What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-06 compared with 2025-08-08 · 398 added, 350 removed, 1290 unchanged (37% of the section changed)

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and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

We are committed to producing metals safely, efficiently and responsibly, while striving to improve efficiencies and leverage new technologies to drive better performance and grow production more quickly with lower capital intensity.

We believe we are well positioned for the future, both domestically and internationally, with large-scale production of copper, gold and molybdenum, a highly qualified and experienced team, a portfolio of attractive organic growth opportunities and a strong balance sheet and financial position.

We achieved a major milestone during the second quarter with the startup of PT Freeport Indonesia’s (PTFI) new large-scale copper smelter in Eastern Java, Indonesia, slightly ahead of schedule following the October 2024 fire incident.

Start-up activities are ongoing and production of the first copper anode and cathode was achieved in late July 2025.

Once the full ramp-up of the new smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities) is achieved, PTFI will be a fully integrated producer of refined copper and gold.

We continue to incorporate new applications, technologies and data analytics into our leaching processes, and are applying operational enhancements on a larger scale and testing innovations.

We are targeting an annual run rate of 300 million pounds of copper by the end of 2025 from these initiatives and believe we have the potential for further significant increases in recoverable metal beyond the current target run rate.

As a leading global supplier of copper and other metals with large-scale production, significant reserves and resources and an attractive pipeline for future growth, we are focused on the important role we play to provide copper, gold and molybdenum reliably and responsibly to a world with growing demand for metals.

We continue to incorporate new applications, technologies and data analytics into our leaching processes, and are applying operational enhancements on a larger scale and advancing testing of innovative technology to increase production from these initiatives.

We are targeting annual production of 300 million pounds of copper in 2026 from these initiatives and believe we have the potential for further significant increases in recoverable metal beyond the current target run rate.

Continued success with these initiatives would be expected to contribute to favorable adjustments in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.

We are continuing to monitor developments on U.S.

trade policy, including tariffs, and its impacts on our business, cost structure and supply chains, and efforts continue to be under way to evaluate alternative sourcing options to mitigate potential impacts.

Refer to “Operations” for further discussion.

Net income attributable to common stockholders totaled $772 million in second-quarter 2025, $616 million in second-quarter 2024 and $1.1 billion for each of the first six months of 2025 and 2024.

Our third-quarter 2025 results were impacted by the tragic mud rush incident that occurred on September 8, 2025, in the Grasberg minerals district.

The entire FCX organization is grieving the loss of our seven team members and we remain steadfast in our commitment to prioritize the safety of our workforce above all else.

Refer to further discussion of the mud rush incident below.

Net income attributable to common stockholders totaled $674 million in third-quarter 2025 and $1.8 billion for the first nine months of 2025, compared with $526 million in third-quarter 2024 and $1.6 billion for first nine months of 2024.

Higher net income in the 2025 periods, compared to the 2024 periods, primarily reflects higher operating income from our U.S.

and South America mining operations, partly offset by lower financial results from Indonesia operations as a result of the mud rush incident.

Refer to “Consolidated Results” for further discussion.

Additionally, as discussed in “Markets,” the 2025 periods have benefited from more favorable pricing for our U.S.

copper sales and global gold sales.

Following the President’s proclamation on July 30, 2025, imposing a 50% tariff on U.S.

imports of semi-finished copper products and copper-intensive derivative products effective August 1, 2025, copper prices on the Commodity Exchange Inc.

(COMEX) declined and are now similar to London Metal Exchange (LME) copper prices, consistent with long-term historical trends.

At June 30, 2025, we had consolidated debt of $9.3 billion and consolidated cash and cash equivalents of $4.5 billion.

Net debt totaled $1.5 billion, excluding $3.2 billion of debt for PTFI’s downstream processing facilities.

At September 30, 2025, we had consolidated debt of $9.3 billion and consolidated cash and cash equivalents of $4.3 billion.

Net debt totaled $1.75 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) new smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities).

Refer to “Net Debt” for a reconciliation of consolidated debt and consolidated cash and cash equivalents to net debt.

At June 30, 2025, we had $3.0 billion of availability under our revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

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

Refer to Note 4 and “Capital Resources and Liquidity” for further discussion of our debt and share repurchases.

At September 30, 2025, we had $3.0 billion of availability under our revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

Refer to Note 4 and “Capital Resources and Liquidity” for further discussion.

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 (DMLZ) underground mines.

A phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin during 2026.

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.

We expect higher variability between PTFI production and sales until PTFI’s downstream processing facilities achieve normalized operating rates.

We 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, we do 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.

While evaluation of PTFI’s operating plans, including production and sales estimates and cost and capital budgets are ongoing, and revised plans are expected to be finalized following completion of the investigation and damage assessments, we expect the incident to have a significant impact on our fourth-quarter 2025 and 2026 operating and financial results.

FCX plans to hold a conference call with analysts and investors on November 18, 2025, to provide a report on the investigation of the mud rush incident and present FCX’s multi-year operational and financial outlook, including for PTFI.

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.

Our financial results vary as a result of fluctuations in market prices primarily for copper, gold and, to a lesser extent, molybdenum, as well as other factors.

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Because we cannot control the prices of our products, the key measures that management focuses on in operating our business are sales volumes, unit net cash costs, operating cash flows and capital expenditures.

In addition, as a result of the September 2025 mud rush incident at PTFI, our consolidated sales volumes, unit net cash costs, operating cash flows and capital expenditures for the year 2025 have been revised, compared to the guidance provided in our quarterly report on Form 10-Q for the quarter ended June 30, 2025.

The forward-looking statements in the below section and elsewhere in this quarterly report on Form 10-Q are based on current market conditions, are as of the filing date of this quarterly report on Form 10-Q, are based on several assumptions and are subject to significant risks and uncertainties.

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copper mines and Cerro Verde mine and 36 million pounds produced by our primary molybdenum mines.

Consolidated sales volumes in third-quarter 2025 are expected to approximate 1.0 billion pounds of copper, 350 thousand ounces of gold and 18 million pounds of molybdenum.

Projected consolidated sales volumes in fourth-quarter 2025 reflect minimal volumes from Indonesia operations and are expected to approximate 635 million pounds of copper, 60 thousand ounces of gold and 21 million pounds of molybdenum.

Projected sales volumes are dependent on operational performance;

the ramp-up of PTFI’s downstream processing facilities;

the timing of restarting and ramping up mining and smelting operations at PTFI following the September 2025 mud rush incident;

weather-related conditions;

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Consolidated Unit Net Cash Costs

Excluding potential tariff impacts, which continue to be assessed (refer to “Operations”), consolidated unit net cash costs (net of by-product credits) for our copper mines are expected to average $1.55 per pound of copper for the year 2025 (including $1.59 per pound of copper in third-quarter 2025), based on achievement of current sales volume and cost estimates, and assuming average prices of $3,300 per ounce of gold and $22.00 per pound of molybdenum for the second half of 2025.

Quarterly unit net cash costs vary with fluctuations in sales volumes, including the ratio of copper and gold sales within a period, and realized prices, primarily for gold and molybdenum.

The impact of price changes on consolidated unit net cash costs for the second half of 2025 would approximate $0.02 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.

Consolidated unit net cash costs (net of by-product credits and excluding estimated expenses attributable to the September 2025 mud rush incident at PTFI for idle facility costs and recovery efforts) for our copper mines are expected to average $1.68 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates, and assuming average prices of $4,000 per ounce of gold and $25.00 per pound of molybdenum in fourth-quarter 2025.

Quarterly unit net cash costs vary with fluctuations in sales volumes by region, including the ratio of copper and gold sales within a period, and realized prices, primarily for gold and molybdenum.

The impact of price changes during fourth-quarter 2025 on consolidated unit net cash costs for the year 2025 would approximate $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum.

Consolidated Operating Cash Flows

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other working capital changes;

and other factors.

Excluding potential tariff impacts, which continue to be assessed (refer to “Operations”), consolidated operating cash flows are estimated to approximate $7.0 billion for the year 2025 based on current sales volume and cost estimates, and assuming prices of $4.40 per pound of copper, $3,300 per ounce of gold and $22.00 per pound of molybdenum for the second half of 2025.

Estimated consolidated operating cash flows for the year 2025 also reflect a projected income tax provision of $2.8 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2025).

The impact of price changes on consolidated operating cash flows for the second half of 2025 are estimated to approximate $210 million for each $0.10 per pound change in the average price of copper, $70 million for each $100 per ounce change in the average price of gold and $55 million for each $2 per pound change in the average price of molybdenum.

and other factors, including the timing of restarting and ramping up mining and smelting operations at PTFI following the September 2025 mud rush incident.

Consolidated operating cash flows are estimated to approximate $5.5 billion for the year 2025, net of $0.7 billion of working capital and other uses, based on current sales volume and cost estimates, and assuming prices of $4.75 per pound of copper, $4,000 per ounce of gold and $25.00 per pound of molybdenum in fourth-quarter 2025.

Estimated consolidated operating cash flows for the year 2025 also reflect a projected income tax provision of $2.2

billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2025).

The impact of price changes in fourth-quarter 2025 on consolidated operating cash flows are estimated to approximate $80 million for each $0.10 per pound change in the average price of copper, $15 million for each $100 per ounce change in the average price of gold and $30 million for each $2 per pound change in the average price of molybdenum.

Consolidated Capital Expenditures

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Major projects $ 2.3 a

PTFI’s downstream processing facilities 0.6 b

PTFI’s downstream processing facilities 0.6

Sustaining capital and other 1.6

Includes $1.1 billion for planned projects, primarily associated with underground mine development, supporting mill and power capital costs and a portion of spending on a new gas-fired combined cycle facility in the Grasberg minerals district, and potential U.S.

Includes $950 million for planned projects, primarily associated with underground mine development, supporting mill and power capital costs and a portion of spending on a new gas-fired combined cycle facility in the Grasberg minerals district, and potential U.S.

expansion projects, and $1.35 billion for discretionary growth projects, primarily in the Grasberg minerals district for the continued development of Kucing Liar and at the Bagdad mine for tailings infrastructure.

Excludes capitalized interest, owner’s costs and commissioning.

Capital expenditures for PTFI’s downstream processing facilities are expected to be funded with PTFI’s cash flows from operations.

We closely monitor market conditions and will adjust our operating plans, including capital expenditures, as necessary.

We are carefully managing operating costs and near-term capital expenditures in connection with revised operating plans at the Grasberg minerals district to manage cash flow and liquidity during the phased ramp-up period.

Prices for copper, gold and molybdenum are affected by numerous factors beyond our control and can fluctuate significantly (for further discussion refer to “Risk Factors” contained in Part I, Item 1A.

of our 2024 Form 10-K).

The following graphs present the LME and COMEX copper settlement prices, the London Bullion Market Association (London) PM gold prices, and the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices since January 2015.

This graph presents LME and COMEX copper settlement prices and the combined reported stocks of copper at the LME, COMEX and the Shanghai Futures Exchange from January 2015 through June 2025.

LME and COMEX copper prices are market-driven and subject to change based on current and future tariff rates, additional changes in trade policies, domestic inventory levels, supply and demand, and other factors.

The following graphs present the London Metal Exchange (LME) and Commodity Exchange Inc.

(COMEX) copper settlement prices, the London Bullion Market Association (London) PM gold prices, and the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices since January 2015.

This graph presents LME and COMEX copper settlement prices and the combined reported stocks of copper at the LME, COMEX and the Shanghai Futures Exchange from January 2015 through September 2025.

LME and COMEX

copper prices are market-driven and subject to change based on current and future tariff rates, additional changes in trade policies, domestic inventory levels, supply and demand, and other factors.

Copper priced on the LME and COMEX exchanges have historically traded in a narrow range with no material differential.

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trade policy announcements earlier in 2025, including proposed tariff announcements, the two benchmark prices began to differ and the spread significantly widened during July 2025.

On July 30, 2025, the President imposed a 50% tariff on certain categories of copper imports, effective August 1, 2025, following the Section 232 investigation on copper (refer to “Operations” for further discussion).

The President’s proclamation provides that the 50% tariff applies to imports of semi-finished copper products and copper-intensive derivative products.

With respect to copper import materials, the President will determine by June 30, 2026, whether a tariff on refined copper, such as copper cathodes, of 15% starting in January 2027 and 30% starting in January 2028 is warranted.

Following the proclamation, COMEX copper prices declined and are now similar to LME copper prices, consistent with long-term historical trends.

Effective August 1, 2025, a 50% tariff was imposed under Section 232 of the Trade Expansion Act, targeting U.S.

imports of semi-finished copper products and copper-intensive derivative products.

