Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): July 20, 2023

Freeport-McMoRan Inc.

(Exact name of registrant as specified in its charter)


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


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

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

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

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

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

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

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

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


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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

Freeport-McMoRan Inc. (FCX) issued a press release dated July 20, 2023, announcing its second-quarter and six-month 2023 financial and operating results. A copy of the press release is furnished hereto as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

The slides to be presented in connection with FCX’s previously announced second-quarter 2023 earnings conference call being webcast on the internet at 10:00 a.m. Eastern Time on July 20, 2023, are furnished hereto as Exhibit 99.2.

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

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number			Exhibit Title
99.1			Press release dated July 20, 2023, titled “Freeport-McMoRan Reports Second-Quarter and Six-Month 2023 Results."

99.2			Slides presented in connection with FCX’s second-quarter 2023 earnings conference call conducted via the internet on July 20, 2023.

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

SIGNATURE

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

Freeport-McMoRan Inc.

By: /s/ Ellie L. Mikes

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

Ellie L. Mikes

Vice President and Chief Accounting Officer

(authorized signatory and

Principal Accounting Officer)

Date: July 20, 2023

Freeport-McMoRan

Reports Second-Quarter and Six-Month 2023 Results

•Solid production performance

•Strong balance sheet and financial flexibility

•Positive outlook for cash flow generation to support continued organic growth and cash returns to shareholders

▪Net income attributable to common stock in second-quarter 2023 totaled $343 million, $0.23 per share, and adjusted net income attributable to common stock totaled $500 million, $0.35 per share, after excluding net charges totaling $157 million, $0.11 per share.

▪Consolidated production totaled 1.1 billion pounds of copper, 483 thousand ounces of gold and 21 million pounds of molybdenum in second-quarter 2023.

▪Consolidated sales totaled 1.0 billion pounds of copper, 495 thousand ounces of gold and 20 million pounds of molybdenum in second-quarter 2023. Second-quarter 2023 copper sales volumes were 3% below the April 2023 estimate, reflecting shipping delays in Indonesia associated with the renewal of PT Freeport Indonesia's (PT-FI) export license.

▪Consolidated sales for the year 2023 are expected to approximate 4.0 billion pounds of copper, 1.75 million ounces of gold and 79 million pounds of molybdenum, including 1.0 billion pounds of copper, 420 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2023.

▪Average realized prices in second-quarter 2023 were $3.84 per pound for copper, $1,942 per ounce for gold and $24.27 per pound for molybdenum.

▪Average unit net cash costs in second-quarter 2023 were $1.47 per pound of copper. Unit net cash costs for the year 2023 are expected to average $1.55 per pound of copper.

▪Operating cash flows totaled $1.7 billion (including $0.2 billion of working capital and other sources) in second-quarter 2023. Based on current sales volume and cost estimates, and assuming average prices of $3.90 per pound for copper, $1,950 per ounce for gold and $20.00 per pound for molybdenum for the second half of 2023, operating cash flows are expected to approximate $6.4 billion for the year 2023.

▪Capital expenditures totaled $1.2 billion (including $0.4 billion for major mining projects and $0.5 billion for the Indonesia smelter projects) in second-quarter 2023. Capital expenditures for the year 2023 are expected to approximate $4.8 billion (including $2.0 billion for major mining projects and $1.6 billion for the Indonesia smelter projects).

▪At June 30, 2023, consolidated debt totaled $9.5 billion and consolidated cash and cash equivalents totaled $6.7 billion, resulting in net debt of $2.8 billion ($0.9 billion excluding net debt for the Indonesia smelter projects). Refer to the supplemental schedule, "Net Debt," on page IX.

PHOENIX, AZ, July 20, 2023 - Freeport-McMoRan Inc. (NYSE: FCX) reported second-quarter 2023 net income attributable to common stock of $343 million, $0.23 per share, and adjusted net income attributable to common stock of $500 million, $0.35 per share, after excluding net charges totaling $157 million, $0.11 per share, primarily associated with charges for an unfavorable tax ruling at Cerro Verde, adjustments to environmental obligations and an accrual of a potential administrative fine in Indonesia. For additional information, refer to the supplemental schedule, "Adjusted Net Income," on page VII.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, "Our global team continues to execute our strategy and deliver strong results. During the second quarter, we achieved solid production performance, managed costs efficiently and advanced several important value-enhancing initiatives. As a leading supplier of copper with long-lived reserves, organic growth opportunities, a solid balance sheet and a proven track record for successful project development, we are positioned for a bright future for the benefit of all stakeholders."

SUMMARY FINANCIAL DATA


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in millions, except per share amounts)
Revenuesa,b	$	5,737	$	5,416	$	11,126	$	12,019
Operating incomea	$	1,410	$	1,736	$	3,011	$	4,545


Net income attributable to common stockc,d,e	$	343	$	840	$	1,006	$	2,367
Diluted net income per share of common stock	$	0.23	$	0.57	$	0.69	$	1.61

Diluted weighted-average common shares outstanding	1,442		1,457		1,443		1,463
Operating cash flowsf	$	1,673	$	1,621	$	2,723	$	3,312
Capital expenditures	$	1,163	$	863	$	2,284	$	1,586
At June 30:
Cash and cash equivalents	$	6,683	$	9,492	$	6,683	$	9,492
Total debt, including current portion	$	9,495	$	11,092	$	9,495	$	11,092

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

b.Includes (unfavorable) favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $(118) million ($(45) million to net income attributable to common stock or $(0.03) per share) in second-quarter 2023, $(355) million ($(154) million to net income attributable to common stock or $(0.10) per share) in second-quarter 2022, $182 million ($61 million to net income attributable to common stock or $0.04 per share) for the first six months of 2023 and $65 million ($27 million to net income attributable to common stock or $0.02 per share) for the first six months of 2022. For further discussion, refer to the supplemental schedule, "Derivative Instruments," beginning on page IX.

c.Includes net charges totaling $157 million ($0.11 per share) in second-quarter 2023, $14 million ($0.01 per share) in second-quarter 2022, $251 million ($0.17 per share) for the first six months of 2023 and $52 million ($0.04 per share) for the first six months of 2022 that are described in the supplemental schedule, "Adjusted Net Income," on page VII.

d.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to the supplemental schedule, "Deferred Profits," on page X.

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

f.Working capital and other sources (uses) totaled $237 million in second-quarter 2023, $100 million in second-quarter 2022, $(230) million for the first six months of 2023 and $(711) million for the first six months of 2022.

SUMMARY OPERATING DATA


	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
Copper (millions of recoverable pounds)
Production	1,067			1,075		2,032			2,084
Sales, excluding purchases	1,029		a	1,087		1,861		a	2,111
Average realized price per pound	$	3.84		$	4.03	$	3.91		$	4.18
Site production and delivery costs per poundb	$	2.39		$	2.09	$	2.47		$	2.06
Unit net cash costs per poundb	$	1.47		$	1.41	$	1.60		$	1.37
Gold (thousands of recoverable ounces)
Production	483			476		888			891
Sales	495		a	476		765		a	885
Average realized price per ounce	$	1,942		$	1,827	$	1,946		$	1,861
Molybdenum (millions of recoverable pounds)
Production	21			23		42			44
Sales, excluding purchases	20			20		39			39
Average realized price per pound	$	24.27		$	19.44	$	27.24		$	19.37

a.Beginning on January 1, 2023, PT-FI's commercial arrangement with PT Smelting converted from a concentrate sales agreement to a tolling arrangement, which resulted in a change in timing of sales. At June 30, 2023, approximately 85 million pounds of copper and 40 thousand ounces of gold from PT-FI's production was deferred in inventory and will be sold in future periods.

b.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.

Consolidated Sales Volumes

Second-quarter 2023 sales:

•Copper sales of 1.029 billion pounds were 3% lower than the April 2023 estimate of 1.065 billion pounds and 5% below the second-quarter 2022 sales of 1.087 billion pounds, primarily reflecting shipping delays in Indonesia associated with the renewal of PT-FI's export license.

•Gold sales of 495 thousand ounces approximated the April 2023 estimate of 500 thousand ounces and were 4% above second-quarter 2022 sales of 476 thousand ounces.

•Molybdenum sales of 20 million pounds approximated the April 2023 estimate and second-quarter 2022 sales.

Consolidated sales volumes for the year 2023 are expected to approximate 4.0 billion pounds of copper, 1.75 million ounces of gold and 79 million pounds of molybdenum, including 1.0 billion pounds of copper, 420 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2023. Projected sales volumes assume the resumption of exports at PT-FI beginning in late July 2023, and are dependent on operational performance, weather-related conditions, timing of shipments and other factors detailed in the Cautionary Statement below. Further delays in obtaining PT-FI's export license could impact FCX's production and sales volumes and financial results.

Consolidated Unit Net Cash Costs

Second-quarter 2023 consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines of $1.47 per pound of copper were lower than the April 2023 estimate of $1.51 per pound, primarily reflecting higher by-product credits. Second-quarter 2023 consolidated average unit net cash costs (net of by-product credits) were 4% higher than second-quarter 2022 average unit net cash costs of $1.41 per pound, primarily reflecting higher unit net cash costs in North America. Refer to "Mining Operations" below for further discussion.

Assuming average prices of $1,950 per ounce of gold and $20.00 per pound of molybdenum for the second half of 2023 and achievement of current sales volume and cost estimates, consolidated unit net cash costs (net of

by-product credits) for FCX's copper mines are expected to average $1.55 per pound of copper for the year 2023 (including $1.61 per pound of copper in third-quarter 2023). Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. The impact of price changes during the second half of 2023 on consolidated unit net cash costs for the year 2023 would approximate $0.03 per pound of copper for each $100 per ounce change in the average price of gold and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum.

Estimated consolidated unit net cash costs for the second half of 2023 do not include export duties at PT-FI that may be assessed under the revised regulation issued in mid-July 2023 as export duties applicable to PT-FI are specified in its special mining license (IUPK) (refer to Indonesia Regulatory Matters below for further discussion). The assessment of a 7.5% export duty on PT-FI sales during the second half of 2023 would impact estimated consolidated unit net cash costs by $0.07 per pound of copper for the year 2023.

MINING OPERATIONS

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

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

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

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

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Copper (millions of recoverable pounds)
Production	354		382		686		736
Sales, excluding purchases	339		389		671		770
Average realized price per pound	$	3.92	$	4.36	$	4.03	$	4.46

Molybdenum (millions of recoverable pounds)
Productiona	9		8		16		15

Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments	$	2.93	$	2.50	$	2.92	$	2.44
By-product credits	(0.55)		(0.35)		(0.57)		(0.35)
Treatment charges	0.13		0.11		0.13		0.10
Unit net cash costs	$	2.51	$	2.26	$	2.48	$	2.19

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

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

FCX's consolidated copper sales volumes from North America of 339 million pounds in second-quarter 2023 were lower than second-quarter 2022 copper sales volumes of 389 million, primarily reflecting lower ore grades and the timing of shipments, partly offset by incremental copper associated with leach initiatives. North America copper sales are estimated to approximate 1.4 billion pounds for the year 2023.

Average unit net cash costs (net of by-product credits) for the North America copper mines of $2.51 per pound of copper in second-quarter 2023 were higher than second-quarter 2022 unit net cash costs of $2.26 per pound, primarily reflecting the impact of lower sales volumes and increased costs of maintenance, supplies and labor, partly offset by higher molybdenum by-product credits and lower costs of energy.

Average unit net cash costs (net of by-product credits) for the North America copper mines are expected to approximate $2.56 per pound of copper for the year 2023, based on achievement of current sales volume and cost estimates and assuming an average molybdenum price of $20.00 per pound for the second half of 2023. North America's average unit net cash costs for the year 2023 would change by approximately $0.02 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2023.

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

Operating and Development Activities. El Abra's large sulfide resource supports a potential major mill project similar to the large-scale concentrator at Cerro Verde. Technical and economic studies continue to be evaluated to determine the optimal scope and timing for the sulfide project. FCX is advancing plans to invest in water infrastructure to provide options to extend existing operations, while continuing to monitor potential changes in Chile's regulatory and fiscal matters.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Copper (millions of recoverable pounds)
Production	307		286		611		560
Sales	304		288		606		552
Average realized price per pound	$	3.78	$	3.83	$	3.85	$	4.00






Molybdenum (millions of recoverable pounds)
Productiona	5		7		11		14

Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments	$	2.43	$	2.48	$	2.49	$	2.45
By-product credits	(0.37)		(0.35)		(0.45)		(0.38)
Treatment charges	0.21		0.15		0.19		0.15
Royalty on metals	0.01		0.01		0.01		0.01
Unit net cash costs	$	2.28	$	2.29	$	2.24	$	2.23

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

FCX's consolidated copper sales volumes from South America of 304 million pounds in second-quarter 2023 were higher than second-quarter 2022 copper sales volumes of 288 million pounds, primarily reflecting higher ore grades. Copper sales from South America mining are expected to approximate 1.2 billion pounds for the year 2023.

Average unit net cash costs (net of by-product credits) for South America mining of $2.28 per pound of copper in second-quarter 2023 approximated second-quarter 2022 unit net cash costs, as the impact of higher sales volumes was offset by higher costs of maintenance, supplies and consumables, and increased treatment charges.

Average unit net cash costs (net of by-product credits) for South America mining are expected to approximate $2.33 per pound of copper for the year 2023, based on current sales volume and cost estimates and assuming an average price of $20.00 per pound of molybdenum for the second half of 2023.

Indonesia Mining. PT-FI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. PT-FI produces copper concentrate that contains significant quantities of gold and silver. FCX has a 48.76% ownership interest in PT-FI and manages its mining operations. PT-FI's results are consolidated in FCX's financial statements. Under the terms of agreements entered into in 2018, FCX’s economic interest in PT-FI approximated 81% through 2022, and beginning January 1, 2023, FCX's economic interest in PT-FI is 48.76%.

Regulatory Matters. Over the past several years, the Indonesia government has enacted various laws and regulations to promote downstream processing of various minerals, including copper concentrates. In 2018, PT-FI agreed to expand its domestic smelting and refining capacity to process all of its copper concentrates in Indonesia. PT-FI is advancing the construction of the Manyar smelter and precious metals refinery (PMR) and expanding capacity at PT Smelting. Construction progress on the Manyar smelter currently approximates 75% with estimated construction completion in mid-2024. Commissioning of the facilities is expected to commence in second-quarter 2024 with a ramp-up schedule through year-end 2024.

On June 10, 2023, export licenses for several exporters, including PT-FI, expired. During the second quarter and through mid-July 2023, the Indonesia government issued various regulations to address exports of unrefined metals. In June 2023, the Ministry of Energy and Mineral Resource (MEMR) issued regulations to allow continued exports of copper concentrates through May 2024 for companies engaged in ongoing smelter development projects with construction progress greater than 50%, and during July 2023, the Ministry of Trade issued regulations on the permitted export of various products, including copper concentrates. PT-FI has obtained

an export recommendation from MEMR for 1.7 million metric tons of concentrate, which is expected to cover PT-FI’s 2023 export volumes, and has received assurances that its export license will be granted promptly. PT-FI will continue to work cooperatively with the Indonesia government to obtain approvals to continue exports until the Indonesia smelter projects are fully commissioned and reach designed operating conditions.

