Electrifying the Future

ELECTRIFYING THE FUTURE 1Q22 Copper Realization & 2Q22e Guidance FREEPORT FOREMOST IN COPPER 1Q22 LME Average Copper Price $4.53/lb 3-Mo. Fwd Price for Copper at the End of March $4.71/lb FCX 1Q22 Consolidated Copper Price Realization FCX 1Q22 Prior Period Open Lb Adj. (aka Provisional Price Adj.) 2Q22e Open Pound Guidance $4.66/lb (Generally, 50/50 weight of qtrly avg and 3-mo forward price at end of period) Revenue/EBITDA: $102 mm Net income: $42 mm Earnings/share: $0.03 Open lbs priced at $4.71/lb on 3/31/22 Each $0.05 change in avg copper price in 2Q22 = $15 mm impact to 2022e net income ⚫ LME copper settled at $4.63/lb on 4/20/22 NOTE: When the quarter end forward pricing is above the average quarterly spot price, FCX's consolidated quarterly copper realization can be expected to be above the quarterly average spot pricing. Conversely, the quarterly copper realization can be expected to be below the quarterly spot price average if quarter end forward curve pricing is below the quarterly average spot price. Quarterly copper realizations by region may vary from the consolidated average. e = estimate. See Cautionary Statement. 33

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