#1CHARGING AHEAD RESPONSIBLY. RELIABLY. RELENTLESSLY. FCX Conference Call 3rd Quarter 2021 Results October 21, 2021 F-M fcx.com FCX LISTED NYSE. A member of ICMM International Council on Mining & Metals FREEPORT FOREMOST IN COPPER#2Cautionary Statement Regarding Forward-Looking Statements 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 ore grades and milling rates; business outlook; production and sales volumes; unit net cash costs; cash flows; capital expenditures; liquidity; operating costs; operating plans; FCX's financial policy; PT-FI's ramp-up of underground mining activities and future cash flows through 2022; PT-FI's development, financing, construction and completion of new domestic smelting capacity in Indonesia in accordance with the terms of the special mining license (IUPK); expectations regarding negotiations with hourly employees at Cerro Verde including completion of new CLAS; FCX's commitments to deliver responsibly produced copper, including plans to implement and validate all 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 climate commitments by 2030 and 2050 net zero aspirations; improvements in operating procedures and technology; exploration efforts and results; development and production activities, rates and costs; tax rates; export quotas and duties; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineralization and reserve estimates; execution of the settlement agreements associated with the Louisiana coastal erosion cases and talc-related litigation; descriptions of our objectives, strategies, plans, goals or targets; and future returns to shareholders, including dividend payments and share repurchases. The words "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "could," "to be," "potential," "assumptions," "guidance," "future" and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration of future dividends or the execution of any share repurchases is at the discretion of the Board of Directors (Board) and will depend on FCX's financial results, cash requirements, future prospects, global economic conditions, and other factors deemed relevant by the Board. 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, changes in the credit ratings of FCX; changes in FCX's cash requirements, financial position, financing plans or investment plans; changes in general market, economic, tax, regulatory or industry conditions; the duration and scope of and uncertainties associated with the COVID-19 pandemic (including new and emerging strains and variants of COVID-19), and the impact thereof on commodity prices, FCX's business and the global economy and any related actions taken by governments and businesses; FCX's ability to contain and mitigate the risk of spread or major outbreak of COVID-19 at its operating sites, including at PT-FI's remote operating site in Papua; supply of and demand for, and prices of, copper, gold and molybdenum; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations; production rates; timing of shipments; results of 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 15, 2022; risks associated with underground mining; 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 new domestic smelting capacity in Indonesia; expected results from improvements in operating procedures and technology, including innovation initiatives; industry risks; regulatory changes; political and social risks; labor relations, including labor-related work stoppages and costs; weather- and climate-related risks; environmental risks; litigation results and completion of settlement agreements; cybersecurity incidents; changes in general market, economic and industry conditions; financial condition of FCX's customers, suppliers, vendors, partners and affiliates, particularly during weak economic conditions and extended periods of volatile commodity prices; reductions in liquidity and access to capital; FCX's ability to comply with its responsible production commitments under specific frameworks and any changes to such frameworks; FCX's ability to consummate the redemption of senior notes 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, 2020, 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 each 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 mineralized material not included in proven and probable mineral reserves. Mineralized material is a mineralized body that has been delineated by appropriately spaced drilling and/or underground sampling to support the estimated