.16
Royalty on metals	0.01			0.01
Unit net cash costs	2.46			2.60
DD&A	0.38			0.35

Noncash and other costs, net	0.08		c	0.07
Total unit costs	2.92			3.02
Other revenue adjustments, primarily for pricing on prior period open sales	0.03			0.03
Gross profit per pound	$	1.27		$	1.17

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	5,340		$	3,146	$	446
Treatment charges	(193)			—		—
Royalty on metals	(8)			—		—
Noncash and other costs, net	—			87		—
Other revenue adjustments, primarily for pricing on prior period open sales	32			—		—
Eliminations and other	—			(3)		—
South America operations	5,171			3,230		446
Other miningd	26,406			18,012		1,737


Corporate, other & eliminations	(6,122)			(5,688)		58
As reported in FCX’s consolidated financial statements	$	25,455		$	15,554	$	2,241

a.Includes silver sales of 3.6 million ounces ($29.35 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.

b.Includes nonrecurring charges totaling $97 million ($0.08 per pound of copper) associated with labor-related charges at Cerro Verde related to the new multi-year CLAs with its two unions.

c.Includes charges totaling $57 million ($0.05 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XXI


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Operations Product Revenues, Production Costs and Unit Net Cash Costs

Year Ended December 31, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	4,583		$	4,583	$	526	$	5,109
Site production and delivery, before net noncash and other costs shown below	3,083			2,810		339		3,149
By-product credits	(463)			—		—		—
Treatment charges	234			234		—		234
Royalty on metals	8			7		1		8
Net cash costs	2,862			3,051		340		3,391
DD&A	459			412		47		459

Noncash and other costs, net	92		b	87		5		92
Total costs	3,413			3,550		392		3,942
Other revenue adjustments, primarily for pricing on prior period open sales	71			71		3		74
Gross profit	$	1,241		$	1,104	$	137	$	1,241

Copper sales (millions of recoverable pounds)	1,200			1,200

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.82		$	3.82
Site production and delivery, before net noncash and other costs shown below	2.57			2.34
By-product credits	(0.39)			—
Treatment charges	0.19			0.19
Royalty on metals	0.01			0.01
Unit net cash costs	2.38			2.54
DD&A	0.38			0.35

Noncash and other costs, net	0.08		b	0.07
Total unit costs	2.84			2.96
Other revenue adjustments, primarily for pricing on prior period open sales	0.06			0.06
Gross profit per pound	$	1.04		$	0.92

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	5,109		$	3,149	$	459
Treatment charges	(234)			—		—
Royalty on metals	(8)			—		—
Noncash and other costs, net	—			92		—
Other revenue adjustments, primarily for pricing on prior period open sales	74			—		—
Eliminations and other	—			(2)		—
South America operations	4,941			3,239		459
Other miningc	24,166			16,406		1,545


Corporate, other & eliminations	(6,252)			(6,018)		64
As reported in FCX’s consolidated financial statements	$	22,855		$	13,627	$	2,068

a.Includes silver sales of 4.1 million ounces ($23.57 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.

b.Includes charges totaling $44 million ($0.04 per pound of copper) for feasibility studies.

c.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XXII


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs

Three Months Ended December 31, 2024
(In millions)				Co-Product Method
	By-Product Method			Copper			Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	1,543		$	1,543		$	901	$	48	$	2,492
Site production and delivery, before net noncash and other costs shown below	618			383			223		12		618
Gold, silver and other by-product credits	(961)			—			—		—		—
Treatment charges	118			73			43		2		118
Export duties	97			60			35		2		97
Royalty on metals	96			58			37		1		96
Net cash (credits) costs	(32)			574			338		17		929
DD&A	270			167			98		5		270

Noncash and other costs, net	223		b	138			80		5		223
Total costs	461			879			516		27		1,422
Other revenue adjustments, primarily for pricing on prior period open sales	(26)			(26)			11		1		(14)

Gross profit	$	1,056		$	638		$	396	$	22	$	1,056

Copper sales (millions of recoverable pounds)	376			376
Gold sales (thousands of recoverable ounces)							343

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	4.11		$	4.11		$	2,628
Site production and delivery, before net noncash and other costs shown below	1.65			1.02			651
Gold, silver and other by-product credits	(2.56)			—			—
Treatment charges	0.32			0.20			124
Export duties	0.26			0.16			102
Royalty on metals	0.25			0.15			107
Unit net cash (credits) costs	(0.08)			1.53			984
DD&A	0.72			0.44			285

Noncash and other costs, net	0.59		b	0.37			235
Total unit costs	1.23			2.34			1,504
Other revenue adjustments, primarily for pricing on prior period open sales	(0.07)			(0.07)			29

Gross profit per pound/ounce	$	2.81		$	1.70		$	1,153

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery			DD&A
Totals presented above	$	2,492		$	618		$	270
Treatment charges	(42)			76		c	—
Export duties	(97)			—			—
Royalty on metals	(96)			—			—
Noncash and other costs, net	—			223			—
Other revenue adjustments, primarily for pricing on prior period open sales	(14)			—			—


Indonesia operations	2,243			917			270
Other miningd	5,140			4,349			256


Corporate, other & eliminations	(1,663)			(1,508)			11
As reported in FCX’s consolidated financial statements	$	5,720		$	3,758		$	537

a.Includes silver sales of 1.4 million ounces ($29.85 per ounce average realized price).

b.Includes charges totaling $144 million ($0.38 per pound of copper) associated with an ARO adjustment. Also, includes charges totaling $59 million ($0.16 per pound of copper) for operational readiness and startup costs associated with PT-FI’s new downstream processing facilities, and $6 million ($0.02 per pound of copper) for feasibility and optimization studies.

c.Represents tolling costs paid to PT Smelting.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XXIII


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Operations Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended December 31, 2023
(In millions)				Co-Product Method
	By-Product Method			Copper			Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	1,947		$	1,947		$	1,108	$	51	$	3,106
Site production and delivery, before net noncash and other costs shown below	725			454			259		12		725
Gold, silver and other by-product credits	(1,170)			—			—		—		—
Treatment charges	174			110			62		2		174
Export duties	160			100			57		3		160
Royalty on metals	110			68			40		2		110
Net cash (credits) costs	(1)			732			418		19		1,169
DD&A	334			209			119		6		334

Noncash credits and other costs, net	(87)		b	(54)			(31)		(2)		(87)
Total costs	246			887			506		23		1,416
Other revenue adjustments, primarily for pricing on prior period open sales	(6)			(6)			12		(1)		5

Gross profit	$	1,695		$	1,054		$	614	$	27	$	1,695

Copper sales (millions of recoverable pounds)	511			511
Gold sales (thousands of recoverable ounces)							544

