Freeport-McMoRan (FCX) official guidance

Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects.

The discretionary projects are expected to approximate $1.6 billion in 2026 and $1.9 billion in 2027, with roughly 50% related to the Kucing Liar development and the LNG project at Grasberg.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects.

The discretionary projects are expected to approximate $1.6 billion to $1.7 billion per year in 2026 and 2027.

Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development in the Grasberg minerals district, and $1.6 billion for discretionary growth projects.

The discretionary projects approximated $1.4 billion in 2025 and are expected to approximate $1.6-1.7 billion per year in 2026 and 2027, with roughly 50% related to the Kucing Liar development and the LNG project at Grasberg.

The discretionary projects are expected to approximate $1.6 billion in 2026 and $1.9 billion in 2027, with roughly 50% related to the Kucing Liar development and the LNG project at Grasberg.

The discretionary projects are expected to approximate $1.6 billion to $1.7 billion per year in 2026 and 2027.

The discretionary projects approximated $1.4 billion in 2025 and are expected to approximate $1.6-1.7 billion per year in 2026 and 2027, with roughly 50% related to the Kucing Liar development and the LNG project at Grasberg.

Capital expenditures are expected to approximate $4.4 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects.

Capital expenditures are similar to our prior estimates and are expected to approximate $4.3 billion in 2026 and $4.5 billion in 2027.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects.

Capital expenditures for 2025 total $3.9 billion, $500 million below our plan going into 2025, and are expected to approximate $4.3-4.5 billion in 2026 and 2027.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects.

Slide 11 shows our current forecast for capital expenditures in 2026 and 2027. Our 2026 capital remains consistent with our prior forecast, and 2027 capital expenditures are estimated at $4.8 billion, approximately $300 million above the April estimate, reflecting investments in upgraded mining equipment and revised cost estimates.

Capital expenditures are similar to our prior estimates and are expected to approximate $4.3 billion in 2026 and $4.5 billion in 2027.

Capital expenditures for 2025 total $3.9 billion, $500 million below our plan going into 2025, and are expected to approximate $4.3-4.5 billion in 2026 and 2027.

FCX is targeting an increase in production from these initiatives from the current run rate of approximately 220 million pounds of copper per annum to 300 million pounds in 2027, with potential for further significant increases in recoverable metal in future years.

This year, particularly in the second half, will be an important year as we get results from our heat trials, advance our additive deployment and work to scale next year to 400 million pounds per annum from this initiative and to define our path to 800 million pounds by as soon as 2030.

2026 we're looking at as a pivotal year for us in this initiative as we work to scale to 400 million pounds in 2027 and to 800 million pounds by 2030.

To 2027, we expect annual copper sales to increase by more than 20% compared with 2026, and gold volumes to increase by more than 50%, with additional growth projected in 2028 for both copper and gold.

To 2027, we expect annual copper sales to increase by more than 20% compared with 2026, and gold volumes to increase by more than 50%, with additional growth projected in 2028 for both copper and gold.

Annual EBITDA would range from approximately $13 billion per annum at $5 copper to $20 billion at $7 copper, with operating cash flows ranging from approximately $9.5 billion per year at $5 and $15.5 billion at $7 copper.

These are modeled results using the average of 2027 and 2028 with current volume and cost estimates and holding gold flat at $4,000 per ounce and moly flat at $20 per pound. Annual EBITDA would range from approximately $11 billion per annum at $4 per pound copper to over $19 billion per annum at $6 copper, with operating cash flows ranging from approximately $8 billion per year at $4 to over $14 billion per year at $6 copper.

To 2027, we expect annual copper sales to increase by more than 20% compared with 2026, and gold volumes to increase by more than 50%, with additional growth projected in 2028 for both copper and gold.

Annual EBITDA would range from approximately $13 billion per annum at $5 copper to $20 billion at $7 copper, with operating cash flows ranging from approximately $9.5 billion per year at $5 and $15.5 billion at $7 copper.

These are modeled results using the average of 2027 and 2028 with current volume and cost estimates and holding gold flat at $4,000 per ounce and moly flat at $20 per pound. Annual EBITDA would range from approximately $11 billion per annum at $4 per pound copper to over $19 billion per annum at $6 copper, with operating cash flows ranging from approximately $8 billion per year at $4 to over $14 billion per year at $6 copper.

PTFI continues to expect to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027.

Consistent with our April update, we continue to target overall rates in the district approximating 65% of full capacity in the second half of this year, reach 80% by mid-2027, and approach full capacity by the end of 2027.

PTFI’s overall production rates are expected to approximate 65% in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.

PTFI’s overall production rates, which were previously forecast to approximate 85% of capacity in the second half of 2026 and reach 100% of capacity by the end of 2027 are now expected to approximate 65% in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.

Based on achievement of current sales volume and cost estimates and assuming average prices of $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs) for FCX’s copper mines are expected to average $1.90 per pound of copper for the year 2026 (including $1.68 per pound of copper in fourth-quarter 2026).

Based on achievement of current sales volume and cost estimates and assuming average prices of $4,000 per ounce of gold and $30.00 per pound of molybdenum for the second half of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs) for FCX’s copper mines are expected to average $1.90 per pound of copper for the year 2026 (including $2.00 per pound of copper in third-quarter 2026).

Based on achievement of current sales volume and cost estimates and assuming average prices of $4,500 per ounce of gold and $25.00 per pound of molybdenum for the remainder of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the September 2025 mud rush incident at PTFI) for FCX’s copper mines are expected to average $1.95 per pound of copper for the year 2026 (including $2.24 per pound of copper in second-quarter 2026).

Consolidated unit net cash costs (net of by-product credits and excluding idle facility costs and direct recovery expenses associated with the September 2025 mud rush incident at PTFI) for FCX’s copper mines are expected to average $1.75 per pound of copper for the year 2026 (including $2.60 per pound of copper in first-quarter 2026), based on achievement of current sales volumes and cost estimates, and assuming average prices of $4,000 per ounce of gold and $20.00 per pound of molybdenum for the year 2026.

At December 31, 2025, PTFI has incurred approximately $1.1 billion for Kucing Liar, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year).

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects.

Capital expenditures are expected to approximate $4.3 billion for the year 2026, including $3.0 billion for major mining projects. Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects.

Projected capital expenditures for major mining projects include $1.4 billion for planned projects, primarily associated with underground mine development in the Grasberg minerals district, and $1.6 billion for discretionary growth projects.