--- ticker: FCX company: Freeport-McMoRan Inc. filing_type: 10-K year_current: 2025 year_prior: 2024 risks_added: 9 risks_removed: 0 risks_modified: 34 risks_unchanged: 41 source: SEC EDGAR url: https://riskdiff.com/fcx/2025-vs-2024/ markdown_url: https://riskdiff.com/fcx/2025-vs-2024/index.md generated: 2026-06-01 --- # Freeport-McMoRan Inc.: 10-K Risk Factor Changes 2025 vs 2024 > Source: U.S. Securities and Exchange Commission (EDGAR) > Generated: 2026-06-01 > All data extracted directly from official filings. No hallucinated content. ## Summary | Status | Count | |--------|-------| | New risks added | 9 | | Risks removed | 0 | | Risks modified | 34 | | Unchanged | 41 | --- ## New in Current Filing: Total FCX - Net equity interestd 72% 100% a a 100% 100% a a 100% 100% 100% 100% 55.08% 51% 48.76% 48.76% 48.76% Kucing Liarb 48.76% --- ## New in Current Filing: Recoveriesa 72% 100% b 100% 100% b 100% 100% 100% 100% 55.08% 51% 48.76% 48.76% 48.76% Kucing Liarc 48.76% --- ## New in Current Filing: Recoveriesa 72% 100% b 100% 100% b 100% 100% 100% 100% 55.08% 51% 48.76% 48.76% 48.76% Kucing Liarc 48.76% --- ## New in Current Filing: Total FCX - Net equity interestd 72% 100% a a 100% 100% a a 100% 100% 100% 100% 55.08% 51% 48.76% 48.76% 48.76% Kucing Liarb 48.76% --- ## New in Current Filing: at December 31, 2024a 72% 100% b b b b b 100% b b b 100% b b b 100% 100% 100% 100% 100% b b 100% 100% 100% b 100% 100% b b b 55.08% 51% b 48.76% --- ## New in Current Filing: at December 31, 2024a 72% 100% b b b b b 100% b b b 100% b b b 100% 100% 100% 100% 100% b b 100% 100% 100% b 100% 100% b b b 55.08% 51% b 48.76% --- ## New in Current Filing: at December 31, 2024a (continued) Contained Metalb Cutoff Gradec 72% 100% d d 100% d 100% d 100% 100% 100% 100% 100% 100% 100% 100% 100% d 100% d 55.08% 51% 48.76% --- ## New in Current Filing: at December 31, 2024a (continued) Contained Metalb Cutoff Gradec 72% 100% d d 100% d 100% d 100% 100% 100% 100% 100% 100% 100% 100% 100% d 100% d 55.08% 51% 48.76% --- ## New in Current Filing: Failure to successfully implement or develop new technology systems and increased exposure to risks associated with the use of these systems may adversely affect our business. Information and operational technology systems continue to evolve and, in order to remain competitive, we must implement new technologies in a timely, cost-effective and efficient manner. For example, we may develop and apply AI in decision support systems, material characterization, equipment reliability, mineral extraction and remote/autonomous operation. We may also pursue strategic alliances, partnership or licensing arrangements with other companies in areas where we believe collaboration can produce technological and industry advancement, which involves special risks that may negatively impact us or our reputation, may not achieve intended objectives, and may not perform as contemplated. We also are advancing a series of initiatives to incorporate new applications, technologies and data analytics to our leaching processes. For additional information on our leaching innovation initiatives, see MD&A. Our failure to successfully implement or develop new technologies, including AI, may adversely affect our competitiveness and, consequently, our results of operations. In addition, we utilize AI and other new technologies in our software, applications and technology platforms to enhance our capabilities in producing copper, improve business processes and respond to threats to our technology platforms. The use of AI may increase our exposure to cybersecurity risks and additional risks relating to the protection of data, including increased exposure of confidential or otherwise protected information to unauthorized recipients, which could result 62 62 62 62 62 62 Table of Contents Table of Contents Table of Contents in liability under or termination of our contracts with third parties, misuse of our intellectual property or other unintended consequences, as discussed in more detail in the risk factor above. --- ## Modified: Our operations are subject to significant operational risks that could adversely affect our business, including the ability to smelt and refine, and our underground mining operations have higher risks than a surface mine. **Key changes:** - Reworded sentence: "Our operations are very large in scale and, by their nature are subject to significant operational risks, some of which are outside of our control, and many of which are not covered fully, or in some cases even partially, by insurance." - Reworded sentence: "Geotechnical instabilities can be difficult to predict and are often affected by risks and hazards outside of our control, such as seismic activity or extreme weather, which have in the past and may in the future lead to floods, mudslides, pit-wall instability and possibly even slippage of material, which has and may in the future require suspension of operations and impact operating results." - Removed sentence: "Our business is dependent upon our workforce being able to safely perform their jobs." - Removed sentence: "The occurrence of one or more of these events in connection with our exploration activities and development of and production from mining operations may result in the death of, or personal injury or illness to, our employees, other personnel or third parties, the loss of mining equipment, damage to or destruction of mineral properties or production facilities, significant repair costs, monetary losses, deferral or unanticipated fluctuations in production, extensive community disruption (including short- and long-term health and safety risks), loss of licenses, permits or necessary approvals to operate, loss of workforce confidence, loss of infrastructure and services, disruption to essential supplies or delivery of our products, environmental damage and potential legal liabilities, any of which may adversely affect our reputation, business, prospects, results of operations and financial position." - Removed sentence: "Further, the impacts of any serious incidents that occur may also be amplified if we fail to respond timely or in an appropriate manner." **Prior (2024):** We have assets in a variety of geographic locations, all of which exist in and around broader communities and environments. Maintaining the operational integrity and performance of our assets is crucial to protect our people, the environment and communities in which we operate. Our mines are very large in scale and, by their nature are subject to significant operational risks, some of which are outside of our control, and many of which are not covered fully, or in some cases even partially, by insurance. These operational risks, which could materially adversely affect our business, operating results and cash flows, include earthquakes, rainstorms, floods, wildfires and other natural disasters; environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals; surface or underground fires; equipment failures; accidents, including in connection with mining equipment, milling equipment or conveyor systems, transportation of chemicals, explosives or other materials and in the transportation of employees and other individuals to and from sites (including where these services are provided by third parties such as vehicle and aircraft transport); wall failures and rock slides in our open-pit mines, and structural collapses of our underground mines or tailings impoundments; underground water and ore management; lower than expected ore grades or recovery rates; and seismic activity resulting from unexpected or difficult geological formations or conditions (whether in mineral or gaseous form). For a discussion of risks specific to our tailings management, see the risk factors below relating to our management of waste rock and tailings, including our river transport system for tailings management in Indonesia. We are facing continued geotechnical challenges because of the older age of some of our open-pit mines and a trend toward mining deeper pits and more complex deposits. There can be no assurance that unanticipated geotechnical and hydrological conditions may not occur, nor whether these conditions may lead to events such as landslides and pit wall failures, or that such events will be detected in advance. Geotechnical instabilities can be difficult to predict and are often affected by risks and hazards outside of our control, such as seismic activity or severe weather, which may lead to floods, mudslides, pit-wall instability and possibly even slippage of material. For example, in late 2022, significant rainfall events impacted production at Morenci. Further, in early 2019, our El Abra 55 55 55 55 55 55 Table of Contents Table of Contents Table of Contents operation experienced heavy rainfall and electrical storms. As a result, our operating results for 2019 were impacted by a suspension of El Abra's crushed leach stacking operations for approximately 35 days. We also experience mining induced seismic activity, including landslides, from time to time in the Grasberg minerals district in addition to severe weather. The mine site is in an active seismic area and has experienced earth tremors from time to time. In addition to the usual risks encountered in the mining industry, our Indonesia mining operations involve additional risks given their location in steep mountainous terrain in a remote area of Indonesia. These conditions have required us to overcome special engineering difficulties and develop extensive infrastructure facilities. The area also receives extreme rainfall, which has led to periodic floods and mudslides. In February 2023, PT-FI's operations were temporarily disrupted because of significant rainfall and landslides, which restricted access to infrastructure near its milling operations. We cannot predict whether similar weather-related or seismic events will occur in the future or the extent to which any such event would affect these, or any of our other operations. Our business is dependent upon our workforce being able to safely perform their jobs. The occurrence of one or more of these events in connection with our exploration activities and development of and production from mining operations may result in the death of, or personal injury or illness to, our employees, other personnel or third parties, the loss of mining equipment, damage to or destruction of mineral properties or production facilities, significant repair costs, monetary losses, deferral or unanticipated fluctuations in production, extensive community disruption (including short- and long-term health and safety risks), loss of licenses, permits or necessary approvals to operate, loss of workforce confidence, loss of infrastructure and services, disruption to essential supplies or delivery of our products, environmental damage and potential legal liabilities, any of which may adversely affect our reputation, business, prospects, results of operations and financial position. Further, the impacts of any serious incidents that occur may also be amplified if we fail to respond timely or in an appropriate manner. Underground mining operations have unique risks that can be particularly dangerous, such as those associated with supporting the underground openings. In May 2013, the rock structure above the ceiling of an underground training facility at the Grasberg minerals district collapsed, which resulted in 28 fatalities and 10 injuries. While we have implemented preventative measures, we cannot guarantee that any incidents will not occur in the future. In addition, we could also be subject to operational risks at our smelters and refineries once PT-FI is fully dependent on its ability to smelt and refine domestically all its concentrates and slimes produced by its mining operations at the PT Smelting and the Indonesia smelter projects. Any delay, loss of access or limited availability and capacity related to these smelting and refinery facilities, including equipment failures, unanticipated or extended shutdowns, inability to sell certain by-products, lack of capacity to store certain by-products, severe weather, social or political unrest or any major public health crisis, any of which may not be recognized by the Indonesia government as a force majeure event, may significantly impact our ability to export and sell our copper and gold products, even if alternative refineries or smelters outside of Indonesia are available, and could adversely impact our revenues and results of operations. We maintain insurance at amounts we believe to be reasonable to cover some of these risks and hazards; however, our insurance may not sufficiently cover losses from certain of these risks and hazards. There can be no assurance that such insurance will continue to be available, maintained or available at economically feasible premiums, that the proceeds of such insurance will be paid in a timely manner or that we will be adequately compensated for losses actually incurred, if at all. We may elect to not purchase insurance for certain risks because of the high premium costs associated with insuring such risk or for various other reasons. We do not have coverage for certain environmental losses and other risks, including the legal liabilities associated with these risks. The lack of, or insufficiency of, insurance coverage could adversely affect our cash flows and overall profitability. **Current (2025):** We have assets in a variety of geographic locations, all of which exist in and around broader communities and environments. Maintaining the operational integrity and performance of our assets is crucial to protect our people, the environment and communities in which we operate. Our operations are very large in scale and, by their nature are subject to significant operational risks, some of which are outside of our control, and many of which are not covered fully, or in some cases even partially, by insurance. These operational risks, which could materially adversely affect our business, operating results and cash flows, include earthquakes, rainstorms, floods, landslides, wildfires and other natural disasters and extreme weather events; environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals; surface or underground fires; equipment failures; accidents, including in connection with mining equipment, milling equipment or conveyor systems, transportation of chemicals, explosives or other materials and in the transportation of employees and other individuals to and from sites (including where these services are provided by third parties such as vehicle and aircraft transport); wall failures and rock slides in our open-pit mines, and structural collapses of our underground mines or tailings impoundments; underground water and ore management; lower than expected ore grades or recovery rates; and seismic activity resulting from unexpected or difficult geological formations or conditions (whether in mineral or gaseous form). For a discussion of risks specific to our tailings management, see the risk factors below relating to our management of waste rock and tailings, including our river transport system for tailings management in Indonesia. We are facing continued geotechnical challenges because of the older age of some of our open-pit mines and a trend toward mining deeper pits and more complex deposits. There can be no assurance that unanticipated geotechnical and hydrological conditions may not occur, nor whether these conditions may lead to events such as landslides and pit wall failures, or that such events will be detected in advance. Geotechnical instabilities can be difficult to predict and are often affected by risks and hazards outside of our control, such as seismic activity or extreme weather, which have in the past and may in the future lead to floods, mudslides, pit-wall instability and possibly even slippage of material, which has and may in the future require suspension of operations and impact operating results. We also experience mining induced seismic activity, including landslides, from time to time in the Grasberg minerals district in addition to extreme weather. The mine site is in an active seismic area and has experienced earth tremors from time to time. In addition to the usual risks encountered in the mining industry, our Indonesia mining operations involve additional risks given their location in steep mountainous terrain in a remote area of Indonesia. These conditions have required us to overcome special engineering difficulties and develop extensive infrastructure facilities. The area also receives extreme rainfall, which has led to periodic floods and mudslides. In February 2023, PT-FI's operations were temporarily disrupted because of significant rainfall and landslides, which restricted access to infrastructure near its milling operations. We cannot predict whether similar weather-related or seismic events will occur in the future or the extent to which any such event would affect these, or any of our other operations. Underground mining operations have unique risks that can be particularly dangerous, such as those associated with supporting the underground openings. In May 2013, the rock structure above the ceiling of an underground training facility at the Grasberg minerals district collapsed, which resulted in 28 fatalities and 10 injuries. While we have implemented preventative measures, we cannot guarantee that any incidents will not occur in the future. The occurrence of one or more of these operational risks in connection with our operations may result in the death of, or personal injury or illness to, our employees, other personnel or third parties, the loss of mining equipment, damage to or destruction of mineral properties or production facilities, significant repair costs, monetary losses, deferral or unanticipated fluctuations in production, extensive community disruption (including short- and long-term health and safety risks), loss of licenses, permits or necessary approvals to operate, loss of workforce confidence, 56 56 56 56 56 56 Table of Contents Table of Contents Table of Contents loss of infrastructure and services, disruption to essential supplies or delivery of our products, environmental damage and potential legal liabilities, any of which may adversely affect our reputation, business, prospects, results of operations and financial position. Further, the impacts of any serious incidents that occur may also be amplified if we fail to respond timely or in an appropriate manner. In addition, we could also be subject to additional operational risks at our smelters and refineries, including those specific to PT-FI once it is fully dependent on its ability to smelt and refine domestically all its concentrates. Any delay, suspension, loss of access, shutdown of affected facilities or limited availability and capacity related to these smelting and refinery facilities, including equipment or mechanical failures, fires, explosions, unanticipated or extended shutdowns, inability to sell certain by-products, lack of capacity to store certain by-products, extreme weather or natural disasters, social or political unrest or any major public health crisis, any of which may not be recognized as a force majeure event, may significantly impact our ability to export and sell our products, particularly in Indonesia even if alternative refineries or smelters outside of Indonesia are available, and could adversely impact our costs, revenues and results of operations or require us to revise our operating plans, including curtailing or modifying our mining and milling operations. As discussed above and in Note 10, a fire occurred in October 2024 during start-up activities at PT-FI's new smelter, requiring a temporary suspension of smelting operations to complete repairs. PT-FI expects repairs to be completed by mid-2025 and ramp-up to full capacity to be achieved by year-end 2025. We maintain insurance at amounts we believe to be reasonable to cover some of these risks and hazards; however, our insurance may not sufficiently cover losses from certain of these risks and hazards. There can be no assurance that such insurance will continue to be maintained or available at economically feasible premiums, that the proceeds of such insurance will be paid in a timely manner or that we will be adequately compensated for losses actually incurred, if at all. We may elect not to purchase insurance for certain risks because of the high premium costs associated with insuring such risk or for various other reasons. For example, we do not have coverage for certain environmental losses, including the legal liabilities associated with these risks. The lack of, or insufficiency of, insurance coverage could adversely affect our cash flows and overall profitability. --- ## Modified: Our management of waste rock and tailings are subject to significant environmental, safety and engineering challenges and risks that could adversely affect our business. **Key changes:** - Added sentence: "Our leaching innovation initiatives include measures that are intended to enhance solution flow through our leach stockpiles, which may increase risks for physical instability of such stockpiles." - Reworded sentence: "Our tailings impoundments in arid areas must have effective programs to suppress fugitive dust emissions to meet regulatory requirements, which vary depending on location, and to limit potential impacts of dust emissions from our operations on surrounding communities and the environment." - Reworded sentence: "In Indonesia, we use a controlled riverine tailings management system, which presents other risks discussed in more detail in the risk factor below relating to the environmental challenges at our Indonesia mining operations." - Reworded sentence: "Additionally, we have one centerline tailing storage facility in development." - Reworded sentence: "For additional information regarding the company's tailings management and stewardship program, including our implementation of the requirements of the Tailings Standard, refer to Items 1." **Prior (2024):** The waste rock (including overburden) and tailings produced in our mining operations represent our largest volume of mine waste material. Managing the volume of waste rock and tailings presents significant environmental, safety and engineering challenges and risks primarily relating to structural stability, geochemistry, water quality and dust generation. Management of this waste is regulated in the jurisdictions where we operate and our programs are designed to comply with applicable national, state and local laws, permits and approved environmental impact studies. We maintain large leach pads and tailings impoundments containing viscous material. Tailings impoundments include large embankments that must be engineered, constructed and monitored to ensure structural stability and avoid structural collapse. Our tailings impoundments in arid areas must have effective programs to suppress fugitive 56 56 56 56 56 56 Table of Contents Table of Contents Table of Contents dust emissions to meet regulatory requirements, which vary depending on location, and to limit potential impacts of dust emissions from our operations on surrounding communities and the environment. Additionally, we must effectively monitor, prevent and treat acid rock drainage at all of our operations. In Indonesia, we use a river transport system for tailings management, which presents other risks discussed in more detail in the risk factor below relating to the environmental challenges at our Indonesia mining operations. As of January 31, 2024, subsidiaries of our company currently operate 15 active tailings storage facilities (13 in the U.S. and 2 in Peru), of which 10 have an upstream design and 5 have a centerline design. We also manage 35 tailings storage facilities in the U.S. that are inactive or closed (31 with an upstream design, 2 with a centerline design and 2 with a downstream design) and another 22 that are deemed "safely closed" according to the definition in the Tailings Standard (19 with an upstream design and 3 with a centerline design). In 2023, we produced approximately 341 million metric tons of tailings, including tailings produced by PT-FI. The failure of tailings storage facilities and other embankments at any of our mining operations could cause severe, and in some cases catastrophic, property and environmental damage and loss of life, as well as adverse effects on our business and reputation. Some of our tailings storage facilities are located in areas where a failure has the potential to impact individual dwellings and a limited number of our impoundments are in areas where a failure has the potential to impact nearby communities or mining infrastructure. There can be no assurance that a severe or catastrophic failure of any of our facilities will not occur in the future. For additional information regarding the company's tailings management and stewardship program, including our tailings management system, which incorporates the requirements of the Tailings Standard, refer to Items 1. and 2. "Business and Properties." Based on observations from tailings failures at unaffiliated mines and our risk assessment process, which assesses a range of potential risks to our tailings storage facilities, in addition to fatalities and severe personal, property and environmental damages, these events could result in limited or restricted access to mine sites, suspension of operations, decrease in mineral reserves, legal liability, government investigations, additional regulations and restrictions on mining operations in response to any such failure, increased monitoring costs and production costs, increased insurance costs or costs associated with insufficiency of or inability to obtain insurance, increased costs and/or limited access to capital, remediation costs, inability to comply with any additional safety requirements or obtain necessary certifications, evacuation or relocation of communities or other emergency action, and other impacts, which could have a material adverse effect on our operations and financial position. **Current (2025):** The waste rock (including overburden) and tailings produced in our mining operations represent our largest volume of mine waste material. Managing the volume of waste rock and tailings presents significant environmental, safety and engineering challenges and risks primarily relating to structural stability, geochemistry, water quality and dust generation. Management of this waste is regulated in the jurisdictions where we operate and our programs are designed to comply with applicable national, state and local laws, permits and approved environmental impact studies. We maintain large leach pads and tailings impoundments containing viscous material. Our leaching innovation initiatives include measures that are intended to enhance solution flow through our leach stockpiles, which may increase risks for physical instability of such stockpiles. Tailings impoundments include large embankments that must be engineered, constructed and monitored to ensure structural stability and avoid structural collapse. Our tailings impoundments in arid areas must have effective programs to suppress fugitive dust emissions to meet regulatory requirements, which vary depending on location, and to limit potential impacts of dust emissions from our operations on surrounding communities and the environment. Additionally, we must effectively monitor, prevent and treat acid rock drainage at all of our operations. In Indonesia, we use a controlled riverine tailings management system, which presents other risks discussed in more detail in the risk factor below relating to the environmental challenges at our Indonesia mining operations. As of December 31, 2024, we operated 15 active tailings storage facilities (13 in the U.S. and 2 in Peru), of which 10 have an upstream design and 5 have a centerline design. Additionally, we have one centerline tailing storage facility in development. We also manage 29 tailings storage facilities in the U.S. that are inactive or closed (23 with an upstream design, 2 with a centerline design and 4 with a downstream design) and another 25 that are deemed "safely closed" according to the definition in the Tailings Standard (22 with an upstream design and 3 with a centerline design). In 2024, we produced approximately 346 million metric tons of tailings globally. The failure of tailings storage facilities, other embankments or stockpiles at any of our mining operations could cause severe, and in some cases catastrophic, property and environmental damage and loss of life, as well as adverse effects on our business and reputation. Some of our tailings storage facilities are located in areas where a failure has the potential to impact individual dwellings, and at least one of our impoundments is in an area where a failure has the potential 57 57 57 57 57 57 Table of Contents Table of Contents Table of Contents to impact nearby communities or mining infrastructure. There can be no assurance that a severe or catastrophic failure of any of our facilities will not occur in the future. For additional information regarding the company's tailings management and stewardship program, including our implementation of the requirements of the Tailings Standard, refer to Items 1. and 2. "Business and Properties." Based on observations from tailings failures at unaffiliated mines and our risk assessment process, which assesses a range of potential risks to our tailings storage facilities, in addition to fatalities and severe personal, property and environmental damages, these