•Strong operating performance:

◦Quarterly copper and gold sales volumes above April 2025 guidance

◦Quarterly unit net cash costs significantly below April 2025 guidance

•Benefiting from favorable pricing for U.S. copper sales and global gold sales

•Commenced start-up activities at the new Indonesia smelter in May 2025; expect first production of copper cathode in July 2025

•Advancing innovative copper leaching initiatives and organic growth opportunities

•Strong financial position and favorable long-term outlook

▪Net income attributable to common stock in second-quarter 2025 totaled $772 million, $0.53 per share, and adjusted net income attributable to common stock totaled $790 million, $0.54 per share.

▪Consolidated production totaled 963 million pounds of copper, 317 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2025.

▪Consolidated sales totaled 1.0 billion pounds of copper, 522 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2025.

▪Consolidated sales are expected to approximate 3.95 billion pounds of copper, 1.3 million ounces of gold and 82 million pounds of molybdenum for the year 2025, including 1.0 billion pounds of copper, 350 thousand ounces of gold and 18 million pounds of molybdenum in third-quarter 2025.

▪Average realized prices were $4.54 per pound for copper, $3,291 per ounce for gold and $21.10 per pound for molybdenum in second-quarter 2025.

▪Average unit net cash costs were $1.13 per pound of copper in second-quarter 2025 and are expected to average $1.55 per pound of copper for the year 2025.

▪Operating cash flows totaled $2.2 billion in second-quarter 2025. Excluding potential tariff impacts, which continue to be assessed, operating cash flows are expected to approximate $7.0 billion for the year 2025, assuming prices of $4.40 per pound for copper, $3,300 per ounce for gold and $22.00 per pound for molybdenum for the second half of 2025. Including a $1.25 per pound premium on FCX’s U.S. copper sales for the second half of 2025, operating cash flows for the year 2025 would approximate $7.9 billion.

▪Capital expenditures in second-quarter 2025 totaled $1.3 billion, including $0.6 billion for major mining projects and $0.3 billion for PT Freeport Indonesia’s (PTFI) new smelter and precious metals refinery (PMR) (collectively, PTFI’s new downstream processing facilities). For the year 2025, capital expenditures are expected to approximate $4.9 billion, including $2.7 billion for major mining projects and $0.6 billion for PTFI’s new downstream processing facilities (excluding capitalized interest, owner’s costs and commissioning).

▪At June 30, 2025, consolidated debt totaled $9.3 billion and consolidated cash and cash equivalents totaled $4.5 billion. At June 30, 2025, net debt totaled $1.5 billion, excluding $3.2 billion of debt for PTFI’s new downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

▪During second-quarter 2025, FCX purchased 1.5 million shares of its common stock for a total cost of $52 million ($33.94 average cost per share), bringing total purchases during the first six months of 2025 to 2.9 million shares for a total cost of $107 million ($36.41 average cost per share).

PHOENIX, AZ, July 23, 2025 – Freeport (NYSE: FCX) reported second-quarter 2025 net income attributable to common stock of $772 million, $0.53 per share, and adjusted net income attributable to common stock of $790 million, $0.54 per share after excluding after-tax net charges totaling $18 million, $0.01 per share. For additional information, refer to the supplemental schedule, “Adjusted Net Income,” on page VII.

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

b.Includes (unfavorable) favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $(35) million ($(10) million to net income attributable to common stock or $(0.01) per share) in second-quarter 2025, $166 million ($56 million to net income attributable to common stock or $0.04 per share) in second-quarter 2024, $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first six months of 2025 and $28 million ($9 million to net income attributable to common stock or $0.01 per share) for the first six months of 2024. For further discussion, refer to the supplemental schedule, “Derivative Instruments,” beginning on page IX.

c.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $34 million ($9 million to net income attributable to common stock or $0.01 per share) in second-quarter 2025, $137 million ($41 million to net income attributable to common stock or $0.03 per share) in second-quarter 2024, $148 million ($44 million to net income attributable to common stock or $0.03 per share) for the first six months of 2025 and $120 million ($36 million to net income attributable to common stock or $0.02 per share) for the first six months of 2024. Refer to the supplemental schedule, “Deferred Profits,” on page X.

