Core Insights - Freeport-McMoRan reported a decline in copper and gold production for Q3, but profits exceeded Wall Street expectations due to rising copper prices offsetting production losses from the temporary shutdown of the Grasberg mine in Indonesia [2][3] Production and Sales - Q3 copper production was 912 million pounds, down from 1.1 billion pounds in the same period last year, attributed to a landslide incident and lower ore grades in Indonesia [2][4] - Q3 gold production was 287,000 ounces, a decrease from 456,000 ounces year-over-year, also impacted by the landslide and lower ore grades [2][4] - Q3 copper sales were 977 million pounds, slightly below the guidance of 990 million pounds, and lower than 1 billion pounds in Q3 2024 [2][4] - Q3 gold sales reached 336,000 ounces, down 4% from the guidance of 335,000 ounces and lower than 558,000 ounces in Q3 2024 [3][4] Pricing and Costs - The average realized price for copper in Q3 was $4.68 per pound, compared to $4.30 per pound in the same quarter last year [2][4] - The average realized price for gold in Q3 was $3,539 per ounce, significantly higher than $2,568 per ounce in the previous year [4] - Site production and delivery costs for copper were $2.71 per pound, while unit net cash costs were $1.40 per pound [4]

Core Viewpoint - Freeport-McMoRan Inc. is facing significant challenges due to a suspension of mining activities at its Grasberg Block Cave operation, leading to stock price volatility and an ongoing investigation for potential securities fraud [2][3][6] Company Overview - Freeport-McMoRan Inc. is a major mining company with operations in copper, gold, and molybdenum, primarily in North America, South America, and Indonesia [1] - The Grasberg Block Cave operation in Indonesia is one of the largest gold and copper mines globally [1] Recent Events - Mining activities at Grasberg were suspended on September 9, 2025, due to a significant flow of wet material, which trapped seven workers [2] - Following the suspension, Freeport's stock price dropped by 5.99%, closing at $43.87 [2] - On September 24, 2025, it was reported that two trapped workers were fatally injured and five remained missing, causing a further 16.95% decline in stock price, closing at $37.67 [3] Legal Investigation - Pomerantz LLP is investigating Freeport-McMoRan for potential securities fraud related to the operational suspension and the subsequent tragic events [2][3][6] - The firm is encouraging investors to join a class action for potential recovery of damages [3] Stock Performance - HSBC upgraded Freeport's stock to "Buy" on October 17, 2025, citing higher copper prices as a key factor, with the stock price at that time being $41.70 [4] - Currently, the stock is trading at $41.61, reflecting a 2.02% increase [4] - Over the past year, Freeport's stock has seen significant volatility, with a high of $49.21 and a low of $27.66 [5] - The company's market capitalization is approximately $59.74 billion, with a trading volume of 10.93 million shares on the NYSE [5]

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Freeport-McMoran Inc. regarding possible violations of federal securities laws and unlawful business practices affecting stockholders [1][2]. Investigation Details - The law firm is reaching out to Freeport stockholders who have suffered losses, encouraging them to contact the firm for more information about their legal rights and potential claims [2]. - There is no cost or obligation for stockholders to inquire about these claims [2]. Company Background - Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California, representing individual and institutional investors in various complex litigations [3]. Recent Events - On September 9, 2025, Freeport announced the suspension of mining activities at its Grasberg Block Cave operation in Indonesia due to a blockage caused by wet material, which trapped seven workers [5]. - Following this announcement, Freeport's stock price decreased by $2.80 per share, or 5.99%, closing at $43.87 per share on the same day [5].

