Freeport Reports

First-Quarter 2026 Results

•First-quarter 2026 operating results:

◦Consolidated copper and gold sales exceeded January 2026 estimates

◦Consolidated average unit net cash costs favorable to January 2026 estimates

•Commenced phased ramp-up of the Grasberg Block Cave underground mine in March 2026. Projected ramp-up schedule has been adjusted to incorporate modifications to material handling systems

•Entered into Memorandum of Understanding with the Indonesia government for a life of resource extension of operating rights for PT Freeport Indonesia in the Grasberg minerals district

•Progressing organic copper growth projects, including:

◦Submitted environmental impact statement for potential major expansion at El Abra in Chile

◦Advanced innovative leaching technologies and potential major brownfield expansions in Arizona

•Strong financial position and favorable long-term outlook

•Net income attributable to common stock in first-quarter 2026 totaled $881 million, $0.61 per share, and adjusted net income attributable to common stock totaled $830 million, $0.57 per share.

•Consolidated production totaled 662 million pounds of copper, 97 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2026.

•Consolidated sales totaled 657 million pounds of copper, 121 thousand ounces of gold and 24 million pounds of molybdenum in first-quarter 2026.

•Consolidated sales are expected to approximate 3.1 billion pounds of copper, 650 thousand ounces of gold and 90 million pounds of molybdenum for the year 2026, including 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2026. Revised sales estimates for the year 2026 primarily reflect timing adjustments to the Grasberg Block Cave ramp-up schedule.

•Average realized prices were $5.78 per pound for copper, $4,889 per ounce for gold and $25.21 per pound for molybdenum in first-quarter 2026.

•Average unit net cash costs were $1.91 per pound of copper in first-quarter 2026 and are expected to average $1.95 per pound of copper for the year 2026.

•Operating cash flows totaled $1.5 billion, including $0.1 billion of working capital and other sources, in first-quarter 2026. Assuming prices of $6.00 per pound for copper, $4,500 per ounce for gold and $25.00 per pound for molybdenum for the remainder of 2026, operating cash flows are expected to approximate $8.7 billion, including $0.2 billion of working capital and other sources, for the year 2026.

•Capital expenditures totaled $1.0 billion, including $0.6 billion for major mining projects, in first-quarter 2026. Capital expenditures are expected to approximate $4.3 billion, including $3.0 billion for major mining projects, for the year 2026.

•At March 31, 2026, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $3.7 billion. At March 31, 2026, net debt totaled $2.4 billion, excluding $3.2 billion of debt for PT Freeport Indonesia's (PTFI) smelter and precious metals refinery (PMR) (collectively, PTFI's downstream processing facilities). Refer to the supplemental schedule, "Net Debt," on page VII.

•During first-quarter 2026, FCX purchased 1.7 million shares of its common stock for a total cost of $93 million ($54.25 average cost per share).

PHOENIX, AZ, April 23, 2026 - Freeport (NYSE: FCX) reported first-quarter 2026 net income attributable to common stock of $881 million, $0.61 per share, and adjusted net income attributable to common stock of $830 million, $0.57 per share after excluding after-tax net credits totaling $51 million, $0.04 per share, primarily for an insurance settlement associated with the September 2025 mud rush incident, partly offset by idle facility and restoration costs at PTFI. For additional information, refer to the supplemental schedule, "Adjusted Net Income," on page VI.

Kathleen Quirk, President and Chief Executive Officer, said, "Our first quarter financial results reflect the strength of our diversified portfolio with growth in revenues, cash flow and earnings, compared with last year's first quarter, despite reduced capacity at our Indonesia operations. Freeport's global team is focused on restoring operations at Grasberg safely and sustainably, driving new technologies and efficiency programs to increase the profitability of our Americas operations and pursing our highly attractive portfolio of organic growth options to generate value for shareholders. Freeport is strongly positioned as "America's Copper Champion" and as a global leader in copper with large scale, geographically diverse operations and a pipeline of near-, medium- and long-term growth options to support a growing market."

