Electrifying the Future

ELECTRIFYING THE FUTURE Indonesia Downstream Processing Update PT-FI's Downstream Commitment PT-FI committed in 2018 IUPK to construct 2 mm tpy in-country Cu concentrate processing capacity • Greenfield project expected to be completed as soon as feasible in 2024(1) ○ PT Smelting expansion expected to be completed by end of 2023 Preliminary Estimate of Spending on Greenfield Smelter and PMR to be shared 51% / 49% (PT Inalum/FCX) (2) $1.4 ($ in bns) $1.1 FREEPORT FOREMOST IN COPPER Financing to Support Downstream Commitment Completed $3 billion bond offering in April 2022 • Provides long-term funding for Indonesian smelter projects • Average weighted cost of three tranches approximated 5.4% ○ 5-yr, 10-yr and 30-yr maturities (3 (3) Achieved investment grade rating for PT-FI from two international agencies (Moody's and Fitch) ⚫ Annual debt service cost expected to be essentially offset by phase out of export duty $0.2 $0.4 2021 2022e 2023e 2024e NOTE: See slide 30 for additional details. (1) Dependent on no further COVID-19-related disruptions. (2) Capital spending on the greenfield smelter will be debt financed and will not be deducted from cash available for returns to FCX shareholders. Excludes capitalized interest, owner's costs and commissioning. (3) $750 mm in 5-yr maturity (4.763%), $1,500 mm in 10-yr maturity (5.315%) and $750 mm in 30-yr maturity (6.2%) e = estimate. See Cautionary Statement. 14

View entire presentation