In mid-July 2023, the Ministry of Finance issued a revised regulation on duties for various exported products, including copper concentrates. The revised regulation assesses export duties for copper concentrates at 7.5% in the second half of 2023 and 10% for 2024 for companies with smelter progress of 70% to 90%. For companies with smelter progress above 90%, export duties would be 5% in second-half 2023 and 7.5% in 2024. PT-FI is discussing the applicability of the revised duties with the Indonesia government. Under PT-FI’s IUPK, export duties are determined based on regulations in effect in 2018, which provided that no duties are required after smelter progress reached 50%.

During second-quarter 2023, MEMR also issued a decree prescribing a formula for administrative fines for delays in construction of smelter and refining facilities, taking into account allowances for delays associated with the COVID-19 pandemic as verified by a third-party. PT-FI continues to discuss the applicability of this administrative fine with MEMR, and as of June 30, 2023, has recorded an accrual for a potential administrative fine based on its interpretation of the decree.

Operating and Development Activities. Over a multi-year investment period, PT-FI has successfully commissioned three large-scale block cave mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone and Big Gossan), providing annual production volumes of approximately 1.6 billion pounds of copper and 1.6 million ounces of gold.

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

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

Indonesia Smelter. In connection with PT-FI’s 2018 agreement with the Indonesia government to secure the extension of its long-term mining rights, PT-FI committed to construct additional domestic smelting capacity totaling 2 million metric tons of concentrate per year by the end of 2023 (subject to force majeure provisions). PT-FI is actively engaged in the following projects for additional domestic smelting capacity:

•Construction of the Manyar smelter in Gresik, Indonesia with a capacity to process approximately 1.7 million metric tons of copper concentrate per year. Construction is approximately 75% complete, with estimated construction completion in mid-2024 at an estimated cost of $3.0 billion, including $2.8 billion for a construction contract (excluding capitalized interest, owner’s costs and commissioning) and $0.2 billion for investment in a desalinization plant.

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

•The PMR is being constructed to process gold and silver from the Manyar smelter and PT Smelting. Construction is in progress with commissioning expected during 2024 at an estimated cost of $525 million.

During second-quarter 2023, capital expenditures for the Manyar smelter and PMR (collectively, the Indonesia smelter projects) totaled $0.5 billion, and are expected to approximate $1.6 billion for the year 2023.

Capital expenditures for the Indonesia smelter projects are being funded with proceeds received from PT-FI's April 2022 senior notes offering and availability under its revolving credit facility.

Mining Rights. PT-FI and the Indonesia government continue to engage in discussions regarding the extension of PT-FI's mining rights under its IUPK beyond 2041. An extension beyond 2041 would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Copper (millions of recoverable pounds)
Production	406		407		735		788
Sales	386		410		584		789
Average realized price per pound	$	3.82	$	3.86	$	3.83	$	4.04

Gold (thousands of recoverable ounces)
Production	479		473		881		885
Sales	492		474		758		880
Average realized price per ounce	$	1,942	$	1,827	$	1,946	$	1,861

Unit net cash credits per pound of coppera
Site production and delivery, excluding adjustments	$	1.88	$	1.43	$	1.93	$	1.42
Gold and silver credits	(2.60)		(2.17)		(2.68)		(2.17)
Treatment charges	0.39		0.24		0.38		0.24
Export dutiesb	—		0.21		0.03		0.21
Royalty on metals	0.24		0.27		0.26		0.26
Unit net cash credits	$	(0.09)	$	(0.02)	$	(0.08)	$	(0.04)

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.As noted above, export duties were eliminated effective March 29, 2023, upon verification that construction progress of the Manyar smelter exceeded 50%. Refer to Regulatory Matters above for further discussion of the revised export duty regulation that became effective beginning in the second half of 2023.

PT-FI's consolidated copper sales volumes of 386 million pounds in second-quarter 2023 were lower than second-quarter 2022 copper sales volumes of 410 million pounds, primarily reflecting shipping delays associated with the renewal of PT-FI's export license. PT-FI's consolidated gold sales volumes of 492 thousand ounces in second-quarter 2023 were higher than second-quarter 2022 gold sales volumes of 474 thousand ounces, primarily reflecting the timing of sales from PT Smelting.

Consolidated sales volumes from PT-FI are expected to approximate 1.4 billion pounds of copper and 1.7 million ounces of gold for the year 2023, net of a deferral of approximately 90 million pounds of copper and 130 thousand ounces of gold from mine production under tolling arrangements to be processed and sold as refined metal in future periods. Projected sales volumes assume the resumption of exports beginning in late July 2023, and are dependent on operational performance, weather-related conditions and other factors detailed in the Cautionary Statement below.

PT-FI's unit net cash credits (including gold and silver credits) of $0.09 per pound of copper in second-quarter 2023 were higher than unit net cash credits of $0.02 per pound in second-quarter 2022, reflecting higher gold and silver credits and lower export duties, partly offset by higher operating rates, increased underground maintenance costs and treatment charges and the impact of lower copper sales volumes.

Assuming an average gold price of $1,950 per ounce for the second half of 2023 and achievement of current sales volumes and cost estimates, unit net cash credits (including gold and silver credits) for PT-FI are expected to approximate $0.06 per pound of copper for the year 2023. PT-FI's average unit net cash credits for the

year 2023 would change by approximately $0.07 per pound of copper for each $100 per ounce change in the average price of gold for the second half of 2023.

PT-FI's estimated unit net cash costs for the second half of 2023 do not include export duties that may be assessed under the revised regulation issued in mid-July 2023 as export duties applicable to PT-FI are specified in its IUPK. The assessment of a 7.5% export duty during the second half of 2023 would impact PT-FI's estimated unit net cash costs by $0.19 per pound of copper for the year 2023.

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

Operating and Development Activities. Production from the Molybdenum mines totaled 7 million pounds of molybdenum in second-quarter 2023 and was lower than production of 8 million pounds of molybdenum in second-quarter 2022, primarily reflecting lower ore grades and recovery rates at Climax. FCX's consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the Molybdenum mines and at FCX's North America and South America copper mines, which are presented on page 3.

Average unit net cash costs for the Molybdenum mines of $15.99 per pound of molybdenum in second-quarter 2023 were higher than average unit net cash costs of $10.62 per pound in second-quarter 2022, primarily reflecting lower sales volumes and higher contract labor costs. Based on current sales volume and cost estimates, average unit net cash costs for the Molybdenum mines are expected to approximate $14.13 per pound of molybdenum for the year 2023.

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

EXPLORATION

FCX's exploration activities are focused on potential mineral reserve and resource additions primarily at its North America and South America operating mines and select properties on care and maintenance status. Preliminary exploration results continue to indicate opportunities for significant future potential mineral reserve and resource additions when market conditions warrant. Exploration expenditures for the year 2023 are expected to approximate $110 million, compared with $105 million in 2022.

LIQUIDITY, CASH FLOWS, CASH AND DEBT

Liquidity. At June 30, 2023, FCX had $6.7 billion in consolidated cash and cash equivalents and $3.0 billion of availability under its revolving credit facility. In addition, PT-FI and Cerro Verde have $1.3 billion and $350 million, respectively, of availability under their respective revolving credit facilities.

Operating Cash Flows. FCX generated operating cash flows of $1.7 billion (including $0.2 billion of working capital and other sources) in second-quarter 2023 and $2.7 billion (net of $0.2 billion of working capital and other uses) for the first six months of 2023.

Based on current sales volume and cost estimates, and assuming average prices of $3.90 per pound of copper, $1,950 per ounce of gold and $20.00 per pound of molybdenum for the second half of 2023, FCX's consolidated operating cash flows are estimated to approximate $6.4 billion for the year 2023. The impact of price changes for the second half of 2023 on operating cash flows would approximate $240 million for each $0.10 per pound change in the average price of copper, $100 million for each $100 per ounce change in the average price of gold and $60 million for each $2 per pound change in the average price of molybdenum.

Capital Expenditures. Capital expenditures totaled $1.2 billion in second-quarter 2023 (including $0.4 billion for major mining projects and $0.5 billion for the Indonesia smelter projects) and $2.3 billion for the first six months of 2023 (including $0.8 billion for major mining projects and $0.8 billion for the Indonesia smelter projects).

Capital expenditures are expected to approximate $4.8 billion for the year 2023 (including $2.0 billion for major mining projects and $1.6 billion for the Indonesia smelter projects). Projected capital expenditures for major mining projects include $1.3 billion for planned projects primarily associated with underground mine development in the Grasberg minerals district and supporting mill and power capital costs and $0.7 billion for discretionary growth

projects. Capital expenditures for the Indonesia smelter projects are being funded with the proceeds received from PT-FI's April 2022 senior notes offering and availability under PT-FI's revolving credit facility.

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


Cash at domestic companies	$	3.3
Cash at international operations	3.4
Total consolidated cash and cash equivalents	6.7
Cash for Indonesia smelter projects	(1.1)		a
Noncontrolling interests' share	(1.0)
Cash, net of noncontrolling interests' share	4.6
Withholding taxes	(0.1)
Net cash available	$	4.5

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

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


				Weighted- Average Interest Rate
Senior notes:
Issued by FCX	$	6.1		4.9%
Issued by PT-FI	3.0			5.4%
Issued by Freeport Minerals Corporation	0.4			7.5%
Other	—		a	2.3%
Total debt	$	9.5		5.2%

a.Rounds to less than $0.1 billion.

At June 30, 2023, there were no borrowings and $8 million in letters of credit issued under FCX's $3.0 billion revolving credit facility.

Beginning in 2022 and through July 19, 2023, FCX purchased $1.3 billion aggregate principal amount of its senior notes in open-market transactions for a total cost of $1.2 billion, including $131 million aggregate principal amount in second-quarter 2023 (which resulted in a gain on early extinguishment of debt totaling $5 million in second-quarter 2023) and $103 million aggregate principal amount in July 2023.

FINANCIAL POLICY

FCX's financial policy is aligned with its strategic objectives of maintaining a strong balance sheet, providing cash returns to shareholders and advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests are allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to FCX maintaining its net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding net project debt for additional smelting capacity in Indonesia). The Board of Directors (Board) will review the structure of the performance-based payout framework at least annually.

At June 30, 2023, FCX's net debt, excluding net debt for the Indonesia smelter projects, totaled $0.9 billion. Refer to the supplemental schedule, "Net Debt," on page IX.

On June 21, 2023, FCX's Board declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which will be paid on August 1, 2023, to shareholders of record as of July 14, 2023. The declaration and payment of dividends (base or variable) is at the discretion of the Board and will depend on FCX's financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.

As of July 19, 2023, FCX has 1.43 billion shares of common stock outstanding and $3.2 billion is available under its share repurchase program. The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

WEBCAST INFORMATION

A conference call with securities analysts to discuss FCX's second-quarter results is scheduled for today at 10:00 a.m. Eastern Time. The conference call will be broadcast on the internet along with slides. Interested parties may listen to the conference call live and view the slides by accessing fcx.com. A replay of the webcast will be available through Friday, August 18, 2023.

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

FREEPORT: Foremost in Copper

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

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

By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at fcx.com.

Cautionary Statement: This press release contains forward-looking statements in which FCX discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections, or expectations relating to business outlook, strategy, goals or targets; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs and operating costs; capital expenditures; operating plans; cash flows; liquidity; PT-FI’s financing, construction and completion of additional domestic smelting capacity in Indonesia in accordance with the terms of its IUPK; extension of PT-FI's IUPK beyond 2041 and export licenses; PT-FI's timely resumption of exports; payment of export duties; export volumes; FCX’s commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; execution of FCX's energy and climate strategies and the underlying assumptions and estimated impacts on FCX’s business related thereto; achievement of 2030 climate targets and 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 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 maintaining FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper; PT-FI's ability to continue to export and sell copper concentrates and anode slimes timely; changes in export duties; the Indonesia government’s approval of a deferred schedule for completion of additional domestic smelting capacity in Indonesia; production rates; timing of shipments; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in FCX’s cash requirements, financial position, financing or investment plans; changes in general market, economic, regulatory or industry conditions; reductions in liquidity and access to capital; changes in tax laws and regulations, including the impact of the U.S. Inflation Reduction Act; any major public health crisis; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PT-FI’s IUPK to extend mining rights from 2031 through 2041; discussions relating to the extension of PT-FI's IUPK beyond 2041; cybersecurity incidents; labor relations, including labor-related work stoppages and costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies, and litigation results; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (SEC).

Investors are cautioned that many of the assumptions upon which FCX’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it undertakes no obligation to update any forward-looking statements,

which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.

This press release also contains measures such as net debt, adjusted net income and unit net cash costs per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles. Reconciliations of these measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of this press release.


Freeport-McMoRan Inc.
SELECTED OPERATING DATA

	Three Months Ended June 30,
	2023	2022	2023			2022
	Production		Sales
COPPER (millions of recoverable pounds)
(FCX's net interest in %)
North America
Morenci (72%)a	146	172	142			173
Safford (100%)	60	70	60			72
Sierrita (100%)	52	48	47			51
Chino (100%)	43	29	39			30
Bagdad (100%)	38	46	36			46
Tyrone (100%)	14	14	14			15
Miami (100%)	3	3	3			2
Other (100%)	(2)	—	(2)			—
Total North America	354	382	339			389

South America
Cerro Verde (53.56%)	256	241	254			243
El Abra (51%)	51	45	50			45

Total South America	307	286	304			288

Indonesia
Grasberg (48.76%)b	406	407	386			410


Total	1,067	1,075	1,029		c	1,087		c
Less noncontrolling interests	352	210	340			212
Net	715	865	689			875





Average realized price per pound			$	3.84		$	4.03


GOLD (thousands of recoverable ounces)
(FCX's net interest in %)
North America (100%)	4	3	3			2

Indonesia (48.76%)b	479	473	492			474
Consolidated	483	476	495			476
Less noncontrolling interests	245	89	252			89
Net	238	387	243			387




Average realized price per ounce			$	1,942		$	1,827

MOLYBDENUM (millions of recoverable pounds)
(FCX's net interest in %)
Climax (100%)	3	5	N/A			N/A
Henderson (100%)	4	3	N/A			N/A
North America copper mines (100%)a	9	8	N/A			N/A
Cerro Verde (53.56%)	5	7	N/A			N/A
Consolidated	21	23	20			20
Less noncontrolling interests	3	3	3			3
Net	18	20	17			17





Average realized price per pound			$	24.27		$	19.44















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

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

c. Consolidated sales volumes exclude purchased copper of 19 million pounds in second-quarter 2023 and 23 million pounds in second-quarter 2022.