Core Insights - Freeport-McMoRan Inc. (FCX) reported a net income of $674 million or 46 cents per share for Q3 2025, reflecting a 28.1% increase from $526 million or 36 cents in the same quarter last year [1][9] - Adjusted earnings per share were 50 cents, exceeding the Zacks Consensus Estimate of 41 cents [1] Revenue Performance - Revenues increased approximately 2.7% year over year to $6,972 million, surpassing the Zacks Consensus Estimate of $6,544.9 million [2] - Despite a decline in volumes, the company benefited from a significant rise in copper and gold prices during the quarter [2] Operational Highlights - Copper production decreased around 13.2% year over year to 912 million pounds [3] - Consolidated sales fell approximately 5.6% year over year, totaling 977 million pounds of copper, primarily due to a temporary suspension of operations at the Grasberg Block Cave mine in Indonesia [4] - Gold sales dropped around 40% year over year, with 336,000 ounces sold, while molybdenum sales remained flat at 19 million pounds [4] Cost and Pricing - Consolidated average unit net cash costs per pound of copper were $1.40, slightly up from $1.39 a year ago, and lower than the estimate of $1.59 [5] - The average realized copper price rose 8.8% year over year to $4.68 per pound, exceeding the estimate of $4.40 [5] - The average realized price for gold increased approximately 37.8% year over year to $3,539 per ounce, surpassing the estimate of $3,300 [5] Financial Position - Cash and cash equivalents at the end of the quarter were $4,318 million, down around 13.6% year over year [6] - Total debt decreased to $9,298 million, down 3.9% year over year [6] - Cash flows from operations were approximately $1,664 million, down 11.1% year over year [6] Guidance - For the full year 2025, consolidated sales volumes are projected to be around 3.5 billion pounds of copper, 1.05 million ounces of gold, and 82 million pounds of molybdenum, including estimates for Q4 [7] Stock Performance - Freeport's shares have declined 11.6% over the past year, contrasting with a 0.3% rise in the industry [8]

Core Viewpoint - Freeport-McMoRan Inc. reported a strong third-quarter performance, with profits exceeding expectations due to higher copper prices and improved cost efficiency, despite operational challenges in Indonesia [1][2]. Financial Performance - The company posted adjusted earnings of $0.50 per share, surpassing the analyst forecast of $0.41 [2]. - Revenue increased by 4% year-over-year to $6.97 billion, exceeding expectations of $6.9 billion [2]. - Net income for the quarter totaled $674 million [2]. Production and Operations - Production and sales were impacted by the temporary suspension of Grasberg operations in Indonesia, which accounts for approximately 3% of the world's copper supply [3]. - Copper output fell to 912 million pounds from 1.1 billion pounds in the previous year, while gold production decreased by over 30% to 287,000 ounces [3]. Market Conditions and Future Projections - Average realized copper prices rose to $4.68 per pound due to tight supply conditions [4]. - Unit net cash costs improved to $1.40 per pound, outperforming prior guidance, with operating cash flow reaching $1.7 billion for the quarter [4]. - For 2025, Freeport projected total sales of 3.5 billion pounds of copper and 1.05 million ounces of gold, with a phased restart plan for Grasberg operations [4].

