--- ticker: FCX company: Freeport-McMoRan Inc. filing_type: 10-K year_current: 2026 year_prior: 2025 risks_added: 7 risks_removed: 1 risks_modified: 44 risks_unchanged: 39 source: SEC EDGAR url: https://riskdiff.com/fcx/2026-vs-2025/ markdown_url: https://riskdiff.com/fcx/2026-vs-2025/index.md generated: 2026-06-01 --- # Freeport-McMoRan Inc.: 10-K Risk Factor Changes 2026 vs 2025 > 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 | 7 | | Risks removed | 1 | | Risks modified | 44 | | Unchanged | 39 | --- ## New in Current Filing: Gold Products and Sales We produce gold almost exclusively from our mines in the Grasberg minerals district. Prior to the expiration of its export license on September 16, 2025, the gold produced by PTFI was primarily sold as a component of its copper concentrate or in anode slimes, which are a product of the smelting and refining process. Gold was generally priced at the average London PM gold price for a specified month near the month of shipment. Revenues from gold sold as a component of PTFI's copper concentrate were recorded net of treatment charges, royalties, export duties and allowances for unrecoverable metals, and revenues from gold sold in anode slimes were recorded net of royalties and refining charges. With the completion of its downstream processing facilities during 2025, PTFI sells gold bars produced by the PMR primarily priced at the London PM gold price near the date of shipment, net of royalties. --- ## New in Current Filing: Molybdenum Products and Sales According to Wood Mackenzie, we are the world's largest producer of molybdenum and molybdenum-based chemicals. In addition to production from the Henderson and Climax molybdenum mines, we produce molybdenum concentrate at certain of our U.S. copper mines and our Cerro Verde copper mine in Peru. The majority of our molybdenum concentrate is processed in our own conversion facilities. Our molybdenum sales are primarily priced based on the average published Platts Metals Daily prices for the month prior to the month of shipment. --- ## New in Current Filing: GOVERNMENTAL REGULATIONS Our operations are subject to a broad range of laws and regulations imposed by governments and regulatory bodies, both in the U.S. and internationally. These laws and regulations touch all aspects of our operations, the most significant of which include how we extract, process and explore for minerals and how we conduct our business, including laws and regulations governing matters such as mining rights, environmental and reclamation matters, climate change, occupational health and safety, and human rights. Compliance with these laws and regulations requires expenditures for the implementation, operation and maintenance of systems and programs, but has not had and is not expected to have a material adverse effect on our expenditures, results of operations or competitive position. We continuously monitor and strive to maintain compliance with changes in laws and regulations that impact our business. --- ## New in Current Filing: Mining Rights We conduct our mining and exploration activities pursuant to concessions granted by, or under contracts with, the host government in the countries where we operate. These countries include, among others, the U.S., Peru, Chile and Indonesia. Mining rights include our license to operate and involve our payment of applicable taxes and royalties to the host governments. The concessions and contracts are subject to the political risks associated with the host countries. For information about mining rights, governmental agreements, licenses to operate, and tax regulations and related matters refer to "Operations" below, Item 1A. "Risk Factors" and Notes 2, 9, 10 and 11. --- ## New in Current Filing: Environmental Matters 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. In addition, we must obtain regulatory permits and approvals to start, continue and expand operations. As a mining company, compliance with environmental, health and safety laws and regulations is an integral and costly part of our business. We conduct our operations in a manner that aims to protect public health and the environment. We believe our operations follow applicable laws and regulations in all material respects, and we have internal company policies that in some instances go beyond compliance with such laws and regulations. At December 31, 2025, we had $2.0 billion recorded in our consolidated balance sheet for environmental obligations and $3.8 billion recorded for asset retirement obligations. We incurred 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 totaling $0.5 billion in 2025, $0.6 billion in 2024 and $0.5 billion in 2023, and we expect to incur approximately $0.7 billion in 2026. The timing and amounts of estimated payments could change 6 6 6 6 6 6 Table of Contents Table of Contents Table of Contents 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 information about environmental laws and regulations at our global operations, including legal proceedings and related costs, and reclamation matters, see below as well as Item 1A. "Risk Factors," Item 3 "Legal Proceedings" and Notes 1, 10 and 11. United States. There are a number of federal and state environmental laws and regulations that apply to our properties and may affect our operations. Laws such as the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (CERCLA) and similar state laws 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. Other federal and comparable state environmental laws have affected, or could in the future affect, us including, but not limited to, the Resource Conservation and Recovery Act, the Clean Air Act and the National Environmental Policy Act. We have substantial obligations for environmental remediation on mining properties previously owned or operated by FMC and certain of its affiliates. Our operations are subject to state regulations governing mine closures and reclamation. Closure plans are required to be updated every six years in Arizona and every five years in New Mexico and Colorado. We are also required by U.S. federal and state laws and regulations to provide financial assurance sufficient to allow a third party to implement approved closure and reclamation plans for our mining properties if we are unable to do so. Most of our financial assurance obligations are imposed by state laws that vary significantly by jurisdiction, depending on how each state regulates land use and groundwater quality. The U.S. Environmental Protection Agency (EPA) and state agencies may also require financial assurance for investigation and remediation actions that are required under settlements of enforcement actions under CERCLA or similar state laws. Regulations have been, and may in the future be, considered at various governmental levels to increase financial responsibility requirements both for mine closure and reclamation. Our U.S. mining operations are also subject to regulations under the Endangered Species Act (ESA) that are intended to protect species listed by the U.S. Department of the Interior's Fish & Wildlife Service (FWS) as endangered or threatened, along with critical habitat designated by FWS for these listed species. The ESA may affect the ability of landowners, including us, to obtain federal permits or authorizations needed for expansion of our operations, and may also affect our ability to obtain, retain or deliver water to some operations. New or revised environmental regulatory requirements are frequently proposed, many of which may result in substantially increased costs for our business, including those discussed above and in Item 1A. "Risk Factors." For example, in 2024, EPA amended its rule establishing standards for hazardous air pollutant emissions from primary copper smelters (Copper Smelter Rule). This final rule would impact our Miami, Arizona smelter operations, which process a significant portion of the copper concentrate produced by our U.S. copper mines. However, in March 2025, EPA announced that it will reconsider, among others, the Copper Smelter Rule, and in October 2025, a presidential proclamation exempted the Miami smelter from the compliance deadlines in the Copper Smelter Rule for two years. EPA's reconsideration of the Copper Smelter Rule continues and upon its proposal, we will evaluate processes and equipment modifications and the costs involved, which could be significant. Our appeal of EPA's Copper Smelter Rule to the Court of Appeals for the District of Columbia Circuit remains suspended pending resolution of several petitions for reconsideration to EPA filed by us and other parties. EPA and state agencies continue to consider regulations for man-made organic compounds that could be present in soil, groundwater and surface water at our existing and former operations. These regulations may include drinking water standards, hazardous waste requirements, and hazardous substance designations for Perfluorooctanesulfonic acid (PFOS) and Perfluorooctanoic acid (PFOA). For example, in September 2025, EPA announced that it intends to retain the hazardous substance designation for PFOS and PFOA and will initiate future rulemaking to establish a uniform framework governing designation of hazardous substances under CERCLA. In addition, in January 2025, EPA published its final toxicological assessment for inorganic arsenic, which may be used by federal and state regulators to revise regulatory standards under various environmental programs, including water quality standards and cleanup levels at remediation sites, and in October 2025, EPA announced updated guidance and processes concerning the cleanup of lead in residential soils. We are working with federal and state agencies to understand possible ramifications to our projects from these developments and will monitor any additional regulatory guidance, rulemaking and other regulatory activities. 7 7 7 7 7 7 Table of Contents Table of Contents Table of Contents In November 2025, EPA and the U.S. Army Corps of Engineers proposed to revise the final rule amending the revised definition of the "waters of the United States" issued in 2023. Subject to future court decisions (including additional successful legal challenges) and additional administrative rulemaking and related guidance, which may further affect the scope of the final rule, we may need federal authorization under the Clean Water Act (CWA) to expand some of our operations. Further, even where federal authorization is not otherwise required, some states have adopted or are developing programs to require permits for discharges to waters that are no longer subject to the CWA including discharges of dredged or fill material. Peru. The General Environmental Law (Law No. 28611) establishes the main environmental guidelines and principles applicable in Peru. Pursuant to the General Environmental Law, the Ministry of Energy and Mines (MINEM) issued national environmental regulations, which have gradually replaced prior guidelines governing governmental agencies' environmental competencies. The Environmental Evaluation and Oversight Agency has the authority to inspect mining operations and fine companies that fail to comply with prescribed environmental regulations and their approved environmental assessments. Cerro Verde is subject to regulation under the Mine Closure Law administered by MINEM. Under the closure regulations, mines must submit a closure plan every five years that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the requirement for five-year updates, Cerro Verde submitted its updated closure plan and cost estimates and received approval from MINEM in December 2023. The Cerro Verde mine has developed and continues to implement detailed, comprehensive mine waste and tailings management programs to meet the applicable Peru waste regulations and our internal environmental management practices. These programs incorporate commitments included in the Environmental and Social Impact Studies and the engineer of record designs for the specific cases of tailings storage facilities and certain leach pad stockpiles. For any future projects, including at existing facilities, Cerro Verde also may be required by MINEM or the National Environmental Certification Service for Sustainable Investments to incur additional costs to comply with the requirements of new regulations that provide for the adequacy of the transportation and final disposal of tailings. Chile. El Abra is subject to regulation under the Mine Closure Law administered by the Chile Mining and Geology Agency. In compliance with the requirement for five-year updates, El Abra submitted an updated plan with closure cost estimates in August 2025. The El Abra mine has developed and continues to implement detailed, comprehensive mine waste programs to meet the applicable Chilean waste regulations and our internal environmental management practices. These programs incorporate commitments included in the Environmental and Social Impact Studies, and the engineer of record designs for the specific cases of certain leach pad stockpiles. Indonesia. PTFI holds multiple permits from national, provincial, and regency regulatory agencies, including groundwater use permits, effluent and air discharge permits, solid and hazardous waste storage and management permits and protection of forest borrow-to-use permits. Where permits have specific terms, renewal applications are made to the relevant regulatory authority as required, prior to the end of the permit term. In December 2018, Indonesia's former Ministry of Environment and Forestry (MOEF) issued a revised environmental permit to PTFI to address certain operational activities that it alleged were inconsistent with earlier studies. PTFI and the MOEF also established a framework known as the Tailings Management Roadmap for continuous improvement in environmental practices and tailings management at PTFI's Grasberg operations. PTFI completed the Tailings Management Roadmap commitments for the 2018 through 2024 period. The current phase of the Tailings Management Roadmap, approved by MOEF in 2024, extends from 2025 through 2030 and builds upon activities from the initial period. In 2025, PTFI continued to work with MOEF on the primary Tailings Management Roadmap objectives, including (1) the reduction of non-tailings sediment entering the tailings management area, (2) the increased retention, flow control and distribution of tailings within the tailings management area and (3) the pursuit of additional beneficial uses of tailings in infrastructure and other projects. In 2020, PTFI initiated a new environmental impact analysis (called an Analisis Mengenai Dampak Lingkungan or AMDAL) in preparation for the proposed activities associated with the transition from Grasberg surface mine to underground operations, and PTFI completed the approval requirements of the AMDAL covering all support activities for the underground transition in 2023. In December 2023, PTFI received technical approval for its tailings management activities. In 2024, the MOEF approved an addendum to the AMDAL that covers activities associated with the conversion of PTFI's power plant from coal-fired to liquefied natural gas (LNG). Permitting related to the conversion to LNG continues to progress. 8 8 8 8 8 8 Table of Contents Table of Contents Table of Contents In accordance with Indonesia law, in 2019, PTFI completed and Indonesia regulators approved an updated mine closure plan to reflect Grasberg minerals district production operations until 2041. In the future, additional approval will be required for the diversion of the Aghawagon/Otomona River out of the tailings management area at the end of the mine life. In 2022, PTFI received approval on its reclamation plan through 2026. PTFI has provided all required mine closure and reclamation guarantees in the form of time deposits and bank guarantees with state-owned banks in accordance with prevailing regulations. Climate In many of the jurisdictions in which we or our customers operate, governmental bodies and governmental officials have enacted or proposed legislation, regulations and policies in response to the potential impacts of climate change. For example, carbon tax legislation has been adopted in jurisdictions where we operate, including Indonesia, Chile and the European Union (EU). PTFI's coal-fired power plant was not within the scope of Indonesia's carbon emissions trading system in 2025. PTFI continues to monitor the regulation. Refer to "Operations - Indonesia" below for discussion of PTFI's plans to transition its existing energy source from coal to natural gas. Further, certain jurisdictions, including the EU and California, have introduced or passed regulations that may require corporate climate-related reporting as specified by the individual regulations. While it is not possible to reasonably estimate the nature, extent, scope, timing and cost or other impacts of any current or future carbon pricing mechanisms, mandatory disclosures, other climate change regulatory programs or future legislative action that may be enacted, we anticipate that we will dedicate more resources and incur more costs to comply and remediate in response to legislative or regulatory changes. For information about the risks posed by the potential impacts of climate change and related regulations, refer to Item 1A. "Risk Factors." --- ## New in Current Filing: U.S. Tariffs In 2025, our costs were not significantly impacted by U.S. tariffs, and we are continuing to monitor the impacts on our business, cost structure and supply chains associated with tariffs on U.S. imports. Efforts continue to identify alternative sourcing options to mitigate potential future impacts of tariffs. Effective August 1, 2025, a 50% tariff was imposed under Section 232 of the Trade Expansion Act, targeting U.S. imports of semi-finished copper products and copper-intensive derivative products. However, refined copper, including cathodes, concentrates and scrap, was exempted from the tariff, and the U.S. government has indicated it will reassess by mid-2026 the potential for a refined copper tariff of 15% beginning in January 2027 and rising to 30% in 2028. Refer to "Markets" in MD&A for further discussion of LME and COMEX copper prices. Additionally, the U.S. Secretary of Commerce was directed to impose requirements that 25% of copper cathode and concentrate produced in the U.S. be sold domestically in 2027, potentially increasing to 30% in 2028 and 40% in 2029. Because of our integrated operations, these requirements are not expected to impact our business. We are the leading copper supplier in the U.S., providing approximately 70% of total U.S. refined copper production through our integrated domestic mining and processing facilities, and most of which is sold domestically. For the year 2025, copper from our U.S. mining operations was sold 66% as rod, 25% as cathode and 9% in concentrate. We are well positioned in the U.S. with sizeable resources and opportunities to leverage existing infrastructure through brownfield expansions. Government action related to tariffs and other controls on imports and exports or trade agreements or policies are difficult to predict and may continue to cause significant volatility in our financial performance and in the trading prices of our common stock. Refer to Item 1A. "Risk Factors" for further discussion. --- ## New in Current Filing: The mud removal and other remediation activities, and the phased restart and ramp-up of the Grasberg Block Cave underground mine following the September 2025 mud rush incident may not be achieved as planned which could adversely impact our results of operations and financial condition. On September 8, 2025, PTFI experienced an unprecedented mud rush incident, during which approximately 800,000 metric tons of wet material entered the Grasberg Block Cave underground mine from the former Grasberg open pit and traveled rapidly to multiple levels of the mine, including a service level where seven team members were later found deceased. Mining operations were temporarily suspended to prioritize the recovery of the seven team members fatally injured during the incident and to conduct investigations. Following the September 2025 mud rush incident, PTFI has been engaged in activities to address the incident and advance preparation for a safe and sustainable restart of operations. In late October 2025, PTFI restarted operations at the unaffected Deep Mill Level Zone (DMLZ) and Big Gossan underground mines. Investigations and remedial plans were completed in fourth-quarter 2025 and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026. The incident impacted our results for the second half of 2025, and we expect the incident to have a significant impact on our 2026 operating and financial results. We plan to implement enhanced operating procedures to address the conditions that led to the incident and use information from this unprecedented incident to further enhance risk management processes, including ongoing management and stabilization of conditions in the open pit. Material changes to our operating plans could affect our mineral reserves. In addition, there can be no assurance that other unforeseeable incidents will not occur in the future. 58 58 58 58 58 58 Table of Contents Table of Contents Table of Contents Mud removal is in process and other steps necessary for restart and ramp-up of operations, including implementation of enhanced operating procedures to address the conditions that led to the incident, development of updated cave management plans and draw protocols, and design, construction, repair and replacement of damaged infrastructure and equipment, are expected to begin in the near term. The timing of the phased restart and ramp-up of certain areas of the Grasberg Block Cave underground mine could be impacted by any delay in the removal and remediation activities. Further, new or additional operational challenges could arise as we progress mud removal and other remediation activities and the phased restart and ramp-up of the Grasberg Block Cave underground mine. Refer to MD&A and Note 10 for discussion of asset impairment charges recorded as a result of damage assessments and evaluation of the affected infrastructure. We do not believe there has been a broader impairment of PTFI's long-lived mining assets based on PTFI's reserve life, favorable market outlook for metal prices and the expected resumption of operations at the Grasberg Block Cave underground mine; however, changes to our estimates of recoverable proven and probable mineral reserves or declines in the prices of commodities PTFI sells could have an impact on the future recoverability assessments of PTFI's long-lived mining assets. PTFI has recorded charges and expects to incur additional costs related to the incident in the future. Any future costs, liabilities, fines, penalties and financial impacts resulting from the incident and any related investigations or claims may exceed our current expectations and any insurance recoveries. PTFI has submitted a claim to seek recovery of damages under its property and business interruption insurance policies. PTFI's ability to recover damages under its insurance coverage with respect to the incident is subject to certain conditions, and the scope of insured losses and timing of recovery is undetermined. In addition, there can be no assurance that such insurance will continue to be available at economically feasible premiums for certain related risks. To the extent insurance proceeds are delayed or disputed, we may be required to fund repairs and related costs from available cash flows or borrowings. Further, government agencies may impose changes to applicable laws, regulations or environmental requirements or new standards as a result of the incident. In addition, we may experience adverse indirect effects on our business, including negative publicity, damage to our reputation, increased scrutiny by regulators and investors, and reduced confidence from our workforce, local communities, customers and other stakeholders. As a result of the incident and impact on operations, PTFI notified certain commercial counterparties of a force majeure under its contracts, which may negatively impact PTFI's relationships with such counterparties. Although the declaration of force majeure for certain PTFI contracts has not materially impacted PTFI's contractual obligations to date, such obligations could be negatively impacted by the incident or any similar future incidents. Any of the above could adversely affect our cash flows, access to capital, development projects, capital expenditures, results of operations and financial condition. --- ## No Match in Current: Workplace Culture *This section from the 2025 filing does not have a high-confidence textual match in 2026. It may have been removed, merged, or substantially reworded.