Freeport-McMoRan (FCX) Morgan Stanley's 14th Annual Laguna Conference summary

Strategic growth initiatives

• Entering a new period of growth with a focus on copper, leveraging brownfield expansions and technology investments in the U.S. and South America.

• Innovation in processing above-ground material and leaching technology aims to unlock significant value and increase copper recovery.

• U.S. operations supply about 70% of domestic copper, with a strong emphasis on efficiency and cost reduction.

• Brownfield projects and technology-driven recovery are prioritized over greenfield developments due to scarcity of new discoveries and high inflation.

Copper market and supply dynamics

• Copper demand is broadening beyond China, driven by global electrification and infrastructure needs.

• Supply response is slow due to lack of new discoveries and long development timelines for new mines.

• Industry faces inflationary pressures, making cost-effective supply development challenging.

• Brownfield expansions and technological innovation are seen as key to meeting future demand.

Leaching technology and production targets

• New leaching technology targets increasing recovery from 200 million to 800 million pounds annually within 3-4 years.

• Field deployment of new chemical additives and heat technology expected to scale up production, with 300 million pounds targeted by year-end.

• Incremental production from stockpiles offers low capital intensity and operating costs.

• Guidance for 2027 includes 300 million pounds, with further upside pending successful field trials.