EX-99.1 2 a3q2026exhibit991.htm EX-99.1

Freeport Reports

Third-Quarter and Nine-Month 2026 Results

•Third-quarter 2026 consolidated copper and gold production in line with expectations

◦Copper sales volumes approximated prior estimates

◦Gold sales volumes impacted by previously reported timing of gold sales in Indonesia

•Ramp-up of mining operations in the Grasberg minerals district met expectations with significant growth expected in 2027 and 2028

•Operations at PTFI’s smelter re-commenced in late August 2026

•Advancing organic copper growth projects, including:

◦Opportunities for scaling innovative leach and technology initiatives in the Americas and potential significant brownfield expansions in the U.S.

◦Potential major expansion at El Abra in Chile

•Strong margins and cash flow generation; positive future outlook

•Net income attributable to common stock in third-quarter 2026 totaled $1.2 billion, $0.81 per share, and adjusted net income attributable to common stock totaled $1.3 billion, $0.88 per share.

•Consolidated production totaled 832 million pounds of copper, 234 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.

•Consolidated sales totaled 749 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.

•Consolidated sales are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum for the year 2026, including 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2026.

•Average realized prices were $6.54 per pound for copper, $4,273 per ounce for gold and $32.46 per pound for molybdenum in third-quarter 2026.

•Average unit net cash costs were $2.07 per pound of copper in third-quarter 2026 and are expected to average $1.90 per pound of copper for the year 2026.

•Operating cash flows totaled $2.0 billion, net of $0.4 billion of working capital and other uses, in third-quarter 2026. Assuming prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum in fourth-quarter 2026, operating cash flows are expected to approximate $8.5 billion, net of $0.6 billion of working capital and other uses, for the year 2026.

•Capital expenditures totaled $1.2 billion, including $0.7 billion for major mining projects, in third-quarter 2026. Capital expenditures are expected to approximate $4.4 billion, including $3.0 billion for major mining projects, for the year 2026.

•At September 30, 2026, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $4.3 billion. At September 30, 2026, net debt totaled $1.8 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

•During third-quarter 2026, FCX purchased 1.4 million shares of its common stock for a total cost of $102 million ($70.75 average cost per share), bringing share purchases for the first nine months of 2026 to 4.9 million shares for $305 million ($62.69 average cost per share).

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PHOENIX, AZ, October 27, 2026 – Freeport (NYSE: FCX) reported third-quarter 2026 net income attributable to common stock of $1.2 billion, $0.81 per share, and adjusted net income attributable to common stock of $1.3 billion, $0.88 per share, after excluding after-tax net charges totaling $101 million, $0.07 per share, primarily for idle facility and restoration costs associated with PTFI’s September 2025 external mud rush incident. For additional information, refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

Kathleen Quirk, President and Chief Executive Officer, said, “The Freeport team delivered strong financial results in the third quarter and achieved several important milestones to drive value and support future growth. We made continued steady progress with our Grasberg ramp-up and advanced innovative leach and technology initiatives in our Americas business to enhance performance and growth options. Favorable pricing for our products, particularly for copper and molybdenum, drove strong margins with substantial conversion to bottom-line results, highlighting the strength of our diversified portfolio. We remain focused on operational excellence, delivering growing volumes at Grasberg safely and sustainably and expanding production from our existing asset base to increase margins, cash flow and earnings. Freeport is strongly positioned as America’s Copper Champion® and as a global copper leader with large-scale, geographically diverse operations and a pipeline of attractive growth options to support a growing market and build value for stakeholders.”

SUMMARY FINANCIAL DATA

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
			(in millions, except per share amounts)
Revenuesa,b			$	7,546					$	6,972					$	20,809					$	20,282
Operating incomea,c			$	2,353					$	1,972					$	6,493					$	5,707
Net income attributable to common stockb,c,d			$	1,174					$	674					$	3,039					$	1,798
Diluted net income per share of common stockb,c,d			$	0.81					$	0.46					$	2.10					$	1.24
Diluted weighted-average common shares outstanding			1,442						1,443						1,443						1,443
Operating cash flowse			$	1,981					$	1,689					$	5,524					$	4,942
Capital expenditures			$	1,159					$	1,056					$	3,236					$	3,489
At September 30:
Cash and cash equivalents			$	4,335					$	4,318					$	4,335					$	4,318
Total debt, including current portion			$	9,398					$	9,298					$	9,398					$	9,298

a.For segment financial results, refer to the supplemental schedule, “Business Divisions and Segments,” beginning on page X.

b.Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $52 million ($17 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $11 million ($1 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2025, $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first nine months of 2025. 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 additions to operating income totaling $24 million ($8 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $13 million ($15 million to net income attributable to common stock or $0.01 per share) in third-quarter 2025, $76 million ($25 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $161 million ($58 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2025. Refer to the supplemental schedule, “Deferred Profits,” on page X.

d.Includes after-tax net charges totaling $101 million ($0.07 per share) in third-quarter 2026, $48 million ($0.04 per share) in third-quarter 2025, $146 million ($0.10 per share) for the first nine months of 2026 and $72 million ($0.05 per share) for the first nine months of 2025, that are described in the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

e.Cash used for working capital totaled $0.4 billion in third-quarter 2026, $0.1 billion in third-quarter 2025, $0.8 billion for the first nine months of 2026 and $0.5 billion for the first nine months of 2025.

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SUMMARY OPERATING DATA

						Three Months Ended September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Copper (millions of recoverable pounds)
Production						832						912						2,280						2,743
Sales, excluding purchases						749						977						2,116						2,865
Average realized price per pound						$	6.54					$	4.68					$	6.25					$	4.55
Site production and delivery costs per pounda,b						$	3.24					$	2.71					$	3.27					$	2.67
Unit net cash costs per pounda,b						$	2.07					$	1.40					$	1.99					$	1.51
Gold (thousands of recoverable ounces)
Production						234						287						523						891
Sales						105						336						349						986
Average realized price per ounce						$	4,273					$	3,539					$	4,578					$	3,359
Molybdenum (millions of recoverable pounds)
Production						22						22						67						67
Sales, excluding purchases						22						19						71						61
Average realized price per pound						$	32.46					$	24.07					$	28.70					$	22.22

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.

b.Excludes idle facility, direct recovery and restoration costs associated with PTFI’s September 2025 external mud rush incident. Refer to “Adjusted Net Income,” beginning on page VII for a summary of these charges.

Consolidated Production and Sales Volumes

Copper

•Third-quarter 2026 production of 832 million pounds was in line with expectations, with slightly better results from Indonesia and South America operations offsetting lower production in the U.S. Third-quarter 2026 production exceeded sales by approximately 11%, primarily reflecting in-process inventories at smelting operations in Indonesia. Third-quarter 2026 sales of 749 million pounds were in line with the July 2026 estimate of 750 million pounds.

•As expected, third-quarter 2026 sales were below third-quarter 2025 sales of 1.0 billion pounds, primarily reflecting lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine and timing of shipments.

Gold

•Third-quarter 2026 production of 234 thousand ounces was in line with expectations. Third-quarter 2026 sales of 105 thousand ounces were significantly below third-quarter 2026 production primarily resulting from in-process inventories at smelting and refining operations and timing of sales. Third-quarter 2026 gold sales were lower than the July 2026 estimate of 160 thousand ounces, primarily reflecting the timing of refined gold sales in Indonesia.

•Third-quarter 2026 sales were below third-quarter 2025 sales, reflecting the timing of sales and lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine.

Molybdenum

•Third-quarter 2026 sales of 22 million pounds were in line with the July 2026 estimate and higher than third-quarter 2025 sales of 19 million pounds, primarily reflecting timing of shipments.

Consolidated sales volumes for the year 2026 are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum, including 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2026. With the projected significant increase in gold sales in fourth-quarter 2026, PTFI may sell gold in the export market to the extent not required by

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the domestic market. PTFI is seeking clarity from the Indonesia government on administrative procedures for PTFI’s refined gold exports since current regulations (specifying a 10% export duty) conflict with the terms in PTFI’s special mining business license (IUPK) (which do not require the payment of duties on refined gold exports).

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 70 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, direct recovery and restoration costs associated with the ramp-up of the Grasberg Block Cave underground mine) for FCX’s copper mines averaged $2.07 per pound of copper in third-quarter 2026, which was 4% above the July 2026 estimate of $2.00 per pound, primarily reflecting lower by-product credits as a result of the deferral of gold sales from third-quarter 2026 to fourth-quarter 2026.

Third-quarter 2026 average unit net cash costs were higher than third-quarter 2025 average unit net cash costs of $1.40 per pound of copper, primarily reflecting the impact of lower copper and gold volumes at PTFI and higher production costs, including for energy and other consumables.

During the ramp-up period of the Grasberg Block Cave underground mine 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, direct recovery and restoration costs totaled $244 million in third-quarter 2026, $934 million for the first nine months of 2026 and $171 million in both third-quarter 2025 and for the first nine months of 2025, which were excluded from consolidated net cash costs.

Based on achievement of current sales volume and cost estimates and assuming average prices of $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs) for FCX’s copper mines are expected to average $1.90 per pound of copper for the year 2026 (including $1.68 per pound of copper in fourth-quarter 2026).

The impact of price changes on consolidated unit net cash costs for the year 2026 would approximate $0.01 per pound of copper for each $100 per ounce change in the average price of gold during fourth-quarter 2026 and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum during fourth-quarter 2026.

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 and smelter 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 sales and other factors detailed in the “Cautionary Statement” below.

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 to strengthen long-term cost competitiveness and unlock significant value. Incremental copper production from these initiatives totaled 55 million pounds in third-quarter 2026 and 156 million pounds for the first nine months of 2026.

FCX is targeting an increase in production from these initiatives from the current run rate of approximately 220 million pounds of copper per annum to 300 million pounds in 2027, with potential for further significant increases in recoverable metal in future years. FCX continues to deploy large-scale testing of an internally developed additive at its Morenci operations, where early results have been encouraging. In addition, FCX has developed two customized additives that are being manufactured and are expected to be deployed at multiple stockpiles in the first half of 2027. Laboratory testing of these newly developed additives has demonstrated significant improvements in copper recoveries. FCX is also advancing projects to use heat sources to increase the temperature of its stockpiles to boost copper recoveries. Success with these initiatives has the potential 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 its innovative leaching and technology initiatives will strengthen its operational performance and enhance opportunities for profitable growth.

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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 a 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 underway to target significant future growth in U.S. copper operations, including the leaching and technology innovation initiatives discussed above.

FCX has conducted technical and economic studies 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 expects to reach an investment decision on the expansion project in fourth-quarter 2026. The studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year and increase molybdenum production by 10 to 12 million pounds per year. Expanded operations would position Bagdad as the second-largest copper mine in the U.S. (behind FCX’s flagship Morenci mine) and among the lowest cost mines in FCX’s U.S. portfolio, and Bagdad would benefit from economies of scale, modernized operating models, improved efficiency and lower long-term unit net cash costs.

Capital cost estimates for the Bagdad expansion are being finalized, taking into account current estimates, including for materials, equipment and labor. Current estimates, which remain under review, indicate future incremental capital costs for a new concentrator, mining equipment and expanded infrastructure to approximate $4.5 billion. The project economics are supported at an incentive copper price of approximately $4.00 per pound and would require 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.