tonnage and average metal grades. Such a deposit cannot qualify as recoverable proven and probable reserves until legal and economic feasibility are confirmed based upon a comprehensive evaluation of development costs, unit 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 mineralized material and estimated mineral potential not included in reserves will become proven and probable mineral reserves. This presentation also contains financial measures such as unit net cash costs 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 per pound of copper and net debt to amounts reported in FCX's consolidated financial statements are in the supplemental schedules of FCX's 3Q 21 press release, which is available on FCX's website, "fcx.com." A reconciliation of adjusted EBITDA to amounts reported in FCX's consolidated financial statements is included on slide 37. 2#3>>> Prioritizing health and safety 3Q21 Highlights Strong Execution - Continuing our Momentum › Significant increase in COVID vaccination rates FREEPORT FOREMOST IN COPPER Copper Sales (1) Growing 3Q21 (million lbs) 3Q20 848 >>> Strong financial results and cash flow generation › Reduced net debt by $5.6 billion since 9/30/20 1,033 >>> Ongoing success with ramp-up of Grasberg underground mines > 15% increase in mining rates from 2Q21 › Annualized metals production on target to reach post ramp-up targets by YE 2021 >>> Favorable operational and market outlook >>> Evaluating future organic growth opportunities Positioned for increasing capital returns to shareholders >>> Added two new independent directors to FCX Board > 4 new directors in 2021 > 9 directors on Board >>> Advancing climate initiatives Adjusted 3Q21 EBITDA (2) Increasing ($ in billions) 3Q20 $1.4 Net Debt (3) Declining ($ in billions) 3Q21 $2.0 3Q20 (1) Consolidated copper sales. $3.0 $7.6 (2) Adjusted EBITDA is a non-GAAP financial measure. See reconciliation to net income on slide 37. (3) Net debt equals consolidated debt less consolidated cash and cash equivalents; consolidated debt includes $146 mm in borrowings associated with the Indonesia smelter project. See Cautionary Statement.#4Published Updated Climate Report FREEPORT FOREMOST IN COPPER >>> Report details FCX's focus on: › Reducing Greenhouse Gas (GHG) emissions > Improving energy efficiency › Advancing the use of renewable energy › Understanding and enhancing resilience. Established PT-FI 30% GHG emissions intensity reduction target by 2030 > In addition, Americas Copper 15% GHG intensity reduction target by 2030 was established last year >>> Announced 2050 Net Zero Aspiration >>> Completed first global climate scenario analysis >>> Progressed alignment with the Task Force on Climate-related Financial Disclosures (TCFD) >>> Aligned with commitment by ICMM members to reduce carbon emissions F:v FREEPORT- MCMORAN CHARGING AHEAD RESPONSIBLY. RELIABLY. RELENTLESSLY. 2020 CLIMATE REPORT >>> Report available at fcx.com/sustainability NOTE: FCX's 2030 GHG intensity reduction targets exclude Scope 3 and are versus a 2018 baseline. FCX's 2050 Net Zero aspiration, including challenges and opportunities, is outlined in more detail in our 2020 Climate Report. For more information on our climate strategy and performance, please refer to our 2020 Climate Report available at fcx.com/sustainability. See Cautionary Statement.#5Copper - Metal of the Future Critical to Global Decarbonization FREEPORT FOREMOST IN COPPER Intensity of Use Is Increasing with Decarbonization More than 65% of the world's copper is used in applications that deliver electricity. Electric vehicles use up to four times more copper than internal combustion engines. Renewable energy technologies use four to five times more copper than fossil fuel power generation. Copper consumption associated with electric vehicles and renewable energy technologies to grow rapidly. Freeport is strategically positioned as a leading copper producer. Source: International Copper Association See Cautionary Statement. 5#6Compelling Investment Case For Copper & Freeport Rising Demand + >>> Global economic recovery and infrastructure development >>> New demand drivers for clean energy Supply Scarcity >>> Historically low inventories > LME recently hit 47-year low › Shanghai lowest since 2009 >>> Geology >>> Permitting - longer lead times >>> Pipeline is thin > Project approval rate has been slow in recent years FREEPORT FOREMOST IN COPPER Structural Deficits FREEPORT FOREMOST IN COPPER >>> Responsible producer of scale >>> Strong cash flows & balance sheet >>> Embedded growth options >>> Long-lived reserves Attractive capital allocation framework See Cautionary Statement.