d.Includes after-tax net charges totaling $18 million ($0.01 per share) in second-quarter 2025, $51 million ($0.04 per share) in second-quarter 2024, $24 million ($0.02 per share) for the first six months of 2025 and $52 million ($0.04 per share) for the first six months of 2024 that are described in the supplemental schedule, “Adjusted Net Income,” on page VII.

e.Working capital and other (uses) sources totaled $(45) million in second-quarter 2025, $73 million in second-quarter 2024, $(342) million for the first six months of 2025 and $(24) million for the first six months of 2024.

a.Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

•Second-quarter 2025 production of 963 million pounds was lower than second-quarter 2024 production of 1.0 billion pounds, primarily reflecting lower ore grades and operating rates in Indonesia and South America, partly offset by higher milling rates and ore grades in the U.S.

•Second-quarter 2025 sales of 1.0 billion pounds were slightly above the April 2025 guidance. Consistent with expectations, second-quarter 2025 sales were above second-quarter 2024 sales of 931 million pounds, primarily reflecting the timing of shipments.

•Second-quarter 2025 production of 317 thousand ounces was lower than second-quarter 2024 production of 443 thousand ounces, primarily reflecting lower ore grades and operating rates in Indonesia.

•Second-quarter 2025 sales of 522 thousand ounces were above the April 2025 guidance of 500 thousand ounces, primarily reflecting the timing of refined gold sales, partly offset by lower ore grades. Consistent with expectations, second-quarter 2025 gold sales were above second-quarter 2024 gold sales of 361 thousand ounces, primarily reflecting the timing of shipments.

•Second-quarter 2025 production of 22 million pounds was higher than second-quarter 2024 production of 20 million pounds, primarily reflecting higher ore grades at FCX’s primary molybdenum mines.

•Second-quarter 2025 sales of 22 million pounds were in line with the April 2025 guidance and slightly above second-quarter 2024 sales of 21 million pounds.

Consolidated sales volumes for the year 2025 are expected to approximate 3.95 billion pounds of copper, 1.3 million ounces of gold and 82 million pounds of molybdenum, including 1.0 billion pounds of copper, 350 thousand ounces of gold and 18 million pounds of molybdenum in third-quarter 2025.

Current sales guidance, compared to the April 2025 guidance, incorporates modifications to PTFI’s forecast to reflect revised ore grade modeling, in addition to adjusting inventory balances and the timing of sales associated with an advanced smelter start-up schedule. The PTFI modeling revisions reflect timing differences and do not materially impact the long-range plans.

Second-quarter 2025 consolidated average unit net cash costs (net of by-product credits) for FCX’s copper mines of $1.13 per pound of copper were lower than the April 2025 guidance of $1.50 per pound, primarily reflecting higher by-product credits, and were lower than second-quarter 2024 average unit net cash costs of $1.73 per pound of copper, primarily reflecting higher gold credits and copper sales volumes, partly offset by the impact of lower ore grades and operating rates in Indonesia. Refer to “Operations” below for further discussion.

Excluding potential tariff impacts, which continue to be assessed, consolidated unit net cash costs (net of by-product credits) for FCX’s copper mines are expected to average $1.55 per pound of copper for the year 2025 (including $1.59 per pound of copper in third-quarter 2025), based on achievement of current sales volume and cost estimates, and assuming average prices of $3,300 per ounce of gold and $22.00 per pound of molybdenum for the second half of 2025. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. The impact of price changes on consolidated unit net cash costs 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 for the second half of 2025.

Projected sales volumes and average unit net cash costs are dependent on operational performance; the ramp-up of PTFI’s new downstream processing facilities; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.

Section 232 Investigation on Copper. In February 2025, the President issued an executive order, noting copper as a critical material essential to national security, economic strength and industrial resilience of the U.S. The executive order instructed the U.S. Secretary of Commerce to conduct an investigation under Section 232 of the Trade Expansion Act to determine the effects of copper imports on U.S. national security.

