#1THE POWER OF COPPER FCX LISTED NYSE. ICMM Member THE COPPER MARK FCX Conference Call 3rd Quarter 2023 Results October 19, 2023 FREEPORT FOREMOST IN COPPER fcx.com#2FREEPORT FOREMOST IN COPPER THE POWER OF COPPER Cautionary Statement This presentation contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections, or expectations relating to business outlook, strategy, goals or targets; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs and operating costs; capital expenditures; 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); extension of PT Freeport Indonesia's (PT-FI) IUPK beyond 2041 and export licenses; PT-FI's resumption of exports of anode slimes; payment of export duties; export volumes; FCX's commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks; execution of FCX's energy and climate strategies and the underlying assumptions and estimated impacts on FCX's business and stakeholders related thereto; achievement of 2030 climate targets and 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; the impact of the August 2023 cybersecurity incident; 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 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," "commitments,' "pursues," "initiatives," "objectives," "opportunities," "strategy" 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 are at the discretion of the Board of Directors (Board) and management, respectively, and are subject to a number of factors, including not exceeding FCX's net debt target, capital availability, FCX's financial results, cash requirements, 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. 39 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 FCX produces, primarily copper; PT-FI's ability to continue to export and sell copper concentrates and anode slimes; changes in export duties, including results of proceedings to dispute export duties; the Indonesia government's approval of a deferred schedule for completion of additional domestic smelting capacity in Indonesia; production rates; timing of shipments; price and availability of consumables and components FCX purchases as well as constraints on supply and logistics, and transportation services; changes in FCX's cash requirements, financial position, financing or investment plans; changes in general market, economic, regulatory or industry conditions; reductions in liquidity and access to capital; changes in tax laws and regulations, including the impact of the U.S. Inflation Reduction Act; any major public health crisis; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PT-FI's IUPK to extend mining rights from 2031 through 2041; discussions relating to the extension of PT-FI's IUPK beyond 2041; cybersecurity incidents; labor relations, including labor-related work stoppages and costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; litigation results; tailings management; 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, 2022, filed with the U.S. Securities and Exchange Commission (SEC), as may be updated by FCX's subsequent filings with the 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 innovations, 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. Estimates of mineral reserves and mineral resources are subject to considerable uncertainty. Such estimates are, to a large extent, based on metal prices for the commodities we produce and interpretations of geologic data, which may not necessarily be indicative of future results or quantities ultimately recovered. This presentation 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 modifying 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 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 mineral potential will become proven and probable mineral reserves. This presentation also contains measures such as unit net cash costs per pound of copper and molybdenum, net debt and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which are not recognized under U.S. generally accepted accounting principles (GAAP). FCX's calculation and reconciliation of unit net cash costs per pound of copper and net debt to amounts reported in FCX's consolidated financial statements are in the supplemental schedules of FCX's 3Q23 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 29. For forward-looking non-GAAP measures FCX is unable to provide a reconciliation to the most comparable GAAP 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 FCX's 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#3● ● ● 3Q23 Highlights FREEPORT FOREMOST IN COPPER Solid operational performance o Copper sales: 8% above July 2023 estimate o Gold production of 532k ozs exceeded sales (timing) Unit net cash costs similar to prior year Variance to July estimate relates to disputed export duties at PT-FI Adjusted EBITDA of $2.2 bn (1) • Construction of Indonesia smelter ~84% complete ● • Solid balance sheet and financial flexibility ● o Net Debt of $3.2 bn ($0.8 bn excluding smelter projects) (2) (1) A reconciliation of amounts reported in FCX's consolidated financial statements to Adjusted EBITDA is included on slide 29. (2) Net debt equals consolidated debt less consolidated cash and cash equivalents and current restricted cash associated with PT-FI's export proceeds ($0.5 bn). Also excludes $2.4 bn in net debt associated with the Indonesia smelter projects. (3) Includes working capital and other uses of $0.5 bn for 3Q23 and $0.7 bn for the 9 months ended 9/30/23. (4) Includes $0.4 bn for major projects and $0.4 bn for the Indonesia smelter projects in 3Q23 and $1.2 bn for major projects and $1.2 bn for the Indonesia smelter projects for the 9 months ended 9/30/23. See Cautionary Statement. Key Stats Copper Sales (mm lbs) Gold Sales (k ozs) Unit Net Cash Costs ($/lb) 3Q23 Price Realization $1.2 (3) Oper. Cash Flow $0.8 CAPEX Excl. Smelter 3Q23 $1.2 (4) 3Q23 Actual 1,109 399 $1.73 Cash FlowS ($ bns) CAPEX Copper $3.80/lb THE POWER OF COPPER $4.0 (3) $2.3 July Estimate 1,030 420 $1.61 Gold $1,898/oz $3.5 (4) 9 mos. Ended 9/30/23 3#4Inventories (metric tons) 1,500,000 1,200,000 900,000 600,000 300,000 Copper Market Commentary Copper Price Global Copper Exchange Inventories Includes LME, COMEX and Shanghai exchanges Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Source: Bloomberg as of 10/18/23 See Cautionary Statement. 