•Fourth-quarter 2025 operating results:

◦Consolidated copper and gold sales higher than October 2025 estimates

◦Consolidated average unit net cash costs favorable to October 2025 estimates

•Activities on track to commence a phased restart beginning in second-quarter 2026 of the Grasberg Block Cave underground mine in Indonesia

•Progressing organic copper growth projects

•Strong financial position and favorable long-term outlook

•Net income attributable to common stock in fourth-quarter 2025 totaled $406 million, $0.28 per share, and adjusted net income attributable to common stock totaled $688 million, $0.47 per share.

•Consolidated production totaled 640 million pounds of copper, 65 thousand ounces of gold and 25 million pounds of molybdenum in fourth-quarter 2025, and 3.4 billion pounds of copper, 1.0 million ounces of gold and 92 million pounds of molybdenum for the year 2025.

•Consolidated sales totaled 709 million pounds of copper, 80 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2025, and 3.6 billion pounds of copper, 1.1 million ounces of gold and 83 million pounds of molybdenum for the year 2025.

•Consolidated sales are expected to approximate 3.4 billion pounds of copper, 0.8 million ounces of gold and 90 million pounds of molybdenum for the year 2026, including 640 million pounds of copper, 60 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2026.

•Average realized prices were $5.33 per pound for copper, $4,078 per ounce for gold and $23.77 per pound for molybdenum in fourth-quarter 2025, and $4.75 per pound for copper, $3,423 per ounce for gold and $22.63 per pound for molybdenum for the year 2025.

•Average unit net cash costs were $2.22 per pound of copper in fourth-quarter 2025 and $1.65 per pound of copper for the year 2025. Unit net cash costs are expected to average $1.75 per pound of copper for the year 2026.

•Operating cash flows totaled $0.7 billion, net of $0.8 billion of working capital and other uses, in fourth-quarter 2025 and $5.6 billion, net of $1.3 billion of working capital and other uses, for the year 2025. Operating cash flows would approximate $8 billion, including $1 billion of working capital and other sources, for the year 2026, assuming prices of $5.00 per pound for copper, $4,000 per ounce for gold and $20.00 per pound for molybdenum for the year 2026. Using recent prices of $5.75 per pound for copper, $4,700 per ounce for gold and $23 per pound for molybdenum, operating cash flows for the year 2026 would approximate $11 billion.

•Capital expenditures totaled $1.0 billion, including $0.6 billion for major mining projects in fourth-quarter 2025, and $4.5 billion, including $2.3 billion for major mining projects and $0.6 billion for PT Freeport Indonesia’s (PTFI) smelter and precious metals refinery (collectively, PTFI’s downstream processing facilities), for the year 2025. Capital expenditures are expected to approximate $4.3 billion, including $3.0 billion for major mining projects, for the year 2026.

•At December 31, 2025, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $3.8 billion. At December 31, 2025, net debt totaled $2.3 billion, excluding $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

PHOENIX, AZ, January 22, 2026 – Freeport (NYSE: FCX) reported fourth-quarter 2025 net income attributable to common stock of $406 million, $0.28 per share, and adjusted net income attributable to common stock of $688 million, $0.47 per share after excluding after-tax net charges totaling $282 million, $0.19 per share, primarily for idle facility costs, direct recovery expenses and fixed asset impairments associated with the September 2025 mud rush incident at PTFI and charges at legacy oil and gas properties associated with adjustments to abandonment obligations and asset impairments. For additional information, refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

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

b.Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $144 million ($46 million to net income attributable to common stock or $0.03 per share) in fourth-quarter 2025, $(77) million ($(28) million to net income attributable to common stock or $(0.02) per share) in fourth-quarter 2024, $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the year 2025 and $28 million ($9 million to net income attributable to common stock or $0.01 per share) for the year 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 (reductions) additions to operating income totaling $(43) million ($(14) million to net income attributable to common stock or $(0.01) per share) in fourth-quarter 2025, $(52) million ($(20) million to net income attributable to common stock or $(0.01) per share) in fourth-quarter 2024, $118 million ($44 million to net income attributable to common stock or $0.03 per share) for the year 2025 and $21 million ($(3) million to net income attributable to common stock or less than $0.01 per share) for the year 2024. Refer to the supplemental schedule, “Deferred Profits,” on page X.

d.Includes after-tax net charges totaling $282 million ($0.19 per share) in fourth-quarter 2025, $176 million ($0.12 per share) in fourth-quarter 2024, $354 million ($0.25 per share) for the year 2025 and $257 million ($0.18 per share) for the year 2024 that are described in the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

e.Cash used for working capital totaled $0.8 billion in fourth-quarter 2025, less than $1 million in fourth-quarter 2024, $1.3 billion for the year 2025 and $29 million for the year 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 XIV.

b.Excludes idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident at PTFI. Refer to page 7 for further discussion of the mud rush incident and to “Adjusted Net Income,” beginning on page VII for a summary of these charges.