Freeport-McMoRan Inc.
SELECTED OPERATING DATA (continued)

	Six Months Ended June 30,
	2023		2022	2023			2022
	Production			Sales
COPPER (millions of recoverable pounds)
(FCX's net interest in %)
North America
Morenci (72%)a	289		326	284			339
Safford (100%)	123		139	124			143
Sierrita (100%)	95		100	89			103
Chino (100%)	79		57	74			62
Bagdad (100%)	72		80	72			88

Tyrone (100%)	27		28	27			30
Miami (100%)	6		6	6			5
Other (100%)	(5)		—	(5)			—
Total North America	686		736	671			770

South America
Cerro Verde (53.56%)	501		478	500			472
El Abra (51%)	110		82	106			80

Total South America	611		560	606			552

Indonesia
Grasberg (48.76%)b	735		788	584			789


Total	2,032		2,084	1,861		c	2,111		c
Less noncontrolling interests	663		409	583			406
Net	1,369		1,675	1,278			1,705





Average realized price per pound				$	3.91		$	4.18

GOLD (thousands of recoverable ounces)
(FCX's net interest in %)
North America (100%)	7		6	7			5

Indonesia (48.76%)b	881	d	885	758		d	880
Consolidated	888		891	765			885
Less noncontrolling interests	389		166	326			165
Net	499		725	439			720




Average realized price per ounce				$	1,946		$	1,861

MOLYBDENUM (millions of recoverable pounds)
(FCX's net interest in %)
Climax (100%)	8		9	N/A			N/A
Henderson (100%)	7		6	N/A			N/A
North America copper mines (100%)a	16		15	N/A			N/A
Cerro Verde (53.56%)	11		14	N/A			N/A
Consolidated	42		44	39			39
Less noncontrolling interests	5		6	5			5
Net	37		38	34			34





Average realized price per pound				$	27.24		$	19.37















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

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

c. Consolidated sales volumes exclude purchased copper of 67 million pounds for the first six months of 2023 and 38 million pounds for the first six months of 2022.
d. Includes approximately 190 thousand ounces of gold production and sales volumes attributed to PT Mineral Industri Indonesia's approximate 19% economic interest in accordance with the PT-FI shareholders agreement.


Freeport-McMoRan Inc.
SELECTED OPERATING DATA (continued)

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
100% North America Copper Mines
Leach Operations
Leach ore placed in stockpiles (metric tons per day)	724,100	722,900	668,900	715,800
Average copper ore grade (%)	0.24	0.29	0.25	0.29
Copper production (millions of recoverable pounds)	239	254	473	499

Mill Operations
Ore milled (metric tons per day)	315,500	306,900	306,500	299,200
Average ore grades (%):
Copper	0.33	0.39	0.34	0.38
Molybdenum	0.02	0.02	0.02	0.02
Copper recovery rate (%)	83.8	83.2	82.2	82.1
Production (millions of recoverable pounds):
Copper	172	195	326	364
Molybdenum	9	8	17	15

100% South America Mining
Leach Operations
Leach ore placed in stockpiles (metric tons per day)	203,600	157,700	203,800	148,800
Average copper ore grade (%)	0.33	0.37	0.33	0.36
Copper production (millions of recoverable pounds)	74	71	160	132

Mill Operations
Ore milled (metric tons per day)	425,500	427,100	415,300	410,800
Average ore grades (%):
Copper	0.35	0.31	0.34	0.32
Molybdenum	0.01	0.01	0.01	0.02
Copper recovery rate (%)	82.6	84.4	83.2	85.5
Production (millions of recoverable pounds):
Copper	233	215	451	428
Molybdenum	5	7	11	14

100% Indonesia Mining
Ore extracted and milled (metric tons per day):
Grasberg Block Cave underground mine	114,800	101,800	102,300	101,100
Deep Mill Level Zone underground mine	80,200	77,300	75,100	77,800
Big Gossan underground mine	8,200	7,400	7,600	7,500
Other adjustments	3,900	10,500	1,100	5,400


Total	207,100	197,000	186,100	191,800
Average ore grades:
Copper (%)	1.15	1.22	1.16	1.22
Gold (grams per metric ton)	1.05	1.08	1.06	1.05
Recovery rates (%):
Copper	88.9	89.8	89.5	89.6
Gold	76.7	79.0	77.4	78.2
Production (recoverable):
Copper (millions of pounds)	406	407	735	788
Gold (thousands of ounces)	479	473	881	885











100% Molybdenum Mines
Ore milled (metric tons per day)	27,100	25,600	27,200	24,100
Average molybdenum ore grade (%)	0.14	0.18	0.16	0.18
Molybdenum production (millions of recoverable pounds)	7	8	15	15

III


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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	(In Millions, Except Per Share Amounts)
Revenuesa	$	5,737	$	5,416	$	11,126	$	12,019
Cost of sales:
Production and deliveryb	3,548		3,003		6,712		6,153
Depreciation, depletion and amortization	547		507		946		996

Metals inventory adjustments	1		18		2		18
Total cost of sales	4,096		3,528		7,660		7,167
Selling, general and administrative expenses	115		100		241		215
Mining exploration and research expenses	42		25		73		49
Environmental obligations and shutdown costs	74		29		141		45

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

Total costs and expenses	4,327		3,680		8,115		7,474
Operating income	1,410		1,736		3,011		4,545
Interest expense, netc	(171)		(156)		(322)		(283)

Net gain on early extinguishment of debt	5		8		5		8

Other income, net	24		11		112		42
Income before income taxes and equity in affiliated companies' net earnings	1,268		1,599		2,806		4,312
Provision for income taxesd	(539)		(571)		(1,038)		(1,395)
Equity in affiliated companies' net earnings	2		10		12		25


Net income	731		1,038		1,780		2,942

Net income attributable to noncontrolling interests	(388)		(198)		(774)		(575)


Net income attributable to common stockholderse,f	$	343	$	840	$	1,006	$	2,367






Diluted net income per share attributable to common stock	$	0.23	$	0.57	$	0.69	$	1.61






Diluted weighted-average common shares outstanding	1,442		1,457		1,443		1,463

Dividends declared per share of common stock	$	0.15	$	0.15	$	0.30	$	0.30

a.Includes adjustments to provisionally priced concentrate and cathode sales. For a summary of adjustments to provisionally priced copper sales, refer to the supplemental schedule, "Derivative Instruments," beginning on page IX.

b.FCX is engaged in various studies associated with potential future expansion projects primarily at its mining operations. Production and delivery costs include charges for these feasibility and optimization studies totaling $51 million in second-quarter 2023, $31 million in second-quarter 2022, $101 million for the first six months of 2023 and $50 million for the first six months of 2022.

c.Consolidated interest costs (before capitalization) totaled $234 million in second-quarter 2023 and $189 million in second-quarter 2022, $441 million for the first six months of 2023 and $342 million for the first six months of 2022. The increase in consolidated interest costs (before capitalization) in the 2023 periods, compared to the 2022 periods, is primarily related to interest associated with the Cerro Verde contested tax rulings by the Peruvian Supreme Court (refer to the supplemental schedule, "Adjusted Net Income," on page VII).

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

e.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to the supplemental schedule, "Deferred Profits," on page X.

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


Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)

	June 30,		December 31,
	2023		2022
	(In Millions)
ASSETS
Current assets:
Cash and cash equivalents	$	6,683	$	8,146
Trade accounts receivable	675		1,336
Income and other tax receivables	417		459

Inventories:
Materials and supplies, net	2,098		1,964
Mill and leach stockpiles	1,498		1,383
Product	2,214		1,833
Other current assets	472		492

Total current assets	14,057		15,613
Property, plant, equipment and mine development costs, net	33,845		32,627


Long-term mill and leach stockpiles	1,241		1,252


Other assets	1,764		1,601

Total assets	$	50,907	$	51,093

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	3,642	$	4,027
Accrued income taxes	531		744
Current portion of environmental and asset retirement obligations (AROs)	361		320
Dividends payable	217		217

Current portion of debt	37		1,037
Total current liabilities	4,788		6,345
Long-term debt, less current portion	9,458		9,583
Environmental and AROs, less current portion	4,566		4,463
Deferred income taxes	4,343		4,269
Other liabilities	1,725		1,562

Total liabilities	24,880		26,222



Equity:
Stockholders' equity:
Common stock	162		161
Capital in excess of par value	25,028		25,322
Accumulated deficit	(2,901)		(3,907)
Accumulated other comprehensive loss	(318)		(320)
Common stock held in treasury	(5,769)		(5,701)
Total stockholders' equity	16,202		15,555
Noncontrolling interests	9,825		9,316
Total equity	26,027		24,871
Total liabilities and equity	$	50,907	$	51,093


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

	Six Months Ended
	June 30,
		2023		2022
		(In Millions)
Cash flow from operating activities:
Net income		$	1,780	$	2,942
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		946		996

Metals inventory adjustments		2		18

Net gain on sales of assets		—		(2)
Stock-based compensation		72		62

Net charges for environmental and AROs, including accretion		237		119
Payments for environmental and AROs		(114)		(120)

Net charges for defined pension and postretirement plans		31		20
Pension plan contributions		(6)		(50)
Net gain on early extinguishment of debt		(5)		(8)
Deferred income taxes		74		63








Change in deferred profit on PT-FI sales to PT Smelting		(112)		27
Other, net		48		(44)
Changes in working capital and other:
Accounts receivable		756		314
Inventories		(530)		(40)
Other current assets		(17)		(99)
Accounts payable and accrued liabilities		(231)		185
Accrued income taxes and timing of other tax payments		(208)		(1,071)
Net cash provided by operating activities		2,723		3,312

Cash flow from investing activities:
Capital expenditures:
North America copper mines		(378)		(276)
South America		(183)		(124)
Indonesia mining		(833)		(759)
Indonesia smelter projects		(780)		(344)
Molybdenum mines		(22)		(9)
Other		(88)		(74)



Proceeds from sales of assets		11		96
Loans to PT Smelting for expansion		(61)		(34)

Other, net		(31)		(6)
Net cash used in investing activities		(2,365)		(1,530)

Cash flow from financing activities:
Proceeds from debt		681		4,666
Repayments of debt		(1,806)		(2,993)



Cash dividends and distributions paid:
Common stock		(432)		(438)
Noncontrolling interests		(291)		(513)
Treasury stock purchases		—		(1,185)
Contributions from noncontrolling interests		50		94
Proceeds from exercised stock options		34		106
Payments for withholding of employee taxes related to stock-based awards		(47)		(55)

Other, net		(1)		(33)
Net cash used in financing activities		(1,812)		(351)

Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents		(1,454)		1,431

Cash, cash equivalents and restricted cash and cash equivalents at beginning of year		8,390		8,314
Cash, cash equivalents and restricted cash and cash equivalents at end of perioda		$	6,936	$	9,745

a.Includes restricted cash and cash equivalents of $253 million at June 30, 2023 and 2022.

Freeport-McMoRan Inc.

ADJUSTED NET INCOME

Management uses adjusted net income to evaluate FCX's operating performance and believes that investors’ understanding of FCX's performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. This information differs from net income attributable to common stock determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. FCX's adjusted net income, which may not be comparable to similarly titled measures reported by other companies, follows (in millions, except per share amounts).


	Three Months Ended June 30,
	2023							2022
	Pre-tax			After-taxa		Per Share		Pre-tax			After-taxa		Per Share
Net income attributable to common stock	N/A			$	343	$	0.23	N/A			$	840	$	0.57

Cerro Verde contested tax rulings	$	(117)	b	$	(59)	$	(0.04)	$	—		$	—	$	—
Net adjustments to environmental obligations	(60)			(60)		(0.04)		(13)			(13)		(0.01)
PT-FI net charges	(54)		c	(22)		(0.02)		—			—		—
Impairments and contract-cancellation costs	(16)		d	(16)		(0.01)		(4)			(2)		—
Metals inventory adjustments	(1)			(1)		—		(18)			(11)		(0.01)


Net gain on early extinguishment of debt	5			5		—		8			13		0.01
Net gain on sales of assets	—			—		—		2			2		—

Other net charges	(5)		e	(5)		—		(2)		f	(2)		—

Total net chargesh	$	(247)		$	(157)	$	(0.11)	$	(28)		$	(14)	$	(0.01)

Adjusted net income attributable to common stockh	N/A			$	500	$	0.35	N/A			$	854	$	0.58


	Six Months Ended June 30,
	2023							2022
	Pre-tax			After-taxa		Per Share		Pre-tax			After-taxa		Per Share
Net income attributable to common stock	N/A			$	1,006	$	0.69	N/A			$	2,367	$	1.61

Cerro Verde contested tax rulings	$	(142)	b	$	(73)	$	(0.05)	$	—		$	—	$	—
Net adjustments to environmental obligations	(116)			(116)		(0.08)		(13)			(13)		(0.01)

PT-FI net charges	(60)		c	(26)		(0.02)		(51)		g	(31)		(0.02)
Impairments and contract-cancellation costs	(35)		d	(34)		(0.02)		(8)			(3)		—
Metals inventory adjustments	(2)			(2)		—		(18)			(11)		(0.01)
Net gain on early extinguishment of debt	5			5		—		8			13		0.01
Net gain on sales of assets	—			—		—		2			2		—

Other net charges	(7)		e	(6)		—		(8)		f	(8)		(0.01)

Total net chargesh	$	(357)		$	(251)	$	(0.17)	$	(89)		$	(52)	$	(0.04)

Adjusted net income attributable to common stockh	N/A			$	1,257	$	0.87	N/A			$	2,419	$	1.65

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

b.Reflects charges (credits) associated with contested tax rulings by the Peruvian Supreme Court recorded to interest expense, net ($50 million in the second quarter and $74 million for the first six months of 2023), other income, net ($69 million in the second quarter and first six months of 2023) and production and delivery ($(2) million in the second quarter and $(1) million for the first six months of 2023).

c.Primarily reflects a charge of $55 million recorded to production and delivery associated with a potential administrative fine in Indonesia. Other PT-FI (credits) charges for the second quarter and first six months of 2023 include $(4) million recorded to revenues and $3 million to production and delivery. The first six months of 2023 also include net charges of $2 million to interest expense, net and $4 million to other income, net.

d.Includes charges for impairment of oil and gas properties ($14 million in the second quarter and first six months of 2023), and mining asset impairments and contract-cancellation costs, which were recorded to production and delivery.

e.Reflects charges recorded to production and delivery ($1 million in the second quarter and $3 million for the first six months of 2023) and selling, general and administrative expenses ($4 million in the second quarter and first six months of 2023) associated with a litigation settlement and ARO adjustments.

f.Reflects net charges recorded to production and delivery associated with ARO adjustments.

g.Reflects net charges of $18 million recorded to revenues associated with exposure for additional export duties for prior periods and $33 million recorded to production and delivery associated with the settlement of an administrative fine, partly offset by an adjustment related to a historical tax audit.

h.May not foot because of rounding.

VII

Freeport-McMoRan Inc.

INCOME TAXES

Following is a summary of the approximate amounts used in the calculation of FCX's consolidated income tax provision (in millions, except percentages):


	Three Months Ended June 30,
	2023							2022
						Income Tax						Income Tax
	Income			Effective		(Provision)		Income		Effective		(Provision)
	(Loss)a			Tax Rate		Benefit		(Loss)a		Tax Rate		Benefit
U.S.b	$	37		—%	c	$	(1)	$	357	1%	c	$	(3)
South America	143		d	79%		(113)		164		37%		(61)
Indonesia	1,094			37%		(410)		1,113		39%		(434)







Eliminations and other	(6)			N/A		(1)		(35)		N/A		3
Rate adjustmente	—			N/A		(14)		—		N/A		(76)
Continuing operations	$	1,268		43%		$	(539)	$	1,599	36%		$	(571)


	Six Months Ended June 30,
	2023							2022
						Income Tax						Income Tax
	Income			Effective		(Provision)		Income		Effective		(Provision)
	(Loss)a			Tax Rate		Benefit		(Loss)a		Tax Rate		Benefit
U.S.b	$	250		—%	c	$	3	$	909	1%	c	$	(5)
South America	642		d	48%		(307)		776		39%		(302)
Indonesia	1,981			37%		(740)		2,625		39%		(1,020)







Eliminations and other	(67)			N/A		21		2		N/A		(7)
Rate adjustmente	—			N/A		(15)		—		N/A		(61)
Continuing operations	$	2,806		37%		$	(1,038)	$	4,312	32%		$	(1,395)

a.Represents income before income taxes and equity in affiliated companies' net earnings.

