Freeport-McMoRan · Earnings release · 8-K Exhibit 99

Freeport Reports

Third-Quarter and Nine-Month 2025 Results

•Third-quarter 2025 operating results:

◦T1Consolidated production was impacted by the temporary suspension of operations in Indonesia since the September 8, 2025, mud rush incident

◦Consolidated copper and gold sales were approximately 1% and 4%, respectively, lower than July 2025 guidance

◦T2Consolidated unit net cash costs of $1.40 per pound of copper were better than July 2025 guidance

•T3Strong financial position and favorable long-term outlook

•Net income attributable to common stock in third-quarter 2025 totaled $674 million, $0.46 per share, and adjusted net income attributable to common stock totaled $722 million, $0.50 per share.

•Consolidated production totaled 912 million pounds of copper, 287 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2025.

•Consolidated sales totaled 977 million pounds of copper, 336 thousand ounces of gold and 19 million pounds of molybdenum in third-quarter 2025.

•G1Consolidated sales are expected to approximate 3.5 billion pounds of copper, G21.05 million ounces of gold and G382 million pounds of molybdenum for the year 2025, including G4635 million pounds of copper, G560 thousand ounces of gold and G621 million pounds of molybdenum in fourth-quarter 2025. Forecasts for fourth-quarter 2025 assume minimal contribution from Indonesia, pending a phased restart of mining and smelting operations.

•Average realized prices were $4.68 per pound for copper, $3,539 per ounce for gold and $24.07 per pound for molybdenum in third-quarter 2025.

•Average unit net cash costs were $1.40 per pound of copper in third-quarter 2025 and G7are expected to average $1.68 per pound of copper for the year 2025.

•Operating cash flows totaled $1.7 billion, net of $0.2 billion of working capital and other uses, in third-quarter 2025. G8Operating cash flows are expected to approximate $5.5 billion, net of $0.7 billion of working capital and other uses, for the year 2025, assuming prices of $4.75 per pound for copper, $4,000 per ounce for gold and $25.00 per pound for molybdenum in fourth-quarter 2025.

•Capital expenditures in third-quarter 2025 totaled $1.1 billion, including $0.5 billion for major mining projects and $0.1 billion for PT Freeport Indonesia’s (PTFI) new smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities). For the year 2025, capital expenditures are expected to approximate $4.5 billion, including $2.3 billion for major mining projects and $0.6 billion for PTFI’s downstream processing facilities.

•At September 30, 2025, consolidated debt totaled $9.3 billion and consolidated cash and cash equivalents totaled $4.3 billion. At September 30, 2025, net debt totaled $1.7 billion, excluding $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

1

PHOENIX, AZ, October 23, 2025 – Freeport (NYSE: FCX) reported third-quarter 2025 net income attributable to common stock of $674 million, $0.46 per share, and adjusted net income attributable to common stock of $722 million, $0.50 per share after excluding after-tax net charges totaling $48 million, $0.04 per share, primarily for idle facility costs and recovery efforts associated with the September 2025 mud rush incident at PTFI. For additional information, refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

Kathleen Quirk, President and Chief Executive Officer, said, “Our strong third-quarter 2025 results were overshadowed by the tragic incident at our Grasberg operation in September. The entire FCX organization is grieving for our coworkers lost in this accident and we remain steadfast in our commitment to prioritize the safety of our workforce above all else. 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.”

SUMMARY FINANCIAL DATA

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions, except per share amounts)

Revenuesa,b

$

$

$

$

Operating incomea,c

$

$

$

$

Net income attributable to common stockb,c,d

$

$

$

$

Diluted net income per share of common stockb,c,d

$

$

$

$

Diluted weighted-average common shares outstanding

Operating cash flowse

$

$

$

$

Capital expenditures

$

$

$

$

At September 30:

Cash and cash equivalents

$

$

$

$

Total debt, including current portion

$

$

$

$

a.For segment financial results, refer to the supplemental schedules, “Business Segments,” beginning on page X.

b.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. For further discussion, refer to the supplemental schedule, “Derivative Instruments,” beginning on page IX.

c.FCX defers 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 the supplemental schedule, “Deferred Profits,” on page X.

d.Includes after-tax net charges totaling $48 million ($0.04 per share) in third-quarter 2025, $30 million ($0.02 per share) in third-quarter 2024, $72 million ($0.05 per share) for the first nine months of 2025 and $81 million ($0.06 per share) for the first nine months of 2024 that are described in the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

e.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.

2

SUMMARY OPERATING DATA

Three Months Ended September 30,

Nine Months Ended September 30,

Copper (millions of recoverable pounds)

Production

Sales, excluding purchases

Average realized price per pound

$

$

$

$

Site production and delivery costs per pounda

$

b

$

$

b

$

Unit net cash costs per pounda

$

b

$

$

b

$

Gold (thousands of recoverable ounces)

Production

Sales

Average realized price per ounce

$

$

$

$

Molybdenum (millions of recoverable pounds)

Production

Sales, excluding purchases

Average realized price per pound

$

$

$

$

a.Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

b.Excludes idle facility costs and recovery expenses associated with the September 2025 mud rush incident at PTFI. Refer to page 4 for further discussion of the mud rush incident and to “Adjusted Net Income,” beginning on page VII for a summary of these charges.

