Core Viewpoint - Freeport-McMoRan reported strong fourth-quarter earnings and revenue that exceeded analyst expectations, yet its shares fell over 2% intra-day Financial Performance - Adjusted net income attributable to common stockholders was $688 million, or $0.47 per share, surpassing the consensus estimate of $0.28 [1] - Revenue for the quarter rose to $5.63 billion, exceeding expectations of $5.28 billion [1] Adjusted Results - Adjusted results excluded $282 million after tax related to idle facility costs, recovery expenses, and asset impairments from a September 2025 incident in Indonesia, along with charges from legacy oil and gas assets [2] Production and Sales - Fourth-quarter production included 640 million pounds of copper, 65,000 ounces of gold, and 25 million pounds of molybdenum [4] - Sales reached 709 million pounds of copper, 80,000 ounces of gold, and 22 million pounds of molybdenum [4] - Average realized copper prices were $5.33 per pound, with unit net cash costs of $2.22 per pound, which was favorable compared to prior guidance [4] Future Outlook - For 2026, Freeport expects consolidated copper sales of approximately 3.4 billion pounds and average unit net cash costs of $1.75 per pound [5] - Projected operating cash flow is around $8 billion assuming copper prices of $5.00 per pound, increasing to about $11 billion based on recent market prices [5] Competitive Position - Freeport benefits from a 50% tariff on copper imports, reinforcing its position as the largest U.S. copper producer with greater expansion capacity compared to peers [3]

Core Viewpoint - Silver prices have surged to nearly all-time highs due to geopolitical tensions and supply limitations, making it an attractive investment option for investors seeking security [2][3]. Silver Market Overview - On January 19, 2026, silver peaked at $94.08 per ounce, driven by investor demand amid trade tensions and geopolitical issues [2]. - The following day, silver reached a record high of $95.87 per ounce before closing at $94.38, marking a 32% increase in 2026 and a 147% increase in 2025 [3]. Investment Opportunities in Silver Stocks - A list of the 15 best-performing silver stocks was compiled based on a one-year performance criterion of over 20% returns [5]. - The methodology involved screening silver stocks using Finviz and analyzing hedge fund sentiment data from Insider Monkey [5][6]. Notable Silver Stocks - **Freeport-McMoRan Inc. (NYSE:FCX)**: - Achieved a 54.98% return over the past year, with a price target increase from $58 to $68 by JPMorgan [7][9]. - The company is involved in mining copper, gold, molybdenum, and silver [10]. - **Dolly Varden Silver Corporation (NYSE:DVS)**: - Recorded a 106.20% return over the past year and is involved in a merger with Contango Ore [11][12]. - The company has completed significant exploration programs, focusing on new prospects [13]. - **Wheaton Precious Metals Corp. (NYSE:WPM)**: - Achieved a 144.7% return over the past year, with price targets raised by RBC Capital and Jefferies [14][15]. - The company is recognized for its favorable valuation and anticipated growth in the precious metals sector [16][17].

Core Insights - Freeport-McMoRan Inc. (FCX) reported a net income of $406 million or 28 cents per share for Q4 2025, marking a 48.2% increase from $274 million or 19 cents in the same quarter last year. Adjusted earnings per share were 47 cents, exceeding the Zacks Consensus Estimate of 28 cents [1][8] Financial Performance - Revenues decreased approximately 1.5% year over year to $5,633 million, surpassing the Zacks Consensus Estimate of $5,175.4 million. The decline in volumes was offset by a significant rise in copper and gold prices during the quarter [2][8] - Copper production fell around 38.5% year over year to 640 million pounds, while consolidated sales dropped approximately 28.5% year over year to 709 million pounds of copper, primarily due to reduced production in Indonesia. Gold sales were down 77.1% year over year, totaling 80,000 ounces, while molybdenum sales increased by 22.2% year over year to 22 million pounds [3][8] - The average realized copper price was $5.33 per pound, up 28.4% year over year, and the average realized price for gold rose 55.2% year over year to $4,078, both figures exceeding estimates [4][8] - Cash and cash equivalents at the end of the quarter were $3,824 million, down 2.5% year over year, while total debt increased by 4.8% year over year to $9,379 million. Cash flows from operations were approximately $693 million, down 51% year over year [5][8] Future Guidance - For the full year 2026, FCX projects consolidated sales volumes of around 3.4 billion pounds of copper, 0.8 million ounces of gold, and 90 million pounds of molybdenum. The first quarter is expected to include sales of 640 million pounds of copper, 60,000 ounces of gold, and 22 million pounds of molybdenum. The company is also on track to begin a phased restart of the Grasberg Block Cave underground mine in Q2 2026 [6] Stock Performance - FCX shares have increased by 57.4% over the past year, compared to the industry's growth of 70.8% [7]

