What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-08 · 175 added, 118 removed, 542 unchanged (35% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS (Unaudited)

September 30,

2025 December 31,

31 unchanged sentences

Retained earnings (accumulated deficit)

1,196 ( 170 )

Accumulated other comprehensive loss ( 310 ) ( 314 )

7 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

8 unchanged sentences

Environmental obligations and shutdown costs

Gain on sales of assets ( 16 ) — ( 16 ) —

Total costs and expenses 5,000 4,852 14,575 14,114

2 unchanged sentences

Other income, net 59 97 158 295

Income before income taxes and equity in affiliated companies’ net earnings 2,391 2,030 3,682 3,704

Income before income taxes and equity in affiliated companies’ net (losses) earnings 1,924 1,963 5,606 5,667

Provision for income taxes ( 669 ) ( 737 ) ( 2,019 ) ( 2,003 )

Equity in affiliated companies’ net earnings 6 4 8 4

Equity in affiliated companies’ net (losses) earnings ( 8 ) 10 — 14

Net income 1,247 1,236 3,587 3,678

11 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

4 unchanged sentences

Amortization of unrecognized amounts included in net periodic benefit costs 1 — 4 1

Foreign exchange losses — — — ( 1 )

Foreign exchange gains — 1 — —

Other comprehensive income 1 1 4 1

5 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Six Months Ended

Nine Months Ended

September 30,

(In Millions)

3 unchanged sentences

Depreciation, depletion and amortization 1,759 1,704

Gain on sales of assets ( 16 ) —

Net charges for environmental and asset retirement obligations, including accretion 166 382

16 unchanged sentences

Capital expenditures:

United States copper mines ( 528 ) ( 480 )

copper mines ( 843 ) ( 743 )

South America operations ( 287 ) ( 272 )

2 unchanged sentences

Other ( 358 ) ( 263 )

PT Freeport Indonesia smelter fire insurance recoveries 25 —

Acquisition of additional ownership interest in Cerro Verde — ( 210 )

Loans to PT Smelting for expansion — ( 28 )

Proceeds from sale of assets and other, net 1 13

Proceeds from sales of assets and other, net 22 10

Net cash used in investing activities ( 3,442 ) ( 3,797 )

16 unchanged sentences

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)

THREE MONTHS ENDED JUNE 30

THREE MONTHS ENDED SEPTEMBER 30

Stockholders’ Equity

9 unchanged sentences

(In Millions)

Balance at March 31, 2025 1,626 $ 163 $ 23,627 $ 182 $ ( 313 ) 189 $ ( 5,971 ) $ 17,688 $ 11,526 $ 29,214

Balance at June 30, 2025 1,626 $ 163 $ 23,642 $ 738 $ ( 311 ) 191 $ ( 6,024 ) $ 18,208 $ 11,788 $ 29,996

Exercised and issued stock-based awards — — 3 — — — — 3 — 3

Stock-based compensation, including the tender of shares — — 15 — — — — 15 ( 2 ) 13

Treasury stock purchases — — — — — 2 ( 52 ) ( 52 ) — ( 52 )

Dividends — — — ( 216 ) — — — ( 216 ) ( 649 ) ( 865 )

Contributions from noncontrolling interests — — — — — — — — 2 2

Net income attributable to common stockholders — — — 674 — — — 674 — 674

2 unchanged sentences

Other comprehensive income — — — — 1 — — 1 — 1

Balance at June 30, 2025 1,626 $ 163 $ 23,642 $ 738 $ ( 311 ) 191 $ ( 6,024 ) $ 18,208 $ 11,788 $ 29,996

Balance at September 30, 2025 1,626 $ 163 $ 23,660 $ 1,196 $ ( 310 ) 191 $ ( 6,024 ) $ 18,685 $ 11,712 $ 30,397

Stockholders’ Equity

9 unchanged sentences

(In Millions)

Balance at March 31, 2024 1,622 $ 162 $ 24,488 $ ( 1,586 ) $ ( 274 ) 186 $ ( 5,817 ) $ 16,973 $ 11,132 $ 28,105

Balance at June 30, 2024 1,624 $ 162 $ 24,321 $ ( 970 ) $ ( 274 ) 186 $ ( 5,835 ) $ 17,404 $ 11,282 $ 28,686

Exercised and issued stock-based awards — — 1 — — — — 1 — 1

Stock-based compensation, including the tender of shares — — 13 — — — — 13 1 14

Treasury stock purchases — — — — — 1 ( 59 ) ( 59 ) — ( 59 )

Acquisition of additional ownership interest in Cerro Verde — — ( 125 ) — — — — ( 125 ) ( 90 ) ( 215 )

