Freeport-McMoRan, Inc. Conference Call Summary Company Overview - **Company**: Freeport-McMoRan, Inc. (NYSE: FCX) - **Industry**: Metals and Mining, specifically Copper Key Points and Arguments Copper Market Outlook - Concerns exist regarding a potential downturn in copper prices due to new supply coinciding with a slowing global economy [4] - Freeport maintains a long-term focus on copper, emphasizing the importance of a strong balance sheet to navigate short-term uncertainties [5][6] - The company believes that the market will struggle to meet growing copper demand driven by electrification and artificial intelligence [8][9] M&A Activity - Freeport has been evaluating M&A opportunities but does not prioritize growth through acquisitions, focusing instead on internal resource development [10][11][12] - The company acknowledges the historical challenges of M&A in the industry and prefers to capitalize on its own resource development [13][15] - Freeport is not interested in diversifying into gold or other metals, maintaining a strong focus on copper [16] Future Goals and Production Targets - Freeport aims to increase copper production through leaching operations, targeting 200 million pounds in the near term and 800 million pounds in the medium term [20] - The company is excited about the potential of its leaching stacks, which contain significant copper reserves [25] - Brownfield development projects are underway, including a new concentrator at the Bagdad mine in Arizona [26] Grasberg Mine Operations - The Grasberg mine is transitioning to the world's largest underground mine, with successful operational management despite environmental challenges [30][31] - Freeport has secured a stable relationship with the Indonesian government, which is crucial for the long-term operation of Grasberg [32][38] - The company is exploring the potential for extending operational rights beyond 2041, with ongoing drilling to assess resource availability [33][34] Financial Performance - Freeport reported negative cash costs of $0.15 per pound for the Grasberg mine, indicating strong profitability [18][34] - The company emphasizes the importance of managing costs effectively to leverage higher copper prices in the future [28] Additional Important Insights - Freeport's management is focused on conservative financial reporting and aims to underpromise and overdeliver on expectations [24] - The company has a strong community support framework, which is essential for operational success in the U.S. [27] - The current U.S. tax environment is favorable for Freeport, with a low incremental federal tax rate [27] This summary encapsulates the key insights from the Freeport-McMoRan conference call, highlighting the company's strategic focus on copper, operational challenges, and future growth plans.

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-11307-01 Freeport-McMoRan Inc. (Exact name of registrant as specified in its charter) Delaware 74-2480931 (State or other juris ...

Freeport-McMoRan Inc. (NYSE:FCX) Q1 2023 Earnings Conference Call April 21, 2023 10:00 AM ET Company Participants Kathleen Quirk - President Richard Adkerson - Chairman and Chief Executive Officer Cory Stevens - President, Freeport-McMoRan Mining Services Conference Call Participants Christopher LaFemina - Jefferies Emily Chieng - Goldman Sachs Carlos De Alba - Morgan Stanley Brian MacArthur - Raymond James Timna Tanners - Wolfe Research John Tumazos - John Tumazos Very Independent Research LLC Michael Duda ...

Freeport-McMoRan, Inc. Conference Call Summary Company Overview - Freeport-McMoRan, Inc. is the largest publicly-traded copper producer globally and a significant producer of gold and molybdenum, with operations in North America, South America, and Indonesia [1][2] Key Industry Insights - The copper industry has evolved significantly over the past 40 years, with major changes including the emergence of China as a dominant force in copper demand since 2003 [3][6] - Current trends indicate a strong outlook for copper driven by investments in carbon reduction, electric vehicles, and energy infrastructure, with 70% of copper used in electricity-related applications [7][8] - Freeport is committed to being the foremost copper company globally, leveraging its strong asset base and experienced team [8] Operational Updates - The Grasberg mine in Indonesia faced operational challenges due to severe weather, but all mines and mills are now operational, with limited impact expected for the year [9][12] - Freeport is focused on maximizing internal growth opportunities, particularly in the U.S. and Chile, while navigating political uncertainties in these regions [16][25] M&A Strategy - The company does not have a defined M&A strategy but remains open to opportunities that align with its long-term goals and do not distract from its core operations [14][19] - The outlook for M&A activity in the mining sector is uncertain, but positive long-term copper demand may drive future consolidation [14] Labor Challenges - Freeport is experiencing significant labor challenges in the U.S., with 1,300 job openings affecting operational efficiency. The company is investing in automation to address these issues [32][34] Market Position and Future Outlook - The mining industry faces criticism for potentially slowing down the energy transition, but Freeport maintains that the demand for copper will necessitate increased production [35][37] - The company believes that copper prices will rise significantly due to supply constraints and increasing global demand, positioning Freeport favorably for future growth [29][31] Community Relations - Freeport has developed strong community relationships at its Cerro Verde mine in Peru, which has helped mitigate disruptions from social unrest [25] Technological Innovations - Freeport is exploring leaching technology as a significant opportunity for future growth, particularly in its existing operations [17][38] Conclusion - Freeport-McMoRan is well-positioned to capitalize on the growing demand for copper, with a strong balance sheet, a focus on internal growth, and a commitment to responsible mining practices [31][37]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-11307-01 Freeport-McMoRan Inc. (Exact name of registrant as specified in its charter) Delaware 74-2480931 (State or other jurisdicti ...

Freeport-McMoRan Inc. (NYSE:FCX) Q4 2022 Results Conference Call January 25, 2023 10:00 AM ET Company Participants Kathleen Quirk - President Richard Adkerson - Chairman and CEO Conference Call Participants Emily Chieng - Goldman Sachs Orest Wowkodaw - Scotiabank Chris LaFemina - Jefferies Lawson Winder - Bank of America Securities John Tumazos - John Tumazos Very Independent Research Michael Dudas - Vertical Research Bendik Folden Nyttingnes - Clarksons Securities Operator Ladies and gentlemen, thank you f ...

FCX Conference Call 4th Quarter and Year Ended 2022 Results Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements in which FCX discusses its potential future performance. 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; global market conditions; ore grades and milling rates; production and sales volumes; unit n ...