0 Jan-22 FREEPORT FOREMOST IN COPPER Jul-23 Cu Price ($/lb) $5.00 Oct-23 $4.50 $4.00 $3.50 $3.00 $2.50 Copper Structurally Supported by Favorable Long-term Fundamentals ● ● ● ● THE POWER OF COPPER Rising interest rates, US$ strength and global geopolitical and macro-economic uncertainty impacting sentiment Exchange inventories remain at historically low levels, despite recent build Copper consumption globally, led by China, is growing • EV/renewables trends are copper intensive and supportive of future demand Significant new supply needed to meet growing demand ● • Long lead-times for new supplies Higher prices needed to incentivize supply development 4#53Q 2023 Operations Update Strong execution North America Leach Innovation Initiatives ○ 46 mm lbs Cu in 3Q23; over 3x 3Q22 o 90% of YE 2023 targeted annual run rate o Pursuing new technologies to increase. recoveries beyond initial target Productivity Initiatives o Continued focus on productivity, efficiencies and improved equipment reliability Bagdad o Advancing autonomous haulage Cu Sales: 372 mm lbs See Cautionary Statement. FREEPORT FOREMOST IN COPPER - South America Cerro Verde o 3Q23 Mill Rate: 431k tpd Quarterly record El Abra o Advancing plans to invest in water infrastructure to provide options to extend existing operations Cu Sales: 307 mm lbs Indonesia Grasberg 3Q23 Mill Rate: 207k tpd - Commissioned new crusher to support increased mining rates in the GBC THE POWER OF COPPER 3Q production of over 400 mm lbs of copper and 500k ozs of gold 111 0000000 Cu Sales: 430 mm lbs Au Sales: 395 k ozs LO 5#6FREEPORT FOREMOST IN COPPER Organic Development Pipeline FCX Copper Reserves (1) 111 bn lbs Near-Term Leach Innovation Initiatives -200 mm lbs* North America Staffing & Asset Efficiency -200 mm lbs* FCX Copper Resources (1) 235 bn lbs Long-Term Potential Medium-Term Potential Step Change in Leaching Technology -600 mm lbs* Bagdad 2X Expansion -200 mm lbs* El Abra Expansion -650 mm lbs* THE POWER OF COPPER Kucing Liar -550 mm lbs & 560k ozs* Safford / Lone Star Sulfides ~50 bn lbs Mineral Potential (2) Other U.S. Brownfield Opportunities ~100 bn lbs Mineral Potential (2) Grasberg Extension of Operating Rights Beyond 2041 opens significant development potential *Annual production estimates (1) As of 12/31/22. Copper reserves (recoverable metal) based on long-term average price of $3.00/lb; copper resources (contained metal) based on long-term average price of $3.50/lb. Mineral resources are not included in mineral reserves and will not qualify as mineral reserves until comprehensive engineering studies establish legal and economic feasibility. Accordingly, no assurance can be given that the estimated mineral resources will become proven and probable mineral reserves. (2) Estimated mineral potential 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 assurance can be given that estimated mineral potential not included in mineral reserves will become proven and probable mineral reserves. See Cautionary Statement. 6#7Annual Sales Profile October 2023 Estimate Copper 5.00 Sales (billion lbs) 4.00 3.00 2.00 1.00 0.00 4.06 2023e* 4.2 2024e* FREEPORT FOREMOST IN COPPER 4.2 2025e NOTE: Consolidated copper sales include 1.3 bn lbs in 2023e, 1.4 bn lbs in 2024e and 1.36 bn lbs in 2025e for noncontrolling interests; excludes purchased copper. Gold Sales (million ozs) 2 Moly Sales (million lbs) 1 0 100 75 2023e* 2024e* 2025e NOTE: Consolidated gold sales include 826k ozs in 2023e, 922k ozs in 2024e and 820k ozs in 2025e for noncontrolling interests. 50 25 1.74 0 1.8 2023e 85 80 m THE POWER OF COPPER 2024e 1.6 90 2025e Estimates assume deferrals of ~100 mm lbs of copper and ~180k ozs of gold in 2023 related to production deferred in inventory until final sale associated with PT-FI's tolling arrangement with PT Smelting (effective January 2023) and -90 mm lbs of copper and ~80k ozs of gold in 2024 related to PT-FI's Manyar smelter (expected to be commissioned in 2024). e = estimate. See Cautionary Statement. 7#82023e Operational Data SOLAN FREEPORT FOREMOST IN COPPER 2023e Sales by Region 1,373 Cu mm lbs North America 80 (1) Mo mm lbs 2023e Unit Net Cash Costs (3) (per lb of Cu) Site Production & Delivery (4) By-product Credits Treatment Charges Royalties & Export Duties Unit Net Cash Costs South America 1,194 Cu mm lbs North America $2.98 (0.48) 0.12 0.00 $2.62 South America $2.56 (0.42) 0.19 0.01 $2.34 Indonesia 1,489 Cu mm lbs Indonesia $1.68 (2.31) 0.36 0.42 (5) THE POWER OF COPPER $0.15 1.74 (2) Au mm ozs Consolidated $2.38 (1.14) 0.23 0.16 (5) $1.63 (1) Includes molybdenum produced in South America. (2) Includes gold produced in North America. (3) Estimates assume average prices of $1,900/oz for gold and $20/lb for molybdenum in 4Q23e. Quarterly unit costs will vary significantly with quarterly metal sales volumes. (4) Production costs include profit sharing in South America and severance taxes in North America. (5) Estimates include assessment of 7.5% export duty at PT-FI, which continues to be discussed with the Indonesia government. 2023e consolidated unit costs include 7¢/lb (and Indonesia unit costs 19¢/lb) for export duties. e = estimate. See Cautionary Statement. 8