SUMMARY FINANCIAL DATA

			Three Months Ended March 31,
			2026						2025
			(in millions, except per share amounts)
Revenuesa,b			$	6,234					$	5,728
Operating incomea,c			$	2,137					$	1,303
Net income attributable to common stockb,c,d			$	881					$	352
Diluted net income per share of common stockb,c,d			$	0.61					$	0.24
Diluted weighted-average common shares outstanding			1,444						1,444
Operating cash flowse			$	1,495					$	1,058
Capital expenditures			$	973					$	1,172
At March 31:
Cash and cash equivalents			$	3,737					$	4,385
Total debt, including current portion			$	9,414					$	9,404

a.For segment financial results, refer to the supplemental schedule, "Business Divisions and Segments," beginning on page VIII.

b.Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $34 million ($12 million to net income attributable to common stock or $0.01 per share) in first-quarter 2026 and $70 million ($24 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025. For further discussion, refer to the supplemental schedule, "Derivative Instruments," on page VII.

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 additions to operating income totaling $70 million ($23 million to net income attributable to common stock or $0.02 per share) in first-quarter 2026 and $114 million ($34 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025. Refer to the supplemental schedule, "Deferred Profits," on page VIII.

d.Includes after-tax net credits (charges) totaling $51 million ($0.04 per share) in first-quarter 2026 and $(6) million (less than $0.01 per share) in first-quarter 2025, that are described in the supplemental schedule, "Adjusted Net Income," on page VI.

e.Cash provided by (used for) working capital totaled $0.1 billion in first-quarter 2026 and $(0.3) billion in first-quarter 2025.

SUMMARY OPERATING DATA

			Three Months Ended March 31,
			2026						2025
Copper (millions of recoverable pounds)
Production			662						868
Sales, excluding purchases			657						872
Average realized price per pound			$	5.78					$	4.44
Site production and delivery costs per pounda			$	3.29		b			$	2.59
Unit net cash costs per pounda			$	1.91		b			$	2.07
Gold (thousands of recoverable ounces)
Production			97						287
Sales			121						128
Average realized price per ounce			$	4,889					$	3,072
Molybdenum (millions of recoverable pounds)
Production			22						23
Sales, excluding purchases			24						20
Average realized price per pound			$	25.21					$	21.67

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 X.

b.Excludes idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI. Refer to "Adjusted Net Income," on page VI for a summary of these charges.

Consolidated Sales Volumes

Copper

•First-quarter 2026 sales of 657 million pounds were higher than January 2026 estimate of 640 million pounds, primarily reflecting timing of shipments. As expected, first-quarter 2026 sales were below first-quarter 2025 sales of 872 million pounds, reflecting lower operating rates at PTFI following the September 2025 mud rush incident.

Gold

•First-quarter 2026 sales of 121 thousand ounces were significantly higher than January 2026 estimate of 60 thousand ounces, primarily reflecting timing of refined gold sales in Indonesia. As expected, first-quarter 2026 sales were below first-quarter 2025 sales, reflecting lower operating rates at PTFI following the September 2025 mud rush incident.

Molybdenum

•First-quarter 2026 sales of 24 million pounds were higher than January 2026 estimate of 22 million pounds and first-quarter 2025 sales of 20 million pounds, primarily reflecting timing of shipments.

Consolidated sales volumes for the year 2026 are expected to approximate 3.1 billion pounds of copper, 650 thousand ounces of gold and 90 million pounds of molybdenum, including 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2026. Current sales estimates for the year 2026 are lower than January 2026 estimates of 3.4 billion pounds of copper and 0.8 million ounces of gold, primarily reflecting a projected delay in achieving full ramp-up of the Grasberg Block Cave underground mine pending modifications to ore loading infrastructure. Refer to "Grasberg Block Cave Ramp-Up" beginning on page 7 for further information.

Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI's smelting operations.