Consolidated Production and Sales Volumes

Copper

•Third-quarter 2025 production of 912 million pounds was lower than third-quarter 2024 production of 1.1 billion pounds, primarily reflecting an estimated reduction of approximately 90 million pounds in third-quarter 2025 associated with the temporary suspension of operations since the September 2025 mud rush incident at PTFI and lower ore grades in Indonesia.

•Third-quarter 2025 sales of 977 million pounds were slightly lower than July 2025 guidance of 990 million pounds and below third-quarter 2024 sales of 1.0 billion pounds.

Gold

•Third-quarter 2025 production of 287 thousand ounces was lower than third-quarter 2024 production of 456 thousand ounces, primarily reflecting an estimated reduction of approximately 80 thousand ounces in third-quarter 2025 associated with the temporary suspension of operations since the September 2025 mud rush incident at PTFI and lower ore grades in Indonesia.

•Third-quarter 2025 sales of 336 thousand ounces were 4% lower than the July 2025 guidance of 350 thousand ounces and lower than third-quarter 2024 gold sales of 558 thousand ounces.

Molybdenum

•Third-quarter 2025 sales of 19 million pounds were in line with the July 2025 guidance and third-quarter 2024 sales.

Consolidated sales volumes for the year 2025 are expected to approximate 3.5 billion pounds of copper, 1.05 million ounces of gold and 82 million pounds of molybdenum, including 635 million pounds of copper, 60 thousand ounces of gold and 21 million pounds of molybdenum in fourth-quarter 2025. As previously reported, FCX

3

currently expects minimal fourth-quarter 2025 sales volumes from Indonesia operations and a phased ramp-up of production and sales during late 2025 and in 2026.

Consolidated Unit Net Cash Costs

Third-quarter 2025 consolidated average unit net cash costs (net of by-product credits) for FCX’s copper mines of $1.40 per pound of copper were lower than the July 2025 guidance of $1.59 per pound, primarily reflecting higher by-product credits, and were in line with third-quarter 2024 average unit net cash costs of $1.39 per pound of copper. Consolidated average unit net cash costs exclude $171 million of idle facility costs and recovery expenses associated with the September 2025 mud rush incident at PTFI. 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. Refer to “Operations” below for further discussion.

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 FCX’s copper mines are expected to average $1.68 per pound of copper for the year 2025 (G9including $2.47 per pound of copper in fourth-quarter 2025), based on achievement of current sales volume (assuming minimal contribution from Indonesia operations) 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 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.

Projected sales volumes and average unit net cash costs are dependent on operational performance; the timing of restarting mining and smelting operations at PTFI following the September 2025 mud rush incident; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.

OPERATIONS

Grasberg Minerals District Mud Rush Incident. As previously reported, PTFI experienced a mud rush incident on September 8, 2025, resulting in seven fatalities. The FCX organization extends its sincere condolences to the families and loved ones of the seven team members lost in this incident.

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 have been temporarily suspended since 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 are being conducted in parallel with ongoing mud removal activities, which are expected to be completed by year-end 2025. Smelting operations in Indonesia have operated with limited availability since the incident. Both smelters in Indonesia are currently on stand-by status pending the availability of copper concentrate. For a summary of idle facility costs and recovery expenses associated with the mud rush incident refer to “Adjusted Net Income,” beginning on page VII.

FCX and PTFI, including external experts, are completing an investigation of the root cause of the incident and to identify actions required to safeguard against recurrence. In parallel, and in coordination with Indonesia government authorities, future production plans are being evaluated and damage assessments are being completed. Pending completion of damage assessments, PTFI will assess the carrying value of specifically identified assets for potential write-off.

On September 24, 2025, PTFI provided estimates associated with a potential operating scenario involving the restart of the unaffected Big Gossan and Deep Mill Level Zone (DMLZ) underground mines during fourth-quarter 2025, followed by a phased restart and ramp-up of the Grasberg Block Cave underground mine during 2026. Under this operating scenario, which was based on a number of assumptions that are subject to change, the potential reduction in PTFI’s estimated production for 2026 approximates 35% of pre-incident estimates of 1.7 billion pounds of copper and 1.6 million ounces of gold.

4

PTFI’s operating plan, and cost and capital budgets are being evaluated. Revised plans are expected to be finalized following completion of the investigation and damage assessments. 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 intends to seek 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. As a result of the incident and impact on operations, PTFI has notified certain commercial counterparties of a force majeure under its contracts.

Leaching and Technology Innovation Initiatives. T4FCX continues to incorporate new applications, technologies and data analytics to its leaching processes across its 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.

FCX continues to apply operational enhancements on a larger scale and is advancing testing of innovative technology to increase production from these initiatives. FCX is targeting annual production of 300 million pounds of copper in 2026 from these initiatives and believes it has the potential for further significant increases in recoverable metal beyond the current target run rate. FCX is performing large-scale testing at its Morenci operations of an internally developed additive product with the potential to enhance copper recovery. In addition, FCX has identified other possible additives with strong potential and plans to apply heat with the new additives to further enhance recoveries. Continued success with these initiatives would be expected to contribute to favorable adjustments in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.

