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2020 ANNUAL REPORT CHARGING AHEAD RESPONSIBLY. RELIABLY. RELENTLESSLY. Operating Cash Flows (~25% higher) $ in billions 3.0 2.5 2.0 Jan. 2020 2020 Estimate Actual Freeport-McMoRan Inc. (FCX) is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, Capital Expenditures long-lived, geographically diverse assets with significant proven and (~29% lower) probable reserves of copper, gold and molybdenum. FCX s portfolio $ in billions ’ of assets includes the Grasberg minerals district in Indonesia, one 3.0 of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde 2.0 operation in Peru. FCX has a strong commitment to safety performance, environmental management and the communities where it operates. FCX is a 1.0 founding member of the International Council on Mining and Metals (ICMM). Implementation of the ICMM Mining Principles across the Jan. 2020 2020 Estimate Actual company results in site-level sustainability programs that meet responsible sourcing objectives for the global marketplace. Net Debt (1) (~$2.7 bn lower) By supplying responsibly produced copper, FCX is proud to be $ in billions a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available at fcx.com. 9.0 8.0 7.0 6.0 5.0 Jan. 2020 2020 Estimate Actual Note: January 2020 estimates are based on copper and gold sales of FM_FCX 3.5 billion (bn) pounds (lbs) and 0.8 million (mm) ounces (ozs), respectively, and average prices of $2.85/lb copper and $1,500/oz gold. 2020 actuals included copper and gold sales of 3.2 bn lbs and Freeport-McMoRan 0.9 mm ozs, respectively, and realized prices of $2.95/lb copper and $1,832/oz gold. FreeportFCX (1) Net debt equals consolidated debt less consolidated cash as of freeportfcx December 31, 2020. CHARGING AHEAD “Charging Ahead” highlights the momentum Freeport achieved through resiliency, strong operating performance and project execution during 2020 to establish a solid foundation for future growth. TABLE OF Like Freeport, copper is charging ahead in response to CONTENTS the growing recognition of copper’s role in the energy 2 Mining Operations transition, which is necessary for global decarbonization 4 Letter to Shareholders and technological innovations, and the limited ability of the industry to increase supply. 6 Operational Overview 14 Mining Reserves and Freeport is also “Charging Ahead — Responsibly, Reliably Mineralized Material and Relentlessly” to advance its environmental, social 16 Financial Performance and governance (ESG) efforts. We are dedicated to responsible copper production, as demonstrated through our 18 Sustainability implementation and third-party validation of ICMM’s Mining 20 Climate Change Strategy Principles and Copper Mark certifications at five initial sites. 22 Tailings Management and Stewardship 24 Board of Directors and Leadership 25 Financial and Operating Information 120 Performance Graph 121 Stockholder Information 2020 ANNUAL REPORT 1 MINING OPERATIONS HENDERSON, COLORADO CLIMAX, COLORADO CHINO, NEW MEXICO TYRONE, NEW MEXICO MORENCI, ARIZONA BAGDAD, ARIZONA SAFFORD, ARIZONA SIERRITA, ARIZONA MIAMI, ARIZONA CERRO VERDE, PERU EL ABRA, CHILE Geographically Diverse Portfolio NORTH AMERICA SOUTH AMERICA INDONESIA CONSOLIDATED TOTALS Reserves Cu 47.1 billion lbs Cu 32.7 billion lbs Cu 33.4 billion lbs Cu 113.2 billion lbs at 12/31/20 Au 0.6 million ozs Au 28.3 million ozs Au 28.9 million ozs Mo 3.01 billion lbs Mo 0.70 billion lbs Mo 3.71 billion lbs 2020 Sales Cu 1.4 billion lbs Cu 1.0 billion lbs Cu 0.8 billion lbs Cu 3.2 billion lbs Au 0.9 million ozs* Au 0.9 million ozs Mo 80 million lbs** Mo 80 million lbs * Includes sales of gold produced at FCX’s North America copper mines. ** Includes sales of molybdenum produced at FCX’s South America copper mines. 2 F REEPORT -MC M O R AN GLOBAL INDUSTRY LEADER One of the world’s largest publicly traded copper producers; seasoned and value-driven global team; 30+ year reserve life with substantial additional resources. TRUSTED OPERATOR Strong reputation and franchise in four countries; synergistic operation GRASBERG, INDONESIA of all assets. WORLD-CLASS DEVELOPER Industry-leading track record for major project execution in complex jurisdictions. BLOCK CAVE LEADER Industry-leading technical capabilities; decades of block caving experience. COPPER (CU) RESPONSIBLE PRODUCER GOLD (AU) Long-standing commitment MOLYBDENUM (MO) to all of our stakeholders including our employees, communities, host countries, customers and suppliers. 