Dividends — — ( 216 ) — — — — ( 216 ) ( 584 ) ( 800 )

Change in consolidated subsidiary ownership interests — — 3 — — — — 3 ( 1 ) 2

Net income attributable to common stockholders — — — 526 — — — 526 — 526

Net income attributable to noncontrolling interests — — — — — — — — 710 710

Balance at June 30, 2024 1,624 $ 162 $ 24,321 $ ( 970 ) $ ( 274 ) 186 $ ( 5,835 ) $ 17,404 $ 11,282 $ 28,686

Other comprehensive income — — — — 1 — — 1 — 1

Balance at September 30, 2024 1,624 $ 162 $ 23,997 $ ( 444 ) $ ( 273 ) 187 $ ( 5,894 ) $ 17,548 $ 11,318 $ 28,866

The accompanying notes are an integral part of these consolidated financial statements.

Freeport-McMoRan Inc.

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)

SIX MONTHS ENDED JUNE 30

NINE MONTHS ENDED SEPTEMBER 30

Stockholders’ Equity

14 unchanged sentences

Dividends — — ( 216 ) ( 432 ) — — — ( 648 ) ( 1,274 ) ( 1,922 )

Contributions from noncontrolling interests

— — — — — — — — 2 2

Net income attributable to common stockholders — — — 1,798 — — — 1,798 — 1,798

2 unchanged sentences

Other comprehensive income — — — — 4 — — 4 — 4

Balance at June 30, 2025 1,626 $ 163 $ 23,642 $ 738 $ ( 311 ) 191 $ ( 6,024 ) $ 18,208 $ 11,788 $ 29,996

Balance at September 30, 2025 1,626 $ 163 $ 23,660 $ 1,196 $ ( 310 ) 191 $ ( 6,024 ) $ 18,685 $ 11,712 $ 30,397

Stockholders’ Equity

12 unchanged sentences

Stock-based compensation, including the tender of shares — — 77 — — 1 ( 34 ) 43 ( 2 ) 41

Treasury stock purchases — — — — — 1 ( 59 ) ( 59 ) — ( 59 )

Acquisition of additional ownership interest in Cerro Verde — — ( 125 ) — — — — ( 125 ) ( 90 ) ( 215 )

Dividends — — ( 649 ) — — — — ( 649 ) ( 1,269 ) ( 1,918 )

Change in consolidated subsidiary ownership interests — — 3 — — — — 3 ( 1 ) 2

Net income attributable to common stockholders — — — 1,615 — — — 1,615 — 1,615

1 unchanged sentence

— — — — — — — — 2,063 2,063

Balance at June 30, 2024 1,624 $ 162 $ 24,321 $ ( 970 ) $ ( 274 ) 186 $ ( 5,835 ) $ 17,404 $ 11,282 $ 28,686

Other comprehensive income — — — — 1 — — 1 — 1

Balance at September 30, 2024 1,624 $ 162 $ 23,997 $ ( 444 ) $ ( 273 ) 187 $ ( 5,894 ) $ 17,548 $ 11,318 $ 28,866

The accompanying notes are an integral part of these consolidated financial statements.

6 unchanged sentences

All such adjustments are, in the opinion of management, of a normal recurring nature.

Operating results for the six-month period ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Operating results for the nine-month period ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Dollar amounts in tables are stated in millions, except per share amounts.

Subsequent Events.

FCX evaluated events after June 30, 2025, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

FCX evaluated events after September 30, 2025, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

EARNINGS PER SHARE

3 unchanged sentences

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

13 unchanged sentences

There were no shares of common stock associated with outstanding stock options excluded in any of the periods shown above.

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

Six Months Ended

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

Nine Months Ended

September 30,

International ( 2,015 ) ( 2,033 )

Total $ ( 2,019 ) $ ( 2,003 )

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 37 % for the first six months of 2025 and 34 % for the first six months of 2024.

The provision for income taxes for the first six months of 2024 included net benefits of $ 182 million related to closure of PT Freeport Indonesia’s (PTFI) 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

During the first six months of 2025 and 2024, FCX’s U.S.

operations generated net losses that would not result in a realized tax benefit;

FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 36 % for the first nine months of 2025 and 35 % for the first nine months of 2024.

The provision for income taxes for the first nine months of 2024 included net benefits of $ 182 million related to closure of PT Freeport Indonesia’s (PTFI) 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

During the first nine months of 2025 and 2024, FCX’s U.S.

operations projected full-year net losses that would not result in a realized tax benefit;

accordingly, applicable accounting rules required FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OB3 Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017.

FCX is analyzing the OB3 Act, but does not expect it to have a material impact on its 2025 financial results.