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	3.81		$	3.81		$	2,034
Site production and delivery, before net noncash and other costs shown below	1.42			0.89			474
Gold, silver and other by-product credits	(2.29)			—			—
Treatment charges	0.34			0.21			114
Export duties	0.31			0.20			105
Royalty on metals	0.22			0.13			75
Unit net cash costs	—			1.43			768
DD&A	0.65			0.41			219

Noncash credits and other costs, net	(0.17)		b	(0.10)			(57)
Total unit costs	0.48			1.74			930
Other revenue adjustments, primarily for pricing on prior period open sales	(0.01)			(0.01)			22

Gross profit per pound/ounce	$	3.32		$	2.06		$	1,126

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery			DD&A
Totals presented above	$	3,106		$	725		$	334
Treatment charges	(104)			70		c	—
Export duties	(160)			—			—
Royalty on metals	(110)			—			—
Noncash credits and other costs, net	—			(87)			—
Other revenue adjustments, primarily for pricing on prior period open sales	5			—			—

Eliminations and other	—			(9)			—
Indonesia operations	2,737			699			334
Other miningd	4,621			4,032			241


Corporate, other & eliminations	(1,453)			(1,371)			14
As reported in FCX’s consolidated financial statements	$	5,905		$	3,360		$	589

a.Includes silver sales of 2.0 million ounces ($23.58 per ounce average realized price).

b.Includes credits totaling $112 million ($0.22 per pound of copper) associated with an ARO adjustment.

c.Primarily represents tolling costs paid to PT Smelting.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XXIV


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs

Year Ended December 31, 2024
(In millions)				Co-Product Method
	By-Product Method			Copper			Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	6,842		$	6,842		$	4,389	$	218	$	11,449
Site production and delivery, before net noncash and other costs shown below	2,681			1,602			1,028		51		2,681
Gold, silver and other by-product credits	(4,605)			—			—		—		—
Treatment charges	571			341			219		11		571
Export duties	457			273			175		9		457
Royalty on metals	433			260			167		6		433
Net cash (credits) costs	(463)			2,476			1,589		77		4,142
DD&A	1,193			713			457		23		1,193

Noncash and other costs, net	362		b	217			139		6		362
Total costs	1,092			3,406			2,185		106		5,697
Other revenue adjustments, primarily for pricing on prior period open sales	7			7			(1)		(1)		5

Gross profit	$	5,757		$	3,443		$	2,203	$	111	$	5,757

Copper sales (millions of recoverable pounds)	1,632			1,632
Gold sales (thousands of recoverable ounces)							1,817

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	4.19		$	4.19		$	2,418
Site production and delivery, before net noncash and other costs shown below	1.64			0.98			566
Gold, silver and other by-product credits	(2.82)			—			—
Treatment charges	0.35			0.21			120
Export duties	0.28			0.17			96
Royalty on metals	0.27			0.16			92
Unit net cash (credits) costs	(0.28)			1.52			874
DD&A	0.73			0.44			252

Noncash and other costs, net	0.22		b	0.13			77
Total unit costs	0.67			2.09			1,203
Other revenue adjustments, primarily for pricing on prior period open sales	0.01			0.01			(2)

Gross profit per pound/ounce	$	3.53		$	2.11		$	1,213

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery			DD&A
Totals presented above	$	11,449		$	2,681		$	1,193
Treatment charges	(245)			326		c	—
Export duties	(457)			—			—
Royalty on metals	(433)			—			—
Noncash and other costs, net	—			362			—
Other revenue adjustments, primarily for pricing on prior period open sales	5			—			—

Eliminations and other	(1)			(1)			—
Indonesia operations	10,318			3,368			1,193
Other miningd	21,259			17,874			990


Corporate, other & eliminations	(6,122)			(5,688)			58
As reported in FCX’s consolidated financial statements	$	25,455		$	15,554		$	2,241

a.Includes silver sales of 6.9 million ounces ($28.52 per ounce average realized price).

b.Includes charges totaling (i) $144 million ($0.09 per pound of copper) associated with an ARO adjustment, (ii) $133 million ($0.08 per pound of copper) for operational readiness and startup costs associated with PT-FI’s new downstream processing facilities, (iii) $34 million ($0.02 per pound of copper) related to amounts capitalized in prior years associated with the construction of PT-FI’s new downstream processing facilities, and (iv) $28 million ($0.02 per pound of copper) for feasibility and optimization studies.

c.Represents tolling costs paid to PT Smelting.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XXV


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Operations Product Revenues, Production Costs and Unit Net Cash Costs

Year Ended December 31, 2023
(In millions)				Co-Product Method
	By-Product Method			Copper			Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	5,801		$	5,801		$	3,346	$	157	$	9,304
Site production and delivery, before net noncash and other costs shown below	2,467			1,538			887		42		2,467
Gold, silver and other by-product credits	(3,520)			—			—		—		—
Treatment charges	537			335			193		9		537
Export duties	324			202			117		5		324
Royalty on metals	338			212			121		5		338
Net cash costs	146			2,287			1,318		61		3,666
DD&A	1,028			641			370		17		1,028

Noncash and other costs, net	22		b	14			8		—		22
Total costs	1,196			2,942			1,696		78		4,716
Other revenue adjustments, primarily for pricing on prior period open sales	114			114			18		(1)		131
PT Smelting intercompany profit	112			70			40		2		112
Gross profit	$	4,831		$	3,043		$	1,708	$	80	$	4,831

Copper sales (millions of recoverable pounds)	1,525			1,525
Gold sales (thousands of recoverable ounces)							1,697

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	3.81		$	3.81		$	1,972
Site production and delivery, before net noncash and other costs shown below	1.62			1.01			522
Gold, silver and other by-product credits	(2.30)			—			—
Treatment charges	0.35			0.22			114
Export duties	0.21			0.13			69
Royalty on metals	0.22			0.14			71
Unit net cash costs	0.10			1.50			776
DD&A	0.68			0.42			218

Noncash and other costs, net	0.01		b	0.01			5
Total unit costs	0.79			1.93			999
Other revenue adjustments, primarily for pricing on prior period open sales	0.08			0.07			9
PT Smelting intercompany profit	0.07			0.05			24
Gross profit per pound/ounce	$	3.17		$	2.00		$	1,006

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery			DD&A
Totals presented above	$	9,304		$	2,467		$	1,028
Treatment charges	(336)			201		c	—
Export duties	(324)			—			—
Royalty on metals	(338)			—			—
Noncash and other costs, net	—			22			—
Other revenue adjustments, primarily for pricing on prior period open sales	131			—			—
PT Smelting intercompany profit	—			(112)			—
Eliminations and other	—			(8)			—
Indonesia operations	8,437			2,570			1,028
Other miningd	20,670			17,075			976


Corporate, other & eliminations	(6,252)			(6,018)			64
As reported in FCX’s consolidated financial statements	$	22,855		$	13,627		$	2,068

a.Includes silver sales of 6.0 million ounces ($23.37 per ounce average realized price).

b.Includes credits of $112 million ($0.07 per pound of copper) to correct certain inputs in the historical PT-FI ARO model. Also, includes a charge of $55 million ($0.04 per pound of copper) associated with an administrative fine and charges totaling $27 million ($0.02 per pound of copper) for feasibility and optimization studies.

c.Primarily represents tolling costs paid to PT Smelting.

d.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI.