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

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

d.Includes net charges associated with contested tax rulings by the Peruvian Supreme Court totaling $117 million in the second quarter and $142 million for the first six months of 2023. Excluding these net charges, South America’s effective tax rate would have approximated 43% for second-quarter 2023 and 39% for the first six months of 2023. Refer to the supplemental schedule, "Adjusted Net Income," on page VII.

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

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

Assuming achievement of current sales volume and cost estimates and average prices of $3.90 per pound for copper, $1,950 per ounce for gold and $20.00 per pound for molybdenum for the second half of 2023, FCX estimates its consolidated effective tax rate for the year 2023 would approximate 36%. Projections for the year 2023 assume, among other things, exports resume at PT-FI beginning in late July 2023. Changes in projected sales volumes and average prices during 2023 would incur tax impacts at estimated effective rates of 40% for Peru, 36% for Indonesia and 0% for the U.S., which excludes any impact from the Act. FCX’s projected estimated effective tax rate of 0% for the U.S. for the year 2023 may be adjusted as additional guidance is released by the Treasury on key provisions of the Act, including guidance on the CAMT.

VIII

Freeport-McMoRan Inc.

NET DEBT

FCX believes that net debt, which FCX defines as consolidated debt less consolidated cash and cash equivalents, provides investors with information related to the performance-based payout framework in FCX’s financial policy, which requires FCX to maintain its net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding net project debt for additional smelting capacity in Indonesia). This information differs from consolidated debt determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for consolidated debt determined in accordance with U.S. GAAP. FCX's net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in billions):


	As of June 30, 2023			As of December 31, 2022
Current portion of debt	$	—	a	$	1.0
Long-term debt, less current portion	9.5			9.6
Consolidated debt	9.5			10.6
Less: consolidated cash and cash equivalents	6.7			8.1
FCX net debt	2.8			2.5
Less: net debt for Indonesia smelter projectsb	1.9			1.2
FCX net debt, excluding Indonesia smelter projects	$	0.9		$	1.3

a.Rounds to less than $0.1 billion

b.Includes consolidated debt of $3.0 billion and consolidated cash and cash equivalents of $1.1 billion as of June 30, 2023, and consolidated debt of $3.0 billion and consolidated cash and cash equivalents of $1.8 billion as of December 31, 2022.

DERIVATIVE INSTRUMENTS

For the six months ended June 30, 2023, FCX's mined copper was sold 51% in concentrate, 26% as cathode and 23% as rod from North America operations. All of FCX's copper concentrate and some cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) based primarily on quoted London Metal Exchange (LME) monthly average copper prices. FCX records revenues and invoices customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on provisionally priced concentrate and cathode sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement. LME copper settlement prices averaged $3.84 per pound during second-quarter 2023 and FCX's provisionally priced copper sales were recorded at an average price of $3.77 per pound on June 30, 2023. Because a portion of FCX's copper concentrate and cathode sales in any quarterly period usually remain subject to final pricing, the quarter-end forward price is a determinant of the average recorded copper price for the period. FCX's average realized copper price was $3.84 per pound in second-quarter 2023.

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

Following is a summary of the adjustments to prior period and current period provisionally priced copper sales (in millions, except per share amounts):


	Three Months Ended June 30,
	2023						2022
	Prior Perioda		Current Periodb		Total		Prior Perioda		Current Periodb		Total
Revenues	$	(118)	$	(52)	$	(170)	$	(355)	$	(365)	$	(720)
Net income attributable to common stock	$	(45)	$	(15)	$	(60)	$	(154)	$	(140)	$	(294)
Net income per share of common stock	$	(0.03)	$	(0.01)	$	(0.04)	$	(0.10)	$	(0.10)	$	(0.20)

a.Reflects adjustments to provisionally priced copper sales at March 31, 2023 and 2022.

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

Freeport-McMoRan Inc.

DERIVATIVE INSTRUMENTS (continued)


	Six months ended June 30,
	2023						2022
	Prior Perioda		Current Periodb		Total		Prior Perioda		Current Periodb		Total
Revenues	$	182	$	(121)	$	61	$	65	$	(567)	$	(502)
Net income attributable to common stock	$	61	$	(43)	$	18	$	27	$	(230)	$	(203)
Net income per share of common stock	$	0.04	$	(0.03)	$	0.01	$	0.02	$	(0.16)	$	(0.14)

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

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

At June 30, 2023, FCX had provisionally priced copper sales at its copper mining operations totaling 271 million pounds of copper (net of intercompany sales and noncontrolling interests) recorded at an average price of $3.77 per pound, subject to final pricing over the next several months. FCX estimates that each $0.05 change in the price realized from the quarter-end provisional price would have an approximate $26 million effect on 2023 revenues ($8 million to net income attributable to common stock). The LME copper price settled at $3.79 per pound on July 19, 2023.

DEFERRED PROFITS

FCX defers recognizing profits on sales from its mining operations to Atlantic Copper and, through December 31, 2022, on 39.5% of PT-FI's sales to PT Smelting (PT-FI's 39.5% owned copper smelter and refinery in Gresik, Indonesia) until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net (reductions) additions to operating income totaling $(39) million ($(21) million to net income attributable to common stock) in second-quarter 2023, $(7) million (less than $1 million to net income attributable to common stock) in second-quarter 2022, $72 million ($27 million to net income attributable to common stock) for the first six months of 2023 and $40 million ($23 million to net income attributable to common stock) for the first six months of 2022. FCX's net deferred profits on its inventories at Atlantic Copper to be recognized in future periods' operating income totaled $63 million at June 30, 2023. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in FCX's net deferred profits and quarterly earnings.

NONCONTROLLING INTERESTS

Net income attributable to noncontrolling interests is primarily associated with PT-FI, Cerro Verde and El Abra and totaled $388 million in second-quarter 2023 and $774 million for the first six months of 2023 (which represented 31% and 28%, respectively, of FCX's consolidated income before income taxes). Refer to Business Segments below for net income attributable to noncontrolling interests for each of FCX's business segments. As noted above, FCX’s economic interest in PT-FI approximated 81% through 2022, and beginning January 1, 2023, FCX's economic interest in PT-FI is 48.76% (with the exception of approximately 190 thousand ounces of first-quarter 2023 gold sales volumes that were attributed approximately 81% to FCX in accordance with the PT-FI shareholder agreement). Based on current sales volume and cost estimates and assuming average prices of $3.90 per pound for copper, $1,950 per ounce for gold and $20.00 per pound for molybdenum, net income attributable to noncontrolling interests is estimated to approximate $2.0 billion for the year 2023 (which would represent 30% of FCX's consolidated income before income taxes). The actual amount will depend on many factors, including relative performance of each business segment (including that exports resume at PT-FI beginning in late July 2023), commodity prices, costs and other factors.

Freeport-McMoRan Inc.

BUSINESS SEGMENTS

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

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

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, most mining exploration and research activities are managed on a consolidated basis, and those costs along with some selling, general and administrative costs, are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.

Freeport-McMoRan Inc.

BUSINESS SEGMENTS (continued)


(In millions)
																					Atlantic			Corporate,
	North America Copper Mines				South America Mining												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Three Months Ended June 30, 2023
Revenues:
Unaffiliated customers	$	26	$	14	$	40	$	783		$	190	$	973	$	2,039		$	—	$	1,463	$	744		$	478	a	$	5,737
Intersegment	570		980		1,550		175			—		175		198			150		10		4			(2,087)			—
Production and delivery	422		744		1,166		609			174		783		858		b	105		1,465		725			(1,554)			3,548
Depreciation, depletion and amortization	42		57		99		117			15		132		275			14		1		7			19			547
Metals inventory adjustments	1		—		1		—			—		—		—			—		—		—			—			1
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		7			75			115
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			41			42
Environmental obligations and shutdown costs	—		1		1		—			—		—		—			—		—		—			73			74


Operating income (loss)	130		191		321		230			1		231		1,074			31		7		9			(263)			1,410

Interest expense, net	—		—		—		55		c	—		55		13			—		—		8			95			171
Provision for income taxes	—		—		—		113			—		113		410			—		—		—			16			539
Net income attributable to noncontrolling interests	—		—		—		18			2		20		368		d	—		—		—			—			388
Total assets at June 30, 2023	3,167		5,754		8,921		8,444			1,890		10,334		20,460			1,717		280		1,127			8,068			50,907
Capital expenditures	67		115		182		57			26		83		384			13		2		11			488		e	1,163

Three Months Ended June 30, 2022
Revenues:
Unaffiliated customers	$	17	$	30	$	47	$	702		$	180	$	882	$	1,920	f	$	—	$	1,753	$	433		$	381	a	$	5,416
Intersegment	730		1,078		1,808		134			—		134		58			144		8		—			(2,152)			—
Production and delivery	397		720		1,117		565			177		742		564			80		1,765		463		g	(1,728)			3,003
Depreciation, depletion and amortization	44		58		102		91			11		102		262			18		1		6			16			507

Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—			—			18
Selling, general and administrative expenses	1		—		1		2			—		2		30			—		—		5			62			100
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			24			25
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—			42			29

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	318		322		640		169			(10)		159		1,122			46		(5)		(41)			(185)			1,736

Interest expense, net	—		—		—		4			—		4		13			—		—		2			137			156
Provision for (benefit from) income taxes	—		—		—		68			(7)		61		434			—		—		—			76			571
Net income (loss) attributable to noncontrolling interests	—		—		—		50			8		58		141		d	—		—		—			(1)			198
Total assets at June 30, 2022	2,839		5,338		8,177		8,379			1,843		10,222		20,679			1,702		300		1,078			7,955			50,113
Capital expenditures	63		83		146		35			33		68		388			8		2		32			219		e	863

XII

Freeport-McMoRan Inc.

BUSINESS SEGMENTS (continued)


(In millions)
																					Atlantic			Corporate,
	North America Copper Mines				South America Mining												Copper		Other
							Cerro							Indonesia			Molybdenum		Rod &		Smelting			& Elimi-			FCX
	Morenci		Other		Total		Verde			Other		Total		Mining			Mines		Refining		& Refining			nations			Total
Six months ended June 30, 2023
Revenues:
Unaffiliated customers	$	58	$	111	$	169	$	1,741		$	424	$	2,165	$	3,238	f	$	—	$	2,986	$	1,493		$	1,075	a	$	11,126
Intersegment	1,163		1,928		3,091		419			—		419		367			373		16		11			(4,277)			—
Production and delivery	803		1,525		2,328		1,229			361		1,590		1,193		b	201		2,992		1,459			(3,051)			6,712
Depreciation, depletion and amortization	85		117		202		208			31		239		423			34		2		14			32			946
Metals inventory adjustments	1		—		1		—			—		—		—			—		—		—			1			2
Selling, general and administrative expenses	1		1		2		4			—		4		58			—		—		15			162			241
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			72			73
Environmental obligations and shutdown costs	—		22		22		—			—		—		—			—		—		—			119			141


Operating income (loss)	331		373		704		719			32		751		1,931			138		8		16			(537)			3,011

Interest expense, net	—		—		—		84		c	—		84		22			—		—		14			202			322
Provision for (benefit from) income taxes	—		—		—		300			7		307		740			—		—		—			(9)			1,038
Net income (loss) attributable to noncontrolling interests	—		—		—		158			20		178		639		d	—		—		—			(43)			774
Capital expenditures	123		255		378		118			65		183		833			22		7		23			838		e	2,284

Six months ended June 30, 2022
Revenues:
Unaffiliated customers	$	107	$	85	$	192	$	1,808		$	340	$	2,148	$	4,246	f	$	—	$	3,496	$	1,151		$	786	a	$	12,019
Intersegment	1,441		2,173		3,614		242			—		242		136			272		17		—			(4,281)			—
Production and delivery	760		1,375		2,135		1,123			289		1,412		1,190		b	155		3,519		1,185		g	(3,443)			6,153
Depreciation, depletion and amortization	88		119		207		178			21		199		510			34		2		12			32			996

Metals inventory adjustments	—		7		7		9			2		11		—			—		—		—			—			18
Selling, general and administrative expenses	1		1		2		4			—		4		57			—		—		13			139			215
Mining exploration and research expenses	—		1		1		—			—		—		—			—		—		—			48			49
Environmental obligations and shutdown costs	(13)		—		(13)		—			—		—		—			—		—		—			58			45

Net gain on sales of assets	—		—		—		—			—		—		—			—		—		—			(2)			(2)
Operating income (loss)	712		755		1,467		736			28		764		2,625			83		(8)		(59)			(327)			4,545

Interest expense, net	—		—		—		7			—		7		15			—		—		4			257			283
Provision for income taxes	—		—		—		295			7		302		1,020			—		—		—			73			1,395
Net income attributable to noncontrolling interests	—		—		—		218			14		232		331		d	—		—		—			12			575
Capital expenditures	136		140		276		68			56		124		759			9		4		43			371		e	1,586

XIII

Freeport-McMoRan Inc.

BUSINESS SEGMENTS (continued)

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

b.Includes a $55 million charge for administrative fines in the second quarter and first six months of 2023 and $41 million for the first six months of 2022.

c.Includes interest expense associated with contested tax rulings by the Peruvian Supreme Court totaling $50 million in the second quarter and $74 million for the first six months of 2023. Refer to the supplemental schedule, “Adjusted Net Income,” on page VIII.

d.Beginning January 1, 2023, FCX’s economic and equity ownership interest in PT-FI is 48.76%. Prior to January 1, 2023, FCX's economic interest in PT-FI approximated 81%. In addition, as discussed in Note 3 of FCX’s 2022 Form 10-K, in accordance with provisions pertaining to PT-FI’s shareholders agreement, FCX's net income for the first six months of 2023 included a $35 million net benefit associated with PT-FI sales volumes that were attributed to FCX at its previous approximate 81% economic ownership interest.

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

f.Includes PT-FI sales to PT Smelting totaling $827 million in second-quarter 2022, $27 million for the first six months of 2023 (reflecting adjustments to prior period provisionally priced concentrate sales) and $1.7 billion for the first six months of 2022. Beginning January 1, 2023, there are no sales from PT-FI to PT Smelting (refer to above discussion of the tolling arrangement between PT-FI and PT Smelting).

g.Includes maintenance charges and idle facility costs associated with major maintenance turnarounds totaling $40 million at Atlantic Copper in the second quarter and first six months of 2022.

PRODUCT REVENUES AND PRODUCTION COSTS

Unit net cash costs (credits) per pound of copper and molybdenum are measures intended to provide investors with information about the cash-generating capacity of FCX's mining operations expressed on a basis relating to the primary metal product for the respective operations. FCX uses this measure for the same purpose and for monitoring operating performance by its mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. These measures are presented by other metals mining companies, although FCX's measures may not be comparable to similarly titled measures reported by other companies.