On July 4, 2025, the President signed into law H.R.1 (also referred to as the One Big Beautiful Bill Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017.

FCX does not expect H.R.1 to have a material impact on its consolidated financial results.

DEBT AND EQUITY

The components of debt follow:

September 30,

2025 December 31, 2024

12 unchanged sentences

Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $ 3.0 billion, with a $ 1.5 billion sublimit on the issuance of letters of credit and a $ 500 million limit on PTFI’s borrowing capacity.

At June 30, 2025, there were no borrowings and $ 5 million in letters of credit issued under FCX’s revolving credit facility.

At June 30, 2025, PTFI had $ 250 million in borrowings outstanding under its $ 1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $ 350 million unsecured revolving credit facility that matures in May 2027.

At June 30, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

At September 30, 2025, there were no borrowings and $ 5 million in letters of credit issued under FCX’s revolving credit facility.

At September 30, 2025, PTFI had $ 250 million in borrowings outstanding under its $ 1.75 billion unsecured revolving credit facility that matures in November 2028, and Cerro Verde had no borrowings outstanding under its $ 350 million unsecured revolving credit facility that matures in May 2027.

At September 30, 2025, FCX, PTFI and Cerro Verde were in compliance with each of their respective credit facility’s covenants.

Interest Expense, Net.

Consolidated interest costs (before capitalization) totaled $ 181 million in both second-quarter 2025 and 2024, $ 355 million for the first six months of 2025 and $ 356 million for the first six months of 2024.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including construction and development of PTFI’s new smelter and precious metals refinery (collectively, PTFI’s downstream processing facilities), totaled $ 99 million in second-quarter 2025, $ 93 million in second-quarter 2024, $ 203 million for the first six months of 2025 and $ 179 million for the first six months of 2024.

Consolidated interest costs (before capitalization) totaled $ 182 million in third-quarter 2025, $ 173 million in third-quarter 2024, $ 537 million for the first nine months of 2025 and $ 529 million for the first nine months of 2024.

Capitalized interest, which primarily related to FCX’s mining operations’ capital projects, including construction and development of PTFI’s new smelter and precious metals refinery (collectively, PTFI’s downstream processing facilities), totaled $ 75 million in third-quarter 2025, $ 101 million in third-quarter 2024, $ 278 million for the first nine months of 2025 and $ 280 million for the first nine months of 2024.

Share Repurchase Program and Dividends.

During the first six months of 2025, FCX acquired 2.9 million shares of its common stock for a total cost of $ 107 million ($ 36.41 average cost per share).

As of July 31, 2025, FCX has acquired a total of 52 million shares ($ 38.51 average cost per share) and has $ 3.0 billion available under its current share repurchase program.

On June 25, 2025, FCX’s Board of Directors (Board) declared cash dividends totaling $ 0.15 per share on its common stock (including a $ 0.075 per share quarterly base cash dividend and a $ 0.075 per share quarterly variable, performance-based cash dividend), which were paid on August 1, 2025, to common shareholders of record as of July 15, 2025.

During the first nine months of 2025, FCX acquired 2.9 million shares of its common stock for a total cost of $ 107 million ($ 36.41 average cost per share).

As of October 31, 2025, FCX has acquired a total of 52 million shares ($ 38.51 average cost per share) and has $ 3.0 billion available under its current share repurchase program.

On September 24, 2025, FCX’s Board of Directors (Board) declared cash dividends totaling $ 0.15 per share on its common stock (including a $ 0.075 per share quarterly base cash dividend and a $ 0.075 per share quarterly variable, performance-based cash dividend), which were paid on November 3, 2025, to shareholders of record as of October 15, 2025.

The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases are at the discretion of FCX’s Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by FCX’s Board or management, as applicable.

15 unchanged sentences

Hedging gains or losses from these copper futures and swap contracts are recorded in revenues.

FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six-month periods ended June 30, 2025 and 2024.

At June 30, 2025, FCX held copper futures and swap contracts that qualified for hedge accounting for 109 million pounds at an average contract price of $ 4.75 per pound, with maturities through March 2027.

FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the nine-month periods ended September 30, 2025 and 2024.

At September 30, 2025, FCX held copper futures and swap contracts that qualified for hedge accounting for 117 million pounds at an average contract price of $ 4.75 per pound, with maturities through September 2027.

Summary of (Losses) Gains.