events could result in limited or restricted access to mine sites, physical failures at sites (such as overtopping of an impoundment), suspension of operations, decrease in mineral reserves, legal liability, government investigations, additional regulations and restrictions on mining operations in response to any such failure, increased monitoring costs and production costs, increased insurance costs or costs associated with insufficiency of or inability to obtain insurance, increased costs and/or limited access to capital, remediation costs, inability to comply with any additional safety requirements or obtain necessary certifications, evacuation or relocation of communities or other emergency action, impacts on occupational health and safety, social risks, and other impacts, which could have a material adverse effect on our operations and financial position. --- ## Modified: Financial risks **Key changes:** - Reworded sentence: "•Fluctuations or extended material declines in the market prices of the commodities we produce; •Fluctuations in price and availability of consumables and components we purchase as well as constraints on supply and logistics, and transportation services; •Less flexibility because of our debt and other financial commitments; •Changes in or failure to comply with financial assurance requirements relating to our mine closure reclamation obligations; •Unanticipated legal proceedings or negative developments in pending legal proceedings or other contingencies; and •Changes in tax laws and regulations." **Prior (2024):** •Fluctuations or extended material declines in the market prices of the commodities we produce; •Fluctuations in price and availability of consumables and components we purchase as well as constraints on supply and logistics, and transportation services; •Less flexibility because of our debt and other financial commitments; •Changes in or failure to comply with financial assurance requirements relating to our mine closure reclamation obligations; •Unanticipated litigation or negative developments in pending litigation or other contingencies; and •Changes in tax laws and regulations. **Current (2025):** •Fluctuations or extended material declines in the market prices of the commodities we produce; •Fluctuations in price and availability of consumables and components we purchase as well as constraints on supply and logistics, and transportation services; •Less flexibility because of our debt and other financial commitments; •Changes in or failure to comply with financial assurance requirements relating to our mine closure reclamation obligations; •Unanticipated legal proceedings or negative developments in pending legal proceedings or other contingencies; and •Changes in tax laws and regulations. --- ## Modified: Our success depends on our ability to recruit, retain, develop and advance qualified personnel. **Key changes:** - Reworded sentence: "Our ability to recruit qualified personnel is affected by the available pool of candidates with the training and skills necessary to fill the vacant positions, the impact on the labor supply because of general economic conditions and our ability to offer competitive compensation and benefit packages." - Reworded sentence: "If we fail to recruit, retain, develop and advance qualified, inclusive and diverse personnel necessary for the efficient operation of our business 63 63 63 63 63 63 Table of Contents Table of Contents Table of Contents or fail to maintain a safe environment, we could continue to face labor challenges, which may result in, but are not limited to, decreased profitability, further decreases to productivity and efficiency, ongoing safety performance challenges, and the further delay of current and potential development projects, any of which may have a material adverse effect on our performance." **Prior (2024):** Our success is dependent on the contributions of our highly skilled and experienced workforce. Our business depends on our ability to recruit, retain, develop and advance a qualified, inclusive and diverse workforce at all levels, including sufficient personnel to develop, implement and operate new technologies. Our ability to recruit qualified personnel is affected by the available pool of workers with the training and skills necessary to fill the available positions, the impact on the labor supply because of general economic conditions and our ability to offer competitive compensation and benefit packages. Since 2021, we have experienced an increasingly competitive labor market and labor shortages at our North America operations. The tight labor market, hiring more contract workers, and increased competition from other employers in North America continue to represent strategic challenges that are increasing our costs, reducing efficiency, impacting production and our ability to further expand current mining rates and will impact the timing of future developments in North America. If we fail to recruit, retain, develop and advance qualified, inclusive and diverse personnel necessary for the efficient operation of our business, we could continue to face labor challenges, which may result in, but are not limited to, decreased profitability, further decreases to productivity and efficiency, ongoing safety performance challenges, and the further delay of current and potential development projects, any of which may have a material adverse effect on our performance. **Current (2025):** Our success is dependent on the contributions of our highly skilled and experienced workforce. Our business depends on our ability to recruit, retain, develop and advance a qualified, inclusive and diverse workforce at all levels, including sufficient personnel to develop, implement and operate new technologies. Our ability to recruit qualified personnel is affected by the available pool of candidates with the training and skills necessary to fill the vacant positions, the impact on the labor supply because of general economic conditions and our ability to offer competitive compensation and benefit packages. We continued to face challenges in 2024 with an increasingly competitive and tight labor market, specifically in North America. The tight labor market, hiring more contract workers, and increased competition from other employers in North America continue to represent strategic challenges that are increasing our costs, reducing efficiency, impacting production and our ability to further expand current mining rates and will impact the timing of future developments in North America. If we fail to recruit, retain, develop and advance qualified, inclusive and diverse personnel necessary for the efficient operation of our business 63 63 63 63 63 63 Table of Contents Table of Contents Table of Contents or fail to maintain a safe environment, we could continue to face labor challenges, which may result in, but are not limited to, decreased profitability, further decreases to productivity and efficiency, ongoing safety performance challenges, and the further delay of current and potential development projects, any of which may have a material adverse effect on our performance. Refer to Items 1. and 2. "Business and Properties" for further discussion of our human capital management, including health and safety, and employee engagement, training and development. --- ## Modified: Smelting Facilities and Other Mining Properties **Key changes:** - Reworded sentence: "PT-FI's New Downstream Processing Facilities." - Reworded sentence: "Refer to MD&A and Note 2 for further discussion." - Reworded sentence: "PT Smelting completed an 18-day maintenance turnaround during October 2022, a 72-day shutdown in July 2023 associated with its expansion project and a 7-day shutdown in November 2023 to complete final tie-in of the expansion project." - Added sentence: "Our wholly owned Atlantic Copper smelter and refinery is located on land concessions from the Huelva, Spain, port authorities, which are scheduled to expire in 2038." - Added sentence: "The smelter has a design capacity to process approximately 300,000 metric tons of copper per year, and the refinery has a capacity to process 286,000 metric tons of copper per year." **Prior (2024):** Manyar Smelter and Precious Metal Refinery. PT-FI is actively engaged in the construction of the Manyar smelter in Gresik, Indonesia. Construction progress of the Manyar smelter (with a capacity to process approximately 1.7 million metric tons of copper concentrate per year) is advancing on schedule with a target of May 2024 for mechanical completion, which will be followed by a ramp-up period through December 2024. Construction of the smelter has an estimated cost of $3.0 billion, including $2.8 billion for a construction contract (excluding capitalized interest, owner's costs and commissioning) and $0.2 billion for investment in a desalination plant. The PMR is being constructed to process gold and silver from the Manyar smelter and PT Smelting. Construction is in progress with commissioning expected during 2024. Current cost estimates total $665 million, reflecting updated costs for construction, materials, labor and engineering. Atlantic Copper. Our wholly owned Atlantic Copper smelter and refinery is located on land concessions from the Huelva, Spain, port authorities, which are scheduled to expire in 2038. The design capacity of the smelter is approximately 300,000 metric tons of copper per year, and the refinery has a capacity of 286,000 metric tons of copper per year. Atlantic Copper's anode production from its smelter totaled 261,900 metric tons of copper in 2023, 215,000 metric tons in 2022 and 278,600 metric tons in 2021. Copper cathode production from its refinery totaled 260,300 metric tons of copper in 2023, 218,400 metric tons in 2022 and 277,000 metric tons in 2021. During 2023, Atlantic Copper purchased 40% of its concentrate from our copper mining operations (20% from PT-FI, 17% from South America mining and 3% from the North America copper mines) and 60% from third parties. Atlantic Copper completed a 78-day major maintenance turnaround in 2022. Atlantic Copper's major maintenance turnarounds typically occur approximately every eight years, with shorter-term maintenance turnarounds in the interim. Atlantic Copper is developing an e-material recycling project as a result of the significant and continued growth in electronic waste material. Atlantic Copper's existing smelting and refining facilities provide synergies to recycle this type of material, and the project, which is expected to commence operations in 2025, would include an addition of a smelting furnace and associated equipment to recover copper, gold, silver, palladium, tin, nickel and platinum from electronic materials. Atlantic Copper estimates that the initial project capital will approximate $345 million. PT Smelting. PT Smelting, an Indonesia company, owns a copper smelter and refinery in Gresik, Indonesia. On April 30, 2021, PT-FI acquired an additional 14.5% of the outstanding common stock of PT Smelting, increasing its ownership interest to 39.5%. Mitsubishi Materials Corporation (MMC) owns the remaining 60.5% and serves as the operator of PT Smelting. In November 2021, PT-FI completed agreements with MMC to implement the expansion of PT Smelting's capacity by 30% to 1.3 million metric tons of copper concentrate per year. In December 2023, the project was successfully completed on time and within budget. The project was funded by PT-FI with borrowings that are expected to convert to equity in 2024, increasing PT-FI's ownership in PT Smelting to approximately 65%. Refer to Note 3 for further discussion. Beginning in 2023, PT-FI's commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under the arrangement, PT-FI pays PT Smelting a tolling fee (which PT-FI records as production costs in the consolidated statements of income) to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to unaffiliated third parties (i.e., there are no further sales to PT Smelting). Refer to MD&A and Note 3 for further discussion. PT Smelting's anode production from its smelter totaled 251,300 metric tons of copper in 2023, 316,700 metric tons in 2022 and 280,400 metric tons in 2021. Copper cathode production from its refinery totaled 212,000 metric tons of copper in 2023, 268,400 metric tons in 2022 and 256,900 metric tons in 2021. PT Smelting's major scheduled maintenance turnarounds (which approximate 30 days to complete) are expected to occur every two years, with short-term maintenance turnarounds in the interim. PT Smelting completed an 18-day maintenance turnaround during October 2022, a 72-day shutdown in July 2023 associated with its expansion 25 25 25 25 25 25 Table of Contents Table of Contents Table of Contents project and a 7-day shutdown in November 2023 to complete final tie-in of the expansion project. The next maintenance turnaround is scheduled for mid-year 2025. Miami Smelter. We own and operate a smelter at our Miami mining operation in Arizona. The smelter has been operating for over 100 years and has been upgraded numerous times during that period to implement new technologies, improve production and comply with air quality requirements. The Miami smelter processes copper concentrate primarily from our North America copper mines. Concentrate processed through the smelter totaled 810,900 metric tons in 2023, 781,000 metric tons in 2022 and 674,000 metric tons in 2021, and copper anode production from the smelter totaled 222,000 metric tons in 2023, 202,000 metric tons in 2022 and 194,000 metric tons in 2021. In addition, because sulfuric acid is a by-product of smelting concentrate, the Miami smelter is also the most significant source of sulfuric acid for our North America leaching operations. Major maintenance turnarounds are anticipated to occur approximately every three years for the Miami smelter. We performed a major maintenance turnaround during 2021. The next major maintenance turnaround is scheduled for mid-year 2025. Rod & Refining Operations. Our Rod & Refining operations consist of conversion facilities located in North America, including a refinery in El Paso, Texas, and rod mills in El Paso, Texas and Miami, Arizona. We refine our copper anode production from our Miami smelter at our El Paso refinery. The El Paso refinery has the potential to operate at an annual production capacity of approximately 410,000 metric tons of copper cathode, which is sufficient to refine all of the copper anode we produce at our Miami smelter. Copper cathode production from the El Paso refinery totaled 217,800 metric tons in 2023, 208,900 metric tons in 2022 and 187,300 metric tons in 2021. Our El Paso refinery also produces nickel carbonate, copper telluride and autoclaved slimes material containing gold, silver, platinum and palladium. Molybdenum Conversion Facilities. We process molybdenum concentrate at our conversion plants in the U.S. and Europe into such products as technical-grade molybdic oxide, ferromolybdenum, pure molybdic oxide, ammonium molybdates and molybdenum disulfide. We operate molybdenum roasters in Sierrita, Arizona; Fort Madison, Iowa; and Rotterdam, the Netherlands, and we operate a molybdenum pressure-leach plant in Bagdad, Arizona. We also produce ferromolybdenum for customers worldwide at our conversion plant located in Stowmarket, United Kingdom. Other North America Copper Mines. We have five non-operating copper mines - Ajo, Bisbee, Tohono, Twin Buttes and Christmas, which are located in Arizona - that have been on care and maintenance status for several years and would require new or updated environmental studies, new permits, and additional capital investment, which could be significant, to return them to operating status. **Current (2025):** PT-FI's New Downstream Processing Facilities. PT-FI's new smelter and PT Smelting (see further discussion below) will smelt and refine copper concentrate from PT-FI, and the PMR will process anode slimes from the new smelter and PT Smelting. Once its new downstream processing facilities are operational, PT-FI's operations will be fully integrated. PT-FI's new greenfield smelter in Eastern Java, Indonesia has a capacity to process approximately 1.7 million metric tons of copper concentrate per year. During start-up activities, a fire occurred in October 2024, requiring a temporary suspension of smelting operations to complete repairs. Procurement of long-lead items is advanced and repairs are scheduled to be completed by mid-2025. PT-FI expects restoration, repair and replacement costs to approximate $100 million, which are expected to be mostly offset through recovery under construction insurance programs. PT-FI expects ramp-up to full capacity to be achieved by year-end 2025. As part of start-up activities, PT-FI commenced gold production from its new PMR in December 2024. PT Smelting. PT Smelting, an Indonesian joint venture between PT-FI and MMC, owns a copper smelter and refinery in Gresik, Indonesia. In December 2023, PT Smelting completed the expansion of its capacity by 30% to process approximately 1.3 million metric tons of copper concentrate per year. The project was funded by PT-FI with loans totaling $254 million that converted to equity effective June 30, 2024, increasing PT-FI's ownership in PT Smelting to 66% from 39.5%. As discussed in Note 2, PT-FI continues to account for its investment in PT Smelting under the equity method. Beginning in 2023, PT-FI's commercial arrangement with PT Smelting changed from a copper concentrate sales agreement to a tolling arrangement. Under the arrangement, PT-FI pays PT Smelting a tolling fee (which PT-FI records as production costs in the consolidated statements of income) to smelt and refine its copper concentrate and PT-FI retains title to all products for sale to unaffiliated third parties (i.e., there are no further sales to PT Smelting). Refer to MD&A and Note 2 for further discussion. PT Smelting's copper anode production from its smelter totaled 398,200 metric tons in 2024, 251,300 metric tons in 2023 and 316,700 metric tons in 2022. Copper cathode production from its refinery totaled 335,200 metric tons in 2024, 212,000 metric tons in 2023 and 268,400 metric tons in 2022. PT Smelting's major scheduled maintenance turnarounds (which approximate 30 days to complete) are expected to occur every two years, with short-term maintenance turnarounds in the interim. PT Smelting completed an 18-day maintenance turnaround during October 2022, a 72-day shutdown in July 2023 associated with its expansion project and a 7-day shutdown in November 2023 to complete final tie-in of the expansion project. The next maintenance turnaround is scheduled for mid-year 2025. Atlantic Copper. Our wholly owned Atlantic Copper smelter and refinery is located on land concessions from the Huelva, Spain, port authorities, which are scheduled to expire in 2038. The smelter has a design capacity to process approximately 300,000 metric tons of copper per year, and the refinery has a capacity to process 286,000 metric tons of copper per year. Atlantic Copper's copper anode production from its smelter totaled 247,600 metric tons in 2024, 261,900 metric tons in 2023 and 215,000 metric tons in 2022. Copper cathode production from its refinery totaled 254,400 metric tons in 2024, 260,300 metric tons in 2023 and 218,400 metric tons in 2022. During 2024, Atlantic Copper purchased 30% of its concentrate from our copper mining operations (15% from South America operations, 13% from Indonesia operations and 2% from the North America copper mines) and 70% from third parties. Atlantic Copper's major maintenance turnarounds typically occur approximately every eight years, with shorter-term maintenance turnarounds in the interim. Atlantic Copper completed a 17-day maintenance turnaround in 2024 and a 78-day major maintenance turnaround in 2022. Atlantic Copper is developing an e-material recycling project as a result of the significant and continued growth in electronic waste material. Atlantic Copper's existing smelting and refining facilities provide synergies to recycle this type of material, and the project, which is expected to commence operations in 2026, would include an addition of a smelting furnace and associated equipment to recover copper, gold, silver, palladium, tin, nickel and 25 25 25 25 25 25 Table of Contents Table of Contents Table of Contents platinum from electronic materials. Atlantic Copper estimates that the initial project capital will approximate $435 million. Miami Smelter. We own and operate a smelter at our Miami mining operation in Arizona. The smelter has been operating for over 100 years and has been upgraded numerous times during that period to implement new technologies, improve production and comply with air quality requirements. The Miami smelter processes copper concentrate primarily from our North America copper mines. Concentrate processed through the smelter totaled 840,600 metric tons in 2024, 810,900 metric tons in 2023 and 781,000 metric tons in 2022, and copper anode production from the smelter totaled 214,000 metric tons in 2024, 222,000 metric tons in 2023 and 202,000 metric tons in 2022. In addition, because sulfuric acid is a by-product of smelting concentrate, the Miami smelter is also the most significant source of sulfuric acid for our North America leaching operations. Major maintenance turnarounds are anticipated to occur approximately every three to four years for the Miami smelter. We performed a major maintenance turnaround during 2021 and the next major maintenance turnaround is scheduled for mid-year 2025, for which we expect to incur maintenance charges and idle facility costs of approximately $85 million. Rod & Refining Operations. Our Rod & Refining operations consist of conversion facilities located in North America, including a refinery in El Paso, Texas, and rod mills in El Paso, Texas and Miami, Arizona. We refine our copper anode production from our Miami smelter at our El Paso refinery. The El Paso refinery has the potential to operate at an annual production capacity of approximately 410,000 metric tons of copper cathode, which is sufficient to refine all of the copper anode we produce at our Miami smelter. Copper cathode production from the El Paso refinery totaled 221,300 metric tons in 2024, 217,800 metric tons in 2023 and 208,900 metric tons in 2022. Our El Paso refinery also produces nickel carbonate, copper telluride and autoclaved slimes material containing gold, silver, platinum and palladium. Molybdenum Conversion Facilities. We process molybdenum concentrate at our conversion plants in the U.S. and Europe into such products as technical-grade molybdic oxide, ferromolybdenum, pure molybdic oxide, ammonium molybdates and molybdenum disulfide. We operate molybdenum roasters in Sierrita, Arizona; Fort Madison, Iowa; and Rotterdam, the Netherlands, and we operate a molybdenum pressure-leach plant in Bagdad, Arizona. We also produce ferromolybdenum for customers worldwide at our conversion plant located in Stowmarket, United Kingdom. Other North America Copper Mines. We have five non-operating copper mines - Ajo, Bisbee, Tohono, Twin Buttes and Christmas, which are located in Arizona - that have been on care and maintenance status for several years and would require new or updated environmental studies, new permits, and additional capital investment, which could be significant, to return them to operating status. --- ## Modified: We may not be able to maintain or grow our mineral reserves. **Key changes:** - Reworded sentence: "Exploration is highly speculative in nature, involves many risks and uncertainties, requires substantial capital expenditures (which may differ significantly from those estimated) and, in some instances, advances in processing technology, and is frequently unsuccessful in discovering significant mineral resources since new, large, long-life deposits are increasingly scarce." - Added sentence: "64 64 64 64 64 64 Table of Contents Table of Contents Table of Contents" **Prior (2024):** Our existing mineral reserves will be depleted over time by production from our operations. Because our profits are primarily derived from our mining operations, our ability to replenish our mineral reserves is essential to our long-term success. Depleted mineral reserves can be replaced in several ways, including expanding known ore bodies, reducing operating costs that could extend the life of a mine by allowing us to cost-effectively process ore types that were previously considered uneconomic, investing in and advancing new technologies (such as our leaching innovation initiatives), locating new deposits or acquiring interests in mineral reserves from third parties. Exploration is highly speculative in nature, involves many risks and uncertainties, requires substantial capital expenditures (which may differ significantly from those estimated) and, in some instances, advances in processing 63 63 63 63 63 63 Table of Contents Table of Contents Table of Contents technology, and is frequently unsuccessful in discovering significant mineral resources since new, large, long-life deposits are increasingly scarce. Accordingly, our current or future exploration programs may not result in the discovery of additional deposits that can be produced profitably. Even if significant mineral resources are discovered, it will likely take many years from the initial phases of exploration until commencement of production, during which time the economic feasibility of production may change. We may not be able to discover, enhance, develop or acquire mineral reserves in sufficient quantities to maintain or grow our current reserve levels, which could negatively affect our cash flows, results of operations and financial condition. **Current (2025):** Our existing mineral reserves will be depleted over time by production from our operations. Because our profits are primarily derived from our mining operations, our ability to replenish our mineral reserves is essential to our long-term success. Depleted mineral reserves can be replaced in several ways, including expanding known ore bodies, reducing operating costs that could extend the life of a mine by allowing us to cost-effectively process ore types that were previously considered uneconomic, investing in and advancing new technologies (such as our leaching innovation initiatives), locating new deposits or acquiring interests in mineral reserves from third parties. Exploration is highly speculative in nature, involves many risks and uncertainties, requires substantial capital expenditures (which may differ significantly from those estimated) and, in some instances, advances in processing technology, and is frequently unsuccessful in discovering significant mineral resources since new, large, long-life deposits are increasingly scarce. Accordingly, our current or future exploration programs may not result in the discovery of additional deposits that can be produced profitably. Even if significant mineral resources are discovered, it will likely take many years from the initial phases of exploration until commencement of production, during which time the economic feasibility of production may change. We may not be able to discover, enhance, develop or acquire mineral reserves in sufficient quantities to maintain or grow our current reserve levels, which could negatively affect our cash flows, results of operations and financial condition. 64 64 64 64 64 64 Table of Contents Table of Contents Table of Contents --- ## Modified: The costs of compliance with environmental, health and safety laws and regulations applicable to our operations may constrain existing operations or expansion opportunities. Related permit and other approval requirements may delay or result in a suspension of our operations. **Key changes:** - Reworded sentence: "In addition, we must obtain regulatory permits and other approvals to start, continue and expand operations, which could be challenged causing delays or possible denial of necessary permits and other approvals." - Reworded sentence: "Compliance 65 65 65 65 65 65 Table of Contents Table of Contents Table of Contents with these laws and regulations imposes substantial costs, which we expect will continue to increase over time because of increased regulatory oversight, adoption of increasingly stringent environmental standards, and other factors." - Removed sentence: "Federal regulations obligating additional hazardous air pollutant controls at our Miami, Arizona smelter are also under consideration." - Added sentence: "For example, revised federal regulations governing hazardous air pollutant emissions at our Miami, Arizona smelter were finalized in May 2024 and are under evaluation." - Added sentence: "For instance, the U.S." **Prior (2024):** Our operations are subject to extensive and complex environmental laws and regulations governing the generation, storage, treatment, transportation and disposal of hazardous substances; solid waste disposal; air emissions; wastewater discharges; remediation, restoration and reclamation of environmental contamination, including mine closures and reclamation; protection of endangered and threatened species and designation of critical habitats; and other related matters. These laws and regulations are subject to change and to changing interpretation by governmental agencies and other bodies vested with broad supervisory authority. As a mining company, compliance with environmental, health and safety laws and regulations is an integral and costly part of our business. In addition, we must obtain regulatory permits and approvals to start, continue and expand operations. 