FCX is advancing 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 large expansion project. FCX expects to complete initial studies in 2027. 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 September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Copper (millions of recoverable pounds)
Production						321						330						962						967
Sales, excluding purchases						333						339						972						954
Average realized price per pound						$	6.55					$	4.92					$	6.22					$	4.78
Molybdenum (millions of recoverable pounds)
Productiona						8						8						25						25
Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments						$	3.93					$	3.59					$	3.71					$	3.51
By-product credits						(0.89)						(0.61)						(0.83)						(0.56)
Treatment charges						0.12						0.13						0.13						0.14
Unit net cash costs						$	3.16					$	3.11					$	3.01					$	3.09

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 XIV.

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FCX’s consolidated copper sales volumes from its U.S. copper mines of 333 million pounds in third-quarter 2026 were slightly lower than third-quarter 2025 copper sales volumes of 339 million pounds. Consolidated copper sales from FCX’s U.S. copper mines are expected to approximate 1.3 billion pounds for the year 2026.

FCX’s U.S. copper mines faced challenging operating conditions in third-quarter 2026 associated with an increased frequency of extreme weather conditions, which adversely affected operating rates and productivity. Although third-quarter 2026 operating rates at FCX’s U.S. copper mines were 10% higher than those in third-quarter 2025, they were approximately 3% to 5% below expectations and operating rates achieved in second-quarter 2026.

Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $3.16 per pound of copper in third-quarter 2026 were higher than third-quarter 2025 average unit net cash costs of $3.11 per pound of copper. Unit costs in third-quarter 2026 were adversely impacted by lower volumes from reduced productivity and higher costs for energy and other inputs, partially offset by higher by-product credits.

Based on achievement of current sales volume and cost estimates and assuming an average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $3.08 per pound of copper for the year 2026. The U.S. copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.01 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2026.

South America. FCX manages two copper operations in South America – Cerro Verde in Peru (55.66%-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 is advancing the permitting process for a significant expansion opportunity 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 study to Chile regulatory authorities and continues to advance the regulatory process. Preliminary estimates, which remain under review, indicate project capital costs of approximately $7.5 billion (based on estimates prepared in 2024) with project economics 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 September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Copper (millions of recoverable pounds)
Production						262						271						769						810
Sales						263						278						756						818
Average realized price per pound						$	6.56					$	4.60					$	6.30					$	4.46
Molybdenum (millions of recoverable pounds)
Productiona						6						6						17						16
Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments						$	3.14					$	2.75					$	3.20					$	2.75
By-product credits						(0.79)						(0.52)						(0.83)						(0.45)
Treatment charges						0.03						0.06						0.03						0.07
Royalty on metals						0.01						0.01						0.01						0.01
Unit net cash costs						$	2.39					$	2.30					$	2.41					$	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.

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.

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FCX’s consolidated copper sales volumes from South America operations of 263 million pounds in third-quarter 2026 were lower than third-quarter 2025 copper sales volumes of 278 million pounds, primarily reflecting slightly lower production resulting from lower ore grades and the timing of shipments. Copper sales from South America operations are expected to approximate 1.0 billion pounds for the year 2026.

Average unit net cash costs (net of by-product credits) for South America operations were $2.39 per pound of copper in third-quarter 2026 compared to average unit net cash costs of $2.30 per pound of copper in third-quarter 2025. In addition to the impact of lower volumes, unit net cash costs were impacted by higher costs for employee profit sharing at Cerro Verde, energy and other inputs, and maintenance and contractor costs at El Abra, partially offset by higher by-product credits.

Based on achievement of current sales volume and cost estimates and assuming an average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.59 per pound of copper for the year 2026. South America operations’ average unit net cash costs for the year 2026 would change by approximately $0.02 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2026.

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 and gold, the Grasberg minerals district also produces silver. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper, gold and silver. 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 copper mining operations in the world.

PTFI has identified additional exploration targets to leverage its infrastructure in the Grasberg minerals district, including a potential extension below the DMLZ underground mine, which requires further drilling and evaluation.

Kucing Liar. Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. PTFI’s long-term mine plans include a ramp-up of Kucing Liar, commencing in the 2030 timeframe, to a design capacity of approximately 130,000 metric tons of ore per day. The project start-up schedule is under review. Average annual production from Kucing Liar at full operating rates would approximate 750 million pounds of copper and 735 thousand ounces of gold and would enable continuity of large-scale production in the Grasberg minerals district.

As of September 30, 2026, PTFI has incurred approximately $1.6 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).

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. 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, IUPK and other agreements in effect will continue over the life of the resource.

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.

In June 2026, PTFI submitted its application for extension of its IUPK, and FCX and PTFI are working with the Indonesia government to complete the formal license process. The extension of operating rights and other terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK.

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Grasberg Block Cave Ramp-Up. Following the September 2025 external mud rush incident, PTFI has made significant progress with the ramp-up of the Grasberg Block Cave underground mine to achieve a safe and sustainable ramp-up to full operating capacity.

In third-quarter 2026, mill throughput averaged 141 thousand metric tons of ore per day (67% of capacity), including 70 thousand metric tons of ore per day from the Grasberg Block Cave underground mine. PTFI continues to expect to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027.

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. Upgrades to the material handling system at the Grasberg Block Cave haulage level have progressed on schedule with expected completion by early 2027. Preparations continue for the targeted restart of production from Production Block 1S by mid-2027.

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 Precious Metals Refinery (PMR) processes anode slimes from PTFI’s smelter and PT Smelting.

PTFI has combined smelting capacity, including PT Smelting, to produce up to approximately 800,000 metric tons of cathode annually, and the PMR is capable of processing all of PTFI’s gold production.

Following the September 2025 external mud rush incident, during the ramp-up period of the Grasberg Block Cave underground mine, smelting operations in Indonesia at both PTFI’s smelter and PT Smelting were adjusted as a result of limited copper concentrate availability. PT Smelting resumed operations in late 2025 and PTFI’s smelter successfully re-commenced operations in late August 2026. Ramp-up activities are proceeding in line with expectations.

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 September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Copper (millions of recoverable pounds)
Production						249						311						549						966
Sales						153						360						388						1,093
Average realized price per pound						$	6.48					$	4.52					$	6.21					$	4.42
Gold (thousands of recoverable ounces)
Production						229						281						505						876
Sales						98						332						332						975
Average realized price per ounce						$	4,271					$	3,535					$	4,583					$	3,357
Unit net cash credits per pound of coppera
Site production and delivery, excluding adjustmentsb						$	1.92					$	1.84					$	2.28					$	1.88
By-product credits						(3.52)						(3.52)						(4.57)						(3.16)
Treatment chargesb						0.39			c			0.09			d			0.47			c			0.16			d
Export duties						0.01						0.38						—						0.31
Royalty on metals						0.36						0.29						0.42						0.28
Unit net cash credits						$	(0.84)					$	(0.92)					$	(1.40)					$	(0.53)

a.For a reconciliation of unit net cash credits 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.

b.Excludes idle facility, direct recovery and restoration costs associated with the September 2025 external mud rush incident. Refer below and to “Adjusted Net Income,” beginning on page VII for a summary of these charges.

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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.

d.Excludes $0.11 per pound of copper in third-quarter 2025 and $0.04 per pound of copper for the first nine months of 2025 associated with PT Smelting's planned maintenance and idle facility related tolling fees.

PTFI’s consolidated sales volumes of 153 million pounds of copper and 98 thousand ounces of gold in third-quarter 2026 were lower than third-quarter 2025 sales volumes of 360 million pounds of copper and 332 thousand ounces of gold, primarily reflecting lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine. Third-quarter 2026 gold sales volumes were also impacted by the deferral of approximately 60 thousand ounces of refined gold from third-quarter 2026 to fourth-quarter 2026.

In Indonesia, abnormally dry weather conditions have been generally favorable for mining but present various challenges in the milling process. Water availability for the operations and site infrastructure are being actively managed with limited impacts to production to date. Extended periods without precipitation may impact future mill rates and mitigation efforts will continue to be implemented during this period.

PTFI’s unit net cash credits (including by-product credits) of $0.84 per pound of copper in third-quarter 2026 were lower than third-quarter 2025 unit net cash credits of $0.92 per pound of copper, primarily reflecting lower copper and gold volumes.

During the ramp-up period of the Grasberg Block Cave underground mine 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, direct recovery and restoration costs totaled $244 million ($1.59 per pound of copper) in third-quarter 2026, $934 million ($2.40 per pound of copper) for the first nine months of 2026 and $171 million in both third-quarter 2025 ($0.47 per pound of copper) and for the first nine months of 2025 ($0.16 per pound of copper), which were excluded from PTFI's unit net cash credits.

Consolidated sales volumes from PTFI are expected to approximate 0.7 billion pounds of copper and 632 thousand ounces of gold for the year 2026. 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 70 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 $4,000 per ounce of gold in fourth-quarter 2026, average unit net cash credits (including by-product credits and excluding idle facility and restoration costs) for PTFI are expected to approximate $1.25 per pound of copper for the year 2026. PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.04 per pound of copper for each $100 per ounce change in the average price of gold in fourth-quarter 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 8 million pounds of molybdenum in both the third 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 $20.04 per pound of molybdenum in third-quarter 2026 were higher than average unit net cash costs of $19.41 per pound in third-quarter 2025, primarily reflecting higher costs for supplies, labor and energy. Average unit net cash costs for the Molybdenum mines are expected to approximate $18.66 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 XIV.

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LIQUIDITY, CASH FLOWS, CASH AND DEBT

Liquidity. At September 30, 2026, FCX had $4.3 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. In third-quarter 2026, FCX generated operating cash flows of $2.0 billion, net of $0.4 billion of working capital and other uses, and $5.5 billion, net of $0.8 billion of working capital and other uses, for the first nine months of 2026.

FCX’s consolidated operating cash flows are expected to approximate $8.5 billion for the year 2026, net of $0.6 billion of working capital and other uses, based on current sales volume and cost estimates, and assuming prices of $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026. The impact of price changes during fourth-quarter 2026 on operating cash flows for the year 2026 would approximate $75 million for each $0.10 per pound change in the average price of copper, $25 million for each $100 per ounce change in the average price of gold and $12 million for each $2 per pound change in the average price of molybdenum.

Capital Expenditures. Capital expenditures totaled $1.2 billion in third-quarter 2026, including $0.7 billion for major mining projects, and $3.2 billion for the first nine months of 2026, including $2.0 billion for major mining projects.

Capital expenditures are expected to approximate $4.4 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 and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, 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 September 30, 2026 (in billions):

Cash at domestic companies			$	2.3
Cash at international operations			2.0
Total consolidated cash and cash equivalents			4.3
Noncontrolling interests’ share			(0.9)
Cash, net of noncontrolling interests’ share			3.4
Withholding taxes			(0.1)
Net cash available			$	3.3

Debt. Following is a summary of consolidated debt and the weighted-average interest rates at September 30, 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						5.6%
Atlantic Copper lines of credit and other			0.5						4.3%
Total consolidated debt			$	9.4		a			5.2%

a.Does not sum because of rounding.

In September 2026, PTFI amended and restated its $1.75 billion, senior unsecured revolving credit facility to extend the maturity date from November 2028 to September 2031. The terms of the amended facility are substantially similar to PTFI’s prior facility. In addition, FCX’s and Cerro Verde’s revolving credit facilities were extended to 2031 earlier in 2026.

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At September 30, 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 a weighted-average remaining maturity of approximately eight years. PTFI has $0.7 billion in scheduled senior note maturities in April 2027, and FCX has $0.6 billion in scheduled senior note maturities in the second half of 2027.

FINANCIAL POLICY

FCX’s financial policy is aligned with its strategic objectives of maintaining a solid balance sheet, providing cash returns to common stockholders 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 common stockholder 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.