•Fourth-quarter 2025 sales of 709 million pounds were 12% higher than October 2025 estimates of 635 million pounds, primarily reflecting a higher-than-expected reduction in inventories in Indonesia. As expected, fourth-quarter 2025 sales were below fourth-quarter 2024 as a result of lower production in Indonesia.

•As expected, fourth-quarter 2025 production of 640 million pounds was significantly below fourth-quarter 2024 production of 1.0 billion pounds, primarily reflecting the impact of the September 2025 mud rush incident on PTFI’s operations.

•Fourth-quarter 2025 sales of 80 thousand ounces were 33% higher than October 2025 estimates of 60 thousand ounces, primarily reflecting a higher-than-expected reduction in inventories in Indonesia. As expected, fourth-quarter 2025 sales were below fourth-quarter 2024 as a result of lower production in Indonesia.

•As expected, fourth-quarter 2025 production of 65 thousand ounces was significantly below fourth-quarter 2024 production of 432 thousand ounces, reflecting the impact of the September 2025 mud rush incident on PTFI’s operations.

•Fourth-quarter 2025 sales of 22 million pounds approximated October 2025 estimates. Fourth-quarter 2025 sales exceeded fourth-quarter 2024 sales of 18 million pounds, primarily reflecting higher production.

Consolidated sales volumes for the year 2026 are expected to approximate 3.4 billion pounds of copper, 0.8 million ounces of gold and 90 million pounds of molybdenum, including 640 million pounds of copper, 60 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2026. Estimates for the year 2026 assume a phased restart and ramp-up of the Grasberg Block Cave underground mine at PTFI beginning in second-quarter 2026. Based on current estimates, approximately 60% of consolidated copper sales and 75% of consolidated gold sales in 2026 are expected to occur in the second half of the year. For the year 2026, copper and gold production volumes are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 100 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.

Consolidated unit net cash costs (net of by-product credits) for FCX’s copper mines averaged $2.22 per pound of copper in fourth-quarter 2025, which excluded $454 million of idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident at PTFI. Fourth-quarter 2025 consolidated unit net cash costs were lower than the October 2025 estimate of $2.47 per pound, primarily reflecting higher copper volumes and by-product credits at PTFI. Fourth-quarter 2025 average unit cash costs were higher than fourth-quarter 2024 average unit net cash costs of $1.66 per pound of copper, primarily reflecting lower copper volumes at PTFI.

Consolidated unit net cash costs (net of by-product credits and excluding idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident at PTFI) for FCX’s copper mines are expected to average $1.75 per pound of copper for the year 2026 (including $2.60 per pound of copper in first-quarter 2026), based on achievement of current sales volumes and cost estimates, and assuming average prices of $4,000 per ounce of gold and $20.00 per pound of molybdenum for the year 2026. Quarterly unit net cash costs vary with fluctuations in sales volumes by region and realized prices, primarily for gold and molybdenum, and are expected to decline throughout the year as PTFI’s operations and smelting activities are restarted and ramp-up. The impact of price changes on consolidated unit net cash costs for the year 2026 would approximate $0.03 per pound of copper for each $100 per ounce change in the average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum.

During the recovery of PTFI’s operations, a portion of PTFI’s 2026 cost of sales are expected to be recognized as idle facility costs, which are non-inventoriable costs. Refer to “Operations” below for further discussion.

Projected sales volumes and average unit net cash costs are dependent on operational performance; the timing of restarting and ramping up the Grasberg Block Cave underground mine at PTFI, which is currently expected to begin in second-quarter 2026; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.

Leaching and Technology Innovation Initiatives. FCX is incorporating 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 60 million pounds in fourth-quarter 2025 and 214 million pounds for the year 2025.

FCX continues to apply operational enhancements on a larger scale and is advancing testing of innovative technology to increase production from these initiatives. In late 2025, FCX achieved an annual run rate of approximately 240 million pounds of copper, and is targeting annual production of 300 million pounds of copper in 2026 from these initiatives. FCX believes there is potential for further significant increases in recoverable metal beyond the current annual target. FCX is deploying large-scale testing of an internally developed additive product at its Morenci operations with encouraging early results. In addition, FCX has identified other possible additives with strong potential and plans to apply heat with the new additives to further enhance recoveries. Continued success with these initiatives would be expected to contribute to additions in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.