FCX presents gross profit per pound of copper in the following tables using both a “by-product” method and a “co-product” method. FCX uses the by-product method in its presentation of gross profit per pound of copper because (i) the majority of its revenues are copper revenues, (ii) it mines ore, which contains copper, gold, molybdenum and other metals, (iii) it is not possible to specifically assign all of FCX's costs to revenues from the copper, gold, molybdenum and other metals it produces and (iv) it is the method used by FCX's management and Board of Directors to monitor FCX's mining operations and to compare mining operations in certain industry publications. In the co-product method presentations, shared costs are allocated to the different products based on their relative revenue values, which will vary to the extent FCX's metals sales volumes and realized prices change.

FCX shows revenue adjustments for prior period open sales as a separate line item. Because these adjustments do not result from current period sales, these amounts have been reflected separately from revenues on current period sales. Noncash and other costs, net which are removed from site production and delivery costs in the calculation of unit net cash costs (credits), consist of items such as stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, restructuring and/or unusual charges. As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method. The following schedules are presentations under both the by-product and co-product methods together with reconciliations to amounts reported in FCX's consolidated financial statements.

XIV


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

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

Three Months Ended June 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	1,337		$	1,337	$	200	$	51	$	1,588
Site production and delivery, before net noncash and other costs shown below	999			870		139		51		1,060
By-product credits	(190)			—		—		—		—
Treatment charges	46			43		—		3		46
Net cash costs	855			913		139		54		1,106
Depreciation, depletion and amortization (DD&A)	99			87		10		2		99
Metals inventory adjustments	1			1		—		—		1
Noncash and other costs, net	51		c	45		5		1		51
Total costs	1,006			1,046		154		57		1,257
Other revenue adjustments, primarily for pricing on prior period open sales	(11)			(11)		—		—		(11)
Gross profit (loss)	$	320		$	280	$	46	$	(6)	$	320

Copper sales (millions of recoverable pounds)	341			341
Molybdenum sales (millions of recoverable pounds)a						9

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	3.92		$	3.92	$	23.08
Site production and delivery, before net noncash and other costs shown below	2.93			2.55		16.04
By-product credits	(0.55)			—		—
Treatment charges	0.13			0.13		—
Unit net cash costs	2.51			2.68		16.04
DD&A	0.29			0.26		1.15
Metals inventory adjustments	—			—		—
Noncash and other costs, net	0.15		c	0.13		0.60
Total unit costs	2.95			3.07		17.79
Other revenue adjustments, primarily for pricing on prior period open sales	(0.03)			(0.03)		—
Gross profit per pound	$	0.94		$	0.82	$	5.29

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	1,588		$	1,060	$	99	$	1
Treatment charges	(3)			43		—		—
Noncash and other costs, net	—			51		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	(11)			—		—		—
Eliminations and other	16			12		—		—
North America copper mines	1,590			1,166		99		1
Other miningd	5,756			3,936		429		—


Corporate, other & eliminations	(1,609)			(1,554)		19		—
As reported in FCX's consolidated financial statements	$	5,737		$	3,548	$	547	$	1

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

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

c.Includes charges totaling $26 million ($0.08 per pound of copper) for feasibility and optimization studies.

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


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

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

Three Months Ended June 30, 2022
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	1,697		$	1,697	$	144	$	30	$	1,871
Site production and delivery, before net noncash and other costs shown below	975			897		95		21		1,013
By-product credits	(136)			—		—		—		—
Treatment charges	41			40		—		1		41
Net cash costs	880			937		95		22		1,054
DD&A	103			95		7		1		103
Metals inventory adjustments	7			6		1		—		7
Noncash and other costs, net	36		c	33		2		1		36
Total costs	1,026			1,071		105		24		1,200
Other revenue adjustments, primarily for pricing on prior period open sales	(37)			(37)		—		—		(37)
Gross profit	$	634		$	589	$	39	$	6	$	634

Copper sales (millions of recoverable pounds)	389			389
Molybdenum sales (millions of recoverable pounds)a						8

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	4.36		$	4.36	$	18.75
Site production and delivery, before net noncash and other costs shown below	2.50			2.30		12.42
By-product credits	(0.35)			—		—
Treatment charges	0.11			0.11		—
Unit net cash costs	2.26			2.41		12.42
DD&A	0.27			0.24		0.81
Metals inventory adjustments	0.02			0.02		0.16
Noncash and other costs, net	0.09		c	0.08		0.32
Total unit costs	2.64			2.75		13.71
Other revenue adjustments, primarily for pricing on prior period open sales	(0.10)			(0.10)		—
Gross profit per pound	$	1.62		$	1.51	$	5.04

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	1,871		$	1,013	$	103	$	7
Treatment charges	(5)			36		—		—
Noncash and other costs, net	—			36		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	(37)			—		—		—
Eliminations and other	26			32		(1)		—
North America copper mines	1,855			1,117		102		7
Other miningd	5,332			3,614		389		11


Corporate, other & eliminations	(1,771)			(1,728)		16		—
As reported in FCX's consolidated financial statements	$	5,416		$	3,003	$	507	$	18

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

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

c.Includes charges totaling $21 million ($0.05 per pound of copper) for feasibility and optimization studies.

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

XVI


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

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

Six months ended June 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	2,723		$	2,723	$	412	$	86	$	3,221
Site production and delivery, before net noncash and other costs shown below	1,975			1,720		288		78		2,086
By-product credits	(387)			—		—		—		—
Treatment charges	88			83		—		5		88
Net cash costs	1,676			1,803		288		83		2,174
DD&A	202			178		20		4		202
Metals inventory adjustments	1			1		—		—		1
Noncash and other costs, net	126		c	107		17		2		126
Total costs	2,005			2,089		325		89		2,503
Other revenue adjustments, primarily for pricing on prior period open sales	13			13		—		—		13
Gross profit (loss)	$	731		$	647	$	87	$	(3)	$	731

Copper sales (millions of recoverable pounds)	676			676
Molybdenum sales (millions of recoverable pounds)a						16

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	4.03		$	4.03	$	25.52
Site production and delivery, before net noncash and other costs shown below	2.92			2.55		17.81
By-product credits	(0.57)			—		—
Treatment charges	0.13			0.12		—
Unit net cash costs	2.48			2.67		17.81
DD&A	0.30			0.26		1.24
Metals inventory adjustments	—			—		—
Noncash and other costs, net	0.19		c	0.16		1.06
Total unit costs	2.97			3.09		20.11
Other revenue adjustments, primarily for pricing on prior period open sales	0.02			0.02		—
Gross profit per pound	$	1.08		$	0.96	$	5.41

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	3,221		$	2,086	$	202	$	1
Treatment charges	(9)			79		—		—
Noncash and other costs, net	—			126		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	13			—		—		—
Eliminations and other	35			37		—		—
North America copper mines	3,260			2,328		202		1
Other miningd	11,068			7,435		712		—


Corporate, other & eliminations	(3,202)			(3,051)		32		1
As reported in FCX's consolidated financial statements	$	11,126		$	6,712	$	946	$	2

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

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

c.Includes charges totaling $53 million ($0.08 per pound of copper) for feasibility and optimization studies.

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

XVII


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

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

Six months ended June 30, 2022
(In millions)	By-Product			Co-Product Method
	Method			Copper		Molybdenuma		Otherb		Total
Revenues, excluding adjustments	$	3,440		$	3,440	$	282	$	57	$	3,779
Site production and delivery, before net noncash and other costs shown below	1,883			1,735		179		39		1,953
By-product credits	(269)			—		—		—		—
Treatment charges	77			75		—		2		77
Net cash costs	1,691			1,810		179		41		2,030
DD&A	207			192		13		2		207
Metals inventory adjustments	7			6		1		—		7
Noncash and other costs, net	65		c	60		4		1		65
Total costs	1,970			2,068		197		44		2,309
Other revenue adjustments, primarily for pricing on prior period open sales	(7)			(7)		—		—		(7)
Gross profit	$	1,463		$	1,365	$	85	$	13	$	1,463

Copper sales (millions of recoverable pounds)	770			770
Molybdenum sales (millions of recoverable pounds)a						15

Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments	$	4.46		$	4.46	$	18.36
Site production and delivery, before net noncash and other costs shown below	2.44			2.25		11.68
By-product credits	(0.35)			—		—
Treatment charges	0.10			0.10		—
Unit net cash costs	2.19			2.35		11.68
DD&A	0.27			0.25		0.85
Metals inventory adjustments	0.01			0.01		0.08
Noncash and other costs, net	0.09		c	0.07		0.23
Total unit costs	2.56			2.68		12.84
Other revenue adjustments, primarily for pricing on prior period open sales	(0.01)			(0.01)		—
Gross profit per pound	$	1.89		$	1.77	$	5.52

Reconciliation to Amounts Reported
								Metals
				Production				Inventory
	Revenues			and Delivery		DD&A		Adjustments
Totals presented above	$	3,779		$	1,953	$	207	$	7
Treatment charges	(9)			68		—		—
Noncash and other costs, net	—			65		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	(7)			—		—		—
Eliminations and other	43			49		—		—
North America copper mines	3,806			2,135		207		7
Other miningd	11,708			7,461		757		11


Corporate, other & eliminations	(3,495)			(3,443)		32		—
As reported in FCX's consolidated financial statements	$	12,019		$	6,153	$	996	$	18

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

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

c.Includes charges totaling $29 million ($0.04 per pound of copper) for feasibility and optimization studies.

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

XVIII


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

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

Three Months Ended June 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	1,153		$	1,153	$	128	$	1,281
Site production and delivery, before net noncash and other costs shown below	741			678		82		760
By-product credits	(109)			—		—		—
Treatment charges	62			62		—		62
Royalty on metals	2			2		—		2
Net cash costs	696			742		82		824
DD&A	132			118		14		132

Noncash and other costs, net	24		b	23		1		24
Total costs	852			883		97		980
Other revenue adjustments, primarily for pricing on prior period open sales	(69)			(69)		—		(69)
Gross profit	$	232		$	201	$	31	$	232

Copper sales (millions of recoverable pounds)	304			304

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.78		$	3.78
Site production and delivery, before net noncash and other costs shown below	2.43			2.22
By-product credits	(0.37)			—
Treatment charges	0.21			0.21
Royalty on metals	0.01			0.01
Unit net cash costs	2.28			2.44
DD&A	0.44			0.39

Noncash and other costs, net	0.08		b	0.07
Total unit costs	2.80			2.90
Other revenue adjustments, primarily for pricing on prior period open sales	(0.22)			(0.22)
Gross profit per pound	$	0.76		$	0.66

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	1,281		$	760	$	132
Treatment charges	(62)			—		—
Royalty on metals	(2)			—		—
Noncash and other costs, net	—			24		—
Other revenue adjustments, primarily for pricing on prior period open sales	(69)			—		—
Eliminations and other	—			(1)		—
South America mining	1,148			783		132
Other miningc	6,198			4,319		396


Corporate, other & eliminations	(1,609)			(1,554)		19
As reported in FCX's consolidated financial statements	$	5,737		$	3,548	$	547

a.Includes silver sales of 1.1 million ounces ($23.02 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX's molybdenum sales company at market-based pricing.

b.Includes charges totaling $11 million ($0.04 per pound of copper) for feasibility studies.

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

XIX


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

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

Three Months Ended June 30, 2022
(In millions)	By-Product		Co-Product Method
	Method		Copper		Othera		Total
Revenues, excluding adjustments	$	1,102	$	1,102	$	116	$	1,218
Site production and delivery, before net noncash and other costs shown below	712		658		69		727
By-product credits	(101)		—		—		—
Treatment charges	44		44		—		44
Royalty on metals	3		3		—		3
Net cash costs	658		705		69		774
DD&A	101		91		10		101
Metals inventory adjustments	11		10		1		11
Noncash and other costs, net	18		17		1		18
Total costs	788		823		81		904
Other revenue adjustments, primarily for pricing on prior period open sales	(154)		(154)		—		(154)
Gross profit	$	160	$	125	$	35	$	160

Copper sales (millions of recoverable pounds)	288		288

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.83	$	3.83
Site production and delivery, before net noncash and other costs shown below	2.48		2.29
By-product credits	(0.35)		—
Treatment charges	0.15		0.15
Royalty on metals	0.01		0.01
Unit net cash costs	2.29		2.45
DD&A	0.35		0.32
Metals inventory adjustments	0.04		0.03
Noncash and other costs, net	0.06		0.06
Total unit costs	2.74		2.86
Other revenue adjustments, primarily for pricing on prior period open sales	(0.53)		(0.53)
Gross profit per pound	$	0.56	$	0.44

Reconciliation to Amounts Reported
							Metals
			Production				Inventory
	Revenues		and Delivery		DD&A		Adjustments
Totals presented above	$	1,218	$	727	$	101	$	11
Treatment charges	(44)		—		—		—
Royalty on metals	(3)		—		—		—
Noncash and other costs, net	—		18		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	(154)		—		—		—
Eliminations and other	(1)		(3)		1		—
South America mining	1,016		742		102		11
Other miningb	6,171		3,989		389		7


Corporate, other & eliminations	(1,771)		(1,728)		16		—
As reported in FCX's consolidated financial statements	$	5,416	$	3,003	$	507	$	18

a.Includes silver sales of 1.1 million ounces ($23.26 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX's molybdenum sales company at market-based pricing.

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


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

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

Six months ended June 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Othera		Total
Revenues, excluding adjustments	$	2,331		$	2,331	$	301	$	2,632
Site production and delivery, before net noncash and other costs shown below	1,508			1,363		179		1,542
By-product credits	(270)			—		—		—
Treatment charges	118			118		—		118
Royalty on metals	4			3		1		4
Net cash costs	1,360			1,484		180		1,664
DD&A	239			212		27		239

Noncash and other costs, net	50		b	46		4		50
Total costs	1,649			1,742		211		1,953
Other revenue adjustments, primarily for pricing on prior period open sales	71			71		3		74
Gross profit	$	753		$	660	$	93	$	753

Copper sales (millions of recoverable pounds)	606			606

Gross profit per pound of copper:

Revenues, excluding adjustments	$	3.85		$	3.85
Site production and delivery, before net noncash and other costs shown below	2.49			2.25
By-product credits	(0.45)			—
Treatment charges	0.19			0.19
Royalty on metals	0.01			0.01
Unit net cash costs	2.24			2.45
DD&A	0.40			0.35

Noncash and other costs, net	0.08		b	0.07
Total unit costs	2.72			2.87
Other revenue adjustments, primarily for pricing on prior period open sales	0.11			0.11
Gross profit per pound	$	1.24		$	1.09

Reconciliation to Amounts Reported

				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	2,632		$	1,542	$	239
Treatment charges	(118)			—		—
Royalty on metals	(4)			—		—
Noncash and other costs, net	—			50		—
Other revenue adjustments, primarily for pricing on prior period open sales	74			—		—
Eliminations and other	—			(2)		—
South America mining	2,584			1,590		239
Other miningc	11,744			8,173		675


Corporate, other & eliminations	(3,202)			(3,051)		32
As reported in FCX's consolidated financial statements	$	11,126		$	6,712	$	946

a.Includes silver sales of 2.1 million ounces ($23.20 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX's molybdenum sales company at market-based pricing.

b.Includes charges totaling $19 million ($0.03 per pound of copper) for feasibility studies.