During the first nine months of 2026, FCX returned $955 million to shareholders, consisting of $650 million in common stock dividends and $305 million in share repurchases.

Net Debt. At September 30, 2026, FCX’s net debt totaled $1.8 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

Common Stock Dividends. On September 23, 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 November 2, 2026, to common stockholders of record as of October 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 third-quarter 2026, FCX purchased 1.4 million shares of its common stock for a total cost of $102 million ($70.75 average cost per share), bringing total purchases during the first nine months of 2026 to 4.9 million shares for a total cost of $305 million ($62.69 average cost per share).

At October 26, 2026, FCX has 1.4 billion shares of common stock outstanding and has purchased 56.8 million shares for a total cost of $2.3 billion ($40.58 average cost per share) under its $5.0 billion 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 third-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, November 27, 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.

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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; restoration and remediation efforts, and ramp-up of production and downstream processing following the September 2025 external mud rush incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on FCX’s business, production, sales, results of operations and operating plans; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; the life of resource extension of operating rights in the Grasberg minerals district, including the extension of PTFI’s IUPK beyond 2041; timing of sales or shipments of inventoried production; FCX’s sustainability-related commitments, aspirations and targets; FCX’s overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX’s 2030 climate targets and its 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 and investment decisions; 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 common stockholders, 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; changes in export duties and tariff rates; production rates; timing of shipments and sales; reduced customer demand or capacity; changes in the terms of arrangements or contracts; PTFI’s ability to repair mud rush incident-related damage, implement enhanced operating procedures, safely restart with a ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; maintain relationships with commercial counterparties; 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, including market volatility regarding trade policies and tariff uncertainty; 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 production; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041; delays in Indonesia government approvals or failure to obtain Indonesia government approval, including on the terms of the MOU and relating to the amendment to the IUPK to extend PTFI’s operating rights beyond 2041; delays in consummating the terms of the MOU, including entering into any definitive agreements; 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; impacts, expenses or results from litigation or investigations; 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, 2025, 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 are as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.

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.

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FREEPORT
SELECTED OPERATING DATA
			Three Months Ended September 30,
			2026						2025						2026						2025
			Production												Sales
COPPER (millions of recoverable pounds)
(FCX’s net interest in %)
United States (U.S.)
Morenci (72%)a			121						126						123						130
Safford (100%)			82						75						83						75
Sierrita (100%)			46						48						47						48
Chino (100%)			33						35						37						37
Bagdad (100%)			29						37						32						40
Tyrone (100%)			7						7						7						8
Miami (100%)			2						3						3						3
Other (100%)			1						(1)						1						(2)
Total U.S.			321						330						333						339
South America
Cerro Verde (55.66%)b			219						228						225						232
El Abra (51%)			43						43						38						46
Total South America			262						271						263						278
Indonesia
Grasberg minerals district (48.76%)			249						311						153						360
Consolidated			832						912						749			c			977			c
Less noncontrolling interests			246						283						197						311
Net			586						629						552						666
Average realized price per pound															$	6.54					$	4.68
GOLD (thousands of recoverable ounces)
(FCX’s net interest in %)
U.S. (100%)			5						6						7						4
Indonesia (48.76%)			229						281						98						332
Consolidated			234						287						105						336
Less noncontrolling interests			117						144						50						170
Net			117						143						55						166
Average realized price per ounce															$	4,273					$	3,539
MOLYBDENUM (millions of recoverable pounds)
(FCX’s net interest in %)
Climax (100%)			5						5						N/A						N/A
Henderson (100%)			3						3						N/A						N/A
U.S. copper mines (100%)a			8						8						N/A						N/A
Cerro Verde (55.66%)b			6						6						N/A						N/A
Consolidated			22						22						22						19
Less noncontrolling interests			2						2						2						2
Net			20						20						20						17
Average realized price per pound															$	32.46					$	24.07
a. Amounts are net of Morenci’s joint venture partners’ undivided interests.
b. FCX’s interest in Cerro Verde is 55.66%, and prior to May 2026 it was 55.08%.
c. Consolidated sales volumes exclude purchased copper of 20 million pounds in third-quarter 2026 and 9 million pounds in third-quarter 2025.

I

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FREEPORT
SELECTED OPERATING DATA (continued)
			Nine Months Ended September 30,
			2026						2025						2026						2025
			Production												Sales
COPPER (millions of recoverable pounds)
(FCX’s net interest in %)
U.S.
Morenci (72%)a			353						368						359						365
Safford (100%)			232						210						230						205
Sierrita (100%)			135						137						135						135
Chino (100%)			117						106						120						105
Bagdad (100%)			97						117						99						115
Tyrone (100%)			21						24						21						25
Miami (100%)			6						7						7						7
Other (100%)			1						(2)						1						(3)
Total U.S.			962						967						972						954
South America
Cerro Verde (55.66%)b			631						654						623						654
El Abra (51%)			138						156						133						164
Total South America			769						810						756						818
Indonesia
Grasberg minerals district (48.76%)			549						966						388						1,093
Consolidated			2,280						2,743						2,116			c			2,865			c
Less noncontrolling interests			631						866						542						934
Net			1,649						1,877						1,574						1,931
Average realized price per pound															$	6.25					$	4.55
GOLD (thousands of recoverable ounces)
(FCX’s net interest in %)
U.S. (100%)			18						15						17						11
Indonesia (48.76%)			505						876						332						975
Consolidated			523						891						349						986
Less noncontrolling interests			259						449						170						500
Net			264						442						179						486
Average realized price per ounce															$	4,578					$	3,359
MOLYBDENUM (millions of recoverable pounds)
(FCX’s net interest in %)
Climax (100%)			16						17						N/A						N/A
Henderson (100%)			9						9						N/A						N/A
U.S. copper mines (100%)a			25						25						N/A						N/A
Cerro Verde (55.66%)b			17						16						N/A						N/A
Consolidated			67						67						71						61
Less noncontrolling interests			7						7						7						7
Net			60						60						64						54
Average realized price per pound															$	28.70					$	22.22
a. Amounts are net of Morenci’s joint venture partners’ undivided interests.
b. FCX’s interest in Cerro Verde is 55.66%, and prior to May 2026 it was 55.08%.
c. Consolidated sales volumes exclude purchased copper of 67 million pounds for the first nine months of 2026 and 110 million pounds for the first nine months of 2025.

II

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FREEPORT
SELECTED OPERATING DATA (continued)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
U.S.a
Leach Operations
Leach ore placed in stockpiles (metric tons per day)			774,700						609,200						785,500						604,800
Average copper ore grade (%)			0.20						0.21						0.20						0.21
Copper production (millions of recoverable pounds)			221						213						640						607
Mill Operations
Ore milled (metric tons per day)			324,600						332,700						333,000						330,100
Average ore grades (%):
Copper			0.29						0.31						0.29						0.31
Molybdenum			0.02						0.02						0.02						0.02
Copper recovery rate (%)			80.7						82.4						81.7						84.0
Production (millions of recoverable pounds):
Copper			147						166						459						503
Molybdenum			9						9						27						26
South America
Leach Operations
Leach ore placed in stockpiles (metric tons per day)			175,400						124,500						145,500						158,400
Average copper ore grade (%)			0.30						0.47						0.36						0.40
Copper production (millions of recoverable pounds)			55						57						175						203
Mill Operations
Ore milled (metric tons per day)			429,200						421,000						422,000						412,400
Average ore grades (%):
Copper			0.30						0.31						0.29						0.30
Molybdenum			0.01						0.01						0.01						0.01
Copper recovery rate (%)			83.9						83.8						83.5						83.8
Production (millions of recoverable pounds):
Copper			207						214						594						607
Molybdenum			6						6						17						16
Indonesia
Ore extracted and milled (metric tons per day):
Deep Mill Level Zone underground mine			71,900						49,100						69,500						56,900
Grasberg Block Cave underground mine			69,500						104,200						42,500						104,100
Big Gossan underground mine			7,300						5,300						7,100						6,400
Other adjustments, including ore stockpiled			(7,400)						(1,100)						(100)						(200)
Total			141,300						157,500						119,000						167,200
Average ore grades:
Copper (%)			1.01						1.15						0.89						1.14
Gold (grams per metric ton)			0.69						0.81						0.61						0.80
Recovery rates (%):
Copper			89.1						88.0						89.6						88.0
Gold			78.5						76.1						79.3						75.7
Production (recoverable):
Copper (millions of pounds)			249						311						549						966
Gold (thousands of ounces)			229						281						505						876
Molybdenumb
Ore milled (metric tons per day)			31,600						34,100						31,000						33,100
Average molybdenum ore grade (%)			0.14						0.13						0.16						0.15
Molybdenum production (millions of recoverable pounds)			8						8						25						26
a.Amounts represent 100% operating data, including Morenci’s joint venture partners’ share.
b. Represents FCX’s primary molybdenum operations in Colorado.

III

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FREEPORT
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2026						2025						2026						2025
			(In Millions, Except Per Share Amounts)
Revenuesa			$	7,546					$	6,972					$	20,809					$	20,282
Cost of sales:
Production and deliveryb			4,479						4,205						12,864						12,243
Depreciation, depletion and amortization (DD&A)			520						625						1,557						1,759
Total cost of sales			4,999						4,830						14,421						14,002
Selling, general and administrative expenses			131						131						428						412
Exploration and research expenses			55						55						146						140
Environmental obligations and shutdown costs			8						—						38						37
Gain on PT Freeport Indonesia (PTFI) mud rush incident insurance settlement			—						—						(699)						—
Gain on sale of assets			—						(16)						(18)						(16)
Total costs and expenses			5,193						5,000						14,316						14,575
Operating income			2,353						1,972						6,493						5,707
Interest expense, netc			(86)						(107)						(295)						(259)
Other income, net			25						59						58						158
Income before income taxes and equity in affiliated companies’ net earnings (losses)			2,292						1,924						6,256						5,606
Provision for income taxesd			(610)						(669)						(1,807)						(2,019)
Equity in affiliated companies’ net earnings (losses)			6						(8)						17						—
Net income			1,688						1,247						4,466						3,587
Net income attributable to noncontrolling interestse			(514)						(573)						(1,427)						(1,789)
Net income attributable to common stockholdersf,g			$	1,174					$	674					$	3,039					$	1,798
Diluted net income per share attributable to common stock			$	0.81					$	0.46					$	2.10					$	1.24
Diluted weighted-average common shares outstanding			1,442						1,443						1,443						1,443
Dividends declared per share of common stock			$	0.15					$	0.15					$	0.45					$	0.45

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

b.Includes charges totaling (i) $44 million in third-quarter 2026, $43 million in third-quarter 2025, $108 million for the first nine months of 2026 and $131 million for the first nine months of 2025 for feasibility and optimization studies primarily associated with potential future expansion projects at FCX’s mining operations, and (ii) $22 million in third-quarter 2026, $83 million in third-quarter 2025, $30 million for the first nine months of 2026 and $185 million for the first nine months of 2025 for operational readiness and start-up costs associated with PTFI’s downstream processing facilities.

c.Consolidated interest costs (before capitalization) totaled $170 million in third-quarter 2026, $182 million in third-quarter 2025, $584 million for the first nine months of 2026 (which included $67 million of nonrecurring adjustments for prior period withholding taxes on PTFI’s senior notes) and $537 million for the first nine months of 2025.

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

e.Net income attributable to noncontrolling interests is associated with PTFI, Cerro Verde and El Abra. For further discussion, refer to “Noncontrolling Interests,” 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 “Deferred Profits,” on page X.