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

16 unchanged sentences

Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at June 30, 2025, follows:

A summary of FCX’s embedded derivatives at September 30, 2025, follows:

Open Positions Average Price

2 unchanged sentences

Embedded derivatives in provisional sales contracts:

Copper (millions of pounds) 440 $ 4.34 $ 4.49 December 2025

Gold (thousands of ounces) 81 3,334 3,297 August 2025

Copper (millions of pounds) 402 $ 4.43 $ 4.65 February 2026

Gold (thousands of ounces) 53 3,429 3,833 October 2025

Embedded derivatives in provisional purchase contracts:

Copper (millions of pounds) 107 4.36 4.49 October 2025

Copper (millions of pounds) 111 4.43 4.65 December 2025

Copper Forward Contracts.

1 unchanged sentence

These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs.

At June 30, 2025, Atlantic Copper held net copper forward sales contracts for 53 million pounds at an average contract price of $ 4.47 per pound, with maturities through August 2025.

At September 30, 2025, Atlantic Copper held net copper forward sales contracts for 52 million pounds at an average contract price of $ 4.51 per pound, with maturities through November 2025.

Summary of Gains (Losses).

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

8 unchanged sentences

To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties.

As of June 30, 2025, the maximum amount of credit exposure associated with derivative transactions was $ 107 million.

As of September 30, 2025, the maximum amount of credit exposure associated with derivative transactions was $ 131 million.

Other Financial Instruments.

3 unchanged sentences

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

September 30,

2025 December 31, 2024

13 unchanged sentences

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

At June 30, 2025

At September 30, 2025

Carrying Fair Value

15 unchanged sentences

Copper futures and swap contracts 18 18 — 11 7 —

Copper forward contracts 4 4 — 2 2 —

Total 131 131 — 13 118 —

29 unchanged sentences

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

Excludes restricted cash and cash equivalents (which approximated fair value), primarily associated with talc-related litigation at June 30, 2025, and PTFI’s export proceeds at December 31, 2024.

Excludes restricted cash and cash equivalents (which approximated fair value), primarily associated with talc-related litigation at September 30, 2025, and PTFI’s export proceeds at December 31, 2024.

Refer to Note 5.

Refer to Note 5 for further discussion and balance sheet classifications.

Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Refer to Note 5 for further discussion.

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

Valuation Techniques.

13 unchanged sentences

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

The techniques described above may produce a fair value that may not be indicative of NRV or reflective of future fair values.

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values.

Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

There have been no changes in the techniques used at June 30, 2025, as compared with those techniques used at December 31, 2024.

There have been no changes in the techniques used at September 30, 2025, as compared with those techniques used at December 31, 2024.

CONTINGENCIES AND COMMITMENTS

Environmental

Refer to Note 10 of FCX’s 2024 Form 10-K for further discussion of FCX’s environmental obligations.

There were no significant updates to environmental obligations included in Note 10 of FCX’s 2024 Form 10-K, other than as discussed below.

As a result of the 2007 acquisition of FMC, FCX recorded FMC environmental obligations at fair value on the acquisition date in accordance with business combination accounting guidance.

In connection with FCX’s ongoing review and monitoring of these environmental remediation sites, FCX identified specific projects with environmental obligations where it can no longer be concluded that a probable liability exists.

Accordingly, during third-quarter 2025, FCX recorded reductions totaling $ 81 million to the related environmental obligations reflecting closure of these projects.

Historical Smelter Sites .

In July 2025, the New Jersey Department of Environmental Protection accepted FCX’s proposal for alternative remediation standards for sediment remediation in Arthur Kill, the water body adjacent to the former Carteret smelter site.

During third-quarter 2025, FCX will work to develop remedial alternatives to establish a workplan and associated cost estimates, which are expected to result in an adjustment to the related environmental obligation.

In third-quarter 2025, FCX also recorded an increase to its environmental obligation associated with the Carteret smelter site totaling $ 19 million based on updated cost estimates for the remediation work.

There were no significant updates to previously reported legal proceedings included in Note 10 of FCX’s 2024 Form 10-K, other than the matter discussed below.

1 unchanged sentence

The claimants in both the Imerys Talc America (Imerys) and Cyprus Mines Corporation (Cyprus Mines) bankruptcy cases previously approved a global settlement, which remains subject to bankruptcy court approvals in both cases.

During second-quarter 2025, Imerys agreed to carve out a foreign subsidiary from the bankruptcy cases and the parties agreed to an amended plan to set up a separate sub-trust for foreign claimants.

In accordance with the global settlement, as recently amended, Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX and Cyprus Mines’ parent company, agreed to contribute $ 199 million in the aggregate over seven years to a proposed claimant trust, which includes $ 4 million for a sub-trust for potential foreign claimants that was added in second-quarter 2025.

During third-quarter 2025, the parties agreed that “foreign claimants” (as defined in the amended plan) would not be discharged.

