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The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles (GAAP) in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. Dollar amounts in tables are stated in millions, except per share amounts.

Cerro Verde. In May 2026, FCX purchased 2.0 million shares of Cerro Verde common stock for a total cost of $107 million, increasing FCX’s ownership interest in Cerro Verde from 55.08% to 55.66%. As a result of the transaction, the carrying value of Cerro Verde’s noncontrolling interest was reduced by $36 million, and $73 million was recorded to reduce capital in excess of par value, including a $2 million deferred tax impact.

Subsequent Events. FCX evaluated events after June 30, 2026, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated undistributed dividends and earnings allocated to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive.

Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Net income			$	1,391					$	1,547					$	2,778					$	2,340
Net income attributable to noncontrolling interests			(407)						(775)						(913)						(1,216)
Undistributed dividends and earnings allocated to participating securities			(8)						(6)						(8)						(6)
Net income attributable to common stockholders			$	976					$	766					$	1,857					$	1,118
Basic weighted-average shares of common stock outstanding			1,438						1,437						1,439						1,438
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units			5						6						5						6
Diluted weighted-average shares of common stock outstanding			1,443						1,443						1,444						1,444
Net income per share attributable to common stockholders:
Basic			$	0.68					$	0.53					$	1.29					$	0.78
Diluted			$	0.68					$	0.53					$	1.29					$	0.77

Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no such shares excluded in any of the periods shown above.

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Geographic sources of FCX’s (provision) benefit for income taxes follow:

			Six Months Ended
			June 30,
			2026						2025
U.S.			$	(58)					$	2
Foreign			(1,139)						(1,352)
Total			$	(1,197)					$	(1,350)

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 30% for the first six months of 2026 and 37% for the first six months of 2025. The U.S. income tax provision for the first six months of 2026 primarily relates to the U.S. Corporate Alternative Minimum Tax provisions, which do not benefit from regular tax U.S. net operating loss carryforwards.

The components of debt follow:

						June 30, 2026						December 31, 2025
PT Freeport Indonesia (PTFI) revolving credit facility						$	250					$	250
Senior notes and debentures:
Issued by FCX						5,290						5,287
Issued by PTFI						2,987						2,985
Issued by Freeport Minerals Corporation						351						352
Atlantic Copper						486						482
Other						22						23
Total debt						9,386						9,379
Less current portion of debt						(1,220)						(466)
Long-term debt						$	8,166					$	8,913

Revolving Credit Facilities.

PTFI. At June 30, 2026, PTFI had $250 million in borrowings outstanding under its $1.75 billion, senior unsecured revolving credit facility that matures in November 2028.

FCX. In May 2026, FCX and PTFI entered into a new $3.0 billion, five-year, senior unsecured revolving credit facility that matures in May 2031 and replaced the revolving credit facility that was scheduled to mature in October 2027. The terms of the new revolving credit facility are substantially similar to the prior facility, including that FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with a $1.5 billion sublimit on the issuance of letters of credit and a $500 million limit on PTFI’s borrowing capacity.

Interest on loans made under FCX’s revolving credit facility may, at the option of FCX or PTFI, be determined based on the Term Secured Overnight Financing Rate (SOFR) or the Alternate Base Rate (ABR), plus a spread to be determined by reference to a grid based on FCX’s credit rating.

FCX’s revolving credit facility contains customary affirmative covenants and representations, and also contains various negative covenants that, among other things and subject to certain exceptions, restrict the ability of FCX’s subsidiaries that are not borrowers or guarantors to incur additional indebtedness (including guarantee obligations) and the ability of FCX or FCX’s subsidiaries to: create liens on assets; enter into sale and leaseback transactions; engage in mergers, liquidations and dissolutions; and sell assets. In addition, the revolving credit facility contains a total leverage ratio financial covenant.

At June 30, 2026, there were no borrowings and $5 million in letters of credit issued under FCX’s revolving credit facility.

Cerro Verde. In May 2026, Cerro Verde entered into a new $350 million, five-year, senior unsecured revolving credit facility that matures in May 2031 and replaced its prior revolving credit facility that was scheduled to mature in May

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2027. The terms of the new revolving credit facility are substantially similar to the prior facility, including customary representations and affirmative and negative covenants. Interest on loans made under Cerro Verde’s revolving credit facility may, at the option of Cerro Verde, be determined based on SOFR or ABR, plus a spread.