64 64 64 64 64 64 Table of Contents Table of Contents Table of Contents Certain federal and similar state laws and regulations may expose us to joint and several liability for environmental damages caused by our operations, or by previous owners or operators of properties we acquired or are currently operating or at sites where we previously sent materials for processing, recycling or disposal. As discussed in more detail in the risk factor below relating to costs incurred for remediating environmental conditions on our properties that are no longer in operation, we have substantial obligations for environmental remediation on properties previously owned or operated by Freeport Minerals Corporation (FMC) and certain of its affiliates. Noncompliance with these laws and regulations could result in material penalties or other liabilities. In addition, compliance with these laws may from time to time result in delays in or changes to our development or expansion plans. Compliance with these laws and regulations imposes substantial costs, which we expect will continue to increase over time because of increased regulatory oversight, adoption of increasingly stringent environmental standards, and other factors. New or revised environmental regulatory requirements are frequently proposed, many of which have resulted and may in the future result in substantially increased costs for our business, including those regarding financial obligations. Regulations have been considered at various governmental levels to increase financial responsibility requirements for mine closure and reclamation. Federal regulations obligating additional hazardous air pollutant controls at our Miami, Arizona smelter are also under consideration. Adoption of such environmental regulations or more stringent application of existing regulations may materially increase our costs, threaten certain operating activities and constrain our expansion opportunities. In addition, there can be no assurance that restrictions relating to conservation will not have an adverse impact on expansion of our operations or not result in delays in project development, or constraints on exploration or operations in impacted areas. We have incurred and expect to incur environmental capital expenditures and other environmental costs (including our joint venture partners' shares) to comply with applicable environmental laws and regulations that affect our operations. The timing and amounts of estimated payments could change as a result of changes in regulatory requirements, changes in scope and costs of reclamation activities, the settlement of environmental matters and the rate at which actual spending occurs on continuing matters. We are also subject to extensive regulation of worker health and safety. Our mines are inspected on a regular basis by government regulators who may issue citations and orders when they believe a violation has occurred under applicable mining regulations. If inspections result in an alleged violation, we may be subject to fines and penalties and, in instances of alleged significant violations, our mining operations or industrial facilities could be subject to temporary or extended closures. Many other governmental bodies regulate other aspects of our operations, and our failure to comply with these legal requirements can result in substantial penalties. In addition, new laws and regulations, including executive orders, or changes to or new interpretations of existing laws and regulations by courts or regulatory authorities occur regularly, but are difficult to predict. Any such variations could negatively impact the mining sector, including our business, substantially increase costs to achieve compliance or otherwise have a material adverse effect on our cash flows, results of operations and financial condition. For additional information regarding the various regulations affecting us, see Items 1. and 2. "Business and Properties." **Current (2025):** Our operations are subject to extensive and complex environmental laws and regulations governing the generation, storage, treatment, transportation and disposal of hazardous substances; solid waste disposal; air emissions; wastewater discharges; remediation, restoration and reclamation of environmental contamination, including mine closures and reclamation; protection of endangered and threatened species and designation of critical habitats; and other related matters. These laws and regulations are subject to change and to changing interpretation by governmental agencies and other bodies vested with broad supervisory authority. As a mining company, compliance with environmental, health and safety laws and regulations is an integral and costly part of our business. In addition, we must obtain regulatory permits and other approvals to start, continue and expand operations, which could be challenged causing delays or possible denial of necessary permits and other approvals. Certain federal and similar state laws and regulations may expose us to joint and several liability for environmental damages caused by our operations, or by previous owners or operators of properties we acquired or are currently operating or at sites where we previously sent materials for processing, recycling or disposal. As discussed in more detail in the risk factor below relating to costs incurred for remediating environmental conditions on our properties that are no longer in operation, we have substantial obligations for environmental remediation on properties previously owned or operated by Freeport Minerals Corporation (FMC) and certain of its affiliates. Noncompliance with these laws and regulations could result in material penalties or other liabilities. In addition, compliance with these laws may from time to time result in delays in or changes to our development or expansion plans. Compliance 65 65 65 65 65 65 Table of Contents Table of Contents Table of Contents with these laws and regulations imposes substantial costs, which we expect will continue to increase over time because of increased regulatory oversight, adoption of increasingly stringent environmental standards, and other factors. New or revised environmental regulatory requirements are frequently proposed, many of which have resulted and may in the future result in substantially increased costs for our business, including those regarding financial obligations. Regulations have been considered at various governmental levels to increase financial responsibility requirements for mine closure and reclamation. Adoption of such environmental regulations or more stringent application of existing regulations may materially increase our costs, threaten certain operating activities and constrain our expansion opportunities. In addition, there can be no assurance that restrictions relating to conservation will not have an adverse impact on expansion of our operations or not result in delays in project development, or constraints on exploration or operations in impacted areas. We have incurred and expect to incur environmental capital expenditures and other environmental costs (including our joint venture partners' shares) to comply with applicable environmental laws and regulations that affect our operations. The timing and amounts of estimated payments could change as a result of changes in regulatory requirements, changes in scope and costs of reclamation activities, the settlement of environmental matters and the rate at which actual spending occurs on continuing matters. For example, revised federal regulations governing hazardous air pollutant emissions at our Miami, Arizona smelter were finalized in May 2024 and are under evaluation. We are also subject to extensive regulation of worker health and safety. Our mines are inspected on a regular basis by government regulators who may issue citations and orders when they believe a violation has occurred under applicable mining regulations. If inspections result in an alleged violation, we may be subject to fines and penalties and, in instances of alleged significant violations, our mining operations or industrial facilities could be subject to temporary or extended closures. Many other governmental bodies regulate other aspects of our operations, and our failure to comply with these legal requirements can result in substantial penalties. In addition, new laws and regulations, including executive orders, or changes to or new interpretations of existing laws and regulations by courts or regulatory authorities occur regularly, but are difficult to predict. For instance, the U.S. Supreme Court's 2024 decision in Loper Bright Enterprises v. Raimondo (Loper Bright) overruled Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. (Chevron). Since 1984, Chevron had required courts to give judicial deference to administrative agency actions and reasonable agency interpretations where a statute was silent or ambiguous. In Loper Bright, the Supreme Court held that the U.S. Administrative Procedure Act requires courts to exercise independent judgment when deciding whether an agency acted within its statutory authority and that courts may not defer to agency interpretations solely because a statute is ambiguous. This decision may result in additional legal challenges to regulations and guidance issued by federal regulatory agencies, including those that impact our industry. Changes under a new president, administration and Congress in the U.S. are also difficult to predict. Any such variations could negatively impact the mining sector, including our business, substantially increase costs to achieve compliance or otherwise have a material adverse effect on our cash flows, results of operations and financial condition. For additional information regarding the various regulations affecting us, see Items 1. and 2. "Business and Properties." --- ## Modified: We incur significant costs for remediating environmental conditions on or related to properties that have not been operated in many years. **Key changes:** - Reworded sentence: "Activities that occurred in the late 19th century and the 20th century prior to the advent of modern environmental laws generally were not subject to environmental regulation and were conducted before U.S." - Reworded sentence: "That liability is often asserted on a joint and several basis with other prior and subsequent owners, operators and arrangers, meaning that each owner or operator of the property is, and each arranger may be, held fully responsible 66 66 66 66 66 66 Table of Contents Table of Contents Table of Contents for the remediation, although in many cases some or all of the other responsible parties no longer exist, do not have the financial ability to respond or cannot be found." - Reworded sentence: "At December 31, 2024, we had more than 80 active remediation projects in 20 U.S." - Reworded sentence: "Our environmental obligation estimates are primarily based upon our current knowledge and understanding of: •Complex scientific and historical facts and circumstances that in many cases occurred many decades ago; •Assumptions regarding the nature, extent and duration of remediation activities that we will be required to undertake and the estimated costs of those remediation activities, which are subject to varying interpretations; and •Interpretation of the requirements that are imposed on us by existing laws and regulations and, in some cases, the clarification of uncertain regulatory requirements that could materially affect our environmental obligation estimates." - Reworded sentence: "Environmental Protection Agency (EPA) and state environmental agencies have generally become more stringent over time and may become even more stringent in the future." **Prior (2024):** FMC and its subsidiaries, and many of their affiliates and predecessor companies, have been involved in exploration, mining, milling, smelting and manufacturing in the U.S. for more than a century. Activities that occurred in the late 19th century and the 20th century prior to the advent of modern environmental laws were not subject to environmental regulation and were conducted before U.S. industrial companies fully understood the long-term effects of their operations on the surrounding environment. Companies like FMC are now legally responsible for remediating hazardous substances released into the environment on or from properties owned or operated by them as well as properties where they arranged for disposal of such substances, irrespective of when the release into the environment occurred or who caused it. That liability is often asserted on a joint and several basis with other prior and subsequent owners, operators and arrangers, meaning that each owner or operator of the property is, and each arranger may be, held fully responsible for the remediation, although in many cases some or all of the other responsible parties no longer exist, do not have 65 65 65 65 65 65 Table of Contents Table of Contents Table of Contents the financial ability to respond or cannot be found. As a result, because of our acquisition of FMC, many of the subsidiary companies we now own are potentially responsible for a wide variety of environmental remediation projects throughout the U.S., and we expect to spend substantial sums annually for many years to address those remediation issues. We are also subject to claims where the release of hazardous substances is alleged to have resulted in injury, destruction or loss of natural resources. At December 31, 2023, we had more than 80 active remediation projects in 22 U.S. states. In addition, FMC and certain affiliates and predecessor companies were parties to agreements relating to the transfer of businesses or properties that contained indemnification provisions relating to environmental matters, and from time to time these provisions become the source of claims against us. Our environmental obligation estimates are primarily based upon: •Our knowledge and beliefs about complex scientific and historical facts and circumstances that in many cases occurred many decades ago; •Our beliefs and assumptions regarding the nature, extent and duration of remediation activities that we will be required to undertake and the estimated costs of those remediation activities, which are subject to varying interpretations; and •Our beliefs regarding the requirements that are imposed on us by existing laws and regulations and, in some cases, the clarification of uncertain regulatory requirements that could materially affect our environmental obligation estimates. Significant adjustments to these estimates are likely to occur in the future as additional information becomes available. The actual environmental costs may exceed our current and future accruals for these costs, and any such changes could be material. In addition, remediation standards imposed by the U.S. Environmental Protection Agency and state environmental agencies have generally become more stringent over time and may become even more stringent in the future. Imposition of more stringent remediation standards, particularly for arsenic and lead in soils, poses a risk that additional remediation work could be required at our active remediation sites and at sites that we have already remediated to the satisfaction of the responsible governmental agencies, and may increase the risk of toxic tort litigation. Refer to Items 1. and 2. "Business and Properties" and Note 12 for further discussion of our environmental obligations. **Current (2025):** FMC and its subsidiaries, and many of their affiliates and predecessor companies, have been involved in exploration, mining, milling, smelting and manufacturing in the U.S. for more than a century. Activities that occurred in the late 19th century and the 20th century prior to the advent of modern environmental laws generally were not subject to environmental regulation and were conducted before U.S. industrial companies fully understood the long-term effects of their operations on the surrounding environment. Companies like FMC are now legally responsible for remediating hazardous substances released into the environment on or from properties owned or operated by them as well as properties where they arranged for disposal of such substances, irrespective of when the release into the environment occurred or who caused it. That liability is often asserted on a joint and several basis with other prior and subsequent owners, operators and arrangers, meaning that each owner or operator of the property is, and each arranger may be, held fully responsible 66 66 66 66 66 66 Table of Contents Table of Contents Table of Contents for the remediation, although in many cases some or all of the other responsible parties no longer exist, do not have the financial ability to respond or cannot be found. As a result, because of our acquisition of FMC, many of the subsidiary companies we now own are potentially responsible for a wide variety of environmental remediation projects throughout the U.S., and we expect to spend substantial sums annually for many years to address those remediation issues. We are also subject to claims where the release of hazardous substances is alleged to have resulted in injury, destruction or loss of natural resources. At December 31, 2024, we had more than 80 active remediation projects in 20 U.S. states. In addition, FMC and certain affiliates and predecessor companies were parties to agreements relating to the transfer of businesses or properties that contained indemnification provisions relating to environmental matters, and from time to time these provisions become the source of claims against us. Our environmental obligation estimates are primarily based upon our current knowledge and understanding of: •Complex scientific and historical facts and circumstances that in many cases occurred many decades ago; •Assumptions regarding the nature, extent and duration of remediation activities that we will be required to undertake and the estimated costs of those remediation activities, which are subject to varying interpretations; and •Interpretation of the requirements that are imposed on us by existing laws and regulations and, in some cases, the clarification of uncertain regulatory requirements that could materially affect our environmental obligation estimates. Significant adjustments to these estimates are likely to occur in the future as additional information becomes available. The actual environmental costs may exceed our current and future accruals for these costs, and any such changes could be material. In addition, remediation standards imposed by the U.S. Environmental Protection Agency (EPA) and state environmental agencies have generally become more stringent over time and may become even more stringent in the future. Imposition of more stringent remediation standards, particularly for arsenic and lead in soils, poses a risk that additional remediation work could be required at our active remediation sites and at sites that we have already remediated to the satisfaction of the responsible governmental agencies, and may increase the risk of toxic tort litigation. In January 2024, the EPA released guidance lowering the recommended screening levels for investigating lead-contaminated soils and in January 2025, EPA published its final toxicological assessment for inorganic arsenic. This guidance and assessment can be used to establish cleanup levels by some agencies at state and federal remediation sites and may lead to additional regulatory guidance, rulemaking and other regulatory activities. More stringent cleanup levels often lead to higher costs through exponential volume increases due to resulting expanded project footprints. Refer to Items 1. and 2. "Business and Properties" and Note 10 for further discussion of our environmental obligations. --- ## Modified: Violence, civil and religious strife, and activism could result in loss of life and disrupt our operations. **Key changes:** - Reworded sentence: "In addition, illegal miners have clashed with police who have attempted to move them away from our facilities." - Reworded sentence: "Shooting incidents have occurred within the PT-FI project area, including along the road leading to our mining and milling operations, which in some instances have involved fatalities or injuries to our employees, contractors, government security personnel and civilians." - Reworded sentence: "PT-FI actively monitors security conditions and the occurrence of incidents both regionally and within the project and support areas." - Reworded sentence: "59 59 59 59 59 59 Table of Contents Table of Contents Table of Contents We also expect to be exposed to security risks relating to loss and theft of refined precious metals at the PMR." - Reworded sentence: "South America South America countries have historically experienced periods of economic growth, as well as recession, periods of high inflation and general economic and political instability." **Prior (2024):** Indonesia Indonesia has long faced separatist movements and civil and religious strife in a number of provinces. Several separatist groups have sought increased political independence for the province of Central Papua, where our Grasberg minerals district is located. In Central Papua, there have been attacks on civilians by separatists and conflicts between separatists and the Indonesia military and police. In addition, illegal artisanal miners have clashed with police who have attempted to move them away from our facilities. Social, economic and political instability in Central Papua could materially adversely affect us if it results in damage to our property or interruption of our Indonesia operations. Shooting incidents have occurred within the PT-FI project area, including along the road leading to our mining and milling operations, which in some instances have involved fatalities or injuries to our employees, contractor employees, government security personnel and civilians. We incurred no fatalities or injuries relating to shootings within the PT-FI project area since April 2020, and we have had no shootings associated with the PT-FI project area 58 58 58 58 58 58 Table of Contents Table of Contents Table of Contents since January 2021. During the first half of 2020, there were several shooting incidents, including an incident near a PT-FI office building where one employee was killed and two others injured. In January 2021, a helicopter contracted by PT-FI was fired upon and struck by a single gunshot in an area adjacent to the project area. In 2023, outside of the PT-FI operational area but within the province of Central Papua, there were at least 40 incidents of separatist violence, resulting in 20 fatalities. Separatist security incidents, including shootings, attacks on civil infrastructure and arson, continue to occur in Central Papua and other areas near the PT-FI project area. PT-FI actively monitors security conditions and the occurrence of incidents both within the project area and regionally. The safety of our workforce is a critical concern, and PT-FI continues to work with the Indonesia government to enhance security and address security-related issues within the PT-FI project area and in nearby areas. Although we have implemented measures and safeguards consistent with both international standards and our own internal standards relating to the use of force and respect for human rights, the implementation of these measures and safeguards does not guarantee that personnel, national police or other security forces will uphold these standards in every instance. We continue to limit the use of the road leading to PT-FI's mining and milling operations to secured convoys, including transport of personnel by armored vehicles in designated areas. Once the PMR is commissioned, we expect to be exposed to security risks relating to loss and theft of refined precious metals. Any such loss or theft could lead to financial loss or a failure to satisfy our customers, which could have an adverse impact on our reputation and business. We cannot predict whether additional incidents will occur that could result in loss of life, or disruption or suspension of PT-FI's operations. If other disruptive incidents occur, they could adversely affect our results of operations and financial condition. South America South America countries have historically experienced uneven periods of economic growth, as well as recession, periods of high inflation and general economic and political instability. In Peru, political uncertainty has created instability in the regulatory environment. Beginning in December 2022 and continuing in 2023, heightened tensions, protests and social unrest emerged in Peru following a change in the country's political leadership, which temporarily resulted in delays in the transport of supplies, products and people at our Cerro Verde mine. During first-quarter 2023, Cerro Verde also operated at reduced rates from time-to-time until it resumed normal operations in March 2023. Other mining operations in the region temporarily halted mining activities as a result of the civil unrest. While demonstrations and road blockages subsided in 2023, the potential for civil unrest and disruption of commerce and supply chains continues. Other operations in the region have encountered significant issues with trespassers, illegal artisanal miners and civil demonstrations that impact their current operations, expansion projects, logistical supply and product transport. Such protests have occasionally been accompanied by acts of violence and property damage and continue intermittently in the region. In Chile, despite the overwhelming electoral approval of a proposal to rewrite the constitution in a 2020 referendum, the product of the constitutional assembly was rejected by a majority of voters in 2022 and 2023. Uncertainty in the resolution of constitutional reform may contribute to incidents of social unrest. We cannot predict whether similar or more significant incidents of civil unrest or political instability will occur in the future in Peru or Chile. Although such civil unrest has not significantly impacted our results, similar events in the future could cause our South America operations to be materially impacted, in which case, we may not be able to meet our production and sales targets. **Current (2025):** Indonesia Indonesia has long faced separatist movements and civil and religious strife in a number of provinces. Several separatist groups have sought increased political independence for the province of Central Papua, where our Grasberg minerals district is located. In Central Papua, there have been attacks on civilians by separatists and conflicts between separatists and the Indonesia military and police. In addition, illegal miners have clashed with police who have attempted to move them away from our facilities. Social, economic and political instability in Central Papua could materially adversely affect us if it results in damage to our property or interruption of our Indonesia operations. Shooting incidents have occurred within the PT-FI project area, including along the road leading to our mining and milling operations, which in some instances have involved fatalities or injuries to our employees, contractors, government security personnel and civilians. We incurred no fatalities or injuries relating to shootings within the PT-FI project area since April 2020, and we have had no shootings associated with the PT-FI project area since January 2021. In 2024, based on publicly available reports, we believe that there were more than 60 incidents of separatist violence, resulting in approximately 50 fatalities outside of the PT-FI project area at the Grasberg minerals district but within the province of Central Papua. In one such incident, which did not directly involve or target PT-FI's operations or workforce, gunfire was exchanged between government security forces and separatists in an area adjacent to the PT-FI project area. Separatist security incidents, including shootings, attacks on civil infrastructure and arson, continue to occur in Central Papua and other areas near the PT-FI project area. PT-FI actively monitors security conditions and the occurrence of incidents both regionally and within the project and support areas. The safety of our workforce is a critical concern, and PT-FI continues to work with the Indonesia government to enhance security and address security-related issues within the PT-FI project area and in nearby areas, including at PT-FI's new downstream processing facilities. Although we have implemented measures and safeguards consistent with both international standards and our own internal standards relating to the use of force and respect for human rights, the implementation of these measures and safeguards does not guarantee that personnel, national police or other security forces will uphold these standards in every instance. 