#1THE POWER OF COPPER FCX LISTED NYSE. THE COPPER ICMM Member MARK FCX Conference Call 2nd Quarter 2023 Results July 20, 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. 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-FI's IUPK beyond 2041 and export licenses; PT-FI's timely resumption of exports; 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 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 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 maintaining 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. 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 timely; changes in 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, 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, 2022, 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 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 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 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 2Q23 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 27. 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#32Q 2023 Highlights APPE Required Face 1 Bubbereld Deat CALCOL See Cautionary Statement. Copper Production Sales Price Realization (1) 1,067 1,029 $3.84 mm lbs mm lbs per lb. Gold 483 k ozs FREEPORT FOREMOST IN COPPER 495 $1,942 kozs per oz Molybdenum 21 mm lbs 20 mm lbs $24 per lb Unit Net Cash Costs (Credits) $1.47/lb Consolidated Better than April Guidance $(0.09)/lb Indonesia Adjusted EBITDA (2) $2.14 bn Operating Cash Flow $1.7 bn 40 Including $0.2 bn in working capital and other sources THE POWER OF COPPER Capital Expenditures $0.7 bn Excluding smelter projects Net Debt (3) $0.9 bn Excluding smelter projects $1.2 bn Total $2.8 bn Total (1) Reflects shipping delays in Indonesia associated with renewal of PT-FI's export license. (2) A reconciliation of amounts reported in FCX's consolidated financial statements to Adjusted EBITDA is included on slide 27. (3) Net debt equals consolidated debt less consolidated cash. 3#4FREEPORT FOREMOST IN COPPER Notable Operational Highlights - 2Q23 Cerro Verde o2Q23 Mill Rate: 425k tpd, -5% Above 1Q23 Grasberg 2Q23 Mill Rate: 207k tpd, -25% Above 1Q23 o Unit Net Cash Credit: 9¢/lb of copper Smelter Construction Progress o Manyar Greenfield Smelter is ~75% Complete with Commissioning Expected in 2024 Leaching Recovery Initiatives o 29 mm lbs Cu in 2Q23. o 2.5x 2Q22 See Cautionary Statement. TT CO f For ro 793B CAT THE POWER OF COPPER 137 017#5FREEPORT FOREMOST IN COPPER Indonesian Regulatory Update Indonesia President Joko Widodo visited the Manyar smelter construction site in June 2023 and witnessed the substantial progress being made to establish additional downstream processing for copper concentrates in Indonesia. THA ● Downstream development is a strategic national policy priority • PT-FI expanding domestic capacity to meet requirements 2020 law restricted exports of "certain minerals" beginning June 2023 ● THE POWER OF COPPER • In June and July 2023, various ministries completed regulatory processes to enable ongoing exports of copper concentrates through May 2024 for exporters with more than 50% smelter progress* • PT-FI has met requirements and expects to commence exports in late July 2023 ● ● PT-FI will continue to work with government to continue exports until smelter projects are fully operational PT-FI also working with government on applicability of July 2023 tariffs given stabilized terms of IUPK * PT-FI has obtained an export recommendation from Ministry of Energy and Mineral Resource for 1.7 million metric tons of concentrate, which is expected to cover PT-FI's 2023 export volumes, and has received assurances that its export license will be granted promptly. Estimates and projections in this presentation assume resumption of exports at PT-FI beginning in late July 2023. See Cautionary Statement. 5#6Current Copper Market Commentary Slowing global growth in manufacturing sector ● ● ● FREEPORT FOREMOST IN COPPER Copper - The Metal of Electrification ● Auto sector/EVs growing rapidly Copper-intensive expansion of renewables and supporting infrastructure China's copper consumption continues to grow despite property sector weakness (growth in EV/renewables) Supply challenges persist Notable low inventory levels (1) Source: S&P Global copper study published in July 2022 (2) Source: International Monetary Fund See Cautionary Statement. Copper Demand Forecast (1) (mm tonnes) ~25 2022 -50 THE POWER OF COPPER 2035 Looming supply gap expected Prices will need to rise to incentivize new supplies • Intensity of copper use in electrification is rising • Low carbon technologies driving massive growth in metals demand • Renewables growth from 10% to 60% of power under 2050 net zero (²) 6#7Annual Sales Profile July 2023 Estimate Copper 5.0 Sales (billion lbs) 4.0 3.0 2.0 1.0 0.0 4.0 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 827k ozs in 2023e, 922k ozs in 2024e and 820k ozs in 2025e for noncontrolling interests. 