XXVI


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs

	Three Months Ended December 31,
(In millions)	2024		2023

Revenues, excluding adjustmentsa	$	185	$	164
Site production and delivery, before net noncash and other costs shown below	132		115
Treatment charges and other	8		7
Net cash costs	140		122
DD&A	22		18

Noncash and other costs, net	5		3
Total costs	167		143
Gross profit	$	18	$	21

Molybdenum sales (millions of recoverable pounds)a	9		8

Gross profit per pound of molybdenum:

Revenues, excluding adjustmentsa	$	21.28	$	19.90
Site production and delivery, before net noncash and other costs shown below	15.24		13.97
Treatment charges and other	0.94		0.86
Unit net cash costs	16.18		14.83
DD&A	2.52		2.19

Noncash and other costs, net	0.54		0.40
Total unit costs	19.24		17.42
Gross profit per pound	$	2.04	$	2.48

Reconciliation to Amounts Reported

			Production
Three Months Ended December 31, 2024	Revenues		and Delivery		DD&A
Totals presented above	$	185	$	132	$	22
Treatment charges and other	(8)		—		—
Noncash and other costs, net	—		5		—
Molybdenum mines	177		137		22
Other miningb	7,206		5,129		504


Corporate, other & eliminations	(1,663)		(1,508)		11
As reported in FCX’s consolidated financial statements	$	5,720	$	3,758	$	537

Three Months Ended December 31, 2023
Totals presented above	$	164	$	115	$	18
Treatment charges and other	(7)		—		—
Noncash and other costs, net	—		3		—


Molybdenum mines	157		118		18
Other miningb	7,201		4,613		557


Corporate, other & eliminations	(1,453)		(1,371)		14
As reported in FCX’s consolidated financial statements	$	5,905	$	3,360	$	589

a.Reflects sales of the Molybdenum mines’ production to FCX’s molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, FCX’s consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.

b.Represents the combined total for FCX’s other mining operations as presented in the supplemental schedule, “Business Segments,” beginning on page XI. Also includes amounts associated with FCX’s molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

XXVII


FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs

	Years Ended December 31,
(In millions)	2024		2023

Revenues, excluding adjustmentsa	$	619	$	702
Site production and delivery, before net noncash and other costs shown below	508		423
Treatment charges and other	27		25
Net cash costs	535		448
DD&A	73		66

Noncash and other costs, net	22		16
Total costs	630		530
Gross (loss) profit	$	(11)	$	172

Molybdenum sales (millions of recoverable pounds)a	30		30

Gross (loss) profit per pound of molybdenum:

Revenues, excluding adjustmentsa	$	20.66	$	23.71
Site production and delivery, before net noncash and other costs shown below	16.99		14.28
Treatment charges and other	0.90		0.85
Unit net cash costs	17.89		15.13
DD&A	2.43		2.24

Noncash and other costs, net	0.73		0.55
Total unit costs	21.05		17.92
Gross (loss) profit per pound	$	(0.39)	$	5.79

Reconciliation to Amounts Reported

			Production
Year Ended December 31, 2024	Revenues		and Delivery		DD&A
Totals presented above	$	619	$	508	$	73
Treatment charges and other	(27)		—		—
Noncash and other costs, net	—		22		—
Molybdenum mines	592		530		73
Other miningb	30,985		20,712		2,110


Corporate, other & eliminations	(6,122)		(5,688)		58
As reported in FCX’s consolidated financial statements	$	25,455	$	15,554	$	2,241

Year Ended December 31, 2023
Totals presented above	$	702	$	423	$	66
Treatment charges and other	(25)		—		—
Noncash and other costs, net	—		16		—


Molybdenum mines	677		439		66
Other miningb	28,430		19,206		1,938


Corporate, other & eliminations	(6,252)		(6,018)		64
As reported in FCX’s consolidated financial statements	$	22,855	$	13,627	$	2,068

XXVIII

1 fcx.com FCX Conference Call 4th Quarter and Year End 2024 Results January 23, 2025

2 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 business outlook, strategy, goals or targets; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs (credits) and operating costs; capital expenditures; operating plans (including mine sequencing); cash flows; liquidity; PT Freeport Indonesia’s (PT-FI) commissioning, remediation and ramp up of its new smelter and full production at the precious metals refinery (PMR); potential extension of PT-FI’s IUPK beyond 2041; export licenses, export duties and export volumes, including PT-FI’s ability to continue exports of copper concentrate until full ramp-up is achieved at its new smelter in Indonesia; timing of shipments of inventoried production; FCX’s commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; execution of FCX’s energy and climate strategies and the underlying assumptions and estimated impacts on FCX’s business and stakeholders related thereto; achievement of 2030 climate targets and 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of the Board of Directors (Board) and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; PT-FI’s ability to export and sell or inventory copper concentrates through remediation and full ramp-up of its new smelter in Indonesia; changes in export duties; completion of remediation activities and achieving full ramp-up of the new smelter in Indonesia; full production at the PMR; production rates; timing of shipments; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PT-FI’s IUPK to extend mining rights from 2031 through 2041; process relating to the extension of PT-FI’s IUPK beyond 2041; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; litigation results; tailings management; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks; and other factors described in more detail under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission. Investors are cautioned that many of the assumptions upon which FCX’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates are, to a large extent, based on metal prices for the commodities we produce and interpretations of geologic data, which may not necessarily be indicative of future results or quantities ultimately recovered. This presentation also includes forward-looking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material modifying factors. This presentation also includes forward-looking statements regarding mineral potential, which includes exploration targets and mineral resources but will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of metal will be produced. Accordingly, no assurance can be given that estimated mineral resources or mineral potential will become proven and probable mineral reserves. This presentation also contains measures such as unit net cash costs (credits) per pound of copper and molybdenum, net debt and adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and accretion), which are not recognized under U.S. generally accepted accounting principles (GAAP). FCX’s calculation and reconciliation of unit net cash costs (credits) per pound of copper and net debt to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of FCX’s 4Q24 press release, which is available on FCX’s website, fcx.com. A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 34. For forward-looking non-GAAP measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward-looking non- GAAP measures are estimated consistent with the relevant definitions and assumptions. Cautionary Statement