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

IV

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FREEPORT
CONSOLIDATED BALANCE SHEETS (Unaudited)
			September 30,						December 31,
			2026						2025
			(In Millions)
ASSETS
Current assets:
Cash and cash equivalents			$	4,335					$	3,824
Restricted cash and cash equivalents			279						230
Trade accounts receivable			880						977
Value-added and other tax receivables			748						686
Inventories:
Product			3,769						3,332
Materials and supplies, net			2,938						2,738
Mill and leach stockpiles			1,727						1,423
Other current assets			629						580
Total current assets			15,305						13,790
Property, plant, equipment and mine development costs, net			42,327						40,736
Long-term tax receivables			1,104						810
Long-term mill and leach stockpiles			1,024						1,173
Other assets			1,719						1,658
Total assets			$	61,479					$	58,167
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities			$	4,727					$	4,565
Current portion of debt			1,680						466
Accrued income taxes			590						456
Current portion of environmental and asset retirement obligations (AROs)			374						313
Dividends payable - common stock			218						219
Total current liabilities			7,589						6,019
Long-term debt, less current portion			7,718						8,913
Environmental and AROs, less current portion			5,609						5,541
Deferred income taxes			4,772						4,622
Long-term leases, less current portion			958						1,010
Other liabilities			1,220						1,296
Total liabilities			27,866						27,401
Equity:
Stockholders’ equity:
Common stock			163						163
Capital in excess of par value			23,674						23,680
Retained earnings			3,775						1,385
Accumulated other comprehensive loss			(302)						(305)
Common stock held in treasury			(6,329)						(6,024)
Total stockholders’ equity			20,981						18,899
Noncontrolling interests			12,632						11,867
Total equity			33,613						30,766
Total liabilities and equity			$	61,479					$	58,167

V

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FREEPORT
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
												Nine Months Ended
												September 30,
																		2026						2025
																		(In Millions)
Cash flow from operating activities:
Net income																		$	4,466					$	3,587
Adjustments to reconcile net income to net cash provided by operating activities:
DD&A																		1,557						1,759
Gain on PTFI mud rush incident insurance settlement																		(699)						—
Proceeds from PTFI mud rush incident insurance settlement																		699						—
Gain on sale of assets																		(18)						(16)
Net charges for environmental and AROs, including accretion																		237						166
Payments for environmental and AROs																		(151)						(177)
Stock-based compensation																		131						98
Net charges for defined pension and postretirement plans																		34						43
Pension plan contributions																		(59)						(29)
Deferred income taxes																		149						(16)
Charges for PTFI social investment programs																		40						77
Payments for PTFI social investment programs																		(35)						(44)
Other, net																		18						(21)
Changes in working capital and other:
Accounts receivable																		(30)						(408)
Inventories																		(601)						(113)
Other current assets																		(69)						46
Accounts payable and accrued liabilities																		(64)						283
Accrued income taxes and timing of other tax payments																		(81)						(293)
Net cash provided by operating activities																		5,524						4,942
Cash flow from investing activities:
Capital expenditures:
U.S. copper mines																		(827)						(843)
South America operations																		(477)						(287)
Indonesia operations																		(1,435)						(1,927)
Molybdenum mines																		(69)						(74)
Other																		(428)						(358)
Acquisition of additional ownership interest in Cerro Verde																		(107)						—
Other, net																		30						22
Net cash used in investing activities																		(3,313)						(3,467)
Cash flow from financing activities:
Proceeds from debt																		2,919						2,180
Repayments of debt																		(2,904)						(1,843)
Finance lease payments																		(32)						(24)
Cash dividends and distributions paid:
Common stock																		(650)						(649)
Noncontrolling interests																		(625)						(1,274)
Treasury stock purchases																		(305)						(107)
Proceeds from exercised stock options																		27						6
Payments for withholding of employee taxes related to stock-based awards																		(44)						(22)
Debt issuance costs																		(11)						—
Net cash used in financing activities																		(1,625)						(1,733)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents																		586						(258)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year																		4,173						4,911
Cash and cash equivalents and restricted cash and cash equivalents at end of perioda																		$	4,759					$	4,653

a.Includes current and long-term restricted cash and cash equivalents of $0.4 billion at September 30, 2026, and $0.3 billion at September 30, 2025.

VI

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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 September 30,
			2026																		2025
			Pre-tax						After-taxa						Per Share						Pre-tax						After-taxa						Per Share
Net income attributable to common stock			N/A						$	1,174					$	0.81					N/A						$	674					$	0.46
PTFI mud rush incident - idle facility, direct recovery and restoration costs:
Production and delivery costs			(244)						(72)						(0.05)						(171)						(51)						(0.04)
DD&A			(64)						(19)						(0.01)						(24)						(7)						—
PTFI smelter fire insurance recoveries (repair costs, net)			9						3						—						(26)						(8)						(0.01)
Net adjustments to environmental obligations and litigation reserves			(1)						(1)						—						11						11						0.01
Oil and gas net chargesb			(28)						(24)						(0.02)						(4)						(4)						—
Gain on sale of assets			—						—						—						16						16						0.01
PTFI historical tax mattersc			—						14						0.01						—						—						—
Other net charges			(3)						(2)						—						—						(6)						—
Total net chargesf			$	(330)					$	(101)					$	(0.07)					$	(197)					$	(48)					$	(0.04)
Adjusted net income attributable to common stock			N/A						$	1,275					$	0.88					N/A						$	722					$	0.50

			Nine Months Ended September 30,
			2026																		2025
			Pre-tax						After-taxa						Per Share						Pre-tax						After-taxa						Per Share
Net income attributable to common stock			N/A						$	3,039					$	2.10					N/A						$	1,798					$	1.24
PTFI mud rush incident - idle facility, direct recovery and restoration costs:
Production and delivery costs			$	(934)					$	(277)					$	(0.19)					$	(171)					$	(51)					$	(0.04)
DD&A			(236)						(70)						(0.05)						(24)						(7)						—
PTFI smelter fire insurance recoveries (repair costs, net)			9						3						—						(56)						(17)						(0.01)
Gain on PTFI mud rush incident insurance settlement			699						207						0.14						—						—						—
Net adjustments to environmental obligations and litigation reserves			(11)						(9)						(0.01)						8						8						0.01
Oil and gas net chargesb			(28)						(24)						(0.02)						(17)						(17)						(0.01)
Gain on sale of assets			18						16						0.01						16						16						0.01
PTFI historical tax mattersc			12						34						0.02						5						6						—
Cerro Verde historical tax mattersd			22						12						0.01						—						—						—
Other net chargese			(58)						(38)						(0.03)						(17)						(11)						(0.01)
Total net chargesf			$	(505)					$	(146)					$	(0.10)					$	(256)					$	(72)					$	(0.05)
Adjusted net income attributable to common stock			N/A						$	3,185					$	2.20					N/A						$	1,870					$	1.29

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

b.The third quarter and first nine months of 2026 primarily include charges for adjustments to oil and gas AROs including $24 million recorded to production and delivery costs and $4 million recorded to selling, general and administrative expenses.

The third quarter and first nine months of 2025 include charges to production and delivery costs primarily associated with impairments of oil and gas properties.

c.The third quarter and first nine months of 2026 include net tax credits of $31 million ($14 million net of noncontrolling interest) associated with income tax benefits related to smelter development attributable to the year 2025 (refer to “Income Taxes,” beginning on page VIII for additional information). The first nine months of 2026 also include net credits associated with PTFI’s 2022 corporate income tax audit. The first nine months of 2025 include net credits associated with PTFI’s 2020 corporate income tax audit.

In accordance with PTFI’s shareholder agreement, settlements of historical tax matters that originated before December 31, 2022, are attributed based on the economics from the initial period (as defined in the agreement, i.e. approximately 81% to FCX and 19% to PT Mineral Industri Indonesia).

VII

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FREEPORT

ADJUSTED NET INCOME (continued)

d.The first nine months of 2026 include credits recorded to other income, net, for interest collected by Cerro Verde associated with the closure of its 2020 income tax audit.

e.The first nine months of 2026 primarily include charges for (i) inventory write-offs ($18 million to production and delivery costs), (ii) termination of a lease ($7 million to selling, general and administrative expenses), (iii) historical costs associated with withholding taxes on PTFI’s senior notes ($5 million to DD&A, $3 million to interest expense, net and $6 million to other income, net), (iv) historical costs of placing assets into service at our U.S. copper mines ($9 million to DD&A and $6 million to interest expense, net) and (v) debt extinguishment costs associated with revolving credit facilities ($3 million to other income, net).

The first nine months of 2025 include charges to production and delivery costs for the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities, partially offset by an adjustment to PTFI’s ARO.

f.May not sum 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 September 30,
			2026																		2025
															Income Tax																		Income Tax
			Income						Effective						(Provision)						Income						Effective						(Provision)
			(Loss)a						Tax Rate						Benefit						(Loss)a						Tax Rate						Benefit
U.S.b			$	678					11%						$	(76)		c			$	155					4%						$	(6)
South America			1,036						39%						(407)						508						40%						(202)
Indonesia			627						30%						(190)			d			1,286						36%						(466)
Eliminations and other			(49)						N/A						13						(25)						N/A						12
Rate adjustmente			—						N/A						50						—						N/A						(7)
Continuing operations			$	2,292					27%						$	(610)					$	1,924					35%						$	(669)

			Nine Months Ended September 30,
			2026																		2025
															Income Tax																		Income Tax
			Income						Effective						(Provision)												Effective						(Provision)
			(Loss)a						Tax Rate						Benefit						Incomea						Tax Rate						Benefit
U.S.b			$	1,727					8%						$	(134)		c			$	153					3%						$	(4)
South America			2,607						40%						(1,031)						1,398						39%						(546)
Indonesia			1,962						33%						(656)			d			3,958						36%						(1,431)
Eliminations and other			(40)						N/A						16						97						N/A						(60)
Rate adjustmente			—						N/A						(2)						—						N/A						22
Continuing operations			$	6,256					29%						$	(1,807)					$	5,606					36%						$	(2,019)

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

b.In addition to FCX’s U.S. copper and molybdenum mines, 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. Refer to “Business Divisions and Segments,” beginning on page X for additional information.

c.The U.S. income tax provision for the third quarter and first nine months of 2026 primarily relates to the U.S. Corporate Alternative Minimum Tax (CAMT) provisions, which do not benefit from regular tax U.S. net operating loss carryforwards.

d.In third-quarter 2026, PTFI received confirmation of income tax benefits associated with its smelter development, which includes benefits attributable to a six-year incentive period from 2025 through 2030. In third-quarter 2026, PTFI recognized tax benefits associated with the year 2025 and first nine months of 2026.

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

VIII

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FREEPORT

INCOME TAXES (continued)

Assuming achievement of current sales volume and cost estimates and prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum in fourth-quarter 2026, FCX estimates its consolidated effective tax rate for the year 2026 would approximate 30%, including estimated effective rates of 40% for Peru, 36% for Indonesia and 10% for the U.S. (associated with CAMT provisions). Changes in projected sales volumes, commodity prices, and the relative proportion of jurisdictional income during fourth-quarter 2026 could impact FCX’s consolidated effective tax rate for the year 2026.

NET DEBT

FCX believes that net debt provides investors with information related to the performance-based payout framework in its 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 project debt for PTFI’s downstream processing facilities). FCX defines net debt as consolidated debt less consolidated cash and cash equivalents. 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 September 30, 2026
Current portion of debt			$	1,680
Long-term debt, less current portion			7,718
Consolidated debt			9,398
Less: consolidated cash and cash equivalents			4,335
FCX net debt			5,063
Less: debt for PTFI’s downstream processing facilities			3,237			a
FCX net debt, excluding debt for PTFI’s downstream processing facilities			$	1,826

a.Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s revolving credit facility.

