Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 19, 2023

Freeport-McMoRan Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-11307-01	74-2480931
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


333 North Central Avenue
Phoenix	AZ	85004
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (602) 366-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	FCX	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

Freeport-McMoRan Inc. (FCX) issued a press release dated October 19, 2023, announcing its third-quarter and nine-month 2023 financial and operating results. A copy of the press release is furnished hereto as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

The slides to be presented in connection with FCX’s previously announced third-quarter 2023 earnings conference call being webcast on the internet at 10:00 a.m. Eastern Time on October 19, 2023, are furnished hereto as Exhibit 99.2.

The information furnished pursuant to Item 2.02 and Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number			Exhibit Title
99.1			Press release dated October 19, 2023, titled “Freeport-McMoRan Reports Third-Quarter and Nine-Month 2023 Results."

99.2			Slides presented in connection with FCX’s third-quarter 2023 earnings conference call conducted via the internet on October 19, 2023.

104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Freeport-McMoRan Inc.

By: /s/ Ellie L. Mikes

----------------------------------------

Ellie L. Mikes

Vice President and Chief Accounting Officer

(authorized signatory and

Principal Accounting Officer)

Date: October 19, 2023

Freeport-McMoRan

Reports Third-Quarter and Nine-Month 2023 Results

•Solid operating performance; copper sales volumes above July 2023 guidance

•Strong balance sheet and financial flexibility

•Favorable long-term fundamentals

▪Net income attributable to common stock in third-quarter 2023 totaled $454 million, $0.31 per share, and adjusted net income attributable to common stock totaled $571 million, $0.39 per share, after excluding net charges totaling $117 million, $0.08 per share.

▪Consolidated production totaled 1.1 billion pounds of copper, 532 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2023.

▪Consolidated sales totaled 1.1 billion pounds of copper, 399 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2023.

▪Consolidated sales for the year 2023 are expected to approximate 4.06 billion pounds of copper, 1.74 million ounces of gold and 80 million pounds of molybdenum, including 1.1 billion pounds of copper, 580 thousand ounces of gold and 20 million pounds of molybdenum in fourth-quarter 2023.

▪Average realized prices in third-quarter 2023 were $3.80 per pound for copper, $1,898 per ounce for gold and $23.71 per pound for molybdenum.

▪Average unit net cash costs in third-quarter 2023 were $1.73 per pound of copper, including $0.13 per pound of copper for disputed export duties at PT Freeport Indonesia (PT-FI). Unit net cash costs for the year 2023 are expected to average $1.63 per pound of copper.

▪Operating cash flows totaled $1.2 billion (net of $0.5 billion of working capital and other uses) in third-quarter 2023. Based on current sales volume and cost estimates, and assuming average fourth-quarter 2023 prices of $3.60 per pound for copper, $1,900 per ounce for gold and $20.00 per pound for molybdenum, operating cash flows are expected to approximate $5.4 billion (net of $0.5 billion of working capital and other uses) for the year 2023.

▪Capital expenditures totaled $1.2 billion (including $0.4 billion for major mining projects and $0.4 billion for the Indonesia smelter projects) in third-quarter 2023. Capital expenditures for the year 2023 are expected to approximate $4.8 billion (including $1.9 billion for major mining projects and $1.6 billion for the Indonesia smelter projects).

▪At September 30, 2023, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $5.7 billion ($6.25 billion including $0.5 billion of current restricted cash and cash equivalents associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks). Net debt totaled $3.2 billion ($0.8 billion excluding net debt for the Indonesia smelter projects). Refer to the supplemental schedule, "Net Debt," on page IX.

PHOENIX, AZ, October 19, 2023 - Freeport-McMoRan Inc. (NYSE: FCX) reported third-quarter 2023 net income attributable to common stock of $454 million, $0.31 per share, and adjusted net income attributable to common stock of $571 million, $0.39 per share, after excluding net charges totaling $117 million, $0.08 per share, primarily associated with revisions to environmental obligation estimates and asset impairment charges. For additional information, refer to the supplemental schedule, "Adjusted Net Income," on page VII.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, "Our performance during the third quarter reflects the commitment and resolve of our global team to execute our plans efficiently, achieve our targets and advance important initiatives for the future. We remain focused on improving productivity and cost performance, enhancing resilience in a complex global operating environment and building on our leaching innovation initiatives to deliver products essential to the global economy in a reliable, cost efficient and responsible manner. Despite near-term global economic and market uncertainties, our conviction on the favorable long-term fundamentals for copper underpins our strategy that is centered on being 'Foremost in Copper.' As a leading responsible supplier of copper with long-lived reserves, organic growth opportunities, a solid balance sheet and a proven track record for successful project development, we are positioned to build long-term value for the benefit of all stakeholders."

SUMMARY FINANCIAL DATA


	Three Months Ended September 30,					Nine Months Ended September 30,
	2023			2022		2023			2022
	(in millions, except per share amounts)
Revenuesa,b	$	5,824		$	5,003	$	16,950		$	17,022
Operating incomea	$	1,492		$	962	$	4,503		$	5,507


Net income attributable to common stockc,d,e	$	454		$	404	$	1,460		$	2,771
Diluted net income per share of common stock	$	0.31		$	0.28	$	1.01		$	1.90

Diluted weighted-average common shares outstanding	1,443			1,439		1,443			1,455
Operating cash flowsf	$	1,236		$	758	$	3,959		$	4,070
Capital expenditures	$	1,178		$	836	$	3,462		$	2,422
At September 30:
Cash and cash equivalents	$	5,745		$	8,578	$	5,745		$	8,578
Restricted cash and cash equivalents, current	$	697	g	$	112	$	697	g	$	112
Total debt, including current portion	$	9,405		$	10,690	$	9,405		$	10,690

a.For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page XI.

b.Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $4 million ($2 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2023, $(228) million ($(95) million to net income attributable to common stock or $(0.07) per share) in third-quarter 2022, $183 million ($62 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2023 and $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2022. For further discussion, refer to the supplemental schedule, "Derivative Instruments," beginning on page IX.

c.Includes net (charges) credits totaling $(117) million ($(0.08) per share) in third-quarter 2023, $29 million ($0.02 per share) in third-quarter 2022, $(368) million ($(0.25) per share) for the first nine months of 2023 and $(23) million ($(0.02) per share) for the first nine months of 2022 that are described in the supplemental schedule, "Adjusted Net Income," on page VII.

d.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 the supplemental schedule, "Deferred Profits," on page X.

e.FCX’s economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%.

f.Working capital and other uses totaled $483 million in third-quarter 2023, $269 million in third-quarter 2022, $713 million for the first nine months of 2023 and $980 million for the first nine months of 2022.

g.Includes $0.5 billion associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with an August 2023 regulation issued by the Indonesia government.

SUMMARY OPERATING DATA


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Copper (millions of recoverable pounds)
Production	1,085		1,056		3,117		3,140
Sales, excluding purchases	1,109		1,060		2,970		3,171
Average realized price per pound	$	3.80	$	3.50	$	3.87	$	3.88
Site production and delivery costs per pounda	$	2.27	$	2.35	$	2.40	$	2.16
Unit net cash costs per pounda	$	1.73	$	1.75	$	1.65	$	1.50
Gold (thousands of recoverable ounces)
Production	532		448		1,420		1,339
Sales	399		480		1,164		1,365
Average realized price per ounce	$	1,898	$	1,683	$	1,932	$	1,786
Molybdenum (millions of recoverable pounds)
Production	20		19		62		63
Sales, excluding purchases	20		17		59		56
Average realized price per pound	$	23.71	$	17.05	$	26.05	$	18.64

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 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.

Responsible Production

Updated Climate Report. In September 2023, FCX published its annual climate report, available on FCX's website at fcx.com/sustainability. The climate report details FCX's ongoing progress to advance its climate strategy focused on reducing its greenhouse gas (GHG) emissions, enhancing its resilience to climate risks and contributing responsibly produced copper to the global economy. FCX has four 2030 GHG emissions reduction targets that collectively cover nearly 100% of its Scope 1 and 2 GHG emissions.

Consolidated Sales Volumes

•Third-quarter 2023 copper sales of 1.1 billion pounds were 8% higher than the July 2023 estimate of 1.03 billion pounds and 5% higher than third-quarter 2022 sales of 1.06 billion pounds. The favorable variance to the prior estimate primarily reflects the timing of shipments and higher mining rates.

•Third-quarter 2023 gold sales of 399 thousand ounces were 5% lower than the July 2023 estimate of 420 thousand ounces and 17% lower than the third-quarter 2022 sales of 480 thousand ounces. The variances primarily reflect the timing of shipments of anode slimes associated with a change in Indonesia administrative requirements for products that were previously being exported by PT Smelting. At September 30, 2023, approximately 75 thousand ounces of gold were included in inventory and available for sale pending approval of PT-FI's export license for anode slimes.

•Third-quarter 2023 molybdenum sales of 20 million pounds approximated the July 2023 estimate and were higher than third-quarter 2022 sales of 17 million pounds, primarily reflecting the timing of shipments in third-quarter 2022.

Consolidated sales volumes for the year 2023 are expected to approximate 4.06 billion pounds of copper, 1.74 million ounces of gold and 80 million pounds of molybdenum, including 1.1 billion pounds of copper, 580 thousand ounces of gold and 20 million pounds of molybdenum in fourth-quarter 2023. Projected sales volumes are dependent on operational performance, the resumption of anode slime exports at PT-FI, weather-related conditions, timing of shipments and other factors detailed in the "Cautionary Statement" below.

Consolidated Unit Net Cash Costs

Third-quarter 2023 consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines of $1.73 per pound of copper were higher than the July 2023 estimate of $1.61 per pound, primarily reflecting disputed export duties of $0.13 per pound of copper at PT-FI, which were not reflected in the July 2023 estimate.

Third-quarter 2023 consolidated average unit net cash costs (net of by-product credits) of $1.73 per pound were slightly lower than third-quarter 2022 average unit net cash costs of $1.75 per pound, primarily reflecting higher copper sales volumes. Refer to "Mining Operations" below for further discussion.

Assuming average prices of $1,900 per ounce of gold and $20.00 per pound of molybdenum in fourth-quarter 2023 and achievement of current sales volume and cost estimates, consolidated unit net cash costs (net of by-product credits) for FCX's copper mines are expected to average $1.63 per pound of copper for the year 2023 (including $1.58 per pound of copper in fourth-quarter 2023). Estimated consolidated unit net cash costs for the year 2023 include assessment of a 7.5% export duty at PT-FI during the second half of 2023, which continues to be discussed with the Indonesia government. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. The impact of price changes during fourth-quarter 2023 on consolidated unit net cash costs for the year 2023 would approximate $0.02 per pound of copper for each $100 per ounce change in the average price of gold and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum.

MINING OPERATIONS

Leaching Innovation Initiatives. FCX is advancing a series of initiatives across its North America and South America operations to incorporate new applications, technologies and data analytics to its leaching processes. FCX believes these leach innovation initiatives provide opportunities to produce incremental copper from its large existing leach stockpiles. Initial results support the potential for incremental low-cost additions to FCX's production and reserve profile and FCX is targeting an annual run rate of approximately 200 million pounds of copper per year through these initiatives by the end of 2023. In third-quarter 2023, incremental copper production from these initiatives totaled 46 million pounds (approximately 90% of the targeted annual run rate). FCX is pursuing new technology applications that have the potential for significant increases in recoverable metal beyond the initial target.

North America Copper Mines. FCX operates seven open-pit copper mines in North America - Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. In addition to copper, certain of these mines produce molybdenum concentrate, gold and silver. All of the North America mining operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

Operating and Development Activities. FCX has substantial reserves and future opportunities in the U.S., primarily associated with existing mining operations.

FCX is planning an expansion to double the concentrator capacity of the Bagdad operation in northwest Arizona and expects to complete a feasibility study in fourth-quarter 2023. In parallel, FCX is advancing activities for expanded tailings infrastructure projects and is procuring an autonomous haul truck fleet to support Bagdad's long-range plans. The timing of Bagdad's future expansion will be dependent on market conditions, labor, supply chain and capital cost considerations and other economic factors.

At Safford/Lone Star, production from oxide ores is approaching 300 million pounds of copper per year, which reflects expansion of the initial design capacity of 200 million pounds of copper per year. FCX has conducted significant exploration drilling in the area in recent years. The positive drilling results indicate opportunities to expand production to include sulfide ores in the future. FCX is advancing metallurgical testing and mine development planning for a potential significant long-term investment for development of identified large sulfide resources.

Operating Data. Following is summary consolidated operating data for the North America copper mines:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Copper (millions of recoverable pounds)
Production	344		373		1,030		1,109
Sales, excluding purchases	372		361		1,043		1,131
Average realized price per pound	$	3.86	$	3.57	$	3.97	$	4.17

Molybdenum (millions of recoverable pounds)
Productiona	7		7		23		22

Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments	$	3.01	$	2.76	$	2.96	$	2.54
By-product credits	(0.41)		(0.30)		(0.52)		(0.33)
Treatment charges	0.10		0.10		0.12		0.10
Unit net cash costs	$	2.70	$	2.56	$	2.56	$	2.31

a.Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which include sales of molybdenum produced at the North America 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.

FCX's consolidated copper sales volumes from North America of 372 million pounds in third-quarter 2023 were higher than third-quarter 2022 copper sales volumes of 361 million, primarily reflecting the timing of shipments. North America copper sales are estimated to approximate 1.4 billion pounds for the year 2023.

Average unit net cash costs (net of by-product credits) for the North America copper mines of $2.70 per pound of copper in third-quarter 2023 were higher than third-quarter 2022 unit net cash costs of $2.56 per pound, primarily reflecting increased costs of labor (including contract labor), maintenance and supplies, partly offset by higher molybdenum by-product credits and lower energy costs.

Assuming an average price of $20.00 per pound of molybdenum in fourth-quarter 2023 and achievement of current sales volume and cost estimates, average unit net cash costs (net of by-product credits) for the North America copper mines are expected to approximate $2.62 per pound of copper for the year 2023. North America's average unit net cash costs for the year 2023 would change by approximately $0.01 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2023.

South America Mining. FCX operates two copper mines in South America - Cerro Verde in Peru (in which FCX owns a 53.56% interest) and El Abra in Chile (in which FCX owns a 51% interest). These operations are consolidated in FCX's financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Operating and Development Activities. During third-quarter 2023, Cerro Verde processed an average of 431,300 metric tons of ore per day through its concentrators, a new quarterly record.

During third-quarter 2023, Cerro Verde entered into a new power purchase agreement that is expected to transition its electric power to fully renewable energy sources in 2026.

At the El Abra operations in Chile, FCX has identified a large sulfide resource that would support a potential major mill project similar to the large-scale concentrator at Cerro Verde. Technical and economic studies continue to be evaluated to determine the optimal scope and timing for the sulfide project. Capital cost requirements are being updated to reflect current market conditions. FCX is advancing plans to invest in water infrastructure to provide options to extend existing operations, while continuing to monitor Chile's regulatory and fiscal matters, as well as trends in capital costs for similar projects.

Operating Data. Following is summary consolidated operating data for South America mining:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Copper (millions of recoverable pounds)
Production	305		302		916		862
Sales	307		293		913		845
Average realized price per pound	$	3.77	$	3.47	$	3.82	$	3.73






Molybdenum (millions of recoverable pounds)
Productiona	6		4		17		18

Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments	$	2.57	$	2.60	$	2.51	$	2.50
By-product credits	(0.42)		(0.16)		(0.44)		(0.31)
Treatment charges	0.19		0.13		0.20		0.15
Royalty on metals	0.01		0.01		0.01		0.01
Unit net cash costs	$	2.35	$	2.58	$	2.28	$	2.35

a.Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which include sales of molybdenum produced at Cerro Verde.

FCX's consolidated copper sales volumes from South America of 307 million pounds in third-quarter 2023 were higher than third-quarter 2022 copper sales volumes of 293 million pounds, primarily reflecting increased milling rates and ore grades at Cerro Verde. Copper sales from South America mining are expected to approximate 1.2 billion pounds for the year 2023.

Average unit net cash costs (net of by-product credits) for South America mining of $2.35 per pound of copper in third-quarter 2023 were lower than third-quarter 2022 unit net cash costs of $2.58 per pound, primarily reflecting higher molybdenum by-product credits, partly offset by higher treatment charges.