3 2024 Year in Review / Strong Execution NOTE: 2023 actuals include gold sales of 1.7 mm ozs and realized prices of $3.85/lb copper, $1,972/oz gold and $24.64/lb molybdenum. 2024 actuals include gold sales of 1.8 mm ozs and realized prices of $4.21/lb copper, $2,418/oz gold and $21.77/lb molybdenum. (1) Refer to non-GAAP disclosure on slide 2. (2) A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 34. Unit Net Cash Costs (1) ($ per lb) $1.61 $1.56 2023 2024 Adjusted EBITDA (1,2) $8.8 $10.0 2023 2024 ($ bns) ($ bns) $5.3 $7.2 2023 Operating Cash Flows 2024 4.1 4.1 2024 Copper Sales (bns) 2023 Copper Sales and Unit Net Cash Costs in line with January 2024 Guidance

4 2025 Focus Areas Add Scale in Leach Initiative Execute Our Operating Plans Capture Value Through Innovation Enhance Optionality For Future Growth Deliver On PT-FI Smelter Improve efficiencies, reduce costs and deliver on our projects Target run rate of 300 mm lbs per annum by year- end 2025 and build on and further define the path to 800 mm lbs per annum Achieve objective of being a fully integrated producer in Indonesia Technology initiatives have potential to reduce costs and capital intensity to create meaningful long-term value Bagdad, El Abra and Safford are established long- lived copper districts with opportunities to expand capacity Pursuing Value For All Stakeholders 4

5 Copper Market Commentary $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 0 250,000 500,000 750,000 1,000,000 1,250,000 1,500,000 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 LME Copper Settlement Price Inventories (metric tons) Cu Price ($/lb) Global Copper Exchange Inventories Includes LME, COMEX and Shanghai exchanges Source: Bloomberg * As of 1/22/25 • Favorable long-term demand drivers with limitations on supply growth • Copper is essential for growth in new energy and power applications • Micro conditions are positive o Strong demand from grid/energy infrastructure in China o U.S. markets are steady with growth in some sectors • Current macro sentiment issues o Chinese economy o Tariff uncertainty and strong US$ Copper Prices ($/lb) 4Q24 2024 YTD 2025* LME Settlement $4.17 $4.15 $4.07 COMEX $4.23 $4.22 $4.24 The Metal of Electrification

6 4Q24 Highlights • Solid operating performance – Copper and gold sales above October 2024 guidance – Unit net cash costs below October 2024 guidance • Commenced start-up activities at the precious metals refinery in Indonesia • Smelter start-up activities expected by mid-year 2025 • Advancing options for long-term organic growth • Strong financial position – Net Debt: $1.06 bn (excluding $3.2 bn of debt for PT-FI’s new downstream processing facilities) • Favorable market fundamentals and long-term outlook for copper October Key Stats Actual Guidance Copper Sales (mm lbs) 992 980 Gold Sales (k ozs) 350 340 Unit Net Cash Costs ($/lb) $1.66 $1.72 Operating Cash Flow CAPEX, excl. Smelter $1.0 (3) $1.4 (2) 4Q24 Cash Flows ($ bns) Copper Realization Gold Realization $4.15/lb $2,628/oz (1) A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 34. (2) Net of working capital and other uses of <$0.1 bn. (3) Includes $0.5 bn for major projects and excludes $0.2 bn for the Indonesia smelter projects. NOTE: Refer to non-GAAP disclosure on slide 2. $2.1 (1) Adjusted EBITDA

7 4Q 2024 Operations Update • Positive trends in mining & milling efficiencies • Volumes and costs expected to improve in 2025 • Leach initiative in 2024 provided ~50% increase in incremental copper vs. 2023 o Targeting run rate of 300 mm lbs per annum by YE 2025 • Technology opportunities in focus o Bagdad autonomous haulage expected to be commissioned in 2025 o New initiative under way targeted at greater efficiencies & cost reduction • Potential for “critical mineral” designation for copper through legislation and possible 10% tax credit • Strong operating rates and improved recoveries • 4Q unit net cash costs 13% below year-ago quarter • Testing new leach applications at El Abra • Expecting lower ore grades at Cerro Verde in 2025 • Continued strong execution – multiple operating records in 2024 • Commissioning of “copper cleaner” project under way to enhance recoveries and optimize concentrate production • Positive long-term production profile o 2025 operating rates expected to be impacted by two planned large mill maintenance projects in 1H • Commenced start-up activities at precious metals refinery • New smelter repairs in progress with completion expected mid-2025 • Expect to receive authorization for concentrate exports in 2025 during repairs and ramp-up NOTE: Refer to non-GAAP disclosure on slide 2. North America South America Indonesia Cu Sales: 318 mm lbs Unit Net Cash Costs: $3.04/lb Cu Sales: 298 mm lbs Unit Net Cash Costs: $2.36/lb Cu Sales: 376 mm lbs Au Sales: 343 k ozs Unit Net Cash Credits: 8¢/lb

8 Americas Leach Innovation Initiatives Low Cost, High Value South America 16% Other North America 34% Morenci 50% Targeting Copper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques * Copper from historical placements beyond assumed recovery estimates and is not included in mineral reserves or mineral resources. Refer to slide 2. Significant Potential Phase 1 Proving Concept 25% Phase 2 Scaling in progress 25% Phase 3 Innovation in progress 50% 39 bn lbs Contained * ~800 mm lbs/annum 50 144 214 350 800 2022 2023 2024 2026e By 2030e Scaling the Opportunity (mm lbs) Long-term Production Target ✓ - - Achieved To Date - - 300-400

9 New Leach Technologies Americas Bagdad Expansion Arizona Grasberg District Indonesia El Abra Expansion Chile Lone Star Expansions Arizona Project Pipeline Progress Report o Sustaining initial target of ~200 mm lbs/yr o High probability of increasing to ~300 – 400 mm lbs/yr in 2026 o Driving innovation toward 800 mm lbs/yr over next 3-5 yrs o Targeting investment decision by YE 2025 with start-up in 2029 o 200 – 250 mm incremental lbs/yr o Derisking in progress with autonomous conversion, tailings infrastructure investment and housing o Commenced pre- feasibility study with expected completion by mid-2026 o Targeting incremental addition of 300 – 400 mm lbs/yr beginning in 2030s o Substantial resource o Kucing Liar project in development - Ramp-up to commence prior to 2030 - 560 mm lbs Cu & 520 k oz Au per annum reflected in base plan o Extension of mining rights beyond 2041 would create opportunities for future growth o Preparing EIS, targeting submission by YE 2025 - 3-yr permitting process - 4-yr construction o Potential start-up in 2033 timeframe o ~750 mm lbs/yr o Potential reserve adds: ~20 bn lbs ANTICIPATED CAPITAL INVESTMENT <$1 billion Incremental investment $3.5 billion based on recent feasibility Incentive Price: $3.50-$4/lb Developing estimate ~$7.5 billion (under review) ~$4 billion remaining for Kucing Liar $0.6 billion incurred to date Excludes $2 bn for extension of leach operations Incentive Price: <$4/lb

