Freeport-mcmoran, Inc. · NYSE:FCX
Freeport-mcmoran — Q3 2026 Earnings Presentation
30 slides from Freeport-mcmoran's earnings presentation, Oct 27, 2026
Slide 1: FCX Conference Call 3rd Quarter 2026 Results
FCX Conference Call 3rd Quarter 2026 Results October 27, 2026 fcx.com All Operating Sites
Slide 2: Cautionary Statement
Cautionary Statement This presentation 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
Slide 3: 3Q26 Highlights
3Q26 Highlights (1) (2) Adjusted EBITDA Operating Cash Flows • Strong margins & cash flows ($ bns) $3.2 ($ bns) $2.8 • Grasberg recovery on steady path $1.7 $2.0 • U.S. business significant contribution to bottom line • Advancing value-enhancing growth 3Q25 3Q26 3Q25 3Q26 (3) o Projected copper sale
Slide 4: Copper – Metal of Electrification
Copper – Metal of Electrification Over 65% of the world’s copper is used in applications that deliver electricity* Electrification Megatrend = Significant Structural Driver of Copper Demand Growth • Global economy entering a period of accelerating electrification and copper possesses superior connec
Slide 5: 3Q26 Operations Update
3Q26 Operations Update • Copper sales YTD 2026 +2% vs. prior year period United States • Extreme weather conditions resulted in below-forecast operating rates and productivity in 3Q26 • Mining rates +10% above 3Q25 but 3-5% below 2Q26 and forecast rates Cu Production: 321 mm lbs • Advancing growth C
Slide 6: Copper Growth Catalysts in Focus
Copper Growth Catalysts in Focus Path to annual copper sales of 4.5 – 5 bn lbs by 2030 Copper Sales Volume Growth 2027e +700 mm lbs/yr, 2028e +400 mm lbs/yr Grasberg recovery on steady path Innovative Leach Technologies Ongoing focus on U.S. mining rate increase to enhance future growth 400 Quarterl
Slide 7: Annual Sales Profile
Annual Sales Profile October 2026 Estimate 5 Copper Gold 2 Sales Sales 1.2 4.1 1.07 1.0 (billion lbs) (million ozs) 4 1 3.7 0.65 3.6 3.0 0 3 2025 2026e 2027e 2028e NOTE: Consolidated gold sales include 538k ozs in 2025, 324k ozs in 2026e, 512k ozs in 2027e and 615k ozs in 2028e for noncontrolling in
Slide 8: Commentary on Inflationary Pressures
Commentary on Inflationary Pressures • Rising energy prices (diesel and electricity) o Estimated 2026 impact of ~$500 mm compared with 2025 • Current spot sulfuric acid prices are more than double 2025 average o Regional cost impacts but generally insulated globally (smelter production offsets mine
Slide 9: EBITDA and Cash Flow at Various Copper Prices
EBITDA and Cash Flow at Various Copper Prices Assuming $4,000/oz gold, $32/lb molybdenum ($ in bns except copper, gold and molybdenum prices) Sensitivities Average ’27e/’28e (US$ in mms) $24 EBITDA $18 Copper +/-$0.10/lb $390 Molybdenum +/-$1.00/lb $ 85 EBITDA $12 Gold +/-$100/oz $105 $6 Currencies
Slide 10: Consolidated Capital Expenditures
Consolidated Capital Expenditures ($ in bns) Projected Discretionary Spending by Project $5.2 $4.4 2026e 2027e $3.9 Discretionary Discretionary $2.0 Discretionary Major $1.6 $1.4 Planned (2) Kucing Bagdad 39% Projects Liar Early 42% Planned (2) Planned (2) $1.2 Works 42% $0.9 $1.4 42% 12% 7% Other O
Slide 11: Strong Balance Sheet and Cash Flow Generation
Strong Balance Sheet and Cash Flow Generation Supports disciplined investment in future growth and increasing shareholder returns Balance Sheet Strength as of 9/30/26 Cash Returns to Shareholders ($ in bns) ~$1 bn Distributed $6.6 bn Distributed $9.4 YTD 2026 Since 6/30/21 Share Share Repurchases(2)
Slide 12: Freeport – Store of Value with Embedded Growth in Strategic Metal
Freeport – Store of Value with Embedded Growth in Strategic Metal Large-Scale Copper Producer Organic Growth Pipeline Leadership Position in Critical Metal Significant Gold Producer Strong Global Leader with Valuable U.S. Franchise 12
Slide 13: Reference Slides
) COPPER AT OUR CORE Reference Slides FREE! FOREMOST II
Slide 14: Financial Highlights
Financial Highlights | Sales Data 3Q26 3Q25 Copper Consolidated Volumes, excluding purchases (mm lbs) 749 977 Average Realization (per lb) $ 6.54 $ 4.68 Site Production & Delivery Costs (per lb) (1) $ 3.24 $ 2.71 Unit Net Cash Costs (per lb) (1) $ 2.07 $ 1.40 Gold Consolidated Volumes (000’s ozs) 10
Slide 15: 3Q26 Mining Operating Summary
3Q26 Mining Operating Summary Sales From Mines by Region United States(1) South America (2) Indonesia (3) 339 360 333 263 278 332 22 19 153 98 Cu Mo Au mm lbs mm lbs k ozs 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 United South 3Q26 Unit Net Cash Costs (Credits) (per lb of Cu) States America
Slide 16: Freeport is World's Largest Molybdenum Producer
Freeport is World’s Largest Molybdenum Producer FCX Molybdenum Molybdenum prices up >50% YTD World’s Largest Molybdenum Production Mix $35 Producer $33 $31 0(mm lbs) 20 40 60 80 100 $29 $/lb Mo $27 Primary $25 $23 36% $21 $19 By-product $17 64% $15 Jan-24 Jan-25 Jan-26 Annual Sensitivities(1) +/-$5.