In addition to its innovative leaching initiatives, FCX is 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 its current operations and future development projects. FCX believes these leaching and technology initiatives are particularly important to its U.S. operations, which have lower ore grades.

United States. FCX manages seven copper operations in the U.S. – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. FCX also operates a copper smelter and rod mill in Miami, Arizona, and copper refinery and rod mill in El Paso, Texas. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver. All of FCX’s U.S. operations are wholly owned, except for Morenci. FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

Development Activities. FCX has substantial reserves, resources and future opportunities for organic growth in the U.S. associated with existing operations. Several initiatives are under way to target anticipated significant future growth in U.S. copper operations, including the leaching and technology innovation initiatives discussed above.

T5FCX has a potential expansion project 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. FCX completed technical and economic studies in late 2023 and continues to monitor capital cost trends and opportunities for value engineering. These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year. Estimated incremental project capital costs, which continue to be reviewed, approximate $3.5 billion. 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. 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. to operate a fully autonomous haulage fleet. FCX expects 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.

FCX continues 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. FCX expects to complete these studies in 2026. The

5

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.

Operating Data. Following is summary consolidated operating data for the U.S. copper mines:

Three Months Ended September 30,

Nine Months Ended

Copper (millions of recoverable pounds)

Production

Sales, excluding purchases

Average realized price per pounda

$

$

$

$

Molybdenum (millions of recoverable pounds)

Productionb

8

8

Unit net cash costs per pound of copperc

Site production and delivery, excluding adjustments

$

$

$

$

By-product credits

Treatment charges

Unit net cash costs

$

$

$

$

a.During the third quarter and first nine months of 2025, FCX's average U.S. copper price realization, which is generally based on Commodity Exchange Inc. settlement prices, was approximately 7% - 9% higher than the average copper price realizations for its South America and Indonesia operations, which are generally based on London Metal Exchange settlement prices.

b.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at FCX’s U.S. copper mines.

c.For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

FCX’s consolidated copper sales volumes from the U.S. mines of 339 million pounds in third-quarter 2025 were higher than third-quarter 2024 copper sales volumes of 316 million pounds, primarily reflecting higher operating rates. G10Consolidated copper sales from FCX’s U.S. mines are expected to approximate 1.3 billion pounds for the year 2025.

Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $3.11 per pound of copper in third-quarter 2025 were lower than third-quarter 2024 average unit net cash costs of $3.24 per pound, primarily reflecting higher copper volumes and higher molybdenum by-product credits.

FCX expects its average unit net cash costs (net of by-product credits) for its 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 the U.S. copper mines G11are 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. The U.S. copper mines’ average unit net cash costs for the year 2025 would change by approximately $0.01 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2025.

South America. FCX manages 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 FCX’s financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Development Activities. At the El Abra operations in Chile, FCX has 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,

6

which could result in the addition of 750 million pounds of copper production per year. FCX has advanced stakeholder engagement and preparation of its permitting application and plans to submit an environmental impact statement in first-quarter 2026. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision to proceed with and timing of the potential project will take into account overall copper market conditions, required permitting and other factors.

Operating Data. Following is summary consolidated operating data for South America operations:

Three Months Ended September 30,

Nine Months Ended

Copper (millions of recoverable pounds)

Production

Sales

Average realized price per pound

$

$

$

$

Molybdenum (millions of recoverable pounds)

Productiona

6

6

Unit net cash costs per pound of copperb

Site production and delivery, excluding adjustments

$

$

c

$

$

c

By-product credits

Treatment charges

Royalty on metals

Unit net cash costs

$

$

$

$

a.Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at Cerro Verde.

b.For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

c.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 collective labor agreements. Refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.

FCX’s consolidated copper sales volumes from South America operations of 278 million pounds in third-quarter 2025 were lower than third-quarter 2024 copper sales volumes of 293 million pounds, primarily reflecting anticipated lower leach production. G12Copper sales from South America operations are expected to approximate 1.1 billion pounds for the year 2025.

Average unit net cash costs (net of by-product credits) for South America operations of $2.30 per pound of copper in third-quarter 2025 were lower than third-quarter 2024 average unit net cash costs of $2.44 per pound of copper, primarily reflecting higher by-product credits and lower treatment charges partly offset by the impact of lower copper volumes.

Average unit net cash costs (net of by-product credits) for South America operations G13are 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.

Indonesia. 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. FCX has a 48.76% ownership interest in PTFI and manages its operations. PTFI’s results are consolidated in FCX’s financial statements. With the completion of PTFI’s newly constructed downstream processing facilities, PTFI became a fully integrated producer of refined copper and gold.

7

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

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

On September 8, 2025, PTFI experienced a significant mud rush incident at its Grasberg Block Cave underground mine. Operations have been temporarily suspended and a phased ramp-up to restore production is currently being planned (refer to page 4 for additional information).

Kucing Liar. 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.

Downstream Processing Facilities. In July 2025, PTFI’s new smelter in Eastern, Java, Indonesia, achieved production of 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, PTFI’s 66%-owned smelter and refinery in Gresik, Indonesia.