In addition to its innovative leaching initiatives, FCX is pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of its current operations and future development projects. FCX believes 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 and rod mill in Miami, Arizona, and copper refinery and rod mill in El Paso, Texas. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver. All of FCX’s U.S. operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

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

FCX has defined an opportunity 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 is updating these studies in advance of a potential investment decision during 2026. 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. Preliminary economics indicate that the expansion would require an incentive copper price of approximately $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.

Conversion of Bagdad’s haul truck fleet to autonomous haulage was completed in 2025, making Bagdad the first major mine in the U.S. to operate a fully autonomous haulage fleet. FCX continues to optimize the performance of the new autonomous fleet at Bagdad and is advancing projects to expand tailings facilities and local infrastructure to enhance optionality in the future expansion opportunity.

FCX continues to advance 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 significant expansion project. FCX expects to complete these studies during 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.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at FCX’s U.S. copper mines.

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

FCX’s consolidated copper sales volumes from the U.S. mines of 342 million pounds in fourth-quarter 2025 were higher than fourth-quarter 2024 copper sales volumes of 318 million pounds, primarily reflecting higher ore grades and leach placements. Consolidated copper sales from FCX’s U.S. mines totaled 1.3 billion pounds for the year 2025 and are expected to approximate 1.4 billion pounds for the year 2026.

Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $2.93 per pound of copper in fourth-quarter 2025 were lower than fourth-quarter 2024 average unit net cash costs of $3.04 per pound, primarily reflecting higher copper volumes and higher by-product credits, partly offset by higher costs for acid and supplies.

Average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $2.96 per pound of copper for the year 2026, based on achievement of current sales volume and cost estimates, and assuming an average price of $20.00 per pound of molybdenum. The U.S. copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.05 per pound for each $2 per pound change in the average price of molybdenum. Estimated lower average unit net cash costs for the U.S. copper mines in 2026, compared to 2025, primarily reflect projected improved volumes and efficiency initiatives.

South America. FCX manages two copper operations in South America – Cerro Verde in Peru (55.08%-owned) and El Abra in Chile (51%-owned). These operations are consolidated in FCX’s financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Development Activities. At the El Abra operations in Chile, FCX has completed substantial drilling and evaluations and has identified a large sulfide reserve in support of a potential major mill project similar to the large-scale concentrator at Cerro Verde. The project could result in the addition of over 700 million pounds of copper production per year. At December 31, 2025, FCX’s preliminary estimated consolidated recoverable proven and probable mineral reserves included approximately 17.5 billion pounds of copper associated with this potential mill project at El Abra.

FCX has advanced preparation of its permitting application and plans to submit an environmental impact statement to Chile regulatory authorities in the first half of 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 XIV.

c.Includes $0.08 per pound of copper for nonrecurring labor-related charges at Cerro Verde associated with new collective labor agreements. Refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

FCX’s consolidated copper sales volumes from South America operations of 255 million pounds in fourth-quarter 2025 were lower than fourth-quarter 2024 copper sales volumes of 298 million pounds, primarily reflecting lower mill ore grades and leach placements. Copper sales from South America operations were 1.1 billion for the year 2025 and are expected to approximate 1.1 billion pounds for the year 2026.

Average unit net cash costs (net of by-product credits) for South America operations of $2.57 per pound of copper in fourth-quarter 2025 were higher than fourth-quarter 2024 average unit net cash costs of $2.36 per pound of copper, primarily reflecting lower copper volumes and higher employee profit-sharing costs, partly offset by higher by-product credits.

Average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.58 per pound of copper for the year 2026, based on achievement of current sales volume and cost estimates, and assuming an average price of $20.00 per pound of molybdenum.

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. With the completion of PTFI’s downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold.

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. At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest cost operations in the world. Production of 1.0 billion pounds of copper and 0.9 million ounces of gold during 2025 primarily reflects the impact of the temporary suspension of operations at the Grasberg Block Cave underground mine since September 2025, which is expected to restart in second-quarter 2026.

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

Grasberg Minerals District Phased Restart. Following the external mud rush incident on September 8, 2025, PTFI has been engaged in activities to address the incident and advance preparation for a safe and sustainable restart of operations.