#7Growing Margins & Cash Flow FREEPORT FOREMOST IN COPPER >>> Volume growth Annual EBITDA Estimates (1) ($ in billions) 2021e v. 2020 2022e v 2021e 11 Copper Gold -20% -15% -$17 ~55% ~20% >>> Efficient cost structure >>> Expanding margins >>> Additional embedded growth options in portfolio >>> Laser focused on execution >>> Strong track record (1) Based on October 2021 sales estimates, $1,800/oz Au and $19/lb molybdenum. 2021e EBITDA expected to exceed $11 bn assuming $4.50/lb Cu, $1,800/oz Au and $19/lb molybdenum for 4Q21e. Note: EBITDA equals operating income plus depreciation, depletion and amortization. e = estimate. See Cautionary Statement. ~$12.5 $4.00/lb Cu $5.00/lb Cu 2022e/2023e Avg 7#8Ongoing Success with Ramp-up of Grasberg Underground Mines >>> 3Q21 annualized metal production reached 90% of post ramp-up targets >>> Expected to reach 100% by YE 2021 100% 2021e-2023e Annual Average 1.55 bn lbs Cu & 1.6 mm ozs Au Quarterly Production Annualized as % of Targeted Average 2021e-2023e 75% 50% 25% 0% 4Q19 4Q20 Note: Includes production from Grasberg Block Cave, DMLZ, DOZ and Big Gossan e = estimate. See Cautionary Statement. 4Q21e 2022e FREEPORT FOREMOST IN COPPER HD 55 SỐ 8#9Future Growth Embedded in Existing Asset Base FREEPORT Provides Increased Leverage to Higher Copper Prices Bagdad Expansion Arizona F-v Lone Star Expansions Arizona SAFFORD OPERATIONS LONE STAR El Abra Expansion Chile BRA FOREMOST IN COPPER Atlantic Copper Circular Project Spain Circular Kucing Liar Grasberg District Indonesia FEMI PT FREEPORT INDONESIA Double concentrator capacity Commencing feasibility, stakeholder engagement and permitting requirements Near-term oxide expansions plus larger sulfide opportunity > Large sulfide resource supports a major mill project Preparing for robust stakeholder engagement and permitting requirements Monitoring regulatory considerations > ESG project (Circular Economy) >Recycle electronic material Planning to commence development of underground copper/gold reserves See Cautionary Statement. 9#10Kucing Liar - Grasberg Minerals District >>> Planning to commence long-term mine development activities Approximate 10-year development timeframe >>> Reserves: 6 bn lbs copper & 6 mm ozs gold Annual production estimates: > +500 mm lbs of copper > +500k ozs of gold >>> 90K mt/d block cave; optimize value with focus on lower pyrite areas of deposit >>> Capital investment: $400 mm/yr average >>> Benefits from substantial shared infrastructure >>> Sustain large-scale, low-cost production See Cautionary Statement. N 1 km Grasberg BC Kucing Liar KL Spur Amole (2900 m elev) Big Gossan BG Spur Portals (at Ridge Camp) AB Adits (2500 m elev) FREEPORT FOREMOST IN COPPER DOZ GBC Spur MLA DMLZ Spur DMLZ 10 10#11Lone Star Update Oxides 2P Reserves: 5.4 billion lbs 75 - ~ 95 105 (1) FREEPORT FOREMOST IN COPPER Low capital intensity investment in additional mining and processing equipment Sulfides Mineral Potential: ~50 billion lbs (3) >>> Success of oxide development advances opportunity for scale >>>Design to incorporate combined leach and concentrate facilities - similar to Morenci >>> Next steps › Ongoing exploration to support metallurgical testing Stacking rate tpd Original Design 2020 start-up ~200 mm 2021e Under Evaluation (2) ~300 mm ~250 mm lbs/annum (1) Initially at 105k t/d with ramp-up to 120k t/d by 2024. (2) Excludes historic Safford leach material which currently approximates 25 mm lbs/annum. › Scope studies/mine planning scenarios. (3) 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. Accordingly, no assurance can be given that estimated mineral potential not included in reserves will become proven and probable mineral reserves. e = estimate See Cautionary Statement. 11#12Advancing New Leach Technologies Taking Leach to the Next Level >Industry leader with long history of leach production >>>Internal and external initiatives to advance sulfide leaching technologies and to drive continuous recovery improvement Data analytics providing new insights to drive additional value >>> Focused on traditional ores and ores that have been typically considered difficult to leach, like chalcopyrite >>> Leveraging both R&D and in-field trials at existing leach stockpiles and future opportunities to recover Cu from below mill cut-off grade material >>> Success would enable utilization of latent tank house capacity with limited capital investment >>> Low carbon footprint FREEPORT FOREMOST IN COPPER Copper in Leach Stockpiles Unrecoverable by Traditional Leach Methods 38 bn lbs Contained* Balance North America 34% South America 16% Morenci 50% See Cautionary Statement. * Copper that is currently not included in reserves or mineralized material. 