In accordance with the global settlement, as amended, Cyprus Amax Minerals Company (CAMC), an indirect wholly owned subsidiary of FCX and Cyprus Mines’ parent company, agreed to contribute $ 195 million in the aggregate over seven years to a proposed claimant trust.

There can be no assurance that the amended plan will be approved by the bankruptcy court.

In addition, in 2024, Cyprus Mines and Imerys entered into a settlement agreement with Johnson & Johnson (J&J), which became effective in February 2025.

In accordance with the settlement agreement, (i) all indemnity claims against J&J were released, and Imerys and Cyprus Mines waived claims against insurers that could lead to the insurers asserting claims against J&J;

and (ii) J&J agreed to pay $ 505 million to Imerys and Cyprus Mines (shared 50/50 between the two parties).

In accordance with the settlement, Cyprus Mines received cash of $ 229 million during the first six months of 2025, with the remaining $ 24 million to be received by December 31, 2025.

At June 30, 2025, FCX had a total litigation reserve of $ 452 million associated with the global settlement, including $ 253 million associated with the J&J settlement.

Indonesia Regulatory Matters

Refer to Notes 10, 11 and 12 of FCX’s 2024 Form 10-K for further discussion of Indonesia regulatory matters.

In accordance with the settlement agreement, (i) all indemnity claims

against J&J were released, and Imerys and Cyprus Mines waived claims against insurers that could lead to the insurers asserting claims against J&J;

(ii) J&J agreed to pay $ 505 million to Imerys and Cyprus Mines (shared 50/50 between the two parties);

and (iii) J&J agreed to remit recoveries of certain legacy insurance claims to Imerys and Cyprus Mines.

In accordance with the settlement, Cyprus Mines received cash of $ 230 million during the first nine months of 2025, with $ 48 million remaining to be received by early 2026.

At September 30, 2025, FCX had a total litigation reserve of $ 477 million associated with the global settlement, including $ 278 million associated with the J&J settlement and $ 4 million for potential foreign claims.

Indonesia Matters

Refer to Notes 10, 11 and 12 of FCX’s 2024 Form 10-K for further discussion of Indonesia matters.

Grasberg Minerals District Mud Rush Incident.

On September 8, 2025, PTFI experienced a mud rush incident that resulted in seven fatalities.

During the incident, which was unprecedented in PTFI’s multi-decade history of block cave mining in the Grasberg minerals district, a sudden rush of approximately 800,000 metric tons of wet material entered the Grasberg Block Cave underground mine from the former Grasberg open pit and traveled rapidly to multiple levels of the mine, including a service level where seven team members were later found deceased.

Mining operations were temporarily suspended following the incident to prioritize the recovery of the seven team members fatally injured during the incident and to conduct an investigation into the root cause of the incident.

The recovery efforts were completed on October 5, 2025, and the investigation is advancing toward completion.

Damage assessments, which are expected to be completed by year-end 2025, are being conducted in parallel with ongoing mud removal activities.

In late October 2025, PTFI restarted operations at the unaffected Big Gossan and Deep Mill Level Zone underground mines.

Smelting operations in Indonesia operated with limited availability since the incident and both smelters are currently on stand-by status pending the delivery of copper concentrate.

FCX and PTFI, including external experts, are completing an investigation of the root cause of the incident and to identify actions required to safeguard against recurrence.

In parallel, and in coordination with Indonesia government authorities, future production plans are being evaluated and damage assessments are being completed.

During third-quarter 2025, PTFI recorded charges totaling $ 195 million associated with the mud rush incident, including $ 152 million for idle facility costs and $ 43 million related to recovery efforts.

During the phased restart and ramp-up of operations in fourth-quarter 2025 and in 2026, a portion of PTFI’s cost of sales are expected to be recognized as idle facility costs, which are non-inventoriable costs.

As of September 30, 2025, PTFI had limited access to the area where the incident occurred and was unable to adequately assess damage to the impacted assets.

Accordingly, no impairment charges were recorded in third-quarter 2025.

Upon completion of damage assessments and evaluation of the affected infrastructure in fourth-quarter 2025, PTFI expects to write-off the carrying value of assets determined to be damaged beyond repair.

Furthermore, FCX does not believe the incident indicates a broader impairment of PTFI’s long-lived mining assets based on PTFI’s reserve life, favorable market outlook for metal prices and expected resumption of operations at the Grasberg Block Cave underground mine in the near term.

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

PTFI’s ability to recover damages under its insurance coverage with respect to the mud rush incident is subject to certain conditions.

Any amounts recoverable under PTFI’s insurance policies will be reflected in future periods in which recovery is considered realizable in accordance with the gain contingency accounting guidance.

