FREEPORT-MCMORAN INC

Freeport-McMoRan Inc. announced its Board of Directors has approved a $4.5 billion expansion and modernization program for its Bagdad copper and molybdenum operation in Arizona. This brownfield project aims to significantly increase production, positioning Bagdad as the second-largest U.S. copper mine and a leading molybdenum producer. The investment will incorporate modern technologies and automation, with initial production targeted for mid-2030 and an expected reduction in unit net cash costs.

Freeport-McMoRan Inc. announced its third-quarter and nine-month 2026 financial and operating results. The company reported Q3 2026 net income of $1.2 billion ($0.81 per share) and adjusted net income of $1.3 billion ($0.88 per share). Copper and gold production were in line with expectations, with significant growth anticipated in 2027 and 2028 from the Grasberg minerals district ramp-up. The company also highlighted strong margins, positive cash flow generation, and advancements in organic copper growth projects.

Freeport-McMoRan Inc. reported strong financial results for the first half of 2026, with net income attributable to common stockholders increasing to $1,865 million and basic earnings per share rising to $1.29, despite a slight dip in revenues. The company also announced a Memorandum of Understanding with the Indonesian government for a life-of-resource extension of operating rights in the Grasberg minerals district beyond 2041. Additionally, FCX enhanced its financial flexibility by securing a new $3.0 billion revolving credit facility and increased its ownership in Cerro Verde.

Freeport-McMoRan Inc. reported strong second-quarter 2026 results with net income attributable to common stock of $984 million, or $0.68 per share, and adjusted net income of $1.1 billion, or $0.74 per share. The company achieved strong operational execution, with consolidated copper sales exceeding estimates and unit net cash costs favorable to estimates. The ramp-up of the Grasberg Block Cave underground mine is on schedule, and the company is advancing organic copper growth projects, including innovative leach initiatives and potential expansions at Bagdad and El Abra. Freeport-McMoRan also increased its ownership in Cerro Verde and repurchased its common stock.

Freeport-McMoRan Inc. and its subsidiary PT Freeport Indonesia entered into a new $3.0 billion senior unsecured revolving credit facility on May 14, 2026. This five-year facility, maturing on May 14, 2031, replaces the company's previous $3.0 billion credit facility that was set to mature in October 2027. The terms are substantially similar, including a $500 million borrowing limit for PTFI and a $1.5 billion sublimit for letters of credit, with approximately $5 million in existing letters of credit rolled over.

Freeport-McMoRan reported a significant increase in Q1 2026 net income attributable to common stockholders to $881 million, or $0.61 diluted EPS, up from $352 million, or $0.24 diluted EPS, in Q1 2025. Revenues also increased to $6,234 million from $5,728 million year-over-year. The company also announced a Memorandum of Understanding with the Indonesia government to extend operating rights in the Grasberg minerals district beyond 2041, a key strategic development. Additionally, PTFI recognized a $0.7 billion insurance settlement for the mud rush incident, though Grasberg Block Cave production is currently limited to 60% capacity until mid-2027.

FREEPORT-MCMORAN INC announced a conference call on April 23, 2026, to discuss its first-quarter 2026 results. The presentation includes a cautionary statement regarding forward-looking information, covering potential future performance, operations, and projects. Key topics for discussion include the phased restart and ramp-up of production following the mud rush incident at PTFI’s Grasberg Block Cave mine and its anticipated impact on business, production, and sales, along with other financial and operational aspects.