Indonesia Mining. PT-FI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. PT-FI produces copper concentrate that contains significant quantities of gold and silver. FCX has a 48.76% ownership interest in PT-FI and manages its mining operations. PT-FI's results are consolidated in FCX's financial statements. Under the terms of agreements entered into in 2018, FCX’s economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%.

Regulatory Matters. Over the past several years, the Indonesia government has enacted various laws and regulations to promote downstream processing of various products, including copper concentrates. In 2018, PT-FI agreed to expand its domestic smelting and refining capacity to process all of its copper concentrates in Indonesia and is advancing the construction of the Manyar smelter and precious metals refinery (PMR) (collectively, the Indonesia smelter projects) and expanding capacity at PT Smelting (refer to "Indonesia Smelter" below).

On July 24, 2023, PT-FI was granted an export license for copper concentrates through May 2024 for 1.7 million metric tons of copper concentrate. PT-FI is currently working with the Indonesia government to update its export license for anode slimes tolled through PT Smelting, which were previously being exported by PT Smelting. PT-FI is working with the Indonesia government to obtain approvals to continue exports of copper concentrates and anode slimes until the Manyar smelter and PMR are fully commissioned and reach designed operating conditions.

In July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. Under the revised regulation PT-FI is being assessed export duties for copper concentrates at 7.5%. PT-FI continues to discuss with the Indonesia government the applicability of the revised

regulation because of inconsistencies with PT-FI's special mining license (IUPK), which provides that no export duties would be assessed after smelter development progress exceeded 50%. During third-quarter 2023, PT-FI incurred $147 million in export duties, which continue to be discussed with the Indonesia government.

Mining Rights. PT-FI and the Indonesia government continue to engage in discussions regarding the extension of PT-FI's mining rights under its IUPK beyond 2041. An extension beyond 2041 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.

Operating and Development Activities. Over a multi-year investment period, PT-FI has successfully commissioned three large-scale block cave mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone and Big Gossan), providing annual production volumes of approximately 1.6 billion pounds of copper and 1.6 million ounces of gold. Milling rates from these underground mines averaged 206,600 metric tons of ore per day in third-quarter 2023, an approximate 10% increase from 188,700 metric tons of ore per day in third-quarter 2022. During third-quarter 2023, PT-FI successfully commissioned a new crusher to support increased mining rates in the Grasberg Block Cave ore body.

PT-FI's ongoing project to install additional milling facilities is expected to be complete in early 2024. The project will increase milling capacity to approximately 240,000 metric tons of ore per day to provide sustained large scale production volumes. PT-FI is also advancing a mill recovery project with the installation of a new copper cleaner circuit that is expected to be completed in the second half of 2024 and to provide incremental metal production of approximately 60 million pounds of copper and 40 thousand ounces of gold per year.

PT-FI is advancing plans to transition its existing energy source from coal to liquified natural gas, which is expected to meaningfully reduce PT-FI's Scope 1 GHG emissions at the Grasberg minerals district. PT-FI is planning investments in a new gas-fired combined cycle facility at Grasberg with a targeted start date in 2027. Capital expenditures for the new facilities, to be incurred over the next three to four years, approximate $1 billion representing an incremental cost of $0.4 billion compared to previously planned investments to refurbish the existing coal units.

Kucing Liar. Long-term mine development activities are ongoing for PT-FI's Kucing Liar deposit in the Grasberg minerals district, which is expected to produce over 6 billion pounds of copper and 6 million ounces of gold between 2028 and the end of 2041. Pre-production development activities commenced in 2022 and are expected to continue over an approximate 10-year timeframe. Capital investments are estimated to average approximately $400 million per year over this period. At full operating rates of approximately 90,000 metric tons of ore per day, annual production from Kucing Liar is expected to approximate 550 million pounds of copper and 560 thousand ounces of gold, providing PT-FI with sustained long-term, large-scale and low-cost production. Kucing Liar will benefit from substantial shared infrastructure and PT-FI's experience and long-term success in block-cave mining.

Indonesia Smelter. In connection with PT-FI’s 2018 agreement with the Indonesia government to secure the extension of its long-term mining rights, PT-FI agreed to expand its domestic smelting and refining capacity to process all of its copper concentrates in Indonesia. PT-FI is actively engaged in the following projects for additional domestic smelting capacity:

•Construction of the Manyar smelter in Gresik, Indonesia with a capacity to process approximately 1.7 million metric tons of copper concentrate per year. Construction progress currently approximates 84% complete. Construction of the smelter has an estimated cost of $3.0 billion, including $2.8 billion for a construction contract (excluding capitalized interest, owner’s costs and commissioning) and $0.2 billion for investment in a desalinization plant. Construction is expected to be complete by mid-2024 followed by commissioning of the facilities and a ramp-up schedule through year-end 2024.

•Expansion of PT Smelting's capacity by 30% to 1.3 million metric tons of copper concentrate per year, which is expected to be completed by the end of 2023. PT-FI is funding the cost of the expansion, estimated to approximate $250 million, with a loan that will convert to equity and increase PT-FI’s ownership in PT Smelting to a majority ownership interest, which is expected to occur in 2024.

•The PMR is being constructed to process gold and silver from the Manyar smelter and PT Smelting. Construction is in progress with commissioning expected during 2024 at an estimated cost of $575 million, which incorporates recent revisions to scope.

Capital expenditures for the Indonesia smelter projects totaled $1.2 billion for the first nine months of 2023, and are expected to approximate $1.6 billion for the year 2023. Capital expenditures for the Indonesia smelter

projects are being funded with proceeds received from PT-FI's senior notes and availability under its revolving credit facility.

Operating Data. Following is summary consolidated operating data for Indonesia mining:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Copper (millions of recoverable pounds)
Production	436		381		1,171		1,169
Sales	430		406		1,014		1,195
Average realized price per pound	$	3.77	$	3.45	$	3.81	$	3.71

Gold (thousands of recoverable ounces)
Production	528		445		1,409		1,330
Sales	395		476		1,153		1,356
Average realized price per ounce	$	1,898	$	1,683	$	1,932	$	1,786

Unit net cash costs per pound of coppera
Site production and delivery, excluding adjustments	$	1.42	$	1.81	$	1.71	$	1.55
Gold, silver and other by-product credits	(1.83)		(2.00)		(2.32)		(2.11)
Treatment charges	0.32		0.23		0.36		0.24
Export dutiesb	0.34		0.20		0.16		0.20
Royalty on metals	0.19		0.20		0.23		0.24
Unit net cash costs	$	0.44	$	0.44	$	0.14	$	0.12

a.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.

b.Export duties were eliminated effective March 29, 2023, upon verification that construction progress of the Manyar smelter exceeded 50%. However, as noted in "Regulatory Matters" above, beginning in July 2023, PT-FI is being assessed export duties under a revised regulation, which it is continuing to discuss with the Indonesia government.

PT-FI's consolidated copper sales volumes of 430 million pounds in third-quarter 2023 were higher than third-quarter 2022 copper sales volumes of 406 million pounds, primarily reflecting higher mining rates and ore grades.

PT-FI's consolidated gold sales volumes of 395 thousand ounces in third-quarter 2023 were lower than third-quarter 2022 gold sales volumes of 476 thousand ounces, primarily reflecting timing of shipments of anode slimes associated with a change in administrative requirements for products that were previously being exported by PT Smelting. At September 30, 2023, approximately 75 thousand ounces of gold in anode slimes were included in inventory and available for sale pending approval of PT-FI's export license for anode slimes.

Consolidated sales volumes from PT-FI are expected to approximate 1.5 billion pounds of copper and 1.7 million ounces of gold for the year 2023, net of a deferral of approximately 100 million pounds of copper and 180 thousand ounces of gold from mine production under tolling arrangements to be processed and sold as refined metal in future periods. Projected sales volumes are dependent on operational performance, the resumption of anode slime exports, weather-related conditions and other factors detailed in the "Cautionary Statement" below.

PT-FI's unit net cash costs (net of gold, silver and other by-product credits) of $0.44 per pound of copper in third-quarter 2023 approximated unit net cash costs in third-quarter 2022, primarily reflecting higher copper sales volumes, offset by lower gold, silver and other by-product credits and higher export duties.

Assuming an average gold price of $1,900 per ounce in fourth-quarter 2023 and achievement of current sales volumes and cost estimates, unit net cash costs (including gold, silver and other by-product credits) for PT-FI are expected to approximate $0.15 per pound of copper for the year 2023. PT-FI's estimated unit net cash costs for the year 2023 include assessment of a 7.5% export duty during the second half of 2023, which continues to be discussed with the Indonesia government. PT-FI's average unit net cash costs for the year 2023 would change by approximately $0.05 per pound of copper for each $100 per ounce change in the average price of gold in fourth-quarter 2023.

Molybdenum Mines. FCX operates two wholly owned molybdenum mines 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 North America and South America copper mines is processed at FCX's conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines totaled 7 million pounds of molybdenum in third-quarter 2023, slightly below third-quarter 2022 production of 8 million pounds of molybdenum. FCX's consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the Molybdenum mines and at FCX's North America and South America copper mines, which are presented on page 3.

Average unit net cash costs for the Molybdenum mines of $18.07 per pound of molybdenum in third-quarter 2023 were higher than average unit net cash costs of $12.10 per pound in third-quarter 2022, primarily reflecting lower production volumes associated with ore types mined during the quarter and higher contract labor costs. Based on current sales volume and cost estimates, average unit net cash costs for the Molybdenum mines are expected to approximate $14.47 per pound of molybdenum for the year 2023.

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.

LIQUIDITY, CASH FLOWS, CASH AND DEBT

Liquidity. At September 30, 2023, FCX had $5.7 billion in consolidated cash and cash equivalents ($6.25 billion including current restricted cash and cash equivalents associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks) and $3.0 billion of availability under its revolving credit facility. In addition, PT-FI and Cerro Verde have $1.3 billion and $350 million, respectively, of availability under their respective revolving credit facilities.

At September 30, 2023, FCX had $0.7 billion in current restricted cash and cash equivalents, which includes (i) $0.5 billion in PT-FI's export proceeds temporarily deposited in Indonesia banks in accordance with a regulation issued by the Indonesia government that became effective August 1, 2023, requiring 30% of export proceeds to be temporarily deposited into Indonesia banks for a period of 90 days before withdrawal, and (ii) $145 million in assurance bonds to support PT-FI’s commitment for smelter development in Indonesia.

Operating Cash Flows. FCX generated operating cash flows of $1.2 billion (net of $0.5 billion of working capital and other uses) in third-quarter 2023 and $4.0 billion (net of $0.7 billion of working capital and other uses) for the first nine months of 2023. Third-quarter 2023 working capital uses included increases in (i) accounts receivable primarily related to the timing of collections and higher PT-FI sales volumes and (ii) inventories primarily related to the timing of shipments of anode slimes at PT-FI.

Assuming average prices of $3.60 per pound of copper, $1,900 per ounce of gold and $20.00 per pound of molybdenum in fourth-quarter 2023 and achievement of current sales volume and cost estimates, FCX's consolidated operating cash flows are estimated to approximate $5.4 billion (net of $0.5 billion of working capital and other uses) for the year 2023. The impact of price changes during fourth-quarter 2023 on operating cash flows for the year 2023 would approximate $115 million for each $0.10 per pound change in the average price of copper, $55 million for each $100 per ounce change in the average price of gold and $15 million for each $2 per pound change in the average price of molybdenum.

Capital Expenditures. Capital expenditures totaled $1.2 billion in third-quarter 2023 (including $0.4 billion for major mining projects and $0.4 billion for the Indonesia smelter projects) and $3.5 billion for the first nine months of 2023 (including $1.2 billion for major mining projects and $1.2 billion for the Indonesia smelter projects).

Capital expenditures are expected to approximate $4.8 billion for the year 2023 (including $1.9 billion for major mining projects and $1.6 billion for the Indonesia smelter projects). Projected capital expenditures for major mining projects include $1.3 billion for planned projects primarily associated with underground mine development in the Grasberg minerals district and supporting mill and power capital costs and $0.6 billion for discretionary growth projects. Capital expenditures for the Indonesia smelter projects are being funded with the proceeds received from PT-FI's senior notes and availability under PT-FI's revolving credit facility.

Cash. Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, excluding cash committed for the Indonesia smelter projects and net of noncontrolling interests' share, taxes and other costs at September 30, 2023 (in billions):


Cash at domestic companies	$	3.1
Cash at international operations	2.6		a
Total consolidated cash and cash equivalents	5.7
Cash for Indonesia smelter projects	(0.6)		b
Noncontrolling interests' share	(0.9)
Cash, net of noncontrolling interests' share	4.2
Withholding taxes	(0.1)
Net cash available	$	4.1

a.Excludes $0.5 billion of cash associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with an August 2023 regulation issued by the Indonesia government, which are presented as current restricted cash and cash equivalents in FCX's consolidated balance sheet.

b.Estimated remaining net proceeds from PT-FI's senior notes.

Debt. Following is a summary of total debt and the weighted-average interest rates at September 30, 2023 (in billions, except percentages):


				Weighted- Average Interest Rate
Senior notes:
Issued by FCX	$	6.0		4.9%
Issued by PT-FI	3.0			5.4%
Issued by Freeport Minerals Corporation	0.4			7.5%
Other	—		a	3.4%
Total debt	$	9.4		5.2%

a.Rounds to less than $0.1 billion.

At September 30, 2023, there were no borrowings and $7 million in letters of credit issued under FCX's $3.0 billion revolving credit facility. FCX has $0.7 billion in scheduled senior note maturities through 2026 and an average remaining duration of its total debt of approximately 10 years.

Beginning in 2022 and through October 18, 2023, FCX purchased $1.3 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $1.2 billion, including $103 million aggregate principal amount in third-quarter 2023 (which resulted in a $5 million gain on early extinguishment of debt in third-quarter 2023).

FINANCIAL POLICY

FCX's financial policy is aligned with its strategic objectives of maintaining a strong balance sheet, providing cash returns to shareholders 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 shareholder 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 net project debt for additional smelting capacity in Indonesia). The Board of Directors (Board) will review the structure of the performance-based payout framework at least annually.

At September 30, 2023, FCX's net debt, excluding net debt for the Indonesia smelter projects, totaled $0.8 billion (which was net of $0.5 billion of current restricted cash associated with PT-FI's export proceeds). Refer to the supplemental schedule, "Net Debt," on page IX.

On September 20, 2023, 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 1, 2023, to shareholders of record as of October 13, 2023. The declaration and payment of dividends (base or variable) is 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.

As of October 18, 2023, FCX has 1.43 billion shares of common stock outstanding and $3.2 billion is available under its 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.

WEBCAST INFORMATION

A conference call with securities analysts to discuss FCX's third-quarter 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 17, 2023.

-----------------------------------------------------------------------------------------------------------

FREEPORT: Foremost in Copper

FCX is a leading international mining company with headquarters 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 mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

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; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs and operating costs; capital expenditures; operating plans; cash flows; liquidity; PT-FI’s financing, construction and completion of additional domestic smelting capacity in Indonesia in accordance with the terms of its IUPK; extension of PT-FI's IUPK beyond 2041 and export licenses; PT-FI's resumption of exports of anode slimes; payment of export duties; export volumes; FCX’s commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; execution of FCX's energy and climate strategies and the underlying assumptions and estimated impacts on FCX’s business and stakeholders related thereto; achievement of 2030 climate targets and 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; the impact of the August 2023 cybersecurity incident; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; 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 shareholders, 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; PT-FI's ability to continue to export and sell copper concentrates and anode slimes; changes in export duties, including results of proceedings to dispute export duties; the Indonesia government’s approval of a deferred schedule for completion of additional domestic smelting capacity in Indonesia; production rates; timing of shipments; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in FCX’s cash requirements, financial position, financing or investment plans; changes in general market, economic, regulatory or industry conditions; reductions in liquidity and access to capital; changes in tax laws and regulations, including the impact of the U.S. Inflation Reduction Act; any major public health crisis; 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; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PT-FI’s IUPK to extend mining rights from 2031 through 2041; discussions relating to the extension of PT-FI's IUPK beyond 2041; cybersecurity incidents; labor relations, including labor-related work stoppages and costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; litigation results; 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, 2022, filed with the U.S. Securities and Exchange Commission (SEC), as may be updated by FCX's subsequent filings with the SEC.

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 cautions investors that it undertakes no obligation to update any forward-looking statements, which speak only 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 per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles. Reconciliations of these measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of this press release.