Consolidated Unit Net Cash Costs

Consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI) for FCX's copper mines averaged $1.91 per pound of copper in first-quarter 2026, which were favorable to the January 2026 estimate of $2.60 per pound, primarily reflecting higher by-product credits. First-quarter 2026 average unit cash costs were favorable to first-quarter 2025 average unit net cash costs of $2.07 per pound of copper, primarily reflecting higher by-product credits, partly offset by lower copper volumes at PTFI.

Following the September 2025 mud rush incident and until PTFI's operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI totaled $406 million in first-quarter 2026, which were excluded from consolidated unit net cash costs.

Based on achievement of current sales volume and cost estimates and assuming average prices of $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI) for FCX's copper mines are expected to average $1.95 per pound of copper for the year 2026 (including $2.24 per pound of copper in second-quarter 2026). Following the onset of military conflict in the Middle East in late February 2026, costs for certain petroleum-based energy products, sulfur and sulfuric acid, and other consumables have risen significantly. Prices for diesel fuel and sulfuric acid have been highly volatile with significant regional dislocation. Accordingly, current cost estimates for the year 2026 are higher than January 2026 estimates, reflecting revised sales volumes at PTFI (refer to "Grasberg Block Cave Ramp-Up" beginning on page 7 for further information) and higher costs for energy and other consumables, partly offset by higher by-product credits.

The impact of price changes on consolidated unit net cash costs for the remainder of 2026 would approximate $0.02 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.

Projected sales volumes and unit net cash costs for the year 2026 are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine at PTFI; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors detailed in the "Cautionary Statement" below.

Responsible Production

2025 Annual Report on Sustainability. FCX has published its 2025 Annual Report on Sustainability on its website at fcx.com/sustainability, marking FCX's 25th year of reporting on its progress. FCX is committed to building upon its achievements in sustainability and its position as a leading responsible copper producer.

OPERATIONS

Leaching and Technology Innovation Initiatives. FCX is incorporating new applications, technologies and data analytics into its leaching processes across its United States (U.S.) and South America operations. Incremental copper production from these initiatives totaled 54 million pounds in first-quarter 2026 and 214 million pounds for the year 2025.

FCX continues to apply operational enhancements on a larger scale and is advancing testing of innovative technology to increase production from these initiatives. FCX is targeting annual production of approximately 300 million pounds of copper from these initiatives in 2026, with potential for further significant increases in recoverable metal in future years. FCX is deploying large-scale testing of an internally developed additive product at its Morenci operations with encouraging early results. In addition, FCX has identified other possible additives with strong potential and plans to apply heat to its stockpiles together with the new additives to further enhance recoveries. Continued success with these initiatives would be expected to contribute to additions in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.

In addition to its innovative 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. FCX believes these leaching and technology initiatives are particularly important to its U.S. operations, which have lower ore grades.

United States. FCX manages seven copper operations in the U.S. - Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. FCX also operates a copper smelter and rod mill in Miami, Arizona, and copper refinery and rod mill in El Paso, Texas. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver.

All of FCX's U.S. 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. Several initiatives are under way to target significant future growth in U.S. copper operations, including the leaching and technology innovation initiatives discussed above.

FCX has defined an opportunity 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. FCX completed technical and economic studies in late 2023 and is updating these studies in advance of a potential investment decision during the second half of 2026. These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year. Estimated incremental project capital costs, which continue to be reviewed, approximate $3.5 billion. Expanded operations would provide improved efficiency and reduce unit net cash costs through economies of scale. Preliminary economics indicate that the expansion would require an incentive copper price of approximately $4.00 per pound and three to four years to complete. The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.

Conversion of Bagdad's haul truck fleet to autonomous haulage was completed in 2025, making Bagdad the first major mine in the U.S. to operate a fully autonomous haulage fleet. FCX continues to optimize the performance of the new autonomous fleet at Bagdad and is advancing projects to expand tailings storage facilities and local infrastructure to enhance optionality in the future expansion opportunity.