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

XXI


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

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

Six months ended June 30, 2022
(In millions)	By-Product		Co-Product Method
	Method		Copper		Othera		Total
Revenues, excluding adjustments	$	2,204	$	2,204	$	240	$	2,444
Site production and delivery, before net noncash and other costs shown below	1,352		1,244		135		1,379
By-product credits	(213)		—		—		—
Treatment charges	84		84		—		84
Royalty on metals	6		5		1		6
Net cash costs	1,229		1,333		136		1,469
DD&A	198		179		19		198
Metals inventory adjustments	11		10		1		11
Noncash and other costs, net	35		33		2		35
Total costs	1,473		1,555		158		1,713
Other revenue adjustments, primarily for pricing on prior period open sales	35		35		—		35
Gross profit	$	766	$	684	$	82	$	766

Copper sales (millions of recoverable pounds)	552		552

Gross profit per pound of copper:

Revenues, excluding adjustments	$	4.00	$	4.00
Site production and delivery, before net noncash and other costs shown below	2.45		2.26
By-product credits	(0.38)		—
Treatment charges	0.15		0.15
Royalty on metals	0.01		0.01
Unit net cash costs	2.23		2.42
DD&A	0.36		0.32
Metals inventory adjustments	0.02		0.02
Noncash and other costs, net	0.06		0.06
Total unit costs	2.67		2.82
Other revenue adjustments, primarily for pricing on prior period open sales	0.06		0.06
Gross profit per pound	$	1.39	$	1.24

Reconciliation to Amounts Reported
							Metals
			Production				Inventory
	Revenues		and Delivery		DD&A		Adjustments
Totals presented above	$	2,444	$	1,379	$	198	$	11
Treatment charges	(84)		—		—		—
Royalty on metals	(6)		—		—		—
Noncash and other costs, net	—		35		—		—
Other revenue adjustments, primarily for pricing on prior period open sales	35		—		—		—
Eliminations and other	1		(2)		1		—
South America mining	2,390		1,412		199		11
Other miningb	13,124		8,184		765		7


Corporate, other & eliminations	(3,495)		(3,443)		32		—
As reported in FCX's consolidated financial statements	$	12,019	$	6,153	$	996	$	18

a.Includes silver sales of 2.1 million ounces ($23.31 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX's molybdenum sales company at market-based pricing.

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

XXII


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

Indonesia Mining Product Revenues, Production Costs and Unit Net Cash (Credits) Costs

Three Months Ended June 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Gold		Silvera		Total
Revenues, excluding adjustments	$	1,473		$	1,473	$	956	$	45	$	2,474
Site production and delivery, before net noncash and other costs shown below	725			432		280		13		725
Gold and silver credits	(1,002)			—		—		—		—
Treatment charges	151			90		58		3		151

Royalty on metals	92			55		36		1		92
Net cash (credits) costs	(34)			577		374		17		968
DD&A	275			164		106		5		275

Noncash and other costs, net	77		b	46		30		1		77
Total costs	318			787		510		23		1,320
Other revenue adjustments, primarily for pricing on prior period open sales	(54)			(54)		1		—		(53)

Gross profit	$	1,101		$	632	$	447	$	22	$	1,101

Copper sales (millions of recoverable pounds)	386			386
Gold sales (thousands of recoverable ounces)						492

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

Revenues, excluding adjustments	$	3.82		$	3.82	$	1,942
Site production and delivery, before net noncash and other costs shown below	1.88			1.12		569
Gold and silver credits	(2.60)			—		—
Treatment charges	0.39			0.23		118

Royalty on metals	0.24			0.14		72
Unit net cash (credits) costs	(0.09)			1.49		759
DD&A	0.71			0.42		216

Noncash and other costs, net	0.20		b	0.12		60
Total unit costs	0.82			2.03		1,035
Other revenue adjustments, primarily for pricing on prior period open sales	(0.14)			(0.14)		1

Gross profit per pound/ounce	$	2.86		$	1.65	$	908

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	2,474		$	725	$	275
Treatment charges	(92)			59		—

Royalty on metals	(92)			—		—
Noncash and other costs, net	—			77		—
Other revenue adjustments, primarily for pricing on prior period open sales	(53)			—		—

Eliminations and other	—			(3)		—
Indonesia mining	2,237			858		275
Other miningc	5,109			4,244		253


Corporate, other & eliminations	(1,609)			(1,554)		19
As reported in FCX's consolidated financial statements	$	5,737		$	3,548	$	547

a.Includes silver sales of 1.8 million ounces ($23.07 per ounce average realized price).

b.Includes a charge of $55 million ($0.14 per pound of copper) associated with a potential administrative fine and charges totaling $12 million ($0.03 per pound of copper) for feasibility and optimization studies.

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

XXIII


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

Indonesia Mining Product Revenues, Production Costs and Unit Net Cash (Credits) Costs

Three Months Ended June 30, 2022
(In millions)	By-Product		Co-Product Method
	Method		Copper		Gold		Silvera		Total
Revenues, excluding adjustments	$	1,582	$	1,582	$	865	$	32	$	2,479
Site production and delivery, before net noncash and other costs shown below	587		374		205		8		587
Gold and silver credits	(888)		—		—		—		—
Treatment charges	98		63		34		1		98
Export duties	85		54		30		1		85
Royalty on metals	108		72		35		1		108
Net cash (credits) costs	(10)		563		304		11		878
DD&A	262		167		91		4		262

Noncash and other costs, net	3		2		1		—		3
Total costs	255		732		396		15		1,143
Other revenue adjustments, primarily for pricing on prior period open sales	(201)		(201)		(8)		(1)		(210)
PT Smelting intercompany profit	26		17		9		—		26
Gross profit	$	1,152	$	666	$	470	$	16	$	1,152

Copper sales (millions of recoverable pounds)	410		410
Gold sales (thousands of recoverable ounces)					474

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

Revenues, excluding adjustments	$	3.86	$	3.86	$	1,827
Site production and delivery, before net noncash and other costs shown below	1.43		0.91		433
Gold and silver credits	(2.17)		—		—
Treatment charges	0.24		0.15		72
Export duties	0.21		0.13		63
Royalty on metals	0.27		0.18		74
Unit net cash (credits) costs	(0.02)		1.37		642
DD&A	0.63		0.41		193

Noncash and other costs, net	0.01		0.01		2
Total unit costs	0.62		1.79		837
Other revenue adjustments, primarily for pricing on prior period open sales	(0.49)		(0.49)		(17)
PT Smelting intercompany profit	0.06		0.04		19
Gross profit per pound/ounce	$	2.81	$	1.62	$	992

Reconciliation to Amounts Reported
			Production
	Revenues		and Delivery		DD&A
Totals presented above	$	2,479	$	587	$	262
Treatment charges	(98)		—		—
Export duties	(85)		—		—
Royalty on metals	(108)		—		—
Noncash and other costs, net	—		3		—
Other revenue adjustments, primarily for pricing on prior period open sales	(210)		—		—
PT Smelting intercompany profit	—		(26)		—
Indonesia mining	1,978		564		262
Other miningb	5,209		4,167		229


Corporate, other & eliminations	(1,771)		(1,728)		16
As reported in FCX's consolidated financial statements	$	5,416	$	3,003	$	507

a.Includes silver sales of 1.6 million ounces ($20.71 per ounce average realized price).

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

XXIV


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

Indonesia Mining Product Revenues, Production Costs and Unit Net Cash (Credits) Costs

Six months ended June 30, 2023
(In millions)	By-Product			Co-Product Method
	Method			Copper		Gold		Silvera		Total
Revenues, excluding adjustments	$	2,238		$	2,238	$	1,474	$	73	$	3,785
Site production and delivery, before net noncash and other costs shown below	1,124			665		438		21		1,124
Gold and silver credits	(1,564)			—		—		—		—
Treatment charges	224			133		87		4		224
Export duties	18			10		7		1		18
Royalty on metals	150			92		55		3		150
Net cash (credits) costs	(48)			900		587		29		1,516
DD&A	423			250		165		8		423

Noncash and other costs, net	107		b	63		42		2		107
Total costs	482			1,213		794		39		2,046
Other revenue adjustments, primarily for pricing on prior period open sales	114			114		18		(1)		131
PT Smelting intercompany profit	112			66		44		2		112
Gross profit	$	1,982		$	1,205	$	742	$	35	$	1,982

Copper sales (millions of recoverable pounds)	584			584
Gold sales (thousands of recoverable ounces)						758

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

Revenues, excluding adjustments	$	3.83		$	3.83	$	1,946
Site production and delivery, before net noncash and other costs shown below	1.93			1.14		578
Gold and silver credits	(2.68)			—		—
Treatment charges	0.38			0.23		115
Export duties	0.03			0.02		9
Royalty on metals	0.26			0.15		73
Unit net cash (credits) costs	(0.08)			1.54		775
DD&A	0.72			0.43		217

Noncash and other costs, net	0.18		b	0.11		55
Total unit costs	0.82			2.08		1,047
Other revenue adjustments, primarily for pricing on prior period open sales	0.19			0.19		22
PT Smelting intercompany profit	0.19			0.11		58
Gross profit per pound/ounce	$	3.39		$	2.05	$	979

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	3,785		$	1,124	$	423
Treatment charges	(143)			81		—
Export duties	(18)			—		—
Royalty on metals	(150)			—		—
Noncash and other costs, net	—			107		—
Other revenue adjustments, primarily for pricing on prior period open sales	131			—		—
PT Smelting intercompany profit	—			(112)		—
Eliminations and other	—			(7)		—
Indonesia mining	3,605			1,193		423
Other miningc	10,723			8,570		491


Corporate, other & eliminations	(3,202)			(3,051)		32
As reported in FCX's consolidated financial statements	$	11,126		$	6,712	$	946

a.Includes silver sales of 2.7 million ounces ($23.28 per ounce average realized price).

b.Includes a charge of $55 million ($0.09 per pound of copper) associated with a potential administrative fine and charges totaling $25 million ($0.04 per pound of copper) for feasibility and optimization studies.

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

XXV


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

Indonesia Mining Product Revenues, Production Costs and Unit Net Cash (Credits) Costs

Six months ended June 30, 2022
(In millions)	By-Product			Co-Product Method
	Method			Copper		Gold		Silvera		Total
Revenues, excluding adjustments	$	3,184		$	3,184	$	1,638	$	69	$	4,891
Site production and delivery, before net noncash and other costs shown below	1,121			730		375		16		1,121
Gold and silver credits	(1,710)			—		—		—		—
Treatment charges	191			124		64		3		191
Export duties	164			107		55		2		164
Royalty on metals	201			135		64		2		201
Net cash (credits) costs	(33)			1,096		558		23		1,677
DD&A	510			332		171		7		510

Noncash and other costs, net	30		b	20		10		—		30
Total costs	507			1,448		739		30		2,217
Other revenue adjustments, primarily for pricing on prior period open sales	32			32		3		—		35
PT Smelting intercompany loss	(27)			(17)		(9)		(1)		(27)
Gross profit	$	2,682		$	1,751	$	893	$	38	$	2,682

Copper sales (millions of recoverable pounds)	789			789
Gold sales (thousands of recoverable ounces)						880

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

Revenues, excluding adjustments	$	4.04		$	4.04	$	1,861
Site production and delivery, before net noncash and other credits shown below	1.42			0.92		426
Gold and silver credits	(2.17)			—		—
Treatment charges	0.24			0.16		73
Export duties	0.21			0.14		63
Royalty on metals	0.26			0.17		72
Unit net cash (credits) costs	(0.04)			1.39		634
DD&A	0.64			0.42		194

Noncash and other costs, net	0.04		b	0.03		11
Total unit costs	0.64			1.84		839
Other revenue adjustments, primarily for pricing on prior period open sales	0.04			0.04		3
PT Smelting intercompany loss	(0.03)			(0.02)		(10)
Gross profit per pound/ounce	$	3.41		$	2.22	$	1,015

Reconciliation to Amounts Reported
				Production
	Revenues			and Delivery		DD&A
Totals presented above	$	4,891		$	1,121	$	510
Treatment charges	(191)			—		—
Export duties	(164)			—		—
Royalty on metals	(201)			—		—
Noncash and other costs, net	12			42		—
Other revenue adjustments, primarily for pricing on prior period open sales	35			—		—
PT Smelting intercompany loss	—			27		—
Indonesia mining	4,382			1,190		510
Other miningc	11,132			8,406		454


Corporate, other & eliminations	(3,495)			(3,443)		32
As reported in FCX's consolidated financial statements	$	12,019		$	6,153	$	996

a.Includes silver sales of 3.1 million ounces ($22.18 per ounce average realized price).

b.Includes credits of $30 million ($0.04 per pound of copper) associated with adjustments to prior year treatment and refining charges and a charge of $41 million ($0.05 per pound of copper) associated with a settlement of an administrative fine levied by the Indonesia government. Also includes a charge of $18 million ($0.02 per pound of copper) to reserve for exposure associated with export duties in prior periods.

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

XXVI


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

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

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

Revenues, excluding adjustmentsa	$	156	$	151
Site production and delivery, before net noncash and other costs shown below	101		78
Treatment charges and other	6		7
Net cash costs	107		85
DD&A	14		18

Noncash and other costs, net	4		2
Total costs	125		105
Gross profit	$	31	$	46

Molybdenum sales (millions of recoverable pounds)a	7		8

Gross profit per pound of molybdenum:

Revenues, excluding adjustmentsa	$	23.28	$	18.87
Site production and delivery, before net noncash and other costs shown below	15.13		9.77
Treatment charges and other	0.86		0.85
Unit net cash costs	15.99		10.62
DD&A	2.01		2.27

Noncash and other costs, net	0.59		0.30
Total unit costs	18.59		13.19
Gross profit per pound	$	4.69	$	5.68

Reconciliation to Amounts Reported

			Production
Three Months Ended June 30, 2023	Revenues		and Delivery		DD&A
Totals presented above	$	156	$	101	$	14
Treatment charges and other	(6)		—		—
Noncash and other costs, net	—		4		—
Molybdenum mines	150		105		14
Other miningb	7,196		4,997		514


Corporate, other & eliminations	(1,609)		(1,554)		19
As reported in FCX's consolidated financial statements	$	5,737	$	3,548	$	547

Three Months Ended June 30, 2022
Totals presented above	$	151	$	78	$	18
Treatment charges and other	(7)		—		—
Noncash and other costs, net	—		2		—


Molybdenum mines	144		80		18
Other miningb	7,043		4,651		473


Corporate, other & eliminations	(1,771)		(1,728)		16
As reported in FCX's consolidated financial statements	$	5,416	$	3,003	$	507

a.Reflects sales of the Molybdenum mines' production to FCX's molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, FCX's consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.