In July 2025, the President announced plans to impose a 50% tariff on U.S. copper imports with an expected effective date of August 1, 2025, following receipt of a recent national security assessment that concluded tariffs were necessary to promote U.S. production of a commodity that is critical across an array of industries. The implementation of the tariff schedule and applicable copper products are pending issuance of official guidance.

FCX is the leading copper supplier in the U.S., providing approximately 70% of total U.S. refined copper production through its integrated domestic mining and processing facilities. FCX has several initiatives in progress to significantly expand its domestic production and supports initiatives that would allow FCX to strengthen its U.S. copper portfolio and investment plans.

For the year 2025, FCX expects to sell 1.3 billion pounds of copper from its U.S. mining operations. Following the July 2025 tariff announcement, the Commodity Exchange Inc. (COMEX) copper settlement price, which is generally the reference price used for FCX’s U.S. copper sales, increased to approximately $1.20 per pound (approximately 25%) above the London Metal Exchange (LME) copper settlement price, which is generally the international reference price for FCX’s Indonesia and South America copper sales. The differential between the COMEX and LME price is market-driven and is subject to change based on tariff rates, domestic inventory levels, supply and demand, and other factors.

U.S. Tariffs. FCX’s second-quarter 2025 costs were not significantly impacted by U.S. tariffs, and FCX is continuing to monitor impacts on its business, cost structure and supply chains associated with tariffs on U.S. imports. Based on FCX’s current supply chains and discussions with its suppliers, FCX estimates that the tariffs in effect and announced to date could have the potential to increase the costs of goods it purchases in the U.S. by approximately 5%, primarily reflecting the potential pass-through of tariffs incurred by suppliers. Efforts continue to evaluate alternative sourcing options to mitigate potential impacts.

Leaching and Technology Innovation Initiatives. FCX continues to incorporate new applications, technologies and data analytics to its leaching processes across its U.S. and South America operations. Incremental copper production from these initiatives totaled 52 million pounds in second-quarter 2025 and 98 million pounds for the first six months of 2025.

FCX continues to apply operational enhancements on a larger scale and test new innovative technology. FCX is targeting an annual run rate of 300 million pounds of copper by the end of 2025 from these initiatives and believes it has the potential for further significant increases in recoverable metal beyond the current target run rate. During second-quarter 2025, FCX commenced large-scale testing at its Morenci operations of an internally developed additive product with the potential to enhance copper recovery. In addition to this testing, FCX has identified other possible additives with strong potential. Continued success with these initiatives would contribute to favorable adjustments in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.

In addition to technology-driven leaching initiatives, FCX is pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of its current operations and future development projects. FCX believes these leaching and technology initiatives are particularly important to its U.S. operations, which have lower ore grades.

United States. FCX manages seven copper operations in the U.S. – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. FCX also operates a copper smelter in Miami, Arizona. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver. All of FCX’s U.S. operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

Development Activities. FCX has substantial reserves, resources and future opportunities for organic growth in the U.S. associated with existing operations. Several initiatives are under way to target anticipated significant future growth in U.S. copper supply.

FCX has a potential expansion project to more than double the concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. FCX completed technical and economic studies in late 2023 and continues to monitor capital cost trends and opportunities for value engineering. These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year. Estimated incremental project capital costs, which continue to be reviewed, approximate $3.5 billion. Expanded operations would provide improved efficiency and reduce unit net cash costs through economies of scale. Project economics indicate that the expansion would require an incentive copper price of less than $4.00 per pound and three to four years to complete. The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.

To support these future expansion plans, FCX is currently completing a project to convert Bagdad’s haul truck fleet to fully autonomous, enhancing local infrastructure and expanding tailings facilities.

FCX is advancing pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity. Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a further expansion project. FCX expects to complete these studies in 2026. The decision to proceed with and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.

Operating Data. Following is summary consolidated operating data for the U.S. copper mines:

a.During the second quarter and first six months of 2025, FCX's average U.S. copper price realization, which is generally based on COMEX settlement prices, was approximately 7% - 9% higher than the average copper price realizations for its South America and Indonesia operations, which are generally based on LME settlement prices.

b.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at FCX’s U.S. copper mines.

c.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 XIII.

