Freeport-McMoRan (FCX) investor relations material

Executive summary

• Provided a detailed update on the September 8th Grasberg mud rush incident, its causes, and the phased restart plan for the Grasberg Block Cave (GBC), with a focus on safety, transparency, and collaboration with Indonesian authorities.

• Net income attributable to common stock was $674 million for Q3 2025 ($0.46/share), up from $526 million in Q3 2024, with adjusted net income at $722 million ($0.50/share) excluding after-tax charges related to the incident.

• Consolidated revenues reached $6.97 billion for Q3 2025, up from $6.79 billion in Q3 2024, with higher realized prices for copper, gold, and molybdenum.

• Outlined learnings from the incident, including the need for dynamic cave management and innovative mud mitigation technologies, and confirmed a multi-year phased restart plan for GBC, with PB2 and PB3 targeted for Q2 2026, PB1 South for mid-2027, and PB1C deferred to end-2027.

• Operating cash flows for Q3 2025 were $1.7 billion, with capital expenditures of $1.1 billion; cash and cash equivalents at quarter-end were $4.3 billion, and total debt was $9.3 billion.

Significant events and developments

• The September 8th incident at GBC resulted in the loss of seven workers due to an unprecedented external mud rush, traced to unique geological and operational factors in PB1C.

• All Indonesian operations were temporarily suspended for search and recovery; unaffected mines (Big Gossan, Deep MLZ) restarted in late October.

• Non-recurring charges in Q3 2025 included $171 million for idle facility costs and recovery efforts at PTFI, with total charges related to the incident at $195 million.

• Force majeure was declared on certain Indonesian contracts, and insurance recovery is being sought for up to $1 billion (with a $0.5 billion deductible).

• New smelter in Java achieved first copper cathode production in July 2025; precious metals refinery ramping up.

Financial highlights

• Q3 2025 revenues were $6.97 billion, up from $6.79 billion in Q3 2024; operating income was $1.97 billion, and operating margin was 28.3%.

• Consolidated copper sales were 977 million lbs (down from 1,035 million lbs in Q3 2024); gold sales were 336,000 oz (down from 558,000 oz); molybdenum sales were 19 million lbs (flat year-over-year).

• Average realized prices: copper $4.68/lb, gold $3,539/oz, molybdenum $24.07/lb.

• Net debt at September 30, 2025: $1.7 billion, excluding $3.2 billion for Indonesian downstream facilities.

• Adjusted EBITDA for Q3 2025 was $2.83 billion; net debt/Adjusted EBITDA ratio at 0.5x.