At June 30, 2026, there were no borrowings outstanding under Cerro Verde’s revolving credit facility.

At June 30, 2026, PTFI, FCX and Cerro Verde were each in compliance with the covenants under their respective credit facilities.

Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $240 million in second-quarter 2026 and $414 million for the first six months of 2026, including $67 million of nonrecurring adjustments for prior period withholding taxes on PTFI’s senior notes. Consolidated interest costs (before capitalization) totaled $181 million in second-quarter 2025 and $355 million for the first six months of 2025.

Capitalized interest totaled $145 million in second-quarter 2026 and $205 million for the first six months of 2026, including $64 million associated with prior period withholding taxes on PTFI’s senior notes. Capitalized interest totaled $99 million in second-quarter 2025 and $203 million for the first six months of 2025.

Share Repurchase Program and Dividends. During the first six months of 2026, FCX acquired 3.4 million shares of its common stock for a total cost of $203 million ($59.30 average cost per share). At July 31, 2026, FCX has acquired a total of 55.4 million shares ($39.80 average cost per share) and has $2.8 billion available under its $5.0 billion share repurchase program.

On June 24, 2026, FCX’s Board of Directors (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 were paid on August 3, 2026, to common stockholders of record on July 15, 2026.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s 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 FCX’s Board or management, as applicable. FCX’s share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates.

Commodity Contracts. From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions.

A discussion of FCX’s derivative contracts and programs follows.

Derivatives Designated as Hedging Instruments - Fair Value Hedges.

Copper Futures and Swap Contracts. Some of FCX’s North America copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six months ended June 30, 2026 and 2025. At June 30, 2026, FCX held copper futures and swap contracts that

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qualified for hedge accounting for 145 million pounds at an average contract price of $5.95 per pound, with maturities through August 2028.

Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Copper futures and swap contracts:
Unrealized gains (losses):
Derivative financial instruments			$	30					$	(14)					$	(19)					$	67
Hedged item – firm sales commitments			(30)						14						19						(67)
Realized gains:
Matured derivative financial instruments			38						10						73						30

Derivatives Not Designated as Hedging Instruments.

Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper settlement price and the London Bullion Market Association (London) PM gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement.

FCX records revenues and invoices customers at the time of shipment based on the then-current LME copper settlement price and the London PM gold price as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper settlement or London PM gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements because these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME copper forward price and the adjusted London PM gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at June 30, 2026, follows:

			Open Positions						Average Price Per Unit												Maturities Through
									Contract						Market
Embedded derivatives in provisional sales contracts:
Copper (millions of pounds)			194						$	6.00					$	6.07					November 2026
Gold (thousands of ounces)			5						4,588						4,065						October 2026
Embedded derivatives in provisional purchase contracts:
Copper (millions of pounds)			143						6.00						6.07						November 2026

Copper Forward Contracts. Atlantic Copper enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At June 30, 2026, Atlantic Copper held net copper forward sales contracts for 30 million pounds at an average contract price of $6.18 per pound, with maturities through August 2026.

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Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Embedded derivatives in provisional sales contracts:a
Copper			$	138					$	34					$	117					$	150
Gold and other metals			(26)						22						(25)						60
Copper forward contractsb			(46)						(2)						(35)						(40)

a.Amounts recorded in revenues. 

b.Amounts recorded in cost of sales as production and delivery costs.

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. At June 30, 2026, the maximum amount of credit exposure associated with derivative transactions was $86 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 6 for the fair values of investment securities, legally restricted funds and debt).

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:

						June 30, 2026						December 31, 2025
Balance sheet components:
Cash and cash equivalents						$	4,080					$	3,824
Restricted cash and cash equivalents, currenta						278						230
Restricted cash and cash equivalents, long-term - included in other assets						133						119
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows						$	4,491					$	4,173

a.Reflects cash designated for talc-related litigation in accordance with a legal settlement (refer to Note 10 of FCX’s 2025 Form 10-K for further discussion).