12#13Executing Clearly Defined Strategy to Build Value for Shareholders FREEPORT FOREMOST IN COPPER Strong cash flow generation and balance CHARGING AHEAD RESPONSIBLY. RELIABLY. RELENTLESSLY. Responsible producer with proven track record Ongoing success with ramp-up of Grasberg underground mines Favorable operational and market outlook FREEPORT FOREMOST IN COPPER Advancing future organic growth opportunities Positioned for increasing cash returns to shareholders sheet 13#14'Charging Ahead" As One Freeport 1828 PE TEAM FREEPORT FOREMOST IN COPPER S8% ER DEBI CHISMAR FREEPORT FOREMOST IN COPPER FEV SPAVIL Cheslopher Ammerts 14#15CHARGING AHEAD RESPONSIBLY. RELIABLY. RELENTLESSLY. Financial Review & Outlook FREEPORT FOREMOST IN COPPER#163Q 2021 Operations Update FREEPORT FOREMOST IN COPPER North America >>> Lone Star › Current operations are exceeding initial design capacity of 200 million lbs annually by ~25% >>> Morenci > Leach projects in focus >>>3Q production impacted by delayed start-up of Morenci mill and summer storm activity in AZ South America >>>Cerro Verde - Peru > 3Q mill avg: 380k mt/d › Targeting ~400k mt/d in 2022 >>> El Abra - Chile > Increasing operating rates to pre- COVID-19 pandemic levels > New leach pad is under construction Indonesia Grasberg Underground > 3Q21 annualized metal production reached 90% of post ramp-up targets; expected to reach 100% by YE 2021 > 27 new drawbells added; 490 cum. > DMLZ/GBC Operating Rates - 3Q Avg: ~136k t/d; 15% above 2Q rates DELLOCO 04 ZEPHR PT FINDONESIA Cu Sales: 375 mm lbs Cu Sales: 280 mm lbs Cu Sales: 378 mm lbs Au Sales: 399 k ozs 16 See Cautionary Statement.#17Indonesia Downstream Processing Update FREEPORT FOREMOST IN COPPER PT-FI committed in 2018 IUPK to construct 2 mm tpy in-country Cu concentrate processing facility by December 2023 > Construction of new smelter has been delayed by COVID-19 >>> Capital costs shared 51% 49% (PT Inalum/FCX) Smelter spend to be debt financed > Initial $1 bn of PT-FI financing in place to advance projects >>> Annual debt service cost expected to be essentially offset by phase out of export duty New Greenfield Smelter > 1.7 mm mt of annual concentrate capacity › Designed to be world's largest flash smelter/convertor facility › Advancing groundwork/preparation › Project expected to be completed as soon as feasible in 2024* › Target price: ~$2.8 bn** ** Dependent on no further pandemic-related disruptions Excludes capitalized interest, owner's costs and commissioning e = estimate. See Cautionary Statement. Preliminary Estimate of Spending on Greenfield Smelter and PMR $0.3 ($ in bns) $1.4 2022e $0.9 2023e $0.5 2021e 2024e NOTE: Capital spending on the smelter will be debt financed (economics shared 49% by FCX) and will not be deducted from cash available for returns to shareholders. Excludes capitalized interest, owner's costs and commissioning. PT Smelting Expansion > 30% increase to existing smelter to add 300,000 mt of annual concentrate capacity › Advancing commercial arrangements › Target completion of YE 2023 > Cost estimate: $250 mm Joko Widodo, President of Indonesia, attended October 2021 groundbreaking ceremony. Precious Metals Refinery (PMR) › To be constructed to process gold and silver from new greenfield smelter and PT Smelting > Cost estimate: $250 mm 17#18Annual Sales Profile October 2021 Estimate Copper Sales (1) (billion lbs) 5 4 3 3.2 2 1 3.8 4.4 4.4 Gold Sales (2) (million ozs) 2 1.8 1.6 1.3 1 0.9 FREEPORT FOREMOST IN COPPER 0 2020 2021e 2022e 2023e Molybdenum Sales (million lbs) 100 85 80 80 80 75 50 50 0 2020 2021e 2022e 2023e 25 (1) Consolidated copper sales include 608 mm lbs in 2020, 731 mm lbs in 2021e, 860 mm lbs in 2022e and 1,460 mm lbs in 2023e for noncontrolling interests; excludes purchased copper. 0 2020 2021e 2022e 2023e (2) Consolidated gold sales include 158k ozs in 2020, 249k ozs in 2021e, 300k ozs in 2022e and 800k ozs in 2023e for noncontrolling interests. 18 e = estimate. See Cautionary Statement.