What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2025-11-06 · 495 added, 848 removed, 840 unchanged (62% of the section changed)

13 unchanged sentences

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

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.

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.

We are focused on restoring operations in the Grasberg Block Cave underground mine safely and sustainably, driving new technologies and efficiency programs to increase the profitability of our U.S.

and South America operations and pursuing our highly attractive portfolio of organic growth options to generate value for common stockholders.

We believe fundamentals for copper are favorable with growing demand supported by copper’s critical role in electrification initiatives, continued urbanization in developing countries, data centers and artificial intelligence (AI) growth and growing connectivity globally.

We continue to progress organic copper growth projects in the U.S.

and South America.

Across our U.S.

and South America operations, we are incorporating new applications, technologies and data analytics into our leaching processes.

We are targeting annual production of approximately 300 million pounds of copper from these initiatives in 2026 and believe there is potential for further significant increases in recoverable metal in future years.

Additionally, in March 2026, an environmental impact study was submitted to Chile regulatory authorities for a potential major expansion at our El Abra mine in Chile.

Refer to “Operations – United States” and “Operations – South America” for further discussion.

Our first-quarter 2026 operations and results were impacted by the September 2025 mud rush incident (Mud Rush Incident) at the Grasberg minerals district in Central Papua, Indonesia.

During first-quarter 2026, PT Freeport Indonesia (PTFI) progressed a series of activities to address the Mud Rush Incident and advance preparation for a safe and sustainable restoration of operations in the Grasberg Block Cave underground mine.

In March 2026, PTFI commenced a phased ramp-up of the Grasberg Block Cave underground mine, and the projected ramp-up schedule has been adjusted to incorporate modifications to material handling systems.

Refer to “Operations – Indonesia” for further discussion.

Net income attributable to common stockholders totaled $881 million in first-quarter 2026, compared with $352 million in first-quarter 2025, primarily reflecting higher average realized copper and gold prices and the recognition of a gain for the insurance settlement related to the Mud Rush Incident, partly offset by lower copper sales volumes from PTFI.

Refer to “Consolidated Results” for further discussion.

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).

At March 31, 2026, we had consolidated debt of $9.4 billion and consolidated cash and cash equivalents of $3.7 billion.

Net debt totaled $2.4 billion, excluding $3.2 billion of debt for PTFI’s 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 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.

At March 31, 2026, 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 first-quarter 2026, we acquired 1.7 million shares of our common stock for a total cost of $93 million ($54.25 average cost per share).

At April 30, 2026, we have acquired a total of 53.7 million shares ($39.01 average cost per share) and have $2.9 billion available under our $5.0 billion share repurchase program.

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.

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

World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control.

Refer to “Markets” below, and “Risk Factors” in Part I, Item 1A.

of our 2024 Form 10-K for further discussion.

of our 2025 Form 10-K and Part II, Item 1A.

herein for further discussion.

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.

References to previous estimates refer to guidance provided in our 2025 Form 10-K.

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

Refer to “Cautionary Statement” below.

5 unchanged sentences

Indonesia operations 663

Gold (millions of recoverable ounces)

Gold (thousands of recoverable ounces)

Molybdenum (millions of recoverable pounds)

1 unchanged sentence

copper mines and Cerro Verde mine, and 30 million pounds produced by our primary molybdenum mines.

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 consolidated sales volumes for second-quarter 2026 are expected to approximate 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum.

Projected sales volumes for the year 2026 are lower than previous estimates of 3.4 billion pounds of copper and 0.8 million ounces of gold, primarily reflecting a projected delay in achieving full ramp-up of the Grasberg Block Cave underground mine pending modifications to ore loading systems.

Refer to “Operations – Indonesia” for further discussion.

Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.

Projected sales volumes are dependent on operational performance;

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

the ramp-up of the Grasberg Block Cave underground mine at PTFI;

weather-related conditions;

timing of shipments and other factors detailed in the “Cautionary Statement” below.

For other important factors that could cause results to differ materially from projections, refer to “Risk Factors” contained in Part I, Item 1A.

of our 2024 Form 10-K.

Consolidated Unit Net Cash Costs

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.

Based on achievement of current sales volume and cost estimates and assuming average prices of $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the Mud Rush Incident at PTFI) for our copper mines are expected to average $1.95 per pound of copper for the year 2026 (including $2.24 per pound of copper in second-quarter 2026).

The impact of price changes on consolidated unit net cash costs for the remainder of 2026 would approximate $0.02 per pound of copper for each $100 per ounce change in the

average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum.

Following the onset of military conflict in the Middle East in late February 2026, costs for certain petroleum-based energy products, sulfur and sulfuric acid, and other consumables have risen significantly.

Prices for diesel fuel and sulfuric acid have been highly volatile with significant regional dislocation.

Current unit net cash cost estimates for the year 2026 are higher than previous estimates, reflecting revised sales volumes at PTFI and higher costs for energy and other consumables, partly offset by higher by-product credits related to higher metal price assumptions.

Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable.

Idle facility and restoration costs are expected to total $1.3 billion for the year 2026 (including $0.3 billion in second-quarter 2026).

Refer to “Operations – Indonesia” for further discussion.

Projected unit net cash costs for the year 2026 are dependent on operational performance;

the ramp-up of the Grasberg Block Cave underground mine at PTFI;

impacts related to the conflict in the Middle East, including changes in energy costs and other consumables;

weather-related conditions;

timing of shipments and other factors detailed in the “Cautionary Statement” below.

Consolidated Operating Cash Flows

4 unchanged sentences

other working capital changes;

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.

and other factors, such as the ramp-up of the Grasberg Block Cave underground mine at PTFI and impacts related to the conflict in the Middle East, including changes in energy costs and other consumables.

Consolidated operating cash flows are expected to approximate $8.7 billion for the year 2026, including $0.2 billion of working capital and other sources, based on current sales volume and cost estimates, and assuming average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026.

Estimated consolidated operating cash flows for the year 2026 also reflect a projected income tax provision of $2.6 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2026).

The impact of price changes on consolidated operating cash flows for the remainder of 2026 would approximate $220 million for each $0.10 per pound change in the average price of copper, $50 million for each $100 per ounce change in the average price of gold and $90 million for each $2 per pound change in the average price of molybdenum.

Consolidated Capital Expenditures

1 unchanged sentence

Major projects $ 3.0 a

PTFI’s downstream processing facilities 0.6

Sustaining capital and other 1.3

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.

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.

Includes $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district, and $1.6 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.

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 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.

Following U.S.

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.

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.

of our 2025 Form 10-K and Part II, Item 1A.

This graph presents London Metal Exchange (LME) and Commodity Exchange Inc.

(COMEX) copper settlement prices and the combined reported stocks of copper at the LME, COMEX and the Shanghai Futures Exchange from January 2016 through March 2026.

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.

In January 2026, both LME and COMEX settlement copper prices closed at all-time highs of $6.28 per pound and $6.18 per pound, respectively.

Higher copper prices were influenced by increased speculative buying in several metals, supported by macro factors such as U.S.

dollar weakness and expectations for above-trend demand growth.

In March 2026, LME and COMEX settlement copper prices declined from these highs in response to conflict in the Middle East, which impacted trade flows and energy infrastructure, resulting in significantly higher oil prices, a stronger U.S.

dollar, renewed inflation concerns and revised economic forecasts.

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

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.

During first-quarter 2026, LME copper settlement prices averaged $5.83 per pound (ranging from a low of $5.36 per pound to a high of $6.28 per pound) and closed at $5.52 per pound on March 31, 2026.

The LME copper settlement price was $5.90 per pound on April 30, 2026.

Copper sales from our U.S.

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

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.

During first-quarter 2026, COMEX copper settlement prices averaged $5.79 per pound (ranging from a low of $5.34 per pound to a high of $6.18 per pound) and closed at $5.59 per pound on March 31, 2026.

The COMEX copper settlement price was $5.93 per pound on April 30, 2026.

This graph presents London Bullion Market Association (London) PM gold prices from January 2016 through March 2026.

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.

interest rate reductions, geopolitical tensions, trade uncertainty and strong demand from central banks around the world continued to influence gold prices in first-quarter 2026.

In January 2026, the London PM gold price closed at an all-time high of $5,405 per ounce before declining as macro conditions tightened, driven by a stronger U.S.

dollar, higher treasury yields and rising energy costs stemming from the conflict in the Middle East.

During first-quarter 2026, London PM gold prices averaged $4,873 per ounce (ranging from a low of $4,353 per ounce to a high of $5,405 per ounce) and closed at $4,608 per ounce on March 31, 2026.

The London PM gold price closed at $4,611 per ounce on April 30, 2026.

This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2016 through March 2026.

Overall global demand for molybdenum is driven by energy, power generation, aerospace 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 $24.09 per pound on October 31, 2025.

During first-quarter 2026, the weekly average prices for molybdenum averaged $25.50 per pound (ranging from a low of $22.42 per pound to a high of $28.11 per pound) and closed at $26.60 per pound on March 31, 2026.

The Platts Metals Daily Molybdenum Dealer Oxide weekly average price closed at $27.85 per pound on April 30, 2026.

CONSOLIDATED RESULTS

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

2025 2024 2025 2024

Three Months Ended March 31,

SUMMARY FINANCIAL DATA

4 unchanged sentences

Diluted net income per share of common stock b,c

$ 0.46 $ 0.36 $ 1.24 $ 1.11

Diluted weighted-average shares of common stock outstanding 1,444 1,444

Operating cash flows f

Operating cash flows e

$ 1,495 $ 1,058

1 unchanged sentence

$ 973 $ 1,172

At September 30:

Cash and cash equivalents

2 unchanged sentences

$ 9,414 $ 9,404

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

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 “Business Divisions and Segments” for a summary of revenues and operating income by operating division.

Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $34 million ($12 million to net income attributable to common stock or $0.01 per share) in first-quarter 2026 and $70 million ($24 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025.

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 (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

Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $70 million ($23 million to net income attributable to common stock or $0.02 per share) in first-quarter 2026 and $114 million ($34 million to net income attributable to common stock or $0.02 per share) in first-quarter 2025.

Net income attributable to common stock includes after-tax net credits totaling $51 million ($0.04 per share), primarily associated with the Mud Rush Incident reflecting a gain from the insurance settlement, partly offset by idle facility and restoration costs (refer to “Operations – Indonesia” for discussion).

See below for further discussion of these net credits.

Cash provided by (used for) working capital totaled $0.1 billion in first-quarter 2026 and $(0.3) billion in first-quarter 2025.

Three Months Ended March 31,

SUMMARY OPERATING DATA

3 unchanged sentences

Average realized price per pound $ 5.78 $ 4.44

$ 4.55 $ 4.26

Site production and delivery costs per pound a

$ 2.61 $ 2.67 b

Unit net cash costs per pound a

$ 1.39 $ 1.51 b

Gold (thousands of recoverable ounces)

1 unchanged sentence

Sales, excluding purchases

336 558 986 1,487

Average realized price per ounce $ 4,889 $ 3,072

5 unchanged sentences

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.”

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.

Excludes $0.62 per pound of idle facility and restoration costs associated with the Mud Rush Incident at PTFI.

Refer to “Operations – Indonesia” for further discussion.

Consolidated revenues totaled $6.2 billion in first-quarter 2026 and $5.7 billion in first-quarter 2025.

Our revenues primarily include the sale of copper cathode, copper rod and copper concentrate, as well as gold and molybdenum in various forms.

Refer to Note 8 for a summary of product revenues.

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

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended March 31

Consolidated revenues – 2025 period $ 5,728

(Lower) higher sales volumes:

Copper (252) (893)

Gold (573) (1,186)

Molybdenum 85

Higher average realized prices:

Copper 371 831

Molybdenum 84

7 unchanged sentences

Sales Volumes.

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.

Consolidated copper and gold sales volumes decreased in first-quarter 2026, compared to first-quarter 2025, primarily reflecting lower operating rates at PTFI following the Mud Rush Incident.

As a fully integrated producer of refined copper and gold in Indonesia, there may be variability in the timing between production and sales of refined copper and gold.

Refer to “Operations” for further discussion of sales volumes at our mining operations.

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 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 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.

Our average realized prices in first-quarter 2026, compared with first-quarter 2025, were 30% higher for copper, 59% higher for gold and 16% higher for molybdenum.

Average realized copper prices include net (unfavorable) favorable adjustments to current period provisionally priced copper sales totaling $(55) million in first-quarter 2026 and $46 million in first-quarter 2025.

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).

4 unchanged sentences

Prior Period Provisionally Priced Copper Sales.

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 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.

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

, provisionally priced sales at December 31, 2025 and 2024) recorded in consolidated revenues totaled $34 million in first-quarter 2026 and $70 million in first-quarter 2025.

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

At March 31, 2026, we had provisionally priced copper sales totaling 136 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $5.58 per pound, subject to final LME copper settlement prices over the next several months.

We estimate that each $0.05 change in the price realized from the March 31, 2026, recorded provisional price would have an approximate $12 million effect on 2026 revenues ($4 million to 2026 net income attributable to common stock).

The LME copper settlement price closed at $5.90 per pound on April 30, 2026.

Atlantic Copper Revenues.

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.

Atlantic Copper revenues totaled $969 million in first-quarter 2026, compared to $755 million in first-quarter 2025, primarily reflecting higher copper prices, partly offset by lower copper sales volumes.

Sales of Purchased Copper.

We purchase copper cathode primarily for processing by our U.S.

Rod & Refining operations.

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.

The volumes of copper purchases vary depending on cathode production from our operations and totaled 10 million pounds in first-quarter 2026 and 66 million pounds in first-quarter 2025.

Revenues associated with the sale of purchased copper vary with the volume of copper purchases and changes in copper prices.

During first-quarter 2026, we were 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, 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.

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

Treatment charges totaled $2 million in first-quarter 2026, compared to $28 million in first-quarter 2025, primarily reflecting lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia now that PTFI is a fully integrated producer of refined copper and gold.

Export Duties and Royalties.

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%.

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

PTFI incurred export duties totaling $55 million in first-quarter 2025.

Refer to Note 11 of the 2025 Form 10-K for further discussion.

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

Royalties totaled $53 million in first-quarter 2026 and $68 million in first-quarter 2025.

Production and Delivery Costs

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.

Consolidated production and delivery costs totaled $4.1 billion in first-quarter 2026 and $3.8 billion in first-quarter 2025.

First-quarter 2026 included $406 million of idle facility and restoration costs associated with the Mud Rush Incident, and first-quarter 2025 included charges totaling $73 million associated with a planned maintenance turnaround at the Miami smelter.

Mining Unit 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 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.

Consolidated unit site production and delivery costs (before net noncash and other costs) for our copper mines averaged $3.29 per pound of copper in first-quarter 2026 and $2.59 per pound of copper in first-quarter 2025.

First-quarter 2026 consolidated unit site production and delivery costs exclude $0.62 per pound of copper for idle facility and restoration costs associated with the Mud Rush Incident.

Refer to “Operations” for further discussion of unit net cash costs associated with our operating divisions, and to “Product Revenues and Production Costs” for reconciliations of per pound costs by operating division to production and delivery costs applicable to sales reported in our consolidated statements of income.

Depreciation, Depletion and Amortization

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 $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.

Consolidated depreciation, depletion and amortization (DD&A) totaled $514 million in first-quarter 2026 (which included $93 million of non-inventoriable idle facility costs associated with the Mud Rush Incident) and $466 million in first-quarter 2025.

The increase in first-quarter 2026 DD&A, compared to first-quarter 2025, primarily reflects higher depreciation associated with placing assets into service at our U.S.

copper mines and at PTFI in 2025, partly offset by lower UOP depreciation as a result of lower operating rates at PTFI.

Based on current sales volume estimates, consolidated DD&A is estimated to approximate $2.3 billion for the year 2026, including $0.3 billion for idle facility costs associated with the Mud Rush Incident.

Environmental Obligations and Shutdown Costs

1 unchanged sentence

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.

Net charges for environmental obligations and shutdown costs totaled $17 million in first-quarter 2026 and $10 million in first-quarter 2025.

PTFI Mud Rush Incident Insurance Settlement

In first-quarter 2026, PTFI recognized a gain of $0.7 billion for an insurance settlement associated with the Mud Rush Incident under its property and business interruption policies.

PTFI collected this settlement in April 2026.

Interest Expense, Net

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.

Consolidated interest costs (before capitalization) totaled $174 million in both first-quarter 2026 and 2025.

Lower capitalized interest of $60 million in first-quarter 2026, compared to $104 million in first-quarter 2025, primarily reflects the impact of placing PTFI’s downstream processing facilities into service in 2025.

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 $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 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.

Other income, net, which totaled $11 million in first-quarter 2026 and $58 million in first-quarter 2025, 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 first-quarter 2026, compared to first-quarter 2025, primarily reflects currency exchange losses, partly offset by a gain of $22 million recognized in first-quarter 2026 for interest to be collected by Cerro Verde associated with the closure of its 2020 income tax audit.

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

Nine Months Ended September 30,

Income (Loss) a

Tax Rate Income Tax (Provision) Benefit Income (Loss) a

Three Months Ended March 31,

Tax Rate Income Tax Provision Income (Loss) a

Tax Rate Income Tax (Provision) Benefit

2 unchanged sentences

Indonesia 838 36% (302) 795 36% (288)

PTFI historical tax matters 5 N/A 2 16

Eliminations and other 41 N/A (12)

2 unchanged sentences

Consolidated FCX $ 2,034 32% $ (653) $ 1,291 39% $ (500)

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

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

In addition to our 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.

copper and molybdenum mines, which had operating income of $778 million in first-quarter 2026 and $317 million in first-quarter 2025 (refer to “Business Divisions and Segments”), 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.

jurisdiction also includes net revisions to environmental obligation estimates and charges associated with legacy oil and gas properties.

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

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.

Assuming achievement of current sales volume and cost estimates and average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, we estimate our consolidated effective tax rate for the year 2026 would approximate 30% (including approximately $100 million of U.S.

Corporate Alternative Minimum Taxes (CAMT)).

Changes in projected sales volumes and average prices during 2026 would incur tax impacts at estimated effective rates of 40% for Peru and 36% for Indonesia.

Given our U.S.

tax position (including potential CAMT), at higher copper prices, we would expect our consolidated effective tax rate to decline because of a higher share of earnings from our 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 $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.

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

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

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 $4.75 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.

Net income attributable to noncontrolling interests, which is primarily associated with PTFI, Cerro Verde and El Abra, totaled $0.5 billion in first-quarter 2026 and $0.4 billion in first-quarter 2025.

Refer to "Business Divisions and Segments” below for net income attributable to noncontrolling interests for each of our business segments.

Based on achievement of current sales volume and cost estimates and assuming average prices of $6.00 per pound of copper, $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, we estimate that net income attributable to noncontrolling interests will approximate $2.0 billion for the year 2026.

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

BUSINESS DIVISIONS AND SEGMENTS

We have organized our mining operations into four primary divisions – U.S.

copper mines, South America operations, Indonesia operations and Molybdenum mines.

Refer to “Operations” below for discussion of our mining operations.

Rod & Refining consists of copper conversion facilities, including a refinery and two rod mills.

These operations process copper produced at our U.S.

copper mines and purchased copper into copper cathode and rod.

At times, these operations refine copper and produce copper rod for customers on a toll basis.

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

In first-quarter 2026, Atlantic Copper purchased 75% of its concentrate from third parties and 25% from our South America operations.