59 59 59 59 59 59 Table of Contents Table of Contents Table of Contents We also expect to be exposed to security risks relating to loss and theft of refined precious metals at the PMR. Any such loss or theft could lead to financial loss or a failure to satisfy our customer commitments, which could have an adverse impact on our reputation and business. We cannot predict whether additional incidents will occur that could result in loss of life, or disruption or suspension of PT-FI's operations. If other disruptive incidents occur, they could adversely affect our results of operations and financial condition. South America South America countries have historically experienced periods of economic growth, as well as recession, periods of high inflation and general economic and political instability. In Peru, political uncertainty has created instability in the regulatory environment. Beginning in December 2022 and continuing in 2023, heightened tensions, protests and social unrest emerged in Peru following a change in the country's political leadership, which temporarily resulted in delays in the transport of supplies, products and people at our Cerro Verde mine. During first-quarter 2023, Cerro Verde also operated at reduced rates from time-to-time until it resumed normal operations in March 2023. Other mining operations in the region temporarily halted mining activities as a result of the civil unrest. While demonstrations and road blockages subsided in 2023, the political situation in Peru remains complex. In addition, the potential for civil unrest, including in relation to mining operations, and disruption of commerce and supply chains continues. Other operations in the region have encountered significant issues with trespassers, illegal miners and civil demonstrations that impact their current operations, expansion projects, logistical supply and product transport. Such protests have occasionally been accompanied by acts of violence and property damage and continue intermittently in the region. In Chile, despite the overwhelming electoral approval of a proposal to rewrite the constitution in a 2020 referendum, the product of the constitutional assembly was rejected by a majority of voters in 2022 and 2023. The political environment remains polarized and political parties are preparing for presidential elections by the end of 2025. We cannot predict whether similar or more significant incidents of civil unrest or political instability will occur in the future in Peru or Chile. Although such civil unrest has not significantly impacted our results, similar events in the future could cause our South America operations to be materially impacted, in which case, we may not be able to meet our production and sales targets. U.S. The occurrence of one or more unexpected events in the U.S., including civil unrest, domestic or foreign terrorism, and other acts of violence, could adversely affect our North America operations and financial performance. --- ## Modified: COMPETITION **Key changes:** - Reworded sentence: "The top 10 producers of copper comprise approximately 40% of total worldwide mined copper production." - Reworded sentence: "The metals markets are cyclical, and we believe our ability to maintain our competitive position over the long term is based on our ability to acquire and develop quality deposits (including the expansion of deposits at our existing mine sites); recruit, retain, develop and advance a skilled workforce; and to manage our costs." **Prior (2024):** The top 10 producers of copper comprise approximately 41% of total worldwide mined copper production. For the year 2023, we ranked third among those producers, with approximately 6% of estimated total worldwide mined copper production on an attributable basis. We believe our competitive position is based on the size, quality and grade of our ore bodies and our ability to manage costs compared with other producers. We have a diverse portfolio of mining operations with varying ore grades and cost structures. Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment. The metals markets are cyclical, and we believe our ability to maintain our competitive position over the long term is based on our ability 9 9 9 9 9 9 Table of Contents Table of Contents Table of Contents to acquire and develop quality deposits (including the expansion of deposits at our existing mine sites); recruit, retain, develop and advance a skilled workforce; and to manage our costs. **Current (2025):** The top 10 producers of copper comprise approximately 40% of total worldwide mined copper production. Based on Wood Mackenzie's December 2024 estimates, we ranked third among those producers for the year 2024, with approximately 6% of estimated total worldwide mined copper production based on net equity ownership. We believe our competitive position is based on the size, quality and grade of our ore bodies and our ability to manage costs compared with other producers. We have a diverse portfolio of mining operations with varying ore grades and cost structures. Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment. The metals markets are cyclical, and we believe our ability to maintain our competitive position over the long term is based on our ability to acquire and develop quality deposits (including the expansion of deposits at our existing mine sites); recruit, retain, develop and advance a skilled workforce; and to manage our costs. OPERATIONS --- ## Modified: MINING DEVELOPMENT PROJECTS AND EXPLORATION ACTIVITIES **Key changes:** - Reworded sentence: "In 2024, capital expenditures totaled $4.8 billion (including $2.1 billion for major mining projects - primarily for underground development activities in the Grasberg minerals district - and $1.2 billion for PT-FI's new downstream processing facilities)." - Reworded sentence: "Additionally, based on the current reserve life through 2041, full development of PT-FI's underground mineral reserves at the Grasberg minerals district is expected to require approximately $4 billion (most of which will be incurred over the next 8 years) of capital expenditures at our processing facilities to optimize the handling of underground ore from the Grasberg Block Cave, DMLZ and Kucing Liar deposits." - Reworded sentence: "The majority of PT-FI's planned 26 26 26 26 26 26 Table of Contents Table of Contents Table of Contents investments in a new gas-fired combined cycle facility are expected to be incurred over the next three years, at a cost of approximately $1 billion, which represents an incremental cost of $0.4 billion compared to previously planned investments to refurbish the existing coal units." - Reworded sentence: "Exploration results continue to indicate opportunities for significant future potential reserve additions at our existing properties." **Prior (2024):** In 2023, capital expenditures totaled $4.8 billion (including $1.8 billion for major mining projects - primarily for underground development activities in the Grasberg minerals district - and $1.7 billion for Indonesia smelter projects). We have several projects and potential opportunities to expand production volumes, extend mine lives and develop large-scale underground ore bodies. As further discussed in MD&A, our near-term major development projects will focus on the underground development activities in the Grasberg minerals district. Considering the long-term nature and large size of our development projects, actual costs and timing could vary from estimates. Additionally, in response to market conditions, the timing of our expenditures will continue to be reviewed. We continue to review our mine development and processing plans to maximize the value of our mineral reserves. Additionally, full development of PT-FI's underground mineral reserves at the Grasberg minerals district is expected to require approximately $6 billion (most will be incurred over the next 11 years) of capital expenditures at our processing facilities to optimize the handling of underground ore from the Grasberg Block Cave, DMLZ and Kucing Liar deposits. Increases in power loads at these processing facilities and the underground mines are expected to require additional power generation and as such, PT-FI is planning investments in a new gas-fired combined cycle facility. Capital expenditures for the new power generation facilities, to be incurred over the next four years, 26 26 26 26 26 26 Table of Contents Table of Contents Table of Contents approximate $1 billion which represents an incremental cost of $0.4 billion compared to previously planned investments to refurbish the existing coal units. Refer to "Mining Operations" for further discussion. In 2023, exploration spending associated with our mining operations totaled $112 million. Our mining exploration activities are primarily associated with our existing mines, focusing on opportunities to expand mineral reserves and resources to support development of additional future production capacity. Exploration results continue to indicate opportunities for significant future potential reserve additions at our existing properties in North America and South America. Refer to Item 1A. "Risk Factors" for further discussion of risks associated with mine development projects and exploration activities, and PT-FI's IUPK. **Current (2025):** In 2024, capital expenditures totaled $4.8 billion (including $2.1 billion for major mining projects - primarily for underground development activities in the Grasberg minerals district - and $1.2 billion for PT-FI's new downstream processing facilities). We have several projects and potential opportunities to expand production volumes, extend mine lives and develop large-scale underground ore bodies. As further discussed in MD&A, our near-term major development projects will focus on the underground development activities in the Grasberg minerals district. Considering the long-term nature and large size of our development projects, actual costs and timing could vary from estimates. Additionally, in response to market conditions, the timing of our expenditures will continue to be reviewed. We continue to review our mine development and processing plans to maximize the value of our mineral reserves. Additionally, based on the current reserve life through 2041, full development of PT-FI's underground mineral reserves at the Grasberg minerals district is expected to require approximately $4 billion (most of which will be incurred over the next 8 years) of capital expenditures at our processing facilities to optimize the handling of underground ore from the Grasberg Block Cave, DMLZ and Kucing Liar deposits. Increases in power loads at these processing facilities and the underground mines are expected to require additional power generation and as such, PT-FI is planning investments in a new gas-fired combined cycle facility. The majority of PT-FI's planned 26 26 26 26 26 26 Table of Contents Table of Contents Table of Contents investments in a new gas-fired combined cycle facility are expected to be incurred over the next three years, at a cost of approximately $1 billion, which represents an incremental cost of $0.4 billion compared to previously planned investments to refurbish the existing coal units. Once complete, PT-FI's dual-fuel power plant and the new gas-fired combined cycle facility will be fueled by natural gas, supplied by a floating liquefied natural gas storage and regassification unit. In 2024, exploration spending associated with our mining operations totaled $113 million. Our mining exploration activities are primarily associated with our existing mines, focusing on opportunities to expand mineral reserves and resources to support development of additional future production capacity. Exploration results continue to indicate opportunities for significant future potential reserve additions at our existing properties. Refer to Item 1A. "Risk Factors" for further discussion of risks associated with mine development projects and exploration activities, and PT-FI's IUPK. --- ## Modified: Health and Safety **Key changes:** - Reworded sentence: "We believe that health and safety considerations are integral to, and fundamental for, all other functions in our organization, and we understand the health and safety of our workforce is critical to our operational efficiency and long-term success." - Reworded sentence: "Our culture of leading by example at all levels of the organization and our Safe Production Matters strategy underpin our Fatal Risk Management (FRM) program." - Reworded sentence: "We share information and key learnings about potential fatal events (PFEs), high-risk incidents and best practices throughout the company, and we engage with industry peers and professional organizations to learn and continuously improve our health and safety program." - Reworded sentence: "Regrettably, we had two work-related fatalities in 2024 and one work-related fatality in 28 28 28 28 28 28 Table of Contents Table of Contents Table of Contents 2023." **Prior (2024):** Our highest priority is the health, safety and well-being of our employees and contractors. We also work to promote our safety-first values with our suppliers and in the communities where we operate. We believe health and safety considerations are integral to, and fundamental for, all other functions in our organization, and we understand the health and safety of our workforce is critical to our operational efficiency and long-term success. We are subject to extensive U.S. and international regulation of worker health and safety, including the requirements of the U.S. Occupational Safety and Health Act and similar laws of other jurisdictions. For example, in the U.S., the operation of our mines is subject to regulation by the U.S. Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act). MSHA inspects our mines on a regular basis and issues citations and orders when it believes a violation has occurred under the Mine Act. Additionally, in the U.S., various state agencies have concurrent jurisdiction arising under state law that regulate worker health and safety in both our industrial facilities and mines. If regulatory inspections result in an alleged violation, we may be subject to fines and penalties and, in instances of alleged significant violations, our mining operations or industrial facilities could be subject to temporary or extended closures. Refer to Exhibit 95.1 to this Form 10-K for additional information regarding certain orders and citations issued by MSHA for our operations during the year ended December 31, 2023. For information about health and safety, refer to "Human Capital" below and Item 4. "Mine Safety Disclosures." **Current (2025):** Our highest priority is the health, safety and well-being of our employees and contractors. We also work to promote our safety-first values with our suppliers and in the communities where we operate. We believe health and safety considerations are integral to, and fundamental for, all other functions in our organization, and we understand the health and safety of our workforce is critical to our operational efficiency and long-term success. We are subject to extensive U.S. and international regulation of worker health and safety, including the requirements of the U.S. Occupational Safety and Health Act and similar laws of other jurisdictions. For example, in the U.S., the operation of our mines is subject to regulation by the U.S. Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act). MSHA inspects our mines on a regular basis and issues citations and orders when it believes a violation has occurred under the Mine Act. In 2024, MSHA enacted the Safety Program for Surface Mobile Equipment regulation and finalized a new regulation, which reduces permissible exposure limits of respirable crystalline silica effective April 2026. Our compliance with these or any other new health and safety regulations could increase our mining costs. If we were found to be in violation of these regulations we could face penalties or restrictions that may materially and adversely affect our operations. Additionally, in the U.S., various state agencies have concurrent jurisdiction arising under state law that regulate worker health and safety in both our industrial facilities and mines. If regulatory inspections result in an alleged violation, we may be subject to fines and penalties and, in instances of alleged significant violations, our mining operations or industrial facilities could be subject to temporary or extended closures. Refer to Exhibit 95.1 to this Form 10-K for additional information regarding certain orders and citations issued by MSHA for our operations during the year ended December 31, 2024. For information about health and safety, refer to "Human Capital" below and Item 4. "Mine Safety Disclosures." 9 9 9 9 9 9 Table of Contents Table of Contents Table of Contents --- ## Modified: SELECTED OPERATING DATA **Key changes:** - Reworded sentence: "Years Ended December 31, 20242023202220212020CONSOLIDATED MINING Copper (millions of recoverable pounds) Production 4,214 4,212 4,210 3,843 3,206 Sales, excluding purchases4,066 4,086 4,213 3,807 3,202 Average realized price per pound$4.21 $3.85 $3.90 $4.33 $2.95 Gold (thousands of recoverable ounces) Production 1,880 1,993 1,811 1,381 857 Sales, excluding purchases1,837 1,713 1,823 1,360 855 Average realized price per ounce$2,418 $1,972 $1,787 $1,796 $1,832 Molybdenum (millions of recoverable pounds) Production 80 82 85 85 76 Sales, excluding purchases78 81 75 82 80 Average realized price per pound$21.77 $24.64 $18.71 $15.56 $10.20 NORTH AMERICA COPPER MINESOperating Data, Net of Joint Venture Interestsa Copper (millions of recoverable pounds) Production 1,246 1,350 1,467 1,460 1,418 Sales, excluding purchases1,257 1,361 1,469 1,436 1,422 Average realized price per pound$4.29 $3.93 $4.08 $4.30 $2.82 Molybdenum (millions of recoverable pounds) Production 30 30 29 34 33 100% Operating Data Leach operations Leach ore placed in stockpiles (metric tons per day)609,400 692,000 676,400 665,900 714,300 Average copper ore grade (%)0.20 0.23 0.29 0.29 0.27 Copper production (millions of recoverable pounds)842 941 1,019 1,056 1,047 Mill operations Ore milled (metric tons per day)311,700 308,500 294,200 269,500 279,700 Average ore grade (%): Copper0.30 0.32 0.37 0.38 0.35 Molybdenum0.02 0.02 0.02 0.03 0.02 Copper recovery rate (%)83.2 81.8 81.8 81.2 84.1 Copper production (millions of recoverable pounds)601 633 695 649 647 SOUTH AMERICA OPERATIONS Copper (millions of recoverable pounds) Production 1,168 1,202 1,176 1,047 979 Sales1,177 1,200 1,162 1,055 976 Average realized price per pound$4.16 $3.82 $3.80 $4.34 $3.05 Molybdenum (millions of recoverable pounds) Production 20 22 23 21 19 Leach operations Leach ore placed in stockpiles (metric tons per day)164,300 191,200 163,000 163,900 160,300 Average copper ore grade (%)0.42 0.35 0.35 0.32 0.35 Copper production (millions of recoverable pounds)295 317 302 256 241 Mill operations Ore milled (metric tons per day)415,500 417,400 409,200 380,300 331,600 Average ore grade (%): Copper0.33 0.34 0.32 0.31 0.34 Molybdenum0.01 0.01 0.01 0.01 0.01 Copper recovery rate (%)83.6 81.3 85.3 87.3 84.3 Copper production (millions of recoverable pounds)873 885 874 791 738" **Prior (2024):** Years Ended December 31, 20232022202120202019CONSOLIDATED MINING Copper (millions of recoverable pounds) Production 4,212 4,210 3,843 3,206 3,247 Sales, excluding purchases4,086 4,213 3,807 3,202 3,292 Average realized price per pound$3.85 $3.90 $4.33 $2.95 $2.73 Gold (thousands of recoverable ounces) Production 1,993 1,811 1,381 857 882 Sales, excluding purchases1,713 1,823 1,360 855 991 Average realized price per ounce$1,972 $1,787 $1,796 $1,832 $1,415 Molybdenum (millions of recoverable pounds) Production 82 85 85 76 90 Sales, excluding purchases81 75 82 80 90 Average realized price per pound$24.64 $18.71 $15.56 $10.20 $12.61 NORTH AMERICA COPPER MINESOperating Data, Net of Joint Venture Interestsa Copper (millions of recoverable pounds) Production 1,350 1,467 1,460 1,418 1,457 Sales, excluding purchases1,361 1,469 1,436 1,422 1,442 Average realized price per pound$3.93 $4.08 $4.30 $2.82 $2.74 Molybdenum (millions of recoverable pounds) Production 30 29 34 33 32 100% Operating Data Leach operations Leach ore placed in stockpiles (metric tons per day)692,000 676,400 665,900 714,300 750,900 Average copper ore grade (%)0.23 0.29 0.29 0.27 0.23 Copper production (millions of recoverable pounds)941 1,019 1,056 1,047 993 Mill operations Ore milled (metric tons per day)308,500 294,200 269,500 279,700 326,100 Average ore grade (%): Copper0.32 0.37 0.38 0.35 0.34 Molybdenum0.02 0.02 0.03 0.02 0.02 Copper recovery rate (%)81.8 81.8 81.2 84.1 87.0 Copper production (millions of recoverable pounds)633 695 649 647 748 SOUTH AMERICA MINING Copper (millions of recoverable pounds) Production 1,202 1,176 1,047 979 1,183 Sales1,200 1,162 1,055 976 1,183 Average realized price per pound$3.82 $3.80 $4.34 $3.05 $2.71 Molybdenum (millions of recoverable pounds) Production 22 23 21 19 29 Leach operations Leach ore placed in stockpiles (metric tons per day)191,200 163,000 163,900 160,300 205,900 Average copper ore grade (%)0.35 0.35 0.32 0.35 0.37 Copper production (millions of recoverable pounds)317 302 256 241 268 Mill operations Ore milled (metric tons per day)417,400 409,200 380,300 331,600 393,100 Average ore grade (%): Copper0.34 0.32 0.31 0.34 0.36 Molybdenum0.01 0.01 0.01 0.01 0.02 Copper recovery rate (%)81.3 85.3 87.3 84.3 83.5 Copper production (millions of recoverable pounds)885 874 791 738 916 **Current (2025):** Years Ended December 31, 20242023202220212020CONSOLIDATED MINING Copper (millions of recoverable pounds) Production 4,214 4,212 4,210 3,843 3,206 Sales, excluding purchases4,066 4,086 4,213 3,807 3,202 Average realized price per pound$4.21 $3.85 $3.90 $4.33 $2.95 Gold (thousands of recoverable ounces) Production 1,880 1,993 1,811 1,381 857 Sales, excluding purchases1,837 1,713 1,823 1,360 855 Average realized price per ounce$2,418 $1,972 $1,787 $1,796 $1,832 Molybdenum (millions of recoverable pounds) Production 80 82 85 85 76 Sales, excluding purchases78 81 75 82 80 Average realized price per pound$21.77 $24.64 $18.71 $15.56 $10.20 NORTH AMERICA COPPER MINESOperating Data, Net of Joint Venture Interestsa Copper (millions of recoverable pounds) Production 1,246 1,350 1,467 1,460 1,418 Sales, excluding purchases1,257 1,361 1,469 1,436 1,422 Average realized price per pound$4.29 $3.93 $4.08 $4.30 $2.82 Molybdenum (millions of recoverable pounds) Production 30 30 29 34 33 100% Operating Data Leach operations Leach ore placed in stockpiles (metric tons per day)609,400 692,000 676,400 665,900 714,300 Average copper ore grade (%)0.20 0.23 0.29 0.29 0.27 Copper production (millions of recoverable pounds)842 941 1,019 1,056 1,047 Mill operations Ore milled (metric tons per day)311,700 308,500 294,200 269,500 279,700 Average ore grade (%): Copper0.30 0.32 0.37 0.38 0.35 Molybdenum0.02 0.02 0.02 0.03 0.02 Copper recovery rate (%)83.2 81.8 81.8 81.2 84.1 Copper production (millions of recoverable pounds)601 633 695 649 647 SOUTH AMERICA OPERATIONS Copper (millions of recoverable pounds) Production 1,168 1,202 1,176 1,047 979 Sales1,177 1,200 1,162 1,055 976 Average realized price per pound$4.16 $3.82 $3.80 $4.34 $3.05 Molybdenum (millions of recoverable pounds) Production 20 22 23 21 19 Leach operations Leach ore placed in stockpiles (metric tons per day)164,300 191,200 163,000 163,900 160,300 Average copper ore grade (%)0.42 0.35 0.35 0.32 0.35 Copper production (millions of recoverable pounds)295 317 302 256 241 Mill operations Ore milled (metric tons per day)415,500 417,400 409,200 380,300 331,600 Average ore grade (%): Copper0.33 0.34 0.32 0.31 0.34 Molybdenum0.01 0.01 0.01 0.01 0.01 Copper recovery rate (%)83.6 81.3 85.3 87.3 84.3 Copper production (millions of recoverable pounds)873 885 874 791 738 --- ## Modified: Our Indonesia mining operations are susceptible to difficult and costly environmental challenges, and future changes in Indonesia environmental laws could increase our costs. **Key changes:** - Reworded sentence: "Given the unique site-specific topographical, hydrological and geotechnical conditions of the project area, our primary challenge is to dispose of the large volume of tailings we produce." - Reworded sentence: "In addition, in the southern (estuary) portion of the approved tailings management area, mathematical modeling of certain sediment transport scenarios indicates that tailings have the potential to be deposited outside of the approved lateral levees in adjacent mangroves." **Prior (2024):** Mining operations on the scale of our Indonesia operations involve significant environmental risks and challenges. Our primary challenge is to dispose of the large volume of tailings. In 2023, PT-FI produced approximately 69 million metric tons of tailings. Our tailings management plan, which has been approved by the Indonesia government, uses an unnavigable river in the highlands to transport the tailings from the mill to an engineered tailings management area in the lowlands. Levees have been constructed along both sides of the lowlands tailings management area to act as containment structures to laterally contain the footprint of the tailings deposition within the approved tailings management area. Another major environmental challenge at PT-FI is managing overburden, which is rock that was required to be moved aside in the open pit mining process to reach the ore in the Grasberg open pit. In the presence of air, water and naturally occurring bacteria, some overburden can generate acid rock drainage, or acidic water containing dissolved metals that, if not properly managed, can adversely affect the environment. In addition, the Grasberg overburden stockpiles experienced erosion over time, caused by the large amounts of rainfall, with the eroded stockpile material eventually entering into the lowlands tailings management area. This eroded overburden affects the volume as well as the physical and chemical characteristics of the sediment material deposited in the lowlands tailings management area, which can, if not properly managed, result in environmental impacts. The underlying overburden erosion and run-off are being managed and controlled through an extensive re-sloping and water management project, and PT-FI has not experienced similar erosion issues since 2018. However, PT-FI continues to monitor for potential impacts resulting from past erosion or the possibility of erosion recurrence. PT-FI's current tailings deposition management plan and environmental monitoring program consider the presence of this overburden in the lowlands tailings management area. PT-FI has expanded the scope of its ongoing management and monitoring, which assesses possible impacts to the environment and human health from overburden erosion and tailings. During 2023, PT-FI continued its routine assessments of surface waters, groundwaters, sediments and soils, dust and terrestrial and aquatic tissues. As part of the expanded scope, in 2022 57 57 57 57 57 57 Table of Contents Table of Contents Table of Contents and 2023, PT-FI also assisted the Mimika local health authority with an extensive regency-wide community health survey, which provided further data on a broad range of community health issues. The local health authority then prioritized those items having the greatest expected impact on public health. There were no impacts attributable to PT-FI's operations (inclusive of tailings and overburden erosion) that were determined to be a priority focus following the results of the local health authority's assessment. In response to the health survey results, PT-FI and the local health authority have agreed to collaborate on public health challenges. Future testing and community health surveys may be used to assess the effectiveness of the local health authority's priority programs and educational efforts. In the past, the Indonesia government, stakeholders and other third parties have raised questions with respect to our tailings and overburden management plans, including a suggestion that we implement a tailings pipeline and dam rather than the river transport system for tailings management. Our Indonesia mining operations are remotely located in steep mountainous terrain and in an active seismic area, which also experiences extreme weather events; such that, the pipeline infrastructure required to convey the volume of material is not feasible. Based on our own studies and others conducted by third parties, we believe that our controlled riverine transport system is the best site-specific option for tailings management at the Grasberg minerals district. Overtopping or failure of any of the PT-FI tailings containment structures (levees or protection structures) induced by extreme weather events such as floods, a major seismic event or naturally-occurring weak ground under the structures, are potential risks. The potential impacts from any such occurrence could vary significantly depending upon the specific location of the failure. Unanticipated structural failure of these structures in certain areas in the future could result in flooding of the nearby communities and related loss of lives and/or severe personal, property and environmental damages. Under certain conditions, a failure may necessitate evacuation or relocation of communities or other emergency action, financial assistance to the communities impacted, and remediation costs to repair and compensate for the social, cultural and economic impacts associated with such failure. In addition, in the southern (estuary) portion of the approved tailings management area, mathematical modeling of certain sediment transport scenarios indicate tailings have the potential to be deposited outside of the approved lateral levees in adjacent mangroves. PT-FI has proposed additional extensions to the existing levees to the Indonesia regulators and is further evaluating the potential benefits and impacts. Indonesia regulators have further proposed a different strategy involving efforts to increase sediment retention through various methods as well as increase beneficial use of tailings. If the additional retention efforts are not successful, or if the permitting