In late October 2025, PTFI restarted operations at the unaffected DMLZ and Big Gossan underground mines. Investigations and remedial plans were completed in fourth-quarter 2025 and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026.

The plan includes a restart of Production Blocks 2 and 3 in second-quarter 2026 and the potential restart of operations in Production Block 1 during 2027. Based on current estimates, PTFI expects approximately 85% of its total production at normal operating rates to be restored in the second half of 2026. Key milestones required for initiating production in Production Blocks 2 and 3, including mud removal in mine workings, repairs of supporting infrastructure and installation of protective barriers, are progressing on schedule.

PTFI is seeking recovery of damages under its property and business interruption insurance policies, which cover up to $1.0 billion in losses (subject to a limit of $0.7 billion on underground incidents), after a $0.5 billion deductible.

Kucing Liar. Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. During 2025, PTFI completed studies to evaluate the potential to expand the footprint of the deposit which was previously designed to operate at a long-term rate of 90,000 metric tons of ore per day. The studies identified a low-cost expansion opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and increase Kucing Liar’s reserves by approximately 20%. At December 31, 2025, PTFI’s preliminary estimates of Kucing Liar reserves approximate 8 billion pounds of copper and 8 million ounces of gold to be recovered through 2041, increased from previous estimates of 7 billion pounds of copper and 6 million ounces of gold. Under the new design, average Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold (an increase of more than 35% from prior estimates). The economic studies took into account an approximate 10% increase in Kucing Liar capital ($0.5 billion), impact to operating rates at the Grasberg Block Cave underground mine and deferral of capital expenditures associated with the processing of higher pyrite ore.

At December 31, 2025, PTFI has incurred approximately $1.1 billion for Kucing Liar, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year). Initial production is expected to commence ramping up in the 2030 timeframe.

Downstream Processing Facilities. In July 2025, PTFI’s smelter in Eastern Java, Indonesia, produced its first copper cathode. The precious metals refinery commenced operations in December 2024 and operated on a limited basis during fourth-quarter 2025, processing anode slimes from PT Smelting, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia.

Smelting operations in Indonesia were temporarily suspended during fourth-quarter 2025 as a result of limited concentrate availability following the September 2025 mud rush incident. PT Smelting restarted operations in late December 2025 and is expected to operate at reduced rates until the anticipated second-quarter 2026 restart of mining at the Grasberg Block Cave underground mine. Shipments to PTFI’s newly commissioned smelter are expected to recommence in the second half of 2026, pending the successful ramp up of mining operations. FCX expects higher variability between PTFI’s production and sales until its downstream processing facilities achieve normalized operating rates.

Long-term Mining Rights. With the completion of PTFI’s downstream processing facilities during 2025, FCX and PTFI have advanced discussions with the Indonesia government for a long-term extension of PTFI’s operating rights beyond the current expiration in 2041. 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.

PTFI is preparing its application for a long-term extension expected to span the life of the resource, which is expected to be submitted during 2026. In connection with the extension, PTFI would pursue additional exploration, conduct studies for future additional development and expand its social programs. FCX expects to maintain its ownership interest of approximately 49% through 2041 and would transfer an additional interest in PTFI to a state-owned enterprise beginning in 2042, resulting in FCX’s interest post-2041 totaling approximately 37%. FCX expects the existing governance agreements would continue over the life of the resource.

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 XIV.

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

PTFI’s consolidated sales volumes of 112 million pounds of copper and 75 thousand ounces of gold in fourth-quarter 2025 were significantly lower than fourth-quarter 2024 sales volumes of 376 million pounds of copper and 343 thousand ounces of gold, reflecting the impact of the September 2025 mud rush incident.

PTFI’s unit net cash credits (including by-product credits) of $0.74 per pound of copper in fourth-quarter 2025 were favorable compared to $0.08 per pound of copper in fourth-quarter 2024, primarily reflecting higher by-product credits and lower export duties, partly offset by lower copper volumes. PTFI's unit net cash credits exclude idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident totaling $454 million in fourth-quarter 2025 and $625 million for the year 2025.

Consolidated sales volumes from PTFI totaled 1.2 billion pounds of copper and 1.1 million ounces of gold for the year 2025, exceeding production of 1.0 billion pounds of copper and 0.9 million ounces of gold. For the year 2026, copper and gold production volumes are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 100 thousand ounces of gold associated with inventory held at PTFI’s smelting operations. Consolidated sales volumes from PTFI are expected to approximate 0.9 billion pounds of copper and 0.8 million ounces of gold for the year 2026. Based on current estimates, approximately 78% of PTFI copper sales and 75% of PTFI’s gold sales in 2026 are expected to occur in the second half of the year reflecting a phased restart and ramp-up of the Grasberg Block Cave underground mine beginning in second-quarter 2026.

