Freeport-McMoRan (FCX) investor relations material

Executive summary

• Achieved strong operational execution in 2Q26, with copper and gold sales volumes and unit net cash costs exceeding expectations and Grasberg Block Cave ramp-up progressing on schedule.

• Advanced organic copper growth initiatives, including leach technology, brownfield expansions, and increased Cerro Verde ownership to 55.66%.

• Returned $0.6 billion to shareholders in 1H26, including $0.2 billion in share repurchases.

• Net income attributable to common stock was $1.0 billion ($0.68/share) in 2Q26, with adjusted net income at $1.1 billion ($0.74/share), reflecting year-over-year improvement.

• Operating cash flows reached $2.1 billion in 2Q26, with strong margins and a positive market outlook.

Financial highlights

• 2Q26 copper sales: 710 million lbs; gold sales: 123k ozs; molybdenum sales: 25 million lbs; copper realization: $6.17/lb; gold: $4,520/oz; molybdenum: $28.75/lb.

• Adjusted EBITDA for 2Q26: $3.5 billion; operating cash flow: $2.1 billion; CAPEX: $1.1 billion.

• Net income attributable to common stock: $1.0 billion; diluted EPS: $0.68.

• Total debt at 6/30/26: $9.4 billion; cash and cash equivalents: $4.1 billion; net debt (excluding Indonesia downstream projects): $2.1 billion.

• Gross margin for 2Q26 was 31% (gross profit $2.19 billion on $7.03 billion revenue); effective tax rate: 28%.

Outlook and guidance

• 2026e copper sales: 3.1 billion lbs; gold: 0.65 million ozs; molybdenum: 93 million lbs.

• 2026e unit net cash cost of copper: $1.90/lb after by-product credits.

• 2026e operating cash flows: ~$8.3 billion at $6.00/lb copper price; CAPEX: $4.3 billion ($3.0 billion for major projects).

• Sensitivity: Each $0.10/lb change in copper price impacts operating cash flow by ~$300 million.

• Q3 2026 guidance: 750 million lbs copper, 160k oz gold, 22 million lbs molybdenum.