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

XXVII


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

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

	Six Months Ended June 30,
(In millions)	2023		2022

Revenues, excluding adjustmentsa	$	386	$	285
Site production and delivery, before net noncash and other costs shown below	192		150
Treatment charges and other	13		13
Net cash costs	205		163
DD&A	34		34

Noncash and other costs, net	9		5
Total costs	248		202
Gross profit	$	138	$	83

Molybdenum sales (millions of recoverable pounds)a	15		15

Gross profit per pound of molybdenum:

Revenues, excluding adjustmentsa	$	26.36	$	18.81
Site production and delivery, before net noncash and other costs shown below	13.10		9.90
Treatment charges and other	0.85		0.85
Unit net cash costs	13.95		10.75
DD&A	2.32		2.27

Noncash and other costs, net	0.64		0.34
Total unit costs	16.91		13.36
Gross profit per pound	$	9.45	$	5.45

Reconciliation to Amounts Reported

			Production
Six months ended June 30, 2023	Revenues		and Delivery		DD&A
Totals presented above	$	386	$	192	$	34
Treatment charges and other	(13)		—		—
Noncash and other costs, net	—		9		—
Molybdenum mines	373		201		34
Other miningb	13,955		9,562		880


Corporate, other & eliminations	(3,202)		(3,051)		32
As reported in FCX's consolidated financial statements	$	11,126	$	6,712	$	946

Six months ended June 30, 2022
Totals presented above	$	285	$	150	$	34
Treatment charges and other	(13)		—		—
Noncash and other costs, net	—		5		—


Molybdenum mines	272		155		34
Other miningb	15,242		9,441		930


Corporate, other & eliminations	(3,495)		(3,443)		32
As reported in FCX's consolidated financial statements	$	12,019	$	6,153	$	996

XXVIII

fcx.com FCX Conference Call 2nd Quarter 2023 Results July 20, 2023

Cautionary Statement This presentation contains forward-looking statements in which FCX discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections, or expectations relating to business outlook, strategy, goals or targets; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs and operating costs; capital expenditures; operating plans; cash flows; liquidity; PT-FI’s financing, construction and completion of additional domestic smelting capacity in Indonesia in accordance with the terms of its special mining license (IUPK); extension of PT-FI’s IUPK beyond 2041 and export licenses; PT-FI’s timely resumption of exports; payment of export duties; export volumes; FCX’s commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; execution of FCX’s energy and climate strategies and the underlying assumptions and estimated impacts on FCX’s business related thereto; achievement of 2030 climate targets and 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 proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of the Board of Directors (Board) and management, respectively, and are subject to a number of factors, including maintaining FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion. FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper; PT- FI’s ability to continue to export and sell copper concentrates and anode slimes timely; changes in export duties; the Indonesia government’s approval of a deferred schedule for completion of additional domestic smelting capacity in Indonesia; production rates; timing of shipments; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in FCX’s cash requirements, financial position, financing or investment plans; changes in general market, economic, regulatory or industry conditions; reductions in liquidity and access to capital; changes in tax laws and regulations, including the impact of the U.S. Inflation Reduction Act; any major public health crisis; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long- lived mining assets; satisfaction of requirements in accordance with PT-FI’s IUPK to extend mining rights from 2031 through 2041; discussions relating to the extension of PT-FI’s IUPK beyond 2041; cybersecurity incidents; labor relations, including labor-related work stoppages and costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies, and litigation results; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission (SEC). Investors are cautioned that many of the assumptions upon which FCX’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates are, to a large extent, based on metal prices for the commodities we produce and interpretations of geologic data, which may not necessarily be indicative of future results or quantities ultimately recovered. This presentation includes forward-looking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material modifying factors. This presentation also includes forward-looking statements regarding mineral potential, which includes exploration targets and mineral resources but will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of metal will be produced. Accordingly, no assurances can be given that estimated mineral resources or estimated mineral potential not included in mineral reserves will become proven and probable mineral reserves. This presentation also contains measures such as unit net cash costs per pound of copper and molybdenum, net debt and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which are not recognized under U.S. generally accepted accounting principles (GAAP). FCX’s calculation and reconciliation of unit net cash costs per pound of copper and net debt to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of FCX’s 2Q23 press release, which is available on FCX’s website, fcx.com. A reconciliation of amounts reported in FCX’s consolidated financial statements to adjusted EBITDA is included on slide 27. For forward-looking non-GAAP measures FCX is unable to provide a reconciliation to the most comparable GAAP measure because the information needed to reconcile these measures is dependent upon future events, many of which are outside of management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with FCX’s accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions. 2

Unit Net Cash Costs (Credits) $1.47/lb $(0.09)/lb Consolidated Indonesia Better than April Guidance 3 2Q 2023 Highlights Operating Cash Flow $1.7 bn Including $0.2 bn in working capital and other sources Capital Expenditures $0.7 bn $1.2 bn Excluding Total smelter projects (2) A reconciliation of amounts reported in FCX’s consolidated financial statements to Adjusted EBITDA is included on slide 27. (3) Net debt equals consolidated debt less consolidated cash. See Cautionary Statement. Copper Production Sales Price Realization 1,067 1,029 (1) $3.84 mm lbs mm lbs per lb Gold 483 495 $1,942 k ozs k ozs per oz Molybdenum 21 20 $24 mm lbs mm lbs per lb (1) Reflects shipping delays in Indonesia associated with renewal of PT-FI's export license. Adjusted EBITDA $2.14 bn (2) Net Debt (3) $0.9 bn $2.8 bn Excluding Total smelter projects

Notable Operational Highlights – 2Q23 • Cerro Verde o2Q23 Mill Rate: 425k tpd, ~5% Above 1Q23 • Grasberg o2Q23 Mill Rate: 207k tpd, ~25% Above 1Q23 oUnit Net Cash Credit: 9¢/lb of copper • Smelter Construction Progress oManyar Greenfield Smelter is ~75% Complete with Commissioning Expected in 2024 • Leaching Recovery Initiatives o29 mm lbs Cu in 2Q23 o~2.5x 2Q22 4See Cautionary Statement.

Indonesian Regulatory Update 5 • Downstream development is a strategic national policy priority • PT-FI expanding domestic capacity to meet requirements • 2020 law restricted exports of “certain minerals” beginning June 2023 • In June and July 2023, various ministries completed regulatory processes to enable ongoing exports of copper concentrates through May 2024 for exporters with more than 50% smelter progress* • PT-FI has met requirements and expects to commence exports in late July 2023 • PT-FI will continue to work with government to continue exports until smelter projects are fully operational • PT-FI also working with government on applicability of July 2023 tariffs given stabilized terms of IUPK Indonesia President Joko Widodo visited the Manyar smelter construction site in June 2023 and witnessed the substantial progress being made to establish additional downstream processing for copper concentrates in Indonesia. * PT-FI has obtained an export recommendation from Ministry of Energy and Mineral Resource for 1.7 million metric tons of concentrate, which is expected to cover PT-FI’s 2023 export volumes, and has received assurances that its export license will be granted promptly. Estimates and projections in this presentation assume resumption of exports at PT-FI beginning in late July 2023. See Cautionary Statement.

6 Copper – The Metal of Electrification 2022 2035 Copper Demand Forecast (1) (mm tonnes) ~25 ~50 • Intensity of copper use in electrification is rising • Low carbon technologies driving massive growth in metals demand • Renewables growth from 10% to 60% of power under 2050 net zero (2) (1) Source: S&P Global copper study published in July 2022 (2) Source: International Monetary Fund See Cautionary Statement. Looming supply gap expected Prices will need to rise to incentivize new supplies Current Copper Market Commentary • Slowing global growth in manufacturing sector • Auto sector/EVs growing rapidly • Copper-intensive expansion of renewables and supporting infrastructure • China’s copper consumption continues to grow despite property sector weakness (growth in EV/renewables) • Supply challenges persist • Notable low inventory levels

Annual Sales Profile NOTE: Consolidated copper sales include 1.3 bn lbs in 2023e, 1.4 bn lbs in 2024e and 1.36 bn lbs in 2025e for noncontrolling interests; excludes purchased copper. 0.0 1.0 2.0 3.0 4.0 5.0 2023e* 2024e* 2025e 4.0 4.2 4.2 0 1 2 2023e* 2024e* 2025e 1.75 1.8 1.6 0 25 50 75 100 2023e 2024e 2025e 79 85 90 * Estimates assume deferrals of ~90 mm lbs of copper and ~130k ozs of gold in 2023 related to production deferred in inventory until final sale associated with PT-FI’s tolling arrangement with PT Smelting (effective January 2023) and ~100 mm lbs of copper and ~105k ozs of gold in 2024 related to PT-FI’s Manyar smelter (expected to be commissioned in 2024). e = estimate. See Cautionary Statement. NOTE: Consolidated gold sales include 827k ozs in 2023e, 922k ozs in 2024e and 820k ozs in 2025e for noncontrolling interests. (billion lbs) Copper Sales (million lbs) Moly Sales Gold Sales (million ozs) July 2023 Estimate 7

8 (1) (1) Includes molybdenum produced in South America. (2) Includes gold produced in North America. (3) Estimates assume average prices of $1,950/oz for gold and $20/lb for molybdenum for 2H23e. Quarterly unit costs will vary significantly with quarterly metal sales volumes. (4) Production costs include profit sharing in South America and severance taxes in North America. (5) Assumes no change in Indonesian export duties. A 7.5% export duty would impact 2023e consolidated unit costs by 7¢/lb (and Indonesia unit costs by 19¢/lb). 1,202 79 1,376 1,439 1.75 (2) North America IndonesiaSouth America by Region2023e Sales Mo mm lbs Cu mm lbs Au mm ozs (per lb of Cu) Site Production & Delivery (4) $2.90 $2.54 $1.70 $2.36 By-product Credits (0.46) (0.41) (2.39) (1.14) Treatment Charges 0.12 0.19 0.37 0.23 Royalties & Export Duties - 0.01 0.26 0.10 Unit Net Cash Costs (Credits) $2.56 $2.33 $(0.06) $1.55 2023e Unit Net Cash Costs (3) North South America America Indonesia Consolidated Cu mm lbs Cu mm lbs e = estimate. See Cautionary Statement. 2023e Operational Data (5) (5)

NOTE: EBITDA equals operating income plus depreciation, depletion and amortization. e = estimate. See Cautionary Statement. (1) U.S. Dollar Exchange Rates: 790 Chilean peso, 14,900 Indonesian rupiah, $0.68 Australian dollar, $1.08 Euro, 3.61 Peruvian Nuevo Sol base case assumption. Each +10% equals a 10% strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecasted expenditures in these foreign currencies equates to a cost benefit of noted amounts. $0 $4 $8 $12 $16 Cu $4.00/lb Cu $4.50/lb Cu $5.00/lb Average ’24e/’25e $0 $3 $6 $9 $12 Cu $4.00/lb Cu $4.50/lb Cu $5.00/lb Average ’24e/’25e ($ in bns except copper, gold and molybdenum prices) Operating Cash Flow Excludes working capital changes EBITDA EBITDA and Cash Flow at Various Copper Prices Sensitivities Average ’24e/’25e (US$ in mms) EBITDA Operating Cash Flow Copper +/-$0.10/lb $335 Molybdenum +/-$1.00/lb $ 75 Gold +/-$50/oz $ 55 Currencies (1) +/-10% $170 Diesel +/-10% $ 65 Copper +/-$0.10/lb $425 Molybdenum +/-$1.00/lb $ 80 Gold +/-$50/oz $ 80 Currencies(1) +/-10% $240 Diesel +/-10% $ 90 Assuming $1,950/oz gold, $20/lb molybdenum 9

2022 2023e 2024e Consolidated Capital Expenditures Major Projects (1) See slide 25; Indonesia smelter projects are being funded with net proceeds from PT-FI’s April 2022 senior notes offering and availability under its revolving credit facility. (2) Major projects include CAPEX associated with Grasberg underground development and supporting mill and power capital costs ($1.1 bn in 2023e and $0.7 bn in 2024e). For details of discretionary spending see slide 24. NOTE: Amounts include capitalized interest. Discretionary CAPEX and smelter spending will be excluded from the free cash flow (as defined on slide 12) calculation for purposes of the performance-based payout framework. e= estimate. See Cautionary Statement. Other $1.0 ($ in bns) $1.7(2) $2.7 $1.3(2) $1.2 $3.2 $1.5 $1.0(2) Planned Discretionary Planned Discretionary $1.3 $0.7 $3.8 $1.4 Planned Discretionary Other Other Excluding Indonesia Smelter Projects CAPEX (1) 10

Safford / Lone Star Sulfides ~50 bn lbs Mineral Potential (2) Other U.S. Brownfield Opportunities ~100 bn lbs Mineral Potential (2) Grasberg Extension of Operating Rights Beyond 2041 opens significant development potential Organic Development Pipeline Near-Term Long-Term PotentialMedium-Term Potential Step Change in Leaching Technology ~600 mm lbs* Bagdad 2X Expansion ~200 mm lbs* El Abra Expansion ~650 mm lbs* Kucing Liar ~550 mm lbs & 560 k ozs* Leach Initiatives ~200 mm lbs* North America Staffing & Asset Efficiency ~200 mm lbs* * Annual production estimates (1) As of 12/31/22. Copper reserves (recoverable metal) based on long-term average price of $3.00/lb; copper resources (contained metal) based on long-term average price of $3.50/lb. Mineral resources are not included in mineral reserves and will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Accordingly, no assurance can be given that the estimated mineral resources will become proven and probable mineral reserves. (2) Estimated mineral potential includes exploration targets and mineral resources but will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of metal will be produced. Accordingly, no assurance can be given that estimated mineral potential not included in mineral reserves will become proven and probable mineral reserves. See Cautionary Statement. 11 FCX Copper Resources (1) 235 bn lbsFCX Copper Reserves (1) 111 bn lbs

12 Financial Policy: Performance-Based Payout Framework ~50% free cash flow(1) for shareholder returns (1) Available cash flows generated after planned capital spending (excluding Indonesia smelter projects funded with debt and discretionary CAPEX) and distributions to noncontrolling interests. (2) Net debt equals consolidated debt less consolidated cash. Excludes $1.9 bn in net debt associated with the Indonesia smelter projects. (3) FCX has acquired 47.9 mm shares of its common stock for a total cost of $1.8 bn ($38.35 avg. cost per share) under program since November 2021. See Cautionary Statement. Board will review structure of performance-based payout framework at least annually Maintaining Strong Balance Sheet Providing Cash Returns to Shareholders Advancing Organic Growth Opportunities 6/30/2021 6/30/2023 $0.9 $3 - $4 bn Net Debt Target $3.4 (2) $3.4 bn Distributed Since 6/30/21 • Positioned for future growth • New projects in progress o Kucing Liar o Lone Star oxide expansion o Grasberg Mill recovery project o Atlantic Copper CirCular • Organic project pipeline o Leach innovation initiatives o Bagdad 2X o Lone Star sulfide expansions o El Abra expansion Net Debt/Adjusted EBITDA Less than 1x 55% Share Repurchases(3) Variable Dividend Base Dividend 26% 19% Net Debt, excluding smelter projects $ in bns