Unit net cash credits (including by-product credits and excluding idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident) for PTFI are expected to approximate $1.13 per pound of copper for the year 2026, based on achievement of current sales volumes and cost estimates, and assuming an average price of $4,000 per ounce of gold. PTFI’s average unit net cash credits are expected to improve throughout 2026 as PTFI’s operations and smelting activities are restarted. PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.09 per pound of copper for each $100 per ounce

change in the average price of gold. During the phased restart and ramp-up of operations in 2026, a portion of PTFI’s cost of sales are expected to be recognized as idle facility costs, which are non-inventoriable costs.

Projected sales volumes and average unit net cash credits are dependent on operational performance; the timing of restarting and ramping up the Grasberg Block Cave underground mine at PTFI, which is currently expected to begin in second-quarter 2026; 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 Cerro Verde mine, is processed at FCX’s conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines totaled 11 million pounds of molybdenum in fourth-quarter 2025 and 9 million pounds in fourth-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 Cerro Verde mine, which are presented on page 3.

Average unit net cash costs for the Molybdenum mines of $16.23 per pound of molybdenum in fourth-quarter 2025 were in line with average unit net cash costs of $16.18 per pound in fourth-quarter 2024. Average unit net cash costs for the Molybdenum mines are expected to approximate $16.60 per pound of molybdenum for the year 2026, 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 XIV.

FCX has significant mineral reserves, mineral resources and future development opportunities within its portfolio of mining assets. FCX’s preliminary estimated consolidated recoverable proven and probable mineral reserves from its mines at December 31, 2025, include 112.3 billion pounds of copper, 20.6 million ounces of gold and 3.5 billion pounds of molybdenum, which were determined using metal price assumptions of $3.25 per pound for copper, $1,600 per ounce for gold and $14.00 per pound for molybdenum. The preliminary estimated recoverable proven and probable mineral reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recovery rates and smelter recovery rates, where applicable. Recoverable mineral reserve volumes are those which FCX estimates can be economically extracted or produced at the time of the mineral reserve determination.

a.Includes approximately 17.5 billion pounds of recoverable copper associated with a potential mill project at El Abra.

b.Reserves are included through the life of PTFI’s special mining business license (IUPK), which extends through 2041. An extension of operating rights would provide additional mineral reserves.

c.Consolidated mineral reserves represent estimated metal quantities after reduction for FCX’s joint venture partners’ interest at the Morenci mine in North America. Excluded from the table above are FCX’s estimated recoverable proven and probable silver reserves of 351 million ounces, which were determined using $20 per ounce.

d.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership. Excluded from the table above are FCX’s estimated net recoverable proven and probable silver reserves of 230 million ounces.

e.May not foot because of rounding.

Following is a summary of changes in FCX’s preliminary estimated consolidated recoverable proven and probable mineral reserves during 2025:

a.Includes the addition of approximately 17.5 billion pounds of recoverable copper associated with a potential mill project at El Abra.

b.Primarily reflects the result of mine plan changes at the Grasberg minerals district.

In addition to the preliminary estimated consolidated recoverable proven and probable mineral reserves, FCX’s preliminary estimated consolidated mineral resources (including measured, indicated and inferred resources) at December 31, 2025, totaled 165 billion pounds of incremental contained copper, which were assessed using $3.75 per pound for copper. FCX continues to pursue opportunities to convert this material into mineral reserves, future production volumes and cash flow. See “Cautionary Statement” below.

Liquidity. At December 31, 2025, FCX had $3.8 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 $0.7 billion, net of $0.8 billion of working capital and other uses, in fourth-quarter 2025 and $5.6 billion, net of $1.3 billion of working capital and other uses, for the year 2025.

FCX’s consolidated operating cash flows are expected to approximate $8 billion for the year 2026, including $1 billion of working capital and other sources, based on current sales volume and cost estimates, and assuming prices of $5.00 per pound of copper, $4,000 per ounce of gold and $20.00 per pound of molybdenum. The impact of price changes on operating cash flows for the year 2026 would approximate $330 million for each $0.10 per pound change in the average price of copper, $75 million for each $100 per ounce change in the average price of gold and $160 million for each $2 per pound change in the average price of molybdenum.