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 are being managed on a stand-by status, pending availability of copper concentrate.

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

PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted in fourth-quarter 2025. In connection with the extension, PTFI expects to pursue additional exploration, conduct studies for future additional development and expand its social programs. FCX expects to maintain its ownership interest of approximately 49% through 2041 and would hold an approximate 37% interest after 2041. The existing governance agreements would continue over the life of the resource.

8

Operating Data. Following is summary consolidated operating data for Indonesia operations:

Three Months Ended September 30,

Nine Months Ended

Copper (millions of recoverable pounds)

Production

Sales

Average realized price per pound

$

$

$

$

Gold (thousands of recoverable ounces)

Production

Sales

Average realized price per ounce

$

$

$

$

Unit net cash credits per pound of coppera

Site production and delivery, excluding adjustments

$

b

$

$

b

$

By-product credits

Treatment charges

c

c

Export duties

Royalty on metals

Unit net cash credits

$

$

$

$

a.For a reconciliation of unit net cash credits per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

b.Excludes idle facility costs and recovery expenses associated with the September 2025 mud rush incident. Refer to page 4 for further discussion of the mud rush incident and to “Adjusted Net Income,” beginning on page VII for a summary of these charges.

c.Excludes $0.11 per pound of copper in third-quarter 2025 and $0.04 per pound of copper for the first nine months of 2025 associated with PT Smelting's planned maintenance and idle facility related tolling fees.

PTFI’s consolidated production volumes totaled 311 million pounds of copper and 281 thousand ounces of gold in third-quarter 2025, lower than production volumes of 439 million pounds of copper and 451 thousand ounces of gold in third-quarter 2024. The temporary suspension of operations since the September 2025 mud rush incident reduced production by approximately 90 million pounds of copper and 80 thousand ounces of gold in third-quarter 2025.

PTFI’s consolidated sales volumes totaled 360 million pounds of copper and 332 thousand ounces of gold in third-quarter 2025, lower than third-quarter 2024 sales volumes of 426 million pounds of copper and 554 thousand ounces of gold, primarily attributable to the temporary suspension of operations, anticipated lower ore grades and the timing of gold sales in third-quarter 2024.

PTFI’s unit net cash credits (including by-product credits) were $0.92 per pound of copper in third-quarter 2025, compared to $0.71 per pound of copper in third-quarter 2024, primarily reflecting lower treatment charges, partly offset by the impact of lower copper volumes and higher export duties. PTFI's unit net cash credits exclude $171 million of idle facility costs and recovery expenses associated with the September 2025 mud rush incident. 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.

G14Consolidated sales volumes from PTFI are expected to approximate 1.2 billion pounds of copper and G151.0 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.

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

9

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.

Projected sales volumes and average unit net cash credits are dependent on operational performance; the timing of restarting 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.

Molybdenum Mines. FCX operates two wholly owned primary molybdenum operations in Colorado – the Climax open-pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines and at FCX’s U.S. copper mines and Cerro Verde mine, is processed at FCX’s conversion facilities.

Operating and Development Activities. Production from the Molybdenum mines totaled 8 million pounds of molybdenum in third-quarter 2025 and 6 million pounds in third-quarter 2024. FCX’s consolidated molybdenum sales and average realized prices include sales of molybdenum produced at the primary molybdenum operations and at FCX’s U.S. copper mines and Cerro Verde mine, which are presented on page 3.

Average unit net cash costs for the Molybdenum mines of $19.41 per pound of molybdenum in third-quarter 2025 were lower than average unit net cash costs of $21.06 per pound in third-quarter 2024, primarily reflecting higher volumes and lower contract labor costs. Average unit net cash costs for the Molybdenum mines G16are expected to approximate $15.61 per pound of molybdenum for the year 2025, based on achievement of current sales volumes and cost estimates.

For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIII.

LIQUIDITY, CASH FLOWS, CASH AND DEBT

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

Operating Cash Flows. FCX generated operating cash flows of $1.7 billion, net of $0.2 billion of working capital and other uses, in third-quarter 2025 and $4.9 billion, net of $0.5 billion of working capital and other uses, for the first nine months of 2025.

FCX’s consolidated operating cash flows are expected 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. The impact of price changes during fourth-quarter 2025 on operating cash flows for the year 2025 would 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.

Capital Expenditures. Capital expenditures totaled $1.1 billion in third-quarter 2025, including $0.5 billion for major mining projects and $0.1 billion for PTFI’s downstream processing facilities, and $3.5 billion for the first nine months of 2025, including $1.7 billion for major mining projects and $0.6 billion for PTFI’s downstream processing facilities.

Capital expenditures are expected to approximate $4.5 billion for the year 2025, including $2.3 billion for major mining projects and $0.6 billion for PTFI’s downstream processing facilities (excluding capitalized interest, owner’s costs and commissioning). Projected 2025 capital expenditures for major mining projects include $950 million for planned projects, primarily associated with underground mine development in the Grasberg minerals district and expansion projects in the U.S., and $1.35 billion for discretionary growth projects.