FCX’s consolidated copper sales volumes from the U.S. mines of 308 million pounds in second-quarter 2025 were higher than second-quarter 2024 copper sales volumes of 292 million pounds, primarily reflecting higher milling rates and ore grades. Consolidated copper sales from FCX’s U.S. mines are expected to approximate 1.3 billion pounds for the year 2025.

Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $3.04 per pound of copper in second-quarter 2025 were lower than second-quarter 2024 average unit net cash costs of $3.19 per pound, primarily reflecting higher copper volumes and higher molybdenum by-product credits.

Excluding potential tariff impacts, which continue to be assessed, FCX expects its average unit net cash costs (net of by-product credits) for the U.S. copper mines to continue to trend lower during 2025 and in 2026, compared to 2024 levels, reflecting the projected impact of efficiencies, improved volumes and cost reduction plans currently in progress.

Excluding potential tariff impacts, which continue to be assessed, average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $3.02 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates, and assuming an average price of $22.00 per pound of molybdenum for the second half of 2025. The U.S. copper mines’ average unit net cash costs for the year 2025 would change by approximately $0.03 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2025.

South America. FCX manages two copper operations in South America – Cerro Verde in Peru (in which FCX owns a 55.08% 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.

Development Activities. At the El Abra operations in Chile, FCX has completed substantial drilling and evaluations to define a large sulfide resource that could support a potential major mill project similar to the large-scale concentrator at Cerro Verde. The estimated resource approximates 20 billion recoverable pounds of copper,

which could result in the addition of 750 million pounds of copper production per year. FCX has advanced stakeholder engagement and preparation of its permitting application and plans to submit an environmental impact statement in early 2026. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision to proceed with and timing of the potential project will take into account overall copper market conditions, required permitting and other factors.

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

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

b.For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

c.Includes $0.22 per pound of copper in second-quarter 2024 and $0.11 per pound of copper for the first six months of 2024 for nonrecurring labor-related charges at Cerro Verde associated with a new collective labor agreement. Refer to supplemental schedule, “Adjusted Net Income,” on page VII.

FCX’s consolidated copper sales volumes from South America operations of 265 million pounds in second-quarter 2025 were lower than second-quarter 2024 copper sales volumes of 302 million pounds, primarily reflecting anticipated lower ore grades and milling rates. Copper sales from South America operations are expected to approximate 1.1 billion pounds for the year 2025.

Average unit net cash costs (net of by-product credits) for South America operations were $2.46 per pound of copper in both second-quarter 2025 and second-quarter 2024, with lower copper and molybdenum volumes being offset by lower treatment charges.

Average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.52 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates, and assuming an average price of $22.00 per pound of molybdenum for the second half of 2025.

Indonesia. PTFI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. PTFI produces copper concentrate that contains significant quantities of gold and silver. FCX has a 48.76% ownership interest in PTFI and manages its operations. PTFI’s results are consolidated in FCX’s financial statements. Once the full ramp-up of PTFI’s new downstream processing facilities is achieved, PTFI will be a fully integrated producer of refined copper and gold.

New Downstream Processing Facilities. During second-quarter 2025, PTFI commenced start-up of its new smelter in Eastern Java, Indonesia, slightly ahead of schedule. Start-up activities are ongoing and production of the

first copper anode was achieved in July 2025. The first production of copper cathode is expected by the end of July 2025.

During second-quarter 2025, the PMR, which commenced operations in December 2024, continued to process anode slimes from PT Smelting, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia. Full ramp-up of PTFI’s new downstream processing facilities is expected by year-end 2025.

Long-term Mining Rights. Pursuant to regulations issued during 2024, PTFI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met, including ownership of integrated downstream facilities that have entered the operational stage; domestic ownership of at least 51% and agreement with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Mineral Resources. Application for extension may be submitted at any time up to one year prior to the expiration of PTFI’s special mining business license (IUPK). PTFI expects to apply for an extension during 2025, pending agreement with PT Mineral Industri Indonesia (MIND ID) on a purchase and sale agreement for the transfer in 2041 of an additional 10% interest in PTFI to MIND ID.

An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

Operating, Development and Exploration Activities. Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan) and related expansion of the milling facilities. PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.4 million ounces of gold per year and are among the lowest cost operations in the world.