Slide 17: Advancing U.S. Copper Growth - Bagdad AZ Expansion
Advancing U.S. Copper Growth - Bagdad AZ Expansion Low risk U.S. brownfield growth project • 80+ year reserve life supports doubling capacity Bagdad • 100%-owned multi-decade operating history with existing Prescott infrastructure and community support Phoenix • Would become the second-largest U.S.
Slide 18: Robust Project Pipeline Update
Robust Project Pipeline Update New Leach Bagdad Safford/Lone Star El Abra Grasberg Technologies Expansion Expansions Expansion District Americas Arizona Arizona Chile Indonesia • Targeting an increase in • Expected to add 200-250 • Substantial resource • Advancing permitting process • Kucing Liar pr
Slide 19: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Attractive Debt Maturity Profile (US$ bns) $8 Total Debt & Cash at 9/30/26 Significant liquidity PTFI Revolver $ 0.3 ▪ $4.3 bn in consolidated cash and cash equiv. FCX/FMC Senior Notes/Other 6.1 PTFI Senior Notes 3.0 ▪ $3.0 bn in availability under FCX credit facil
Slide 20: 2026e Outlook
2026e Outlook Sales Unit Net Cash Operating Capital Outlook Cost of Copper Cash Flows (2,3) Expenditures • Copper: 3.0 billion lbs • Site prod. & delivery(1) • ~$8.5 billion, net of $0.6 • $4.4 billion o 2026e: $3.29/lb billion of working capital • Gold: 0.65 million ozs o $3.0 billion for o 4Q26e:
Slide 21: 2026e Operational Data By Region
2026e Operational Data By Region 2026e Sales by Region (1) United States South America Indonesia 1,292 996 703 93 (2) (3) 649 Cu Mo Cu Cu Au mm lbs mm lbs mm lbs mm lbs k ozs 2026e Unit Net Cash Costs / (Credits)(1,4) United South (per lb of Cu) States America Indonesia Consolidated Site Production
Slide 22: 2026e Quarterly Sales
2026e Quarterly Sales Copper 1000 Gold 400 300 Sales 875 Sales 300 (million lbs) (000’s ozs) 200 749 121 123 105 750 710 100 657 0 1Q26 2Q26 3Q26 4Q26e 500 NOTE: Consolidated gold sales include 59k ozs in 1Q26, 61k ozs in 2Q26, 50k ozs in 3Q26 and 154k ozs in 4Q26e for noncontrolling interests. Esti
Slide 23: Grasberg Minerals District Mine Plan
Grasberg Minerals District Mine Plan Metal Production, 2025 – 2030e | Copper 2026e – 2030e Total: 6.7 billion lbs copper Annual Average: ~1.3 billion lbs | Gold 2026e – 2030e Total: 5.4 million ozs gold Annual Average: ~1.1 million ozs 1.6 1.6 1.5 1.3 1.2 1.2 1.2 1.0 1.0 0.9 0.8 0.7 Cu Au bn lbs mm
Slide 24: Grasberg Block Cave Status Report
Grasberg Block Cave Status Report • Production Blocks 2 and 3 ramp-up progressing in line with April schedule ✓ Remediation completed in 1Q26 ✓ Ramp-up commenced in March 2026 ✓ Planned operating rates achieved in 2Q26 and 3Q26 • Production Block 1S restart targeted in mid-2027 ✓ Clean-up, plug cons
Slide 25: Grasberg Risk Management
Grasberg Risk Management Mud Removal Options for Former Open Pit Conventional up-hole Coring Water-Driven In-the-Hole Remove Flowable Material Pit Bottom for Slurry Pond Drainage (ITH) Hammer Drill With In-pit Pumping Drainage Gallery Small Diameter & Slower drilling Larger Diameter (5”) & Fast dril
Slide 26: Freeport – America's Copper Champion
Freeport ̶ America’s Copper Champion® Fully integrated operations in Southwest U.S. • Valuable U.S. franchise with long-standing history in U.S. Upstream copper mines with SX/EW facilities dating back to late 1800s Downstream smelting and refining facilities • Dominant U.S. copper producer; Operatio
Slide 27: Americas Leach Innovation Initiatives
Americas Leach Innovation Initiatives Low Cost, High Value Targeting Copper in Stockpiles Unrecoverable by Traditional Leach Methods with Precision Operating Techniques Significant Potential Scaling the Opportunity Incremental Production Target ~42 bn lbs Contained * (mm lbs) ~ 800 ~600 mm lbs/annum
Slide 28: Discretionary Capital Projects
Discretionary Capital Projects* Kucing Liar Bagdad 2X Expansion • Mine development in progress; expansion to • Potential expansion to double concentrator capacity 130,000 t/d • Investment decision expected in 4Q26 • Sustain large-scale, low-cost Cu & Au production • 2026e CAPEX: • Capital investment
Slide 29: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in mm) 9-Mo. Ended 12-Mo. Ended 3Q 2026 3Q 2025 9/30/2026 9/30/2026 Net income attributable to common stock $1,174 $674 $3,039 $3,445 Interest expense, net 86 107 295 405 Income tax provision 610 669 1,807 2,009 Depreciation, depletion and amortization 520 625 1,557
Slide 30: Freeport – Foremost in Copper
) FREEPORT FOREMOST IN COPPER