Core Viewpoint - Freeport-McMoRan reported a revenue increase of 2.7% year-over-year for Q3 2025, exceeding analyst expectations, with significant EPS growth [1] Financial Performance - Revenue for the quarter was $6.97 billion, surpassing the Zacks Consensus Estimate of $6.54 billion by 6.53% [1] - Earnings per share (EPS) was $0.50, up from $0.38 in the same quarter last year, representing a surprise of 21.95% against the consensus estimate of $0.41 [1] Key Metrics - Average realized price per pound of Copper was $4.68, exceeding the estimate of $4.54 [4] - Average realized price per ounce of Gold was $3,539.00, compared to the estimate of $3,382.83 [4] - Total Net Cash Cost Per Pound of Copper was $1.40, lower than the estimate of $1.72 [4] - Gold sales on a consolidated basis were 336.00 Koz, above the estimate of 310.17 Koz [4] Revenue Breakdown - Revenues from Indonesia were $2.68 billion, exceeding the estimate of $2.57 billion, but down 10.3% year-over-year [4] - Revenues from Molybdenum were $177 million, up 34.1% year-over-year, but below the estimate of $236.95 million [4] - Revenues from South America copper mines were $1.41 billion, exceeding the estimate of $1.24 billion, with a year-over-year increase of 7.5% [4] - Revenues from North America copper mines were $1.94 billion, surpassing the estimate of $1.73 billion, reflecting a year-over-year increase of 21.9% [4] - Revenues from Rod & Refining were $1.79 billion, above the estimate of $1.7 billion, with a year-over-year increase of 13.7% [4] - Revenues from Atlantic Copper Smelting & Refining were $774 million, slightly below the estimate of $794.06 million, with a year-over-year change of 1.2% [4] - Corporate, other & eliminations reported revenues of -$1.79 billion, worse than the estimate of -$1.54 billion, with a year-over-year change of 14.5% [4] Stock Performance - Freeport-McMoRan shares returned +8.3% over the past month, outperforming the Zacks S&P 500 composite's +0.2% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Group 1 - Freeport-McMoRan (FCX) exceeded third-quarter earnings estimates but did not provide a timeline for resuming production after the Grasberg mine disaster, contributing to a shift from projected copper surplus to deficit [1][4] - FCX stock experienced an increase as near-term copper contracts approached the upper range of recent trading [1] - Alcoa (AA) also saw a significant rise in stock value amid the copper market dynamics [1][4] Group 2 - The stock market is showing signs of optimism with upcoming earnings reports from major companies like Netflix and Tesla, alongside various mining and defense stocks [2] - The copper market is experiencing a rally, with Freeport-McMoRan achieving a notable improvement in its relative strength (RS) rating, indicating strong market performance [4] - The overall market is reacting to inflation concerns, with the Nasdaq index holding steady while other indexes show mixed performance [4]

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Freeport-McMoRan (FCX), and highlights the potential misalignment of interests between brokerage analysts and retail investors [1][5]. Group 1: Brokerage Recommendations - Freeport-McMoRan has an average brokerage recommendation (ABR) of 1.60, indicating a consensus between Strong Buy and Buy based on 21 brokerage firms [2]. - Out of the 21 recommendations, 13 are Strong Buy and 3 are Buy, which represent 61.9% and 14.3% of all recommendations, respectively [2]. Group 2: Limitations of Brokerage Recommendations - Solely relying on brokerage recommendations for investment decisions may not be advisable, as studies show they often fail to guide investors effectively towards stocks with high price appreciation potential [5]. - Brokerage analysts tend to exhibit a strong positive bias in their ratings due to vested interests, with a ratio of five "Strong Buy" recommendations for every "Strong Sell" [6][10]. Group 3: Zacks Rank Comparison - The Zacks Rank, which classifies stocks based on earnings estimate revisions, is presented as a more reliable indicator of near-term price performance compared to ABR [8][11]. - The Zacks Rank is updated more frequently and reflects timely changes in earnings estimates, unlike the potentially outdated ABR [13]. Group 4: Current Earnings Estimates for FCX - The Zacks Consensus Estimate for Freeport-McMoRan has decreased by 21.4% over the past month to $1.39, indicating growing pessimism among analysts regarding the company's earnings prospects [14]. - This decline in earnings estimates has resulted in a Zacks Rank of 4 (Sell) for Freeport-McMoRan, suggesting caution despite the Buy-equivalent ABR [15].

Core Insights - Freeport-McMoRan reported quarterly earnings of $0.5 per share, exceeding the Zacks Consensus Estimate of $0.41 per share, and showing an increase from $0.38 per share a year ago, resulting in an earnings surprise of +21.95% [1] - The company achieved revenues of $6.97 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 6.53% and up from $6.79 billion year-over-year [2] - Freeport-McMoRan shares have increased approximately 7.1% year-to-date, underperforming the S&P 500's gain of 13.9% [3] Earnings Outlook - The future performance of Freeport-McMoRan's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $0.19 on revenues of $5.14 billion, and for the current fiscal year, it is $1.39 on revenues of $24.92 billion [7] Industry Context - The Mining - Non Ferrous industry, to which Freeport-McMoRan belongs, is currently ranked in the top 8% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The correlation between near-term stock movements and earnings estimate revisions suggests that tracking these revisions can provide insights into stock performance [5]

FCX 3rd Quarter 2025 Supplemental Financial Data October 23, 2025 fcx.com Cautionary Statement This presentation 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 ...