However, refined copper, including cathodes, concentrates and scrap, was exempted from the tariff and the U.S.

government has indicated it will reassess by mid-2026 the potential for a refined copper tariff of 15% beginning in January 2027 and rising to 30% in 2028.

Differences between COMEX and LME copper prices were present during third-quarter 2025, with the average COMEX copper settlement price 9% higher than the average LME copper settlement price.

Both COMEX and LME copper prices have risen following the September 2025 mud rush incident, with LME settlement copper price hitting an all-time high of $5.02 per pound in October 2025.

As of October 31, 2025, the COMEX copper settlement price of $5.07 per pound was 3% higher than the LME copper settlement price of $4.94 per pound.

Copper sales from our South America and Indonesia operations are generally based on quoted LME monthly average copper settlement prices.

During second-quarter 2025, LME copper settlement prices averaged $4.32 per pound (ranging from a low of $3.87 per pound to a high of $4.59 per pound) and closed at $4.55 per pound on June 30, 2025.

During July 2025, LME copper settlement prices averaged $4.44 per pound and closed at $4.36 per pound on July 31, 2025.

During third-quarter 2025, LME copper settlement prices averaged $4.44 per pound (ranging from a low of $4.33 per pound to a high of $4.68 per pound) and closed at $4.67 per pound on September 30, 2025.

Copper sales from our U.S.

copper mines are generally based on prevailing COMEX monthly average copper settlement prices.

During second-quarter 2025 COMEX copper settlement prices averaged $4.72 per pound

(ranging from a low of $4.13 per pound to a high of $5.07 per pound) and closed at $5.03 per pound on June 30, 2025.

During July 2025, COMEX copper settlement prices averaged $5.45 per pound and closed at $4.33 per pound on July 31, 2025.

We believe fundamentals for copper are favorable with growing demand supported by copper’s critical role in the global transition to renewable power, electric vehicles and other carbon-reduction initiatives, continued urbanization in developing countries, data centers and artificial intelligence developments and growing connectivity globally.

This graph presents London PM gold prices from January 2015 through June 2025.

During second-quarter 2025, London PM gold prices averaged $3,280 per ounce (ranging from a low of $3,015 per ounce to an all-time high of $3,435 per ounce) and closed at $3,287 per ounce on June 30, 2025.

The prospect of interest rate reductions, geopolitical tensions and strong demand from central banks around the world continue to drive gold prices to record highs.

The London PM gold price closed at $3,299 per ounce on July 31, 2025.

This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2015 through June 2025.

During second-quarter 2025, the weekly average prices for molybdenum averaged $20.66 per pound (ranging from a low of $19.71 per pound to a high of $21.93 per pound) and closed at $21.83 per pound on June 30, 2025.

During third-quarter 2025, COMEX copper settlement prices averaged $4.84 per pound (ranging from a low of $4.33 per pound to an all-time high of $5.80 per pound) and closed at $4.81 per pound on September 30, 2025.

We believe fundamentals for copper are favorable with growing demand supported by copper’s critical role in the global transition to renewable power, electric vehicles and other carbon-reduction initiatives, continued urbanization in developing countries, data centers, increased defense spending and growing connectivity globally.

This graph presents London PM gold prices from January 2015 through September 2025.

During third-quarter 2025, London PM gold prices averaged $3,457 per ounce (ranging from a low of $3,299 per ounce to a high of $3,827 per ounce) and closed at $3,825 per ounce on September 30, 2025.

The prospect of additional U.S.

interest rate reductions, geopolitical tensions, trade uncertainty and strong demand from central banks around the world

continue to drive gold prices to record highs, with the London PM gold price reaching an all-time high of $4,294 per ounce in October 2025 and closing at $4,012 per ounce on October 31, 2025.

This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2015 through September 2025.

During third-quarter 2025, the weekly average prices for molybdenum averaged $24.33 per pound (ranging from a low of $22.10 per pound to a high of $25.93 per pound) and closed at $25.05 per pound on September 30, 2025.

Overall global demand for molybdenum is driven by energy, power generation, aerospace, defense and construction sectors.

We believe fundamentals for molybdenum are positive with favorable demand drivers and limited supply.

The Platts Metals Daily Molybdenum Dealer Oxide weekly average price closed at $23.25 per pound on July 31, 2025.

The Platts Metals Daily Molybdenum Dealer Oxide weekly average price closed at $24.09 per pound on October 31, 2025.

CONSOLIDATED RESULTS

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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Operating income a,c

$ 2,432 $ 2,049

$ 3,735 $ 3,683

Net income attributable to common stock b,c

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$ 1,056 $ 1,199 $ 3,489 $ 3,569

At September 30:

Cash and cash equivalents

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Refer to Note 8 for a summary of revenues and operating income by operating division.

Includes (unfavorable) favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $(35) million ($(10) million to net income attributable to common stock or $(0.01) per share) in second-quarter 2025, $166 million ($56 million to net income attributable to common stock or $0.04 per share) in second-quarter 2024, $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first six months of 2025 and $28 million

($9 million to net income attributable to common stock or $0.01 per share) for the first six months of 2024.

Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $11 million ($1 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2025, $(32) million ($(13) million to net income attributable to common stock or $(0.01) per share) in third-quarter 2024, $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first nine months of 2025 and $28 million ($9 million to net income attributable to common stock or $0.01 per share) for the first nine months of 2024.

Refer to Note 5 for further discussion.

We defer recognizing profits on intercompany sales until final sales to third parties occur.

Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $34 million ($9 million to net income attributable to common stock or $0.01 per share) in second-quarter 2025, $137 million ($41 million to net income attributable to common stock or $0.03 per share) in second-quarter 2024, $148 million ($44 million to net income attributable to common stock or $0.03 per share) for the first six months of 2025 and $120 million ($36 million to net income attributable to common stock or $0.02 per share) for the first six months of 2024.

Refer to “Operations – Smelting and Refining .”

Includes net charges totaling $18 million in second-quarter 2025 and $24 million for the first six months of 2025, primarily associated with charges at PTFI for asset impairment and remediation costs related to the October 2024 fire incident at its new smelter that were not offset by recovery under its construction insurance program, oil and gas impairments and adjustments to environmental obligations and litigation reserves.

The first six months of 2025 also include charges for previously capitalized costs associated with construction of PTFI’s downstream processing facilities, partly offset by an adjustment to PTFI’s asset retirement obligations.

Includes net charges totaling $51 million in second-quarter 2024 and $52 million for the first six months of 2024, primarily associated with adjustments to environmental obligations and litigation reserves, nonrecurring labor-related charges at Cerro Verde associated with a new collective labor agreement (CLA), charges for previously capitalized costs associated with construction of PTFI’s downstream processing facilities and metals inventory adjustments and write-offs.

The first six months of 2024 also included charges associated with assumed oil and gas abandonment obligations resulting from bankruptcies of other companies, offset by international tax credits.

Working capital and other (uses) sources totaled $(45) million in second-quarter 2025, $73 million in second-quarter 2024, $(342) million for the first six months of 2025 and $(24) million for the first six months of 2024.

Three Months Ended June 30, Six Months Ended June 30,

Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions (reductions) to operating income totaling $13 million ($15 million to net income attributable to common stock or $0.01 per share) in third-quarter 2025, $(42) million ($(13) million to net income attributable to common stock or $(0.01) per share) in third-quarter 2024, $161 million ($58 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2025 and $79 million ($23 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2024.

Refer to “Operations – Downstream Processing Facilities .”

Includes net charges totaling $48 million in third-quarter 2025 and $72 million for the first nine months of 2025, primarily related to idle facility costs and recovery efforts associated with the September 2025 mud rush incident at PTFI, PTFI smelter fire repair costs not recoverable by insurance, and oil and gas impairments, partly offset by net favorable adjustments to environmental obligations and a gain on sales of assets.

The first nine months of 2025 also include charges for previously capitalized costs associated with PTFI’s downstream processing facilities, partly offset by an adjustment to PTFI’s asset retirement obligation.

Includes net charges totaling $30 million in third-quarter 2024 and $81 million for the first nine months of 2024, primarily associated with impairments for legacy oil and gas matters and nonrecurring labor-related charges at Cerro Verde associated with new collective labor agreements (CLA), partly offset by a reduction in accruals for uncertain U.S.

tax positions.

The first nine months of 2024 also included charges associated with assumed oil and gas abandonment obligations resulting from bankruptcies of other companies, revisions to environmental obligation estimates and related litigation reserves, and inventory adjustments/write-offs.

Cash used for working capital totaled $168 million in third-quarter 2025, $5 million in third-quarter 2024, $510 million for the first nine months of 2025 and $29 million for the first nine months of 2024.

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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Site production and delivery costs per pound a

$ 2.71 $ 2.56 $ 2.65 $ 2.43

$ 2.61 $ 2.67 b

Unit net cash costs per pound a

$ 1.13 $ 1.73 $ 1.56 $ 1.61

$ 1.39 $ 1.51 b

Gold (thousands of recoverable ounces)

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For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements, refer to “Product Revenues and Production Costs.”

Consolidated revenues totaled $7.6 billion in second-quarter 2025, $6.6 billion in second-quarter 2024, $13.3 billion for the first six months of 2025 and $12.9 billion for the first six months of 2024.

Excludes $171 million of idle facility costs and recovery expenses associated with the September 2025 mud rush incident at PTFI.

Refer to “Grasberg Minerals District Mud Rush Incident” for further discussion.

Consolidated revenues totaled $7.0 billion in third-quarter 2025, $6.8 billion in third-quarter 2024, $20.3 billion for the first nine months of 2025 and $19.7 billion for the first nine months of 2024.

Revenues from our mining operations and processing facilities primarily include the sale of copper cathode, copper in concentrate, copper rod, gold in concentrate and anode slimes, gold bars and molybdenum.

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Following is a summary of changes in our consolidated revenues between periods (in millions):

Three Months Ended June 30 Six Months Ended June 30

Three Months Ended September 30 Nine Months Ended September 30

Consolidated revenues – 2024 period $ 6,790 $ 19,735

Higher (lower) sales volumes:

(Lower) higher sales volumes:

Copper (252) (893)

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Molybdenum 9 21

Higher (lower) average realized prices:

Higher average realized prices:

Copper 371 831

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Adjustments for prior period provisionally priced copper sales 43 35

(Lower) higher Atlantic Copper revenues (82) —

(Lower) higher revenues from purchased copper (89) 63

Higher Atlantic Copper revenues 9 9

Lower revenues from purchased copper (132) (69)

Lower treatment charges 97 273

(Higher) lower royalties and export duties (113) 39

Lower royalties and export duties 18 57

Other, including intercompany eliminations 244 451

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Sales Volumes.

Consolidated copper and gold sales volumes increased in second-quarter 2025, compared to second-quarter 2024, primarily reflecting the timing of shipments and refined gold sales, partly offset by lower ore grades in Indonesia.

The decrease in consolidated copper and gold sales volumes for the first six months of 2025, compared to the first six months of 2024, primarily reflects lower ore grades in Indonesia and South America, as well as lower operating rates in Indonesia associated with planned major mill maintenance projects.

Consolidated copper and gold sales volumes decreased in the 2025 periods, compared to the 2024 periods, primarily reflecting the temporary suspension of operations in Indonesia since the September 2025 mud rush incident at PTFI and lower ore grades in Indonesia.

Lower copper and gold sales volumes for the first nine months of 2025, compared to the first nine months of 2024, also reflect the impact of lower operating rates in Indonesia resulting from planned major maintenance projects.

Realized Prices.

Our consolidated revenues can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum.

Our average realized prices in second-quarter 2025, compared with second-quarter 2024, were 1% higher for copper, 43% higher for gold and 3% lower for molybdenum.

Average realized prices for the first six months of 2025, compared with the first six months of 2024, were 5% higher for copper, 46% higher for gold and 1% higher for molybdenum.

During the second quarter and first six months of 2025, our average U.S.

Our average realized prices in third-quarter 2025, compared with third-quarter 2024, were 9% higher for copper, 38% higher for gold and 5% higher for molybdenum.

Average realized prices for the first nine months of 2025, compared with the first nine months of 2024, were 7% higher for copper, 42% higher for gold and 3% higher for molybdenum.

During the third quarter and first nine months of 2025, our average U.S.

copper price realization, which is generally based on COMEX settlement prices, was approximately 7% to 9% higher than the average copper price realizations for our South America and Indonesia operations, which are generally based on LME settlement prices.

Refer to “Markets” for further discussion of COMEX and LME copper prices.