50 25 1.75 0 1.8 79 THE POWER OF COPPER 2023e 1.6 85 III 2024e 90 2025e * Estimates assume deferrals of ~90 mm lbs of copper and ~130k 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 ~100 mm lbs of copper and ~105k 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 1,376 Cu mm lbs North America 79 (1) Μο 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 (Credits) South America 1,202 Cu mm lbs North America $2.90 (0.46) 0.12 $2.56 South America $2.54 (0.41) 0.19 0.01 $2.33 Indonesia 1,439 Cu mm lbs Indonesia $1.70 (2.39) 0.37 0.26 (5) THE POWER OF COPPER $(0.06) 1.75 (2) Au mm ozs Consolidated $2.36 (1.14) 0.23 0.10 (5) $1.55 (1) Includes molybdenum produced in South America. (2) Includes gold produced in North America. (3) Estimates assume average prices of $1,950/oz for gold and $20/lb for molybdenum for 2H23e. 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) Assumes no change in Indonesian export duties. A 7.5% export duty would impact 2023e consolidated unit costs by 7¢/lb (and Indonesia unit costs by 19¢/lb). e = estimate. See Cautionary Statement. 8#9FREEPORT FOREMOST IN COPPER EBITDA and Cash Flow at Various Copper Prices Assuming $1,950/oz gold, $20/lb molybdenum EBITDA Operating Cash Flow Excludes working capital changes $16 ($ in bns except copper, gold and molybdenum prices) $12 $8 $4 $0 $12 $9 $6 $3 $0 Average '24e/'25e Cu $4.00/lb Average '24e/'25e Cu $4.00/lb Cu $4.50/lb Cu $4.50/lb Cu $5.00/lb Cu $5.00/lb Sensitivities Average '24e/'25e (US$ in mms) EBITDA Copper THE POWER OF COPPER +/-$0.10/lb $425 Molybdenum +/-$1.00/lb $ 80 +/-$50/oz $ 80 Gold Currencies (1) +/-10% Diesel $240 +/-10% $ 90 Operating Cash Flow Copper Molybdenum +/-$1.00/lb Gold +/-$50/oz Currencies (1) +/-10% +/-10% Diesel +/-$0.10/lb $335 $ 75 $ 55 NOTE: EBITDA equals operating income plus depreciation, depletion and amortization. e = estimate. See Cautionary Statement. (1) U.S. Dollar Exchange Rates: 790 Chilean peso, 14,900 Indonesian rupiah, $0.68 Australian dollar, $1.08 Euro, 3.61 Peruvian Nuevo Sol base case assumption. Each + 10% equals a 10% strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecasted expenditures in these foreign currencies equates to a cost benefit of noted amounts. $170 $65 9#10FREEPORT FOREMOST IN COPPER Consolidated Capital Expenditures Excluding Indonesia Smelter Projects CAPEX (1) ($ in bns) Major Projects $2.7 Discretionary Planned $1.4 Other $1.0 2022 $3.2 Discretionary $0.7 Planned $1.3(2) Other $1.2 2023e $3.8 Discretionary $1.3 Planned $1.0(2) Other $1.5 2024e (1) See slide 25; Indonesia smelter projects are being funded with net proceeds from PT-FI's April 2022 senior notes offering and availability under its revolving credit facility. (2) Major projects include CAPEX associated with Grasberg underground development and supporting mill and power capital costs ($1.1 bn in 2023e and $0.7 bn in 2024e). For details of discretionary spending see slide 24. NOTE: Amounts include capitalized interest. Discretionary CAPEX and smelter spending will be excluded from the free cash flow (as defined on slide 12) calculation for purposes of the performance-based payout framework. e= estimate. See Cautionary Statement. THE POWER OF COPPER 10#11Organic Development Pipeline FCX Copper Reserves (1) - 111 bn lbs Near-Term Leach Initiatives -200 mm lbs* FREEPORT FOREMOST IN COPPER North America Staffing & Asset Efficiency -200 mm lbs* FCX Copper Resources (1) Medium-Term Potential Step Change in Leaching Technology -600 mm lbs* Bagdad 2X Expansion -200 mm lbs* El Abra Expansion -650 mm lbs* Kucing Liar -550 mm lbs & 560 k ozs * THE POWER OF COPPER 235 bn lbs Long-Term Potential 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. 11#12FREEPORT FOREMOST IN COPPER Financial Policy: Performance-Based Payout Framework -50% free cash flow (1) for shareholder returns Maintaining Strong Balance Sheet Net Debt/Adjusted EBITDA Less than 1x $3.4 Net Debt, excluding smelter projects $ in bns $3-$4 bn Net Debt Target $0.9 (2) 6/30/2023 Providing Cash Returns to Shareholders $3.4 bn Distributed Since 6/30/21 Base Dividend 26% Variable Dividend 19% Share Repurchases (3) 55% THE POWER OF COPPER ● Advancing Organic Growth Opportunities • Positioned for future growth • New projects in progress o Kucing Liar o Lone Star oxide expansion o Grasberg Mill recovery project o Atlantic Copper Circular Organic project pipeline Leach innovation initiatives o Bagdad 2X o Lone Star sulfide expansions o El Abra expansion. 6/30/2021 Board will review structure of performance-based payout framework at least annually (1) Available cash flows generated after planned capital spending (excluding Indonesia smelter projects funded with debt and discretionary CAPEX) and distributions to noncontrolling interests. (2) Net debt equals consolidated debt less consolidated cash. Excludes $1.9 bn in net debt associated with the Indonesia smelter projects. (3) FCX has acquired 47.9 mm shares of its common stock for a total cost of $1.8 bn ($38.35 avg. cost per share) under program since November 2021. See Cautionary Statement. 12#13Responsible producer of scale Long-lived reserves EXECUTING CLEARLY DEFINED STRATEGY FOCUSED ON COPPER BEGRE Embedded growth options FREEPORT FOREMOST IN COPPER Experienced management team Strong balance sheet Cash returns to shareholders#14THE POWER OF COPPER TEAM FREEPORT FOREMOST IN COPPER 1#15THE POWER OF COPPER Reference Slides FREEPORT FOREMOST IN COPPER