Freeport-McMoRan Inc.
SELECTED OPERATING DATA

	Three Months Ended September 30,
	2023	2022	2023			2022
	Production		Sales
COPPER (millions of recoverable pounds)
(FCX's net interest in %)
North America
Morenci (72%)a	146	159	157			156
Safford (100%)	66	76	69			72
Sierrita (100%)	47	43	50			43
Bagdad (100%)	39	44	41			42
Chino (100%)	30	34	37			31
Tyrone (100%)	13	15	15			14
Miami (100%)	3	2	3			3

Total North America	344	373	372			361

South America
Cerro Verde (53.56%)	255	242	254			232
El Abra (51%)	50	60	53			61

Total South America	305	302	307			293

Indonesia
Grasberg (48.76%)b	436	381	430			406


Total	1,085	1,056	1,109		c	1,060		c
Less noncontrolling interests	367	214	364			213
Net	718	842	745			847





Average realized price per pound			$	3.80		$	3.50


GOLD (thousands of recoverable ounces)
(FCX's net interest in %)
North America (100%)	4	3	4			4

Indonesia (48.76%)b	528	445	395			476
Consolidated	532	448	399			480
Less noncontrolling interests	271	83	203			89
Net	261	365	196			391




Average realized price per ounce			$	1,898		$	1,683

MOLYBDENUM (millions of recoverable pounds)
(FCX's net interest in %)
Climax (100%)	4	5	N/A			N/A
Henderson (100%)	3	3	N/A			N/A
North America copper mines (100%)a	7	7	N/A			N/A
Cerro Verde (53.56%)	6	4	N/A			N/A
Consolidated	20	19	20			17
Less noncontrolling interests	3	2	2			2
Net	17	17	18			15





Average realized price per pound			$	23.71		$	17.05















a. Amounts are net of Morenci's joint venture partners' undivided interests.

b. Beginning January 1, 2023, FCX’s economic interest in PT Freeport Indonesia (PT-FI) is 48.76%. Prior to January 1, 2023, FCX's economic interest in PT-FI approximated 81%.

c. Consolidated sales volumes exclude purchased copper of 18 million pounds in third-quarter 2023 and 48 million pounds in third-quarter 2022.


Freeport-McMoRan Inc.
SELECTED OPERATING DATA (continued)

	Nine Months Ended September 30,
	2023		2022	2023			2022
	Production			Sales
COPPER (millions of recoverable pounds)
(FCX's net interest in %)
North America
Morenci (72%)a	435		485	441			495
Safford (100%)	189		215	193			215
Sierrita (100%)	142		143	139			146
Bagdad (100%)	111		124	113			130
Chino (100%)	109		91	111			93

Tyrone (100%)	40		43	42			44
Miami (100%)	9		8	9			8
Other (100%)	(5)		—	(5)			—
Total North America	1,030		1,109	1,043			1,131

South America
Cerro Verde (53.56%)	756		720	754			704
El Abra (51%)	160		142	159			141

Total South America	916		862	913			845

Indonesia
Grasberg (48.76%)b	1,171		1,169	1,014			1,195


Total	3,117		3,140	2,970		c	3,171		c
Less noncontrolling interests	1,030		623	947			619
Net	2,087		2,517	2,023			2,552





Average realized price per pound				$	3.87		$	3.88

GOLD (thousands of recoverable ounces)
(FCX's net interest in %)
North America (100%)	11		9	11			9

Indonesia (48.76%)b	1,409	d	1,330	1,153		d	1,356
Consolidated	1,420		1,339	1,164			1,365
Less noncontrolling interests	660		249	529			254
Net	760		1,090	635			1,111




Average realized price per ounce				$	1,932		$	1,786

MOLYBDENUM (millions of recoverable pounds)
(FCX's net interest in %)
Climax (100%)	12		14	N/A			N/A
Henderson (100%)	10		9	N/A			N/A
North America copper mines (100%)a	23		22	N/A			N/A
Cerro Verde (53.56%)	17		18	N/A			N/A
Consolidated	62		63	59			56
Less noncontrolling interests	8		8	7			7
Net	54		55	52			49





Average realized price per pound				$	26.05		$	18.64















a. Amounts are net of Morenci's joint venture partners' undivided interests.

b. Beginning January 1, 2023, FCX’s economic interest in PT-FI is 48.76%. Prior to January 1, 2023, FCX's economic interest in PT-FI approximated 81%.

c. Consolidated sales volumes exclude purchased copper of 85 million pounds for the first nine months of 2023 and 86 million pounds for the first nine months of 2022.

d. Includes approximately 190 thousand ounces of gold production and sales volumes attributed to PT Mineral Industri Indonesia's approximate 19% economic interest in accordance with the PT-FI shareholders agreement.


Freeport-McMoRan Inc.
SELECTED OPERATING DATA (continued)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
100% North America Copper Mines
Leach Operations
Leach ore placed in stockpiles (metric tons per day)	688,600	622,200	675,600	684,200
Average copper ore grade (%)	0.22	0.30	0.24	0.29
Copper production (millions of recoverable pounds)	245	260	718	759

Mill Operations
Ore milled (metric tons per day)	315,800	294,600	309,700	297,600
Average ore grades (%):
Copper	0.30	0.36	0.33	0.37
Molybdenum	0.02	0.02	0.02	0.02
Copper recovery rate (%)	81.7	82.3	82.0	82.2
Production (millions of recoverable pounds):
Copper	155	174	481	538
Molybdenum	7	8	24	23

100% South America Mining
Leach Operations
Leach ore placed in stockpiles (metric tons per day)	164,300	175,200	190,500	157,700
Average copper ore grade (%)	0.38	0.34	0.34	0.35
Copper production (millions of recoverable pounds)	77	85	237	217

Mill Operations
Ore milled (metric tons per day)	431,300	403,900	420,700	408,500
Average ore grades (%):
Copper	0.34	0.32	0.34	0.32
Molybdenum	0.01	0.01	0.01	0.01
Copper recovery rate (%)	79.8	85.4	82.0	85.5
Production (millions of recoverable pounds):
Copper	228	217	679	645
Molybdenum	6	4	17	18

100% Indonesia Mining
Ore extracted and milled (metric tons per day):
Grasberg Block Cave underground mine	131,000	100,600	112,000	100,900
Deep Mill Level Zone underground mine	76,900	81,400	75,700	79,000
Big Gossan underground mine	8,100	7,600	7,800	7,500
Other adjustments	(9,400)	(900)	(2,500)	3,400


Total	206,600	188,700	193,000	190,800
Average ore grades:
Copper (%)	1.21	1.17	1.18	1.20
Gold (grams per metric ton)	1.15	1.07	1.10	1.06
Recovery rates (%):
Copper	89.5	90.1	89.5	89.8
Gold	77.8	77.2	77.5	77.9
Production (recoverable):
Copper (millions of pounds)	436	381	1,171	1,169
Gold (thousands of ounces)	528	445	1,409	1,330











100% Molybdenum Mines
Ore milled (metric tons per day)	29,000	25,400	27,800	24,600
Average molybdenum ore grade (%)	0.14	0.18	0.15	0.18
Molybdenum production (millions of recoverable pounds)	7	8	22	23

III


Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In Millions, Except Per Share Amounts)
Revenuesa	$	5,824	$	5,003	$	16,950	$	17,022
Cost of sales:
Production and deliveryb	3,548		3,366		10,260		9,519
Depreciation, depletion and amortization	533		508		1,479		1,504

Metals inventory adjustments	5		25		7		43
Total cost of sales	4,086		3,899		11,746		11,066
Selling, general and administrative expenses	118		98		359		313
Mining exploration and research expenses	30		38		103		87
Environmental obligations and shutdown costs	98		6		239		51

Net gain on sales of assets	—		—		—		(2)

Total costs and expenses	4,332		4,041		12,447		11,515
Operating income	1,492		962		4,503		5,507
Interest expense, netc	(96)		(140)		(418)		(423)

Net gain on early extinguishment of debt	5		20		10		28

Other income, net	71		25		183		67
Income before income taxes and equity in affiliated companies' net earnings	1,472		867		4,278		5,179
Provision for income taxesd	(508)		(315)		(1,546)		(1,710)
Equity in affiliated companies' net earnings	—		8		12		33


Net income	964		560		2,744		3,502

Net income attributable to noncontrolling interestse	(510)		(156)		(1,284)		(731)


Net income attributable to common stockholdersf,g	$	454	$	404	$	1,460	$	2,771






Diluted net income per share attributable to common stock	$	0.31	$	0.28	$	1.01	$	1.90






Diluted weighted-average common shares outstanding	1,443		1,439		1,443		1,455

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 the supplemental schedule, "Derivative Instruments," beginning on page IX.

b.FCX is engaged in various studies associated with potential future expansion projects primarily at its mining operations. Production and delivery costs include charges for these feasibility and optimization studies totaling $48 million in third-quarter 2023, $34 million in third-quarter 2022, $149 million for the first nine months of 2023 and $84 million for the first nine months of 2022.

c.Consolidated interest costs (before capitalization) totaled $165 million in third-quarter 2023 and $182 million in third-quarter 2022, $606 million for the first nine months of 2023 and $524 million for the first nine months of 2022. The decrease in consolidated interest costs (before capitalization) in the third quarter of 2023, compared to the third quarter of 2022, is primarily a result of lower average outstanding debt in third-quarter 2023. The increase in consolidated interest costs (before capitalization) for the first nine months of 2023, compared to the first nine months of 2022, is primarily related to interest associated with Peruvian Supreme Court rulings that are being contested by Cerro Verde (refer to the supplemental schedule, "Adjusted Net Income," on page VII).

d.For a summary of FCX's income taxes, refer to the supplemental schedule, "Income Taxes," on page VIII.

e.Net income attributable to noncontrolling interests is primarily associated with PT-FI, Cerro Verde and El Abra. For further discussion, refer to the supplemental schedule, “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 the supplemental schedule, "Deferred Profits," on page X.

g.Refer to the supplemental schedule, "Adjusted Net Income," on page VII, for a summary of net (charges) credits impacting FCX’s consolidated statements of income.


Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)

	September 30,			December 31,
	2023			2022
	(In Millions)
ASSETS
Current assets:
Cash and cash equivalents	$	5,745		$	8,146
Restricted cash and cash equivalents	697		a	111
Trade accounts receivable	792			1,336
Income and other tax receivables	488			459

Inventories:
Materials and supplies, net	2,131			1,964
Mill and leach stockpiles	1,403			1,383
Product	2,415			1,833
Other current assets	406			381

Total current assets	14,077			15,613
Property, plant, equipment and mine development costs, net	34,535			32,627


Long-term mill and leach stockpiles	1,327			1,252


Other assets	1,709			1,601

Total assets	$	51,648		$	51,093

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	3,724		$	4,027
Accrued income taxes	489			744
Current portion of environmental and asset retirement obligations (AROs)	395			320
Dividends payable	217			217

Current portion of debt	35			1,037
Total current liabilities	4,860			6,345
Long-term debt, less current portion	9,370			9,583
Environmental and AROs, less current portion	4,645			4,463
Deferred income taxes	4,399			4,269
Other liabilities	1,697			1,562

Total liabilities	24,971			26,222



Equity:
Stockholders' equity:
Common stock	162			161
Capital in excess of par value	24,833			25,322
Accumulated deficit	(2,447)			(3,907)
Accumulated other comprehensive loss	(317)			(320)
Common stock held in treasury	(5,772)			(5,701)
Total stockholders' equity	16,459			15,555
Noncontrolling interests	10,218			9,316
Total equity	26,677			24,871
Total liabilities and equity	$	51,648		$	51,093

a.Includes $0.5 billion of cash associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with an August 2023 regulation issued by the Indonesia government.


Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended
	September 30,
		2023		2022
		(In Millions)
Cash flow from operating activities:
Net income		$	2,744	$	3,502
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		1,479		1,504

Metals inventory adjustments		7		43

Net gain on sales of assets		—		(2)
Stock-based compensation		89		75

Net charges for environmental and AROs, including accretion		383		180
Payments for environmental and AROs		(181)		(197)

Net charges for defined pension and postretirement plans		44		28
Pension plan contributions		(10)		(52)
Net gain on early extinguishment of debt		(10)		(28)
Deferred income taxes		130		83








Deferred profit recognized on PT-FI sales to PT Smelting		(112)		(34)
Other, net		109		(52)
Changes in working capital and other:
Accounts receivable		550		456
Inventories		(738)		(184)
Other current assets		7		(71)
Accounts payable and accrued liabilities		(180)		84
Accrued income taxes and timing of other tax payments		(352)		(1,265)
Net cash provided by operating activities		3,959		4,070

Cash flow from investing activities:
Capital expenditures:
North America copper mines		(545)		(430)
South America		(259)		(203)
Indonesia mining		(1,274)		(1,148)
Indonesia smelter projects		(1,193)		(517)
Molybdenum mines		(43)		(16)
Other		(148)		(108)



Proceeds from sales of assets		16		102
Loans to PT Smelting for expansion		(109)		(51)

Other, net		(29)		(10)
Net cash used in investing activities		(3,584)		(2,381)

Cash flow from financing activities:
Proceeds from debt		1,186		5,366
Repayments of debt		(2,397)		(4,073)



Cash dividends and distributions paid:
Common stock		(647)		(652)
Noncontrolling interests		(407)		(625)
Treasury stock purchases		—		(1,347)
Contributions from noncontrolling interests		50		142
Proceeds from exercised stock options		41		106
Payments for withholding of employee taxes related to stock-based awards		(50)		(55)

Other, net		(2)		(41)
Net cash used in financing activities		(2,226)		(1,179)

Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents		(1,851)		510

Cash, cash equivalents and restricted cash and cash equivalents at beginning of year		8,390		8,314
Cash, cash equivalents and restricted cash and cash equivalents at end of perioda		$	6,539	$	8,824

a.Includes restricted cash and cash equivalents of $794 million at September 30, 2023, and $246 million at September 30, 2022.

Freeport-McMoRan Inc.

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,
	2023							2022
	Pre-tax			After-taxa		Per Share		Pre-tax			After-taxa			Per Share
Net income attributable to common stock	N/A			$	454	$	0.31	N/A			$	404		$	0.28


Net adjustments to environmental obligations	(83)			(83)		(0.06)		5			5			—
Impairments and contract-cancellation costs	(49)		b	(46)		(0.03)		(2)			(1)			—
PT-FI net credits	16		c	5		—		17		d	8			0.01


Metals inventory adjustments	(5)			(4)		—		(25)			(10)			(0.01)
Net gain on early extinguishment of debt	5			5		—		20			20			0.01


Other net credits (charges)	13		e	6		—		(19)		f	(10)			0.01
Net tax credits	N/A			—		—		N/A			16		g	0.01
Total net (charges) creditsi	$	(102)		$	(117)	$	(0.08)	$	(2)		$	29		$	0.02

Adjusted net income attributable to common stock	N/A			$	571	$	0.39	N/A			$	375		$	0.26


	Nine Months Ended September 30,
	2023							2022
	Pre-tax			After-taxa		Per Share		Pre-tax			After-taxa			Per Share
Net income attributable to common stock	N/A			$	1,460	$	1.01	N/A			$	2,771		$	1.90

Net adjustments to environmental obligations	$	(199)		$	(199)	$	(0.14)	$	(8)		$	(8)		$	(0.01)
Cerro Verde contested tax rulings	(142)		h	(73)		(0.05)		—			—			—
Impairments and contract-cancellation costs	(84)		b	(80)		(0.05)		(10)			(4)			—

PT-FI net charges	(44)		c	(21)		(0.01)		(34)		d	(23)			(0.02)
Metals inventory adjustments	(7)			(6)		—		(43)			(21)			(0.01)
Net gain on early extinguishment of debt	10			10		0.01		28			33			0.02
Net gain on sales of assets	—			—		—		2			2			—

Other net credits (charges)	6		e	1		—		(27)		f	(19)			(0.01)
Net tax credits	N/A			—		—		N/A			16		g	0.01
Total net chargesi	$	(459)		$	(368)	$	(0.25)	$	(91)		$	(23)		$	(0.02)

Adjusted net income attributable to common stock	N/A			$	1,828	$	1.26	N/A			$	2,794		$	1.92

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

b.Includes charges for impairment of oil and gas properties ($45 million in the third quarter and $59 million for the first nine months of 2023), and impairment of mining assets and contract-cancellation costs, which were recorded to production and delivery.

c.Includes credits (charges) associated with the release of export duty exposure for prior years, a potential administrative fine and unfavorable tax rulings, which were recorded to revenues ($13 million in the third quarter and $17 million for the first nine months of 2023), production and delivery ($3 million in the third quarter and $(55) million for the first nine months of 2023), interest expense, net ($(2) million for the first nine months of 2023) and other income, net ($(4) million for the first nine months of 2023).

d.Includes net (charges) credits associated with disputed matters at PT-FI (including historical tax audits and an administrative fine levied by the Indonesia government), asset impairments and exposure for additional export duties for prior periods, which were recorded to revenues ($(18) million for the first nine months of 2022), production and delivery ($21 million in the third quarter and $(12) million for the first nine months of 2022), and interest expense, net ($(4) million in the third quarter and for the first nine months of 2022).

e.Includes credits associated with the settlement of interest on Cerro Verde's historical profit sharing liability and (charges) associated with a litigation settlement and ARO adjustments, which were recorded to interest expense, net ($13 million in third quarter and for the first nine months of 2023), production and delivery ($(3) million for the first nine months of 2023) and selling, general and administrative expenses ($(4) million for the first nine months of 2023).

f.Includes net (charges) credits primarily associated with a historical tax audit, ARO adjustments, a litigation settlement and contract cancellation costs, which were recorded to production and delivery ($(17) million in the third quarter and $(25) million for the first nine months of 2022), other income, net ($(11) million for the third quarter and first nine months of 2022) and interest expense, net ($9 million for the third quarter and first nine months of 2022).

g.Refer to "Income Taxes" below for further discussion of net tax credits.

h.Includes (charges) credits associated with contested tax rulings issued by the Peruvian Supreme Court recorded to interest expense, net ($(74) million), other income, net ($(69) million) and production and delivery ($1 million).

i.May not foot because of rounding.