Average realized copper prices include net favorable adjustments to current period provisionally priced copper sales totaling $69 million in second-quarter 2025, $15 million in second-quarter 2024, $87 million for the first six months of 2025 and $219 million for the first six months of 2024.

Average realized copper prices benefited from net favorable adjustments to current period provisionally priced copper sales totaling $71 million in third-quarter 2025, $61 million in third-quarter 2024, $169 million for the first nine months of 2025 and $248 million for the first nine months of 2024.

As discussed in Note 5, certain sales contracts for copper and gold provide final pricing in a specified future month (generally one to four months from the shipment date).

We record revenues and invoice customers at the time of shipment based on then-current LME prices for copper or London PM prices for gold, which results in an embedded derivative on provisionally priced sales that are adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement.

We record revenues and invoice customers at the time of shipment based on then-current LME prices for copper or London PM prices for gold, which results in an embedded derivative on provisionally priced 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.

To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing.

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Prior Period Provisionally Priced Copper Sales.

Net (unfavorable) favorable adjustments to prior periods’ provisionally priced copper sales ( i.e.

, provisionally priced sales at March 31, 2025 and 2024, and December 31, 2024 and 2023) recorded in consolidated revenues totaled $(35) million in second-quarter 2025, $166 million in second-quarter 2024, $63 million for the first six months of 2025 and $28 million for the first six months of 2024.

Net favorable (unfavorable) adjustments to prior periods’ provisionally priced copper sales ( i.e.

, provisionally priced sales at June 30, 2025 and 2024, and December 31, 2024 and 2023) recorded in consolidated revenues totaled $11 million in third-quarter 2025, $(32) million in third-quarter 2024, $63 million for the first nine months of 2025 and $28 million for the first nine months of 2024.

Refer to Notes 5 and 8 for a summary of total adjustments to prior period and current period provisionally priced sales.

At June 30, 2025, we had provisionally priced copper sales totaling 245 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $4.49 per pound, subject to final pricing over the next several months.

We estimate that each $0.05 change in the price realized from the June 30, 2025, recorded provisional price would have an approximate $22 million effect on 2025 revenues ($8 million to 2025 net income attributable to common stock).

The LME copper settlement price closed at $4.36 per pound on July 31, 2025.

At September 30, 2025, we had provisionally priced copper sales totaling 205 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $4.65 per pound, subject to final pricing over the next several months.

We estimate that each $0.05 change in the price realized from the September 30, 2025, recorded provisional price would have an approximate $20 million effect on 2025 revenues ($6 million to 2025 net income attributable to common stock).

The LME copper settlement price closed at $4.94 per pound on October 31, 2025.

Atlantic Copper Revenues.

Atlantic Copper revenues totaled $818 million in second-quarter 2025, $900 million in second-quarter 2024 and $1.6 billion for each of the first six months of 2025 and 2024.

Lower revenues in second-quarter 2025, compared with second-quarter 2024, primarily reflect lower sales volumes.

Atlantic Copper revenues totaled $774 million in third-quarter 2025, $765 million in third-quarter 2024 and $2.3 billion for each of the first nine months of 2025 and 2024.

Purchased Copper.

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Rod & Refining operations.

The volumes of copper purchases vary depending on cathode production from our operations and totaled 35 million pounds in second-quarter 2025, 64 million pounds in second-quarter 2024, 101 million pounds for the first six months of 2025 and 106 million pounds for the first six months of 2024.

The volumes of copper purchases vary depending on cathode production from our operations and totaled 9 million pounds in third-quarter 2025, 36 million pounds in third-quarter 2024, 110 million pounds for the first nine months of 2025 and 142 million pounds for the first nine months of 2024.

During 2025, we have been able to meet customer demand for copper rod primarily using copper cathode produced by our U.S.

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

Treatment Charges.

Revenues from our copper concentrate sales are recorded net of treatment charges ( i.e., fees paid to smelters that are generally negotiated annually), which will vary with the sales volumes and the price of copper.

The decrease in treatment charges in the 2025 periods, compared to the 2024 periods, primarily reflects lower treatment charge rates and copper concentrate sales volumes in Indonesia and South America.

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 decrease in treatment charges in the 2025 periods, compared to the 2024 periods, primarily reflects lower treatment charge rates as a result of favorable market conditions and copper concentrate sales volumes in Indonesia and South America.

Export Duties and Royalties.

PTFI is assessed export duties on copper concentrate sales at a rate of 7.5% and royalties on all copper and gold sales, the amount of which varies with sales volumes and metal prices (refer to Note 8).

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%.

PTFI pays royalties on all copper and gold sales, the amount of which varies with sales volumes and metal prices.

Production and Delivery Costs

Consolidated production and delivery costs totaled $4.3 billion in second-quarter 2025, $3.9 billion in second-quarter 2024, $8.0 billion for the first six months of 2025 and $7.7 billion for the first six months of 2024.

Higher production and delivery costs in the 2025 periods, compared to the 2024 periods, primarily reflect recognition of deferred costs in Indonesia associated with higher refined gold sales.

The first six months of 2025 also included charges totaling $73 million associated with maintenance turnaround costs at the Miami smelter and the first six months of 2024 included oil and gas charges totaling $105 million, primarily associated with assumed oil and gas abandonment obligations (and related adjustments) resulting from bankruptcies of other companies and $65 million for non-recurring labor-related charges at Cerro Verde associated with the new CLA.

Consolidated production and delivery costs totaled $4.2 billion in third-quarter 2025, $4.1 billion in third-quarter 2024, $12.2 billion for the first nine months of 2025 and $11.8 billion for the first nine months of 2024.

Production and delivery costs in the 2025 periods include $171 million of idle facility costs and recovery expenses

associated with the September 2025 mud rush incident at PTFI.

The first nine months of 2025 also included charges totaling $73 million associated with planned maintenance turnaround costs at the Miami smelter and $39 million of tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned maintenance turnaround (PT Smelting is PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia).

The first nine months of 2024 included charges of $99 million associated with assumed oil and gas abandonment obligations (and related adjustments) resulting from bankruptcies of other companies and $99 million for non-recurring labor-related charges at Cerro Verde associated with new CLAs.

As discussed in Note 7, as of September 30, 2025, PTFI had limited access to the area where the mud rush incident occurred and was unable to adequately assess damage to the impacted assets.

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

Site Production and Delivery Costs Per Pound.

Site production and delivery costs for our copper mining operations primarily include labor, energy and other commodity-based inputs, such as sulfuric acid, steel, reagents, liners, tires and explosives.

Consolidated site production and delivery costs (before net noncash and other costs) for our copper mines averaged $2.71 per pound of copper in second-quarter 2025, $2.56 per pound of copper in second-quarter 2024, $2.65 per pound of copper for the first six months of 2025 and $2.43 per pound of copper for the first six months of 2024.

Consolidated site production and delivery costs (before net noncash and other costs) for our copper mines averaged $2.71 per pound of copper in third-quarter 2025, $2.61 per pound of copper in third-quarter 2024, $2.67 per pound of copper for the first nine months of 2025 and $2.49 per pound of copper for the first nine months of 2024.

Consolidated site production and delivery costs per pound of copper exclude idle facility costs and recovery expenses associated with the September 2025 mud rush incident at PTFI (refer to “Product Revenues and

Production Costs” for a summary of other amounts that are removed from site production and delivery costs and reflected as noncash and other costs, net, in the calculation of unit net cash costs).

Refer to “Operations – Unit Net Cash Costs” and “Operations – Unit Net Cash (Credits) Costs” for further discussion of unit net cash costs (credits) associated with our operating divisions and to “Product Revenues and Production Costs” for reconciliations of per pound costs (credits) by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements.

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Depreciation will vary under the unit-of-production (UOP) method as a result of changes in sales volumes and the related UOP rates at our mining operations.

Consolidated depreciation, depletion and amortization (DD&A) totaled $668 million in second-quarter 2025, $509 million in second-quarter 2024 and $1.1 billion for each of the first six months of 2025 and 2024.

Consolidated DD&A was higher in second-quarter 2025 than second-quarter 2024 primarily as a result of higher sales volumes.

Consolidated depreciation, depletion and amortization (DD&A) totaled $625 million in third-quarter 2025, $600 million in third-quarter 2024, $1.8 billion for the first nine months of 2025 and $1.7 billion for the first nine months of 2024.

DD&A for the 2025 periods includes $24 million associated with idle facilities following the September 2025 mud rush incident at PTFI.

We currently expect DD&A to approximate $2.2 billion for the year 2025, which will include depreciation associated with capitalized costs for PTFI’s downstream processing facilities.

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Shutdown costs include care-and-maintenance costs and any litigation, remediation or related expenditures associated with closed facilities or operations.

Refer to Note 7 for further discussion of updates to environmental obligations.

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 our mining operations’ capital projects, including construction and development of 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 our mining operations’ capital projects, including construction and development of 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.

Refer to “Capital Resources and Liquidity – Investing Activities” for discussion of capital expenditures associated with our major development projects.

Other Income, Net

Other income, net, which totaled $41 million in second-quarter 2025, $69 million in second-quarter 2024, $99 million for the first six months of 2025 and $198 million for the first six months of 2024, primarily includes amounts associated with interest income, currency exchange gains and losses, and mark-to-market impacts of trust assets used to satisfy financial assurance obligations for our New Mexico mining operations.

Other income, net, which totaled $59 million in third-quarter 2025, $97 million in third-quarter 2024, $158 million for the first nine months of 2025 and $295 million for the first nine months of 2024, primarily includes amounts associated with interest income, currency exchange gains and losses, and mark-to-market impacts of trust assets used to satisfy financial assurance obligations for our New Mexico mining operations.

Lower other income, net, in the 2025 periods, compared to the 2024 periods, primarily reflects lower interest income.

The first six months of 2024 also included a credit of $26 million associated with the reduction in the accrual to indemnify PT Mineral Industri Indonesia (MIND ID) from potential losses arising from PTFI’s historical tax disputes (refer to Note 3).

The first nine months of 2024 also included a credit of $26 million associated with the reduction in the accrual to indemnify PT Mineral Industri Indonesia (MIND ID) from potential losses arising from PTFI’s historical tax disputes.

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

Six Months Ended June 30,

Nine Months Ended September 30,

Income (Loss) a

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Indonesia 3,953 36% (1,433) 4,709 36% (1,706)

PTFI historical tax matters 5 N/A 2 16 c

PTFI historical tax matters 5 N/A 2 16

Eliminations and other 97 N/A (60)

Rate adjustment d

Rate adjustment c

— N/A 22 — N/A 12

Consolidated FCX $ 5,606 36% $ (2,019) $ 5,667 35% $ (2,003)

Represents income before income taxes, equity in affiliated companies' net earnings and noncontrolling interests.

Represents income before income taxes, equity in affiliated companies' net (losses) earnings and noncontrolling interests.

In addition to our U.S.

copper and molybdenum mines, which had operating income of $710 million for the first six months of 2025 and $415 million for the first six months of 2024 (refer to Note 8), the U.S.

copper and molybdenum mines, which had operating income of $1.1 billion for the first nine months of 2025 and $558 million for the first nine months of 2024 (refer to Note 8), the U.S.

jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with our senior notes and general and administrative expenses.

jurisdiction also includes net revisions to environmental obligation estimates and charges associated with oil and gas abandonment obligations and impairments.

Includes net credits associated with the closure of PTFI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters.

In accordance with applicable accounting rules, we adjust our interim provision for income taxes equal to our consolidated tax rate.

Assuming achievement of current sales volume and cost estimates and prices of $4.40 per pound of copper, $3,300 per ounce of gold and $22.00 per pound of molybdenum for the second half of 2025, we estimate our consolidated effective tax rate would approximate 37% for the year 2025 (approximately 38% for the second half of 2025).

Changes in projected sales volumes and average prices during 2025 would incur tax impacts at estimated effective rates of 38% for Peru, 36% for Indonesia and 0% for the U.S.

We are also analyzing the One Big Beautiful Bill Act, but do not expect it to have a material impact on our 2025 financial results (refer to Note 3).

As discussed in Note 3, we do not expect H.R.1, which was signed into law on July 4, 2025, to have a material impact on our consolidated financial results.

Assuming achievement of current sales volume and cost estimates and prices of $4.75 per pound of copper, $4,000 per ounce of gold and $25.00 per pound of molybdenum in fourth-quarter 2025, we estimate our consolidated effective tax rate for the year 2025 would approximate 36%.

Changes in projected sales volumes and average prices during fourth-quarter 2025 would incur tax impacts at estimated effective rates of 39% for Peru, 36% for Indonesia and 0% for the U.S.