* 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: Production Sequencing **Key changes:** - Reworded sentence: "Our proven and probable mineral reserves in Indonesia reflect estimates of minerals that can be recovered through the end of 2041 (refer to Item 1A." - Added sentence: "b.The current mine plan and planned operations are based on the assumption that PTFI will comply with its obligations under the IUPK and receive the 10-year extension from 2031 through 2041 (refer to Item 1A." - Added sentence: ""Risk Factors" and Note 11 for further discussion)." - Added sentence: "This does not reflect a potential long-term extension expected to cover the life of the resource, which is expected to be submitted in 2026." - Added sentence: "Refer to "Operations - Indonesia" for further discussion." **Prior (2025):** The following chart illustrates our current plans for sequencing and producing our proven and probable mineral reserves at each of our ore bodies and the years in which we currently expect production from each ore body and related stockpiles. Our proven and probable mineral reserves in Indonesia reflect estimates of minerals that can be recovered through the end of 2041, and our current mine plan and planned operations are based on the assumption that PT-FI will comply with its obligations under the IUPK and receive the second 10-year extension from 2031 through 2041 (refer to Item 1A. "Risk Factors" and Note 11 for further discussion). We develop our mine plans based on maximizing the net present value from the ore bodies. Significant additional capital expenditures will be required at many of these mines in order to achieve the life-of-mine plans reflected below. a.The ultimate timing of the start of production at Kucing Liar is dependent upon a number of factors and may vary from the date shown here. Refer to "Operations - Indonesia" for further discussion. **Current (2026):** The following chart illustrates our current plans for sequencing and producing our proven and probable mineral reserves at each of our ore bodies and the years in which we currently expect production from each ore body and related stockpiles. Our proven and probable mineral reserves in Indonesia reflect estimates of minerals that can be recovered through the end of 2041 (refer to Item 1A. "Risk Factors" and Note 11 for further discussion). We develop our mine plans based on maximizing the net present value from the ore bodies. Significant additional capital expenditures will be required at many of these mines in order to achieve the life-of-mine plans reflected below. a.The ultimate timing of the start of production at Kucing Liar is dependent upon a number of factors and may vary from the date shown here. Refer to "Operations - Indonesia" for further discussion. b.The current mine plan and planned operations are based on the assumption that PTFI will comply with its obligations under the IUPK and receive the 10-year extension from 2031 through 2041 (refer to Item 1A. "Risk Factors" and Note 11 for further discussion). This does not reflect a potential long-term extension expected to cover the life of the resource, which is expected to be submitted in 2026. Refer to "Operations - Indonesia" for further discussion. --- ## Modified: Operational risks **Key changes:** - Reworded sentence: "•Failure to achieve remediation activities, and the phased restart and ramp-up of the Grasberg Block Cave underground mine; •Operational risks inherent in our operations, including underground mining and the ability to smelt and refine; •Environmental, safety and engineering challenges and risks associated with management of waste rock and tailings; •Environmental challenges associated with our Indonesia operations; •Violence, civil and religious strife, and activism; •Availability of secure water supplies for our operations, including future expansions or development projects; •Disruptions, damage, failure and implementation and integration risks associated with information and operational technology systems; •Failure to successfully implement, advance or develop and risks associated with new technologies; and •Any major public health crisis." **Prior (2025):** •Operational risks inherent in our operations, including underground mining and the ability to smelt and refine; •Environmental, safety and engineering challenges and risks associated with management of waste rock and tailings; •Environmental challenges associated with our Indonesia operations; •Violence, civil and religious strife, and activism; •Availability of significant quantities of secure water supplies for our operations, including future expansions or development projects; •Disruptions, damage, failure and implementation and integration risks associated with information and operational technology systems; •Failure to successfully implement or develop and risks associated with new technologies; and •Any major public health crisis. **Current (2026):** •Failure to achieve remediation activities, and the phased restart and ramp-up of the Grasberg Block Cave underground mine; •Operational risks inherent in our operations, including underground mining and the ability to smelt and refine; •Environmental, safety and engineering challenges and risks associated with management of waste rock and tailings; •Environmental challenges associated with our Indonesia operations; •Violence, civil and religious strife, and activism; •Availability of secure water supplies for our operations, including future expansions or development projects; •Disruptions, damage, failure and implementation and integration risks associated with information and operational technology systems; •Failure to successfully implement, advance or develop and risks associated with new technologies; and •Any major public health crisis. --- ## Modified: Internal Controls over the Mineral Reserves and Mineral Resources Estimation Process **Key changes:** - Removed sentence: "46 46 46 46 46 46 Table of Contents Table of Contents Table of Contents Item 1A." - Reworded sentence: "Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; repair and remediation efforts, and phased restart and ramp-up of production and downstream processing following the September 2025 mud rush incident at PT Freeport Indonesia's (PTFI) Grasberg Block Cave underground mine and the anticipated impact on 48 48 48 48 48 48 Table of Contents Table of Contents Table of Contents our business, production, sales, results of operations and operating plans, and recoveries under insurance policies; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; potential extension of PTFI's special mining business license (IUPK) beyond 2041; timing of shipments of inventoried production; our sustainability-related commitments and targets; our overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of our operating sites under specific frameworks; achievement of our 2030 climate targets and our 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of our financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases." **Prior (2025):** We have internal controls over the mineral reserves and mineral resources estimation processes that result in reasonable and reliable estimates aligned with industry practice and reporting regulations. Annually, qualified persons and other employees review the estimates of mineral reserves and mineral resources, the supporting documentation, and compliance with the internal controls and, based on their review of such information, recommend approval to use the mineral reserve and mineral resource estimates to our senior management. Our controls utilize management systems including but not limited to, formal quality assurance and quality control protocols, standardized procedures, workflow processes, supervision and management approval, internal and external reviews and audits, reconciliations, and data security covering record keeping, chain of custody and data storage. Our systems cover exploration activities, sample preparation and analysis, data verification, mineral processing, metallurgical testing, recovery estimation, mine design and sequencing, and mineral reserve and resource evaluations, with environmental, social and regulatory considerations. Our quality assurance and control protocols over sampling and assaying of drill hole samples include insertion of blind samples consisting of standards, blanks, and duplicates in the primary sample streams, as well as selective sample validation at secondary laboratories. These controls and other methods help to validate the reasonableness of the estimates. The effectiveness of the controls is reviewed periodically to address changes in conditions and the degree of compliance with policies and procedures. Refer to Item 1A. "Risk Factors" for discussion of risks associated with our estimates of mineral reserves and mineral resources. 46 46 46 46 46 46 Table of Contents Table of Contents Table of Contents Item 1A. Risk Factors. This report contains forward-looking statements in which we discuss our potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections, or expectations relating to business outlook, strategy, goals or targets; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs (credits) and operating costs; capital expenditures; operating plans (including mine sequencing); cash flows; liquidity; PT Freeport Indonesia's (PT-FI) commissioning, remediation, including expected costs, insurance recovery and timing, and full ramp-up of its new smelter and full production at the precious metals refinery (PMR); potential extension of PT-FI's special mining business license (IUPK) beyond 2041; export licenses, export duties and export volumes, including PT-FI's ability to continue exports of copper concentrate until full ramp-up is achieved at its new smelter in Indonesia; timing of shipments of inventoried production; our commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of our operating sites under specific frameworks; execution of our energy and climate strategies and the underlying assumptions and estimated impacts on our business and stakeholders related thereto; achievement of 2030 climate targets and 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of our financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases. We undertake no obligation to update any forward-looking statements, which speak only as of the date made. We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking statements are included below. **Current (2026):** We have internal controls over the mineral reserves and mineral resources estimation processes that result in reasonable and reliable estimates aligned with industry practice and reporting regulations. Annually, qualified persons and other employees review the estimates of mineral reserves and mineral resources, the supporting documentation, and compliance with the internal controls and, based on their review of such information, recommend approval to use the mineral reserve and mineral resource estimates to our senior management. Our controls utilize management systems including but not limited to, formal quality assurance and quality control protocols, standardized procedures, workflow processes, supervision and management approval, internal and external reviews and audits, reconciliations, and data security covering record keeping, chain of custody and data storage. Our systems cover exploration activities, sample preparation and analysis, data verification, mineral processing, metallurgical testing, recovery estimation, mine design and sequencing, and mineral reserve and resource evaluations, with environmental, social and regulatory considerations. Our quality assurance and control protocols over sampling and assaying of drill hole samples include insertion of blind samples consisting of standards, blanks, and duplicates in the primary sample streams, as well as selective sample validation at secondary laboratories. These controls and other methods help to validate the reasonableness of the estimates. The effectiveness of the controls is reviewed periodically to address changes in conditions and the degree of compliance with policies and procedures. Refer to Item 1A. "Risk Factors" for discussion of risks associated with our estimates of mineral reserves and mineral resources. Item 1A. Risk Factors. This report contains forward-looking statements in which we discuss our potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; repair and remediation efforts, and phased restart and ramp-up of production and downstream processing following the September 2025 mud rush incident at PT Freeport Indonesia's (PTFI) Grasberg Block Cave underground mine and the anticipated impact on 48 48 48 48 48 48 Table of Contents Table of Contents Table of Contents our business, production, sales, results of operations and operating plans, and recoveries under insurance policies; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; potential extension of PTFI's special mining business license (IUPK) beyond 2041; timing of shipments of inventoried production; our sustainability-related commitments and targets; our overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of our operating sites under specific frameworks; achievement of our 2030 climate targets and our 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of our financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases. We undertake no obligation to update any forward-looking statements, which speak only as of the date made. We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking statements are included below. --- ## Modified: Health and Safety **Key changes:** - Reworded sentence: "Our highest priority is the health, safety and well-being of our workforce." - Reworded sentence: "Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act) and the Occupational Safety and Health Administration under the U.S." - Reworded sentence: "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, 2025." - Reworded sentence: ""Mine Safety Disclosures."" **Prior (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 **Current (2026):** Our highest priority is the health, safety and well-being of our workforce. We also work to promote safety 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. Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act) and the Occupational Safety and Health Administration under the U.S. Occupational Safety and Health Act, and similar laws of other jurisdictions. For example, 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 regulation, which reduces permissible exposure limits of respirable crystalline silica (Silica Rule). The Silica Rule is being challenged in federal court, and in November 2025, MSHA announced that it will reconsider the Silica Rule. Upon MSHA's proposal, we will evaluate the costs involved, which could be significant. Our compliance with these or any other new health and safety regulations could increase our operating 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 regulates 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, 2025. For information about health and safety, refer to "Human Capital" below and Item 4. "Mine Safety Disclosures." --- ## 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, a major challenge is to dispose of the large volume of tailings we produce." - Reworded sentence: "61 61 61 61 61 61 Table of Contents Table of Contents Table of Contents Another major environmental challenge at PTFI is managing overburden stockpiles and other waste rock and conditions in the open pit." - Reworded sentence: "PTFI may modify its re-sloping, erosion control and water management plans in the future, which could lead to material increases in costs." - Reworded sentence: "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 PTFI has not experienced similar erosion issues since 2018." - Reworded sentence: "Independent environmental management expert audits have reaffirmed conclusions from previous studies that PTFI's controlled riverine tailings management system represents the best alternative for tailings management given the volume of tailings produced and the site-specific conditions of the area." **Prior (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. **Current (2026):** 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, a major challenge is to dispose of the large volume of tailings we produce. In 2025, PTFI produced approximately 48 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. 61 61 61 61 61 61 Table of Contents Table of Contents Table of Contents Another major environmental challenge at PTFI 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. PTFI 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 PTFI has not experienced similar erosion issues since 2018. PTFI 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. PTFI 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, PTFI 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 PTFI's operations (inclusive of tailings and overburden) that were determined to be a priority focus of the LHA following the results of these assessments. During 2025, PTFI 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 PTFI'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 PTFI's controlled riverine tailings management 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 PTFI 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, modeling of sediment transport scenarios indicates that tailings have the potential to be deposited outside of the approved lateral levees in adjacent mangroves. PTFI 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, social unrest and increased costs that could be significant. There can be no assurance that future changes in environmental laws or regulations 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 PTFI. 62 62 62 62 62 62 Table of Contents Table of Contents Table of Contents --- ## Modified: Mill and Leach Stockpiles **Key changes:** - Reworded sentence: "The quantity of material delivered to mill and leach stockpiles is based on 43 43 43 43 43 43 Table of Contents Table of Contents Table of Contents surveyed volumes of mined material and daily production records." - Reworded sentence: "Expected copper recoveries for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type." - Reworded sentence: "Based on our annual review of mill and leach stockpiles, we increased our estimated consolidated recoverable copper in certain leach stockpiles, net of joint venture interests, by 207 million pounds in 2025, primarily associated with Morenci leach stockpiles." **Prior (2025):** Mill and leach stockpiles generally contain lower grade ores that have been extracted from an ore body and are available for metal recovery. Mill stockpiles contain sulfide ores and recovery of metal is through milling, concentrating, smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities. Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grades of material delivered to mill and leach stockpiles. Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. 41 41 41 41 41 41 Table of Contents Table of Contents Table of Contents Expected copper recoveries for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 80% depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80% of total copper recovery may be extracted during the first year, and the remaining copper may be recovered over many years. Processes and copper recoveries for mill and leach stockpiles are monitored regularly, and recovery estimates are adjusted annually based on new information and as related technology and processing methods change. Based on our annual review of mill and leach stockpiles, we increased our estimated consolidated recoverable copper in certain leach stockpiles, net of joint venture interests, by 164 million pounds in 2024, primarily associated with Morenci leach stockpiles, partly offset by a decrease for Safford leach stockpiles. Following are our stockpiles and the estimated recoverable copper contained within those stockpiles as of December 31, 2024: RecoverableFCX'sMillion Metric TonsAverageRecoveriesCopperInterestFCX's Interest100% BasisOre Grade (%) (%)(billion lbs.)Mill stockpilesCerro Verde55.08%29 53 0.26 65.5 0.2 North America copper minesa11 11 0.31 77.1 0.1 40 64 0.3 Leach stockpilesMorenci72%5,594 7,775 0.24 0.6 0.3 Bagdad100%506 506 0.25 0.9 - bSafford, including Lone Star100%489 489 0.43 4.4 0.2 Sierrita100%650 650 0.15 7.6 0.2 Miami100%498 498 0.39 1.3 0.1 Chino, including Cobre100%1,803 1,803 0.25 2.0 0.2 Tyrone100%1,223 1,223 0.28 1.2 0.1 Cerro Verde55.08%347 629 0.44 4.0 0.2 El Abra51%499 978 0.43 3.0 0.3 11,609 14,551 1.5 Total FCX - 100% basis1.8 Total FCX - Consolidated basisc1.7 Total FCX - Net equity interestd1.4 100% Basis 55.08% North America copper minesa 72% 100% b 100% 100% 100% 100% 100% 55.08% 51% **Current (2026):** Mill and leach stockpiles generally contain lower grade ores that have been extracted from an ore body and are available for metal recovery. Mill stockpiles contain sulfide ores and recovery of metal is through milling, concentrating, smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities. Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on 43 43 43 43 43 43 Table of Contents Table of Contents Table of Contents surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grades of material delivered to mill and leach stockpiles. Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately. Expected copper recoveries for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 80% depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80% of total copper recovery may be extracted during the first year, and the remaining copper may be recovered over many years. Processes and copper recoveries for mill and leach stockpiles are monitored regularly, and recovery estimates are adjusted annually based on new information and as related technology and processing methods change. Based on our annual review of mill and leach stockpiles, we increased our estimated consolidated recoverable copper in certain leach stockpiles, net of joint venture interests, by 207 million pounds in 2025, primarily associated with Morenci leach stockpiles. Following are our stockpiles and the estimated recoverable copper contained within those stockpiles as of December 31, 2025: RecoverableFCX'sMillion Metric TonsAverageRecoveriesCopperInterestFCX's Interest100% BasisOre Grade (%) (%)(billion lbs.)Mill stockpilesCerro Verde55.08%16 29 0.25 67.3 0.1 U.S. copper minesa12 12 0.29 77.8 0.1 28 41 0.2 Leach stockpilesMorenci72%5,734 7,969 0.24 0.9 0.4 Bagdad100%506 506 0.25 0.4 - bSafford, including Lone Star100%535 535 0.43 3.4 0.2 Sierrita100%650 650 0.15 6.9 0.2 Miami100%498 498 0.39 1.1 - bChino, including Cobre100%1,809 1,809 0.25 2.0 0.2 Tyrone100%1,229 1,229 0.28 1.2 0.1 Cerro Verde55.08%352 639 0.43 3.4 0.2 El Abra51%519 1,018 0.43 2.8 0.3 11,832 14,853 1.5 Total FCX - 100% basis1.7 Total FCX - Consolidated basisc1.6 Total FCX - Net equity interestd1.3 100% Basis 55.08% a 72% 100% b 100% 100% 100% b 100% 100% 55.08% 51% --- ## Modified: COMMUNITY AND HUMAN RIGHTS **Key changes:** - Reworded sentence: "We completed HRIAs at PTFI's downstream processing facilities and our Colorado operations in 2025, Cerro Verde in 2024, our PTFI Grasberg operations in 2023, Arizona operations in 2022, El Abra in 2021 and New Mexico operations in 2018." - Reworded sentence: "Over the last three years, charges for these investments have averaged approximately $200 million per year." - Added sentence: "31 31 31 31 31 31 Table of Contents Table of Contents Table of Contents South America." - Added sentence: "In December 2025, Cerro Verde entered into an agreement with SEDAPAR, the municipal water and sanitation services provider in the Arequipa region, to expand the existing wastewater treatment plant and complete additional infrastructure projects, for the benefit of Arequipa's population." - Added sentence: "The agreement provides Cerro Verde with preferential rights to a portion of the treated water and secures long-term access to water to support its operations." **Prior (2025):** We have adopted policies that govern our working relationships with the communities where we operate and that are designed to guide our practices and programs in a manner that respects human rights and the culture of the local people impacted by our operations. In addition, global regulations with regard to human rights and environmental due diligence in supply chains require us to identify, and to prevent, or at least mitigate, adverse impacts on human rights and the environment. We continue to make significant expenditures on community development, health, education, training and cultural programs, which include: •comprehensive job training programs •clean water and sanitation projects •public health programs, including malaria control •agricultural assistance programs •small and medium enterprise development programs •basic education programs •advanced education scholarships •cultural resources promotion and preservation programs •community infrastructure development •charitable donations In 2000, we endorsed the joint U.S. State Department-British Foreign Office Voluntary Principles on Security and Human Rights (Voluntary Principles). We participated in developing these Voluntary Principles with other major natural resource companies and international human rights organizations and they are incorporated into our Human Rights Policy. The Voluntary Principles provide guidelines for our security programs, including interaction with host-government security personnel, private security contractors and our internal security employees. Our Human Rights Policy reflects our commitment to implementing the United Nations Guiding Principles on Business and Human Rights. We conduct site-level human rights impact assessments (HRIAs) at our global operations, which help us to embed human rights considerations into our business practices. We completed HRIAs at Cerro Verde in 2024, our PT-FI Grasberg operations in 2023, Arizona operations in 2022, El Abra in 2021 and New Mexico operations in 2018. We are at the mid-way point of our HRIA at PT-FI's new downstream processing facilities and plan to initiate our HRIA at our Colorado operations later in 2025. We continue to participate in a multi-industry human rights working group to gain insight from peer companies and experts in the field to learn how best practices are evolving. We believe that our social and economic development programs are responsive to the issues raised by the local communities near our areas of operation and help us maintain good relations with the surrounding communities and avoid disruptions of mining operations. As part of our ongoing commitment to our community stakeholders, we have made and expect to continue making investments in certain social programs, including in-kind support and administration, across our global operations from time to time. Over the last three years, charges for these investments have averaged approximately $185 million per year. Nevertheless, social and political instability in the areas of our operations may adversely impact our mining operations. Refer to Item 1A. "Risk Factors" for further discussion. South America. Cerro Verde has provided a variety of community support projects over the years. Following engagements with regional and local governments, civic leaders and development agencies, Cerro Verde constructed a potable water treatment plant to serve Arequipa. In addition, the development of a water storage network was financed by Cerro Verde and a distribution network was financed by the Cerro Verde Civil Association. In 2015, Cerro Verde completed construction of a wastewater treatment plant for the city of Arequipa, which, in addition to supplementing existing water supplies to support Cerro Verde's concentrator expansion, also improves the local water quality, enhances agriculture products grown in the area and reduces the risk of waterborne illnesses. In addition to these projects, Cerro Verde annually makes significant community development investments in the Arequipa region. Security Matters. Consistent with our operating permits in Peru and our commitment to protect our employees and property, we have taken steps to provide a safe and secure working environment. As part of its security program, 30 30 30 30 30 30 Table of Contents Table of Contents Table of Contents Cerro Verde maintains its own internal security department. Both employees and contractors perform functions such as protecting company facilities, monitoring shipments of supplies and products, assisting in traffic control and aiding in emergency response operations. The security department receives human rights and Voluntary Principles training annually. Cerro Verde's costs for its internal civilian security department totaled $8 million in both 2024 and 2023 and $7 million in 2022. Cerro Verde, like all businesses and residents of Peru, relies on the Peru government for the maintenance of public order, upholding the rule of law and the protection of personnel and property. The Peru government is responsible for employing police personnel and directing their operations. Cerro Verde has limited public security forces in support of its operation, with the arrangement defined through an Inter-institutional Cooperation Agreement with the Peru National Police. Cerro Verde's share of support costs for government-provided security approximated $1 million in 2024, 2023 and 2022. Refer to Item 1A. "Risk Factors" for further discussion of security risks in Peru. Indonesia. PT-FI provides funding and technical assistance to support various community development programs in areas such as health, education, economic development and local infrastructure. In 1996, PT-FI established a social investment fund with the aim of contributing to social and economic development in the Mimika Regency. Prior to 2019, the fund was mainly managed by the Amungme and Kamoro Community Development Organization, a community-led institution. In 2019, a new foundation, the Amungme and Kamoro Community Empowerment Foundation (Yayasan Pemberdayaan Masyarakat Amungme dan Kamoro, or YPMAK), was established, and in 2020, PT-FI appointed YPMAK to assist in distributing a significant portion of PT-FI's funding to support the development and empowerment of the local Indigenous Papuan people. YPMAK is governed by a Board of Governors consisting of seven representatives, including four from PT-FI. In addition, since 2001, PT-FI has voluntarily established and contributed to land rights trust funds administered by Amungme and Kamoro representatives that focus on socioeconomic initiatives, human rights and environmental issues. PT-FI is committed to the continued funding of YPMAK programs and the land rights trust funds, as well as other local-community development initiatives, making annual investments in public health, education, and local economic development. PT-FI recorded charges totaling $141 million in 2024 and $123 million in both 2023 and 2022 to production and delivery costs for social and economic development programs. Security Matters. Consistent with our ongoing commitment to protect our employees and property, we have taken steps to provide a safe and secure working environment. As part of its security program, PT-FI maintains its own internal civilian security department. Both employees and contractors perform functions such as protecting company facilities, monitoring shipments of supplies and products, assisting in traffic control and aiding in emergency response operations. The security department receives human rights training annually. PT-FI's costs for its internal civilian security department totaled $49 million in 2024, $51 million in 2023 and $50 million in 2022. PT-FI, like all businesses and residents of Indonesia, relies on the Indonesia government for the maintenance of public order, upholding the rule of law and protection of personnel and property. The Grasberg minerals district has been designated by the Indonesia government as one of Indonesia's national vital objects. This designation results in the police and, to a lesser extent, the military playing a significant role in protecting the area of our operations. The Indonesia government is responsible for employing police and military personnel and directing their operations. As part of pre-deployment, all military and police personnel receive human rights training. From the outset of PT-FI's operations, the Indonesia government has looked to PT-FI to provide logistical and infrastructure support and assistance for these necessary services because of the limited resources of the Indonesia government and the remote location of and lack of development in the province of Central Papua. PT-FI's financial support of the Indonesia government security institutions assigned to PT-FI's operations area represents a prudent response to PT-FI's requirements and commitments to protect its workforce and property, better ensuring that personnel are properly fed and lodged and have the logistical resources to patrol PT-FI's roads and secure its area of operations. In addition, the provision of such support is consistent with our philosophy of responsible corporate citizenship and reflects our commitment to pursue practices that protect and respect human rights. 31 31 31 31 31 31 Table of Contents Table of Contents Table of Contents PT-FI's support costs for the government-provided security totaled $24 million in 2024 and $25 million in both 2023 and 2022. This supplemental support consists of various infrastructure and other costs, including food, housing, fuel, travel, vehicle repairs, allowances to cover incidental and administrative costs, and community assistance programs conducted by the military and police. Refer to Item 1A. "Risk Factors" for further discussion of security risks in Indonesia. **Current (2026):** We have adopted policies that govern our working relationships with the communities where we operate and that are designed to guide our practices and programs in a manner that respects human rights and the culture of the local people impacted by our operations. In addition, global regulations with regard to human rights and environmental due diligence in supply chains require us to identify, and to prevent, or at least mitigate, adverse impacts on human rights and the environment. We continue to make significant expenditures on community development, health, education, training and cultural programs, which include: •comprehensive job training programs •clean water and sanitation projects •public health programs, including malaria control •agricultural assistance programs •small and medium enterprise development programs •basic education programs •advanced education scholarships •cultural resources promotion and preservation programs •community infrastructure development •charitable donations In 2000, we endorsed the joint U.S. State Department-British Foreign Office Voluntary Principles on Security and Human Rights (Voluntary Principles). We participated in developing these Voluntary Principles with other major natural resource companies and international human rights organizations and they are incorporated into our Human Rights Policy. The Voluntary Principles provide guidelines for our security programs, including interaction with host-government security personnel, private security contractors and our internal security employees. Our Human Rights Policy reflects our commitment to implementing the United Nations Guiding Principles on Business and Human Rights. We conduct site-level human rights impact assessments (HRIAs) at our global operations, which help us to embed human rights considerations into our business practices. We completed HRIAs at PTFI's downstream processing facilities and our Colorado operations in 2025, Cerro Verde in 2024, our PTFI Grasberg operations in 2023, Arizona operations in 2022, El Abra in 2021 and New Mexico operations in 2018. We plan to initiate HRIAs at our Fort Madison and El Paso downstream sites in 2026. We continue to participate in a multi-industry human rights working group to gain insight from peer companies and experts in the field to learn how best practices are evolving. We believe that our social and economic development programs are responsive to the issues raised by the local communities near our areas of operation and help us maintain good relations with the surrounding communities and avoid disruptions of mining operations. As part of our ongoing commitment to our community stakeholders, we have made and expect to continue making investments in certain social programs, including in-kind support and administration, across our global operations from time to time. Over the last three years, charges for these investments have averaged approximately $200 million per year. Nevertheless, social and political instability in the areas of our operations may adversely impact our mining operations. Refer to Item 1A. "Risk Factors" for further discussion. 31 31 31 31 31 31 Table of Contents Table of Contents Table of Contents South America. Cerro Verde has provided a variety of community support projects over the years. Following engagements with regional and local governments, civic leaders and development agencies, Cerro Verde constructed a potable water treatment plant to serve Arequipa. In addition, the development of a water storage network was financed by Cerro Verde and a distribution network was financed by the Cerro Verde Civil Association. In 2015, Cerro Verde completed construction of a wastewater treatment plant for the city of Arequipa, which, in addition to supplementing existing water supplies to support Cerro Verde's concentrator expansion, also improves the local water quality, enhances agriculture products grown in the area and reduces the risk of waterborne illnesses. In December 2025, Cerro Verde entered into an agreement with SEDAPAR, the municipal water and sanitation services provider in the Arequipa region, to expand the existing wastewater treatment plant and complete additional infrastructure projects, for the benefit of Arequipa's population. The agreement provides Cerro Verde with preferential rights to a portion of the treated water and secures long-term access to water to support its operations. Refer to Note 11 for further discussion. In addition to these projects, Cerro Verde annually makes significant community development investments in the Arequipa region. Security Matters. Consistent with our operating permits in Peru and our commitment to protect our employees and property, we have taken steps to provide a safe and secure working environment. As part of its security program, Cerro Verde maintains its own internal security department. Both employees and contractors perform functions such as protecting company facilities, monitoring shipments of supplies and products, assisting in traffic control and aiding in emergency response operations. The security department receives human rights and Voluntary Principles training annually. Cerro Verde, like all businesses and residents of Peru, relies on the Peru government for the maintenance of public order, upholding the rule of law and the protection of personnel and property. The Peru government is responsible for employing police personnel and directing their operations. Cerro Verde has limited public security forces in support of its operation, with the arrangement defined through an Inter-institutional Cooperation Agreement with the Peru National Police. Refer to Item 1A. "Risk Factors" for further discussion of security risks in Peru. Indonesia. PTFI provides funding and technical assistance to support various community development programs in areas such as health, education, economic development and local infrastructure. In 1996, PTFI established a social investment fund with the aim of contributing to social and economic development in the Mimika Regency. Prior to 2019, the fund was mainly managed by the Amungme and Kamoro Community Development Organization, a community-led institution. In 2019, a foundation, the Amungme and Kamoro Community Empowerment Foundation (Yayasan Pemberdayaan Masyarakat Amungme dan Kamoro, or YPMAK), was established, and in 2020, PTFI appointed YPMAK to assist in distributing a significant portion of PTFI's funding to support the development and empowerment of the local Indigenous Papuan people. YPMAK is governed by a Board of Governors consisting of seven representatives, including four from PTFI. In addition, since 2001, PTFI has voluntarily established and contributed to land rights trust funds administered by Amungme and Kamoro representatives that focus on socioeconomic initiatives, human rights and environmental issues. PTFI is committed to the continued funding of YPMAK programs and the land rights trust funds, as well as other local-community development initiatives, making annual investments in public health, education, and local economic development. PTFI recorded charges totaling $118 million in 2025, $141 million in 2024 and $123 million in 2023 to production and delivery costs for social and economic development programs in Indonesia. Security Matters. Consistent with our ongoing commitment to protect our employees and property, we have taken steps to provide a safe and secure working environment. As part of its security program, PTFI maintains its own internal civilian security department. Both employees and contractors perform functions such as protecting company facilities, monitoring shipments of supplies and products, assisting in traffic control and aiding in emergency response operations. The security department receives human rights training annually. PTFI, like all businesses and residents of Indonesia, relies on the Indonesia government for the maintenance of public order, upholding the rule of law and protection of personnel and property. The Grasberg minerals district has been designated by the Indonesia government as one of Indonesia's national vital objects. This designation results in the police and, to a lesser extent, the military playing a significant role in protecting the area of our operations. 32 32 32 32 32 32 Table of Contents Table of Contents Table of Contents The Indonesia government is responsible for employing police and military personnel and directing their operations. As part of pre-deployment, all military and police personnel receive human rights training. From the outset of PTFI's operations, the Indonesia government has looked to PTFI to provide logistical and infrastructure support and assistance for these necessary services because of the limited resources of the Indonesia government and the remote location of and lack of development in the province of Central Papua. PTFI's financial support of the Indonesia government security institutions assigned to PTFI's operations area represents a prudent response to PTFI's requirements and commitments to protect its workforce and property, better ensuring that personnel are properly fed and lodged and have the logistical resources to patrol PTFI's roads and secure its area of operations. In addition, the provision of such support is consistent with our philosophy of responsible corporate citizenship and reflects our commitment to pursue practices that protect and respect human rights. PTFI pays support costs for government-provided security, including various infrastructure and other costs, including food, housing, fuel, travel, vehicle repairs, allowances to cover incidental and administrative costs, and community assistance programs conducted by the military and police. Refer to Item 1A. "Risk Factors" for further discussion of security risks in Indonesia. 33 33 33 33 33 33 Table of Contents Table of Contents Table of Contents --- ## Modified: Health and Safety **Key changes:** - Reworded sentence: "Our highest priority is the health, safety and well-being of our workforce." - Reworded sentence: "Our global safety strategy across all levels of the organization is captured in our Fatal Risk Management (FRM) program." - Reworded sentence: "Our framework for managing risks and compliance obligations is certified company-wide in accordance with the ISO 45001 Health and Safety Management System (ISO 45001)." - 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 share best practices and continuously improve our health and safety program." - Reworded sentence: "The CRC provides oversight of our health and safety programs and receives reports on incident investigations, safety statistics and trends from management at every meeting." **Prior (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 **Current (2026):** Our highest priority is the health, safety and well-being of our workforce. We also work to promote safety 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. Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act) and the Occupational Safety and Health Administration under the U.S. Occupational Safety and Health Act, and similar laws of other jurisdictions. For example, 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 regulation, which reduces permissible exposure limits of respirable crystalline silica (Silica Rule). The Silica Rule is being challenged in federal court, and in November 2025, MSHA announced that it will reconsider the Silica Rule. Upon MSHA's proposal, we will evaluate the costs involved, which could be significant. Our compliance with these or any other new health and safety regulations could increase our operating 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 regulates 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, 2025. For information about health and safety, refer to "Human Capital" below and Item 4. "Mine Safety Disclosures." --- ## 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: "Certain 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." - Reworded sentence: "Compliance with these laws and regulations imposes substantial costs, which could increase over time because of evolving regulatory oversight, adoption of stringent environmental standards, and other factors." - Removed 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." - Reworded sentence: "In addition, new laws, regulations, orders and directives, 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." - Reworded sentence: "For further discussion regarding the various regulations affecting us, see Items 1." **Prior (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." **Current (2026):** 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 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 could increase over time because of evolving regulatory oversight, adoption of 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. 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, regulations, orders and directives, 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. Changes arising from shifts in political administrations or regimes 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 further discussion regarding the various regulations affecting us, see Items 1. and 2. "Business and Properties." 69 69 69 69 69 69 Table of Contents Table of Contents Table of Contents --- ## Modified: SELECTED OPERATING DATA **Key changes:** - Reworded sentence: "Years Ended December 31, 20252024202320222021CONSOLIDATED MINING Copper (millions of recoverable pounds) Production 3,383 4,214 4,212 4,210 3,843 Sales, excluding purchases3,574 4,066 4,086 4,213 3,807 Average realized price per pound$4.75 $4.21 $3.85 $3.90 $4.33 Gold (thousands of recoverable ounces) Production 956 1,880 1,993 1,811 1,381 Sales, excluding purchases1,066 1,837 1,713 1,823 1,360 Average realized price per ounce$3,423 $2,418 $1,972 $1,787 $1,796 Molybdenum (millions of recoverable pounds) Production 92 80 82 85 85 Sales, excluding purchases83 78 81 75 82 Average realized price per pound$22.63 $21.77 $24.64 $18.71 $15.56 U.S." **Prior (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 **Current (2026):** Years Ended December 31, 20252024202320222021CONSOLIDATED MINING Copper (millions of recoverable pounds) Production 3,383 4,214 4,212 4,210 3,843 Sales, excluding purchases3,574 4,066 4,086 4,213 3,807 Average realized price per pound$4.75 $4.21 $3.85 $3.90 $4.33 Gold (thousands of recoverable ounces) Production 956 1,880 1,993 1,811 1,381 Sales, excluding purchases1,066 1,837 1,713 1,823 1,360 Average realized price per ounce$3,423 $2,418 $1,972 $1,787 $1,796 Molybdenum (millions of recoverable pounds) Production 92 80 82 85 85 Sales, excluding purchases83 78 81 75 82 Average realized price per pound$22.63 $21.77 $24.64 $18.71 $15.56 U.S. COPPER MINESOperating Data, Net of Joint Venture Interestsa Copper (millions of recoverable pounds) Production 1,304 1,246 1,350 1,467 1,460 Sales, excluding purchases1,296 1,257 1,361 1,469 1,436 Average realized price per pound$4.91 $4.29 $3.93 $4.08 $4.30 Molybdenum (millions of recoverable pounds) Production 34 30 30 29 34 100% Operating Data Leach operations Leach ore placed in stockpiles (metric tons per day)617,500 609,400 692,000 676,400 665,900 Average copper ore grade (%)0.21 0.20 0.23 0.29 0.29 Copper production (millions of recoverable pounds)832 842 941 1,019 1,056 Mill operations Ore milled (metric tons per day)326,300 311,700 308,500 294,200 269,500 Average ore grade (%): Copper0.31 0.30 0.32 0.37 0.38 Molybdenum0.02 0.02 0.02 0.02 0.03 Copper recovery rate (%)83.6 83.2 81.8 81.8 81.2 Copper production (millions of recoverable pounds)665 601 633 695 649 SOUTH AMERICA OPERATIONS Copper (millions of recoverable pounds) Production 1,064 1,168 1,202 1,176 1,047 Sales1,073 1,177 1,200 1,162 1,055 Average realized price per pound$4.79 $4.16 $3.82 $3.80 $4.34 Molybdenum (millions of recoverable pounds) Production 21 20 22 23 21 Leach operations Leach ore placed in stockpiles (metric tons per day)148,700 164,300 191,200 163,000 163,900 Average copper ore grade (%)0.41 0.42 0.35 0.35 0.32 Copper production (millions of recoverable pounds)263 295 317 302 256 Mill operations Ore milled (metric tons per day)407,900 415,500 417,400 409,200 380,300 Average ore grade (%): Copper0.30 0.33 0.34 0.32 0.31 Molybdenum0.01 0.01 0.01 0.01 0.01 Copper recovery rate (%)84.3 83.6 81.3 85.3 87.3 Copper production (millions of recoverable pounds)801 873 885 874 791 --- ## Modified: Labor disputes or labor unrest could disrupt our operations. **Key changes:** - Reworded sentence: ""Business and Properties" for further discussion regarding labor matters, and expiration dates of such agreements." - Reworded sentence: "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." **Prior (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. **Current (2026):** 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 further discussion regarding labor matters, and expiration dates of such agreements. As of December 31, 2025, approximately 28% of our global employee population was covered by collective labor agreements, and 11% of our global employee population was covered by agreements that are scheduled to expire during 2026 and continue to be negotiated. 