for these proposed protection structures is not reconsidered, any such depositional impacts outside of our existing approved footprint could impact the environment and communities. Refer to Items 1. and 2. "Business and Properties" for further discussion of our environmental obligations in Indonesia. Managing these environmental challenges at our Indonesia operations could result in reputational harm and increased costs that could be significant. There can be no assurance that future environmental changes affecting the mining industry in Indonesia will not be introduced or unexpectedly altered or repealed, or that new interpretations of existing Indonesia environmental laws and regulations will not be issued, which could have a significant impact on PT-FI. **Current (2025):** Mining operations on the scale of our Indonesia operations involve significant environmental risks and challenges. Given the unique site-specific topographical, hydrological and geotechnical conditions of the project area, our primary challenge is to dispose of the large volume of tailings we produce. In 2024, PT-FI produced approximately 73 million metric tons of tailings. Our tailings management plan, which has been approved by the Indonesia government, uses an unnavigable part of a river in the highlands to transport the tailings and natural sediments from the mill in the highlands to an engineered tailings management area in the lowlands. Levees have been constructed along both sides of the lowlands tailings management area to act as containment structures to laterally contain the depositional footprint of the tailings and natural sediment within the approved tailings management area. Another major environmental challenge at PT-FI is managing overburden stockpiles and other waste rock and conditions in the open pit. Overburden is rock that was previously moved aside in the Grasberg open pit mining process to reach the ore. In the presence of air, water and naturally occurring bacteria, some of this material can generate acid rock drainage (acidic water containing dissolved metals) that, if not properly managed, can adversely affect the environment or be costly to manage. There is no guarantee our actions to prevent and manage the quality of any discharge of impacted water will be successful. PT-FI may modify its re-sloping, erosion control and water management plans in the future, which could lead to material increases in costs. In addition, in the past, certain Grasberg overburden stockpiles experienced erosion over time that caused mineralized overburden material to enter into the lowlands tailings management area. This erosion affected the volume as well as the physical and chemical characteristics of the sediment material deposited in the lowlands tailings management area, which, if not properly managed, could result in environmental impacts. The underlying overburden erosion and run-off are being managed and controlled through an extensive re-sloping and water management project which is ongoing, and PT-FI has not experienced similar erosion issues since 2018. PT-FI maintains a tailings deposition management plan and environmental monitoring program which consider the presence of this potentially acid-forming overburden in the lowlands tailings management area. PT-FI has expanded the scope of its environmental monitoring program which assesses potential environmental and human health impacts from overburden and tailings. As part of the expanded scope, in 2022 and 2023, PT-FI assisted the Mimika local health authority (LHA) with broad-based community health surveys, which provided further data on an extensive range of community health issues. There were no impacts attributable to PT-FI's operations (inclusive of tailings and overburden) that were determined to be a priority focus of the LHA following the results of these assessments. In response to the health survey results, PT-FI and the LHA have agreed to collaborate on public health challenges moving forward. During 2024, PT-FI continued its routine assessments of surface waters, groundwaters, sediments and soils, dust and terrestrial and aquatic tissues. In the past, the Indonesia government, stakeholders and other third parties have raised questions with respect to PT-FI's tailings management systems and plans. We continue to revisit studies for alternative tailings management options. Our Indonesia mining operations are remotely located in steep mountainous terrain and in an active seismic area, which also experiences extreme weather events. Independent environmental management expert audits have reaffirmed conclusions from previous studies that PT-FI's controlled riverine tailings management 58 58 58 58 58 58 Table of Contents Table of Contents Table of Contents system represents the best alternative for tailings management given the volume of tailings produced and the site-specific conditions of the area. Overtopping or failure of any of the PT-FI tailings containment structures (levees or protection structures) induced by extreme weather events such as floods, a major seismic event or naturally occurring weak ground under the structures, are potential risks. The potential impacts from any such occurrence could vary significantly depending upon the specific location of the failure. Unanticipated structural failure of these structures in certain areas in the future could result in flooding of the nearby communities and related loss of lives and/or severe personal, property and environmental damages. Under certain conditions, a failure may necessitate evacuation or relocation of communities or other emergency action, financial assistance to the communities impacted, and remediation costs to repair and compensate for the social, cultural and economic impacts associated with such failure. In addition, in the southern (estuary) portion of the approved tailings management area, mathematical modeling of certain sediment transport scenarios indicates that tailings have the potential to be deposited outside of the approved lateral levees in adjacent mangroves. PT-FI has proposed additional extensions to the existing levees to the Indonesia regulators and is further evaluating the potential benefits and impacts. Indonesia regulators have further proposed a different strategy involving efforts to increase sediment retention through various methods as well as increase beneficial use of tailings. If the additional retention efforts are not successful, or if the permitting for these proposed protection structures is not reconsidered, any such depositional impacts outside of our existing approved footprint could impact the environment and communities. Refer to Items 1. and 2. "Business and Properties" for further discussion of our environmental obligations in Indonesia. Managing these environmental challenges at our Indonesia operations could result in reputational harm and increased costs that could be significant. There can be no assurance that future environmental changes affecting the mining industry in Indonesia will not be introduced or unexpectedly altered or repealed, or that new interpretations of existing Indonesia environmental laws and regulations will not be issued, which could have a significant impact on PT-FI. --- ## Modified: Total FCX - Net equity intereste **Key changes:** - Reworded sentence: "See "Operations - Indonesia" for discussion of Kucing Liar capital investments." - Reworded sentence: "c.The downward adjustments at Morenci are primarily the result of mine plan changes and updated geologic models, partly offset by increased leach recovery assumptions." - Reworded sentence: "39 39 39 39 39 39 Table of Contents Table of Contents Table of Contents The table below shows the minimum cutoff grade for mineral reserves by process for each of our existing ore bodies as of December 31, 2024: Copper Equivalent Cutoff Grade (%)MolybdenumCutoff Grade(%)MillCrushed LeachROMLeachMillNorth America Morenci0.220.200.03 - Bagdad0.16 - 0.08 - Safford, including Lone Star - 0.14 - - Sierrita0.18 - - - Chino, including Cobre0.22 - 0.07 - Tyrone - - 0.02 - Henderson - - - 0.13Climax - - - 0.05South AmericaCerro Verde0.13 - 0.08 - El Abra - 0.140.12 - IndonesiaGrasberg Block Cave0.55 - - - DMLZ0.64 - - - Big Gossan1.70 - - - Kucing Liar0.64 - - - 40 40 40 40 40 40 Table of Contents Table of Contents Table of Contents" **Prior (2024):** Note: Amounts may not equal the sum of proven and probable mineral reserves as presented on the previous page because of rounding. In addition, totals may not foot because of rounding. a.Recoveries are net of estimated mill and smelter losses. b.Amounts not shown because of rounding. c.PT-FI has commenced long-term mine development activities for the Kucing Liar deposit. See "Mining Operations - Indonesia" for discussion of Kucing Liar capital investments. d.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 3 for further discussion). e.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of our ownership in subsidiaries). 37 37 37 37 37 37 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2023 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.North America Morenci72%Mill7.2 - 0.23 - Crushed leach2.9 - - - ROM leach2.2 - - - Bagdad100%Mill15.8 0.2 0.89 55.5 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach6.5 - - - Sierrita100%Mill9.8 0.1 0.99 41.0 Chino, including Cobre100%Mill2.3 0.3 - 6.0 ROM leach0.2 - - - Tyrone100%ROM leach0.2 - - - Henderson100%Mill - - 0.15 - Climax100%Mill - - 0.43 - 47.1 0.6 2.69 102.5 Recoverable metal in stockpilesa 1.2 - b0.03 0.1 100% operations 48.3 0.6 2.72 102.6 Consolidated 44.7 0.6 2.66 102.6 Net equity interest 44.7 0.6 2.66 102.6 South America Cerro Verde53.56%Mill26.3 - 0.67 106.2 ROM leach0.2 - - - El Abra51%Crushed leach3.0 - - - ROM leach0.2 - - - 29.7 - 0.67 106.2 Recoverable metal in stockpilesa 0.7 - 0.01 0.9 100% operations 30.5 - 0.68 107.1 Consolidated 30.5 - 0.68 107.1 Net equity interest 16.2 - 0.36 57.4 Indonesia Grasberg Block Cave48.76%Mill14.7 11.3 - 48.5 DMLZ48.76%Mill4.9 5.3 - 26.0 Big Gossan48.76%Mill2.2 1.0 - 13.7 Kucing Liarc48.76%Mill7.1 6.3 - 31.4 100% operations 29.0 23.9 - 119.5 Consolidated 29.0 23.9 - 119.5 Net equity interest 14.1 11.6 - 58.3 Total FCX - 100% basis 107.7 24.5 3.40 329.2 Total FCX - Consolidated basisd 104.1 24.5 3.34 329.2 Total FCX - Net equity intereste 75.1 12.2 3.02 218.2 Recoverable metal in stockpilesa b Recoverable metal in stockpilesa Kucing Liarc **Current (2025):** Note: Amounts may not equal the sum of proven and probable mineral reserves as presented on the previous page because of rounding. In addition, totals may not foot because of rounding. a.Recoveries are net of estimated mill and smelter losses. b.Amounts not shown because of rounding. c.PT-FI has commenced long-term mine development activities for the Kucing Liar deposit. See "Operations - Indonesia" for discussion of Kucing Liar capital investments. d.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion). e.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries). 37 37 37 37 37 37 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2024 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.North America Morenci72%Mill4.8 - 0.17 - Crushed leach0.6 - - - ROM leach5.4 - - - Bagdad100%Mill15.7 0.2 0.86 55.2 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach4.9 - - - Sierrita100%Mill9.2 0.1 0.96 38.4 Chino, including Cobre100%Mill2.6 0.4 - 7.1 ROM leach0.1 - - - Tyrone100%ROM leach0.2 - - - Henderson100%Mill - - 0.14 - Climax100%Mill - - 0.40 - 43.6 0.6 2.53 100.6 Recoverable metal in stockpilesa 1.1 - b0.03 0.2 100% operations 44.7 0.6 2.55 100.8 Consolidated 41.6 0.6 2.51 100.8 Net equity interest 41.6 0.6 2.51 100.8 South America Cerro Verde55.08%Mill24.6 - 0.65 99.4 ROM leach0.2 - - - El Abra51%Crushed leach2.6 - - - ROM leach0.2 - - - 27.7 - 0.65 99.4 Recoverable metal in stockpilesa 0.7 - 0.01 0.8 100% operations 28.4 - 0.66 100.2 Consolidated 28.4 - 0.66 100.2 Net equity interest 15.5 - 0.36 55.2 Indonesia Grasberg Block Cave48.76%Mill13.4 10.3 - 48.3 DMLZ48.76%Mill4.4 4.9 - 23.9 Big Gossan48.76%Mill2.2 1.0 - 13.5 Kucing Liarc48.76%Mill7.1 6.2 - 31.0 100% operations 27.0 22.4 - 116.6 Consolidated 27.0 22.4 - 116.6 Net equity interest 13.2 10.9 - 56.8 Total FCX - 100% basis 100.1 23.0 3.21 317.5 Total FCX - Consolidated basisd 97.0 23.0 3.16 317.5 Total FCX - Net equity intereste 70.2 11.5 2.87 212.8 72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b 55.08% 51% Recoverable metal in stockpilesa 48.76% 48.76% 48.76% Kucing Liarc 48.76% --- ## Modified: Our operations are subject to evolving geopolitical, economic, regulatory and social risks. **Key changes:** - Reworded sentence: "We are a U.S.-based metals company with substantial assets located outside of the U.S." - Reworded sentence: "Foreign Corrupt Practices Act (FCPA) and similar anti-corruption and anti-bribery laws of the other jurisdictions in which we operate." - Reworded sentence: "We have a large number of contracts with local and foreign business partners, including suppliers and contractors, who may take action contrary to or fail to adopt standards, controls and procedures, including health, safety, environmental, human rights and community standards that are equivalent to our standards, controls and procedures." - Reworded sentence: "We conduct international operations and exploration activities in Indonesia, Peru and Chile as well as other foreign jurisdictions." - Removed sentence: "For example, we are involved in several significant tax proceedings and other tax disputes with Indonesia and Peru tax authorities (refer to Note 12 for further discussion of these matters)." **Prior (2024):** We are a U.S.-based mining company with substantial assets located outside of the U.S. Risks of conducting business in countries outside the U.S. can include: •Delays in obtaining or renewing, or the inability to obtain, maintain or renew, or the renegotiation, cancellation, revocation or forced modification (including the inherent risk of these actions being taken unilaterally by the foreign government or government owned entities) of contracts, leases, licenses, permits, stability agreements or other agreements and/or approvals; •Expropriation or nationalization of property, protectionism, or restrictions on repatriation of earnings or capital; •Changes in and differing interpretations of the host country's laws, regulations and policies (which may be applied retroactively), including, but not limited to, those relating to labor, taxation, royalties, duties, tariffs, licenses, divestment, imports, exports (including restrictions on the export of copper concentrates and anode slimes, copper and/or gold), trade laws and regulations, immigration, currency, human rights and environmental matters (including land use and water use), additional requirements on foreign operations and investment, and/or fines, fees and sanctions, criminal liability and other penalties imposed for failure to comply with the laws and regulations of the U.S. and the other jurisdictions in which we operate, the risk of any of which may increase with rising "resource nationalism" in countries around the world; 52 52 52 52 52 52 Table of Contents Table of Contents Table of Contents •Geopolitical events, social and economic instability, bribery, extortion, corruption, civil unrest, blockades, acts of war, guerrilla activities, insurrection and terrorism, certain of which may result in, among other things, an inability to access our property or transport our commodities; •Risk of loss associated with illegal activity, including trespass, illegal artisanal mining, theft (including piracy), sabotage (including of critical infrastructure) and vandalism; •Changes in U.S. trade, tariff, tax, immigration or other policies that may impact relations with foreign countries or result in retaliatory policies; •Increases in training and other costs and challenges relating to requirements by governmental entities to employ nationals of a country in which a particular operation is located; •Foreign exchange controls and fluctuations in foreign currency exchange rates; •Reduced protection for intellectual property rights; and •The risk of having to submit to the jurisdiction of an international court or arbitration panel or having to enforce the judgment of an international court or arbitration panel against a sovereign nation within its own territory. Accordingly, our activities outside of the U.S. may be substantially affected by many external factors beyond our control, some of which could have a material adverse effect on our cash flows, results of operations and financial condition. We are required to comply with a wide range of laws and regulations in the countries where we operate or do business. For example, our international operations must comply with the U.S. Foreign Corrupt Practices Act and similar anti-corruption and anti-bribery laws of the other jurisdictions in which we operate. We operate in jurisdictions that have experienced public and private sector corruption and where significant anti-corruption enforcement activities, prosecutions and settlements have occurred. We have a large number of contracts with local and foreign business partners, including suppliers and contractors, who may take action contrary to or fail to adopt standards, controls and procedures, including health, safety, environment, human rights and community standards that are equivalent to our standards, controls and procedures. There can be no assurance that our internal control policies and procedures will protect us from misinterpretation of or noncompliance with applicable laws and internal policies, recklessness, fraudulent behavior, dishonesty or other inappropriate acts committed by our affiliates, employees or business partners. As such, our corporate policies and processes may not prevent or detect all potential breaches of law or governance practices. Any breaches could result in safety events that may result in injuries or fatalities; significant criminal or civil fines, penalties, litigation or regulatory action or inquiries or other enforcement actions; shareholder or other stakeholder activism (such as to stop using a certain business partner); civil unrest or other adverse impacts on human rights; termination of contracts; loss of operating licenses or permits; and damage to our reputation, any of which could have a material adverse effect on our cash flows, results of operations and financial condition. In addition, our insurance does not cover most losses caused by the risks described above. For example, we do not have political risk insurance. We conduct international mining operations and exploration activities in Indonesia, Peru and Chile as well as other foreign jurisdictions. Accordingly, in addition to the usual risks associated with conducting business in countries outside the U.S., our business may be adversely affected by political, economic, social and regional uncertainties in each of these countries. For example, we are involved in several significant tax proceedings and other tax disputes with Indonesia and Peru tax authorities (refer to Note 12 for further discussion of these matters). Other risks specific to certain countries in which we operate are discussed in more detail below. **Current (2025):** We are a U.S.-based metals company with substantial assets located outside of the U.S. Risks of conducting business in the countries where we operate or do business, can include: •Delays in obtaining or renewing, or the inability to obtain, maintain or renew, or the renegotiation, cancellation, revocation or forced modification (including the inherent risk of these actions being taken unilaterally by a foreign government or government owned entity) of contracts, leases, licenses, permits, easements, rights-of-way, stability agreements or other agreements and/or approvals; •Expropriation or nationalization of property, protectionism, or restrictions on repatriation of earnings or capital; •Changes in and differing interpretations of the host country's laws, regulations and policies (which may be applied retroactively), including, but not limited to, those relating to labor, taxation, royalties, duties, tariffs, licenses, divestment, imports, exports (including restrictions on the export of copper concentrates and anode slimes, copper and/or gold), trade laws and regulations, immigration, currency, human rights and environmental matters (including land use and water use and, in some cases, consent), additional requirements on foreign operations and investment, and/or fines, fees and sanctions, criminal liability and other penalties imposed for failure to comply with the laws and regulations of the jurisdictions in which we operate, the risk of any of which may increase with rising "resource nationalism" in countries around the world; •Geopolitical tensions, conflicts and events, social and economic instability, bribery, extortion, corruption, civil unrest, blockades, acts of war, guerrilla activities, insurrection and terrorism, certain of which may result in, among other things, an inability to access our property or transport our commodities; •Risk of loss associated with illegal activity, including trespass, illegal mining, theft (including piracy), sabotage (including of critical infrastructure) and vandalism; •Changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries or result in retaliatory policies; •Increases in training and other costs and challenges relating to requirements to employ nationals of a country in which a particular operation is located; •Foreign exchange controls and fluctuations in foreign currency exchange rates; and •Reduced protection for intellectual property rights. Accordingly, our activities in the U.S. and outside of the U.S. may be substantially affected by many external factors beyond our control, any of which could have a material adverse effect on our cash flows, results of operations and financial condition. We are required to comply with a wide range of laws and regulations in the countries where we operate or do business. For example, our international operations must comply with the U.S. Foreign Corrupt Practices Act (FCPA) and similar anti-corruption and anti-bribery laws of the other jurisdictions in which we operate. We are investigating whether activities of PT Smelting may have violated aspects of the FCPA or other laws, including laws of non-U.S. jurisdictions. PT Smelting is an Indonesian joint venture between PT-FI and Mitsubishi Materials Corporation (MMC). An affiliate of MMC serves as operator of PT Smelting (see Note 2). We have voluntarily 53 53 53 53 53 53 Table of Contents Table of Contents Table of Contents notified the SEC and Department of Justice that we have engaged outside counsel to conduct this investigation of PT Smelting's activities. Any determination that operations or activities are not in compliance with existing laws, including the FCPA, could result in the imposition of fines, penalties and equitable remedies. We cannot currently predict the outcome of the investigation. We operate in jurisdictions that have experienced public and private sector corruption and where significant anti-corruption enforcement activities, prosecutions and settlements have occurred. We have a large number of contracts with local and foreign business partners, including suppliers and contractors, who may take action contrary to or fail to adopt standards, controls and procedures, including health, safety, environmental, human rights and community standards that are equivalent to our standards, controls and procedures. There can be no assurance that our policies, procedures and internal controls will protect us from misinterpretation of or noncompliance with applicable laws and internal policies, recklessness, fraudulent behavior, dishonesty or other inappropriate acts committed by our affiliates, employees, contractors or other business partners. As such, our policies, procedures and internal controls may not prevent or detect all potential breaches of law or governance practices. Any breaches could result in safety events that may result in injuries or fatalities; significant criminal or civil fines, penalties, litigation or regulatory action or inquiries or other enforcement actions; shareholder or other stakeholder activism (such as to stop using a certain business partner); civil unrest or other adverse impacts on human rights; termination of contracts; loss of operating licenses or permits; and damage to our reputation, any of which could have a material adverse effect on our cash flows, results of operations and financial condition. In addition, our insurance does not cover most losses caused by the risks described above. For example, we do not have political risk insurance. We conduct international operations and exploration activities in Indonesia, Peru and Chile as well as other foreign jurisdictions. Accordingly, in addition to the usual risks associated with conducting business in countries outside the U.S., our business may be adversely affected by political, economic, social and regional uncertainties in each of these countries. Other risks specific to certain countries in which we operate are discussed in more detail below. --- ## Modified: Unanticipated legal proceedings or negative developments in pending legal proceedings or other contingencies could have a material adverse effect on our financial condition. **Key changes:** - Reworded sentence: "We are, and may in the future become, involved in various legal proceedings and subject to other contingencies that have arisen or may arise in the ordinary course of our business or are associated with environmental matters, including those described in Note 10, Items 1." - Reworded sentence: ""Legal Proceedings." We are also involved periodically in other reviews, inquiries, investigations and proceedings initiated by or involving government agencies, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief." - Removed sentence: "The outcome of litigation is inherently uncertain and adverse developments or outcomes can result in significant monetary damages, penalties, other sanctions or injunctive relief against us, limitations on our property rights, or regulatory interpretations that increase our operating costs, some of which may not be covered by insurance." - Removed sentence: "Further, to the extent that societal pressures or political or other factors are involved, it is possible that such liability could be imposed without regard to our causation of or contribution to the asserted damage, or to other mitigating factors." - Removed sentence: "Management does not believe, based on currently available information, that the outcome of any individual legal proceeding will have a material adverse effect on our financial condition, although individual or cumulative outcomes could be material to our operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period." **Prior (2024):** We are, and may in the future become, involved in various legal proceedings and subject to other contingencies that have arisen or may arise in the ordinary course of our business or are associated with environmental matters, including those described in Note 12, Items 1. and 2. "Business and Properties" and in Item 3. "Legal Proceedings." We are also involved periodically in other reviews, inquiries, investigations and other proceedings initiated by or involving government agencies, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. From time to time we are involved in disputes over the allocation of environmental remediation obligations at "Superfund" and other sites. In addition, we may be held responsible for the costs of addressing contamination at the site of current or former activities or at third-party sites, or be held liable to third parties for exposure to hazardous substances should those be identified in the future. For further discussion of our environmental obligations, see the regulatory, environmental and social risks below. The outcome of litigation is inherently uncertain and adverse developments or outcomes can result in significant monetary damages, penalties, other sanctions or injunctive relief against us, limitations on our property rights, or regulatory interpretations that increase our operating costs, some of which may not be covered by insurance. Further, to the extent that societal pressures or political or other factors are involved, it is possible that such liability could be imposed without regard to our causation of or contribution to the asserted damage, or to other mitigating factors. Management does not believe, based on currently available information, that the outcome of any individual legal proceeding will have a material adverse effect on our financial condition, although individual or cumulative outcomes could be material to our operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period. 