Noncontrolling Interests

Net income attributable to noncontrolling interests, which is primarily associated with our noncontrolling shareholders at PTFI, Cerro Verde and El Abra, totaled $0.8 billion in second-quarter 2025, $0.7 billion in second-quarter 2024, $1.2 billion for the first six months of 2025 and $1.4 billion for the first six months of 2024.

Net income attributable to noncontrolling interests, which is primarily associated with our noncontrolling shareholders at PTFI, Cerro Verde and El Abra, totaled $573 million in third-quarter 2025, $710 million in third-quarter 2024, $1.8 billion for the first nine months of 2025 and $2.1 billion for the first nine months of 2024.

Refer to Note 8 for net income attributable to noncontrolling interests for each of our business segments.

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In September 2024, we increased our ownership interest in Cerro Verde to 55.08% from 53.56%.

Based on achievement of current sales volume and cost estimates, and assuming prices of $4.40 per pound of copper, $3,300 per ounce of gold and $22.00 per pound of molybdenum for the second half of 2025, we estimate that net income attributable to noncontrolling interests will approximate $2.5 billion for the year 2025.

The impact of price changes on net income attributable to noncontrolling interests for the year 2025 would approximate $0.1 billion for each $0.25 per pound change in the average LME copper settlement price for the second half of 2025 (net income attributable to noncontrolling interests is not impacted by changes in the COMEX copper price).

Based on achievement of current sales volume and cost estimates, and assuming prices of $4.75 per pound of copper, $4,000 per ounce of gold and $25.00 per pound of molybdenum in fourth-quarter of 2025, we estimate that net income attributable to noncontrolling interests will approximate $2.0 billion for the year 2025.

The impact of price changes on net income attributable to noncontrolling interests for the year 2025 would approximate $50 million for each $0.25 per pound change in the average LME copper settlement price in fourth-quarter 2025 (net income attributable to noncontrolling interests is not impacted by changes in the COMEX copper price).

The actual amount will depend on various factors, including relative performance of each business segment, commodity prices, costs and other factors.

Responsible Production

The Copper Mark.

We demonstrate our responsible production performance through the Copper Mark, a comprehensive assurance framework developed specifically for the copper industry and extended to other metals, including molybdenum.

To achieve the Copper Mark, each site is required to complete an independent external assurance process to assess conformance with various environmental, social and governance criteria.

Awarded sites must be revalidated every three years.

We achieved, and are committed to maintaining, the Copper Mark and Molybdenum Mark, as applicable, at all of our operating sites globally.

Leaching and Technology Innovation Initiatives

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and South America operations.

Incremental copper production from these initiatives totaled 52 million pounds in second-quarter 2025 and 98 million pounds for the first six months of 2025.

We continue to apply operational enhancements on a larger scale and test innovations.

During second-quarter 2025, we commenced large-scale testing at our Morenci operations of an internally developed additive product with the potential to enhance copper recovery.

In addition to this testing, we have identified other possible additives with strong potential.

Incremental copper production from these initiatives totaled 56 million pounds in third-quarter 2025 and 154 million pounds for the first nine months of 2025.

We continue to apply operational enhancements on a larger scale and are advancing testing of innovative technology to increase production from these initiatives.

We are performing large-scale testing at our Morenci operations of an internally developed additive product with the potential to enhance copper recovery.

In addition, we have identified other possible additives with strong potential and plan to apply heat with the new additives to further enhance recoveries.

Continued success with these initiatives would be expected to contribute to favorable adjustments in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.

In addition to technology-driven leaching initiatives, we are pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of our current operations and future development projects.

In addition to our innovative leaching initiatives, we are pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of our current operations and future development projects.

We believe these leaching and technology initiatives are particularly important to our U.S.

operations, which have lower ore grades.

Responsible Production

To achieve the Copper Mark, each site is required to complete an independent external assurance process to assess conformance with various environmental, social and governance criteria.

Awarded sites must be revalidated every three years.

We achieved, and are committed to maintaining, the Copper Mark and Molybdenum Mark, as applicable, at all of our operating sites globally.

Feasibility and Optimization Studies

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We are also undertaking optimization projects at our current mining operations to enhance efficiencies and reduce costs.

The costs for these studies are charged to production and delivery costs as incurred and totaled $52 million in second-quarter 2025, $38 million in second-quarter 2024, $88 million for the first six months of 2025 and $72 million for the first six months of 2024.

The costs for these studies are charged to production and delivery costs as incurred and totaled $43 million in third-quarter 2025, $45 million in third-quarter 2024, $131 million for the first nine months of 2025 and $117 million for the first nine months of 2024.

We estimate the costs of these studies will approximate $200 million for the year 2025, subject to market conditions and other factors.

Section 232 Copper Tariffs

In February 2025, the President issued an executive order, noting copper as a critical material essential to national security, economic strength and industrial resilience of the U.S., and instructed the U.S.

Secretary of Commerce to conduct an investigation under Section 232 of the Trade Expansion Act to determine the effects of copper imports on U.S.

national security.

On July 8, 2025, the President announced plans to impose a 50% tariff on U.S.

copper imports, and on July 30, 2025, the President signed a proclamation imposing a 50% tariff on U.S.

imports of semi-finished copper products and copper-intensive derivative products effective August 1, 2025.

The proclamation directs the U.S.

Secretary of Commerce to impose requirements that 25% of copper cathode and concentrate produced in the U.S.

Our third-quarter 2025 costs were not significantly impacted by U.S.

tariffs, and we are continuing to monitor impacts on our business, cost structure and supply chains associated with tariffs on U.S.

Based on our current supply chains and discussions with suppliers, we estimate that the tariffs in effect and announced to date could have the potential to increase the costs of goods purchased in the U.S.

by approximately 5%, primarily reflecting the potential pass-through of tariffs incurred by suppliers.

Efforts continue to evaluate alternative sourcing options to mitigate potential impacts.

Effective August 1, 2025, a 50% tariff was imposed under Section 232 of the Trade Expansion Act, targeting U.S.

imports of semi-finished copper products and copper-intensive derivative products.

However, refined copper, including cathodes, concentrates and scrap, was exempted from the tariff, and the U.S.

government has indicated it will reassess by mid-2026 the potential for a refined copper tariff of 15% beginning in January 2027 and rising to 30% in 2028.

Refer to “Markets” for further discussion of the differential between LME and COMEX copper prices as a result of U.S.

trade policy announcements.

Additionally, the U.S.

Secretary of Commerce was directed to impose requirements that 25% of copper cathode and concentrate produced in the U.S.

be sold domestically in 2027, potentially increasing to 30% in 2028 and 40% in 2029.

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refined copper production through our integrated domestic mining and processing facilities.

For the six months ended June 30, 2025, copper from our U.S.

For the nine months ended September 30, 2025, copper from our U.S.

mining operations was sold 68% as rod, 24% as cathode and 8% in concentrate.

We are well positioned in the U.S.

positioned in the U.S.

with sizeable resources and opportunities to leverage existing infrastructure through brownfield expansions.

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Copper produced from our South America and Indonesia mining operations is primarily sold internationally.

Our second-quarter 2025 costs were not significantly impacted by U.S.

tariffs, and we are continuing to monitor impacts on our business, cost structure and supply chains associated with tariffs on U.S.

Based on our current supply chains and discussions with our suppliers, we estimate that the tariffs in effect and announced to date could have the potential to increase the costs of goods we purchase in the U.S.

by approximately 5%, primarily reflecting the potential pass-through of tariffs incurred by suppliers.

Efforts continue to evaluate alternative sourcing options to mitigate potential impacts.

Governmental action related to tariffs and other controls on imports and exports or trade agreements or policies are difficult to predict and may continue to cause significant volatility in our financial performance and in the trading prices of our common stock.

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We completed technical and economic studies in late 2023 and continue to monitor capital cost trends and opportunities for value engineering.

These studies indicate the opportunity to construct new concentrating facilities to increase

copper production by 200 to 250 million pounds per year.

These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year.

Estimated incremental project capital costs, which continue to be reviewed, approximate $3.5 billion.

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The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.

To support these future expansion plans, we are currently completing a project to convert Bagdad’s haul truck fleet to fully autonomous, enhancing local infrastructure and expanding tailings facilities.

We are advancing pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity.

In October 2025, the conversion of Bagdad’s haul truck fleet to autonomous haulage was substantially complete, making Bagdad the first major mine in the U.S.

to operate a fully autonomous haulage fleet.

We expect to continue to optimize the performance of the new autonomous fleet, and Bagdad is advancing projects to expand tailings facilities and local infrastructure to enhance optionality in the future expansion opportunity.

We continue to advance pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity.

Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a further expansion project.

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copper mines:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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Copper production (millions of recoverable pounds) 166 149 503 440

During the second quarter and first six months of 2025, our average U.S.

During the third quarter and first nine months of 2025, our average U.S.

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copper mines.

Our consolidated copper sales volumes from U.S.

mines of 308 million pounds in second-quarter 2025 were higher than second-quarter 2024 copper sales volumes of 292 million pounds, primarily reflecting higher milling rates and ore grades.

Our consolidated copper sales volumes from U.S.

mines of 615 million pounds for the first six months of 2025 were lower than copper sales volumes of 623 million pounds for the first six months of 2024, primarily reflecting timing of shipments.

Higher consolidated copper sales volumes from our U.S.

mines in the 2025 periods, compared to the 2024 periods, primarily reflect higher operating rates and ore grades.

Consolidated copper sales from our U.S.

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The following tables summarize unit net cash costs and gross profit per pound at our U.S.

copper mines for the second quarters and first six months of 2025 and 2024.

copper mines for the third quarters and first nine months of 2025 and 2024.

Refer to “Product Revenues and Production Costs” for an explanation of the “by-product” and “co-product” methods and a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

Three Months Ended June 30,

Three Months Ended September 30,

By- Product Method Co-Product Method By- Product Method Co-Product Method

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Copper Molyb-

Revenues, excluding adjustments $ 4.81 $ 4.81 $ 19.87 $ 4.63 $ 4.63 $ 19.97

Revenues $ 4.92 $ 4.92 $ 23.66 $ 4.32 $ 4.32 $ 21.33

Site production and delivery, before net noncash

and other costs shown below 3.59 3.17 17.94 3.64 3.25 16.83

3.44 3.05 15.24 3.48 3.15 16.87

By-product credits (0.61) — — (0.53) — —

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Total unit costs 3.69 3.82 19.85 3.75 3.83 18.45

Revenue adjustments, primarily for pricing

on prior period open sales

0.01 0.01 — 0.01 0.01 —

Gross profit per pound $ 1.23 $ 1.10 $ 3.81 $ 0.57 $ 0.49 $ 2.88

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Molybdenum sales (millions of recoverable pounds) a

Six Months Ended June 30,

Nine Months Ended September 30,

By- Product Method Co-Product Method By- Product Method Co-Product Method

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and other costs shown below 3.51 3.11 16.73 3.45 3.10 16.52

3.46 3.07 16.09 3.35 3.03 16.35

By-product credits (0.56) — — (0.45) — —

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Total unit costs 3.64 3.74 18.39 3.62 3.68 18.14

Revenue adjustments, primarily for pricing

Other revenue adjustments, primarily for pricing

on prior period open sales 0.01 0.01 — — — —

0.01 0.01 — — — —

Gross profit per pound $ 1.15 $ 1.05 $ 2.86 $ 0.67 $ 0.61 $ 1.83

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copper mines to our molybdenum sales company at market-based pricing.

Includes charges for feasibility and optimization studies totaling $0.09 per pound of copper in second-quarter 2025, $0.05 per pound of copper in second-quarter 2024, $0.07 per pound of copper for the first six months of 2025 and $0.05 per pound of copper for the first six months of 2024.

Includes charges for feasibility and optimization studies totaling $0.07 per pound of copper in third-quarter 2025, $0.06 per pound of copper in third-quarter 2024, $0.07 per pound of copper for the first nine months of 2025 and $0.05 per pound of copper for the first nine months of 2024.

copper mines have varying cost structures because of differences in ore grades and characteristics, processing costs, by-product credits and other factors.

Average unit net cash costs (net of by-product credits) for our U.S.

copper mines of $3.04 per pound of copper in second-quarter 2025 were lower than second-quarter 2024 average unit net cash costs of $3.19 per pound of copper, primarily reflecting higher molybdenum by-product credits and higher copper volumes.

