#1#2ELECTRIFYING THE FUTURE Cautionary Statement Regarding Forward-Looking Statements LLETS FREEPORT FOREMOST IN COPPER This presentation contains forward-looking statements in which FCX discusses its potential future performance. 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; ore grades and milling rates; production and sales volumes; unit net cash costs; capital expenditures; operating costs; operating plans; cash flows; liquidity; PT-FI's financing, construction and completion of additional domestic smelting capacity in Indonesia in accordance with the terms of its special mining license (IUPK); FCX's commitments to deliver responsibly produced copper, including plans to implement and validate all of its operating sites under the Copper Mark and to comply with other disclosure frameworks; execution of FCX's energy and climate strategies and the underlying assumptions and estimated impacts on FCX's business related thereto; achievement of climate commitments and net zero aspirations; improvements in operating procedures and technology innovations; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; export quotas and duties; 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 proceedings; and the ongoing implementation of FCX's financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases. The words "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "could," "to be," "potential," "assumptions," "guidance," "aspirations," "future" and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable) and timing and amount of any share repurchases is at the discretion of the Board of Directors (Board) and management, respectively, and is subject to a number of factors, including maintaining FCX's net debt target, capital availability, FCX's financial results, cash requirements, business prospects, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by the Board or management, as applicable. The share repurchase program may be modified, increased, suspended or terminated at any time at the Board's discretion. FCX cautions 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 FCX's actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities we produce, primarily copper; changes in FCX's cash requirements, financial position, financing or investment plans; changes in general market, economic, tax, regulatory or industry conditions, including as a result of Russia's invasion of Ukraine; reductions in liquidity and access to capital; the ongoing COVID-19 pandemic and any future public health crisis; political and social risks; operational risks inherent in mining, with higher inherent risks in underground mining; fluctuations in price and availability of commodities purchased; constraints on supply, logistics and transportation services; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations; production rates; timing of shipments; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; the potential effects of violence in Indonesia generally and in the province of Papua; the Indonesia government's extension of PT-FI's export license after March 19, 2023; satisfaction of requirements in accordance with PT-FI's IUPK to extend mining rights from 2031 through 2041; the Indonesia government's approval of a deferred schedule for completion of additional domestic smelting capacity in Indonesia; cybersecurity incidents; labor relations, including labor-related work stoppages and costs; the results of the human health assessment to evaluate the potential impacts of tailings and mining waste, and compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks and litigation results; FCX's ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading "Risk Factors" in FCX's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (SEC). Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs or technological solutions and innovation, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. This presentation also includes forward-looking statements regarding mineral resources not included in proven and probable mineral reserves. A mineral resource, which includes measured, indicated and inferred mineral resources, is a concentration or occurrence of material of economic interest in or on the Earth's crust 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 legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material factors. This presentation also includes forward-looking statements regarding mineral potential, which includes exploration targets and mineral resources but will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Significant additional evaluation is required and no assurance can be given that the potential quantities of metal will be produced. Accordingly, no assurances can be given that estimated mineral resources or estimated mineral potential not included in mineral reserves will become proven and probable mineral reserves. This presentation also contains financial measures such as unit net cash costs (credits) per pound of copper, net debt and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which are not recognized under U.S. generally accepted accounting principles (GAAP). As required by SEC Regulation G, FCX's calculation and reconciliation of unit net cash costs (credits) per pound of copper and reconciliation of amounts reported in FCX's consolidated financial statements to net debt are in the supplemental schedules of FCX's 1Q22 press release, which is available on FCX's website, fcx.com. A reconciliation of amounts reported in FCX's consolidated financial statements to adjusted EBITDA is included on slide 34. For forward-looking non-GAAP measures we are unable to provide a reconciliation to the most comparable GAAP financial measure because the information needed to reconcile these measures is dependent upon future events, many of which are outside of management's control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions. 2#31Q22 Highlights Continued strong execution of operating plans. Copper & gold sales 24-59% above 1Q21 actuals o Copper & gold sales 6-8% above January 2022 est. 1Q unit net cash costs in line with January 2022 est. o Indonesia achieved unit net cash credit of $0.06 per lb Operating cash flow more than double capital spending Repurchased -$1.1 bn in common stock since Board authorization ● ● ● ELECTRIFYING THE FUTURE ● Advancing organic growth initiatives. Achieved the Copper Mark at Chino and Tyrone o Total of 9 sites validated to date • Favorable operational and market outlook (1) Includes working capital and other uses of $0.8 bn. (2) Includes $0.4 bn for major projects and $0.1 bn for the Indonesia smelter projects. (3) Net debt equals consolidated debt less consolidated cash. 1Q22 includes $0.6 bn in debt associated with the Indonesia smelter projects. See Cautionary Statement. Key Stats Copper Sales (mm lbs) Gold Sales (k ozs) Unit Net Cash Costs ($/lb) Copper Realization $4.66/lb Cash Flows $1.7 (1) Operating Cash Flow 1Q22 $0.7 (2) CAPEX ($ bns) FREEPORT FOREMOST IN COPPER Actual 1,024 409 $1.33 Gold Realization $1,920/oz January Estimate 970 380 $1.35 Net Debt (3) $5.2 1Q21 $1.3 1Q22 3#4#5Celebrating 55 years of Success in Indonesia Impressive Past Copper Production (bn lbs) Gold Production (mm ozs) Gross Revenues GRASBERG 38.2 54.2 ~$112 Billion (¹) Grasberg Ertsberg ELECTRIFYING THE FUTURE 55 FREEPORT INDONESIA 1967 - 2022 ΚΕΡ, ΚΑΙ (1) Based on average historical prices of $1.62/lb of Cu and $634/oz of Au. (2) Future gross revenues of remaining reserves (2022e - 2041e) based on $4.50/lb Cu and $1,800/oz Au. See Cautionary Statement. SAMUDERA PASIFIK Cendrawan KEP ARU Grasberg Minerals District TAHUN M P. YAFE LAUT ARAFURA C The g Robust Future Remaining Copper Reserves (bn lbs) Remaining Gold Reserves (mm ozs) Future Gross Revenues OFFI FREEPORT FOREMOST IN COPPER 32.2 26.6 +$190 Billion (2) STAA LO 5#6#7#8#9#10#11#12#13#14#15#16#17#18#19#20#21#22#23#24#25#26#27#28#29#30#31#32#33