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Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX does not have any significant Level 3 assets or liabilities.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:

			At June 30, 2026
			Carrying						Fair Value
			Amount						Total						NAV						Level 1						Level 2						Level 3
Assets
Investment securities:a,b
U.S. core fixed income fund			$	30					$	30					$	30					$	—					$	—					$	—
Equity securities			29						29						—						29						—						—
Total			59						59						30						29						—						—
Legally restricted funds:a
U.S. core fixed income fund			72						72						72						—						—						—
Government mortgage-backed securities			47						47						—						—						47						—
Government bonds and notes			47						47						—						—						47						—
Corporate bonds			37						37						—						—						37						—
Money market funds			20						20						—						20						—						—
Asset-backed securities			11						11						—						—						11						—
Total			234						234						72						20						142						—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position			29						29						—						—						29						—
Copper futures and swap contracts			53						53						—						40						13						—
Copper forward contracts			4						4						—						2						2						—
Total			86						86						—						42						44						—
Liabilities
Embedded derivatives in provisional sales/purchase contracts in a gross liability positionc			29						29						—						—						29						—
Debtd			9,386						9,376						—						—						9,376						—

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			At December 31, 2025
			Carrying						Fair Value
			Amount						Total						NAV						Level 1						Level 2						Level 3
Assets
Investment securities:a,b
Equity securities			$	36					$	36					$	—					$	36					$	—					$	—
U.S. core fixed income fund			29						29						29						—						—						—
Total			65						65						29						36						—						—
Legally restricted funds:a
U.S. core fixed income fund			71						71						71						—						—						—
Government mortgage-backed securities			56						56						—						—						56						—
Government bonds and notes			37						37						—						—						37						—
Corporate bonds			34						34						—						—						34						—
Money market funds			22						22						—						22						—						—
Asset-backed securities			11						11						—						—						11						—
Collateralized mortgage-backed securities			1						1						—						—						1						—
Total			232						232						71						22						139						—
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross asset position			217						217						—						—						217						—
Copper futures and swap contracts			72						72						—						50						22						—
Total			289						289						—						50						239						—
Liabilities
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position			84						84						—						—						84						—
Copper forward contracts			23						23						—						11						12						—
Total			107						107						—						11						96						—
Debtd			9,379						9,493						—						—						9,493						—

a.Current portion included in other current assets and long-term portion included in other assets.

b.Excludes amounts included in restricted cash and cash equivalents that approximate fair value and are associated with talc-related litigation at June 30, 2026, and December 31, 2025. Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion.

c.Refer to Note 5 for further discussion.

d.Recorded at cost except for debt assumed in the 2007 acquisition of Freeport Minerals Corporation, which was recorded at fair value at the acquisition date.

Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME copper forward prices and the adjusted London PM gold prices at each reporting

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date based on the month of maturity (refer to Note 5); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.

FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 5). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices.

Debt is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy.

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2026, as compared with those techniques used at December 31, 2025.

Indonesia Matters

Refer to Note 10 of FCX’s 2025 Form 10-K for further discussion of Indonesia matters.

Long-Term Mining Rights. In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration in 2041. Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource.

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

Grasberg Block Cave Ramp-Up. Following the September 2025 external mud rush incident, PTFI has progressed a series of activities to address the incident and remains focused on a safe and sustainable ramp-up to full operating capacity.

During the phased ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI’s production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs totaled $284 million in production and delivery costs and $79 million in depreciation, depletion and amortization (DD&A) expense in second-quarter 2026, and $690 million in production and delivery costs and $172 million in DD&A expense for the first six months of 2026.

Gain on PTFI Mud Rush Incident Insurance Settlement. In April 2026, PTFI collected pre-tax proceeds of $0.7 billion associated with the settlement of its insurance claim under its property and business interruption policies related to the September 2025 external mud rush incident. The gain associated with this insurance settlement was recognized in first-quarter 2026.

Export Proceeds. In 2023, the Indonesia government issued a regulation that required 30% of PTFI’s gross export proceeds to be temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. In March 2025, the Indonesia government amended the regulation to require 100% of PTFI’s export proceeds to be deposited into Indonesia banks for 12 months, but the amended regulation permits the use of these funds for ongoing business requirements, including dividends to shareholders, payment of taxes and other obligations to the Indonesia government, payment for materials or capital expenditures that are not available domestically and repayment of loans.

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Effective June 1, 2026, the Indonesia government issued additional amendments to the export proceeds regulation. PTFI is seeking clarification regarding the applicability of the amendments and continues to deposit export proceeds in Indonesia banks consistent with its historical practice.