10 Annual Sales Profile NOTE: Consolidated copper sales include 1.38 bn lbs in 2024, 1.29 bn lbs in 2025e, 1.42 bn lbs in 2026e and 1.40 bn lbs in 2027e for noncontrolling interests; excludes purchased copper. 2025 estimates are dependent on Indonesia regulatory approval to export copper concentrate until repairs and full ramp-up of PT-FI’s new smelter are complete. 0 1 2 3 4 5 2024 2025e 2026e 2027e 4.1 4.0 4.3 4.3 0 1 2 2024 2025e 2026e 2027e 1.6 1.6 1.5 0 25 50 75 100 2024 2025e 2026e 2027e 78 88 90 90 e = estimate. NOTE: Consolidated gold sales include 931k ozs in 2024, 833k ozs in 2025e, 820k ozs in 2026e and 769k ozs in 2027e for noncontrolling interests. 2025 estimates are dependent on Indonesia regulatory approval to export copper concentrate until repairs and full ramp- up of PT-FI’s new smelter are complete. (billion lbs) Copper Sales (million lbs) Moly Sales Gold Sales (million ozs) January 2025 Estimate 1.8

11 Unit Net Cash Cost / (Credit) Comparison (1) 2025 estimates assume average prices of $2,700 oz for gold and $20/lb for molybdenum. See slide 24 for additional details. Quarterly unit net cash costs (credits) will vary significantly with quarterly metal sales volumes. (2) South America includes 8¢/lb and consolidated includes 2¢/lb associated with nonrecurring labor related charges at Cerro Verde associated with new CLAs. (3) 2024 for Indonesia includes 28¢/lb and consolidated includes 11¢/lb for export duties at PT-FI; 2025e for Indonesia includes 22¢/lb and consolidated 9¢/lb for PT-FI export duties. NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. $3.11 $2.46 ($0.28) $1.56 $3.00 $2.50 ($0.27) $1.60 North America South America ConsolidatedIndonesia 2024 2025e (1) 2024 (2) 2025e (1) 2024 (3) 2025e (1,3) 2025e (1,3) 2024 (2,3) ($ per lb of Cu) % of Annual Cu Sales 31% 34% 29% 27% 40% 39%

12 NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. (1) U.S. Dollar Exchange Rates: 975 Chilean peso, 15,500 Indonesian rupiah, $0.64 Australian dollar, $1.05 euro, 3.69 Peruvian sol base case assumption. Each +10% equals a 10% strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecasted expenditures in these foreign currencies equates to a cost benefit of noted amounts. $0 $4 $8 $12 $16 Cu $4.00/lb Cu $4.50/lb Cu $5.00/lb Average ’26e/’27e $0 $3 $6 $9 $12 Cu $4.00/lb Cu $4.50/lb Cu $5.00/lb Average ’26e/’27e ($ in bns except copper, gold and molybdenum prices) Operating Cash Flow Excludes working capital changes EBITDA EBITDA and Cash Flow at Various Copper Prices Sensitivities Average ’26e/’27e (US$ in mms) EBITDA Operating Cash Flow Copper +/-$0.10/lb $330 Molybdenum +/-$1.00/lb $ 80 Gold +/-$100/oz $ 100 Currencies (1) +/-10% $155 Diesel +/-10% $ 50 Copper +/-$0.10/lb $425 Molybdenum +/-$1.00/lb $ 85 Gold +/-$100/oz $150 Currencies (1) +/-10% $220 Diesel +/-10% $ 70 Assuming $2,700/oz gold, $20/lb molybdenum

13 2024 2025e 2026e Consolidated Capital Expenditures Major Projects (2) (1) New smelter construction spending includes $1.1 bn in 2024 and $0.6 bn in 2025e, which primarily reflects payment of costs incurred in 2024; these amounts exclude capitalized interest. (2) Planned projects primarily include CAPEX associated with Grasberg underground development, supporting mill and power capital costs and a portion of spending on the new gas-fired combined cycle facility. For details of discretionary spending see slide 28. NOTE: Amounts include capitalized interest. Discretionary CAPEX and spending on downstream processing facilities will be excluded from the free cash flow (as defined on slide 14) calculation for purposes of the performance-based payout framework. e= estimate. ($ in bns) $1.7(2) $1.6 $1.1 Planned Discretionary Planned Discretionary $1.7 $4.4 Other Other Excluding Indonesia Downstream Projects CAPEX (1) $1.5 $1.1 Planned Discretionary $1.0 $3.6 Other $1.6 $1.2 $1.6 $4.4

14 Financial Policy: Performance-Based Payout Framework (1) Free cash flow equals available cash flows generated after planned capital spending (excluding Indonesia downstream processing facilities funded with debt and discretionary CAPEX) and distributions to noncontrolling interests. (2) Net debt equals consolidated debt less consolidated cash and cash equivalents and for 2024 current restricted cash associated with PT-FI's export proceeds, which totaled $0.7 bn at 12/31/24. Net debt for 2024 excludes $3.2 bn of debt associated with Indonesia downstream processing facilities. (3) FCX acquired 49.0 mm shares of its common stock for a total cost of $1.9 bn ($38.64 avg. cost per share) under program since November 2021. Refer to non-GAAP disclosure on slide 2. Board reviews structure of performance-based payout framework at least annually Maintaining Strong Balance Sheet 6/30/2021 12/31/2024 $1.1 $3.4 (2) Net Debt, excluding Indonesia downstream projects ($ in bns) Providing Cash Returns to Shareholders $4.7 bn Distributed Since 6/30/21 40% Share Repurchases(3) Variable Dividend Base Dividend 32% 28% Advancing Organic Growth Opportunities • Positioned for future growth • Organic project pipeline – Leach innovation initiatives – Kucing Liar/Grasberg District – Bagdad 2X – El Abra expansion – Lone Star sulfide expansions (2) (2) • Strong credit metrics • Investment Grade rated by S&P, Moody’s and Fitch • Net debt, excluding downstream projects, below $3-4 bn threshold ~50% free cash flow(1) for shareholder returns