#19EBITDA and Cash Flow at Various Copper Prices ($) ($ in bns except copper, gold and molybdenum prices) EBITDA ($1,800/oz gold, $19/lb molybdenum) $20 I $15 $10 $5 FREEPORT FOREMOST IN COPPER Sensitivities Average '22e/'23e (US$ in mms) EBITDA Copper +/-$0.10/lb $435 Molybdenum +/-$1.00/lb $ 80 Gold +/-$50/oz Currencies (1) +/-10% $ 80 $200 Diesel +/-10% $ 70 Cu $5.00/lb $0 Average '22e/'23e Cu $4.00/lb Cu $4.50/lb Operating cash flow | Excludes working capital changes ($1,800/oz gold, $19/lb molybdenum) $15 $12 $9 $6 $3 $0 Average '22e/'23e Cu $4.00/lb Cu $4.50/lb Cu $5.00/lb Operating Cash Flow Copper +/-$0.10/lb $330 Gold Molybdenum +/-$1.00/lb $ 70 +/-$50/oz Currencies (1) +/-10% $ 55 $140 Diesel +/-10% $ 50 NOTE: EBITDA equals operating income plus depreciation, depletion and amortization. e = estimate. See Cautionary Statement. (1) U.S. Dollar Exchange Rates: 788 Chilean peso, 14,300 Indonesian rupiah, $0.74 Australian dollar, $1.18 Euro, 4.06 Peruvian Nuevo Sol base case assumption. Each +10% equals a 10% strengthening of the U.S. dollar; a strengthening of the U.S. dollar against forecasted expenditures in these foreign currencies equates to a cost benefit of noted amounts. 19#20Consolidated Capital Expenditures Estimates Excluding Indonesia Smelter CAPEX (1) Net of Scheduled Contributions ($ in bns) FREEPORT FOREMOST IN COPPER $2.0 Major Projects $1.2(3) Other $0.8 2020 $2.9 $2.0 $1.8(2) $1.8(2) $1.6 (3) $1.3(3) $0.7 2021e $1.3 2022e $2.7(2) (1) See slide 17; Indonesia smelter projects expected to be funded with debt financing. (2) Net of scheduled contributions from PT Inalum for expansion capital spending that will be reflected in financing on the cash flow statement. (3) Major projects include CAPEX associated with Grasberg underground development and supporting mill and power capital costs ($1.0 bn in 2020, $1.2 bn in 2021e, and $1.1 bn in 2022e) and Lone Star ($0.2 bn in 2020 and $0.1 bn in 2022e); also includes discretionary growth spending at PT-FI for mill recovery project and Kucing Liar ($0.3 bn in 2022e). NOTE: Amounts include capitalized interest. e= estimate. See Cautionary Statement. ASS#21Strong Financial Performance Driven by Growing Volumes and Pricing FREEPORT FOREMOST IN COPPER Financial Policy Provides Framework for Cash Returns to Shareholders, Investments & Balance Sheet Management PNB Net Debt / Adjusted EBITDA (3) Net Debt (1) IMI ($ bns) $7.6 3Q20 2.4x $2.0 (2) 3Q21 0.2x (1) Net debt equals consolidated debt less consolidated cash and cash equivalents. (2) Includes $146 mm in borrowings associated with the Indonesia smelter project. (3) Trailing 12-months. See Cautionary Statement. 21#22Financial Policy T WAAN >>> Policy aligned with strategic objectives of maintaining a strong balance sheet and increasing cash returns to shareholders while advancing opportunities for future growth >>> Annual base dividend of $0.30/share, paid quarterly >>> Performance-Based Payout Policy FREEPORT FOREMOST IN COPPER Organic Growth Balance Sheet Strength % Up to 50% of Free Cash Flow* for shareholder returns >>> With achievement of net debt target ($3 - $4 bn), expect Board to determine additional cash returns to shareholders following reporting of 2021 annual results > Determine at least annually taking into account market conditions, operational/financial outlook, future investments, etc. * Available cash flows generated after planned capital spending (excluding smelter debt) and distributions to noncontrolling interests. See Cautionary Statement. $ Up to 50% for Cash Returns to Shareholders 22 22#23World's Premier Publicly Traded Copper Producer FREEPORT FREEPORT FOREMOST IN COPPER >>> Portfolio of High-Quality Copper/Gold Assets with Embedded Growth Options Difficult to Replicate >>> Strong Track Record and Commitment to Communities / Environmental Responsibility >>> Technically Proficient Proven Capabilities FOREMOST IN COPPER >>> Experienced Management Team >>> Industry Leader with Size, Scale and Durability >>> Copper Supported by Positive Long-Term Fundamentals >>> Growing Production and Cash Flow Profile 23#24CHARGING AHEAD RESPONSIBLY. RELIABLY. RELENTLESSLY. Reference Slides FREEPORT FOREMOST IN COPPER#25Our COVID-19 Response FREEPORT FOREMOST IN COPPER EXIT Prioritizing the Health & Well-Being of Our Workforce TAL-CARLOS CISTERNAS Supporting Our Communities Serving Our Customers Active and preventive management, through the implementation of global health guidelines, including testing, screening, tracking and vaccine program Providing monetary and in-kind contributions of medical