Average unit net cash costs for each of the first six months of 2025 and 2024 were $3.08 per pound of copper, with higher molybdenum by-product credits being offset by higher labor and freight costs in the 2025 period compared with the 2024 period.

copper mines totaled $3.11 per pound of copper in third-quarter 2025, $3.24 per pound of copper in third-quarter 2024, $3.09 per pound of copper for the first nine months of 2025 and $3.13 per pound of copper for the first nine months of 2024.

Lower average unit net cash costs in the 2025 periods, compared to the 2024 periods, reflect higher copper volumes and higher molybdenum by-product credits.

Because certain assets are depreciated on a straight-line basis, the average unit depreciation rate for our U.S.

copper mines may vary with asset additions and the level of copper production and sales.

Revenue adjustments primarily result from changes in prices on provisionally priced copper sales recognized in prior periods.

Refer to “Consolidated Results – Revenues” for further discussion of adjustments to prior period provisionally priced copper sales.

Excluding potential tariff impacts, which continue to be assessed, we expect our average unit net cash costs (net of by-product credits) for our U.S.

copper mines to trend lower during the second half of 2025 and in 2026, compared to 2024 levels, reflecting the projected impact of efficiencies, improved volumes and cost reduction plans currently in progress.

Excluding potential tariff impacts, which continue to be assessed, average unit net cash costs (net of by-product credits) for our U.S.

copper mines are expected to approximate $3.02 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates, and assuming an average price of $22.00 per pound of molybdenum for the second half of 2025.

copper mines’ average unit net cash costs for the year 2025 would change by approximately $0.03 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2025.

We expect our average unit net cash costs (net of by-product credits) for our U.S.

copper mines to continue to trend lower for the year 2025 and in 2026, compared to 2024 levels, reflecting the projected impact of efficiencies, improved volumes and cost reduction plans currently in progress.

Average unit net cash costs (net of by-product credits) for our U.S.

copper mines are expected to approximate $3.03 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates, and assuming an average price of $25.00 per pound of molybdenum in fourth-quarter 2025.

copper mines’ average unit net cash costs for the year 2025 would change by approximately $0.01 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2025.

South America

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The estimated resource approximates 20 billion recoverable pounds of copper, which could result in the addition of 750 million pounds of copper production per year.

We have advanced stakeholder engagement and preparation of our permitting application and plan to submit an environmental impact statement in early 2026.

We have advanced stakeholder engagement and preparation of our permitting application and plan to submit an environmental impact statement in first-quarter 2026.

Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound.

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Following is summary consolidated operating data for South America operations:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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Refer to “Consolidated Results” for our consolidated molybdenum sales volumes, which include sales of molybdenum produced at the Cerro Verde mine.

Our consolidated copper sales volumes from South America operations totaled 265 million pounds in second-quarter 2025, 302 million pounds in second-quarter 2024, 540 million pounds for the first six months of 2025 and 586 million pounds for the first six months of 2024.

Lower copper sales volumes in the 2025 periods, compared to the 2024 periods, reflect anticipated lower ore grades and milling rates.

Consolidated copper sales volumes from our South America operations were lower in the 2025 periods, compared to the 2024 periods, primarily reflecting anticipated lower leach production and mill ore grades.

Copper sales from South America operations are expected to approximate 1.1 billion pounds for the year 2025.

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Gross Profit per Pound of Copper

The following tables summarize unit net cash costs and gross profit per pound of copper at our South America operations for the second quarters and first six months of 2025 and 2024.

The following tables summarize unit net cash costs and gross profit per pound at our South America operations for the third quarters and first nine months of 2025 and 2024.

Unit net cash costs per pound of copper are reflected under the by-product and co-product methods as the South America operations also had sales of molybdenum and silver.

Three Months Ended June 30,

Three Months Ended September 30,

Method Co-Product

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Revenues, excluding adjustments $ 4.60 $ 4.60 $ 4.29 $ 4.29

Site production and delivery, before net noncash and other costs shown below 2.76 2.53 2.74 a

Site production and delivery, before net noncash and other costs shown below

2.75 2.49 2.65 a

By-product credits (0.52) — (0.37) —

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Total unit costs 2.81 3.01 2.91 3.02

Revenue adjustments, primarily for pricing on prior period open sales (0.07) (0.07) 0.29 0.29

Other revenue adjustments, primarily for pricing on prior period open sales

— — (0.06) (0.06)

Gross profit per pound $ 1.79 $ 1.59 $ 1.32 $ 1.21

Copper sales (millions of recoverable pounds) 278 278 293 293

Six Months Ended June 30,

Nine Months Ended September 30,

Method Co-Product

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Revenues, excluding adjustments $ 4.46 $ 4.46 $ 4.25 $ 4.25

Site production and delivery, before net noncash and other costs shown below 2.76 2.51 2.68 a

Site production and delivery, before net noncash and other costs shown below

2.75 2.50 2.67 a

By-product credits (0.45) — (0.34) —

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Total unit costs 2.87 3.02 2.95 3.06

Revenue adjustments, primarily for pricing on prior period open sales 0.10 0.10 0.05 0.05

Other revenue adjustments, primarily for pricing on prior period open sales

0.07 0.07 0.04 0.04

Gross profit per pound $ 1.66 $ 1.51 $ 1.34 $ 1.23

Copper sales (millions of recoverable pounds) 818 818 879 879

Includes $0.22 per pound of copper in second-quarter 2024 and $0.11 per pound of copper for the first six months of 2024 for nonrecurring labor-related charges at Cerro Verde associated with a new CLA.

Includes charges for feasibility and optimization studies totaling $0.07 per pound of copper in second-quarter 2025, $0.06 per pound of copper for the first six months of 2025 and $0.04 per pound of copper in the second quarter and first six months of 2024.

Includes $0.12 per pound of copper in third-quarter 2024 and $0.11 per pound of copper for the first nine months of 2024 for nonrecurring labor-related charges at Cerro Verde associated with new CLAs.

Includes charges for feasibility and optimization studies totaling $0.06 per pound of copper in third-quarter 2025, third-quarter 2024 and for the first nine months of 2025, and $0.05 per pound of copper for the first nine months of 2024.

Our South America operations have varying cost structures because of differences in ore grades and characteristics, processing costs, by-product credits and other factors.

Average unit net cash costs (net of by-product credits) for South America operations were $2.46 per pound of copper in both second-quarter 2025 and second-quarter 2024, with lower treatment charges being offset by lower copper and molybdenum volumes.

Average unit net cash costs of $2.43 per pound of copper for the first six months of 2025 were lower than average unit net cash costs of $2.53 per pound of copper for the first six months of 2024, primarily reflecting lower treatment charges and higher by-product credits, partly offset by lower copper volumes.

Average unit net cash costs (net of by-product credits) for South America operations totaled $2.30 per pound of copper in third-quarter 2025, $2.44 per pound of copper in third-quarter 2024, $2.38 per pound of copper for the first nine months of 2025 and $2.50 per pound of copper for the first nine months of 2024.

Lower average unit net cash costs in the 2025 periods, compared to the 2024 periods, reflect higher by-product credits and lower treatment charges, partly offset by the impact of lower copper volumes.

Revenues from Cerro Verde’s copper concentrate sales are recorded net of treatment charges, which will vary with its sales volumes and the price of copper.

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Refer to “Consolidated Results – Revenues” for further discussion of adjustments to prior period provisionally priced copper sales.

Average unit net cash costs (net of by-product credits) for our South America operations are expected to approximate $2.52 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates, and assuming an average price of $22.00 per pound of molybdenum for the second half of 2025.

Average unit net cash costs (net of by-product credits) for our South America operations are expected to approximate $2.45 per pound of copper for the year 2025, based on achievement of current sales volume and cost estimates, and assuming an average price of $25.00 per pound of molybdenum in fourth-quarter 2025.

In October 2025, El Abra and its two workers' unions signed new CLAs, which expire on April 30, 2029.

No significant charges are expected to be recorded in fourth-quarter 2025 associated with the new CLAs.

PTFI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia.

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PTFI's results are consolidated in our financial statements.

Once the full ramp-up of PTFI’s downstream processing facilities is achieved, which is expected by year-end 2025, PTFI will be a fully integrated producer of refined copper and gold.

PTFI’s Downstream Processing Facilities.

During second-quarter 2025, PTFI commenced start-up of its new smelter in Eastern Java, Indonesia, slightly ahead of schedule following the October 2024 fire incident.

Start-up activities are ongoing and production of the first copper anode and cathode was achieved in late July 2025.

During second-quarter 2025, the PMR, which commenced operations in December 2024, continued to process anode slimes from PT Smelting, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia.

PTFI’s current copper concentrate export license, for 1.4 million metric tons of copper concentrate, expires on September 16, 2025.

Following expiration, PTFI currently expects all of its copper concentrate to be processed by its new smelter and PT Smelting.

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 MIND ID on a purchase and sale agreement for the transfer of an additional 10% interest in PTFI to MIND ID beginning in 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.

With the completion of PTFI’s newly constructed downstream processing facilities, PTFI became a fully integrated producer of refined copper and gold.

Operating, Development and Exploration Activities.

Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan) and related expansion of the milling facilities.

PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.4 million ounces of gold per year and are among the lowest cost operations in the world.

PTFI is also conducting exploration in the Grasberg minerals district targeting the potential extension of significant mineralization below the DMLZ mine.

Long-term mine development activities are ongoing for PTFI’s Kucing Liar deposit in the Grasberg minerals district.

Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, DMLZ and Big Gossan) and related expansion of the milling facilities.

At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.4 million ounces of gold per year and are among the lowest cost operations in the world.

PTFI is also conducting exploration in the Grasberg minerals district targeting the potential extension of significant mineralization below the DMLZ underground mine.

Grasberg Minerals District Mud Rush Incident.

On September 8, 2025, PTFI experienced a mud rush incident, which was unprecedented in its multi-decade history of block cave mining in the Grasberg minerals district.

During the incident, 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.

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 DMLZ underground mines.

A phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin during 2026.

We 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.

Refer to Note 7 and “Grasberg Minerals District Mud Rush Incident” for further discussion.

PTFI is conducting long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district.

Kucing Liar is expected to produce over 7 billion pounds of copper and 6 million ounces of gold between 2029 and the end of 2041, and an extension of PTFI’s operating rights beyond 2041 would extend the life of the project.

Development activities commenced in 2022 and are expected to continue over an approximate 10-year timeframe.

As of June 30, 2025, PTFI has incurred approximately $0.8 billion for Kucing Liar, and capital investments are estimated to total $4 billion over the next seven to eight years (averaging approximately $0.5 billion per year).

As of September 30, 2025, PTFI has incurred approximately $1.0 billion for Kucing Liar, and capital investments are estimated to total $4 billion over the next seven to eight years (averaging approximately $0.5 billion per year).

At full operating rates, annual production from Kucing Liar is expected to approximate 560 million pounds of copper and 520 thousand ounces of gold, providing PTFI with sustained long-term, large-scale and low-cost production.

Kucing Liar will benefit from substantial shared infrastructure and PTFI’s experience and long-term success in block-cave mining.

PTFI’s Downstream Processing Facilities.

In July 2025, PTFI’s new smelter in Eastern Java, Indonesia, produced its first copper cathode.

The PMR, which commenced operations in December 2024, continued its ramp-up during third-quarter 2025, processing anode slimes from PT Smelting.

Following the September 2025 mud rush incident and related suspension of mining activities at the Grasberg minerals district, smelting and refining operations at PTFI’s downstream processing facilities and at PT Smelting have operated with limited availability and are currently on stand-by status, pending the delivery of copper concentrate.

Natural Gas Facilities.

PTFI plans to transition its existing energy source from coal to natural gas, which would meaningfully reduce PTFI’s greenhouse gas emissions at the Grasberg minerals district.

The majority of PTFI’s planned investments in a new gas-fired combined cycle facility are expected to be incurred over the next three years at a total cost of approximately $1 billion.

Following the September 2025 mud rush incident, PTFI’s planned investments for a new gas-fired combined cycle facility have been deferred by 18 months.

Once complete, PTFI’s dual-fuel power plant and the new gas-fired combined cycle facility will be fueled by natural gas supplied by a floating liquefied natural gas storage and regassification unit.

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 in 2041.

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.

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

We also expect the existing governance agreements would continue over the life of the resource.

Operating Data.

Following is summary consolidated operating data for Indonesia operations:

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

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Big Gossan 5,300 8,500 6,400 8,400

Other adjustments (700) 1,500 200 2,600

Adjustments (1,100) 700 (200) 1,900

Total 157,500 205,800

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Gold 76.1 77.2 75.7 77.3

As PTFI transitions to being a fully integrated producer in Indonesia, it may experience more variation in timing between production and sales.