Indonesia Tax Matters

In April 2026, PTFI received assessments totaling $220 million from the Indonesia tax authorities related to various 2022 audit exceptions for income and other taxes. On June 30, 2026, PTFI paid these disputed assessments, and has filed objections to the assessments because PTFI believes it has properly determined and paid its taxes. At June 30, 2026, PTFI has a long-term tax receivable for these assessments.

Litigation

There were no significant updates to previously reported legal proceedings included in Note 10 of FCX’s 2025 Form 10-K.

Product Revenues. FCX’s revenues attributable to the products it sold for the second quarters and for the first six months of 2026 and 2025 follow:

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2026						2025						2026						2025
Copper:
Cathode			$	2,647					$	2,173					$	4,697					$	4,198
Rod and other refined copper products			1,533						969						3,037						1,929
Concentrate			976						2,023						2,059						3,409
Purchased coppera			164						173						253						471
Molybdenum			728						479						1,341						921
Gold			640						1,833						1,332						2,308
Silver and other			297						173						575						312
Adjustments to revenues:
Royalty expenseb			(60)						(135)						(113)						(203)
Treatment chargesc			(8)						(16)						(10)						(43)
PTFI export dutiesd			—						(146)						—						(202)
Revenues from contracts with customers			6,917						7,526						13,171						13,100
Embedded derivativese			112						56						92						210
Total consolidated revenues			$	7,029					$	7,582					$	13,263					$	13,310

a.FCX purchases copper cathode primarily for processing by its U.S. Rod & Refining operations.

b.Reflects royalties on sales from PTFI and Cerro Verde that will vary with the volume of metal sold and prices.

c.Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper. Lower charges in the 2026 periods, compared to the 2025 periods, primarily reflect lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia now that PTFI is a fully integrated producer of refined copper, gold and silver.

d.Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. Refer to Note 11 of FCX’s 2025 Form 10-K for further discussion.

e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.

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

In the U.S., FCX operates seven copper operations – Morenci (72%-owned), Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines – Henderson and Climax in Colorado. A majority of the copper produced at the U.S. copper mines is cast into copper rod by the U.S. Rod & Refining operations.

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

In Indonesia, PTFI operates in the Grasberg minerals district. With the completion of its downstream processing facilities during 2025, PTFI is a fully integrated producer of refined copper, gold and silver.

Operating segments that meet certain thresholds are reportable segments, including the Cerro Verde copper mine, Indonesia operations and U.S. Rod & Refining operations. Though not quantitatively material, FCX has also voluntarily disclosed the Morenci copper mine and Atlantic Copper as reportable segments in the following tables.

•Morenci. The Morenci open-pit copper mine, located in southeastern Arizona, produces copper cathode and copper concentrate. In addition to copper, the Morenci mine also produces molybdenum concentrate.

•Cerro Verde. The Cerro Verde open-pit copper mine, located near Arequipa, Peru, produces copper cathode and copper concentrate. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver.

•Indonesia Operations. Indonesia operations include PTFI’s Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver, and PTFI’s downstream processing facilities. PTFI’s smelter will exclusively receive concentrate from the Grasberg minerals district and the precious metals refinery will receive anode slimes from the smelter and from PT Smelting (PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia, which is accounted for under the equity method).

•U.S. Rod & Refining. The U.S. Rod & Refining segment consists of copper conversion facilities located in the U.S., and includes a refinery and two rod mills. These operations process copper primarily produced at FCX’s U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis. Toll arrangements require the tolling customer to deliver appropriate copper-bearing material to FCX’s facilities for processing into a product that is returned to the customer, who pays FCX for processing its material into the specified products.

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

Intersegment sales between FCX’s operating segments are based on terms similar to arm’s-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

FCX allocates certain operating costs, expenses and capital expenditures to its operating segments. However, not all costs and expenses applicable to an operation are allocated. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each reportable segment would be if it was an independent entity.

FCX's Chief Executive Officer is identified as its chief operating decision maker (CODM) under segment reporting guidance. Operating income (loss) is the financial measure of profit or loss used by the CODM to review segment results, and the significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in FCX’s consolidated statements of income. The CODM uses operating income (loss) to assess segment performance against forecasted results and to allocate resources, including capital investment in mining operations and potential expansions.