Capital Expenditures. Capital expenditures totaled $1.0 billion, including $0.6 billion for major mining projects in fourth-quarter 2025, and $4.5 billion, including $2.3 billion for major mining projects and $0.6 billion for PTFI’s downstream processing facilities for the year 2025.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development in the Grasberg minerals district and expansion projects in the U.S., and $1.6 billion for discretionary growth projects.

FCX is carefully managing costs and near-term capital expenditures in connection with revised operating plans at the Grasberg minerals district to manage cash flow and liquidity during the phased ramp-up period.

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 December 31, 2025 (in billions):

Debt. Following is a summary of consolidated debt and the weighted-average interest rates at December 31, 2025 (in billions, except percentages):

a.Does not foot because of rounding.

At December 31, 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 consolidated debt has an average remaining duration of approximately eight years. There are no senior note maturities scheduled in 2026 and $1.3 billion scheduled 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 downstream processing facilities). FCX’s Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

Net Debt. At December 31, 2025, FCX’s net debt totaled $2.3 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

Common Stock Dividends. On December 17, 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 February 2, 2026, to shareholders of record as of January 15, 2026. The declaration and payment of dividends (base or variable) are at the discretion of the Board and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.

Share Repurchase Program. No shares of FCX’s common stock were repurchased during fourth-quarter 2025. As of January 21, 2026, FCX had 1.4 billion shares of common stock outstanding and $3.0 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.

A conference call with securities analysts to discuss FCX’s fourth-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, February 20, 2026.

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FREEPORT: Foremost in Copper    

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

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

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; repair and remediation efforts, and phased restart and ramp-up of production and downstream processing following the mud rush incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on FCX’s business, production, sales, results of operations and operating plans, and recoveries under insurance policies; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; potential extension of PTFI’s IUPK beyond 2041; 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.

FREEPORT
SELECTED OPERATING DATA
			Three Months Ended December 31,
			2025						2024						2025						2024
			Production												Sales
COPPER (millions of recoverable pounds)
(FCX’s net interest in %)
U.S.
Morenci (72%)a			129						124						131						125
Safford (100%)			77						67						77						66
Sierrita (100%)			47						45						49						45
Chino (100%)			44						36						42						34
Bagdad (100%)			32						37						35						37
Tyrone (100%)			8						10						8						11
Miami (100%)			2						2						2						2
Other (100%)			(2)						—						(2)						(2)
Total U.S.			337						321						342						318
South America
Cerro Verde (55.08%)			209						233						211						246
El Abra (51%)			45						58						44						52
Total South America			254						291						255						298
Indonesia
Grasberg minerals district (48.76%)			49						429						112						376
Consolidated			640						1,041						709			b			992			b
Less noncontrolling interests			141						352						173						329
Net			499						689						536						663
Average realized price per pound															$	5.33					$	4.15
GOLD (thousands of recoverable ounces)
(FCX’s net interest in %)
U.S. (100%)			4						4						5						7
Indonesia (48.76%)			61						428						75						343
Consolidated			65						432						80						350
Less noncontrolling interests			31						219						38						176
Net			34						213						42						174
Average realized price per ounce															$	4,078					$	2,628
MOLYBDENUM (millions of recoverable pounds)
(FCX’s net interest in %)
Climax (100%)			7						6						N/A						N/A
Henderson (100%)			4						3						N/A						N/A
U.S. copper mines (100%)a			9						8						N/A						N/A
Cerro Verde (55.08%)			5						5						N/A						N/A
Consolidated			25						22						22						18
Less noncontrolling interests			3						2						2						2
Net			22						20						20						16
Average realized price per pound															$	23.77					$	22.23
a. Amounts are net of Morenci’s joint venture partners’ undivided interests.
b. Consolidated sales volumes exclude purchased copper of 17 million pounds in fourth-quarter 2025 and 16 million pounds in fourth-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 totaling (i) $41 million in fourth-quarter 2025, $38 million in fourth-quarter 2024, $172 million for the year 2025 and $155 million for the year 2024 for feasibility and optimization studies, and (ii) $37 million in fourth-quarter 2025, $59 million in fourth-quarter 2024, $222 million for the year 2025 and $133 million for the year 2024 for operational readiness and startup costs associated with PT Freeport Indonesia’s (PTFI) smelter and precious metals refinery (collectively, PTFI’s downstream processing facilities).

c.Consolidated interest costs (before capitalization) totaled $174 million in fourth-quarter 2025, $181 million in fourth-quarter 2024, $711 million for the year 2025 and $710 million for the year 2024.

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

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

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

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