Freeport-McMoRan (FCX) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic priorities and operational updates

• Focused on copper portfolio with major agenda for 2026, including Grasberg restart and US production increases.

• Grasberg mine life extension MOU with Indonesia enables planning for multi-decade production and exploration.

• Environmental Impact Statement for El Abra project in South America to be filed mid-year.

• Fully integrated smelting operations globally, enhancing supply security and flexibility.

• Open to M&A if value-generating, but significant internal growth pipeline exists.

Grasberg mine developments

• Grasberg operating rights extended for life of resource, with 10-year administrative reviews.

• Restart of PB2 and PB3 progressing, with 85% of Grasberg production expected restored by second half of year.

• Exploration drilling to resume, targeting long-term resource growth and value from Kucing Liar deposit.

• New smelter in Indonesia on standby, to be utilized as production ramps up in second half.

• Incremental risk management and automation investments expected to improve safety and may lower costs over time.

North American operations and cost management

• Targeting 60% US production increase by 2030, mainly through leaching and Bagdad expansion.

• Leach initiative reached 240M lbs/year run rate, aiming for 300M lbs in 2024 and 800M lbs by 2030.

• New chemical and heat technologies being field-tested to boost recovery from stockpiles.

• Bagdad expansion final investment decision expected this year; financing not an issue.

• Cost reduction target from $3 to $2.50/lb by 2027, driven by volume increases, efficiency, and reduced downtime.