Grasberg Project and Financial Update

Strong 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

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