FCX continues to advance 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 significant expansion project. FCX expects to complete these studies during 2026. The decision to proceed with 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 U.S. copper mines:

			Three Months Ended March 31,
			2026						2025
Copper (millions of recoverable pounds)
Production			309						301
Sales, excluding purchases			327						307
Average realized price per pound			$	5.85					$	4.60
Molybdenum (millions of recoverable pounds)
Productiona			7						8
Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments			$	3.50					$	3.48
By-product credits			(0.70)						(0.49)
Treatment charges			0.13						0.12
Unit net cash costs			$	2.93					$	3.11

a.Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which include sales of molybdenum produced at FCX's U.S. 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 X.

FCX's consolidated copper sales volumes from the U.S. copper mines of 327 million pounds in first-quarter 2026 were higher than first-quarter 2025 copper sales volumes of 307 million pounds, primarily reflecting timing of shipments. Consolidated copper sales from FCX's U.S. copper mines are expected to approximate 1.4 billion pounds for the year 2026.

Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $2.93 per pound of copper in first-quarter 2026 were favorable to first-quarter 2025 average unit net cash costs of $3.11 per pound of copper, primarily reflecting higher by-product credits, partly offset by higher costs for sulfuric acid, diesel fuel and other consumables.

Based on achievement of current sales volume and cost estimates and assuming an average price of $25.00 per pound of molybdenum for the remainder of 2026, average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $3.02 per pound of copper for the year 2026. Current cost estimates for 2026 reflect recent pricing impacts for energy and other consumables. The U.S. copper mines' average unit net cash costs for the year 2026 would change by approximately $0.04 per pound for each $2 per pound change in the average price of molybdenum for the remainder of 2026.

South America. FCX manages two copper operations in South America - Cerro Verde in Peru (55.08%-owned) and El Abra in Chile (51%-owned). 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 a significant opportunity to expand the operation to include a major mill facility similar to the large-scale concentrator at Cerro Verde. The project could result in the addition of over 700 million pounds of copper production per year. In March 2026, El Abra submitted an environmental impact statement to Chile regulatory authorities. 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 to proceed with and timing of the potential project will take into account required permitting, market conditions and other factors.

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

						Three Months Ended March 31,
						2026						2025
Copper (millions of recoverable pounds)
Production						258						271
Sales						248						275
Average realized price per pound						$	5.66					$	4.36
Molybdenum (millions of recoverable pounds)
Productiona						6						6
Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments						$	3.15					$	2.76
By-product credits						(0.79)						(0.44)
Treatment charges						0.01						0.07
Royalty on metals						0.01						0.01
Unit net cash costs						$	2.38					$	2.40

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

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 X.

FCX's consolidated copper sales volumes from South America operations of 248 million pounds in first-quarter 2026 were lower than first-quarter 2025 copper sales volumes of 275 million pounds, primarily reflecting lower leach placements. Copper sales from South America operations are expected to approximate 1.05 billion pounds for the year 2026.

Average unit net cash costs (net of by-product credits) for South America operations of $2.38 per pound of copper in first-quarter 2026 were lower than first-quarter 2025 average unit net cash costs of $2.40 per pound of copper, primarily reflecting higher by-product credits and lower treatment charges, offset by lower copper volumes and the impact of currency exchange rates on labor costs.

Based on achievement of current sales volume and cost estimates and assuming an average price of $25.00 per pound of molybdenum for the remainder of 2026, average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.60 per pound of copper for the year 2026. Current cost estimates for 2026 reflect recent pricing impacts for energy and other consumables.

Indonesia. PTFI operates one of the world's largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. In addition to copper, the Grasberg minerals district also produces gold and silver. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold. FCX has a 48.76% ownership interest in PTFI and manages its operations. PTFI's results are consolidated in FCX's financial statements.