Corporate, Other & Eliminations consist of our other mining operations, exploration activities, legacy oil and gas properties, corporate and elimination items.

Other mining operations include the Miami smelter, molybdenum conversion facilities in the U.S.

and in Europe, five non-operating mines in the U.S.

and other mining support entities.

Intersegment sales are based on terms similar to arm’s-length transactions with third parties at the time of the sale.

Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

We allocate certain operating costs, expenses and capital expenditures to our business divisions and segments.

However, not all costs and expenses applicable to an operation are allocated.

federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations in the below tables), whereas foreign income taxes are recorded and managed at the applicable country level.

In addition, some selling, general and administrative costs are not allocated to the business divisions and segments.

Accordingly, the following information reflects management determinations that may not be indicative of what the actual financial performance of each business division and segment would be if it was an independent entity.

Refer to Note 8 for a summary of our reportable segments as determined under generally accepted accounting principles (GAAP) in the U.S.

Financial Information by Business Division and Segment

Atlantic Corporate,

Copper Mines South America Operations U.S.

Cerro Indonesia Molybdenum Rod & Smelting & Elimi- FCX

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

Three Months Ended March 31, 2026

Unaffiliated customers $ 12 $ 8 $ 20 $ 1,218 $ 253 $ 1,471 $ 1,072 $ — $ 2,052 $ 966 $ 653 a

Intersegment 764 1,415 2,179 163 — 163 — 212 10 3 (2,567) —

Production and delivery 437 854 1,291 651 158 809 710 b

136 2,046 929 (1,856) 4,065

DD&A 69 96 165 86 17 103 194 c

24 1 7 20 514

Selling, general and administrative expenses — 1 1 2 — 2 25 — — 11 123 162

Exploration and research expenses 8 8 16 4 1 5 — — — — 17 38

Environmental obligations and shutdown costs — — — — — — — — — — 17 17

PTFI mud rush incident insurance settlement — — — — — — (699) — — — — (699)

Operating income (loss) 262 464 726 638 77 715 842 52 15 22 (235) 2,137

Interest expense, net (1) — (1) (4) — (4) (15) — — (9) (85) (114)

Other (expense) income, net (1) (1) (2) (4) 4 — (2) — — 1 14 11

Provision for income taxes — — — (246) (35) (281) (302) — — (3) (67) (653)

Equity in affiliated companies’ net earnings — — — — — — 5 — — — 1 6

Net income attributable to noncontrolling interests — — — (182) (19) (201) (292) — — — (13) (506)

Net income attributable to common stockholders 881

Total assets at March 31, 2026 3,434 7,512 10,946 8,772 2,301 11,073 27,959 2,006 374 1,904 4,578 58,840

Capital expenditures 44 200 244 74 40 114 456 29 14 56 60 973

Three Months Ended March 31, 2025

Unaffiliated customers $ 83 $ 108 $ 191 $ 917 $ 212 $ 1,129 $ 1,564

$ — $ 1,624 $ 752 $ 468 a

Intersegment 494 945 1,439

174 73 247 6 177 8 3 (1,880) —

Production and delivery 419 793 1,212 587 201 788 578 122 1,622 734

DD&A 50 74 124 91 20 111 186 26 1 7 11 466

Selling, general and administrative expenses — 1 1 2 — 2 27 — — 9 115 154

Exploration and research expenses 6 6 12 2 2 4 2 — — — 21 39

Environmental obligations and shutdown costs (7) — (7) — — — — — — — 17 10

Operating income (loss) 109 179 288 409 62 471 777 29 9 5 (276) 1,303

Interest expense, net — — — (4) — (4) (9) — — (11) (46) (70)

Other (expense) income, net (1) 3 2 32 (1) 31 16 — — (5) 14 58

Provision for income taxes — — — (171) (22) (193) (288) — — (10) (9) (500)

Equity in affiliated companies’ net earnings (losses) — — — — — — 3 — — — (1) 2

Net income attributable to noncontrolling interests — — — (126) (17) (143) (275) — — — (23) (441)

Net income attributable to common stockholders 352

Total assets at March 31, 2025 3,239 6,950 10,189 8,166 2,073 10,239 28,006 2,021 364 1,448 3,755 56,022

Capital expenditures 59 196 255 74 11 85 704 19 17 43 49 1,172

Financial Information by Business Division and Segment (continued)

Includes revenues from our molybdenum sales company, which includes sales of molybdenum produced by the primary molybdenum mines and by certain of the U.S.

copper mines and the Cerro Verde mine.

Includes $406 million of idle facility and restoration costs associated with the Mud Rush Incident.

Includes $93 million of idle facility costs associated with the Mud Rush Incident.

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

Leaching and Technology Innovation Initiatives

We are continuing to incorporate new applications, technologies and data analytics into our leaching processes across our U.S.

We are incorporating new applications, technologies and data analytics into our leaching processes across our U.S.

and South America operations.

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.

Incremental copper production from these initiatives totaled 54 million pounds in first-quarter 2026 and 214 million pounds for the year 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.

We are targeting annual production of approximately 300 million pounds of copper from these initiatives in 2026, with potential for further significant increases in recoverable metal in future years.

We are deploying large-scale testing of an internally developed additive product at our Morenci operations with encouraging early results.

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

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

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.

2 unchanged sentences

Responsible Production

2025 Annual Report on Sustainability.

In April 2026, we published our 2025 Annual Report on Sustainability, marking our 25th year of reporting on our progress.

We are committed to building upon our achievements in sustainability and our position as a leading responsible copper producer.

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.

To achieve the Copper Mark and Molybdenum Mark, as applicable, 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.

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

With the completion of PTFI’s downstream processing facilities, we are currently working toward their initial Copper Mark validation.

Feasibility and Optimization Studies

1 unchanged sentence

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 $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.

The costs for these studies are charged to production and delivery costs as incurred and totaled $31 million in first-quarter 2026 and $36 million in first-quarter 2025.

We estimate the costs of these studies will approximate $220 million for the year 2026, subject to market conditions and other factors.

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.

Our costs have not been significantly impacted by U.S.

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

Efforts continue to identify alternative sourcing options to mitigate potential future impacts of tariffs.

Government action related to tariffs and other controls on imports and exports or trade agreements or policies of the U.S.

and other countries are difficult to predict and have and may in the future cause significant volatility in our

financial performance and in the trading prices of our common stock.

Refer to “Risk Factors” in Part I, Item 1A.

of our 2025 Form 10-K and Part II, Item 1A.

herein for further discussion.

Section 232 Tariffs.

Effective in August 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.

1 unchanged sentence

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

Because of our integrated operations, these requirements are not expected to negatively impact our business.

We are the leading copper supplier in the U.S., providing approximately 70% of total U.S.

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

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.

positioned in the U.S.

refined copper production through our integrated domestic mining and processing facilities, and most of which is sold domestically.

For the three months ended March 31, 2026, copper from our U.S.

mining operations was sold 76% as rod and 24% as cathode.

We are well positioned in the U.S.

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

For the year 2025, copper sales from our U.S.

mining operations are expected to approximate 1.3 billion pounds, which are primarily sold domestically.

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

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.

Refer to “Risk Factors” in Part I, Item 1A.

of our 2024 Form 10-K for further discussion.

United States

1 unchanged sentence

– Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico.

We also operate a copper smelter and rod mill in Miami, Arizona, and copper refinery and rod mill in El Paso, Texas.

We also operate a copper smelter and rod mill in Miami, Arizona, and a copper refinery and rod mill in El Paso, Texas.

All of our U.S.

12 unchanged sentences

associated with existing operations.

Several initiatives are under way to target anticipated significant future growth in our U.S.

Several initiatives are under way to target significant future growth in our U.S.

copper operations, including the leaching and technology innovation initiatives discussed above.

We have a potential expansion project to more than double the concentrator capacity of the Bagdad operation in northwest Arizona.

We have defined an opportunity to more than double the concentrator capacity of the Bagdad operation in northwest Arizona.

Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation.

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

We completed technical and economic studies in late 2023 and are updating these studies in advance of a potential investment decision during the second half of 2026.

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

1 unchanged sentence

Expanded operations would provide improved efficiency and reduce unit net cash costs through economies of scale.

Project economics indicate that the expansion would require an incentive copper price of less than $4.00 per pound and three to four years to complete.

Preliminary economics indicate that the expansion would require an incentive copper price of approximately $4.00 per pound and three to four years to complete.

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

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.

Conversion of Bagdad’s haul truck fleet to autonomous haulage was completed in 2025, 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 optimize the performance of the new autonomous fleet at Bagdad and are advancing projects to expand tailings storage 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.

We expect to complete these studies in 2026.

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

We expect to complete these studies during 2026.

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

2 unchanged sentences

copper mines:

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

2025 2024 2025 2024

Three Months Ended March 31,

Operating Data, Net of Joint Venture Interests

2 unchanged sentences

Sales, excluding purchases 327 307

Average realized price per pound a

$ 4.92 $ 4.32 $ 4.78 $ 4.29

Average realized price per pound $ 5.85 $ 4.60

Molybdenum (millions of recoverable pounds)

11 unchanged sentences

Copper production (millions of recoverable pounds) 154 154

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

Refer to “Markets.”

Refer to “Consolidated Results” for our consolidated molybdenum sales volumes, which include sales of molybdenum produced at our U.S.

copper mines.

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.

Our consolidated copper sales volumes from U.S.

copper mines of 327 million pounds in first-quarter 2026 were higher than first-quarter 2025 copper sales volumes of 307 million pounds, primarily reflecting timing of shipments.

Consolidated copper sales from our U.S.

4 unchanged sentences

We use this measure for the same purpose and for monitoring operating performance by our mining operations.

This information differs from measures of performance determined in accordance with generally accepted accounting principles (GAAP) in the U.S.

and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S.

This information differs from measures of performance determined in accordance with U.S.

GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S.

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

Gross Profit per Pound of Copper and Molybdenum

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

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

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

copper mines for the three months ended March 31, 2026 and 2025.

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 September 30,

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

Copper Molyb-

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

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

Treatment charges 0.13 0.13 — 0.13 0.12 —

Unit net cash costs 3.11 3.30 17.94 3.24 3.37 16.83

DD&A 0.40 0.35 1.51 0.35 0.31 1.22

Noncash and other costs, net 0.18 b

0.17 0.40 0.16 b

Total unit costs 3.69 3.82 19.85 3.75 3.83 18.45

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

Copper sales (millions of recoverable pounds) 341 341 317 317

Molybdenum sales (millions of recoverable pounds) a

Nine Months Ended September 30,

Three Months Ended March 31,

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

18 unchanged sentences

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

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.

Includes charges totaling $0.05 per pound of copper in both first-quarter 2026 and 2025 for feasibility and optimization studies.

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 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.

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.

copper mines of $2.93 per pound of copper in first-quarter 2026 were lower than first-quarter 2025 average unit net cash costs of $3.11 per pound of copper, primarily reflecting higher by-product credits, partly offset by higher costs for sulfuric acid, diesel fuel and other consumables.

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

Based on achievement of current sales volume and cost estimates, and assuming an average price of $25.00 per pound of molybdenum for the remainder of 2026, 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 2026.

Current cost estimates for 2026 reflect recent pricing impacts for energy and other consumables.

copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.04 per pound for each $2 per pound change in the average price of molybdenum for the remainder of 2026.

South America

We manage two copper operations in South America – Cerro Verde in Peru (55.08%-owned) and El Abra in Chile (51%-owned), which are consolidated in our financial statements.

South America operations include open-pit mining, sulfide-ore concentrating, leaching and SX/EW facilities.

Production from our South America operations is sold as copper concentrate or cathode under long-term contracts.

Our South America operations also sell a portion of their copper concentrate production to Atlantic Copper.

We manage two copper operations in South America – Cerro Verde in Peru (55.08%-owned) and El Abra in Chile (51%-owned).

These operations are consolidated in our financial statements.

In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Development Activities.

At the El Abra operations in Chile, we have completed substantial drilling and evaluations to define a large sulfide resource that could support a potential major mill project similar to the large-scale concentrator at Cerro Verde.

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 first-quarter 2026.

At the El Abra operations in Chile, we have a significant opportunity to expand the operation to include a major mill facility similar to the large-scale concentrator at Cerro Verde.

The project could result in the addition of over 700 million pounds of copper production per year.

In March 2026, El Abra submitted an environmental impact study to Chile regulatory authorities.

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.

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

The decision to proceed with and timing of the potential project will take into account required permitting, market conditions and other factors.

Operating Data.

Following is summary consolidated operating data for South America operations:

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

2025 2024 2025 2024

Three Months Ended March 31,

Copper (millions of recoverable pounds)

15 unchanged sentences

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

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.

Our consolidated copper sales volumes from South America operations of 248 million pounds in first-quarter 2026 were lower than first-quarter 2025 copper sales volumes of 275 million pounds, primarily reflecting lower leach placements.

Copper sales from South America operations are expected to approximate 1.05 billion pounds for the year 2026.

7 unchanged sentences

Gross Profit per Pound of Copper

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.

The following table summarizes unit net cash costs and gross profit per pound of copper at our South America operations for the three months ended March 31, 2026 and 2025.

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 September 30,

Three Months Ended March 31,

Method Co-Product

3 unchanged sentences

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) —

Treatment charges 0.06 0.06 0.15 0.15

Royalty on metals 0.01 0.01 0.01 0.01

Unit net cash costs 2.30 2.56 2.44 2.59

DD&A 0.41 0.36 0.37 0.34

Noncash and other costs, net 0.10 b

Total unit costs 2.81 3.01 2.91 3.02

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

3.15 2.78 2.76 2.50

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

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

Nine Months Ended September 30,

Method Co-Product

Method By-Product

Method Co-Product

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

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

2.75 2.50 2.67 a

By-product credits (0.79) — (0.44) —

3 unchanged sentences

DD&A 0.41 0.36 0.40 0.36

Noncash and other costs, net 0.07 b

Noncash and other costs, net 0.07 a

Total unit costs 2.86 3.23 2.85 2.99

3 unchanged sentences

Copper sales (millions of recoverable pounds) 248 248 275 275

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 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.

Includes charges totaling $0.05 per pound of copper in both first-quarter 2026 and 2025 for feasibility and optimization studies.

Average unit net cash costs (net of by-product credits) for South America operations of $2.38 per pound of copper in first-quarter 2026 were lower than first-quarter 2025 average unit net cash costs of $2.40 per pound of copper, primarily reflecting higher by-product credits and lower treatment charges, mostly offset by lower copper volumes and the impact of currency exchange rates on labor costs.

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

Because certain assets are depreciated on a straight-line basis, South America’s unit depreciation rate may vary with asset additions and the level of copper production and sales.

1 unchanged sentence

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 $2.45 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.

Based on achievement of current sales volume and cost estimates and assuming an average price of $25.00 per pound of molybdenum for the remainder of 2026, average unit net cash costs (net of by-product credits) for our South America operations are expected to approximate $2.60 per pound of copper for the year 2026.

Current cost estimates for 2026 reflect recent pricing impacts for energy and other consumables.

Our South America operations’ average unit net cash costs for the year 2026 would change by approximately $0.04 per pound for each $2 per pound change in the average price of molybdenum for the remainder of 2026.

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

PTFI produces copper concentrate that contains significant quantities of gold and silver.

In addition to copper, the Grasberg minerals district also produces gold and silver.

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

We have a 48.76% ownership interest in PTFI and manage its operations.

PTFI's results are consolidated in our financial statements.

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, DMLZ and Big Gossan) and related expansion of the milling facilities.

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 completed related expansion of the milling facilities.

At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest cost operations in the world.

First-quarter 2026 production of 95 million pounds of copper and 92 thousand ounces of gold primarily reflects the impact of the temporary suspension of operations at the Grasberg Block Cave underground mine following the Mud Rush Incident.

A phased restart and ramp-up of the Grasberg Block Cave underground mine is in progress.

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 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.

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.

In February 2026, we and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration 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.

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.

Under the terms of the MOU, we would maintain our current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042.

The existing governance and operating structure, and terms of the existing shareholder agreement, special mining business license (IUPK) and other agreements in effect will continue over the life of the resource.

We and PTFI are working with the Indonesia government to complete the license renewal process.

The extension of operating rights and other agreed terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK and entry into definitive agreements.

Grasberg Block Cave Ramp-Up.

Following the Mud Rush Incident, PTFI has progressed a series of activities to address the incident and advance preparation for a safe and sustainable restoration of operations.

During first-quarter 2026, PTFI completed remediation and restoration activities required for the restart of Production Blocks 2 and 3 and commenced initial ramp-up activities at the end of March 2026.

PTFI also continued to advance activities for a planned future start-up of Production Block 1S and advance risk mitigation strategies associated with drainage and cave management technologies.

During initial ramp-up activities in Production Blocks 2 and 3, PTFI encountered changes in operating conditions at the Grasberg Block Cave underground mine following the period of inactivity between September 2025 and April 2026, resulting in a significant increase in the ratio of wet drawpoints compared to the number of drawpoints containing dry material.

While PTFI’s existing automated systems to extract ore at the drawpoints are sufficient to support a ramp-up to previously planned levels, modifications to the chute system used to load ore into the automated trains will be required to operate at full capacity.

As a result, near-term production from Production Blocks 2 and 3 is expected to be limited to approximately 60% of capacity until required modifications to ore loading systems are made.

Installation of specialized equipment to accommodate the higher percentage of wet ore has commenced and will be sequenced initially to prioritize areas that would benefit the most from the enhancements.

PTFI expects the current bottlenecks can be substantially addressed by mid-2027.

PTFI’s overall production rates, which were previously forecast to approximate 85% of capacity in the second half of 2026 and reach 100% of capacity by the end of 2027 are now expected to approximate 65% in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.

Given the early stage of the initial ramp‑up, production forecasts are inherently more variable than they were prior to the incident.

As the ramp‑up progresses over the coming months, additional clarity is expected on a number of factors that could have a positive or negative impact on PTFI’s near‑term forecast.

As such, the revisions to PTFI’s production rates result in the deferral of production to future periods and do not reflect a change in the expected recovery of the Grasberg Block Cave resource.

PTFI is confident in the resource, its ability to conduct large‑scale mining safely and efficiently, and its long‑term plans to operate one of the world’s most successful and valuable copper and gold deposits.

In first-quarter 2026, PTFI recognized a gain of $0.7 billion for an insurance settlement associated with the Mud Rush Incident under its property and business interruption policies.

PTFI collected this settlement in April 2026.

Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district.

During 2025, PTFI completed studies to evaluate the potential to expand the footprint of the deposit which was previously designed to operate at a long-term rate of 90,000 metric tons of ore per day.

The studies identified a low-cost expansion opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and increase Kucing Liar’s reserves by approximately 20%.

As a result, PTFI’s preliminary estimates of Kucing Liar reserves currently approximate 8 billion pounds of copper and 8 million ounces of gold to be recovered through 2041, and an extension of PTFI’s operating rights beyond 2041 would extend the life of the project.

Average annual Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold.

The economic studies took into account an approximate 10% increase in Kucing Liar capital ($0.5 billion), impact to operating rates at the Grasberg Block Cave underground mine and reduction of capital expenditures associated with PTFI’s mine operations in connection with the processing of higher pyrite ore.

At March 31, 2026, PTFI had incurred approximately $1.3 billion for Kucing Liar development, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year).

Initial production is expected to commence ramping up in the 2030 timeframe.

Downstream Processing Facilities.