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

Reference Slides

The Copper Mark • Assurance framework developed to demonstrate the copper industry’s responsible production practices • Producers participating in the Copper Mark are committed to adhering to internationally recognized responsible operating practices • Copper Mark governed by independent board including NGO participation and multi-stakeholder advisory council • Framework covers 32 issue areas across 5 ESG categories developed by the Responsible Minerals Initiative’s Risk Readiness Assessment • The Copper Mark recently extended its framework to other base metals including molybdenum (“the Molybdenum Mark”) • FCX has achieved the Copper Mark at all 12 of its copper producing sites globally and has achieved the Molybdenum Mark at its two primary molybdenum mines and four copper mines that produce by-product molybdenum • Requires third-party assurance of site performance and independent Copper Mark validation every three years Recognition for Responsible Production 16 STATUS BY SITE: AWARDED Atlantic Copper smelter & refinery (Spain) Bagdad mine (AZ)* Cerro Verde mine (Peru)* Chino mine (NM) Climax mine (CO)** El Abra mine (Chile) El Paso refinery & rod mill (TX) Henderson mine (CO)** Miami smelter, mine & rod mill (AZ) Morenci mine (AZ)* PT-FI mine (Indonesia) Safford mine (AZ) Sierrita mine (AZ)* Tyrone mine (NM) LETTER OF COMMITMENT Fort Madison (IA) Rotterdam (Netherlands) Stowmarket (United Kingdom) Note: Status as of 7/20/2023 * Denotes Molybdenum Mark awarded for by-product production ** Denotes Molybdenum Mark for primary production

Financial Highlights Copper Consolidated Volumes, excluding purchases (mm lbs) 1,029 1,087 Average Realization (per lb) $ 3.84 $ 4.03 Site Production & Delivery Costs (per lb) $ 2.39 $ 2.09 Unit Net Cash Costs (per lb) $ 1.47 $ 1.41 Gold Consolidated Volumes (000’s ozs) 495 476 Average Realization (per oz) $1,942 $1,827 Molybdenum Consolidated Volumes (mm lbs) 20 20 Average Realization (per lb) $24.27 $19.44 2Q23 (1) Reflects shipping delays in Indonesia associated with renewal of PT-FI's export license. (2) Includes working capital and other sources of $0.2 bn for 2Q23 and $0.1 bn for 2Q22. (3) Includes $3.0 bn in senior notes issued by PT-FI in April 2022. (4) 2Q23 includes $1.1 bn and 2Q22 includes $2.4 bn from PT-FI senior notes offering that is expected to be used to finance the Indonesia smelter projects. Revenues $ 5.7 $ 5.4 Net Income Attributable to Common Stock $ 0.3 $ 0.8 Diluted Net Income Per Share $ 0.23 $ 0.57 Operating Cash Flows $ 1.7 $ 1.6 Capital Expenditures $ 1.2 $ 0.9 Total Debt $ 9.5 $ 11.1 Consolidated Cash and Cash Equivalents $ 6.7 $ 9.5 (2) (in billions, except per share amounts) Sales Data Financial Results 2Q22 17 (3) (4) (1)

2Q 2023 Mining Operating Summary (1) Includes 5 mm lbs from South America. (2) Silver sales totaled 1.1 mm ozs. (3) Beginning January 1, 2023, PT-FI's commercial arrangement with PT Smelting converted to a tolling arrangement. As of June 30, 2023, ~85 mm lbs of copper and ~40k ozs of gold from PT-FI’s production was deferred in inventory and will be sold in future periods. NOTE: For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to “Product Revenues and Production Costs” in the supplemental schedules of FCX’s 2Q23 press release, which is available on FCX’s website. Site Production & Delivery, excl. adjs. $2.93 $2.43 $1.88 $2.39 By-product Credits (0.55) (0.37) (2.60) (1.26) Treatment Charges 0.13 0.21 0.39 0.25 Royalties & Export Duties - 0.01 0.24 0.09 Unit Net Cash Costs (Credits) $2.51 $2.28 $(0.09) $1.47 North South America America Indonesia Consolidated(per lb of Cu)2Q23 Unit Net Cash Costs (Credits) North America 2021 (1) Mo mm lbs 339354 Production Sales Cu mm lbs Indonesia (3) 386406 492479 South America 307 304 by Region Au 000 ozs Production and Sales From Mines for 2Q23 18 Production Sales Production Sales Production SalesProduction Sales (2)

$0 $2 $4 $6 $8 2023 2024 2025 2026 2027 2028 Thereafter Strong Balance Sheet and Liquidity (US$ bns) $6.4 5.25%, 4.25%, 4.625%, 5.40% & 5.45% Sr. Notes and FMC Sr. Notes 3.875% Sr. Notes $0.7 4.55% Sr. Notes FCX Revolver $ - FCX/FMC Senior Notes 6.5 PT-FI Senior Notes 3.0 Total Debt $ 9.5 Consolidated Cash and Cash Eq. $ 6.7 Net Debt (1) $ 2.8 Net Debt/Adjusted EBITDA(2) 0.3x $ - at 6/30/23Total Debt & Cash $ - $1.4 (1) Includes $1.9 bn of net debt associated with the Indonesia smelter projects. (2) Trailing 12-months. (3) For purposes of this schedule, maturities of uncommitted lines of credit and other short-term lines are included in FCX’s revolver balance, which matures in 2027. See Cautionary Statement. (3) 5.00% Sr. Notes & FMC Sr. Notes 4.763% PT-FI Sr. Notes 5.315% & 6.2% PT-FI Sr. Notes Significant liquidity ▪ $6.7 bn in consolidated cash and cash equiv. ▪ $3.0 bn in availability under FCX credit facility ▪ $1.3 bn in availability under PT-FI credit facility ▪ $350 mm in availability under Cerro Verde credit facility 4.55% Sr. Notes 4.125%, 4.375% Sr. Notes $1.0 Attractive Debt Maturity Profile 19 $ -

2023e Outlook Sales Outlook Unit Net Cash Cost of Copper Operating Cash Flows (1,3) Capital Expenditures (1) Assumes average prices of $1,950/oz gold and $20/lb molybdenum for 2H23e and no change in Indonesian export duties. A 7.5% export duty would impact 2023e consolidated unit costs by 7¢/lb (and Indonesia unit costs by 19¢/lb). (2) Assumes no change in Indonesian export duties. A 7.5% export duty would impact 3Q23e consolidated unit costs by 12¢/lb (and Indonesia unit costs by 31¢/lb). (3) Each $100/oz change in gold is estimated to have an approximate $100 mm impact and each $2/lb change in molybdenum is estimated to have an approximate $60 mm impact. (4) Net of less than $0.1 billion of working capital and other uses. (5) Indonesia smelter projects are being funded with net proceeds from PT-FI’s senior notes offering and availability under its revolving credit facility. (6) Major projects CAPEX includes $1.3 bn for planned projects and $0.7 bn of discretionary projects. e = estimate. See Cautionary Statement. • Copper: 4.0 billion lbs • Gold: 1.75 million ozs • Molybdenum: 79 million lbs • ~$6.4 billion(4) @ $3.90/lb copper for 2H23e • Each 10¢/lb change in copper in 2H23e = $240 mm impact • Site prod. & delivery o 2023e: $2.36/lb o 3Q23e: $2.32/lb • After by-product credits o 2023e: $1.55/lb (1) o 3Q23e: $1.61/lb (2) • $3.2 billion (excluding smelter projects(5)) o $2.0 billion for major projects(6) o $1.2 billion for other mining 20

NOTE: Consolidated copper sales include 243 mm lbs in 1Q23, 340 mm lbs in 2Q23, 333 mm lbs in 3Q23e and 384 mm lbs in 4Q23e for noncontrolling interests; excludes purchased copper. 0 200 400 600 800 1000 1200 1Q23* 2Q23* 3Q23e 4Q23e 832 1,029 1,030 1,125 0 150 300 450 600 1Q23* 2Q23* 3Q23e 4Q23e 270 495 420 565 0 5 10 15 20 25 1Q23 2Q23 3Q23e 4Q23e 19 20 20 20 NOTE: Consolidated gold sales include 74k ozs in 1Q23, 252k ozs in 2Q23, 213k ozs in 3Q23e and 288k ozs in 4Q23e for noncontrolling interests. (million lbs) Copper Sales (million lbs) Moly Sales Gold Sales (thousand ozs) 2023e Quarterly Sales * Beginning January 1, 2023, PT-FI's commercial arrangement with PT Smelting converted to a tolling arrangement. As of June 30, 2023, ~85 mm lbs of copper and ~40k ozs of gold from PT-FI’s production was deferred in inventory and will be sold in future periods. e = estimate. See Cautionary Statement. 21

22 Operational Initiatives Heat – Proven Enhancer • Covers installed on over 30% (47 mm ft2) of leach areas • Mechanization improving installation execution Leach “Everywhere” • Targeted drilling to improve flow • Injecting solution to lower stockpile sections • Sensors measuring conditions • Extended side slope leaching Analytics • Providing valuable insights • Optimizing acid concentration • Testing response to application rates Further Innovation to Build Scale 30% 50% 20% Turning Up the Heat • Evaluating heated injections using renewable sources • Cover expansion Additives • Pursuing internal & third-party technology • Transition from lab to large-scale testing • AI-driven evaluation accelerating development Air Injection/Oxidation • Sulfide leaching dependent on oxygen • Evaluating new uses of existing technology South America 16% Other North America 34% Morenci 50% Copper in Leach Stockpiles Unrecoverable by Traditional Leach Methods 38 bn lbs Contained* * Copper from historical placements beyond assumed recovery estimates and is not included in mineral reserves or mineral resources. Significant Potential Leach Initiatives Gaining Traction See Cautionary Statement. ~200 mm lbs per annum run rate targeted by YE 2023 R&D stage – Potential to build scale to ~800 mm lbs per annum

Metal Production, 2022 – 2027e NOTE: Amounts are projections. Timing of annual production will depend on a number of factors, including operational performance, and other factors. FCX's economic interest in PT-FI approximated 81.27% through 2022 and beginning January 1, 2023, FCX’s economic interest in PT-FI is 48.76%. PT-FI expects to defer production in inventory until final sale under its new tolling arrangement with PT Smelting (effective January 2023) and upon commissioning of its Manyar smelter (expected in 2024). This is not expected to result in a significant change in PT-FI's economics but will impact the timing of PT-FI's sales. e = estimate. See Cautionary Statement. 1.6 1.6 1.7 1.6 1.6 1.6 1.8 1.9 1.9 1.6 1.3 1.3 2022 2023e 2024e 2025e 2026e 2027e Cu bn lbs Au mm ozs Total: 8.1 billion lbs copper Annual Average: ~1.6 billion lbs 2023e – 2027e Copper Total: 8.0 million ozs gold Annual Average: ~1.6 million ozs 2023e – 2027e Gold PT-FI Mine Plan 23

Discretionary Capital Projects* ● Commenced long-term mine development activities in 2022 ● Approximate 10-year development timeframe ● Sustain large-scale, low-cost Cu/Au production ● Capital investment: ~$400 mm/yr average (~$240 mm in 2023e) ● 6.8 bn lbs copper & 6.5 mm ozs gold o ~ 550 mm lbs & 560K ozs per annum Kucing Liar ● Recycle electronic material ● Capital investment: ~$330 mm (~$120 mm in 2023e) ● Expect to commission in 2024e; full rates in 2025e ● ~$60 mm per annum in incremental EBITDA Atlantic Copper CirCular Lone Star Oxide Expansion ● Low capital intensity investment ● Capital investment: ~$300 mm (~$80 mm in 2023e) ● Increase stacking rate: 95k t/d to 120k t/d ● Targeting ~300 mm lbs of copper/annum in 2023e o +50 mm lbs/yr of incremental production Grasberg Mill Recovery Project ● Installing new copper cleaner circuit ● Improved Cu concentrate grades/metal recoveries ● Capital investment: ~$530 mm (~$200 mm in 2023e) ● Targeted completion: 2H24e ● +60 mm lbs/yr & +40k ozs/yr of incremental Cu/Au *These discretionary projects and the Indonesia smelter projects will be excluded from the free cash flow calculation (defined on slide 12) for purposes of the performance-based payout framework. e = estimate. See Cautionary Statement. 24 ● Planning expansion to double concentrator capacity ● Conducting feasibility study; expected completion late 2023 ● Expanding tailings infrastructure: ~$80 mm in 2023e Bagdad 2X Expansion

Oxygen Plant Smelter Refinery Acid Plant Admin Expansion Project General Layout Refinery Expansion Oxygen Plant Acid Plant Water TankCooling Pond Desal (1) Based on target price of $2.8 bn for construction contract (excludes capitalized interest, owner’s costs and commissioning) and $0.2 bn for investment in a desalinization plant for the smelter. Indonesia Downstream Processing Activities Precious Metals Refinery (PMR) • To be constructed to process gold and silver from Manyar smelter and PT Smelting • Construction is in progress with commission expected during 2024 • Cost estimate: ~$525 mm Greenfield Smelter (Manyar) • 1.7 mm mt of annual concentrate capacity • Designed to be world’s largest single line flash smelter/convertor facility • ~75% complete • Project expected to be commissioned in 2024 • Cost estimate: ~$3.0 bn (1) • 30% increase to existing smelter to add 300,000 mt of annual concentrate capacity • Completed commercial arrangements in 4Q21 • Target completion of YE 2023, over 85% complete • Cost estimate: ~$250 mm PT Smelting Expansion 25e = estimate. See Cautionary Statement. (2) Manyar smelter project expected to be funded with net proceeds from PT-FI’s senior notes offering and availability under its revolving credit facility. Capital spending on the Manyar smelter will be debt financed and will not be deducted from cash available for returns to FCX shareholders. Estimates exclude capitalized interest, owner’s costs and commissioning. Estimate of Spending on Manyar Smelter & PMR (shared 51% PT Inalum/49% FCX)(2) $0.2 $0.8 $1.6 $0.9 2021 2022 2023e 2024e ($ in bns) Refinery Plant Extension

26 Indonesia Manyar Smelter Project Update New Greenfield Smelter is ~75% Complete with Commissioning Expected in 2024 NOTE: See slide 25 for additional details. Smelter Project Site View Northwest to Southeast July 2022 March 2022August 2021 January 2023

Adjusted EBITDA Reconciliation ($ in mm) 12 mos ended 2Q23 6/30/2023 Net income attributable to common stock $343 $2,107 Interest expense, net 171 599 Income tax provision 539 1,910 Depreciation, depletion and amortization 547 1,969 Metals inventory adjustments 1 13 Accretion and stock-based compensation 50 223 Other net charges (1) 133 374 Gain on early extinguishment of debt (5) (28) Other income, net (24) (277) Net income attributable to noncontrolling interests 388 1,210 Equity in affiliated companies’ net earnings (2) (18) Adjusted EBITDA (2) $2,141 $8,082 27 (1) Includes net adjustments to environmental obligations and litigation reserves ($60 mm in 2Q23 and $169 mm for the twelve months ended 6/30/2023) and a charge for a potential administrative fine in Indonesia ($55 mm in 2Q23 and for the twelve months ended 6/30/2023). The twelve months ended 6/30/2023 also include adjustments to reclamation liabilities at PT-FI ($116 mm). (2) Adjusted EBITDA is a non-GAAP financial measure that is frequently used by securities analysts, investors, lenders and others to evaluate companies’ performance, including, among other things, profitability before the effect of financing and similar decisions. Because securities analysts, investors, lenders and others use Adjusted EBITDA, management believes that our presentation of Adjusted EBITDA affords them greater transparency in assessing our financial performance. Adjusted EBITDA should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA may not necessarily be comparable to similarly titled measures reported by other companies, as different companies calculate such measures differently.

Cover Page	Jul. 20, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 20, 2023
Entity Registrant Name	Freeport-McMoRan Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11307-01
Entity Tax Identification Number	74-2480931
Entity Address, Address Line One	333 North Central Avenue
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004
City Area Code	602
Local Phone Number	366-8100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	FCX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0000831259
Amendment Flag	false