Core Insights - Freeport-McMoRan reported $5.63 billion in revenue for Q4 2025, a year-over-year decline of 1.5%, but exceeded the Zacks Consensus Estimate of $5.18 billion by 8.84% [1] - The company achieved an EPS of $0.47, up from $0.31 a year ago, representing a surprise of 67.98% compared to the consensus estimate of $0.28 [1] Financial Performance Metrics - Gold sales on a consolidated basis reached 80.00 Koz, surpassing the average estimate of 55.09 Koz [4] - Total net cash cost per pound of copper was $2.22, lower than the estimated $2.45 [4] - Gold sales in Indonesia were 75.00 Koz, exceeding the average estimate of 49.47 Koz [4] - Copper sales in Indonesia (Grasberg) totaled 112.00 Mlbs, significantly higher than the estimated 20.43 Mlbs [4] - Revenues from Indonesia were reported at $960 million, a decline of 57.3% year-over-year, compared to the average estimate of $303.61 million [4] - Molybdenum revenues were $220 million, a 24.3% increase year-over-year, below the average estimate of $297.1 million [4] - Revenues from South America copper mines reached $1.62 billion, a 34.2% increase year-over-year, exceeding the average estimate of $1.47 billion [4] - North America copper mines generated $2.1 billion in revenue, a 30.4% year-over-year increase, above the average estimate of $1.9 billion [4] - Rod & Refining revenues were $1.77 billion, a 20.9% year-over-year increase, compared to the average estimate of $1.66 billion [4] - Atlantic Copper Smelting & Refining revenues were $820 million, a 20.8% year-over-year increase, exceeding the average estimate of $725.1 million [4] - Corporate, other & eliminations reported a revenue of -$1.86 billion, worse than the average estimate of -$1.39 billion, but a year-over-year change of +12% [4] Stock Performance - Freeport-McMoRan shares returned +16.7% over the past month, outperforming the Zacks S&P 500 composite's +0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Freeport-McMoRan Inc. reported positive results for the fourth quarter of 2025, with strong copper prices despite global uncertainties, indicating a bright future for copper [1][3] - The company is focused on executing its long-term strategy to be a leader in copper production, with notable progress following the September mudflow incident at PTFI [1][4] Financial Performance - For 2025, Freeport-McMoRan achieved adjusted EBITDA of nearly $10 billion, similar to 2024 levels, despite a 10% impact on annual copper volumes due to the Grasberg incident [6][11] - The consolidated unit net cash cost for the year was $1.65 per pound, within 3% of guidance, and copper sales were slightly better than adjusted guidance [5][6] Market Outlook - Copper prices averaged $4.51 per pound in 2025, with recent prices approximately 30% higher than the 2025 average, driven by macroeconomic factors and demand from sectors like electrification and AI [10][11] - Analysts project a balanced copper market in 2026, with potential deficits or small surpluses, and a long-term annual growth rate in copper demand of 2.9% through 2040 [12][14] Operational Initiatives - The company is targeting a 40% increase in production from its Leach initiative in 2026, aiming for 800 million pounds per annum by 2030 [9][32] - Freeport-McMoRan is adopting innovative technologies to enhance operational performance and reduce costs, including the conversion of its haul truck fleet to autonomous operations [18][36] Growth Projects - Major projects in the Americas, including the El Abra expansion and Baghdad project, are expected to provide significant growth opportunities, leveraging existing infrastructure and resources [29][30] - The company is advancing its leach recovery initiatives, with plans to test heated solutions to enhance recovery rates [31][32] Strategic Focus - Freeport-McMoRan emphasizes maintaining a strong balance sheet and cash returns to shareholders while investing in value-enhancing growth projects [42][43] - The company is committed to executing its plans with a focus on safety, efficiency, and disciplined investments to drive long-term value creation [7][36]