DERIVATIVE INSTRUMENTS

For the nine months ended September 30, 2026, FCX’s mined copper was sold 37% as cathode, 35% as rod, and 28% in concentrate. 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 settlement 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.

FCX’s average realized copper price was $6.54 per pound in third-quarter 2026, reflecting copper sales from South America and Indonesia operations that are generally based on quoted LME monthly average settlement copper prices, which averaged $6.40 per pound in third-quarter 2026, and copper sales from U.S. copper mines that are generally based on prevailing Commodity Exchange Inc. (COMEX) monthly average settlement copper prices, which averaged $6.48 per pound in third-quarter 2026.

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 September 30,
			2026																		2025
			Prior Perioda						Current Periodb						Total						Prior Perioda						Current Periodb						Total
Revenues			$	52					$	64					$	116					$	11					$	71					$	82
Net income attributable to common stock			$	17					$	21					$	38					$	1					$	24					$	25
Diluted net income per share of common stock			$	0.01					$	0.01					$	0.03		c			$	—					$	0.02					$	0.02

a.Reflects adjustments to provisionally priced copper sales at June 30, 2026 and 2025.

b.Reflects adjustments to provisionally priced copper sales during the third quarters of 2026 and 2025.

c.Does not sum because of rounding.

IX

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FREEPORT

DERIVATIVE INSTRUMENTS (continued)    

    

			Nine Months Ended September 30,
			2026																		2025
			Prior Perioda						Current Periodb						Total						Prior Perioda						Current Periodb						Total
Revenues			$	58					$	174					$	232					$	63					$	169					$	232
Net income attributable to common stock			$	24					$	59					$	82					$	21					$	56					$	77
Diluted net income per share of common stock			$	0.02					$	0.04					$	0.06					$	0.01					$	0.04					$	0.05

a.Reflects adjustments to provisionally priced copper sales at December 31, 2025 and 2024.

b.Reflects adjustments to provisionally priced copper sales for the first nine months of 2026 and 2025.

At September 30, 2026, FCX had provisionally priced copper sales totaling 239 million pounds (134 million pounds net of intercompany sales and noncontrolling interests) recorded at an average price of $6.55 per pound, subject to final LME settlement prices 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 2026 revenues ($4 million to net income attributable to common stock). The LME copper settlement price was $6.58 per pound on October 26, 2026.

DEFERRED PROFITS

FCX defers recognizing profits on intercompany sales from its mining operations to Atlantic Copper 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 $24 million ($8 million to net income attributable to common stock) in third-quarter 2026, $13 million ($15 million to net income attributable to common stock) in third-quarter 2025, $76 million ($25 million to net income attributable to common stock) for the first nine months of 2026 and $161 million ($58 million to net income attributable to common stock) for the first nine months of 2025. FCX’s net deferred profits on inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $77 million ($25 million to net income attributable to common stock) at September 30, 2026. 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, which is primarily associated with PTFI, Cerro Verde and El Abra, totaled $514 million in third-quarter 2026 (which represented 22% of FCX’s consolidated income before income taxes), $573 million in third-quarter 2025 (which represented 30% of FCX’s consolidated income before income taxes), $1.4 billion for the first nine months of 2026 (which represented 23% of FCX’s consolidated income before income taxes) and $1.8 billion for the first nine months of 2025 (which represented 32% of FCX’s consolidated income before income taxes). Refer to “Business Divisions and Segments” below for net income attributable to noncontrolling interests for each of FCX’s business segments.

In May 2026, FCX increased its ownership interest in Cerro Verde from 55.08% to 55.66%.

Based on achievement of current sales volume and cost estimates, and assuming prices of $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026, FCX estimates that net income attributable to noncontrolling interests will approximate $2.3 billion for the year 2026, which would represent approximately 24% of FCX’s consolidated income before income taxes. The actual amount will depend on many factors, including relative performance of each business segment, commodity prices, costs and other factors.

BUSINESS DIVISIONS AND SEGMENTS

FCX has organized its mining operations into four primary divisions – U.S. copper mines, South America operations, Indonesia operations and Molybdenum mines.

In the U.S., FCX operates seven copper operations – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A majority of the copper produced at the U.S. copper mines is cast into copper rod by the U.S. Rod & Refining operations.

In South America, FCX operates two copper operations – Cerro Verde in Peru and El Abra in Chile.

In Indonesia, PTFI operates the Grasberg minerals district. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper, gold and silver.

X

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FREEPORT

BUSINESS DIVISIONS AND SEGMENTS (continued)

U.S. Rod & Refining consists of copper conversion facilities, including a refinery and two rod mills. These operations process copper produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis.

Atlantic Copper in Spain smelts and refines copper concentrate and markets refined copper and precious metals in slimes.

Intersegment sales are based on terms similar to arm’s-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 business divisions and 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 in the below tables), 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 business divisions and segments. Accordingly, the following information reflects management determinations that may not be indicative of what the actual financial performance of each business division and segment would be if it was an independent entity.

XI

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FREEPORT

BUSINESS DIVISIONS AND SEGMENTS (continued)

(in millions)																																																																											Atlantic						Corporate,
			U.S. Copper Mines																		South America Operations																																				U.S.						Copper						Other
																											Cerro																								Indonesia												Molybdenum						Rod &						Smelting						& Elimi-						FCX
			Morenci												Other						Total						Verde												Other						Total						Operations												Mines						Refining						& Refining						nations						Total
Three Months Ended September 30, 2026
Revenues:
Unaffiliated customers			$	19											$	31					$	50					$	1,392											$	253					$	1,645					$	1,476											$	—					$	2,359					$	1,249					$	767		a			$	7,546
Intersegment			864												1,623						2,487						358												—						358						—												233						10						4						(3,092)						—
Production and delivery			527												975						1,502						718												157						875						623			b									154						2,352						1,234						(2,261)						4,479
DD&A			61												93						154						89												18						107						210			b									24						1						6						18						520
Selling, general and administrative expenses			—												1						1						2												—						2						27												—						—						7						94						131
Exploration and research expenses			7												7						14						5												—						5						—												—						—						—						36						55
Environmental obligations and shutdown costs			—												(3)						(3)						—												—						—						—												—						—						—						11						8
Operating income (loss)			288												581						869						936												78						1,014						616												55						16						6						(223)						2,353
Interest expense, net			(1)												(1)						(2)						(4)												—						(4)						(4)												—						—						(10)						(66)						(86)
Other (expense) income, net			(1)												(9)						(10)						3												8						11						2												—						—						2						20						25
(Provision for) benefit from income taxes			—												—						—						(373)												(34)						(407)						(190)			c									—						—						1						(14)						(610)
Equity in affiliated companies’ net earnings			—												—						—						—												—						—						6												—						—						—						—						6
Net (income) loss attributable to noncontrolling interests			—												—						—						(266)												(16)						(282)						(239)												—						—						—						7						(514)
Net income attributable to common stockholders																																																																																							$	1,174
Total assets at September 30, 2026			3,630												7,892						11,522						9,176												2,538						11,714						28,581												2,012						418						2,136						5,096						61,479
Capital expenditures			85												246						331						84												108						192						463												20						14						73						66						1,159
Three Months Ended September 30, 2025
Revenues:
Unaffiliated customers			$	46											$	12					$	58					$	979											$	204					$	1,183					$	2,675											$	—					$	1,774					$	768					$	514		a			$	6,972
Intersegment			653												1,229						1,882						226												5						231						—												177						12						6						(2,308)						—
Production and delivery			499												895						1,394						636												166						802						1,024			b									150						1,773						753						(1,691)						4,205
DD&A			55												79						134						97												17						114						331			b									22						2						7						15						625
Selling, general and administrative expenses			—												1						1						2												—						2						36												—						—						7						85						131
Exploration and research expenses			11												4						15						3												—						3						2												—						—						—						35						55
Gain on sale of assets			—												—						—						—												—						—						—												—						—						—						(16)						(16)
Operating income (loss)			134												262						396						467												26						493						1,282												5						11						7						(222)						1,972
Interest expense, net			—												—						—						(5)												—						(5)						(25)												—						—						(8)						(69)						(107)
Other (expense) income, net			(1)												3						2						17												6						23						16												—						(1)						(1)						20						59
(Provision for) benefit from income taxes			—												—						—						(192)												(10)						(202)						(466)												—						—						3						(4)						(669)
Equity in affiliated companies’ net (losses) earnings			—												—						—						—												—						—						(9)												—						—						—						1						(8)
Net (income) loss attributable to noncontrolling interests			—												—						—						(143)												(2)						(145)						(436)												—						—						—						8						(573)
Net income attributable to common stockholders																																																																																							$	674
Total assets at September 30, 2025			3,289												7,342						10,631						8,290												2,147						10,437						27,464												2,037						389						1,615						4,255						56,828
Capital expenditures			66												249						315						99												11						110						483												28						19						42						59						1,056

XII

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FREEPORT

BUSINESS DIVISIONS AND SEGMENTS (continued)

(in millions)																																																																											Atlantic						Corporate,
			U.S. Copper Mines																		South America Operations																																				U.S.						Copper						Other
																											Cerro																								Indonesia												Molybdenum						Rod &						Smelting						& Elimi-						FCX
			Morenci												Other						Total						Verde												Other						Total						Operations												Mines						Refining						& Refining						nations						Total
Nine Months Ended September 30, 2026
Revenues:
Unaffiliated customers			$	48											$	50					$	98					$	3,769											$	829					$	4,598					$	4,030											$	—					$	6,639					$	3,239					$	2,205		a			$	20,809
Intersegment			2,367												4,552						6,919						849												—						849						1												649						31						13						(8,462)						—
Production and delivery			1,389												2,696						4,085						2,033												507						2,540						2,057			b									441						6,613						3,170						(6,042)						12,864
DD&A			185												269						454						257												60						317						632			b									70						4						20						60						1,557
Selling, general and administrative expenses			1												2						3						5												—						5						84												—						—						26						310						428
Exploration and research expenses			25												24						49						13												3						16						—												—						—						—						81						146
Environmental obligations and shutdown costs			—												(3)						(3)						—												—						—						—												—						—						—						41						38
Gain on PTFI mud rush incident insurance settlement			—												—						—						—												—						—						(699)												—						—						—						—						(699)
Gain on sale of assets			—												—						—						—												—						—						—												—						—						(18)						—						(18)
Operating income (loss)			815												1,614						2,429						2,310												259						2,569						1,957												138						53						54						(707)						6,493
Interest expense, net			(3)												(1)						(4)						(14)												—						(14)						(25)												—						—						(29)						(223)						(295)
Other (expense) income, net			(2)												(9)						(11)						14												13						27						(10)												—						(1)						9						44						58
Provision for income taxes			—												—						—						(917)												(114)						(1,031)						(656)			c									—						—						(6)						(114)						(1,807)
Equity in affiliated companies’ net earnings			—												—						—						—												—						—						16												—						—						—						1						17
Net (income) loss attributable to noncontrolling interests			—												—						—						(662)												(64)						(726)						(706)												—						—						—						5						(1,427)
Net income attributable to common stockholders																																																																																							$	3,039
Capital expenditures			179												648						827						240												237						477						1,435												69						42						196						190						3,236
Nine Months Ended September 30, 2025
Revenues:
Unaffiliated customers			$	192											$	184					$	376					$	2,732											$	599					$	3,331					$	7,658											$	—					$	5,090					$	2,335					$	1,492		a			$	20,282
Intersegment			1,706												3,202						4,908						593												127						720						4												534						29						12						(6,207)						—
Production and delivery			1,353												2,467						3,820						1,813												545						2,358						2,726			b									400						5,088						2,278						(4,427)			d			12,243
DD&A			151												225						376						282												56						338						906			b									74						4						21						40						1,759
Selling, general and administrative expenses			1												2						3						5												1						6						98												—						—						23						282						412
Exploration and research expenses			25												15						40						9												2						11						5												1						—						—						83						140
Environmental obligations and shutdown costs			(7)												—						(7)						—												—						—						—												—						—						—						44						37
Gain on sale of assets			—												—						—						—												—						—						—												—						—						—						(16)						(16)
Operating income (loss)			375												677						1,052						1,216												122						1,338						3,927												59						27						25						(721)						5,707
Interest expense, net			—												(1)						(1)						(13)												—						(13)						(50)												—						—						(26)						(169)						(259)
Other (expense) income, net			(3)												7						4						69												7						76						47												(1)						(2)						(20)						54						158
Provision for income taxes			—												—						—						(502)												(44)						(546)						(1,431)												—						—						(9)						(33)						(2,019)
Net income attributable to noncontrolling interests			—												—						—						(374)												(23)						(397)						(1,359)												—						—						—						(33)						(1,789)
Net income attributable to common stockholders																																																																																							$	1,798
Capital expenditures			195												648						843						251												36						287						1,927												74						62						130						166						3,489