As a result of the incident and impact on operations, PTFI has also notified certain commercial counterparties of a force majeure under its contracts.

Concentrate Exports.

On March 17, 2025, the Indonesia government granted PTFI a copper concentrate export license through September 16, 2025, for 1.4 million metric tons of copper concentrate, and PTFI re-commenced exports of copper concentrate.

Pursuant to current regulations, PTFI is required to pay a 7.5 % export duty on copper concentrate exports.

PTFI’s copper concentrate export license for 1.4 million metric tons of copper concentrate (subject to a 7.5 % export duty) expired on September 16, 2025.

Long-Term Mining Rights.

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

An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted in fourth-quarter 2025.

In connection with the extension, PTFI expects to pursue additional exploration, conduct studies for future additional development and expand its social programs.

FCX expects to maintain its ownership interest of approximately 49% through 2041 and would transfer an additional interest in PTFI to a state-owned enterprise beginning in 2042, leaving FCX to hold an approximately 37% interest.

FCX also expects the existing governance agreements would continue over the life of the resource.

Export Proceeds.

7 unchanged sentences

The fine was fully accrued at year-end 2024.

Long-Term Mining Rights.

Pursuant to regulations issued during 2024, PTFI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met, including ownership of integrated downstream facilities that have entered the operational stage;

domestic ownership of at least 51 % and agreement with a state-owned enterprise for an additional 10 % ownership;

and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Mineral Resources.

Application for extension may be submitted at any time up to one year prior to the expiration of PTFI’s special mining business license (IUPK).

PTFI expects to apply for an extension during 2025, pending agreement with PT Mineral Industri Indonesia (MIND ID) on a purchase and sale agreement for the transfer of an additional 10 % interest in PTFI to MIND ID beginning in 2041.

BUSINESS SEGMENTS

16 unchanged sentences

Product Revenues.

FCX’s revenues attributable to the products it sold for the second quarters and for the first six months of 2025 and 2024 follow:

Three Months Ended Six Months Ended

June 30, June 30,

FCX’s revenues attributable to the products it sold for the third quarters and for the first nine months of 2025 and 2024 follow:

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Cathode $ 2,173 $ 2,273 $ 4,198 $ 4,232

Concentrate $ 1,967 $ 1,788 $ 5,376 $ 5,204

Cathode 1,817 2,072 6,015 6,304

Rod and other refined copper products 1,330 1,012 3,259 2,939

9 unchanged sentences

( 107 ) ( 131 ) ( 310 ) ( 344 )

Treatment charges ( 16 ) ( 90 ) ( 43 ) ( 219 )

Treatment charges d

( 2 ) ( 99 ) ( 45 ) ( 318 )

Revenues from contracts with customers 6,819 6,680 19,919 19,289

Embedded derivatives d

Embedded derivatives e

153 110 363 446

2 unchanged sentences

Rod & Refining operations.

Reflects an export duty of 7.5 % on copper concentrate exports.

During 2025, FCX has been able to meet customer demand for copper rod with copper cathode produced by its U.S.

copper mines and South America operations, resulting in a decrease in purchased copper volumes.

Prior to the expiration of its export license on September 16, 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5 %.

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

Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with the sales volumes and the price of copper.

The 2025 periods primarily reflect lower treatment charge rates as a result of favorable market conditions.

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

4 unchanged sentences

Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Unaffiliated customers $ 46 $ 12 $ 58 $ 979 $ 204 $ 1,183 $ 2,675 $ — $ 1,774 $ 768 $ 514 a

Intersegment 559 1,028 1,587 193 49 242 ( 2 ) b

Intersegment 653 1,229 1,882 226 5 231 — 177 12 6 ( 2,308 ) —

Production and delivery 499 895 1,394 636 166 802 1,024 b

150 1,773 753 ( 1,691 ) 4,205

Production and delivery 435 779 1,214 590 178 768 1,124

Depreciation, depletion and amortization (DD&A) 55 79 134 97 17 114 331 b

22 2 7 15 625

Depreciation, depletion and amortization (DD&A) 46 72 118 94 19 113 389 26 1 7 14 668

Selling, general and administrative expenses — 1 1 2 — 2 36 — — 7 85 131

1 — 1 1 1 2 35 — — 7 82 127

Exploration and research expenses 11 4 15 3 — 3 2 — — — 35 55

Environmental obligations and shutdown costs

— — — — — — — — — — 27 27

Gain on sales of assets — — — — — — — — — — ( 16 ) ( 16 )