VII

Freeport-McMoRan Inc.

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,
	2023						2022
					Income Tax						Income Tax
	Income		Effective		(Provision)		Income		Effective		(Provision)
	(Loss)a		Tax Rate		Benefit		(Loss)a		Tax Rate		Benefit
U.S.b	$	(70)	—%	c	$	—	$	(55)	—%	c	$	—
South America	319		41%		(131)		26		(58)%		15		d
Indonesia	1,149		36%		(419)		855		40%		(343)







Eliminations and other	74		N/A		(21)		41		N/A		(18)
Rate adjustmente	—		N/A		63		—		N/A		31
Continuing operations	$	1,472	35%		$	(508)	$	867	36%		$	(315)


	Nine Months Ended September 30,
	2023							2022
						Income Tax						Income Tax
	Income			Effective		(Provision)		Income		Effective		(Provision)
	(Loss)a			Tax Rate		Benefit		(Loss)a		Tax Rate		Benefit
U.S.b	$	180		—%	c	$	3	$	854	1%	c	$	(5)
South America	961		f	46%		(438)		802		36%		(287)		d
Indonesia	3,130			37%		(1,159)		3,480		39%		(1,363)







Eliminations and other	7			N/A		—		43		N/A		(25)
Rate adjustmente	—			N/A		48		—		N/A		(30)
Continuing operations	$	4,278		36%		$	(1,546)	$	5,179	33%		$	(1,710)

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

b.In addition to FCX's North America mining operations, the U.S. jurisdiction reflects corporate-level expenses, which include interest expense associated with senior notes, general and administrative expenses, and environmental obligations and shutdown costs.

c.Includes valuation allowance release on prior year unbenefited net operating losses. See below for discussion of the provisions of the U.S. Inflation Reduction Act of 2022.

d.The third quarter and first nine months of 2022 include a tax credit of $31 million ($16 million net of noncontrolling interest) primarily associated with completion of Cerro Verde's 2016 tax audit.

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

f.Includes net charges associated with contested tax rulings issued by the Peruvian Supreme Court totaling $142 million ($73 million net of noncontrolling interests) for the first nine months of 2023. Refer to the supplemental schedule, "Adjusted Net Income," on page VII.

The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. As limited guidance related to how the CAMT provisions of the Act should be applied or otherwise administered has been released by the U.S. Department of the Treasury (the Treasury), uncertainty remains regarding the application of the CAMT. FCX has made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not impact FCX’s financial results for the first nine months of 2023. Future guidance released by the Treasury may differ from FCX’s interpretations, which could be material and may further limit FCX's ability to realize future benefits from its U.S. net operating losses.

Assuming achievement of current sales volume and cost estimates and average prices of $3.60 per pound for copper, $1,900 per ounce for gold and $20.00 per pound for molybdenum in fourth-quarter 2023, FCX estimates its consolidated effective tax rate for the year 2023 would approximate 38% (which would result in a 44% effective tax rate in fourth-quarter 2023). Changes in projected sales volumes and average prices during fourth-quarter 2023 would incur tax impacts at estimated effective rates of 40% for Peru, 36% for Indonesia and 0% for the U.S., which excludes any impact from the Act. FCX’s projected estimated effective tax rate of 0% for the U.S. for the year 2023 may be adjusted as additional guidance is released by the Treasury on key provisions of the Act, including guidance on the CAMT.

VIII

Freeport-McMoRan Inc.

NET DEBT

FCX believes that net debt provides investors with information related to the performance-based payout framework in FCX’s 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 net project debt for additional smelting capacity in Indonesia). FCX defines net debt as consolidated debt less (i) consolidated cash and cash equivalents and (ii) current restricted cash associated with PT-FI's export proceeds. 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 billions):


	As of September 30, 2023			As of December 31, 2022
Current portion of debt	$	—	a	$	1.0
Long-term debt, less current portion	9.4			9.6
Consolidated debt	9.4			10.6
Less: consolidated cash and cash equivalents	5.7			8.1
Less: current restricted cash associated with PT-FI's export proceedsb	0.5			—
FCX net debt	3.2			2.5
Less: net debt for Indonesia smelter projectsc	2.4			1.2
FCX net debt, excluding Indonesia smelter projects	0.8			$	1.3

a.Rounds to less than $0.1 billion.

b.Effective August 1, 2023, and in accordance with a regulation issued by the Indonesia government, 30% of PT-FI’s export proceeds are being temporarily deposited into Indonesia banks for a period of 90 days before withdrawal and are presented as current restricted cash and cash equivalents in FCX's consolidated balance sheet. As the 90-day holding period is the only restriction on the cash, FCX has included such amount in the calculation of net debt.

c.Includes consolidated debt of $3.0 billion and consolidated cash and cash equivalents of $0.6 billion as of September 30, 2023, and consolidated debt of $3.0 billion and consolidated cash and cash equivalents of $1.8 billion as of December 31, 2022.

DERIVATIVE INSTRUMENTS

For the nine months ended September 30, 2023, FCX's mined copper was sold 50% in concentrate, 27% as cathode and 23% as rod from North America operations. 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 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. In third-quarter 2023, LME copper settlement prices averaged $3.79 per pound and FCX's average realized copper price was $3.80 per pound. At September 30, 2023, FCX's provisionally priced copper sales were recorded at an average price of $3.75 per pound.

Beginning on January 1, 2023, PT-FI's commercial arrangement with PT Smelting converted from a concentrate sales agreement to a tolling arrangement. Under this arrangement, PT-FI pays PT Smelting a tolling fee to smelt and refine its concentrate and PT-FI retains title to all products for sale to third parties (i.e., there are no further sales to PT Smelting). PT-FI’s sale of copper cathodes under the tolling arrangement are priced in the month of shipment and are not subject to provisional pricing.

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,
	2023						2022
	Prior Perioda		Current Periodb		Total		Prior Perioda		Current Periodb		Total
Revenues	$	4	$	(34)	$	(30)	$	(228)	$	(44)	$	(272)
Net income attributable to common stock	$	2	$	(13)	$	(11)	$	(95)	$	(21)	$	(116)
Net income per share of common stock	$	—	$	(0.01)	$	(0.01)	$	(0.07)	$	(0.01)	$	(0.08)

a.Reflects adjustments to provisionally priced copper sales at June 30, 2023 and 2022.

b.Reflects adjustments to provisionally priced copper sales during the third quarters of 2023 and 2022.

Freeport-McMoRan Inc.

DERIVATIVE INSTRUMENTS (continued)


	Nine Months Ended September 30,
	2023						2022
	Prior Perioda		Current Periodb		Total		Prior Perioda		Current Periodb		Total
Revenues	$	183	$	(152)	$	31	$	58	$	(832)	$	(774)
Net income attributable to common stock	$	62	$	(54)	$	8	$	24	$	(343)	$	(319)
Net income per share of common stock	$	0.04	$	(0.03)	$	0.01	$	0.02	$	(0.24)	$	(0.22)

a.Reflects adjustments to provisionally priced copper sales at December 31, 2022 and 2021.

b.Reflects adjustments to provisionally priced copper sales for the first nine months of 2023 and 2022.

At September 30, 2023, FCX had provisionally priced copper sales at its copper mining operations totaling 257 million pounds of copper (net of intercompany sales and noncontrolling interests) recorded at an average price of $3.75 per pound, subject to final pricing 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 $25 million effect on 2023 revenues ($8 million to net income attributable to common stock). The LME copper price settled at $3.60 per pound on October 18, 2023.

DEFERRED PROFITS

FCX defers recognizing profits on sales from its mining operations to Atlantic Copper and, through December 31, 2022, on 39.5% of PT-FI's sales to PT Smelting (PT-FI's 39.5% owned copper smelter and refinery in Gresik, Indonesia) 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 $81 million ($37 million to net income attributable to common stock) in third-quarter 2023, $33 million ($14 million to net income attributable to common stock) in third-quarter 2022, $153 million ($64 million to net income attributable to common stock) for the first nine months of 2023 and $73 million ($37 million to net income attributable to common stock) for the first nine months of 2022. FCX's net deferred profits on its inventories at Atlantic Copper to be recognized in future periods' operating income totaled $30 million at September 30, 2023. 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 is primarily associated with PT-FI, Cerro Verde and El Abra and totaled $510 million in third-quarter 2023 and $1.3 billion for the first nine months of 2023 (which represented 35% and 30%, respectively, of FCX's consolidated income before income taxes). Refer to "Business Segments" below for net income attributable to noncontrolling interests for each of FCX's business segments. As noted above, FCX’s economic interest in PT-FI approximated 81% through 2022, and beginning January 1, 2023, it is 48.76% (with the exception of approximately 190 thousand ounces of first-quarter 2023 gold sales volumes that were attributed approximately 81% to FCX in accordance with the PT-FI shareholders agreement).

Assuming average prices of $3.60 per pound of copper, $1,900 per ounce of gold and $20.00 per pound of molybdenum in fourth-quarter 2023 and achievement of current sales volume and cost estimates, net income attributable to noncontrolling interests is estimated to approximate $1.75 billion for the year 2023 (which would represent 31% 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.

Freeport-McMoRan Inc.

BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions – North America copper mines, South America mining, Indonesia mining and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX's reportable segments, which include the Morenci and Cerro Verde copper mines, the Grasberg minerals district (Indonesia Mining), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

Intersegment sales between FCX’s business segments are based on terms similar to arms-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 operating divisions and individual 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), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.

Freeport-McMoRan Inc.

BUSINESS SEGMENTS (continued)



(in millions)																					Atlantic		Corporate,
	North America Copper Mines				South America Mining												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting		& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining		nations			Total
Three Months Ended September 30, 2023
Revenues:
Unaffiliated customers	$	17	$	22	$	39	$	822		$	203	$	1,025	$	2,030		$	—	$	1,566	$	692	$	472	a	$	5,824
Intersegment	624		994		1,618		219			—		219		65			147		12		8		(2,069)			—
Production and delivery	476		799		1,275		648			178		826		667			120		1,566		680		(1,586)			3,548
Depreciation, depletion and amortization	47		63		110		94			17		111		271			14		2		7		18			533

Metals inventory adjustments	4		—		4		1			—		1		—			—		—		—		—			5
Selling, general and administrative expenses	—		1		1		3			—		3		32			—		—		6		76			118
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—		29			30
Environmental obligations and shutdown costs	—		4		4		—			—		—		—			—		—		—		94			98


Operating income (loss)	114		148		262		295			8		303		1,125			13		10		7		(228)			1,492

Interest expense, net	—		1		1		(10)		b	—		(10)		10			—		—		8		87			96
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—		5			5
Other (expense) income, net	(2)		(9)		(11)		(9)			13		4		30			—		—		5		43			71
Provision for (benefit from) income taxes	—		—		—		119			12		131		419			—		—		—		(42)			508
Equity in affiliated companies' net (losses) earnings	—		—		—		—			—		—		(2)			—		—		—		2			—
Net income attributable to noncontrolling interests	—		—		—		84			14		98		392		c	—		—		—		20			510


Total assets at September 30, 2023	3,171		5,799		8,970		8,227			1,893		10,120		21,020			1,747		288		1,176		8,327			51,648
Capital expenditures	53		114		167		61			15		76		441			21		2		20		451		d	1,178

Three Months Ended September 30, 2022
Revenues:
Unaffiliated customers	$	18	$	74	$	92	$	666		$	215	$	881	$	1,726	e	$	—	$	1,436	$	604	$	264	a	$	5,003
Intersegment	551		805		1,356		83			—		83		72			127		7		5		(1,650)			—
Production and delivery	408		736		1,144		579			221		800		663			94		1,450		604		(1,389)			3,366
Depreciation, depletion and amortization	44		56		100		84			14		98		265			18		1		8		18			508

Metals inventory adjustments	2		1		3		2			20		22		—			—		—		—		—			25
Selling, general and administrative expenses	—		1		1		2			—		2		26			—		—		6		63			98
Mining exploration and research expenses	—		—		—		—			—		—		—			—		—		—		38			38
Environmental obligations and shutdown costs	—		1		1		—			—		—		—			—		—		—		5			6


Operating income (loss)	115		84		199		82			(40)		42		844			15		(8)		(9)		(121)			962

Interest expense, net	—		1		1		5			—		5		15			—		—		4		115			140
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—		20			20
Other (expense) income, net	—		(8)		(8)		(21)			5		(16)		19			(1)		—		11		20			25
Provision for (benefit from) income taxes	—		—		—		3			(18)		(15)		343			—		—		—		(13)			315

Equity in affiliated companies' net earnings	—		—		—		—			—		—		7			—		—		—		1			8
Net income attributable to noncontrolling interests	—		—		—		29			11		40		105		c	—		—		—		11			156


Total assets at September 30, 2022	2,996		5,456		8,452		8,390			1,826		10,216		20,496			1,701		216		1,082		7,764			49,927
Capital expenditures	71		83		154		41			38		79		389			7		2		17		188		d	836

XII

Freeport-McMoRan Inc.