T6Estimates for 2025 capital expenditures are approximately $0.4 billion below July 2025 guidance. FCX is carefully managing 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.

Cash. 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):

Cash at domestic companies

$

Cash at international operations

Total consolidated cash and cash equivalents

Noncontrolling interests’ share

Cash, net of noncontrolling interests’ share

Withholding taxes

Net cash available

$

Debt. Following is a summary of consolidated debt and the weighted-average interest rates at September 30, 2025 (in billions, except percentages):

Weighted-

Average

Interest Rate

Senior notes:

Issued by FCX

$

Issued by PTFI

Issued by Freeport Minerals Corporation

PTFI revolving credit facility

Atlantic Copper lines of credit and other

Total consolidated debt

$

a

a.Does not foot because of rounding.

At September 30, 2025, there were (i) no borrowings and $5 million in letters of credit issued under FCX’s $3.0 billion revolving credit facility, (ii) $250 million in borrowings outstanding under PTFI’s $1.75 billion revolving credit facility, and (iii) no borrowings outstanding under Cerro Verde’s $350 million revolving credit facility.

FCX’s consolidated debt has an average remaining duration of approximately nine years. There are no senior note maturities scheduled in 2026 and $1.3 billion scheduled in 2027.

FINANCIAL POLICY

FCX’s financial policy is aligned with its strategic objectives of maintaining a solid 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 FCX maintaining its net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding project debt for PTFI’s downstream processing facilities). FCX’s Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

Net Debt. At September 30, 2025, FCX’s net debt totaled $1.7 billion, which excludes $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.

Common Stock Dividends. On September 24, 2025, FCX’s Board declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which will be paid on November 3, 2025, to shareholders of record as of October 15, 2025. The declaration and payment of dividends (base or variable) are at the discretion of the Board and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by the Board.

Share Repurchase Program. T7No share repurchases were made during third-quarter 2025. Share repurchases during the first nine months of 2025 totaled 2.9 million shares for a total cost of $107 million ($36.41 average cost per share) bringing total purchases under FCX’s $5.0 billion share repurchase program to 52 million shares for a total cost of $2.0 billion ($38.51 average cost per share). As of October 22, 2025, FCX had 1.4 billion shares of common stock outstanding and $3.0 billion is available under its share repurchase program. The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

CONFERENCE CALL

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

-----------------------------------------------------------------------------------------------------------

FREEPORT: Foremost in Copper

FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.

FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX’s website at fcx.com.

Cautionary Statement: This press release contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; the underlying assumptions and estimated impacts on FCX’s business and stakeholders related to the mud rush incident at PTFI’s Grasberg Block Cave underground mine; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; 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, results of operations and operating plans, and recoveries under insurance policies; potential extension of PTFI’s IUPK beyond 2041; timing of shipments of inventoried production; FCX’s sustainability-related commitments and targets; FCX’s overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; achievement of FCX’s 2030 climate targets and its 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of FCX’s financial policy and future returns to shareholders, 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. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of the Board and management, respectively, and are subject to a number of factors, including not exceeding FCX’s net debt target, capital availability, FCX’s financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; changes in export duties and tariff rates; production rates; timing of shipments; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions, including market volatility regarding trade policies and tariff uncertainty; 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; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with

higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; 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; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; impacts, expenses or results from litigation or investigations; tailings management; FCX’s ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission.

Investors are cautioned that many of the assumptions upon which FCX’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which are as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.

This press release also contains measures such as net debt, adjusted net income and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to amounts reported in FCX’s consolidated financial statements are in the supplemental schedules of this press release. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, FCX is unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods, and the information needed to reconcile these measures is dependent upon future events, many of which are outside of FCX’s control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.

FREEPORT

SELECTED OPERATING DATA

Three Months Ended September 30,

Production

Sales

COPPER (millions of recoverable pounds)

(FCX’s net interest in %)

U.S.

Morenci (72%)a

7

8

3

2

3

3

(1)

(1)

(2)

(1)

Total U.S.

South America

Total South America

Indonesia

Grasberg minerals district (48.76%)

Total

c

c

Less noncontrolling interests

Net

Average realized price per pound

$

$

GOLD (thousands of recoverable ounces)

(FCX’s net interest in %)

6

5

4

4

Consolidated

Less noncontrolling interests

Net

Average realized price per ounce

$

$

MOLYBDENUM (millions of recoverable pounds)

(FCX’s net interest in %)

5

4

N/A

N/A

3

2

N/A

N/A

U.S. copper mines (100%)a

8

8

N/A

N/A

6

6

N/A

N/A

Consolidated

Less noncontrolling interests

2

3

2

3

Net

Average realized price per pound

$

$

a. Amounts are net of Morenci’s joint venture partners’ undivided interests.

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

c. Consolidated sales volumes exclude purchased copper of 9 million pounds in third-quarter 2025 and 36 million pounds in third-quarter 2024.