PTFI is also conducting exploration in the Grasberg mineral district targeting the potential extension of significant mineralization below the DMLZ mine.

Kucing Liar. Long-term mine development activities are ongoing for PTFI’s Kucing Liar deposit in the Grasberg minerals district. Kucing Liar is expected to produce over 7 billion pounds of copper and 6 million ounces of gold between 2029 and the end of 2041, and an extension of PTFI’s operating rights beyond 2041 would extend the life of the project. Development activities commenced in 2022 and are expected to continue over an approximate 10-year timeframe. Capital investments for Kucing Liar are estimated to total $4 billion over the next seven to eight years (averaging approximately $0.5 billion per year). Approximately $0.8 billion has been incurred to date. At full operating rates, annual production from Kucing Liar is expected to approximate 560 million pounds of copper and 520 thousand ounces of gold, providing PTFI with sustained long-term, large-scale and low-cost production. Kucing Liar will benefit from substantial shared infrastructure and PTFI’s experience and long-term success in block-cave mining.

Natural Gas Facilities. PTFI plans to transition its existing energy source from coal to natural gas, which would meaningfully reduce PTFI’s greenhouse gas emissions at the Grasberg minerals district. The majority of PTFI’s planned investments in a new gas-fired combined cycle facility are expected to be incurred over the next three years at a total cost of approximately $1 billion. Once complete, PTFI’s dual-fuel power plant and the new gas-fired combined cycle facility will be fueled by natural gas supplied by a floating liquefied natural gas storage and regassification unit.

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

a.For a reconciliation of unit net cash credits per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

PTFI’s consolidated production volumes of 359 million pounds of copper and 311 thousand ounces of gold in second-quarter 2025 were lower than production volumes of 441 million pounds of copper and 437 thousand ounces of gold in second-quarter 2024, primarily reflecting lower ore grades and operating rates. During second-quarter 2025, PTFI commenced planned maintenance on one of its mill circuits, which is expected to be completed in third-quarter 2025.

PTFI’s consolidated sales volumes of 443 million pounds of copper and 518 thousand ounces of gold in second-quarter 2025 were higher than second-quarter 2024 sales volumes of 337 million pounds of copper and 356 thousand ounces of gold, primarily reflecting the timing of shipments.

PTFI’s unit net cash credits (including by-product credits) were $0.99 per pound of copper in second-quarter 2025, compared to $0.21 per pound of copper in second-quarter 2024, primarily reflecting higher gold credits, partly offset by higher production and delivery costs attributable to lower ore grades and operating rates, and the recognition of deferred costs associated with higher refined gold sales.

PTFI’s current sales guidance incorporates updated Grasberg Block Cave ore grade modeling designed to predict the timing of ore grade distribution through the drawpoints, which resulted in revised production estimates.

Consolidated sales volumes from PTFI are expected to approximate 1.54 billion pounds of copper and 1.3 million ounces of gold for the year 2025 (compared with April 2025 guidance of 1.6 billion pounds of copper and 1.6 million ounces of gold), which incorporates the updated ore grade modeling (primarily timing for gold) and smelter in-process inventory estimates. Total estimated copper and gold sales volumes over the next five years are similar to previous guidance.

Average unit net cash credits (including by-product credits) for PTFI are expected to approximate $0.39 per pound of copper for the year 2025, based on achievement of current sales volumes and cost estimates, and assuming an average price of $3,300 per ounce of gold for the second half of 2025. PTFI’s average unit net cash credits for the year 2025 would change by approximately $0.05 per pound of copper for each $100 per ounce change in the average price of gold for the second half of 2025.

Projected sales volumes and average unit net cash credits are dependent on operational performance; the ramp-up of PTFI’s new downstream processing facilities; weather-related conditions; and other factors detailed in the “Cautionary Statement” below.

Molybdenum Mines. FCX operates two wholly owned primary molybdenum operations in Colorado – the Climax open-pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines and at FCX’s U.S. copper mines and South America operations, is processed at FCX’s conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines totaled 9 million pounds of molybdenum in second-quarter 2025 and 7 million pounds in second-quarter 2024. FCX’s consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the primary molybdenum operations and at FCX’s U.S. copper mines and South America operations, which are presented on page 3.