BUSINESS SEGMENTS (continued)



(in millions)																					Atlantic			Corporate,
	North America Copper Mines				South America Mining												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Nine months ended September 30, 2023
Revenues:
Unaffiliated customers	$	75	$	133	$	208	$	2,563		$	627	$	3,190	$	5,268	e	$	—	$	4,552	$	2,185		$	1,547	a	$	16,950
Intersegment	1,787		2,922		4,709		638			—		638		432			520		28		19			(6,346)			—
Production and delivery	1,279		2,324		3,603		1,877			539		2,416		1,860		f	321		4,558		2,139			(4,637)			10,260
Depreciation, depletion and amortization	132		180		312		302			48		350		694			48		4		21			50			1,479

Metals inventory adjustments	5		—		5		1			—		1		—			—		—		—			1			7
Selling, general and administrative expenses	1		2		3		7			—		7		90			—		—		21			238			359
Mining exploration and research expenses	—		2		2		—			—		—		—			—		—		—			101			103
Environmental obligations and shutdown costs	—		26		26		—			—		—		—			—		—		—			213			239


Operating income (loss)	445		521		966		1,014			40		1,054		3,056			151		18		23			(765)			4,503
Interest expense, net	—		1		1		74		b	—		74		32			—		—		22			289			418
Net gain on early extinguishment of debt	—		—		—		—			—		—		—			—		—		—			10			10
Other (expense) income, net	(4)		(8)		(12)		(36)			11		(25)		92			(1)		(1)		—			130			183
Provision for (benefit from) income taxes	—		—		—		419			19		438		1,159			—		—		—			(51)			1,546
Equity in affiliated companies' net earnings	—		—		—		—			—		—		9			—		—		—			3			12
Net income (loss) attributable to noncontrolling interests	—		—		—		242			34		276		1,031		c	—		—		—			(23)			1,284
Capital expenditures	176		369		545		179			80		259		1,274			43		9		43			1,289		d	3,462

Nine months ended September 30, 2022
Revenues:
Unaffiliated customers	$	125	$	159	$	284	$	2,474		$	555	$	3,029	$	5,972	e	$	—	$	4,932	$	1,755		$	1,050	a	$	17,022
Intersegment	1,992		2,978		4,970		325			—		325		208			399		24		5			(5,931)			—
Production and delivery	1,168		2,111		3,279		1,702			510		2,212		1,853		f	249		4,969		1,789		g	(4,832)			9,519
Depreciation, depletion and amortization	132		175		307		262			35		297		775			52		3		20			50			1,504

Metals inventory adjustments	2		8		10		11			22		33		—			—		—		—			—			43
Selling, general and administrative expenses	1		2		3		6			—		6		83			—		—		19			202			313
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			86			87
Environmental obligations and shutdown costs	(13)		1		(12)		—			—		—		—			—		—		—			63			51

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	827		839		1,666		818			(12)		806		3,469			98		(16)		(68)			(448)			5,507
Interest expense, net	—		1		1		12			—		12		30			—		—		8			372			423
Net (loss) gain on early extinguishment of debt	—		—		—		—			—		—		(10)			—		—		—			38			28
Other (expense) income, net	(1)		(32)		(33)		(11)			12		1		27			(1)		(1)		29			45			67
Provision for (benefit from) income taxes	—		—		—		298			(11)		287		1,363			—		—		—			60			1,710
Equity in affiliated companies' net earnings	—		—		—		—			—		—		27			—		—		—			6			33
Net income attributable to noncontrolling interests	—		—		—		247			25		272		436		c	—		—		—			23			731
Capital expenditures	207		223		430		109			94		203		1,148			16		6		60			559		d	2,422

XIII

Freeport-McMoRan Inc.

BUSINESS SEGMENTS (continued)

a.Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

b.The third quarter and first nine months of 2023 include a $13 million credit for the settlement of interest on Cerro Verde's historical profit sharing liability. The first nine months of 2023 also includes $74 million of interest expense associated with contested tax rulings by the Peruvian Supreme Court. Refer to the supplemental schedule, “Adjusted Net Income,” on page VII.

c.FCX’s economic interest in PT-FI approximated 81% through 2022, and beginning January 1, 2023, it is 48.76% (with the exception of approximately 190 thousand ounces of first-quarter 2023 gold sales volumes that were attributed approximately 81% to FCX in accordance with the PT-FI shareholders agreement).

d.Primarily includes capital expenditures for the Indonesia smelter projects.

e.Includes PT-FI sales to PT Smelting totaling $572 million in third-quarter 2022, $27 million for the first nine months of 2023 (reflecting adjustments to prior period provisionally priced concentrate sales) and $2.3 billion for the first nine months of 2022. Beginning January 1, 2023, there are no sales from PT-FI to PT Smelting (refer to above discussion of the tolling arrangement between PT-FI and PT Smelting).

f.Includes a $55 million charge for administrative fines for the first nine months of 2023 and $41 million for the first nine months of 2022.

g.Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $41 million at Atlantic Copper for the first nine months of 2022.

PRODUCT REVENUES AND PRODUCTION COSTS

Unit net cash costs per pound of copper and molybdenum are measures intended to provide investors with information about the cash-generating capacity of FCX's 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 FCX's 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 do not result from current 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 stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study 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


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended September 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	1,435		$	1,435	$	164	$	43	$	1,642
Site production and delivery, before net noncash and other costs shown below	1,121			1,008		129		35		1,172
By-product credits	(156)			—		—		—		—
Treatment charges	39			37		—		2		39
Net cash costs	1,004			1,045		129		37		1,211
Depreciation, depletion and amortization (DD&A)	110			99		10		1		110
Metals inventory adjustments	4			4		—		—		4
Noncash and other costs, net	49		c	44		4		1		49
Total costs	1,167			1,192		143		39		1,374
Other revenue adjustments, primarily for pricing on prior period open sales	1			1		—		—		1
Gross profit	$	269		$	244	$	21	$	4	$	269

Copper sales (millions of recoverable pounds)	372			372
Molybdenum sales (millions of recoverable pounds)a						7

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	3.86		$	3.86	$	22.01
Site production and delivery, before net noncash and other costs shown below	3.01			2.71		17.35
By-product credits	(0.41)			—		—
Treatment charges	0.10			0.10		—
Unit net cash costs	2.70			2.81		17.35
DD&A	0.30			0.26		1.33
Metals inventory adjustments	0.01			0.01		—
Noncash and other costs, net	0.13		c	0.12		0.47
Total unit costs	3.14			3.20		19.15
Other revenue adjustments, primarily for pricing on prior period open sales	—			—		—
Gross profit per pound	$	0.72		$	0.66	$	2.86

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	1,642		$	1,172	$	110	$	4
Treatment charges	—			39		—		—
Noncash and other costs, net	—			49		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	1			—		—		—
Eliminations and other	14			15		—		—
North America copper mines	1,657			1,275		110		4
Other miningd	5,764			3,859		405		1


Corporate, other & eliminations	(1,597)			(1,586)		18		—
As reported in FCX's consolidated financial statements	$	5,824		$	3,548	$	533	$	5

a.Reflects sales of molybdenum produced by certain of the North America copper mines to FCX's molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $28 million ($0.08 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended September 30, 2022
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	1,293		$	1,293	$	111	$	38	$	1,442
Site production and delivery, before net noncash and other costs shown below	1,000			908		104		31		1,043
By-product credits	(106)			—		—		—		—
Treatment charges	35			33		—		2		35
Net cash costs	929			941		104		33		1,078
DD&A	99			91		6		2		99
Metals inventory adjustments	3			3		—		—		3
Noncash and other costs, net	38		c	33		4		1		38
Total costs	1,069			1,068		114		36		1,218
Other revenue adjustments, primarily for pricing on prior period open sales	(20)			(20)		—		—		(20)
Gross profit (loss)	$	204		$	205	$	(3)	$	2	$	204

Copper sales (millions of recoverable pounds)	361			361
Molybdenum sales (millions of recoverable pounds)a						7

Gross profit (loss) per pound of copper/molybdenum:

Revenues, excluding adjustments	$	3.57		$	3.57	$	16.75
Site production and delivery, before net noncash and other costs shown below	2.76			2.51		15.60
By-product credits	(0.30)			—		—
Treatment charges	0.10			0.09		—
Unit net cash costs	2.56			2.60		15.60
DD&A	0.28			0.25		0.95
Metals inventory adjustments	0.01			0.01		—
Noncash and other costs, net	0.10		c	0.09		0.60
Total unit costs	2.95			2.95		17.15
Other revenue adjustments, primarily for pricing on prior period open sales	(0.06)			(0.06)		—
Gross profit (loss) per pound	$	0.56		$	0.56	$	(0.40)

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	1,442		$	1,043	$	99	$	3
Treatment charges	(6)			29		—		—
Noncash and other costs, net	—			38		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	(20)			—		—		—
Eliminations and other	32			34		1		—
North America copper mines	1,448			1,144		100		3
Other miningd	4,941			3,611		390		22


Corporate, other & eliminations	(1,386)			(1,389)		18		—
As reported in FCX's consolidated financial statements	$	5,003		$	3,366	$	508	$	25

a.Reflects sales of molybdenum produced by certain of the North America copper mines to FCX's molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $20 million ($0.06 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XVI


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Nine Months Ended September 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	4,159		$	4,159	$	576	$	129	$	4,864
Site production and delivery, before net noncash and other costs shown below	3,097			2,729		417		113		3,259
By-product credits	(543)			—		—		—		—
Treatment charges	126			120		—		6		126
Net cash costs	2,680			2,849		417		119		3,385
DD&A	312			276		30		6		312
Metals inventory adjustments	5			5		—		—		5
Noncash and other costs, net	175		c	152		20		3		175
Total costs	3,172			3,282		467		128		3,877
Other revenue adjustments, primarily for pricing on prior period open sales	13			13		—		—		13
Gross profit	$	1,000		$	890	$	109	$	1	$	1,000

Copper sales (millions of recoverable pounds)	1,048			1,048
Molybdenum sales (millions of recoverable pounds)a						23

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	3.97		$	3.97	$	24.41
Site production and delivery, before net noncash and other costs shown below	2.96			2.60		17.66
By-product credits	(0.52)			—		—
Treatment charges	0.12			0.12		—
Unit net cash costs	2.56			2.72		17.66
DD&A	0.30			0.26		1.27
Metals inventory adjustments	0.01			0.01		—
Noncash and other costs, net	0.16		c	0.14		0.87
Total unit costs	3.03			3.13		19.80
Other revenue adjustments, primarily for pricing on prior period open sales	0.01			0.01		—
Gross profit per pound	$	0.95		$	0.85	$	4.61

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	4,864		$	3,259	$	312	$	5
Treatment charges	(9)			117		—		—
Noncash and other costs, net	—			175		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	13			—		—		—
Eliminations and other	49			52		—		—
North America copper mines	4,917			3,603		312		5
Other miningd	16,832			11,294		1,117		1


Corporate, other & eliminations	(4,799)			(4,637)		50		1
As reported in FCX's consolidated financial statements	$	16,950		$	10,260	$	1,479	$	7

a.Reflects sales of molybdenum produced by certain of the North America copper mines to FCX's molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $81 million ($0.08 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XVII


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs

Nine Months Ended September 30, 2022
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	4,720		$	4,720	$	393	$	95	$	5,208
Site production and delivery, before net noncash and other costs shown below	2,882			2,643		283		70		2,996
By-product credits	(374)			—		—		—		—
Treatment charges	112			109		—		3		112
Net cash costs	2,620			2,752		283		73		3,108
DD&A	306			282		19		5		306
Metals inventory adjustments	10			9		1		—		10
Noncash and other costs, net	104		c	94		8		2		104
Total costs	3,040			3,137		311		80		3,528
Other revenue adjustments, primarily for pricing on prior period open sales	(13)			(13)		—		—		(13)
Gross profit	$	1,667		$	1,570	$	82	$	15	$	1,667

Copper sales (millions of recoverable pounds)	1,131			1,131
Molybdenum sales (millions of recoverable pounds)a						22

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	4.17		$	4.17	$	17.87
Site production and delivery, before net noncash and other costs shown below	2.54			2.33		12.87
By-product credits	(0.33)			—		—
Treatment charges	0.10			0.10		—
Unit net cash costs	2.31			2.43		12.87
DD&A	0.27			0.25		0.88
Metals inventory adjustments	0.01			0.01		—
Noncash and other costs, net	0.09		c	0.08		0.40
Total unit costs	2.68			2.77		14.15
Other revenue adjustments, primarily for pricing on prior period open sales	(0.01)			(0.01)		—
Gross profit per pound	$	1.48		$	1.39	$	3.72

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	5,208		$	2,996	$	306	$	10
Treatment charges	(15)			97		—		—
Noncash and other costs, net	—			104		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	(13)			—		—		—
Eliminations and other	74			82		1		—
North America copper mines	5,254			3,279		307		10
Other miningd	16,649			11,072		1,147		33


Corporate, other & eliminations	(4,881)			(4,832)		50		—
As reported in FCX's consolidated financial statements	$	17,022		$	9,519	$	1,504	$	43

a.Reflects sales of molybdenum produced by certain of the North America copper mines to FCX's molybdenum sales company at market-based pricing.

b.Includes gold and silver product revenues and production costs.

c.Includes charges totaling $49 million ($0.04 per pound of copper) for feasibility and optimization studies.

d.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XVIII


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Mining Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended September 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	1,159		$	1,159	$	145	$	1,304
Site production and delivery, before net noncash and other costs shown below	790			712		93		805
By-product credits	(130)			—		—		—
Treatment charges	61			61		—		61
Royalty on metals	2			2		—		2
Net cash costs	723			775		93		868
DD&A	110			98		12		110
Metals inventory adjustments	1			1		—		1
Noncash and other costs, net	21		b	20		1		21
Total costs	855			894		106		1,000
Other revenue adjustments, primarily for pricing on prior period open sales	2			2		—		2
Gross profit	$	306		$	267	$	39	$	306

Copper sales (millions of recoverable pounds)	307			307

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.77		$	3.77
Site production and delivery, before net noncash and other costs shown below	2.57			2.32
By-product credits	(0.42)			—
Treatment charges	0.19			0.19
Royalty on metals	0.01			0.01
Unit net cash costs	2.35			2.52
DD&A	0.36			0.32
Metals inventory adjustments	—			—
Noncash and other costs, net	0.07		b	0.07
Total unit costs	2.78			2.91
Other revenue adjustments, primarily for pricing on prior period open sales	0.01			0.01
Gross profit per pound	$	1.00		$	0.87

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	1,304		$	805	$	110	$	1
Treatment charges	(61)			—		—		—
Royalty on metals	(2)			—		—		—
Noncash and other costs, net	—			21		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	2			—		—		—
Eliminations and other	1			—		1		—
South America mining	1,244			826		111		1
Other miningc	6,177			4,308		404		4


Corporate, other & eliminations	(1,597)			(1,586)		18		—
As reported in FCX's consolidated financial statements	$	5,824		$	3,548	$	533	$	5

a.Includes silver sales of 1.1 million ounces ($23.31 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 $11 million ($0.03 per pound of copper) for feasibility studies.

c.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XIX


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Mining Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended September 30, 2022
(In millions)	By-Product		Co-Product Method
	Method		Copper		Othera		Total
Revenues, excluding adjustments	$	1,017	$	1,017	$	62	$	1,079
Site production and delivery, before net noncash and other costs shown below	761		723		52		775
By-product credits	(48)		—		—		—
Treatment charges	40		40		—		40
Royalty on metals	2		2		—		2
Net cash costs	755		765		52		817
DD&A	99		93		6		99
Metals inventory adjustments	22		22		—		22
Noncash and other costs, net	25		23		2		25
Total costs	901		903		60		963
Other revenue adjustments, primarily for pricing on prior period open sales	(73)		(73)		—		(73)
Gross profit	$	43	$	41	$	2	$	43

Copper sales (millions of recoverable pounds)	293		293

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.47	$	3.47
Site production and delivery, before net noncash and other costs shown below	2.60		2.47
By-product credits	(0.16)		—
Treatment charges	0.13		0.14
Royalty on metals	0.01		—
Unit net cash costs	2.58		2.61
DD&A	0.34		0.32
Metals inventory adjustments	0.07		0.07
Noncash and other costs, net	0.09		0.08
Total unit costs	3.08		3.08
Other revenue adjustments, primarily for pricing on prior period open sales	(0.25)		(0.25)
Gross profit per pound	$	0.14	$	0.14

Reconciliation to Amounts Reported
							Metals
			Production				Inventory
	Revenues		and Delivery		DD&A		Adjustments
Totals presented above	$	1,079	$	775	$	99	$	22
Treatment charges	(40)		—		—		—
Royalty on metals	(2)		—		—		—
Noncash and other costs, net	—		25		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	(73)		—		—		—
Eliminations and other	—		—		(1)		—
South America mining	964		800		98		22
Other miningb	5,425		3,955		392		3


Corporate, other & eliminations	(1,386)		(1,389)		18		—
As reported in FCX's consolidated financial statements	$	5,003	$	3,366	$	508	$	25

a.Includes silver sales of 1.1 million ounces ($17.11 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.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Mining Product Revenues, Production Costs and Unit Net Cash Costs

Nine Months Ended September 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	3,492		$	3,492	$	447	$	3,939
Site production and delivery, before net noncash and other costs shown below	2,297			2,074		272		2,346
By-product credits	(401)			—		—		—
Treatment charges	179			179		—		179
Royalty on metals	6			5		1		6
Net cash costs	2,081			2,258		273		2,531
DD&A	350			310		40		350
Metals inventory adjustments	1			1		—		1
Noncash and other costs, net	71		b	66		5		71
Total costs	2,503			2,635		318		2,953
Other revenue adjustments, primarily for pricing on prior period open sales	71			71		3		74
Gross profit	$	1,060		$	928	$	132	$	1,060