Operating, Development and Exploration Activities. Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan) and completed related expansion of the milling facilities. At normal operating rates, PTFI's underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest cost operations in the world. First-quarter 2026 production of 95 million pounds of copper and 92 thousand ounces of gold primarily reflects the impact of the temporary suspension of operations at the Grasberg Block Cave underground mine following the September 2025 mud rush incident. A phased restart and ramp-up of the Grasberg Block Cave underground mine is in progress.

PTFI is also conducting exploration in the Grasberg minerals district targeting the potential extension of significant mineralization below the DMLZ underground mine.

Long-term Mining Rights. In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration in 2041. 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.

Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource. PTFI and FCX are working with the Indonesia government to complete the license renewal process.

Grasberg Block Cave Ramp-Up. Following the September 8, 2025, external mud rush incident, PTFI has progressed a series of activities to address the incident and advance preparation for a safe and sustainable restoration of operations.

PTFI previously announced plans for a phased restart and ramp-up of operations, including (i) the successful restart of the unaffected DMLZ and Big Gossan mines in October 2025, (ii) the planned restart of Grasberg Block Cave Production Blocks 2 and 3 in second-quarter 2026 and ramp up in the second half of 2026, (iii) the planned restart of Grasberg Block Cave Production Block 1S in second-quarter 2027 and (iv) the potential restart of Production Block 1C by the end of 2027.

During first-quarter 2026, PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026. PTFI also continued to advance activities for a planned future start-up of Production Block 1S and risk mitigation strategies associated with drainage and cave management technologies.

During initial ramp-up activities in Production Blocks 2 and 3, PTFI encountered changes in operating conditions at the Grasberg Block Cave underground mine following the period of inactivity between September 2025 and April 2026, resulting in a significant increase in the ratio of wet drawpoints compared to the number of drawpoints containing dry material. While PTFI's existing automated systems to extract ore at the drawpoints are sufficient to support a ramp-up to previously planned levels, modifications to the chute system used to load ore into the automated trains will be required to operate at full capacity. As a result, near-term production from Production Blocks 2 and 3 is expected to be limited to approximately 60% of capacity until required modifications to ore loading infrastructure are made.

Installation of specialized equipment to accommodate the higher percentage of wet ore has commenced and will be sequenced initially to prioritize areas that would benefit the most from the enhancements. PTFI expects the current bottlenecks can be substantially addressed by mid-2027.

PTFI's overall production rates, which were previously forecast to approximate 85% of capacity in the second half of 2026 and reach 100% of capacity by the end of 2027 are now expected to approximate 65% in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.

Given the early stage of the initial ramp-up, production forecasts are inherently more variable than they were prior to the incident. As the ramp-up progresses over the coming months, additional clarity is expected on a number of factors that could have a positive or negative impact on PTFI's near-term forecast. PTFI is confident in the resource, its ability to conduct large-scale mining safely and efficiently, and its long-term plans to operate one of the world's most successful and valuable copper and gold deposits.

In first-quarter 2026, PTFI recognized a gain of $0.7 billion for an insurance settlement associated with the September 2025 mud rush incident under its property and business interruption policies (refer to the supplemental schedule, "Adjusted Net Income," on page VI). PTFI expects to receive the proceeds from this settlement in second-quarter 2026.

Kucing Liar. Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. During 2025, PTFI completed studies to evaluate the potential to expand the footprint of the deposit which was previously designed to operate at a long-term rate of 90,000 metric tons of ore per day. The studies identified a low-cost expansion opportunity to increase Kucing Liar's design capacity to 130,000 metric tons of ore per day and increase Kucing Liar's reserves by approximately 20%. As a result, PTFI's preliminary estimates of Kucing Liar reserves currently approximate 8 billion pounds of copper and 8 million ounces of gold to be recovered through 2041, and an extension of PTFI's operating rights beyond 2041 would extend the life of the project. Average annual Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold. The economic studies took into account an approximate 10% increase in Kucing Liar capital ($0.5 billion), impact to operating rates at the Grasberg Block Cave underground mine and reduction of capital expenditures associated with PTFI's mine operations in connection with the processing of higher pyrite ore.