I

FREEPORT

SELECTED OPERATING DATA (continued)

Nine Months Ended September 30,

Production

Sales

COPPER (millions of recoverable pounds)

(FCX’s net interest in %)

U.S

Morenci (72%)a

7

7

7

8

(2)

(4)

(3)

(4)

Total U.S

South America

Total South America

Indonesia

Grasberg minerals district (48.76%)

Total

c

c

Less noncontrolling interests

Net

Average realized price per pound

$

$

GOLD (thousands of recoverable ounces)

(FCX’s net interest in %)

Consolidated

Less noncontrolling interests

Net

Average realized price per ounce

$

$

MOLYBDENUM (millions of recoverable pounds)

(FCX’s net interest in %)

N/A

N/A

9

9

N/A

N/A

U.S copper mines (100%)a

N/A

N/A

N/A

N/A

Consolidated

Less noncontrolling interests

7

7

7

7

Net

Average realized price per pound

$

$

a. Amounts are net of Morenci’s joint venture partners’ undivided interests.

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

c. Consolidated sales volumes exclude purchased copper of 110 million pounds for the first nine months of 2025 and 142 million pounds for the first nine months of 2024.

II

FREEPORT

SELECTED OPERATING DATA (continued)

Three Months Ended September 30,

Nine Months Ended September 30,

U.S.a

Leach Operations

Leach ore placed in stockpiles (metric tons per day)

Average copper ore grade (%)

Copper production (millions of recoverable pounds)

Mill Operations

Ore milled (metric tons per day)

Average ore grades (%):

Copper

Molybdenum

Copper recovery rate (%)

Production (millions of recoverable pounds):

Copper

Molybdenum

9

8

South America

Leach Operations

Leach ore placed in stockpiles (metric tons per day)

Average copper ore grade (%)

Copper production (millions of recoverable pounds)

Mill Operations

Ore milled (metric tons per day)

Average ore grades (%):

Copper

Molybdenum

Copper recovery rate (%)

Production (millions of recoverable pounds):

Copper

Molybdenum

6

6

Indonesia

Ore extracted and milled (metric tons per day):

Grasberg Block Cave underground mine

Deep Mill Level Zone underground mine

Big Gossan underground mine

Other adjustments

Total

Average ore grades:

Copper (%)

Gold (grams per metric ton)

Recovery rates (%):

Copper

Gold

Production (recoverable):

Copper (millions of pounds)

Gold (thousands of ounces)

Molybdenumb

Ore milled (metric tons per day)

Average molybdenum ore grade (%)

Molybdenum production (millions of recoverable pounds)

8

6

a.Amounts represent 100% operating data, including Morenci’s joint venture partners’ share.

b. Represents FCX’s primary molybdenum operations in Colorado.

III

FREEPORT

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended

Nine Months Ended

(In Millions, Except Per Share Amounts)

Revenuesa

$

$

$

$

Cost of sales:

Production and deliveryb

Depreciation, depletion and amortization

Total cost of sales

Selling, general and administrative expenses

Exploration and research expenses

Environmental obligations and shutdown costs

—

Gain on sales of assets

—

—

Total costs and expenses

Operating income

Interest expense, netc

Other income, net

Income before income taxes and equity in affiliated companies’ net (losses) earnings

Provision for income taxesd

Equity in affiliated companies’ net (losses) earnings

(8)

—

Net income

Net income attributable to noncontrolling interestse

Net income attributable to common stockholdersf,g

$

$

$

$

Diluted net income per share attributable to common stock

$

$

$

$

Diluted weighted-average common shares outstanding

Dividends declared per share of common stock

$

$

$

$

a.Includes adjustments to provisionally priced concentrate and cathode sales. For a summary of adjustments to provisionally priced copper sales, refer to “Derivative Instruments,” beginning on page IX.

b.FCX is engaged in various studies associated with potential future expansion projects primarily at its mining operations. Production and delivery costs include charges totaling (i) $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 for feasibility and optimization studies, and (ii) $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 for operational readiness and startup costs associated with PT Freeport Indonesia’s (PTFI) smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities).

c.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.

d.For a summary of FCX’s income taxes, refer to “Income Taxes,” on page VIII.

e.Net income attributable to noncontrolling interests is associated with PTFI, Cerro Verde and El Abra. For further discussion, refer to “Noncontrolling Interests,” on page X.

f.FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to “Deferred Profits,” on page X.

g.Refer to “Adjusted Net Income,” beginning on page VII, for a summary of net charges impacting FCX’s consolidated statements of income.

IV

FREEPORT

CONSOLIDATED BALANCE SHEETS (Unaudited)

(In Millions)

ASSETS

Current assets:

Cash and cash equivalents

$

$

Restricted cash and cash equivalents

a

Trade accounts receivable

Value added and other tax receivables

Inventories:

Product

Materials and supplies, net

Mill and leach stockpiles

Other current assets

Total current assets

Property, plant, equipment and mine development costs, net

Long-term mill and leach stockpiles

Other assets

Total assets

$

$

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

$

Accrued income taxes

Current portion of debt

Current portion of environmental and asset retirement obligations (AROs)

Dividends payable

Total current liabilities

Long-term debt, less current portion

Environmental and AROs, less current portion

Deferred income taxes

Other liabilities

Total liabilities

Equity:

Stockholders’ equity:

Common stock

Capital in excess of par value

Retained earnings (accumulated deficit)

Accumulated other comprehensive loss

Common stock held in treasury

Total stockholders’ equity

Noncontrolling interests

Total equity

Total liabilities and equity

$

$

a.Includes $0.7 billion associated with a portion of PTFI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a previous Indonesia regulation.

