Freeport-McMoRan (FCX) AGM 2024 summary

Opening remarks and agenda

• The meeting was called to order with a welcome and overview of the agenda, including voting procedures and Q&A opportunities for stockholders.

• Stockholders were informed about the ability to submit questions and the meeting's adherence to established rules of order.

Board and executive committee updates

• Kathleen Quirk was appointed CEO, succeeding Richard Adkerson, following a multi-year succession plan; Adkerson remains Chairman.

• The board maintains an independent leadership structure, with Dustan McCoy as Lead Independent Director.

• The board was described as diverse and experienced, with several new members added in recent years.

Financial performance review

• Achieved multiple operating records at Grasberg (Indonesia) and Cerro Verde (Peru) in 2023.

• Sustained copper production and reported another year of gold production growth despite industry challenges.

• Returned $4 billion to shareholders since 2021 under a performance-based payout framework.

• Maintained a strong financial position, focusing on cost discipline and productivity.