At March 31, 2026, PTFI had incurred approximately $1.3 billion for Kucing Liar development, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year). Initial production is expected to commence ramping up in the 2030 timeframe.

Downstream Processing Facilities. PTFI's smelter and PT Smelting, PTFI's 66%-owned smelter and refinery in Gresik, Indonesia, smelt and refine copper concentrate from PTFI, and the PMR processes anode slimes from the smelter and PT Smelting.

Following the September 2025 mud rush incident, smelting operations in Indonesia at both PTFI's smelter and PT Smelting were adjusted as a result of limited copper concentrate availability. In late December 2025, PT Smelting resumed operations. Shipments to PTFI's smelter are expected to recommence in the second half of 2026 at a reduced rate dependent on available copper concentrate from mining operations at the Grasberg Block Cave underground mine.

The PMR has operated on a limited basis since the September 2025 mud rush incident, primarily processing anode slimes from PT Smelting.

FCX expects higher variability between PTFI's production and sales until its downstream processing facilities achieve normalized operating rates.

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

						Three Months Ended March 31,
						2026						2025
Copper (millions of recoverable pounds)
Production						95						296
Sales						82						290
Average realized price per pound						$	5.89					$	4.34
Gold (thousands of recoverable ounces)
Production						92						284
Sales						116						125
Average realized price per ounce						$	4,893					$	3,072
Unit net cash (credits) costs per pound of coppera
Site production and delivery, excluding adjustments						$	2.91		b			$	1.49
By-product credits						(7.65)						(1.46)
Treatment charges						0.61			b,c			0.19
Export duties						-						0.19
Royalty on metals						0.60						0.23
Unit net cash (credits) costs						$	(3.53)					$	0.64

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 X.

b.Excludes idle facility and restoration costs associated with the September 2025 mud rush incident. Refer below and to "Adjusted Net Income," on page VI for a summary of these charges.

c.Reflects downstream tolling fees and operating costs and does not represent market treatment and refining rates. Favorable offsets associated with incremental metals and sulfuric acid produced by PT Smelting and PTFI's downstream processing facilities are included in revenues and by-product credits.

PTFI's consolidated sales volumes of 82 million pounds of copper and 116 thousand ounces of gold in first-quarter 2026 were lower than first-quarter 2025 sales volumes of 290 million pounds of copper and 125 thousand ounces of gold, reflecting lower operating rates following the September 2025 mud rush incident.

PTFI's unit net cash credits (including by-product credits) of $3.53 per pound of copper in first-quarter 2026 were favorable compared to unit net cash costs (net of by-product credits) of $0.64 per pound of copper in first-quarter 2025, primarily reflecting higher by-product credits, partly offset by lower volumes.

Following the September 2025 mud rush incident and until PTFI's operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs, which were excluded from PTFI's unit net cash credits, totaled $406 million in first-quarter 2026.

Consolidated sales volumes from PTFI are expected to approximate 0.7 billion pounds of copper and 650 thousand ounces of gold for the year 2026. PTFI's current sales estimates for the year 2026 are lower than January 2026 estimates of 0.9 billion pounds of copper and 0.8 million ounces of gold, primarily reflecting a projected delay in achieving full ramp-up of the Grasberg Block Cave underground mine pending modifications to ore loading infrastructure. Refer to "Grasberg Block Cave Ramp-Up" above for further information. Copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI's smelting operations.

Based on achievement of current sales volume and cost estimates and assuming an average price of $4,500 per ounce of gold for the remainder of 2026, average unit net cash credits (including by-product credits and excluding idle facility and restoration costs associated with the September 2025 mud rush incident) for PTFI are expected to approximate $1.30 per pound of copper for the year 2026. Current cost estimates for 2026 reflect

recent pricing impacts for energy and other consumables. PTFI's average unit net cash credits for the year 2026 would change by approximately $0.08 per pound of copper for each $100 per ounce change in the average price of gold for the remainder of 2026.