supplies and food in areas where we operate As a leading supplier of copper to the global economy, FCX continues to meet the needs of its customers WE ARE IN THIS TOGETHER 45 25#26FREEPORT FOREMOST IN COPPER Recognition for Responsible Production > Assurance framework developed to demonstrate the copper industry's responsible production practices and contribution to the United Nations Sustainable Development Goals The Copper Mark THE COPPER MARK ABRA PESO NETO: 2454Kg CALAMA - CHILE MAQUINA CORRELATIVO : MAQUINA 2 :2 NUMERO PLACAS : 35 CALIDAD : HIGH GRADE FEC.PRODUCCION: 3/22/2021 FEC.PESAJE : 22/03/2021 09:59 *090 69553* > > Producers participating in the Copper Mark are committed to adhering to internationally recognized responsible operating practices Framework covers 32 issue areas across 5 ESG categories developed by the Responsible Minerals Initiative's Risk Readiness Assessment Requires third-party assurance of site performance and independent Copper Mark validation every three years FCX is committed to achieving the Copper Mark at all of our copper producing sites > > The Copper Mark is currently evaluating extension to by-product metals LETTER OF COMMITMENT PLANNED Bagdad mine (AZ) PT-FI mine (Indonesia) Chino mine (AZ) THE COPPER MARK RESPONSIBLY PRODUCED COPPER COPPER MARK STATUS BY SITE: AWARDED Morenci mine (AZ) Miami mine & smelter (AZ) El Paso refinery (TX) El Abra mine (Chile) Cerro Verde mine (Peru) Atlantic Copper smelter & refinery (Spain) NOTE: Copper Mark status as of September 30, 2021 Tyrone mine (NM) Safford mine (AZ) Sierrita mine (AZ) 26 26#27Financial Highlights Sales Data 3Q21 3Q20 Copper Consolidated Volumes (mm lbs) 1,033 848 Average Realization (per lb) $ 4.20 $ 3.01 Site Production & Delivery Costs (per lb) $ 1.88 $ 1.77(1) Unit Net Cash Costs (per lb) $ 1.24 $ 1.32 Gold Consolidated Volumes (000's ozs) 402 Average Realization (per oz) $1,757 234 $1,902 Molybdenum Consolidated Volumes (mm lbs) 20 $18.61 20 $9.23 FREEPORT FOREMOST IN COPPER Average Realization (per lb) Financial Results (in billions, except per share amounts) Revenues Net Income Attributable to Common Stock Diluted Net Income Per Share Operating Cash Flows (2) Capital Expenditures Total Debt Consolidated Cash and Cash Equivalents SS $ 6.1 $ 3.9 $ 1.4 $ 0.3 $ 0.94 $ 0.22 $ 2.0 $ 1.2 $ 0.5 $ 0.4 $ 9.7 $ 10.0 $ 7.7 $ 2.4 (1) Excludes charges of 2¢/lb of copper primarily associated with idle facility and contract cancellation costs related to the COVID-19 pandemic and employee separation costs associated with the April 2020 revised operating plans. (2) Includes working capital sources of $0.2 bn for 3Q21 and 3Q20. 27#283Q21 Mining Operating Summary Sales From Mines for 3Q21 & 3Q20 by Region North America South America (2) 375 379 280 250 20(1) 20 (1) Cu Mo mm lbs mm lbs 3Q21 3Q20 3Q21 3Q20 3Q21 Unit Production Costs (per lb of Cu) Cash Unit Costs Site Production & Delivery, excl. adjs. By-product Credits Treatment Charges Royalties & Export Duties Unit Net Cash Costs (1) Includes 5 mm lbs in 3Q21 and 6 mm lbs in 3Q20 from South America. (2) Silver sales totaled 1.0 mm ozs in 3Q21 and 0.9 mm ozs in 3Q20. (3) Silver sales totaled 1.7 mm ozs in 3Q21 and 1.0 mm ozs in 3Q20. 3Q21 3Q20 North America South America 378 FREEPORT FOREMOST IN COPPER Indonesia (3) 219 399 230 3Q21 3Q20 Au 000 ozs 3Q21 3Q20 Indonesia Consolidated $2.12 $2.14 (4) $1.46 $1.88 (0.39) (0.38) (1.97) (0.97) 0.09 0.13 0.24 0.16 0.01 0.44 0.17 $1.82 $1.90 $0.17 $1.24 (4) South America includes 2¢/lb associated with nonrecurring labor-related charges at Cerro Verde for agreements reached with its hourly employees. NOTE: For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to "Product Revenues and Production Costs" in the supplemental schedules of FCX's 3Q21 press release, which is available on FCX's website. 28#292021e Operational Data P&H 538 7938 888 2021e Sales 1,455 Cu FREEPORT FOREMOST IN COPPER by Region North America South America Indonesia 1,327 1,030 85 (1) Mo mm lbs mm lbs 1.3 (2) Au mm ozs 2021e Unit Net Cash Costs (3) (per lb of Cu) North America South America Indonesia Consolidated Site Production & Delivery, excl. adjs.(4) $2.12 $2.22(5) $1.47 $1.92(5) By-product Credits (0.36) (0.32) (1.90) (0.89) Treatment Charges 0.09 0.13 0.24 0.16 Royalties & Export Duties 0.01 0.41 0.14 Unit Net Cash Costs $1.85 $2.04 (5) $0.22 $1.33 (5) (1) Includes molybdenum produced in South America. (2) Includes gold produced in North America. (3) Estimates assume average prices of $1,800/oz for gold and $19/lb for molybdenum for 4Q21e. 