PTFI’s smelter and PT Smelting, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia, smelt and refine copper concentrate from PTFI, and the PMR processes anode slimes from the smelter and PT Smelting.

During 2024, construction of PTFI’s smelter in Eastern Java, Indonesia, was completed.

In October 2024, during start-up activities, a fire occurred that required temporary suspension of smelting operations to complete repairs.

Operations commenced in May 2025, following completion of repairs, and in July 2025, PTFI’s smelter produced its first copper cathode.

As part of start-up activities, PTFI commenced gold production from the PMR in December 2024 and operated on a limited basis during 2025, primarily processing anode slimes from PT Smelting.

Following the Mud Rush Incident, smelting operations in Indonesia at both PTFI’s smelter and PT Smelting were adjusted as a result of limited copper concentrate availability.

In late December 2025, PT Smelting resumed operations and operated at reduced rates during first-quarter 2026.

Shipments to PTFI’s smelter are expected to recommence in the second half of 2026 at a reduced rate dependent on available copper concentrate from mining operations at the Grasberg Block Cave underground mine.

The PMR has operated on a limited basis since the Mud Rush Incident, primarily processing anode slimes from PT Smelting.

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

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.

Following the Mud Rush Incident, PTFI’s planned investments for a new gas-fired combined cycle facility have been deferred with start-up and commissioning of the new facility scheduled in the second half of 2029.

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 regasification unit.

Labor Matters.

In March 2026, PTFI reached a new two-year collective labor agreement (CLA) with its three employee unions at its Grasberg minerals district operations.

PTFI did not recognize any significant nonrecurring costs associated with the new CLA.

Operating Data.

Following is summary consolidated operating data for Indonesia operations:

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

2025 2024 2025 2024

Three Months Ended March 31,

Copper (millions of recoverable pounds)

Production 95 296

Sales 360 426 1,093 1,256

Average realized price per pound $ 5.89 $ 4.34

4 unchanged sentences

Ore extracted and milled (metric tons per day):

Grasberg Block Cave 104,200 133,400 104,100 132,100

DMLZ 66,800 60,400

Big Gossan 7,300 6,600

Grasberg Block Cave 4,400 93,600

Adjustments 5,500 1,000

Total 84,000 161,600

167,200 207,400

Average ore grades:

4 unchanged sentences

Gold 79.6 76.3

PTFI’s consolidated sales volumes of 82 million pounds of copper and 116 thousand ounces of gold in first-quarter 2026 were lower than first-quarter 2025 sales volumes of 290 million pounds of copper and 125 thousand ounces of gold, reflecting lower operating rates following the Mud Rush Incident.

As a fully integrated producer of refined copper and gold, there may be variability in the timing between production and sales of refined copper and gold.

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

weather-related conditions;

and other factors detailed in the “Cautionary Statement” below.

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

Consolidated sales volumes from PTFI are expected to approximate 0.7 billion pounds of copper and 650 thousand ounces of gold for the year 2026.

Copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.

Unit Net Cash (Credits) Costs.

5 unchanged sentences

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 third quarters and first nine months of 2025 and 2024.

The following table summarizes 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 three months ended March 31, 2026 and 2025.

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 September 30,

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

Copper Gold Copper Gold

Revenues, excluding adjustments $ 4.52 $ 4.52 $ 3,535 $ 4.29 $ 4.29 $ 2,569

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 0.09 a

0.05 39 0.37 0.20 122

Export duties 0.38 0.21 166 0.30 0.17 99

Royalty on metals 0.29 0.17 125 0.30 0.17 95

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

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

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

Copper sales (millions of recoverable pounds) 360 360 426 426

Gold sales (thousands of recoverable ounces) 332 554

Nine Months Ended September 30,

Three Months Ended March 31,

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

10 unchanged sentences

1.03 851 0.64 0.49 343

Noncash and other costs, net 0.45 c,d

Noncash and other costs, net 5.13 c

2.23 1,855 0.34 d

5 unchanged sentences

Gold sales (thousands of recoverable ounces) 116 125

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 $0.92 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.

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.

Reflects downstream tolling fees and operating costs and does not represent market treatment and refining rates.

Favorable offsets associated with incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities are included in revenues and by-product credits.

Includes $1.13 per pound of copper of idle facility costs associated with the Mud Rush Incident.

Includes $4.93 per pound of copper of idle facility and restoration costs associated with the Mud Rush Incident.

Includes charges totaling $0.15 per pound of copper for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, $0.08 per pound of copper related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities and $0.08 per pound of copper for remediation costs related to the October 2024 fire incident at PTFI’s smelter.

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

PTFI’s unit net cash credits (including by-product credits) of $3.53 per pound of copper in first-quarter 2026 were favorable compared to unit net cash costs (net of by-product credits) of $0.64 per pound of copper in first-quarter 2025, primarily reflecting higher by-product credits, partly offset by the impact of lower volumes.

Following the Mud Rush Incident and until PTFI’s operations return to normal capacity, a portion of PTFI’s production and delivery costs will be recognized as idle facility costs, which are non-inventoriable.

Idle facility and restoration costs, which were excluded from PTFI's unit net cash credits, totaled $406 million ($4.93 per pound of copper) in first-quarter 2026.

Treatment charges reflect downstream tolling fees and operating costs and 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.

The increase in treatment charges and royalties per pound of copper in first-quarter 2026 compared to first-quarter 2025, primarily reflects lower copper volumes resulting from lower operating rates following the Mud Rush Incident and higher copper and gold prices.

In addition, as a fully integrated producer of refined copper and gold, there may be variability in the rate of royalties per pound of copper as a result of the ratio of copper sales to gold and silver sales.

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.

Refer to Note 11 of FCX’s 2025 Form 10-K for further discussion.

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

PTFI’s DD&A per pound of copper in first-quarter 2026 included $1.13 per pound of copper for non-inventoriable idle facility costs associated with the Mud Rush Incident, and also reflects the impact of lower copper sales volumes and higher depreciation associated with placing its downstream processing facilities into service in 2025.

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.

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

weather-related conditions;

and other factors.

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

“Risk Factors” contained in Part I of our 2024 Form 10-K for further discussion of factors that could cause results to differ materially from projections.

Based on achievement of current sales volume and cost estimates and assuming an average price of $4,500 per ounce of gold for the remainder of 2026, average unit net cash credits (including by-product credits and excluding idle facility and restoration costs associated with the Mud Rush Incident) for PTFI are expected to approximate $1.30 per pound of copper for the year 2026.

Current cost estimates for 2026 also reflect recent pricing impacts for energy and other consumables.

PTFI’s average unit net cash credits for the year 2026 would change by approximately $0.08 per pound of copper for each $100 per ounce change in the average price of gold for the remainder of 2026.

Molybdenum Mines

4 unchanged sentences

Operating and Development Activities.

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.

Production from the Molybdenum mines totaled 9 million pounds of molybdenum in both first-quarter 2026 and 2025.

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

copper mines and Cerro Verde mine.

6 unchanged sentences

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 $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.

Average unit net cash costs for our Molybdenum mines of $15.69 per pound of molybdenum in first-quarter 2026 were higher than average unit net cash costs of $13.72 per pound in first-quarter 2025, primarily reflecting higher costs for labor, supplies and energy.

Average unit net cash costs for the Molybdenum mines are expected to approximate $17.80 per pound of molybdenum for the year 2026, based on achievement of current sales volume and cost estimates.

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.

1 unchanged sentence

Through our downstream integration, we are able to place a significant portion of our copper concentrate production.

PTFI’s downstream processing facilities in Eastern Java, Indonesia, are wholly owned and operated, and PTFI has a 66% ownership interest in PT Smelting (39.5% prior to June 30, 2024), which is operated by Mitsubishi Materials Corporation.

PTFI’s downstream processing facilities in Eastern Java, Indonesia, are wholly owned and operated, and PTFI has a 66% ownership interest in PT Smelting, which is operated by Mitsubishi Materials Corporation.

We wholly own and operate the Miami smelter and rod mill in Arizona, the El Paso refinery and rod mill in Texas, and the Atlantic Copper smelter and refinery in Huelva, Spain.

2 unchanged sentences

copper mines and processing facilities.

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.

Rod production from these facilities approximated one billion pounds of copper for each of the last three years and is expected to approximate one billion pounds for the year 2026.

Sulfuric acid production from our smelters in the U.S., Spain, and Indonesia, together with our sulfur burner plant at the Safford mine, generally exceeds the requirements of our SX/EW leaching operations.

Accordingly, the recent volatility in the price of sulfuric acid is not expected to have a material impact on our consolidated results.

Certain of our SX/EW leaching operations in the U.S.

and South America purchase sulfuric acid from third parties, and while sulfuric acid price fluctuations may impact costs for these mining operations, favorable offsets associated with sulfuric acid sales by our smelters are reflected in revenues.

PTFI is a fully integrated producer of refined copper and gold.

PTFI’s smelter and PT Smelting smelt and refine copper concentrate from PTFI’s mines in the Grasberg minerals district, and the PMR processes anode slimes from the smelter and PT Smelting.

PTFI’s treatment charges, which are recorded in production and delivery costs, reflect downstream tolling fees and operating costs and do not represent market treatment and refining rates.

Favorable offsets associated with incremental metals and sulfuric acid produced and sold by PT Smelting and PTFI’s downstream processing facilities are included in revenues.

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.

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.

In first-quarter 2025, the Miami smelter performed a major maintenance turnaround and incurred maintenance charges and idle facility costs totaling $73 million.

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

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.

In first-quarter 2026, Atlantic Copper purchased 75% of its concentrate from third parties and 25% from our South America operations.

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.

2 unchanged sentences

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 (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.

Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $70 million ($23 million to net income attributable to common stock) in first-quarter 2026 and $114 million ($34 million to net income attributable to common stock) in first-quarter 2025.