Historically, concentrate sales were recognized upon loading of shipments, but refined sales will be recognized after processing and sale of the metal.

PTFI’s consolidated production volumes totaled 359 million pounds of copper and 311 thousand ounces of gold in second-quarter 2025, 441 million pounds of copper and 437 thousand ounces of gold in second-quarter 2024, 655 million pounds of copper and 595 thousand ounces of gold for the first six months of 2025 and 932 million pounds of copper and 982 thousand ounces of gold for the first six months of 2024.

Lower production volumes for the 2025 periods primarily reflect lower ore grades and operating rates.

During second-quarter 2025, PTFI commenced planned maintenance on one of its mill circuits, which is expected to be completed in third-quarter 2025.

PTFI’s consolidated sales volumes of 443 million pounds of copper and 518 thousand ounces of gold in second-quarter 2025 were higher than 337 million pounds of copper and 356 thousand ounces of gold in second-quarter 2024, primarily reflecting timing of shipments.

PTFI’s consolidated sales volumes of 733 million pounds of copper

and 643 thousand ounces of gold for the first six months of 2025 were lower than 830 million pounds of copper and 920 thousand ounces of gold for the first six months of 2024, primarily reflecting lower ore grades and operating rates associated with a planned major maintenance project.

PTFI’s current sales estimate incorporates updated Grasberg Block Cave ore grade modeling designed to predict the timing of ore grade distribution through the drawpoints, which resulted in revised production estimates, but do not materially impact PTFI’s long-range plans.

Consolidated sales volumes from PTFI are expected to approximate 1.54 billion pounds of copper and 1.3 million ounces of gold for the year 2025, which incorporates the updated ore grade modeling (primarily timing of gold) and smelter in-process inventory adjustments.

Historically, PTFI recognized concentrate sales upon loading of shipments;

however, PTFI’s future concentrate production will be processed by PT Smelting and its smelter, and refined sales will be recognized after processing and sale of the metal.

Accordingly, PTFI may experience higher variability between production and sales.

PTFI’s consolidated copper and gold production and sales volumes for the third quarter and first nine months of 2025 were impacted by the temporary suspension of operations following the September 2025 mud rush incident.

Lower production and sales volumes for the 2025 periods, compared to the 2024 periods, also reflected anticipated lower ore grades and operating rates.

Consolidated sales volumes from PTFI are expected to approximate 1.2 billion pounds of copper and 1.0 million ounces of gold for the year 2025, which assumes minimal fourth-quarter 2025 sales prior to a phased ramp-up of refined copper and gold sales in 2026.

We expect higher variability between PTFI production and sales until PTFI’s downstream processing facilities achieve normalized operating rates.

Projected sales volumes are dependent on operational performance;

the ramp-up of PTFI’s downstream processing facilities;

the timing of restarting and ramping up mining and smelting operations at PTFI following the September 2025 mud rush incident;

weather-related conditions;

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Gross Profit per Pound of Copper and per Ounce of Gold

The following tables summarize the unit net cash (credits) costs and gross profit per pound of copper and per ounce of gold at our Indonesia mining operations for the second quarters and first six months of 2025 and 2024.

The following tables summarize the unit net cash (credits) costs and gross profit per pound of copper and per ounce of gold at our Indonesia mining operations for the third quarters and first nine months of 2025 and 2024.

Refer to “Product Revenues and Production Costs” for an explanation of “by-product” and “co-product” methods and a reconciliation of unit net cash (credits) costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

Three Months Ended June 30,

Three Months Ended September 30,

By-Product Method Co-Product Method By-Product Method Co-Product Method

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Site production and delivery, before net noncash and other costs shown below

1.84 1.04 813 1.82 1.00 599

By-product credits (3.52) — — (3.50) — —

Treatment charges 0.19 0.11 77 0.36 0.23 119

Treatment charges 0.09 a

0.05 39 0.37 0.20 122

Export duties 0.38 0.21 166 0.30 0.17 99

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Unit net cash (credits) costs (0.92) 1.47 1,143 (0.71) 1.54 915

DD&A 0.88 0.46 346 0.74 0.47 242

Noncash and other costs, net 0.18 a

0.09 70 0.19 b

0.52 404 0.80 0.44 263

Noncash and other costs, net 0.88 c,d

0.49 386 0.12 d

Total unit costs 0.88 2.48 1,933 0.21 2.05 1,219

Revenue adjustments, primarily for pricing on prior period open sales (0.05) (0.05) 26 0.28 0.28 86

Other revenue adjustments, primarily for pricing on prior period open sales

0.04 0.04 11 (0.03) (0.03) 6

Gross profit per pound/ounce $ 3.68 $ 2.08 $ 1,613 $ 4.05 $ 2.21 $ 1,356

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Gold sales (thousands of recoverable ounces) 332 554

Six Months Ended June 30,

Nine Months Ended September 30,

By-Product Method Co-Product Method By-Product Method Co-Product Method

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Site production and delivery, before net noncash and other costs shown below

1.88 1.10 834 1.64 0.98 542

By-product credits (3.16) — — (2.90) — —

Treatment charges 0.19 0.12 87 0.36 0.22 116

Treatment charges 0.16 a

0.09 71 0.36 0.21 119

Export duties 0.31 0.18 138 0.29 0.17 95

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Unit net cash (credits) costs (0.53) 1.53 1,168 (0.34) 1.52 845

DD&A 0.78 0.47 350 0.70 0.43 230

Noncash and other costs, net 0.24 a

0.14 107 0.10 b

0.49 367 0.73 0.44 243

Noncash and other costs, net 0.45 c,d

0.26 199 0.11 d

Total unit costs 0.74 2.28 1,734 0.50 2.02 1,124

Revenue adjustments, primarily for pricing on prior period open sales 0.03 0.03 31 0.01 0.01 (7)

Other revenue adjustments, primarily for pricing on prior period open sales

0.01 0.01 16 — — (3)

Gross profit per pound/ounce $ 3.69 $ 2.15 $ 1,639 $ 3.74 $ 2.22 $ 1,235

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Gold sales (thousands of recoverable ounces) 975 1,474

Includes charges for (i) operational readiness and startup costs associated with PTFI’s downstream processing facilities totaling $0.13 per pound of copper in second-quarter 2025 and $0.14 per pound of copper for the first six months of 2025 and (ii) remediation costs for PTFI’s new smelter that were not offset by recovery under a construction insurance program totaling $0.02 per pound of copper in second-quarter 2025 and $0.04 per pound of copper for the first six months of 2025.

Includes charges for (i) the reversal of previously capitalized land lease costs at PTFI’s downstream processing facilities totaling $0.10 per pound of copper in second-quarter 2024 and $0.04 per pound of copper for the first six months of 2024 and (ii) operational readiness and startup costs associated with PTFI’s downstream processing facilities totaling $0.06 per pound of copper in second-quarter 2024 and $0.04 per pound of copper for the first six months of 2024.

Excludes costs associated with PT Smelting’s planned maintenance and idle facility related tolling fees (refer to note c below).

Includes idle facility costs resulting from the September 2025 mud rush incident totaling $0.07 per pound of copper in third-quarter 2025 and $0.02 per pound of copper for the first nine months of 2025 (refer to note c below for additional idle facility costs included in noncash and other costs, net).

Includes charges (i) for idle facility costs and recovery efforts associated with the September 2025 mud rush incident totaling $0.47 per pound of copper in third-quarter 2025 and $0.16 per pound of copper for the first nine months of 2025, (ii) tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned maintenance turnaround totaling $0.11 per pound of copper in third-quarter 2025 and $0.04 per pound of copper for the first nine months of 2025 and (iii)

remediation costs related to the October 2024 fire incident at the smelter not recoverable under PTFI’s construction insurance program totaling $0.07 per pound of copper in third-quarter 2025 and $0.05 per pound of copper for the first nine months of 2025.

Includes charges for operational readiness and startup costs associated with PTFI’s downstream processing facilities totaling $0.23 per pound of copper in third-quarter 2025, $0.09 per pound of copper in third-quarter 2024, $0.17 per pound of copper for the first nine months of 2025 and $0.06 per pound of copper for the first nine months of 2024.

Also includes charges for amounts capitalized in prior years associated with the construction of PTFI’s downstream processing facilities totaling $0.02 per pound of copper for the first nine months of 2025 and $0.03 per pound of copper for the first nine months of 2024.

A significant portion of PTFI’s costs are fixed and unit costs will vary depending on volumes and other factors.

PTFI’s unit net cash credits (including by-product credits) were $0.99 per pound of copper in second-quarter 2025, $0.21 per pound of copper in second-quarter 2024, $0.34 per pound of copper for the first six months of 2025 and $0.15 per pound of copper for the first six months of 2024.

Favorable unit net cash credits in the 2025 periods, compared with the 2024 periods, primarily reflect higher gold credits and lower treatment charges, partly offset by higher production and delivery costs attributable to lower ore grades and operating rates, and the recognition of deferred costs associated with higher refined gold sales.

PTFI’s unit net cash credits (including by-product credits) were $0.92 per pound of copper in third-quarter 2025, $0.71 per pound of copper in third-quarter 2024, $0.53 per pound of copper for the first nine months of 2025 and $0.34 per pound of copper for the first nine months of 2024.

Favorable unit net cash credits in the 2025 periods, compared with the 2024 periods, primarily reflect lower treatment charges, partly offset by the impact of lower copper volumes and higher export duties.

In addition, the first nine months of 2025 benefited from higher gold credits.

Additionally, PTFI's site production and delivery costs for the 2025 periods exclude $171 million of idle facility costs and recovery expenses associated with the September 2025 mud rush incident and $39 million of tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned maintenance turnaround.

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

Treatment charges vary with the volume of metals sold and the price of copper, and royalties vary with the volume of metals sold and the prices of copper and gold.

Export duties are assessed on PTFI’s copper concentrate sales at a rate of 7.5%.

The decrease in treatment charges in the 2025 periods, compared to the 2024 periods, primarily reflects lower treatment charge rates as a result of favorable market conditions.

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

Because certain assets are depreciated on a straight-line basis, PTFI’s unit depreciation rate may vary with asset additions, the level of copper volumes and changes in gold inventory.

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Refer to “Consolidated Results – Revenues” for further discussion of adjustments to prior period provisionally priced copper sales.

Average unit net cash credits (including by-product credits) for PTFI are expected to approximate $0.39 per pound of copper for the year 2025, based on achievement of current sales volumes and cost estimates, and assuming an average price of $3,300 per ounce of gold for the second half of 2025.

PTFI’s average unit net cash credits for the year 2025 would change by approximately $0.05 per pound of copper for each $100 per ounce change in the average price of gold for the second half of 2025.

Average unit net cash credits (including by-product credits and excluding estimated expenses attributable to the September 2025 mud rush incident at PTFI for idle facility costs and recovery efforts) for PTFI are expected to approximate $0.53 per pound of copper for the year 2025, based on achievement of current sales volumes and cost estimates, and assuming an average price of $4,000 per ounce of gold in fourth-quarter 2025.

PTFI’s average unit net cash credits for the year 2025 would change by approximately $0.01 per pound of copper for each $100 per ounce change in the average price of gold in fourth-quarter 2025.

PTFI’s projected production and sales volumes and unit net cash credits for the year 2025 are dependent on operational performance;

the ramp-up of PTFI’s downstream processing facilities;

the timing of restarting and ramping up mining and smelting operations at PTFI following the September 2025 mud rush incident;

weather-related conditions;

other factors.

and other factors.

Refer to “Cautionary Statement” below, and Item 1A.

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Operating and Development Activities.

Production from the Molybdenum mines totaled 9 million pounds of molybdenum in second-quarter 2025, 7 million pounds in second-quarter 2024, 18 million pounds for the first six months of 2025 and 15 million pounds for the first six months of 2024.

Production from the Molybdenum mines totaled 8 million pounds of molybdenum in third-quarter 2025, 6 million pounds in third-quarter 2024, 26 million pounds for the first nine months of 2025 and 21 million pounds for the first nine months of 2024.

Refer to “Consolidated Results” for our consolidated molybdenum operating data, which includes sales of molybdenum produced at our primary molybdenum mines and from our U.S.

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This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.

Average unit net cash costs for our Molybdenum mines were $14.20 per pound of molybdenum in second-quarter 2025, $19.41 per pound of molybdenum in second-quarter 2024, $13.96 per pound of molybdenum for the first six months of 2025 and $17.50 per pound of molybdenum for the first six months of 2024.

Lower unit net cash costs in the 2025 periods, compared with the 2024 periods, primarily reflect higher volumes and lower contract labor costs.