Molybdenum Mines. 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 U.S. copper mines and Cerro Verde mine, is processed at FCX's conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines totaled 9 million pounds of molybdenum in both the first quarters of 2026 and 2025. FCX's consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the primary molybdenum operations and at FCX's U.S. copper mines and Cerro Verde mine, which are presented on page 3.

Average unit net cash costs for the Molybdenum mines of $15.69 per pound of molybdenum in first-quarter 2026 were higher than average unit net cash costs of $13.72 per pound in first-quarter 2025, primarily reflecting higher costs for labor, supplies and energy. Average unit net cash costs for the Molybdenum mines are expected to approximate $17.80 per pound of molybdenum for the year 2026, based on achievement of current sales volume 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 X.

LIQUIDITY, CASH FLOWS, CASH AND DEBT

Liquidity. At March 31, 2026, FCX had $3.7 billion in consolidated cash and cash equivalents. FCX also had $3.0 billion of availability under its revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

Operating Cash Flows. FCX generated operating cash flows of $1.5 billion, including $0.1 billion of working capital and other sources, in first-quarter 2026.

FCX's consolidated operating cash flows are expected to approximate $8.7 billion for the year 2026, including $0.2 billion of working capital and other sources, based on current sales volume and cost estimates, and assuming prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026. The impact of price changes for the remainder of 2026 on operating cash flows would approximate $220 million for each $0.10 per pound change in the average price of copper, $50 million for each $100 per ounce change in the average price of gold and $90 million for each $2 per pound change in the average price of molybdenum.

Capital Expenditures. Capital expenditures totaled $1.0 billion in first-quarter 2026, including $0.6 billion for major mining projects.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development in the Grasberg minerals district, and $1.6 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 March 31, 2026 (in billions):

Cash at domestic companies			$	1.9
Cash at international operations			1.8
Total consolidated cash and cash equivalents			3.7
Noncontrolling interests' share			(0.8)
Cash, net of noncontrolling interests' share			2.9
Withholding taxes			(0.1)
Net cash available			$	2.8

Debt. Following is a summary of consolidated debt and the weighted-average interest rates at March 31, 2026 (in billions, except percentages):

									Weighted- Average Interest Rate
Senior notes:
Issued by FCX			$	5.3					5.0%
Issued by PTFI			3.0						5.4%
Issued by Freeport Minerals Corporation			0.4						7.5%
PTFI revolving credit facility			0.3						5.4%
Atlantic Copper lines of credit and other			0.5						4.0%
Total consolidated debt			$	9.4		a			5.2%

a.Does not foot because of rounding.

At March 31, 2026, there were (i) no borrowings and $5 million in letters of credit issued under FCX's $3.0 billion revolving credit facility, (ii) $250 million in borrowings outstanding under PTFI's $1.75 billion revolving credit facility, and (iii) no borrowings outstanding under Cerro Verde's $350 million revolving credit facility.

FCX's consolidated debt has an average remaining duration of approximately eight years. There are no senior note maturities scheduled in 2026 and $1.3 billion scheduled in 2027.

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 project debt for PTFI's downstream processing facilities). FCX's Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

Net Debt. At March 31, 2026, FCX's net debt totaled $2.4 billion, which excludes $3.2 billion of debt for PTFI's downstream processing facilities. Refer to the supplemental schedule, "Net Debt," on page VII.

Common Stock Dividends. On March 25, 2026, 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 May 1, 2026, to shareholders of record as of April 15, 2026. 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. During first-quarter 2026, FCX purchased 1.7 million shares of its common stock for a total cost of $93 million ($54.25 average cost per share), bringing total purchases under its $5.0 billion share repurchase program to 53.7 million shares for a total cost of $2.1 billion ($39.01 average cost per share). As of April 22, 2026, FCX has 1.4 billion shares of common stock outstanding and $2.9 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.

CONFERENCE CALL

A conference call with securities analysts to discuss FCX's first-quarter 2026 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, May 22, 2026.

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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 the U.S. 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.