51 51 51 51 51 51 Table of Contents Table of Contents Table of Contents Regardless of the merit of particular claims, defending against litigation or responding to investigations can be expensive, time-consuming, disruptive to our operations and distracting to management. In recognition of these considerations, we may enter into agreements or other arrangements to settle litigation and resolve such challenges. There can be no assurance such agreements can be obtained on acceptable terms or that litigation will not occur. Further, we are a global business with operations in various jurisdictions. In the event of a dispute arising at our foreign operations, we may be subject to the exclusive jurisdiction of foreign courts or arbitral panels, or may not be successful in subjecting foreign persons to the jurisdiction of courts or arbitral panels in the U.S. or in enforcing the judgment of a foreign court or arbitral panel against a sovereign nation. Our inability to enforce our rights and the enforcement of rights on a prejudicial basis by foreign courts or arbitral panels, including against a sovereign nation, could have an adverse effect on our results of operations and financial position. **Current (2025):** We are, and may in the future become, involved in various legal proceedings and subject to other contingencies that have arisen or may arise in the ordinary course of our business or are associated with environmental matters, including those described in Note 10, Items 1. and 2. "Business and Properties" and in Item 3. "Legal Proceedings." We are also involved periodically in other reviews, inquiries, investigations and proceedings initiated by or involving government agencies, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. For example, we have been cooperating with and responding to a subpoena from the U.S. Securities and Exchange Commission (SEC) and an information request from the Department of Justice related to our public disclosures about the engineering design and construction of the new smelter in Indonesia, which is also the subject matter in a separate whistleblower complaint from a former contractor that we are defending before the Department of Labor. We cannot predict the outcome of these investigations, and the outcome of any legal proceeding is inherently uncertain and adverse developments or outcomes can result in significant monetary damages, penalties, other sanctions or injunctive relief against us, limitations on our property rights, or regulatory interpretations that increase our operating costs, some of which may not be covered by insurance. Further, to the extent that societal pressures or political or other factors are involved, it is possible that liability could be imposed without regard to our causation of or contribution to the asserted damage, or to other mitigating factors. Management does not believe, based on currently available information, that the outcome of any individual legal proceeding currently pending will have a material adverse effect on our financial condition, although individual or cumulative outcomes could be material to our operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period. Regardless of the merit of particular claims, defending against legal proceedings or responding to investigations can be expensive, time-consuming, disruptive to our operations and distracting to management. In recognition of these considerations, we may enter into agreements or other arrangements to settle legal proceedings and resolve such challenges. There can be no assurance such agreements can be obtained on acceptable terms or that legal proceedings will not occur. From time to time, we are involved in disputes over the allocation of environmental response costs and obligations at "Superfund" and other sites. We may be held responsible for the costs of addressing contamination at the site of current or former activities or at third-party sites or be held liable to third parties for exposure to hazardous substances should those be identified in the future. For further discussion of our environmental obligations, see the regulatory, environmental and social risks below. Further, we are a global business with operations in various jurisdictions. In the event of a dispute arising at our foreign operations, we may be subject to the exclusive jurisdiction of foreign courts or arbitral panels, or may not be successful in subjecting foreign persons to the jurisdiction of courts or arbitral panels in the U.S. or in enforcing the judgment of a foreign court or arbitral panel against a sovereign nation. Our inability to enforce our rights and the enforcement of rights on a prejudicial basis by foreign courts or arbitral panels, including against a sovereign nation, could have an adverse effect on our results of operations and financial position. --- ## Modified: Total FCX - Net equity interestf **Key changes:** - Reworded sentence: "e.Consolidated basis represents estimated mineral resources after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion)." **Prior (2024):** Note: Totals may not foot because of rounding. In addition, amounts for "Measured + Indicated" and "Total Mineral Reserves" may not equal the sum of measured, indicated and inferred (as presented on the prior page) because of rounding. a.Mineral resources are exclusive of mineral reserves. b.Estimated recoveries are consistent with those for mineral reserves but would require additional work to substantiate. c.All sites report a % equivalent copper grade except for Climax and Henderson, which report a % molybdenum grade. Our underground mines report a breakeven cutoff grade, and our open-pit mines report an internal cutoff grade. d.Amounts not shown because of rounding. e.Consolidated basis represents estimated mineral resources after reduction for Morenci's joint venture partner interests (refer to Note 3 for further discussion). f.Net equity interest represents estimated consolidated mineral resources further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of our ownership in subsidiaries). 45 45 45 45 45 45 Table of Contents Table of Contents Table of Contents The table below summarizes changes in estimated contained copper, gold and molybdenum in mineral resources between December 31, 2022 and 2023, for our material properties: Estimated Contained Mineral Resources at 100% BasisCopper(billion lbs.)Gold(million ozs.)Molybdenum(billion lbs.)MorenciCerro VerdeGrasberg minerals districtGrasberg minerals districtMorenciCerro VerdeMineral resources as of December 31, 202232.0 25.5 48.7 58.9 1.96 0.85 Adjustmentsa(1.7)(2.5)(0.5)(0.4)(0.24)(0.07)Mineral resources as of December 31, 202330.3 23.0 48.2 58.4 1.72 0.78 Year-over-year percentage change(5)%(10)%(1)%(1)%(12)%(8)% Adjustmentsa Adjustmentsa Estimated Contained Mineral Resources at Net Equity BasisCopper(billion lbs.)Gold(million ozs.)Molybdenum(billion lbs.)MorenciCerro VerdeGrasberg minerals districtGrasberg minerals districtMorenciCerro Verde72%53.56%48.76%48.76%72%53.56%Mineral resources as of December 31, 202223.0 13.7 23.7 28.7 1.41 0.45 Adjustmentsa(1.2)(1.4)(0.2)(0.2)(0.17)(0.04)Mineral resources as of December 31, 202321.8 12.3 23.5 28.5 1.24 0.42 Year-over-year percentage change(5)%(10)%(1)%(1)%(12)%(7)% Adjustmentsa Adjustmentsa Note: Totals may not foot because of rounding a.Adjustments are primarily the result of higher cost assumptions. Morenci adjustments were partially offset by transferring material from reserves to resources in revised mine designs. **Current (2025):** Note: Totals may not foot because of rounding. In addition, amounts for "Measured + Indicated" and "Total Mineral Reserves" may not equal the sum of measured, indicated and inferred (as presented on the prior page) because of rounding. a.Mineral resources are exclusive of mineral reserves. b.Estimated recoveries are consistent with those for mineral reserves but would require additional work to substantiate. c.All sites report a % equivalent copper grade except for Climax and Henderson, which report a % molybdenum grade. Our underground mines report a breakeven cutoff grade, and our open-pit mines report an internal cutoff grade. d.Amounts not shown because of rounding. e.Consolidated basis represents estimated mineral resources after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion). f.Net equity interest represents estimated consolidated mineral resources further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries). 45 45 45 45 45 45 Table of Contents Table of Contents Table of Contents The table below summarizes changes in estimated contained copper, gold and molybdenum in mineral resources between December 31, 2023 and 2024, for our material properties: Estimated Contained Mineral Resources at 100% BasisCopper(billion lbs.)Gold(million ozs.)Molybdenum(billion lbs.)MorenciCerro VerdeGrasberg minerals districtGrasberg minerals districtMorenciCerro VerdeMineral resources as of December 31, 202330.3 23.0 48.2 58.4 1.72 0.78 Adjustmentsa(4.8)(5.5)(0.1)(0.2)(0.74)(0.15)Mineral resources as of December 31, 202425.5 17.5 48.1 58.3 0.98 0.63 Year-over-year percentage change(16)%(24)% - % - %(43)%(19)% Adjustmentsa Adjustmentsa Estimated Contained Mineral Resources at Net Equity BasisCopper(billion lbs.)Gold(million ozs.)Molybdenum(billion lbs.)MorenciCerro VerdeGrasberg minerals districtGrasberg minerals districtMorenciCerro Verde(72%)(55.08%)b(48.76%)(48.76%)(72%)(55.08%)bMineral resources as of December 31, 202321.8 12.3 23.5 28.5 1.24 0.42 Adjustmentsa(3.5)(2.7) - c(0.1)(0.53)(0.07)Mineral resources as of December 31, 202418.3 9.6 23.5 28.4 0.71 0.35 Year-over-year percentage change(16)%(22)% - % - %(43)%(17)% (55.08%)b (55.08%)b Adjustmentsa c (55.08%)b (55.08%)b Adjustmentsa c Note: Totals may not foot because of rounding a.The downward adjustments at Morenci are primarily the result of higher cost assumptions and updates to the geologic modeling, partially offset by increased leach recovery assumptions. The downward adjustments at Cerro Verde are primarily the result of updates to geologic modeling. The slight downward adjustments at Grasberg minerals district are primarily the result of reassessment of the resource shapes. b.FCX's interest in Cerro Verde is 55.08%, and prior to September 2024 it was 53.56%. c.Rounds to less than 0.1 billion pounds --- ## Modified: Responsible Production **Key changes:** - Reworded sentence: "To achieve the Copper Mark, each site is required to complete an independent external assurance process to assess conformance with various environmental, social and governance criteria." - Reworded sentence: "We have achieved, and are committed to maintaining, the Copper Mark and/or Molybdenum Mark, as applicable, at all of our operating sites globally." **Prior (2024):** We demonstrate our responsible production performance through the Copper Mark, a comprehensive assurance framework developed specifically for the copper industry, and recently extended to other metals including molybdenum. To achieve the Copper Mark, each site is required to complete an independent external assurance process to assess conformance with 33 environmental, social and governance (ESG) criteria. Awarded sites must be revalidated every three years. We have achieved the Copper Mark and/or Molybdenum Mark, as applicable, at all of our sites globally. ICMM We are a founding member of the International Council on Mining & Metals (ICMM), an organization dedicated to a safe, fair and sustainable mining and metals industry, aiming continuously to strengthen ESG performance across the global mining and metals industry. As a member company, we are required to implement the 10 Mining Principles which define good ESG practices, and associated position statements, while also meeting 39 performance expectations and producing an externally verified sustainability report utilizing the Global Reporting Initiative Sustainability Reporting Standards subject to the ICMM Assurance & Validation Procedure. **Current (2025):** We demonstrate our responsible production performance through the Copper Mark, a comprehensive assurance framework developed specifically for the copper industry, and recently extended to other metals including molybdenum. To achieve the Copper Mark, each site is required to complete an independent external assurance process to assess conformance with various environmental, social and governance criteria. Awarded sites must be revalidated every three years. We have achieved, and are committed to maintaining, the Copper Mark and/or Molybdenum Mark, as applicable, at all of our operating sites globally. We are also a founding member of the International Council on Mining & Metals (ICMM), an organization dedicated to a safe, fair and sustainable mining and metals industry, aiming continuously to strengthen performance across the global mining and metals industry. As a member company, we are required to implement the 10 Mining Principles which define good environmental, social and governance practices, and associated position statements, while also meeting 39 performance expectations. --- ## Modified: HUMAN CAPITAL **Key changes:** - Reworded sentence: "Our Board of Directors (Board) oversees our policies and implementation programs that govern our approach to human capital management, with the Corporate Responsibility Committee (CRC) having oversight of health and safety matters and the Compensation Committee having oversight of other human capital matters, including those relating to workforce recruitment, retention and development, pay equity, and inclusion and diversity." - Reworded sentence: "Approximately 28% of our global employee population is covered by collective labor agreements (CLAs)." **Prior (2024):** We are committed to promoting the health, safety and well-being of our workforce and striving to further strengthen our commitment to promoting an inclusive, diverse and agile workplace. We believe our global workforce is the foundation of our success. Our Board of Directors (Board) oversees our policies and implementation programs that govern our approach to management of our human capital, with the Corporate Responsibility Committee (CRC) having oversight of health and safety matters and the Compensation Committee having oversight of other human capital matters, including those relating to workforce recruitment, retention and development, pay equity and inclusion and diversity. Workforce At December 31, 2023, we had approximately 27,200 employees (13,000 in North America, 6,700 in South America, 6,400 in Indonesia and 1,100 in Europe and other locations). We also had contractors that employed personnel at many of our operations at various times throughout 2023, including approximately 56,000 in Indonesia (approximately 32,000 at the Manyar smelter development site and approximately 24,000 at the Grasberg Minerals District), 20,100 in North America, 6,800 at our South America mining operations and 2,500 in Europe and other locations. Certain of these contractors work on projects that are temporary in nature and fluctuate from year to year. Approximately 29% of our global employee population is covered by collective labor agreements (CLAs). In North America, our workforce is not covered by a CLA. Rather, our hourly, full-time employees at our active North America sites elect to work directly with management using our Guiding Principles, which outline how we work together to achieve our collective goals within the values of the company. 27 27 27 27 27 27 Table of Contents Table of Contents Table of Contents Employees covered by CLAs on December 31, 2023, are listed below, with the number of employees covered and the expiration date of the applicable CLA: LocationNumber of UnionsNumber of Employees Covered by a CLAExpiration DatePT-FI - Indonesia33,008 March 2024Cerro Verde - Peru23,470 August 2024 and August 2025El Abra - Chile2900 April 2026Atlantic Copper - Spain3523 December 2022 aRotterdam - The Netherlands153 March 2025 Stowmarket - United Kingdom 138 May 2026 PT-FI - Indonesia Cerro Verde - Peru El Abra - Chile Atlantic Copper - Spain a Rotterdam - The Netherlands Stowmarket - United Kingdom PT-FI - Indonesia Cerro Verde - Peru El Abra - Chile Atlantic Copper - Spain a Rotterdam - The Netherlands Stowmarket - United Kingdom a.The CLA between Atlantic Copper and its three unions expired in December 2022, but has been extended indefinitely and remains active by mutual agreement from both parties while a new agreement is negotiated. We seek to openly engage with our employees directly, and where applicable, our union leadership to negotiate and uphold labor agreements. We recognize labor disruptions, such as prolonged strikes or other work stoppages, can adversely affect our business operations, our workforce and regional stakeholders. In 2023, there were no strikes or lockouts at any of our operations. **Current (2025):** We are committed to promoting the health, safety and well-being of our workforce and striving to further strengthen our commitment to promoting an inclusive, diverse and agile workplace. We believe our global workforce is the foundation of our success. Our Board of Directors (Board) oversees our policies and implementation programs that govern our approach to human capital management, with the Corporate Responsibility Committee (CRC) having oversight of health and safety matters and the Compensation Committee having oversight of other human capital matters, including those relating to workforce recruitment, retention and development, pay equity, and inclusion and diversity. Workforce At December 31, 2024, we had approximately 28,500 employees (13,900 in North America, 6,900 in South America, 6,600 in Indonesia and 1,100 in Europe and other locations). We also had contractors that employed personnel at many of our operations at various times throughout 2024, including approximately 32,200 in Indonesia (approximately 8,100 at PT-FI's new downstream processing facilities and approximately 24,100 at the Grasberg minerals district), 25,500 in North America, 6,300 at our South America mining operations and 1,700 in Europe and other locations. Certain of these contractors work on projects that are temporary in nature and fluctuate from year to year. Approximately 28% of our global employee population is covered by collective labor agreements (CLAs). In North America, our employees are not covered by a CLA. Rather, our hourly, full-time employees at our active North 27 27 27 27 27 27 Table of Contents Table of Contents Table of Contents America sites elect to work directly with management using our Guiding Principles, which outline how we work together to achieve our collective goals within the values of the company. We prioritize open engagement with our employees and, where applicable, union leadership to negotiate and uphold labor agreements effectively. Prolonged strikes and other work stoppages can adversely affect our business, our workforce and regional stakeholders. In 2024, there were no strikes or lockouts at any of our operations, and Cerro Verde completed new multi-year CLAs with its two unions, PT-FI completed a new two-year CLA with its three unions and Atlantic Copper completed a new CLA with its three unions. A summary of employees covered by CLAs on December 31, 2024, including the number of employees covered and the expiration date of the applicable CLA, follows: LocationNumber of UnionsNumber of Employees Covered by a CLAExpiration DatePT-FI - Indonesia32,849 March 2026Cerro Verde - Peru23,544 August 2028 and August 2029El Abra - Chile2915 April 2026Atlantic Copper - Spain3525 December 2026 Stowmarket - United Kingdom 141 May 2026 PT-FI - Indonesia Cerro Verde - Peru El Abra - Chile Atlantic Copper - Spain Stowmarket - United Kingdom PT-FI - Indonesia Cerro Verde - Peru El Abra - Chile Atlantic Copper - Spain Stowmarket - United Kingdom In 2024, our employees formerly covered by a CLA in Rotterdam, The Netherlands eliminated their union representation and decided to negotiate directly with management through their internal works council. An employee benefits agreement replaced the CLA and is expected to be negotiated again in March 2025. --- ## Modified: Because our operations in Indonesia are material to our business, our business may be adversely affected by political, economic, regulatory and social uncertainties in Indonesia. **Key changes:** - Reworded sentence: "Maintaining a good working relationship with the Indonesia government, PT Mineral Industri Indonesia (Persero) (MIND ID), an Indonesia state-owned enterprise and shareholder in PT-FI, and the local population, is important because of the significance of our Indonesia operations to our business, and because our operations there are among Indonesia's most significant business enterprises." - Reworded sentence: "For example, in 2009, the Indonesia government enacted a mining law that sought to modify PT-FI's former contract of work, certain provisions of which were not required under or conflicted with PT-FI's former contract of work." - Reworded sentence: "Refer to "Operations - Indonesia" in MD&A and Notes 10 and 11 for a discussion of Indonesia 54 54 54 54 54 54 Table of Contents Table of Contents Table of Contents regulatory matters, including those related to export licenses, export duties, export proceeds, smelter assurance bonds and PT-FI's new smelter and PMR (collectively, PT-FI's new downstream processing facilities) in Eastern Java, Indonesia." - Reworded sentence: "In 2024, Indonesia held national legislative elections, including the presidential election." **Prior (2024):** Maintaining a good working relationship with the Indonesia government, PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise and shareholder in PT-FI, and the local population, is important because of the significance of our Indonesia operations to our business, and because our mining operations there are among Indonesia's most significant business enterprises. Partially because of the Grasberg minerals district's significance to Indonesia's economy, the environmentally sensitive area where it is located, and the number of local people employed, our Indonesia operations have been the subject of political debates and criticism in the Indonesia press, 53 53 53 53 53 53 Table of Contents Table of Contents Table of Contents and have been the target of protests and occasional violence. Improper management of our working relationship with the Indonesia government, MIND ID or the local population could lead to a disruption of operations and/or impact our reputation in Indonesia and in the region where we operate, which could adversely affect our business. The mining industry is subject to extensive regulation within Indonesia, and there have been major developments in laws and regulations applicable to mining concession holders, some of which have conflicted with PT-FI's contractual rights and may conflict with PT-FI's contractual rights in the future. The enactment of Law No. 4 of 2009 on Coal and Mineral Mining on January 12, 2009 (the Mining Law) replaced the previous regulatory framework which allowed concession holders, including PT-FI, to conduct mining activities in Indonesia under a contract of work system. Notwithstanding provisions in PT-FI's former Contract of Work (COW) prohibiting it from doing so, the Indonesia government sought to modify PT-FI's former COW to address provisions contained in the Mining Law and implementing regulations adopted thereunder, some of which were not required under or conflicted with PT-FI's former COW. In addition, in early 2017, the Indonesia government issued new regulations to address exports of unrefined metals, including copper concentrates and anode slimes, and other matters related to the mining sector. On December 21, 2018, PT-FI was granted an IUPK to replace its former COW, enabling PT-FI to conduct operations in the Grasberg minerals district through 2041, subject to certain requirements. Refer to Note 13 for a summary of the IUPK's key fiscal terms and requirement to develop additional smelting and refining capacity. Since 2019, the Indonesia government has enacted various laws and regulations related to downstream processing of various products. Refer to "Operations - Indonesia Mining" in MD&A and Notes 12, 13 and 14 for a discussion of Indonesia regulatory matters, including those related to export licenses, export duties, export proceeds, smelter assurance bonds and smelter development progress, including assessing administrative fines. In 2023, PT-FI was granted export licenses for copper concentrates and anode slimes, both of which are valid through May 2024. PT-FI has requested approvals to continue exports of copper concentrates and anode slimes beyond May 2024 and until the Manyar smelter and precious metals refinery (PMR) in Indonesia (collectively, the Indonesia smelter projects) are fully commissioned and reach designed operating conditions. We cannot predict if PT-FI will be able to obtain approval timely or at all to continue exports beyond May 2024, including of sufficient volumes of copper concentrates and anode slimes. If any limitations on exports or additional financial impacts resulting from Indonesia regulations were to be assessed prior to PT-FI's Indonesia smelter projects becoming operational later in 2024, PT-FI would be required to reduce production levels or be subject to additional costs, which could adversely impact our revenues and operations. Further, PT-FI continues to discuss the applicability of the revised regulation for export duties with the Indonesia government because of inconsistencies with its IUPK. If PT-FI is unable to successfully dispute the export duties, it may be unable to recover the assessed duties and would be required to continue paying such duties until the Manyar smelter construction is completed and operational. There can be no assurance that future regulatory changes affecting the mining industry in Indonesia will not be introduced or unexpectedly repealed, or that new interpretations of existing laws and regulations will not be issued, any of which may conflict with PT-FI's contractual rights, which could adversely affect our business, financial condition and results of operations. Beginning in 2022, the Indonesia government divided the Indonesia portion of the island of New Guinea from two provinces into a total of six provinces, which has resulted in public protest and civil unrest. For further discussion of violence, civil and religious strife, and activism affecting our operations in Indonesia, see the related risk factor below. Further, we cannot predict the impact of splitting provinces on local and regional regulations, permits and other governmental administrative functions, which could have an adverse impact on our business. In 2024, Indonesia is holding national legislative elections, including the presidential election. Political considerations leading up to and resulting from these elections could affect, among other things, national and local policies pertaining to foreign investment, permitting and export restrictions, which could adversely affect our Indonesia mining operations. 