Based on achievement of current sales volumes and cost estimates, average unit net cash costs for the Molybdenum mines are expected to average approximately $15.50 per pound of molybdenum for the year 2025, reflecting the impact of higher mine development costs.

Average unit net cash costs for our Molybdenum mines were $19.41 per pound of molybdenum in third-quarter 2025, $21.06 per pound of molybdenum in third-quarter 2024, $15.60 per pound of molybdenum for the first nine months of 2025 and $18.59 per pound of molybdenum for the first nine months of 2024.

Lower average unit net cash costs in the 2025 periods, compared with the 2024 periods, primarily reflect higher volumes and lower contract labor costs.

Based on achievement of current sales volumes and cost estimates, average unit net cash costs for the Molybdenum mines are expected to average approximately $15.61 per pound of molybdenum for the year 2025.

Refer to “Product Revenues and Production Costs” for a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

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copper mines and processing facilities.

Rod production from these facilities approximated 1 billion pounds for each of the last three years, and is expected to approximate 1 billion pounds for the year 2025.

PTFI smelts and refines copper concentrate from its mining operations and operates a PMR to process anode slimes from its new smelter and PT Smelting.

Once the full ramp-up of PTFI’s downstream processing facilities is achieved, PTFI will be a fully integrated producer of refined copper and gold, and treatment charges reflecting the cost of smelting and refining operations will be recorded in production and delivery costs.

PTFI recorded charges for operational readiness and startup costs associated with PTFI’s downstream processing facilities totaling $58 million in second-quarter 2025, $20 million in second-quarter 2024, $102 million for the first six months of 2025 and $35 million for the first six months of 2024.

Rod production from these facilities approximated one billion pounds for each of the last three years, and is expected to approximate one billion pounds for the year 2025.

PTFI smelts and refines copper concentrate from its mining operations and operates a PMR to process anode slimes from its smelter and PT Smelting.

With the completion of its newly constructed downstream processing facilities, PTFI became a fully integrated producer of refined copper and gold.

Treatment charges reflecting the cost of smelting and refining operations are recorded in production and delivery costs.

During third-quarter 2025, PT Smelting completed a planned major maintenance turnaround.

However, operational challenges with a third-party oxygen plant caused a delay in the restart of operations.

As a result, $39 million of tolling fees paid by PTFI in third-quarter 2025 were recognized as idle facility costs.

PTFI recorded charges for operational readiness and startup costs associated with its downstream processing facilities totaling $83 million in third-quarter 2025, $39 million in third-quarter 2024, $185 million for the first nine months of 2025 and $74 million for the first nine months of 2024.

We estimate that operational readiness and startup costs associated with PTFI’s downstream processing facilities will approximate $190 million for the year 2025.

Our Miami smelter in Arizona has been operating for over 100 years and has been upgraded numerous times during that period to implement new technologies, improve production and comply with air quality requirements.

performed a major maintenance turnaround for the Miami smelter in first-quarter 2025 and incurred maintenance charges and idle facility costs totaling $73 million for the first six months of 2025.

We performed a major maintenance turnaround for the Miami smelter in first-quarter 2025 and incurred maintenance charges and idle facility costs totaling $73 million for the first nine months of 2025.

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

During the first six months of 2025, Atlantic Copper’s copper concentrate purchases included 22% from our copper mining operations and 78% from third parties.

During the first nine months of 2025, Atlantic Copper’s copper concentrate purchases included 22% from our copper mining operations and 78% from third parties.

Atlantic Copper’s treatment charges, which consist of a base rate per pound of copper and per ounce of gold, are generally fixed and represent a cost to our mining operations and income to Atlantic Copper ( i.e.

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We defer recognizing profits on sales from our mining operations to Atlantic Copper until final sales to third parties occur.

Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $34 million ($9 million to net income attributable to common stock) in second-quarter 2025, $137 million ($41 million to net income attributable to common stock) in second-quarter 2024, $148 million ($44 million to net income attributable to common stock) for the first six months of 2025 and $120 million ($36 million to net income attributable to common stock) for the first six months of 2024.

Our net deferred profits on our inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $58 million ($30 million to net income attributable to common stock) at June 30, 2025.

Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions (reductions) to operating income totaling $13 million ($15 million to net income attributable to common stock) in third-quarter 2025, $(42) million ($(13) million to net income attributable to common stock) in third-quarter 2024, $161 million ($58 million to net income attributable to common stock) for the first nine months of 2025 and $79 million ($23 million to net income attributable to common stock) for the first nine months of 2024.

Our net deferred profits on our inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $52 million ($17 million to net income attributable to common stock) at September 30, 2025.

Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in our net deferred profits and quarterly earnings.

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and other factors.

We remain focused on managing costs efficiently and continue to advance several important value-enhancing initiatives.

We remain focused on managing operating and capital costs efficiently and continue to advance several important value-enhancing initiatives.

We believe the actions we have taken in recent years to build a solid balance sheet, successfully expand low-cost operations and maintain flexible organic growth options while maintaining sufficient liquidity, will allow us to continue to execute our business plans in a prudent manner during periods of economic uncertainty while preserving substantial future asset values.

We closely monitor market conditions and adjust our operating plans to protect liquidity and preserve our asset values, when necessary.

We expect to maintain a strong balance sheet and liquidity position as we focus on building long-term value in our business, executing our operating plans safely, responsibly and efficiently, and prudently managing costs and capital expenditures.

Excluding potential tariff impacts, which continue to be assessed (refer to “Operations”) and based on current sales volume, cost and metal price estimates and planned capital expenditures discussed in “Outlook,” our available cash and cash equivalents plus our projected consolidated operating cash flows of $7.0 billion for the year 2025 exceed our expected consolidated capital expenditures of $4.9 billion.

We have cash on hand and the financial flexibility to fund capital expenditures and our other cash requirements for the next 12 months, including noncontrolling interest distributions, income tax payments, current common stock dividends (base and variable) and any share or debt repurchases.

Planned capital expenditures for major projects over the next few years are primarily associated with underground mine development in the Grasberg minerals district and potential U.S.

expansion projects.

At June 30, 2025, we had $4.5 billion in consolidated cash and cash equivalents, and FCX, PTFI and Cerro Verde have $3.0 billion, $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

We closely monitor market and business conditions and adjust our operating plans to protect liquidity and preserve our asset values, when necessary.

Based on current sales volume, cost and metal price estimates and planned capital expenditures discussed in “Outlook,” our available cash and cash equivalents plus our projected consolidated operating cash flows of $5.5 billion for the year 2025 exceed our expected consolidated capital expenditures of $4.5 billion.

While evaluation of PTFI’s operating plans, including production and sales estimates and cost and capital budgets are ongoing following the September 2025 mud rush incident, and revised plans are expected to be finalized following completion of the investigation and damage assessments, we expect the incident to have a significant impact on our fourth-quarter 2025 and 2026 operating and financial results (refer to “Grasberg Minerals District Mud Rush Incident” for further discussion).

We expect to have cash on hand and the financial flexibility to fund capital expenditures and our other cash requirements for the next 12 months, including noncontrolling interest distributions, income tax payments, current common stock dividends (base and variable) and any share or debt repurchases.

Planned capital expenditures for major projects over the next few years are primarily associated with underground mine development in the Grasberg minerals district and expansion projects in the U.S.

At September 30, 2025, we had $4.3 billion in consolidated cash and cash equivalents, and FCX, PTFI and Cerro Verde have $3.0 billion, $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

Financial Policy.

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Our Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

At June 30, 2025, our net debt, excluding $3.2 billion of debt for PTFI’s downstream processing facilities, totaled $1.5 billion.

At September 30, 2025, our net debt totaled $1.7 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities.

Refer to "Net Debt" for further discussion.

On June 25, 2025, our Board declared cash dividends totaling $0.15 per share on our 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.

Based on current market conditions, the base and variable dividends on our common stock are anticipated to total $0.60 per share for 2025 (including the dividends paid on February 1, 2025, May 1, 2025, and August 1, 2025), comprised of a $0.30 per share base dividend and $0.30 per share variable dividend.

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

We had 1.4 billion shares of common stock outstanding at July 31, 2025.

On September 24, 2025, our Board declared cash dividends totaling $0.15 per share on our 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 base and variable dividends on our common stock totaled $0.60 per share for 2025, comprised of a $0.30 per share base dividend and $0.30 per share variable dividend.

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

We had 1.4 billion shares of common stock outstanding at October 31, 2025.

Refer to Note 4 for further discussion.

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Following is a summary of the U.S.

and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share and withholding taxes, at June 30, 2025 (in billions):

and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share and withholding taxes, at September 30, 2025 (in billions):

Cash at domestic companies $ 1.8

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through dividends that are subject to applicable withholding taxes and noncontrolling interests’ share.

At June 30, 2025, consolidated debt totaled $9.3 billion, with a weighted-average interest rate of 5.2%.

Substantially all of our outstanding debt is fixed rate and our next senior note maturities are in 2027.

Our total debt has an average remaining duration of approximately nine years.

At September 30, 2025, consolidated debt totaled $9.3 billion, with a weighted-average interest rate of 5.2%.

Substantially all of our outstanding debt is fixed rate and our total debt has an average remaining duration of approximately nine years.

There are no senior note maturities scheduled in 2026 and $1.3 billion scheduled in 2027.

Refer to Note 4 for further discussion of debt.

Operating Activities

We generated operating cash flows of $3.3 billion for the first six months of 2025 and $3.9 billion for the first six months of 2024.

Operating cash flows in the first six months of 2025, compared with the first six months of 2024, primarily reflect lower copper and gold sales volumes, partly offset by higher copper and gold prices.

Additionally, operating cash flows for the first six months of 2025 were impacted by an increase in accounts receivable associated with the timing of collections and higher tax payments in Indonesia.

Refer to "Consolidated Results" and "Operations" for further discussion.

We generated operating cash flows of $4.9 billion (net of $0.5 billion for working capital and other uses) for the first nine months of 2025 and $5.7 billion for the first nine months of 2024.

Operating cash flows in the first nine months of 2025, compared with the first nine months of 2024, primarily reflect lower copper and gold sales volumes, which were impacted by the temporary suspension of operations at PTFI since the September 2025 mud rush incident, partly offset by higher copper and gold prices.

Operating cash flows for the first nine months of 2025 were also impacted by an increase in accounts receivable associated with the timing of collections in the normal course of business and higher tax payments in Indonesia, partly offset by reserves associated with asbestos and talc claims (refer to Note 7).

Investing Activities

Capital Expenditures.

Capital expenditures, including capitalized interest, totaled $2.4 billion during each of the first six months 2025 and 2024 and include amounts for major projects ($1.2 billion for the first six months of 2025 and $0.9 billion for the first six months of 2024), primarily associated with underground development activities in the

Grasberg minerals district, and for PTFI’s downstream processing facilities ($0.5 billion for the first six months of 2025 and $0.7 billion for the first six months of 2024).

Capital expenditures, including capitalized interest, totaled $3.5 billion for the first nine months of 2025 and $3.6 billion for the first nine months of 2024, and include amounts for major projects ($1.7 billion for the first nine months of 2025 and $1.3 billion for the first nine months of 2024), primarily associated with underground development activities in the Grasberg minerals district and for PTFI’s downstream processing facilities ($0.6 billion for the first nine months of 2025 and $1.0 billion for the first nine months of 2024).

Insurance Recoveries.

During third-quarter 2025, PTFI collected $25 million under its construction insurance program associated with the 2024 smelter fire incident.

Additional recoveries are expected by early 2026.

Acquisition of additional ownership interest in Cerro Verde.

In September 2024, we purchased 5.3 million shares of Cerro Verde common stock for a total cost of $210 million, increasing our ownership interest in Cerro Verde to 55.08% from 53.56%.

Financing Activities

Debt Transactions.

Net proceeds from debt totaled $292 million for the first six months of 2025, primarily related to borrowings by Atlantic Copper under short-term lines of credit used for working capital requirements.

Net proceeds from debt totaled $337 million for the first nine months of 2025, primarily related to borrowings by Atlantic Copper under short-term lines of credit used for working capital requirements.

Net proceeds from debt totaled $249 million for the first nine months of 2024, primarily related to borrowings under the PTFI revolving credit facility that were used to fund capital expenditures for its downstream processing facilities.

Cash Dividends on Common Stock.

We paid cash dividends on our common stock totaling $0.4 billion during each of the first six months of 2025 and 2024.

We paid cash dividends on our common stock totaling $0.6 billion during each of the first nine months of 2025 and 2024.

Refer to Note 4, Item 1A.

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Cash Dividends and Distributions Paid to Noncontrolling Interests.