Financial Data and Key Metrics Changes - Freeport-McMoRan reported an Adjusted EBITDA of nearly $10 billion for 2025, similar to 2024 levels, despite a 10% impact on annual copper volumes due to the Grasberg incident [7][14] - Consolidated unit net cash costs for the year were $1.65 per pound, within 3% of guidance, while fourth-quarter operating income was three and a half times that of the fourth quarter of 2024 [7][15] - The average copper price for 2025 was $4.51 per pound, with current prices approximately 30% higher than the 2025 average [10][11] Business Line Data and Key Metrics Changes - In the US, production increased by 5% compared to the fourth quarter of 2024, with a target of an 8% increase in volumes for 2026 [15][16] - South America’s copper sales totaled 1.1 billion pounds for 2025, with expectations for similar sales in 2026, and unit net cash costs averaged $257 per pound in the fourth quarter [16][17] - The Grasberg Block Cave is expected to resume operations in the second quarter of 2026, with a phased restart plan in place [18][19] Market Data and Key Metrics Changes - Copper prices traded between $3.87 and $5.68 per pound in 2025, driven by macroeconomic factors and demand from sectors like electrification and AI data centers [10][11] - Demand from China remained strong due to investments in the electrical grid and electric vehicle production, contributing to overall copper demand growth [12][13] - Analysts project a balanced copper market in 2026, with expectations for above-trend growth in demand driven by electrification and technology infrastructure [13][14] Company Strategy and Development Direction - Freeport-McMoRan's long-term strategy focuses on being a leader in copper production, with a commitment to operational execution and value creation [5][8] - The company aims to increase production through leaching initiatives, targeting a 40% increase in 2026, and is adopting new technologies to enhance operational performance [9][24] - The company is also focused on maintaining a strong balance sheet while investing in growth projects and returning cash to shareholders [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of copper, citing strong prices and a well-designed recovery plan following the Grasberg incident [5][6] - The company anticipates significant cash flow generation opportunities and is positioned to meet growing copper demand [6][10] - Management highlighted the importance of innovation and efficiency in driving down costs and increasing production [9][27] Other Important Information - Freeport-McMoRan has added over 17 billion pounds of copper reserves for the El Abra project, enhancing its long-term production capabilities [22][23] - The company is advancing its Bagdad expansion project and is focused on securing fixed pricing for major components [66][68] - The company has distributed $5.7 billion to shareholders through dividends and share purchases, maintaining a strong commitment to shareholder returns [34] Q&A Session Summary Question: Guidance for outer years considering leaching opportunities - Management included between $250 and $300 million in 2026 guidance for leaching, with potential to scale to 800 million pounds by 2028 not included in current guidance [37][38] Question: Unit cash costs in South America - Management forecasted net cash costs in South America to average around $258 per pound for 2026, similar to the fourth quarter of 2025, with increases attributed to labor and energy costs [41][42] Question: Plans to reduce US costs by 2027 - Management indicated that achieving the $250 per pound target by 2027 relies on scaling leach opportunities and improving efficiencies [45][46] Question: Production targets and tariffs - Management emphasized that production targets are based on low operating costs and not reliant on tariffs, focusing on delivering low-cost copper [50][56] Question: Timing for Bagdad project update - Management plans to provide a more precise update on the Bagdad project by mid-year after completing engineering work and securing fixed pricing [65][66] Question: Lessons learned from Grasberg incident - Management confirmed that mud removal is nearly complete for the restart of production blocks two and three, with a focus on infrastructure improvements [75][78]

Financial Data and Key Metrics Changes - Freeport-McMoRan reported adjusted EBITDA of nearly $10 billion for 2025, similar to 2024 levels, despite a 10% impact on annual copper volumes due to the Grasberg incident [7][10] - Consolidated unit net cash costs for the year were $1.65 per pound, within 3% of guidance [7] - The company expects unit net cash costs to average $1.75 per pound for 2026, with first-half costs expected to be above the average for the year [30][31] Business Line Data and Key Metrics Changes - U.S. production increased by 5% in the fourth quarter compared to the previous year, with an 8% increase targeted for 2026 [14][15] - South America copper sales totaled $1.1 billion for 2025, with expectations for similar sales in 2026 [16] - The company is targeting a 40% increase in production from leach initiatives in 2026, aiming for $800 million per annum [9][30] Market Data and Key Metrics Changes - Copper prices on the LME averaged $4.51 per pound for 2025, with current prices approximately 30% higher than the 2025 average [10][11] - Demand for copper is driven by electrification, AI data centers, and significant investments in China's electrical grid and electric vehicle production [11][12] - Analysts project a balanced copper market in 2026, with potential deficits due to increasing demand [12] Company Strategy and Development Direction - Freeport's long-term strategy remains focused on being a leader in copper production, with a commitment to operational execution and innovation [5][8] - The company is advancing leach initiatives and automation technologies to enhance operational performance and reduce costs [9][29] - Freeport is positioned for growth in the Americas, with projects aimed at scaling production and improving efficiencies [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of copper, citing strong prices and a well-designed recovery plan following the Grasberg incident [5][6] - The company anticipates substantial cash flow generation to support investments in growth and returns to shareholders [6][30] - Management highlighted the importance of maintaining a strong balance sheet and cash returns to shareholders while investing in growth projects [36] Other Important Information - Freeport's reserves at year-end 2025 included over 17 billion pounds of copper from the El Abra project, with ongoing regulatory processes for expansion [22][23] - The company is focused on enhancing its U.S. business through innovation and investment, aiming for a potential over 50% increase in copper production in the next four to five years [29] Q&A Session Summary Question: Guidance for outer years considering leaching opportunities - Management included $250-$300 million in 2026 guidance for leaching and sees potential to scale to $2 billion in the U.S. long-term [39][40] Question: Unit cash costs in South America - Unit cash costs in South America are forecasted at $258 per pound for 2026, similar to the fourth quarter of 2025, with increases attributed to labor and energy costs [43][44] Question: Target to reduce U.S. costs to $250 per pound by 2027 - The target assumes successful scaling of leach opportunities and driving efficiencies within U.S. operations [47][48] Question: Production targets and tariffs impact - Management is focused on low-cost production without relying on tariffs, emphasizing the low incremental costs of leach initiatives [51][57] Question: Timing for Bagdad project update - The company is working on engineering to secure fixed pricing and plans to make an investment decision mid-year [65][66] Question: Lessons learned from Grasberg incident - The company is on track with the Grasberg recovery plan, with mud removal nearly complete and infrastructure improvements ongoing [75][79]