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Financial Information by Reportable Segment as of and for the three months ended June 30, 2026

			Reportable Segments
																											U.S.																														Total
									Cerro						Indonesia												Rod &						Atlantic																								Reportable
			Morenci						Verde						Operations												Refining						Copper																								Segments
Segment revenues:
Unaffiliated customers			$	17					$	1,159					$	1,482											$	2,228					$	1,024																							$	5,910
Intersegment			739						328						1												11						6																								1,085
			756						1,487						1,483												2,239						1,030																								6,995
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa																																																									1,119
Other segments’ revenue - intersegmenta																																																									1,763
Elimination of intersegment revenue																																																									(2,848)
Total consolidated revenues, net																																																									$	7,029
Segment measure of profit:
Production and delivery			425						664						724			b									2,215						1,007
DD&A			55						82						228			c									2						7
Selling, general and administrative expenses			1						1						32												—						8
Exploration and research expenses			10						4						—												—						—
Gain on sale of assets			—						—						—												—						(18)
Segment operating income			$	265					$	736					$	499											$	22					$	26																							$	1,548
Reconciliation of operating income
Other segments’ operating incomea																																																									656			d
Corporate expenses and elimination of intersegment operating income																																																									(201)			e
Consolidated interest expense, net																																																									(95)
Consolidated other income, net																																																									22
Total consolidated income before income taxes and equity in affiliated companies’ net earnings																																																									$	1,930
Segment assets			$	3,551					$	9,013					$	27,949											$	390					$	2,054																							$	42,957
Reconciliation of segment assets
Total assets for other segmentsa																																																									36,913
Corporate assets and elimination of investments in consolidated subsidiaries																																																									(20,143)
Total consolidated assets																																																									$	59,727
Segment capital expenditures			$	50					$	82					$	516											$	14					$	67																							$	729
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa																																																									366
Corporate capital expenditures																																																									9
Total consolidated capital expenditures																																																									$	1,104

a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration.

b.Includes charges totaling $284 million for idle facility and restoration costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion.

c.Includes charges totaling $79 million for idle facility costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion.

d.Includes DD&A of $149 million related to other operating segments.

e.Corporate expenses include amounts not allocated to individual operating segments.

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Financial Information by Reportable Segment as of and for the three months ended June 30, 2025

			Reportable Segments
																											U.S.																														Total
									Cerro						Indonesia												Rod &						Atlantic																								Reportable
			Morenci						Verde						Operations												Refining						Copper																								Segments
Segment revenues:
Unaffiliated customers			$	63					$	836					$	3,419											$	1,692					$	815																							$	6,825
Intersegment			559						193						(2)			a									9						3																								762
			622						1,029						3,417												1,701						818																								7,587
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersb																																																									757
Other segments’ revenue - intersegmentb																																																									1,308
Elimination of intersegment revenue																																																									(2,070)
Total consolidated revenues, net																																																									$	7,582
Segment measure of profit:
Production and delivery			435						590						1,124												1,693						791
DD&A			46						94						389												1						7
Selling, general and administrative expenses			1						1						35												—						7
Exploration and research expenses			8						4						1												—						—
Segment operating income			$	132					$	340					$	1,868											$	7					$	13																							$	2,360
Reconciliation of operating income
Other segments’ operating incomeb																																																									142			c
Corporate expenses and elimination of intersegment operating income																																																									(70)			d
Consolidated interest expense, net																																																									(82)
Consolidated other income, net																																																									41
Total consolidated income before income taxes and equity in affiliated companies’ net earnings																																																									$	2,391
Segment assets			$	3,337					$	8,385					$	27,781											$	432					$	1,508																							$	41,443
Reconciliation of segment assets
Total assets for other segmentsb																																																									35,771
Corporate assets and elimination of investments in consolidated subsidiaries																																																									(20,722)
Total consolidated assets																																																									$	56,492
Segment capital expenditures			$	70					$	78					$	740											$	26					$	45																							$	959
Reconciliation of capital expenditures
Total capital expenditures for other segmentsb																																																									300
Corporate capital expenditures																																																									2
Total consolidated capital expenditures																																																									$	1,261

a.Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period.

b.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration.

c.Includes DD&A of $131 million related to other operating segments.

d.Corporate expenses include amounts not allocated to individual operating segments.

