Freeport-McMoRan Inc. (NYSE:FCX) Conference Call Summary Company Overview - Freeport-McMoRan Inc. is one of the largest private copper miners globally, with significant operations in North America, South America, and Indonesia, including the Grasberg mine, which is noted for its substantial copper and gold deposits [2][4] Key Points and Arguments 1. Operational Adjustments During the Pandemic - The company made significant adjustments to its operating plans in April 2020 to manage costs and capital spending due to market uncertainty caused by the pandemic [5] - Freeport effectively managed the pandemic's impact while ensuring the health and safety of its workforce and communities [5] 2. Grasberg Mine Ramp-Up - The Grasberg mine is transitioning to fully underground mining, with a run rate of almost 60% in Q3 2020, expected to reach about 90% by mid-2021 [6][16] - The company has been investing in infrastructure for the Grasberg project since 2003, indicating a long-term commitment to this asset [15] 3. Financial Position and Cash Flow - Freeport reduced its net debt significantly during Q3 2020 and aims to continue this trend into 2021 [7][19] - The company anticipates substantial free cash flow generation due to declining capital spending and increasing copper volumes, which will allow for cash returns to shareholders [7][20] 4. Copper Market Outlook - There is an optimistic outlook for copper demand driven by recovery in China and the role of copper in decarbonization and clean energy transitions [11][12] - The supply side is constrained, with challenges in developing new copper sources, leading to a structurally tight market [12][13] 5. Capital Allocation Strategy - Freeport plans to focus on maintaining a strong balance sheet with lower debt levels, which is expected to enhance shareholder returns over the long term [19][20] - The company is considering a payout model based on performance to return cash to shareholders, potentially starting in 2021 [20] 6. Environmental, Social, and Governance (ESG) Initiatives - Freeport has a long-standing commitment to ESG practices, focusing on water conservation, climate initiatives, and community engagement [22][24] - The company is working on improving energy efficiency and reducing its carbon footprint while being transparent about its performance [24][25] 7. Political and Operational Stability in Peru - Freeport remains focused on operational efficiency and community benefits, despite political uncertainties in Peru [35][36] - The company believes that mining will continue to be strategic for Peru's economy, emphasizing the importance of maintaining a social license to operate [36] Additional Important Content - The company is utilizing state-of-the-art technology for underground operations, which enhances efficiency and productivity [17] - Freeport is committed to maintaining low cash costs, with expectations of costs below $1.20 per pound in 2021 [32][33] This summary encapsulates the critical insights from the Freeport-McMoRan conference call, highlighting the company's strategic positioning, operational adjustments, and outlook for the copper market.

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 September 30, 2020 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 j ...

Freeport-McMoRan Inc (NYSE:FCX) Q3 2020 Earnings Conference Call October 22, 2020 10:00 AM ET Company Participants Kathleen Quirk - EVP and Chief Financial Officer Richard Adkerson - Vice Chairman, President and Chief Executive Officer Mark Johnson - Director, EVP and Chief Operating Officer, Freeport Indonesia Josh Olmsted - President and Chief Operating Officer, Americas, Freeport-McMoRan Rick Coleman - President, Freeport-McMoRan Mining Company Conference Call Participants Alex Hacking - Citi Timna Tanne ...

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 June 30, 2020 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) incorporation or organization) (State or o ...

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, 2020 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 ...

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, 2019 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) incorporation or organization) (State or other ...

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.10 per share FCX The New York Stock Exchange Emerging growth company ☐ 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 September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the ...

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 June 30, 2019 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 jurisd ...