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) South America includes 7¢/lb and Consolidated includes 2¢/lb associated with nonrecurring labor-related charges at Cerro Verde for agreements reached with ~65% of its hourly employees. e = estimate. See Cautionary Statement. 29#302021e Outlook Sales Outlook Unit Net Cash Cost of Copper >>> Copper: 3.81 billion lbs >>> Site prod. & delivery > 2021e: $1.92/lb (1) >>> Gold: 1.3 million ozs >>> Molybdenum: 85 million lbs > 4Q21e: $1.91/lb >>>After by-product credits (2) > 2021e: $1.33/lb (1) > 4Q21e: $1.26/lb FREEPORT FOREMOST IN COPPER Operating Cash Flows (3) >>> $7.5 billion @ $4.50/lb copper for 4Q21e >>>Each 10¢/lb change in copper in 4Q21e = $100 million impact Capital Expenditures (4) >>> $2.3 billion ($2.0 billion excluding smelter) > $1.3 billion for major projects › $0.7 billion for other mining › $0.3 billion for Indonesia smelter projects (5) (1) Includes 2¢/lb associated with nonrecurring labor-related charges at Cerro Verde for agreements reached with -65% of its hourly employees. (2) Assumes average prices of $1,800/oz gold and $19/lb molybdenum in 4Q21e. (3) Assumes average prices of $1,800/oz gold and $19/lb molybdenum in 4Q21e; each $100/oz change in gold would have an approximate $25 mm impact and each $2/lb change in molybdenum would have an approximate $15 mm impact. (4) PT Inalum scheduled contributions in 2021e approximate $0.2 bn. (5) Smelter project is currently being funded through PT-FI's $1 bn unsecured bank credit facility. e = estimate. See Cautionary Statement. 30#312021e Quarterly Sales Copper Sales 1,200 FREEPORT FOREMOST IN COPPER (million lbs) Gold Sales (thousand ozs) 500 402 375 400 1,033 1,025 305 300 258 1,000 929 200 825 100 800 0 1Q21 2Q21 3Q21 4Q21e 600 400 200 0 1Q21 2Q21 3Q21 Note: Consolidated gold sales include 48k ozs in 1Q21, 56k ozs in 2Q21, 75k ozs in 3Q21 and 70k ozs in 4Q21e for noncontrolling interests. Molybdenum Sales (million lbs) 225 25 21 22 22 20 20 15 10 4Q21e 5 0 1Q21 2Q21 3Q21 4Q21e Note: Consolidated copper sales include 170 mm lbs in 1Q21, 166 mm lbs in 2Q21, 202 mm lbs in 3Q21 and 193 mm lbs in 4Q21e for noncontrolling interests; excludes purchased copper. e = estimate. See Cautionary Statement. 31#32Grasberg - World Class Block Cave Design FREEPORT FOREMOST IN COPPER Substantial Infrastructure in Place to Support Large-Scale Production Grasberg Block Cave DMLZ Plan View 100 meters. Future PB Future PB PB2S Current Cave Future PB PB3 PB2N + PBIN PB1C Ramp-up Schedule (000's t/d of Ore) N->>>> Plan View 100 meters 126 130 129 N 101 PB1S 71 PB Production Block PB1S 2 Gave Fronts 5 Production Blocks Currently Active 31 9 2019 2020 2021e 2022e 2023e 2024e 2025e ■ Continuation of Ore Mined in Open Pit (300 meters below) ■874 mm t @ 1.08% Copper & 0.73 g/t Gold YE 2020 Reserves: 17 bn lbs Copper; 13 mm ozs Gold By 2023: 335,000 Sq Meter Footprint (over 80 acres) ■Life of Mine: 725,000 Sq Meter Footprint (180 acres) Fully Autonomous Underground Rail System Annual Production @ Avg. Reserve Grade (1) 950 mm lbs Copper & 700,000 ozs Gold (1) Access to higher ore grades expected in early years of production. e = estimate. See Cautionary Statement. Future PB Future PB Ramp-up Schedule (000's t/d of Ore) 57 69 72 78 78 PB1N Current Cave PB2N 2 Gave Fronts PB Production Block 3 Production Blocks, 2 Currently Active 29 10 2019 2020 2021e 2022e 2023e 2024 2025e ■ Located Below DOZ Underground Block Cave Mine 1,500 meters below surface 439 mm t @ 0.89% Copper & 0.72 g/t Gold ■YE 2020 Reserves: 7 bn lbs Copper; 8 mm ozs Gold By 2022: 200,000 Sq Meter Footprint (~ 50 acres) ■Life of Mine: 450,000 Sq Meter Footprint (110 acres) ■ Annual Production @ Avg. Reserve Grade (1) 500 mm lbs Copper & 540,000 ozs Gold 32 2#33Project Update Grasberg Transition Remains on Track Deep MLZ (DMLZ) Drawbelling FREEPORT FOREMOST IN COPPER Ore Extraction (000 t/d) DMLZ & Grasberg Block Cave (GBC) averaged 136,200 t/d in 3Q21: 15% above 2Q21 rates DMLZ 40 Forecast 30 40 40 30 30 20 20 20 15 12 10 11 99 10 10 10 24 GBC 41 34 30 80 00 60 18 16 40 10 0 0 T T 1Q 4Q 2Q 4Q 2Q 3Q 4Qe 1Q 4Q 2Q 4Q 2Q 3Q 4Qe 2019 2020 2021e 2019 2020 2021e Open drawbells provide scale - cumulative blasted 400 DMLZ 400 L 39 68 60 15 20 7 0 1Q19 4Q19 4Q20 3Q21 4Q21e GBC 406 GBC 92 100 334 76 80 60 300 300 224 229 181 200 200 143 90 100 100 76 0 0 2019 Active Production 2 Blocks 2020 2 2021e 2 2022e 3 2019 2020 2021e 2022e 3 3 5 5 e = estimate. See Cautionary Statement. 