Copper sales (millions of recoverable pounds)	913			913

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.82		$	3.82
Site production and delivery, before net noncash and other costs shown below	2.51			2.26
By-product credits	(0.44)			—
Treatment charges	0.20			0.20
Royalty on metals	0.01			0.01
Unit net cash costs	2.28			2.47
DD&A	0.38			0.34
Metals inventory adjustments	—			—
Noncash and other costs, net	0.08		b	0.07
Total unit costs	2.74			2.88
Other revenue adjustments, primarily for pricing on prior period open sales	0.08			0.08
Gross profit per pound	$	1.16		$	1.02

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	3,939		$	2,346	$	350	$	1
Treatment charges	(179)			—		—		—
Royalty on metals	(6)			—		—		—
Noncash and other costs, net	—			71		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	74			—		—		—
Eliminations and other	—			(1)		—		—
South America mining	3,828			2,416		350		1
Other miningc	17,921			12,481		1,079		5


Corporate, other & eliminations	(4,799)			(4,637)		50		1
As reported in FCX's consolidated financial statements	$	16,950		$	10,260	$	1,479	$	7

a.Includes silver sales of 3.2 million ounces ($23.51 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 $30 million ($0.03 per pound of copper) for feasibility studies.

c.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XXI


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

South America Mining Product Revenues, Production Costs and Unit Net Cash Costs

Nine Months Ended September 30, 2022
(In millions)	By-Product		Co-Product Method
	Method		Copper		Othera		Total
Revenues, excluding adjustments	$	3,149	$	3,149	$	302	$	3,451
Site production and delivery, before net noncash and other costs shown below	2,114		1,968		188		2,156
By-product credits	(260)		—		—		—
Treatment charges	124		124		—		124
Royalty on metals	7		6		1		7
Net cash costs	1,985		2,098		189		2,287
DD&A	297		272		25		297
Metals inventory adjustments	32		31		1		32
Noncash and other costs, net	60		57		3		60
Total costs	2,374		2,458		218		2,676
Other revenue adjustments, primarily for pricing on prior period open sales	35		35		—		35
Gross profit	$	810	$	726	$	84	$	810

Copper sales (millions of recoverable pounds)	845		845

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.73	$	3.73
Site production and delivery, before net noncash and other costs shown below	2.50		2.33
By-product credits	(0.31)		—
Treatment charges	0.15		0.15
Royalty on metals	0.01		0.01
Unit net cash costs	2.35		2.49
DD&A	0.35		0.32
Metals inventory adjustments	0.04		0.04
Noncash and other costs, net	0.07		0.06
Total unit costs	2.81		2.91
Other revenue adjustments, primarily for pricing on prior period open sales	0.04		0.04
Gross profit per pound	$	0.96	$	0.86

Reconciliation to Amounts Reported
							Metals
			Production				Inventory
	Revenues		and Delivery		DD&A		Adjustments
Totals presented above	$	3,451	$	2,156	$	297	$	32
Treatment charges	(124)		—		—		—
Royalty on metals	(7)		—		—		—
Noncash and other costs, net	—		60		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	35		—		—		—
Eliminations and other	(1)		(4)		—		1
South America mining	3,354		2,212		297		33
Other miningb	18,549		12,139		1,157		10


Corporate, other & eliminations	(4,881)		(4,832)		50		—
As reported in FCX's consolidated financial statements	$	17,022	$	9,519	$	1,504	$	43

a.Includes silver sales of 3.2 million ounces ($21.24 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.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XXII


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended September 30, 2023
(In millions)				Co-Product Method
	By-Product Method			Copper		Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	1,621		$	1,621	$	749	$	32	$	2,402
Site production and delivery, before net noncash and other costs shown below	612			413		191		8		612
Gold, silver and other by-product credits	(785)			—		—		—		—
Treatment charges	138			93		43		2		138
Export duties	147			99		46		2		147
Royalty on metals	78			52		25		1		78
Net cash costs	190			657		305		13		975
DD&A	271			183		84		4		271

Noncash and other costs, net	8		b	6		2		—		8
Total costs	469			846		391		17		1,254
Other revenue adjustments, primarily for pricing on prior period open sales	1			1		3		1		5

Gross profit	$	1,153		$	776	$	361	$	16	$	1,153

Copper sales (millions of recoverable pounds)	430			430
Gold sales (thousands of recoverable ounces)						395

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	3.77		$	3.77	$	1,898
Site production and delivery, before net noncash and other costs shown below	1.42			0.96		484
Gold, silver and other by-product credits	(1.83)			—		—
Treatment charges	0.32			0.22		109
Export duties	0.34			0.23		116
Royalty on metals	0.19			0.12		64
Unit net cash costs	0.44			1.53		773
DD&A	0.63			0.43		214

Noncash and other costs, net	0.02		b	0.01		6
Total unit costs	1.09			1.97		993
Other revenue adjustments, primarily for pricing on prior period open sales	—			—		8

Gross profit per pound/ounce	$	2.68		$	1.80	$	913

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	2,402		$	612	$	271
Treatment charges	(87)			51		—
Export duties	(147)			—		—
Royalty on metals	(78)			—		—
Noncash and other costs, net	—			8		—
Other revenue adjustments, primarily for pricing on prior period open sales	5			—		—

Eliminations and other	—			(4)		—
Indonesia mining	2,095			667		271
Other miningc	5,326			4,467		244


Corporate, other & eliminations	(1,597)			(1,586)		18
As reported in FCX's consolidated financial statements	$	5,824		$	3,548	$	533

a.Includes silver sales of 1.3 million ounces ($22.96 per ounce average realized price).

b.Includes charges totaling $8 million ($0.02 per pound of copper) for feasibility and optimization studies.

c.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XXIII


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended September 30, 2022
(In millions)				Co-Product Method
	By-Product Method			Copper		Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	1,400		$	1,400	$	802	$	30	$	2,232
Site production and delivery, before net noncash and other credits shown below	735			461		264		10		735
Gold, silver and other by-product credits	(814)			—		—		—		—
Treatment charges	95			60		34		1		95
Export duties	80			50		29		1		80
Royalty on metals	81			48		32		1		81
Net cash costs	177			619		359		13		991
DD&A	265			167		95		3		265

Noncash and other credits, net	(10)		b	(7)		(3)		—		(10)
Total costs	432			779		451		16		1,246
Other revenue adjustments, primarily for pricing on prior period open sales	(158)			(158)		(17)		(1)		(176)
PT Smelting intercompany profit	60			38		22		—		60
Gross profit	$	870		$	501	$	356	$	13	$	870

Copper sales (millions of recoverable pounds)	406			406
Gold sales (thousands of recoverable ounces)						476

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	3.45		$	3.45	$	1,683
Site production and delivery, before net noncash and other credits shown below	1.81			1.13		553
Gold, silver and other by-product credits	(2.00)			—		—
Treatment charges	0.23			0.15		72
Export duties	0.20			0.12		61
Royalty on metals	0.20			0.12		67
Unit net cash costs	0.44			1.52		753
DD&A	0.65			0.41		200

Noncash and other credits, net	(0.02)		b	(0.01)		(7)
Total unit costs	1.07			1.92		946
Other revenue adjustments, primarily for pricing on prior period open sales	(0.39)			(0.39)		(36)
PT Smelting intercompany profit	0.15			0.09		45
Gross profit per pound/ounce	$	2.14		$	1.23	$	746

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	2,232		$	735	$	265
Treatment charges	(95)			—		—
Export duties	(80)			—		—
Royalty on metals	(81)			—		—
Noncash and other credits, net	(2)			(12)		—
Other revenue adjustments, primarily for pricing on prior period open sales	(176)			—		—
PT Smelting intercompany profit	—			(60)		—
Indonesia mining	1,798			663		265
Other miningc	4,591			4,092		225


Corporate, other & eliminations	(1,386)			(1,389)		18
As reported in FCX's consolidated financial statements	$	5,003		$	3,366	$	508

a.Includes silver sales of 1.6 million ounces ($18.58 per ounce average realized price).

b.Includes net credits totaling $21 million ($0.05 per pound of copper) associated with historical tax audits.

c.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XXIV


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs

Nine Months Ended September 30, 2023
(In millions)				Co-Product Method
	By-Product Method			Copper		Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	3,860		$	3,860	$	2,227	$	106	$	6,193
Site production and delivery, before net noncash and other costs shown below	1,736			1,082		624		30		1,736
Gold, silver and other by-product credits	(2,350)			—		—		—		—
Treatment charges	362			226		130		6		362
Export duties	165			103		59		3		165
Royalty on metals	228			144		81		3		228
Net cash costs	141			1,555		894		42		2,491
DD&A	694			433		249		12		694

Noncash and other costs, net	115		b	71		42		2		115
Total costs	950			2,059		1,185		56		3,300
Other revenue adjustments, primarily for pricing on prior period open sales	114			114		18		(1)		131
PT Smelting intercompany profit	112			70		40		2		112
Gross profit	$	3,136		$	1,985	$	1,100	$	51	$	3,136

Copper sales (millions of recoverable pounds)	1,014			1,014
Gold sales (thousands of recoverable ounces)						1,153

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	3.81		$	3.81	$	1,932
Site production and delivery, before net noncash and other costs shown below	1.71			1.07		542
Gold, silver and other by-product credits	(2.32)			—		—
Treatment charges	0.36			0.22		113
Export duties	0.16			0.10		51
Royalty on metals	0.23			0.14		70
Unit net cash costs	0.14			1.53		776
DD&A	0.69			0.43		216

Noncash and other costs, net	0.11		b	0.07		36
Total unit costs	0.94			2.03		1,028
Other revenue adjustments, primarily for pricing on prior period open sales	0.11			0.11		15
PT Smelting intercompany profit	0.11			0.07		35
Gross profit per pound/ounce	$	3.09		$	1.96	$	954

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	6,193		$	1,736	$	694
Treatment charges	(231)			131		—
Export duties	(165)			—		—
Royalty on metals	(228)			—		—
Noncash and other costs, net	—			115		—
Other revenue adjustments, primarily for pricing on prior period open sales	131			—		—
PT Smelting intercompany profit	—			(112)		—
Eliminations and other	—			(10)		—
Indonesia mining	5,700			1,860		694
Other miningc	16,049			13,037		735


Corporate, other & eliminations	(4,799)			(4,637)		50
As reported in FCX's consolidated financial statements	$	16,950		$	10,260	$	1,479

a.Includes silver sales of 4.0 million ounces ($23.37 per ounce average realized price).

b.Includes a charge of $55 million ($0.05 per pound of copper) associated with a potential administrative fine and charges totaling $33 million ($0.03 per pound of copper) for feasibility and optimization studies.

c.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XXV


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Indonesia Mining Product Revenues, Production Costs and Unit Net Cash Costs

Nine Months Ended September 30, 2022
(In millions)				Co-Product Method
	By-Product Method			Copper		Gold		Silver & Othera		Total
Revenues, excluding adjustments	$	4,433		$	4,433	$	2,422	$	98	$	6,953
Site production and delivery, before net noncash and other costs shown below	1,855			1,183		646		26		1,855
Gold, silver and other by-product credits	(2,523)			—		—		—		—
Treatment charges	287			183		100		4		287
Export duties	245			156		85		4		245
Royalty on metals	281			183		95		3		281
Net cash costs	145			1,705		926		37		2,668
DD&A	775			494		270		11		775

Noncash and other costs, net	20		b	13		7		—		20
Total costs	940			2,212		1,203		48		3,463
Other revenue adjustments, primarily for pricing on prior period open sales	25			25		3		—		28
PT Smelting intercompany profit	34			21		12		1		34
Gross profit	$	3,552		$	2,267	$	1,234	$	51	$	3,552

Copper sales (millions of recoverable pounds)	1,195			1,195
Gold sales (thousands of recoverable ounces)						1,356

Gross profit per pound of copper/per ounce of gold:

Revenues, excluding adjustments	$	3.71		$	3.71	$	1,786
Site production and delivery, before net noncash and other credits shown below	1.55			0.99		476
Gold, silver and other by-product credits	(2.11)			—		—
Treatment charges	0.24			0.15		74
Export duties	0.20			0.13		63
Royalty on metals	0.24			0.16		70
Unit net cash costs	0.12			1.43		683
DD&A	0.65			0.41		199

Noncash and other costs, net	0.02		b	0.01		5
Total unit costs	0.79			1.85		887
Other revenue adjustments, primarily for pricing on prior period open sales	0.02			0.02		2
PT Smelting intercompany profit	0.03			0.02		9
Gross profit per pound/ounce	$	2.97		$	1.90	$	910

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	6,953		$	1,855	$	775
Treatment charges	(287)			—		—
Export duties	(245)			—		—
Royalty on metals	(281)			—		—
Noncash and other costs, net	12			32		—
Other revenue adjustments, primarily for pricing on prior period open sales	28			—		—
PT Smelting intercompany profit	—			(34)		—
Indonesia mining	6,180			1,853		775
Other miningc	15,723			12,498		679


Corporate, other & eliminations	(4,881)			(4,832)		50
As reported in FCX's consolidated financial statements	$	17,022		$	9,519	$	1,504

a.Includes silver sales of 4.7 million ounces ($20.80 per ounce average realized price).

b.Includes a net charge of $30 million ($0.02 per pound of copper) consisting of charges associated with a settlement of an administrative fine levied by the Indonesia government and a reserve for exposure associated with export duties in prior periods, partially offset by credits for adjustments to prior year treatment and refining charges and historical tax audits.

c.Represents the combined total for FCX's other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI.

XXVI


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs

	Three Months Ended September 30,
(In millions)	2023		2022

Revenues, excluding adjustmentsa	$	153	$	134
Site production and delivery, before net noncash and other costs shown below	116		91
Treatment charges and other	6		7
Net cash costs	122		98
DD&A	14		18

Noncash and other costs, net	4		3
Total costs	140		119
Gross profit	$	13	$	15

Molybdenum sales (millions of recoverable pounds)a	7		8

Gross profit per pound of molybdenum:

Revenues, excluding adjustmentsa	$	22.58	$	16.51
Site production and delivery, before net noncash and other costs shown below	17.20		11.26
Treatment charges and other	0.87		0.84
Unit net cash costs	18.07		12.10
DD&A	2.13		2.16

Noncash and other costs, net	0.53		0.40
Total unit costs	20.73		14.66
Gross profit per pound	$	1.85	$	1.85

Reconciliation to Amounts Reported

			Production
Three Months Ended September 30, 2023	Revenues		and Delivery		DD&A
Totals presented above	$	153	$	116	$	14
Treatment charges and other	(6)		—		—
Noncash and other costs, net	—		4		—
Molybdenum mines	147		120		14
Other miningb	7,274		5,014		501


Corporate, other & eliminations	(1,597)		(1,586)		18
As reported in FCX's consolidated financial statements	$	5,824	$	3,548	$	533

Three Months Ended September 30, 2022
Totals presented above	$	134	$	91	$	18
Treatment charges and other	(7)		—		—
Noncash and other costs, net	—		3		—


Molybdenum mines	127		94		18
Other miningb	6,262		4,661		472


Corporate, other & eliminations	(1,386)		(1,389)		18
As reported in FCX's consolidated financial statements	$	5,003	$	3,366	$	508

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 other mining operations as presented in the supplemental schedule, "Business Segments," beginning on page XI. Also includes amounts associated with FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.