Operating income (loss) 134 262 396 467 26 493 1,282 5 11 7 ( 222 ) 1,972

1 unchanged sentence

Other (expense) income, net ( 1 ) 3 2 17 6 23 16 — ( 1 ) ( 1 ) 20 59

Provision for income taxes — — — 139 12 151 677 — — 2 20 850

Equity in affiliated companies’ net earnings — — — — — — 6 — — — — 6

Net income attributable to noncontrolling interests — — — 105 4 109 648 — — — 18 775

(Provision for) benefit from income taxes — — — ( 192 ) ( 10 ) ( 202 ) ( 466 ) — — 3 ( 4 ) ( 669 )

Equity in affiliated companies’ net (losses) earnings — — — — — — ( 9 ) — — — 1 ( 8 )

Net (income) loss attributable to noncontrolling interests — — — ( 143 ) ( 2 ) ( 145 ) ( 436 ) — — — 8 ( 573 )

Net income attributable to common stockholders $ 674

Total assets at June 30, 2025 3,337 7,253 10,590 8,385 2,091 10,476 27,781 2,027 432 1,508 3,678 56,492

Total assets at September 30, 2025 3,289 7,342 10,631 8,290 2,147 10,437 27,464 2,037 389 1,615 4,255 56,828

Capital expenditures 66 249 315 99 11 110 483 28 19 42 59 1,056

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Unaffiliated customers $ 40 $ 12 $ 52 $ 886 $ 237 $ 1,123 $ 2,856

4 unchanged sentences

187 817 918 140 1,562 754

( 1,493 ) 3,875

DD&A 47 62 109 92 18 110 340 19 2 6 14 600

Selling, general and administrative expenses — 1 1 2 — 2 32 — — 6 76 117

1 — 1 2 — 2 30 — — 6 84 123

Exploration and research expenses 4 4 8 3 ( 1 ) 2 2 — — — 26 38

Environmental obligations and shutdown costs — — — — — — — — — — 20 20

— — — — — — — — — — 28 28

Operating income (loss) 50 120 170 352 33 385 1,690 ( 27 ) 7 ( 1 ) ( 286 ) 1,938

Interest expense, net — — — ( 6 ) — ( 6 ) ( 10 ) — — ( 10 ) ( 46 ) ( 72 )

Other income, net — 1 1 5 — 5 30 — — 2 31 69

Provision for income taxes — — — 191 23 214 490 — — 1 49 754

Other (expense) income, net ( 1 ) 10 9 22 ( 2 ) 20 42 — ( 1 ) ( 7 ) 34 97

(Provision for) benefit from income taxes — — — ( 148 ) ( 10 ) ( 158 ) ( 625 ) — — ( 1 ) 47 ( 737 )

Equity in affiliated companies’ net earnings — — — — — — 6 — — — 4 10

Net income attributable to noncontrolling interests — — — 142 22 164 463 — — — 37 664

Net (income) loss attributable to noncontrolling interests — — — ( 114 ) e

( 12 ) ( 126 ) ( 601 ) — — — 17 ( 710 )

Net income attributable to common stockholders $ 526

Total assets at June 30, 2024 3,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635

Total assets at September 30, 2024 3,172 6,647 9,819 8,276 2,013 10,289 27,474 1,955 294 1,491 4,078 55,400

Capital expenditures 48 215 263 82 18 100 713 25 7 28 63 1,199

4 unchanged sentences

Morenci Other Total Verde Other Total Operations Mines Refining & Refining nations Total

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Unaffiliated customers $ 192 $ 184 $ 376 $ 2,732 $ 599 $ 3,331 $ 7,658 $ — $ 5,090 $ 2,335 $ 1,492 a

Intersegment 1,706 3,202 4,908 593 127 720 4 534 29 12 ( 6,207 ) —

Production and delivery 854 1,572 2,426 1,177 379 1,556 1,702 250 3,315 1,525 ( 2,736 ) d

DD&A 96 146 242 185 39 224 575 52 2 14 25 1,134

Production and delivery 1,353 2,467 3,820 1,813 545 2,358 2,726 b

400 5,088 2,278 ( 4,427 ) f

DD&A 151 225 376 282 56 338 906 b

74 4 21 40 1,759

Selling, general and administrative expenses 1 2 3 5 1 6 98 — — 23 282 412

1 unchanged sentence

Environmental obligations and shutdown costs ( 7 ) — ( 7 ) — — — — — — — 44 37

Gain on sales of assets — — — — — — — — — — ( 16 ) ( 16 )

Operating income (loss) 375 677 1,052 1,216 122 1,338 3,927 59 27 25 ( 721 ) 5,707

2 unchanged sentences

Provision for income taxes — — — ( 502 ) ( 44 ) ( 546 ) ( 1,431 ) — — ( 9 ) ( 33 ) ( 2,019 )