54 54 54 54 54 54 Table of Contents Table of Contents Table of Contents **Current (2025):** Maintaining a good working relationship with the Indonesia government, PT Mineral Industri Indonesia (Persero) (MIND ID), an Indonesia state-owned enterprise and shareholder in PT-FI, and the local population, is important because of the significance of our Indonesia operations to our business, and because our operations there are among Indonesia's most significant business enterprises. Partially because of the Grasberg minerals district's significance to Indonesia's economy, the environmentally sensitive area where it is located, and the number of local people employed, our Indonesia operations have been the subject of political debates and criticism in the Indonesia press and have been the target of protests and occasional violence. Improper management of our working relationship with the Indonesia government, MIND ID or the local population could lead to a disruption of operations and/or impact our reputation in Indonesia and in the region where we operate, which could adversely affect our business. The mining industry is subject to extensive regulation within Indonesia, and there have been major developments in laws and regulations applicable to mining concession holders, some of which have conflicted with PT-FI's contractual rights and may conflict with PT-FI's contractual rights in the future. For example, in 2009, the Indonesia government enacted a mining law that sought to modify PT-FI's former contract of work, certain provisions of which were not required under or conflicted with PT-FI's former contract of work. In December 2018, PT-FI was granted an IUPK to replace its former contract of work, enabling PT-FI to conduct operations in the Grasberg minerals district through 2041, subject to certain requirements. Refer to Note 11 for a summary of the IUPK's key fiscal terms and requirement to develop additional smelting and refining capacity. Pursuant to regulations issued during 2024, PT-FI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met. Refer to Note 10 for a summary of such conditions. Application for extension may be submitted at any time up to one year prior to the expiration of PT-FI's IUPK. PT-FI expects to apply for an extension during 2025, pending agreement with MIND ID on a purchase and sale agreement for the transfer in 2041 of an additional 10% interest in PT-FI. We cannot guarantee that PT-FI will receive an extension of mining rights beyond 2041. Since 2019, the Indonesia government has enacted various laws and regulations related to downstream processing of various products. Refer to "Operations - Indonesia" in MD&A and Notes 10 and 11 for a discussion of Indonesia 54 54 54 54 54 54 Table of Contents Table of Contents Table of Contents regulatory matters, including those related to export licenses, export duties, export proceeds, smelter assurance bonds and PT-FI's new smelter and PMR (collectively, PT-FI's new downstream processing facilities) in Eastern Java, Indonesia. In October 2024, a fire occurred during commissioning of PT-FI's new smelter in Eastern Java, Indonesia, requiring a temporary suspension of smelting operations to complete repairs. Procurement of long-lead items is advanced, and repairs are scheduled to be completed by mid-2025. Current regulations in Indonesia prohibit exports of copper concentrate as of January 1, 2025. Pursuant to the terms of its IUPK regarding force majeure events, PT-FI has requested approval from the Indonesia government to permit the export of copper concentrates in 2025 until the required repairs of its new smelter following the October 2024 fire incident and full ramp-up are complete. Based on discussions with the Indonesia government, PT-FI expects to re-commence exports of copper concentrate during first-quarter 2025, and pursuant to current regulations, would be required to pay a 7.5% export duty on all copper concentrate exports during 2025. If PT-FI does not receive a timely export license or if any limitations on exports or additional export duties resulting from Indonesia regulations were to be implemented prior to PT-FI's new downstream processing facilities becoming operational, PT-FI could be required to reduce production levels or be subject to increased costs, which could adversely impact our revenues and operations. There can be no assurance that future regulatory changes affecting the mining industry in Indonesia will not be introduced or unexpectedly repealed, or that new interpretations of existing laws and regulations will not be issued, any of which may conflict with PT-FI's contractual rights, which could adversely affect our business, financial condition and results of operations. Beginning in 2022, the Indonesia government divided the Indonesia portion of the island of New Guinea from two provinces into a total of six provinces, which has resulted in public protest and civil unrest. For further discussion of violence, civil and religious strife, and activism affecting our operations in Indonesia, see the related risk factor below. Further, we cannot predict the impact of splitting provinces on local and regional regulations, permits and other governmental administrative functions, which could have an adverse impact on our business. In 2024, Indonesia held national legislative elections, including the presidential election. Political considerations and administrative changes resulting from these elections or future elections could affect, among other things, national and local policies pertaining to foreign investment, permitting and export restrictions, which could adversely affect our Indonesia operations. In accordance with a regulation issued by the Indonesia government in 2023, 30% of PT-FI's gross export proceeds are being temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. The Indonesia government is considering changes to this regulation, which could increase the amount and length of the requirement, but also allow withdrawals from the balances to fund business requirements. The details of the modifications have not been finalized. --- ## Modified: Labor disputes or labor unrest could disrupt our operations. **Key changes:** - Reworded sentence: "A significant portion of our global employee population is covered by collective labor agreements with varying durations and expiration dates." - Reworded sentence: "As of December 31, 2024, approximately 28% of our global employee population was covered by collective labor agreements and none of our global employee population was covered by agreements that will expire during 2025." - Reworded sentence: "If we do not successfully negotiate new collective labor agreements with our union employees, we may incur prolonged strikes and other work stoppages at our mining operations, which could adversely affect our financial condition and results of operations." - Reworded sentence: "There were no strikes or lockouts at any of our operations for the three years ended December 31, 2024." - Removed sentence: "62 62 62 62 62 62 Table of Contents Table of Contents Table of Contents" **Prior (2024):** Our business is dependent on maintaining good relations with our workforce. A significant portion of our employees are represented by labor unions in a number of countries under various collective bargaining agreements with varying durations and expiration dates. Refer to Items 1. and 2. "Business and Properties" for additional information regarding labor matters, and expiration dates of such agreements. As of December 31, 2023, approximately 29% of our global labor force was covered by collective bargaining agreements and approximately 16% of our global labor force was covered by agreements that will or were scheduled to expire during 2024 or that had expired as of December 31, 2023, and continue to be negotiated. Labor agreements are negotiated on a periodic basis and may not be renewed on reasonably satisfactory terms to us or at all. If we do not successfully negotiate new collective bargaining agreements with our union workers, we may incur prolonged strikes and other work stoppages at our mining operations, which could adversely affect our financial condition and results of operations. Additionally, if we enter into a new labor agreement with any union that significantly increases our labor costs relative to our competitors, our ability to compete may be materially adversely affected. We have in the past and could in the future experience labor disruptions such as work stoppages, work slowdowns, union organizing campaigns, strikes, or lockouts that could adversely affect our operations. For example, in third-quarter 2020, we experienced a five-day labor-related work stoppage related to COVID-19 travel restrictions when a small group of workers at PT-FI staged protests and a blockade restricting access to the main road to the mining operations area. We reached an amicable resolution with the group of workers while upholding our COVID-19 safety protocols. There were no strikes or lockouts at any of our operations for the three years ended December 31, 2023. We cannot predict whether additional labor disruptions will occur. Significant reductions in productivity or protracted work stoppages at one or more of our operations could significantly reduce our production and sales volumes or disrupt operations, which could adversely affect our cash flows, results of operations and financial condition. 62 62 62 62 62 62 Table of Contents Table of Contents Table of Contents **Current (2025):** Our business is dependent on maintaining good relations with our workforce. A significant portion of our global employee population is covered by collective labor agreements with varying durations and expiration dates. Refer to Items 1. and 2. "Business and Properties" for additional information regarding labor matters, and expiration dates of such agreements. As of December 31, 2024, approximately 28% of our global employee population was covered by collective labor agreements and none of our global employee population was covered by agreements that will expire during 2025. Labor agreements are negotiated on a periodic basis and may not be renewed on reasonably satisfactory terms to us or at all. If we do not successfully negotiate new collective labor agreements with our union employees, we may incur prolonged strikes and other work stoppages at our mining operations, which could adversely affect our financial condition and results of operations. Additionally, if we enter into a new labor agreement with any union that significantly increases our labor costs relative to our competitors, our ability to compete may be materially adversely affected. We have in the past and could in the future experience labor disruptions such as work stoppages, work slowdowns, union organizing campaigns, strikes, or lockouts that could adversely affect our operations. There were no strikes or lockouts at any of our operations for the three years ended December 31, 2024. We cannot predict whether additional labor disruptions will occur. Significant reductions in productivity or protracted work stoppages at one or more of our operations could significantly reduce our production and sales volumes or disrupt operations, which could adversely affect our cash flows, results of operations and financial condition. --- ## Modified: Employee Engagement, Training and Development **Key changes:** - Reworded sentence: "We aim to recruit and retain talented employees with diverse perspectives by offering, among other things, competitive compensation and benefits and pathways for career advancement." **Prior (2024):** In addition to the health, safety and well-being of our global workforce, we have prioritized retaining a flexible, highly engaged and agile workforce. A key to our success is the ability to recruit, retain, develop and advance talented employees with diverse perspectives. We continued to face challenges in 2023 with an increasingly competitive and tight labor market, particularly in North America, and we remain committed to assessing our recruitment and training and development programs to adapt to the changing labor market and our employee needs. We are committed to ongoing training and development of our workforce. We focus on recruiting and retaining talented people by offering quality employment with competitive compensation and benefits, which support our efforts in the tight labor markets. We also offer opportunities for professional development and advancement. Strategic talent reviews and succession planning occur regularly and across all business areas. To support the advancement of our employees, we offer training and development programs encouraging advancement from within and continue to promote strong and experienced management talent. We leverage both formal and informal programs to identify, foster and retain top talent at both the corporate and operations levels. We expect our talent management processes and corresponding training and development programs will continue to mature and evolve in line with our commitment to continuous improvement. **Current (2025):** We aim to recruit and retain talented employees with diverse perspectives by offering, among other things, competitive compensation and benefits and pathways for career advancement. We prioritize a highly engaged, agile workforce and, in addition to physical and psychological safety, we aim to support the overall health and well-being of our workforce by providing access to health and wellness programs, and offering opportunities for flexible work schedules, where practicable, among other programs. We continued to face challenges in 2024 with an increasingly competitive and tight labor market, specifically in North America, and we remain committed to assessing our recruitment and training and development programs to adapt to the changing labor market and our employee needs. To support the advancement of our employees, we conduct regular strategic talent reviews and leadership planning. We offer training and development programs to encourage the growth of internal talent and to continue to promote a strong and experienced management pipeline. We leverage both formal and informal programs to identify, foster and retain top talent at both the corporate and operations levels. We expect our talent management processes and corresponding training and development programs will continue to mature and evolve in line with our commitment to continuous improvement. --- ## Modified: SELECTED OPERATING DATA (Continued) **Key changes:** - Reworded sentence: "Years Ended December 31, 20242023 202220212020INDONESIA OPERATIONSCopper (millions of recoverable pounds) Production 1,800 1,660 1,567 1,336 809 Sales1,632 1,525 1,582 1,316 804 Average realized price per pound$4.19 $3.81 $3.80 $4.34 $3.08 Gold (thousands of recoverable ounces) Production 1,861 1,978 1,798 1,370 848 Sales1,817 1,697 1,811 1,349 842 Average realized price per ounce$2,418 $1,972 $1,787 $1,796 $1,832 Mill operations Ore milled (metric tons per day)208,400 198,300 192,600 151,600 87,700 Average ore grade: Copper (%)1.27 1.22 1.19 1.30 1.32 Gold (grams per metric ton)1.00 1.12 1.05 1.04 1.10 Recovery rates (%): Copper88.4 89.7 90.0 89.8 91.9 Gold76.9 77.9 77.7 77.0 78.1 MOLYBDENUM MINESOre milled (metric tons per day)28,000 27,900 26,100 21,800 20,700 Average molybdenum ore grade (%)0.16 0.15 0.18 0.19 0.17 Molybdenum production (millions of recoverable pounds)30 30 33 30 24" **Prior (2024):** Years Ended December 31, 20232022 202120202019INDONESIA MININGCopper (millions of recoverable pounds) Production 1,660 1,567 1,336 809 607 Sales1,525 1,582 1,316 804 667 Average realized price per pound$3.81 $3.80 $4.34 $3.08 $2.72 Gold (thousands of recoverable ounces) Production 1,978 1,798 1,370 848 863 Sales1,697 1,811 1,349 842 973 Average realized price per ounce$1,972 $1,787 $1,796 $1,832 $1,416 Mill operations Ore milled (metric tons per day)198,300 192,600 151,600 87,700 110,100 Average ore grade: Copper (%)1.22 1.19 1.30 1.32 0.84 Gold (grams per metric ton)1.12 1.05 1.04 1.10 0.93 Recovery rates (%): Copper89.7 90.0 89.8 91.9 88.4 Gold77.9 77.7 77.0 78.1 75.0 MOLYBDENUM MINESOre milled (metric tons per day)27,900 26,100 21,800 20,700 30,100 Average molybdenum ore grade (%)0.15 0.18 0.19 0.17 0.14 Molybdenum production (millions of recoverable pounds)30 33 30 24 29 **Current (2025):** Years Ended December 31, 20242023 202220212020INDONESIA OPERATIONSCopper (millions of recoverable pounds) Production 1,800 1,660 1,567 1,336 809 Sales1,632 1,525 1,582 1,316 804 Average realized price per pound$4.19 $3.81 $3.80 $4.34 $3.08 Gold (thousands of recoverable ounces) Production 1,861 1,978 1,798 1,370 848 Sales1,817 1,697 1,811 1,349 842 Average realized price per ounce$2,418 $1,972 $1,787 $1,796 $1,832 Mill operations Ore milled (metric tons per day)208,400 198,300 192,600 151,600 87,700 Average ore grade: Copper (%)1.27 1.22 1.19 1.30 1.32 Gold (grams per metric ton)1.00 1.12 1.05 1.04 1.10 Recovery rates (%): Copper88.4 89.7 90.0 89.8 91.9 Gold76.9 77.9 77.7 77.0 78.1 MOLYBDENUM MINESOre milled (metric tons per day)28,000 27,900 26,100 21,800 20,700 Average molybdenum ore grade (%)0.16 0.15 0.18 0.19 0.17 Molybdenum production (millions of recoverable pounds)30 30 33 30 24 --- ## Modified: Mineral Resources **Key changes:** - Reworded sentence: "Estimated mineral resources as presented on the following pages were assessed using prices of $3.75 per pound for copper, $1,700 per ounce for gold, $15 per pound for molybdenum and $20 per ounce for silver." - Reworded sentence: "43 43 43 43 43 43 Table of Contents Table of Contents Table of Contents Estimated Mineral Resourcesat December 31, 2024a MeasuredIndicatedInferred Million Metric TonsAverage Ore GradeMillion Metric TonsAverage Ore GradeMillion Metric TonsAverage Ore Grade FCX'sProcessingFCX's100%CopperGoldMolySilverFCX's100%CopperGoldMolySilverFCX's100%CopperGoldMolySilver InterestMethodInterestBasis%g/t%g/tInterestBasis%g/t%g/tInterestBasis%g/t%g/tNorth America Morenci72%Milling607 843 0.29 - 0.02 - 493 685 0.32 - 0.02 - 293 406 0.32 - 0.02 - Leaching1,409 1,958 0.17 - - - 750 1,042 0.15 - - - 441 613 0.12 - - - Bagdad100%Milling380 380 0.31 - b0.02 1.28 487 487 0.26 - b0.02 1.08 534 534 0.18 - b0.01 0.72 Leaching - b - b0.13 - - - 2 2 0.10 - - - 1 1 0.12 - - - Safford, including Lone Star100%Milling1,350 1,350 0.38 0.03 - b1.15 1,613 1,613 0.32 0.01 0.01 0.93 432 432 0.27 - b - b0.93 Leaching557 557 0.29 - - - 410 410 0.29 - - - 118 118 0.28 - - - Sierrita100%Milling751 751 0.18 - b0.02 0.83 310 310 0.20 - b0.02 0.94 32 32 0.18 - b0.01 0.86 Chino, including Cobre100%Milling147 147 0.35 0.03 0.02 0.68 78 78 0.44 0.04 0.01 0.80 33 33 0.36 0.03 0.01 0.65 Leaching7 7 0.25 - - - 2 2 0.36 - - - 2 2 0.45 - - - Tyrone100%Leaching45 45 0.33 - - - 7 7 0.27 - - - 3 3 0.44 - - - Henderson100%Milling61 61 - - 0.16 - 25 25 - - 0.13 - - - - - - - Climax100%Milling304 304 - - 0.18 - 53 53 - - 0.11 - 9 9 - - 0.08 - Ajo100%Milling489 489 0.39 0.07 0.01 0.94 241 241 0.32 0.05 - b0.70 19 19 0.33 0.04 - b1.04 Cochise/Bisbee100%Leaching146 146 0.49 - - - 118 118 0.41 - - - 20 20 0.38 - - - Sanchez100%Leaching79 79 0.35 - - - 72 72 0.24 - - - 7 7 0.19 - - - Tohono100%Milling277 277 0.63 0.09 0.01 1.90 31 31 0.67 0.09 0.01 1.72 4 4 0.65 0.07 - b1.44 Leaching249 249 0.68 - - - 48 48 0.53 - - - 25 25 0.48 - - - Twin Buttes100%Milling139 139 0.65 0.01 0.04 6.62 10 10 0.63 0.01 0.03 6.31 5 5 0.77 0.01 0.02 8.22 Leaching55 55 0.24 - - - 15 15 0.21 - - - 7 7 0.25 - - - Christmas100%Milling67 67 0.53 0.06 - b1.56 231 231 0.37 0.06 - b0.93 39 39 0.40 0.06 - b0.95 South America Cerro Verde55.08%Milling46 83 0.29 - 0.01 1.57 944 1,714 0.32 - 0.01 1.70 344 624 0.34 - 0.01 1.80 Leaching2 4 0.37 - - - 7 13 0.30 - - - 8 14 0.33 - - - El Abra51%Milling607 1,190 0.43 0.02 0.01 1.42 959 1,880 0.37 0.02 0.01 1.17 862 1,690 0.29 0.01 - b0.92 Leaching44 86 0.24 - - - 24 46 0.26 - - - 7 14 0.29 - - - Indonesia Grasberg minerals district48.76%Milling197 404 0.77 0.62 - 4.00 1,234 2,530 0.69 0.57 - 3.70 149 306 0.44 0.37 - 2.53 Total FCX - 100% basis 9,672 11,662 4,957 Total FCX - Consolidated basisc8,887 11,178 4,671 Total FCX - Net equity interestd8,016 8,162 3,393" **Prior (2024):** In addition to mineral reserves, our properties contain mineral resources that we believe could be brought into production should market conditions warrant. However, permitting and significant capital expenditures may be required before mining of these resources could commence at these properties. A mineral resource is a concentration or occurrence of material of economic interest in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until engineering, legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material factors. Mineral resources include measured, indicated and inferred mineral classifications. •A measured mineral resource is a resource for which the quantity and grade are estimated from detailed, closely spaced sampling, and geologic characterization that defines the size, shape, depth and mineral content to a high degree of confidence. •An indicated mineral resource is a resource for which quantity and grade are estimated from information similar to that used for measured mineral resources where the samples are farther apart, and the geological characterization is adequate. •An inferred mineral resource is a resource for which quantity and grade are estimated from information similar to that used for measured and indicated mineral resources, but with limited geological evidence and sampling. Inferred mineral resource grade and mineralization continuity have a lower degree of confidence. Our estimates of mineral resources have been prepared in accordance with the disclosure requirements of Subpart 1300 of SEC Regulation S-K. No assurance can be given that the estimated mineral resources not included in mineral reserves will become proven and probable mineral reserves. Estimated mineral resources as presented on the following pages were assessed using prices of $3.50 per pound for copper, $1,500 per ounce for gold, $15 per pound for molybdenum and $20 per ounce for silver. Cutoff grade strategy and expected recoveries used to evaluate mineral resources are consistent with those for mineral reserves but would require additional work to substantiate. Refer to Item 1A. "Risk Factors" for discussion of risks associated with our estimates of mineral resources. 43 43 43 43 43 43 Table of Contents Table of Contents Table of Contents Estimated Mineral Resourcesat December 31, 2023a MeasuredIndicatedInferred Million Metric TonsAverage Ore GradeMillion Metric TonsAverage Ore GradeMillion Metric TonsAverage Ore Grade FCX'sProcessingFCX's100%CopperGoldMolySilverFCX's100%CopperGoldMolySilverFCX's100%CopperGoldMolySilver InterestMethodInterestBasis%g/t%g/tInterestBasis%g/t%g/tInterestBasis%g/t%g/tNorth America Morenci72%Milling1,064 1,478 0.24 - 0.02 - 996 1,383 0.25 - 0.02 - 677 941 0.24 - 0.02 - Leaching967 1,344 0.16 - - - 727 1,011 0.15 - - - 441 613 0.11 - - - Bagdad100%Milling388 388 0.31 - b0.02 1.28 544 544 0.27 - b0.02 1.09 639 639 0.18 - b0.01 0.73 Leaching1 1 0.10 - - - 6 6 0.08 - - - 12 12 0.08 - - - Safford, including Lone Star100%Milling1,627 1,627 0.37 0.01 - 0.30 1,762 1,762 0.35 0.01 - 0.20 441 441 0.30 0.01 - 0.23 Leaching495 495 0.30 - - - 313 313 0.28 - - - 58 58 0.29 - - - Sierrita100%Milling866 866 0.17 - b0.02 0.84 874 874 0.18 - b0.02 0.88 375 375 0.17 - b0.02 0.81 Chino, including Cobre100%Milling167 167 0.37 0.04 0.01 0.71 121 121 0.45 0.04 0.01 0.83 45 45 0.37 0.03 0.01 0.63 Leaching22 22 0.21 - - - 12 12 0.20 - - - 8 8 0.23 - - - Tyrone100%Leaching60 60 0.26 - - - 11 11 0.23 - - - 5 5 0.28 - - - Henderson100%Milling72 72 - - 0.15 - 32 32 - - 0.12 - - - - - - - Climax100%Milling312 312 - - 0.17 - 65 65 - - 0.10 - 14 14 - - 0.07 - Ajo100%Milling507 507 0.38 0.07 0.01 0.94 252 252 0.31 0.05 - b0.70 20 20 0.32 0.04 - b1.02 Cochise/Bisbee100%Leaching148 148 0.49 - - - 120 120 0.41 - - - 20 20 0.38 - - - Sanchez100%Leaching86 86 0.35 - - - 103 103 0.23 - - - 13 13 0.18 - - - Tohono100%Milling304 304 0.63 0.09 0.01 1.91 38 38 0.66 0.08 0.01 1.69 7 7 0.51 0.05 - b1.28 Leaching233 233 0.71 - - - 46 46 0.56 - - - 23 23 0.51 - - - Twin Buttes100%Milling178 178 0.60 0.01 0.04 6.34 16 16 0.58 0.01 0.03 6.06 7 7 0.70 0.01 0.02 7.44 Leaching80 80 0.22 - - - 27 27 0.20 - - - 11 11 0.26 - - - Christmas100%Milling71 71 0.52 0.06 - b1.55 271 271 0.36 0.06 - b0.92 59 59 0.37 0.06 - b0.93 South America Cerro Verde53.56%Milling21 39 0.27 - 0.01 1.45 1,084 2,024 0.32 - 0.01 1.73 587 1,097 0.33 - 0.01 1.76 Leaching3 6 0.37 - - - 9 18 0.25 - - - 10 18 0.31 - - - El Abra51%Milling543 1,064 0.45 0.02 0.01 1.47 914 1,792 0.37 0.02 0.01 1.18 792 1,552 0.29 0.01 0.01 0.90 Leaching31 61 0.26 - - - 33 65 0.27 - - - 22 43 0.25 - - - Indonesia Grasberg minerals district48.76%Milling189 387 0.77 0.62 - 4.07 1,255 2,573 0.67 0.56 - 3.73 182 372 0.45 0.36 - 2.44 Total FCX - 100% basis 9,995 13,478 6,393 Total FCX - Consolidated basisc9,205 12,807 5,957 Total FCX - Net equity interestd8,435 9,631 4,467 **Current (2025):** In addition to mineral reserves, our properties contain mineral resources that we believe could be brought into production should market conditions warrant. However, permitting and significant capital expenditures may be required before mining of these resources could commence at these properties. A mineral resource is a concentration or occurrence of material of economic interest in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until engineering, legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material factors. Mineral resources include measured, indicated and inferred mineral classifications. •A measured mineral resource is a resource for which the quantity and grade are estimated from detailed, closely spaced sampling, and geologic characterization that defines the size, shape, depth and mineral content to a high degree of confidence. •An indicated mineral resource is a resource for which quantity and grade are estimated from information similar to that used for measured mineral resources where the samples are farther apart, and the geological characterization is adequate. •An inferred mineral resource is a resource for which quantity and grade are estimated from information similar to that used for measured and indicated mineral resources, but with limited geological evidence and sampling. Inferred mineral resource grade and mineralization continuity have a lower degree of confidence. Our estimates of mineral resources have been prepared in accordance with the disclosure requirements of Subpart 1300 of SEC Regulation S-K. No assurance can be given that the estimated mineral resources not included in mineral reserves will become proven and probable mineral reserves. Estimated mineral resources as presented on the following pages were assessed using prices of $3.75 per pound for copper, $1,700 per ounce for gold, $15 per pound for molybdenum and $20 per ounce for silver. Cutoff grade strategy and expected recoveries used to evaluate mineral resources are consistent with those for mineral reserves but would require additional work to substantiate. Refer to Item 1A. "Risk Factors" for discussion of risks associated with our estimates of mineral resources. 43 43 43 43 43 43 Table of Contents Table of Contents Table of Contents Estimated Mineral Resourcesat December 31, 2024a MeasuredIndicatedInferred Million Metric TonsAverage Ore GradeMillion Metric TonsAverage Ore GradeMillion Metric TonsAverage Ore Grade FCX'sProcessingFCX's100%CopperGoldMolySilverFCX's100%CopperGoldMolySilverFCX's100%CopperGoldMolySilver InterestMethodInterestBasis%g/t%g/tInterestBasis%g/t%g/tInterestBasis%g/t%g/tNorth America Morenci72%Milling607 843 0.29 - 0.02 - 493 685 0.32 - 0.02 - 293 406 0.32 - 0.02 - Leaching1,409 1,958 0.17 - - - 750 1,042 0.15 - - - 441 613 0.12 - - - Bagdad100%Milling380 380 0.31 - b0.02 1.28 487 487 0.26 - b0.02 1.08 534 534 0.18 - b0.01 0.72 Leaching - b - b0.13 - - - 2 2 0.10 - - - 1 1 0.12 - - - Safford, including Lone Star100%Milling1,350 1,350 0.38 0.03 - b1.15 1,613 1,613 0.32 0.01 0.01 0.93 432 432 0.27 - b - b0.93 Leaching557 557 0.29 - - - 410 410 0.29 - - - 118 118 0.28 - - - Sierrita100%Milling751 751 0.18 - b0.02 0.83 310 310 0.20 - b0.02 0.94 32 32 0.18 - b0.01 0.86 Chino, including Cobre100%Milling147 147 0.35 0.03 0.02 0.68 78 78 0.44 0.04 0.01 0.80 33 33 0.36 0.03 0.01 0.65 Leaching7 7 0.25 - - - 2 2 0.36 - - - 2 2 0.45 - - - Tyrone100%Leaching45 45 0.33 - - - 7 7 0.27 - - - 3 3 0.44 - - - Henderson100%Milling61 61 - - 0.16 - 25 25 - - 0.13 - - - - - - - Climax100%Milling304 304 - - 0.18 - 53 53 - - 0.11 - 9 9 - - 0.08 - Ajo100%Milling489 489 0.39 0.07 0.01 0.94 241 241 0.32 0.05 - b0.70 19 19 0.33 0.04 - b1.04 Cochise/Bisbee100%Leaching146 146 0.49 - - - 118 118 0.41 - - - 20 20 0.38 - - - Sanchez100%Leaching79 79 0.35 - - - 72 72 0.24 - - - 7 7 0.19 - - - Tohono100%Milling277 277 0.63 0.09 0.01 1.90 31 31 0.67 0.09 0.01 1.72 4 4 0.65 0.07 - b1.44 Leaching249 249 0.68 - - - 48 48 0.53 - - - 25 25 0.48 - - - Twin Buttes100%Milling139 139 0.65 0.01 0.04 6.62 10 10 0.63 0.01 0.03 6.31 5 5 0.77 0.01 0.02 8.22 Leaching55 55 0.24 - - - 15 15 0.21 - - - 7 7 0.25 - - - Christmas100%Milling67 67 0.53 0.06 - b1.56 231 231 0.37 0.06 - b0.93 39 39 0.40 0.06 - b0.95 South America Cerro Verde55.08%Milling46 83 0.29 - 0.01 1.57 944 1,714 0.32 - 0.01 1.70 344 624 0.34 - 0.01 1.80 Leaching2 4 0.37 - - - 7 13 0.30 - - - 8 14 0.33 - - - El Abra51%Milling607 1,190 0.43 0.02 0.01 1.42 959 1,880 0.37 0.02 0.01 1.17 862 1,690 0.29 0.01 - b0.92 Leaching44 86 0.24 - - - 24 46 0.26 - - - 7 14 0.29 - - - Indonesia Grasberg minerals district48.76%Milling197 404 0.77 0.62 - 4.00 1,234 2,530 0.69 0.57 - 3.70 149 306 0.44 0.37 - 2.53 Total FCX - 100% basis 9,672 11,662 4,957 Total FCX - Consolidated basisc8,887 11,178 4,671 Total FCX - Net equity interestd8,016 8,162 3,393 --- ## Modified: MINING PRODUCTION AND SALES DATA **Key changes:** - Reworded sentence: "Years Ended December 31,ProductionSalesCOPPER (millions of recoverable pounds)202420232022202420232022(FCX's net interest in %) North America Morenci (72%)a505 575 636 517 578 639 Safford (100%)249 245 285 246 250 281 Sierrita (100%)165 185 184 167 183 186 Bagdad (100%)146 146 165 146 148 169 Chino (100%)133 141 130 133 143 127 Tyrone (100%)43 51 59 44 53 59 Miami (100%)9 12 11 10 12 11 Other (100%)(4)(5)(3) (6)(6)(3)Total North America1,246 1,350 1,467 1,257 1,361 1,469 South America Cerro Verde (55.08%)b949 985 974 958 988 964 El Abra (51%)219 217 202 219 212 198 Total South America1,168 1,202 1,176 1,177 1,200 1,162 Indonesia Grasberg minerals district (48.76%)c1,800 1,660 1,567 1,632 1,525 1,582 Consolidated4,214 4,212 4,210 4,066 d4,086 d4,213 dLess noncontrolling interests1,465 1,414 845 1,384 1,344 840 Net2,749 2,798 3,365 2,682 2,742 3,373 Average realized price per pound$4.21 $3.85 $3.90 GOLD (thousands of recoverable ounces) (FCX's net interest in %)North America (100%)19 15 13 20 16 12 Indonesia (48.76%)c1,861 1,978 1,798 1,817 1,697 1,811 Consolidated1,880 1,993 1,811 1,837 1,713 1,823 Less noncontrolling interests953 952 337 931 808 339 Net927 1,041 1,474 906 905 1,484 Average realized price per ounce$2,418 $1,972 $1,787 MOLYBDENUM (millions of recoverable pounds) (FCX's net interest in %)Climax (100%)18 17 21 N/AN/AN/AHenderson (100%)12 13 12 N/AN/AN/ANorth America copper mines (100%)a30 30 29 N/AN/AN/ACerro Verde (55.08%)b20 22 23 N/AN/AN/AConsolidated80 82 85 78 81 75 Less noncontrolling interest9 10 11 9 10 10 Net71 72 74 69 71 65 Average realized price per pound$21.77 $24.64 $18.71 COPPER (millions of recoverable pounds) Morenci (72%)a Cerro Verde (55.08%)b Grasberg minerals district (48.76%)c d d d GOLD (thousands of recoverable ounces) Indonesia (48.76%)c MOLYBDENUM (millions of recoverable pounds) North America copper mines (100%)a Cerro Verde (55.08%)b COPPER (millions of recoverable pounds) Morenci (72%)a Cerro Verde (55.08%)b Grasberg minerals district (48.76%)c d d d GOLD (thousands of recoverable ounces) Indonesia (48.76%)c MOLYBDENUM (millions of recoverable pounds) North America copper mines (100%)a Cerro Verde (55.08%)b a.Amounts are net of Morenci's joint venture partners' undivided interest." **Prior (2024):** Years Ended December 31,ProductionSalesCOPPER (millions of recoverable pounds)202320222021202320222021(FCX's net interest in %) North America Morenci (72%)a575 636 631 578 639 632 Safford (100%)245 285 265 250 281 252 Sierrita (100%)185 184 189 183 186 187 Bagdad (100%)146 165 184 148 169 185 Chino (100%)141 130 124 143 127 114 Tyrone (100%)51 59 55 53 59 53 Miami (100%)12 11 12 12 11 13 Other (100%)(5)(3) - (6)(3) - Total North America1,350 1,467 1,460 1,361 1,469 1,436 South America Cerro Verde (53.56%)985 974 887 988 964 888 El Abra (51%)217 202 160 212 198 167 Total South America1,202 1,176 1,047 1,200 1,162 1,055 Indonesia Grasberg minerals district (48.76%)b1,660 1,567 1,336 1,525 1,582 1,316 Consolidated4,212 4,210 3,843 4,086 c4,213 c3,807 cLess noncontrolling interests1,414 845 741 1,344 840 741 Net2,798 3,365 3,102 2,742 3,373 3,066 Average realized price per pound$3.85 $3.90 $4.33 GOLD (thousands of recoverable ounces) (FCX's net interest in %)North America (100%)15 13 11 16 12 11 Indonesia (48.76%)b1,978 1,798 1,370 1,697 1,811 1,349 Consolidated1,993 1,811 1,381 1,713 1,823 1,360 Less noncontrolling interests952 337 257 808 339 252 Net1,041 1,474 1,124 905 1,484 1,108 Average realized price per ounce$1,972 $1,787 $1,796 MOLYBDENUM (millions of recoverable pounds) (FCX's net interest in %)Climax (100%)17 21 18 N/AN/AN/AHenderson (100%)13 12 12 N/AN/AN/ANorth America copper mines (100%)a30 29 34 N/AN/AN/ACerro Verde (53.56%)22 23 21 N/AN/AN/AConsolidated82 85 85 81 75 82 Less noncontrolling interest10 11 10 10 10 9 Net72 74 75 71 65 73 Average realized price per pound$24.64 $18.71 $15.56 COPPER (millions of recoverable pounds) Morenci (72%)a Grasberg minerals district (48.76%)b c c c GOLD (thousands of recoverable ounces) Indonesia (48.76%)b MOLYBDENUM (millions of recoverable pounds) North America copper mines (100%)a COPPER (millions of recoverable pounds) Morenci (72%)a Grasberg minerals district (48.76%)b c c c GOLD (thousands of recoverable ounces) Indonesia (48.76%)b MOLYBDENUM (millions of recoverable pounds) North America copper mines (100%)a a.Amounts are net of Morenci's joint venture partners' undivided interest. b.Our economic interest in PT-FI is 48.76% and prior to 2023, it approximated 81% (refer to Note 3 for further discussion). c.Consolidated sales volumes exclude purchased copper of 103 million pounds in 2023, 124 million pounds in 2022 and 173 million pounds in 2021. 