2020 ANNUAL REPORT 3 LETTER TO SHAREHOLDERS DEAR FELLOW SHAREHOLDERS The year 2020 was a year of extraordinary accomplishment for our spending and distributions to noncontrolling interests would be company. The theme of this year’s annual report, “Charging Ahead,” allocated to shareholder returns and the balance to debt reduction highlights our momentum achieved through resiliency, strong and investments in value enhancing growth projects. operating performance and project execution. Supported by a Freeport is foremost in copper. Copper is a critical metal essential to favorable market outlook, we have established a solid foundation the global economy and increasingly important in the achievement of for future growth. the global clean energy transition. Copper prices rose significantly in During 2020, our global team responded in an exceptional fashion late 2020 and early 2021 in response to increased demand from China, to the challenges of the pandemic — safeguarding our people, growing recognition of copper’s role in the energy transition and the communities and assets. Notably, we were successful in meeting limited ability of the industry to increase supply. With 70 percent of the critical milestones on our key growth projects, positioning us for world’s copper supply used to deliver electricity, the intensity of copper significant free cash flow generation. Our successes resulted in use is expected to increase in the coming years. Like Freeport, copper Freeport being the top performing stock in our peer group and the also is “Charging Ahead.” eighth best performing stock in the S&P 500 during 2020. Our company has a world-class portfolio of long-lived assets in the In February 2021, our Board of Directors (Board) adopted a new copper industry and a global team with industry-leading technical financial policy for the allocation of cash flows aligned with our skills supported by a highly motivated, experienced management strategic objectives of maintaining a strong balance sheet, increasing and administrative organization. In 2020, we advanced the largest cash returns to shareholders and advancing opportunities for future block caving operation in the world at our Grasberg underground growth. The new policy includes a base dividend of $0.30 per share mine in Indonesia. We also completed on-time and on-budget the per annum and a performance based framework whereby up to Lone Star project in Arizona. Lone Star has the potential to be a future 50 percent of available cash flows generated after planned capital cornerstone asset for our company. 2021 PRIORITIES — CHARGING AHEAD Ongoing cost and Continue momentum Deliver on Balanced Advance evaluations capital management; of underground environmental, social financial policy — for future organic automation and ramp-up at Grasberg and governance debt reduction, growth innovation initiatives commitments investments and shareholder returns 4 F REEPORT -MC M O R AN New Financial Policy underscoring the importance of our fatality prevention programs. We remain committed to the safety of our people and will continue to place our highest priority on fatality prevention programs. Organic Balance In early 2021, Gerald J. Ford notified us of his intention to retire from Growth Sheet Strength our Board effective upon the expiration of his current term, which ends in June 2021. We thank him for his leadership, counsel and dedicated service over many years. Dusty McCoy was named Lead Independent Director and I was appointed Chairman. This leadership structure confirms our continued commitment to our focused strategy while providing robust independent oversight and guidance. Up to 50% for In connection with our ongoing Board refreshment process, we added Cash Returns to Shareholders two new directors in April 2021, David P. Abney, retired Chairman and Chief Executive Officer of United Parcel Service, Inc., and Robert W. “Bob” Dudley, retired Group Chief Executive of BP, p.l.c. David and Bob In addition to the strong operating and financial performance in 2020, are exceptional leaders with proven track records and experience in we are “Charging Ahead — Responsibly, Reliably and Relentlessly” global business, corporate governance and a wide range of matters to advance our ESG efforts. We committed to the Copper Mark, a relevant to Freeport. new assurance framework developed by the International Copper We commend our global organization on their resilience in Association to promote and demonstrate responsible production a complicated operating environment. We are proud of their practices, focusing on contributing to the United Nations Sustainable accomplishments and thank them for their strong execution during Development Goals. We established a greenhouse gas (GHG) 2020. We also appreciate our Board for their steadfast advice and emissions target and enhanced
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