Grasberg Project and Financial Update

Growing 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

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