V

FREEPORT

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Nine Months Ended

(In Millions)

Cash flow from operating activities:

Net income

$

$

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

Gain on sales of assets

—

Net charges for environmental and AROs, including accretion

Payments for environmental and AROs

Stock-based compensation

Net charges for defined pension and postretirement plans

Pension plan contributions

Deferred income taxes

Charges for social investment programs at PTFI

Payments for social investment programs at PTFI

Other, net

Changes in working capital and other:

Accounts receivable

Inventories

Other current assets

Accounts payable and accrued liabilities

Accrued income taxes and timing of other tax payments

Net cash provided by operating activities

Cash flow from investing activities:

Capital expenditures:

U.S. copper mines

South America operations

Indonesia operations

Molybdenum mines

Other

PTFI smelter fire insurance recoveries

—

Acquisition of additional ownership interest in Cerro Verde

—

Loans to PT Smelting for expansion

—

Proceeds from sales of assets and other, net

Net cash used in investing activities

Cash flow from financing activities:

Proceeds from debt

Repayments of debt

Finance lease payments

Cash dividends and distributions paid:

Common stock

Noncontrolling interests

Treasury stock purchases

Proceeds from exercised stock options

6

Payments for withholding of employee taxes related to stock-based awards

Net cash used in financing activities

Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents

Cash, cash equivalents and restricted cash and cash equivalents at beginning of year

Cash, cash equivalents and restricted cash and cash equivalents at end of perioda

$

$

a.Includes current and long-term restricted cash and cash equivalents of $0.3 billion at September 30, 2025, and $1.2 billion at September 30, 2024.

VI

FREEPORT

ADJUSTED NET INCOME

Management uses adjusted net income to evaluate FCX’s operating performance and believes that investors’ understanding of FCX’s performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. This information differs from net income attributable to common stock determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. FCX’s adjusted net income, which may not be comparable to similarly titled measures reported by other companies, follows (in millions, except per share amounts).

Three Months Ended September 30,

Pre-tax

After-taxa

Per Share

Pre-tax

After-taxa

Per Share

Net income attributable to common stock

N/A

$

$

N/A

$

$

PTFI mud rush incidentb

$

$

$

$

—

$

—

$

—

PTFI smelter fire repair costs, net of insurance

(8)

—

—

—

Oil and gas net chargesc

(4)

(4)

—

Net adjustments to environmental obligations and litigation reserves

(3)

(3)

—

Net gain on sales of assets

—

—

—

U.S. income tax examsd

—

—

—

Cerro Verde new collective labor agreements (CLA)

—

—

—

Other net chargese

—

(6)

—

Total net chargesg

$

$

$

$

$

$

Adjusted net income attributable to common stock

N/A

$

$

N/A

$

$

Nine Months Ended September 30,

Pre-tax

After-taxa

Per Share

Pre-tax

After-taxa

Per Share

Net income attributable to common stock

N/A

$

$

N/A

$

$

PTFI mud rush incidentb

$

$

$

$

—

$

—

$

—

PTFI smelter fire repair costs, net of insurance

—

—

—

PTFI historical tax mattersf

5

6

—

Oil and gas net chargesc

Net adjustments to environmental obligations and litigation reserves

8

8

Net gain on sales of assets

—

—

—

U.S. income tax examsd

—

—

—

Cerro Verde new CLAs

—

—

—

Other net chargese

Total net chargesg

$

$

$

$

$

$

Adjusted net income attributable to common stock

N/A

$

$

N/A

$

$

a.Reflects impact to FCX’s net income attributable to common stock (i.e., net of any taxes and noncontrolling interests).

b.The third quarter and first nine months of 2025 include charges totaling $195 million associated with the September 2025 mud rush incident, including $128 million of idle facility costs and $43 million of recovery expenses that were recorded to production and delivery costs, and $24 million of idle facility costs recorded to depreciation, depletion and amortization.

c.Includes charges recorded to production and delivery associated with impairments of oil and gas properties totaling $4 million in third-quarter 2025, $14 million in third-quarter 2024, $15 million for the first nine months of 2025 and $18 million for the first nine months of 2024.

The third-quarter and first nine months of 2024 also include charges recorded to production and delivery primarily associated with the write down of a historical contingent consideration asset ($32 million) and the first nine months of 2024 also includes $99 million for assumed oil and gas abandonment obligations (and related adjustments) resulting from bankruptcies of other companies.

d.The third quarter and first nine months of 2024 reflect the release of tax reserves ($36 million) and related interest expense ($11 million) associated with closure of FCX's 2017 and 2018 U.S. federal income tax exams.

e.Third-quarter 2024 primarily reflects amounts recorded to production and delivery associated with metals inventory adjustments/write-offs and mining asset impairments.