Our net deferred profits on our inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $68 million ($22 million to net income attributable to common stock) at March 31, 2026.

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.

6 unchanged sentences

and other factors.

Refer to “Consolidated Results,” and Item 1A.

“Risk Factors” contained in Part I of 2025 Form 10-K and Part II, Item 1A.

herein for further discussion on our energy requirements and related costs.

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

3 unchanged sentences

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 $8.7 billion for the year 2026 exceed our expected consolidated capital expenditures of $4.3 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.

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.

At March 31, 2026, we had $3.7 billion in consolidated cash and cash equivalents, and FCX, PTFI and Cerro Verde had $3.0 billion, $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.

Financial Policy.

Our financial policy is aligned with our strategic objectives of maintaining a strong balance sheet, providing cash returns to shareholders and advancing opportunities for future growth.

The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to us maintaining our net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding debt for PTFI’s downstream processing facilities).

Our financial policy is aligned with our strategic objectives of maintaining a solid balance sheet, providing cash returns to common stockholders and advancing opportunities for future growth.

The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to stockholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to us maintaining our net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding debt for PTFI’s downstream processing facilities).

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

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

At March 31, 2026, our net debt totaled $2.4 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities.

Refer to "Net Debt" for further discussion.

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.

Refer to Note 4 and “Financing Activities” below for further discussion of shares acquired in first-quarter 2026 under our current share repurchase program.

On March 25, 2026, 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 May 1, 2026, to common stockholders of record on April 15, 2026.

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

1 unchanged sentence

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 September 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 March 31, 2026 (in billions):

Cash at domestic companies $ 1.9

11 unchanged sentences

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

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.

At March 31, 2026, consolidated debt totaled $9.4 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 eight years.

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

At March 31, 2026, we had no borrowings and $5 million in letters of credit issued under our $3.0 billion revolving credit facility, PTFI had $250 million in borrowings outstanding under its $1.75 billion revolving credit facility and Cerro Verde had no borrowings under its $350 million revolving credit facility.

At March 31, 2026, Atlantic Copper had borrowings of $0.5 billion outstanding under short-term lines of credit used for working capital requirements.

Refer to Note 4 for further discussion of debt.

Operating Activities

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).

We generated operating cash flows of $1.5 billion (including $0.1 billion from working capital and other sources) in first-quarter 2026 and $1.1 billion (net of $0.3 billion for working capital and other uses) in first-quarter 2025.

Operating cash flows in first-quarter 2026, compared with first-quarter 2025, reflect the impact of higher metal prices, offset by lower copper and gold sales volumes from PTFI as a result of the Mud Rush Incident.

Investing Activities

Capital Expenditures.

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%.

Capital expenditures, including capitalized interest, totaled $1.0 billion in first-quarter 2026 and $1.2 billion in first-quarter 2025, and include amounts for major projects ($0.6 billion in both first-quarter 2026 and 2025), primarily associated with underground development activities and supporting mill and power capital costs in the Grasberg minerals district.

Financing Activities

Debt Transactions.

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.

Net proceeds from debt totaled $35 million in first-quarter 2026 and $452 million in first-quarter 2025, primarily related to borrowings by Atlantic Copper under short-term lines of credit used for working capital requirements.

Cash Dividends on Common Stock.

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

We paid cash dividends on our common stock totaling $0.2 billion in both first-quarter 2026 and 2025.

Refer to Note 4, Item 1A.

“Risk Factors” contained in Part I of our 2024 Form 10-K, “Cautionary Statement” below and the discussion of our financial policy above.

“Risk Factors” contained in Part I of our 2025 Form 10-K and Part II, Item 1A.

herein, “Cautionary Statement” below and the discussion of our financial policy above.

Cash Dividends and Distributions Paid to Noncontrolling Interests.

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 paid to noncontrolling interests at our international operations totaled $0.2 billion in first-quarter 2026.

There were no cash dividends paid to noncontrolling interests at our international operations in first-quarter 2025.

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 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).

We acquired 1.7 million shares of our common stock for a total cost of $93 million ($54.25 average cost per share) under our share repurchase program in first-quarter 2026, and 1.4 million shares of our common stock for a total cost of $55 million ($39.10 average cost per share) in first-quarter 2025.

Refer to Note 4 for further discussion.

7 unchanged sentences

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 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.

There have been no significant updates to our environmental obligations and AROs since December 31, 2025.

Refer to Note 10 of our 2025 Form 10-K for further discussion regarding environmental contingencies and AROs.

There have been no significant updates to our lease commitments since December 31, 2025.

Refer to Note 11 of our 2025 Form 10-K for further discussion regarding lease commitments.

Litigation and Other Contingencies

There have been no significant updates to our contingencies associated with legal proceedings and other matters since December 31, 2024, other than as disclosed in Note 7.

There have been no significant updates to our contingencies associated with legal proceedings and other matters since December 31, 2025.

Refer to Note 10 and “Legal Proceedings” contained in Part I, Item 3.

of our 2024 Form 10-K, as updated by Note 7, for further information regarding litigation and other contingencies.

of our 2025 Form 10-K for further discussion regarding litigation and other contingencies.

NEW ACCOUNTING STANDARDS

1 unchanged sentence

CRITICAL ACCOUNTING ESTIMATES

MD&A is based on our consolidated financial statements, which have been prepared in conformity with U.S.

The preparation of these statements requires that we make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.

We base these estimates on historical experience and on assumptions that we consider reasonable under the circumstances;

however, reported results could differ from those based on the current estimates under different assumptions or conditions.

For a description of our critical accounting estimates that require us to make the most difficult, subjective or complex judgments, refer to our 2024 Form 10-K.

We have not changed any of these policies from those previously disclosed in that report.

Refer to our 2025 Form 10-K for a description of our critical accounting estimates that require us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.

There have been no changes from these previously disclosed policies.

We believe that net debt provides investors with information related to the performance-based payout framework in our financial policy, which requires us to maintain our net debt at a level not to exceed the net debt target of $3 billion to $4 billion (excluding project debt for PTFI’s downstream processing facilities).

3 unchanged sentences

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

As of September 30, 2025

At March 31, 2026

Current portion of debt $ 500

17 unchanged sentences

We show revenue adjustments for prior period open sales as a separate line item.

Because these adjustments do not result from current period sales, these amounts have been reflected separately from revenues on current period sales.

Noncash and other costs, net, which are removed from site production and delivery costs in the calculation of unit net cash costs, consist of items such as ARO accretion and other adjustments, inventory write-offs and adjustments, stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, operational readiness and startup costs, restructuring and/or unusual charges.

Because these adjustments result from prior period sales, these amounts have been reflected separately from revenues on current period sales.

As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method.

1 unchanged sentence

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

Three Months Ended September 30, 2025

(In millions) By-Product Co-Product Method

Method Copper Molybdenum a

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

Site production and delivery, before net noncash

and other costs shown below 1,225 1,081 151 44 1,276

By-product credits (208) — — — —

Treatment charges 45 43 — 2 45

Net cash costs 1,062 1,124 151 46 1,321

DD&A 135 119 13 3 135

Noncash and other costs, net 63 c

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

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

Copper sales (millions of recoverable pounds) 341 341

Molybdenum sales (millions of recoverable pounds) a

Gross profit per pound of copper/molybdenum:

Revenues $ 4.92 $ 4.92 $ 23.66

Site production and delivery, before net noncash

and other costs shown below 3.59 3.17 17.94

By-product credits (0.61) — —

Treatment charges 0.13 0.13 —

Unit net cash costs 3.11 3.30 17.94

DD&A 0.40 0.35 1.51

Noncash and other costs, net 0.18 c

Total unit costs 3.69 3.82 19.85

Gross profit per pound $ 1.23 $ 1.10 $ 3.81

Reconciliation to Amounts Reported

Revenues Production and Delivery DD&A

Totals presented above $ 1,936 $ 1,276 $ 135

Treatment charges 1 46 —

Noncash and other costs, net — 63 —

Eliminations and other 3 9 (1)

copper mines 1,940 1,394 134

Other mining d

6,826 4,502 476

Corporate, other & eliminations (1,794) (1,691) 15

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

Reflects sales of molybdenum produced by certain of the U.S.

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

Includes gold and silver product revenues and production costs.

Includes charges totaling $23 million ($0.07 per pound of copper) for feasibility and optimization studies.

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

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

Three Months Ended September 30, 2024

Three Months Ended March 31, 2026

(In millions) By-Product Co-Product Method

21 unchanged sentences

Unit net cash costs 2.93 3.20 17.63

3.24 3.37 16.83

DD&A 0.50 0.41 1.83

1 unchanged sentence

Total unit costs 3.58 3.75 19.90

3.75 3.83 18.45

Other revenue adjustments, primarily for pricing

2 unchanged sentences

Reconciliation to Amounts Reported

Revenues Production and Delivery DD&A

Revenues and Delivery DD&A

Totals presented above $ 2,197 $ 1,198 $ 165

7 unchanged sentences

5,949 4,630 329

Corporate, other & eliminations (1,567) (1,417) 14

Corporate, other & eliminations e

(1,914) (1,856) 20

As reported in our consolidated financial statements $ 6,234 $ 4,065 $ 514

3 unchanged sentences

Includes charges totaling $17 million ($0.05 per pound of copper) for feasibility and optimization studies.

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

Represents the combined total for South America and Indonesia operations, Molybdenum mines, U.S.

Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2025

(In millions) By-Product Co-Product Method

1 unchanged sentence

Revenues, excluding adjustments $ 1,414

$ 1,414 $ 155 $ 41 $ 1,610

Site production and delivery, before net noncash

6 unchanged sentences

Total costs 1,120 1,136 143 38 1,317

Other revenue adjustments, primarily for pricing

on prior period open sales 4 4 — 1 5

Other revenue adjustments, primarily for pricing on prior period open sales 4 4 — 1 5

Gross profit $ 298 $ 282 $ 12 $ 4 $ 298

3 unchanged sentences

Revenues, excluding adjustments $ 4.60

$ 4.60 $ 20.16

Site production and delivery, before net noncash

20 unchanged sentences

5,510 3,844 331

Corporate, other & eliminations (4,715) (4,427) 40

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

Reflects sales of molybdenum produced by certain of the U.S.

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

Includes gold and silver product revenues and production costs.

Includes charges totaling $63 million ($0.07 per pound of copper) for feasibility and optimization studies.

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

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

Nine Months Ended September 30, 2024

(In millions) By-Product Co-Product Method

Method Copper Molybdenum a

Revenues $ 4,048

$ 4,048 $ 433 $ 127 $ 4,608

Site production and delivery, before net noncash

and other costs shown below 3,250 2,928 358 104 3,390

By-product credits (420) — — — —

Treatment charges 125 120 — 5 125

Net cash costs 2,955 3,048 358 109 3,515

DD&A 327 295 26 6 327

Noncash and other costs, net 133 c

Total costs 3,415 3,466 393 116 3,975

Gross profit $ 633 $ 582 $ 40 $ 11 $ 633

Copper sales (millions of recoverable pounds) 943 943

Molybdenum sales (millions of recoverable pounds) a

Gross profit per pound of copper/molybdenum:

Revenues $ 4.29

$ 4.29 $ 19.97

Site production and delivery, before net noncash

and other costs shown below 3.45 3.10 16.52

By-product credits (0.45) — —

Treatment charges 0.13 0.13 —

Unit net cash costs 3.13 3.23 16.52

DD&A 0.35 0.32 1.23

Noncash and other costs, net 0.14 c

Total unit costs 3.62 3.68 18.14

Gross profit per pound $ 0.67 $ 0.61 $ 1.83

Reconciliation to Amounts Reported

Revenues and Delivery DD&A

Totals presented above $ 4,608 $ 3,390 $ 327

Treatment charges (4) 121 —

Noncash and other costs, net — 133 —

Eliminations and other 25 34 —

copper mines 4,629 3,678 327

Other mining d

Corporate, other & eliminations e

(1,412) (1,300) 11

Corporate, other & eliminations (4,459) (4,180) 47

As reported in our consolidated financial statements $ 5,728 $ 3,756 $ 466

3 unchanged sentences

Includes charges totaling $14 million ($0.05 per pound of copper) for feasibility and optimization studies.

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

Represents the combined total for South America and Indonesia operations, Molybdenum mines, U.S.

Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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

Three Months Ended September 30, 2025

Three Months Ended March 31, 2026

(In millions) By-Product Co-Product Method

36 unchanged sentences

on prior period open sales 35 — —

Eliminations and other 1 — —

South America operations 1,634 809 103

1 unchanged sentence

6,514 5,112 391

Corporate, other & eliminations (1,794) (1,691) 15

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

Includes silver sales of 0.9 million ounces ($44.89 per ounce average realized price).

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

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

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

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

Three Months Ended September 30, 2024

(In millions) By-Product Co-Product Method

Method Copper Other a

Revenues, excluding adjustments $ 1,257 $ 1,257 $ 122 $ 1,379

Site production and delivery, before net noncash

and other costs shown below 776 b

By-product credits (109) — — —

Treatment charges 45 45 — 45

Royalty on metals 2 2 — 2

Net cash costs 714 758 78 836

DD&A 109 99 10 109

Noncash and other costs, net 28 c

Total costs 851 885 88 973

Other revenue adjustments, primarily for pricing

on prior period open sales (18) (18) — (18)

Gross profit $ 388 $ 354 $ 34 $ 388

Copper sales (millions of recoverable pounds) 293 293

Gross profit per pound of copper:

Revenues, excluding adjustments $ 4.29 $ 4.29

Site production and delivery, before net noncash

and other costs shown below 2.65 b

By-product credits (0.37) —

Treatment charges 0.15 0.15

Royalty on metals 0.01 0.01

Unit net cash costs 2.44 2.59

DD&A 0.37 0.34

Noncash and other costs, net 0.10 c

Total unit costs 2.91 3.02

Other revenue adjustments, primarily for pricing

on prior period open sales (0.06) (0.06)

Gross profit per pound $ 1.32 $ 1.21

Reconciliation to Amounts Reported

Revenues and Delivery DD&A

Totals presented above $ 1,379 $ 789 $ 109

Treatment charges (45) — —

Royalty on metals (2) — —

Noncash and other costs, net — 28 —

Other revenue adjustments, primarily for pricing

on prior period open sales (18) — —

Eliminations and other 2 — 1

South America operations 1,316 817 110

Other mining d

Corporate, other & eliminations d

(1,914) (1,856) 20

Corporate, other & eliminations (1,567) (1,417) 14

As reported in our consolidated financial statements $ 6,234 $ 4,065 $ 514

1 unchanged sentence

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

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.

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

Includes charges totaling $11 million ($0.05 per pound of copper) for feasibility and optimization studies.

Represents the combined total for U.S.

copper mines, Indonesia operations, Molybdenum mines, U.S.

Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2025

(In millions) By-Product Co-Product Method

40 unchanged sentences

5,764 4,268 344

Corporate, other & eliminations (4,715) (4,427) 40

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

Includes silver sales of 2.5 million ounces ($39.10 per ounce average realized price).

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

Includes charges totaling $51 million ($0.06 per pound of copper) for feasibility and optimization studies.

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

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

Nine Months Ended September 30, 2024

(In millions) By-Product Co-Product Method

Method Copper Other a

Revenues, excluding adjustments $ 3,737 $ 3,737 $ 342 $ 4,079

Site production and delivery, before net noncash

and other costs shown below 2,347 b

2,169 217 2,386

By-product credits (302) — — —

Treatment charges 144 144 — 144

Royalty on metals 6 5 1 6

Net cash costs 2,195 2,318 218 2,536

DD&A 331 303 28 331

Noncash and other costs, net 66 c

Total costs 2,592 2,685 248 2,933

Other revenue adjustments, primarily for pricing

on prior period open sales 33 33 (1) 32

Gross profit $ 1,178 $ 1,085 $ 93 $ 1,178

Copper sales (millions of recoverable pounds) 879 879

Gross profit per pound of copper:

Revenues, excluding adjustments $ 4.25 $ 4.25

Site production and delivery, before net noncash

and other costs shown below 2.67 b

By-product credits (0.34) —

Treatment charges 0.16 0.16

Royalty on metals 0.01 0.01

Unit net cash costs 2.50 2.64

DD&A 0.38 0.35

Noncash and other costs, net 0.07 c

Total unit costs 2.95 3.06

Other revenue adjustments, primarily for pricing

on prior period open sales 0.04 0.04

Gross profit per pound $ 1.34 $ 1.23

Reconciliation to Amounts Reported

Revenues and Delivery DD&A

Totals presented above $ 4,079 $ 2,386 $ 331

Treatment charges (144) — —

Royalty on metals (6) — —

Noncash and other costs, net — 66 —

Other revenue adjustments, primarily for pricing

on prior period open sales 32 — —

Eliminations and other 2 (2) 1

South America operations 3,963 2,450 332

Other mining d

Corporate, other & eliminations d

(1,412) (1,300) 11

Corporate, other & eliminations (4,459) (4,180) 47

As reported in our consolidated financial statements $ 5,728 $ 3,756 $ 466

1 unchanged sentence

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

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.

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

Includes charges totaling $15 million ($0.05 per pound of copper) for feasibility studies and optimization studies.

Represents the combined total for U.S.

copper mines, Indonesia operations, Molybdenum mines, U.S.

Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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

Three Months Ended September 30, 2025

Three Months Ended March 31, 2026

(In millions) Co-Product Method

5 unchanged sentences

Treatment charges 50 22 25 3 50

Export duties 135 77 55 3 135

Royalty on metals 50 24 24 2 50

Net cash (credits) costs (290) 150 171 19 340

186 134 10 330

Noncash and other costs, net 422 c

12 unchanged sentences

Treatment charges 0.61 0.26 220

Export duties 0.38 0.21 166

Royalty on metals 0.60 0.29 210

9 unchanged sentences

Treatment charges (2) 48 d

Export duties (135) — —

Royalty on metals (50) — —

2 unchanged sentences

on prior period open sales 10 — —

Eliminations and other — 1 1

Indonesia operations 1,072 710 194

1 unchanged sentence

7,076 5,211 300

Corporate, other & eliminations (1,794) (1,691) 15

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

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

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 September 30, 2024

(In millions) Co-Product Method

By-Product Method Copper Gold Silver & Other a

Revenues, excluding adjustments $ 1,826 $ 1,826 $ 1,421 $ 68 $ 3,315

Site production and delivery, before net noncash

and other costs shown below 774 426 332 16 774

By-product credits (1,493) — — — —

Treatment charges 157 87 67 3 157

Export duties 129 71 55 3 129

Royalty on metals 129 74 53 2 129

Net cash (credits) costs (304) 658 507 24 1,189

DD&A 340 187 146 7 340

Noncash and other costs, net 52 b

Total costs 88 874 675 32 1,581

Other revenue adjustments, primarily for pricing

on prior period open sales (14) (14) 4 — (10)

Gross profit $ 1,724 $ 938 $ 750 $ 36 $ 1,724

Copper sales (millions of recoverable pounds) 426 426

Gold sales (thousands of recoverable ounces) 554

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

Revenues, excluding adjustments $ 4.29 $ 4.29 $ 2,569

Site production and delivery, before net noncash

and other costs shown below 1.82 1.00 599

By-product credits (3.50) — —

Treatment charges 0.37 0.20 122

Export duties 0.30 0.17 99

Royalty on metals 0.30 0.17 95

Unit net cash (credits) costs (0.71) 1.54 915

DD&A 0.80 0.44 263

Noncash and other costs, net 0.12 b

Total unit costs 0.21 2.05 1,219

Other revenue adjustments, primarily for pricing

on prior period open sales (0.03) (0.03) 6

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

Reconciliation to Amounts Reported

Revenues and Delivery DD&A

Totals presented above $ 3,315 $ 774 $ 340

Treatment charges (65) 92 c

Export duties (129) — —

Royalty on metals (129) — —

Noncash and other costs, net — 52 —

Other revenue adjustments, primarily for pricing

on prior period open sales (10) — —

Indonesia operations 2,982 918 340

Other mining d

5,375 4,576 246

Corporate, other & eliminations (1,567) (1,417) 14

As reported in our consolidated financial statements $ 6,790 $ 4,077 $ 600

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

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.