66 66 66 66 66 66 Table of Contents Table of Contents Table of Contents 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. In December 2025, a group of employees who are members of one of the unions at our Cerro Verde operations, participated in a three-day strike action that was declared unfounded by the Peruvian Labor Ministry. Our Cerro Verde operations continued without significant disruption during the strike. 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: Cerro Verde **Key changes:** - Reworded sentence: "We have a 55.08% ownership interest in Cerro Verde, with the remaining 44.92% ownership interest held by SMM Cerro Verde Netherlands B.V." - Reworded sentence: "19 19 19 19 19 19 Table of Contents Table of Contents Table of Contents The Cerro Verde mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization." - Reworded sentence: "Chalcopyrite, minor bornite and molybdenite are the dominant primary sulfides." - Reworded sentence: "The available fleet consists of fifty-four 300-metric-ton haul trucks, ninety-one 250-metric-ton haul trucks (19 of which are currently on standby) and twenty 380-metric-ton haul trucks (13 of which are currently leased) loaded by 14 electric shovels with bucket sizes ranging from 33 to 57 cubic meters." - Reworded sentence: "At December 31, 2025, Cerro Verde's net PP&E and mine development costs totaled $5.8 billion." **Prior (2025):** In September 2024, we purchased 5.3 million shares of Cerro Verde common stock for $210 million, increasing our ownership interest in Cerro Verde to 55.08% from 53.56%. The remaining 44.92% ownership interest in Cerro Verde is held by SMM Cerro Verde Netherlands B.V. (21.0%), Compañia de Minas Buenaventura S.A.A. (19.58%) and other stockholders whose Cerro Verde shares are publicly traded on the Lima Stock Exchange (4.34%). Cerro Verde is an open-pit copper and molybdenum mining complex that has been in operation since the 1970s. Cerro Verde is located 20 miles southwest of Arequipa, Peru. Prior to being acquired in 1994 by a predecessor of Phelps Dodge, the mine was previously operated by the Peru government. The property is located at latitude 16.53 degrees south and longitude 71.58 degrees west using the WGS 84 coordinate system. The site is accessible by paved highways. Cerro Verde's copper cathode and concentrate production that is not sold locally is transported approximately 70 miles by truck and by rail to the Port of Matarani for shipment to international markets. Molybdenum concentrate is transported by truck to either the Ports of Callao or Matarani for shipment. 18 18 18 18 18 18 Table of Contents Table of Contents Table of Contents The Cerro Verde mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization. The predominant oxide copper minerals are brochantite, chrysocolla, malachite and copper "pitch." Chalcocite and covellite are the most important secondary copper sulfide minerals. Chalcopyrite and molybdenite are the dominant primary sulfides. Cerro Verde's operation includes 2 concentrating facilities with an annual average permitted milling capacity of 409,500 metric tons of ore per day (and the ability to annually treat up to 10% more for a total of 450,450 metric tons of ore per day). As a result of several efficiency initiatives implemented over the past several years, in 2024, Cerro Verde's 2 concentrators were able to achieve a combined average milling rate of 415,500 metric tons of ore per day in 2024. Cerro Verde also operates a 100,000-metric-ton-per-day ROM leach system coupled with SX/EW leaching facilities, which have a production capacity of approximately 200 million pounds of copper per year. The available fleet consists of fifty-four 300-metric-ton haul trucks, ninety-one 250-metric-ton haul trucks (8 of which are currently on standby) and 8 leased 380-metric-ton haul trucks loaded by 14 electric shovels with bucket sizes ranging from 33 to 57 cubic meters. This fleet is capable of moving an average of approximately 1,000,000 metric tons of material per day. Cerro Verde's net PP&E and mine development costs at December 31, 2024, totaled $5.8 billion. Cerro Verde's production totaled 0.9 billion pounds of copper and 20 million pounds of molybdenum in 2024, 1.0 billion pounds of copper and 22 million pounds of molybdenum in 2023, and 1.0 billion pounds of copper and 23 million pounds of molybdenum in 2022. Cerro Verde is located in a desert environment with rainfall averaging less than two inches per year and is in an active seismic zone. The highest bench elevation is 2,768 meters above sea level and the ultimate pit bottom is expected to be 1,538 meters above sea level. The Peru general mining law and Cerro Verde's mining stability agreement grant the surface rights of mining concessions located on government land. Government land obtained after 1997 must be leased or purchased. Cerro Verde has a mining concession covering approximately 175,500 acres, including 61,500 acres of surface rights and access to 14,600 acres granted through an easement from the Peru National Assets Office, plus 151 acres of owned property, and 1,065 acres of rights-of-way outside the mining concession area leased from both government agencies and private parties. Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with ElectroPerú S.A. and Engie Energía Peru S.A. During 2023, Cerro Verde entered into a new power purchase agreement that is expected to transition its electric power to fully renewable energy sources in 2026. Water for our Cerro Verde processing operations comes from renewable sources through a series of storage reservoirs on the Río Chili watershed that collect water primarily from seasonal precipitation and from wastewater collected from the city of Arequipa and treated at a wastewater treatment plant originally constructed and currently operated by Cerro Verde. We believe the Cerro Verde operation has sufficient water sources to support current operations, but we are closely monitoring ongoing weather patterns. Refer to "Governmental Regulations" above and Item 1A. "Risk Factors" for further discussion. 19 19 19 19 19 19 Table of Contents Table of Contents Table of Contents El Abra We have a 51% ownership interest in El Abra, and the remaining 49% interest is held by the state-owned copper enterprise Corporación Nacional del Cobre de Chile. El Abra is an open-pit copper mining complex that has been in operation since 1996. El Abra is located 47 miles north of Calama in Chile's El Loa province of the northern Chilean region of Antofagasta. The site is accessible by paved highways and by rail. The El Abra mine is a porphyry copper deposit that has sulfide and oxide mineralization. The predominant primary sulfide copper minerals are bornite and chalcopyrite. There is a minor amount of secondary sulfide mineralization as chalcocite. The oxide copper minerals are chrysocolla and pseudomalachite. There are lesser amounts of copper bearing clays and tenorite. The El Abra operation consists of a SX/EW facility with a capacity of 500 million pounds of copper cathode per year from a 115,000-metric-ton-per-day crushed leach circuit and a ROM leaching operation. The available fleet consists of twenty-three 242-metric-ton haul trucks loaded by 4 electric shovels with buckets ranging in size from 29 to 41 cubic meters, which are capable of moving 217,000 metric tons of material per day. El Abra's net PP&E and mine development costs at December 31, 2024, totaled $0.8 billion. El Abra's copper production totaled 219 million pounds in 2024, 217 million pounds in 2023 and 202 million pounds in 2022. We have completed substantial drilling and evaluations to define a large sulfide resource that would support a potential major mill project similar to the large-scale concentrator at Cerro Verde. We are preparing data for a potential submission of an environmental impact statement by year-end 2025, subject to ongoing stakeholder engagement and economic evaluations. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision of whether to proceed and timing of the potential project will take into account overall copper market conditions, required permitting and other factors. El Abra is located in a desert environment with rainfall averaging less than one inch per year and is in an active seismic zone. The highest bench elevation is 4,225 meters above sea level and the ultimate pit bottom is expected to be 3,340 meters above sea level. El Abra controls a total of approximately 183,700 acres of mining claims covering the ore deposit, stockpiles, process plant, and water wellfield and pipeline. El Abra also has land surface rights for the road between the processing plant and the mine, the water wellfield, power transmission lines and for the water pipeline from the Salar de Ascotán aquifer. El Abra currently receives electrical power under a long-term contract with Engie Energía Chile S.A. Water for our El Abra processing operations currently comes from the continued pumping of groundwater from the Salar de Ascotán aquifer pursuant to regulatory approval. We believe El Abra has sufficient water sources to support current operations, although we are evaluating options for water infrastructure alternatives to provide options to extend existing operations and support a future expansion. Refer to "Governmental Regulations" above and Item 1A. "Risk Factors" for further discussion. 20 20 20 20 20 20 Table of Contents Table of Contents Table of Contents Indonesia Ownership. PT-FI is a limited liability company organized under the laws of the Republic of Indonesia. On December 21, 2018, we completed the transaction with the Indonesia government regarding PT-FI's long-term mining rights and share ownership (the 2018 Transaction). Following the 2018 Transaction, we have a 48.76% share ownership in PT-FI and the remaining 51.24% share ownership is collectively held by PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise, and PT Indonesia Papua Metal Dan Mineral (formerly known as PT Indocopper Investama), which is expected to be owned by MIND ID and the provincial/regional government in Central Papua, Indonesia. IUPK. Concurrent with closing the 2018 Transaction, the Indonesia government granted PT-FI a special mining business license (IUPK) to replace its former contract of work. Under the terms of the IUPK, PT-FI has been granted an extension of mining rights through 2031, with rights to extend mining rights through 2041, subject to PT-FI completing the construction of additional domestic smelting and refining capacity in Indonesia and fulfilling its defined fiscal obligations to the Indonesia government. The IUPK, and related documentation, contains legal and fiscal terms and is legally enforceable through 2041. In addition, we, as a foreign investor, have rights to resolve investment disputes with the Indonesia government through international arbitration. 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, including ownership of integrated downstream facilities that have entered the operational stage; domestic ownership of at least 51% and agreement with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Mineral Resources. Application for extension may be submitted at any time up to one year prior to the expiration of the current 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. An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district. Refer to Item 1A. "Risk Factors" and Notes 10 and 11 for discussion of PT-FI's IUPK, export licenses and risks associated with our Indonesia operations. Downstream Processing Facilities. In connection with the 2018 Transaction, PT-FI agreed to expand its domestic smelting and refining capacity. The new smelter and PT Smelting 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. 21 21 21 21 21 21 Table of Contents Table of Contents Table of Contents During 2024, construction of PT-FI's new smelter in Eastern Java, Indonesia was completed. In October 2024, during start-up activities, a fire occurred that required 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, and 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. The PMR has the design capacity to refine all precious metals from PT-FI's new smelter as well as from PT Smelting. Pursuant to the terms of its IUPK regarding force majeure events, PT-FI has requested approval from the Indonesia government to permit exports of copper concentrate 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. Refer to "Smelting Facilities and Other Mining Properties" below, Item 1A. "Risk Factors," MD&A and Notes 10 and 11 for additional discussion of PT-FI's new downstream processing facilities. Grasberg Minerals District. PT-FI operates in the remote highlands of the Sudirman Mountain Range in the province of Central Papua, Indonesia, which is on the western half of the island of New Guinea. Since 1967, we and our predecessors have been the only operator of exploration and mining activities in the approximately 24,600-acre operating area. The operating area is accessible by coastal portsite facilities on the Arafura Sea and by the Timika airport. The project site is located at latitude 4.08 degrees south and longitude 137.12 degrees east using the WGS 84 coordinate system. The project area includes a 70-mile main service road from portsite to the mill complex. PT-FI's net PP&E and mine development costs at December 31, 2024, including the new downstream processing facilities, totaled $21.1 billion. Production from the Grasberg minerals district totaled 1.8 billion pounds of copper and 1.9 million ounces of gold in 2024, 1.7 billion pounds of copper and 2.0 million ounces of gold in 2023, and 1.6 billion pounds of copper and 1.8 million ounces of gold in 2022. Over a multi-year investment period, PT-FI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan). Milling rates for ore from these underground mines averaged 208,400 metric tons of ore per day in 2024, 198,300 metric tons of ore per day in 2023 and 192,600 metric tons of ore per day in 2022. Production from these underground mines is expected to continue through 2041 and an extension of PT-FI's operating rights beyond 2041 would extend the lives of these mines. In December 2024, PT-FI completed construction of a new copper cleaner circuit, a mill recovery project to enhance recoveries and optimize concentrate production, with commissioning underway. Refer to Item 1A. "Risk Factors" for discussion of risks associated with development projects and underground mines. PT-FI plans to transition its existing energy source from coal to natural gas, which would meaningfully reduce PT-FI's Scope 1 GHG emissions at the Grasberg minerals district. The majority of PT-FI's planned 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. A combination of naturally occurring mountain streams and water derived from our underground operations provides water for our operations. Our Indonesia operations are in an active seismic zone and experience average annual rainfall of approximately 200 inches. Grasberg Block Cave Underground Mine The Grasberg Block Cave ore body is the same ore body historically mined from the surface in the Grasberg open pit. Undercutting, drawbell construction and ore extraction activities in the Grasberg Block Cave underground mine continue to track expectations. As of December 31, 2024, the Grasberg Block Cave underground mine had 469 open drawbells. Ore milled from the Grasberg Block Cave underground mine averaged 133,800 metric tons per day in 2024, 117,300 metric tons per day in 2023 and 103,300 metric tons per day in 2022. 22 22 22 22 22 22 Table of Contents Table of Contents Table of Contents The Grasberg Block Cave fleet consists of approximately 530 pieces of mobile equipment. The primary mining equipment directly associated with production and development includes an available fleet of 96 LHD units and 16 haul trucks. Each production LHD unit typically carries approximately 11 metric tons of ore and transfers ore into the rail haulage system. The Grasberg Block Cave has an automated rail haulage system currently operating with 14 locomotives and 143 ore wagons that haul the ore to 3 gyratory crushers located underground. Each ore wagon typically carries 35 metric tons. The crushed ore is conveyed to surface stockpiles for processing. DMLZ Underground Mine The DMLZ ore body lies below the depleted Deep Ore Zone underground mine at the 2,590-meter elevation and represents the downward continuation of mineralization in the Ertsberg East Skarn system and neighboring Ertsberg porphyry. Hydraulic fracturing operations have been effective in managing rock stresses and pre-conditioning the cave following mining-induced seismic activity experienced from time to time. As of December 31, 2024, the DMLZ underground mine had 174 open drawbells. Ore milled from the DMLZ underground mine averaged 64,900 metric tons per day in 2024, 75,900 metric tons per day in 2023 and 76,300 metric tons per day in 2022. The DMLZ fleet consists of approximately 310 pieces of mobile equipment, which includes 59 LHD units and 26 haul trucks used in production and development activities. Each production LHD unit typically carries approximately 9 metric tons of ore and transfers ore into the truck haulage system. The haul trucks have a capacity of 55 to 60 metric tons and load ore from chutes fed by the LHDs and transfer it to one of two gyratory crushers. The crushed ore is conveyed to surface stockpiles for processing. Big Gossan Underground Mine The Big Gossan ore body lies underground and adjacent to the current mill site. It is a tabular, near vertical ore body with approximate dimensions of 1,200 meters along strike and 800 meters down dip with varying thicknesses from 20 meters to 120 meters. The mine utilizes a blasthole stoping method with delayed paste backfill. Stopes of varying sizes are mined and the ore dropped down passes to a truck haulage level. Trucks are chute loaded and transport the ore to a jaw crusher. The crushed ore is then hoisted vertically via a two-skip production shaft to a level where it is loaded onto a conveyor belt. The belt carries the ore to one of the main underground conveyors where the ore is transferred and conveyed to the surface stockpiles for processing. Ore milled from the Big Gossan underground mine averaged 8,000 metric tons per day in 2024, 7,900 metric tons per day in 2023 and 7,600 metric tons per day in 2022. The Big Gossan fleet consists of approximately 70 pieces of mobile equipment, which includes 7 LHD units and 10 haul trucks used in development and production activities. Kucing Liar Underground Mine Long-term mine development activities are ongoing for PT-FI's Kucing Liar deposit in the Grasberg minerals district. Kucing Liar is expected to produce over 7 billion pounds of copper and 6 million ounces of gold between 2029 and the end of 2041, and an extension of PT-FI's operating rights beyond 2041 would extend the life of the project. Development activities commenced in 2022 and are expected to continue over an approximate 10-year timeframe. Capital investments for Kucing Liar are estimated to total $4 billion over the next 7 to 8 years (averaging approximately $0.5 billion per annum). Approximately $0.6 billion has been incurred through December 31, 2024. At full operating rates, annual production from Kucing Liar is expected to approximate 560 million pounds of copper and 520 thousand ounces of gold, providing PT-FI with sustained long-term, large-scale and low-cost production. Kucing Liar will benefit from substantial shared infrastructure and PT-FI's experience and long-term success in block-cave mining. Description of Indonesia Ore Bodies. Our Indonesia ore bodies are located within and around two main igneous intrusions, the Grasberg monzodiorite and the Ertsberg diorite. The host rocks of these ore bodies include both carbonate and clastic rocks that form the ridge crests and upper flanks of the Sudirman Range, and the igneous rocks of monzonitic to dioritic composition that intrude them. The igneous-hosted ore bodies (the Grasberg Block Cave and portions of the DMLZ) occur as vein stockworks and disseminations of copper sulfides, dominated by chalcopyrite and, to a lesser extent, bornite. The sedimentary-rock hosted ore bodies (portions of the DMLZ and Kucing Liar and all of the Big Gossan) occur as "magnetite-rich, calcium/magnesian skarn" replacements, whose 23 23 23 23 23 23 Table of Contents Table of Contents Table of Contents location and orientation are strongly influenced by major faults and by the chemistry of the carbonate rocks along the margins of the intrusions. The copper mineralization in these skarn deposits is dominated by chalcopyrite, but higher bornite concentrations are common. Moreover, gold occurs in significant concentrations in all of the district's ore bodies, though rarely visible to the naked eye. These gold concentrations usually occur as inclusions within the copper sulfide minerals, though, in some deposits, these concentrations can also be strongly associated with pyrite. The following diagram indicates the relative elevations (in meters) of our reported Indonesia ore bodies. The following map, which encompasses an area of 42 square kilometers, indicates the relative positions and sizes of our reported Indonesia ore bodies and their locations. 24 24 24 24 24 24 Table of Contents Table of Contents Table of Contents **Current (2026):** We have a 55.08% ownership interest in Cerro Verde, with the remaining 44.92% ownership interest held by SMM Cerro Verde Netherlands B.V. (21.0%), Compañia de Minas Buenaventura S.A.A. (19.58%) and other stockholders whose Cerro Verde shares are publicly traded on the Lima Stock Exchange (4.34%). Cerro Verde is an open-pit copper and molybdenum mining complex that has been in operation since the 1970s. Cerro Verde is located 20 miles southwest of Arequipa, Peru. Prior to being acquired in 1994 by a predecessor of Phelps Dodge, the mine was previously operated by the Peru government. The property is located at latitude 16.53 degrees south and longitude 71.58 degrees west using the WGS 84 coordinate system. The site is accessible by paved highways. Cerro Verde's copper cathode and concentrate production that is not sold locally is transported approximately 70 miles by truck and by rail to the Port of Matarani for shipment to international markets. Molybdenum concentrate is transported by truck to either the Ports of Callao or Matarani for shipment. 19 19 19 19 19 19 Table of Contents Table of Contents Table of Contents The Cerro Verde mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization. The predominant oxide copper minerals are brochantite, chrysocolla, malachite and copper "pitch." Chalcocite and covellite are the most important secondary copper sulfide minerals. Chalcopyrite, minor bornite and molybdenite are the dominant primary sulfides. Cerro Verde's operation includes two concentrating facilities with an annual average permitted milling capacity of 409,500 metric tons of ore per day (and the ability to annually treat up to 10% more for a total of 450,450 metric tons of ore per day). Cerro Verde also operates a 100,000-metric-ton-per-day ROM leach system coupled with SX/EW leaching facilities, which have a production capacity of approximately 200 million pounds of copper per year. The available fleet consists of fifty-four 300-metric-ton haul trucks, ninety-one 250-metric-ton haul trucks (19 of which are currently on standby) and twenty 380-metric-ton haul trucks (13 of which are currently leased) loaded by 14 electric shovels with bucket sizes ranging from 33 to 57 cubic meters. This fleet is capable of moving an average of approximately 1,000,000 metric tons of material per day. At December 31, 2025, Cerro Verde's net PP&E and mine development costs totaled $5.8 billion. Cerro Verde's production totaled 0.9 billion pounds of copper and 21 million pounds of molybdenum in 2025, 0.9 billion pounds of copper and 20 million pounds of molybdenum in 2024, and 1.0 billion pounds of copper and 22 million pounds of molybdenum in 2023. Cerro Verde is located in a desert environment with rainfall averaging less than two inches per year and is in an active seismic zone. The highest bench elevation is 2,723 meters above sea level and the ultimate pit bottom is expected to be 1,538 meters above sea level. The Peru general mining law and Cerro Verde's mining stability agreement grant the surface rights of mining concessions located on government land. Government land obtained after 1997 must be leased or purchased. Cerro Verde has a mining concession covering approximately 178,700 acres, including 61,500 acres of surface rights and access to 14,600 acres granted through an easement from the Peru National Assets Office, plus 151 acres of owned property, and 1,065 acres of rights-of-way outside the mining concession area leased from both government agencies and private parties. Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with ElectroPerú S.A. and Engie Energía Peru S.A. During 2023, Cerro Verde entered into a new power purchase agreement that is expected to transition its electric power to fully renewable energy sources in 2026. Water for our Cerro Verde processing operations comes from renewable sources through a series of storage reservoirs on the Río Chili watershed that collect water primarily from seasonal precipitation and from wastewater collected from the city of Arequipa and treated at a wastewater treatment plant originally constructed and currently operated by Cerro Verde. In December 2025, Cerro Verde entered into an agreement with SEDAPAR, the municipal water and sanitation services provider in the Arequipa region, to expand the existing wastewater treatment plant and complete additional infrastructure projects, for the benefit of Arequipa's population (refer to Note 11 for further discussion). We believe the Cerro Verde operation has sufficient water sources to support current operations, but we are closely monitoring ongoing weather patterns. Refer to "Governmental Regulations" above and Item 1A. "Risk Factors" for further discussion. 20 20 20 20 20 20 Table of Contents Table of Contents Table of Contents El Abra We have a 51% ownership interest in El Abra, and the remaining 49% interest is held by the state-owned copper enterprise Corporación Nacional del Cobre de Chile. El Abra is an open-pit copper mining complex that has been in operation since 1996. El Abra is located 47 miles north of Calama in Chile's El Loa province of the northern Chilean region of Antofagasta. The site is accessible by paved highways and by rail. The El Abra mine is a porphyry copper deposit that has sulfide and oxide mineralization. The predominant primary sulfide copper minerals are bornite and chalcopyrite. There is a minor amount of secondary sulfide mineralization as chalcocite. The oxide copper minerals are chrysocolla and pseudomalachite. There are lesser amounts of copper-bearing clays and tenorite. The El Abra operation consists of a SX/EW facility with a capacity of 500 million pounds of copper cathode per year from a 115,000-metric-ton-per-day crushed leach circuit and a ROM leaching operation. The available fleet consists of twenty-three 242-metric-ton haul trucks loaded by 4 electric shovels with buckets ranging in size from 29 to 41 cubic meters, which are capable of moving 217,000 metric tons of material per day. At December 31, 2025, El Abra's net PP&E and mine development costs totaled $0.9 billion. El Abra's copper production totaled 201 million pounds in 2025, 219 million pounds in 2024 and 217 million pounds in 2023. We have completed substantial drilling and evaluations and have identified a large sulfide reserve in support of a potential major mill project similar to the large-scale concentrator at Cerro Verde. The project could result in the addition of over 700 million pounds of copper production per year. We have advanced preparation of our permitting application and plan to submit an environmental impact statement to Chile regulatory authorities in the first half of 2026. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision to proceed with and timing of the potential project will take into account overall copper market conditions, required permitting and other factors. El Abra is located in a desert environment with rainfall averaging less than one inch per year and is in an active seismic zone. The highest bench elevation is 4,225 meters above sea level and the ultimate pit bottom is expected to be 3,325 meters above sea level. El Abra controls a total of approximately 183,700 acres of mining claims covering the ore deposit, stockpiles, process plant, and water wellfield and pipeline. El Abra also has land surface rights for the road between the processing plant and the mine, the water wellfield, power transmission lines and for the water pipeline from the Salar de Ascotán aquifer. El Abra receives electrical power generated from renewable sources under a long-term contract with Engie Energía Chile S.A. Water for our El Abra processing operations currently comes from the continued pumping of groundwater from the Salar de Ascotán aquifer pursuant to regulatory approval. We believe El Abra has sufficient water sources to support current operations, although we are evaluating options for water infrastructure alternatives to provide 21 21 21 21 21 21 Table of Contents Table of Contents Table of Contents options to extend existing operations and support a future expansion. Refer to "Governmental Regulations" above and Item 1A. "Risk Factors" for further discussion. Indonesia Ownership. PTFI is a limited liability company organized under the laws of the Republic of Indonesia. On December 21, 2018, we completed the transaction with the Indonesia government regarding PTFI's long-term mining rights and share ownership (the 2018 Transaction). Following the 2018 Transaction, we have a 48.76% share ownership in PTFI and the remaining 51.24% share ownership is collectively held by PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise, and PT Indonesia Papua Metal Dan Mineral (formerly known as PT Indocopper Investama), which is expected to be owned by MIND ID and the provincial/regional government in Central Papua, Indonesia. IUPK. Concurrent with closing the 2018 Transaction, the Indonesia government granted PTFI an IUPK to replace its former contract of work. Under the terms of the IUPK, PTFI has been granted an extension of mining rights through 2031, with rights to extend mining rights through 2041, subject to PTFI completing the construction of additional domestic smelting and refining capacity in Indonesia and fulfilling its defined fiscal obligations to the Indonesia government. The IUPK, and related documentation, contains legal and fiscal terms and is legally enforceable through 2041. In addition, we, as a foreign investor, have rights to resolve investment disputes with the Indonesia government through international arbitration. Pursuant to regulations issued during 2024, PTFI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met. The application for extension may be submitted at any time up to one year prior to the expiration of the current IUPK. With the completion of PTFI's downstream processing facilities during 2025, we and PTFI have advanced discussions with the Indonesia government for a long-term extension of PTFI's operating rights beyond the current expiration in 2041. An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district. PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted during 2026. In connection with the extension, PTFI would pursue additional exploration, conduct studies for future additional development and expand its social programs. We expect to maintain our ownership interest in PTFI of approximately 49% through 2041 and hold approximately 37% beginning in 2042, following the transfer of an additional interest to an Indonesia state-owned enterprise. We expect the existing governance agreements would continue over the life of the resource. 22 22 22 22 22 22 Table of Contents Table of Contents Table of Contents Refer to Item 1A. "Risk Factors" and Notes 10 and 11 for discussion of PTFI's IUPK, export licenses and risks associated with our Indonesia operations. Grasberg Minerals District Mud Rush Incident. On September 8, 2025, PTFI experienced an external mud rush incident that resulted in seven fatalities. Mining operations were temporarily suspended to prioritize the recovery of the seven team members fatally injured and to conduct investigations. Following the incident, PTFI has been engaged in activities to address the incident and advance preparation for a safe and sustainable restart of operations. In late October 2025, PTFI restarted operations at the unaffected DMLZ and Big Gossan underground mines. Investigations and remedial plans were completed in fourth-quarter 2025 and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026. The plan includes a restart of Production Blocks 2 and 3 in second-quarter 2026 and the potential restart of operations in Production Block 1 during 2027. Based on current estimates, PTFI expects approximately 85% of its total production at normal operating rates to be restored in the second half of 2026. Key milestones required for initiating production in Production Blocks 2 and 3, including mud removal in mine workings, repairs of supporting infrastructure and installation of protective barriers, are progressing on schedule. Refer to Note 10 for further discussion. Downstream Processing Facilities. PTFI's smelter and PT Smelting smelt and refine all of the copper concentrate from PTFI, and the PMR processes anode slimes from the smelter and PT Smelting. With the completion of its downstream processing facilities during 2025, PTFI became a fully integrated producer of refined copper and gold. Refer to "Other Smelting Facilities and Mining Properties" below for further discussion of PT Smelting. During 2024, construction of PTFI's smelter in Eastern Java, Indonesia, was completed. In October 2024, during start-up activities, a fire occurred that required a temporary suspension of smelting operations to complete repairs. Operations commenced in May 2025 following completion of repairs, and in July 2025, PTFI's smelter produced its first copper cathode. Following the September 2025 mud rush incident, smelting operations in Indonesia at both PTFI's smelter and PT Smelting were temporarily suspended during fourth-quarter 2025 as a result of limited copper concentrate availability. PT Smelting restarted operations in late December 2025 and is expected to operate at reduced rates pending the anticipated second-quarter 2026 restart of mining at the Grasberg Block Cave underground mine. Shipments to PTFI's smelter are expected to recommence in the second half of 2026, pending the successful ramp up of mining operations. PTFI's smelter has a capacity to process approximately 1.7 million metric tons of copper concentrate per year. In 2025, copper anode production from PTFI's smelter totaled 54,100 metric tons and copper cathode production from its refinery totaled 42,600 metric tons. As part of start-up activities, PTFI commenced gold production from the PMR in December 2024 and operated on a limited basis during 2025, primarily processing anode slimes from PT Smelting. The PMR has a design capacity to refine anode slimes from PTFI's smelter as well as from PT Smelting. Anode slimes processed through the PMR totaled 1,900 metric tons in 2025. Refer to Item 1A. "Risk Factors," MD&A and Notes 10 and 11 for additional discussion of PTFI's downstream processing facilities. Grasberg Minerals District. PTFI operates in the remote highlands of the Sudirman Mountain Range in the province of Central Papua, Indonesia, which is on the western half of the island of New Guinea. Since 1967, we and our predecessors have been the only operator of exploration and mining activities in the approximately 24,600-acre operating area. The operating area is accessible by coastal portsite facilities on the Arafura Sea and by the Timika airport. The project site is located at latitude 4.08 degrees south and longitude 137.12 degrees east using the WGS 84 coordinate system. The project area includes a 70-mile main service road from portsite to the mill complex. At December 31, 2025, PTFI's net PP&E and mine development costs, including the downstream processing facilities, totaled $22.2 billion. 23 23 23 23 23 23 Table of Contents Table of Contents Table of Contents Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, DMLZ and Big Gossan) and related expansion of the milling facilities. At normal operating rates, PTFI's underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest cost operations in the world. Production from these underground mines is expected to continue through 2041 and an extension of PTFI's operating rights beyond 2041 would extend the lives of these mines. PTFI is also conducting exploration in the Grasberg minerals district targeting the potential extension of significant mineralization below the DMLZ underground mine. Milling rates for ore from these underground mines averaged 138,100 metric tons of ore per day in 2025, 208,400 metric tons of ore per day in 2024 and 198,300 metric tons of ore per day in 2023. Production from the Grasberg minerals district totaled 1.0 billion pounds of copper and 0.9 million ounces of gold in 2025, 1.8 billion pounds of copper and 1.9 million ounces of gold in 2024, and 1.7 billion pounds of copper and 2.0 million ounces of gold in 2023. Lower milling rates and production volumes in 2025, compared to 2024 and 2023, reflect the impact of the September 2025 mud rush incident. Refer to Item 1A. "Risk Factors" for discussion of risks associated with development projects and underground mines. PTFI plans to transition its existing energy source from coal to natural gas, which would meaningfully reduce PTFI's greenhouse gas emissions at the Grasberg minerals district. Following the September 2025 mud rush incident, PTFI's planned investments for a new gas-fired combined cycle facility have been deferred with start-up and commissioning of the new facility scheduled in the second half of 2029. Once complete, PTFI's dual-fuel power plant and the new gas-fired combined cycle facility will be fueled by natural gas supplied by a floating LNG storage and regassification unit. A combination of naturally occurring mountain streams and water derived from PTFI's underground operations provides water for its operations. Our Indonesia operations are in an active seismic zone and experience average annual rainfall of approximately 200 inches. Grasberg Block Cave Underground Mine The Grasberg Block Cave ore body is the same ore body historically mined from the surface in the Grasberg open pit. At December 31, 2025, the Grasberg Block Cave underground mine had 470 open drawbells. Undercutting, drawbell construction and ore extraction activities in the Grasberg Block Cave underground mine have been temporarily suspended following the September 2025 mud rush incident. A phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026. Ore milled from the Grasberg Block Cave underground mine averaged 78,400 metric tons per day in 2025, 133,800 metric tons per day in 2024 and 117,300 metric tons per day in 2023. The Grasberg Block Cave fleet consists of approximately 520 pieces of mobile equipment. The primary mining equipment directly associated with production and development includes an available fleet of 66 LHD units and 16 haul trucks. Each production LHD unit typically carries approximately 9 metric tons of ore and transfers ore into the rail haulage system. The Grasberg Block Cave has an automated rail haulage system with 14 locomotives and 160 ore wagons that haul the ore to 3 gyratory crushers located underground. Each ore wagon typically carries 35 metric tons. The crushed ore is conveyed to surface stockpiles for processing. DMLZ Underground Mine The DMLZ ore body lies below the depleted Deep Ore Zone underground mine at the 2,590-meter elevation and represents the downward continuation of mineralization in the Ertsberg East Skarn system and neighboring Ertsberg porphyry. Hydraulic fracturing operations have been effective in managing rock stresses and pre-conditioning the cave following mining-induced seismic activity experienced from time to time. At December 31, 2025, the DMLZ underground mine had 174 open drawbells. 24 24 24 24 24 24 Table of Contents Table of Contents Table of Contents Ore milled from the DMLZ underground mine averaged 54,300 metric tons per day in 2025, 64,900 metric tons per day in 2024 and 75,900 metric tons per day in 2023. The DMLZ fleet consists of approximately 327 pieces of mobile equipment, which includes 64 LHD units and 33 haul trucks used in production and development activities. Each production LHD unit typically carries approximately 9 metric tons of ore and transfers ore into the truck haulage system. The haul trucks have a capacity of 55 to 60 metric tons and load ore from chutes fed by the LHDs and transfer it to one of two gyratory crushers. The crushed ore is conveyed to surface stockpiles for processing. Big Gossan Underground Mine The Big Gossan ore body lies underground and adjacent to the current mill site. It is a tabular, near vertical ore body with approximate dimensions of 1,200 meters along strike and 800 meters down dip with varying thicknesses from 20 meters to 120 meters. The mine utilizes a blasthole stoping method with delayed paste backfill. Stopes of varying sizes are mined and the ore dropped down passes to a truck haulage level. Trucks are chute loaded and transport the ore to a jaw crusher. The crushed ore is then hoisted vertically via a two-skip production shaft to a level where it is loaded onto a conveyor belt. The belt carries the ore to one of the main underground conveyors where the ore is transferred and conveyed to the surface stockpiles for processing. Ore milled from the Big Gossan underground mine averaged 6,000 metric tons per day in 2025, 8,000 metric tons per day in 2024 and 7,900 metric tons per day in 2023. The Big Gossan fleet consists of approximately 73 pieces of mobile equipment, which includes 11 LHD units and 8 haul trucks used in development and production activities. Kucing Liar Underground Mine Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. During 2025, PTFI completed studies to evaluate the potential to expand the footprint of the deposit which was previously designed to operate at a long-term rate of 90,000 metric tons of ore per day. The studies identified a low-cost expansion opportunity to increase Kucing Liar's design capacity to 130,000 metric tons of ore per day and increase Kucing Liar's reserves by approximately 20%. At December 31, 2025, PTFI's preliminary estimates of Kucing Liar reserves approximate 8 billion pounds of copper and 8 million ounces of gold to be recovered through 2041, an increase from previous estimates of 7 billion pounds of copper and 6 million ounces of gold. Under the new design, average Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold (an increase of more than 35% from prior estimates). The economic studies took into account an approximate 10% increase in Kucing Liar capital ($0.5 billion), impact to operating rates at the Grasberg Block Cave underground mine and reduction of capital expenditures associated with PTFI's mine operations in connection with the processing of higher pyrite ore. At December 31, 2025, PTFI had incurred approximately $1.1 billion for Kucing Liar, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year). Initial production is expected to commence ramping up in the 2030 timeframe. Description of Indonesia Ore Bodies. Our Indonesia ore bodies are located within and around two main igneous intrusions, the Grasberg monzodiorite and the Ertsberg diorite. The host rocks of these ore bodies include both carbonate and clastic rocks that form the ridge crests and upper flanks of the Sudirman Range, and the igneous rocks of monzonitic to dioritic composition that intrude them. The igneous-hosted ore bodies (the Grasberg Block Cave and portions of the DMLZ) occur as vein stockworks and disseminations of copper sulfides, dominated by chalcopyrite and, to a lesser extent, bornite. The sedimentary-rock hosted ore bodies (portions of the DMLZ and Kucing Liar and all of the Big Gossan) occur as "magnetite-rich, calcium/magnesian skarn" replacements, whose location and orientation are strongly influenced by major faults and by the chemistry of the carbonate rocks along the margins of the intrusions. The copper mineralization in these skarn deposits is dominated by chalcopyrite, but higher bornite concentrations are common. Moreover, gold occurs in significant concentrations in all of the district's ore bodies, though rarely visible to the naked eye. These gold concentrations usually occur as inclusions within the copper sulfide minerals, though, in some deposits, these concentrations can also be strongly associated with pyrite. 25 25 25 25 25 25 Table of Contents Table of Contents Table of Contents The following diagram indicates the relative elevations (in meters) of our reported Indonesia ore bodies. The following map, which encompasses an area of 42 square kilometers, indicates the relative positions and sizes of our reported Indonesia ore bodies and their locations. --- ## Modified: Total FCX - Net equity intereste **Key changes:** - Reworded sentence: "72% a 100% a a 100% 100% a a 100% 100% 100% 100% 55.08% 51% Millb 48.76% 48.76% 48.76% Kucing Liarc 48.76%" **Prior (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% **Current (2026):** 72% a 100% a a 100% 100% a a 100% 100% 100% 100% 55.08% 51% Millb 48.76% 48.76% 48.76% Kucing Liarc 48.76% --- ## Modified: Tailings Management **Key changes:** - Reworded sentence: "We dedicate substantial financial and internal and external technical resources to pursue the safe management of our tailings facilities and to reduce or eliminate the number and potential consequences of credible failure modes." **Prior (2025):** We dedicate substantial financial resources and internal and external technical resources to pursue the safe management of our tailings facilities and to reduce or eliminate the number of and potential consequences of credible failure modes. Our tailings management and stewardship program, which involves qualified external engineers of record and periodic oversight by an independent tailings review board and our tailings stewardship team, conform with the tailings governance framework on preventing catastrophic failure of tailings storage facilities adopted by the ICMM. Further, our tailings management policy outlines our continued commitment to managing our tailings responsibly and effectively across our sites globally. As an ICMM member and in accordance with our commitment in our tailings management policy, we also have implemented the Global Industry Standard on Tailings Management (the Tailings Standard) for all tailings storage facilities with "Extreme" or "Very High" potential consequences based on "credible failure modes" and are committed to implementing the Tailings Standard by August 2025 for all other tailing storage facilities that have not been deemed "Safely Closed" (each as defined in the Tailings Standard). We believe we have the financial capacity to meet current estimated lifecycle costs, including estimated closure, post-closure and reclamation obligations associated with our tailings storage facilities. We continue to enhance our existing practices to strengthen the design, operation and closure of tailings storage facilities in an effort to reduce the risk of severe or catastrophic failure of those facilities. Refer to Item 1A. "Risk Factors" for further discussion of the risks associated with our tailings management. 10 10 10 10 10 10 Table of Contents Table of Contents Table of Contents **Current (2026):** We dedicate substantial financial and internal and external technical resources to pursue the safe management of our tailings facilities and to reduce or eliminate the number and potential consequences of credible failure modes. Our tailings management policy outlines our continued commitment to managing our tailings responsibly and effectively across our sites globally and to implementing the Global Industry Standard on Tailings Management (the Tailings Standard). Our tailings management and stewardship programs, which involve qualified external engineers and periodic oversight by independent reviewers, conform with the tailings governance framework on preventing catastrophic failure of tailings storage facilities adopted by the ICMM. In 2025, we completed the implementation of and verification of conformance with the Tailings Standard at all applicable tailings storage facilities. In addition, all of the tailings storage facilities at our discontinued operations have achieved the "safely closed" designation, as defined by the Tailings Standard, except for one which remains under evaluation. We believe we have the financial capacity to meet current estimated lifecycle costs, including estimated closure, post-closure and reclamation obligations associated with our global tailings facilities. We continue to enhance our existing practices to strengthen the design, operation and closure of tailings facilities in an effort to reduce the risk of severe or catastrophic failure of those facilities. Refer to Item 1A. "Risk Factors" for further discussion of the risks associated with our tailings management. 