XXVII


Freeport-McMoRan Inc.
PRODUCT REVENUES AND PRODUCTION COSTS (continued)

Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs

	Nine Months Ended September 30,
(In millions)	2023		2022

Revenues, excluding adjustmentsa	$	539	$	419
Site production and delivery, before net noncash and other costs shown below	308		241
Treatment charges and other	19		20
Net cash costs	327		261
DD&A	48		52

Noncash and other costs, net	13		8
Total costs	388		321
Gross profit	$	151	$	98

Molybdenum sales (millions of recoverable pounds)a	22		23

Gross profit per pound of molybdenum:

Revenues, excluding adjustmentsa	$	25.17	$	18.01
Site production and delivery, before net noncash and other costs shown below	14.39		10.37
Treatment charges and other	0.86		0.85
Unit net cash costs	15.25		11.22
DD&A	2.26		2.23

Noncash and other costs, net	0.61		0.37
Total unit costs	18.12		13.82
Gross profit per pound	$	7.05	$	4.19

Reconciliation to Amounts Reported

			Production
Nine Months Ended September 30, 2023	Revenues		and Delivery		DD&A
Totals presented above	$	539	$	308	$	48
Treatment charges and other	(19)		—		—
Noncash and other costs, net	—		13		—
Molybdenum mines	520		321		48
Other miningb	21,229		14,576		1,381


Corporate, other & eliminations	(4,799)		(4,637)		50
As reported in FCX's consolidated financial statements	$	16,950	$	10,260	$	1,479

Nine Months Ended September 30, 2022
Totals presented above	$	419	$	241	$	52
Treatment charges and other	(20)		—		—
Noncash and other costs, net	—		8		—


Molybdenum mines	399		249		52
Other miningb	21,504		14,102		1,402


Corporate, other & eliminations	(4,881)		(4,832)		50
As reported in FCX's consolidated financial statements	$	17,022	$	9,519	$	1,504

XXVIII

fcx.com FCX Conference Call 3rd Quarter 2023 Results October 19, 2023

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 business outlook, strategy, goals or targets; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs and operating costs; capital expenditures; operating plans; cash flows; liquidity; PT-FI’s financing, construction and completion of additional domestic smelting capacity in Indonesia in accordance with the terms of its special mining license (IUPK); extension of PT Freeport Indonesia’s (PT-FI) IUPK beyond 2041 and export licenses; PT-FI’s resumption of exports of anode slimes; payment of export duties; export volumes; FCX’s commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; execution of FCX’s energy and climate strategies and the underly ing assumptions and estimated impacts on FCX’s business and stakeholders related thereto; achievement of 2030 climate targets and 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; the impact of the August 2023 cybersecurity incident; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; 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 shareholders, 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 of Directors (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; PT-FI’s ability to continue to export and sell copper concentrates and anode slimes; changes in export duties, including results of proceedings to dispute export duties; the Indonesia government’s approval of a deferred schedule for completion of additional domestic smelting capacity in Indonesia; production rates; timing of shipments; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in FCX’s cash requirements, financial position, financing or investment plans; changes in general market, economic, regulatory or industry conditions; reductions in liquidity and access to capital; changes in tax laws and regulations, including the impact of the U.S. Inflation Reduction Act; any major public health crisis; 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; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PT-FI’s IUPK to extend mining rights from 2031 through 2041; discussions relating to the extension of PT-FI’s IUPK beyond 2041; cybersecurity incidents; labor relations, including labor-related work stoppages and costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; litigation results; 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, 2022, filed with the U.S. Securities and Exchange Commission (SEC), as may be updated by FCX’s subsequent filings with the SEC. 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 cautions investors that it undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates are, to a large extent, based on metal prices for the commodities we produce and interpretations of geologic data, which may not necessarily be indicative of future results or quantities ultimately recovered. This presentation includes forward-looking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material modifying factors. This presentation also includes forward-looking statements regarding mineral potential, which includes exploration targets and mineral resources but will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of metal will be produced. Accordingly, no assurances can be given that estimated mineral resources or mineral potential will become proven and probable mineral reserves. This presentation also contains measures such as unit net cash costs per pound of copper and molybdenum, net debt and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which are not recognized under U.S. generally accepted accounting principles (GAAP). FCX’s calculation and reconciliation of unit net cash costs per pound of copper and net debt to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of FCX’s 3Q23 press release, which is available on FCX’s website, fcx.com. A reconciliation of amounts reported in FCX’s consolidated financial statements to adjusted EBITDA is included on slide 29. For forward-looking non-GAAP measures FCX is unable to provide a reconciliation to the most comparable GAAP measure because the information needed to reconcile these measures is dependent upon future events, many of which are outside of management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with FCX’s accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions. 2

3 3Q23 Highlights • Solid operational performance o Copper sales: 8% above July 2023 estimate o Gold production of 532k ozs exceeded sales (timing) • Unit net cash costs similar to prior year o Variance to July estimate relates to disputed export duties at PT-FI • Adjusted EBITDA of $2.2 bn (1) • Construction of Indonesia smelter ~84% complete • Solid balance sheet and financial flexibility o Net Debt of $3.2 bn ($0.8 bn excluding smelter projects) (2) 3Q23 July Key Stats Actual Estimate Copper Sales (mm lbs) 1,109 1,030 Gold Sales (k ozs) 399 420 Unit Net Cash Costs ($/lb) $1.73 $1.61 Oper. Cash Flow CAPEX Excl. Smelter $1.2 (4)$1.2 (3) Cash Flows 3Q23 ($ bns) (1) A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 29. (2) Net debt equals consolidated debt less consolidated cash and cash equivalents and current restricted cash associated with PT-FI's export proceeds ($0.5 bn). Also excludes $2.4 bn in net debt associated with the Indonesia smelter projects. (3) Includes working capital and other uses of $0.5 bn for 3Q23 and $0.7 bn for the 9 months ended 9/30/23. (4) Includes $0.4 bn for major projects and $0.4 bn for the Indonesia smelter projects in 3Q23 and $1.2 bn for major projects and $1.2 bn for the Indonesia smelter projects for the 9 months ended 9/30/23. See Cautionary Statement. Copper Gold 3Q23 Price Realization $3.80/lb $1,898/oz $3.5 (4) $4.0 (3) 9 mos. Ended 9/30/23 $0.8 CAPEX $2.3

Copper Structurally Supported by Favorable Long-term Fundamentals 4 Copper Market Commentary $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 0 300,000 600,000 900,000 1,200,000 1,500,000 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Copper Price Inventories (metric tons) Cu Price ($/lb) Global Copper Exchange Inventories Includes LME, COMEX and Shanghai exchanges Source: Bloomberg as of 10/18/23 See Cautionary Statement. • Rising interest rates, US$ strength and global geopolitical and macro-economic uncertainty impacting sentiment • Exchange inventories remain at historically low levels, despite recent build • Copper consumption globally, led by China, is growing • EV/renewables trends are copper intensive and supportive of future demand • Significant new supply needed to meet growing demand • Long lead-times for new supplies • Higher prices needed to incentivize supply development

5 Leach Innovation Initiatives o 46 mm lbs Cu in 3Q23; over 3x 3Q22 o 90% of YE 2023 targeted annual run rate o Pursuing new technologies to increase recoveries beyond initial target Productivity Initiatives o Continued focus on productivity, efficiencies and improved equipment reliability Bagdad o Advancing autonomous haulage 3Q 2023 Operations Update Strong execution Cerro Verde o 3Q23 Mill Rate: 431k tpd ‒ Quarterly record El Abra o Advancing plans to invest in water infrastructure to provide options to extend existing operations Grasberg o 3Q23 Mill Rate: 207k tpd ‒ Commissioned new crusher to support increased mining rates in the GBC o 3Q production of over 400 mm lbs of copper and 500k ozs of gold North America South America Indonesia Cu Sales: 372 mm lbs Cu Sales: 307 mm lbs Cu Sales: 430 mm lbs Au Sales: 395 k ozsSee Cautionary Statement.

Safford / Lone Star Sulfides ~50 bn lbs Mineral Potential (2) Other U.S. Brownfield Opportunities ~100 bn lbs Mineral Potential (2) Grasberg Extension of Operating Rights Beyond 2041 opens significant development potential Organic Development Pipeline Near-Term Long-Term PotentialMedium-Term Potential Step Change in Leaching Technology ~600 mm lbs* Bagdad 2X Expansion ~200 mm lbs* El Abra Expansion ~650 mm lbs* Kucing Liar ~550 mm lbs & 560k ozs* Leach Innovation Initiatives ~200 mm lbs* North America Staffing & Asset Efficiency ~200 mm lbs* * Annual production estimates (1) As of 12/31/22. Copper reserves (recoverable metal) based on long-term average price of $3.00/lb; copper resources (contained metal) based on long-term average price of $3.50/lb. Mineral resources are not included in mineral reserves and will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Accordingly, no assurance can be given that the estimated mineral resources will become proven and probable mineral reserves. (2) Estimated mineral potential includes exploration targets and mineral resources but will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of metal will be produced. Accordingly, no assurance can be given that estimated mineral potential not included in mineral reserves will become proven and probable mineral reserves. See Cautionary Statement. 6 FCX Copper Reserves (1) 111 bn lbs FCX Copper Resources (1) 235 bn lbs

Annual Sales Profile NOTE: Consolidated copper sales include 1.3 bn lbs in 2023e, 1.4 bn lbs in 2024e and 1.36 bn lbs in 2025e for noncontrolling interests; excludes purchased copper. 0.00 1.00 2.00 3.00 4.00 5.00 2023e* 2024e* 2025e 4.06 4.2 4.2 0 1 2 2023e* 2024e* 2025e 1.74 1.8 1.6 0 25 50 75 100 2023e 2024e 2025e 80 85 90 * Estimates assume deferrals of ~100 mm lbs of copper and ~180k ozs of gold in 2023 related to production deferred in inventory until final sale associated with PT-FI’s tolling arrangement with PT Smelting (effective January 2023) and ~90 mm lbs of copper and ~80k ozs of gold in 2024 related to PT-FI’s Manyar smelter (expected to be commissioned in 2024). e = estimate. See Cautionary Statement. NOTE: Consolidated gold sales include 826k ozs in 2023e, 922k ozs in 2024e and 820k ozs in 2025e for noncontrolling interests. (billion lbs) Copper Sales (million lbs) Moly Sales Gold Sales (million ozs) October 2023 Estimate 7

8 (1) (1) Includes molybdenum produced in South America. (2) Includes gold produced in North America. (3) Estimates assume average prices of $1,900/oz for gold and $20/lb for molybdenum in 4Q23e. Quarterly unit costs will vary significantly with quarterly metal sales volumes. (4) Production costs include profit sharing in South America and severance taxes in North America. (5) Estimates include assessment of 7.5% export duty at PT-FI, which continues to be discussed with the Indonesia government. 2023e consolidated unit costs include 7¢/lb (and Indonesia unit costs 19¢/lb) for export duties. 1,194 80 1,373 1,489 1.74 (2) North America IndonesiaSouth America by Region2023e Sales Mo mm lbs Cu mm lbs Au mm ozs (per lb of Cu) Site Production & Delivery (4) $2.98 $2.56 $1.68 $2.38 By-product Credits (0.48) (0.42) (2.31) (1.14) Treatment Charges 0.12 0.19 0.36 0.23 Royalties & Export Duties 0.00 0.01 0.42 0.16 Unit Net Cash Costs $2.62 $2.34 $0.15 $1.63 2023e Unit Net Cash Costs (3) North South America America Indonesia Consolidated Cu mm lbs Cu mm lbs e = estimate. See Cautionary Statement. 2023e Operational Data (5) (5)

NOTE: EBITDA equals operating income plus depreciation, depletion and amortization. e = estimate. See Cautionary Statement. (1) U.S. Dollar Exchange Rates: 889 Chilean peso, 15,300 Indonesian rupiah, $0.64 Australian dollar, $1.08 Euro, 3.64 Peruvian Nuevo Sol base case assumption. Each +10% equals a 10% strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecasted expenditures in these foreign currencies equates to a cost benefit of noted amounts. $0 $4 $8 $12 $16 Cu $4.00/lb Cu $4.50/lb Cu $5.00/lb Average ’24e/’25e $0 $3 $6 $9 $12 Cu $4.00/lb Cu $4.50/lb Cu $5.00/lb Average ’24e/’25e ($ in bns except copper, gold and molybdenum prices) Operating Cash Flow Excludes working capital changes EBITDA EBITDA and Cash Flow at Various Copper Prices Sensitivities Average ’24e/’25e (US$ in mms) EBITDA Operating Cash Flow Copper +/-$0.10/lb $325 Molybdenum +/-$1.00/lb $ 75 Gold +/-$50/oz $ 55 Currencies (1) +/-10% $165 Diesel +/-10% $ 65 Copper +/-$0.10/lb $420 Molybdenum +/-$1.00/lb $ 80 Gold +/-$50/oz $ 80 Currencies(1) +/-10% $240 Diesel +/-10% $ 90 Assuming $1,900/oz gold, $20/lb molybdenum 9

2022 2023e 2024e Consolidated Capital Expenditures Major Projects (1) See slide 28; Indonesia smelter projects are being funded with PT-FI’s senior notes and availability under its revolving credit facility. (2) Major projects include CAPEX associated with Grasberg underground development, supporting mill and power capital costs and initial spending on new gas-fired combined cycle facility ($1.1 bn in 2023e and $0.8 bn in 2024e). For details of discretionary spending see slide 26. NOTE: Amounts include capitalized interest. Discretionary CAPEX and smelter spending will be excluded from the free cash flow (as defined on slide 13) calculation for purposes of the performance-based payout framework. e= estimate. See Cautionary Statement. Other $1.0 ($ in bns) $1.7(2) $2.7 $1.3(2) $1.3 $3.2 $1.5 $1.1(2) Planned Discretionary Planned Discretionary $1.3 $0.6 $3.9 $1.4 Planned Discretionary Other Other Excluding Indonesia Smelter Projects CAPEX (1) 10

11 Indonesia Manyar Smelter Project Update ~84% Complete with Commissioning Expected in 2024 NOTE: See slide 28 for additional details. See Cautionary Statement. Smelter Project Site View Northwest to Southeast

• Advancing plans to transition existing energy source from coal to liquefied natural gas (LNG) • Plan to develop 265MW gas-fired combined cycle facility — targeted start date in 2027 for LNG • Expected to meaningfully reduce PT-FI’s Scope 1 greenhouse gas (GHG) emissions • ~$1 bn project (incremental ~$0.4 bn compared to previous plans to refurbish coal units) o $150 mm in 2024e 12 • Entered into a new renewable energy power purchase agreement in 3Q23 • Transitions purchased electric power for operations to fully renewable energy sources in 2026 • Expected to eliminate Cerro Verde’s Scope 2 GHG emissions starting in 2026 • Expected to positively contribute to FCX’s 2030 Americas Copper GHG emission intensity reduction target Grasberg Transition to LNG Cerro Verde Renewable Energy Progress on Climate Initiatives See Cautionary Statement.

13 Financial Policy: Performance-Based Payout Framework ~50% free cash flow(1) for shareholder returns (1) Available cash flows generated after planned capital spending (excluding Indonesia smelter projects funded with debt and discretionary CAPEX) and distributions to noncontrolling interests. (2) Net debt equals consolidated debt less consolidated cash and cash equivalents and current restricted cash associated with PT-FI's export proceeds ($0.5 bn). Also excludes $2.4 bn in net debt associated with the Indonesia smelter projects. (3) FCX has acquired 47.9 mm shares of its common stock for a total cost of $1.8 bn ($38.35 avg. cost per share) under program since November 2021. See Cautionary Statement. Board will review structure of performance-based payout framework at least annually Maintaining Strong Balance Sheet Providing Cash Returns to Shareholders Advancing Organic Growth Opportunities 6/30/2021 9/30/2023 $0.8 $3 - $4 bn Net Debt Target $3.4 (2) $3.6 bn Distributed Since 6/30/21 • Positioned for future growth • New projects in progress o Kucing Liar o Lone Star oxide expansion o Grasberg Mill recovery project o Atlantic Copper CirCular • Organic project pipeline o Leach innovation initiatives o Bagdad 2X o Lone Star sulfide expansions o El Abra expansion Net Debt/Adjusted EBITDA Less than 1x 52% Share Repurchases(3) Variable Dividend Base Dividend 27% 21% Net Debt, excluding smelter projects $ in bns

Responsible producer of scale Embedded growth options Long-lived reserves Experienced management team Cash returns to shareholders Strong balance sheet

Reference Slides

The Copper Mark • Assurance framework developed to demonstrate the copper industry’s responsible production practices • Producers participating in the Copper Mark are committed to adhering to internationally recognized responsible operating practices • Copper Mark governed by independent board including NGO participation and multi-stakeholder advisory council • Framework covers 32 issue areas across 5 ESG categories developed by the Responsible Minerals Initiative’s Risk Readiness Assessment • The Copper Mark extended its framework to other base metals including molybdenum (“the Molybdenum Mark”) • FCX has achieved the Copper Mark at all 12 of its copper producing sites globally and has achieved the Molybdenum Mark at its two primary molybdenum mines, four copper mines that produce by-product molybdenum and at its molybdenum conversion facilities • Requires third-party assurance of site performance and independent Copper Mark validation every three years Recognition for Responsible Production 17 AWARDED SITES Atlantic Copper smelter & refinery (Spain) Bagdad mine (AZ) Cerro Verde mine (Peru) Chino mine (NM) Climax mine (CO) El Abra mine (Chile) El Paso refinery & rod mill (TX) Fort Madison (IA) Henderson mine (CO) Miami smelter, mine & rod mill (AZ) Morenci mine (AZ) PT-FI mine (Indonesia) Rotterdam (Netherlands) Safford mine (AZ) Sierrita mine (AZ) Stowmarket (UK) Tyrone mine (NM) Note: Status as of 10/19/2023. FCX’s copper producing sites that produce by-product molybdenum have received both the Copper Mark and the Molybdenum Mark.