15 Executing Clearly Defined Strategy Focused On Copper 15 Responsible producer of scale Long-lived reserves Organic growth options Solid balance sheet Experienced management team Cash returns to shareholders

16 Reference Slides

17 Unit Net Cash Costs/(Credits) $1.56/lb $(0.28)/lb Consolidated Indonesia 2024 Operational and Financial Highlights Operating Cash Flow $7.2 bn Net of <$0.1 bn in working capital and other uses Capital Expenditures $3.6 bn $4.8 bn Excluding Total smelter projects Copper Production Sales Price Realization 4.2 4.1 (1) $4.21 bn lbs bn lbs per lb Gold 1.9 1.8 (1) $2,418 mm ozs mm ozs per oz Molybdenum 80 78 $21.77 mm lbs mm lbs per lb (1) Reflects PT-FI production deferred in inventory until final sale. (2) Net debt equals consolidated debt less consolidated cash and cash equivalents and current restricted cash associated with PT-FI's export proceeds of $0.7 bn at 12/31/2024. Adjusted EBITDA $10.0 bn Net Debt (2) $1.06 bn $4.3 bn Excluding debt for Total smelter projects NOTE: Refer to non-GAAP disclosure on slide 2.

18 Financial Highlights 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 Gold Consolidated Volumes (000’s ozs) 350 1,837 Average Realization (per oz) $2,628 $2,418 Molybdenum Consolidated Volumes (mm lbs) 18 78 Average Realization (per lb) $22.23 $21.77 4Q24 (1) Includes 2¢/lb associated with nonrecurring labor-related charges at Cerro Verde associated with a new CLA. (2) Includes working capital and other uses of <$0.1 bn for 4Q24 and 2024. (3) Includes $3.0 bn in senior notes issued by PT-FI and $0.25 bn in borrowings under the PT-FI revolver. (4) Excludes $0.7 bn at 12/31/24 of current restricted cash associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks. NOTE: Refer to non-GAAP disclosure on slide 2. Revenues $ 5.7 $ 25.5 Net Income Attributable to Common Stock $ 0.3 $ 1.9 Diluted Net Income Per Share $ 0.19 $ 1.30 Operating Cash Flows $ 1.4 $ 7.2 Capital Expenditures $ 1.2 $ 4.8 Total Debt $ 8.9 $ 8.9 Consolidated Cash and Cash Equivalents $ 3.9 $ 3.9 (2) (in billions, except per share amounts) Sales Data Financial Results 2024 (3) (4) (1)

19 (1) (1) Includes molybdenum produced in South America. (2) Production costs include profit sharing in South America and severance taxes in North America. (3) South America includes 8¢/lb and consolidated includes 2¢/lb associated with nonrecurring labor-related charges at Cerro Verde associated with new CLAs. (4) Indonesia includes 28¢/lb and consolidated includes 11¢/lb for export duties at PT-FI. NOTE: Refer to non-GAAP disclosure on slide 2. 1,177 78 1,257 1,632 1.8 North America IndonesiaSouth America by Region2024 Sales Mo mm lbs Cu mm lbs Au mm ozs (per lb of Cu) Site Production & Delivery (2) $3.46 $2.63 $1.64 $2.49 By-product Credits (0.48) (0.34) (2.82) (1.38) Treatment Charges 0.13 0.16 0.35 0.23 Royalties & Export Duties 0.00 0.01 0.55 0.22 Unit Net Cash Costs / (Credits) $3.11 $2.46 $(0.28) $1.56 2024 Unit Net Cash Costs / (Credits) North South America America Indonesia Consolidated Cu mm lbs Cu mm lbs 2024 Operational Data by Region (4) (4) (3) (3)

20 4Q 2024 Mining Operating Summary (1) Includes 5 mm lbs in 4Q24 and 4Q23 from South America. (2) Silver sales totaled 0.9 mm ozs in 4Q24 and 4Q23. (3) Silver sales totaled 1.4 mm ozs in 4Q24 and 2.0 mm ozs in 4Q23. (4) Indonesia includes 26¢/lb and consolidated includes 10¢/lb for PT-FI’s export duties. NOTE: Refer to non-GAAP disclosure on slide 2. Site Production & Delivery, excl. adjs. $3.48 $2.50 $1.65 $2.49 By-product Credits (0.58) (0.31) (2.56) (1.24) Treatment Charges 0.14 0.16 0.32 0.21 Royalties & Export Duties - 0.01 0.51 0.20 Unit Net Cash Costs / (Credits) $3.04 $2.36 $(0.08) $1.66 North South America America Indonesia Consolidated (per lb of Cu)4Q24 Unit Net Cash Costs / (Credits) North America 22 18 (1) Mo mm lbs 318318 4Q24 4Q23 Cu mm lbs Indonesia (3) 511 376 544 343 South America 298 287 by Region Au 000 ozs Sales From Mines for 4Q24 4Q24 4Q23 4Q24 4Q23 4Q24 4Q234Q24 4Q23 (2) (4) (1) (4)

21 $0 $2 $4 $6 $8 2025 2026 2027 2028 2029 2030 Thereafter Strong Balance Sheet and Liquidity (US$ bns) $4.9 5.40% & 5.45% Sr. Notes and FMC Sr. Notes 4.55% Sr. Notes PT-FI Revolver $ 0.3 FCX/FMC Senior Notes/Other 5.6 PT-FI Senior Notes 3.0 Total Debt $ 8.9 Cons. Cash, Cash Eq. & Deposits(1) $ 4.7 Net Debt (2) $ 4.3 Net Debt/Adjusted EBITDA(3) 0.4x $ - at 12/31/24Total Debt & Cash $ - $1.3 (1) Includes $0.7 bn of current restricted cash associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks. (2) Includes $3.2 bn of debt associated with the Indonesia downstream processing facilities. (3) Trailing 12-months. (4) For purposes of this schedule, maturities of uncommitted lines of credit and other short-term lines are included in FCX’s revolver balance, which matures in 2027. NOTE: Refer to non-GAAP disclosure on slide 2. (4) 5.00% Sr. Notes & FMC Sr. Notes 4.763% PT-FI Sr. Notes 5.315% & 6.2% PT-FI Sr. Notes Significant liquidity ▪ $3.9 bn in consolidated cash and cash equiv. ▪ $3.0 bn in availability under FCX credit facility ▪ $1.5 bn in availability under PT-FI credit facility ▪ $350 mm in availability under Cerro Verde credit facility 4.125% & 4.375% Sr. Notes $1.2 Attractive Debt Maturity Profile $0.5 5.25% Sr. Notes 4.25% & 4.625% Sr. Notes $1.0 PT-FI Revolver