XIII

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FREEPORT

BUSINESS DIVISIONS AND SEGMENTS (continued)

a.Includes revenues from FCX’s molybdenum sales company, which includes sales of molybdenum produced by FCX’s primary molybdenum mines and certain of the U.S. copper mines and the Cerro Verde mine.

b.Includes idle facility, direct recovery and restoration costs associated with the September 2025 external mud rush incident. For a summary of these charges, refer to “Adjusted Net Income,” beginning on page VII.

c.Includes income tax benefits associated with PTFI’s smelter development. Refer to “Income Taxes,” beginning on page VIII for additional information.

d.Includes charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter.

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 its 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 its 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 result from prior 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 ARO accretion and other adjustments, inventory write-offs and adjustments, stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, operational readiness and start-up 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

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended September 30, 2026
(In millions)						By-Product						Co-Product Method
						Method						Copper						Molybdenuma						Otherb						Total
Revenues						$	2,177					$	2,177					$	267					$	89					$	2,533
Site production and delivery, before net noncash     and other costs shown below						1,305						1,136						167						62						1,365
By-product credits						(296)						—						—						—						—
Treatment charges						41						38						—						3						41
Net cash costs						1,050						1,174						167						65						1,406
DD&A						154						138						11						5						154
Noncash and other costs, net						89			c			81						6						2						89
Total costs						1,293						1,393						184						72						1,649
Gross profit						$	884					$	784					$	83					$	17					$	884
Copper sales (millions of recoverable pounds)						332						332
Molybdenum sales (millions of recoverable pounds)a																		8
Gross profit per pound of copper/molybdenum:
Revenues						$	6.55					$	6.55					$	31.54
Site production and delivery, before net noncash     and other costs shown below						3.93						3.42						19.72
By-product credits						(0.89)						—						—
Treatment charges						0.12						0.11						—
Unit net cash costs						3.16						3.53						19.72
DD&A						0.46						0.42						1.29
Noncash and other costs, net						0.27			c			0.24						0.76
Total unit costs						3.89						4.19						21.77
Gross profit per pound						$	2.66					$	2.36					$	9.77
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	2,533					$	1,365					$	154
Treatment charges						—						41						—
Noncash and other costs, net						—						89						—
Eliminations and other						4						7						—
U.S. copper mines						2,537						1,502						154
Other miningd						7,334						5,238						348
Corporate, other & eliminationse						(2,325)						(2,261)						18
As reported in FCX’s consolidated financial statements						$	7,546					$	4,479					$	520

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

b.Includes gold sales of 7 thousand ounces ($4,307 per ounce average realized price), silver sales of 0.5 million ounces ($63.46 per ounce average realized price) and related production costs.

c.Includes charges totaling $26 million ($0.08 per pound of copper) for feasibility and optimization studies and $22 million ($0.07 per pound of copper) for materials and supplies inventory write-offs.

d.Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

e.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XV

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended September 30, 2025
(In millions)						By-Product						Co-Product Method
						Method						Copper						Molybdenuma						Otherb						Total
Revenues						$	1,677					$	1,677					$	199					$	60					$	1,936
Site production and delivery, before net noncash     and other costs shown below						1,225						1,081						151						44						1,276
By-product credits						(208)						—						—						—						—
Treatment charges						45						43						—						2						45
Net cash costs						1,062						1,124						151						46						1,321
DD&A						135						119						13						3						135
Noncash and other costs, net						63			c			59						3						1						63
Total costs						1,260						1,302						167						50						1,519
Gross profit						$	417					$	375					$	32					$	10					$	417
Copper sales (millions of recoverable pounds)						341						341
Molybdenum sales (millions of recoverable pounds)a																		8
Gross profit per pound of copper/molybdenum:
Revenues						$	4.92					$	4.92					$	23.66
Site production and delivery, before net noncash     and other costs shown below						3.59						3.17						17.94
By-product credits						(0.61)						—						—
Treatment charges						0.13						0.13						—
Unit net cash costs						3.11						3.30						17.94
DD&A						0.40						0.35						1.51
Noncash and other costs, net						0.18			c			0.17						0.40
Total unit costs						3.69						3.82						19.85
Gross profit per pound						$	1.23					$	1.10					$	3.81
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	1,936					$	1,276					$	135
Treatment charges						1						46						—
Noncash and other costs, net						—						63						—
Eliminations and other						3						9						(1)
U.S. copper mines						1,940						1,394						134
Other miningd						6,826						4,502						476
Corporate, other & eliminationse						(1,794)						(1,691)						15
As reported in FCX’s consolidated financial statements						$	6,972					$	4,205					$	625

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

b.Includes gold sales of 4 thousand ounces ($3,879 per ounce average realized price), silver sales of 0.4 million ounces ($45.99 per ounce average realized price) and related production costs.

c.Includes charges totaling $23 million ($0.07 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

e.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XVI

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs
Nine Months Ended September 30, 2026
(In millions)						By-Product						Co-Product Method
						Method						Copper						Molybdenuma						Otherb						Total
Revenues, excluding adjustments						$	6,043					$	6,043					$	730					$	233					$	7,006
Site production and delivery, before net noncash     and other costs shown below						3,606						3,126						478						155						3,759
By-product credits						(811)						—						—						—						—
Treatment charges						130						121						—						9						130
Net cash costs						2,925						3,247						478						164						3,889
DD&A						454						396						37						21						454
Noncash and other costs, net						183			c			166						14						3						183
Total costs						3,562						3,809						529						188						4,526
Other revenue adjustments, primarily for pricing     on prior period open sales						6						6						—						1						7
Gross profit						$	2,487					$	2,240					$	201					$	46					$	2,487
Copper sales (millions of recoverable pounds)						971						971
Molybdenum sales (millions of recoverable pounds)a																		25
Gross profit per pound of copper/molybdenum:
Revenues, excluding adjustments						$	6.22					$	6.22					$	28.51
Site production and delivery, before net noncash     and other costs shown below						3.71						3.22						18.68
By-product credits						(0.83)						—						—
Treatment charges						0.13						0.12						—
Unit net cash costs						3.01						3.34						18.68
DD&A						0.47						0.41						1.43
Noncash and other costs, net						0.19			c			0.17						0.56
Total unit costs						3.67						3.92						20.67
Other revenue adjustments, primarily for pricing     on prior period open sales						0.01						0.01						—
Gross profit per pound						$	2.56					$	2.31					$	7.84
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	7,006					$	3,759					$	454
Treatment charges						—						130						—
Noncash and other costs, net						—						183						—
Other revenue adjustments, primarily for pricing     on prior period open sales						7						—						—
Eliminations and other						4						13						—
U.S. copper mines						7,017						4,085						454
Other miningd						20,049						14,821						1,043
Corporate, other & eliminationse						(6,257)						(6,042)						60
As reported in FCX’s consolidated financial statements						$	20,809					$	12,864					$	1,557

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

b.Includes gold sales of 17 thousand ounces ($4,470 per ounce average realized price), silver sales of 1.4 million ounces ($67.03 per ounce average realized price) and related production costs.

c.Includes charges totaling $61 million ($0.06 per pound of copper) for feasibility and optimization studies and $22 million ($0.02 per pound of copper) for materials and supplies inventory write-offs.

d.Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

e.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XVII

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
U.S. Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs
Nine Months Ended September 30, 2025
(In millions)						By-Product						Co-Product Method
						Method						Copper						Molybdenuma						Otherb						Total
Revenues, excluding adjustments						$	4,579					$	4,579					$	525					$	152					$	5,256
Site production and delivery, before net noncash     and other costs shown below						3,358						2,976						413						117						3,506
By-product credits						(530)						—						—						—						—
Treatment charges						130						124						—						6						130
Net cash costs						2,958						3,100						413						123						3,636
DD&A						376						337						31						8						376
Noncash and other costs, net						153			c			141						10						2						153
Total costs						3,487						3,578						454						133						4,165
Other revenue adjustments, primarily for pricing     on prior period open sales						4						4						—						1						5
Gross profit						$	1,096					$	1,005					$	71					$	20					$	1,096
Copper sales (millions of recoverable pounds)						957						957
Molybdenum sales (millions of recoverable pounds)a																		25
Gross profit per pound of copper/molybdenum:
Revenues, excluding adjustments						$	4.78					$	4.78					$	21.25
Site production and delivery, before net noncash     and other costs shown below						3.51						3.11						16.73
By-product credits						(0.56)						—						—
Treatment charges						0.14						0.13						—
Unit net cash costs						3.09						3.24						16.73
DD&A						0.39						0.35						1.28
Noncash and other costs, net						0.16			c			0.15						0.38
Total unit costs						3.64						3.74						18.39
Other revenue adjustments, primarily for pricing     on prior period open sales						0.01						0.01						—
Gross profit per pound						$	1.15					$	1.05					$	2.86
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	5,256					$	3,506					$	376
Treatment charges						(9)						121						—
Noncash and other costs, net						—						153						—
Other revenue adjustments, primarily for pricing     on prior period open sales						5						—						—
Eliminations and other						32						40						—
U.S. copper mines						5,284						3,820						376
Other miningd						19,713						12,850						1,343
Corporate, other & eliminationse						(4,715)						(4,427)						40
As reported in FCX’s consolidated financial statements						$	20,282					$	12,243					$	1,759

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

b.Includes gold sales of 11 thousand ounces ($3,497 per ounce average realized price), silver sales of 1.4 million ounces ($38.92 per ounce average realized price) and related production costs.