46 40 40 20 11 5 0 1Q19 4Q19 4Q20 3Q21 4Q21e 333#34PT-FI Mine Plan Metal Sales, 2020 – 2025e 0.8 0.84 Copper 2021e2025e Total: 7.7 billion lbs copper Annual Average: 1.55 billion lbs FREEPORT FOREMOST IN COPPER Gold 2021e2025e Total: 8.0 million ozs gold Annual Average: 1.6 million ozs 1.8 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.33 1.3 Cu Au bn mm Ibs OZS FEM Aliate of Freeport-McMoRan C PT FREEPORT IND 2020 2021e Transition Year 2022e 2023e 2024e 2025e NOTE: Amounts are projections. Timing of annual sales will depend on a number of factors, including operational performance, continued progress of the ramp-up of underground mining at PT-FI, timing of shipments, and other factors. FCX's economic interest in PT-FI approximates 81.27% through 2022 and 48.76% thereafter. See Cautionary Statement. e = estimate. 34#35FCX Debt Maturities as of 9/30/21 $8 59 Total Debt & Cash at 9/30/21 FCX Revolver Senior Notes $ 9.1 Cerro Verde Term Loan 0.3 96 PT-FI Term Loan & Other 0.3 $6 Total Debt $ 9.7 $4 Consolidated Cash and Cash Eq. $ 7.7 Undrawn Credit Facility Total Liquidity 3.5 $ 11.2 $2 $0 60 $1.0 (US$ bns) FREEPORT FOREMOST IN COPPER $0.8 $0.5 3.55% Sr. Notes $0.3 CV Non-recourse 3.875% Sr. Notes 4.55% Sr. Notes $ 0.1 $ 0.1 (1) 2021 2022 2023 2024 2025 2026 (1) FCX has issued a notice to redeem its 3.55% Senior Notes due 2022 on December 1, 2021, at a redemption price equal to 100% of the principal amount outstanding, plus accrued and unpaid interest to, but not including, the redemption date. $6.9 5.00%, 4.125%, 4.375%, 5.25%, 4.25%, 4.625%, 5.40% & 5.45% Sr. Notes and FMC Sr. Notes Thereafter 35#363Q21 Copper Realization & 4Q21e Guidance FREEPORT FOREMOST IN COPPER 3Q21 LME Average Copper Price 3-Mo. Fwd Price for Copper at the End of September $4.25/lb $4.05/lb FCX 3Q21 Consolidated Copper Price Realization FCX 3Q21 Prior Period Open Lb Adj. (aka Provisional Price Adj.) 4Q21e Open Pound Guidance $4.20lb (1) (Generally, 50/50 weight of qtrly avg and 3-mo forward price at end of period) Revenue/EBITDA: ($9) mm Net income: ($3) mm Earnings/share: Less than $0.00 >>> Open lbs priced at $4.05/lb on 9/30/21 >>> Each $0.05 change in avg copper price in = 4Q21 $10 mm impact to 2021e net income LME copper settled at $4.61/lb on 10/20/21 (1) Note that when quarter end forward pricing is below the average quarterly settlement price, FCX's consolidated quarterly average copper realization can be expected to be below the quarterly average spot pricing. Conversely, the quarterly copper realization can be expected to be above the quarterly average settlement price if quarter end forward curve pricing is above the quarterly average settlement price. Quarterly copper realizations by region may vary from the consolidated average. e = estimate. See Cautionary Statement. 36#37Adjusted EBITDA Reconciliation FREEPORT FOREMOST IN COPPER ($ in mm) 3Q21 Net income attributable to common stock $1,399 12 mos ended 9/30/2021 $3,908 Interest expense, net 138 667 Income tax provision Depreciation, depletion and amortization Metals inventory adjustments Net gain on sales of assets Accretion and stock-based compensation Other net charges 628 2,285 528 1,865 14 19 (60) (549) 39 194 (1) 261 Loss on early extinguishment of debt 1 Other income, net (36) (53) Net income attributable to noncontrolling interests 324 957 Equity in affiliated companies' net losses 9 5 (2) FCX Adjusted EBITDA $2,983 $9,560 (1) Primarily includes net charges totaling $132 mm for a talc-related litigation accrual, $74 mm associated with non-recurring labor-related charges at Cerro Verde and $43 mm primarily associated with contested matters at PT-FI. (2) Adjusted EBITDA is a non-GAAP financial measure that is frequently used by securities analysts, investors, lenders and others to evaluate companies' performance, including, among other things, profitability before the effect of financing and similar decisions. Because securities analysts, investors, lenders and others use Adjusted EBITDA, management believes that our presentation of Adjusted EBITDA affords them greater transparency in assessing our financial performance. Adjusted EBITDA should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Adjusted EBITDA may not necessarily be comparable to similarly titled measures reported by other companies, as different companies calculate such measures differently. 37 40#38FREEPORT FOREMOST IN COPPER