Financial Data and Key Metrics Changes - Freeport-McMoRan reported a strong fourth quarter with adjusted EBITDA of nearly $10 billion for 2025, similar to 2024 levels, despite a 10% impact on annual copper volumes due to the Grasberg incident [6][12] - Consolidated unit net cash costs for the year were $1.65 per pound, within 3% of guidance, while copper sales and net unit cash costs were slightly better than adjusted guidance [6][12] Business Line Data and Key Metrics Changes - The U.S. business saw a 5% increase in production compared to the fourth quarter of the previous year, with operating income three and a half times higher than the fourth quarter of 2024 [13][14] - South America’s copper sales totaled $1.1 billion for 2025, with expectations for similar sales in 2026, while unit net cash costs averaged $257 per pound in the fourth quarter [15][16] Market Data and Key Metrics Changes - Copper prices on the LME averaged $4.51 per pound for 2025, with current prices approximately 30% higher than the 2025 average [9][10] - Demand for copper was driven by electrification and AI data centers, offsetting weaknesses in traditional sectors like residential construction and autos [10][11] Company Strategy and Development Direction - Freeport's long-term strategy remains focused on being a leader in copper production, with a commitment to executing operational initiatives and enhancing cash flow generation [5][7] - The company is targeting a 40% increase in production from leach initiatives in 2026, aiming for $800 million per annum in the future [8][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of copper, citing strong prices and a well-designed recovery plan following the Grasberg incident [4][5] - The company anticipates a tightly balanced copper market in 2026, with significant growth in demand expected due to investments in power grids and technology infrastructure [11][12] Other Important Information - Freeport's reserves at year-end 2025 included over 17 billion pounds of copper from the El Abra project, with ongoing regulatory processes for expansion [22][23] - The company is focused on innovation and automation to enhance operational performance and reduce costs, particularly in the U.S. business [8][28] Q&A Session Summary Question: Guidance for future years considering leaching opportunities - Management included $250 to $300 million in the 2026 outlook for leaching and did not include anything beyond that for expansion [34] Question: Unit cash costs in South America - Forecasted net cash costs in South America for 2026 are around $258 per pound, similar to the fourth quarter, with increases attributed to labor and energy costs [35] Question: Reducing U.S. costs by 2027 - The target to reduce costs to $250 per pound by 2027 assumes successful scaling of leach opportunities and driving efficiencies [36] Question: Copper imports and tariffs - Management indicated that leach initiatives could significantly reduce imports, but they are not relying on tariffs to support investments [38][42] Question: Timing for Bagdad project updates - The decision on the Bagdad project is expected mid-year after completing engineering work and obtaining fixed pricing [46][47] Question: Lessons learned from Grasberg incident - The company is on track with the Grasberg recovery plan, with mud removal nearly complete and infrastructure improvements ongoing [54][55]

分组1 - Freeport-McMoRan reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, and showing an increase from $0.31 per share a year ago, resulting in an earnings surprise of +67.98% [1] - The company achieved revenues of $5.63 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 8.84%, although this represents a decline from year-ago revenues of $5.72 billion [2] - Freeport-McMoRan shares have increased by approximately 19.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.4% [3] 分组2 - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend of estimate revisions for Freeport-McMoRan was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the next quarter is $0.48 on revenues of $5.88 billion, and for the current fiscal year, it is $2.32 on revenues of $26.78 billion [7] 分组3 - The Mining - Non Ferrous industry, to which Freeport-McMoRan belongs, is currently ranked in the top 8% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8]

FCX Conference Call 4 th Quarter and Year Ended 2025 Results January 22, 2026 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; repair and remediation efforts, and phased restart and ramp-up of production an ...