22 Long-Lived Reserve Base Copper (bn lbs) 97.0 193.2 Gold (mm ozs) 23.0 65.9 Molybdenum (bn lbs) 3.2 5.6 Mineral Reserves (1) (recoverable) Incremental Mineral Resources (2) (contained) (2) Includes measured, indicated and inferred mineral resources. Estimates of consolidated mineral resources (contained metal) were assessed using a long-term average copper price of $3.75/lb, gold price of $1,700/oz and molybdenum price of $15/lb. Mineral resources are not included in mineral reserves and will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Accordingly, no assurance can be given that the estimated mineral resources will become proven and probable mineral reserves. (1) Preliminary estimate of recoverable proven and probable consolidated mineral reserves using long-term average prices of $3.25/lb for copper, $1,600/oz for gold and $12/lb for molybdenum; FCX’s net equity interest in copper mineral reserves totaled 70.2 bn lbs as of 12/31/2024. Consolidated As of 12/31/2024 Copper Reserves (1) By Region See Cautionary Statement. South America 29% North America 43% Indonesia 28%

23 2025e Outlook Sales Outlook Unit Net Cash Cost of Copper Operating Cash Flows (1,3) Capital Expenditures (1) Assumes average prices of $2,700/oz gold and $20/lb molybdenum in 2025e. (2) 2025e consolidated unit net cash costs include 9¢/lb for PT-FI export duties. (3) Each $100/oz change in gold is estimated to have an approximate $140 mm impact and each $2/lb change in molybdenum is estimated to have an approximate $135 mm impact. (4) Major projects CAPEX includes $1.1 bn for planned projects and $1.7 bn of discretionary projects. NOTE: Copper and gold sales estimates are dependent on Indonesia regulatory approval to export copper concentrate until repairs and full ramp-up of PT-FI’s new smelter are complete. . e = estimate. Refer to non-GAAP disclosure on slide 2. • Copper: 4.0 billion lbs • Gold: 1.6 million ozs • Molybdenum: 88 million lbs • ~$6.2 billion @ $4.00/lb copper in 2025e • Each 10¢/lb change in copper in 2025e = $375 million impact • Site prod. & delivery o 2025e: $2.60/lb o 1Q25e: $2.67/lb • After by-product credits(1) o 2025e: $1.60/lb(2) o 1Q25e: $2.05/lb • $4.4 billion (excluding downstream projects) o $2.8 billion for major projects(4) o $1.6 billion for other projects

24 (1) (1) Includes molybdenum produced in South America. (2) Copper and gold sales estimates are dependent on Indonesia regulatory approval to export copper concentrate until repairs and full ramp-up of PT-FI’s new smelter are complete. (3) Includes gold produced in North America. (4) Estimates assume average prices of $2,700 oz for gold and $20/lb for molybdenum in 2025e. Quarterly unit costs will vary significantly with quarterly metal sales volumes. (5) Production costs include profit sharing in South America and severance taxes in North America. (6) Indonesia includes 22¢/lb and consolidated includes 9¢/lb for export duties at PT-FI. 1,090 88 1,360 1,550 1.6 (3) North America Indonesia(2)South America by Region2025e Sales Mo mm lbs Cu mm lbs Au mm ozs (per lb of Cu)Site Production & Delivery (5) $3.37 $2.77 $1.80 $2.60 By-product Credits (0.49) (0.39) (2.84) (1.37) Treatment Charges 0.12 0.11 0.29 0.18 Royalties & Export Duties 0.00 0.01 0.48 0.19 Unit Net Cash Costs / (Credits) $3.00 $2.50 $(0.27) $1.60 2025e Unit Net Cash Costs / (Credits) (4) North South America America Indonesia Consolidated Cu mm lbs Cu mm lbs NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. 2025e Operational Data (6) (6)

25 NOTE: Consolidated copper sales include 270 mm lbs in 1Q25e, 349 mm lbs in 2Q25e, 327 mm lbs in 3Q25e and 346 mm lbs in 4Q25e for noncontrolling interests; excludes purchased copper. Estimates are dependent on Indonesia regulatory approval to export copper concentrate until repairs and full ramp-up of PT-FI’s new smelter are complete. 0 200 400 600 800 1000 1200 1Q25e 2Q25e 3Q25e 4Q25e 850 1,045 1,040 1,065 0 150 300 450 600 1Q25e 2Q25e 3Q25e 4Q25e 225 475 450 475 0 5 10 15 20 25 1Q25e 2Q25e 3Q25e 4Q25e 22 22 22 22 NOTE: Consolidated gold sales include 115k ozs in 1Q25e, 244k ozs in 2Q25e, 231k ozs in 3Q25e and 243k ozs in 4Q25e for noncontrolling interests. Estimates are dependent on Indonesia regulatory approval to export copper concentrate until repairs and full ramp-up of PT-FI’s new smelter are complete. (million lbs) Copper Sales (million lbs) Moly Sales Gold Sales (thousand ozs) 2025e Quarterly Sales e = estimate.

26 Metal Production, 2024 – 2029e 1.8 1.5 1.7 1.8 1.8 1.6 1.9 1.6 1.6 1.5 1.4 1.1 2024 2025e 2026e 2027e 2028e 2029e Cu bn lbs Au mm ozs Total: 8.4 billion lbs copper Annual Average: ~1.7 billion lbs 2025e – 2029e Copper Total: 7.2 million ozs gold Annual Average: ~1.4 million ozs 2025e – 2029e Gold Grasberg Minerals District Mine Plan NOTE: Amounts are projections. Timing of annual production will depend on a number of factors, including operational performance, Indonesia regulatory approval to export copper concentrate until repairs and full ramp-up of PT-FI’s new smelter are complete, and other factors. FCX’s economic interest in PT-FI is 48.76%. PT-FI expects to defer a portion of production in inventory until final sale upon ramp up of its new downstream processing facilities. This is not expected to result in a significant change in PT-FI's economics but will impact the timing of PT-FI's sales. e = estimate.