c.Includes charges totaling $63 million ($0.07 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX’s South America and Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

e.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XVIII

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended September 30, 2026
(In millions)						By-Product						Co-Product Method
						Method						Copper						Othera						Total
Revenues, excluding adjustments						$	1,728					$	1,728					$	223					$	1,951
Site production and delivery, before net noncash     and other costs shown below						827						744						97						841
By-product credits						(210)						—						—						—
Treatment charges						9						9						—						9
Royalty on metals						3						3						—						3
Net cash costs						629						756						97						853
DD&A						107						95						12						107
Noncash and other costs, net						35			b			33						2						35
Total costs						771						884						111						995
Other revenue adjustments, primarily for pricing     on prior period open sales						63						63						1						64
Gross profit						$	1,020					$	907					$	113					$	1,020
Copper sales (millions of recoverable pounds)						263						263
Gross profit per pound of copper:
Revenues, excluding adjustments						$	6.56					$	6.56
Site production and delivery, before net noncash     and other costs shown below						3.14						2.83
By-product credits						(0.79)						—
Treatment charges						0.03						0.03
Royalty on metals						0.01						0.01
Unit net cash costs						2.39						2.87
DD&A						0.41						0.36
Noncash and other costs, net						0.13			b			0.12
Total unit costs						2.93						3.35
Other revenue adjustments, primarily for pricing     on prior period open sales						0.24						0.24
Gross profit per pound						$	3.87					$	3.45
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	1,951					$	841					$	107
Treatment charges						(9)						—						—
Royalty on metals						(3)						—						—
Noncash and other costs, net						—						35						—
Other revenue adjustments, primarily for pricing     on prior period open sales						64						—						—
Eliminations and other						—						(1)						—
South America operations						2,003						875						107
Other miningc						7,868						5,865						395
Corporate, other & eliminationsd						(2,325)						(2,261)						18
As reported in FCX’s consolidated financial statements						$	7,546					$	4,479					$	520

a.Includes silver sales of 0.9 million ounces ($61.76 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 and optimization studies and $13 million ($0.05 per pound of copper) for materials and supplies inventory write-offs.

c.Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

d.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XIX

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended September 30, 2025
(In millions)						By-Product						Co-Product Method
						Method						Copper						Othera						Total
Revenues, excluding adjustments						$	1,278					$	1,278					$	154					$	1,432
Site production and delivery, before net noncash     and other costs shown below						764						690						86						776
By-product credits						(144)						—						—						—
Treatment charges						18						18						—						18
Royalty on metals						2						2						—						2
Net cash costs						640						710						86						796
DD&A						114						101						13						114
Noncash and other costs, net						26			b			25						1						26
Total costs						780						836						100						936
Other revenue adjustments, primarily for pricing     on prior period open sales						—						—						2						2
Gross profit						$	498					$	442					$	56					$	498
Copper sales (millions of recoverable pounds)						278						278
Gross profit per pound of copper:
Revenues, excluding adjustments						$	4.60					$	4.60
Site production and delivery, before net noncash     and other costs shown below						2.75						2.49
By-product credits						(0.52)						—
Treatment charges						0.06						0.06
Royalty on metals						0.01						0.01
Unit net cash costs						2.30						2.56
DD&A						0.41						0.36
Noncash and other costs, net						0.10			b			0.09
Total unit costs						2.81						3.01
Other revenue adjustments, primarily for pricing     on prior period open sales						—						—
Gross profit per pound						$	1.79					$	1.59
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	1,432					$	776					$	114
Treatment charges						(18)						—						—
Royalty on metals						(2)						—						—
Noncash and other costs, net						—						26						—
Other revenue adjustments, primarily for pricing     on prior period open sales						2						—						—
South America operations						1,414						802						114
Other miningc						7,352						5,094						496
Corporate, other & eliminationsd						(1,794)						(1,691)						15
As reported in FCX’s consolidated financial statements						$	6,972					$	4,205					$	625

a.Includes silver sales of 0.9 million ounces ($44.89 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 $18 million ($0.06 per pound of copper) for feasibility and optimization studies.

c.Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

d.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XX

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs
Nine Months Ended September 30, 2026
(In millions)						By-Product						Co-Product Method
						Method						Copper						Othera						Total
Revenues, excluding adjustments						$	4,761					$	4,761					$	655					$	5,416
Site production and delivery, before net noncash     and other costs shown below						2,422						2,148						316						2,464
By-product credits						(626)						—						—						—
Treatment charges						21						21						—						21
Royalty on metals						8						7						1						8
Net cash costs						1,825						2,176						317						2,493
DD&A						317						279						38						317
Noncash and other costs, net						79			b			73						6						79
Total costs						2,221						2,528						361						2,889
Other revenue adjustments, primarily for pricing     on prior period open sales						47						47						13						60
Gross profit						$	2,587					$	2,280					$	307					$	2,587
Copper sales (millions of recoverable pounds)						756						756
Gross profit per pound of copper:
Revenues, excluding adjustments						$	6.30					$	6.30
Site production and delivery, before net noncash     and other costs shown below						3.20						2.84
By-product credits						(0.83)						—
Treatment charges						0.03						0.03
Royalty on metals						0.01						0.01
Unit net cash costs						2.41						2.88
DD&A						0.42						0.36
Noncash and other costs, net						0.11			b			0.10
Total unit costs						2.94						3.34
Other revenue adjustments, primarily for pricing     on prior period open sales						0.06						0.06
Gross profit per pound						$	3.42					$	3.02
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	5,416					$	2,464					$	317
Treatment charges						(21)						—						—
Royalty on metals						(8)						—						—
Noncash and other costs, net						—						79						—
Other revenue adjustments, primarily for pricing     on prior period open sales						60						—						—
Eliminations and other						—						(3)						—
South America operations						5,447						2,540						317
Other miningc						21,619						16,366						1,180
Corporate, other & eliminationsd						(6,257)						(6,042)						60
As reported in FCX’s consolidated financial statements						$	20,809					$	12,864					$	1,557

a.Includes silver sales of 2.6 million ounces ($67.05 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 $34 million ($0.04 per pound of copper) for feasibility and optimization studies, $13 million ($0.02 per pound of copper) for materials and supplies inventory write-offs and $10 million ($0.01 per pound of copper) for inventory write-offs.

c.Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

d.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XXI

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs
Nine Months Ended September 30, 2025
(In millions)						By-Product						Co-Product Method
						Method						Copper						Othera						Total
Revenues, excluding adjustments						$	3,649					$	3,649					$	406					$	4,055
Site production and delivery, before net noncash     and other costs shown below						2,254						2,050						248						2,298
By-product credits						(364)						—						—						—
Treatment charges						54						54						—						54
Royalty on metals						6						5						1						6
Net cash costs						1,950						2,109						249						2,358
DD&A						338						304						34						338
Noncash and other costs, net						61			b			59						2						61
Total costs						2,349						2,472						285						2,757
Other revenue adjustments, primarily for pricing     on prior period open sales						53						54						1						55
Gross profit						$	1,353					$	1,231					$	122					$	1,353
Copper sales (millions of recoverable pounds)						818						818
Gross profit per pound of copper:
Revenues, excluding adjustments						$	4.46					$	4.46
Site production and delivery, before net noncash     and other costs shown below						2.75						2.50
By-product credits						(0.45)						—
Treatment charges						0.07						0.07
Royalty on metals						0.01						0.01
Unit net cash costs						2.38						2.58
DD&A						0.42						0.37
Noncash and other costs, net						0.07			b			0.07
Total unit costs						2.87						3.02
Other revenue adjustments, primarily for pricing     on prior period open sales						0.07						0.07
Gross profit per pound						$	1.66					$	1.51
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	4,055					$	2,298					$	338
Treatment charges						(54)						—						—
Royalty on metals						(6)						—						—
Noncash and other costs, net						—						61						—
Other revenue adjustments, primarily for pricing     on prior period open sales						55						—						—
Eliminations and other						1						(1)						—
South America operations						4,051						2,358						338
Other miningc						20,946						14,312						1,381
Corporate, other & eliminationsd						(4,715)						(4,427)						40
As reported in FCX’s consolidated financial statements						$	20,282					$	12,243					$	1,759

a.Includes silver sales of 2.5 million ounces ($39.10 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 $51 million ($0.06 per pound of copper) for feasibility and optimization studies.

c.Represents the combined total for FCX’s U.S. copper mines, Indonesia operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

d.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XXII

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs
Three Months Ended September 30, 2026
(In millions)												Co-Product Method
						By-Product Method						Copper						Gold						Silver & Othera						Total
Revenues, excluding adjustments						$	993					$	993					$	418					$	120					$	1,531
Site production and delivery, before net noncash     and other costs shown below						294						191						80						23						294
By-product credits						(540)						—						—						—						—
Treatment charges						60						39						16						5						60
Export duties						2						1						1						—						2
Royalty on metals						55						37						16						2						55
Net cash (credits) costs						(129)						268						113						30						411
DD&A						210			b			136						57						17						210
Noncash and other costs, net						269			c			175						73						21						269
Total costs						350						579						243						68						890
Other revenue adjustments, primarily for pricing     on prior period open sales						—						—						1						1						2
Gross profit						$	643					$	414					$	176					$	53					$	643
Copper sales (millions of recoverable pounds)						153						153
Gold sales (thousands of recoverable ounces)																		98
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments						$	6.48					$	6.48					$	4,271
Site production and delivery, before net noncash     and other costs shown below						1.92						1.25						822
By-product credits						(3.52)						—						—
Treatment charges						0.39						0.25						167
Export duties						0.01						0.01						5
Royalty on metals						0.36						0.24						160
Unit net cash (credits) costs						(0.84)						1.75						1,154
DD&A						1.37			b			0.89						586
Noncash and other costs, net						1.75			c			1.14						750
Total unit costs						2.28						3.78						2,490
Other revenue adjustments, primarily for pricing     on prior period open sales						—						—						12
Gross profit per pound/ounce						$	4.20					$	2.70					$	1,793
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	1,531					$	294					$	210
Treatment charges						—						60			d			—
Export duties						(2)						—						—
Royalty on metals						(55)						—						—
Noncash and other costs, net						—						269						—
Other revenue adjustments, primarily for pricing     on prior period open sales						2						—						—
Indonesia operations						1,476						623						210
Other mininge						8,395						6,117						292
Corporate, other & eliminationsf						(2,325)						(2,261)						18
As reported in FCX’s consolidated financial statements						$	7,546					$	4,479					$	520

a.Includes silver sales of 0.8 million ounces ($63.31 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.

b.Includes $64 million ($0.42 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.

c.Includes $244 million ($1.59 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident and $22 million ($0.14 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, partially offset by a $9 million ($0.06 per pound of copper) gain associated with insurance recoveries related to the October 2024 incident at PTFI’s smelter.

d.Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).

e.Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

f.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XXIII

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs
Three Months Ended September 30, 2025
(In millions)												Co-Product Method
						By-Product Method						Copper						Gold						Silver & Othera						Total
Revenues, excluding adjustments						$	1,624					$	1,624					$	1,172					$	88					$	2,884
Site production and delivery, before net noncash     and other costs shown below						663						373						270						20						663
By-product credits						(1,265)						—						—						—						—
Treatment charges						32						18						13						1						32
Export duties						135						77						55						3						135
Royalty on metals						105						62						41						2						105
Net cash (credits) costs						(330)						530						379						26						935
DD&A						330			b			186						134						10						330
Noncash and other costs, net						315			c			177						128						10						315
Total costs						315						893						641						46						1,580
Other revenue adjustments, primarily for pricing     on prior period open sales						13						13						4						1						18
Gross profit						$	1,322					$	744					$	535					$	43					$	1,322
Copper sales (millions of recoverable pounds)						360						360
Gold sales (thousands of recoverable ounces)																		332
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments						$	4.52					$	4.52					$	3,535
Site production and delivery, before net noncash     and other costs shown below						1.84						1.04						813
By-product credits						(3.52)						—						—
Treatment charges						0.09						0.05						39
Export duties						0.38						0.21						166
Royalty on metals						0.29						0.17						125
Unit net cash (credits) costs						(0.92)						1.47						1,143
DD&A						0.92			b			0.52						404
Noncash and other costs, net						0.88			c			0.49						386
Total unit costs						0.88						2.48						1,933
Other revenue adjustments, primarily for pricing     on prior period open sales						0.04						0.04						11
Gross profit per pound/ounce						$	3.68					$	2.08					$	1,613
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	2,884					$	663					$	330
Treatment charges						13						45			d			—
Export duties						(135)						—						—
Royalty on metals						(105)						—						—
Noncash and other costs, net						—						315						—
Other revenue adjustments, primarily for pricing     on prior period open sales						18						—						—
Other						—						1						1
Indonesia operations						2,675						1,024						331
Other mininge						6,091						4,872						279
Corporate, other & eliminationsf						(1,794)						(1,691)						15
As reported in FCX’s consolidated financial statements						$	6,972					$	4,205					$	625

a.Includes silver sales of 1.8 million ounces ($40.81 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.

