FREEPORT-MCMORAN Business Summary

Freeport-McMoRan Inc. (FCX) is a leading international mining company that generates revenue through the large-scale extraction, processing, and sale of copper, gold, and molybdenum. Its business model is structured around a portfolio of long-lived, geographically diverse assets, with primary operations organized into four segments: North America Copper Mines (including the Morenci and Bagdad mines), South America Mining (centered on Cerro Verde in Peru), Indonesia Mining (the world-class Grasberg minerals district), and Molybdenum operations (Henderson and Climax mines). The company also operates Atlantic Copper, a smelting and refining subsidiary in Spain. FCX competes directly with global mining titans such as BHP, Rio Tinto, Southern Copper Corporation, and the state-owned Codelco. As one of the world's largest publicly traded copper producers, FCX occupies a strategic market position as a primary supplier for the global energy transition, specifically targeting high-growth demand from electric vehicles, renewable energy infrastructure, and AI-driven data center expansion. The company was established through the 1981 merger of Freeport Minerals and McMoRan Oil & Gas, co-founded by the late James R. Moffett. The current executive leadership is headed by Kathleen L. Quirk, who serves as President and Chief Executive Officer, having succeeded long-time leader Richard C. Adkerson (who remains Chairman of the Board) in June 2024. Quirk, a 35-year veteran of the company and former CFO, is supported by Maree E. Robertson as Executive Vice President and Chief Financial Officer, and Stephen T. Higgins as Chief Administrative Officer. Other key executives include Douglas N. Currault II as General Counsel and Cory Stevens as President of Freeport-McMoRan Americas. The board of directors features prominent figures such as Lead Independent Director Dustan E. McCoy and Lydia H. Kennard. FCX maintains a strong institutional investor base, with significant holdings by The Vanguard Group, BlackRock, and State Street Corporation, reflecting its status as a core industrial constituent of the S&P 500.