Average unit net cash costs for the Molybdenum mines of $14.20 per pound of molybdenum in second-quarter 2025 were lower than average unit net cash costs of $19.41 per pound in second-quarter 2024, primarily reflecting higher volumes and lower contract labor costs. Average unit net cash costs for the Molybdenum mines are expected to approximate $15.50 per pound of molybdenum for the year 2025, based on achievement of current sales volumes and cost estimates.

For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

Liquidity. At June 30, 2025, FCX had $4.5 billion in consolidated cash and cash equivalents. FCX also had $3.0 billion of availability under its revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

Operating Cash Flows. FCX generated operating cash flows of $2.2 billion in second-quarter 2025 and $3.3 billion for the first six months of 2025.

Excluding potential tariff impacts, which continue to be assessed, FCX’s consolidated operating cash flows are expected to approximate $7.0 billion for the year 2025, based on current sales volume and cost estimates, and assuming prices of $4.40 per pound of copper, $3,300 per ounce of gold and $22.00 per pound of molybdenum for the second half of 2025. Including a $1.25 per pound premium on FCX’s U.S. copper sales for the second half of 2025, operating cash flows for the year 2025 would approximate $7.9 billion. The impact of price changes for the second half of 2025 on operating cash flows would approximate $210 million for each $0.10 per pound change in the average price of copper, $70 million for each $100 per ounce change in the average price of gold and $55 million for each $2 per pound change in the average price of molybdenum.

Copper sales from FCX's U.S. copper mines are generally based on the prevailing COMEX settlement price, which as of July 22, 2025, was 28% higher than the LME copper settlement price. FCX estimates the impact on operating cash flows of each $0.10 per pound premium in the COMEX settlement price, compared to the LME settlement price, for the second half of 2025 would approximate $70 million ($135 million on an annualized basis).

Capital Expenditures. Capital expenditures totaled $1.3 billion in second-quarter 2025, including $0.6 billion for major mining projects and $0.3 billion for PTFI’s new downstream processing facilities, and $2.4 billion for the first six months of 2025, including $1.2 billion for major mining projects and $0.5 billion for PTFI’s new downstream processing facilities.

Capital expenditures are expected to approximate $4.9 billion for the year 2025, including $2.7 billion for major mining projects and $0.6 billion for PTFI’s new downstream processing facilities (excluding capitalized interest, owner’s costs and commissioning). Projected capital expenditures for major mining projects include $1.1 billion for planned projects, primarily associated with underground mine development in the Grasberg minerals district and expansion projects in the U.S., and $1.6 billion for discretionary growth projects.

FCX closely monitors market conditions and will adjust its operating plans, including capital expenditures, as necessary.

Cash. Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share and withholding taxes, at June 30, 2025 (in billions):

Debt. Following is a summary of total debt and the weighted-average interest rates at June 30, 2025 (in billions, except percentages):

a.Does not foot because of rounding.

At June 30, 2025, there were (i) no borrowings and $5 million in letters of credit issued under FCX’s $3.0 billion revolving credit facility, (ii) $250 million in borrowings outstanding under PTFI’s $1.75 billion revolving credit facility, and (iii) no borrowings outstanding under Cerro Verde’s $350 million revolving credit facility. FCX’s total debt has an average remaining duration of approximately nine years. The next senior note maturities are in 2027.

FCX’s financial policy is aligned with its strategic objectives of maintaining a solid 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 project debt for PTFI’s new downstream processing facilities). FCX’s Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

Net Debt. At June 30, 2025, FCX’s net debt totaled $1.5 billion, which excludes $3.2 billion of debt for PTFI’s new downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

Common Stock Dividends. On June 25, 2025, 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 August 1, 2025, to shareholders of record as of July 15, 2025. The declaration and payment of dividends (base or variable) are at the discretion of the Board and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.