Financial Highlights Copper Consolidated Volumes, excluding purchases (mm lbs) 1,109 1,060 Average Realization (per lb) $ 3.80 $ 2.50 Site Production & Delivery Costs (per lb) $ 2.27 $ 2.35 Unit Net Cash Costs (per lb) $ 1.73 $ 1.75 Gold Consolidated Volumes (000’s ozs) 399 480 Average Realization (per oz) $1,898 $1,683 Molybdenum Consolidated Volumes (mm lbs) 20 17 Average Realization (per lb) $23.71 $17.05 3Q23 (1) Includes $0.13/lb for disputed export duties at PT-FI. (2) Includes working capital and other uses of $0.5 bn for 3Q23 and $0.3 bn for 3Q22. (3) Includes $3.0 bn in senior notes issued by PT-FI in April 2022. (4) 3Q23 excludes $0.5 billion of current restricted cash and cash equivalents associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks. 3Q23 includes $0.6 bn and 3Q22 includes $2.2 bn from PT-FI senior notes that is expected to be used to finance the Indonesia smelter projects. Revenues $ 5.8 $ 5.0 Net Income Attributable to Common Stock $ 0.5 $ 0.4 Diluted Net Income Per Share $ 0.31 $ 0.28 Operating Cash Flows $ 1.2 $ 0.8 Capital Expenditures $ 1.2 $ 0.8 Total Debt $ 9.4 $ 10.7 Consolidated Cash and Cash Equivalents $ 5.7 $ 8.6 (2) (in billions, except per share amounts) Sales Data Financial Results 3Q22 18 (3) (4) (1)

3Q 2023 Mining Operating Summary (1) Includes 6 mm lbs in 3Q23 and 4 mm lbs in 3Q22 from South America. (2) Silver sales totaled 1.1 mm ozs in 3Q23 and 3Q22. (3) Silver sales totaled 1.3 mm ozs in 3Q23 and 1.6 mm ozs in 3Q22. Additionally, at 9/30/23, ~75k ozs of gold in anode slimes are being held in inventory pending approval of PT-FI's export license for anode slimes. (4) Indonesia includes $0.34/lb and consolidated $0.13/lb for export duties at PT-FI, which continue to be discussed with the Indonesia government. NOTE: 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 “Product Revenues and Production Costs” in the supplemental schedules of FCX’s 3Q23 press release, which is available on FCX’s website. Site Production & Delivery, excl. adjs. $3.01 $2.57 $1.42 $2.27 By-product Credits (0.41) (0.42) (1.83) (0.97) Treatment Charges 0.10 0.19 0.32 0.22 Royalties & Export Duties - 0.01 0.53 0.21 Unit Net Cash Costs $2.70 $2.35 $0.44 $1.73 North South America America Indonesia Consolidated(per lb of Cu)3Q23 Unit Net Cash Costs North America 1720 (1) Mo mm lbs 361372 3Q23 3Q22 Cu mm lbs Indonesia (3) 406430 476 395 South America 307 293 by Region Au 000 ozs Sales From Mines for 3Q23 19 3Q23 3Q22 3Q23 3Q22 3Q23 3Q223Q23 3Q22 (2) (4) (1)

$0 $2 $4 $6 $8 2023 2024 2025 2026 2027 2028 Thereafter Strong Balance Sheet and Liquidity (US$ bns) $6.4 5.25%, 4.25%, 4.625%, 5.40% & 5.45% Sr. Notes and FMC Sr. Notes 3.875% Sr. Notes $0.7 4.55% Sr. Notes FCX Revolver $ - FCX/FMC Senior Notes 6.4 PT-FI Senior Notes 3.0 Total Debt $ 9.4 Consolidated Cash and Cash Eq.(1)$ 5.7 Net Debt (2) $ 3.2 Net Debt/Adjusted EBITDA(3) 0.4x $ - at 9/30/23Total Debt & Cash $ - $1.4 (1) $6.25 bn including $0.5 bn of current restricted cash and cash equivalents associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks. (2) Includes $2.4 bn of net debt associated with the Indonesia smelter projects. (3) Trailing 12-months. (4) For purposes of this schedule, maturities of uncommitted lines of credit and other short-term lines are included in FCX’s revolver balance, which matures in 2027. See Cautionary Statement. (4) 5.00% Sr. Notes & FMC Sr. Notes 4.763% PT-FI Sr. Notes 5.315% & 6.2% PT-FI Sr. Notes Significant liquidity ▪ $5.7 bn in consolidated cash and cash equiv. (1) ▪ $3.0 bn in availability under FCX credit facility ▪ $1.3 bn in availability under PT-FI credit facility ▪ $350 mm in availability under Cerro Verde credit facility 4.55% Sr. Notes 4.125%, 4.375% Sr. Notes $0.9 Attractive Debt Maturity Profile 20 $ -

2023e Outlook Sales Outlook Unit Net Cash Cost of Copper Operating Cash Flows (1,3) Capital Expenditures (1) Assumes average prices of $1,900/oz gold and $20/lb molybdenum in 4Q23e. Estimates also include assessment of a 7.5% export duty at PT-FI, which continues to be discussed with the Indonesia government. 2023e consolidated unit costs include 7¢/lb (and Indonesia unit costs 19¢/lb) for these assessments. (2) 4Q23e consolidated unit costs include 13¢/lb (and Indonesia unit costs 30¢/lb) for assessment of 7.5% export duty at PT-FI. (3) Each $100/oz change in gold is estimated to have an approximate $55 mm impact and each $2/lb change in molybdenum is estimated to have an approximate $15 mm impact. (4) Net of $0.5 billion of working capital and other uses. (5) Indonesia smelter projects are being funded with PT-FI’s senior notes and availability under its revolving credit facility. (6) Major projects CAPEX includes $1.3 bn for planned projects and $0.6 bn of discretionary projects. e = estimate. See Cautionary Statement. • Copper: 4.06 billion lbs • Gold: 1.74 million ozs • Molybdenum: 80 million lbs • ~$5.4 billion(4) @ $3.60/lb copper for 4Q23e • Each 10¢/lb change in copper in 4Q23e = $115 mm impact • Site prod. & delivery o 2023e: $2.38/lb o 4Q23e: $2.34/lb • After by-product credits o 2023e: $1.63/lb (1) o 4Q23e: $1.58/lb (2) • $3.2 billion (excluding smelter projects(5)) o $1.9 billion for major projects(6) o $1.3 billion for other mining 21

NOTE: Consolidated copper sales include 243 mm lbs in 1Q23, 340 mm lbs in 2Q23, 364 mm lbs in 3Q23 and 375 mm lbs in 4Q23e for noncontrolling interests; excludes purchased copper. 0 200 400 600 800 1000 1200 1Q23 2Q23 3Q23 4Q23e 832 1,029 1,109 1,085 0 150 300 450 600 1Q23 2Q23 3Q23* 4Q23e 270 495 399 0 5 10 15 20 25 1Q23 2Q23 3Q23 4Q23e 19 20 20 20 NOTE: Consolidated gold sales include 74k ozs in 1Q23, 252k ozs in 2Q23, 203k ozs in 3Q23 and 297k ozs in 4Q23e for noncontrolling interests. (million lbs) Copper Sales (million lbs) Moly Sales Gold Sales (thousand ozs) 2023e Quarterly Sales * At 9/30/2023, ~75k ozs of gold in anode slimes are being held in inventory pending approval of PT-FI's export license for anode slimes. e = estimate. See Cautionary Statement. 22 580

23 Operational Initiatives Heat – Proven Enhancer • Covers installed on over 30% (47 mm ft 2) of leach areas • Mechanization improving installation execution Leach “Everywhere” • Targeted drilling to improve flow • Injecting solution to lower stockpile sections • Sensors measuring conditions • Extended side slope leaching Analytics • Providing valuable insights • Optimizing acid concentration • Testing response to application rates Further Innovation to Build Scale 30% 50% 20% Turning Up the Heat • Evaluating heated injections using renewable sources • Cover expansion Additives • Pursuing internal & third-party technology • Transition from lab to large-scale testing • AI-driven evaluation accelerating development Air Injection/Oxidation • Sulfide leaching dependent on oxygen • Evaluating new uses of existing technology South America 16% Other North America 34% Morenci 50% Copper in Leach Stockpiles Unrecoverable by Traditional Leach Methods 38 bn lbs Contained* * Copper from historical placements beyond assumed recovery estimates and is not included in mineral reserves or mineral resources. Significant Potential Leach Initiatives Gaining Traction See Cautionary Statement. ~200 mm lbs per annum run rate targeted by YE 2023 R&D stage – Potential to build scale to ~800 mm lbs per annum

Autonomous Haulage at Bagdad 24 • Bagdad expected to become first U.S. mine with a fully autonomous haulage system • Converting existing manned fleet to 100% autonomous o ~30 trucks o CAPEX ~$55 mm o Target completion 3Q25 • Reduces human exposure to active mining areas • Potential for efficiency gains / productivity improvements • Further upside value with improved analytics • Emissions reduction expected from reduced idle time and improved efficiency • Initiative helps alleviate hiring needs and housing challenges • Project will position us to capitalize on future technological advancements in electrification See Cautionary Statement.

Metal Production, 2022 – 2027e 1.6 1.6 1.7 1.6 1.6 1.6 1.8 1.9 1.9 1.6 1.3 1.3 2022 2023e 2024e 2025e 2026e 2027e Cu bn lbs Au mm ozs Total: 8.1 billion lbs copper Annual Average: ~1.6 billion lbs 2023e – 2027e Copper Total: 8.0 million ozs gold Annual Average: ~1.6 million ozs 2023e – 2027e Gold PT-FI Mine Plan 25 NOTE: Amounts are projections. Timing of annual production will depend on a number of factors, including operational performance, and other factors. FCX’s economic interest in PT-FI is 48.76% and prior to January 1, 2023, it approximated 81%. PT-FI expects to defer production in inventory until final sale under its new tolling arrangement with PT Smelting (effective January 2023) and upon commissioning of its Manyar smelter (expected in 2024). This is not expected to result in a significant change in PT-FI's economics but will impact the timing of PT-FI's sales. e = estimate. See Cautionary Statement.

Discretionary Capital Projects* ● Commenced long-term mine development activities in 2022 ● Approximate 10-year development timeframe ● Sustain large-scale, low-cost Cu/Au production ● Capital investment: ~$400 mm/yr average (~$220 mm in 2023e) ● 6.8 bn lbs copper & 6.5 mm ozs gold o ~ 550 mm lbs & 560K ozs per annum Kucing Liar ● Recycle electronic material ● Capital investment: ~$345 mm (~$85 mm in 2023e) ● Expect to commission in 2024e; full rates in 2025e ● ~$60 mm per annum in incremental EBITDA Atlantic Copper CirCular Lone Star Oxide Expansion ● Low capital intensity investment ● Capital investment: ~$300 mm (~$70 mm in 2023e) ● Increase stacking rate: 95k t/d to 120k t/d ● Targeting ~300 mm lbs of copper/annum in 2023e o +50 mm lbs/yr of incremental production Grasberg Mill Recovery Project ● Installing new copper cleaner circuit ● Improved Cu concentrate grades/metal recoveries ● Capital investment: ~$530 mm (~$180 mm in 2023e) ● Targeted completion: 2H24e ● +60 mm lbs/yr & +40k ozs/yr of incremental Cu/Au *These discretionary projects and the Indonesia smelter projects will be excluded from the free cash flow calculation (defined on slide 13) for purposes of the performance-based payout framework. e = estimate. See Cautionary Statement. 26 ● Planning expansion to double concentrator capacity ● Conducting feasibility study; expected completion late 2023 ● Expanding tailings infrastructure: ~$60 mm in 2023e Bagdad 2X Expansion

Combined Cycle Gas Turbine (CCGT) Power Plant at PT-FI 27 • Completed Feasibility Study to replace existing coal plant at Grasberg with 265MW gas-fired combined-cycle facility • Targeted start date in 2027 • ~$1 bn project (incremental ~$0.4 bn compared to previous plans to refurbish coal units) • Liquified Natural Gas (LNG) supplied to FSRU permanently moored offshore; natural gas delivered via subsea pipeline to Dual Fuel Power Plant (DFPP) & CCGT • Key activities in near-term include engineering, procurement & construction activities, definitive estimate, and securing LNG fuel supply • Expected to meaningfully reduce PT-FI’s Scope 1 greenhouse gas (GHG) emissions See Cautionary Statement. New Combined Cycle Gas Turbine Power Plant (CCGT) Dual Fuel Power Plant (DFPP) Subsea gas pipeline Portsite LNG transfer Offshore LNG Carrier Floating Storage & Regas Unit (FSRU)

Oxygen Plant Smelter Refinery Acid Plant Admin Expansion Project General Layout Refinery Expansion Oxygen Plant Acid Plant Water TankCooling Pond Desal (1) Based on target price of $2.8 bn for construction contract (excludes capitalized interest, owner’s costs and commissioning) and $0.2 bn for investment in a desalinization plant for the smelter. Indonesia Downstream Processing Activities Precious Metals Refinery (PMR) • To be constructed to process gold and silver from Manyar smelter and PT Smelting • Construction is in progress with commissioning expected during 2024 • Cost estimate: ~$575 mm Greenfield Smelter (Manyar) • 1.7 mm mt of annual concentrate capacity • Designed to be world’s largest single line flash smelter/convertor facility • ~84% complete • Project expected to be commissioned in 2024 • Cost estimate: ~$3.0 bn (1) • 30% increase to existing smelter to add 300,000 mt of annual concentrate capacity • Completed commercial arrangements in 4Q21 • Target completion of YE 2023, over 96% complete • Cost estimate: ~$250 mm PT Smelting Expansion 28e = estimate. See Cautionary Statement. (2) Manyar smelter project expected to be funded with PT-FI’s senior notes and availability under its revolving credit facility. Capital spending on the Manyar smelter will be debt financed and will not be deducted from cash available for returns to FCX shareholders. Estimates exclude capitalized interest, owner’s costs and commissioning. Estimate of Spending on Manyar Smelter & PMR (shared 51% PT Inalum/49% FCX)(2) $0.2 $0.8 $1.6 $1.0 2021 2022 2023e 2024e ($ in bns) Refinery Plant Extension

($ in mm) Adjusted EBITDA Reconciliation 12 mos ended 3Q23 9/30/2023 Net income attributable to common stock $454 $2,157 Interest expense, net 96 555 Income tax provision 508 2,103 Depreciation, depletion and amortization 533 1,994 Metals inventory adjustments 5 (7) Accretion and stock-based compensation 51 236 Other net charges (1) 116 498 Gain on early extinguishment of debt (5) (13) Other income, net (71) (323) Net income attributable to noncontrolling interests 510 1,564 Equity in affiliated companies’ net earnings - (10) Adjusted EBITDA (2) $2,197 $8,754 29 (1) Includes net adjustments to environmental obligations and litigation reserves ($83 mm in 3Q23 and $257 mm for the twelve months ended 9/30/2023) and oil and gas asset impairment charges ($45 mm in Q3 and $59 mm for the twelve months ended 9/30/2023). The twelve months ended 9/30/2023 also include adjustments to reclamation liabilities at PT-FI ($116 mm) and a charge for a potential administrative fine in Indonesia ($55 mm). (2) Adjusted EBITDA is a non-GAAP financial measure that is frequently used by securities analysts, investors, lenders and others to evaluate companies’ performance, including, among other things, profitability before the effect of financing and similar decisions. Because securities analysts, investors, lenders and others use Adjusted EBITDA, management believes that our presentation of Adjusted EBITDA affords them greater transparency in assessing our financial performance. Adjusted EBITDA should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA may not necessarily be comparable to similarly titled measures reported by other companies, as different companies calculate such measures differently.

Cover Page	Oct. 19, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 19, 2023
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11307-01
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004
City Area Code	602
Local Phone Number	366-8100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000831259
Amendment Flag	false

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