b.Includes $24 million ($0.07 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.

c.Includes charges totaling (i) $171 million ($0.47 per pound of copper) for idle facility and direct recovery costs associated with the September 2025 external mud rush incident, (ii) $83 million ($0.23 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities (iii) $39 million ($0.11 per pound of copper) associated with PT Smelting planned maintenance and idle facility related tolling fees and (iv) $26 million ($0.07 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter.

d.Primarily represents tolling costs paid to PT Smelting and excludes $39 million of tolling fees that were recognized as idle facility costs in noncash and other costs, net (refer to note c above) associated with PT Smelting’s planned maintenance turnaround.

e.Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

f.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XXIV

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs
Nine Months Ended September 30, 2026
(In millions)												Co-Product Method
						By-Product Method						Copper						Gold						Silver & Othera						Total
Revenues, excluding adjustments						$	2,412					$	2,412					$	1,520					$	255					$	4,187
Site production and delivery, before net noncash     and other costs shown below						888						512						322						54						888
By-product credits						(1,776)						—						—						—						—
Treatment charges						181						104						66						11						181
Export duties						2						1						1						—						2
Royalty on metals						162						97						60						5						162
Net cash (credits) costs						(543)						714						449						70						1,233
DD&A						632			b			364						229						39						632
Noncash and other costs, net						991			c			571						360						60						991
Total costs						1,080						1,649						1,038						169						2,856
Other revenue adjustments, primarily for pricing     on prior period open sales						9						9						1						—						10
Gross profit						$	1,341					$	772					$	483					$	86					$	1,341
Copper sales (millions of recoverable pounds)						388						388
Gold sales (thousands of recoverable ounces)																		332
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments						$	6.21					$	6.21					$	4,583
Site production and delivery, before net noncash     and other costs shown below						2.28						1.32						972
By-product credits						(4.57)						—						—
Treatment charges						0.47						0.27						198
Export duties						—						—						2
Royalty on metals						0.42						0.25						183
Unit net cash (credits) costs						(1.40)						1.84						1,355
DD&A						1.63			b			0.94						692
Noncash and other costs, net						2.55			c			1.47						1,084
Total unit costs						2.78						4.25						3,131
Other revenue adjustments, primarily for pricing     on prior period open sales						0.02						0.02						4
Gross profit per pound/ounce						$	3.45					$	1.98					$	1,456
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	4,187					$	888					$	632
Treatment charges						(3)						178			d			—
Export duties						(2)						—						—
Royalty on metals						(162)						—						—
Noncash and other costs, net						—						991						—
Other revenue adjustments, primarily for pricing     on prior period open sales						10						—						—
Indonesia operations						4,031						2,057						632
Other mininge						23,035						16,849						865
Corporate, other & eliminationsf						(6,257)						(6,042)						60
As reported in FCX’s consolidated financial statements						$	20,809					$	12,864					$	1,557

a.Includes silver sales of 1.9 million ounces ($71.01 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.

b.Includes $236 million ($0.61 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.

c.Includes $934 million ($2.40 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident and $30 million ($0.08 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, partially offset by a $9 million ($0.02 per pound of copper) gain associated with insurance recoveries related to the October 2024 incident at PTFI’s smelter.

d.Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).

e.Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

f.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XXV

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs
Nine Months Ended September 30, 2025
(In millions)												Co-Product Method
						By-Product Method						Copper						Gold						Silver & Othera						Total
Revenues, excluding adjustments						$	4,827					$	4,827					$	3,273					$	159					$	8,259
Site production and delivery, before net noncash     and other costs shown below						2,052						1,199						813						40						2,052
By-product credits						(3,449)						—						—						—						—
Treatment charges						175						103						69						3						175
Export duties						337						196						134						7						337
Royalty on metals						304						179						122						3						304
Net cash (credits) costs						(581)						1,677						1,138						53						2,868
DD&A						905			b			529						358						18						905
Noncash and other costs, net						490			c			286						195						9						490
Total costs						814						2,492						1,691						80						4,263
Other revenue adjustments, primarily for pricing     on prior period open sales						19						19						16						1						36
Gross profit						$	4,032					$	2,354					$	1,598					$	80					$	4,032
Copper sales (millions of recoverable pounds)						1,093						1,093
Gold sales (thousands of recoverable ounces)																		975
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments						$	4.42					$	4.42					$	3,357
Site production and delivery, before net noncash     and other costs shown below						1.88						1.10						834
By-product credits						(3.16)						—						—
Treatment charges						0.16						0.09						71
Export duties						0.31						0.18						138
Royalty on metals						0.28						0.16						125
Unit net cash (credits) costs						(0.53)						1.53						1,168
DD&A						0.82			b			0.49						367
Noncash and other costs, net						0.45			c			0.26						199
Total unit costs						0.74						2.28						1,734
Other revenue adjustments, primarily for pricing     on prior period open sales						0.01						0.01						16
Gross profit per pound/ounce						$	3.69					$	2.15					$	1,639
Reconciliation to Amounts Reported
												Production
						Revenues						and Delivery						DD&A
Totals presented above						$	8,259					$	2,052					$	905
Treatment charges						9						184			d			—
Export duties						(337)						—						—
Royalty on metals						(304)						—						—
Noncash and other costs, net						—						490						—
Other revenue adjustments, primarily for pricing     on prior period open sales						36						—						—
Eliminations and other						(1)						—						1
Indonesia operations						7,662						2,726						906
Other mininge						17,335						13,944						813
Corporate, other & eliminationsf						(4,715)						(4,427)						40
As reported in FCX’s consolidated financial statements						$	20,282					$	12,243					$	1,759

a.Includes silver sales of 3.3 million ounces ($37.82 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.

b.Includes $24 million ($0.02 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.

c.Includes charges totaling (i) $185 million ($0.17 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, (ii) $171 million ($0.16 per pound of copper) for idle facility and direct recovery costs associated with the September 2025 external mud rush incident, (iii) $56 million ($0.05 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter, (iv) $39 million ($0.04 per pound of copper) associated with PT Smelting planned maintenance and idle facility related tolling fees and (v) $24 million ($0.02 per pound of copper) related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities.

d.Primarily represents tolling costs paid to PT Smelting and excludes $39 million of tolling fees that were recognized as idle facility costs in noncash and other costs, net (refer to note c above) associated with PT Smelting’s planned maintenance turnaround.

e.Represents the combined total for FCX’s U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

f.Represents Corporate, other & eliminations as presented in "Business Divisions and Segments," beginning on page X.

XXVI

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs
						Three Months Ended September 30,
(In millions)						2026						2025
Revenues, excluding adjustmentsa						$	241					$	186
Site production and delivery, before net noncash     and other costs shown below						147						144
Treatment charges and other						8						9
Net cash costs						155						153
DD&A						24						22
Noncash and other costs, net						7						6
Total costs						186						181
Gross profit						$	55					$	5
Molybdenum sales (millions of recoverable pounds)a						8						8
Gross profit per pound of molybdenum:
Revenues, excluding adjustmentsa						$	31.18					$	23.57
Site production and delivery, before net noncash     and other costs shown below						19.05						18.32
Treatment charges and other						0.99						1.09
Unit net cash costs						20.04						19.41
DD&A						3.04						2.72
Noncash and other costs, net						1.02						0.80
Total unit costs						24.10						22.93
Gross profit per pound						$	7.08					$	0.64
Reconciliation to Amounts Reported
												Production
Three Months Ended September 30, 2026						Revenues						and Delivery						DD&A
Totals presented above						$	241					$	147					$	24
Treatment charges and other						(8)						—						—
Noncash and other costs, net						—						7						—
Molybdenum mines						233						154						24
Other miningb						9,638						6,586						478
Corporate, other & eliminationsc						(2,325)						(2,261)						18
As reported in FCX’s consolidated financial statements						$	7,546					$	4,479					$	520
Three Months Ended September 30, 2025
Totals presented above						$	186					$	144					$	22
Treatment charges and other						(9)						—						—
Noncash and other costs, net						—						6						—
Molybdenum mines						177						150						22
Other miningb						8,589						5,746						588
Corporate, other & eliminationsc						(1,794)						(1,691)						15
As reported in FCX’s consolidated financial statements						$	6,972					$	4,205					$	625

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 U.S. copper mines, South America and Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

c.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments,” beginning on page X. Also includes amounts associated with our molybdenum sales company, including sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.

XXVII

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FREEPORT
PRODUCT REVENUES AND PRODUCTION COSTS (continued)
Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs
						Nine Months Ended September 30,
(In millions)						2026						2025
Revenues, excluding adjustmentsa						$	673					$	561
Site production and delivery, before net noncash     and other costs shown below						414						382
Treatment charges and other						24						27
Net cash costs						438						409
DD&A						70						74
Noncash and other costs, net						27			b			18
Total costs						535						501
Gross profit						$	138					$	60
Molybdenum sales (millions of recoverable pounds)a						25						26
Gross profit per pound of molybdenum:
Revenues, excluding adjustmentsa						$	27.95					$	21.37
Site production and delivery, before net noncash     and other costs shown below						17.20						14.56
Treatment charges and other						0.99						1.04
Unit net cash costs						18.19						15.60
DD&A						2.88						2.80
Noncash and other costs, net						1.16			b			0.68
Total unit costs						22.23						19.08
Gross profit per pound						$	5.72					$	2.29
Reconciliation to Amounts Reported
												Production
Nine Months Ended September 30, 2026						Revenues						and Delivery						DD&A
Totals presented above						$	673					$	414					$	70
Treatment charges and other						(24)						—						—
Noncash and other costs, net						—						27						—
Molybdenum mines						649						441						70
Other miningc						26,417						18,465						1,427
Corporate, other & eliminationsd						(6,257)						(6,042)						60
As reported in FCX’s consolidated financial statements						$	20,809					$	12,864					$	1,557
Nine Months Ended September 30, 2025
Totals presented above						$	561					$	382					$	74
Treatment charges and other						(27)						—						—
Noncash and other costs, net						—						18						—
Molybdenum mines						534						400						74
Other miningc						24,463						16,270						1,645
Corporate, other & eliminationsd						(4,715)						(4,427)						40
As reported in FCX’s consolidated financial statements						$	20,282					$	12,243					$	1,759

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.Includes charges totaling $7 million ($0.28 per pound of molybdenum) for inventory write-offs.

c.Represents the combined total for FCX’s U.S. copper mines, South America and Indonesia operations, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments,” beginning on page X.

d.Represents Corporate, other & eliminations as presented in “Business Divisions and Segments,” beginning on page X. Also includes amounts associated with our molybdenum sales company, including sales of molybdenum produced by the Molybdenum mines and by certain of the U.S. copper mines and the Cerro Verde mine.

XXVIII