Share Repurchase Program. During second-quarter 2025, FCX purchased 1.5 million shares of its common stock for a total cost of $52 million ($33.94 average cost per share) bringing total purchases during the first six months of 2025 to 2.9 million shares for a total cost of $107 million ($36.41 average cost per share). As of July 22, 2025, FCX had 1.4 billion shares of common stock outstanding and has purchased 52 million shares for a total cost of $2.0 billion ($38.51 average cost per share) under its $5.0 billion share repurchase program. The timing and

amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

A conference call with securities analysts to discuss FCX’s second-quarter 2025 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, August 22, 2025.

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FREEPORT: Foremost in Copper    

FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.

FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

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, and the underlying assumptions and estimated impacts on FCX’s business and stakeholders related thereto; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; PTFI’s full production and ramp-up of its new downstream processing facilities; potential extension of PTFI’s IUPK beyond 2041; export licenses, export duties and export volumes, including PTFI’s ability to continue exports of copper concentrate until full ramp-up is achieved at its new smelter in Indonesia; timing of shipments of inventoried production; FCX’s sustainability-related commitments and targets; FCX’s overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX’s 2030 climate targets and its 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; 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.

This press release also contains measures such as net debt, adjusted net income and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of this press release. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods, and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.

FREEPORT
SELECTED OPERATING DATA
			Three Months Ended June 30,
			2025						2024						2025						2024
			Production												Sales
COPPER (millions of recoverable pounds)
(FCX’s net interest in %)
U.S.
Morenci (72%)a			130						127						118						124
Safford (100%)			73						59						66						56
Sierrita (100%)			44						36						42						37
Bagdad (100%)			44						35						39						34
Chino (100%)			36						27						34						29
Tyrone (100%)			8						12						8						11
Miami (100%)			2						3						2						2
Other (100%)			(1)						(1)						(1)						(1)
Total U.S.			336						298						308						292
South America
Cerro Verde (55.08%)b			215						243						212						245
El Abra (51%)			53						55						53						57
Total South America			268						298						265						302
Indonesia
Grasberg minerals district (48.76%)			359						441						443						337
Total			963						1,037						1,016			c			931			c
Less noncontrolling interests			307						366						348						314
Net			656						671						668						617
Average realized price per pound															$	4.54					$	4.48
GOLD (thousands of recoverable ounces)
(FCX’s net interest in %)
U.S. (100%)			6						6						4						5
Indonesia (48.76%)			311						437						518						356
Consolidated			317						443						522						361
Less noncontrolling interests			159						224						266						183
Net			158						219						256						178
Average realized price per ounce															$	3,291					$	2,299
MOLYBDENUM (millions of recoverable pounds)
(FCX’s net interest in %)
Climax (100%)			6						3						N/A						N/A
Henderson (100%)			3						4						N/A						N/A
U.S. copper mines (100%)a			9						7						N/A						N/A
Cerro Verde (55.08%)b			4						6						N/A						N/A
Consolidated			22						20						22						21
Less noncontrolling interests			2						3						3						2
Net			20						17						19						19
Average realized price per pound															$	21.10					$	21.72
a. Amounts are net of Morenci’s joint venture partners’ undivided interests.
b. FCX’s interest in Cerro Verde is 55.08%, and prior to September 2024 it was 53.56%.
c. Consolidated sales volumes exclude purchased copper of 67 million pounds in second-quarter 2025 and 64 million pounds in second-quarter 2024.

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

b.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 $52 million in second-quarter 2025, $38 million in second-quarter 2024, $88 million for the first six months of 2025 and $72 million for the first six months of 2024. Additionally, production and delivery costs include charges for operational readiness and startup costs associated with PT Freeport Indonesia’s (PTFI) new smelter and precious metals refinery (PMR) (collectively, PTFI’s new downstream processing facilities) totaling $58 million in second-quarter 2025, $20 million in second-quarter 2024, $102 million for the first six months of 2025 and $35 million for the first six months of 2024.

c.Consolidated interest costs (before capitalization) totaled $181 million in both second-quarter 2025 and 2024, $355 million for the first six months of 2025 and $356 million for the first six months of 2024.

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

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

f.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to “Deferred Profits,” on page X.

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

a.Includes $0.7 billion associated with a portion of PTFI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a previous Indonesia regulation.