32 32 32 32 32 32 Table of Contents Table of Contents Table of Contents **Current (2025):** Years Ended December 31,ProductionSalesCOPPER (millions of recoverable pounds)202420232022202420232022(FCX's net interest in %) North America Morenci (72%)a505 575 636 517 578 639 Safford (100%)249 245 285 246 250 281 Sierrita (100%)165 185 184 167 183 186 Bagdad (100%)146 146 165 146 148 169 Chino (100%)133 141 130 133 143 127 Tyrone (100%)43 51 59 44 53 59 Miami (100%)9 12 11 10 12 11 Other (100%)(4)(5)(3) (6)(6)(3)Total North America1,246 1,350 1,467 1,257 1,361 1,469 South America Cerro Verde (55.08%)b949 985 974 958 988 964 El Abra (51%)219 217 202 219 212 198 Total South America1,168 1,202 1,176 1,177 1,200 1,162 Indonesia Grasberg minerals district (48.76%)c1,800 1,660 1,567 1,632 1,525 1,582 Consolidated4,214 4,212 4,210 4,066 d4,086 d4,213 dLess noncontrolling interests1,465 1,414 845 1,384 1,344 840 Net2,749 2,798 3,365 2,682 2,742 3,373 Average realized price per pound$4.21 $3.85 $3.90 GOLD (thousands of recoverable ounces) (FCX's net interest in %)North America (100%)19 15 13 20 16 12 Indonesia (48.76%)c1,861 1,978 1,798 1,817 1,697 1,811 Consolidated1,880 1,993 1,811 1,837 1,713 1,823 Less noncontrolling interests953 952 337 931 808 339 Net927 1,041 1,474 906 905 1,484 Average realized price per ounce$2,418 $1,972 $1,787 MOLYBDENUM (millions of recoverable pounds) (FCX's net interest in %)Climax (100%)18 17 21 N/AN/AN/AHenderson (100%)12 13 12 N/AN/AN/ANorth America copper mines (100%)a30 30 29 N/AN/AN/ACerro Verde (55.08%)b20 22 23 N/AN/AN/AConsolidated80 82 85 78 81 75 Less noncontrolling interest9 10 11 9 10 10 Net71 72 74 69 71 65 Average realized price per pound$21.77 $24.64 $18.71 COPPER (millions of recoverable pounds) Morenci (72%)a Cerro Verde (55.08%)b Grasberg minerals district (48.76%)c d d d GOLD (thousands of recoverable ounces) Indonesia (48.76%)c MOLYBDENUM (millions of recoverable pounds) North America copper mines (100%)a Cerro Verde (55.08%)b COPPER (millions of recoverable pounds) Morenci (72%)a Cerro Verde (55.08%)b Grasberg minerals district (48.76%)c d d d GOLD (thousands of recoverable ounces) Indonesia (48.76%)c MOLYBDENUM (millions of recoverable pounds) North America copper mines (100%)a Cerro Verde (55.08%)b a.Amounts are net of Morenci's joint venture partners' undivided interest. b.Our economic interest in Cerro Verde is 55.08%, and prior to September 2024 it was 53.56%. c.Our economic interest in PT-FI is 48.76% and prior to 2023, it approximated 81% (refer to Note 2 for further discussion). d.Consolidated sales volumes exclude purchased copper of 158 million pounds in 2024, 103 million pounds in 2023 and 124 million pounds in 2022. 32 32 32 32 32 32 Table of Contents Table of Contents Table of Contents --- ## Modified: Total FCX - Net equity intereste **Key changes:** - Reworded sentence: "See "Operations - Indonesia" for discussion of Kucing Liar capital investments." **Prior (2024):** Note: Amounts may not equal the sum of proven and probable mineral reserves as presented on the previous page because of rounding. In addition, totals may not foot because of rounding. a.Recoveries are net of estimated mill and smelter losses. b.Amounts not shown because of rounding. c.PT-FI has commenced long-term mine development activities for the Kucing Liar deposit. See "Mining Operations - Indonesia" for discussion of Kucing Liar capital investments. d.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 3 for further discussion). e.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of our ownership in subsidiaries). 37 37 37 37 37 37 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2023 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.North America Morenci72%Mill7.2 - 0.23 - Crushed leach2.9 - - - ROM leach2.2 - - - Bagdad100%Mill15.8 0.2 0.89 55.5 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach6.5 - - - Sierrita100%Mill9.8 0.1 0.99 41.0 Chino, including Cobre100%Mill2.3 0.3 - 6.0 ROM leach0.2 - - - Tyrone100%ROM leach0.2 - - - Henderson100%Mill - - 0.15 - Climax100%Mill - - 0.43 - 47.1 0.6 2.69 102.5 Recoverable metal in stockpilesa 1.2 - b0.03 0.1 100% operations 48.3 0.6 2.72 102.6 Consolidated 44.7 0.6 2.66 102.6 Net equity interest 44.7 0.6 2.66 102.6 South America Cerro Verde53.56%Mill26.3 - 0.67 106.2 ROM leach0.2 - - - El Abra51%Crushed leach3.0 - - - ROM leach0.2 - - - 29.7 - 0.67 106.2 Recoverable metal in stockpilesa 0.7 - 0.01 0.9 100% operations 30.5 - 0.68 107.1 Consolidated 30.5 - 0.68 107.1 Net equity interest 16.2 - 0.36 57.4 Indonesia Grasberg Block Cave48.76%Mill14.7 11.3 - 48.5 DMLZ48.76%Mill4.9 5.3 - 26.0 Big Gossan48.76%Mill2.2 1.0 - 13.7 Kucing Liarc48.76%Mill7.1 6.3 - 31.4 100% operations 29.0 23.9 - 119.5 Consolidated 29.0 23.9 - 119.5 Net equity interest 14.1 11.6 - 58.3 Total FCX - 100% basis 107.7 24.5 3.40 329.2 Total FCX - Consolidated basisd 104.1 24.5 3.34 329.2 Total FCX - Net equity intereste 75.1 12.2 3.02 218.2 Recoverable metal in stockpilesa b Recoverable metal in stockpilesa Kucing Liarc **Current (2025):** Note: Amounts may not equal the sum of proven and probable mineral reserves as presented on the previous page because of rounding. In addition, totals may not foot because of rounding. a.Recoveries are net of estimated mill and smelter losses. b.Amounts not shown because of rounding. c.PT-FI has commenced long-term mine development activities for the Kucing Liar deposit. See "Operations - Indonesia" for discussion of Kucing Liar capital investments. d.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion). e.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries). 37 37 37 37 37 37 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2024 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.North America Morenci72%Mill4.8 - 0.17 - Crushed leach0.6 - - - ROM leach5.4 - - - Bagdad100%Mill15.7 0.2 0.86 55.2 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach4.9 - - - Sierrita100%Mill9.2 0.1 0.96 38.4 Chino, including Cobre100%Mill2.6 0.4 - 7.1 ROM leach0.1 - - - Tyrone100%ROM leach0.2 - - - Henderson100%Mill - - 0.14 - Climax100%Mill - - 0.40 - 43.6 0.6 2.53 100.6 Recoverable metal in stockpilesa 1.1 - b0.03 0.2 100% operations 44.7 0.6 2.55 100.8 Consolidated 41.6 0.6 2.51 100.8 Net equity interest 41.6 0.6 2.51 100.8 South America Cerro Verde55.08%Mill24.6 - 0.65 99.4 ROM leach0.2 - - - El Abra51%Crushed leach2.6 - - - ROM leach0.2 - - - 27.7 - 0.65 99.4 Recoverable metal in stockpilesa 0.7 - 0.01 0.8 100% operations 28.4 - 0.66 100.2 Consolidated 28.4 - 0.66 100.2 Net equity interest 15.5 - 0.36 55.2 Indonesia Grasberg Block Cave48.76%Mill13.4 10.3 - 48.3 DMLZ48.76%Mill4.4 4.9 - 23.9 Big Gossan48.76%Mill2.2 1.0 - 13.5 Kucing Liarc48.76%Mill7.1 6.2 - 31.0 100% operations 27.0 22.4 - 116.6 Consolidated 27.0 22.4 - 116.6 Net equity interest 13.2 10.9 - 56.8 Total FCX - 100% basis 100.1 23.0 3.21 317.5 Total FCX - Consolidated basisd 97.0 23.0 3.16 317.5 Total FCX - Net equity intereste 70.2 11.5 2.87 212.8 72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b 55.08% 51% Recoverable metal in stockpilesa 48.76% 48.76% 48.76% Kucing Liarc 48.76% --- ## Modified: Changes in tax laws and regulations could have a material adverse effect on our financial condition. **Key changes:** - Added sentence: "Additionally, we are subject to regular review and audit by both domestic and foreign tax authorities." - Added sentence: "Although we believe our tax estimates are reasonable, the ultimate tax outcome may differ from the tax amounts recorded in our financial statements and may materially affect our income tax provision, net income, or cash flows in the period or periods for which such determination and settlement occurs." - Reworded sentence: "As discussed in MD&A and Note 9, the provisions of the U.S." - Reworded sentence: "The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average annual AFSI exceeding $1.0 billion over a three-year period." **Prior (2024):** As a global business, we are subject to income, royalty, transaction and other taxes in the U.S. and various foreign jurisdictions. Uncertainties exist with respect to our tax liabilities, including those arising from changes in laws in the jurisdictions in which we do business. We have significant net operating losses (NOLs) in the U.S. generated in prior years. These NOLs are available to offset future regular taxable income, which we believe will result in minimal estimated regular income tax liability in the U.S. over the next several years at current metals market prices. As discussed in MD&A and Note 11, the provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to us on January 1, 2023. We have made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not materially impact our financial results in 2023. Although the U.S. Department of the Treasury (Treasury) published guidance in 2023 that provided some additional clarity on the rules, uncertainty remains regarding the application of the Corporate Alternative Minimum Tax. Future guidance released by the Treasury may differ from our interpretations of the Act, which could be material and may further limit our ability to realize future benefits from our U.S. NOLs. Further, as discussed in MD&A, recommendations from the Organisation for Economic Co-operation and Development regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where we operate. At current metals market prices, we believe enactment of the recommended framework in jurisdictions where we operate will result in minimal impacts to our financial results in the near term. The impact of any new tax legislation may differ materially from our estimates as a result of future regulatory guidance or changes in our interpretations or assumptions we have made. **Current (2025):** As a global business, we are subject to income, royalty, transaction and other taxes in the U.S. and various foreign jurisdictions. Uncertainties exist with respect to our tax liabilities, including those arising from changes in laws in the jurisdictions in which we do business. Additionally, we are subject to regular review and audit by both domestic and foreign tax authorities. Although we believe our tax estimates are reasonable, the ultimate tax outcome may differ from the tax amounts recorded in our financial statements and may materially affect our income tax provision, net income, or cash flows in the period or periods for which such determination and settlement occurs. We have significant net operating losses (NOLs) in the U.S. generated in prior years. These NOLs are available to offset future regular taxable income, which we believe will result in minimal estimated regular income tax liability in the U.S. over the next several years at current metals market prices. As discussed in MD&A and Note 9, the provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to us on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average annual AFSI exceeding $1.0 billion over a three-year period. In September 2024, the Internal Revenue Service (IRS) issued proposed regulations that provide guidance on the application of CAMT, which are not final and subject to change. Based on the proposed guidance 52 52 52 52 52 52 Table of Contents Table of Contents Table of Contents released by the IRS, we have determined that the provisions of the Act did not impact our financial results for the years 2024 or 2023. In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum level of income tax. Recommendations from the OECD regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where we operate. At current metals market prices, we do not expect enactment of the recommended framework in jurisdictions where we operate to materially impact our financial results. --- ## Modified: Total FCX - Net equity intereste **Key changes:** - Reworded sentence: "72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b 55.08% 51% Recoverable metal in stockpilesa 48.76% 48.76% 48.76% Kucing Liarc 48.76%" **Prior (2024):** Note: Amounts may not equal the sum of proven and probable mineral reserves as presented on the previous page because of rounding. In addition, totals may not foot because of rounding. a.Recoveries are net of estimated mill and smelter losses. b.Amounts not shown because of rounding. c.PT-FI has commenced long-term mine development activities for the Kucing Liar deposit. See "Mining Operations - Indonesia" for discussion of Kucing Liar capital investments. d.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 3 for further discussion). e.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of our ownership in subsidiaries). 37 37 37 37 37 37 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2023 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.North America Morenci72%Mill7.2 - 0.23 - Crushed leach2.9 - - - ROM leach2.2 - - - Bagdad100%Mill15.8 0.2 0.89 55.5 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach6.5 - - - Sierrita100%Mill9.8 0.1 0.99 41.0 Chino, including Cobre100%Mill2.3 0.3 - 6.0 ROM leach0.2 - - - Tyrone100%ROM leach0.2 - - - Henderson100%Mill - - 0.15 - Climax100%Mill - - 0.43 - 47.1 0.6 2.69 102.5 Recoverable metal in stockpilesa 1.2 - b0.03 0.1 100% operations 48.3 0.6 2.72 102.6 Consolidated 44.7 0.6 2.66 102.6 Net equity interest 44.7 0.6 2.66 102.6 South America Cerro Verde53.56%Mill26.3 - 0.67 106.2 ROM leach0.2 - - - El Abra51%Crushed leach3.0 - - - ROM leach0.2 - - - 29.7 - 0.67 106.2 Recoverable metal in stockpilesa 0.7 - 0.01 0.9 100% operations 30.5 - 0.68 107.1 Consolidated 30.5 - 0.68 107.1 Net equity interest 16.2 - 0.36 57.4 Indonesia Grasberg Block Cave48.76%Mill14.7 11.3 - 48.5 DMLZ48.76%Mill4.9 5.3 - 26.0 Big Gossan48.76%Mill2.2 1.0 - 13.7 Kucing Liarc48.76%Mill7.1 6.3 - 31.4 100% operations 29.0 23.9 - 119.5 Consolidated 29.0 23.9 - 119.5 Net equity interest 14.1 11.6 - 58.3 Total FCX - 100% basis 107.7 24.5 3.40 329.2 Total FCX - Consolidated basisd 104.1 24.5 3.34 329.2 Total FCX - Net equity intereste 75.1 12.2 3.02 218.2 Recoverable metal in stockpilesa b Recoverable metal in stockpilesa Kucing Liarc **Current (2025):** Note: Amounts may not equal the sum of proven and probable mineral reserves as presented on the previous page because of rounding. In addition, totals may not foot because of rounding. a.Recoveries are net of estimated mill and smelter losses. b.Amounts not shown because of rounding. c.PT-FI has commenced long-term mine development activities for the Kucing Liar deposit. See "Operations - Indonesia" for discussion of Kucing Liar capital investments. d.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion). e.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries). 37 37 37 37 37 37 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2024 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.North America Morenci72%Mill4.8 - 0.17 - Crushed leach0.6 - - - ROM leach5.4 - - - Bagdad100%Mill15.7 0.2 0.86 55.2 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach4.9 - - - Sierrita100%Mill9.2 0.1 0.96 38.4 Chino, including Cobre100%Mill2.6 0.4 - 7.1 ROM leach0.1 - - - Tyrone100%ROM leach0.2 - - - Henderson100%Mill - - 0.14 - Climax100%Mill - - 0.40 - 43.6 0.6 2.53 100.6 Recoverable metal in stockpilesa 1.1 - b0.03 0.2 100% operations 44.7 0.6 2.55 100.8 Consolidated 41.6 0.6 2.51 100.8 Net equity interest 41.6 0.6 2.51 100.8 South America Cerro Verde55.08%Mill24.6 - 0.65 99.4 ROM leach0.2 - - - El Abra51%Crushed leach2.6 - - - ROM leach0.2 - - - 27.7 - 0.65 99.4 Recoverable metal in stockpilesa 0.7 - 0.01 0.8 100% operations 28.4 - 0.66 100.2 Consolidated 28.4 - 0.66 100.2 Net equity interest 15.5 - 0.36 55.2 Indonesia Grasberg Block Cave48.76%Mill13.4 10.3 - 48.3 DMLZ48.76%Mill4.4 4.9 - 23.9 Big Gossan48.76%Mill2.2 1.0 - 13.5 Kucing Liarc48.76%Mill7.1 6.2 - 31.0 100% operations 27.0 22.4 - 116.6 Consolidated 27.0 22.4 - 116.6 Net equity interest 13.2 10.9 - 56.8 Total FCX - 100% basis 100.1 23.0 3.21 317.5 Total FCX - Consolidated basisd 97.0 23.0 3.16 317.5 Total FCX - Net equity intereste 70.2 11.5 2.87 212.8 72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b 55.08% 51% Recoverable metal in stockpilesa 48.76% 48.76% 48.76% Kucing Liarc 48.76% --- ## Modified: Total FCX - Net equity interestd **Key changes:** - Reworded sentence: "See "Operations - Indonesia" for discussion of Kucing Liar capital investments." **Prior (2024):** Note: Totals may not foot because of rounding. a.Amounts not shown because of rounding. b.PT-FI has commenced long-term mine development activities for the Kucing Liar deposit. See "Mining Operations - Indonesia" for discussion of Kucing Liar capital investments. c.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 3 for further discussion). d.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of our ownership in subsidiaries). The reserve table above and the tables on the following pages utilize the abbreviations described below: •g/t - grams per metric ton •Moly - Molybdenum 36 36 36 36 36 36 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2023 (continued)Proven and Probable Million Metric TonsAverage Ore GradeRecoveriesa FCX'sProcessingFCX's100%CopperGold MolySilverCopperGoldMolySilver InterestMethodInterestBasis%g/t %g/t%%%%North America Morenci72%Mill922 1,280 0.31 - 0.02 - 82.3 - 43.7 - Crushed leach323 448 0.36 - - - 81.9 - - - ROM leach1,506 2,091 0.13 - - - 37.3 - - - Bagdad100%Mill2,453 2,453 0.35 - b0.02 1.43 84.2 59.1 77.0 49.3 ROM leach20 20 0.27 - - - 43.2 - - - Safford, including Lone Star100%Crushed leach1,038 1,038 0.40 - - - 70.6 - - - Sierrita100%Mill2,398 2,398 0.23 - b0.02 1.08 81.1 59.1 77.7 49.3 Chino, including Cobre100%Mill260 260 0.51 0.05 - 0.92 79.0 77.9 - 78.5 ROM leach86 86 0.24 - - - 34.9 - - - Tyrone100%ROM leach90 90 0.17 - - - 57.7 - - - Henderson100%Mill48 48 - - 0.16 - - - 87.7 - Climax100%Mill149 149 - - 0.15 - - - 88.8 - 9,292 10,362 South America Cerro Verde53.56%Mill2,141 3,998 0.35 - 0.01 1.84 86.0 - 54.4 44.9 ROM leach48 89 0.24 - - - 50.1 - - - El Abra51%Crushed leach282 553 0.48 - - - 52.0 - - - ROM leach55 107 0.24 - - - 31.2 - - - 2,526 4,747 Indonesia Grasberg Block Cave48.76%Mill379 777 1.02 0.68 - 3.26 84.1 66.7 - 59.6 DMLZ48.76%Mill163 333 0.80 0.63 - 3.80 83.9 78.5 - 63.7 Big Gossan48.76%Mill24 49 2.26 0.93 - 13.80 90.6 68.0 - 63.5 Kucing Liarc48.76%Mill188 385 1.05 0.92 - 5.55 79.3 55.2 - 45.6 753 1,544 Total FCX - 100% Basis 16,653 Total FCX - Consolidated basisd15,584 Total FCX - Net equity intereste12,571 **Current (2025):** 72% 100% a a 100% 100% a a 100% 100% 100% 100% 55.08% 51% 48.76% 48.76% 48.76% Kucing Liarb 48.76% --- ## Modified: Workplace Culture **Key changes:** - Reworded sentence: "We are dedicated to cultivating a company culture prioritizing safety, respect, inclusivity, and representation of the diverse communities in which we operate." - Reworded sentence: "Additional information regarding our workforce can be found in our Annual Report on Sustainability, which is available on our website and updated annually." **Prior (2024):** We are committed to fostering a culture that is safety focused, respectful, inclusive and representative of the communities where we operate. As a global organization that operates in diverse parts of the world, inclusion and diversity is a company priority, and we believe an inclusive and diverse workforce with a broad range of experience, knowledge, background, culture and heritage drives innovation, enhances operational performance and improves relationships with stakeholders. We are often the largest employer in our local communities and hiring locally is a commitment we make to the host communities surrounding our operations and to our host countries. As of December 31, 2023, the vast majority of our employees are from the countries where we operate. We retain expatriate expertise for managerial and technical roles when we determine the required expertise is not available in local communities. Expatriates receive cultural training upon their arrival to a new location. We aim to tailor our approach to inclusion and diversity across our global business and we seek to design programs and initiatives with standardized processes and priorities while being adaptable to site-specific or situational circumstances. We strive for, promote and foster a workplace where everyone feels a sense of belonging, is treated with respect and their opinions are valued. We believe an inclusive environment gives our people the confidence to speak up, share ideas that drive innovation and achieve operational excellence. We believe our inclusive environment is the foundation of our high-performance culture and is paramount to the long-term sustainable success of our business. We are also committed to providing equal pay for equal work regardless of gender, race, ethnicity or any other characteristic protected by applicable law. We periodically conduct internal compensation reviews to identify and address, as appropriate, possible pay gaps, which cannot be explained through performance, distribution of jobs, experience, time in role and other legitimate business-related factors. In addition to our Inclusion and Diversity Policy, our inclusion and diversity principles align with our core values of safety, respect, integrity, excellence and commitment, and are incorporated into our Principles of Business Conduct and other related policies. We have dedicated human resources team members to focus on inclusion and diversity initiatives and a cross-functional inclusion and diversity leadership team to help guide the strategy and direction of our inclusion and diversity programs. To help incentivize continued progress by our executive team, workforce performance metrics to support safety and inclusion and diversity priorities, among other things, have also been integrated into executive compensation, contributing to the sustainability component of our performance-based annual incentive program. Additional information regarding our activities related to our people, including our workforce diversity data (such as our U.S. Employee EEO-1 report data), can be found in our Annual Report on Sustainability, which is available on our website and is updated annually. Refer to Item 1A. "Risk Factors" for further information on human capital matters. 29 29 29 29 29 29 Table of Contents Table of Contents Table of Contents **Current (2025):** We are dedicated to cultivating a company culture prioritizing safety, respect, inclusivity, and representation of the diverse communities in which we operate. As a global organization that operates in regions of varying ethnic, religious and cultural backgrounds, we value and prioritize inclusion and diversity within our workforce. A broad range of experience, knowledge, background, culture and heritage drives innovation, enhances operational performance and improves relationships with stakeholders. We are often the largest employer in our local communities, which are typically in remote areas, and hiring locally is a commitment we make to the communities surrounding our operations and to our host countries. We retain expatriate expertise for managerial and technical roles when the required expertise is not available in local communities. We offer cultural awareness training to expatriates and inpatriates for new locations. We strive for, promote and foster a workplace where everyone feels a sense of belonging, is treated with respect and their opinions are valued. We believe an inclusive environment gives our people the confidence to speak up, share ideas that drive innovation and achieve operational excellence. We believe our inclusive environment is the foundation of our high-performance culture and is paramount to the long-term sustainable success of our business. We are also committed to providing equal pay for equal work regardless of gender, race, ethnicity or any other characteristic protected by applicable law. We periodically conduct internal compensation reviews to identify and address, as appropriate, possible pay gaps, which cannot be explained through performance, distribution of jobs, experience, time in role and other legitimate business-related factors. Additional information regarding our workforce can be found in our Annual Report on Sustainability, which is available on our website and updated annually. Refer to Item 1A. "Risk Factors" for further information on human capital matters. 29 29 29 29 29 29 Table of Contents Table of Contents Table of Contents --- ## Modified: Net equity intereste **Key changes:** - Reworded sentence: "a.Estimated consolidated recoverable copper reserves include 1.4 billion pounds in leach stockpiles and 0.3 billion pounds in mill stockpiles (refer to "Mill and Leach Stockpiles" for further discussion)." **Prior (2024):** Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) Indonesiab **Current (2025):** Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) South Americab Indonesiac --- ## Modified: Total FCX - Net equity interestd **Key changes:** - Reworded sentence: "c.Consolidated basis represents estimated mineral resources after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion)." **Prior (2024):** Note: Totals may not foot because of rounding. a.Amounts not shown because of rounding. b.PT-FI has commenced long-term mine development activities for the Kucing Liar deposit. See "Mining Operations - Indonesia" for discussion of Kucing Liar capital investments. c.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 3 for further discussion). d.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of our ownership in subsidiaries). The reserve table above and the tables on the following pages utilize the abbreviations described below: •g/t - grams per metric ton •Moly - Molybdenum 36 36 36 36 36 36 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2023 (continued)Proven and Probable Million Metric TonsAverage Ore GradeRecoveriesa FCX'sProcessingFCX's100%CopperGold MolySilverCopperGoldMolySilver InterestMethodInterestBasis%g/t %g/t%%%%North America Morenci72%Mill922 1,280 0.31 - 0.02 - 82.3 - 43.7 - Crushed leach323 448 0.36 - - - 81.9 - - - ROM leach1,506 2,091 0.13 - - - 37.3 - - - Bagdad100%Mill2,453 2,453 0.35 - b0.02 1.43 84.2 59.1 77.0 49.3 ROM leach20 20 0.27 - - - 43.2 - - - Safford, including Lone Star100%Crushed leach1,038 1,038 0.40 - - - 70.6 - - - Sierrita100%Mill2,398 2,398 0.23 - b0.02 1.08 81.1 59.1 77.7 49.3 Chino, including Cobre100%Mill260 260 0.51 0.05 - 0.92 79.0 77.9 - 78.5 ROM leach86 86 0.24 - - - 34.9 - - - Tyrone100%ROM leach90 90 0.17 - - - 57.7 - - - Henderson100%Mill48 48 - - 0.16 - - - 87.7 - Climax100%Mill149 149 - - 0.15 - - - 88.8 - 9,292 10,362 South America Cerro Verde53.56%Mill2,141 3,998 0.35 - 0.01 1.84 86.0 - 54.4 44.9 ROM leach48 89 0.24 - - - 50.1 - - - El Abra51%Crushed leach282 553 0.48 - - - 52.0 - - - ROM leach55 107 0.24 - - - 31.2 - - - 2,526 4,747 Indonesia Grasberg Block Cave48.76%Mill379 777 1.02 0.68 - 3.26 84.1 66.7 - 59.6 DMLZ48.76%Mill163 333 0.80 0.63 - 3.80 83.9 78.5 - 63.7 Big Gossan48.76%Mill24 49 2.26 0.93 - 13.80 90.6 68.0 - 63.5 Kucing Liarc48.76%Mill188 385 1.05 0.92 - 5.55 79.3 55.2 - 45.6 753 1,544 Total FCX - 100% Basis 16,653 Total FCX - Consolidated basisd15,584 Total FCX - Net equity intereste12,571 **Current (2025):** 72% 100% a a 100% 100% a a 100% 100% 100% 100% 55.08% 51% 48.76% 48.76% 48.76% Kucing Liarb 48.76% --- ## Modified: Net equity intereste **Key changes:** - Reworded sentence: "Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) South Americab Indonesiac" **Prior (2024):** Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) Indonesiab **Current (2025):** Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) South Americab Indonesiac --- *Data sourced from SEC EDGAR. Last updated 2026-06-01.*