Cash dividends and distributions paid to noncontrolling interests at our international operations totaled $0.6 billion (including $0.5 billion from PTFI) for the first six months of 2025 and $0.7 billion (including $0.6 billion from PTFI ) for the first six months of 2024.

Cash dividends and distributions paid to noncontrolling interests at our international operations totaled $1.3 billion (including $1.0 billion from PTFI) for the first nine months of 2025 and $1.3 billion (including $1.1 billion from PTFI) for the first nine months of 2024.

Cash dividends and distributions to noncontrolling interests vary based on the operating results and cash requirements of our consolidated subsidiaries.

Treasury Stock Purchases.

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

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

Refer to Note 4 for further discussion.

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We perform a comprehensive annual review of our environmental obligations and AROs and also review changes in facts and circumstances associated with these obligations at least quarterly.

There have been no significant changes to our environmental obligations and AROs since December 31, 2024.

Refer to Note 10 of our 2024 Form 10-K, as updated by Note 7, for further discussion of FCX’s contingencies associated with environmental matters and AROs.

There have been no significant updates to our environmental obligations and AROs since December 31, 2024, other than as disclosed in Note 7.

Refer to Note 10 of our 2024 Form 10-K, as updated in Note 7, for further discussion regarding environmental contingencies and AROs.

Litigation and Other Contingencies

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Our net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in millions):

As of June 30, 2025

As of September 30, 2025

Current portion of debt $ 383

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

(In millions) By-Product Co-Product Method

Method Copper Molybdenum a

Revenues, excluding adjustments $ 1,485 $ 1,485 $ 171 $ 51 $ 1,707

Revenues $ 1,677 $ 1,677 $ 199 $ 60 $ 1,936

Site production and delivery, before net noncash

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Total costs 1,260 1,302 167 50 1,519

Other revenue adjustments, primarily for pricing

on prior period open sales 2 2 — (1) 1

Gross profit $ 417 $ 375 $ 32 $ 10 $ 417

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Gross profit per pound of copper/molybdenum:

Revenues, excluding adjustments $ 4.81 $ 4.81 $ 19.87

Revenues $ 4.92 $ 4.92 $ 23.66

Site production and delivery, before net noncash

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Total unit costs 3.69 3.82 19.85

Other revenue adjustments, primarily for pricing

on prior period open sales 0.01 0.01 —

Gross profit per pound $ 1.23 $ 1.10 $ 3.81

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Noncash and other costs, net — 63 —

Other revenue adjustments, primarily for pricing

on prior period open sales 1 — —

Eliminations and other 3 9 (1)

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

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(In millions) By-Product Co-Product Method

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

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(In millions) By-Product Co-Product Method

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

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(In millions) By-Product Co-Product Method

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

(In millions) By-Product Co-Product Method

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on prior period open sales 2 — —

Eliminations and other — (1) —

South America operations 1,414 802 114

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

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(In millions) By-Product Co-Product Method

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Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.

Includes $65 million ($0.22 per pound of copper) of nonrecurring labor-related charges at Cerro Verde associated with a new CLA.

Includes $34 million ($0.12 per pound of copper) of nonrecurring labor-related charges at Cerro Verde associated with new CLAs.

Includes charges totaling $18 million ($0.06 per pound of copper) for feasibility studies.

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

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(In millions) By-Product Co-Product Method

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

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(In millions) By-Product Co-Product Method

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Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.

Includes $65 million ($0.11 per pound of copper) of nonrecurring labor-related charges at Cerro Verde associated with a new CLA.

Includes $99 million ($0.11 per pound of copper) of nonrecurring labor-related charges at Cerro Verde associated with new CLAs.

Includes charges totaling $41 million ($0.05 per pound of copper) for feasibility studies.

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

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

(In millions) Co-Product Method

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Net cash (credits) costs (330) 530 379 26 935

DD&A 389 205 179 5 389

Noncash and other costs, net 78 b

186 134 10 330

Noncash and other costs, net 315 c

177 128 10 315

Total costs 315 893 641 46 1,580

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Unit net cash (credits) costs (0.92) 1.47 1,143

DD&A 0.88 0.46 346

Noncash and other costs, net 0.18 b

Noncash and other costs, net 0.88 c

Total unit costs 0.88 2.48 1,933

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Totals presented above $ 2,884 $ 663 $ 330

Treatment charges (2) 86 c

Treatment charges 13 45 d

Export duties (135) — —

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on prior period open sales 18 — —

Eliminations and other — 1 1

Indonesia operations 2,675 1,024 331

Other mining d

Other mining e

6,091 4,872 279

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Includes silver sales of 1.8 million ounces ($40.81 per ounce average realized price).

Includes charges totaling $58 million ($0.13 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities, $8 million ($0.02 per pound of copper) for an impairment charge, $7 million ($0.02 per pound of copper) for remediation costs related to the October 2024 fire incident at the smelter that were not offset by recovery under PTFI’s construction insurance program, and $4 million ($0.01 per pound of copper) for feasibility and optimization studies.

Primarily represents tolling costs paid to PT Smelting.

Includes $24 million ($0.07 per pound of copper) associated with idle facility costs following the September 2025 mud rush incident.

Includes charges totaling (i) $171 million ($0.47 per pound of copper) for idle facility costs and recovery efforts associated with the September 2025 mud rush incident, (ii) $83 million ($0.23 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities, (iii) $39 million ($0.11 per pound of copper) associated with PT Smelting planned maintenance and idle facility related tolling fees and (iv) $26 million ($0.07 per pound of copper) for remediation costs related to the October 2024 fire incident at the smelter not recoverable under PTFI’s construction insurance program.

Represents tolling costs paid to PT Smelting and excludes $39 million of tolling fees that were recognized as idle facility costs in noncash and other costs, net (refer to note c above) associated with PT Smelting’s planned maintenance turnaround.

Represents the combined total for our other mining operations as presented in Note 8.

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

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(In millions) Co-Product Method

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on prior period open sales (10) — —

Other — (1) —

Indonesia operations 2,982 918 340

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Includes silver sales of 2.1 million ounces ($30.11 per ounce average realized price).

Includes charges totaling $34 million ($0.10 per pound of copper) related to the reversal of previously capitalized land lease costs at PTFI’s downstream processing facilities and $20 million ($0.06 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities.

Includes charges totaling $39 million ($0.09 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities.

Represents tolling costs paid to PT Smelting.

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

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(In millions) Co-Product Method

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Net cash (credits) costs (581) 1,677 1,138 53 2,868

DD&A 575 342 225 8 575

Noncash and other costs, net 175 b

529 358 18 905

Noncash and other costs, net 490 c

286 195 9 490

Total costs 814 2,492 1,691 80 4,263

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Unit net cash (credits) costs (0.53) 1.53 1,168

DD&A 0.78 0.47 350

Noncash and other costs, net 0.24 b

Noncash and other costs, net 0.45 c

Total unit costs 0.74 2.28 1,734

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Totals presented above $ 8,259 $ 2,052 $ 905

Treatment charges (9) 135 c

Treatment charges 9 184 d

Export duties (337) — —

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on prior period open sales 36 — —

Eliminations and other (1) — 1

Indonesia operations 7,662 2,726 906

Other mining d

Other mining e

17,335 13,944 813

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Includes silver sales of 3.3 million ounces ($37.82 per ounce average realized price).

Includes charges totaling (i) $102 million ($0.14 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities, (ii) $30 million ($0.04 per pound of copper) for remediation costs related to the October 2024 fire incident at the smelter that were not offset by recovery under PTFI’s construction insurance program, (iii) $24 million ($0.03 per pound of copper) related to the reversal of previously capitalized land lease costs at PTFI’s downstream processing facilities, (iv) $9 million ($0.01 per pound of copper) for feasibility and optimization studies and (v) $8 million ($0.01 per pound of copper) for an impairment charge.

These charges were partly offset by a credit of $11 million ($0.01 per pound of copper) related to ARO adjustments.

Primarily represents tolling costs paid to PT Smelting.

Includes $24 million ($0.02 per pound of copper) associated with idle facility costs following the September 2025 mud rush incident .

Includes charges totaling (i) $185 million ($0.17 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities, (ii) $171 million ($0.16 per pound of copper) for idle facility costs and recovery efforts associated with the September 2025 mud rush incident, (iii) $56 million ($0.05 per pound of copper) of remediation costs related to the October 2024 fire incident at the smelter not recoverable under PTFI’s construction insurance program, (iv) $39 million ($0.04 per pound of copper) associated with PT Smelting planned maintenance and idle facility related tolling fees and (v) $24 million ($0.02 per pound of copper) related to the reversal of previously capitalized land lease costs at PTFI’s downstream processing facilities.

Represents the combined total for our other segments as presented in Note 8.

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

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(In millions) Co-Product Method

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Includes silver sales of 5.5 million ounces ($28.01 per ounce average realized price).

Includes charges totaling $34 million ($0.04 per pound of copper) related to the reversal of previously capitalized land lease costs at PTFI’s downstream processing facilities and $35 million ($0.04 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities.

Includes charges totaling (i) $74 million ($0.06 per pound of copper) for operational readiness and startup costs associated with PTFI’s downstream processing facilities, (ii) $34 million ($0.03 per pound of copper) related to the reversal of previously capitalized land lease costs at PTFI’s downstream processing facilities and (iii) $22 million ($0.02 per pound of copper) for feasibility and optimization studies.

Represents tolling costs paid to PT Smelting.

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

Three Months Ended June 30,

Three Months Ended September 30,

(In millions) 2025 2024

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Reconciliation to Amounts Reported

Three Months Ended June 30, 2025 Revenues and Delivery DD&A

Three Months Ended September 30, 2025 Revenues and Delivery DD&A

Totals presented above $ 186 $ 144 $ 22

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As reported in our consolidated financial statements $ 6,972 $ 4,205 $ 625

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Totals presented above $ 138 $ 131 $ 19

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

Six Months Ended June 30,

Nine Months Ended September 30,

(In millions) 2025 2024

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Reconciliation to Amounts Reported

Six Months Ended June 30, 2025 Revenues and Delivery DD&A

Nine Months Ended September 30, 2025 Revenues and Delivery DD&A

Totals presented above $ 561 $ 382 $ 74

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As reported in our consolidated financial statements $ 20,282 $ 12,243 $ 1,759

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Totals presented above $ 434 $ 376 $ 51

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CAUTIONARY STATEMENT

Our discussion and analysis contains forward-looking statements in which we discuss our potential future performance, operations and projects.

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, and the underlying assumptions and estimated impacts on our business and stakeholders related thereto;

Our discussion and analysis contain forward-looking statements in which we discuss our potential future performance, operations and projects.

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;

the underlying assumptions and estimated impacts on our business and stakeholders related to the mud rush incident at PTFI’s Grasberg Block Cave underground mine;

global market conditions, including trade policies;

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production and sales volumes;

higher variability between PTFI production and sales;

unit net cash costs (credits) and operating costs;

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operating plans, including mine sequencing;

the full production and ramp-up of PTFI’s downstream processing facilities;

potential extension of PTFI’s IUPK beyond 2041;

export licenses, export duties and export volumes, including PTFI’s ability to continue exports of copper concentrate until full ramp-up is achieved at its new smelter in Indonesia;

investigations, repair efforts, and phased restart and ramp-up of production and downstream processing following the mud rush incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on future production, sales, results of operations and operating plans, and recoveries under insurance policies;

potential extension of PTFI’s special mining business license (IUPK) beyond 2041;

timing of shipments of inventoried production;

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Important factors that can cause our 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 we produce, primarily copper and gold;

PTFI’s ability to export and sell or inventory copper concentrate through the full ramp-up of its new smelter in Indonesia;

changes in export duties and tariff rates;

achieving full production and ramp-up of PTFI’s downstream processing facilities;

production rates;

timing of shipments;

timing of shipments and sales;

price and availability of consumables and components we purchase as well as constraints on supply and logistics, and transportation services;

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reductions in liquidity and access to capital;

PTFI’s ability to repair mud rush incident-related damage, complete the investigation to the satisfaction of the Indonesian government authorities and implement any recommendations therefrom, safely restart, phase-in ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans;

recover amounts under insurance policies;

resolve force majeure declarations and maintain relationships with commercial counterparties;

changes in tax laws and regulations;

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Further, we may make changes to our business plans that could affect our results.

We undertake no obligation to update any forward-looking statements, which are as of the date

made, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes.

We undertake no obligation to update any forward-looking statements, which are as of the date made, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes.

This report on Form 10-Q also contains measures such as net debt and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S.

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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 2. Management’s Discussion and Analysis