10 10 10 10 10 10 Table of Contents Table of Contents Table of Contents --- ## Modified: Total FCX - Net equity interestf **Key changes:** - Reworded sentence: "a.Refer to "Mill and Leach Stockpiles" for further discussion." - Reworded sentence: "c.Includes 17.5 billion pounds of copper associated with the potential mill project." - Reworded sentence: "e.Consolidated mineral reserves represent estimated metal quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion)." - Reworded sentence: "Refer to "Mill and Leach Stockpiles" for further discussion." - Reworded sentence: "c.Increases at Morenci are primarily the result of revised mine designs and mine plan changes, and increases at Cerro Verde are primarily the result of updated geologic modeling." **Prior (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% **Current (2026):** 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.El Abra has advanced preliminary feasibility studies for the development of a potential mill project, which would require significant additional capital investment to bring the associated copper to production (refer to "Operations - El Abra" for further discussion). d.PTFI has commenced long-term mine development activities for the Kucing Liar deposit. See "Operations - Indonesia" for discussion of Kucing Liar capital investments. e.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion). f.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). 39 39 39 39 39 39 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2025 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.U.S. Morenci72%Mill5.4 - 0.2 - Crushed leach0.9 - - - ROM leach5.1 - - - Bagdad100%Mill16.1 0.2 0.9 56.5 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach4.7 - - - ROM leach0.6 - - - Sierrita100%Mill9.1 0.1 1.0 38.1 Chino, including Cobre100%Mill2.5 0.3 - 6.6 ROM leach0.1 - - - Tyrone100%ROM leach0.1 - - - Climax100%Mill - - 0.4 - Henderson100%Mill - - 0.1 - 44.7 0.6 2.6 101.3 Recoverable metal in stockpilesa 1.1 - b - b0.2 100% operations 45.8 0.6 2.6 101.5 Consolidated 42.5 0.6 2.6 101.5 Net equity interest 42.5 0.6 2.6 101.5 South America Cerro Verde55.08%Mill24.4 - 0.7 98.6 ROM leach0.2 - - - El Abrac51%Mill18.2 0.1 0.2 47.0 Crushed leach2.2 - - - ROM leach - b - - - 45.0 0.1 0.9 145.6 Recoverable metal in stockpilesa 0.6 - - b0.4 100% operations 45.6 0.1 0.9 146.0 Consolidated 45.6 0.1 0.9 146.0 Net equity interest 24.2 - b0.5 78.5 Indonesia Grasberg Block Cave48.76%Mill9.2 6.8 - 28.6 DMLZ48.76%Mill4.6 4.6 - 25.9 Big Gossan48.76%Mill2.1 1.0 - 13.0 Kucing Liard48.76%Mill8.4 7.6 - 35.9 100% operations 24.2 20.0 - 103.5 Consolidated 24.2 20.0 - 103.5 Net equity interest 11.8 9.7 - 50.5 Total FCX - 100% basis 115.6 20.6 3.5 351.0 Total FCX - Consolidated basise 112.3 20.6 3.5 351.0 Total FCX - Net equity interestf 78.6 10.4 3.1 230.4 72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b b 55.08% El Abrac 51% b Recoverable metal in stockpilesa b b 48.76% 48.76% 48.76% Kucing Liard 48.76% --- ## Modified: Other Smelting Facilities and Mining Properties **Key changes:** - Reworded sentence: "PT Smelting is PTFI's 66%-owned (39.5%-owned prior to June 30, 2024) smelter and refinery in Gresik, Indonesia." - Reworded sentence: "PT Smelting's copper anode production from its smelter totaled 230,300 metric tons in 2025, 398,200 metric tons in 2024 and 251,300 metric tons in 2023." - Reworded sentence: "In July 2023, PT Smelting completed a 72-day shutdown associated with its expansion project and in November 2023, a 7-day shutdown to complete final tie-in of the expansion project." - Reworded sentence: "The smelter has a design capacity to produce approximately 300,000 metric tons of copper per year, and the refinery has a capacity to produce 286,000 metric tons of copper per year." - Reworded sentence: "In 2024, Atlantic Copper completed a 17-day maintenance turnaround." **Prior (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. **Current (2026):** PT Smelting. PT Smelting is PTFI's 66%-owned (39.5%-owned prior to June 30, 2024) smelter and refinery in Gresik, Indonesia. PT Smelting has a capacity to process approximately 1.3 million metric tons of copper concentrate per year. As discussed in Note 2, PTFI accounts for its investment in PT Smelting under the equity method. 26 26 26 26 26 26 Table of Contents Table of Contents Table of Contents PTFI has a tolling arrangement with PT Smelting. Under the arrangement, PTFI pays PT Smelting a tolling fee (which PTFI records as production costs in the consolidated statements of income) to smelt and refine its copper concentrate and PTFI 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 230,300 metric tons in 2025, 398,200 metric tons in 2024 and 251,300 metric tons in 2023. Copper cathode production from its refinery totaled 207,200 metric tons in 2025, 335,200 metric tons in 2024 and 212,000 metric tons in 2023. Lower production volumes in 2025, compared to 2024 and 2023, reflect the timing of the September 2025 mud rush incident at PTFI. 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. In July 2023, PT Smelting completed a 72-day shutdown associated with its expansion project and in November 2023, a 7-day shutdown to complete final tie-in of the expansion project. In July 2025, PT Smelting completed a 30-day planned major maintenance turnaround. However, operational challenges with a third-party oxygen plant caused a delay in the restart of operations until September 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 produce approximately 300,000 metric tons of copper per year, and the refinery has a capacity to produce 286,000 metric tons of copper per year. Atlantic Copper's copper anode production from its smelter totaled 249,300 metric tons in 2025, 247,600 metric tons in 2024 and 261,900 metric tons in 2023. Copper cathode production from its refinery totaled 249,600 metric tons in 2025, 254,400 metric tons in 2024 and 260,300 metric tons in 2023. During 2025, Atlantic Copper purchased 77% of its copper concentrate from third parties, 21% from our South America operations and 2% from our U.S. copper mines. Atlantic Copper's major maintenance turnarounds typically occur approximately every eight years, with shorter-term maintenance turnarounds in the interim. In 2024, Atlantic Copper completed a 17-day maintenance turnaround. 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. 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 platinum from electronic materials. Atlantic Copper estimates that the initial project capital will approximate $560 million. Miami Smelter. We own and operate a smelter at our Miami mining operation in Arizona. The smelter has been operating for more than 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 U.S. copper mines. Concentrate processed through the smelter totaled 821,200 metric tons in 2025, 840,600 metric tons in 2024 and 810,900 metric tons in 2023, and copper anode production from the smelter totaled 209,300 metric tons in 2025, 214,000 metric tons in 2024 and 222,000 metric tons in 2023. 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 U.S. leaching operations. Major maintenance turnarounds are anticipated to occur approximately every three to four years for the Miami smelter. In 2025, the Miami smelter performed a major maintenance turnaround and incurred maintenance charges and idle facility costs totaling $73 million. U.S. Rod & Refining Operations. Our U.S. Rod & Refining operations consist of conversion facilities that include 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. Our El Paso refinery also produces nickel carbonate, copper telluride and autoclaved slimes material containing gold, silver, platinum and palladium. 27 27 27 27 27 27 Table of Contents Table of Contents Table of Contents 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 204,900 metric tons in 2025, 221,300 metric tons in 2024 and 217,800 metric tons in 2023. We manufacture continuous cast copper rod at our U.S. rod facilities primarily using copper produced at our U.S. copper mines and processing facilities. Rod production from these facilities approximated one billion pounds for each of the last three years. 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 U.S. 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: Our success depends on our ability to recruit, retain, develop and advance qualified personnel. **Key changes:** - Reworded sentence: "Our business depends on our ability to recruit, retain, develop and advance a qualified workforce at all levels, including sufficient personnel to develop, implement and operate new technologies." - Reworded sentence: "We continued to face challenges in 2025 with a competitive and tight labor market, particularly with some technical trades in the U.S." **Prior (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. **Current (2026):** 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 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 2025 with a competitive and tight labor market, particularly with some technical trades in the U.S. If we fail to recruit, retain, develop and advance qualified personnel necessary for the efficient operation of our business globally or fail to maintain a safe environment, we could face labor challenges, which may result in, but not limited to, decreased profitability, decreases in productivity and efficiency, safety performance challenges, and the 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: Violence, civil and religious strife, and activism could result in loss of life and disrupt our operations. **Key changes:** - Reworded sentence: "Indonesia has long faced separatist movements and civil and religious strife in a number of provinces." - Reworded sentence: "Shootings and other violent incidents have occurred within the PTFI project area and support areas, 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: "We are exposed to security risks relating to loss and theft of refined precious metals at the PMR." - Reworded sentence: "We cannot predict whether additional incidents will occur that could result in loss of life, or disruption or suspension of PTFI's operations." - Reworded sentence: "South America countries have historically experienced periods of economic growth, as well as recession, periods of high inflation and general socio-economic and political instability." **Prior (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. **Current (2026):** 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 western half of the island of New Guinea, which includes 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. Shootings and other violent incidents have occurred within the PTFI project area and support areas, 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. The most recent incidents associated with the PTFI operations occurred in early 2026, and prior to that in 2021. In the most recent incident, a PTFI contractor was injured, along with two accompanying Indonesian military personnel, one of whom was fatally injured. In 2025, based on publicly available reports, we believe that there were more than 55 incidents of separatist violence, resulting in approximately 79 fatalities outside of the PTFI project area and support areas at the Grasberg minerals district unrelated to PTFI's operations but within the province of Central Papua. Separatist security incidents, including shootings, attacks on civil infrastructure and arson, continue to occur in Central Papua and other areas near the PTFI project area. PTFI 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 PTFI continues to work with the Indonesia government to enhance security and address security-related issues within the PTFI project area and in support areas, as well as at PTFI's 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. We are 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 PTFI'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 socio-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, with its president being impeached in October 2025. 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 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 63 63 63 63 63 63 Table of Contents Table of Contents Table of Contents environment remains polarized following the national legislative elections, including the presidential election, held in Chile during 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 U.S. operations and financial performance. --- ## Modified: at December 31, 2025a **Key changes:** - Reworded sentence: "72% 100% b b b 100% b 100% b b b 100% 100% 100% b b 100% 100% b b 100% 100% 100% b 100% 100% b b b 55.08% 51% b 48.76%" **Prior (2025):** 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% **Current (2026):** 72% 100% b b b 100% b 100% b b b 100% 100% 100% b b 100% 100% b b 100% 100% 100% b 100% 100% b b b 55.08% 51% b 48.76% --- ## Modified: at December 31, 2025a **Key changes:** - Reworded sentence: "72% 100% b b b 100% b 100% b b b 100% 100% 100% b b 100% 100% b b 100% 100% 100% b 100% 100% b b b 55.08% 51% b 48.76%" **Prior (2025):** 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% **Current (2026):** 72% 100% b b b 100% b 100% b b b 100% 100% 100% b b 100% 100% b b 100% 100% 100% b 100% 100% b b b 55.08% 51% b 48.76% --- ## Modified: at December 31, 2025a (continued) **Key changes:** - Reworded sentence: "Contained Metalb Cutoff Gradec 72% 100% d d 100% 100% d 100% d 100% 100% 100% 100% 100% 100% 100% d 100% d 100% d d 55.08% 51% 48.76%" **Prior (2025):** 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% **Current (2026):** Contained Metalb Cutoff Gradec 72% 100% d d 100% 100% d 100% d 100% 100% 100% 100% 100% 100% 100% d 100% d 100% d d 55.08% 51% 48.76% --- ## Modified: at December 31, 2025a (continued) **Key changes:** - Reworded sentence: "Contained Metalb Cutoff Gradec 72% 100% d d 100% 100% d 100% d 100% 100% 100% 100% 100% 100% 100% d 100% d 100% d d 55.08% 51% 48.76%" **Prior (2025):** 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% **Current (2026):** Contained Metalb Cutoff Gradec 72% 100% d d 100% 100% d 100% d 100% 100% 100% 100% 100% 100% 100% d 100% d 100% d d 55.08% 51% 48.76% --- ## Modified: Failure to successfully implement, advance or develop new technology systems and increased exposure to risks associated with the use of these systems may adversely affect our business. **Key changes:** - Reworded sentence: "Information and operational technology systems continue to evolve and, in order to remain competitive, we must implement, advance and develop new technologies in a timely, cost-effective and efficient manner." - Reworded sentence: "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 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." **Prior (2025):** 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. **Current (2026):** Information and operational technology systems continue to evolve and, in order to remain competitive, we must implement, advance and develop 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 enhancement, mineral extraction optimization and remote/autonomous operation. We may also pursue strategic alliances, investments, partnerships or licensing arrangements with other companies in areas where we believe collaboration can produce technological and industry advancements, which involve special risks that may negatively impact us or our reputation. Such advancements may not achieve their intended objectives and may not perform as contemplated. We are continuing to incorporate new applications, technologies and data analytics into our leaching processes, and are pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices. For further discussion regarding our leaching and technology innovation initiatives, see MD&A. Our failure to successfully implement, advance or develop new technologies, including our leaching and technology innovation initiatives, or meet our leaching targets may adversely affect our competitive position and 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 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: Total FCX - Net equity interestf **Key changes:** - Reworded sentence: "In addition, amounts for "Measured + Indicated" and "Total Mineral Resources" may not equal the sum of measured, indicated and inferred (as presented on the prior page) because of rounding." - Reworded sentence: "47 47 47 47 47 47 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, 2024 and 2025, 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, 202425.5 17.5 48.1 58.3 1.0 0.6 Adjustmentsa(4.3)(1.9)(2.5)(3.4) - b(0.1)Mineral resources as of December 31, 202521.1 15.6 45.6 54.9 1.0 0.6 Year-over-year percentage change(17)%(11)%(5)%(6)%4 %(12)% Adjustmentsa b Adjustmentsa b Estimated Contained Mineral Resources at Net Equity BasisCopper(billion lbs.)Gold(million ozs.)Molybdenum(billion lbs.)MorenciCerro VerdeGrasberg minerals districtGrasberg minerals districtMorenciCerro Verde72%55.08%48.76%48.76%72%55.08%Mineral resources as of December 31, 202418.3 9.6 23.5 28.4 0.7 0.3 Adjustmentsa(3.1)(1.0)(1.2)(1.6) - b - bMineral resources as of December 31, 202515.2 8.6 22.2 26.8 0.7 0.3 Year-over-year percentage change(17)%(11)%(5)%(6)%4 %(12)% Adjustmentsa b b Adjustmentsa b b Note: Totals may not foot because of rounding a.Decreases at Morenci are primarily the result of updated inventories from higher cost assumptions, geologic modeling updates, and converting material from mineral resources to mineral reserves in revised mine designs; decreases at Cerro Verde are primarily the result of higher cost assumptions and geologic modeling updates; and decreases at Grasberg minerals district are primarily the result of reassessment of future mineability." **Prior (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 **Current (2026):** 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.El Abra has advanced preliminary feasibility studies for the development of a potential mill project, which would require significant additional capital investment to bring the associated copper to production (refer to "Operations - El Abra" for further discussion). d.PTFI has commenced long-term mine development activities for the Kucing Liar deposit. See "Operations - Indonesia" for discussion of Kucing Liar capital investments. e.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion). f.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). 39 39 39 39 39 39 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2025 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.U.S. Morenci72%Mill5.4 - 0.2 - Crushed leach0.9 - - - ROM leach5.1 - - - Bagdad100%Mill16.1 0.2 0.9 56.5 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach4.7 - - - ROM leach0.6 - - - Sierrita100%Mill9.1 0.1 1.0 38.1 Chino, including Cobre100%Mill2.5 0.3 - 6.6 ROM leach0.1 - - - Tyrone100%ROM leach0.1 - - - Climax100%Mill - - 0.4 - Henderson100%Mill - - 0.1 - 44.7 0.6 2.6 101.3 Recoverable metal in stockpilesa 1.1 - b - b0.2 100% operations 45.8 0.6 2.6 101.5 Consolidated 42.5 0.6 2.6 101.5 Net equity interest 42.5 0.6 2.6 101.5 South America Cerro Verde55.08%Mill24.4 - 0.7 98.6 ROM leach0.2 - - - El Abrac51%Mill18.2 0.1 0.2 47.0 Crushed leach2.2 - - - ROM leach - b - - - 45.0 0.1 0.9 145.6 Recoverable metal in stockpilesa 0.6 - - b0.4 100% operations 45.6 0.1 0.9 146.0 Consolidated 45.6 0.1 0.9 146.0 Net equity interest 24.2 - b0.5 78.5 Indonesia Grasberg Block Cave48.76%Mill9.2 6.8 - 28.6 DMLZ48.76%Mill4.6 4.6 - 25.9 Big Gossan48.76%Mill2.1 1.0 - 13.0 Kucing Liard48.76%Mill8.4 7.6 - 35.9 100% operations 24.2 20.0 - 103.5 Consolidated 24.2 20.0 - 103.5 Net equity interest 11.8 9.7 - 50.5 Total FCX - 100% basis 115.6 20.6 3.5 351.0 Total FCX - Consolidated basise 112.3 20.6 3.5 351.0 Total FCX - Net equity interestf 78.6 10.4 3.1 230.4 72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b b 55.08% El Abrac 51% b Recoverable metal in stockpilesa b b 48.76% 48.76% 48.76% Kucing Liard 48.76% --- ## Modified: SELECTED OPERATING DATA (Continued) **Key changes:** - Reworded sentence: "Years Ended December 31, 20252024 202320222021INDONESIA OPERATIONSCopper (millions of recoverable pounds) Production 1,015 1,800 1,660 1,567 1,336 Sales1,205 1,632 1,525 1,582 1,316 Average realized price per pound$4.53 $4.19 $3.81 $3.80 $4.34 Gold (thousands of recoverable ounces) Production 937 1,861 1,978 1,798 1,370 Sales1,050 1,817 1,697 1,811 1,349 Average realized price per ounce$3,418 $2,418 $1,972 $1,787 $1,796 Mill operations Ore milled (metric tons per day)138,100 208,400 198,300 192,600 151,600 Average ore grade: Copper (%)1.10 1.27 1.22 1.19 1.30 Gold (grams per metric ton)0.77 1.00 1.12 1.05 1.04 Recovery rates (%): Copper87.9 88.4 89.7 90.0 89.8 Gold75.7 76.9 77.9 77.7 77.0 MOLYBDENUM MINESOre milled (metric tons per day)33,500 28,000 27,900 26,100 21,800 Average molybdenum ore grade (%)0.16 0.16 0.15 0.18 0.19 Molybdenum production (millions of recoverable pounds)37 30 30 33 30" **Prior (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 **Current (2026):** Years Ended December 31, 20252024 202320222021INDONESIA OPERATIONSCopper (millions of recoverable pounds) Production 1,015 1,800 1,660 1,567 1,336 Sales1,205 1,632 1,525 1,582 1,316 Average realized price per pound$4.53 $4.19 $3.81 $3.80 $4.34 Gold (thousands of recoverable ounces) Production 937 1,861 1,978 1,798 1,370 Sales1,050 1,817 1,697 1,811 1,349 Average realized price per ounce$3,418 $2,418 $1,972 $1,787 $1,796 Mill operations Ore milled (metric tons per day)138,100 208,400 198,300 192,600 151,600 Average ore grade: Copper (%)1.10 1.27 1.22 1.19 1.30 Gold (grams per metric ton)0.77 1.00 1.12 1.05 1.04 Recovery rates (%): Copper87.9 88.4 89.7 90.0 89.8 Gold75.7 76.9 77.9 77.7 77.0 MOLYBDENUM MINESOre milled (metric tons per day)33,500 28,000 27,900 26,100 21,800 Average molybdenum ore grade (%)0.16 0.16 0.15 0.18 0.19 Molybdenum production (millions of recoverable pounds)37 30 30 33 30 --- ## Modified: The physical impacts of changing climate conditions may adversely affect our mining operations, workforce, communities, biodiversity and ecosystems, supply chains and customers, which may result in increased costs. **Key changes:** - Reworded sentence: "We recognize that our operations, workforce, communities, biodiversity and ecosystems, supply chains and customers may be exposed to changes in the frequency, intensity and/or duration of intense storms, drought, flooding (including from sea level rise at our coastal operations), wildfire and other extreme weather events and patterns (such as extreme heat)." - Reworded sentence: "In addition, the potential for overall decreases in precipitation could 71 71 71 71 71 71 Table of Contents Table of Contents Table of Contents affect the availability of water needed for our operations, leading to increased operating costs, or in extreme cases, disruptions to our mining operations." **Prior (2025):** We recognize that as the climate changes, our operations, workforce, communities, biodiversity and ecosystems, supply chains and customers may be exposed to changes in the frequency, intensity and/or duration of intense storms, drought, flooding (including from sea level rise at our coastal operations), wildfire, and other extreme weather events and patterns (such as extreme heat). For example, we experienced severe flooding, debris flow from heavy rain and landslides in early 2023 at our remote mining operations in Indonesia, which temporarily halted mining and processing work and damaged infrastructure near the milling complex. Such potential physical impacts of climate change on our operations are highly uncertain and would vary by operation based on particular geographic circumstances. For example, at many of our mine sites, climate change is projected to impact local precipitation regimes, resulting in shorter-duration, higher-intensity storm events, and the potential for less precipitation overall. We could face increased operational costs associated with managing additional volumes of storm water during more intense future events, including supply disruption, delays, damage to or inaccessibility of our facilities and increased pricing of consumables and components we purchase. In addition, the potential for overall decreases in precipitation could affect the availability of water needed for our operations, leading to increased operating costs, or in extreme cases, disruptions to our mining operations. For additional information regarding risks relating to availability of water and operational risks inherent in mining, see related risk factors above. 