27 PT-FI’s IUPK Extension Update Potential beyond 2041 Plan View View Looking Northeast Dom GBT OP Mineral Resources Deeper Extension of Big Gossan mineralization In-fill drilling of Grasberg BC & Kucing Liar Resources Deeper extension of DMLZ mineralization Potential/Exploration Targets • Government issued regulation in 2Q24 to allow life-of-mine extension • Conditions for IUPK holders include o Ownership of integrated downstream facilities that have entered the operational stage o Domestic ownership of at least 51% and agreement with a state- owned enterprise for an additional 10% ownership o Commitments for additional exploration and increases in refining capacity approved by the Ministry of Energy and Minerals • Application for extension may be submitted at any time prior to the current IUPK expiration • PT-FI expects to apply for an extension during 2025 • Extension would enable continuity of large-scale operations for the benefit of all stakeholders o Would provide growth options through additional resource development opportunities

28 Discretionary Capital Projects* ● Commenced 10-year mine development in 2022 ● Sustain large-scale, low-cost Cu & Au production ● Capital investment: ~$500 mm/yr average (~$600 mm in 2025e) over next 7 to 8 years ● 7 bn lbs copper & 6 mm ozs gold through 2041 o ~ 560 mm lbs & 520K ozs per annum Kucing Liar ● Recycle electronic material ● Capital investment: ~$435 mm (~$180 mm in 2025e) ● Expect to commence production in 2026e ● ~$60 mm per annum in incremental EBITDA Atlantic Copper CirCular *These discretionary projects and the Indonesia downstream processing facilities will be excluded from the free cash flow calculation (defined on slide 14) for purposes of the performance-based payout framework. NOTE: Refer to non-GAAP disclosure on slide 2. e = estimate. ● Potential expansion to double concentrator capacity ● Completed feasibility study in late 2023 (see slide 29) ● Expanding tailings infrastructure and early works: ~$425 mm in 2025e Bagdad 2X Expansion Grasberg Energy Transition to Natural Gas ● Advancing plans to transition existing energy source from coal to natural gas ● CAPEX of ~$200 mm in 2025e (see slide 31) net of avoided coal cost

29 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 – Project capital approximates $3.5 billion – Economics indicate $3.50 - $4.00/lb incentive copper price – Expected to add incremental production of 200 to 250 mm lbs/yr of copper & ~10 mm lbs/yr of molybdenum – Construction timeline: 3-4 years • Investment decision pending copper market conditions, labor availability, and conversion of existing haul truck fleet to autonomous • Advancing activities for expanded tailings infrastructure to enhance project optionality

30 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 helps alleviate hiring needs and housing challenges • Emissions reduction expected from reduced idle time and improved efficiency • Project will position us to capitalize on future technological advancements in electrification

31 Combined Cycle Gas Turbine Power Plant at Grasberg • Completed feasibility study to replace existing coal plant at Grasberg with 265MW gas-fired combined cycle facility • ~$1 bn project (incremental ~$0.4 bn compared to previous plans to refurbish coal units); costs expected to be incurred over the next three years • LNG supplied to a floating storage and regas unit permanently moored offshore; natural gas delivered via subsea pipeline to dual fuel power plant and CCGT • Key activities in near-term include engineering, procurement & construction activities, definitive estimate, and securing LNG fuel supply • Expected to meaningfully reduce Grasberg’s Scope 1 greenhouse gas emissions New Combined Cycle Gas Turbine Power Plant (CCGT) Dual Fuel Power Plant (DFPP) Subsea gas pipeline Portsite LNG transfer Offshore LNG Carrier Floating Storage & Regas Unit (FSRU)

32 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 against their “2.0” standard • Completed independent, third-party human rights impact assessment (HRIA) at Cerro Verde; progressed HRIA at new Indonesia smelter with completion expected in 2025 • Committed to the Task Force on Nature-related Financial Disclosures FCX Annual Report on Sustainability PT-FI Sustainability Report FCX 2023 Climate Update Visit FCX.com/sustainability for additional resources.

33 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 • Initiated Copper Mark 2.0 assurance process in 2024 which will continue into 2025 • The Copper Mark is an assurance framework developed to demonstrate the copper industry’s responsible production practices • Producers participating in the Copper Mark are committed to adhering to internationally recognized responsible operating practices; the framework currently includes 33 issue areas across 5 ESG categories • The Copper Mark extended its framework in 2023 to other base metals including molybdenum (the “Molybdenum Mark”) • Requires third-party assurance of site performance and independent Copper Mark validation every three years • The Copper Mark is governed by an independent board including NGO participation and multi-stakeholder advisory council AWARDED SITES Atlantic Copper smelter & refinery (Spain) Bagdad mine (AZ) Cerro Verde mine (Peru) Chino mine (NM) Climax mine (CO) El Abra mine (Chile) El Paso refinery & rod mill (TX) Fort Madison (IA) Henderson mine (CO) Miami smelter, mine & rod mill (AZ) Morenci mine (AZ) PT-FI mine (Indonesia) Rotterdam (Netherlands) Safford mine (AZ) Sierrita mine (AZ) Stowmarket (UK) Tyrone mine (NM) Note: FCX’s copper producing sites that produce by-product molybdenum have received both the Copper Mark and the Molybdenum Mark. 3

34 ($ in mm) 12 mos ended 12 mos ended 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-based compensation 51 238 213 Other net charges (1) 280 691 289 Gain on early extinguishment of debt - - (10) Other income, net (67) (362) (286) Net income attributable to noncontrolling interests 447 2,510 1,903 Equity in affiliated companies’ net earnings (1) (15) (15) Adjusted EBITDA (2) $2,111 $10,034 $8,795 (1) Primarily includes net charges (credits) associated with adjustments to reclamation liabilities ($173 mm in 4Q24, $278 mm for the 12 months ended 12/31/2024 and $(123) mm for the 12 months ended 12/31/2023); adjustments to environmental obligations and related litigation reserves ($(1) mm in 4Q24, $75 mm for the 12 months ended 12/31/24 and $260 mm for the 12 months ended 12/31/2023); oil and gas asset impairments ($52 mm in 4Q24, $101 mm for the 12 months ended 12/31/24 and $67 mm for the 12 months ended 12/31/2023); and metal inventory adjustments/write-offs ($48 mm in 4Q24, $91 mm for the 12 months ended 12/31/24 and $14 mm for the 12 months ended 12/31/2023). The 12 months ended 12/31/24 include $97 mm of nonrecurring labor-contract charges at Cerro Verde and $34 mm of charges that were capitalized in prior years associated with construction of PT-FI’s new downstream processing facilities. The 12 months ended 12/31/23 include a $55 mm charge for an administrative fine in Indonesia. (2) Adjusted EBITDA is a non-GAAP financial measure that is frequently used by securities analysts, investors, lenders and others to evaluate companies’ performance, including, among other things, profitability before the effect of financing and similar decisions. Because securities analysts, investors, lenders and others use Adjusted EBITDA, management believes that our presentation of Adjusted EBITDA affords them greater transparency in assessing our financial performance. Adjusted EBITDA should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA may not necessarily be comparable to similarly titled measures reported by other companies, as different companies calculate such measures differently. Adjusted EBITDA Reconciliation

Cover Page	Jan. 23, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 23, 2025
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11307-01
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004
City Area Code	602
Local Phone Number	366-8100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000831259
Amendment Flag	false

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