The first nine months of 2025 and 2024 include charges recorded to production and delivery for the reversal of previously capitalized land lease costs associated with PTFI’s downstream processing facilities totaling $24 million and $34 million, respectively. The first nine months of 2025 also reflects adjustments to PTFI’s asset retirement obligation and the first nine months of 2024 reflects metals inventory adjustments totaling $42 million, and mining asset impairment and adjustments to AROs totaling $12 million.

VII

FREEPORT

ADJUSTED NET INCOME (continued)

f.The first nine months of 2025 includes net credits associated with PTFI’s 2020 and 2021 corporate income tax audits, and in accordance with PTFI's shareholder agreement, settlements of historical tax matters that originated before December 31, 2022, are attributed based on the economics from the initial period (as defined in the agreement, i.e., approximately 81% to FCX and 19% to PT Mineral Industri Indonesia (MIND ID)).

The first nine months of 2024 includes the closure of PTFI’s 2021 corporate income tax audit and resolution of a framework for disputed tax matters, which resulted in a benefit to income taxes ($182 million), production and delivery ($8 million) and interest expense, net ($8 million). In addition, FCX recognized a credit of $26 million in other income, net associated with the reduction in the related accrual to indemnify MIND ID from potential losses arising from historical tax disputes.

g.May not foot because of rounding.

INCOME TAXES

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

Three Months Ended September 30,

Income Tax

Income Tax

Income

Effective

(Provision)

Income

Effective

(Provision)

(Loss)a

Tax Rate

Benefit

(Loss)a

Tax Rate

Benefit

U.S.b

$

4%

$

(6)

$

$

South America

Indonesia

Eliminations and other

N/A

N/A

3

Rate adjustmentc

—

N/A

(7)

—

N/A

9

Continuing operations

$

$

$

$

Nine Months Ended September 30,

Income Tax

Income Tax

Income

Effective

(Provision)

Income

Effective

(Provision)

(Loss)a

Tax Rate

Benefit

(Loss)a

Tax Rate

Benefit

U.S.b

$

3%

$

(4)

$

8%

$

South America

Indonesia

PTFI historical tax matters

5

N/A

2

N/A

Eliminations and other

N/A

N/A

Rate adjustmentc

—

N/A

—

N/A

Continuing operations

$

$

$

$

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

b.In addition to FCX’s U.S. copper and molybdenum mines, which had operating income of $401 million in third-quarter 2025, $143 million in third-quarter 2024, $1.1 billion for the first nine months of 2025 and $558 million for the first nine months of 2024 (refer to “Business Segments,” beginning on page X), the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with FCX’s senior notes and general and administrative expenses. The U.S. jurisdiction also includes net revisions to environmental obligation estimates and charges associated with oil and gas abandonment obligations and impairments (refer to “Adjusted Net Income,” beginning on page VII for additional information).

c.In accordance with applicable accounting standards, FCX adjusts its interim provision for income taxes equal to its consolidated tax rate.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OB3 Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017. FCX does not expect the OB3 Act to have a material impact on its consolidated financial results.

Assuming achievement of current sales volume and cost estimates and prices of $4.75 per pound for copper, $4,000 per ounce for gold and $25.00 per pound for molybdenum in fourth-quarter 2025, FCX estimates its consolidated effective tax rate for the year 2025 would approximate 36% (approximately 35% in fourth-quarter 2025). 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.

VIII

FREEPORT

NET DEBT

FCX believes that net debt provides investors with information related to the performance-based payout framework in FCX’s financial policy, which requires FCX to maintain its 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). FCX defines net debt as consolidated debt less consolidated cash and cash equivalents. This information differs from consolidated debt determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for consolidated debt determined in accordance with U.S. GAAP. FCX’s net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in millions):

Current portion of debt

$

Long-term debt, less current portion

Consolidated debt

Less: consolidated cash and cash equivalents

FCX net debt

Less: debt for PTFI’s downstream processing facilities

a

FCX net debt, excluding debt for PTFI’s downstream processing facilities

$

a.Represents PTFI’s senior notes and $250 million of borrowings under PTFI’s revolving credit facility.

DERIVATIVE INSTRUMENTS

For the nine months ended September 30, 2025, FCX’s mined copper was sold 45% in concentrate, 32% as cathode and 23% as rod. All of FCX’s copper concentrate and some cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) based primarily on quoted London Metal Exchange (LME) monthly average copper prices. FCX records revenues and invoices customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on provisionally priced concentrate and cathode sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement.

FCX’s average realized copper price was $4.68 per pound in third-quarter 2025, reflecting copper sales from South America and Indonesia operations, which are generally based on quoted LME monthly average copper settlement prices (averaged $4.44 per pound in third-quarter 2025) and copper sales from U.S. copper mines, which are generally based on prevailing Commodity Exchange Inc. monthly average settlement prices (averaged $4.84 per pound in third-quarter 2025).

Following is a summary of the adjustments to prior period and current period provisionally priced copper sales (in millions, except per share amounts):

Three Months Ended September 30,

Prior

Perioda

Current

Periodb

Total

Prior

Perioda

Current

Periodb

Total

Revenues

$

$

$

$

$

$

Net income attributable to common stock

$

1

$

$

$

$