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

Nine Months Ended September 30, 2025

(In millions) Co-Product Method

By-Product Method Copper Gold Silver & Other a

Revenues, excluding adjustments $ 4,827 $ 4,827 $ 3,273 $ 159 $ 8,259

Site production and delivery, before net noncash

and other costs shown below 2,052 1,199 813 40 2,052

By-product credits (3,449) — — — —

Treatment charges 175 103 69 3 175

Export duties 337 196 134 7 337

Royalty on metals 304 179 122 3 304

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

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

Other revenue adjustments, primarily for pricing

on prior period open sales 19 19 16 1 36

Gross profit $ 4,032 $ 2,354 $ 1,598 $ 80 $ 4,032

Copper sales (millions of recoverable pounds) 1,093 1,093

Gold sales (thousands of recoverable ounces) 975

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

Revenues, excluding adjustments $ 4.42 $ 4.42 $ 3,357

Site production and delivery, before net noncash

and other costs shown below 1.88 1.10 834

By-product credits (3.16) — —

Treatment charges 0.16 0.09 71

Export duties 0.31 0.18 138

Royalty on metals 0.28 0.16 125

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

Noncash and other costs, net 0.45 c

Total unit costs 0.74 2.28 1,734

Other revenue adjustments, primarily for pricing

on prior period open sales 0.01 0.01 16

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

Reconciliation to Amounts Reported

Revenues and Delivery DD&A

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

Treatment charges 9 184 d

Export duties (337) — —

Royalty on metals (304) — —

Noncash and other costs, net — 490 —

Other revenue adjustments, primarily for pricing

on prior period open sales 36 — —

Eliminations and other (1) — 1

Indonesia operations 7,662 2,726 906

Other mining e

Corporate, other & eliminations f

(1,914) (1,856) 20

Corporate, other & eliminations (4,715) (4,427) 40

As reported in our consolidated financial statements $ 6,234 $ 4,065 $ 514

Includes silver sales of 0.5 million ounces ($84.38 per ounce average realized price).

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

Nine Months Ended September 30, 2024

Includes $93 million ($1.13 per pound of copper) of idle facility costs associated with the Mud Rush Incident.

Includes $406 million ($4.93 per pound of copper) of idle facility and restoration costs associated with the Mud Rush Incident.

Primarily represents tolling costs paid to PT Smelting, and excludes idle facility related tolling fees that are included in noncash and other costs, net (refer to note c above).

Represents the combined total for U.S.

copper mines, South America operations, Molybdenum mines, U.S.

Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

Indonesia Operations Product Revenues, Production Costs and Unit Net Cash Costs

Three Months Ended March 31, 2025

(In millions) Co-Product Method

8 unchanged sentences

Royalty on metals 66 48 18 — 66

Net cash (credits) costs (432) 1,909 1,245 59 3,213

Net cash costs 187 458 143 8 609

DD&A 186 141 43 2 186

14 unchanged sentences

Royalty on metals 0.23 0.17 144

Unit net cash (credits) costs (0.34) 1.52 845

Unit net cash costs 0.64 1.58 1,145

DD&A 0.64 0.49 343

13 unchanged sentences

on prior period open sales 35 — —

Eliminations and other — 1 —

Indonesia operations 1,570 578 186

1 unchanged sentence

5,570 4,478 269

Corporate, other & eliminations (4,459) (4,180) 47

Corporate, other & eliminations e

(1,412) (1,300) 11

As reported in our consolidated financial statements $ 5,728 $ 3,756 $ 466

Includes silver sales of 0.4 million ounces ($34.05 per ounce average realized price).

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.

Includes charges totaling $44 million ($0.15 per pound of copper) for operational readiness and start-up costs associated with PTFI’s downstream processing facilities, $24 million ($0.08 per pound of copper) related to the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities and $23 million ($0.08 per pound of copper) for remediation costs related to the October 2024 incident at PTFI’s smelter.

Represents tolling costs paid to PT Smelting.

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

Represents the combined total for U.S.

copper mines, South America operations, Molybdenum mines, U.S.

Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”

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

Three Months Ended September 30,

Three Months Ended March 31,

(In millions) 2026 2025

6 unchanged sentences

Total costs 169 157

Gross profit (loss) $ 5 $ (27)

Gross profit $ 52 $ 29

Molybdenum sales (millions of recoverable pounds) a

Gross profit (loss) per pound of molybdenum:

Gross profit per pound of molybdenum:

Revenues, excluding adjustments a

7 unchanged sentences

Total unit costs 19.24 17.17

Gross profit (loss) per pound $ 0.64 $ (4.17)

Gross profit per pound $ 5.97 $ 3.15

Reconciliation to Amounts Reported

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

Three Months Ended March 31, 2026 Revenues and Delivery DD&A

Totals presented above $ 221 $ 129 $ 24

4 unchanged sentences

7,936 5,785 470

Corporate, other & eliminations (1,794) (1,691) 15

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

Three Months Ended September 30, 2024

Totals presented above $ 138 $ 131 $ 19

Treatment charges and other (6) — —

Noncash and other costs, net — 9 —

Molybdenum mines 132 140 19

Other mining b

Corporate, other & eliminations c

(1,914) (1,856) 20

Corporate, other & eliminations (1,567) (1,417) 14

As reported in our consolidated financial statements $ 6,234 $ 4,065 $ 514

Reflects sales of the Molybdenum mines’ production to our molybdenum sales company at market-based pricing.

On a consolidated basis, realizations are based on the actual contract terms for sales to third parties;

as a result, our consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.

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

Also includes amounts associated with the molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the U.S.

copper mines and the Cerro Verde mine.

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

Nine Months Ended September 30,

(In millions) 2025 2024

Revenues, excluding adjustments a

Site production and delivery, before net noncash

and other costs shown below 382 376

Treatment charges and other 27 19

Net cash costs 409 395

Noncash and other costs, net 18 17

Total costs 501 463

Gross profit (loss) $ 60 $ (29)

Molybdenum sales (millions of recoverable pounds) a

Gross profit (loss) per pound of molybdenum:

Revenues, excluding adjustments a

$ 21.37 $ 20.40

Site production and delivery, before net noncash

and other costs shown below 14.56 17.71

Treatment charges and other 1.04 0.88

Unit net cash costs 15.60 18.59

DD&A 2.80 2.39

Noncash and other costs, net 0.68 0.80

Total unit costs 19.08 21.78

Gross profit (loss) per pound $ 2.29 $ (1.38)

Reconciliation to Amounts Reported

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

Three Months Ended March 31, 2025

Totals presented above $ 186 $ 116 $ 26

4 unchanged sentences

6,963 4,934 429

Corporate, other & eliminations (4,715) (4,427) 40

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

Nine Months Ended September 30, 2024

Totals presented above $ 434 $ 376 $ 51

Treatment charges and other (19) — —

Noncash and other costs, net — 17 —

Molybdenum mines 415 393 51

Other mining b

Corporate, other & eliminations c

(1,412) (1,300) 11

Corporate, other & eliminations (4,459) (4,180) 47

As reported in our consolidated financial statements $ 5,728 $ 3,756 $ 466

2 unchanged sentences

as a result, our consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.

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

Also includes amounts associated with the molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the U.S.

Represents the combined total for U.S.

copper mines, South America and Indonesia operations, U.S.

Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”

Represents Corporate, other & eliminations as presented in “Business Divisions and Segments,” which also includes amounts associated with our molybdenum sales company, including sales of molybdenum produced by the Molybdenum mines and by certain of the U.S.

copper mines and the Cerro Verde mine.

2 unchanged sentences

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;

restoration and remediation 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 FCX’s business, production, sales, results of operations and operating plans;

global market conditions, including trade policies;

5 unchanged sentences

operating plans, including mine sequencing;

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;

the life of resource extension of operating rights in the Grasberg minerals district, including the extension of PTFI’s IUPK beyond 2041;

timing of shipments of inventoried production;

11 unchanged sentences

debt repurchases;

and the ongoing implementation of our financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases.

and the ongoing implementation of our financial policy and future returns to common stockholders, including dividend payments (base or variable) and share repurchases.

The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements.

6 unchanged sentences

timing of shipments and sales;

PTFI’s ability to repair mud rush incident-related damage, implement enhanced operating procedures, safely restart with a phased ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans;

resolve force majeure declarations and maintain relationships with commercial counterparties;

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

2 unchanged sentences

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;

7 unchanged sentences

satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041;

process relating to the extension of PTFI’s IUPK beyond 2041;

delays in Indonesia government approvals or failure to obtain Indonesia government approval, including on the agreed upon terms of the MOU and relating to the amendment to the IUPK to extend PTFI’s operating rights beyond 2041;

delays in consummating the terms of the MOU, including entering into any definitive agreements;

cybersecurity risks;

7 unchanged sentences

our ability to comply with our responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” contained in Part I, Item 1A.

of our 2024 Form 10-K.

of our 2025 Form 10-K and Part II, Item 1A.

Investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which we cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which we may not be able to control.

10 unchanged sentences

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