68 68 68 68 68 68 Table of Contents Table of Contents Table of Contents **Current (2026):** We recognize that our operations, workforce, communities, biodiversity and ecosystems, supply chains and customers may be exposed to changes in the frequency, intensity and/or duration of intense storms, drought, flooding (including from sea level rise at our coastal operations), wildfire and other extreme weather events and patterns (such as extreme heat). The physical impacts associated with changing climate conditions could amplify existing operational and environmental risks at our operating sites, such as water availability, tailings management, flooding and stormwater management, and infrastructure disruptions. Periodically, we have experienced disruptions to our remote mining operations in Indonesia as a result of flooding and debris flow from heavy rain and landslides. The potential physical impacts of changing climate conditions vary by operation based on particular geographic circumstances. For example, at many of our mine sites, anticipated changes in local precipitation regimes could result in shorter-duration, higher-intensity storm events, and the potential for less precipitation overall. We could face increased operational costs associated with managing additional volumes of storm water during more intense future events, including supply disruption, delays, damage to or inaccessibility of our facilities and increased pricing of consumables and components we purchase. In addition, the potential for overall decreases in precipitation could 71 71 71 71 71 71 Table of Contents Table of Contents Table of Contents affect the availability of water needed for our operations, leading to increased operating costs, or in extreme cases, disruptions to our mining operations. For further discussion regarding risks relating to availability of water and operational risks inherent in mining, see related risk factors above. --- ## Modified: Scrutiny, action and evolving expectations from stakeholders and other third parties with respect to our sustainability-related practices, performance, commitments and disclosures may impact our reputation, increase our costs and impact our access to capital or business strategy. **Key changes:** - Reworded sentence: "Stakeholder and other third-party scrutiny related to our sustainability-related practices, commitments, performance and disclosures continues to evolve." - Reworded sentence: "Our ability to attract capital could be adversely impacted if institutional investors, investment funds, creditors and other influential investors or investor advocacy groups incorporate more stringent sustainability-related considerations, or are critical of or opposed to such considerations, as a part of their investments and lending decisions and recommendations." - Reworded sentence: "Maintaining adequate systems and processes in place to comply with the various tracking and disclosure obligations, or to respond to business partners or other affiliates in our value chain that have requested, or may in the future request, sustainability-related data or information from us to meet their disclosure obligations, will require management's time and expense." **Prior (2025):** Stakeholder and other third-party scrutiny related to our ESG practices, commitments, performance and disclosures continues to increase and evolve. We have adopted certain policies and programs, including with respect to responsible production frameworks, climate change, water stewardship, biodiversity and land management, tailings management and stewardship, waste management (including of hazardous materials), safety and health, human capital management, human rights, social performance and community and Indigenous Peoples relations, political activity and spending practices, and supply chains/responsible sourcing. It is possible, however, that our stakeholders and other third parties might not be satisfied or even disagree with our ESG practices, goals, initiatives, commitments, performance and/or disclosures, or the speed of their adoption, implementation and measurable success. If we do not meet our stakeholders' and other third parties' evolving expectations, including any failure or perceived failure to achieve our stated goals and targets or industry standards or any allegations that our stated goals or targets should be altered, our reputation, competitiveness, access to and cost of capital, business strategy and stock price could be negatively impacted, and legal or regulatory proceedings could be brought against us. Certain investor advocacy groups, institutional investors, investment funds, creditors and other influential investors are focused on our ESG practices and place importance on the ESG implications of their investments and lending decisions. Our ability to attract capital could be adversely impacted if they incorporate more stringent ESG considerations as a part of their portfolios. Organizations that provide information to investors and financial institutions on ESG performance and related matters have developed quantitative and qualitative data collection processes and ratings processes for evaluating companies on their approach to these matters. Such ratings are used by some investors to inform their investment and voting decisions. In addition, many investors have created their own proprietary ratings that inform their investment and voting decisions. Unfavorable ratings or assessment of our ESG practices, including our compliance with certain voluntary disclosure standards and frameworks, may lead to negative investor sentiment toward us, which could have a negative impact on our stock price and our access to and cost of capital. Similarly, many financial institutions are increasingly incorporating ESG ratings or assessments into their credit risk assessments, and screen companies based on their ESG practices and performance when making lending decisions. If we are unable to meet the ESG lending criteria set by our creditors or are required to take certain remediation steps to satisfy such criteria, our access to capital on terms we find favorable may be limited and our costs may increase. Our public disclosures may reflect goals, aspirations, commitments, cost estimates and other expectations and assumptions, including over long timeframes, which are necessarily uncertain and may not be realized. Further, the voluntary disclosure standards or frameworks we choose to align with are evolving and may change over time and our interpretation of such disclosure standards and frameworks may differ from those of others, either of which may result in a lack of consistent or meaningful comparative data from period to period and/or significant revisions to our goals and aspirations or reported progress in achieving such goals and aspirations. Ensuring that there are adequate systems and processes in place to comply with the various ESG tracking and disclosure obligations, or to respond to business partners or other affiliates in our value chain that have requested, or may in the future request, ESG-related data or information from us to meet their disclosure obligations, will require management's time and expense. If we do not adapt to or comply with stakeholder or other third parties' expectations, including with respect to evolving ESG disclosure standards and frameworks, or if we are perceived to have not responded appropriately, regardless of whether there is a legal requirement to do so, we may suffer from reputational damage and our business, financial condition, cost of capital and/or stock price could be materially adversely affected. In addition, our customers, end users and other third parties may require that we implement certain additional ESG procedures or standards before they will start or continue to do business with us, which could lead to preferential buying based on our ESG practices compared to our competitors' ESG practices. Further, being associated with activities by business partners or other affiliates that have or are perceived to have individual or cumulative adverse impacts on the environment, climate, biodiversity, nature and land management, water access and management, human rights or cultural heritage could negatively affect our reputation and impose additional costs. 69 69 69 69 69 69 Table of Contents Table of Contents Table of Contents **Current (2026):** Stakeholder and other third-party scrutiny related to our sustainability-related practices, commitments, performance and disclosures continues to evolve. While we have adopted various sustainability-related policies and programs, it is possible that stakeholders and other third parties might not be satisfied or even disagree with our practices, goals, initiatives, commitments, performance and/or disclosures, or the speed of their adoption, implementation and measurable success. If we do not meet our stakeholders' and other third parties' evolving expectations, including any failure or perceived failure to achieve our stated goals and targets or industry standards or any allegations that our stated goals or targets should be altered, our reputation, competitiveness, access to and cost of capital, business strategy and stock price could be negatively impacted, and legal or regulatory proceedings could be brought against us. Our ability to attract capital could be adversely impacted if institutional investors, investment funds, creditors and other influential investors or investor advocacy groups incorporate more stringent sustainability-related considerations, or are critical of or opposed to such considerations, as a part of their investments and lending decisions and recommendations. In addition, organizations that provide information to investors and financial institutions on sustainability-related performance and related matters have developed data collection and ratings processes for evaluating companies, which are used by some investors to inform their investment and voting decisions. Many investors also have created their own proprietary ratings that inform their investment and voting decisions. Unfavorable ratings or assessment of our sustainability-related practices, including our compliance with certain voluntary disclosure standards and frameworks, may lead to negative investor sentiment toward us, which could have a negative impact on our stock price and our access to and cost of capital. Similarly, many financial institutions have incorporated sustainability-related ratings or assessments into their credit risk assessments, screening companies on such practices and performance when making lending decisions. If we are unable to meet the lending criteria set by our creditors or are required to take certain remediation steps to satisfy such criteria, our access to capital on terms we find favorable may be limited and our costs may increase. Our public disclosures may reflect goals, aspirations, commitments, cost estimates and other expectations and assumptions, including over long timeframes, which are necessarily uncertain and may not be realized. Further, the voluntary disclosure standards or frameworks we choose to align with are evolving and may change over time and our interpretation of such disclosure standards and frameworks may differ from those of others, either of which may result in a lack of consistent or meaningful comparative data from period to period and/or significant revisions to our goals and aspirations or reported progress in achieving such goals and aspirations. Maintaining adequate systems and processes in place to comply with the various tracking and disclosure obligations, or to respond to business partners or other affiliates in our value chain that have requested, or may in the future request, sustainability-related data or information from us to meet their disclosure obligations, will require management's time and expense. If we do not adapt to or comply with stakeholder or other third parties' expectations, including with respect to evolving sustainability-related disclosure standards and frameworks, or if we are perceived to have not responded appropriately, regardless of whether there is a legal requirement to do so, we may suffer from reputational damage and our business, financial condition, cost of capital and/or stock price could be materially adversely affected. In addition, our customers, commodity markets, end users and other third parties may require that we implement certain additional procedures or standards before they will start or continue to do business with us, which could lead to preferential buying of our competitors' products based on perceived sustainability-related practices. Further, being associated with activities by business partners or other affiliates that have or are perceived to have individual or cumulative adverse environmental or social impacts could negatively affect our reputation and impose additional costs. 72 72 72 72 72 72 Table of Contents Table of Contents Table of Contents --- ## Modified: Changes in and interpretations of tax laws and regulations could have a material adverse effect on our financial condition. **Key changes:** - Reworded sentence: "Uncertainties exist with respect to our tax liabilities, including those arising from changes in laws and regulations and interpretations of such laws and regulations in the jurisdictions in which we do business." **Prior (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. **Current (2026):** 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 and regulations and interpretations of such laws and regulations in the jurisdictions in which we do business. Further, we have significant net operating losses (NOLs) in the U.S. generated in prior years, which we believe are available to offset future regular taxable income. However, changes in tax laws and regulations or interpretations of such laws and regulations may result in new limitations on our ability to benefit from our significant U.S. NOLs. We also are subject to regular review and audit by both domestic and foreign tax authorities. Although we believe our tax estimates are reasonable, including with respect to our use of NOLs, 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. The provisions of the U.S. Inflation Reduction Act of 2022 (the Act), which became applicable to us on January 1, 2023, include, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted 54 54 54 54 54 54 Table of Contents Table of Contents Table of Contents financial statement income of certain corporations. As discussed in Note 9, based on current guidance, we have determined that the provisions of the Act did not impact our financial results for the three years ended December 31, 2025, but the proposed and interim guidance released by the Internal Revenue Service relating to the calculation of the CAMT is not final and is subject to change. Additionally, on July 4, 2025, the President signed into law H.R.1 (also referred to as the One Big Beautiful Bill Act), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain provisions of the Tax Cuts & Jobs Act of 2017. H.R.1 did not have a material impact on our consolidated financial results for the year 2025. The aggregate impact of H.R.1, including how it will be interpreted and applied to us, remains uncertain. 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 15% minimum level of income tax. In January 2026, the OECD published additional guidance on the framework, including safe harbor provisions that would minimize or eliminate application of the 15% global minimum income tax on domestic operations of U.S.-parent multinational companies. Recommendations from the OECD regarding the 15% global minimum income tax, the safe harbor provisions and other changes are being considered and/or implemented in jurisdictions where we operate. The adoption and effective dates for such tax changes may vary by jurisdiction, could increase tax complexity and uncertainty, and may adversely affect our provision for income taxes. 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 for 2026. However, additional changes to these tax laws and regulations, including as a result of new guidance and interpretations, may occur and such changes could adversely affect our tax liability. --- ## Modified: MINING DEVELOPMENT PROJECTS AND EXPLORATION ACTIVITIES **Key changes:** - Reworded sentence: "In 2025, capital expenditures totaled $4.5 billion (including $2.3 billion for major mining projects - primarily for underground development activities in the Grasberg minerals district - and $0.6 billion for PTFI's downstream processing facilities)." - Reworded sentence: "As further discussed in MD&A, our near-term major development projects will focus on the underground development activities in the Grasberg minerals district as well discretionary growth projects for the development of Kucing Liar and at the Bagdad mine." - Removed sentence: "Additionally, in response to market conditions, the timing of our expenditures will continue to be reviewed." - Reworded sentence: "Specifically, we are carefully managing operating costs and near-term capital expenditures in connection with revised operating plans at the Grasberg minerals district to manage cash flow and liquidity during the phased ramp-up period after the September 2025 mud rush incident." - Reworded sentence: "Additionally, in connection with a long-term extension of PTFI's mining rights beyond 2041, PTFI would pursue additional exploration and conduct studies for future additional development." **Prior (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. **Current (2026):** In 2025, capital expenditures totaled $4.5 billion (including $2.3 billion for major mining projects - primarily for underground development activities in the Grasberg minerals district - and $0.6 billion for PTFI's 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 as well discretionary growth projects for the development of Kucing Liar and at the Bagdad mine. Considering the long-term nature and large size of our development projects, actual costs and timing could vary from estimates. We continue to review our mine development and processing plans to maximize the value of our mineral reserves. Specifically, we are carefully managing operating costs and near-term capital expenditures in connection with revised operating plans at the Grasberg minerals district to manage cash flow and liquidity during the phased ramp-up period after the September 2025 mud rush incident. Based on the current reserve life through 2041, full development of PTFI's underground mineral reserves at the Grasberg minerals district is expected to require approximately $1 billion (most of which is expected to be incurred over the next 5 years) of capital expenditures primarily associated with its processing facilities to optimize the handling of underground ore from the Grasberg Block Cave, DMLZ and Kucing Liar deposits. This estimate incorporates a $3 billion reduction in previously expected capital expenditures associated with the processing of higher pyrite ore resulting from mine plan changes related to the expansion of the Kucing Liar to 130,000 metric tons of ore per day. Increases in power loads at these processing facilities and the underground mines are expected to require additional power generation and as such, PTFI is planning investments in a new gas-fired combined cycle facility. PTFI's dual-fuel power plant and the new gas-fired combined cycle facility are expected to be fueled by natural gas, supplied by a floating LNG storage and regassification unit. Refer to "Operations - Indonesia" above for further discussion. In 2025, exploration spending associated with our mining operations totaled $143 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. Additionally, in connection with a long-term extension of PTFI's mining rights beyond 2041, PTFI would pursue additional exploration and conduct studies for future additional development. Refer to Item 1A. "Risk Factors" for further discussion of risks associated with mine development projects and exploration activities, and PTFI's IUPK. 28 28 28 28 28 28 Table of Contents Table of Contents Table of Contents --- ## 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, $17 per pound for molybdenum and $20 per ounce for silver." - Reworded sentence: "45 45 45 45 45 45 Table of Contents Table of Contents Table of Contents Estimated Mineral Resourcesat December 31, 2025a 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/tU.S." **Prior (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 **Current (2026):** 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, $17 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. 45 45 45 45 45 45 Table of Contents Table of Contents Table of Contents Estimated Mineral Resourcesat December 31, 2025a 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/tU.S. Morenci72%Milling590 819 0.27 - 0.02 - 524 727 0.30 - 0.03 - 281 391 0.31 - 0.03 - Leaching945 1,313 0.17 - - - 589 818 0.14 - - - 320 445 0.13 - - - Bagdad100%Milling313 313 0.29 - b0.02 1.20 341 341 0.23 - b0.02 0.96 392 392 0.17 - b0.02 0.69 Leaching1 1 0.15 - - - 5 5 0.12 - - - 5 5 0.12 - - - Safford, including Lone Star100%Milling1,829 1,829 0.36 0.02 0.01 1.14 2,141 2,141 0.30 0.01 0.01 0.93 648 648 0.23 0.01 - b0.84 Leaching444 444 0.28 - - - 480 480 0.28 - - - 280 280 0.26 - - - Sierrita100%Milling750 750 0.18 - b0.02 0.82 300 300 0.20 - b0.02 0.93 23 23 0.19 - b0.02 0.87 Chino, including Cobre100%Milling93 93 0.46 0.04 0.02 0.76 82 82 0.50 0.04 0.01 0.79 20 20 0.45 0.04 0.01 0.77 Leaching7 7 0.27 - - - 3 3 0.41 - - - 1 1 0.29 - - - Tyrone100%Leaching33 33 0.29 - - - 6 6 0.21 - - - 2 2 0.23 - - - Henderson100%Milling78 78 - - 0.14 - 27 27 - - 0.12 - - b - b - - 0.03 - Climax100%Milling313 313 - - 0.17 - 60 60 - - 0.10 - 7 7 - - 0.07 - Ajo100%Milling487 487 0.39 0.07 0.01 0.94 237 237 0.32 0.05 - b0.70 18 18 0.33 0.04 - b1.05 Cochise/Bisbee100%Leaching143 143 0.49 - - - 117 117 0.41 - - - 20 20 0.38 - - - Sanchez100%Leaching77 77 0.35 - - - 65 65 0.24 - - - 7 7 0.20 - - - Tohono100%Milling278 278 0.63 0.09 0.01 1.90 31 31 0.67 0.09 0.01 1.72 4 4 0.65 0.06 - b1.44 Leaching251 251 0.68 - - - 49 49 0.52 - - - 25 25 0.48 - - - Twin Buttes100%Milling126 126 0.67 0.01 0.04 6.79 9 9 0.65 0.01 0.03 6.54 5 5 0.81 0.01 0.02 8.74 Leaching55 55 0.24 - - - 14 14 0.21 - - - 7 7 0.25 - - - Christmas100%Milling68 68 0.53 0.06 - b1.55 236 236 0.37 0.06 - b0.92 42 42 0.40 0.06 - b0.94 South America Cerro Verde55.08%Milling59 107 0.28 - 0.01 1.47 896 1,626 0.33 - 0.01 1.74 225 408 0.33 - 0.01 1.77 Leaching2 4 0.35 - - - 6 11 0.30 - - - 5 8 0.35 - - - El Abra51%Milling64 126 0.55 0.04 0.01 2.02 286 561 0.39 0.02 0.01 1.33 543 1,065 0.29 0.01 - b0.92 Leaching7 14 0.28 - - - 4 8 0.24 - - - 5 9 0.27 - - - Indonesia Grasberg minerals district48.76%Milling189 388 0.77 0.64 - 4.08 1,198 2,457 0.66 0.55 - 3.80 155 318 0.43 0.33 - 2.51 Total FCX - 100% basis 8,118 10,410 4,149 Total FCX - Consolidated basisc7,520 9,978 3,915 Total FCX - Net equity interestd7,203 7,705 3,039 --- ## Modified: Total FCX - Net equity interestd **Key changes:** - Reworded sentence: "a.Our net equity interest in all U.S." - Reworded sentence: "44 44 44 44 44 44 Table of Contents Table of Contents Table of Contents" **Prior (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% **Current (2026):** 100% Basis 55.08% a 72% 100% b 100% 100% 100% b 100% 100% 55.08% 51% --- ## Modified: MINING PRODUCTION AND SALES DATA **Key changes:** - Reworded sentence: "Years Ended December 31,ProductionSalesCOPPER (millions of recoverable pounds)202520242023202520242023(FCX's net interest in %) U.S." - Reworded sentence: "c.Consolidated sales volumes exclude purchased copper of 127 million pounds in 2025, 158 million pounds in 2024 and 103 million pounds in 2023." **Prior (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 **Current (2026):** Years Ended December 31,ProductionSalesCOPPER (millions of recoverable pounds)202520242023202520242023(FCX's net interest in %) U.S. Morenci (72%)a497 505 575 496 517 578 Safford (100%)287 249 245 282 246 250 Sierrita (100%)184 165 185 184 167 183 Chino (100%)150 133 141 147 133 143 Bagdad (100%)149 146 146 150 146 148 Tyrone (100%)32 43 51 33 44 53 Miami (100%)9 9 12 9 10 12 Other (100%)(4)(4)(5) (5)(6)(6)Total U.S.1,304 1,246 1,350 1,296 1,257 1,361 South America Cerro Verde (55.08%)b863 949 985 865 958 988 El Abra (51%)201 219 217 208 219 212 Total South America1,064 1,168 1,202 1,073 1,177 1,200 Indonesia Grasberg minerals district (48.76%)1,015 1,800 1,660 1,205 1,632 1,525 Consolidated3,383 4,214 4,212 3,574 c4,066 c4,086 cLess noncontrolling interests1,007 1,465 1,414 1,107 1,384 1,344 Net2,376 2,749 2,798 2,467 2,682 2,742 Average realized price per pound$4.75 $4.21 $3.85 GOLD (thousands of recoverable ounces) (FCX's net interest in %)U.S. (100%)19 19 15 16 20 16 Indonesia (48.76%)937 1,861 1,978 1,050 1,817 1,697 Consolidated956 1,880 1,993 1,066 1,837 1,713 Less noncontrolling interests480 953 952 538 931 808 Net476 927 1,041 528 906 905 Average realized price per ounce$3,423 $2,418 $1,972 MOLYBDENUM (millions of recoverable pounds) (FCX's net interest in %)Climax (100%)24 18 17 N/AN/AN/AHenderson (100%)13 12 13 N/AN/AN/AU.S. copper mines (100%)a34 30 30 N/AN/AN/ACerro Verde (55.08%)b21 20 22 N/AN/AN/AConsolidated92 80 82 83 78 81 Less noncontrolling interest10 9 10 9 9 10 Net82 71 72 74 69 71 Average realized price per pound$22.63 $21.77 $24.64 COPPER (millions of recoverable pounds) Morenci (72%)a Cerro Verde (55.08%)b c c c GOLD (thousands of recoverable ounces) MOLYBDENUM (millions of recoverable pounds) U.S. copper mines (100%)a Cerro Verde (55.08%)b COPPER (millions of recoverable pounds) Morenci (72%)a Cerro Verde (55.08%)b c c c GOLD (thousands of recoverable ounces) MOLYBDENUM (millions of recoverable pounds) U.S. 