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Financial Information by Reportable Segment for the six months ended June 30, 2026

			Reportable Segments
																											U.S.																														Total
									Cerro						Indonesia												Rod &						Atlantic																								Reportable
			Morenci						Verde						Operations												Refining						Copper																								Segments
Segment revenues:
Unaffiliated customers			$	29					$	2,377					$	2,554											$	4,280					$	1,990																							$	11,230
Intersegment			1,503						491						1												21						9																								2,025
			1,532						2,868						2,555												4,301						1,999																								13,255
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa																																																									2,033
Other segments’ revenue - intersegmenta																																																									3,435
Elimination of intersegment revenue																																																									(5,460)
Total consolidated revenues, net																																																									$	13,263
Segment measure of profit:
Production and delivery			862						1,315						1,434			b									4,261						1,936
DD&A			124						168						422			c									3						14
Selling, general and administrative expenses			1						3						57												—						19
Exploration and research expenses			18						8						—												—						—
Gain on PTFI mud rush incident insurance settlement			—						—						(699)												—						—
Gain on sale of assets			—						—						—												—						(18)
Segment operating income			$	527					$	1,374					$	1,341											$	37					$	48																							$	3,327
Reconciliation of operating income
Other segments’ operating incomea																																																									1,133			d
Corporate expenses and elimination of intersegment operating income																																																									(320)			e
Consolidated interest expense, net																																																									(209)
Consolidated other income, net																																																									33
Total consolidated income before income taxes and equity in affiliated companies’ net earnings																																																									$	3,964
Segment capital expenditures			$	94					$	156					$	972											$	28					$	123																							$	1,373
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa																																																									690
Corporate capital expenditures																																																									14
Total consolidated capital expenditures																																																									$	2,077

a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration.

b.Includes charges totaling $690 million for idle facility and restoration costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion.

c.Includes charges totaling $172 million for idle facility costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion.

d.Includes DD&A of $306 million related to other operating segments.

e.Corporate expenses include amounts not allocated to individual operating segments.

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Financial Information by Reportable Segment for the six months ended June 30, 2025

			Reportable Segments
																											U.S.																														Total
									Cerro						Indonesia												Rod &						Atlantic																								Reportable
			Morenci						Verde						Operations												Refining						Copper																								Segments
Segment revenues:
Unaffiliated customers			$	146					$	1,753					$	4,983											$	3,316					$	1,567																							$	11,765
Intersegment			1,053						367						4												17						6																								1,447
			1,199						2,120						4,987												3,333						1,573																								13,212
Reconciliation of revenues
Other segments’ revenue - unaffiliated customersa																																																									1,545
Other segments’ revenue - intersegmenta																																																									2,537
Elimination of intersegment revenue																																																									(3,984)
Total consolidated revenues, net																																																									$	13,310
Segment measure of profit:
Production and delivery			854						1,177						1,702												3,315						1,525
DD&A			96						185						575												2						14
Selling, general and administrative expenses			1						3						62												—						16
Exploration and research expenses			14						6						3												—						—
Environmental obligations and shutdown costs			(7)						—						—												—						—
Segment operating income			$	241					$	749					$	2,645											$	16					$	18																							$	3,669
Reconciliation of operating income
Other segments’ operating incomea																																																									219			b
Corporate expenses and elimination of intersegment operating income																																																									(153)			c
Consolidated interest expense, net																																																									(152)
Consolidated other income, net																																																									99
Total consolidated income before income taxes and equity in affiliated companies’ net earnings																																																									$	3,682
Segment capital expenditures			$	129					$	152					$	1,444											$	43					$	88																							$	1,856
Reconciliation of capital expenditures
Total capital expenditures for other segmentsa																																																									574
Corporate capital expenditures																																																									3
Total consolidated capital expenditures																																																									$	2,433

a.Includes amounts attributable to FCX’s other operating segments that do not meet the quantitative thresholds for determining reportable segments under U.S. GAAP, including other U.S. copper mines, the El Abra mine in Chile, the molybdenum mines, certain downstream processing facilities and exploration.

b.Includes DD&A of $262 million related to other operating segments.

c.Corporate expenses include amounts not allocated to individual operating segments.

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