Equity in affiliated companies’ net earnings (losses) — — — — — — 9 — — — ( 1 ) 8

Equity in affiliated companies’ net earnings — — — — — — — — — — — —

Net income attributable to noncontrolling interests — — — ( 374 ) ( 23 ) ( 397 ) ( 1,359 ) — — — ( 33 ) ( 1,789 )

1 unchanged sentence

Capital expenditures 195 648 843 251 36 287 1,927 74 62 130 166 3,489

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Unaffiliated customers $ 90 $ 62 $ 152 $ 2,787 $ 699 $ 3,486 $ 7,689 $ — $ 4,742 $ 2,330 $ 1,336 a

2 unchanged sentences

Production and delivery 1,389 2,289 3,678 1,912 c

351 1,633 1,533 253 3,179 1,509 ( 2,763 ) e

538 2,450 2,451 393 4,741 2,263 ( 4,180 ) d

DD&A 140 187 327 281 51 332 923 51 4 20 47 1,704

5 unchanged sentences

Other (expense) income, net ( 1 ) 9 8 38 11 49 110 — ( 1 ) 1 128 295

Provision for (benefit from) income taxes — — — 282 35 317 899 f

(Provision for) benefit from income taxes — — — ( 430 ) ( 45 ) ( 475 ) ( 1,524 ) g

— — 11 ( 15 ) ( 2,003 )

Equity in affiliated companies’ net earnings — — — — — — 7 — — — 7 14

Net income attributable to noncontrolling interests — — — 218 36 254 1,063 f

Net income attributable to noncontrolling interests — — — ( 332 ) e

( 48 ) ( 380 ) ( 1,664 ) g

— — — ( 19 ) ( 2,063 )

4 unchanged sentences

copper mines and the Cerro Verde mine.

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

Includes nonrecurring labor-related charges totaling $ 65 million at Cerro Verde associated with a new collective labor agreement.

Includes charges totaling $ 73 million associated with maintenance turnaround costs at the Miami smelter.

Includes oil and gas charges totaling $ 105 million primarily associated with assumed abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.

Includes a net benefit to income taxes totaling $ 182 million associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

Includes charges totaling $ 195 million in the third quarter and first nine months of 2025 associated with the September 2025 mud rush incident, consisting of $ 128 million of idle facility costs and $ 43 million of recovery expenses that were recorded to production and delivery costs, and $ 24 million of DD&A associated with idle facilities.

The third quarter and first nine months of 2025 also include $ 26 million and $ 56 million, respectively, recorded to production and delivery costs for remediation related to the October 2024 fire incident at the smelter not recoverable under PTFI’s construction insurance program.

In addition, the third quarter and first nine months of 2025 include $ 39 million of tolling fees recorded to production and delivery costs that were recognized as idle facility costs associated with PT Smelting’s (PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia) planned maintenance turnaround.

Includes $ 34 million in third-quarter 2024 and $ 99 million for the first nine months of 2024 of nonrecurring labor-related charges at Cerro Verde associated with new collective labor agreements.

Includes charges for oil and gas properties associated with the write down of a historical contingent consideration asset totaling $ 32 million in the third quarter and first nine months of 2024.

The first nine months of 2024 also includes $ 99 million for assumed oil and gas abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.

Prior to September 2024, FCX’s interest in Cerro Verde was 53.56 %.

Includes charges totaling $ 73 million for the first nine months of 2025 associated with planned maintenance turnaround costs at the Miami smelter.

Includes a net benefit to income taxes totaling $ 182 million for the first nine months of 2024 associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

FCX's economic and ownership interest in PTFI is 48.76 % except for net income associated with the settlement of these historical tax matters, which was attributed based on the economics prior to January 1, 2023 ( i.e.

, approximately 81 % to FCX and 19 % to MIND ID).

, approximately 81 % to FCX and 19 % to PT Mineral Industri Indonesia).

Refer to Note 2 of FCX’s 2024 Form 10-K for further discussion.

4 unchanged sentences

We have reviewed the accompanying consolidated balance sheet of Freeport-McMoRan Inc.

(the Company) as of June 30, 2025, the related consolidated statements of income, comprehensive income, and equity for the three- and six-month periods ended June 30, 2025 and 2024, the related consolidated statements of cash flows for the six-month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the “consolidated interim financial statements”).

(the Company) as of September 30, 2025, the related consolidated statements of income, comprehensive income, and equity for the three- and nine-month periods ended September 30, 2025 and 2024, the related consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the “consolidated interim financial statements”).

Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S.

13 unchanged sentences

Phoenix, Arizona

August 8, 2025

November 6, 2025

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements