Arizona Copper at Two Scales: Morenci Reserves Within U.S. Supply Structure

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COPPER
(Data in thousand metric tons, copper content, unless otherwise specified)
Domestic Production and Use: In 2025, the recoverable copper content of U.S. mine production was an estimated
1.0 million tons, a decrease of 5% from that in 2024, and was valued at an estimated $11 billion, 10% greater than
$10.0 billion in 2024. Arizona was the leading copper-producing State and accounted for approximately 70% of
domestic output; copper was also mined in Alaska, Michigan, Missouri, Montana, Nevada, New Mexico, and Utah.
Copper was recovered or processed at 26 mines (17 of which accounted for more than 99% of mine production),
2 primary smelters, 2 secondary smelters, 2 primary electrolytic refineries, 14 electrowon refineries, and 4 secondary
refineries. Refined copper and scrap were consumed at about 30 brass mills, 14 rod mills, and several hundred
foundries and miscellaneous manufacturers. According to the Copper Development Association, copper and copper
alloy products were used in building construction, 42%; electrical and electronic products, 23%; transportation
equipment, 18%; consumer and general products, 10%; and industrial machinery and equipment, 7%.
Salient Statistics—United States:

2025e
Production:
Mine, recoverable
1,230
1,230
1,130
1,050
1,000
Refinery:
Primary (from ore)

Copper recovered from old (post-consumer) scrap1

e140

Secondary (from scrap)

Imports for consumption:
Ore and concentrate

(2)
(2)
Refined

1,700
Exports:
Ore and concentrate

Consumption:
Refined

Reported, refined copper
1,750
1,720
1,580
1,580
1,700
Apparent, primary refined copper and copper from old scrap3
1,970
1,810
1,680
1,860
2,200
Price, annual average, cents per pound:
U.S. producer, cathode (COMEX + premium)
432.3
410.8
395.3
431.8

COMEX, high-grade, first position
424.3
400.7
385.7
421.6

London Metal Exchange, grade A, cash
422.5
399.8
384.8
414.7

Stocks, refined, held by U.S. producers, consumers, and metal
Employment, mine and plant, number
11,400
12,000
12,600
13,000
13,000
exchanges, yearend

Net import reliance4 as a percentage of apparent consumption

Recycling: Old (post-consumer) scrap, converted to refined metal, alloys, and other forms, provided an estimated
160,000 tons of copper in 2025, and an estimated 760,000 tons of copper was recovered from new (manufacturing)
scrap derived from fabricating operations. Brass and wire-rod mills accounted for approximately 80% of the total
copper recovered from scrap. Copper recovered from scrap contributed about 30% of the U.S. copper supply.5
Import Sources (2021–24): Copper content of blister and anodes: Finland, 88%; Malaysia, 3%; United Kingdom, 3%;
and other, 6%. Copper content of matte, ash, and precipitate: Canada, 52%; Belgium, 24%; Japan, 9%; Spain, 6%;
and other, 9%. Copper content of ore and concentrate: Canada, >99%; and other, <1%. Copper content of scrap:
Canada, 45%; Mexico, 43%; and other, 12%. Refined copper: Chile, 68%; Canada, 16%; Peru, 7%; Mexico, 6%; and
other, 3%. Refined copper accounted for 88% of all unmanufactured copper imports.
Tariff:      Item
Number
Normal Trade Relations
12–31–25
Copper ore and concentrate, copper content
2603.00.0010
1.7¢/kg on lead content.
Unrefined copper anodes for electrolytic refining
7402.00.0000
Free.
Refined copper and copper alloys, unwrought
7403.00.0000
1% ad valorem.
Copper scrap
7404.00.0000
Free.
Wire rod of refined copper
7408.11.0000
1% or 3% ad valorem.
Depletion Allowance: 15% (domestic), 14% (foreign).
Government Stockpile: None.
Prepared by Daniel M. Flanagan [(703) 648–7726, dflanagan@usgs.gov]

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COPPER
U.S. Geological Survey, Mineral Commodity Summaries, February 2026
Events, Trends, and Issues: In 2025, production of copper was affected by concentrator shutdowns and lower ore
grades at multiple mines in the United States. Domestic output of refined copper decreased by an estimated 9%
compared with that in 2024 owing to planned maintenance of both primary smelters. As of September, copper
production started in 2025 at a new mine in Arizona, at a new secondary smelter in Georgia, and at a new secondary
refinery in Kentucky. By yearend, one additional mine in Arizona was expected to begin commercial operations.
The COMEX copper price was projected to average a record high of $4.80 per pound in 2025, 14% greater than
$4.22 per pound in 2024. Analysts attributed the increase primarily to uncertainty regarding the implementation of
tariffs on U.S. imports of copper materials.
On November 7, 2025, the U.S. Final 2025 List of Critical Minerals was published in the Federal Register (90 FR 50494).
The changes in the 2025 list from the prior list published in 2022 (87 FR 10381) were the addition of copper, lead,
potash, rhenium, silicon, and silver, based on the U.S. Geological Survey (USGS) updated methodology for the 2025
list. As required by the Energy Act, public comment and interagency input were requested in response to the draft
U.S. list of critical minerals published in the Federal Register (90 FR 41591). Based on that input, boron, metallurgical
coal, phosphate rock, and uranium were also added.
World Mine and Refinery Production and Reserves: Reserves for Canada, Chile, Peru, Poland, and “Other
countries” were revised based on company, Government, and industry association reports.

Mine production
Refinery production
Reserves6

2025e

2025e

United States
1,050
1,000

47,000
Australia

7100,000
Canada

7,000
Chile
5,510
5,300
1,940
1,700
180,000
China
1,840
1,800
12,400
14,000
41,000
Congo (Kinshasa)
2,990
3,200
2,560
2,800
80,000
Germany

India

2,200
Indonesia
1,010

21,000
Japan

1,570
1,400

Kazakhstan

20,000
Korea, Republic of

Mexico

53,000
Peru
2,740
2,700

85,000
Poland

33,000
Russia
1,020
1,300

80,000
Zambia

21,000
Other countries
  2,850
  3,000
  2,310
  2,100
210,000
World total (rounded)
23,000
23,000
27,600
29,000
980,000
World Resources:6 The most recent USGS assessment of global copper resources indicated that, as of 2015,
identified resources contained 1.5 billion tons of unextracted copper (2.1 billion tons when past production of 600
million tons is included) and undiscovered resources contained an estimated 3.5 billion tons of copper.8
Substitutes: Aluminum substitutes for copper in automobile radiators, cooling and refrigeration tube, electrical
equipment, and power cable. Optical fiber substitutes for copper in telecommunications applications, and plastics
substitute for copper in drain pipe, plumbing fixtures, and water pipe. Titanium and steel are used in heat exchangers.
eEstimated. — Zero.
1Copper converted to refined metal, alloys, and other forms by brass and wire-rod mills, foundries, refineries, and other manufacturers.
2Less than ½ unit.
3Primary refined production + copper recovered from old scrap + refined imports – refined exports ± adjustments for refined copper stock changes.
4Defined as refined imports – refined exports ± adjustments for refined copper stock changes.
5Primary refined production + copper from old and new scrap + refined imports – refined exports ± adjustments for refined copper stock changes.
6See Appendix C for resource and reserve definitions and information concerning data sources.
7For Australia, Joint Ore Reserves Committee-compliant or equivalent reserves were 27 million tons.
8Source: Hammarstrom, J.M., Zientek, M.L., Parks, H.L., Dicken, C.L., and the U.S. Geological Survey Global Copper Mineral Resource
Assessment Team, 2019, Assessment of undiscovered copper resources of the world, 2015 (ver. 1.2, December 2021): U.S. Geological Survey
Scientific Investigations Report 2018–5160, 619 p. (Accessed November 24, 2025, at https://doi.org/10.3133/sir20185160.)

--- PAGE 1 ---
Technical Report Summary of
Mineral Reserves and Mineral Resources
for
Morenci Mine
Arizona, U.S.

Effective Date:
December 31, 2025
Report Date:
January 31, 2026

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IMPORTANT NOTE
This Technical Report Summary (TRS) has been prepared for Freeport-McMoRan Inc. (FCX) in support of the
disclosure and filing requirements of the United States (U.S.) Securities and Exchange Commission (SEC) under
Subpart 1300 of Regulation S-K. The quality of information, conclusions, and estimates contained herein apply as of
the date of this TRS. Events (including changes to the assumptions, conditions, and/or qualifications outlined in this
TRS) may have occurred since the date of this TRS, which may substantially alter the conclusions and opinions herein.
Any use of this TRS by a third-party beyond its intended use is at that party’s sole risk.
CAUTIONARY STATEMENT
This TRS contains forward-looking statements in which potential future performance, operations, and projects are
discussed. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,”
“intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,”
“commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended
to identify those assertions as forward-looking statements. Forward-looking statements are all statements other than
statements of historical facts, such as plans, projections, forecasts or expectations relating to business outlook,
strategy, goals, or targets; global market conditions, including trade policies; ore grades and processing rates;
production and sales volumes; unit net cash costs and operating costs; net present values; economic assessments;
capital expenditures; operating or Life-of-Mine (LOM) plans, including mine sequencing; cash flows; liquidity; timing of
shipments of inventoried production; FCX’s sustainability-related commitments and targets; FCX’s overarching
commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate, and
maintain validation of its operating sites under specific frameworks; improvements in operating procedures and
technology innovations and applications; potential environmental and social impacts; exploration efforts and results;
development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of
copper and molybdenum price changes; mineral resource and mineral reserve estimates and recoveries; and
information pertaining to the financial and operating performance and mine life of the Morenci mine.
Readers are cautioned that forward-looking statements in this TRS are necessarily based on opinions and estimates of
the Qualified Persons (QPs) authoring this TRS, are not guarantees of future performance, and actual results may differ
materially from those anticipated, expected, projected, or assumed in the forward-looking statements. Material
assumptions regarding forward-looking statements are discussed in this TRS, where applicable. In addition to such
assumptions, the forward-looking statements are inherently subject to significant business, economic, and competitive
uncertainties, and contingencies. Important factors that can cause FCX’s actual results to differ materially from those
anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the
commodities FCX produces, primarily copper; changes in export duties and tariff rates; production rates; timing of
shipments and sales; availability and increased costs associated with mining inputs and labor; price and availability of
consumables and components purchased as well as constraints on supply and logistics, and transportation services;
changes in cash requirements, financial position, financing or investment plans; changes in general market, economic,
geopolitical, regulatory, or industry conditions, including market volatility regarding trade policies and tariff uncertainty;
reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including
relations with local communities and Indigenous Peoples; operational risks inherent in mining; mine sequencing; changes
in mine plans or operational modifications, delays, deferrals, or cancellations; results of technical, economic, or feasibility
studies; potential inventory adjustments; potential impairment of long-lived mining assets; expected results from
improvements in operating procedures and technology, including innovation initiatives; industry risks; financial condition
of FCX’s customers, suppliers, vendors, partners, and affiliates; cybersecurity risks; any major public health crisis; labor
relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health
and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure
water supplies; litigation results; tailings management; FCX’s ability to comply with its responsible production
commitments under specific frameworks and any changes to such frameworks; and other factors described in more
detail under the heading “Risk Factors” contained in Part I, Item 1A. of FCX’s Annual Report on Form 10-K for the year
ended December 31, 2025, filed with the SEC.
Investors are cautioned that many of the assumptions upon which the forward-looking statements are based are likely
to change after the date the forward-looking statements are made, including for example commodity prices, which FCX
cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which
FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX
and the QPs who authored this TRS caution investors that FCX undertakes no obligation to update any forward-looking
statements, which are as of the date made, notwithstanding any changes in the assumptions, changes in business
plans, actual experience, or other changes.
This TRS also contains financial measures such as site cash costs and unit net cash costs per pound of metal and free
cash flow, which are not recognized under U.S. generally accepted accounting principles.

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Qualified Person Signature Page
Mine:
Morenci
Effective Date:
December 31, 2025
Report Date:
January 31, 2026
/s/ James Young
James Young, P.Eng., RM-SME
General Manager of Mine Planning

/s/ Paul Albers
Paul Albers, P.Geo., RM-SME
Manager of Exploration Americas

/s/ Luis Tejada
Luis Tejada, Prof. Eng. Geol., RM-SME
Manager of Geomechanical Engineering

/s/ Jacklyn Steeples
Jacklyn Steeples, RM-SME
Manager of Processing Operational Improvement

/s/ Leonard Hill
Leonard Hill, RM-SME
Mineral Processing, Independent Consultant

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Morenci Mine, Arizona, U.S.

as of December 31, 2025
 iv
Table of Contents

Executive Summary   6

Introduction   12

Property Description and Location   14

Accessibility, Climate, Physiography, Local Resources, and Infrastructure   16

History  17

Geological Setting, Mineralization, and Deposit   18

Exploration   24

Sample Preparation, Analyses, and Security   29

Data Verification   31
10 Mineral Processing and Metallurgical Testing   32
11 Mineral Resource Estimate   34
12 Mineral Reserve Estimate   43
13 Mining Methods   46
14 Processing and Recovery Methods   51
15 Site Infrastructure   55
16 Market Studies   58
17 Environmental Studies, Permitting, and Social Impact   59
18 Capital and Operating Costs   62
19 Economic Analysis   64
20 Adjacent Properties   67
21 Other Relevant Data and Information   67
22 Interpretation and Conclusions   68
23 Recommendations   68
24 References   68
25 Reliance on Information Provided by the Registrant   69
26 Glossary – Units of Measure and Abbreviations  71

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Morenci Mine, Arizona, U.S.

as of December 31, 2025
 v
List of Tables
Table 1.1 – Summary of Mineral Reserves   7
Table 1.2 – Summary of Mineral Resources   9
Table 1.3 – Sustaining Capital Costs   10
Table 1.4 – Operating Costs   10
Table 2.1 – Qualified Person Responsibility   14
Table 6.1 – Morenci District Mineralogical Ore Types   23
Table 7.1 – Summary of Drill Programs   25
Table 10.1 – Hydrometallurgical Recoveries   33
Table 10.2 – Concentrator Copper Recoveries   33
Table 10.3 – Concentrator Molybdenum Recoveries   33
Table 11.1 – Morenci Block Model Parameters   36
Table 11.2 – Resource Classification Criteria   37
Table 11.3 – Economic and Technical Assumptions for Resource Evaluation   41
Table 11.4 – Summary of Mineral Resources   42
Table 12.1 – Summary of Mineral Reserves   45
Table 14.1 – Processing Facilities Consumables   55
Table 18.1 – Sustaining Capital Costs   63
Table 18.2 – Operating Costs   63
Table 19.1 – Economic Analysis   65
Table 19.2 – Sensitivity Analysis   66
Table 19.3 – LOM Plan Summary   67

List of Figures
Figure 3.1 – Property Location Map   14
Figure 3.2 – Morenci Mine Mineral Claim Map   15
Figure 6.1 – Geologic Map of Lithology in the Morenci District   19
Figure 6.2 – Cross Section of Lithology Through the Western Copper Mining Area  20
Figure 6.3 – Regional Stratigraphic Column   21
Figure 6.4 – Mineralogical Ore Types through Western Copper Mining Area   23
Figure 6.5 – Cross Section of Mineralogical Ore Types through Western Copper Mining Area   24
Figure 7.1 – Drill Hole Collar Locations   26
Figure 13.1 – Geotechnical Domains   47
Figure 13.2 – Final Mine Design   49
Figure 13.3 – Total Tonnage Planned Material Movement   50
Figure 14.1 – Site Process Diagram   51
Figure 14.2 – Hydrometallurgical Transfer Process   52
Figure 14.3 – Hydrometallurgical Process Diagram   53
Figure 14.4 – Morenci and Metcalf Concentrator Process Flow Diagram   54
Figure 15.1 – Site Infrastructure Map   56

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

EXECUTIVE SUMMARY
This Technical Report Summary (TRS) is prepared by Qualified Persons (QPs) for
Freeport-McMoRan Inc. (FCX), a leading international metals company with headquarters
located in Phoenix, Arizona, United States (U.S.). The purpose of this TRS is to report
mineral reserve and mineral resource estimates at the Morenci mine using estimation
parameters as of December 31, 2025.
1.1
Property Description, Current Status, and Ownership
The Morenci mine is an open-pit copper and molybdenum mining complex. The mine is
located in Greenlee County, Arizona, approximately 50 miles northeast of the city of
Safford on U.S. Highway 191.
The mine operates 365 days per year on a 24 hour per day schedule. Mining and ore
processing operations are currently in production, and the mine is considered a production
stage property.
The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the
remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and SMM Morenci,
Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the
operator of the joint venture and holds registered title to the mineral claims.
As of December 31, 2025, the Morenci mine encompasses approximately 61,700 acres,
comprising 51,300 acres of fee lands and 10,400 acres of unpatented mining claims held
on public mineral estate and numerous state or federal permits, easements, and rights-ofway.
1.2
Geology and Mineralization
The mineral deposits of the Morenci district consist of copper oxide, secondary sulfide,
and primary sulfide mineralization associated with a large porphyry copper system.
Geologic studies indicate that a complex series of Tertiary igneous intrusive rocks were
emplaced within Precambrian-age granite and overlying Paleozoic and Mesozoic
sedimentary rocks. A porphyry copper deposit formed and was associated with the
emplacement and crystallization of intrusive rocks. Several cycles of leaching and
enrichment of the primary sulfides formed the secondary sulfide enrichment blanket and
copper oxide zones currently being mined. Mineralization spans approximately 5 miles in
a north-south direction and 4 miles in an east-west direction.
1.3
Mineral Reserve Estimate
Mineral reserves are summarized from the Life-of-Mine (LOM) plan, which is the
compilation of the relevant modifying factors for establishing an operational, economically
viable mine plan.
Mineral reserves have been evaluated considering the modifying factors for conversion of
measured and indicated resource classes into proven and probable reserves. Inferred
resources are considered to be waste in the LOM plan. The details of the relevant
modifying factors included in the estimation of mineral reserves are discussed in Sections
10 through 21.

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Morenci Mine, Arizona, U.S.
The LOM plan includes the planned production from the in-situ mine designs and stockpile
inventories. Stockpiles include previously mined material on crushed leach and Run of
Mine (ROM) leach pads for processing, and other material set aside to be rehandled and
processed at a future date. Stockpile inventories are estimated as of December 31, 2025,
from reported production of ore deliveries through mid-year and the expected production
to the end of the year.
As a point of reference, the mineral reserve estimate reports the in-situ ore and stockpile
inventories from the LOM plan containing copper and molybdenum metal and reported as
commercially recoverable metal.
Table 1.1 summarizes the mineral reserves reported on a 100% and pro rata property
ownership basis. The mineral reserve estimate is based on commodity prices of $3.25 per
pound for copper and $14 per pound for molybdenum.
Table 1.1 – Summary of Mineral Reserves
Morenci Mine Ownership Tonnageb Cut-off Average Grade Average Recoveryd Recoverable Metalb
Summary of Mineral Reservesa Short Metric Gradec Copper Molybdenum Copper Molybdenum Copper Molybdenum
As of December 31, 2025 % M Tons M Tons %EqCu % % % % M lbs M lbs
Open-Pit Inventories
Proven 924 838 0.31 0.02 82.9 46.4 4,700 189
Mill Probable 144 131 0.30 0.03 82.2 47.2 711 38
Total 1,068 969 0.17 0.31 0.02 82.8 46.5 5,411 226
Proven 123 112 0.45 82.9 927
Crushed Leach Probable 1 1 0.49 79.1 5
Total 124 112 0.20 0.45 82.9 932
Proven 2,375 2,154 0.18 51.9 4,535
ROM Leach Probable 378 343 0.15 49.6 553
Total 2,752 2,497 0.03 0.18 51.6 5,087
Proven 3,422 3,105 0.23 0.01 65.4 46.4 10,162 189
Total Open-Pit
Probable 522 474 0.19 0.01 63.9 47.2 1,269 38
Reserves
Total 3,945 3,578 0.22 0.01 65.2 46.5 11,431 226
Stockpile Inventories
Mill Stockpile Proven 1 1 0.50 86.3 7
Leach Stockpile Proven 8,785 7,969 0.24 0.9 385
Total 8,785 7,969 0.24 0.9 392
Total Reserves Inventories
Proven 12,208 11,074 0.23 0.00 18.6 46.4 10,554 189
Total Mineral
Probable 522 474 0.19 0.01 63.9 47.2 1,269 38
Reserves
Total 100% 12,730 11,548 0.23 0.00 20.1 46.5 11,822 226
Net Equity Intereste
Total FCX 72% 9,166 8,315 0.23 0.00 20.1 46.5 8,512 163
Total Other 28% 3,564 3,234 0.23 0.00 20.1 46.5 3,310 63
Notes:
a. Reported as of December 31, 2025, using metal prices of $3.25 per pound for copper and $14 per pound for molybdenum.
b. Amounts shown may not foot because of rounding.
c. Operational cutoff grade reported as equivalent copper (EqCu).
d. Process recoveries include all applicable processes such as concentration, smelting, transportation losses, etc.
e. The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and
SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the operator of the joint venture and holds registered title to
the mineral claims.
The mineral reserve estimate has been prepared using industry accepted practice and
conforms to the disclosure requirements of the U.S. Securities and Exchange Commission
(SEC) under Subpart 1300 of Regulation S-K (S-K1300). Mineral reserve and mineral
resource estimates are evaluated annually, providing the opportunity to reassess the
assumed conditions. All the technical and economic issues likely to influence the prospect
as of December 31, 2025 7
[TABLE]
Morenci Mine
Summary of Mineral Reservesa
As of December 31, 2025 |  | Ownership
% | Tonnageb
Short Metric
M Tons M Tons | Cut-off
Gradec
%EqCu | Average Grade
Copper Molybdenum
% % | Average Recoveryd
Copper Molybdenum
% % | Recoverable Metalb
Copper Molybdenum
M lbs M lbs
Open-Pit Inventories |  |  |  |  |  |  |
Mill | Proven
Probable |  | 924 838
144 131 |  | 0.31 0.02
0.30 0.03 | 82.9 46.4
82.2 47.2 | 4,700 189
711 38
 | Total |  | 1,068 969 | 0.17 | 0.31 0.02 | 82.8 46.5 | 5,411 226
Crushed Leach | Proven
Probable |  | 123 112
1 1 |  | 0.45
0.49 | 82.9
79.1 | 927

 | Total |  | 124 112 | 0.20 | 0.45 | 82.9 | 932
ROM Leach | Proven
Probable |  | 2,375 2,154
378 343 |  | 0.18
0.15 | 51.9
49.6 | 4,535

 | Total |  | 2,752 2,497 | 0.03 | 0.18 | 51.6 | 5,087
Total Open-Pit
Reserves | Proven
Probable |  | 3,422 3,105
522 474 |  | 0.23 0.01
0.19 0.01 | 65.4 46.4
63.9 47.2 | 10,162 189
1,269 38
 | Total |  | 3,945 3,578 |  | 0.22 0.01 | 65.2 46.5 | 11,431 226
Stockpile Inventories |  |  |  |  |  |  |
Mill Stockpile
Leach Stockpile | Proven
Proven |  | 1 1
8,785 7,969 |  | 0.50
0.24 | 86.3
0.9 | 7

 | Total |  | 8,785 7,969 |  | 0.24 | 0.9 | 392
Total Reserves Inventories |  |  |  |  |  |  |
Total Mineral
Reserves | Proven
Probable |  | 12,208 11,074
522 474 |  | 0.23 0.00
0.19 0.01 | 18.6 46.4
63.9 47.2 | 10,554 189
1,269 38
 | Total | 100% | 12,730 11,548 |  | 0.23 0.00 | 20.1 46.5 | 11,822 226
Net Equity Intereste |  |  |  |  |  |  |
Total FCX
Total Other |  | 72%
28% | 9,166 8,315
3,564 3,234 |  | 0.23 0.00
0.23 0.00 | 20.1 46.5
20.1 46.5 | 8,512 163
3,310 63

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

of economic extraction are anticipated to be resolved under the stated assumed
conditions.
1.4
Mineral Resource Estimate
Mineral resources are evaluated using the application of technical and economic factors
to a geologic resource block model and employing optimization algorithms to generate
digital surfaces of mining limits, using specialized geologic and mine planning computer
software. The resulting surfaces volumetrically identify material as potentially economical,
using the assumed parameters. Mineral resources are the resultant tonnage, grades, and
contained metal inventories.
The mineral resource estimate is the inventory of material identified as having a
reasonable likelihood for economic extraction inside the mineral resource economic
mining limit, less the mineral reserve volume, as applicable. The modifying factors are
applied to measured, indicated, and inferred resource classifications to evaluate
commercially recoverable metal. As a point of reference, the in-situ ore containing copper
and molybdenum metal is inventoried and reported by intended processing method.
The reported mineral resource estimate in Table 1.2 is exclusive of the reported mineral
reserve, on a 100% and pro rata property ownership basis. The mineral resource estimate
is based on commodity prices of $3.75 per pound for copper and $17 per pound for
molybdenum.

--- PAGE 9 ---
Morenci Mine, Arizona, U.S.
Table 1.2 – Summary of Mineral Resources
Morenci Mine Ownership Tonnageb Cut-off Average Grade Contained Metalb,d
Summary of Mineral Resourcesa Short Metric Gradec Copper Molybdenum Copper Molybdenum
As of December 31, 2025 % M Tons M Tons %EqCu % % M lbs M lbs
Open-Pit Inventories
Measured 903 819 0.27 0.02 4,957 396
Indicated 802 727 0.30 0.03 4,755 406
Mill Subtotal 1,705 1,546 0.28 0.02 9,712 802
Inferred 431 391 0.31 0.03 2,692 218
Total 2,135 1,937 0.12 0.29 0.02 12,404 1,021
Measured 51 47 0.53 545
Indicated 5 5 0.70 73
Crushed Leach Subtotal 57 51 0.55 618
Inferred 0 0 0.58 5
Total 57 52 0.10 0.55 623
Measured 1,396 1,266 0.16 4,353
Indicated 896 813 0.13 2,416
ROM Leach Subtotal 2,292 2,079 0.15 6,769
Inferred 490 445 0.13 1,311
Total 2,783 2,524 0.01 0.15 8,080
Total Resources Inventories
Measured 2,350 2,132 0.21 0.01 9,855 396
Indicated 1,703 1,545 0.21 0.01 7,243 406
Total Mineral Subtotal 4,053 3,677 0.21 0.01 17,098 802
Resources
Inferred 921 836 0.22 0.01 4,009 218
Total 100% 4,975 4,513 0.21 0.01 21,108 1,021
Net Equity Intereste
Total FCX 72% 3,582 3,249 0.21 0.01 15,197 735
Total Other 28% 1,393 1,264 0.21 0.01 5,910 286
Notes:
a. Reported as of December 31, 2025, using metal prices of $3.75 per pound for copper and $17 per pound for molybdenum. Mineral resources are
exclusive of mineral reserves.
b. Amounts shown may not foot because of rounding.
c. Internal cutoff grade reported as equivalent copper (EqCu).
d. Estimated expected recoveries are consistent with those for mineral reserves but would require additional work to substantiate.
e. The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%)
and SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the operator of the joint venture and holds registered
title to the mineral claims.
The mineral resource estimate has been prepared using industry accepted practice and
conforms to the disclosure requirements of S-K1300. Mineral reserve and mineral
resource estimates are evaluated annually, providing the opportunity to reassess the
assumed conditions. Although all the technical and economic issues likely to influence the
prospect of economic extraction of the estimated mineral resource are anticipated to be
resolved under the stated assumed conditions, no assurance can be given that the
estimated mineral resource will become proven and probable mineral reserves.
1.5 Capital and Operating Cost Estimates
The capital and operating costs are estimated by the property’s operations, engineering,
management, and accounting personnel in consultation with FCX corporate staff, as
appropriate. The cost estimates are applicable to the planned production, mine schedule,
and equipment requirements for the LOM plan. The capital costs are summarized in Table
1.3.
as of December 31, 2025 9
[TABLE]
Morenci Mine
Summary of Mineral Resourcesa
As of December 31, 2025 |  | Ownership
% | Tonnageb
Short Metric
M Tons M Tons | Cut-off
Gradec
%EqCu | Average Grade
Copper Molybdenum
% % | Contained Metalb,d
Copper Molybdenum
M lbs M lbs
Open-Pit Inventories |  |  |  |  |  |
Mill | Measured
Indicated |  | 903 819
802 727 |  | 0.27 0.02
0.30 0.03 | 4,957 396
4,755 406
 | Subtotal
Inferred |  | 1,705 1,546
431 391 |  | 0.28 0.02
0.31 0.03 | 9,712 802
2,692 218
 | Total |  | 2,135 1,937 | 0.12 | 0.29 0.02 | 12,404 1,021
Crushed Leach | Measured
Indicated |  | 51 47
5 5 |  | 0.53
0.70 | 545

 | Subtotal
Inferred |  | 57 51
0 0 |  | 0.55
0.58 | 618

 | Total |  | 57 52 | 0.10 | 0.55 | 623
ROM Leach | Measured
Indicated |  | 1,396 1,266
896 813 |  | 0.16
0.13 | 4,353
2,416
 | Subtotal
Inferred |  | 2,292 2,079
490 445 |  | 0.15
0.13 | 6,769
1,311
 | Total |  | 2,783 2,524 | 0.01 | 0.15 | 8,080
Total Resources Inventories |  |  |  |  |  |
Total Mineral
Resources | Measured
Indicated |  | 2,350 2,132
1,703 1,545 |  | 0.21 0.01
0.21 0.01 | 9,855 396
7,243 406
 | Subtotal
Inferred |  | 4,053 3,677
921 836 |  | 0.21 0.01
0.22 0.01 | 17,098 802
4,009 218
 | Total | 100% | 4,975 4,513 |  | 0.21 0.01 | 21,108 1,021
Net Equity Intereste |  |  |  |  |  |
Total FCX
Total Other |  | 72%
28% | 3,582 3,249
1,393 1,264 |  | 0.21 0.01
0.21 0.01 | 15,197 735
5,910 286

--- PAGE 10 ---
Morenci Mine, Arizona, U.S.
Table 1.3 – Sustaining Capital Costs
$ billions
Mine $1.4
Leach and SX/EW 1.4
Concentrator 1.4
Supporting Infrastructure and Environmental 0.1
Total Capital Expenditures $4.3
Estimates are derived from current costs and adjusted to the reserve price environment. The
estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs
are reviewed periodically, and estimates are refined as required.
Capital costs are primarily sustaining projects consisting of mine equipment replacements
and planned site infrastructure projects, most notably to increase leach pad and tailings
storage facility (TSF) capacities over the production of the scheduled reserves. Capital
cost estimates are derived from current capital costs based on extensive experience
gained from many years of operating the property and do not include future inflation. FCX
and the Morenci mine staff review actual costs periodically and refine cost estimates as
appropriate.
The operating costs for the LOM plan are summarized in Table 1.4.
Table 1.4 – Operating Costs
$ billions
Mine $15.0
Leach and SX/EW 4.7
Concentrator 8.3
Balance 5.5
Total site cash operating costs 33.5
Freight 0.6
Treatment charges 0.5
By-product credits (2.7)
Total net cash costs $31.9
Unit net cash cost ($ per pound of copper) $2.70
Estimates are derived from current costs and adjusted to the reserve price environment. The
estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs are
reviewed periodically, and estimates are refined as required.
The operating cost estimates are derived from current operating costs and practices based
on extensive experience gained from many years of operating the property and do not
include future inflation.
1.6 Permitting Requirements
In the QPs’ opinion, the Morenci mine has adequate plans and programs in place, is in
good standing with environmental regulatory authorities, and no current conditions related
to environmental compliance, permitting, and local engagement represent a material risk
to continued operations. The Morenci mine staff have a high level of understanding of the
as of December 31, 2025 10
[TABLE]
 |  |  |  |  |  |  | $ billions |
 | Mine |  |  |  |  |  |  |
 | Leach and SX/EW |  |  |  |  |  |  |
 | Concentrator |  |  |  |  |  |  |
 | Supporting Infrastructure and Environmental |  |  |  |  |  |  |
 | Total Capital Expenditures |  |  |  |  |  |  |
 |  |  |  |  |  |  |  |
 | Estimates are derived from current costs and adjusted to the reserve price environment. The |  |  |  |  |  |  |
 | estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs |  |  |  |  |  |  |
 | are reviewed periodically, and estimates are refined as required. |  |  |  |  |  |  |

[TABLE]
 |  |  |  |  |  |  | $ billions |
 | Mine |  |  |  |  |  | $15.0 |
 | Leach and SX/EW |  |  |  |  |  | 4.7 |
 | Concentrator |  |  |  |  |  | 8.3 |
 | Balance |  |  |  |  |  | 5.5 |
 | Total site cash operating costs |  |  |  |  |  | 33.5 |
 | Freight |  |  |  |  |  | 0.6 |
 | Treatment charges |  |  |  |  |  | 0.5 |
 | By-product credits |  |  |  |  |  | (2.7) |
 | Total net cash costs |  |  |  |  |  | $31.9 |
Unit net cash cost ($ per pound of copper) |  |  |  |  |  | $2.70 |  |
 |  |  |  |  |  |  |  |
 | Estimates are derived from current costs and adjusted to the reserve price environment. The |  |  |  |  |  |  |
 | estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs are |  |  |  |  |  |  |
 | reviewed periodically, and estimates are refined as required. |  |  |  |  |  |  |

--- PAGE 11 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

requirements of environmental compliance, permitting, and local stakeholders to facilitate
the development of the mineral reserve and mineral resource estimates. The periodic
inspections by governmental agencies, FCX corporate staff, third-party reviews, and
regular reporting confirm this understanding.
Based on the LOM plan, additional permits will likely be necessary in the future for
continued operation of the Morenci mine, including Aquifer Protection Permit (APP)
amendment applications and obtaining of Arizona Department Environmental Quality
(ADEQ) approval for increased leach pad stockpile and tailings storage capacities under
the existing APP.
1.7
Conclusions and Recommendations
FCX and the QPs believe that the geologic interpretation and modeling of exploration data,
economic analysis, mine design and sequencing, process scheduling, and operating and
capital cost estimation have been developed using accepted industry practices and that
the stated mineral reserves and mineral resources comply with SEC regulations. Periodic
reviews by third-party consultants confirm these conclusions.
No recommendations for additional work are identified for the reported mineral reserves
and mineral resources as of December 31, 2025.

--- PAGE 12 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

INTRODUCTION
This TRS is prepared by QPs for FCX, a leading international metals company with
headquarters located in Phoenix, Arizona, U.S. The purpose of this TRS is to report
mineral reserve and mineral resource estimates at the Morenci mine using estimation
parameters as of December 31, 2025.
2.1
Terms of Reference and Sources of Information
FCX owns and operates several affiliates or subsidiaries. This TRS uses the name “FCX”
interchangeably for Freeport-McMoRan Inc. and its consolidated subsidiaries.
FCX operates large, long-lived, geographically diverse assets with significant proven and
probable mineral reserves of copper, gold, and molybdenum. FCX has a dynamic portfolio
of operating, expansion, and growth projects in the copper industry and believes it is the
world’s largest producer of molybdenum.
FCX maintains standards, procedures, and controls in support of estimating mineral
reserves and mineral resources. The QPs, including the Manager of Mine Planning for
Reserves, annually review the estimates of mineral reserves and mineral resources
prepared by mine site and FCX corporate employees, the supporting documentation, and
compliance with internal controls. Based on their review, the QPs recommend approval of
the mineral reserve and mineral resource estimates to FCX senior management.
The reported estimates and supporting background information, conclusions, and
opinions contained herein are based on company reports, property data, public
information, and assumptions supplied by FCX employees and other third-party sources,
including the reports and documents listed in Section 24 of this TRS, available at the time
of writing this TRS. None of the information on, or accessible through, the FCX website is
part of this TRS or is incorporated by reference herein.
Unless otherwise stated, all figures and images were prepared by FCX. Units of
measurement referenced in this TRS are based on local convention in use at the property
and currency is expressed in U.S. dollars.
The effective date of this TRS is December 31, 2025. This TRS updates the previously
filed “Technical Report Summary of Mineral Reserves and Mineral Resources for Morenci
Mine,” which was effective as of December 31, 2023. The mineral reserve and mineral
resource estimates in this TRS supersede any previous estimates of mineral reserves and
mineral resources for the Morenci mine.
Mineral reserves and mineral resources are reported in accordance with the requirements
of S-K1300.
2.2
Qualified Persons
This TRS has been prepared by the following QPs:

James Young, General Manager of Mine Planning.

Paul Albers, Manager of Exploration Americas.

Luis Tejada, Manager of Geomechanical Engineering.

Jacklyn Steeples, Manager of Processing Operational Improvement.

Leonard Hill, Mineral Processing, Independent Consultant.

--- PAGE 13 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

James Young is General Manager of Mine Planning for the Strategic Planning department
of FCX. He has over 20 years of experience working for large-scale, open-pit operations
in Peru, Chile, Indonesia, Canada, and the U.S. He holds a Bachelor of Applied Science
in Mining and Mineral Process Engineering from the University of British Columbia and is
registered as a Professional Engineer (P.Eng.) with Engineers and Geoscientists of British
Columbia, Canada. Mr. Young is a Registered Member of the Society for Mining,
Metallurgy and Exploration (RM-SME). In his role with FCX, he discusses aspects of the
mine with site staff regarding overall approach to mine planning, current operating
conditions, targeted production expectations, and options for potential resource
development. He has visited the site various times throughout his career. His most recent
visit to the Morenci mine was on June 19, 2025.
Paul Albers is Manager of Exploration Americas for FCX. He has over 20 years of mineral
exploration and mining experience, including copper-molybdenum porphyry deposits in
North America and South America. He holds a Bachelor of Science degree in Geology
from St. Norbert College and Master of Science degree in Geology from the University of
Minnesota-Duluth. He is registered as a Certified Professional Geologist (P.Geo.) with the
State of Minnesota. Mr. Albers is a RM-SME. In his role with FCX, he provides technical
support and collaborates with site staff on exploration and mineral resource modeling
programs. He has visited the site various times throughout his career. His most recent visit
to the Morenci mine was on December 3, 2025.
Luis Tejada is Manager of Geomechanical Engineering for the Strategic Planning
department of FCX. He has over 20 years of experience working for large-scale, open-pit
operations in Peru and the U.S. He holds a Bachelor of Science in Geological Engineering
from the San Agustin University in Arequipa, Peru, and is registered as a professional
Geological Engineer (Prof. Eng. Geol.) with the Colegio de Ingenieros del Peru. He is a
RM-SME. In his role, he provides technical support and collaborates with site staff on
geomechanical engineering, slope monitoring systems, mine hydrogeology, options for
slope design improvements, and slope optimization. He worked at the Morenci mine from
2016 to 2019 and has visited the site various times since. His most recent visit to the
Morenci mine was on April 14 to 17, 2025.
Jacklyn Steeples is Manager of Processing Operational Improvement for FCX and has
over 20 years of experience working for large-scale, open-pit copper processing
operations including leach, solution extraction (SX), electrowinning (EW), concentrator,
and crush and convey divisions. She holds a Bachelor of Science in Chemical Engineering
from the Colorado School of Mines. She is a RM-SME. In her role with FCX, she
collaborates with site staff on leach pad placements, SX/EW operations, current operating
conditions performance, and improvements for hydrometallurgical operations. She worked
at the Morenci mine from 2005 to 2013 and has visited the site various times throughout
her career. Her most recent visit to the Morenci mine was on June 19, 2025.
Leonard Hill is an independent contractor working as a mineral processing qualified
person with over 35 years of experience working for large-scale, copper and molybdenum
processing operations in the U.S. He is a RM-SME. He was formerly a Director of
Metallurgy and Strategic Planning for FCX. With FCX, he worked in technical services,
concentrator operations, supply chain management and operational improvement. He
holds a Bachelor of Science degree in Metallurgical Engineering from the Colorado School
of Mines and a Master of Business Administration degree in Supply Chain Management
from Arizona State University. In his role for FCX, he provides technical support to mineral
processing facilities, including capital project process design, process performance
assessments, and process optimization recommendations. He has visited the site various

--- PAGE 14 ---
Morenci Mine, Arizona, U.S.
times throughout his career. His most recent visit to the Morenci mine was on March 7,
2023.
The QPs reviewed the reasonableness of the background information for the estimates.
The details of the QPs’ responsibilities for this TRS are outlined in Table 2.1.
Table 2.1 – Qualified Person Responsibility
Qualified Person Responsibility
James Young Sections 2 through 5, 11.2 through 13.1, 13.1.3 through 13.3, 15
through 26, and corresponding sections of the Executive Summary
Paul Albers Sections 2, 6 through 7.5, 7.8, 8, 9, 11.1, 21 through 26, and
corresponding sections of the Executive Summary
Luis Tejada Sections 2, 7.6 through 7.8, 13.1.1, 13.1.2, 21 through 26, and
corresponding sections of the Executive Summary
Jacklyn Steeples Sections 2, 10, 12, 14, 15, 18, 21 through 26, and corresponding
sections of the Executive Summary
Leonard Hill Sections 2, 10, 12, 14, 15, 18, 21 through 26, and corresponding
sections of the Executive Summary
3 PROPERTY DESCRIPTION AND LOCATION
The Morenci mine is an open-pit copper and molybdenum mining complex. The mine is
located in Greenlee County, Arizona, approximately 50 miles northeast of the city of
Safford on U.S. Highway 191.
The mine operates 365 days per year on a 24 hour per day schedule. Mining and ore
processing operations are currently in production, and the mine is considered a production
stage property.
3.1 Property Location
The property location map is illustrated in Figure 3.1.
Figure 3.1 – Property Location Map
as of December 31, 2025 14
[TABLE]
Qualified Person | Responsibility
James Young | Sections 2 through 5, 11.2 through 13.1, 13.1.3 through 13.3, 15
through 26, and corresponding sections of the Executive Summary
Paul Albers | Sections 2, 6 through 7.5, 7.8, 8, 9, 11.1, 21 through 26, and
corresponding sections of the Executive Summary
Luis Tejada | Sections 2, 7.6 through 7.8, 13.1.1, 13.1.2, 21 through 26, and
corresponding sections of the Executive Summary
Jacklyn Steeples | Sections 2, 10, 12, 14, 15, 18, 21 through 26, and corresponding
sections of the Executive Summary
Leonard Hill | Sections 2, 10, 12, 14, 15, 18, 21 through 26, and corresponding
sections of the Executive Summary

--- PAGE 15 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

The property is located at latitude 33.07 degrees north and longitude 109.35 degrees west
using the World Geodetic System 84 coordinate system.
3.2
Ownership
The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the
remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and SMM Morenci,
Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the
operator of the joint venture and holds registered title to the mineral claims.
3.3
Land Tenure
As of December 31, 2025, the Morenci mine encompasses approximately 61,700 acres,
comprising 51,300 acres of fee lands and 10,400 acres of unpatented mining claims held
on public mineral estate and numerous state or federal permits, easements, and rights-ofway. Figure 3.2 shows a map of the land claim status.
Figure 3.2 – Morenci Mine Mineral Claim Map

3.4
Mineral Rights and Significant Permitting
The 51,300 acres of fee lands are considered private lands and include the surface and
all the mineral rights on this patented land. There is no limit to the depth of the mineral
rights or time provisions in which the minerals must be extracted. The fee lands are subject
to property taxes.
FCX holds 533 unpatented mining claims, comprising 10,400 acres located in Greenlee
County, with the Bureau of Land Management (BLM). FCX pays the annual maintenance
fee for maintaining the claims to BLM and has owned and controlled most of these claims

--- PAGE 16 ---
Morenci Mine, Arizona, U.S.
for many decades. These mineral claims were obtained from the U.S. federal government.
The claims are public records and are on file in the County Recorder’s Office, Greenlee
County, located in Clifton, Arizona.
The Morenci mine encompasses one small mineral lease with the state of Arizona. This
lease covers approximately 332 acres, less than 1% of the Morenci concession. The lease
agreement maintains a royalty payment in accordance with production from the leased
area. As of December 31, 2025, mining has ceased on the leased area and the agreement
is set to expire on October 22, 2029.
3.5 Comment on Factors and Risks Affecting Access, Title, and Ability to Perform Work
FCX and the Morenci mine staff believe that all major permits and approvals are in place
to support operations at the Morenci mine. Based on the LOM plan, additional permits will
likely be necessary in the future for increased capacities of leach pad stockpiles and TSFs
as discussed in Section 17. Such processes to obtain these permits and the associated
timelines are understood, and similar permits have been granted in the past. FCX and the
Morenci mine have environmental, land, water, and permitting departments that monitor
and review all aspects of property ownership or other rights and permit requirements so
that they are maintained in good standing and any issues are addressed in a timely
manner.
U.S. Highway 191 is located inside the operating areas of the Morenci mine as of
December 31, 2025. As the mine develops, the highway is planned to be relocated as
needed. The Morenci mine staff have relocated portions of this highway various times
throughout the operating history of the mine.
As of December 31, 2025, FCX and the Morenci mine believe the mine’s access,
payments for titles and rights to the mineral claims, and ability to perform work on the
property are all in good standing. Further, to the extent known to the QP, there are no
significant encumbrances, factors, or risks that may affect the ability to perform work in
support of the estimates of mineral reserves and mineral resources.
4 ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, AND
INFRASTRUCTURE
The property is located in Greenlee County, Arizona, in the southwestern part of the U.S.
4.1 Accessibility
The Morenci mine is accessible by paved road along U.S. Highway 191. The mine is
approximately 50 miles northeast of Safford, Arizona. A railway line to the property
provides support for delivery of supplies and transport of metal products.
4.2 Climate
The property is situated in a mountainous area at an elevation ranging between 2,750 and
6,560 feet above sea level. This region sits on the edge of the Madrean Archipelago,
between the northwestern Chihuahuan Desert and the northeastern Sonoran Desert.
Average monthly temperatures typically range between 46 and 85-degrees Fahrenheit.
The Morenci mine is located in a desert environment with rainfall averaging 13 inches per
as of December 31, 2025 16
[TABLE]
4 ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, AND
INFRASTRUCTURE

--- PAGE 17 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

year. The mine operates throughout the year with production marginally affected during
periods of heavy rain.
4.3
Physiography
Vegetation in the area is a mix of shrubs/forbs and grasses representing the Sonoran
Desert scrub and the Chihuahuan Desert species. These include interior chaparral,
semidesert grassland, Great Basin conifer woodland, and post-climax conifer woodland.
4.4
Local Resources and Infrastructure
Infrastructure is in place to support mining operations. Section 15 contains additional
details regarding site infrastructure.
The mine maintains a company-owned townsite at the operation. Additional
accommodations for mine employees and supplies are available in the nearby
communities of Clifton, Safford, Tucson, and Phoenix in Arizona and Lordsburg, Silver
City, and Deming in New Mexico.
Water for the Morenci mine is supplied by a combination of sources including decreed
surface water rights in the San Francisco River, Chase Creek, and Eagle Creek drainages,
groundwater from the Upper Eagle Creek Wellfield, and Central Arizona Project water
leased from the San Carlos Apache Tribe and delivered to Morenci via exchange through
the Black River Pump Station. FCX and the Morenci mine staff believe Morenci has
sufficient water claims through water rights controlled by FCX to cover its operational
demands in normal or slightly above-normal climatic conditions; however, FCX is a party
to litigation that could impact the mine’s water rights claims or rights to continued use of
currently available water supplies, which could adversely affect the water supply for
Morenci mine operations.
The Morenci operation’s electrical power is supplied by FCX’s wholly owned subsidiary
the Morenci Water and Electric Company (MW&E). MW&E sources its generation services
through FCX’s wholly owned subsidiary Freeport-McMoRan Copper and Gold Energy
Services, LLC (FMES) through capacity rights at the Luna Energy Facility in Deming, New
Mexico, and other power purchase agreements.
Site operations are adequately staffed with experienced operational, technical, and
administrative personnel. FCX and the Morenci mine believe all necessary supplies are
available as needed.

HISTORY
The first record of copper mineralization near Morenci appears in a report prepared by
soldiers in January 1863 (Watt, 1956). Early exploration was primarily conducted by
prospecting high-grade copper mineralization along lode deposits and fissure veins
leading to the development of historical underground mines scattered across the district
by the early 1900s. Systematic churn drilling programs designed to delineate and evaluate
this resource commenced in 1912. Subsequent exploration confirmed the resource was
part of the large Clay ore body being mined on the neighboring Arizona Copper property
(Patton, 1945, Briggs, 2016). Various producers (namely, the Longfellow Mining
Company, Detroit Copper Mining Company, Arizona Copper Company, and the Shannon
Copper Company, as well as several other smaller producers) developed underground

--- PAGE 18 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

mine workings and integrated concentrator and smelter operations early in the district's
history.
By 1921, the various producers had been consolidated under the management of a single
company, the Phelps Dodge Corporation (PDC). Modern exploration in the district began
in the late 1920s when PDC drilled many test holes in the Clay ore body. Although grades
were too low to warrant mining by underground methods, this drilling demonstrated
continuity of mineralization that was amenable to be mined in an open-pit. Subsequent
decades of drilling resulted in delineation of mineralization in the Metcalf, Coronado,
Garfield, Sun Ridge, Western Copper, Shannon, and American Mountain areas.
Underground operations had ceased by 1932 and by the late 1930s, the district had
converted to open-pit operations. The Morenci concentrator was commissioned in 1942
with a reverberatory smelter. An additional concentrator, Metcalf, was constructed in the
Morenci district and started receiving ore in 1975. The Morenci smelter was closed in
December 1984. Dismantling started in 1993 and was completed by the end of 1996.
In February 1986, PDC sold a 15% joint venture interest in the Morenci operation to
Sumitomo Metal Mining Arizona, Inc., a jointly owned subsidiary of Sumitomo Metal Mining
Company (SMM) (80% ownership) and Sumitomo Corporation (20% ownership).
Morenci's first SX/EW facilities were commissioned in September 1987. During the fall of
1999, the Metcalf concentrator was closed, with the Morenci concentrator placed in care
and maintenance status in 2001. Morenci operated as a leach-only operation until 2006
when the Morenci concentrator resumed production, with the addition of a concentrate
leach plant (CLP) commissioned in October 2007. In 2009, the Morenci concentrator was
placed in care and maintenance status until 2011.
In March 2007, FCX acquired PDC. From 2007 through 2013, FCX completed 868 district
wide exploration and infill drill holes totaling approximately 1.7 million feet. In 2014, mining
and milling production were expanded with the construction of a new concentrator housed
in the old Metcalf concentrator facility. In May 2016, FCX sold an additional 13% interest
in its Morenci unincorporated joint venture to SMM.
In 2020, one of the Morenci concentrators was placed in care and maintenance status but
was restarted in July 2021 and resumed operating at full capacity in early 2022.
The Morenci mine is a well-developed property currently in operation and all previous
exploration and development work has been incorporated where appropriate in the access
and operation of the property. Exploration and development work is included in the data
described in Sections 6 through 11 of this TRS.

GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT
6.1
Regional Geology
The Morenci district is located along the southeastern edge of a transition zone between
two major geologic and physiographic provinces. The Colorado Plateau is situated about
20 miles to the north whereas the Basin and Range provinces adjoin the mining district to
the south and southeast. The district appears as a triangular window of Precambrian
through Tertiary-aged rocks that are surrounded and overlain by younger Tertiary and
Quaternary rocks.

--- PAGE 19 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

6.2
Deposit Geology
The mineral deposits of the Morenci district consist of copper oxide, secondary sulfide,
and primary sulfide mineralization associated with a large porphyry copper system.
Geologic studies indicate a complex series of Tertiary igneous intrusive rocks were
emplaced within Precambrian-age granite and overlying Paleozoic and Mesozoic
sedimentary rocks as shown in Figure 6.1. A porphyry copper deposit formed and was
associated with the emplacement and crystallization of intrusive rocks. Several cycles of
leaching and enrichment of the primary sulfides formed the secondary sulfide enrichment
blanket and copper oxide zones currently being mined. Mineralization spans
approximately 5 miles in a north-south direction and 4 miles in an east-west direction.
Figure 6.1 – Geologic Map of Lithology in the Morenci District

The Morenci pit in the figure is sometimes referred to as the Ponderosa pit.

--- PAGE 20 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Structural Geology
The rocks in the Morenci district have been affected by multiple generations of normal
faults reflecting major changes in regional tectonism and stress regimes that have affected
the southwestern North American continent and local stress fields (Dickinson, 1989).
These structures provided pathways for supergene solutions that were fundamental to the
development of secondary sulfide ore bodies in the district. Displacement along normal
faults formed basins that localized volcanic and sedimentary cover sequences that
preserved the mineralized block from erosion. At least four distinct orientations of faults
and veins can be recognized in the Morenci district.
The earliest structural trend consists of high-angle normal faults striking 55 to 75 degrees
as shown in Figure 6.2. The Quartzite and Coronado faults placed Paleozoic rocks against
Proterozoic granite. Diabase dikes of Tertiary age intruded along the Quartzite and
Coronado faults indicate that these structures were open during Laramide intrusive
events.
Figure 6.2 – Cross Section of Lithology Through the Western Copper Mining Area

East-west cross section at 15,000 N projected to original topography. Section A-A’ correlates with the Western Copper
Mining Area in Figure 6.4. Elevations are in feet.
Northeast-striking normal faults are the dominant structural orientation of the district and
are important controls of magmatism and hypogene mineralization. The monzonite
porphyry, older granite porphyry stocks, and associated dike swarms are elongated along
this trend, and it is the predominant orientation for quartz-sericite-sulfide veins. The San
Francisco fault also strikes northeast; however, while the age of this structure is poorly
understood, the San Francisco fault juxtaposes Precambrian and Paleozoic rocks against
Tertiary to Quaternary volcanics, conglomerates, and gravels indicating it is significantly
younger than the majority of northeast trending structures in the district.
Northerly striking faults form major boundaries to the ore bodies in the district. The Chase
Creek fault dips 60 to 70 degrees to the east and extends over 9 miles in the central portion
of the district.
Northeast-oriented structures are cut and offset by high-angle northwest-striking faults
associated with late Cenozoic Basin and Range development. Northwest-striking faults
such as the Kingbolt, Copper Mountain, Morenci Canyon, and Apache faults along the
southwestern edge of the Morenci pit and the North fault bounding the northeastern edge
of the Shannon block are important controls in the distribution of supergene mineralization.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Structural models are used to guide the interpretation of mineralization fabric and to bound
lithological units. Interpretations of district structures were updated in 2016 to incorporate
recent drilling and the latest technology for modeling the faults.

Rock Types
In the Morenci district, rocks ranging from Early Proterozoic schist and granite through
Paleozoic and Cretaceous sedimentary sequences are overlain and intruded by early to
middle Tertiary igneous rocks. Following a protracted period of uplift and erosion, the
Clifton-Morenci area was covered by up to 3,200 feet of Oligocene volcanic rocks with
subsequent erosion resulting in thick late Miocene through Holocene basin deposits that
filled structural lows to the east and southwest of the Morenci block.
Major host rocks include the Precambrian basement, which consists of granite to the north
and northwest and granodiorite in the southwestern and southeastern portion of the
district, and Paleozoic sedimentary rocks which are restricted to fault-bound blocks that
occur in the southwestern portion of the district and in the Shannon and Garfield mine
areas.
Laramide intrusive activity is manifested in the Morenci district by a staged series of
Paleocene to early Eocene hypabyssal intrusions. Laramide stocks, laccoliths, and
associated dikes and sills constitute a comagmatic, calc-alkaline series of porphyritic
intrusions, ranging in composition from diorite to granodiorite to quartz monzonite and
granite. These intrusions are separated into at least six texturally and mineralogically
distinct stages. Three of these stages are associated with hydrothermal fluids responsible
for porphyry copper-style chalcopyrite-molybdenite stockwork and skarn mineralization:
dacite, monzonite, and older granite porphyries. Figure 6.3 shows a regional stratigraphic
column and intrusive history of rocks in the district.
Figure 6.3 – Regional Stratigraphic Column

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Alteration and Mineralization
Primary hypogene mineralization is associated with emplacement of Laramide-age
granodiorite to quartz monzonite stocks and dike swarms intruded into Precambrian
granite and Paleozoic sedimentary rocks. Quartz-sericite-sulfide alteration and attendant
copper-molybdenum mineralization is temporally and spatially associated with the
emplacement and cooling of these intrusions. Low-grade hypogene copper mineralization
is manifested as quartz-sericite alteration with pyrite-chalcopyrite-molybdenite stockwork
veins that overprinted early quartz-orthoclase and biotite vein assemblages.
The style and sequence of hydrothermal alteration and mineralization in the Morenci
district can be characterized from vein mineral assemblages and crosscutting
relationships. As in many other well-studied porphyry copper systems (Nielsen, 1968;
Phillips, Gambell and Fountain, 1974; Beane and Titley, 1981), alteration and vein
assemblages in the Morenci ore body appear to vary systematically from potassic
alteration near the core and deep within the deposit to sericite-dominated alteration in the
upper and central portions. A propylitic zone is present in the fringes of the deposit.
Crosscutting relationships among veins associated with these discrete alteration
assemblages reflect the evolution of fluids responsible for copper-molybdenum
mineralization. Key characteristics of hypogene mineralization are that the potassicrelated assemblages are sulfide poor and do not contain significant amounts of copper
and the later sericite dominant assemblages contain the bulk of the copper, principally as
chalcopyrite.
The supergene zone characteristically displays a massive white appearance reflecting
pervasive argillic alteration. Textural destruction is commonly so intense that even coarsegrained granitic textures are obscured, making field identification of lithological units
difficult.
Anhydrous skarns containing garnet, diopside, wollastonite, marble and hornfels, and
hydrous skarns containing tremolite-actinolite, chlorite, epidote, and magnetite developed
where the Laramide porphyries intruded Paleozoic sedimentary units.
Most ore mined from the Morenci district and carried in the current operation is the product
of supergene oxidation and enrichment processes. Long-lived multiple supergene cycles
resulted in an enriched zone localized in the ancestral Chase Creek Canyon. In supergene
sulfide zones, chalcocite occurs as thick coatings and complete replacements of pyrite
and chalcopyrite.
The form and distribution of supergene mineral assemblages is largely a function of the
physical character of the ore body and the nature of the climate and the hydrologic setting
at the time of formation. Faults and fractures provide conduits for infiltration of supergene
solutions into the host rocks. Supergene profiles typically mirror the current topographic
surface. Enrichment and oxidation zones are generally thicker in valleys and thinner at
ridge tops.
The predominant oxide copper mineral is chrysocolla. Chalcocite is the most important
secondary copper sulfide mineral, and chalcopyrite and molybdenite are the dominant
primary sulfide minerals. The mineralogical ore types are described in Table 6.1. A plan
view map and cross section highlighting ore type interpretations are provided in Figure 6.4
and Figure 6.5.

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Morenci Mine, Arizona, U.S.
Table 6.1 – Morenci District Mineralogical Ore Types
Ore Type Mineralogy
Iron oxide; may contain residual copper oxide and
Leached Cap
chalcocite.
Native copper, neotocite, tenorite, copper wad,
Acid Insoluble Oxide
manganese and iron mineraloids; may contain cuprite.
Malachite, chrysocolla, azurite, brochantite; may
Acid Soluble Oxide
contain minor chalcocite, pyrite, and/or cuprite.
Chalcocite, pyrite, and/or lesser iron and copper oxide
Mixed Oxide-Sulfide
minerals.
Chalcocite, pyrite; may contain accessory chalcopyrite,
Supergene Sulfide
covellite.
Mixed Supergene Sulfide Chalcocite, covellite, chalcopyrite.
Mixed Hypogene Sulfide Chalcopyrite greater than covellite, chalcocite.
Chalcopyrite/pyrite dominant, may contain lesser
Hypogene Sulfide
bornite and/or covellite.
Unmineralized No visible copper minerals present; may contain pyrite.
Figure 6.4 – Mineralogical Ore Types through Western Copper Mining Area
Plan view of 4,525-foot level.
as of December 31, 2025 23
[TABLE]
Ore Type | Mineralogy
Leached Cap | Iron oxide; may contain residual copper oxide and
chalcocite.
Acid Insoluble Oxide | Native copper, neotocite, tenorite, copper wad,
manganese and iron mineraloids; may contain cuprite.
Acid Soluble Oxide | Malachite, chrysocolla, azurite, brochantite; may
contain minor chalcocite, pyrite, and/or cuprite.
Mixed Oxide-Sulfide | Chalcocite, pyrite, and/or lesser iron and copper oxide
minerals.
Supergene Sulfide | Chalcocite, pyrite; may contain accessory chalcopyrite,
covellite.
Mixed Supergene Sulfide | Chalcocite, covellite, chalcopyrite.
Mixed Hypogene Sulfide | Chalcopyrite greater than covellite, chalcocite.
Hypogene Sulfide | Chalcopyrite/pyrite dominant, may contain lesser
bornite and/or covellite.
Unmineralized | No visible copper minerals present; may contain pyrite.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 6.5 – Cross Section of Mineralogical Ore Types through Western Copper Mining Area

East-west cross section at 15,000 N projected to original topography. Elevations are in feet.

EXPLORATION
Morenci is a mature mining district with a long history of exploration. The data, methods,
and historical activities presented in this section document actions that led to the initial
and continued development of the mine but are not intended to convey any discussion or
disclosure of a new, material exploration target as defined by S-K1300.
Exploration outside of the current operation is in collaboration with the FCX Exploration
team and incorporated into the geologic model. A drilling program for material
characterization and ore delineation is ongoing at the Morenci mine. Multi-purpose
geotechnical and environmental drilling is characterized for inclusion into the geologic
model. New drilling was included in the update of the geological resource model to support
the mineral reserves and mineral resources. Drilling results added for the model update
provide local refinement of the geologic interpretations and grade estimates, but do not
materially alter these interpretations and estimates on a district-wide scale.
7.1
Drilling and Sampling Methods
The district has been drilled using churn, conventional rotary, diamond drill core, and
reverse circulation (RC) techniques with the majority of the drilling comprised of core and
RC methods. The total footage of the entire length of each hole where copper assays were
utilized for composites and interpolation within the geologic resource model boundary is
compiled in Table 7.1. Since 1985, core and RC have been the only drilling methods
utilized for exploration and infill drilling. Approximately 83% of the historical churn drill hole
composites have been mined. There are scattered instances of drilling programs
undertaken for environmental or other purposes that have used other drilling methods
post-1985. Drill holes with inaccurate or insufficient geological, analytical, or spatial data
are not incorporated in the geologic resource model but are maintained in the drill hole
database.

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Morenci Mine, Arizona, U.S.
Table 7.1 – Summary of Drill Programs
Years Company # Holes Method Footage
1915 to 1961 PDC and Others 559 Churn 420,818
1985 to 1995 PDC and Others 30 Rotary 15,280
1937 to Current PDC and FCX 3,227 Core 4,440,717
1986 to Current PDC and FCX 2,067 RC 1,576,569
Total 5,883 6,453,384
Numbers may not foot due to rounding.
7.2 Collar / Downhole Surveys
Collar surveying techniques have changed to reflect technological advances in surveying
methods, beginning with transit and stadia, progressing to total-station infrared
theodolites, and finally to Global Positioning System (GPS) units. All coordinates are
based on the local mine grid system.
Historically, downhole surveys were not systematically performed. In recent drilling
programs, downhole surveys are completed for all angle drilling and for all drill holes
exceeding 500 feet in depth.
Currently, core and RC drill holes are primarily surveyed downhole using gyroscopic or
magnetic methodologies. Surface recording gyroscopic surveys are conducted on 50-foot
intervals down the hole. In cases where downhole surveys are not conducted on shallow
holes, values from the hole design are used. Downhole surveys are carefully evaluated to
review that the current declination has been accounted for, and no magnetic rocks were
encountered that would influence the accuracy of the survey data. Survey data are part of
the district-wide database and are used in the modeling process to locate drill hole
intercepts.
Final reports for collar and downhole surveys are included in the drill hole log files. Original
films and survey records are stored in a secure facility. Spatial locations of the drill holes
are visually validated in the resource modeling software.
7.3 Drill Hole Distribution
Indicated resources are typically drilled on a 400-foot grid. Center holes to that grid with
approximately 285-foot spacing are used to delineate measured resources. A 200-foot drill
grid is required in some pit areas for planning purposes. First-pass evaluations of areas in
the district with favorable geological and mineralogical characteristics are often drilled on
an 800-foot grid. Depending on the results, additional drilling is undertaken to obtain the
tighter spacing required for measured and indicated resources. Drill programs are guided
by geological and mineralogical characteristics and by the district mining sequence.
Most of the holes drilled in the district are vertical and are distributed along east-west and
north-south orientations. Angle holes constitute about 12% of the drilling and are placed
in areas to address local geological and mineralogical requirements. Angle drilling is also
used where site access issues make it difficult to intersect a drill target with a vertical hole.
A portion of the core and RC holes are “twinned” by the other drilling method in each
project area to validate sample assay quality. The distribution of drill holes in the district is
shown in Figure 7.1.
as of December 31, 2025 25
[TABLE]
Years | Company | # Holes | Method | Footage
1915 to 1961 | PDC and Others | 559 | Churn | 420,818
1985 to 1995 | PDC and Others | 30 | Rotary | 15,280
1937 to Current | PDC and FCX | 3,227 | Core | 4,440,717
1986 to Current | PDC and FCX | 2,067 | RC | 1,576,569
Total |  | 5,883 |  | 6,453,384

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 7.1 – Drill Hole Collar Locations

Topography is as of January 1, 2025. Red dots indicate drill holes completed during 2024. Blue
dots indicate historical drilling included in the model. The purple boundary marks the extents of
the resource model.
7.4
Sample Quality
The current sampling quality is good and is continually being evaluated and validated.
Core recovery is consistently in excess of 98%. Historically, the core was typically drilled
NQ-size diameter (1.875 inches). Since the mid-2000s, core is typically drilled HQ-size

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

diameter (2.5 inches) except where drilling conditions require reducing to a smaller
diameter.
All core and RC samples are taken on 10-foot intervals from the collar. Core samples are
split with hydraulic core splitters. A geologist is present during RC drilling to log samples
and monitor sample quality. RC samples are split at the drill rig utilizing rotary hydraulic
splitters to capture a sample. Split sample analyses show that recovery and grades are
representative of the material drilled and show no preferential bias of grades due to
sampling methods.
Historical churn drill hole samples were evaluated for sample quality by comparing chip
board abstracts with the geologic drill log and assay reports. Geologists identified
approximately 22,000 feet of historical churn drilling and 24,000 feet of RC drilling as lowquality data that are not used in the geologic resource model.
7.5
Sample Logging
Detailed logging is performed on 10-foot assay intervals with finer detail as needed. As of
2013, logging is entered directly into a database. Prior to 2013, logging was performed on
paper log forms. Historical logs have been scanned and the corresponding survey, assay,
and geologic information has been entered into the database.
Geologic logs include detailed descriptions for lithology, alteration, and mineralization.
Geomechanical logs include rock quality designation (RQD) and core recovery
information. Procedures for RQD, RC, and core logging are documented, and codes and
abbreviations are standardized and published in department guidelines. Photographs of
drill hole core within the boxes are taken.
7.6
Hydrogeology
Hydrogeologic work is part of an innovative workflow that allows reconciliation of observed
open-pit
slope
pore
pressures
against
geotechnical
targets
and
predicted
depressurization results. The prediction of expected hydrogeologic responses from the
existing and planned additions to the piezometer network, horizontal drain holes, and
vertical dewatering wells is generated using a three-dimensional numerical groundwater
flow model. Hydrogeological modeling is based on continuing work by third-party
consultants.
The Morenci mine works to achieve slope depressurization and dewatering goals and
continues to update water management plans to intercept groundwater with horizontal
drain hole drilling programs for specific slope depressurization needs, annual piezometer
and vertical well installation focused on targeted areas, and necessary dewatering rates.
Ongoing hydrogeologic investigation includes:

Design and implementation of appropriate proactive dewatering and slope
depressurization measures including a piezometer network, pilot holes, vertical
production wells, and horizontal drain holes.

Field activities associated with mine dewatering and pit slope depressurization,
including RC pilot borehole hydrogeologic logging, airlift and recovery testing and
characterization, water quality testing, dewatering well design, and piezometer
design and construction.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Monitoring of production from vertical well and horizontal drain flows, piezometer
performance, and pit sump pumping.

Routine construction and replacement of a groundwater and pore pressure
monitoring system utilizing a piezometer network, pilot holes, dewatering wells, and
associated pumping and piping infrastructure.
7.7
Geomechanical Data
Geomechanical work includes an integrated workflow to manage needs that include field
investigation, slope stability studies, mine dewatering, and pit slope depressurization. A
comprehensive geology model is used as a baseline to integrate the stability models to
hypothesize failure mechanisms, define geomechanical domains, estimate strength
parameters, and identify slope depressurization targets.
The Morenci mine uses limit equilibrium and numerical models to evaluate slope stability
and establish annualized depressurization targets required to achieve the slope stability
design acceptance criteria for factor-of-safety and strength-reduction-factors. Moreover,
stability studies update the recommendations for bench geometries, inter-ramp slope
angles, and overall slope configurations. Efforts also include site characterization, material
characterization, stability studies, and risk assessment for certain waste dumps and ROM
stockpiles. Geomechanical modeling is based on continuing work by third-party
consultants.
Televiewer surveying is used on geomechanical holes. A third-party consultant uses the
data collected in conjunction with physical examination of the drill hole core to characterize
the orientation and properties of the geologic structures.
Ongoing geomechanical investigation includes:

Design and implementation of appropriate proactive geotechnical measures
including geomechanical core drilling, televiewer surveying, cell mapping,
photogrammetry, and rock testing.

Geomechanical core drilling is planned and executed to characterize the orientation
and properties of geologic structures with televiewer surveying to obtain
geomechanical parameters, rock testing, and install instrumentation.

Geomechanical models including RQD are used for predicting the spatial variability
and assessing rock quality as it relates to the degree of fracturing within the in-situ
rock mass.

Structure data is collected through cell mapping and photogrammetry to characterize
the orientation and properties of geologic structures.

Rock testing quantities are governed by rock quality and sample availability and
include, but are not limited to, triaxial tests, uniaxial tests, disk tension tests, and
small-scale direct shear tests. Testing is performed in accordance with the American
Society of Testing and Materials, the International Society for Rock Mechanics, and
the British Standards.

Routine replacement and addition of geomechanical drill holes in areas of interest.
These activities are supervised and guided by an expert group specialized in mining
geomechanics, hydrogeology, mine dewatering, and pit slope depressurization allowing
completion of the geomechanical and hydrogeologic activities to established FCX mining
geomechanical standards. The group consists of site personnel, FCX Corporate
Geomechanical and Hydrogeology teams, primary geomechanical and hydrogeological
third-party consultants, external reviewers, and industry experts.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

7.8
Comment on Exploration
In the opinion of the QPs:

The exploration programs completed at the Morenci mine (drilling, sampling, and
logging) are appropriate for geologic resource modeling.

The data spacing and distribution is sufficient to establish the degree of geological
and grade continuity appropriate for mineral reserve and mineral resource
estimation.

The geomechanical and hydrogeologic programs are appropriate to support slope
design recommendations according to the established slope design criteria and
mine plans.

SAMPLE PREPARATION, ANALYSES, AND SECURITY
8.1
Sampling Techniques and Sample Preparation
Samples are collected on 10-foot intervals. Historically, the first interval of a drill hole was
often shortened to get the remainder of the samples to correspond to bench elevations.
After 1995, the only modifications to sample length are done to accommodate poor
recovery zones, or to correct for errors in splitting and sampling. Splits from these samples
are composited into 50-foot intervals that correspond to the mining bench height.
The drill core is hydraulically split, with half being sent for assay and the other half retained
in the original core box. Split core to be assayed is stored in labeled sample bags in tote
containers on-site until shipment is arranged with the assay laboratory. Sample totes are
loaded at the Morenci core processing facility and transported to a third-party laboratory
facility, Skyline Assayers and Laboratories Incorporated (Skyline) in Tucson, Arizona, by
Skyline personnel. Periodically, Morenci core is processed (logged and/or sampled) by
the FCX Exploration team at the FCX facility in Tucson where it may be hydraulically split
or sawed. Sampled core is stored in labeled sample bags in totes until shipment is
arranged with Skyline. Samples are transported to Skyline by their personnel.
RC samples are collected at the rig from a rotary splitter. Sample quality is monitored by
a FCX geologist and includes evaluating conditions such as water flow rate, downhole
contamination, and acidity. A sample split is collected as an abstract for visual
characterization and a chip tray is created and retained to reflect the relevant material for
reference.
All preparation for samples collected prior to July 2005 was completed at the FCX Morenci
Analytical Services facility, which was not accredited. A minor amount of historical drilling
by other companies on local claim blocks was processed by third-party laboratories in
Arizona, Utah, and Texas. Samples collected after this date have been prepared by
Skyline. Skyline is certified to the internationally recognized ISO/IEC-17025:2017
standard. Their quality management system has been certified to the requirements of the
internationally recognized ISO-9001:2015 quality management system standard. The
Morenci mine and Skyline laboratories use nearly identical analytical procedures.
8.2
Assaying Methods
Currently, all samples are analyzed for total copper (TCu), acid-soluble copper (ASCu),
ferric sulfate-soluble copper assay, known as quick leach test (QLT), and total

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

molybdenum (TMo). The Morenci Leach Test (MLT) assay was developed in 1991 and
was the precursor to the current FCX standard QLT analysis. MLTs were typically run only
on 50-foot composites until about 2000. An extensive re-assay program was undertaken
to obtain QLT assays data for all available 10-foot pulps; however, historical pulps from
areas that were mined out were not submitted to the laboratory for QLT analysis.
Atomic absorption spectroscopy is used for TCu assays, while inductively coupled plasma
optical emission spectroscopy is used for TMo analyses. Determinations for iron, sulfur,
zinc, silver, gold, lead, and manganese are also performed as required.
QLT determinations are obtained for every 10-foot drill sample with a TCu grade that
exceeds 0.10%. Specific ranges of QLT have been developed for each mineralogical ore
type and are used as a tool combined with the observed mineralogy and TCu and ASCu
analyses for consistency and standardization of the mineralogical ore type designation for
each drill hole interval. The ranges are based on results from column leach tests using
standardized extraction parameters.
8.3
Sampling and Assay QA/QC
Quality assurance and quality control (QA/QC) procedures were standardized at Morenci
by 2008 and have been consistently followed since 2013. Historical QA/QC programs at
Morenci are not well documented and any check sample results prior to 2008 are not
currently stored in the Morenci database.
Current procedures at the Morenci mine for QA/QC on drill hole samples are as follows:

Standards are inserted on a 1 in 20 basis by Morenci for assay by Skyline. The
Morenci mine has historically used both commercial standard reference samples as
well as internal standards prepared using locally sourced material. The standards
are blind to the laboratory and are added to assess accuracy.

Blanks are utilized and inserted on a 1 in 20 basis to confirm that there is no
contamination between samples due to the sample preparation errors at the
laboratory. Blanks are derived from washed concrete sand from Safford, Arizona via
an on-site concrete batch plant. The blanks are blind to the laboratory.

Duplicates are analyzed on a 1 in 20 basis at every stage of sample reduction:
splitting (sample), crushing (crush), and pulverization (pulp). For core samples, the
remaining half of split core, normally reserved for reference and metallurgical
testwork, is sent to the laboratory as a duplicate sample. For RC samples, a
duplicate sample is collected during drilling from the rig mounted cyclone splitter.
The sample duplicates are blind to the laboratory. Crush duplicates and pulp
duplicates are prepared by Skyline during sample preparation. Each crush duplicate
is taken as a split from the crushed material of the corresponding field duplicate
sample and each pulp duplicate is taken as a split from the pulverized material of
the corresponding crush duplicate sample. Duplicate results are used to assess
analytical precision and to evaluate the sampling nomograph.

Secondary laboratory checks are performed as part of the QA/QC procedures. A
select number of pulps containing assays above the threshold of 0.10% TCu were
sent to FCX’s Technology Center facilities in Tucson, Arizona (TCT) and re-assayed
as a check for analytical bias at Skyline. Standards and blanks are blindly inserted
into this batch of samples. The TCT laboratory is certified to the ISO-9001:2015
quality management system standard.

QA/QC data is entered directly into the drill hole database. All QA/QC check assays
are examined for acceptability using QA/QC tools in the database software. Assays

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

that meet QA/QC requirements are accepted into the database; those that did not
are rejected and reruns are ordered from Skyline.

Skyline maintains internal and independent QA/QC procedures.
8.4
Bulk Density Measurements
Specific gravity (SG) measurements on spatially distributed drill core samples have shown
little variability among rock types, alteration assemblages, and copper mineralization.
Samples were evaluated using the water displacement method from holes drilled
historically and in the 1994 to 1995 drilling campaign by using the following formula:
SG = weight in air / (weight in air – weight in water)
Assumes water has an SG of 1 and surface tension is not a factor.
Based on historical testing, in-situ bedrock is assigned a tonnage factor of 12.5 cubic feet
per ton, and stockpile and fill materials are assigned a tonnage factor of 16.5 cubic feet
per ton. A 1997 Morenci mine study shows an average in-situ tonnage factor for all rock
types of 12.53 cubic feet per ton. The primary host rock in the district is Precambrian
granite and tests indicate a tonnage factor of 12.51 cubic feet per ton. These internal
studies support the tonnage factor used for in-situ rock. SG measurements are
incorporated into the district-wide database.
8.5
Comment on Sample Preparation, Analyses, and Security
In the QP’s opinion, sample preparation, analytical methods, security protocols, and
QA/QC performance are adequate and support the use of the analytical data for mineral
reserve and mineral resource estimation.

DATA VERIFICATION
9.1
Data Entry and Management
Drill hole information is maintained in a database and managed by a database manager
that has full access and the ability to restrict and monitor access for other end users. This
database manager coordinates and controls the entry of all geologic information into the
district-wide drill hole database.
Analytical data is loaded into the database directly from the laboratory via software
importers. Prior to loading, the information is checked and validated. As needed, analytical
results are rejected, and the relevant samples are reanalyzed. There is no manipulation
of the assay information.
Outlier evaluations are routinely completed for 10-foot assay intervals for all mineralogical
coding. The analytical values are compared to visual estimates as a check of the logging
quality and the assay values. Assay intervals are validated and checked against the actual
sample intervals.
Collar survey data is loaded directly from GPS units into the database. Collar locations
are checked against surveyed topographic surfaces. Downhole surveys are examined for
anomalous changes in azimuth and dip between adjacent surveys in cross section before
they are imported into the database.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

For historical drill holes, collar coordinates, downhole surveys, assays, lithology,
mineralogy, fault structure, and alteration codes were manually entered from the original
core logging sheets. The transfer and validity of this data have been frequently checked
during various model updates throughout the years.
9.2
Comment on Data Verification
As confirmation of the mineral reserve and resource process, third-party consultants are
occasionally hired to perform verification studies. The Morenci mine was last reviewed for
year-end reporting during 2024. The study included database checks and concluded that
the lithological logs and assay sheets correlate well with the lithology and mineralization
observed in the core and concluded that the quality of logging and sampling procedures
exceed industry standards.
The QP has been involved in recent model audits of the Morenci mine including reviews
of the drill hole data. The data has been verified and no limitations have been identified.
Furthermore, the QP worked on Morenci drill hole core logging and various aspects of
resource model updates from 2011 to 2016.
In summary, data verification for the Morenci mine has been performed by mine site staff,
FCX corporate staff, and external consultants contracted by FCX. Based on reviews of
this work, it is the QP’s opinion that the Morenci mine drill hole database and other
supporting geologic data align with accepted industry practices and are adequate for use
in mineral reserve and mineral resource estimation.

MINERAL PROCESSING AND METALLURGICAL TESTING
Mineral reserves and mineral resources are evaluated to be processed using
hydrometallurgy and/or concentrating (mill) operations. The applicable processes and
testing are discussed below.
10.1
Hydrometallurgical Testing and Recovery
Hydrometallurgical recovery is estimated based on the recoverable copper content and
the time required to extract the recoverable copper. The final recovery is realized only
after multiple leaching passes or cycles on the stockpiles. A leach cycle consists of
solution application to a leach pad, followed by a rest period without solution application.
Subsequent leach cycles recover diminishing portions of remaining copper.
Hydrometallurgical recoveries at the Morenci mine have been developed from a
combination of assay results to determine the range of mineral solubilities, column leach
testing using standardized practices by FCX’s Technology Center (TC) facilities outside
Safford, Arizona, on-site pilot plant testing, and monitoring of field results. The TC is FCX
owned and operated, and the analytical labs are certified to the ISO-9001:2015 quality
management system standard. Recoverable copper content and kinetic recovery curves
vary by ore type and applied leach cycles. Leach production results are tracked over many
years to confirm actual hydrometallurgical recoveries. The long-term leach recoveries by
ore type and process are listed in Table 10.1 for hydrometallurgy operations.

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Morenci Mine, Arizona, U.S.
Table 10.1 – Hydrometallurgical Recoveries
Copper Recovery by Process (%)
Ore Type Description
MFL S-ROM X-ROM Low-Grade MEH
Leached Cap 61.1 58.0 58.0 40.0 58.0
Mixed Oxide-Sulfide 83.6 64.0 64.0 45.0 64.0
Supergene Sulfide 83.4 62.0 62.0 40.0 62.0
Hypogene Sulfide 18.0 18.0 18.0 15.0 35.0
Acid Soluble Oxide 86.7 70.0 75.0 55.0 70.0
Acid Insoluble Oxide 61.1 58.0 58.0 40.0 58.0
Mixed Hypogene Sulfide 32.0 32.0 32.0 24.0 35.0
Mixed Supergene Sulfide 51.6 42.0 42.0 30.0 50.0
Crushed leach ore has sufficient grade to facilitate crushing and conveying to the leach
pads to improve liberation of the contained copper minerals. This is the Mine for Leach
(MFL) process. ROM leach pad stockpiles receive ores that are transported directly to the
pads. Sulfide and oxide ROM leach pads (S-ROM, X-ROM) are used to distinguish
mineralogies. Low-Grade ROM leach pads are dumped into thicker lifts than other pads
with a resultant lower estimated recovery. Morenci Engineered Heap (MEH) are ROM
leach pad stockpiles where air is added to facilitate recovery of sulfide mineralogy.
Discounts in recovery are made to recognize differing host lithologies.
Field results are a combination of ore type deliveries to the leaching processes. Actual
results of the aggregate copper recovery compare favorably to the estimated recoveries,
and it is the QP’s opinion that the recovery estimates and kinetic recovery curves are
reasonable.
10.2 Concentrating Metallurgical Testing and Recovery
The estimated copper and molybdenum recoveries of the concentrating process have
been validated with actual concentrator performance data. Table 10.2 and Table 10.3
summarizes copper and molybdenum recoveries.
Table 10.2 – Concentrator Copper Recoveries
Ore Type Description Copper Recovery (%)
Supergene Sulfide 81.7
Hypogene Sulfide 86.7
Supergene Mixed 79.7
Hypogene Mixed 86.7
Table 10.3 – Concentrator Molybdenum Recoveries
Molybdenum Recovery (%)
Mine Areas
Morenci Concentrator Metcalf Concentrator
Western Copper and
51.0 49.3
Ponderosa Areas
All Other Areas 34.0 32.3
Discounts in recovery are made to recognize differing host lithologies. Due to ore blending,
it is not possible to measure concentrator recovery by ore type. Actual results of the
as of December 31, 2025 33
[TABLE]
Ore Type Description | Copper Recovery by Process (%) |  |  |  |
 | MFL | S-ROM | X-ROM | Low-Grade | MEH
Leached Cap | 61.1 | 58.0 | 58.0 | 40.0 | 58.0
Mixed Oxide-Sulfide | 83.6 | 64.0 | 64.0 | 45.0 | 64.0
Supergene Sulfide | 83.4 | 62.0 | 62.0 | 40.0 | 62.0
Hypogene Sulfide | 18.0 | 18.0 | 18.0 | 15.0 | 35.0
Acid Soluble Oxide | 86.7 | 70.0 | 75.0 | 55.0 | 70.0
Acid Insoluble Oxide | 61.1 | 58.0 | 58.0 | 40.0 | 58.0
Mixed Hypogene Sulfide | 32.0 | 32.0 | 32.0 | 24.0 | 35.0
Mixed Supergene Sulfide | 51.6 | 42.0 | 42.0 | 30.0 | 50.0

[TABLE]
Ore Type Description | Copper Recovery (%)
Supergene Sulfide | 81.7
Hypogene Sulfide | 86.7
Supergene Mixed | 79.7
Hypogene Mixed | 86.7

[TABLE]
Mine Areas | Molybdenum Recovery (%) |
 | Morenci Concentrator | Metcalf Concentrator
Western Copper and
Ponderosa Areas | 51.0 | 49.3
All Other Areas | 34.0 | 32.3

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

aggregate recoveries compare reasonably well with estimated recoveries, indicating that
recovery estimates are applicable to current operations and mineral reserve and resource
estimation.
Metallurgical testing has been conducted by Morenci metallurgical staff and TC personnel
to develop a data set that will be used for geometallurgical modeling. The major
metallurgical activities included flotation and comminution testing, and mineralogical
analysis including quantitative evaluation of minerals by scanning electron microscopy and
x-ray diffraction. Details of geometallurgical testwork include:

Geometallurgical test program on 67 drill hole samples collected from the Western
Copper open-pit area conducted during 2015 to 2017. Scope of work for the program
included laboratory kinetic flotation tests and Bond Work Index comminution tests to
support the development of a throughput model and to generate rougher flotation
response data to support development of recovery models.

Geometallurgical flotation test program on 161 drill hole samples during 2016 to
support development of recovery models.
10.3
Comment on Mineral Processing and Metallurgical Testing and Recoveries
In the opinion of the QPs, the metallurgical testwork completed has been appropriate to
establish reasonable processing methods for the different mineralization encountered in
the deposits. Geometallurgical samples are properly selected to represent future ores and
recovery factors have been confirmed from production data collected from ore processed
in the open-pit mine. As a result, the processing and associated recovery factors are
considered appropriate to support mineral reserve and mineral resource estimation and
mine planning.

MINERAL RESOURCE ESTIMATE
Mineral resources are evaluated using the application of technical and economic factors
to a geologic resource block model and employing optimization algorithms to generate
digital surfaces of mining limits, using specialized geologic and mine planning computer
software. The resulting surfaces volumetrically identify material as potentially economical,
using the assumed parameters. Mineral resources are the resultant tonnage, grades, and
contained metal inventories.
11.1
Resource Block Model
Relevant geologic and analytical information is incorporated into a three-dimensional
digital representation, referred to as a geologic resource block model. The Morenci mine
resource block model was updated on March 5, 2025, with an effective date for exploration
drill hole data of October 31, 2024. The Morenci resource block model includes
mineralogical ore type interpretations for the Morenci district based on drilling and
projections from production data and interpolation parameters which distinguish
geostatistical domains between the Western Copper area and the remainder of the district,
to recognize unique geologic trends between mining areas.

Compositing Strategy
Ten-foot drill hole assay intervals are combined into 50-foot composites, corresponding to
the mine bench height. No minimum or maximum length requirement is imposed on the

--- PAGE 35 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

compositing routine; however, holes shallower than 45 degrees are composited to a fixed
length of 50 feet, preventing excessive composite lengths for flatter holes. Geologic codes,
such as mineralogic ore type, are composited by majority code.
Intervals of less than 25 feet are not used for grade estimation unless found at the end of
the drill hole, where they are merged with the previous composite. Outlier evaluations of
composite grade values and mineralogic ore type codes are performed to help ensure the
composite codes are properly supported by and validated against the corresponding
values from the assay file. All outliers are evaluated by a geologist and codes are edited
as needed.

Statistical Evaluation
Assay values and geologic codes for each mineralogical ore type are evaluated using
classical statistical parameters (mean, standard deviation, number of samples, etc.).
Histograms and cumulative frequency plots are used to conduct detailed analyses of
sample population data. Assay and composite statistics are compared for each ore type.
Outlier evaluations of TCu, ASCu, and QLT versus mineralogy codes are routinely
performed on the basis of assigned ore type for each assay interval and composite sample
intervals. The comparisons between the sample types and outlier evaluations of these
samples are integral parts of the modeling process and are utilized for consistency and
standardization of the ore type code assignment.
General relative variograms are calculated for each ore type and models are fit to the
experimental data to evaluate continuity of grade and directional trends within ore type
domains. Experimental variograms are fit with nested models. Nested models provide a
better fit to the variogram data, especially for sample pairs nearest to the origin. Use of
nested models improves local grade estimation and slightly extends the range for selected
ore types.
The Morenci district model is split into seven lithological and structural domains for
interpolation. In domains where blast hole data is available in sufficient quantity,
anisotropy defined by this blast hole data is used to generate the directions for the drill
hole variograms. The rest of the district domains use variograms generated strictly from
exploration drill hole data. The distance, range, nugget, sill, and spatial variance values
obtained from the variogram for each ore type are dependent on the mineralization style
and geology for that specific area of the district. These variogram parameters are
evaluated by cross validation techniques for kriging and inverse distance interpolation
methods. Point validation is performed to calibrate variogram parameters. Mean absolute
difference among kriged block values and mean grade of composites used to assign grade
is also optimized through point validation techniques.

Block Model Setup
Model limits and block sizes for the geologic resource block model are shown in Table
11.1. The Morenci model is a single district-scale block model constructed using
geological modeling software. The model is not rotated, and coordinates are based on the
Morenci mine coordinate system. The spatial limits of the model encompass the known
extents of mineralization. Horizontal block size is based on geostatistical rules and the
size of the smallest geological features that can be reasonably modeled. Vertical block
size matches the bench height for the Morenci mine open-pit operations.

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Morenci Mine, Arizona, U.S.
Table 11.1 – Morenci Block Model Parameters
Direction Minimum Maximum Size (feet) # of Blocks
X-East -24,080 0 80 301
Y-North 2,960 32,000 80 363
Z-Elevation -2,500 7,500 50 200
Topography
Three types of topographic representations are used in the geologic resource model. The
original, current, and planned stockpile topographic surfaces are provided by the site mine
engineering staff. Geological features are interpreted to original topography. The
estimated year-end topographic surface is used for mine planning and to estimate
remaining in-situ mineral reserves and mineral resources.
Geologic Model Interpretation
Lithology, mineralogical ore types, and a molybdenum grade shell are interpreted by using
geologic, mineralogical, and analytical data from drill holes, blast holes, and surface
mapping to generate solids. Interpretations within the geologic resource model are visually
reviewed relative to the drill holes and blast holes using a set of 145 cross sections that
are oriented east-west, spaced 200 feet apart, a set of 120 cross sections oriented northsouth, spaced 200 feet apart, and a set of 200 mid-bench levels, spaced at 50 feet. These
solids cover an area within the project boundary and are used for interpretation of rock
types, mineralogic ore types, and a molybdenum grade shell. Each solid is interpreted and
re-interpreted when models are updated with additional geologic and analytical
information.
Large district-scale faults have been interpreted and are used to constrain lithology and
ore type interpretations. Features that define rock types and major structures known to
control distribution of grade and mineralogic ore type are used as a guide for the
orientation of mineralogic ore type features.
Grade Estimates
Grade interpolation and search distances for Ordinary Kriging (OK), Inverse Distance
Weighting (IDW), Area Influenced Kriging (AIK), and Nearest Neighbor (NN) methods are
based on the statistical and geostatistical analyses. Copper grade interpolation is
constrained by similar ore types in the drill hole composites, block model boundaries,
variography of each ore type, and by geologic and mineralogical ore type features of the
deposit. Interpolation constraints utilize geologic matching of modal ore type in composites
with block ore type to create soft boundaries for supergene and hypogene copper
mineralization. Molybdenum uses grade shell boundaries with modal ore type matching
on concentrator versus copper leach ore types.
Distribution of block model grades are evaluated visually, statistically compared to
corresponding drill hole and composite values, and vetted against production data. TCu,
TMo, and ASCu grades from OK are used for mine planning purposes.
A minimum of 3 composites is required to interpolate a block, using a maximum search
distance of 800 feet in all directions. The maximum number of composites is set to 12 with
a maximum of 3 per hole. Validation of these methods comes from geostatistical
evaluation of composite data, grade-tonnage curves, and reconciliation to production
as of December 31, 2025 36
[TABLE]
Direction | Minimum | Maximum | Size (feet) | # of Blocks
X-East | -24,080 | 0 | 80 | 301
Y-North | 2,960 | 32,000 | 80 | 363
Z-Elevation | -2,500 | 7,500 | 50 | 200

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Morenci Mine, Arizona, U.S.
models. Interpolation search distances are derived from variogram modeling and are
spatially appropriate for a porphyry copper system.
For OK interpolation methods, ore type specific high-grade restrictor values are
determined via geostatistical outlier analysis and used in interpolation domains.
Bulk Density
Since bulk density has minimal variability between the different rock types, all blocks
coded as hard rock are assigned a tonnage factor of 12.5 cubic feet per ton. All blocks
coded as stockpile and fill material are assigned a tonnage factor of 16.5 cubic feet per
ton.
Mineral Resource Classification
The number of drill holes and composites used for interpolation and the drill hole spacing
are key components in evaluating the uncertainty of mineral resource estimates. A
majority of the drilling at the Morenci mine is core and RC; therefore, sample type is not a
consideration in assessing uncertainty of the mineral resource estimates. Suspect drill
holes have been identified and excluded from model calculations.
FCX’s experience with porphyry copper deposits has established drill hole spacing criteria
that provide estimates of ore tonnage, grade, and contained and recoverable metal
meeting corporate standards for each process method. The required drill hole spacing
considers uncertainty in grade estimates as well as geometric uncertainty associated with
geologic interpretation of copper ore types, rock types, and copper and molybdenum
grade shells. Experience has shown that drill spacing of 285 and 400 feet, respectively,
are adequate for determination of measured and indicated mineral resources. Inferred
resources can be interpolated from an 800-foot drill hole spacing. These items are used
in conjunction with geostatistical analyses and the criteria described above to establish
measured, indicated, and inferred resource classifications as shown in Table 11.2.
Table 11.2 – Resource Classification Criteria
Resource Minimum # Maximum Range
Classification Composites (feet)
Measured 12 285
Indicated 8 400
Indicated 6 285
Inferred 1 800
Range is the average distance to the composites. Maximum range is the maximum allowed
average distance to composites for resource classification assignment. The maximum ranges
correlate with the district drill hole sample spacing for each resource classification. Indicated
resource classification is determined by either strategy using less composites at a closer range
or more composites at a further range.
Model Validation and Performance
The geologic resource model is evaluated by visual inspection, statistical analysis, and
comparison with the blast hole model. Reconciliations between the resource model and
blast hole models provide a measure of uncertainty associated with mineral resource
classification.
as of December 31, 2025 37
[TABLE]
Resource
Classification | Minimum #
Composites | Maximum Range
(feet)
Measured | 12 | 285
Indicated | 8 | 400
Indicated | 6 | 285
Inferred | 1 | 800

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Cross sections and level plans showing block model codes and drill hole composites are
visually examined to verify proper coding of rock type and mineralogical ore type. Similarly,
block model grades are compared with supporting composite values. These inspections
show that block model values compare well with the drill hole composites.
Comparisons among assay, composite, and block model grades are performed for each
mineralogical ore type as an integral part of the model process. Estimated grades in the
model are evaluated by statistical analyses including cumulative probability plots of
assays, composites, and blocks. The cumulative probability plots are developed to review
that the block grade distributions mimic the distributions of the underlying data. Block
model AIK, OK, and IDW results are compared with the composite data and NN estimates.
As confirmation of the mineral reserve and resource process, third-party consultants are
occasionally hired to perform verification studies. The Morenci mine was last reviewed for
year-end reporting during 2024. The study concluded that the block model for the resource
estimate “has been developed using industry standard practices, uses data that is
representative of the quality and quantity of the mineralization, and is a reasonable
representation of that data.”
FCX standards provide that the resource model should be within 10% of the blast hole
model for tonnage, grade, and contained or recoverable metal over a 12-month period.
For sites such as the Morenci mine with multiple processing methods, comparisons are
made for each, but consideration is given to the processing method that represents the
greatest proportion of production. As of December 31, 2025, the comparison between the
resource model and the blast hole model indicates that the resource model meets FCX
criteria.
 Comment on Geologic Resource Model
The Morenci mine has a long history of mining and has been the subject of numerous
geological studies. In the opinion of the QP, who is a member of the FCX Resource Model
Audit team and has participated in reviews of the most recent model updates:

The Morenci geology staff has a good understanding of the lithology, structure,
alteration, and copper mineral types in the district. The understanding of the controls
on mineralization is adequate to support estimation of mineral reserves and mineral
resources.

The understanding and interpretation of ore types based on copper mineralogy are
key components to supporting classification of mineral reserves and mineral
resources by process method.

The geological knowledge of the district is sufficient to provide reliable inputs to mine
planning, geomechanics, and metallurgy.

The geologic resource model has been completed using accepted industry
practices.

The geologic resource model is suitable for estimation of mineral reserves and
mineral resources.
11.2
Resource Evaluation
Mineral resource estimates are developed by applying technical and economic modifying
factors to the geologic block model to identify material with potential for economic
extraction. The process of evaluation is iterative, involving an initial draft using the

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

assumptions, understanding the implications of the resulting economical mining limits, and
adjusting the assumptions as warranted for subsequent evaluations.
Mineral resource estimates are determined using measured, indicated, and inferred
classified materials as viable ore sources during evaluations with the modifying factors.

Economic Assumptions
FCX’s executive management establishes reasonable long-term metal pricing to be used
in determining mineral reserves and mineral resources. These prices are based on
reviewing external market projections, historical prices, comparison of peer mining
companies’ reported price estimates, and internal capital investment guidelines. The longterm sale prices align the company’s strategy for evaluating the economic feasibility of the
mineral reserves and mineral resources.
The mineral reserves and mineral resources are based on specific volumes of potentially
economic, mineralized material in which FCX has the most confidence to produce an
acceptable economic result, given a set of evaluation assumptions. As work continues to
increase FCX’s confidence through drilling, testwork, and the evaluation of engineering
work and other modifying factors, FCX anticipates conversion of resources to reserves in
the future, which may require, among other things, higher metal prices.
In developing the economic assumptions used to determine mineral reserves and mineral
resources during early 2025, FCX and its QPs made comparisons of the commodity price
assumptions against various periods of historical average prices and current spot prices.
Additionally, long-term forward-looking price projections from various sources of thirdparty market consensus services and financial institution reports covering periods ranging
from 2025 to 2035 were reviewed. This information is used as reference for
reasonableness of the assumptions. FCX concluded that mineral reserve price
assumptions of $3.25 per pound for copper and $14 per pound for molybdenum were
reasonable in comparison to the reference points and expected volumes of potentially
economic material. FCX also concluded mineral resource price assumptions of $3.75 per
pound for copper and $17 per pound for molybdenum were reasonable and aligned with
industry-accepted practice to use higher metal prices for the mineral resource estimates
than the pricing used for determining mineral reserves.
For copper, London Metal Exchange copper settlement prices over various historical
periods were reviewed. For the 10-year period ended December 31, 2025, the price
ranged from $1.96 per pound to $5.68 per pound and averaged $3.42 per pound. During
2025, forward-looking prices ranged from $2.86 per pound to $5.39 per pound.
For molybdenum, weekly average molybdenum prices quoted by Platts Metals Daily over
various historical periods were reviewed. For the 10-year period ended December 31,
2025, the price ranged from $5.15 per pound to $37.42 per pound and averaged $14.87
per pound. During 2025, forward-looking prices ranged from $9.10 per pound to $17.50
per pound.
Unit costs are derived from current operating forecasts benchmarked against historical
results and other similar operations. Additional input from appropriate internal FCX
departments such as Global Supply Chain, Sales and Marketing, and Finance and
Accounting are considered when developing the economic assumptions.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

To recognize the relationship between commodity prices and principal consumable cost
drivers, FCX scales unit costs to reflect the cost environment associated with the reported
metal prices. This is evidenced in the differences in economic assumptions between
mineral reserves and mineral resources.
The metal price and cost assumptions are used over the timeframe of the expected life of
the mine and reflect steady-state operating conditions in the metal price cost environment.
Details of the economic assumptions are outlined in Table 11.3.

Processing Recoveries
Processing recoveries are outlined in Section 10.

Physical Constraints
Slope angle recommendations are provided by FCX geomechanical teams and third-party
consultants. The recommendations are derived from empirical analysis of geological and
hydrogeological modeling, drill hole results, and in-field measurements.
Boundary limits for resource evaluation include property ownership and permitting limits,
and additional major infrastructure relocation requiring capital investment for boundary
expansions.

Time-Value Discounting
To recognize the time delay in extracting increasingly deeper portions of the mine as part
of the mining process, FCX uses bench discount factoring for resource evaluation
processes. This factor discounts each block’s value relative to the block’s elevation in the
geologic block model, effectively assigning a higher relative value to material located
closer to the surface than deeper material, which cannot be accessed until overlying
material has been removed.
Additionally, hydrometallurgical processes achieve final recoveries after a period of years
of repeated solution applications whereas concentrating process recoveries are realized
on a more immediate timeframe. In recognition of this distinction, a time-value discount is
applied to hydrometallurgical recovery based on the planned recovery curves.

Cutoff Grades
A cutoff grade is used to determine whether material should be mined and if that material
should be processed as ore or routed as waste. The mine planning software evaluates the
revenue and cost for each block in the block model to determine routing, selecting material
that has a reasonable basis for economic extraction using the provided assumptions. The
following formula demonstrates how the cutoff grades are determined within the software:
Internal cutoff grade = Sum of [processing costs + general site and sustaining costs]
/ Sum of [payable recoverable metal * (metal price – metal refining and sales costs)]
A break-even cutoff grade calculation is similar to the internal cutoff grade formula but
includes mining costs. Blocks with grades above the break-even cutoff grade generate
positive value, while blocks with grades above the internal cutoff grade minimize negative
value. The cutoff grades reported for mineral resources reflect the internal cutoff grades
based on economical destination routing from the software results.

--- PAGE 41 ---
Morenci Mine, Arizona, U.S.
Input parameters are applied to individual deposits and distinct ore types as appropriate.
Unique parameters can result in distinct cutoff grades. Cutoff grades are reported in terms
of an Equivalent Copper Grade (EqCu) defining the relative value of all commercially
recoverable metals in terms of copper by ore processing methods.
Economic and Technical Assumptions
The economic and technical assumptions used for the generation of potentially
economical mining limits are summarized in Table 11.3.
Table 11.3 – Economic and Technical Assumptions for Resource Evaluation
Mineral Mineral
Morenci Mine
Reserve Resource
as of December 31, 2025 Units Assumptions Assumptions
Economic Parameters
Metal Prices
Copper $ per pound 3.25 3.75
Copper Cathode Premium $ per pound 0.025 0.025
Molybdenum $ per pound 14 17
Mining Costs
Mining Rate ton per day 820,000 820,000
Base Waste Mining Cost $ per dst-Mined 2.23 2.37
Haulage Increment per bench $ per dst-Mined per bench 0.03 0.03
Incremental Mill Haulage Cost/(Credit) $ per dst-Mined (0.23) (0.25)
Incremental Crushed Leach Haulage Cost/(Credit) $ per dst-Mined (0.00) (0.00)
Incremental ROM Leach Haulage Cost/(Credit) $ per dst-Mined 0.34 0.36
Leaching Costs
ROM Placement Rate ton per day 511,000 511,000
ROM Leach Cost $ per dst-ROM 0.39 0.42
Crushed Stacking Rate ton per day 65,000 65,000
Crushed Leach Cost $ per dst-Crushed 5.61 5.92
SX/EW Processing Rate million pounds per year 723 723
SX/EW Cost $ per pound copper 0.29 0.30
EW Cathode Freight to Market and Sales Cost $ per pound copper 0.05 0.05
Milling Costs
Milling Rate ton per day 141,000 141,000
Milling Cost $ per dst-Milled 7.24 7.40
Freight, Smelting, Refining and Sales Costs $ per pound copper 0.36 0.36
Copper Concentrate Grade % copper 29.6% 29.6%
Smelting $ per dst-Concentrate 91 91
Refining $ per pound copper 0.10 0.10
Transportation Losses % 0.2% 0.2%
Copper Smelter Payable Term % 96.5% 96.5%
Molybdenum Production Rate million pounds per year 12 12
Molybdenum Cost $ per pound molybdenum 4.08 4.47
Molybdenum Roasting Recovery % 99.0% 99.0%
General Site Costs
Site G&A Assigned to SX/EW $ per pound copper 0.31 0.31
Site G&A Assigned to Mill $ per dst-Milled 1.57 1.57
Total Site Taxes $ per pound copper 0.03 0.03
Sustaining Capital Costs
Mine Equipment Capital Allowance $ per dst-Mined 0.35 0.35
ROM Sustaining Capital Allowance $ per dst-ROM 0.15 0.15
Crushed Leach Sustaining Capital Allowance $ per dst-Crushed 0.27 0.27
Mill Sustaining Capital Allowance $ per dst-Milled 0.68 0.68
Major Commodity Costs
Delivered Acid Cost $ per wst-acid 95 110
Power Cost $ per kWh 0.07 0.07
Delivered Diesel Cost $ per U.S. gallon 2.46 2.86
Technical Parameters
Bench Height feet 50 50
Bench Discount Factor % per bench 1.71% 1.71%
Range of Open-Pit Slope Angles degrees 28 minimum to 53 maximum
Process Recoveries % Refer to Section 10
Notes:
dst = dry short ton
wst = wet short ton
Metal prices and other assumptions for mineral reserve and mineral resource evaluations
are reviewed at least annually with FCX management. As of December 31, 2025, FCX
and its QPs concluded that the assumptions for mineral reserve and mineral resource
determinations were reasonable.
as of December 31, 2025 41
[TABLE]
Morenci Mine |  |  |  |  |  |  | Mineral |  |  | Mineral |
 |  |  |  |  |  |  | Reserve |  |  | Resource |
 | as of December 31, 2025 |  |  | Units |  |  | Assumptions |  |  | Assumptions |
 | Economic Parameters |  |  |  |  |  |  |  |  |  |
 | Metal Prices |  |  |  |  |  |  |  |  |  |
 | Copper |  |  | $ per pound |  |  | 3.25 |  |  | 3.75 |
 | Copper Cathode Premium |  |  | $ per pound |  |  | 0.025 |  |  | 0.025 |
 | Molybdenum |  |  | $ per pound |  |  | 14 |  |  | 17 |
 | Mining Costs |  |  |  |  |  |  |  |  |  |
 | Mining Rate |  |  | ton per day |  |  | 820,000 |  |  | 820,000 |
 | Base Waste Mining Cost |  |  | $ per dst-Mined |  |  | 2.23 |  |  | 2.37 |
 | Haulage Increment per bench |  |  | $ per dst-Mined per bench |  |  | 0.03 |  | 0.03 |  |
 | Incremental Mill Haulage Cost/(Credit) |  |  | $ per dst-Mined |  |  | (0.23) |  |  | (0.25) |
 | Incremental Crushed Leach Haulage Cost/(Credit) |  |  | $ per dst-Mined |  |  | (0.00) |  |  | (0.00) |
 | Incremental ROM Leach Haulage Cost/(Credit) |  |  | $ per dst-Mined |  |  | 0.34 |  |  | 0.36 |
 | Leaching Costs |  |  |  |  |  |  |  |  |  |
 | ROM Placement Rate |  |  | ton per day |  |  | 511,000 |  |  | 511,000 |
 | ROM Leach Cost |  |  | $ per dst-ROM |  |  | 0.39 |  |  | 0.42 |
 | Crushed Stacking Rate |  |  | ton per day |  |  | 65,000 |  |  | 65,000 |
 | Crushed Leach Cost |  |  | $ per dst-Crushed |  |  | 5.61 |  |  | 5.92 |
 | SX/EW Processing Rate |  |  | million pounds per year |  |  | 723 |  |  | 723 |
 | SX/EW Cost |  |  | $ per pound copper |  |  | 0.29 |  |  | 0.30 |
 | EW Cathode Freight to Market and Sales Cost |  |  | $ per pound copper |  |  | 0.05 |  |  | 0.05 |
 | Milling Costs |  |  |  |  |  |  |  |  |  |
 | Milling Rate |  |  | ton per day |  |  | 141,000 |  |  | 141,000 |
 | Milling Cost |  |  | $ per dst-Milled |  |  | 7.24 |  |  | 7.40 |
 | Freight, Smelting, Refining and Sales Costs |  |  | $ per pound copper |  |  | 0.36 |  |  | 0.36 |
 | Copper Concentrate Grade |  |  | % copper |  |  | 29.6% |  |  | 29.6% |
 | Smelting |  |  | $ per dst-Concentrate |  |  | 91 |  |  | 91 |
 | Refining |  |  | $ per pound copper |  |  | 0.10 |  |  | 0.10 |
 | Transportation Losses |  |  | % |  |  | 0.2% |  |  | 0.2% |
Copper Smelter Payable Term |  |  |  | % |  |  | 96.5% |  |  | 96.5% |
 | Molybdenum Production Rate |  |  | million pounds per year |  |  | 12 |  |  | 12 |
 | Molybdenum Cost |  |  | $ per pound molybdenum |  |  | 4.08 |  |  | 4.47 |
 | Molybdenum Roasting Recovery |  |  | % |  |  | 99.0% |  |  | 99.0% |
 | General Site Costs |  |  |  |  |  |  |  |  |  |
 | Site G&A Assigned to SX/EW |  |  | $ per pound copper |  |  | 0.31 |  |  | 0.31 |
 | Site G&A Assigned to Mill |  |  | $ per dst-Milled |  |  | 1.57 |  |  | 1.57 |
 | Total Site Taxes |  |  | $ per pound copper |  |  | 0.03 |  |  | 0.03 |
 | Sustaining Capital Costs |  |  |  |  |  |  |  |  |  |
 | Mine Equipment Capital Allowance |  |  | $ per dst-Mined |  |  | 0.35 |  |  | 0.35 |
 | ROM Sustaining Capital Allowance |  |  | $ per dst-ROM |  |  | 0.15 |  |  | 0.15 |
 | Crushed Leach Sustaining Capital Allowance |  |  | $ per dst-Crushed |  |  | 0.27 |  |  | 0.27 |
 | Mill Sustaining Capital Allowance |  |  | $ per dst-Milled |  |  | 0.68 |  |  | 0.68 |
 | Major Commodity Costs |  |  |  |  |  |  |  |  |  |
 | Delivered Acid Cost |  |  | $ per wst-acid |  |  | 95 |  |  | 110 |
 | Power Cost |  |  | $ per kWh |  |  | 0.07 |  |  | 0.07 |
 | Delivered Diesel Cost |  |  | $ per U.S. gallon |  |  | 2.46 |  |  | 2.86 |
 |  |  |  |  |  |  |  |  |  |  |
 | Technical Parameters |  |  |  |  |  |  |  |  |  |
 | Bench Height |  |  | feet |  |  | 50 |  |  | 50 |
 | Bench Discount Factor |  |  | % per bench |  |  | 1.71% |  |  | 1.71% |
 | Range of Open-Pit Slope Angles |  |  | degrees |  |  | 28 minimum to 53 maximum |  |  |  |
 | Process Recoveries |  |  | % |  |  | Refer to Section 10 |  |  |  |
 | Notes: |  |  |  |  |  |  |  |  |  |
 | dst = dry short ton |  |  |  |  |  |  |  |  |  |
 | wst = wet short ton |  |  |  |  |  |  |  |  |  |

--- PAGE 42 ---
Morenci Mine, Arizona, U.S.
11.3 Mineral Resource Statement
The mineral resource estimate is the inventory of material identified as having a
reasonable likelihood for economic extraction inside the mineral resource economical
mining limit, less the mineral reserve volume, as applicable. The modifying factors are
applied to measured, indicated, and inferred resource classifications to evaluate
commercially recoverable metal. As a point of reference, the in-situ ore containing copper
and molybdenum metal is inventoried and reported by intended processing method.
The reported mineral resource estimate in Table 11.4 is exclusive of the reported mineral
reserve, on a 100% and pro rata property ownership basis. The mineral resource estimate
is based on commodity prices of $3.75 per pound for copper and $17 per pound for
molybdenum.
Table 11.4 – Summary of Mineral Resources
Morenci Mine Ownership Tonnageb Cut-off Average Grade Contained Metalb,d
Summary of Mineral Resourcesa Short Metric Gradec Copper Molybdenum Copper Molybdenum
As of December 31, 2025 % M Tons M Tons %EqCu % % M lbs M lbs
Open-Pit Inventories
Measured 903 819 0.27 0.02 4,957 396
Indicated 802 727 0.30 0.03 4,755 406
Mill Subtotal 1,705 1,546 0.28 0.02 9,712 802
Inferred 431 391 0.31 0.03 2,692 218
Total 2,135 1,937 0.12 0.29 0.02 12,404 1,021
Measured 51 47 0.53 545
Indicated 5 5 0.70 73
Crushed Leach Subtotal 57 51 0.55 618
Inferred 0 0 0.58 5
Total 57 52 0.10 0.55 623
Measured 1,396 1,266 0.16 4,353
Indicated 896 813 0.13 2,416
ROM Leach Subtotal 2,292 2,079 0.15 6,769
Inferred 490 445 0.13 1,311
Total 2,783 2,524 0.01 0.15 8,080
Total Resources Inventories
Measured 2,350 2,132 0.21 0.01 9,855 396
Indicated 1,703 1,545 0.21 0.01 7,243 406
Total Mineral Subtotal 4,053 3,677 0.21 0.01 17,098 802
Resources
Inferred 921 836 0.22 0.01 4,009 218
Total 100% 4,975 4,513 0.21 0.01 21,108 1,021
Net Equity Intereste
Total FCX 72% 3,582 3,249 0.21 0.01 15,197 735
Total Other 28% 1,393 1,264 0.21 0.01 5,910 286
Notes:
a. Reported as of December 31, 2025, using metal prices of $3.75 per pound for copper and $17 per pound for molybdenum. Mineral resources are
exclusive of mineral reserves.
b. Amounts shown may not foot because of rounding.
c. Internal cutoff grade reported as equivalent copper (EqCu).
d. Estimated expected recoveries are consistent with those for mineral reserves but would require additional work to substantiate.
e. The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%)
and SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the operator of the joint venture and holds registered
title to the mineral claims.
Extraction of the mineral resource may require significant capital investment, specific
market conditions, expanded or new processing facilities, additional material storage
facilities, changes to mine designs, or other material changes to the current operation.
as of December 31, 2025 42
[TABLE]
Morenci Mine
Summary of Mineral Resourcesa
As of December 31, 2025 |  | Ownership
% | Tonnageb
Short Metric
M Tons M Tons | Cut-off
Gradec
%EqCu | Average Grade
Copper Molybdenum
% % | Contained Metalb,d
Copper Molybdenum
M lbs M lbs
Open-Pit Inventories |  |  |  |  |  |
Mill | Measured
Indicated |  | 903 819
802 727 |  | 0.27 0.02
0.30 0.03 | 4,957 396
4,755 406
 | Subtotal
Inferred |  | 1,705 1,546
431 391 |  | 0.28 0.02
0.31 0.03 | 9,712 802
2,692 218
 | Total |  | 2,135 1,937 | 0.12 | 0.29 0.02 | 12,404 1,021
Crushed Leach | Measured
Indicated |  | 51 47
5 5 |  | 0.53
0.70 | 545

 | Subtotal
Inferred |  | 57 51
0 0 |  | 0.55
0.58 | 618

 | Total |  | 57 52 | 0.10 | 0.55 | 623
ROM Leach | Measured
Indicated |  | 1,396 1,266
896 813 |  | 0.16
0.13 | 4,353
2,416
 | Subtotal
Inferred |  | 2,292 2,079
490 445 |  | 0.15
0.13 | 6,769
1,311
 | Total |  | 2,783 2,524 | 0.01 | 0.15 | 8,080
Total Resources Inventories |  |  |  |  |  |
Total Mineral
Resources | Measured
Indicated |  | 2,350 2,132
1,703 1,545 |  | 0.21 0.01
0.21 0.01 | 9,855 396
7,243 406
 | Subtotal
Inferred |  | 4,053 3,677
921 836 |  | 0.21 0.01
0.22 0.01 | 17,098 802
4,009 218
 | Total | 100% | 4,975 4,513 |  | 0.21 0.01 | 21,108 1,021
Net Equity Intereste |  |  |  |  |  |
Total FCX
Total Other |  | 72%
28% | 3,582 3,249
1,393 1,264 |  | 0.21 0.01
0.21 0.01 | 15,197 735
5,910 286

--- PAGE 43 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

In the opinion of the QP, risk factors that may materially affect the mineral resource
estimate include (but are not limited to):

Metal price and other economic assumptions.

Changes in interpretations of continuity and geometry of mineralization zones.

Changes in parameter assumptions related to the mine design evaluation including
geotechnical, mining, processing capabilities, and metallurgical recoveries.

Changes in assumptions to the continued ability to access and operate the site,
retain mineral and surface rights and titles, maintain the operation within
environmental and other regulatory permits, and social license to operate.
Uncertainty in geological resource modeling is monitored by reconciling model
performance against actual production results, as part of the FCX geologic resource model
verification process.
11.4
Comment on Mineral Resource Estimate
The mineral resource estimate has been prepared using industry accepted practice and
conforms to the disclosure requirements of S-K1300. Mineral reserve and mineral
resource estimates are evaluated annually, providing the opportunity to reassess the
assumed conditions. Although all the technical and economic issues likely to influence the
prospect of economic extraction of the resource are anticipated to be resolved under the
stated assumed conditions, no assurance can be given that the estimated mineral
resource will become proven and probable mineral reserves.

MINERAL RESERVE ESTIMATE
Mineral reserves are summarized from the LOM plan, which is the compilation of the
relevant modifying factors for establishing an operational, economically viable mine plan.
The LOM plan incorporates:

Scheduling material movements for ore and waste from designed final mining
excavation plans with a set of internal development sequences, based on the results
of the resource evaluation process.

Planned production from scheduled deliveries to processing facilities, considering
metallurgical recoveries and planned processing rates and activities.

Capital and operating cost estimates for achieving the planned production.

Assumptions for major commodity prices and other key consumable usage
estimates.

Revenues and cash flow estimates.

Financial analysis including tax considerations.
Mineral reserves have been evaluated considering the modifying factors for conversion of
measured and indicated resource classes into proven and probable mineral reserves.
Inferred resources are considered to be waste in the LOM plan. The details of the relevant
modifying factors included in the estimation of mineral reserves are discussed in Sections
10 through 21.
The LOM plan includes the planned production from the in-situ mine designs and stockpile
inventories. Stockpiles include previously mined material on crushed leach and Run of
Mine (ROM) leach pads for processing, and other material set aside to be rehandled and

--- PAGE 44 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

processed at a future date. Stockpile inventories are estimated as of December 31, 2025,
from reported production of ore deliveries through mid-year and the expected production
to the end of the year.
12.1
Cutoff Grade Strategy
The cutoff grade strategy is a result of the mine plan development, determined by the
economic evaluation of the mineral reserves via strategic long-range mine and business
planning. Operational cutoff grades are determined from the LOM planning results and
can vary based on processing throughput expectations, ore availability, future ore and
overburden requirements, and other factors encountered as the mine operates. This
approach is consistent with accepted mining industry practice. Cutoff grades reported are
the minimum grades expected to be delivered to a processing facility.
12.2
Mineral Reserve Statement
As a point of reference, the mineral reserve estimate reports the in-situ ore and stockpile
inventories from the LOM plan containing copper and molybdenum metal and reported as
commercially recoverable metal.
Table 12.1 summarizes the mineral reserves reported on a 100% and pro rata property
ownership basis. The mineral reserve estimate is based on commodity prices of $3.25 per
pound for copper and $14 per pound for molybdenum.

--- PAGE 45 ---
Morenci Mine, Arizona, U.S.
Table 12.1 – Summary of Mineral Reserves
Morenci Mine Ownership Tonnageb Cut-off Average Grade Average Recoveryd Recoverable Metalb
Summary of Mineral Reservesa Short Metric Gradec Copper Molybdenum Copper Molybdenum Copper Molybdenum
As of December 31, 2025 % M Tons M Tons %EqCu % % % % M lbs M lbs
Open-Pit Inventories
Proven 924 838 0.31 0.02 82.9 46.4 4,700 189
Mill Probable 144 131 0.30 0.03 82.2 47.2 711 38
Total 1,068 969 0.17 0.31 0.02 82.8 46.5 5,411 226
Proven 123 112 0.45 82.9 927
Crushed Leach Probable 1 1 0.49 79.1 5
Total 124 112 0.20 0.45 82.9 932
Proven 2,375 2,154 0.18 51.9 4,535
ROM Leach Probable 378 343 0.15 49.6 553
Total 2,752 2,497 0.03 0.18 51.6 5,087
Proven 3,422 3,105 0.23 0.01 65.4 46.4 10,162 189
Total Open-Pit
Probable 522 474 0.19 0.01 63.9 47.2 1,269 38
Reserves
Total 3,945 3,578 0.22 0.01 65.2 46.5 11,431 226
Stockpile Inventories
Mill Stockpile Proven 1 1 0.50 86.3 7
Leach Stockpile Proven 8,785 7,970 0.24 0.9 385
Total 8,785 7,969 0.24 0.9 392
Total Reserves Inventories
Proven 12,208 11,074 0.23 0.00 18.6 46.4 10,554 189
Total Mineral
Probable 522 474 0.19 0.01 63.9 47.2 1,269 38
Reserves
Total 100% 12,730 11,548 0.23 0.00 20.1 46.5 11,822 226
Net Equity Intereste
Total FCX 72% 9,166 8,315 0.23 0.00 20.1 46.5 8,512 163
Total Other 28% 3,564 3,234 0.23 0.00 20.1 46.5 3,310 63
Notes:
a. Reported as of December 31, 2025, using metal prices of $3.25 per pound for copper and $14 per pound for molybdenum.
b. Amounts shown may not foot because of rounding.
c. Operational cutoff grade reported as equivalent copper (EqCu).
d. Process recoveries include all applicable processes such as concentration, smelting, transportation losses, etc.
e. The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and
SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the operator of the joint venture and holds registered title to
the mineral claims.
In the opinion of the QPs, risk factors that may materially affect the mineral reserve
estimate include (but are not limited to):
• Metal price and other economic assumptions.
• Changes in interpretations of continuity and geometry of mineralization zones.
• Changes in parameter assumptions related to the mine design evaluation including
geotechnical, mining, processing capabilities, and metallurgical recoveries.
• Changes in assumptions to the continued ability to access and operate the site,
retain mineral and surface rights and titles, maintain the operation within
environmental and other regulatory permits, and social license to operate.
As confirmation of the mineral reserve and resource process, third-party consultants are
occasionally hired to perform verification studies. The Morenci mine was last reviewed for
year-end reporting during 2024. The study concluded that the “reserve estimation process
is robust, aligns with industry standards, and supports the reported life-of-mine plan.”
The positive economics of the financial analysis of the LOM plan demonstrate the
economic viability of the mineral reserve estimate.
as of December 31, 2025 45
[TABLE]
Morenci Mine
Summary of Mineral Reservesa
As of December 31, 2025 |  | Ownership
% | Tonnageb
Short Metric
M Tons M Tons | Cut-off
Gradec
%EqCu | Average Grade
Copper Molybdenum
% % | Average Recoveryd
Copper Molybdenum
% % | Recoverable Metalb
Copper Molybdenum
M lbs M lbs
Open-Pit Inventories |  |  |  |  |  |  |
Mill | Proven
Probable |  | 924 838
144 131 |  | 0.31 0.02
0.30 0.03 | 82.9 46.4
82.2 47.2 | 4,700 189
711 38
 | Total |  | 1,068 969 | 0.17 | 0.31 0.02 | 82.8 46.5 | 5,411 226
Crushed Leach | Proven
Probable |  | 123 112
1 1 |  | 0.45
0.49 | 82.9
79.1 | 927

 | Total |  | 124 112 | 0.20 | 0.45 | 82.9 | 932
ROM Leach | Proven
Probable |  | 2,375 2,154
378 343 |  | 0.18
0.15 | 51.9
49.6 | 4,535

 | Total |  | 2,752 2,497 | 0.03 | 0.18 | 51.6 | 5,087
Total Open-Pit
Reserves | Proven
Probable |  | 3,422 3,105
522 474 |  | 0.23 0.01
0.19 0.01 | 65.4 46.4
63.9 47.2 | 10,162 189
1,269 38
 | Total |  | 3,945 3,578 |  | 0.22 0.01 | 65.2 46.5 | 11,431 226
Stockpile Inventories |  |  |  |  |  |  |
Mill Stockpile
Leach Stockpile | Proven
Proven |  | 1 1
8,785 7,970 |  | 0.50
0.24 | 86.3
0.9 | 7

 | Total |  | 8,785 7,969 |  | 0.24 | 0.9 | 392
Total Reserves Inventories |  |  |  |  |  |  |
Total Mineral
Reserves | Proven
Probable |  | 12,208 11,074
522 474 |  | 0.23 0.00
0.19 0.01 | 18.6 46.4
63.9 47.2 | 10,554 189
1,269 38
 | Total | 100% | 12,730 11,548 |  | 0.23 0.00 | 20.1 46.5 | 11,822 226
Net Equity Intereste |  |  |  |  |  |  |
Total FCX
Total Other |  | 72%
28% | 9,166 8,315
3,564 3,234 |  | 0.23 0.00
0.23 0.00 | 20.1 46.5
20.1 46.5 | 8,512 163
3,310 63

--- PAGE 46 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

12.3
Comment on Mineral Reserve Estimate
The mineral reserve estimate has been prepared using industry accepted practice and
conforms to the disclosure requirements of S-K1300. Mineral reserve and mineral
resource estimates are evaluated annually, providing the opportunity to reassess the
assumed conditions. All the technical and economic issues likely to influence the prospect
of economic extraction are anticipated to be resolved under the stated assumed
conditions.
Mineral reserve estimates consider technical, economic, environmental, and regulatory
parameters containing inherent risks. Changes in grade and/or metal recovery estimation,
realized metal prices, and operating and capital costs have a direct relationship to the
cash flow and profitability of the mine. Other aspects such as changes to environmental
or regulatory requirements could alter or restrict the operating performance of the mine.
Significant differences from the parameters used in this TRS would justify a re-evaluation
of the reported mineral reserve and mineral resource estimates. Mine site administration
and FCX dedicate significant resources to managing these risks.

MINING METHODS
The Morenci mine has a long operational history and mining conditions are well
understood by the site and FCX corporate staff. The mining method is a conventional truck
and shovel, open-pit operation.
13.1
Mine Design
The results of the economical mining limit evaluation discussed in Section 11 are used as
guides to develop the final mine design and the phased pushback designs for mine
sequencing. Mine designs are developed using specialized mine design computer
software.

Pit Slope Design Parameters
Slope angle recommendations are determined and reviewed by FCX engineers and thirdparty consultants. These recommendations are based on comprehensive geomechanical
testing, studies, and the geomechanical monitoring procedures in the field.
Haul roads and geomechanical catchment berms or step-ins, in conjunction with the
recommended inter-ramp slope angles, determine the overall pit slope angles for the
design. Inter-ramp slope angles account for differences in rock quality and can include
single or double bench designs and various catch bench widths. Eleven geotechnical
domains have been defined at the pit areas, each with different design inter-ramp slope
angles. The inter-ramp slope angles vary between 42 to 54 degrees.
Figure 13.1 provides the geotechnical domain areas for the Morenci mine. Pit wall slopes
are designed with inter-ramp slope angles assigned to each of those domains.

--- PAGE 47 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 13.1 – Geotechnical Domains

Geomechanical and Hydrological Modeling
Geomechanical and hydrological modeling is discussed in Section 7.
The performance of the open-pit wall slopes is monitored with a network of geomechanical
and hydrogeological instrumentation. The Morenci mine uses instrumentation that
includes slope stability radars, laser scanners, satellite-based monitoring, extensometers,

--- PAGE 48 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

inclinometers, time domain reflectometry, piezometers, seismic blast monitoring, GPS
tracking, and robotic survey stations. Groundwater and pore pressure are controlled with
dewatering wells and horizontal drain holes for specific slope depressurization needs as
the pit area increases during the life of the mine. The monitoring plan defines
responsibilities and outlines the monitoring procedures and trigger points for the initiation
of specified remedial measures if movement is detected, and it is the basis for the design
of any required remedial measures.

Final Mine Design
Using specialized computer software, mine designs are developed with key considerations
that include:

Compliance with the geomechanical recommendations.

Reasonable haul road widths and effective grades.

Operational bench height that is safely manageable with the loading equipment, in
single and/or double bench configurations where allowable.

Adequate mining width for practical mining.

Locating pit exits near to material destinations as practical.

Infrastructure location requirements and other boundary restrictions.

Mine sequencing that maintains continuous production throughout the mine life.
Mine designs are reviewed for compliance to key parameters and reasonableness with
comparison to historical and current operating practices. The reserve final mine design is
illustrated in Figure 13.2.

--- PAGE 49 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 13.2 – Final Mine Design

The final mine design is approximately 2.8 miles in width (east-west) and 4.4 miles in
length (north-south). The expected depth of the pit is about 4,100 feet, ranging from 2,250
to 6,350 feet above sea level. Mining is designed to take place on 50-foot benches, with
pit slopes allowing for double bench configuration where feasible.
The haul ramps are planned with a width of 130 feet and with a 10% grade but can vary
in different sections of the ramp. They are designed to accommodate the current truck
fleets.
13.2
Mine Plan Development
The mine plan is developed based on supplying ore to the processing facilities considering
equipment production rates, the mining advance rate through the deposit, ore/waste
routing, waste stripping requirements, material storage facility capacities, and expansion
opportunities. LOM plan schedules are developed using specialized mine planning
software.

--- PAGE 50 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

The mine plan is developed utilizing measured and indicated mineral resource material
only. Resource material that is classified as inferred within the mine design is considered
waste for LOM planning and mineral reserve estimation.
The deposit is a typical disseminated porphyry type copper deposit, where contact dilution
is incorporated into the grade estimation process. As a result, no additional dilution
assumption is applied.
Mining ore block recovery is directly related to the mining dilution. Mining recovery in open-
pit mines tends to be very high, particularly in disseminated deposits associated with large
loading equipment. As result, mining ore block recovery is assumed at 100%.
The mine plan is scheduled to deliver a targeted annual average mill production rate of
140,000 tons of ore per day from 2026 to 2044, then reduce to an average of 90,000 tons
per day for the final years. The plan is scheduled to deliver a targeted annual average
crushed leach production rate of 65,000 tons of ore per day from 2026 through 2030 with
final deliveries in 2031. ROM leach deliveries are variable with an average of 340,000 tons
of ore per day. The LOM plan stripping ratio (waste tonnage to ore tonnage) at the Morenci
mine is 0.44. Mining activities are projected to end in 2047, when the current reserves are
expected to be exhausted.
The mine production rate and expected mine life are illustrated in Figure 13.3.
Figure 13.3 – Total Tonnage Planned Material Movement

The LOM plan does not include plans for underground development. There is limited
backfilling of the open-pit planned to accommodate the U.S. Highway 191 relocation and
the Western Copper in-pit stockpile. Future studies could further these options as viable
improvements to the mine plan development.
13.3
Mine Operations
Mine unit operations include drilling, blasting, loading, hauling, and auxiliary support.
Primary production equipment is used to mine ore and waste, and as of December 31,
2025, comprises of 15 blast hole drills, 13 electric rope shovels with bucket sizes ranging

PROCESS KTPD

MILL
CL
ROM
WASTE

--- PAGE 51 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

from 62 to 74 cubic yards, 6 front end loaders, and 141 trucks with a 267-ton payload
factor and 3 trucks with a 410-ton payload factor. The primary production equipment is
supported by a fleet of ancillary equipment including track dozers, wheel loaders, motor
graders, backhoes, and water trucks. Support equipment is used for building access
roads, road maintenance, and other mine services.
The LOM plan includes equipment units up to 14 electric rope shovels and 133 haul trucks.
Mine equipment is replaced or rebuilt after its useful life is achieved. Costs for mine
equipment replacements and additions are accounted for in the financial modeling.
The site is in operation with experienced management and sufficient personnel. The mine
operates 365 days per year on a 24 hour per day schedule. Operational, technical, and
administrative staff are on-site to support the operation. As of December 31, 2025, mine
operations have 1,879 employees with additional contractors available as needed.

PROCESSING AND RECOVERY METHODS
The process facilities operate 365 days per year with exceptions for maintenance. The
facilities have a long operating history. FCX and the Morenci mine anticipate that the site will
have adequate energy, water, process materials, and permits to continue operating
throughout the LOM plan. Figure 14.1 illustrates an overview process map.
Figure 14.1 – Site Process Diagram

Ore can be directed through hydrometallurgical or concentrating facilities. The
hydrometallurgical operation consists of crushed and ROM leach pads, stacking
equipment for ore placement, a CLP facility, four SX plants, and three EW facilities. The
hydrometallurgical process produces a high-quality copper cathode.

--- PAGE 52 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Primary and certain secondary sulfide ores are processed in the concentrating facilities.
The concentrating operation contains two concentrators and a molybdenum processing
plant, which produce a copper concentrate and a molybdenum concentrate.
These processing methodologies are accepted industry practices for the types of
mineralization found at the mine site and are supported by recovery results.
14.1
Hydrometallurgical Processing Description
Oxide and secondary sulfide ores from the mine are delivered to leach pads. The SX/EW
plant is designed to extract copper from the pregnant leach solutions (PLS) collected from
the site’s leach pads. Copper is extracted from the ores by using a grid solution system to
deliver an aqueous solution containing acid from the plant, called raffinate, to the leach
pads. As this acidic solution passes through the heaped material, it extracts copper in the
form of copper ions in the PLS.
The PLS is delivered to the SX/EW plant via collection ditches, ponds, and pumping
systems. The process takes PLS and extracts the copper ions in extraction mixer-settlers.
The copper is extracted via a liquid ion-exchange reagent carried in diluent. A chemical
reaction selectively causes the copper to transfer from the PLS to the organic phase. The
barren raffinate leaving the SX plant is pumped to the leach pads to extract additional
copper from the stacked ore. The loaded organic phase is separated and flows to a strip
mixer-settler where the copper is transferred from the organic to the electrolyte that is
circulated to the EW plant.
The electrolyte is filtered and heated before being passed through the EW cells where the
copper is plated onto stainless steel blanks. Once an adequate amount of copper has
been plated out of solution as cathodes, these are removed from the cells, washed, and
the copper sheets are mechanically harvested. Figure 14.2 illustrates the
hydrometallurgical copper transfer process.
Figure 14.2 – Hydrometallurgical Transfer Process

A diagram illustrating the Morenci mine’s hydrometallurgical process is shown in Figure
14.3. The SX plants have the ability to run over 100,000 gallons per minute PLS flow and
the EW tank house cathode production capacity is approximately 900 million pounds per
year.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 14.3 – Hydrometallurgical Process Diagram

In addition to the crushed and ROM leach and SX/EW processes, the Morenci mine has
a CLP as an intermediary process, which takes final copper concentrate produced from
the concentrator process and subjects the concentrate to pressure oxidation converting
copper from solid form into liquid copper ions. The resulting solution contains higher
concentrations of copper and acid than the typical solutions from the heap leaching
process. The solutions are combined with other PLS sources and processed through the
SX/EW plants and copper cathode is produced as a final product for shipment to market.
Hydrometallurgical recoveries are tracked from the leach stockpiles through to the
production of copper cathode. Items that can affect the rate of recovery through the
stockpiles include, but are not limited to, application rate and method, particle size, leach
cycle (i.e., days under leach), acid addition and consumption, solution chemistry, ore type
and mineralization, pyrite content, stacking methodology, and stacking height.
Copper recovery is tracked over multiple years. Additionally, performance is reviewed
periodically through FCX corporate audits to monitor that recoveries are on track to being
achieved and continue to be appropriate.
14.2
Concentrator Processing Description
Primary and secondary sulfide ores are processed in the concentrators, which produce a
copper concentrate and a molybdenum concentrate. The copper concentrate is either
shipped off-site to market or processed on-site through the CLP process.
Ore is delivered from the mine to the primary crushers where it is crushed and conveyed
to a coarse ore stockpile that feeds the concentrators. A portion of the ore is conveyed
from the stockpile to the Morenci concentrator where it is stage crushed through
secondary and tertiary cone crushers before being conveyed to a fine ore storage bin. It
is then fed to 32 primary ball mills that operate in closed circuit with spiral classifiers to
liberate copper and molybdenum minerals from gangue minerals. These classifiers return
coarse particles to the mills for further grinding and advance fine particles to collective
flotation for copper and molybdenum recovery. Concentrate from the first stage of flotation
advances to regrind mills and cleaner flotation stages that produce an intermediate

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

copper/molybdenum concentrate. This concentrate is thickened before it advances to the
copper/molybdenum separation flotation circuit.
Ore is also conveyed from the coarse ore stockpile to a separate secondary crushing
facility for the Metcalf concentrator. Product from these secondary cone crushers is
advanced to a tertiary hydraulic roll crusher (HRC) before being conveyed to a surge bin
that supplies the primary grinding circuit. Ore is conveyed from the surge bin to wet
screens that feed the primary ball mills. Wet screen oversize is recycled back to the HRC
for further crushing. Wet screen undersize mixes with ball mill product and this stream is
classified in hydrocyclones, with coarse particles returning to the ball mills and fine
particles advancing to the collective flotation circuit for recovery of copper and
molybdenum. Concentrate advances to regrind mills and cleaner flotation producing an
intermediate concentrate. The copper/molybdenum concentrate is thickened before
combining with Morenci concentrate and advancing to the copper/molybdenum separation
flotation circuit.
The copper/molybdenum separation flotation circuit consists of a primary flotation stage
and four cleaner flotation stages. The purpose of the flotation circuit is to produce separate
marketable concentrates. Tailings from the primary flotation stage is final copper
concentrate, which advances to a thickener. Thickener underflow is either sent to CLP for
further processing or filtered and stored in the concentrate storage building. Filtered
copper concentrate is then loaded in railcars or truck-trailer road vehicles and shipped to
an off-site smelter. Molybdenum concentrate is produced from the fourth cleaner flotation
stage. From there it is thickened, filtered, and packaged into supersacks prior to being
shipped to off-site conversion facilities.
Flotation tailings from both concentrators advance to tailings thickeners where process
water is recovered and recycled back to the concentrators. Conventionally thickened
tailings flow via gravity down an open channel launder to pump stations where they are
pumped to the TSFs. Figure 14.4 illustrates a process flow diagram of the Morenci and
Metcalf facilities.
Figure 14.4 – Morenci and Metcalf Concentrator Process Flow Diagram

The processing facility performance is reviewed regularly, and adjustments are made as
necessary to improve performance and reduce costs.

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Morenci Mine, Arizona, U.S.
14.3 Processing Requirements
FCX believes adequate supplies for energy, water, process materials, and sufficient
personnel are currently available to maintain operations and are anticipated throughout
the LOM plan. Process materials are provided to the site on an as-needed basis through
the FCX and the Morenci mine global supply chain departments. The actual consumption
of key processing materials varies depending on ore feed and operating conditions in the
plants. Table 14.1 includes the typical ranges of consumption for key processing
requirements.
Table 14.1 – Processing Facilities Consumables
Parameter Typical Range
Concentrator Energy (kWh per ton ore) 14 to 17
Hydrometallurgical Energy (kWh per pound of copper) 1.5 to 2.0
Mill Makeup Water (gallon of water per ton ore) 80 to 170
Hydrometallurgical Makeup Water (gallon of water per ton ore) 10 to 25
Process Materials
Liners and Wear Parts (pounds of steel per ton ore) 0.3 to 0.5
Balls (pounds of steel per ton ore) 1.0 to 1.5
Primary Collector (pounds of collector per ton ore) 0.03 to 0.05
Lime (pounds of lime per ton ore) 2.75 to 3.25
Acid (pounds of acid per ton ore) 5 to 14
Consumable and personnel requirements for the processing facilities are expected to be
near current levels in the near-term with variation dependent on production levels in the
various unit operations. As of December 31, 2025, the concentrating operations have 551
employees and the hydrometallurgical operations have 673 employees. FCX believes
contractors are available as needed.
15 SITE INFRASTRUCTURE
The site infrastructure at the Morenci mine has been established over the history of the
project and supports the current operations. The current major mine infrastructure includes
waste rock storage facilities, ROM leach pads, crushed leach pads and stacking systems,
temporary stockpiles, TSFs, power and electrical systems, water usage systems, various
on-site warehouses and maintenance shops including large-scale mine truck shops, and
offices required for administration, engineering, maintenance, and other related mine and
processing operations. The communication system at site includes internet and telephone
access connected by hard-wire, fiberoptic, and mobile networks. Access to the property
is discussed further in Section 4 of this TRS. The site infrastructure is shown in Figure
15.1.
as of December 31, 2025 55
[TABLE]
Parameter |  | Typical Range
Concentrator Energy (kWh per ton ore) |  | 14 to 17
Hydrometallurgical Energy (kWh per pound of copper) |  | 1.5 to 2.0
Mill Makeup Water (gallon of water per ton ore) |  | 80 to 170
Hydrometallurgical Makeup Water (gallon of water per ton ore) |  | 10 to 25
Process Materials |  |
 | Liners and Wear Parts (pounds of steel per ton ore) | 0.3 to 0.5
 | Balls (pounds of steel per ton ore) | 1.0 to 1.5
 | Primary Collector (pounds of collector per ton ore) | 0.03 to 0.05
 | Lime (pounds of lime per ton ore) | 2.75 to 3.25
 | Acid (pounds of acid per ton ore) | 5 to 14

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 15.1 – Site Infrastructure Map

15.1
Waste Rock Storage Facilities
The Morenci LOM plan considers placing mined waste material in the waste rock storage
facilities. FCX believes there is sufficient storage capacity to handle the waste deliveries
as scheduled in the LOM plan.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

15.2
Leach Pads and Stockpiles
The Morenci mine utilizes stockpiles including ROM and crushed leach pads. Mined
material is routed directly to the ROM leach pads whereas the crushed leach pads receive
mined material that has been reduced in size through a primary crushing stage. The LOM
plan includes leach placements concluding in 2047 and the SX/EW plant is expected to
conclude operations in 2048. Additional leach pad stockpile capacity is required in the
LOM plan. Estimated costs for the additional capacity are included in the financial analysis.
The mine also has temporary mill stockpiles. Mined material is directed to these stockpiles
to be rehandled and processed through the concentrators later in the LOM plan. FCX
believes the mill stockpiles have sufficient capacity for the planned deliveries in the LOM
plan.
Leach pads, stockpiles, and waste rock storage facilities are surveyed regularly, and daily
production records are used to track the mine deliveries.
15.3
Tailings Storage Facilities
There are multiple TSFs managed at the Morenci mine that receive flotation tailings from the
concentrators. The flotation tailings are thickened and pumped to the TSFs where they are
deposited, and water is recycled back to the mill. The TSFs are located south of the mills.
The TSFs, as currently designed, lack sufficient storage capacity for the entire planned
mineral reserves estimate in the LOM plan. However, FCX and the Morenci mine
anticipate having sufficient tailings storage available as required in the LOM plan since the
current storage capacity is sufficient until 2031 at planned rates, and options to increase
capacity have been identified in potential expansions of the currently designed TSFs and
alternate locations for additional TSFs. Estimated costs for the additional capacity are
included in the LOM plan financial analysis.
15.4
Power and Electrical
The Morenci mine’s electrical power is supplied by MW&E. MW&E is a retail utility
regulated by the Arizona Corporation Commission. MW&E sources its generation services
through FMES. FMES is a Federal Energy Regulatory Commission licensed exempt
wholesale generator with transmission and generation rights throughout Arizona and New
Mexico. The mine’s power is delivered through transmission agreements with Tucson
Electric Power Company, El Paso Electric, and Arizona Electric Power Cooperative.
MW&E has contracted with FMES for 125MW of capacity rights at the Luna Energy Facility
and other term power purchase agreements. Morenci also has 24MW of natural gas fired
combustion turbines on-site able to provide electrical power when required.
15.5
Water Usage
The Morenci mine’s water is supplied by a combination of sources including decreed
surface water rights in the San Francisco River, Chase Creek, and Eagle Creek drainages,
groundwater from the Upper Eagle Creek Wellfield, and Central Arizona Project water
leased from the San Carlos Apache Tribe and delivered to Morenci via exchange through
the Black River Pump Station. Makeup water supply is sourced from the Lower Eagle Creek
diversion and delivery system. Potable and domestic use water is sourced from the makeup
water supply. Process facilities operate using a combination of make-up water and

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

recycled water from the in-pit dewatering system, district interceptor wells, and existing
TSFs.
15.6
Product Handling
Copper concentrate and cathode are loaded by FCX to be shipped off-site by railcars or
trucks. Molybdenum concentrate is shipped off-site via truck. Third-party shipping is used
for rail and truck transport.
15.7
Logistics, Supplies, and Site Administration
The operation is integrated between mining and processing facilities and has common
management and services, as well as a logistics network that includes warehouses,
vehicles, and personnel required to distribute and store the large quantity of supplies used
by the operation and its workforce. Warehouses are maintained at various locations
throughout the site.
Supporting infrastructure at the Morenci mine has been built, improved, and expanded
over the life of the project, including a townsite providing employees and their dependents
with services ranging from retail stores, restaurants, residential facilities, schools, libraries,
banks, postal services, training, and recreational facilities to health service facilities.

MARKET STUDIES
The Morenci mine produces copper concentrate and cathode products. A molybdenum
concentrate is also produced.
16.1
Market for Mine Products
Copper is an internationally traded commodity, and its prices are determined by the major
metal exchanges. Prices on these exchanges generally reflect the worldwide balance of
copper supply and demand and can be volatile and cyclical. In general, demand for copper
reflects the rate of underlying world economic growth, particularly in industrial production
and construction. FCX believes copper will continue to be essential in these basic uses
as well as contribute to demand supported by copper’s critical role in the global transition
to renewable power, electric vehicles and other carbon-reduction initiatives, continued
urbanization in developing countries, data centers, increased defense spending and
growing connectivity globally.
Molybdenum is a key alloying element in steel and the raw material for several chemicalgrade products used in catalysts, lubrication, smoke suppression, corrosion inhibition, and
pigmentation. Molybdenum-based chemicals are used to produce high-purity
molybdenum metal used in electronics such as flat-panel displays and in super alloys used
in aerospace. Reference prices for molybdenum are available in several publications but
generally based on Platts Metals Daily.
FCX owns smelting, refining, and product conversion facilities for copper and molybdenum
products, operated as separate business segments. Sales between FCX’s business
segments are based on terms similar to arms-length transactions with third-parties at the
time of the sale.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

A portion of Morenci mine’s copper concentrate is processed through FCX’s wholly owned
copper smelter in Miami, Arizona and refinery and rod mill located in El Paso, Texas and
through FCX’s wholly owned subsidiary smelting and refining operation in Huelva, Spain.
A portion of Morenci’s copper cathode is converted to copper rod in FCX’s wholly owned
rod mills located in Miami and El Paso. The resultant copper rod from FCX’s North America
rod mills is sold to downstream wire and cable producers throughout North America while
the electro-refined copper cathode produced in Spain is sold to third-party consumers and
merchant traders throughout Europe and the Mediterranean region. The balance of copper
concentrate and cathode is sold to third-party smelters or consumers and merchant
traders.
The mine’s molybdenum concentrate is processed through FCX’s wholly owned roaster
operations at Fort Madison in Iowa, Sierrita mine in Arizona, and Rotterdam in the
Netherlands, and a portion through the concentrate leach process at FCX’s Bagdad mine
in Arizona. The resultant molybdenum products from the Rotterdam plant supply the
chemical and steel industries in Europe while the molybdenum products from the U.S.
plants supply the industries in the U.S. and Asia. Climax Molybdenum Company, FCX’s
wholly owned subsidiary, administers the molybdenum business segment.
Most of the copper and molybdenum products resulting from the Morenci mine are sold to
customers with whom FCX has built and maintained long-term relationships. The majority
of the sales agreements are negotiated annually and are relatively standardized. The
underlying copper price is determined by, and fluctuates with, the commodity exchange
price while the treatment and refining charges and premiums are negotiated annually
based on market conditions. The underlying molybdenum price is determined by published
Platts Metals Daily index reference pricing, which is determined by globally reported spot
transaction reporting.
16.2
Commodity Price Assumptions and Contracts
Long-term metal prices reported are used to demonstrate the economic viability of the
mineral reserves and should not be construed as a prediction of future commodity prices.
Assumed prices for mineral reserve estimation are:

$3.25 per pound for copper.

$14 per pound for molybdenum.
All contracts currently necessary for supplies and services to maintain the Morenci mine’s
facilities and production are in place and are anticipated to be renewed or replaced within
timeframes and conditions of common industry practices.
FCX and the QPs believe that the marketing and metal price assumptions for metal
products are suitable to support the financial analysis of the mineral reserve evaluation.
Further information regarding the sale and marketing of the mine’s metal products is
discussed in FCX’s Annual Report on Form 10-K for the year ended December 31, 2025.

ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL IMPACT
The Morenci mine adheres to FCX’s environmental and sustainability programs, including
policies and management systems regarding environmental, permitting, and community
issues. Morenci has implemented an Environmental Management System that is certified
to the internationally recognized ISO-14001:2015 standard. FCX’s programs are based

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

on policies and systems that align with its International Council on Mining and Metals and
Copper Mark commitments. FCX routinely evaluates implementation of these policies
through internal and external independent assessments and publicly reports on its
performance.
Further discussion regarding environmental and social or community impacts is available
in the latest FCX Annual Report on Sustainability. None of the information on, or
accessible through, the FCX website is part of this TRS or is incorporated by reference
herein.
17.1
Environmental Considerations
Environmental monitoring is ongoing at the Morenci mine and will continue over the life of
the operations and beyond through closure. The Morenci mine has received multiple
environmental regulatory approvals from the State of Arizona, Greenlee County, and
federal agencies for the operation and closure of the mine. Many of these regulatory
approvals had public participation components. Several of these authorizations required
that the Morenci mine conduct environmental baselines and impact studies for
environmental resources including, but not limited to, air quality, surface and groundwater
quality, landscape, soil, climate, traffic, biodiversity, and cultural resources. The Morenci
mine continues to monitor these baselines and impact studies regularly at compliance
points and report to required agencies.
17.2
Permitting
FCX and the Morenci mine staff believe that all major permits and approvals are in place
to support operations at the Morenci mine; however, additional permits will likely be
necessary in the future. Where permits have specific terms, renewal applications are
made to the relevant regulatory authority as required, prior to the end of the permit term.
The Morenci mine has obtained multiple Clean Water Act (CWA) Section 404 permits from
the U.S. Army Corps of Engineers in support of past and ongoing mine operations. Mining
activities authorized by these permits are complete and Morenci is now monitoring several
mitigation sites as required by these permits. Morenci reports monitoring results to the
Army Corps of Engineers. Morenci is evaluating CWA Section 404 applicability for the
incremental expansion of its mining facilities.
An area-wide APP from ADEQ is a key permit that authorizes design, construction,
operation, monitoring, reporting, and closure of mining facilities that have the potential to
discharge to groundwater. The permit requires that the Morenci mine operate these
facilities to prevent an exceedance of the State of Arizona Aquifer Water Quality standards
at designated point of compliance wells, which are monitored on a routine basis. Results
of this monitoring are reported to ADEQ as per conditions in the permit.
Based on the LOM plan, additional permits will likely be necessary in the future for
continued operation of the Morenci mine, including APP amendment applications and
obtaining ADEQ approval for increased leach pad stockpile and tailings storage capacities
under the existing APP. Additional projects that would require an amendment to the APP
are being evaluated. Closure strategies will be developed for these proposed facilities as
part of the permitting process.
Consistent with State of Arizona rules and regulations for mine closure and reclamation,
the Morenci mine has an approved closure strategy through its APP for closure and post-

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

closure monitoring and maintenance of its active facilities such as TSFs, waste and leach
pad stockpiles, and associated process water impoundments. The Morenci mine also has
an approved mine reclamation plan with the Arizona State Mine Inspector Office for
surface reclamation that will be implemented following cessation of mine operations in
coordination with the closure strategy. Both state programs require development and
agency approval of cost estimates and the establishment of financial assurance. The
Morenci mine maintains financial assurance with the State of Arizona for these programs.
17.3
Waste and Tailings Storage, Monitoring, and Water Management
The Morenci mine has developed and continues to implement detailed, comprehensive
mine waste and tailings management programs to meet the applicable State of Arizona
environmental protection regulations and FCX environmental management practices.
These programs include State of Arizona APP requirements. The site also follows FCX’s
Tailings Management Policy and has implemented the Global Industry Standard on
Tailings Management.
17.4
Mine Closure Plans
ADEQ governs facility closure under the state’s APP program and requires preparation of
a closure strategy, post-closure plan, and development of cost estimates and financial
assurance for permitted facilities such as TSFs, leach pad stockpiles, and other mine
facilities. Separately, the Arizona State Mine Inspector’s Office requires mines to develop
mine reclamation plans that describe steps to stabilize the mine site following cessation
of operations to achieve an approved post mining land use. The Morenci mine closure
strategy and mine reclamation plan are two documents, developed by third-parties, that
consider long-term physical and chemical stability and implementation of approved post
mining land uses for the site following the end of mine operations. The closure strategy
and reclamation plan detail tasks to be performed at closure and the post-closure phase
of the mine’s life cycle. The Morenci mine’s APP requires updates to the closure strategy
and cost estimates every 6 years. The Morenci mine has State of Arizona approved
closure strategies for its waste rock and leach pad stockpiles, tailings, and other water
management facilities subject to APP. The latest update to the closure strategy and cost
estimates submitted to ADEQ was approved in 2023. FCX provided ADEQ with an
updated financial assurance for this update.
The closure strategy for the Morenci mine APP facilities incorporates various approaches
including, but not limited to, removal and reclamation of process water impoundments, inplace closure of TSFs and leach pad stockpiles, and post-closure monitoring and
maintenance of closed facilities and points of compliance wells. Closure of TSFs includes
regrading tailings and installing soil cover systems incorporating revegetation that manage
water through evaporation and transpiration. Water management systems are intended to
stabilize closed facilities, minimize erosion, and protect water resources.
The total closure cost estimate in the LOM plan is approximately $1.5 billion based on a
cash flow schedule for the implementation of closure, post-closure, and reclamation tasks.
The Morenci mine has satisfied the State of Arizona’s financial assurance requirements
by using a variety of mechanisms, primarily involving FCX’s performance guarantees and
financial capability demonstrations.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

17.5
Local Stakeholder Considerations and Agreements
As part of the ongoing permitting and compliance obligations with the county, state, and
federal agency authorizations, and as part of the mine’s commitment to local stakeholder
engagement, the Morenci mine is dedicated engaging on local community and social
matters. The Morenci mine seeks to conduct its activities in a transparent manner that
promotes proactive and open relationships with the local community, government, and
other stakeholders to maximize the positive impacts of its operations and mitigate potential
adverse impacts throughout the LOM plan.
The Morenci mine seeks to provide opportunities to support economic development by
purchasing local goods and services. To support and grow the capacity of local
businesses in the region, FCX maintains working relationships with various local business
development organizations.
In addition, the Morenci mine seeks to provide opportunities to support economic
development by hiring and training employees and contractors from local and regional
communities. The mine is located in rural Arizona with a relatively low population density
and as such, the Morenci mine directly or indirectly employs a relatively large portion of
the local and regional labor force.
17.6
Comment on Environmental Compliance, Permitting, and Local Engagement
In the QP’s opinion, the Morenci mine has adequate plans and programs in place, is in
good standing with environmental regulatory authorities, and no current conditions related
to environmental compliance, permitting, and local engagement represent a material risk
to continued operations. The Morenci mine staff have a high level of understanding of the
requirements of environmental compliance, permitting, and local stakeholders to facilitate
the development of the mineral reserve and mineral resource estimates. The periodic
inspections by governmental agencies, FCX corporate staff, third-party reviews, and
regular reporting confirm this understanding.

CAPITAL AND OPERATING COSTS
The capital and operating costs are estimated by the property’s operations, engineering,
management, and accounting personnel in consultation with FCX corporate staff, as
appropriate. The cost estimates are applicable to the planned production, mine schedule,
and equipment requirements for the LOM plan. The capital costs are summarized in Table
18.1.

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Morenci Mine, Arizona, U.S.
Table 18.1 – Sustaining Capital Costs
$ billions
Mine $1.4
Leach and SX/EW 1.4
Concentrator 1.4
Supporting Infrastructure and Environmental 0.1
Total Capital Expenditures $4.3
Estimates are derived from current costs and adjusted to the reserve price environment. The
estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs
are reviewed periodically, and estimates are refined as required.
Capital costs are primarily sustaining projects consisting of mine equipment replacements
and planned site infrastructure projects, most notably to increase leach pad and TSF
capacities over the production of the scheduled reserves. Capital cost estimates are
derived from current capital costs based on extensive experience gained from many years
of operating the property and do not include future inflation. FCX and the Morenci mine
staff review actual costs periodically and refine cost estimates as appropriate.
The operating costs for the LOM plan are summarized in Table 18.2.
Table 18.2 – Operating Costs
$ billions
Mine $15.0
Leach and SX/EW 4.7
Concentrator 8.3
Balance 5.5
Total site cash operating costs 33.5
Freight 0.6
Treatment charges 0.5
By-product credits (2.7)
Total net cash costs $31.9
Unit net cash cost ($ per pound of copper) $2.70
Estimates are derived from current costs and adjusted to the reserve price environment. The
estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs are
reviewed periodically, and estimates are refined as required.
The operating cost estimates are derived from current operating costs and practices based
on extensive experience gained from many years of operating the property and do not
include future inflation. The operating cost estimates reflect certain pricing assumptions,
primarily for energy and foreign exchange rates, that are reflective of the copper market
environment ($3.25 per pound for copper price) at which the reserve plan has been
prepared. As the property has a long operating history, FCX believes that the accuracy of
the cost estimates is better than the minimum of approximately +/- 25% required for a prefeasibility study level of mineral reserves as per S-K1300, and the level of risk in the cost
forecasting is low. FCX and the Morenci mine staff review actual costs periodically and
refine cost estimates as appropriate.
as of December 31, 2025 63
[TABLE]
 |  |  |  |  |  |  | $ billions |
 | Mine |  |  |  |  |  | $1.4 |
 | Leach and SX/EW |  |  |  |  |  | 1.4 |
 | Concentrator |  |  |  |  |  | 1.4 |
 | Supporting Infrastructure and Environmental |  |  |  |  |  | 0.1 |
 | Total Capital Expenditures |  |  |  |  |  | $4.3 |
 |  |  |  |  |  |  |  |
 | Estimates are derived from current costs and adjusted to the reserve price environment. The |  |  |  |  |  |  |
 | estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs |  |  |  |  |  |  |
 | are reviewed periodically, and estimates are refined as required. |  |  |  |  |  |  |

[TABLE]
 |  |  |  |  |  |  | $ billions |
 | Mine |  |  |  |  |  | $15.0 |
 | Leach and SX/EW |  |  |  |  |  | 4.7 |
 | Concentrator |  |  |  |  |  | 8.3 |
 | Balance |  |  |  |  |  | 5.5 |
 | Total site cash operating costs |  |  |  |  |  | 33.5 |
 | Freight |  |  |  |  |  | 0.6 |
 | Treatment charges |  |  |  |  |  | 0.5 |
 | By-product credits |  |  |  |  |  | (2.7) |
 | Total net cash costs |  |  |  |  |  | $31.9 |
Unit net cash cost ($ per pound of copper) |  |  |  |  |  | $2.70 |  |
 |  |  |  |  |  |  |  |
 | Estimates are derived from current costs and adjusted to the reserve price environment. The |  |  |  |  |  |  |
 | estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs are |  |  |  |  |  |  |
 | reviewed periodically, and estimates are refined as required. |  |  |  |  |  |  |

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

The LOM plan summary in this TRS is developed to support the economic viability of the
mineral reserves. The latest guidance regarding updated operational forecast cost
estimates is available in FCX’s Annual Report on Form 10-K for the year ended December
31, 2025, filed with the SEC.

ECONOMIC ANALYSIS
The LOM plan includes comprehensive operational drivers (mine and corresponding
processing plans, metal production schedules, and corresponding equipment plans) and
financial estimates (revenues, capital costs, operating costs, downstream processing,
freight, taxes, and royalties, etc.) to produce the reserves over the life of the property. The
LOM plan is an operational and financial model that also forecasts annual cash flows of
the production schedule of the reserves for the life of the property under the assumed
pricing and cost assumptions. The LOM plan is used for economic analyses, sensitivity
testing, and mine development evaluations.
The financial forecast incorporates revenues and operating costs for all produced metals,
processing streams, and overall site management for the life of the property. The
economic analysis summary in Table 19.1 includes the material drivers of the economic
value for the property and includes the net present value (NPV) of the unleveraged aftertax free cash flows as the key metric for the economic value of the property’s reserve plan
under these pricing and cost assumptions. This analysis does not include economic
measures such as internal rate of return or payback period for capital since these
measures are not applicable (and are not calculable) for an ongoing operation that does
not have a significant upfront capital investment to be recovered.

--- PAGE 65 ---
Morenci Mine, Arizona, U.S.
Table 19.1 – Economic Analysis
Metal Prices
Copper ($ per pound) $ 3.25
Molybdenum ($ per pound) $ 14
Life of Mine Plan
Copper (billion pounds) 11.8
Molybdenum (billion pounds) 0.2
Ore (billion tons) 3.9
Copper grade (%) 0.22
Copper metallurgical recovery (%) 66.1
Capital costs ($ billions) $ 4.3
Site cash operating costs ($ billions) $ 33.5
Unit net cash cost ($ per pound of copper) $ 2.70
Economic Assumptions and Metrics
Discount Rate (%) 8
Corporate Tax Rate (%) 23
Severance Tax (%) (Arizona mines) 1.3
Net present value @ 8% ($ billions) $ 1.1
Internal rate of return (%) NA*
Payback (years) NA*
* Not Applicable (NA) as the property is an ongoing operation with no
significant negative initial cash flow/initial investment to be recovered.
The key drivers of the economic value of the property include the copper market price,
copper grades and recoveries, and costs. Depending on the changes in these key drivers,
FCX can adjust operating plans (in the near-term as well as the long-term, as appropriate)
to minimize negative impacts to the overall economic value of the property.
Table 19.2 summarizes the economic impact of changes to these key drivers on the
property’s NPV (as included in Table 19.1). The sensitivities are estimates for the changes
in each key driver’s effect on the base plan summarized for the production of the mineral
reserves over the life of the property.
as of December 31, 2025 65
[TABLE]
 | Metal Prices |  |  |  |  |  |  |
 | Copper ($ per pound) |  |  |  |  |  | $ 3.25 |
 | Molybdenum ($ per pound) |  |  |  |  |  | $ 14 |
 |  |  |  |  |  |  |  |
 | Life of Mine Plan |  |  |  |  |  |  |
 | Copper (billion pounds) |  |  |  |  |  | 11.8 |
 | Molybdenum (billion pounds) |  |  |  |  |  | 0.2 |
 |  |  |  |  |  |  |  |
 | Ore (billion tons) |  |  |  |  |  | 3.9 |
 | Copper grade (%) |  |  |  |  |  | 0.22 |
 | Copper metallurgical recovery (%) |  |  |  |  |  | 66.1 |
 |  |  |  |  |  |  |  |
 | Capital costs ($ billions) |  |  |  |  |  | $ 4.3 |
 | Site cash operating costs ($ billions) |  |  |  |  |  | $ 33.5 |
 | Unit net cash cost ($ per pound of copper) |  |  |  |  |  | $ 2.70 |
 |  |  |  |  |  |  |  |
 | Economic Assumptions and Metrics |  |  |  |  |  |  |
 | Discount Rate (%) |  |  |  |  |  | 8 |
 | Corporate Tax Rate (%) |  |  |  |  |  | 23 |
 | Severance Tax (%) (Arizona mines) |  |  |  |  |  | 1.3 |
 |  |  |  |  |  |  |  |
 | Net present value @ 8% ($ billions) |  |  |  |  |  | $ 1.1 |
 | Internal rate of return (%) |  |  |  |  |  | NA* |
 | Payback (years) |  |  |  |  |  | NA* |
 |  |  |  |  |  |  |  |
 | * Not Applicable (NA) as the property is an ongoing operation with no |  |  |  |  |  |  |
 | significant negative initial cash flow/initial investment to be recovered. |  |  |  |  |  |  |

--- PAGE 66 ---
Morenci Mine, Arizona, U.S.
Table 19.2 – Sensitivity Analysis
Incremental Impact to NPV
Sensitivity Analysis ($ billions) + 5% Change - 5% Change
Copper price $ 0.78 $ (0.78)
Copper grade/recovery 0.69 (0.70)
Capital cost (0.10) 0.10
Operating cost (0.66) 0.66
Discount rate (0.02) 0.03
Sensitivity analysis does not reflect changes in mine plans or costs with changes in above items.
The after-tax NPV of the LOM plan is most sensitive to copper price, followed by grades
and recovery, and then operating costs. The sensitivity analysis does not reflect changes
in mine plans or costs with changes in the reported driver. Sustained periods in these
economic scenarios would warrant a re-evaluation of the LOM plan assumptions, mine
plan development, and reported mineral reserves.
Table 19.3 summarizes the LOM plan, including the annual metal production volumes,
mine plan schedule, capital and operating cost estimates, unit net cash costs, and
unleveraged after-tax free cash flows over the life of the property. Free cash flow is the
operating cash flow less the capital costs and is a key metric to demonstrate the cash that
the property is projected to generate from its operations after capital investments for the
reserve production plan at assumed pricing and cost assumptions. The property’s ability
to create value from the reserves is determined by its ability to generate positive free cash
flow. The summary demonstrates the favorable free cash flow generated from the
property’s LOM plan under the assumptions. This economic analysis supports the
economic viability of the mineral reserves statement.
as of December 31, 2025 66
[TABLE]
 |  |  |  | Incremental Impact to NPV |  |  |  |  |  |
 | Sensitivity Analysis ($ billions) |  |  | + 5% Change |  |  |  |  | - 5% Change |
Copper price |  |  |  |  |  |  |  |  |  |
 | Copper price |  |  |  |  |  |  |  |  |
 | Copper grade/recovery |  |  |  |  |  |  |  |  |
 | Capital cost |  |  |  |  |  |  |  |  |
 | Operating cost |  |  |  |  |  |  |  |  |
 | Discount rate |  |  |  |  |  |  |  |  |

--- PAGE 67 ---
Table 19.3 – LOM

Metal Prices
Copper ($ per pound)
Molybdenum ($ per pound)
Annual Averages
Copper (billion pounds/year)
Molybdenum (million pounds/year)
Ore processed (million tons/year)
Copper grade (%)
Copper metallurgical recovery (%)
Copper revenues ($ billions/year)
Molybdenum revenues/by-product credits
($ billions/year)
Corporate taxes ($ billions/year)
Capital costs ($ billions/year)
Site cash operating costs ($ billions/year)
Unit net cash cost ($ per pound of copper)
Free cash flow ($ billions/year)
Summary of annual cash flow forecast based on annual prod
NOTE: The purpose of the presented figures is to demonstra
long-lived nature of the reserves, and inherent variability in t
processes, the annual cash flows may vary in subsequent d
upon certain assumptions which may differ from FCX’s long-te
to, metal prices, escalation assumptions, and other technical
key assumptions may require modifications to mine plans, mo
20 ADJACENT PROPERTIES
As of December 31, 2025, there are no
mineral reserve or mineral resource estim
21 OTHER RELEVANT DATA AND INF
The mineral reserve and resource est
previously stated; however, increased ta
have a direct impact on the cash flows of
would be incorporated into future mineral
as of December 31, 2025

Morenci Mine, Arizona, U.S.
M Plan Summary
026-2030 2031-2035 2036-2040 2041-2048
$3.25 $3.25 $3.25 $3.25
$14 $14 $14 $14
0.68 0.58 0.56 0.34
11 10 11 8
228 194 200 105
0.21 0.23 0.22 0.24
67.5 65.2 64.0 67.6
$2.23 $1.89 $1.84 $1.12
$0.13 $0.12 $0.13 $0.10
$0.02 ($0.03) $0.00 $0.02
$0.32 $0.29 $0.15 $0.05
$1.83 $1.66 $1.63 $0.98
$2.58 $2.78 $2.77 $2.69
$0.12 $0.03 $0.19 $0.03
duction schedule for the life of the property.
ate the economic viability of the mineral reserves. Given the
the timing of capital expenditures and annual mine planning
disclosures. Investors are cautioned that the above is based
erm outlook or actual financial results, including, but not limited
l inputs. Significant variation of metal prices, costs, and other
odels, and prospects.
adjacent properties impacting the Morenci mine
mates.
FORMATION
timates in this TRS use the assumptions as
axation, royalties, or other such programs would
the property. Any changes to enacted legislation
l reserve and resource estimates.

[TABLE]
 |  |  |  | 2026-2030 |  |  | 2031-2035 |  |  | 2036-2040 |  |  | 2041-2048 |
 | Metal Prices |  |  |  |  |  |  |  |  |  |  |  |  |
 | Copper ($ per pound) |  |  | $3.25 |  |  | $3.25 |  |  | $3.25 |  |  | $3.25 |
 | Molybdenum ($ per pound) |  |  | $14 |  |  | $14 |  |  | $14 |  |  | $14 |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | Annual Averages |  |  |  |  |  |  |  |  |  |  |  |  |
 | Copper (billion pounds/year) |  |  | 0.68 |  |  | 0.58 |  |  | 0.56 |  |  | 0.34 |
 | Molybdenum (million pounds/year) |  |  | 11 |  |  | 10 |  |  | 11 |  |  | 8 |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | Ore processed (million tons/year) |  |  | 228 |  |  | 194 |  |  | 200 |  |  | 105 |
 | Copper grade (%) |  |  |  |  |  |  |  |  |  |  |  |  |
 | Copper metallurgical recovery (%) |  |  |  |  |  |  |  |  |  |  |  |  |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | Copper revenues ($ billions/year) |  |  | $2.23 |  |  | $1.89 |  |  | $1.84 |  |  | $1.12 |
 | Molybdenum revenues/by-product credits |  | $0.13 |  |  | $0.12 |  |  | $0.13 |  |  | $0.10 |  |
 | ($ billions/year) |  |  |  |  |  |  |  |  |  |  |  |  |
 | Corporate taxes ($ billions/year) |  |  | $0.02 |  |  | ($0.03 | ) |  | $0.00 |  |  | $0.0 | 2
 | Capital costs ($ billions/year) |  |  | $0.32 |  |  | $0.29 |  |  | $0.15 |  |  | $0.05 |
 | Site cash operating costs ($ billions/year) |  |  | $1.83 |  |  | $1.66 |  |  | $1.63 |  |  | $0.98 |
 | Unit net cash cost ($ per pound of copper) |  |  | $2.58 |  |  | $2.78 |  |  | $2.77 |  |  | $2.69 |
 | Free cash flow ($ billions/year) |  |  | $0.12 |  |  | $0.03 |  |  | $0.19 |  |  | $0.03 |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Summary of annual cash flow forecast based on annual production schedule for the life of the property. |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | Summary of annual cash flow forecast based on annual production schedule for the life of the property. |  |  |  |  |  |  |  |  |  |  |  |  |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | NOTE: The purpose of the presented figures is to demonstrate the economic viability of the mineral reserves. Given the |  |  |  |  |  |  |  |  |  |  |  |  |
 | long-lived nature of the reserves, and inherent variability in the timing of capital expenditures and annual mine planning |  |  |  |  |  |  |  |  |  |  |  |  |
 | processes, the annual cash flows may vary in subsequent disclosures. Investors are cautioned that the above is based |  |  |  |  |  |  |  |  |  |  |  |  |
 | upon certain assumptions which may differ from FCX’s long-term outlook or actual financial results, including, but not limited |  |  |  |  |  |  |  |  |  |  |  |  |
 | to, metal prices, escalation assumptions, and other technical inputs. Significant variation of metal prices, costs, and other |  |  |  |  |  |  |  |  |  |  |  |  |
 | key assumptions may require modifications to mine plans, models, and prospects. |  |  |  |  |  |  |  |  |  |  |  |  |

--- PAGE 68 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

In the opinion of the QPs, there is no additional information necessary for the mineral
reserve and mineral resource estimates in this TRS. Further discussion regarding
operational risks, health and safety programs, and other business aspects of the mine are
available in FCX’s Annual Report on Form 10-K for the year ended December 31, 2025.

INTERPRETATION AND CONCLUSIONS
Estimates of mineral reserves and mineral resources are prepared by and are the
responsibility of FCX employees. All relevant geologic, engineering, economic,
metallurgical, and other data is prepared according to procedures developed by FCX and
guidelines based on accepted industry practices. FCX maintains a process of verifying
and documenting the mineral reserve and mineral resource estimates, information for
which is located at the mine site and FCX corporate offices. FCX conducts ongoing studies
of its ore bodies to optimize economic value and to manage risk.
FCX and the QPs believe that the geologic interpretation and modeling of exploration data,
economic analysis, mine design and sequencing, process scheduling, and operating and
capital cost estimation have been developed using accepted industry practices and that
the stated mineral reserves and mineral resources comply with SEC regulations. Periodic
reviews by third-party consultants confirm these conclusions.
The Morenci mine is a large-scale producing mining property that has been operated by
FCX and its predecessors for many years. Mineral reserve and mineral resource estimates
consider technical, economic, environmental, and regulatory parameters containing
inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices,
and operating and capital costs have a direct relationship to the cash flow and profitability
of the mine. Other aspects such as changes to environmental or regulatory requirements
could alter or restrict the operating performance of the mine. Significant differences from
the parameters used in this TRS would justify a re-evaluation of the reported mineral
reserve and mineral resource estimates. Mine site administration and FCX dedicate
significant resources to managing these risks.

RECOMMENDATIONS
Although ongoing initiatives in productivity and recovery improvements are underway, the
mineral reserves and mineral resources are based on the stated long-term metal prices
and corresponding technical and economic performance data.
No recommendations for additional work are identified for the reported mineral reserves
and mineral resources as of December 31, 2025.

REFERENCES
Beane, R. E., and Titley, S. R. (1981). Porphyry Copper Deposits Part II. Hydrothermal
alteration and mineralization. In B. J. Skinner (Ed.), Economic Geology, Seventy-Fifth
Anniversary Volume, 235-269.

--- PAGE 69 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Briggs, D., (2016). History of the Copper Mountain (Morenci) Mining District, Greenlee
County, Arizona, Arizona Geological Survey, Contributed Report CR-16-C,77 p, 2
appendices.
Dickinson, W. R. (1989). Tectonic setting of Arizona through geologic time. In J. P. Jenney
and S. J. Reynolds (Eds.), Geologic Evolution of Arizona: Arizona Geological Society
Digest, v. 17, 1-16.
Nielsen, R. L. (1968). Hypogene texture and mineral zoning in a copper-bearing
granodiorite porphyry stock, Santa Rita, New Mexico. Economic Geology, v. 63(1), 37-50.
Patton, J. M., (1945). The History of Clifton (M.A. Thesis), University of Arizona, Tucson,
Arizona, 243 p.
Phillips, C. H., Gambell, N. A., and Fountain, D. S. (1974). Hydrothermal alteration,
mineralization, and zoning in the Ray deposit. Economic Geology, v. 69(8), 1237-1250.
Watt, R. (1956). History of Morenci, Arizona. (M.A. Thesis), University of Arizona, Tucson,
Arizona, 157 p.

RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT
FCX is experienced in managing the challenges and requirements of operating at local,
regional, national, and international levels to support requirements for successfully mining
metals throughout the world, using functioning divisions, departments, and teams,
organized at mine sites and at the corporate level, that are tasked with meeting and
supporting FCX business and operations requirements. These closely integrated
departments are focused on subjects that may be peripheral to the direct production of
salable metals but are essential to meeting all business requirements for FCX and to
navigating the many aspects of modern mining.
As an illustrative example of the FCX organization, within the Office of President, there
are departments of Financial and Operational Analysis, Information Services,
Administration and Sales, Business Development and Growth, General Counsel, Global
Strategic Relations, Government Relations, Communications, Finance, Accounting, Tax,
and Investor Relations. Other corporate teams are similarly organized to provide additional
broad services. These departments support and integrate with the operating divisions
providing requirements and information. A mine site, as part of the operating divisions, will
be organized into its own management teams including Mine Management, Operations,
Maintenance and Construction, Processing Management, Finance and Accounting, Social
Responsibility and Community Development, Environmental, Regional Supply Chain, and
Human Resources. These staffed teams are organized to provide responses to the many
mining requirements, and they have experience in conducting their specific duties. They
represent reliable sources for information and as such, they have been consulted to
prepare, support, and characterize the information in this TRS.
Specific to the preparation of this TRS, FCX departments have provided the following
categories of information:

Macro-economic trends, data, interest rates, and assumptions.

Marketing information.

Legal matters outside of QP expertise.

--- PAGE 70 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Environmental matters outside of QP expertise.

Accommodations through community development to local groups.

Governmental factors outside of QP expertise.
The QPs prepared Sections 3, 4, 5, 15, 16, 17, 18, 19, 20, and 21 of this TRS in reliance
on the information provided by FCX above.
As explained, FCX corporate and mine site divisions that provided information for this TRS
are business-directed areas that must produce reliable information in support of FCX
business objectives. This organizational form contributes to producing expected results
for FCX and provides appropriate information supporting mineral reserves and mineral
resource estimates.

--- PAGE 71 ---
Morenci Mine, Arizona, U.S.

GLOSSARY – UNITS OF MEASURE AND ABBREVIATIONS
Unit
Unit of Measure

U.S. Dollar

number
dst
dry short ton

percent
ft
feet
lb
U.S. pound
kWh
kilowatt-hour
MW
megawatt
M
million
wst
wet short ton
Abbreviation
Description
ADEQ
Arizona Department of Environmental Quality
AIK
Area Influenced Kriging
APP
Aquifer Protection Permit
ASCu
Acid-Soluble Copper
BLM
Bureau of Land Management (U.S.)
CLP
Concentrate Leach Plant
CWA
Clean Water Act (U.S.)
EW
Electrowinning
EqCu
Equivalent Copper Grade
FMES
Freeport-McMoRan Copper and Gold Energy Services, LLC
FCX
Freeport-McMoRan Inc. and its consolidated subsidiaries
GPS
Global Positioning System
HRC
Hydraulic Roll Crusher
IDW
Inverse Distance Weighting
MEH
Morenci Engineered Heap
LOM
Life-of-Mine
MFL
Mine for Leach
MW&E
Morenci Water and Electric Company
MLT
Morenci Leach Test
NA
Not Applicable
NN
Nearest Neighbor
NPV
Net Present Value
OK
Ordinary Kriging
P.Eng.
Professional Engineer (Canada)
PDC
Phelps Dodge Corporation
P.Geo.
Professional Geologist
PLS
Pregnant Leach Solution
Prof. Eng. Geol. Professional Geological Engineer (Peru)
QA/QC
Quality Assurance and Quality Control
QLT
Quick Leach Test, ferric sulfate-soluble copper assay
QP
Qualified Person
RC
Reverse Circulation
RM-SME
Registered Member of the Society for Mining, Metallurgy and Exploration (U.S.)
ROM
Run of Mine
RQD
Rock Quality Designation
SG
Specific Gravity
SEC
Securities and Exchange Commission (U.S.)
S-K1300
Subpart 1300 of SEC Regulation S-K
S-ROM
Sulfide Run of Mine
SMM
Sumitomo Metal Mining Company
SX/EW
Solution Extraction and Electrowinning
SX
Solution Extraction
TC
FCX’s Technology Center facilities near Safford, Arizona, U.S.
as of December 31, 2025

--- PAGE 72 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

TCT
FCX’s Technology Center facilities in Tucson, Arizona, U.S.
TCu
Total Copper
TMo
Total Molybdenum
TRS
Technical Report Summary
TSF
Tailings Storage Facility
U.S.
United States
X-ROM
Oxide Run of Mine

=== PAPER A — Copper, Mineral Commodity Summaries 2026 ===
Source: https://pubs.usgs.gov/periodicals/mcs2026/
Words: 1,132 | Pages: 2 | Method: pdfplumber+pymupdf
================================================================================

--- PAGE 1 ---
COPPER
(Data in thousand metric tons, copper content, unless otherwise specified)
Domestic Production and Use: In 2025, the recoverable copper content of U.S. mine production was an estimated
1.0 million tons, a decrease of 5% from that in 2024, and was valued at an estimated $11 billion, 10% greater than
$10.0 billion in 2024. Arizona was the leading copper-producing State and accounted for approximately 70% of
domestic output; copper was also mined in Alaska, Michigan, Missouri, Montana, Nevada, New Mexico, and Utah.
Copper was recovered or processed at 26 mines (17 of which accounted for more than 99% of mine production),
2 primary smelters, 2 secondary smelters, 2 primary electrolytic refineries, 14 electrowon refineries, and 4 secondary
refineries. Refined copper and scrap were consumed at about 30 brass mills, 14 rod mills, and several hundred
foundries and miscellaneous manufacturers. According to the Copper Development Association, copper and copper
alloy products were used in building construction, 42%; electrical and electronic products, 23%; transportation
equipment, 18%; consumer and general products, 10%; and industrial machinery and equipment, 7%.
Salient Statistics—United States:

2025e
Production:
Mine, recoverable
1,230
1,230
1,130
1,050
1,000
Refinery:
Primary (from ore)

Copper recovered from old (post-consumer) scrap1

e140

Secondary (from scrap)

Imports for consumption:
Ore and concentrate

(2)
(2)
Refined

1,700
Exports:
Ore and concentrate

Consumption:
Refined

Reported, refined copper
1,750
1,720
1,580
1,580
1,700
Apparent, primary refined copper and copper from old scrap3
1,970
1,810
1,680
1,860
2,200
Price, annual average, cents per pound:
U.S. producer, cathode (COMEX + premium)
432.3
410.8
395.3
431.8

COMEX, high-grade, first position
424.3
400.7
385.7
421.6

London Metal Exchange, grade A, cash
422.5
399.8
384.8
414.7

Stocks, refined, held by U.S. producers, consumers, and metal
Employment, mine and plant, number
11,400
12,000
12,600
13,000
13,000
exchanges, yearend

Net import reliance4 as a percentage of apparent consumption

Recycling: Old (post-consumer) scrap, converted to refined metal, alloys, and other forms, provided an estimated
160,000 tons of copper in 2025, and an estimated 760,000 tons of copper was recovered from new (manufacturing)
scrap derived from fabricating operations. Brass and wire-rod mills accounted for approximately 80% of the total
copper recovered from scrap. Copper recovered from scrap contributed about 30% of the U.S. copper supply.5
Import Sources (2021–24): Copper content of blister and anodes: Finland, 88%; Malaysia, 3%; United Kingdom, 3%;
and other, 6%. Copper content of matte, ash, and precipitate: Canada, 52%; Belgium, 24%; Japan, 9%; Spain, 6%;
and other, 9%. Copper content of ore and concentrate: Canada, >99%; and other, <1%. Copper content of scrap:
Canada, 45%; Mexico, 43%; and other, 12%. Refined copper: Chile, 68%; Canada, 16%; Peru, 7%; Mexico, 6%; and
other, 3%. Refined copper accounted for 88% of all unmanufactured copper imports.
Tariff:      Item
Number
Normal Trade Relations
12–31–25
Copper ore and concentrate, copper content
2603.00.0010
1.7¢/kg on lead content.
Unrefined copper anodes for electrolytic refining
7402.00.0000
Free.
Refined copper and copper alloys, unwrought
7403.00.0000
1% ad valorem.
Copper scrap
7404.00.0000
Free.
Wire rod of refined copper
7408.11.0000
1% or 3% ad valorem.
Depletion Allowance: 15% (domestic), 14% (foreign).
Government Stockpile: None.
Prepared by Daniel M. Flanagan [(703) 648–7726, dflanagan@usgs.gov]

--- PAGE 2 ---
COPPER
U.S. Geological Survey, Mineral Commodity Summaries, February 2026
Events, Trends, and Issues: In 2025, production of copper was affected by concentrator shutdowns and lower ore
grades at multiple mines in the United States. Domestic output of refined copper decreased by an estimated 9%
compared with that in 2024 owing to planned maintenance of both primary smelters. As of September, copper
production started in 2025 at a new mine in Arizona, at a new secondary smelter in Georgia, and at a new secondary
refinery in Kentucky. By yearend, one additional mine in Arizona was expected to begin commercial operations.
The COMEX copper price was projected to average a record high of $4.80 per pound in 2025, 14% greater than
$4.22 per pound in 2024. Analysts attributed the increase primarily to uncertainty regarding the implementation of
tariffs on U.S. imports of copper materials.
On November 7, 2025, the U.S. Final 2025 List of Critical Minerals was published in the Federal Register (90 FR 50494).
The changes in the 2025 list from the prior list published in 2022 (87 FR 10381) were the addition of copper, lead,
potash, rhenium, silicon, and silver, based on the U.S. Geological Survey (USGS) updated methodology for the 2025
list. As required by the Energy Act, public comment and interagency input were requested in response to the draft
U.S. list of critical minerals published in the Federal Register (90 FR 41591). Based on that input, boron, metallurgical
coal, phosphate rock, and uranium were also added.
World Mine and Refinery Production and Reserves: Reserves for Canada, Chile, Peru, Poland, and “Other
countries” were revised based on company, Government, and industry association reports.

Mine production
Refinery production
Reserves6

2025e

2025e

United States
1,050
1,000

47,000
Australia

7100,000
Canada

7,000
Chile
5,510
5,300
1,940
1,700
180,000
China
1,840
1,800
12,400
14,000
41,000
Congo (Kinshasa)
2,990
3,200
2,560
2,800
80,000
Germany

India

2,200
Indonesia
1,010

21,000
Japan

1,570
1,400

Kazakhstan

20,000
Korea, Republic of

Mexico

53,000
Peru
2,740
2,700

85,000
Poland

33,000
Russia
1,020
1,300

80,000
Zambia

21,000
Other countries
  2,850
  3,000
  2,310
  2,100
210,000
World total (rounded)
23,000
23,000
27,600
29,000
980,000
World Resources:6 The most recent USGS assessment of global copper resources indicated that, as of 2015,
identified resources contained 1.5 billion tons of unextracted copper (2.1 billion tons when past production of 600
million tons is included) and undiscovered resources contained an estimated 3.5 billion tons of copper.8
Substitutes: Aluminum substitutes for copper in automobile radiators, cooling and refrigeration tube, electrical
equipment, and power cable. Optical fiber substitutes for copper in telecommunications applications, and plastics
substitute for copper in drain pipe, plumbing fixtures, and water pipe. Titanium and steel are used in heat exchangers.
eEstimated. — Zero.
1Copper converted to refined metal, alloys, and other forms by brass and wire-rod mills, foundries, refineries, and other manufacturers.
2Less than ½ unit.
3Primary refined production + copper recovered from old scrap + refined imports – refined exports ± adjustments for refined copper stock changes.
4Defined as refined imports – refined exports ± adjustments for refined copper stock changes.
5Primary refined production + copper from old and new scrap + refined imports – refined exports ± adjustments for refined copper stock changes.
6See Appendix C for resource and reserve definitions and information concerning data sources.
7For Australia, Joint Ore Reserves Committee-compliant or equivalent reserves were 27 million tons.
8Source: Hammarstrom, J.M., Zientek, M.L., Parks, H.L., Dicken, C.L., and the U.S. Geological Survey Global Copper Mineral Resource
Assessment Team, 2019, Assessment of undiscovered copper resources of the world, 2015 (ver. 1.2, December 2021): U.S. Geological Survey
Scientific Investigations Report 2018–5160, 619 p. (Accessed November 24, 2025, at https://doi.org/10.3133/sir20185160.)


=== PAPER B — Technical Report Summary of Mineral Reserves and Mineral Resources for Morenci Mine ===
Source: https://www.fcx.com/operations/north-america
Words: 30,873 | Pages: 72 | Method: pdfplumber+pymupdf
================================================================================

--- PAGE 1 ---
Technical Report Summary of
Mineral Reserves and Mineral Resources
for
Morenci Mine
Arizona, U.S.

Effective Date:
December 31, 2025
Report Date:
January 31, 2026

--- PAGE 2 ---
IMPORTANT NOTE
This Technical Report Summary (TRS) has been prepared for Freeport-McMoRan Inc. (FCX) in support of the
disclosure and filing requirements of the United States (U.S.) Securities and Exchange Commission (SEC) under
Subpart 1300 of Regulation S-K. The quality of information, conclusions, and estimates contained herein apply as of
the date of this TRS. Events (including changes to the assumptions, conditions, and/or qualifications outlined in this
TRS) may have occurred since the date of this TRS, which may substantially alter the conclusions and opinions herein.
Any use of this TRS by a third-party beyond its intended use is at that party’s sole risk.
CAUTIONARY STATEMENT
This TRS contains forward-looking statements in which potential future performance, operations, and projects are
discussed. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,”
“intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,”
“commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended
to identify those assertions as forward-looking statements. Forward-looking statements are all statements other than
statements of historical facts, such as plans, projections, forecasts or expectations relating to business outlook,
strategy, goals, or targets; global market conditions, including trade policies; ore grades and processing rates;
production and sales volumes; unit net cash costs and operating costs; net present values; economic assessments;
capital expenditures; operating or Life-of-Mine (LOM) plans, including mine sequencing; cash flows; liquidity; timing of
shipments of inventoried production; FCX’s sustainability-related commitments and targets; FCX’s overarching
commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate, and
maintain validation of its operating sites under specific frameworks; improvements in operating procedures and
technology innovations and applications; potential environmental and social impacts; exploration efforts and results;
development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of
copper and molybdenum price changes; mineral resource and mineral reserve estimates and recoveries; and
information pertaining to the financial and operating performance and mine life of the Morenci mine.
Readers are cautioned that forward-looking statements in this TRS are necessarily based on opinions and estimates of
the Qualified Persons (QPs) authoring this TRS, are not guarantees of future performance, and actual results may differ
materially from those anticipated, expected, projected, or assumed in the forward-looking statements. Material
assumptions regarding forward-looking statements are discussed in this TRS, where applicable. In addition to such
assumptions, the forward-looking statements are inherently subject to significant business, economic, and competitive
uncertainties, and contingencies. Important factors that can cause FCX’s actual results to differ materially from those
anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the
commodities FCX produces, primarily copper; changes in export duties and tariff rates; production rates; timing of
shipments and sales; availability and increased costs associated with mining inputs and labor; price and availability of
consumables and components purchased as well as constraints on supply and logistics, and transportation services;
changes in cash requirements, financial position, financing or investment plans; changes in general market, economic,
geopolitical, regulatory, or industry conditions, including market volatility regarding trade policies and tariff uncertainty;
reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including
relations with local communities and Indigenous Peoples; operational risks inherent in mining; mine sequencing; changes
in mine plans or operational modifications, delays, deferrals, or cancellations; results of technical, economic, or feasibility
studies; potential inventory adjustments; potential impairment of long-lived mining assets; expected results from
improvements in operating procedures and technology, including innovation initiatives; industry risks; financial condition
of FCX’s customers, suppliers, vendors, partners, and affiliates; cybersecurity risks; any major public health crisis; labor
relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health
and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure
water supplies; litigation results; tailings management; FCX’s ability to comply with its responsible production
commitments under specific frameworks and any changes to such frameworks; and other factors described in more
detail under the heading “Risk Factors” contained in Part I, Item 1A. of FCX’s Annual Report on Form 10-K for the year
ended December 31, 2025, filed with the SEC.
Investors are cautioned that many of the assumptions upon which the forward-looking statements are based are likely
to change after the date the forward-looking statements are made, including for example commodity prices, which FCX
cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which
FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX
and the QPs who authored this TRS caution investors that FCX undertakes no obligation to update any forward-looking
statements, which are as of the date made, notwithstanding any changes in the assumptions, changes in business
plans, actual experience, or other changes.
This TRS also contains financial measures such as site cash costs and unit net cash costs per pound of metal and free
cash flow, which are not recognized under U.S. generally accepted accounting principles.

--- PAGE 3 ---
Qualified Person Signature Page
Mine:
Morenci
Effective Date:
December 31, 2025
Report Date:
January 31, 2026
/s/ James Young
James Young, P.Eng., RM-SME
General Manager of Mine Planning

/s/ Paul Albers
Paul Albers, P.Geo., RM-SME
Manager of Exploration Americas

/s/ Luis Tejada
Luis Tejada, Prof. Eng. Geol., RM-SME
Manager of Geomechanical Engineering

/s/ Jacklyn Steeples
Jacklyn Steeples, RM-SME
Manager of Processing Operational Improvement

/s/ Leonard Hill
Leonard Hill, RM-SME
Mineral Processing, Independent Consultant

--- PAGE 4 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025
 iv
Table of Contents

Executive Summary   6

Introduction   12

Property Description and Location   14

Accessibility, Climate, Physiography, Local Resources, and Infrastructure   16

History  17

Geological Setting, Mineralization, and Deposit   18

Exploration   24

Sample Preparation, Analyses, and Security   29

Data Verification   31
10 Mineral Processing and Metallurgical Testing   32
11 Mineral Resource Estimate   34
12 Mineral Reserve Estimate   43
13 Mining Methods   46
14 Processing and Recovery Methods   51
15 Site Infrastructure   55
16 Market Studies   58
17 Environmental Studies, Permitting, and Social Impact   59
18 Capital and Operating Costs   62
19 Economic Analysis   64
20 Adjacent Properties   67
21 Other Relevant Data and Information   67
22 Interpretation and Conclusions   68
23 Recommendations   68
24 References   68
25 Reliance on Information Provided by the Registrant   69
26 Glossary – Units of Measure and Abbreviations  71

--- PAGE 5 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025
 v
List of Tables
Table 1.1 – Summary of Mineral Reserves   7
Table 1.2 – Summary of Mineral Resources   9
Table 1.3 – Sustaining Capital Costs   10
Table 1.4 – Operating Costs   10
Table 2.1 – Qualified Person Responsibility   14
Table 6.1 – Morenci District Mineralogical Ore Types   23
Table 7.1 – Summary of Drill Programs   25
Table 10.1 – Hydrometallurgical Recoveries   33
Table 10.2 – Concentrator Copper Recoveries   33
Table 10.3 – Concentrator Molybdenum Recoveries   33
Table 11.1 – Morenci Block Model Parameters   36
Table 11.2 – Resource Classification Criteria   37
Table 11.3 – Economic and Technical Assumptions for Resource Evaluation   41
Table 11.4 – Summary of Mineral Resources   42
Table 12.1 – Summary of Mineral Reserves   45
Table 14.1 – Processing Facilities Consumables   55
Table 18.1 – Sustaining Capital Costs   63
Table 18.2 – Operating Costs   63
Table 19.1 – Economic Analysis   65
Table 19.2 – Sensitivity Analysis   66
Table 19.3 – LOM Plan Summary   67

List of Figures
Figure 3.1 – Property Location Map   14
Figure 3.2 – Morenci Mine Mineral Claim Map   15
Figure 6.1 – Geologic Map of Lithology in the Morenci District   19
Figure 6.2 – Cross Section of Lithology Through the Western Copper Mining Area  20
Figure 6.3 – Regional Stratigraphic Column   21
Figure 6.4 – Mineralogical Ore Types through Western Copper Mining Area   23
Figure 6.5 – Cross Section of Mineralogical Ore Types through Western Copper Mining Area   24
Figure 7.1 – Drill Hole Collar Locations   26
Figure 13.1 – Geotechnical Domains   47
Figure 13.2 – Final Mine Design   49
Figure 13.3 – Total Tonnage Planned Material Movement   50
Figure 14.1 – Site Process Diagram   51
Figure 14.2 – Hydrometallurgical Transfer Process   52
Figure 14.3 – Hydrometallurgical Process Diagram   53
Figure 14.4 – Morenci and Metcalf Concentrator Process Flow Diagram   54
Figure 15.1 – Site Infrastructure Map   56

--- PAGE 6 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

EXECUTIVE SUMMARY
This Technical Report Summary (TRS) is prepared by Qualified Persons (QPs) for
Freeport-McMoRan Inc. (FCX), a leading international metals company with headquarters
located in Phoenix, Arizona, United States (U.S.). The purpose of this TRS is to report
mineral reserve and mineral resource estimates at the Morenci mine using estimation
parameters as of December 31, 2025.
1.1
Property Description, Current Status, and Ownership
The Morenci mine is an open-pit copper and molybdenum mining complex. The mine is
located in Greenlee County, Arizona, approximately 50 miles northeast of the city of
Safford on U.S. Highway 191.
The mine operates 365 days per year on a 24 hour per day schedule. Mining and ore
processing operations are currently in production, and the mine is considered a production
stage property.
The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the
remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and SMM Morenci,
Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the
operator of the joint venture and holds registered title to the mineral claims.
As of December 31, 2025, the Morenci mine encompasses approximately 61,700 acres,
comprising 51,300 acres of fee lands and 10,400 acres of unpatented mining claims held
on public mineral estate and numerous state or federal permits, easements, and rights-ofway.
1.2
Geology and Mineralization
The mineral deposits of the Morenci district consist of copper oxide, secondary sulfide,
and primary sulfide mineralization associated with a large porphyry copper system.
Geologic studies indicate that a complex series of Tertiary igneous intrusive rocks were
emplaced within Precambrian-age granite and overlying Paleozoic and Mesozoic
sedimentary rocks. A porphyry copper deposit formed and was associated with the
emplacement and crystallization of intrusive rocks. Several cycles of leaching and
enrichment of the primary sulfides formed the secondary sulfide enrichment blanket and
copper oxide zones currently being mined. Mineralization spans approximately 5 miles in
a north-south direction and 4 miles in an east-west direction.
1.3
Mineral Reserve Estimate
Mineral reserves are summarized from the Life-of-Mine (LOM) plan, which is the
compilation of the relevant modifying factors for establishing an operational, economically
viable mine plan.
Mineral reserves have been evaluated considering the modifying factors for conversion of
measured and indicated resource classes into proven and probable reserves. Inferred
resources are considered to be waste in the LOM plan. The details of the relevant
modifying factors included in the estimation of mineral reserves are discussed in Sections
10 through 21.

--- PAGE 7 ---
Morenci Mine, Arizona, U.S.
The LOM plan includes the planned production from the in-situ mine designs and stockpile
inventories. Stockpiles include previously mined material on crushed leach and Run of
Mine (ROM) leach pads for processing, and other material set aside to be rehandled and
processed at a future date. Stockpile inventories are estimated as of December 31, 2025,
from reported production of ore deliveries through mid-year and the expected production
to the end of the year.
As a point of reference, the mineral reserve estimate reports the in-situ ore and stockpile
inventories from the LOM plan containing copper and molybdenum metal and reported as
commercially recoverable metal.
Table 1.1 summarizes the mineral reserves reported on a 100% and pro rata property
ownership basis. The mineral reserve estimate is based on commodity prices of $3.25 per
pound for copper and $14 per pound for molybdenum.
Table 1.1 – Summary of Mineral Reserves
Morenci Mine Ownership Tonnageb Cut-off Average Grade Average Recoveryd Recoverable Metalb
Summary of Mineral Reservesa Short Metric Gradec Copper Molybdenum Copper Molybdenum Copper Molybdenum
As of December 31, 2025 % M Tons M Tons %EqCu % % % % M lbs M lbs
Open-Pit Inventories
Proven 924 838 0.31 0.02 82.9 46.4 4,700 189
Mill Probable 144 131 0.30 0.03 82.2 47.2 711 38
Total 1,068 969 0.17 0.31 0.02 82.8 46.5 5,411 226
Proven 123 112 0.45 82.9 927
Crushed Leach Probable 1 1 0.49 79.1 5
Total 124 112 0.20 0.45 82.9 932
Proven 2,375 2,154 0.18 51.9 4,535
ROM Leach Probable 378 343 0.15 49.6 553
Total 2,752 2,497 0.03 0.18 51.6 5,087
Proven 3,422 3,105 0.23 0.01 65.4 46.4 10,162 189
Total Open-Pit
Probable 522 474 0.19 0.01 63.9 47.2 1,269 38
Reserves
Total 3,945 3,578 0.22 0.01 65.2 46.5 11,431 226
Stockpile Inventories
Mill Stockpile Proven 1 1 0.50 86.3 7
Leach Stockpile Proven 8,785 7,969 0.24 0.9 385
Total 8,785 7,969 0.24 0.9 392
Total Reserves Inventories
Proven 12,208 11,074 0.23 0.00 18.6 46.4 10,554 189
Total Mineral
Probable 522 474 0.19 0.01 63.9 47.2 1,269 38
Reserves
Total 100% 12,730 11,548 0.23 0.00 20.1 46.5 11,822 226
Net Equity Intereste
Total FCX 72% 9,166 8,315 0.23 0.00 20.1 46.5 8,512 163
Total Other 28% 3,564 3,234 0.23 0.00 20.1 46.5 3,310 63
Notes:
a. Reported as of December 31, 2025, using metal prices of $3.25 per pound for copper and $14 per pound for molybdenum.
b. Amounts shown may not foot because of rounding.
c. Operational cutoff grade reported as equivalent copper (EqCu).
d. Process recoveries include all applicable processes such as concentration, smelting, transportation losses, etc.
e. The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and
SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the operator of the joint venture and holds registered title to
the mineral claims.
The mineral reserve estimate has been prepared using industry accepted practice and
conforms to the disclosure requirements of the U.S. Securities and Exchange Commission
(SEC) under Subpart 1300 of Regulation S-K (S-K1300). Mineral reserve and mineral
resource estimates are evaluated annually, providing the opportunity to reassess the
assumed conditions. All the technical and economic issues likely to influence the prospect
as of December 31, 2025 7
[TABLE]
Morenci Mine
Summary of Mineral Reservesa
As of December 31, 2025 |  | Ownership
% | Tonnageb
Short Metric
M Tons M Tons | Cut-off
Gradec
%EqCu | Average Grade
Copper Molybdenum
% % | Average Recoveryd
Copper Molybdenum
% % | Recoverable Metalb
Copper Molybdenum
M lbs M lbs
Open-Pit Inventories |  |  |  |  |  |  |
Mill | Proven
Probable |  | 924 838
144 131 |  | 0.31 0.02
0.30 0.03 | 82.9 46.4
82.2 47.2 | 4,700 189
711 38
 | Total |  | 1,068 969 | 0.17 | 0.31 0.02 | 82.8 46.5 | 5,411 226
Crushed Leach | Proven
Probable |  | 123 112
1 1 |  | 0.45
0.49 | 82.9
79.1 | 927

 | Total |  | 124 112 | 0.20 | 0.45 | 82.9 | 932
ROM Leach | Proven
Probable |  | 2,375 2,154
378 343 |  | 0.18
0.15 | 51.9
49.6 | 4,535

 | Total |  | 2,752 2,497 | 0.03 | 0.18 | 51.6 | 5,087
Total Open-Pit
Reserves | Proven
Probable |  | 3,422 3,105
522 474 |  | 0.23 0.01
0.19 0.01 | 65.4 46.4
63.9 47.2 | 10,162 189
1,269 38
 | Total |  | 3,945 3,578 |  | 0.22 0.01 | 65.2 46.5 | 11,431 226
Stockpile Inventories |  |  |  |  |  |  |
Mill Stockpile
Leach Stockpile | Proven
Proven |  | 1 1
8,785 7,969 |  | 0.50
0.24 | 86.3
0.9 | 7

 | Total |  | 8,785 7,969 |  | 0.24 | 0.9 | 392
Total Reserves Inventories |  |  |  |  |  |  |
Total Mineral
Reserves | Proven
Probable |  | 12,208 11,074
522 474 |  | 0.23 0.00
0.19 0.01 | 18.6 46.4
63.9 47.2 | 10,554 189
1,269 38
 | Total | 100% | 12,730 11,548 |  | 0.23 0.00 | 20.1 46.5 | 11,822 226
Net Equity Intereste |  |  |  |  |  |  |
Total FCX
Total Other |  | 72%
28% | 9,166 8,315
3,564 3,234 |  | 0.23 0.00
0.23 0.00 | 20.1 46.5
20.1 46.5 | 8,512 163
3,310 63

--- PAGE 8 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

of economic extraction are anticipated to be resolved under the stated assumed
conditions.
1.4
Mineral Resource Estimate
Mineral resources are evaluated using the application of technical and economic factors
to a geologic resource block model and employing optimization algorithms to generate
digital surfaces of mining limits, using specialized geologic and mine planning computer
software. The resulting surfaces volumetrically identify material as potentially economical,
using the assumed parameters. Mineral resources are the resultant tonnage, grades, and
contained metal inventories.
The mineral resource estimate is the inventory of material identified as having a
reasonable likelihood for economic extraction inside the mineral resource economic
mining limit, less the mineral reserve volume, as applicable. The modifying factors are
applied to measured, indicated, and inferred resource classifications to evaluate
commercially recoverable metal. As a point of reference, the in-situ ore containing copper
and molybdenum metal is inventoried and reported by intended processing method.
The reported mineral resource estimate in Table 1.2 is exclusive of the reported mineral
reserve, on a 100% and pro rata property ownership basis. The mineral resource estimate
is based on commodity prices of $3.75 per pound for copper and $17 per pound for
molybdenum.

--- PAGE 9 ---
Morenci Mine, Arizona, U.S.
Table 1.2 – Summary of Mineral Resources
Morenci Mine Ownership Tonnageb Cut-off Average Grade Contained Metalb,d
Summary of Mineral Resourcesa Short Metric Gradec Copper Molybdenum Copper Molybdenum
As of December 31, 2025 % M Tons M Tons %EqCu % % M lbs M lbs
Open-Pit Inventories
Measured 903 819 0.27 0.02 4,957 396
Indicated 802 727 0.30 0.03 4,755 406
Mill Subtotal 1,705 1,546 0.28 0.02 9,712 802
Inferred 431 391 0.31 0.03 2,692 218
Total 2,135 1,937 0.12 0.29 0.02 12,404 1,021
Measured 51 47 0.53 545
Indicated 5 5 0.70 73
Crushed Leach Subtotal 57 51 0.55 618
Inferred 0 0 0.58 5
Total 57 52 0.10 0.55 623
Measured 1,396 1,266 0.16 4,353
Indicated 896 813 0.13 2,416
ROM Leach Subtotal 2,292 2,079 0.15 6,769
Inferred 490 445 0.13 1,311
Total 2,783 2,524 0.01 0.15 8,080
Total Resources Inventories
Measured 2,350 2,132 0.21 0.01 9,855 396
Indicated 1,703 1,545 0.21 0.01 7,243 406
Total Mineral Subtotal 4,053 3,677 0.21 0.01 17,098 802
Resources
Inferred 921 836 0.22 0.01 4,009 218
Total 100% 4,975 4,513 0.21 0.01 21,108 1,021
Net Equity Intereste
Total FCX 72% 3,582 3,249 0.21 0.01 15,197 735
Total Other 28% 1,393 1,264 0.21 0.01 5,910 286
Notes:
a. Reported as of December 31, 2025, using metal prices of $3.75 per pound for copper and $17 per pound for molybdenum. Mineral resources are
exclusive of mineral reserves.
b. Amounts shown may not foot because of rounding.
c. Internal cutoff grade reported as equivalent copper (EqCu).
d. Estimated expected recoveries are consistent with those for mineral reserves but would require additional work to substantiate.
e. The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%)
and SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the operator of the joint venture and holds registered
title to the mineral claims.
The mineral resource estimate has been prepared using industry accepted practice and
conforms to the disclosure requirements of S-K1300. Mineral reserve and mineral
resource estimates are evaluated annually, providing the opportunity to reassess the
assumed conditions. Although all the technical and economic issues likely to influence the
prospect of economic extraction of the estimated mineral resource are anticipated to be
resolved under the stated assumed conditions, no assurance can be given that the
estimated mineral resource will become proven and probable mineral reserves.
1.5 Capital and Operating Cost Estimates
The capital and operating costs are estimated by the property’s operations, engineering,
management, and accounting personnel in consultation with FCX corporate staff, as
appropriate. The cost estimates are applicable to the planned production, mine schedule,
and equipment requirements for the LOM plan. The capital costs are summarized in Table
1.3.
as of December 31, 2025 9
[TABLE]
Morenci Mine
Summary of Mineral Resourcesa
As of December 31, 2025 |  | Ownership
% | Tonnageb
Short Metric
M Tons M Tons | Cut-off
Gradec
%EqCu | Average Grade
Copper Molybdenum
% % | Contained Metalb,d
Copper Molybdenum
M lbs M lbs
Open-Pit Inventories |  |  |  |  |  |
Mill | Measured
Indicated |  | 903 819
802 727 |  | 0.27 0.02
0.30 0.03 | 4,957 396
4,755 406
 | Subtotal
Inferred |  | 1,705 1,546
431 391 |  | 0.28 0.02
0.31 0.03 | 9,712 802
2,692 218
 | Total |  | 2,135 1,937 | 0.12 | 0.29 0.02 | 12,404 1,021
Crushed Leach | Measured
Indicated |  | 51 47
5 5 |  | 0.53
0.70 | 545

 | Subtotal
Inferred |  | 57 51
0 0 |  | 0.55
0.58 | 618

 | Total |  | 57 52 | 0.10 | 0.55 | 623
ROM Leach | Measured
Indicated |  | 1,396 1,266
896 813 |  | 0.16
0.13 | 4,353
2,416
 | Subtotal
Inferred |  | 2,292 2,079
490 445 |  | 0.15
0.13 | 6,769
1,311
 | Total |  | 2,783 2,524 | 0.01 | 0.15 | 8,080
Total Resources Inventories |  |  |  |  |  |
Total Mineral
Resources | Measured
Indicated |  | 2,350 2,132
1,703 1,545 |  | 0.21 0.01
0.21 0.01 | 9,855 396
7,243 406
 | Subtotal
Inferred |  | 4,053 3,677
921 836 |  | 0.21 0.01
0.22 0.01 | 17,098 802
4,009 218
 | Total | 100% | 4,975 4,513 |  | 0.21 0.01 | 21,108 1,021
Net Equity Intereste |  |  |  |  |  |
Total FCX
Total Other |  | 72%
28% | 3,582 3,249
1,393 1,264 |  | 0.21 0.01
0.21 0.01 | 15,197 735
5,910 286

--- PAGE 10 ---
Morenci Mine, Arizona, U.S.
Table 1.3 – Sustaining Capital Costs
$ billions
Mine $1.4
Leach and SX/EW 1.4
Concentrator 1.4
Supporting Infrastructure and Environmental 0.1
Total Capital Expenditures $4.3
Estimates are derived from current costs and adjusted to the reserve price environment. The
estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs
are reviewed periodically, and estimates are refined as required.
Capital costs are primarily sustaining projects consisting of mine equipment replacements
and planned site infrastructure projects, most notably to increase leach pad and tailings
storage facility (TSF) capacities over the production of the scheduled reserves. Capital
cost estimates are derived from current capital costs based on extensive experience
gained from many years of operating the property and do not include future inflation. FCX
and the Morenci mine staff review actual costs periodically and refine cost estimates as
appropriate.
The operating costs for the LOM plan are summarized in Table 1.4.
Table 1.4 – Operating Costs
$ billions
Mine $15.0
Leach and SX/EW 4.7
Concentrator 8.3
Balance 5.5
Total site cash operating costs 33.5
Freight 0.6
Treatment charges 0.5
By-product credits (2.7)
Total net cash costs $31.9
Unit net cash cost ($ per pound of copper) $2.70
Estimates are derived from current costs and adjusted to the reserve price environment. The
estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs are
reviewed periodically, and estimates are refined as required.
The operating cost estimates are derived from current operating costs and practices based
on extensive experience gained from many years of operating the property and do not
include future inflation.
1.6 Permitting Requirements
In the QPs’ opinion, the Morenci mine has adequate plans and programs in place, is in
good standing with environmental regulatory authorities, and no current conditions related
to environmental compliance, permitting, and local engagement represent a material risk
to continued operations. The Morenci mine staff have a high level of understanding of the
as of December 31, 2025 10
[TABLE]
 |  |  |  |  |  |  | $ billions |
 | Mine |  |  |  |  |  |  |
 | Leach and SX/EW |  |  |  |  |  |  |
 | Concentrator |  |  |  |  |  |  |
 | Supporting Infrastructure and Environmental |  |  |  |  |  |  |
 | Total Capital Expenditures |  |  |  |  |  |  |
 |  |  |  |  |  |  |  |
 | Estimates are derived from current costs and adjusted to the reserve price environment. The |  |  |  |  |  |  |
 | estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs |  |  |  |  |  |  |
 | are reviewed periodically, and estimates are refined as required. |  |  |  |  |  |  |

[TABLE]
 |  |  |  |  |  |  | $ billions |
 | Mine |  |  |  |  |  | $15.0 |
 | Leach and SX/EW |  |  |  |  |  | 4.7 |
 | Concentrator |  |  |  |  |  | 8.3 |
 | Balance |  |  |  |  |  | 5.5 |
 | Total site cash operating costs |  |  |  |  |  | 33.5 |
 | Freight |  |  |  |  |  | 0.6 |
 | Treatment charges |  |  |  |  |  | 0.5 |
 | By-product credits |  |  |  |  |  | (2.7) |
 | Total net cash costs |  |  |  |  |  | $31.9 |
Unit net cash cost ($ per pound of copper) |  |  |  |  |  | $2.70 |  |
 |  |  |  |  |  |  |  |
 | Estimates are derived from current costs and adjusted to the reserve price environment. The |  |  |  |  |  |  |
 | estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs are |  |  |  |  |  |  |
 | reviewed periodically, and estimates are refined as required. |  |  |  |  |  |  |

--- PAGE 11 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

requirements of environmental compliance, permitting, and local stakeholders to facilitate
the development of the mineral reserve and mineral resource estimates. The periodic
inspections by governmental agencies, FCX corporate staff, third-party reviews, and
regular reporting confirm this understanding.
Based on the LOM plan, additional permits will likely be necessary in the future for
continued operation of the Morenci mine, including Aquifer Protection Permit (APP)
amendment applications and obtaining of Arizona Department Environmental Quality
(ADEQ) approval for increased leach pad stockpile and tailings storage capacities under
the existing APP.
1.7
Conclusions and Recommendations
FCX and the QPs believe that the geologic interpretation and modeling of exploration data,
economic analysis, mine design and sequencing, process scheduling, and operating and
capital cost estimation have been developed using accepted industry practices and that
the stated mineral reserves and mineral resources comply with SEC regulations. Periodic
reviews by third-party consultants confirm these conclusions.
No recommendations for additional work are identified for the reported mineral reserves
and mineral resources as of December 31, 2025.

--- PAGE 12 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

INTRODUCTION
This TRS is prepared by QPs for FCX, a leading international metals company with
headquarters located in Phoenix, Arizona, U.S. The purpose of this TRS is to report
mineral reserve and mineral resource estimates at the Morenci mine using estimation
parameters as of December 31, 2025.
2.1
Terms of Reference and Sources of Information
FCX owns and operates several affiliates or subsidiaries. This TRS uses the name “FCX”
interchangeably for Freeport-McMoRan Inc. and its consolidated subsidiaries.
FCX operates large, long-lived, geographically diverse assets with significant proven and
probable mineral reserves of copper, gold, and molybdenum. FCX has a dynamic portfolio
of operating, expansion, and growth projects in the copper industry and believes it is the
world’s largest producer of molybdenum.
FCX maintains standards, procedures, and controls in support of estimating mineral
reserves and mineral resources. The QPs, including the Manager of Mine Planning for
Reserves, annually review the estimates of mineral reserves and mineral resources
prepared by mine site and FCX corporate employees, the supporting documentation, and
compliance with internal controls. Based on their review, the QPs recommend approval of
the mineral reserve and mineral resource estimates to FCX senior management.
The reported estimates and supporting background information, conclusions, and
opinions contained herein are based on company reports, property data, public
information, and assumptions supplied by FCX employees and other third-party sources,
including the reports and documents listed in Section 24 of this TRS, available at the time
of writing this TRS. None of the information on, or accessible through, the FCX website is
part of this TRS or is incorporated by reference herein.
Unless otherwise stated, all figures and images were prepared by FCX. Units of
measurement referenced in this TRS are based on local convention in use at the property
and currency is expressed in U.S. dollars.
The effective date of this TRS is December 31, 2025. This TRS updates the previously
filed “Technical Report Summary of Mineral Reserves and Mineral Resources for Morenci
Mine,” which was effective as of December 31, 2023. The mineral reserve and mineral
resource estimates in this TRS supersede any previous estimates of mineral reserves and
mineral resources for the Morenci mine.
Mineral reserves and mineral resources are reported in accordance with the requirements
of S-K1300.
2.2
Qualified Persons
This TRS has been prepared by the following QPs:

James Young, General Manager of Mine Planning.

Paul Albers, Manager of Exploration Americas.

Luis Tejada, Manager of Geomechanical Engineering.

Jacklyn Steeples, Manager of Processing Operational Improvement.

Leonard Hill, Mineral Processing, Independent Consultant.

--- PAGE 13 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

James Young is General Manager of Mine Planning for the Strategic Planning department
of FCX. He has over 20 years of experience working for large-scale, open-pit operations
in Peru, Chile, Indonesia, Canada, and the U.S. He holds a Bachelor of Applied Science
in Mining and Mineral Process Engineering from the University of British Columbia and is
registered as a Professional Engineer (P.Eng.) with Engineers and Geoscientists of British
Columbia, Canada. Mr. Young is a Registered Member of the Society for Mining,
Metallurgy and Exploration (RM-SME). In his role with FCX, he discusses aspects of the
mine with site staff regarding overall approach to mine planning, current operating
conditions, targeted production expectations, and options for potential resource
development. He has visited the site various times throughout his career. His most recent
visit to the Morenci mine was on June 19, 2025.
Paul Albers is Manager of Exploration Americas for FCX. He has over 20 years of mineral
exploration and mining experience, including copper-molybdenum porphyry deposits in
North America and South America. He holds a Bachelor of Science degree in Geology
from St. Norbert College and Master of Science degree in Geology from the University of
Minnesota-Duluth. He is registered as a Certified Professional Geologist (P.Geo.) with the
State of Minnesota. Mr. Albers is a RM-SME. In his role with FCX, he provides technical
support and collaborates with site staff on exploration and mineral resource modeling
programs. He has visited the site various times throughout his career. His most recent visit
to the Morenci mine was on December 3, 2025.
Luis Tejada is Manager of Geomechanical Engineering for the Strategic Planning
department of FCX. He has over 20 years of experience working for large-scale, open-pit
operations in Peru and the U.S. He holds a Bachelor of Science in Geological Engineering
from the San Agustin University in Arequipa, Peru, and is registered as a professional
Geological Engineer (Prof. Eng. Geol.) with the Colegio de Ingenieros del Peru. He is a
RM-SME. In his role, he provides technical support and collaborates with site staff on
geomechanical engineering, slope monitoring systems, mine hydrogeology, options for
slope design improvements, and slope optimization. He worked at the Morenci mine from
2016 to 2019 and has visited the site various times since. His most recent visit to the
Morenci mine was on April 14 to 17, 2025.
Jacklyn Steeples is Manager of Processing Operational Improvement for FCX and has
over 20 years of experience working for large-scale, open-pit copper processing
operations including leach, solution extraction (SX), electrowinning (EW), concentrator,
and crush and convey divisions. She holds a Bachelor of Science in Chemical Engineering
from the Colorado School of Mines. She is a RM-SME. In her role with FCX, she
collaborates with site staff on leach pad placements, SX/EW operations, current operating
conditions performance, and improvements for hydrometallurgical operations. She worked
at the Morenci mine from 2005 to 2013 and has visited the site various times throughout
her career. Her most recent visit to the Morenci mine was on June 19, 2025.
Leonard Hill is an independent contractor working as a mineral processing qualified
person with over 35 years of experience working for large-scale, copper and molybdenum
processing operations in the U.S. He is a RM-SME. He was formerly a Director of
Metallurgy and Strategic Planning for FCX. With FCX, he worked in technical services,
concentrator operations, supply chain management and operational improvement. He
holds a Bachelor of Science degree in Metallurgical Engineering from the Colorado School
of Mines and a Master of Business Administration degree in Supply Chain Management
from Arizona State University. In his role for FCX, he provides technical support to mineral
processing facilities, including capital project process design, process performance
assessments, and process optimization recommendations. He has visited the site various

--- PAGE 14 ---
Morenci Mine, Arizona, U.S.
times throughout his career. His most recent visit to the Morenci mine was on March 7,
2023.
The QPs reviewed the reasonableness of the background information for the estimates.
The details of the QPs’ responsibilities for this TRS are outlined in Table 2.1.
Table 2.1 – Qualified Person Responsibility
Qualified Person Responsibility
James Young Sections 2 through 5, 11.2 through 13.1, 13.1.3 through 13.3, 15
through 26, and corresponding sections of the Executive Summary
Paul Albers Sections 2, 6 through 7.5, 7.8, 8, 9, 11.1, 21 through 26, and
corresponding sections of the Executive Summary
Luis Tejada Sections 2, 7.6 through 7.8, 13.1.1, 13.1.2, 21 through 26, and
corresponding sections of the Executive Summary
Jacklyn Steeples Sections 2, 10, 12, 14, 15, 18, 21 through 26, and corresponding
sections of the Executive Summary
Leonard Hill Sections 2, 10, 12, 14, 15, 18, 21 through 26, and corresponding
sections of the Executive Summary
3 PROPERTY DESCRIPTION AND LOCATION
The Morenci mine is an open-pit copper and molybdenum mining complex. The mine is
located in Greenlee County, Arizona, approximately 50 miles northeast of the city of
Safford on U.S. Highway 191.
The mine operates 365 days per year on a 24 hour per day schedule. Mining and ore
processing operations are currently in production, and the mine is considered a production
stage property.
3.1 Property Location
The property location map is illustrated in Figure 3.1.
Figure 3.1 – Property Location Map
as of December 31, 2025 14
[TABLE]
Qualified Person | Responsibility
James Young | Sections 2 through 5, 11.2 through 13.1, 13.1.3 through 13.3, 15
through 26, and corresponding sections of the Executive Summary
Paul Albers | Sections 2, 6 through 7.5, 7.8, 8, 9, 11.1, 21 through 26, and
corresponding sections of the Executive Summary
Luis Tejada | Sections 2, 7.6 through 7.8, 13.1.1, 13.1.2, 21 through 26, and
corresponding sections of the Executive Summary
Jacklyn Steeples | Sections 2, 10, 12, 14, 15, 18, 21 through 26, and corresponding
sections of the Executive Summary
Leonard Hill | Sections 2, 10, 12, 14, 15, 18, 21 through 26, and corresponding
sections of the Executive Summary

--- PAGE 15 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

The property is located at latitude 33.07 degrees north and longitude 109.35 degrees west
using the World Geodetic System 84 coordinate system.
3.2
Ownership
The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the
remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and SMM Morenci,
Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the
operator of the joint venture and holds registered title to the mineral claims.
3.3
Land Tenure
As of December 31, 2025, the Morenci mine encompasses approximately 61,700 acres,
comprising 51,300 acres of fee lands and 10,400 acres of unpatented mining claims held
on public mineral estate and numerous state or federal permits, easements, and rights-ofway. Figure 3.2 shows a map of the land claim status.
Figure 3.2 – Morenci Mine Mineral Claim Map

3.4
Mineral Rights and Significant Permitting
The 51,300 acres of fee lands are considered private lands and include the surface and
all the mineral rights on this patented land. There is no limit to the depth of the mineral
rights or time provisions in which the minerals must be extracted. The fee lands are subject
to property taxes.
FCX holds 533 unpatented mining claims, comprising 10,400 acres located in Greenlee
County, with the Bureau of Land Management (BLM). FCX pays the annual maintenance
fee for maintaining the claims to BLM and has owned and controlled most of these claims

--- PAGE 16 ---
Morenci Mine, Arizona, U.S.
for many decades. These mineral claims were obtained from the U.S. federal government.
The claims are public records and are on file in the County Recorder’s Office, Greenlee
County, located in Clifton, Arizona.
The Morenci mine encompasses one small mineral lease with the state of Arizona. This
lease covers approximately 332 acres, less than 1% of the Morenci concession. The lease
agreement maintains a royalty payment in accordance with production from the leased
area. As of December 31, 2025, mining has ceased on the leased area and the agreement
is set to expire on October 22, 2029.
3.5 Comment on Factors and Risks Affecting Access, Title, and Ability to Perform Work
FCX and the Morenci mine staff believe that all major permits and approvals are in place
to support operations at the Morenci mine. Based on the LOM plan, additional permits will
likely be necessary in the future for increased capacities of leach pad stockpiles and TSFs
as discussed in Section 17. Such processes to obtain these permits and the associated
timelines are understood, and similar permits have been granted in the past. FCX and the
Morenci mine have environmental, land, water, and permitting departments that monitor
and review all aspects of property ownership or other rights and permit requirements so
that they are maintained in good standing and any issues are addressed in a timely
manner.
U.S. Highway 191 is located inside the operating areas of the Morenci mine as of
December 31, 2025. As the mine develops, the highway is planned to be relocated as
needed. The Morenci mine staff have relocated portions of this highway various times
throughout the operating history of the mine.
As of December 31, 2025, FCX and the Morenci mine believe the mine’s access,
payments for titles and rights to the mineral claims, and ability to perform work on the
property are all in good standing. Further, to the extent known to the QP, there are no
significant encumbrances, factors, or risks that may affect the ability to perform work in
support of the estimates of mineral reserves and mineral resources.
4 ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, AND
INFRASTRUCTURE
The property is located in Greenlee County, Arizona, in the southwestern part of the U.S.
4.1 Accessibility
The Morenci mine is accessible by paved road along U.S. Highway 191. The mine is
approximately 50 miles northeast of Safford, Arizona. A railway line to the property
provides support for delivery of supplies and transport of metal products.
4.2 Climate
The property is situated in a mountainous area at an elevation ranging between 2,750 and
6,560 feet above sea level. This region sits on the edge of the Madrean Archipelago,
between the northwestern Chihuahuan Desert and the northeastern Sonoran Desert.
Average monthly temperatures typically range between 46 and 85-degrees Fahrenheit.
The Morenci mine is located in a desert environment with rainfall averaging 13 inches per
as of December 31, 2025 16
[TABLE]
4 ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES, AND
INFRASTRUCTURE

--- PAGE 17 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

year. The mine operates throughout the year with production marginally affected during
periods of heavy rain.
4.3
Physiography
Vegetation in the area is a mix of shrubs/forbs and grasses representing the Sonoran
Desert scrub and the Chihuahuan Desert species. These include interior chaparral,
semidesert grassland, Great Basin conifer woodland, and post-climax conifer woodland.
4.4
Local Resources and Infrastructure
Infrastructure is in place to support mining operations. Section 15 contains additional
details regarding site infrastructure.
The mine maintains a company-owned townsite at the operation. Additional
accommodations for mine employees and supplies are available in the nearby
communities of Clifton, Safford, Tucson, and Phoenix in Arizona and Lordsburg, Silver
City, and Deming in New Mexico.
Water for the Morenci mine is supplied by a combination of sources including decreed
surface water rights in the San Francisco River, Chase Creek, and Eagle Creek drainages,
groundwater from the Upper Eagle Creek Wellfield, and Central Arizona Project water
leased from the San Carlos Apache Tribe and delivered to Morenci via exchange through
the Black River Pump Station. FCX and the Morenci mine staff believe Morenci has
sufficient water claims through water rights controlled by FCX to cover its operational
demands in normal or slightly above-normal climatic conditions; however, FCX is a party
to litigation that could impact the mine’s water rights claims or rights to continued use of
currently available water supplies, which could adversely affect the water supply for
Morenci mine operations.
The Morenci operation’s electrical power is supplied by FCX’s wholly owned subsidiary
the Morenci Water and Electric Company (MW&E). MW&E sources its generation services
through FCX’s wholly owned subsidiary Freeport-McMoRan Copper and Gold Energy
Services, LLC (FMES) through capacity rights at the Luna Energy Facility in Deming, New
Mexico, and other power purchase agreements.
Site operations are adequately staffed with experienced operational, technical, and
administrative personnel. FCX and the Morenci mine believe all necessary supplies are
available as needed.

HISTORY
The first record of copper mineralization near Morenci appears in a report prepared by
soldiers in January 1863 (Watt, 1956). Early exploration was primarily conducted by
prospecting high-grade copper mineralization along lode deposits and fissure veins
leading to the development of historical underground mines scattered across the district
by the early 1900s. Systematic churn drilling programs designed to delineate and evaluate
this resource commenced in 1912. Subsequent exploration confirmed the resource was
part of the large Clay ore body being mined on the neighboring Arizona Copper property
(Patton, 1945, Briggs, 2016). Various producers (namely, the Longfellow Mining
Company, Detroit Copper Mining Company, Arizona Copper Company, and the Shannon
Copper Company, as well as several other smaller producers) developed underground

--- PAGE 18 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

mine workings and integrated concentrator and smelter operations early in the district's
history.
By 1921, the various producers had been consolidated under the management of a single
company, the Phelps Dodge Corporation (PDC). Modern exploration in the district began
in the late 1920s when PDC drilled many test holes in the Clay ore body. Although grades
were too low to warrant mining by underground methods, this drilling demonstrated
continuity of mineralization that was amenable to be mined in an open-pit. Subsequent
decades of drilling resulted in delineation of mineralization in the Metcalf, Coronado,
Garfield, Sun Ridge, Western Copper, Shannon, and American Mountain areas.
Underground operations had ceased by 1932 and by the late 1930s, the district had
converted to open-pit operations. The Morenci concentrator was commissioned in 1942
with a reverberatory smelter. An additional concentrator, Metcalf, was constructed in the
Morenci district and started receiving ore in 1975. The Morenci smelter was closed in
December 1984. Dismantling started in 1993 and was completed by the end of 1996.
In February 1986, PDC sold a 15% joint venture interest in the Morenci operation to
Sumitomo Metal Mining Arizona, Inc., a jointly owned subsidiary of Sumitomo Metal Mining
Company (SMM) (80% ownership) and Sumitomo Corporation (20% ownership).
Morenci's first SX/EW facilities were commissioned in September 1987. During the fall of
1999, the Metcalf concentrator was closed, with the Morenci concentrator placed in care
and maintenance status in 2001. Morenci operated as a leach-only operation until 2006
when the Morenci concentrator resumed production, with the addition of a concentrate
leach plant (CLP) commissioned in October 2007. In 2009, the Morenci concentrator was
placed in care and maintenance status until 2011.
In March 2007, FCX acquired PDC. From 2007 through 2013, FCX completed 868 district
wide exploration and infill drill holes totaling approximately 1.7 million feet. In 2014, mining
and milling production were expanded with the construction of a new concentrator housed
in the old Metcalf concentrator facility. In May 2016, FCX sold an additional 13% interest
in its Morenci unincorporated joint venture to SMM.
In 2020, one of the Morenci concentrators was placed in care and maintenance status but
was restarted in July 2021 and resumed operating at full capacity in early 2022.
The Morenci mine is a well-developed property currently in operation and all previous
exploration and development work has been incorporated where appropriate in the access
and operation of the property. Exploration and development work is included in the data
described in Sections 6 through 11 of this TRS.

GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT
6.1
Regional Geology
The Morenci district is located along the southeastern edge of a transition zone between
two major geologic and physiographic provinces. The Colorado Plateau is situated about
20 miles to the north whereas the Basin and Range provinces adjoin the mining district to
the south and southeast. The district appears as a triangular window of Precambrian
through Tertiary-aged rocks that are surrounded and overlain by younger Tertiary and
Quaternary rocks.

--- PAGE 19 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

6.2
Deposit Geology
The mineral deposits of the Morenci district consist of copper oxide, secondary sulfide,
and primary sulfide mineralization associated with a large porphyry copper system.
Geologic studies indicate a complex series of Tertiary igneous intrusive rocks were
emplaced within Precambrian-age granite and overlying Paleozoic and Mesozoic
sedimentary rocks as shown in Figure 6.1. A porphyry copper deposit formed and was
associated with the emplacement and crystallization of intrusive rocks. Several cycles of
leaching and enrichment of the primary sulfides formed the secondary sulfide enrichment
blanket and copper oxide zones currently being mined. Mineralization spans
approximately 5 miles in a north-south direction and 4 miles in an east-west direction.
Figure 6.1 – Geologic Map of Lithology in the Morenci District

The Morenci pit in the figure is sometimes referred to as the Ponderosa pit.

--- PAGE 20 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Structural Geology
The rocks in the Morenci district have been affected by multiple generations of normal
faults reflecting major changes in regional tectonism and stress regimes that have affected
the southwestern North American continent and local stress fields (Dickinson, 1989).
These structures provided pathways for supergene solutions that were fundamental to the
development of secondary sulfide ore bodies in the district. Displacement along normal
faults formed basins that localized volcanic and sedimentary cover sequences that
preserved the mineralized block from erosion. At least four distinct orientations of faults
and veins can be recognized in the Morenci district.
The earliest structural trend consists of high-angle normal faults striking 55 to 75 degrees
as shown in Figure 6.2. The Quartzite and Coronado faults placed Paleozoic rocks against
Proterozoic granite. Diabase dikes of Tertiary age intruded along the Quartzite and
Coronado faults indicate that these structures were open during Laramide intrusive
events.
Figure 6.2 – Cross Section of Lithology Through the Western Copper Mining Area

East-west cross section at 15,000 N projected to original topography. Section A-A’ correlates with the Western Copper
Mining Area in Figure 6.4. Elevations are in feet.
Northeast-striking normal faults are the dominant structural orientation of the district and
are important controls of magmatism and hypogene mineralization. The monzonite
porphyry, older granite porphyry stocks, and associated dike swarms are elongated along
this trend, and it is the predominant orientation for quartz-sericite-sulfide veins. The San
Francisco fault also strikes northeast; however, while the age of this structure is poorly
understood, the San Francisco fault juxtaposes Precambrian and Paleozoic rocks against
Tertiary to Quaternary volcanics, conglomerates, and gravels indicating it is significantly
younger than the majority of northeast trending structures in the district.
Northerly striking faults form major boundaries to the ore bodies in the district. The Chase
Creek fault dips 60 to 70 degrees to the east and extends over 9 miles in the central portion
of the district.
Northeast-oriented structures are cut and offset by high-angle northwest-striking faults
associated with late Cenozoic Basin and Range development. Northwest-striking faults
such as the Kingbolt, Copper Mountain, Morenci Canyon, and Apache faults along the
southwestern edge of the Morenci pit and the North fault bounding the northeastern edge
of the Shannon block are important controls in the distribution of supergene mineralization.

--- PAGE 21 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Structural models are used to guide the interpretation of mineralization fabric and to bound
lithological units. Interpretations of district structures were updated in 2016 to incorporate
recent drilling and the latest technology for modeling the faults.

Rock Types
In the Morenci district, rocks ranging from Early Proterozoic schist and granite through
Paleozoic and Cretaceous sedimentary sequences are overlain and intruded by early to
middle Tertiary igneous rocks. Following a protracted period of uplift and erosion, the
Clifton-Morenci area was covered by up to 3,200 feet of Oligocene volcanic rocks with
subsequent erosion resulting in thick late Miocene through Holocene basin deposits that
filled structural lows to the east and southwest of the Morenci block.
Major host rocks include the Precambrian basement, which consists of granite to the north
and northwest and granodiorite in the southwestern and southeastern portion of the
district, and Paleozoic sedimentary rocks which are restricted to fault-bound blocks that
occur in the southwestern portion of the district and in the Shannon and Garfield mine
areas.
Laramide intrusive activity is manifested in the Morenci district by a staged series of
Paleocene to early Eocene hypabyssal intrusions. Laramide stocks, laccoliths, and
associated dikes and sills constitute a comagmatic, calc-alkaline series of porphyritic
intrusions, ranging in composition from diorite to granodiorite to quartz monzonite and
granite. These intrusions are separated into at least six texturally and mineralogically
distinct stages. Three of these stages are associated with hydrothermal fluids responsible
for porphyry copper-style chalcopyrite-molybdenite stockwork and skarn mineralization:
dacite, monzonite, and older granite porphyries. Figure 6.3 shows a regional stratigraphic
column and intrusive history of rocks in the district.
Figure 6.3 – Regional Stratigraphic Column

--- PAGE 22 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Alteration and Mineralization
Primary hypogene mineralization is associated with emplacement of Laramide-age
granodiorite to quartz monzonite stocks and dike swarms intruded into Precambrian
granite and Paleozoic sedimentary rocks. Quartz-sericite-sulfide alteration and attendant
copper-molybdenum mineralization is temporally and spatially associated with the
emplacement and cooling of these intrusions. Low-grade hypogene copper mineralization
is manifested as quartz-sericite alteration with pyrite-chalcopyrite-molybdenite stockwork
veins that overprinted early quartz-orthoclase and biotite vein assemblages.
The style and sequence of hydrothermal alteration and mineralization in the Morenci
district can be characterized from vein mineral assemblages and crosscutting
relationships. As in many other well-studied porphyry copper systems (Nielsen, 1968;
Phillips, Gambell and Fountain, 1974; Beane and Titley, 1981), alteration and vein
assemblages in the Morenci ore body appear to vary systematically from potassic
alteration near the core and deep within the deposit to sericite-dominated alteration in the
upper and central portions. A propylitic zone is present in the fringes of the deposit.
Crosscutting relationships among veins associated with these discrete alteration
assemblages reflect the evolution of fluids responsible for copper-molybdenum
mineralization. Key characteristics of hypogene mineralization are that the potassicrelated assemblages are sulfide poor and do not contain significant amounts of copper
and the later sericite dominant assemblages contain the bulk of the copper, principally as
chalcopyrite.
The supergene zone characteristically displays a massive white appearance reflecting
pervasive argillic alteration. Textural destruction is commonly so intense that even coarsegrained granitic textures are obscured, making field identification of lithological units
difficult.
Anhydrous skarns containing garnet, diopside, wollastonite, marble and hornfels, and
hydrous skarns containing tremolite-actinolite, chlorite, epidote, and magnetite developed
where the Laramide porphyries intruded Paleozoic sedimentary units.
Most ore mined from the Morenci district and carried in the current operation is the product
of supergene oxidation and enrichment processes. Long-lived multiple supergene cycles
resulted in an enriched zone localized in the ancestral Chase Creek Canyon. In supergene
sulfide zones, chalcocite occurs as thick coatings and complete replacements of pyrite
and chalcopyrite.
The form and distribution of supergene mineral assemblages is largely a function of the
physical character of the ore body and the nature of the climate and the hydrologic setting
at the time of formation. Faults and fractures provide conduits for infiltration of supergene
solutions into the host rocks. Supergene profiles typically mirror the current topographic
surface. Enrichment and oxidation zones are generally thicker in valleys and thinner at
ridge tops.
The predominant oxide copper mineral is chrysocolla. Chalcocite is the most important
secondary copper sulfide mineral, and chalcopyrite and molybdenite are the dominant
primary sulfide minerals. The mineralogical ore types are described in Table 6.1. A plan
view map and cross section highlighting ore type interpretations are provided in Figure 6.4
and Figure 6.5.

--- PAGE 23 ---
Morenci Mine, Arizona, U.S.
Table 6.1 – Morenci District Mineralogical Ore Types
Ore Type Mineralogy
Iron oxide; may contain residual copper oxide and
Leached Cap
chalcocite.
Native copper, neotocite, tenorite, copper wad,
Acid Insoluble Oxide
manganese and iron mineraloids; may contain cuprite.
Malachite, chrysocolla, azurite, brochantite; may
Acid Soluble Oxide
contain minor chalcocite, pyrite, and/or cuprite.
Chalcocite, pyrite, and/or lesser iron and copper oxide
Mixed Oxide-Sulfide
minerals.
Chalcocite, pyrite; may contain accessory chalcopyrite,
Supergene Sulfide
covellite.
Mixed Supergene Sulfide Chalcocite, covellite, chalcopyrite.
Mixed Hypogene Sulfide Chalcopyrite greater than covellite, chalcocite.
Chalcopyrite/pyrite dominant, may contain lesser
Hypogene Sulfide
bornite and/or covellite.
Unmineralized No visible copper minerals present; may contain pyrite.
Figure 6.4 – Mineralogical Ore Types through Western Copper Mining Area
Plan view of 4,525-foot level.
as of December 31, 2025 23
[TABLE]
Ore Type | Mineralogy
Leached Cap | Iron oxide; may contain residual copper oxide and
chalcocite.
Acid Insoluble Oxide | Native copper, neotocite, tenorite, copper wad,
manganese and iron mineraloids; may contain cuprite.
Acid Soluble Oxide | Malachite, chrysocolla, azurite, brochantite; may
contain minor chalcocite, pyrite, and/or cuprite.
Mixed Oxide-Sulfide | Chalcocite, pyrite, and/or lesser iron and copper oxide
minerals.
Supergene Sulfide | Chalcocite, pyrite; may contain accessory chalcopyrite,
covellite.
Mixed Supergene Sulfide | Chalcocite, covellite, chalcopyrite.
Mixed Hypogene Sulfide | Chalcopyrite greater than covellite, chalcocite.
Hypogene Sulfide | Chalcopyrite/pyrite dominant, may contain lesser
bornite and/or covellite.
Unmineralized | No visible copper minerals present; may contain pyrite.

--- PAGE 24 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 6.5 – Cross Section of Mineralogical Ore Types through Western Copper Mining Area

East-west cross section at 15,000 N projected to original topography. Elevations are in feet.

EXPLORATION
Morenci is a mature mining district with a long history of exploration. The data, methods,
and historical activities presented in this section document actions that led to the initial
and continued development of the mine but are not intended to convey any discussion or
disclosure of a new, material exploration target as defined by S-K1300.
Exploration outside of the current operation is in collaboration with the FCX Exploration
team and incorporated into the geologic model. A drilling program for material
characterization and ore delineation is ongoing at the Morenci mine. Multi-purpose
geotechnical and environmental drilling is characterized for inclusion into the geologic
model. New drilling was included in the update of the geological resource model to support
the mineral reserves and mineral resources. Drilling results added for the model update
provide local refinement of the geologic interpretations and grade estimates, but do not
materially alter these interpretations and estimates on a district-wide scale.
7.1
Drilling and Sampling Methods
The district has been drilled using churn, conventional rotary, diamond drill core, and
reverse circulation (RC) techniques with the majority of the drilling comprised of core and
RC methods. The total footage of the entire length of each hole where copper assays were
utilized for composites and interpolation within the geologic resource model boundary is
compiled in Table 7.1. Since 1985, core and RC have been the only drilling methods
utilized for exploration and infill drilling. Approximately 83% of the historical churn drill hole
composites have been mined. There are scattered instances of drilling programs
undertaken for environmental or other purposes that have used other drilling methods
post-1985. Drill holes with inaccurate or insufficient geological, analytical, or spatial data
are not incorporated in the geologic resource model but are maintained in the drill hole
database.

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Morenci Mine, Arizona, U.S.
Table 7.1 – Summary of Drill Programs
Years Company # Holes Method Footage
1915 to 1961 PDC and Others 559 Churn 420,818
1985 to 1995 PDC and Others 30 Rotary 15,280
1937 to Current PDC and FCX 3,227 Core 4,440,717
1986 to Current PDC and FCX 2,067 RC 1,576,569
Total 5,883 6,453,384
Numbers may not foot due to rounding.
7.2 Collar / Downhole Surveys
Collar surveying techniques have changed to reflect technological advances in surveying
methods, beginning with transit and stadia, progressing to total-station infrared
theodolites, and finally to Global Positioning System (GPS) units. All coordinates are
based on the local mine grid system.
Historically, downhole surveys were not systematically performed. In recent drilling
programs, downhole surveys are completed for all angle drilling and for all drill holes
exceeding 500 feet in depth.
Currently, core and RC drill holes are primarily surveyed downhole using gyroscopic or
magnetic methodologies. Surface recording gyroscopic surveys are conducted on 50-foot
intervals down the hole. In cases where downhole surveys are not conducted on shallow
holes, values from the hole design are used. Downhole surveys are carefully evaluated to
review that the current declination has been accounted for, and no magnetic rocks were
encountered that would influence the accuracy of the survey data. Survey data are part of
the district-wide database and are used in the modeling process to locate drill hole
intercepts.
Final reports for collar and downhole surveys are included in the drill hole log files. Original
films and survey records are stored in a secure facility. Spatial locations of the drill holes
are visually validated in the resource modeling software.
7.3 Drill Hole Distribution
Indicated resources are typically drilled on a 400-foot grid. Center holes to that grid with
approximately 285-foot spacing are used to delineate measured resources. A 200-foot drill
grid is required in some pit areas for planning purposes. First-pass evaluations of areas in
the district with favorable geological and mineralogical characteristics are often drilled on
an 800-foot grid. Depending on the results, additional drilling is undertaken to obtain the
tighter spacing required for measured and indicated resources. Drill programs are guided
by geological and mineralogical characteristics and by the district mining sequence.
Most of the holes drilled in the district are vertical and are distributed along east-west and
north-south orientations. Angle holes constitute about 12% of the drilling and are placed
in areas to address local geological and mineralogical requirements. Angle drilling is also
used where site access issues make it difficult to intersect a drill target with a vertical hole.
A portion of the core and RC holes are “twinned” by the other drilling method in each
project area to validate sample assay quality. The distribution of drill holes in the district is
shown in Figure 7.1.
as of December 31, 2025 25
[TABLE]
Years | Company | # Holes | Method | Footage
1915 to 1961 | PDC and Others | 559 | Churn | 420,818
1985 to 1995 | PDC and Others | 30 | Rotary | 15,280
1937 to Current | PDC and FCX | 3,227 | Core | 4,440,717
1986 to Current | PDC and FCX | 2,067 | RC | 1,576,569
Total |  | 5,883 |  | 6,453,384

--- PAGE 26 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 7.1 – Drill Hole Collar Locations

Topography is as of January 1, 2025. Red dots indicate drill holes completed during 2024. Blue
dots indicate historical drilling included in the model. The purple boundary marks the extents of
the resource model.
7.4
Sample Quality
The current sampling quality is good and is continually being evaluated and validated.
Core recovery is consistently in excess of 98%. Historically, the core was typically drilled
NQ-size diameter (1.875 inches). Since the mid-2000s, core is typically drilled HQ-size

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

diameter (2.5 inches) except where drilling conditions require reducing to a smaller
diameter.
All core and RC samples are taken on 10-foot intervals from the collar. Core samples are
split with hydraulic core splitters. A geologist is present during RC drilling to log samples
and monitor sample quality. RC samples are split at the drill rig utilizing rotary hydraulic
splitters to capture a sample. Split sample analyses show that recovery and grades are
representative of the material drilled and show no preferential bias of grades due to
sampling methods.
Historical churn drill hole samples were evaluated for sample quality by comparing chip
board abstracts with the geologic drill log and assay reports. Geologists identified
approximately 22,000 feet of historical churn drilling and 24,000 feet of RC drilling as lowquality data that are not used in the geologic resource model.
7.5
Sample Logging
Detailed logging is performed on 10-foot assay intervals with finer detail as needed. As of
2013, logging is entered directly into a database. Prior to 2013, logging was performed on
paper log forms. Historical logs have been scanned and the corresponding survey, assay,
and geologic information has been entered into the database.
Geologic logs include detailed descriptions for lithology, alteration, and mineralization.
Geomechanical logs include rock quality designation (RQD) and core recovery
information. Procedures for RQD, RC, and core logging are documented, and codes and
abbreviations are standardized and published in department guidelines. Photographs of
drill hole core within the boxes are taken.
7.6
Hydrogeology
Hydrogeologic work is part of an innovative workflow that allows reconciliation of observed
open-pit
slope
pore
pressures
against
geotechnical
targets
and
predicted
depressurization results. The prediction of expected hydrogeologic responses from the
existing and planned additions to the piezometer network, horizontal drain holes, and
vertical dewatering wells is generated using a three-dimensional numerical groundwater
flow model. Hydrogeological modeling is based on continuing work by third-party
consultants.
The Morenci mine works to achieve slope depressurization and dewatering goals and
continues to update water management plans to intercept groundwater with horizontal
drain hole drilling programs for specific slope depressurization needs, annual piezometer
and vertical well installation focused on targeted areas, and necessary dewatering rates.
Ongoing hydrogeologic investigation includes:

Design and implementation of appropriate proactive dewatering and slope
depressurization measures including a piezometer network, pilot holes, vertical
production wells, and horizontal drain holes.

Field activities associated with mine dewatering and pit slope depressurization,
including RC pilot borehole hydrogeologic logging, airlift and recovery testing and
characterization, water quality testing, dewatering well design, and piezometer
design and construction.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Monitoring of production from vertical well and horizontal drain flows, piezometer
performance, and pit sump pumping.

Routine construction and replacement of a groundwater and pore pressure
monitoring system utilizing a piezometer network, pilot holes, dewatering wells, and
associated pumping and piping infrastructure.
7.7
Geomechanical Data
Geomechanical work includes an integrated workflow to manage needs that include field
investigation, slope stability studies, mine dewatering, and pit slope depressurization. A
comprehensive geology model is used as a baseline to integrate the stability models to
hypothesize failure mechanisms, define geomechanical domains, estimate strength
parameters, and identify slope depressurization targets.
The Morenci mine uses limit equilibrium and numerical models to evaluate slope stability
and establish annualized depressurization targets required to achieve the slope stability
design acceptance criteria for factor-of-safety and strength-reduction-factors. Moreover,
stability studies update the recommendations for bench geometries, inter-ramp slope
angles, and overall slope configurations. Efforts also include site characterization, material
characterization, stability studies, and risk assessment for certain waste dumps and ROM
stockpiles. Geomechanical modeling is based on continuing work by third-party
consultants.
Televiewer surveying is used on geomechanical holes. A third-party consultant uses the
data collected in conjunction with physical examination of the drill hole core to characterize
the orientation and properties of the geologic structures.
Ongoing geomechanical investigation includes:

Design and implementation of appropriate proactive geotechnical measures
including geomechanical core drilling, televiewer surveying, cell mapping,
photogrammetry, and rock testing.

Geomechanical core drilling is planned and executed to characterize the orientation
and properties of geologic structures with televiewer surveying to obtain
geomechanical parameters, rock testing, and install instrumentation.

Geomechanical models including RQD are used for predicting the spatial variability
and assessing rock quality as it relates to the degree of fracturing within the in-situ
rock mass.

Structure data is collected through cell mapping and photogrammetry to characterize
the orientation and properties of geologic structures.

Rock testing quantities are governed by rock quality and sample availability and
include, but are not limited to, triaxial tests, uniaxial tests, disk tension tests, and
small-scale direct shear tests. Testing is performed in accordance with the American
Society of Testing and Materials, the International Society for Rock Mechanics, and
the British Standards.

Routine replacement and addition of geomechanical drill holes in areas of interest.
These activities are supervised and guided by an expert group specialized in mining
geomechanics, hydrogeology, mine dewatering, and pit slope depressurization allowing
completion of the geomechanical and hydrogeologic activities to established FCX mining
geomechanical standards. The group consists of site personnel, FCX Corporate
Geomechanical and Hydrogeology teams, primary geomechanical and hydrogeological
third-party consultants, external reviewers, and industry experts.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

7.8
Comment on Exploration
In the opinion of the QPs:

The exploration programs completed at the Morenci mine (drilling, sampling, and
logging) are appropriate for geologic resource modeling.

The data spacing and distribution is sufficient to establish the degree of geological
and grade continuity appropriate for mineral reserve and mineral resource
estimation.

The geomechanical and hydrogeologic programs are appropriate to support slope
design recommendations according to the established slope design criteria and
mine plans.

SAMPLE PREPARATION, ANALYSES, AND SECURITY
8.1
Sampling Techniques and Sample Preparation
Samples are collected on 10-foot intervals. Historically, the first interval of a drill hole was
often shortened to get the remainder of the samples to correspond to bench elevations.
After 1995, the only modifications to sample length are done to accommodate poor
recovery zones, or to correct for errors in splitting and sampling. Splits from these samples
are composited into 50-foot intervals that correspond to the mining bench height.
The drill core is hydraulically split, with half being sent for assay and the other half retained
in the original core box. Split core to be assayed is stored in labeled sample bags in tote
containers on-site until shipment is arranged with the assay laboratory. Sample totes are
loaded at the Morenci core processing facility and transported to a third-party laboratory
facility, Skyline Assayers and Laboratories Incorporated (Skyline) in Tucson, Arizona, by
Skyline personnel. Periodically, Morenci core is processed (logged and/or sampled) by
the FCX Exploration team at the FCX facility in Tucson where it may be hydraulically split
or sawed. Sampled core is stored in labeled sample bags in totes until shipment is
arranged with Skyline. Samples are transported to Skyline by their personnel.
RC samples are collected at the rig from a rotary splitter. Sample quality is monitored by
a FCX geologist and includes evaluating conditions such as water flow rate, downhole
contamination, and acidity. A sample split is collected as an abstract for visual
characterization and a chip tray is created and retained to reflect the relevant material for
reference.
All preparation for samples collected prior to July 2005 was completed at the FCX Morenci
Analytical Services facility, which was not accredited. A minor amount of historical drilling
by other companies on local claim blocks was processed by third-party laboratories in
Arizona, Utah, and Texas. Samples collected after this date have been prepared by
Skyline. Skyline is certified to the internationally recognized ISO/IEC-17025:2017
standard. Their quality management system has been certified to the requirements of the
internationally recognized ISO-9001:2015 quality management system standard. The
Morenci mine and Skyline laboratories use nearly identical analytical procedures.
8.2
Assaying Methods
Currently, all samples are analyzed for total copper (TCu), acid-soluble copper (ASCu),
ferric sulfate-soluble copper assay, known as quick leach test (QLT), and total

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

molybdenum (TMo). The Morenci Leach Test (MLT) assay was developed in 1991 and
was the precursor to the current FCX standard QLT analysis. MLTs were typically run only
on 50-foot composites until about 2000. An extensive re-assay program was undertaken
to obtain QLT assays data for all available 10-foot pulps; however, historical pulps from
areas that were mined out were not submitted to the laboratory for QLT analysis.
Atomic absorption spectroscopy is used for TCu assays, while inductively coupled plasma
optical emission spectroscopy is used for TMo analyses. Determinations for iron, sulfur,
zinc, silver, gold, lead, and manganese are also performed as required.
QLT determinations are obtained for every 10-foot drill sample with a TCu grade that
exceeds 0.10%. Specific ranges of QLT have been developed for each mineralogical ore
type and are used as a tool combined with the observed mineralogy and TCu and ASCu
analyses for consistency and standardization of the mineralogical ore type designation for
each drill hole interval. The ranges are based on results from column leach tests using
standardized extraction parameters.
8.3
Sampling and Assay QA/QC
Quality assurance and quality control (QA/QC) procedures were standardized at Morenci
by 2008 and have been consistently followed since 2013. Historical QA/QC programs at
Morenci are not well documented and any check sample results prior to 2008 are not
currently stored in the Morenci database.
Current procedures at the Morenci mine for QA/QC on drill hole samples are as follows:

Standards are inserted on a 1 in 20 basis by Morenci for assay by Skyline. The
Morenci mine has historically used both commercial standard reference samples as
well as internal standards prepared using locally sourced material. The standards
are blind to the laboratory and are added to assess accuracy.

Blanks are utilized and inserted on a 1 in 20 basis to confirm that there is no
contamination between samples due to the sample preparation errors at the
laboratory. Blanks are derived from washed concrete sand from Safford, Arizona via
an on-site concrete batch plant. The blanks are blind to the laboratory.

Duplicates are analyzed on a 1 in 20 basis at every stage of sample reduction:
splitting (sample), crushing (crush), and pulverization (pulp). For core samples, the
remaining half of split core, normally reserved for reference and metallurgical
testwork, is sent to the laboratory as a duplicate sample. For RC samples, a
duplicate sample is collected during drilling from the rig mounted cyclone splitter.
The sample duplicates are blind to the laboratory. Crush duplicates and pulp
duplicates are prepared by Skyline during sample preparation. Each crush duplicate
is taken as a split from the crushed material of the corresponding field duplicate
sample and each pulp duplicate is taken as a split from the pulverized material of
the corresponding crush duplicate sample. Duplicate results are used to assess
analytical precision and to evaluate the sampling nomograph.

Secondary laboratory checks are performed as part of the QA/QC procedures. A
select number of pulps containing assays above the threshold of 0.10% TCu were
sent to FCX’s Technology Center facilities in Tucson, Arizona (TCT) and re-assayed
as a check for analytical bias at Skyline. Standards and blanks are blindly inserted
into this batch of samples. The TCT laboratory is certified to the ISO-9001:2015
quality management system standard.

QA/QC data is entered directly into the drill hole database. All QA/QC check assays
are examined for acceptability using QA/QC tools in the database software. Assays

--- PAGE 31 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

that meet QA/QC requirements are accepted into the database; those that did not
are rejected and reruns are ordered from Skyline.

Skyline maintains internal and independent QA/QC procedures.
8.4
Bulk Density Measurements
Specific gravity (SG) measurements on spatially distributed drill core samples have shown
little variability among rock types, alteration assemblages, and copper mineralization.
Samples were evaluated using the water displacement method from holes drilled
historically and in the 1994 to 1995 drilling campaign by using the following formula:
SG = weight in air / (weight in air – weight in water)
Assumes water has an SG of 1 and surface tension is not a factor.
Based on historical testing, in-situ bedrock is assigned a tonnage factor of 12.5 cubic feet
per ton, and stockpile and fill materials are assigned a tonnage factor of 16.5 cubic feet
per ton. A 1997 Morenci mine study shows an average in-situ tonnage factor for all rock
types of 12.53 cubic feet per ton. The primary host rock in the district is Precambrian
granite and tests indicate a tonnage factor of 12.51 cubic feet per ton. These internal
studies support the tonnage factor used for in-situ rock. SG measurements are
incorporated into the district-wide database.
8.5
Comment on Sample Preparation, Analyses, and Security
In the QP’s opinion, sample preparation, analytical methods, security protocols, and
QA/QC performance are adequate and support the use of the analytical data for mineral
reserve and mineral resource estimation.

DATA VERIFICATION
9.1
Data Entry and Management
Drill hole information is maintained in a database and managed by a database manager
that has full access and the ability to restrict and monitor access for other end users. This
database manager coordinates and controls the entry of all geologic information into the
district-wide drill hole database.
Analytical data is loaded into the database directly from the laboratory via software
importers. Prior to loading, the information is checked and validated. As needed, analytical
results are rejected, and the relevant samples are reanalyzed. There is no manipulation
of the assay information.
Outlier evaluations are routinely completed for 10-foot assay intervals for all mineralogical
coding. The analytical values are compared to visual estimates as a check of the logging
quality and the assay values. Assay intervals are validated and checked against the actual
sample intervals.
Collar survey data is loaded directly from GPS units into the database. Collar locations
are checked against surveyed topographic surfaces. Downhole surveys are examined for
anomalous changes in azimuth and dip between adjacent surveys in cross section before
they are imported into the database.

--- PAGE 32 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

For historical drill holes, collar coordinates, downhole surveys, assays, lithology,
mineralogy, fault structure, and alteration codes were manually entered from the original
core logging sheets. The transfer and validity of this data have been frequently checked
during various model updates throughout the years.
9.2
Comment on Data Verification
As confirmation of the mineral reserve and resource process, third-party consultants are
occasionally hired to perform verification studies. The Morenci mine was last reviewed for
year-end reporting during 2024. The study included database checks and concluded that
the lithological logs and assay sheets correlate well with the lithology and mineralization
observed in the core and concluded that the quality of logging and sampling procedures
exceed industry standards.
The QP has been involved in recent model audits of the Morenci mine including reviews
of the drill hole data. The data has been verified and no limitations have been identified.
Furthermore, the QP worked on Morenci drill hole core logging and various aspects of
resource model updates from 2011 to 2016.
In summary, data verification for the Morenci mine has been performed by mine site staff,
FCX corporate staff, and external consultants contracted by FCX. Based on reviews of
this work, it is the QP’s opinion that the Morenci mine drill hole database and other
supporting geologic data align with accepted industry practices and are adequate for use
in mineral reserve and mineral resource estimation.

MINERAL PROCESSING AND METALLURGICAL TESTING
Mineral reserves and mineral resources are evaluated to be processed using
hydrometallurgy and/or concentrating (mill) operations. The applicable processes and
testing are discussed below.
10.1
Hydrometallurgical Testing and Recovery
Hydrometallurgical recovery is estimated based on the recoverable copper content and
the time required to extract the recoverable copper. The final recovery is realized only
after multiple leaching passes or cycles on the stockpiles. A leach cycle consists of
solution application to a leach pad, followed by a rest period without solution application.
Subsequent leach cycles recover diminishing portions of remaining copper.
Hydrometallurgical recoveries at the Morenci mine have been developed from a
combination of assay results to determine the range of mineral solubilities, column leach
testing using standardized practices by FCX’s Technology Center (TC) facilities outside
Safford, Arizona, on-site pilot plant testing, and monitoring of field results. The TC is FCX
owned and operated, and the analytical labs are certified to the ISO-9001:2015 quality
management system standard. Recoverable copper content and kinetic recovery curves
vary by ore type and applied leach cycles. Leach production results are tracked over many
years to confirm actual hydrometallurgical recoveries. The long-term leach recoveries by
ore type and process are listed in Table 10.1 for hydrometallurgy operations.

--- PAGE 33 ---
Morenci Mine, Arizona, U.S.
Table 10.1 – Hydrometallurgical Recoveries
Copper Recovery by Process (%)
Ore Type Description
MFL S-ROM X-ROM Low-Grade MEH
Leached Cap 61.1 58.0 58.0 40.0 58.0
Mixed Oxide-Sulfide 83.6 64.0 64.0 45.0 64.0
Supergene Sulfide 83.4 62.0 62.0 40.0 62.0
Hypogene Sulfide 18.0 18.0 18.0 15.0 35.0
Acid Soluble Oxide 86.7 70.0 75.0 55.0 70.0
Acid Insoluble Oxide 61.1 58.0 58.0 40.0 58.0
Mixed Hypogene Sulfide 32.0 32.0 32.0 24.0 35.0
Mixed Supergene Sulfide 51.6 42.0 42.0 30.0 50.0
Crushed leach ore has sufficient grade to facilitate crushing and conveying to the leach
pads to improve liberation of the contained copper minerals. This is the Mine for Leach
(MFL) process. ROM leach pad stockpiles receive ores that are transported directly to the
pads. Sulfide and oxide ROM leach pads (S-ROM, X-ROM) are used to distinguish
mineralogies. Low-Grade ROM leach pads are dumped into thicker lifts than other pads
with a resultant lower estimated recovery. Morenci Engineered Heap (MEH) are ROM
leach pad stockpiles where air is added to facilitate recovery of sulfide mineralogy.
Discounts in recovery are made to recognize differing host lithologies.
Field results are a combination of ore type deliveries to the leaching processes. Actual
results of the aggregate copper recovery compare favorably to the estimated recoveries,
and it is the QP’s opinion that the recovery estimates and kinetic recovery curves are
reasonable.
10.2 Concentrating Metallurgical Testing and Recovery
The estimated copper and molybdenum recoveries of the concentrating process have
been validated with actual concentrator performance data. Table 10.2 and Table 10.3
summarizes copper and molybdenum recoveries.
Table 10.2 – Concentrator Copper Recoveries
Ore Type Description Copper Recovery (%)
Supergene Sulfide 81.7
Hypogene Sulfide 86.7
Supergene Mixed 79.7
Hypogene Mixed 86.7
Table 10.3 – Concentrator Molybdenum Recoveries
Molybdenum Recovery (%)
Mine Areas
Morenci Concentrator Metcalf Concentrator
Western Copper and
51.0 49.3
Ponderosa Areas
All Other Areas 34.0 32.3
Discounts in recovery are made to recognize differing host lithologies. Due to ore blending,
it is not possible to measure concentrator recovery by ore type. Actual results of the
as of December 31, 2025 33
[TABLE]
Ore Type Description | Copper Recovery by Process (%) |  |  |  |
 | MFL | S-ROM | X-ROM | Low-Grade | MEH
Leached Cap | 61.1 | 58.0 | 58.0 | 40.0 | 58.0
Mixed Oxide-Sulfide | 83.6 | 64.0 | 64.0 | 45.0 | 64.0
Supergene Sulfide | 83.4 | 62.0 | 62.0 | 40.0 | 62.0
Hypogene Sulfide | 18.0 | 18.0 | 18.0 | 15.0 | 35.0
Acid Soluble Oxide | 86.7 | 70.0 | 75.0 | 55.0 | 70.0
Acid Insoluble Oxide | 61.1 | 58.0 | 58.0 | 40.0 | 58.0
Mixed Hypogene Sulfide | 32.0 | 32.0 | 32.0 | 24.0 | 35.0
Mixed Supergene Sulfide | 51.6 | 42.0 | 42.0 | 30.0 | 50.0

[TABLE]
Ore Type Description | Copper Recovery (%)
Supergene Sulfide | 81.7
Hypogene Sulfide | 86.7
Supergene Mixed | 79.7
Hypogene Mixed | 86.7

[TABLE]
Mine Areas | Molybdenum Recovery (%) |
 | Morenci Concentrator | Metcalf Concentrator
Western Copper and
Ponderosa Areas | 51.0 | 49.3
All Other Areas | 34.0 | 32.3

--- PAGE 34 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

aggregate recoveries compare reasonably well with estimated recoveries, indicating that
recovery estimates are applicable to current operations and mineral reserve and resource
estimation.
Metallurgical testing has been conducted by Morenci metallurgical staff and TC personnel
to develop a data set that will be used for geometallurgical modeling. The major
metallurgical activities included flotation and comminution testing, and mineralogical
analysis including quantitative evaluation of minerals by scanning electron microscopy and
x-ray diffraction. Details of geometallurgical testwork include:

Geometallurgical test program on 67 drill hole samples collected from the Western
Copper open-pit area conducted during 2015 to 2017. Scope of work for the program
included laboratory kinetic flotation tests and Bond Work Index comminution tests to
support the development of a throughput model and to generate rougher flotation
response data to support development of recovery models.

Geometallurgical flotation test program on 161 drill hole samples during 2016 to
support development of recovery models.
10.3
Comment on Mineral Processing and Metallurgical Testing and Recoveries
In the opinion of the QPs, the metallurgical testwork completed has been appropriate to
establish reasonable processing methods for the different mineralization encountered in
the deposits. Geometallurgical samples are properly selected to represent future ores and
recovery factors have been confirmed from production data collected from ore processed
in the open-pit mine. As a result, the processing and associated recovery factors are
considered appropriate to support mineral reserve and mineral resource estimation and
mine planning.

MINERAL RESOURCE ESTIMATE
Mineral resources are evaluated using the application of technical and economic factors
to a geologic resource block model and employing optimization algorithms to generate
digital surfaces of mining limits, using specialized geologic and mine planning computer
software. The resulting surfaces volumetrically identify material as potentially economical,
using the assumed parameters. Mineral resources are the resultant tonnage, grades, and
contained metal inventories.
11.1
Resource Block Model
Relevant geologic and analytical information is incorporated into a three-dimensional
digital representation, referred to as a geologic resource block model. The Morenci mine
resource block model was updated on March 5, 2025, with an effective date for exploration
drill hole data of October 31, 2024. The Morenci resource block model includes
mineralogical ore type interpretations for the Morenci district based on drilling and
projections from production data and interpolation parameters which distinguish
geostatistical domains between the Western Copper area and the remainder of the district,
to recognize unique geologic trends between mining areas.

Compositing Strategy
Ten-foot drill hole assay intervals are combined into 50-foot composites, corresponding to
the mine bench height. No minimum or maximum length requirement is imposed on the

--- PAGE 35 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

compositing routine; however, holes shallower than 45 degrees are composited to a fixed
length of 50 feet, preventing excessive composite lengths for flatter holes. Geologic codes,
such as mineralogic ore type, are composited by majority code.
Intervals of less than 25 feet are not used for grade estimation unless found at the end of
the drill hole, where they are merged with the previous composite. Outlier evaluations of
composite grade values and mineralogic ore type codes are performed to help ensure the
composite codes are properly supported by and validated against the corresponding
values from the assay file. All outliers are evaluated by a geologist and codes are edited
as needed.

Statistical Evaluation
Assay values and geologic codes for each mineralogical ore type are evaluated using
classical statistical parameters (mean, standard deviation, number of samples, etc.).
Histograms and cumulative frequency plots are used to conduct detailed analyses of
sample population data. Assay and composite statistics are compared for each ore type.
Outlier evaluations of TCu, ASCu, and QLT versus mineralogy codes are routinely
performed on the basis of assigned ore type for each assay interval and composite sample
intervals. The comparisons between the sample types and outlier evaluations of these
samples are integral parts of the modeling process and are utilized for consistency and
standardization of the ore type code assignment.
General relative variograms are calculated for each ore type and models are fit to the
experimental data to evaluate continuity of grade and directional trends within ore type
domains. Experimental variograms are fit with nested models. Nested models provide a
better fit to the variogram data, especially for sample pairs nearest to the origin. Use of
nested models improves local grade estimation and slightly extends the range for selected
ore types.
The Morenci district model is split into seven lithological and structural domains for
interpolation. In domains where blast hole data is available in sufficient quantity,
anisotropy defined by this blast hole data is used to generate the directions for the drill
hole variograms. The rest of the district domains use variograms generated strictly from
exploration drill hole data. The distance, range, nugget, sill, and spatial variance values
obtained from the variogram for each ore type are dependent on the mineralization style
and geology for that specific area of the district. These variogram parameters are
evaluated by cross validation techniques for kriging and inverse distance interpolation
methods. Point validation is performed to calibrate variogram parameters. Mean absolute
difference among kriged block values and mean grade of composites used to assign grade
is also optimized through point validation techniques.

Block Model Setup
Model limits and block sizes for the geologic resource block model are shown in Table
11.1. The Morenci model is a single district-scale block model constructed using
geological modeling software. The model is not rotated, and coordinates are based on the
Morenci mine coordinate system. The spatial limits of the model encompass the known
extents of mineralization. Horizontal block size is based on geostatistical rules and the
size of the smallest geological features that can be reasonably modeled. Vertical block
size matches the bench height for the Morenci mine open-pit operations.

--- PAGE 36 ---
Morenci Mine, Arizona, U.S.
Table 11.1 – Morenci Block Model Parameters
Direction Minimum Maximum Size (feet) # of Blocks
X-East -24,080 0 80 301
Y-North 2,960 32,000 80 363
Z-Elevation -2,500 7,500 50 200
Topography
Three types of topographic representations are used in the geologic resource model. The
original, current, and planned stockpile topographic surfaces are provided by the site mine
engineering staff. Geological features are interpreted to original topography. The
estimated year-end topographic surface is used for mine planning and to estimate
remaining in-situ mineral reserves and mineral resources.
Geologic Model Interpretation
Lithology, mineralogical ore types, and a molybdenum grade shell are interpreted by using
geologic, mineralogical, and analytical data from drill holes, blast holes, and surface
mapping to generate solids. Interpretations within the geologic resource model are visually
reviewed relative to the drill holes and blast holes using a set of 145 cross sections that
are oriented east-west, spaced 200 feet apart, a set of 120 cross sections oriented northsouth, spaced 200 feet apart, and a set of 200 mid-bench levels, spaced at 50 feet. These
solids cover an area within the project boundary and are used for interpretation of rock
types, mineralogic ore types, and a molybdenum grade shell. Each solid is interpreted and
re-interpreted when models are updated with additional geologic and analytical
information.
Large district-scale faults have been interpreted and are used to constrain lithology and
ore type interpretations. Features that define rock types and major structures known to
control distribution of grade and mineralogic ore type are used as a guide for the
orientation of mineralogic ore type features.
Grade Estimates
Grade interpolation and search distances for Ordinary Kriging (OK), Inverse Distance
Weighting (IDW), Area Influenced Kriging (AIK), and Nearest Neighbor (NN) methods are
based on the statistical and geostatistical analyses. Copper grade interpolation is
constrained by similar ore types in the drill hole composites, block model boundaries,
variography of each ore type, and by geologic and mineralogical ore type features of the
deposit. Interpolation constraints utilize geologic matching of modal ore type in composites
with block ore type to create soft boundaries for supergene and hypogene copper
mineralization. Molybdenum uses grade shell boundaries with modal ore type matching
on concentrator versus copper leach ore types.
Distribution of block model grades are evaluated visually, statistically compared to
corresponding drill hole and composite values, and vetted against production data. TCu,
TMo, and ASCu grades from OK are used for mine planning purposes.
A minimum of 3 composites is required to interpolate a block, using a maximum search
distance of 800 feet in all directions. The maximum number of composites is set to 12 with
a maximum of 3 per hole. Validation of these methods comes from geostatistical
evaluation of composite data, grade-tonnage curves, and reconciliation to production
as of December 31, 2025 36
[TABLE]
Direction | Minimum | Maximum | Size (feet) | # of Blocks
X-East | -24,080 | 0 | 80 | 301
Y-North | 2,960 | 32,000 | 80 | 363
Z-Elevation | -2,500 | 7,500 | 50 | 200

--- PAGE 37 ---
Morenci Mine, Arizona, U.S.
models. Interpolation search distances are derived from variogram modeling and are
spatially appropriate for a porphyry copper system.
For OK interpolation methods, ore type specific high-grade restrictor values are
determined via geostatistical outlier analysis and used in interpolation domains.
Bulk Density
Since bulk density has minimal variability between the different rock types, all blocks
coded as hard rock are assigned a tonnage factor of 12.5 cubic feet per ton. All blocks
coded as stockpile and fill material are assigned a tonnage factor of 16.5 cubic feet per
ton.
Mineral Resource Classification
The number of drill holes and composites used for interpolation and the drill hole spacing
are key components in evaluating the uncertainty of mineral resource estimates. A
majority of the drilling at the Morenci mine is core and RC; therefore, sample type is not a
consideration in assessing uncertainty of the mineral resource estimates. Suspect drill
holes have been identified and excluded from model calculations.
FCX’s experience with porphyry copper deposits has established drill hole spacing criteria
that provide estimates of ore tonnage, grade, and contained and recoverable metal
meeting corporate standards for each process method. The required drill hole spacing
considers uncertainty in grade estimates as well as geometric uncertainty associated with
geologic interpretation of copper ore types, rock types, and copper and molybdenum
grade shells. Experience has shown that drill spacing of 285 and 400 feet, respectively,
are adequate for determination of measured and indicated mineral resources. Inferred
resources can be interpolated from an 800-foot drill hole spacing. These items are used
in conjunction with geostatistical analyses and the criteria described above to establish
measured, indicated, and inferred resource classifications as shown in Table 11.2.
Table 11.2 – Resource Classification Criteria
Resource Minimum # Maximum Range
Classification Composites (feet)
Measured 12 285
Indicated 8 400
Indicated 6 285
Inferred 1 800
Range is the average distance to the composites. Maximum range is the maximum allowed
average distance to composites for resource classification assignment. The maximum ranges
correlate with the district drill hole sample spacing for each resource classification. Indicated
resource classification is determined by either strategy using less composites at a closer range
or more composites at a further range.
Model Validation and Performance
The geologic resource model is evaluated by visual inspection, statistical analysis, and
comparison with the blast hole model. Reconciliations between the resource model and
blast hole models provide a measure of uncertainty associated with mineral resource
classification.
as of December 31, 2025 37
[TABLE]
Resource
Classification | Minimum #
Composites | Maximum Range
(feet)
Measured | 12 | 285
Indicated | 8 | 400
Indicated | 6 | 285
Inferred | 1 | 800

--- PAGE 38 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Cross sections and level plans showing block model codes and drill hole composites are
visually examined to verify proper coding of rock type and mineralogical ore type. Similarly,
block model grades are compared with supporting composite values. These inspections
show that block model values compare well with the drill hole composites.
Comparisons among assay, composite, and block model grades are performed for each
mineralogical ore type as an integral part of the model process. Estimated grades in the
model are evaluated by statistical analyses including cumulative probability plots of
assays, composites, and blocks. The cumulative probability plots are developed to review
that the block grade distributions mimic the distributions of the underlying data. Block
model AIK, OK, and IDW results are compared with the composite data and NN estimates.
As confirmation of the mineral reserve and resource process, third-party consultants are
occasionally hired to perform verification studies. The Morenci mine was last reviewed for
year-end reporting during 2024. The study concluded that the block model for the resource
estimate “has been developed using industry standard practices, uses data that is
representative of the quality and quantity of the mineralization, and is a reasonable
representation of that data.”
FCX standards provide that the resource model should be within 10% of the blast hole
model for tonnage, grade, and contained or recoverable metal over a 12-month period.
For sites such as the Morenci mine with multiple processing methods, comparisons are
made for each, but consideration is given to the processing method that represents the
greatest proportion of production. As of December 31, 2025, the comparison between the
resource model and the blast hole model indicates that the resource model meets FCX
criteria.
 Comment on Geologic Resource Model
The Morenci mine has a long history of mining and has been the subject of numerous
geological studies. In the opinion of the QP, who is a member of the FCX Resource Model
Audit team and has participated in reviews of the most recent model updates:

The Morenci geology staff has a good understanding of the lithology, structure,
alteration, and copper mineral types in the district. The understanding of the controls
on mineralization is adequate to support estimation of mineral reserves and mineral
resources.

The understanding and interpretation of ore types based on copper mineralogy are
key components to supporting classification of mineral reserves and mineral
resources by process method.

The geological knowledge of the district is sufficient to provide reliable inputs to mine
planning, geomechanics, and metallurgy.

The geologic resource model has been completed using accepted industry
practices.

The geologic resource model is suitable for estimation of mineral reserves and
mineral resources.
11.2
Resource Evaluation
Mineral resource estimates are developed by applying technical and economic modifying
factors to the geologic block model to identify material with potential for economic
extraction. The process of evaluation is iterative, involving an initial draft using the

--- PAGE 39 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

assumptions, understanding the implications of the resulting economical mining limits, and
adjusting the assumptions as warranted for subsequent evaluations.
Mineral resource estimates are determined using measured, indicated, and inferred
classified materials as viable ore sources during evaluations with the modifying factors.

Economic Assumptions
FCX’s executive management establishes reasonable long-term metal pricing to be used
in determining mineral reserves and mineral resources. These prices are based on
reviewing external market projections, historical prices, comparison of peer mining
companies’ reported price estimates, and internal capital investment guidelines. The longterm sale prices align the company’s strategy for evaluating the economic feasibility of the
mineral reserves and mineral resources.
The mineral reserves and mineral resources are based on specific volumes of potentially
economic, mineralized material in which FCX has the most confidence to produce an
acceptable economic result, given a set of evaluation assumptions. As work continues to
increase FCX’s confidence through drilling, testwork, and the evaluation of engineering
work and other modifying factors, FCX anticipates conversion of resources to reserves in
the future, which may require, among other things, higher metal prices.
In developing the economic assumptions used to determine mineral reserves and mineral
resources during early 2025, FCX and its QPs made comparisons of the commodity price
assumptions against various periods of historical average prices and current spot prices.
Additionally, long-term forward-looking price projections from various sources of thirdparty market consensus services and financial institution reports covering periods ranging
from 2025 to 2035 were reviewed. This information is used as reference for
reasonableness of the assumptions. FCX concluded that mineral reserve price
assumptions of $3.25 per pound for copper and $14 per pound for molybdenum were
reasonable in comparison to the reference points and expected volumes of potentially
economic material. FCX also concluded mineral resource price assumptions of $3.75 per
pound for copper and $17 per pound for molybdenum were reasonable and aligned with
industry-accepted practice to use higher metal prices for the mineral resource estimates
than the pricing used for determining mineral reserves.
For copper, London Metal Exchange copper settlement prices over various historical
periods were reviewed. For the 10-year period ended December 31, 2025, the price
ranged from $1.96 per pound to $5.68 per pound and averaged $3.42 per pound. During
2025, forward-looking prices ranged from $2.86 per pound to $5.39 per pound.
For molybdenum, weekly average molybdenum prices quoted by Platts Metals Daily over
various historical periods were reviewed. For the 10-year period ended December 31,
2025, the price ranged from $5.15 per pound to $37.42 per pound and averaged $14.87
per pound. During 2025, forward-looking prices ranged from $9.10 per pound to $17.50
per pound.
Unit costs are derived from current operating forecasts benchmarked against historical
results and other similar operations. Additional input from appropriate internal FCX
departments such as Global Supply Chain, Sales and Marketing, and Finance and
Accounting are considered when developing the economic assumptions.

--- PAGE 40 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

To recognize the relationship between commodity prices and principal consumable cost
drivers, FCX scales unit costs to reflect the cost environment associated with the reported
metal prices. This is evidenced in the differences in economic assumptions between
mineral reserves and mineral resources.
The metal price and cost assumptions are used over the timeframe of the expected life of
the mine and reflect steady-state operating conditions in the metal price cost environment.
Details of the economic assumptions are outlined in Table 11.3.

Processing Recoveries
Processing recoveries are outlined in Section 10.

Physical Constraints
Slope angle recommendations are provided by FCX geomechanical teams and third-party
consultants. The recommendations are derived from empirical analysis of geological and
hydrogeological modeling, drill hole results, and in-field measurements.
Boundary limits for resource evaluation include property ownership and permitting limits,
and additional major infrastructure relocation requiring capital investment for boundary
expansions.

Time-Value Discounting
To recognize the time delay in extracting increasingly deeper portions of the mine as part
of the mining process, FCX uses bench discount factoring for resource evaluation
processes. This factor discounts each block’s value relative to the block’s elevation in the
geologic block model, effectively assigning a higher relative value to material located
closer to the surface than deeper material, which cannot be accessed until overlying
material has been removed.
Additionally, hydrometallurgical processes achieve final recoveries after a period of years
of repeated solution applications whereas concentrating process recoveries are realized
on a more immediate timeframe. In recognition of this distinction, a time-value discount is
applied to hydrometallurgical recovery based on the planned recovery curves.

Cutoff Grades
A cutoff grade is used to determine whether material should be mined and if that material
should be processed as ore or routed as waste. The mine planning software evaluates the
revenue and cost for each block in the block model to determine routing, selecting material
that has a reasonable basis for economic extraction using the provided assumptions. The
following formula demonstrates how the cutoff grades are determined within the software:
Internal cutoff grade = Sum of [processing costs + general site and sustaining costs]
/ Sum of [payable recoverable metal * (metal price – metal refining and sales costs)]
A break-even cutoff grade calculation is similar to the internal cutoff grade formula but
includes mining costs. Blocks with grades above the break-even cutoff grade generate
positive value, while blocks with grades above the internal cutoff grade minimize negative
value. The cutoff grades reported for mineral resources reflect the internal cutoff grades
based on economical destination routing from the software results.

--- PAGE 41 ---
Morenci Mine, Arizona, U.S.
Input parameters are applied to individual deposits and distinct ore types as appropriate.
Unique parameters can result in distinct cutoff grades. Cutoff grades are reported in terms
of an Equivalent Copper Grade (EqCu) defining the relative value of all commercially
recoverable metals in terms of copper by ore processing methods.
Economic and Technical Assumptions
The economic and technical assumptions used for the generation of potentially
economical mining limits are summarized in Table 11.3.
Table 11.3 – Economic and Technical Assumptions for Resource Evaluation
Mineral Mineral
Morenci Mine
Reserve Resource
as of December 31, 2025 Units Assumptions Assumptions
Economic Parameters
Metal Prices
Copper $ per pound 3.25 3.75
Copper Cathode Premium $ per pound 0.025 0.025
Molybdenum $ per pound 14 17
Mining Costs
Mining Rate ton per day 820,000 820,000
Base Waste Mining Cost $ per dst-Mined 2.23 2.37
Haulage Increment per bench $ per dst-Mined per bench 0.03 0.03
Incremental Mill Haulage Cost/(Credit) $ per dst-Mined (0.23) (0.25)
Incremental Crushed Leach Haulage Cost/(Credit) $ per dst-Mined (0.00) (0.00)
Incremental ROM Leach Haulage Cost/(Credit) $ per dst-Mined 0.34 0.36
Leaching Costs
ROM Placement Rate ton per day 511,000 511,000
ROM Leach Cost $ per dst-ROM 0.39 0.42
Crushed Stacking Rate ton per day 65,000 65,000
Crushed Leach Cost $ per dst-Crushed 5.61 5.92
SX/EW Processing Rate million pounds per year 723 723
SX/EW Cost $ per pound copper 0.29 0.30
EW Cathode Freight to Market and Sales Cost $ per pound copper 0.05 0.05
Milling Costs
Milling Rate ton per day 141,000 141,000
Milling Cost $ per dst-Milled 7.24 7.40
Freight, Smelting, Refining and Sales Costs $ per pound copper 0.36 0.36
Copper Concentrate Grade % copper 29.6% 29.6%
Smelting $ per dst-Concentrate 91 91
Refining $ per pound copper 0.10 0.10
Transportation Losses % 0.2% 0.2%
Copper Smelter Payable Term % 96.5% 96.5%
Molybdenum Production Rate million pounds per year 12 12
Molybdenum Cost $ per pound molybdenum 4.08 4.47
Molybdenum Roasting Recovery % 99.0% 99.0%
General Site Costs
Site G&A Assigned to SX/EW $ per pound copper 0.31 0.31
Site G&A Assigned to Mill $ per dst-Milled 1.57 1.57
Total Site Taxes $ per pound copper 0.03 0.03
Sustaining Capital Costs
Mine Equipment Capital Allowance $ per dst-Mined 0.35 0.35
ROM Sustaining Capital Allowance $ per dst-ROM 0.15 0.15
Crushed Leach Sustaining Capital Allowance $ per dst-Crushed 0.27 0.27
Mill Sustaining Capital Allowance $ per dst-Milled 0.68 0.68
Major Commodity Costs
Delivered Acid Cost $ per wst-acid 95 110
Power Cost $ per kWh 0.07 0.07
Delivered Diesel Cost $ per U.S. gallon 2.46 2.86
Technical Parameters
Bench Height feet 50 50
Bench Discount Factor % per bench 1.71% 1.71%
Range of Open-Pit Slope Angles degrees 28 minimum to 53 maximum
Process Recoveries % Refer to Section 10
Notes:
dst = dry short ton
wst = wet short ton
Metal prices and other assumptions for mineral reserve and mineral resource evaluations
are reviewed at least annually with FCX management. As of December 31, 2025, FCX
and its QPs concluded that the assumptions for mineral reserve and mineral resource
determinations were reasonable.
as of December 31, 2025 41
[TABLE]
Morenci Mine |  |  |  |  |  |  | Mineral |  |  | Mineral |
 |  |  |  |  |  |  | Reserve |  |  | Resource |
 | as of December 31, 2025 |  |  | Units |  |  | Assumptions |  |  | Assumptions |
 | Economic Parameters |  |  |  |  |  |  |  |  |  |
 | Metal Prices |  |  |  |  |  |  |  |  |  |
 | Copper |  |  | $ per pound |  |  | 3.25 |  |  | 3.75 |
 | Copper Cathode Premium |  |  | $ per pound |  |  | 0.025 |  |  | 0.025 |
 | Molybdenum |  |  | $ per pound |  |  | 14 |  |  | 17 |
 | Mining Costs |  |  |  |  |  |  |  |  |  |
 | Mining Rate |  |  | ton per day |  |  | 820,000 |  |  | 820,000 |
 | Base Waste Mining Cost |  |  | $ per dst-Mined |  |  | 2.23 |  |  | 2.37 |
 | Haulage Increment per bench |  |  | $ per dst-Mined per bench |  |  | 0.03 |  | 0.03 |  |
 | Incremental Mill Haulage Cost/(Credit) |  |  | $ per dst-Mined |  |  | (0.23) |  |  | (0.25) |
 | Incremental Crushed Leach Haulage Cost/(Credit) |  |  | $ per dst-Mined |  |  | (0.00) |  |  | (0.00) |
 | Incremental ROM Leach Haulage Cost/(Credit) |  |  | $ per dst-Mined |  |  | 0.34 |  |  | 0.36 |
 | Leaching Costs |  |  |  |  |  |  |  |  |  |
 | ROM Placement Rate |  |  | ton per day |  |  | 511,000 |  |  | 511,000 |
 | ROM Leach Cost |  |  | $ per dst-ROM |  |  | 0.39 |  |  | 0.42 |
 | Crushed Stacking Rate |  |  | ton per day |  |  | 65,000 |  |  | 65,000 |
 | Crushed Leach Cost |  |  | $ per dst-Crushed |  |  | 5.61 |  |  | 5.92 |
 | SX/EW Processing Rate |  |  | million pounds per year |  |  | 723 |  |  | 723 |
 | SX/EW Cost |  |  | $ per pound copper |  |  | 0.29 |  |  | 0.30 |
 | EW Cathode Freight to Market and Sales Cost |  |  | $ per pound copper |  |  | 0.05 |  |  | 0.05 |
 | Milling Costs |  |  |  |  |  |  |  |  |  |
 | Milling Rate |  |  | ton per day |  |  | 141,000 |  |  | 141,000 |
 | Milling Cost |  |  | $ per dst-Milled |  |  | 7.24 |  |  | 7.40 |
 | Freight, Smelting, Refining and Sales Costs |  |  | $ per pound copper |  |  | 0.36 |  |  | 0.36 |
 | Copper Concentrate Grade |  |  | % copper |  |  | 29.6% |  |  | 29.6% |
 | Smelting |  |  | $ per dst-Concentrate |  |  | 91 |  |  | 91 |
 | Refining |  |  | $ per pound copper |  |  | 0.10 |  |  | 0.10 |
 | Transportation Losses |  |  | % |  |  | 0.2% |  |  | 0.2% |
Copper Smelter Payable Term |  |  |  | % |  |  | 96.5% |  |  | 96.5% |
 | Molybdenum Production Rate |  |  | million pounds per year |  |  | 12 |  |  | 12 |
 | Molybdenum Cost |  |  | $ per pound molybdenum |  |  | 4.08 |  |  | 4.47 |
 | Molybdenum Roasting Recovery |  |  | % |  |  | 99.0% |  |  | 99.0% |
 | General Site Costs |  |  |  |  |  |  |  |  |  |
 | Site G&A Assigned to SX/EW |  |  | $ per pound copper |  |  | 0.31 |  |  | 0.31 |
 | Site G&A Assigned to Mill |  |  | $ per dst-Milled |  |  | 1.57 |  |  | 1.57 |
 | Total Site Taxes |  |  | $ per pound copper |  |  | 0.03 |  |  | 0.03 |
 | Sustaining Capital Costs |  |  |  |  |  |  |  |  |  |
 | Mine Equipment Capital Allowance |  |  | $ per dst-Mined |  |  | 0.35 |  |  | 0.35 |
 | ROM Sustaining Capital Allowance |  |  | $ per dst-ROM |  |  | 0.15 |  |  | 0.15 |
 | Crushed Leach Sustaining Capital Allowance |  |  | $ per dst-Crushed |  |  | 0.27 |  |  | 0.27 |
 | Mill Sustaining Capital Allowance |  |  | $ per dst-Milled |  |  | 0.68 |  |  | 0.68 |
 | Major Commodity Costs |  |  |  |  |  |  |  |  |  |
 | Delivered Acid Cost |  |  | $ per wst-acid |  |  | 95 |  |  | 110 |
 | Power Cost |  |  | $ per kWh |  |  | 0.07 |  |  | 0.07 |
 | Delivered Diesel Cost |  |  | $ per U.S. gallon |  |  | 2.46 |  |  | 2.86 |
 |  |  |  |  |  |  |  |  |  |  |
 | Technical Parameters |  |  |  |  |  |  |  |  |  |
 | Bench Height |  |  | feet |  |  | 50 |  |  | 50 |
 | Bench Discount Factor |  |  | % per bench |  |  | 1.71% |  |  | 1.71% |
 | Range of Open-Pit Slope Angles |  |  | degrees |  |  | 28 minimum to 53 maximum |  |  |  |
 | Process Recoveries |  |  | % |  |  | Refer to Section 10 |  |  |  |
 | Notes: |  |  |  |  |  |  |  |  |  |
 | dst = dry short ton |  |  |  |  |  |  |  |  |  |
 | wst = wet short ton |  |  |  |  |  |  |  |  |  |

--- PAGE 42 ---
Morenci Mine, Arizona, U.S.
11.3 Mineral Resource Statement
The mineral resource estimate is the inventory of material identified as having a
reasonable likelihood for economic extraction inside the mineral resource economical
mining limit, less the mineral reserve volume, as applicable. The modifying factors are
applied to measured, indicated, and inferred resource classifications to evaluate
commercially recoverable metal. As a point of reference, the in-situ ore containing copper
and molybdenum metal is inventoried and reported by intended processing method.
The reported mineral resource estimate in Table 11.4 is exclusive of the reported mineral
reserve, on a 100% and pro rata property ownership basis. The mineral resource estimate
is based on commodity prices of $3.75 per pound for copper and $17 per pound for
molybdenum.
Table 11.4 – Summary of Mineral Resources
Morenci Mine Ownership Tonnageb Cut-off Average Grade Contained Metalb,d
Summary of Mineral Resourcesa Short Metric Gradec Copper Molybdenum Copper Molybdenum
As of December 31, 2025 % M Tons M Tons %EqCu % % M lbs M lbs
Open-Pit Inventories
Measured 903 819 0.27 0.02 4,957 396
Indicated 802 727 0.30 0.03 4,755 406
Mill Subtotal 1,705 1,546 0.28 0.02 9,712 802
Inferred 431 391 0.31 0.03 2,692 218
Total 2,135 1,937 0.12 0.29 0.02 12,404 1,021
Measured 51 47 0.53 545
Indicated 5 5 0.70 73
Crushed Leach Subtotal 57 51 0.55 618
Inferred 0 0 0.58 5
Total 57 52 0.10 0.55 623
Measured 1,396 1,266 0.16 4,353
Indicated 896 813 0.13 2,416
ROM Leach Subtotal 2,292 2,079 0.15 6,769
Inferred 490 445 0.13 1,311
Total 2,783 2,524 0.01 0.15 8,080
Total Resources Inventories
Measured 2,350 2,132 0.21 0.01 9,855 396
Indicated 1,703 1,545 0.21 0.01 7,243 406
Total Mineral Subtotal 4,053 3,677 0.21 0.01 17,098 802
Resources
Inferred 921 836 0.22 0.01 4,009 218
Total 100% 4,975 4,513 0.21 0.01 21,108 1,021
Net Equity Intereste
Total FCX 72% 3,582 3,249 0.21 0.01 15,197 735
Total Other 28% 1,393 1,264 0.21 0.01 5,910 286
Notes:
a. Reported as of December 31, 2025, using metal prices of $3.75 per pound for copper and $17 per pound for molybdenum. Mineral resources are
exclusive of mineral reserves.
b. Amounts shown may not foot because of rounding.
c. Internal cutoff grade reported as equivalent copper (EqCu).
d. Estimated expected recoveries are consistent with those for mineral reserves but would require additional work to substantiate.
e. The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%)
and SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the operator of the joint venture and holds registered
title to the mineral claims.
Extraction of the mineral resource may require significant capital investment, specific
market conditions, expanded or new processing facilities, additional material storage
facilities, changes to mine designs, or other material changes to the current operation.
as of December 31, 2025 42
[TABLE]
Morenci Mine
Summary of Mineral Resourcesa
As of December 31, 2025 |  | Ownership
% | Tonnageb
Short Metric
M Tons M Tons | Cut-off
Gradec
%EqCu | Average Grade
Copper Molybdenum
% % | Contained Metalb,d
Copper Molybdenum
M lbs M lbs
Open-Pit Inventories |  |  |  |  |  |
Mill | Measured
Indicated |  | 903 819
802 727 |  | 0.27 0.02
0.30 0.03 | 4,957 396
4,755 406
 | Subtotal
Inferred |  | 1,705 1,546
431 391 |  | 0.28 0.02
0.31 0.03 | 9,712 802
2,692 218
 | Total |  | 2,135 1,937 | 0.12 | 0.29 0.02 | 12,404 1,021
Crushed Leach | Measured
Indicated |  | 51 47
5 5 |  | 0.53
0.70 | 545

 | Subtotal
Inferred |  | 57 51
0 0 |  | 0.55
0.58 | 618

 | Total |  | 57 52 | 0.10 | 0.55 | 623
ROM Leach | Measured
Indicated |  | 1,396 1,266
896 813 |  | 0.16
0.13 | 4,353
2,416
 | Subtotal
Inferred |  | 2,292 2,079
490 445 |  | 0.15
0.13 | 6,769
1,311
 | Total |  | 2,783 2,524 | 0.01 | 0.15 | 8,080
Total Resources Inventories |  |  |  |  |  |
Total Mineral
Resources | Measured
Indicated |  | 2,350 2,132
1,703 1,545 |  | 0.21 0.01
0.21 0.01 | 9,855 396
7,243 406
 | Subtotal
Inferred |  | 4,053 3,677
921 836 |  | 0.21 0.01
0.22 0.01 | 17,098 802
4,009 218
 | Total | 100% | 4,975 4,513 |  | 0.21 0.01 | 21,108 1,021
Net Equity Intereste |  |  |  |  |  |
Total FCX
Total Other |  | 72%
28% | 3,582 3,249
1,393 1,264 |  | 0.21 0.01
0.21 0.01 | 15,197 735
5,910 286

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

In the opinion of the QP, risk factors that may materially affect the mineral resource
estimate include (but are not limited to):

Metal price and other economic assumptions.

Changes in interpretations of continuity and geometry of mineralization zones.

Changes in parameter assumptions related to the mine design evaluation including
geotechnical, mining, processing capabilities, and metallurgical recoveries.

Changes in assumptions to the continued ability to access and operate the site,
retain mineral and surface rights and titles, maintain the operation within
environmental and other regulatory permits, and social license to operate.
Uncertainty in geological resource modeling is monitored by reconciling model
performance against actual production results, as part of the FCX geologic resource model
verification process.
11.4
Comment on Mineral Resource Estimate
The mineral resource estimate has been prepared using industry accepted practice and
conforms to the disclosure requirements of S-K1300. Mineral reserve and mineral
resource estimates are evaluated annually, providing the opportunity to reassess the
assumed conditions. Although all the technical and economic issues likely to influence the
prospect of economic extraction of the resource are anticipated to be resolved under the
stated assumed conditions, no assurance can be given that the estimated mineral
resource will become proven and probable mineral reserves.

MINERAL RESERVE ESTIMATE
Mineral reserves are summarized from the LOM plan, which is the compilation of the
relevant modifying factors for establishing an operational, economically viable mine plan.
The LOM plan incorporates:

Scheduling material movements for ore and waste from designed final mining
excavation plans with a set of internal development sequences, based on the results
of the resource evaluation process.

Planned production from scheduled deliveries to processing facilities, considering
metallurgical recoveries and planned processing rates and activities.

Capital and operating cost estimates for achieving the planned production.

Assumptions for major commodity prices and other key consumable usage
estimates.

Revenues and cash flow estimates.

Financial analysis including tax considerations.
Mineral reserves have been evaluated considering the modifying factors for conversion of
measured and indicated resource classes into proven and probable mineral reserves.
Inferred resources are considered to be waste in the LOM plan. The details of the relevant
modifying factors included in the estimation of mineral reserves are discussed in Sections
10 through 21.
The LOM plan includes the planned production from the in-situ mine designs and stockpile
inventories. Stockpiles include previously mined material on crushed leach and Run of
Mine (ROM) leach pads for processing, and other material set aside to be rehandled and

--- PAGE 44 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

processed at a future date. Stockpile inventories are estimated as of December 31, 2025,
from reported production of ore deliveries through mid-year and the expected production
to the end of the year.
12.1
Cutoff Grade Strategy
The cutoff grade strategy is a result of the mine plan development, determined by the
economic evaluation of the mineral reserves via strategic long-range mine and business
planning. Operational cutoff grades are determined from the LOM planning results and
can vary based on processing throughput expectations, ore availability, future ore and
overburden requirements, and other factors encountered as the mine operates. This
approach is consistent with accepted mining industry practice. Cutoff grades reported are
the minimum grades expected to be delivered to a processing facility.
12.2
Mineral Reserve Statement
As a point of reference, the mineral reserve estimate reports the in-situ ore and stockpile
inventories from the LOM plan containing copper and molybdenum metal and reported as
commercially recoverable metal.
Table 12.1 summarizes the mineral reserves reported on a 100% and pro rata property
ownership basis. The mineral reserve estimate is based on commodity prices of $3.25 per
pound for copper and $14 per pound for molybdenum.

--- PAGE 45 ---
Morenci Mine, Arizona, U.S.
Table 12.1 – Summary of Mineral Reserves
Morenci Mine Ownership Tonnageb Cut-off Average Grade Average Recoveryd Recoverable Metalb
Summary of Mineral Reservesa Short Metric Gradec Copper Molybdenum Copper Molybdenum Copper Molybdenum
As of December 31, 2025 % M Tons M Tons %EqCu % % % % M lbs M lbs
Open-Pit Inventories
Proven 924 838 0.31 0.02 82.9 46.4 4,700 189
Mill Probable 144 131 0.30 0.03 82.2 47.2 711 38
Total 1,068 969 0.17 0.31 0.02 82.8 46.5 5,411 226
Proven 123 112 0.45 82.9 927
Crushed Leach Probable 1 1 0.49 79.1 5
Total 124 112 0.20 0.45 82.9 932
Proven 2,375 2,154 0.18 51.9 4,535
ROM Leach Probable 378 343 0.15 49.6 553
Total 2,752 2,497 0.03 0.18 51.6 5,087
Proven 3,422 3,105 0.23 0.01 65.4 46.4 10,162 189
Total Open-Pit
Probable 522 474 0.19 0.01 63.9 47.2 1,269 38
Reserves
Total 3,945 3,578 0.22 0.01 65.2 46.5 11,431 226
Stockpile Inventories
Mill Stockpile Proven 1 1 0.50 86.3 7
Leach Stockpile Proven 8,785 7,970 0.24 0.9 385
Total 8,785 7,969 0.24 0.9 392
Total Reserves Inventories
Proven 12,208 11,074 0.23 0.00 18.6 46.4 10,554 189
Total Mineral
Probable 522 474 0.19 0.01 63.9 47.2 1,269 38
Reserves
Total 100% 12,730 11,548 0.23 0.00 20.1 46.5 11,822 226
Net Equity Intereste
Total FCX 72% 9,166 8,315 0.23 0.00 20.1 46.5 8,512 163
Total Other 28% 3,564 3,234 0.23 0.00 20.1 46.5 3,310 63
Notes:
a. Reported as of December 31, 2025, using metal prices of $3.25 per pound for copper and $14 per pound for molybdenum.
b. Amounts shown may not foot because of rounding.
c. Operational cutoff grade reported as equivalent copper (EqCu).
d. Process recoveries include all applicable processes such as concentration, smelting, transportation losses, etc.
e. The Morenci mine is an unincorporated joint venture owned 72% by FCX, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and
SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production. FCX is the operator of the joint venture and holds registered title to
the mineral claims.
In the opinion of the QPs, risk factors that may materially affect the mineral reserve
estimate include (but are not limited to):
• Metal price and other economic assumptions.
• Changes in interpretations of continuity and geometry of mineralization zones.
• Changes in parameter assumptions related to the mine design evaluation including
geotechnical, mining, processing capabilities, and metallurgical recoveries.
• Changes in assumptions to the continued ability to access and operate the site,
retain mineral and surface rights and titles, maintain the operation within
environmental and other regulatory permits, and social license to operate.
As confirmation of the mineral reserve and resource process, third-party consultants are
occasionally hired to perform verification studies. The Morenci mine was last reviewed for
year-end reporting during 2024. The study concluded that the “reserve estimation process
is robust, aligns with industry standards, and supports the reported life-of-mine plan.”
The positive economics of the financial analysis of the LOM plan demonstrate the
economic viability of the mineral reserve estimate.
as of December 31, 2025 45
[TABLE]
Morenci Mine
Summary of Mineral Reservesa
As of December 31, 2025 |  | Ownership
% | Tonnageb
Short Metric
M Tons M Tons | Cut-off
Gradec
%EqCu | Average Grade
Copper Molybdenum
% % | Average Recoveryd
Copper Molybdenum
% % | Recoverable Metalb
Copper Molybdenum
M lbs M lbs
Open-Pit Inventories |  |  |  |  |  |  |
Mill | Proven
Probable |  | 924 838
144 131 |  | 0.31 0.02
0.30 0.03 | 82.9 46.4
82.2 47.2 | 4,700 189
711 38
 | Total |  | 1,068 969 | 0.17 | 0.31 0.02 | 82.8 46.5 | 5,411 226
Crushed Leach | Proven
Probable |  | 123 112
1 1 |  | 0.45
0.49 | 82.9
79.1 | 927

 | Total |  | 124 112 | 0.20 | 0.45 | 82.9 | 932
ROM Leach | Proven
Probable |  | 2,375 2,154
378 343 |  | 0.18
0.15 | 51.9
49.6 | 4,535

 | Total |  | 2,752 2,497 | 0.03 | 0.18 | 51.6 | 5,087
Total Open-Pit
Reserves | Proven
Probable |  | 3,422 3,105
522 474 |  | 0.23 0.01
0.19 0.01 | 65.4 46.4
63.9 47.2 | 10,162 189
1,269 38
 | Total |  | 3,945 3,578 |  | 0.22 0.01 | 65.2 46.5 | 11,431 226
Stockpile Inventories |  |  |  |  |  |  |
Mill Stockpile
Leach Stockpile | Proven
Proven |  | 1 1
8,785 7,970 |  | 0.50
0.24 | 86.3
0.9 | 7

 | Total |  | 8,785 7,969 |  | 0.24 | 0.9 | 392
Total Reserves Inventories |  |  |  |  |  |  |
Total Mineral
Reserves | Proven
Probable |  | 12,208 11,074
522 474 |  | 0.23 0.00
0.19 0.01 | 18.6 46.4
63.9 47.2 | 10,554 189
1,269 38
 | Total | 100% | 12,730 11,548 |  | 0.23 0.00 | 20.1 46.5 | 11,822 226
Net Equity Intereste |  |  |  |  |  |  |
Total FCX
Total Other |  | 72%
28% | 9,166 8,315
3,564 3,234 |  | 0.23 0.00
0.23 0.00 | 20.1 46.5
20.1 46.5 | 8,512 163
3,310 63

--- PAGE 46 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

12.3
Comment on Mineral Reserve Estimate
The mineral reserve estimate has been prepared using industry accepted practice and
conforms to the disclosure requirements of S-K1300. Mineral reserve and mineral
resource estimates are evaluated annually, providing the opportunity to reassess the
assumed conditions. All the technical and economic issues likely to influence the prospect
of economic extraction are anticipated to be resolved under the stated assumed
conditions.
Mineral reserve estimates consider technical, economic, environmental, and regulatory
parameters containing inherent risks. Changes in grade and/or metal recovery estimation,
realized metal prices, and operating and capital costs have a direct relationship to the
cash flow and profitability of the mine. Other aspects such as changes to environmental
or regulatory requirements could alter or restrict the operating performance of the mine.
Significant differences from the parameters used in this TRS would justify a re-evaluation
of the reported mineral reserve and mineral resource estimates. Mine site administration
and FCX dedicate significant resources to managing these risks.

MINING METHODS
The Morenci mine has a long operational history and mining conditions are well
understood by the site and FCX corporate staff. The mining method is a conventional truck
and shovel, open-pit operation.
13.1
Mine Design
The results of the economical mining limit evaluation discussed in Section 11 are used as
guides to develop the final mine design and the phased pushback designs for mine
sequencing. Mine designs are developed using specialized mine design computer
software.

Pit Slope Design Parameters
Slope angle recommendations are determined and reviewed by FCX engineers and thirdparty consultants. These recommendations are based on comprehensive geomechanical
testing, studies, and the geomechanical monitoring procedures in the field.
Haul roads and geomechanical catchment berms or step-ins, in conjunction with the
recommended inter-ramp slope angles, determine the overall pit slope angles for the
design. Inter-ramp slope angles account for differences in rock quality and can include
single or double bench designs and various catch bench widths. Eleven geotechnical
domains have been defined at the pit areas, each with different design inter-ramp slope
angles. The inter-ramp slope angles vary between 42 to 54 degrees.
Figure 13.1 provides the geotechnical domain areas for the Morenci mine. Pit wall slopes
are designed with inter-ramp slope angles assigned to each of those domains.

--- PAGE 47 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 13.1 – Geotechnical Domains

Geomechanical and Hydrological Modeling
Geomechanical and hydrological modeling is discussed in Section 7.
The performance of the open-pit wall slopes is monitored with a network of geomechanical
and hydrogeological instrumentation. The Morenci mine uses instrumentation that
includes slope stability radars, laser scanners, satellite-based monitoring, extensometers,

--- PAGE 48 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

inclinometers, time domain reflectometry, piezometers, seismic blast monitoring, GPS
tracking, and robotic survey stations. Groundwater and pore pressure are controlled with
dewatering wells and horizontal drain holes for specific slope depressurization needs as
the pit area increases during the life of the mine. The monitoring plan defines
responsibilities and outlines the monitoring procedures and trigger points for the initiation
of specified remedial measures if movement is detected, and it is the basis for the design
of any required remedial measures.

Final Mine Design
Using specialized computer software, mine designs are developed with key considerations
that include:

Compliance with the geomechanical recommendations.

Reasonable haul road widths and effective grades.

Operational bench height that is safely manageable with the loading equipment, in
single and/or double bench configurations where allowable.

Adequate mining width for practical mining.

Locating pit exits near to material destinations as practical.

Infrastructure location requirements and other boundary restrictions.

Mine sequencing that maintains continuous production throughout the mine life.
Mine designs are reviewed for compliance to key parameters and reasonableness with
comparison to historical and current operating practices. The reserve final mine design is
illustrated in Figure 13.2.

--- PAGE 49 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 13.2 – Final Mine Design

The final mine design is approximately 2.8 miles in width (east-west) and 4.4 miles in
length (north-south). The expected depth of the pit is about 4,100 feet, ranging from 2,250
to 6,350 feet above sea level. Mining is designed to take place on 50-foot benches, with
pit slopes allowing for double bench configuration where feasible.
The haul ramps are planned with a width of 130 feet and with a 10% grade but can vary
in different sections of the ramp. They are designed to accommodate the current truck
fleets.
13.2
Mine Plan Development
The mine plan is developed based on supplying ore to the processing facilities considering
equipment production rates, the mining advance rate through the deposit, ore/waste
routing, waste stripping requirements, material storage facility capacities, and expansion
opportunities. LOM plan schedules are developed using specialized mine planning
software.

--- PAGE 50 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

The mine plan is developed utilizing measured and indicated mineral resource material
only. Resource material that is classified as inferred within the mine design is considered
waste for LOM planning and mineral reserve estimation.
The deposit is a typical disseminated porphyry type copper deposit, where contact dilution
is incorporated into the grade estimation process. As a result, no additional dilution
assumption is applied.
Mining ore block recovery is directly related to the mining dilution. Mining recovery in open-
pit mines tends to be very high, particularly in disseminated deposits associated with large
loading equipment. As result, mining ore block recovery is assumed at 100%.
The mine plan is scheduled to deliver a targeted annual average mill production rate of
140,000 tons of ore per day from 2026 to 2044, then reduce to an average of 90,000 tons
per day for the final years. The plan is scheduled to deliver a targeted annual average
crushed leach production rate of 65,000 tons of ore per day from 2026 through 2030 with
final deliveries in 2031. ROM leach deliveries are variable with an average of 340,000 tons
of ore per day. The LOM plan stripping ratio (waste tonnage to ore tonnage) at the Morenci
mine is 0.44. Mining activities are projected to end in 2047, when the current reserves are
expected to be exhausted.
The mine production rate and expected mine life are illustrated in Figure 13.3.
Figure 13.3 – Total Tonnage Planned Material Movement

The LOM plan does not include plans for underground development. There is limited
backfilling of the open-pit planned to accommodate the U.S. Highway 191 relocation and
the Western Copper in-pit stockpile. Future studies could further these options as viable
improvements to the mine plan development.
13.3
Mine Operations
Mine unit operations include drilling, blasting, loading, hauling, and auxiliary support.
Primary production equipment is used to mine ore and waste, and as of December 31,
2025, comprises of 15 blast hole drills, 13 electric rope shovels with bucket sizes ranging

PROCESS KTPD

MILL
CL
ROM
WASTE

--- PAGE 51 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

from 62 to 74 cubic yards, 6 front end loaders, and 141 trucks with a 267-ton payload
factor and 3 trucks with a 410-ton payload factor. The primary production equipment is
supported by a fleet of ancillary equipment including track dozers, wheel loaders, motor
graders, backhoes, and water trucks. Support equipment is used for building access
roads, road maintenance, and other mine services.
The LOM plan includes equipment units up to 14 electric rope shovels and 133 haul trucks.
Mine equipment is replaced or rebuilt after its useful life is achieved. Costs for mine
equipment replacements and additions are accounted for in the financial modeling.
The site is in operation with experienced management and sufficient personnel. The mine
operates 365 days per year on a 24 hour per day schedule. Operational, technical, and
administrative staff are on-site to support the operation. As of December 31, 2025, mine
operations have 1,879 employees with additional contractors available as needed.

PROCESSING AND RECOVERY METHODS
The process facilities operate 365 days per year with exceptions for maintenance. The
facilities have a long operating history. FCX and the Morenci mine anticipate that the site will
have adequate energy, water, process materials, and permits to continue operating
throughout the LOM plan. Figure 14.1 illustrates an overview process map.
Figure 14.1 – Site Process Diagram

Ore can be directed through hydrometallurgical or concentrating facilities. The
hydrometallurgical operation consists of crushed and ROM leach pads, stacking
equipment for ore placement, a CLP facility, four SX plants, and three EW facilities. The
hydrometallurgical process produces a high-quality copper cathode.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Primary and certain secondary sulfide ores are processed in the concentrating facilities.
The concentrating operation contains two concentrators and a molybdenum processing
plant, which produce a copper concentrate and a molybdenum concentrate.
These processing methodologies are accepted industry practices for the types of
mineralization found at the mine site and are supported by recovery results.
14.1
Hydrometallurgical Processing Description
Oxide and secondary sulfide ores from the mine are delivered to leach pads. The SX/EW
plant is designed to extract copper from the pregnant leach solutions (PLS) collected from
the site’s leach pads. Copper is extracted from the ores by using a grid solution system to
deliver an aqueous solution containing acid from the plant, called raffinate, to the leach
pads. As this acidic solution passes through the heaped material, it extracts copper in the
form of copper ions in the PLS.
The PLS is delivered to the SX/EW plant via collection ditches, ponds, and pumping
systems. The process takes PLS and extracts the copper ions in extraction mixer-settlers.
The copper is extracted via a liquid ion-exchange reagent carried in diluent. A chemical
reaction selectively causes the copper to transfer from the PLS to the organic phase. The
barren raffinate leaving the SX plant is pumped to the leach pads to extract additional
copper from the stacked ore. The loaded organic phase is separated and flows to a strip
mixer-settler where the copper is transferred from the organic to the electrolyte that is
circulated to the EW plant.
The electrolyte is filtered and heated before being passed through the EW cells where the
copper is plated onto stainless steel blanks. Once an adequate amount of copper has
been plated out of solution as cathodes, these are removed from the cells, washed, and
the copper sheets are mechanically harvested. Figure 14.2 illustrates the
hydrometallurgical copper transfer process.
Figure 14.2 – Hydrometallurgical Transfer Process

A diagram illustrating the Morenci mine’s hydrometallurgical process is shown in Figure
14.3. The SX plants have the ability to run over 100,000 gallons per minute PLS flow and
the EW tank house cathode production capacity is approximately 900 million pounds per
year.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 14.3 – Hydrometallurgical Process Diagram

In addition to the crushed and ROM leach and SX/EW processes, the Morenci mine has
a CLP as an intermediary process, which takes final copper concentrate produced from
the concentrator process and subjects the concentrate to pressure oxidation converting
copper from solid form into liquid copper ions. The resulting solution contains higher
concentrations of copper and acid than the typical solutions from the heap leaching
process. The solutions are combined with other PLS sources and processed through the
SX/EW plants and copper cathode is produced as a final product for shipment to market.
Hydrometallurgical recoveries are tracked from the leach stockpiles through to the
production of copper cathode. Items that can affect the rate of recovery through the
stockpiles include, but are not limited to, application rate and method, particle size, leach
cycle (i.e., days under leach), acid addition and consumption, solution chemistry, ore type
and mineralization, pyrite content, stacking methodology, and stacking height.
Copper recovery is tracked over multiple years. Additionally, performance is reviewed
periodically through FCX corporate audits to monitor that recoveries are on track to being
achieved and continue to be appropriate.
14.2
Concentrator Processing Description
Primary and secondary sulfide ores are processed in the concentrators, which produce a
copper concentrate and a molybdenum concentrate. The copper concentrate is either
shipped off-site to market or processed on-site through the CLP process.
Ore is delivered from the mine to the primary crushers where it is crushed and conveyed
to a coarse ore stockpile that feeds the concentrators. A portion of the ore is conveyed
from the stockpile to the Morenci concentrator where it is stage crushed through
secondary and tertiary cone crushers before being conveyed to a fine ore storage bin. It
is then fed to 32 primary ball mills that operate in closed circuit with spiral classifiers to
liberate copper and molybdenum minerals from gangue minerals. These classifiers return
coarse particles to the mills for further grinding and advance fine particles to collective
flotation for copper and molybdenum recovery. Concentrate from the first stage of flotation
advances to regrind mills and cleaner flotation stages that produce an intermediate

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

copper/molybdenum concentrate. This concentrate is thickened before it advances to the
copper/molybdenum separation flotation circuit.
Ore is also conveyed from the coarse ore stockpile to a separate secondary crushing
facility for the Metcalf concentrator. Product from these secondary cone crushers is
advanced to a tertiary hydraulic roll crusher (HRC) before being conveyed to a surge bin
that supplies the primary grinding circuit. Ore is conveyed from the surge bin to wet
screens that feed the primary ball mills. Wet screen oversize is recycled back to the HRC
for further crushing. Wet screen undersize mixes with ball mill product and this stream is
classified in hydrocyclones, with coarse particles returning to the ball mills and fine
particles advancing to the collective flotation circuit for recovery of copper and
molybdenum. Concentrate advances to regrind mills and cleaner flotation producing an
intermediate concentrate. The copper/molybdenum concentrate is thickened before
combining with Morenci concentrate and advancing to the copper/molybdenum separation
flotation circuit.
The copper/molybdenum separation flotation circuit consists of a primary flotation stage
and four cleaner flotation stages. The purpose of the flotation circuit is to produce separate
marketable concentrates. Tailings from the primary flotation stage is final copper
concentrate, which advances to a thickener. Thickener underflow is either sent to CLP for
further processing or filtered and stored in the concentrate storage building. Filtered
copper concentrate is then loaded in railcars or truck-trailer road vehicles and shipped to
an off-site smelter. Molybdenum concentrate is produced from the fourth cleaner flotation
stage. From there it is thickened, filtered, and packaged into supersacks prior to being
shipped to off-site conversion facilities.
Flotation tailings from both concentrators advance to tailings thickeners where process
water is recovered and recycled back to the concentrators. Conventionally thickened
tailings flow via gravity down an open channel launder to pump stations where they are
pumped to the TSFs. Figure 14.4 illustrates a process flow diagram of the Morenci and
Metcalf facilities.
Figure 14.4 – Morenci and Metcalf Concentrator Process Flow Diagram

The processing facility performance is reviewed regularly, and adjustments are made as
necessary to improve performance and reduce costs.

--- PAGE 55 ---
Morenci Mine, Arizona, U.S.
14.3 Processing Requirements
FCX believes adequate supplies for energy, water, process materials, and sufficient
personnel are currently available to maintain operations and are anticipated throughout
the LOM plan. Process materials are provided to the site on an as-needed basis through
the FCX and the Morenci mine global supply chain departments. The actual consumption
of key processing materials varies depending on ore feed and operating conditions in the
plants. Table 14.1 includes the typical ranges of consumption for key processing
requirements.
Table 14.1 – Processing Facilities Consumables
Parameter Typical Range
Concentrator Energy (kWh per ton ore) 14 to 17
Hydrometallurgical Energy (kWh per pound of copper) 1.5 to 2.0
Mill Makeup Water (gallon of water per ton ore) 80 to 170
Hydrometallurgical Makeup Water (gallon of water per ton ore) 10 to 25
Process Materials
Liners and Wear Parts (pounds of steel per ton ore) 0.3 to 0.5
Balls (pounds of steel per ton ore) 1.0 to 1.5
Primary Collector (pounds of collector per ton ore) 0.03 to 0.05
Lime (pounds of lime per ton ore) 2.75 to 3.25
Acid (pounds of acid per ton ore) 5 to 14
Consumable and personnel requirements for the processing facilities are expected to be
near current levels in the near-term with variation dependent on production levels in the
various unit operations. As of December 31, 2025, the concentrating operations have 551
employees and the hydrometallurgical operations have 673 employees. FCX believes
contractors are available as needed.
15 SITE INFRASTRUCTURE
The site infrastructure at the Morenci mine has been established over the history of the
project and supports the current operations. The current major mine infrastructure includes
waste rock storage facilities, ROM leach pads, crushed leach pads and stacking systems,
temporary stockpiles, TSFs, power and electrical systems, water usage systems, various
on-site warehouses and maintenance shops including large-scale mine truck shops, and
offices required for administration, engineering, maintenance, and other related mine and
processing operations. The communication system at site includes internet and telephone
access connected by hard-wire, fiberoptic, and mobile networks. Access to the property
is discussed further in Section 4 of this TRS. The site infrastructure is shown in Figure
15.1.
as of December 31, 2025 55
[TABLE]
Parameter |  | Typical Range
Concentrator Energy (kWh per ton ore) |  | 14 to 17
Hydrometallurgical Energy (kWh per pound of copper) |  | 1.5 to 2.0
Mill Makeup Water (gallon of water per ton ore) |  | 80 to 170
Hydrometallurgical Makeup Water (gallon of water per ton ore) |  | 10 to 25
Process Materials |  |
 | Liners and Wear Parts (pounds of steel per ton ore) | 0.3 to 0.5
 | Balls (pounds of steel per ton ore) | 1.0 to 1.5
 | Primary Collector (pounds of collector per ton ore) | 0.03 to 0.05
 | Lime (pounds of lime per ton ore) | 2.75 to 3.25
 | Acid (pounds of acid per ton ore) | 5 to 14

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

Figure 15.1 – Site Infrastructure Map

15.1
Waste Rock Storage Facilities
The Morenci LOM plan considers placing mined waste material in the waste rock storage
facilities. FCX believes there is sufficient storage capacity to handle the waste deliveries
as scheduled in the LOM plan.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

15.2
Leach Pads and Stockpiles
The Morenci mine utilizes stockpiles including ROM and crushed leach pads. Mined
material is routed directly to the ROM leach pads whereas the crushed leach pads receive
mined material that has been reduced in size through a primary crushing stage. The LOM
plan includes leach placements concluding in 2047 and the SX/EW plant is expected to
conclude operations in 2048. Additional leach pad stockpile capacity is required in the
LOM plan. Estimated costs for the additional capacity are included in the financial analysis.
The mine also has temporary mill stockpiles. Mined material is directed to these stockpiles
to be rehandled and processed through the concentrators later in the LOM plan. FCX
believes the mill stockpiles have sufficient capacity for the planned deliveries in the LOM
plan.
Leach pads, stockpiles, and waste rock storage facilities are surveyed regularly, and daily
production records are used to track the mine deliveries.
15.3
Tailings Storage Facilities
There are multiple TSFs managed at the Morenci mine that receive flotation tailings from the
concentrators. The flotation tailings are thickened and pumped to the TSFs where they are
deposited, and water is recycled back to the mill. The TSFs are located south of the mills.
The TSFs, as currently designed, lack sufficient storage capacity for the entire planned
mineral reserves estimate in the LOM plan. However, FCX and the Morenci mine
anticipate having sufficient tailings storage available as required in the LOM plan since the
current storage capacity is sufficient until 2031 at planned rates, and options to increase
capacity have been identified in potential expansions of the currently designed TSFs and
alternate locations for additional TSFs. Estimated costs for the additional capacity are
included in the LOM plan financial analysis.
15.4
Power and Electrical
The Morenci mine’s electrical power is supplied by MW&E. MW&E is a retail utility
regulated by the Arizona Corporation Commission. MW&E sources its generation services
through FMES. FMES is a Federal Energy Regulatory Commission licensed exempt
wholesale generator with transmission and generation rights throughout Arizona and New
Mexico. The mine’s power is delivered through transmission agreements with Tucson
Electric Power Company, El Paso Electric, and Arizona Electric Power Cooperative.
MW&E has contracted with FMES for 125MW of capacity rights at the Luna Energy Facility
and other term power purchase agreements. Morenci also has 24MW of natural gas fired
combustion turbines on-site able to provide electrical power when required.
15.5
Water Usage
The Morenci mine’s water is supplied by a combination of sources including decreed
surface water rights in the San Francisco River, Chase Creek, and Eagle Creek drainages,
groundwater from the Upper Eagle Creek Wellfield, and Central Arizona Project water
leased from the San Carlos Apache Tribe and delivered to Morenci via exchange through
the Black River Pump Station. Makeup water supply is sourced from the Lower Eagle Creek
diversion and delivery system. Potable and domestic use water is sourced from the makeup
water supply. Process facilities operate using a combination of make-up water and

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

recycled water from the in-pit dewatering system, district interceptor wells, and existing
TSFs.
15.6
Product Handling
Copper concentrate and cathode are loaded by FCX to be shipped off-site by railcars or
trucks. Molybdenum concentrate is shipped off-site via truck. Third-party shipping is used
for rail and truck transport.
15.7
Logistics, Supplies, and Site Administration
The operation is integrated between mining and processing facilities and has common
management and services, as well as a logistics network that includes warehouses,
vehicles, and personnel required to distribute and store the large quantity of supplies used
by the operation and its workforce. Warehouses are maintained at various locations
throughout the site.
Supporting infrastructure at the Morenci mine has been built, improved, and expanded
over the life of the project, including a townsite providing employees and their dependents
with services ranging from retail stores, restaurants, residential facilities, schools, libraries,
banks, postal services, training, and recreational facilities to health service facilities.

MARKET STUDIES
The Morenci mine produces copper concentrate and cathode products. A molybdenum
concentrate is also produced.
16.1
Market for Mine Products
Copper is an internationally traded commodity, and its prices are determined by the major
metal exchanges. Prices on these exchanges generally reflect the worldwide balance of
copper supply and demand and can be volatile and cyclical. In general, demand for copper
reflects the rate of underlying world economic growth, particularly in industrial production
and construction. FCX believes copper will continue to be essential in these basic uses
as well as contribute to demand supported by copper’s critical role in the global transition
to renewable power, electric vehicles and other carbon-reduction initiatives, continued
urbanization in developing countries, data centers, increased defense spending and
growing connectivity globally.
Molybdenum is a key alloying element in steel and the raw material for several chemicalgrade products used in catalysts, lubrication, smoke suppression, corrosion inhibition, and
pigmentation. Molybdenum-based chemicals are used to produce high-purity
molybdenum metal used in electronics such as flat-panel displays and in super alloys used
in aerospace. Reference prices for molybdenum are available in several publications but
generally based on Platts Metals Daily.
FCX owns smelting, refining, and product conversion facilities for copper and molybdenum
products, operated as separate business segments. Sales between FCX’s business
segments are based on terms similar to arms-length transactions with third-parties at the
time of the sale.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

A portion of Morenci mine’s copper concentrate is processed through FCX’s wholly owned
copper smelter in Miami, Arizona and refinery and rod mill located in El Paso, Texas and
through FCX’s wholly owned subsidiary smelting and refining operation in Huelva, Spain.
A portion of Morenci’s copper cathode is converted to copper rod in FCX’s wholly owned
rod mills located in Miami and El Paso. The resultant copper rod from FCX’s North America
rod mills is sold to downstream wire and cable producers throughout North America while
the electro-refined copper cathode produced in Spain is sold to third-party consumers and
merchant traders throughout Europe and the Mediterranean region. The balance of copper
concentrate and cathode is sold to third-party smelters or consumers and merchant
traders.
The mine’s molybdenum concentrate is processed through FCX’s wholly owned roaster
operations at Fort Madison in Iowa, Sierrita mine in Arizona, and Rotterdam in the
Netherlands, and a portion through the concentrate leach process at FCX’s Bagdad mine
in Arizona. The resultant molybdenum products from the Rotterdam plant supply the
chemical and steel industries in Europe while the molybdenum products from the U.S.
plants supply the industries in the U.S. and Asia. Climax Molybdenum Company, FCX’s
wholly owned subsidiary, administers the molybdenum business segment.
Most of the copper and molybdenum products resulting from the Morenci mine are sold to
customers with whom FCX has built and maintained long-term relationships. The majority
of the sales agreements are negotiated annually and are relatively standardized. The
underlying copper price is determined by, and fluctuates with, the commodity exchange
price while the treatment and refining charges and premiums are negotiated annually
based on market conditions. The underlying molybdenum price is determined by published
Platts Metals Daily index reference pricing, which is determined by globally reported spot
transaction reporting.
16.2
Commodity Price Assumptions and Contracts
Long-term metal prices reported are used to demonstrate the economic viability of the
mineral reserves and should not be construed as a prediction of future commodity prices.
Assumed prices for mineral reserve estimation are:

$3.25 per pound for copper.

$14 per pound for molybdenum.
All contracts currently necessary for supplies and services to maintain the Morenci mine’s
facilities and production are in place and are anticipated to be renewed or replaced within
timeframes and conditions of common industry practices.
FCX and the QPs believe that the marketing and metal price assumptions for metal
products are suitable to support the financial analysis of the mineral reserve evaluation.
Further information regarding the sale and marketing of the mine’s metal products is
discussed in FCX’s Annual Report on Form 10-K for the year ended December 31, 2025.

ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL IMPACT
The Morenci mine adheres to FCX’s environmental and sustainability programs, including
policies and management systems regarding environmental, permitting, and community
issues. Morenci has implemented an Environmental Management System that is certified
to the internationally recognized ISO-14001:2015 standard. FCX’s programs are based

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

on policies and systems that align with its International Council on Mining and Metals and
Copper Mark commitments. FCX routinely evaluates implementation of these policies
through internal and external independent assessments and publicly reports on its
performance.
Further discussion regarding environmental and social or community impacts is available
in the latest FCX Annual Report on Sustainability. None of the information on, or
accessible through, the FCX website is part of this TRS or is incorporated by reference
herein.
17.1
Environmental Considerations
Environmental monitoring is ongoing at the Morenci mine and will continue over the life of
the operations and beyond through closure. The Morenci mine has received multiple
environmental regulatory approvals from the State of Arizona, Greenlee County, and
federal agencies for the operation and closure of the mine. Many of these regulatory
approvals had public participation components. Several of these authorizations required
that the Morenci mine conduct environmental baselines and impact studies for
environmental resources including, but not limited to, air quality, surface and groundwater
quality, landscape, soil, climate, traffic, biodiversity, and cultural resources. The Morenci
mine continues to monitor these baselines and impact studies regularly at compliance
points and report to required agencies.
17.2
Permitting
FCX and the Morenci mine staff believe that all major permits and approvals are in place
to support operations at the Morenci mine; however, additional permits will likely be
necessary in the future. Where permits have specific terms, renewal applications are
made to the relevant regulatory authority as required, prior to the end of the permit term.
The Morenci mine has obtained multiple Clean Water Act (CWA) Section 404 permits from
the U.S. Army Corps of Engineers in support of past and ongoing mine operations. Mining
activities authorized by these permits are complete and Morenci is now monitoring several
mitigation sites as required by these permits. Morenci reports monitoring results to the
Army Corps of Engineers. Morenci is evaluating CWA Section 404 applicability for the
incremental expansion of its mining facilities.
An area-wide APP from ADEQ is a key permit that authorizes design, construction,
operation, monitoring, reporting, and closure of mining facilities that have the potential to
discharge to groundwater. The permit requires that the Morenci mine operate these
facilities to prevent an exceedance of the State of Arizona Aquifer Water Quality standards
at designated point of compliance wells, which are monitored on a routine basis. Results
of this monitoring are reported to ADEQ as per conditions in the permit.
Based on the LOM plan, additional permits will likely be necessary in the future for
continued operation of the Morenci mine, including APP amendment applications and
obtaining ADEQ approval for increased leach pad stockpile and tailings storage capacities
under the existing APP. Additional projects that would require an amendment to the APP
are being evaluated. Closure strategies will be developed for these proposed facilities as
part of the permitting process.
Consistent with State of Arizona rules and regulations for mine closure and reclamation,
the Morenci mine has an approved closure strategy through its APP for closure and post-

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

closure monitoring and maintenance of its active facilities such as TSFs, waste and leach
pad stockpiles, and associated process water impoundments. The Morenci mine also has
an approved mine reclamation plan with the Arizona State Mine Inspector Office for
surface reclamation that will be implemented following cessation of mine operations in
coordination with the closure strategy. Both state programs require development and
agency approval of cost estimates and the establishment of financial assurance. The
Morenci mine maintains financial assurance with the State of Arizona for these programs.
17.3
Waste and Tailings Storage, Monitoring, and Water Management
The Morenci mine has developed and continues to implement detailed, comprehensive
mine waste and tailings management programs to meet the applicable State of Arizona
environmental protection regulations and FCX environmental management practices.
These programs include State of Arizona APP requirements. The site also follows FCX’s
Tailings Management Policy and has implemented the Global Industry Standard on
Tailings Management.
17.4
Mine Closure Plans
ADEQ governs facility closure under the state’s APP program and requires preparation of
a closure strategy, post-closure plan, and development of cost estimates and financial
assurance for permitted facilities such as TSFs, leach pad stockpiles, and other mine
facilities. Separately, the Arizona State Mine Inspector’s Office requires mines to develop
mine reclamation plans that describe steps to stabilize the mine site following cessation
of operations to achieve an approved post mining land use. The Morenci mine closure
strategy and mine reclamation plan are two documents, developed by third-parties, that
consider long-term physical and chemical stability and implementation of approved post
mining land uses for the site following the end of mine operations. The closure strategy
and reclamation plan detail tasks to be performed at closure and the post-closure phase
of the mine’s life cycle. The Morenci mine’s APP requires updates to the closure strategy
and cost estimates every 6 years. The Morenci mine has State of Arizona approved
closure strategies for its waste rock and leach pad stockpiles, tailings, and other water
management facilities subject to APP. The latest update to the closure strategy and cost
estimates submitted to ADEQ was approved in 2023. FCX provided ADEQ with an
updated financial assurance for this update.
The closure strategy for the Morenci mine APP facilities incorporates various approaches
including, but not limited to, removal and reclamation of process water impoundments, inplace closure of TSFs and leach pad stockpiles, and post-closure monitoring and
maintenance of closed facilities and points of compliance wells. Closure of TSFs includes
regrading tailings and installing soil cover systems incorporating revegetation that manage
water through evaporation and transpiration. Water management systems are intended to
stabilize closed facilities, minimize erosion, and protect water resources.
The total closure cost estimate in the LOM plan is approximately $1.5 billion based on a
cash flow schedule for the implementation of closure, post-closure, and reclamation tasks.
The Morenci mine has satisfied the State of Arizona’s financial assurance requirements
by using a variety of mechanisms, primarily involving FCX’s performance guarantees and
financial capability demonstrations.

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Morenci Mine, Arizona, U.S.

as of December 31, 2025

17.5
Local Stakeholder Considerations and Agreements
As part of the ongoing permitting and compliance obligations with the county, state, and
federal agency authorizations, and as part of the mine’s commitment to local stakeholder
engagement, the Morenci mine is dedicated engaging on local community and social
matters. The Morenci mine seeks to conduct its activities in a transparent manner that
promotes proactive and open relationships with the local community, government, and
other stakeholders to maximize the positive impacts of its operations and mitigate potential
adverse impacts throughout the LOM plan.
The Morenci mine seeks to provide opportunities to support economic development by
purchasing local goods and services. To support and grow the capacity of local
businesses in the region, FCX maintains working relationships with various local business
development organizations.
In addition, the Morenci mine seeks to provide opportunities to support economic
development by hiring and training employees and contractors from local and regional
communities. The mine is located in rural Arizona with a relatively low population density
and as such, the Morenci mine directly or indirectly employs a relatively large portion of
the local and regional labor force.
17.6
Comment on Environmental Compliance, Permitting, and Local Engagement
In the QP’s opinion, the Morenci mine has adequate plans and programs in place, is in
good standing with environmental regulatory authorities, and no current conditions related
to environmental compliance, permitting, and local engagement represent a material risk
to continued operations. The Morenci mine staff have a high level of understanding of the
requirements of environmental compliance, permitting, and local stakeholders to facilitate
the development of the mineral reserve and mineral resource estimates. The periodic
inspections by governmental agencies, FCX corporate staff, third-party reviews, and
regular reporting confirm this understanding.

CAPITAL AND OPERATING COSTS
The capital and operating costs are estimated by the property’s operations, engineering,
management, and accounting personnel in consultation with FCX corporate staff, as
appropriate. The cost estimates are applicable to the planned production, mine schedule,
and equipment requirements for the LOM plan. The capital costs are summarized in Table
18.1.

--- PAGE 63 ---
Morenci Mine, Arizona, U.S.
Table 18.1 – Sustaining Capital Costs
$ billions
Mine $1.4
Leach and SX/EW 1.4
Concentrator 1.4
Supporting Infrastructure and Environmental 0.1
Total Capital Expenditures $4.3
Estimates are derived from current costs and adjusted to the reserve price environment. The
estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs
are reviewed periodically, and estimates are refined as required.
Capital costs are primarily sustaining projects consisting of mine equipment replacements
and planned site infrastructure projects, most notably to increase leach pad and TSF
capacities over the production of the scheduled reserves. Capital cost estimates are
derived from current capital costs based on extensive experience gained from many years
of operating the property and do not include future inflation. FCX and the Morenci mine
staff review actual costs periodically and refine cost estimates as appropriate.
The operating costs for the LOM plan are summarized in Table 18.2.
Table 18.2 – Operating Costs
$ billions
Mine $15.0
Leach and SX/EW 4.7
Concentrator 8.3
Balance 5.5
Total site cash operating costs 33.5
Freight 0.6
Treatment charges 0.5
By-product credits (2.7)
Total net cash costs $31.9
Unit net cash cost ($ per pound of copper) $2.70
Estimates are derived from current costs and adjusted to the reserve price environment. The
estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs are
reviewed periodically, and estimates are refined as required.
The operating cost estimates are derived from current operating costs and practices based
on extensive experience gained from many years of operating the property and do not
include future inflation. The operating cost estimates reflect certain pricing assumptions,
primarily for energy and foreign exchange rates, that are reflective of the copper market
environment ($3.25 per pound for copper price) at which the reserve plan has been
prepared. As the property has a long operating history, FCX believes that the accuracy of
the cost estimates is better than the minimum of approximately +/- 25% required for a prefeasibility study level of mineral reserves as per S-K1300, and the level of risk in the cost
forecasting is low. FCX and the Morenci mine staff review actual costs periodically and
refine cost estimates as appropriate.
as of December 31, 2025 63
[TABLE]
 |  |  |  |  |  |  | $ billions |
 | Mine |  |  |  |  |  | $1.4 |
 | Leach and SX/EW |  |  |  |  |  | 1.4 |
 | Concentrator |  |  |  |  |  | 1.4 |
 | Supporting Infrastructure and Environmental |  |  |  |  |  | 0.1 |
 | Total Capital Expenditures |  |  |  |  |  | $4.3 |
 |  |  |  |  |  |  |  |
 | Estimates are derived from current costs and adjusted to the reserve price environment. The |  |  |  |  |  |  |
 | estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs |  |  |  |  |  |  |
 | are reviewed periodically, and estimates are refined as required. |  |  |  |  |  |  |

[TABLE]
 |  |  |  |  |  |  | $ billions |
 | Mine |  |  |  |  |  | $15.0 |
 | Leach and SX/EW |  |  |  |  |  | 4.7 |
 | Concentrator |  |  |  |  |  | 8.3 |
 | Balance |  |  |  |  |  | 5.5 |
 | Total site cash operating costs |  |  |  |  |  | 33.5 |
 | Freight |  |  |  |  |  | 0.6 |
 | Treatment charges |  |  |  |  |  | 0.5 |
 | By-product credits |  |  |  |  |  | (2.7) |
 | Total net cash costs |  |  |  |  |  | $31.9 |
Unit net cash cost ($ per pound of copper) |  |  |  |  |  | $2.70 |  |
 |  |  |  |  |  |  |  |
 | Estimates are derived from current costs and adjusted to the reserve price environment. The |  |  |  |  |  |  |
 | estimates are not adjusted for escalation or exchange rate fluctuations. Actual realized costs are |  |  |  |  |  |  |
 | reviewed periodically, and estimates are refined as required. |  |  |  |  |  |  |

--- PAGE 64 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

The LOM plan summary in this TRS is developed to support the economic viability of the
mineral reserves. The latest guidance regarding updated operational forecast cost
estimates is available in FCX’s Annual Report on Form 10-K for the year ended December
31, 2025, filed with the SEC.

ECONOMIC ANALYSIS
The LOM plan includes comprehensive operational drivers (mine and corresponding
processing plans, metal production schedules, and corresponding equipment plans) and
financial estimates (revenues, capital costs, operating costs, downstream processing,
freight, taxes, and royalties, etc.) to produce the reserves over the life of the property. The
LOM plan is an operational and financial model that also forecasts annual cash flows of
the production schedule of the reserves for the life of the property under the assumed
pricing and cost assumptions. The LOM plan is used for economic analyses, sensitivity
testing, and mine development evaluations.
The financial forecast incorporates revenues and operating costs for all produced metals,
processing streams, and overall site management for the life of the property. The
economic analysis summary in Table 19.1 includes the material drivers of the economic
value for the property and includes the net present value (NPV) of the unleveraged aftertax free cash flows as the key metric for the economic value of the property’s reserve plan
under these pricing and cost assumptions. This analysis does not include economic
measures such as internal rate of return or payback period for capital since these
measures are not applicable (and are not calculable) for an ongoing operation that does
not have a significant upfront capital investment to be recovered.

--- PAGE 65 ---
Morenci Mine, Arizona, U.S.
Table 19.1 – Economic Analysis
Metal Prices
Copper ($ per pound) $ 3.25
Molybdenum ($ per pound) $ 14
Life of Mine Plan
Copper (billion pounds) 11.8
Molybdenum (billion pounds) 0.2
Ore (billion tons) 3.9
Copper grade (%) 0.22
Copper metallurgical recovery (%) 66.1
Capital costs ($ billions) $ 4.3
Site cash operating costs ($ billions) $ 33.5
Unit net cash cost ($ per pound of copper) $ 2.70
Economic Assumptions and Metrics
Discount Rate (%) 8
Corporate Tax Rate (%) 23
Severance Tax (%) (Arizona mines) 1.3
Net present value @ 8% ($ billions) $ 1.1
Internal rate of return (%) NA*
Payback (years) NA*
* Not Applicable (NA) as the property is an ongoing operation with no
significant negative initial cash flow/initial investment to be recovered.
The key drivers of the economic value of the property include the copper market price,
copper grades and recoveries, and costs. Depending on the changes in these key drivers,
FCX can adjust operating plans (in the near-term as well as the long-term, as appropriate)
to minimize negative impacts to the overall economic value of the property.
Table 19.2 summarizes the economic impact of changes to these key drivers on the
property’s NPV (as included in Table 19.1). The sensitivities are estimates for the changes
in each key driver’s effect on the base plan summarized for the production of the mineral
reserves over the life of the property.
as of December 31, 2025 65
[TABLE]
 | Metal Prices |  |  |  |  |  |  |
 | Copper ($ per pound) |  |  |  |  |  | $ 3.25 |
 | Molybdenum ($ per pound) |  |  |  |  |  | $ 14 |
 |  |  |  |  |  |  |  |
 | Life of Mine Plan |  |  |  |  |  |  |
 | Copper (billion pounds) |  |  |  |  |  | 11.8 |
 | Molybdenum (billion pounds) |  |  |  |  |  | 0.2 |
 |  |  |  |  |  |  |  |
 | Ore (billion tons) |  |  |  |  |  | 3.9 |
 | Copper grade (%) |  |  |  |  |  | 0.22 |
 | Copper metallurgical recovery (%) |  |  |  |  |  | 66.1 |
 |  |  |  |  |  |  |  |
 | Capital costs ($ billions) |  |  |  |  |  | $ 4.3 |
 | Site cash operating costs ($ billions) |  |  |  |  |  | $ 33.5 |
 | Unit net cash cost ($ per pound of copper) |  |  |  |  |  | $ 2.70 |
 |  |  |  |  |  |  |  |
 | Economic Assumptions and Metrics |  |  |  |  |  |  |
 | Discount Rate (%) |  |  |  |  |  | 8 |
 | Corporate Tax Rate (%) |  |  |  |  |  | 23 |
 | Severance Tax (%) (Arizona mines) |  |  |  |  |  | 1.3 |
 |  |  |  |  |  |  |  |
 | Net present value @ 8% ($ billions) |  |  |  |  |  | $ 1.1 |
 | Internal rate of return (%) |  |  |  |  |  | NA* |
 | Payback (years) |  |  |  |  |  | NA* |
 |  |  |  |  |  |  |  |
 | * Not Applicable (NA) as the property is an ongoing operation with no |  |  |  |  |  |  |
 | significant negative initial cash flow/initial investment to be recovered. |  |  |  |  |  |  |

--- PAGE 66 ---
Morenci Mine, Arizona, U.S.
Table 19.2 – Sensitivity Analysis
Incremental Impact to NPV
Sensitivity Analysis ($ billions) + 5% Change - 5% Change
Copper price $ 0.78 $ (0.78)
Copper grade/recovery 0.69 (0.70)
Capital cost (0.10) 0.10
Operating cost (0.66) 0.66
Discount rate (0.02) 0.03
Sensitivity analysis does not reflect changes in mine plans or costs with changes in above items.
The after-tax NPV of the LOM plan is most sensitive to copper price, followed by grades
and recovery, and then operating costs. The sensitivity analysis does not reflect changes
in mine plans or costs with changes in the reported driver. Sustained periods in these
economic scenarios would warrant a re-evaluation of the LOM plan assumptions, mine
plan development, and reported mineral reserves.
Table 19.3 summarizes the LOM plan, including the annual metal production volumes,
mine plan schedule, capital and operating cost estimates, unit net cash costs, and
unleveraged after-tax free cash flows over the life of the property. Free cash flow is the
operating cash flow less the capital costs and is a key metric to demonstrate the cash that
the property is projected to generate from its operations after capital investments for the
reserve production plan at assumed pricing and cost assumptions. The property’s ability
to create value from the reserves is determined by its ability to generate positive free cash
flow. The summary demonstrates the favorable free cash flow generated from the
property’s LOM plan under the assumptions. This economic analysis supports the
economic viability of the mineral reserves statement.
as of December 31, 2025 66
[TABLE]
 |  |  |  | Incremental Impact to NPV |  |  |  |  |  |
 | Sensitivity Analysis ($ billions) |  |  | + 5% Change |  |  |  |  | - 5% Change |
Copper price |  |  |  |  |  |  |  |  |  |
 | Copper price |  |  |  |  |  |  |  |  |
 | Copper grade/recovery |  |  |  |  |  |  |  |  |
 | Capital cost |  |  |  |  |  |  |  |  |
 | Operating cost |  |  |  |  |  |  |  |  |
 | Discount rate |  |  |  |  |  |  |  |  |

--- PAGE 67 ---
Table 19.3 – LOM

Metal Prices
Copper ($ per pound)
Molybdenum ($ per pound)
Annual Averages
Copper (billion pounds/year)
Molybdenum (million pounds/year)
Ore processed (million tons/year)
Copper grade (%)
Copper metallurgical recovery (%)
Copper revenues ($ billions/year)
Molybdenum revenues/by-product credits
($ billions/year)
Corporate taxes ($ billions/year)
Capital costs ($ billions/year)
Site cash operating costs ($ billions/year)
Unit net cash cost ($ per pound of copper)
Free cash flow ($ billions/year)
Summary of annual cash flow forecast based on annual prod
NOTE: The purpose of the presented figures is to demonstra
long-lived nature of the reserves, and inherent variability in t
processes, the annual cash flows may vary in subsequent d
upon certain assumptions which may differ from FCX’s long-te
to, metal prices, escalation assumptions, and other technical
key assumptions may require modifications to mine plans, mo
20 ADJACENT PROPERTIES
As of December 31, 2025, there are no
mineral reserve or mineral resource estim
21 OTHER RELEVANT DATA AND INF
The mineral reserve and resource est
previously stated; however, increased ta
have a direct impact on the cash flows of
would be incorporated into future mineral
as of December 31, 2025

Morenci Mine, Arizona, U.S.
M Plan Summary
026-2030 2031-2035 2036-2040 2041-2048
$3.25 $3.25 $3.25 $3.25
$14 $14 $14 $14
0.68 0.58 0.56 0.34
11 10 11 8
228 194 200 105
0.21 0.23 0.22 0.24
67.5 65.2 64.0 67.6
$2.23 $1.89 $1.84 $1.12
$0.13 $0.12 $0.13 $0.10
$0.02 ($0.03) $0.00 $0.02
$0.32 $0.29 $0.15 $0.05
$1.83 $1.66 $1.63 $0.98
$2.58 $2.78 $2.77 $2.69
$0.12 $0.03 $0.19 $0.03
duction schedule for the life of the property.
ate the economic viability of the mineral reserves. Given the
the timing of capital expenditures and annual mine planning
disclosures. Investors are cautioned that the above is based
erm outlook or actual financial results, including, but not limited
l inputs. Significant variation of metal prices, costs, and other
odels, and prospects.
adjacent properties impacting the Morenci mine
mates.
FORMATION
timates in this TRS use the assumptions as
axation, royalties, or other such programs would
the property. Any changes to enacted legislation
l reserve and resource estimates.

[TABLE]
 |  |  |  | 2026-2030 |  |  | 2031-2035 |  |  | 2036-2040 |  |  | 2041-2048 |
 | Metal Prices |  |  |  |  |  |  |  |  |  |  |  |  |
 | Copper ($ per pound) |  |  | $3.25 |  |  | $3.25 |  |  | $3.25 |  |  | $3.25 |
 | Molybdenum ($ per pound) |  |  | $14 |  |  | $14 |  |  | $14 |  |  | $14 |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | Annual Averages |  |  |  |  |  |  |  |  |  |  |  |  |
 | Copper (billion pounds/year) |  |  | 0.68 |  |  | 0.58 |  |  | 0.56 |  |  | 0.34 |
 | Molybdenum (million pounds/year) |  |  | 11 |  |  | 10 |  |  | 11 |  |  | 8 |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | Ore processed (million tons/year) |  |  | 228 |  |  | 194 |  |  | 200 |  |  | 105 |
 | Copper grade (%) |  |  |  |  |  |  |  |  |  |  |  |  |
 | Copper metallurgical recovery (%) |  |  |  |  |  |  |  |  |  |  |  |  |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | Copper revenues ($ billions/year) |  |  | $2.23 |  |  | $1.89 |  |  | $1.84 |  |  | $1.12 |
 | Molybdenum revenues/by-product credits |  | $0.13 |  |  | $0.12 |  |  | $0.13 |  |  | $0.10 |  |
 | ($ billions/year) |  |  |  |  |  |  |  |  |  |  |  |  |
 | Corporate taxes ($ billions/year) |  |  | $0.02 |  |  | ($0.03 | ) |  | $0.00 |  |  | $0.0 | 2
 | Capital costs ($ billions/year) |  |  | $0.32 |  |  | $0.29 |  |  | $0.15 |  |  | $0.05 |
 | Site cash operating costs ($ billions/year) |  |  | $1.83 |  |  | $1.66 |  |  | $1.63 |  |  | $0.98 |
 | Unit net cash cost ($ per pound of copper) |  |  | $2.58 |  |  | $2.78 |  |  | $2.77 |  |  | $2.69 |
 | Free cash flow ($ billions/year) |  |  | $0.12 |  |  | $0.03 |  |  | $0.19 |  |  | $0.03 |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Summary of annual cash flow forecast based on annual production schedule for the life of the property. |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | Summary of annual cash flow forecast based on annual production schedule for the life of the property. |  |  |  |  |  |  |  |  |  |  |  |  |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
 | NOTE: The purpose of the presented figures is to demonstrate the economic viability of the mineral reserves. Given the |  |  |  |  |  |  |  |  |  |  |  |  |
 | long-lived nature of the reserves, and inherent variability in the timing of capital expenditures and annual mine planning |  |  |  |  |  |  |  |  |  |  |  |  |
 | processes, the annual cash flows may vary in subsequent disclosures. Investors are cautioned that the above is based |  |  |  |  |  |  |  |  |  |  |  |  |
 | upon certain assumptions which may differ from FCX’s long-term outlook or actual financial results, including, but not limited |  |  |  |  |  |  |  |  |  |  |  |  |
 | to, metal prices, escalation assumptions, and other technical inputs. Significant variation of metal prices, costs, and other |  |  |  |  |  |  |  |  |  |  |  |  |
 | key assumptions may require modifications to mine plans, models, and prospects. |  |  |  |  |  |  |  |  |  |  |  |  |

--- PAGE 68 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

In the opinion of the QPs, there is no additional information necessary for the mineral
reserve and mineral resource estimates in this TRS. Further discussion regarding
operational risks, health and safety programs, and other business aspects of the mine are
available in FCX’s Annual Report on Form 10-K for the year ended December 31, 2025.

INTERPRETATION AND CONCLUSIONS
Estimates of mineral reserves and mineral resources are prepared by and are the
responsibility of FCX employees. All relevant geologic, engineering, economic,
metallurgical, and other data is prepared according to procedures developed by FCX and
guidelines based on accepted industry practices. FCX maintains a process of verifying
and documenting the mineral reserve and mineral resource estimates, information for
which is located at the mine site and FCX corporate offices. FCX conducts ongoing studies
of its ore bodies to optimize economic value and to manage risk.
FCX and the QPs believe that the geologic interpretation and modeling of exploration data,
economic analysis, mine design and sequencing, process scheduling, and operating and
capital cost estimation have been developed using accepted industry practices and that
the stated mineral reserves and mineral resources comply with SEC regulations. Periodic
reviews by third-party consultants confirm these conclusions.
The Morenci mine is a large-scale producing mining property that has been operated by
FCX and its predecessors for many years. Mineral reserve and mineral resource estimates
consider technical, economic, environmental, and regulatory parameters containing
inherent risks. Changes in grade and/or metal recovery estimation, realized metal prices,
and operating and capital costs have a direct relationship to the cash flow and profitability
of the mine. Other aspects such as changes to environmental or regulatory requirements
could alter or restrict the operating performance of the mine. Significant differences from
the parameters used in this TRS would justify a re-evaluation of the reported mineral
reserve and mineral resource estimates. Mine site administration and FCX dedicate
significant resources to managing these risks.

RECOMMENDATIONS
Although ongoing initiatives in productivity and recovery improvements are underway, the
mineral reserves and mineral resources are based on the stated long-term metal prices
and corresponding technical and economic performance data.
No recommendations for additional work are identified for the reported mineral reserves
and mineral resources as of December 31, 2025.

REFERENCES
Beane, R. E., and Titley, S. R. (1981). Porphyry Copper Deposits Part II. Hydrothermal
alteration and mineralization. In B. J. Skinner (Ed.), Economic Geology, Seventy-Fifth
Anniversary Volume, 235-269.

--- PAGE 69 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Briggs, D., (2016). History of the Copper Mountain (Morenci) Mining District, Greenlee
County, Arizona, Arizona Geological Survey, Contributed Report CR-16-C,77 p, 2
appendices.
Dickinson, W. R. (1989). Tectonic setting of Arizona through geologic time. In J. P. Jenney
and S. J. Reynolds (Eds.), Geologic Evolution of Arizona: Arizona Geological Society
Digest, v. 17, 1-16.
Nielsen, R. L. (1968). Hypogene texture and mineral zoning in a copper-bearing
granodiorite porphyry stock, Santa Rita, New Mexico. Economic Geology, v. 63(1), 37-50.
Patton, J. M., (1945). The History of Clifton (M.A. Thesis), University of Arizona, Tucson,
Arizona, 243 p.
Phillips, C. H., Gambell, N. A., and Fountain, D. S. (1974). Hydrothermal alteration,
mineralization, and zoning in the Ray deposit. Economic Geology, v. 69(8), 1237-1250.
Watt, R. (1956). History of Morenci, Arizona. (M.A. Thesis), University of Arizona, Tucson,
Arizona, 157 p.

RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT
FCX is experienced in managing the challenges and requirements of operating at local,
regional, national, and international levels to support requirements for successfully mining
metals throughout the world, using functioning divisions, departments, and teams,
organized at mine sites and at the corporate level, that are tasked with meeting and
supporting FCX business and operations requirements. These closely integrated
departments are focused on subjects that may be peripheral to the direct production of
salable metals but are essential to meeting all business requirements for FCX and to
navigating the many aspects of modern mining.
As an illustrative example of the FCX organization, within the Office of President, there
are departments of Financial and Operational Analysis, Information Services,
Administration and Sales, Business Development and Growth, General Counsel, Global
Strategic Relations, Government Relations, Communications, Finance, Accounting, Tax,
and Investor Relations. Other corporate teams are similarly organized to provide additional
broad services. These departments support and integrate with the operating divisions
providing requirements and information. A mine site, as part of the operating divisions, will
be organized into its own management teams including Mine Management, Operations,
Maintenance and Construction, Processing Management, Finance and Accounting, Social
Responsibility and Community Development, Environmental, Regional Supply Chain, and
Human Resources. These staffed teams are organized to provide responses to the many
mining requirements, and they have experience in conducting their specific duties. They
represent reliable sources for information and as such, they have been consulted to
prepare, support, and characterize the information in this TRS.
Specific to the preparation of this TRS, FCX departments have provided the following
categories of information:

Macro-economic trends, data, interest rates, and assumptions.

Marketing information.

Legal matters outside of QP expertise.

--- PAGE 70 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

Environmental matters outside of QP expertise.

Accommodations through community development to local groups.

Governmental factors outside of QP expertise.
The QPs prepared Sections 3, 4, 5, 15, 16, 17, 18, 19, 20, and 21 of this TRS in reliance
on the information provided by FCX above.
As explained, FCX corporate and mine site divisions that provided information for this TRS
are business-directed areas that must produce reliable information in support of FCX
business objectives. This organizational form contributes to producing expected results
for FCX and provides appropriate information supporting mineral reserves and mineral
resource estimates.

--- PAGE 71 ---
Morenci Mine, Arizona, U.S.

GLOSSARY – UNITS OF MEASURE AND ABBREVIATIONS
Unit
Unit of Measure

U.S. Dollar

number
dst
dry short ton

percent
ft
feet
lb
U.S. pound
kWh
kilowatt-hour
MW
megawatt
M
million
wst
wet short ton
Abbreviation
Description
ADEQ
Arizona Department of Environmental Quality
AIK
Area Influenced Kriging
APP
Aquifer Protection Permit
ASCu
Acid-Soluble Copper
BLM
Bureau of Land Management (U.S.)
CLP
Concentrate Leach Plant
CWA
Clean Water Act (U.S.)
EW
Electrowinning
EqCu
Equivalent Copper Grade
FMES
Freeport-McMoRan Copper and Gold Energy Services, LLC
FCX
Freeport-McMoRan Inc. and its consolidated subsidiaries
GPS
Global Positioning System
HRC
Hydraulic Roll Crusher
IDW
Inverse Distance Weighting
MEH
Morenci Engineered Heap
LOM
Life-of-Mine
MFL
Mine for Leach
MW&E
Morenci Water and Electric Company
MLT
Morenci Leach Test
NA
Not Applicable
NN
Nearest Neighbor
NPV
Net Present Value
OK
Ordinary Kriging
P.Eng.
Professional Engineer (Canada)
PDC
Phelps Dodge Corporation
P.Geo.
Professional Geologist
PLS
Pregnant Leach Solution
Prof. Eng. Geol. Professional Geological Engineer (Peru)
QA/QC
Quality Assurance and Quality Control
QLT
Quick Leach Test, ferric sulfate-soluble copper assay
QP
Qualified Person
RC
Reverse Circulation
RM-SME
Registered Member of the Society for Mining, Metallurgy and Exploration (U.S.)
ROM
Run of Mine
RQD
Rock Quality Designation
SG
Specific Gravity
SEC
Securities and Exchange Commission (U.S.)
S-K1300
Subpart 1300 of SEC Regulation S-K
S-ROM
Sulfide Run of Mine
SMM
Sumitomo Metal Mining Company
SX/EW
Solution Extraction and Electrowinning
SX
Solution Extraction
TC
FCX’s Technology Center facilities near Safford, Arizona, U.S.
as of December 31, 2025

--- PAGE 72 ---
Morenci Mine, Arizona, U.S.

as of December 31, 2025

TCT
FCX’s Technology Center facilities in Tucson, Arizona, U.S.
TCu
Total Copper
TMo
Total Molybdenum
TRS
Technical Report Summary
TSF
Tailings Storage Facility
U.S.
United States
X-ROM
Oxide Run of Mine