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.Consolidated sales volumes exclude purchased copper of 127 million pounds in 2025, 158 million pounds in 2024 and 103 million pounds in 2023. 34 34 34 34 34 34 Table of Contents Table of Contents Table of Contents --- ## 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 (MIND ID), an Indonesia state-owned enterprise and shareholder in PTFI, 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: "56 56 56 56 56 56 Table of Contents Table of Contents Table of Contents 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 PTFI's contractual rights and may conflict with PTFI's contractual rights in the future." - Reworded sentence: "Pursuant to regulations issued during 2024, PTFI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met." - Reworded sentence: "Refer to "Operations - Indonesia" in MD&A and Notes 10 and 11 for a discussion of Indonesia regulatory matters, including those related to export licenses, export duties, export proceeds, smelter assurance bonds and PTFI's new smelter and precious metals refinery (PMR) (collectively, PTFI's downstream processing facilities) in Eastern Java, Indonesia." **Prior (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. **Current (2026):** Maintaining a good working relationship with the Indonesia government, PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise and shareholder in PTFI, 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 (including the downstream operations), 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. 56 56 56 56 56 56 Table of Contents Table of Contents Table of Contents 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 PTFI's contractual rights and may conflict with PTFI's contractual rights in the future. For example, in 2009, the Indonesia government enacted a mining law that sought to modify PTFI's former contract of work, certain provisions of which were not required under or conflicted with PTFI's former contract of work. In December 2018, PTFI was granted an IUPK to replace its former contract of work, enabling PTFI 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, PTFI 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 and the risk factor below relating to potential extension. 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 regulatory matters, including those related to export licenses, export duties, export proceeds, smelter assurance bonds and PTFI's new smelter and precious metals refinery (PMR) (collectively, PTFI's downstream processing facilities) in Eastern Java, Indonesia. With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper and gold. Following the September 2025 mud rush incident, smelting operations in Indonesia at both PTFI's smelter and PT Smelting were temporarily suspended during fourth-quarter 2025 as a result of limited copper concentrate availability. PT Smelting restarted operations in late December 2025 and is expected to operate at reduced rates pending the anticipated second-quarter 2026 restart of mining at the Grasberg Block Cave underground mine. Shipments to PTFI's smelter are expected to recommence in the second half of 2026, pending the successful ramp up of mining operations. We expect higher variability between PTFI's production and sales until its downstream processing facilities achieve normalized operating rates. Following the expiration of its export license on September 16, 2025, PTFI expects all of its concentrate to be processed by its downstream processing facilities and does not have export licenses for copper concentrate or anode slimes. As such, if the downstream processing facilities are not operational when copper concentrate is available, PTFI could be required to reduce production levels or be subject to increased costs, which could adversely impact our revenues and operations. Political considerations and administrative changes resulting from elections, including Indonesia's most recent national legislative and presidential elections held in 2024 and 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 2023, the Indonesia government issued a regulation that required 30% of PTFI's gross export proceeds to be temporarily deposited into Indonesia banks for a period of 90 days before withdrawal. Effective March 1, 2025, the Indonesia government implemented a new regulation (March 2025 Regulation) for export proceeds that requires 100% of PTFI's export proceeds to be deposited into Indonesia banks for 12 months. The March 2025 Regulation allows the use of funds for ongoing business requirements, including dividends to shareholders, payment of taxes and other obligations to the Indonesia government, payment for materials or capital expenditures that are not available domestically and repayment of loans. The Indonesia government is considering additional changes to the March 2025 Regulation; however, the details of the modifications have not been finalized. Refer to Note 10 for further discussion of the March 2025 Regulation. 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 PTFI's contractual rights, which could adversely affect our business, financial condition and results of operations. 57 57 57 57 57 57 Table of Contents Table of Contents Table of Contents --- ## Modified: HUMAN CAPITAL **Key changes:** - Reworded sentence: "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 workplace." - Reworded sentence: "Our Board of Directors (Board) oversees our policies and implementation programs governing our approach to human capital management, with the Corporate Responsibility Committee (CRC) overseeing health and safety matters and the Compensation Committee overseeing other human capital matters." - Reworded sentence: "In the U.S., our employees are not covered by a CLA." - Reworded sentence: "Prolonged strikes and other work stoppages can adversely affect our business, our employees and regional stakeholders." **Prior (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. **Current (2026):** 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 workplace. We believe our global workforce is the foundation of our success. Our Board of Directors (Board) oversees our policies and implementation programs governing our approach to human capital management, with the Corporate Responsibility Committee (CRC) overseeing health and safety matters and the Compensation Committee overseeing other human capital matters. Workforce At December 31, 2025, we had approximately 29,000 employees (13,900 in the U.S., 7,300 in South America, 6,600 in Indonesia and 1,200 in Europe and other locations). We also had contractors employing personnel at many of our operations at various times throughout 2025, including approximately 27,700 in Indonesia (approximately 3,400 at PTFI's downstream processing facilities and approximately 24,300 at the Grasberg minerals district), 18,300 in the U.S., 17,400 at our South America mining operations and 2,100 in Europe and other locations. Certain of these contractors work on projects temporary in nature and that fluctuate from year to year. Approximately 28% of our global employee population is covered by collective labor agreements (CLAs). In the U.S., our employees are not covered by a CLA. Rather, our non-exempt, full-time employees at our active U.S. sites choose 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 employees and regional stakeholders. In December 2025, a group of employees who are members of one of the unions at our Cerro Verde operations participated in a three-day strike action that was declared unfounded by the Peruvian Labor Ministry. Our Cerro Verde operations continued without significant disruption during the strike. We cannot predict whether additional labor disruptions will occur in the future. 29 29 29 29 29 29 Table of Contents Table of Contents Table of Contents A summary of employees covered by CLAs on December 31, 2025, including the number of employees covered and the expiration date of the applicable CLA, follows: LocationNumber of UnionsNumber of Employees Covered by a CLAExpiration DatePTFI - Indonesia32,711 March 2026Cerro Verde - Peru23,604 August 2028 and August 2029El Abra - Chile21,093 April 2029Atlantic Copper - Spain3571 December 2026Stowmarket - United Kingdom 138 May 2026 PTFI - Indonesia Cerro Verde - Peru El Abra - Chile Atlantic Copper - Spain Stowmarket - United Kingdom PTFI - Indonesia Cerro Verde - Peru El Abra - Chile Atlantic Copper - Spain Stowmarket - United Kingdom --- ## Modified: PTFI will not mine all of the mineral reserves in the Grasberg minerals district before the initial term of its IUPK expires in 2031. PTFI's IUPK may not be extended through 2041 if it fails to abide by its terms and conditions and applicable laws and regulations. **Key changes:** - Reworded sentence: "Under the terms of its IUPK, PTFI has been granted mining rights through 2031, with rights to extend its mining rights through 2041, subject to certain terms and conditions." - Reworded sentence: "Our proven and probable mineral reserves in Indonesia reflect estimates of minerals that can be recovered through the end of 2041, and PTFI's current long-term mine plan and planned operations are based on the assumption that PTFI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041." **Prior (2025):** Under the terms of PT-FI's IUPK, PT-FI has been granted mining rights through 2031, with rights to extend its mining rights through 2041, subject to certain terms and conditions. Refer to Note 11 for a summary of the IUPK's key fiscal terms. Our proven and probable mineral reserves in Indonesia reflect estimates of minerals that can be recovered through the end of 2041, and PT-FI's current long-term mine plan and planned operations are based on the assumption that PT-FI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041. As a result, PT-FI will not mine all of these mineral reserves during the initial term of the IUPK. Prior to the end of 2031, we expect to mine 40% of aggregate proven and probable recoverable mineral reserves at December 31, 2024, representing 45% of FCX's net equity share of recoverable copper reserves in Indonesia and 44% of FCX's net equity share of recoverable gold reserves in Indonesia. If PT-FI does not achieve full ramp-up at the new downstream processing facilities, or fulfill its defined fiscal obligations to the Indonesia government as set forth in the IUPK, the IUPK may not be extended from 2031 through 2041, and PT-FI would be unable to mine all of its proven and probable mineral reserves in the Grasberg minerals district, which could adversely affect our business, results of operations and financial position. 55 55 55 55 55 55 Table of Contents Table of Contents Table of Contents PT-FI and the Indonesia government continue to engage in discussions regarding the extension of PT-FI's IUPK beyond 2041. While 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 predict whether the application will be successful in extending PT-FI's IUPK beyond 2041. **Current (2026):** Under the terms of its IUPK, PTFI has been granted mining rights through 2031, with rights to extend its mining rights through 2041, subject to certain terms and conditions. Refer to Note 11 for a summary of the IUPK's key fiscal terms. Our proven and probable mineral reserves in Indonesia reflect estimates of minerals that can be recovered through the end of 2041, and PTFI's current long-term mine plan and planned operations are based on the assumption that PTFI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041. As a result, PTFI will not mine all of these mineral reserves during the initial term of the IUPK. Prior to the end of 2031, we expect to mine 34% of aggregate proven and probable recoverable mineral reserves at December 31, 2025, representing 38% of FCX's net equity share of recoverable copper reserves in Indonesia and 36% of FCX's net equity share of recoverable gold reserves in Indonesia. If PTFI does not fulfill its defined fiscal and other obligations to the Indonesia government as set forth in the IUPK, the IUPK may not be extended from 2031 through 2041, and PTFI would be unable to mine all of its proven and probable mineral reserves in the Grasberg minerals district, which could adversely affect our business, results of operations and financial position. With the completion of PTFI's downstream processing facilities during 2025, FCX and PTFI have advanced discussions with the Indonesia government for a long-term extension of PTFI's operating rights beyond the current expiration in 2041. PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted during 2026. In connection with the extension, PTFI would pursue additional exploration, conduct studies for future additional development and expand its social programs. FCX expects to maintain its ownership interest in PTFI of approximately 49% through 2041 and hold approximately 37% beginning in 2042, following the transfer of an additional interest in PTFI to an Indonesia state-owned enterprise. FCX expects the existing governance agreements would continue over the life of the resource. We cannot guarantee that PTFI will receive an extension of mining rights beyond 2041 or that such extension will be on the terms expected. --- ## Modified: Total FCX - Net equity interestf **Key changes:** - Reworded sentence: "c.El Abra has advanced preliminary feasibility studies for the development of a potential mill project, which would require significant additional capital investment to bring the associated copper to production (refer to "Operations - El Abra" for further discussion)." - Reworded sentence: "e.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion)." **Prior (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% **Current (2026):** 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.El Abra has advanced preliminary feasibility studies for the development of a potential mill project, which would require significant additional capital investment to bring the associated copper to production (refer to "Operations - El Abra" for further discussion). d.PTFI has commenced long-term mine development activities for the Kucing Liar deposit. See "Operations - Indonesia" for discussion of Kucing Liar capital investments. e.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion). f.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). 39 39 39 39 39 39 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2025 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.U.S. Morenci72%Mill5.4 - 0.2 - Crushed leach0.9 - - - ROM leach5.1 - - - Bagdad100%Mill16.1 0.2 0.9 56.5 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach4.7 - - - ROM leach0.6 - - - Sierrita100%Mill9.1 0.1 1.0 38.1 Chino, including Cobre100%Mill2.5 0.3 - 6.6 ROM leach0.1 - - - Tyrone100%ROM leach0.1 - - - Climax100%Mill - - 0.4 - Henderson100%Mill - - 0.1 - 44.7 0.6 2.6 101.3 Recoverable metal in stockpilesa 1.1 - b - b0.2 100% operations 45.8 0.6 2.6 101.5 Consolidated 42.5 0.6 2.6 101.5 Net equity interest 42.5 0.6 2.6 101.5 South America Cerro Verde55.08%Mill24.4 - 0.7 98.6 ROM leach0.2 - - - El Abrac51%Mill18.2 0.1 0.2 47.0 Crushed leach2.2 - - - ROM leach - b - - - 45.0 0.1 0.9 145.6 Recoverable metal in stockpilesa 0.6 - - b0.4 100% operations 45.6 0.1 0.9 146.0 Consolidated 45.6 0.1 0.9 146.0 Net equity interest 24.2 - b0.5 78.5 Indonesia Grasberg Block Cave48.76%Mill9.2 6.8 - 28.6 DMLZ48.76%Mill4.6 4.6 - 25.9 Big Gossan48.76%Mill2.1 1.0 - 13.0 Kucing Liard48.76%Mill8.4 7.6 - 35.9 100% operations 24.2 20.0 - 103.5 Consolidated 24.2 20.0 - 103.5 Net equity interest 11.8 9.7 - 50.5 Total FCX - 100% basis 115.6 20.6 3.5 351.0 Total FCX - Consolidated basise 112.3 20.6 3.5 351.0 Total FCX - Net equity interestf 78.6 10.4 3.1 230.4 72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b b 55.08% El Abrac 51% b Recoverable metal in stockpilesa b b 48.76% 48.76% 48.76% Kucing Liard 48.76% --- ## Modified: Operating Data, Net of Joint Venture Interestsa **Key changes:** - Reworded sentence: "35 35 35 35 35 35 Table of Contents Table of Contents Table of Contents" **Prior (2025):** a.Amounts are net of Morenci's joint venture partners' undivided interest. 33 33 33 33 33 33 Table of Contents Table of Contents Table of Contents **Current (2026):** a.Amounts are net of Morenci's joint venture partners' undivided interest. 35 35 35 35 35 35 Table of Contents Table of Contents Table of Contents --- ## Modified: Employee Engagement, Training and Development **Key changes:** - Reworded sentence: "In support of a highly engaged, agile workforce we prioritize physical and psychological safety and promote the overall well-being of our workforce through access to health and wellness programs, and, where practicable, flexible work opportunities." **Prior (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. **Current (2026):** 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. In support of a highly engaged, agile workforce we prioritize physical and psychological safety and promote the overall well-being of our workforce through access to health and wellness programs, and, where practicable, flexible work opportunities. We further invest in training and development to support internal talent and strengthen our management pipeline reflecting our commitment to our people and our business. 30 30 30 30 30 30 Table of Contents Table of Contents Table of Contents We continued to face challenges in 2025 with a competitive and tight labor market, specifically in the U.S., and we remain committed to assessing our recruitment and training and development programs to adapt to the changing labor market and our company's and employees' needs. We continue to focus our training and development on the skills required for safe production and to build a more agile workforce with the ability to respond to evolving business needs. 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 discussion on human capital matters. --- ## Modified: Total FCX - Net equity interestf **Key changes:** - Reworded sentence: "72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b b 55.08% El Abrac 51% b Recoverable metal in stockpilesa b b 48.76% 48.76% 48.76% Kucing Liard 48.76%" **Prior (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% **Current (2026):** 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.El Abra has advanced preliminary feasibility studies for the development of a potential mill project, which would require significant additional capital investment to bring the associated copper to production (refer to "Operations - El Abra" for further discussion). d.PTFI has commenced long-term mine development activities for the Kucing Liar deposit. See "Operations - Indonesia" for discussion of Kucing Liar capital investments. e.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion). f.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). 39 39 39 39 39 39 Table of Contents Table of Contents Table of Contents Estimated Recoverable Proven and Probable Mineral Reservesat December 31, 2025 (continued) Recoverable Mineral Reserves CopperGoldMolySilver FCX'sProcessingbillionmillionbillionmillion InterestMethodlbs.ozs.lbs.ozs.U.S. Morenci72%Mill5.4 - 0.2 - Crushed leach0.9 - - - ROM leach5.1 - - - Bagdad100%Mill16.1 0.2 0.9 56.5 ROM leach0.1 - - - Safford, including Lone Star100%Crushed leach4.7 - - - ROM leach0.6 - - - Sierrita100%Mill9.1 0.1 1.0 38.1 Chino, including Cobre100%Mill2.5 0.3 - 6.6 ROM leach0.1 - - - Tyrone100%ROM leach0.1 - - - Climax100%Mill - - 0.4 - Henderson100%Mill - - 0.1 - 44.7 0.6 2.6 101.3 Recoverable metal in stockpilesa 1.1 - b - b0.2 100% operations 45.8 0.6 2.6 101.5 Consolidated 42.5 0.6 2.6 101.5 Net equity interest 42.5 0.6 2.6 101.5 South America Cerro Verde55.08%Mill24.4 - 0.7 98.6 ROM leach0.2 - - - El Abrac51%Mill18.2 0.1 0.2 47.0 Crushed leach2.2 - - - ROM leach - b - - - 45.0 0.1 0.9 145.6 Recoverable metal in stockpilesa 0.6 - - b0.4 100% operations 45.6 0.1 0.9 146.0 Consolidated 45.6 0.1 0.9 146.0 Net equity interest 24.2 - b0.5 78.5 Indonesia Grasberg Block Cave48.76%Mill9.2 6.8 - 28.6 DMLZ48.76%Mill4.6 4.6 - 25.9 Big Gossan48.76%Mill2.1 1.0 - 13.0 Kucing Liard48.76%Mill8.4 7.6 - 35.9 100% operations 24.2 20.0 - 103.5 Consolidated 24.2 20.0 - 103.5 Net equity interest 11.8 9.7 - 50.5 Total FCX - 100% basis 115.6 20.6 3.5 351.0 Total FCX - Consolidated basise 112.3 20.6 3.5 351.0 Total FCX - Net equity interestf 78.6 10.4 3.1 230.4 72% 100% 100% 100% 100% 100% 100% 100% Recoverable metal in stockpilesa b b 55.08% El Abrac 51% b Recoverable metal in stockpilesa b b 48.76% 48.76% 48.76% Kucing Liard 48.76% --- ## Modified: Net equity interestf **Key changes:** - Reworded sentence: "a.Estimated consolidated recoverable copper reserves include 1.4 billion pounds in leach stockpiles and 0.2 billion pounds in mill stockpiles (refer to "Mill and Leach Stockpiles" for further discussion)." - Reworded sentence: "Refer to Note 11 for discussion of PTFI's IUPK." **Prior (2025):** Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) South Americab Indonesiac **Current (2026):** Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) b Indonesiac --- ## Modified: Total FCX - Net equity intereste **Key changes:** - Reworded sentence: "b.El Abra has advanced preliminary feasibility studies for the development of a potential mill project, which would require significant additional capital investment to bring the associated copper to production (refer to "Operations - El Abra" for further discussion)." - Reworded sentence: "d.Consolidated reserves represent estimated quantities after reduction for Morenci's joint venture partner interests (refer to Note 2 for further discussion)." **Prior (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% **Current (2026):** 72% a 100% a a 100% 100% a a 100% 100% 100% 100% 55.08% 51% Millb 48.76% 48.76% 48.76% Kucing Liarc 48.76% --- ## Modified: International risks **Key changes:** - Reworded sentence: "•Geopolitical, economic, regulatory and social risks for our operations; and •PTFI's failure to meet its commitments to achieve the extension of its IUPK." **Prior (2025):** •Geopolitical, economic, regulatory and social risks for our operations; and •PT-FI's failure to meet its commitments to achieve the extension of its IUPK. 47 47 47 47 47 47 Table of Contents Table of Contents Table of Contents **Current (2026):** •Geopolitical, economic, regulatory and social risks for our operations; and •PTFI's failure to meet its commitments to achieve the extension of its IUPK. 49 49 49 49 49 49 Table of Contents Table of Contents Table of Contents --- ## Modified: Total FCX - Net equity interestd **Key changes:** - Reworded sentence: "46 46 46 46 46 46 Table of Contents Table of Contents Table of Contents Estimated Mineral Resourcesat December 31, 2025a (continued) Measured + IndicatedTotal Mineral Resources Million Metric TonsMillion Metric TonsAverage Ore GradeContained MetalbCutoff Gradec FCX'sProcessingFCX's100%FCX's100%CopperGoldMolySilverCopperGoldMolySilver InterestMethodInterestBasisInterestBasis%g/t%g/tbillion lbs.million ozs.billion lbs.million ozs.Grade %U.S." **Prior (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% **Current (2026):** 100% Basis 55.08% a 72% 100% b 100% 100% 100% b 100% 100% 55.08% 51% --- ## Modified: Net equity interestf **Key changes:** - Reworded sentence: "Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) b Indonesiac" **Prior (2025):** Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) South Americab Indonesiac **Current (2026):** Coppera (billion pounds) Gold (million ounces) Molybdenum (billion pounds) b Indonesiac --- *Data sourced from SEC EDGAR. Last updated 2026-06-01.*