FREEPORT-MCMORAN INC.

Red flags

• The September 2025 Grasberg mud rush resulted in $73 million of PTFI asset impairment charges, including $60 million of assets damaged beyond repair and $13 million of chute galleries being upgraded; the broader financial impact remains uncertain because the restart is still being phased.
• FCX’s $9.379 billion debt balance increased from $8.948 billion in 2024, while debt fair value was $9.493 billion at December 31, 2025.
• Unconditional purchase obligations totaled $4.2 billion, including $3.6 billion for copper concentrate, $0.3 billion for transportation and $0.2 billion for electricity; $2.8 billion is due in 2026.
• PTFI is only 48.76%-owned by FCX, and $1.948 billion of 2025 net income was attributable to noncontrolling interests, limiting the portion of consolidated earnings accruing to FCX common shareholders.
• The filing identifies significant estimation exposure in recoverable copper, mineral reserves, asset impairment, environmental obligations and closure liabilities; actual recoveries and operating results may differ materially from estimates.