Sociedad Minera Cerro Verde A : OTROS HECHOS DE IMPORTANCIA

Freeport-McMoRan

Reports Third-Quarter and Nine-Month 2022 Results

• • Strong production performance; copper and gold sales volumes above July 2022 guidance
  • Unit net cash costs were 5% above July 2022 guidance
  • Solid balance sheet, liquidity and financial flexibility
  • Significant debt retirements through open-market transactions
  • Published updated climate report
• Net income attributable to common stock in third-quarter 2022 totaled $404 million, $0.28 per share, and adjusted net income attributable to common stock totaled $375 million, $0.26 per share, after excluding net credits totaling $29 million, $0.02 per share.
• Consolidated sales totaled 1.1 billion pounds of copper, 480 thousand ounces of gold and 17 million pounds of molybdenum in third-quarter 2022. Consolidated sales for the year 2022 are expected to approximate 4.2 billion pounds of copper, 1.8 million ounces of gold and 76 million pounds of molybdenum, including 1.0 billion pounds of copper, 420 thousand ounces of gold and 20 million pounds of molybdenum in fourth-quarter 2022.
• Average realized prices in third-quarter 2022 were $3.50 per pound for copper, $1,683 per ounce for gold and $17.05 per pound for molybdenum.
• Average unit net cash costs in third-quarter 2022 were $1.75 per pound of copper and are expected to average $1.55 per pound of copper for the year 2022.
• Operating cash flows totaled $0.8 billion (net of $0.3 billion of working capital and other uses) in third- quarter 2022 and $4.1 billion (net of $1.0 billion of working capital and other uses) for the first nine months of 2022. Based on current sales volume and cost estimates, and assuming average fourth-quarter 2022 prices of $3.50 per pound for copper, $1,700 per ounce for gold and $18.00 per pound for molybdenum, operating cash flows are expected to approximate $4.7 billion (net of $1.4 billion of working capital and other uses) for the year 2022.
• Capital expenditures totaled $0.8 billion (including $0.4 billion for major mining projects and $0.2 billion for the Indonesia smelter projects) in third-quarter 2022 and $2.4 billion (including $1.2 billion for major mining projects and $0.5 billion for the Indonesia smelter projects) for the first nine months of 2022. Capital expenditures for the year 2022 are expected to approximate $3.6 billion ($2.7 billion excluding the Indonesia smelter projects, including $1.8 billion for major mining projects).
• FCX has purchased approximately $1.1 billion aggregate principal amount of its senior notes in open- market transactions during 2022 (through October 19, 2022) for a total cost of $1.0 billion (including
  $402 million aggregate principal amount in third-quarter 2022).
• At September 30, 2022, consolidated debt totaled $10.7 billion and consolidated cash and cash equivalents totaled $8.6 billion, resulting in net debt of $2.1 billion ($1.3 billion excluding net debt for the Indonesia smelter projects). Refer to the supplemental schedule, "Net Debt," on page IX.
• Approximately $3.2 billion remains available under FCX's $5.0 billion share repurchase program. During 2022, 35.1 million shares have been repurchased for $1.3 billion, with no shares repurchased since July 11, 2022. Future share repurchases will be funded with available cash flow pursuant to FCX's

Firmado Digitalmente por:

established financial policy.

JULIA JOHANNA TORREBLANCA

MARMANILLO

Fecha: 20/10/2022 05:20:30 p.m.

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PHOENIX, AZ, October 20, 2022 - Freeport-McMoRan Inc. (NYSE: FCX) reported third-quarter 2022 net income attributable to common stock of $404 million, $0.28 per share, and adjusted net income attributable to common stock of $375 million, $0.26 per share, after excluding net credits totaling $29 million, $0.02 per share, primarily associated with gains on early extinguishment of debt and favorable adjustments associated with international tax audits, partly offset by inventory adjustments. For additional information, refer to the supplemental schedule, "Adjusted Net Income," on page VII.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, "FCX's position as a global leader in the copper industry, together with a solid balance sheet, long-lived assets and experienced team, provide strength as we navigate the current global market uncertainties. Our performance in third-quarter 2022 reflects the global team's focus on achieving our production plans in a challenging cost and supply chain environment. Despite near-term uncertainties, the long-term market fundamentals and value opportunities for our stakeholders remain highly attractive. I am confident that our strategy centered on being Foremost in Copper will be positive for all stakeholders as global conditions improve."

SUMMARY FINANCIAL DATA

		Three Months Ended			Nine Months Ended
		September 30,			September 30,
		2022			2021			2022			2021
		(in millions, except per share amounts)
Revenuesa,b	$	5,003	$	6,083	$	17,022	$	16,681
Operating incomea	$	962	$	2,462	$	5,507	$	6,061
Net income attributable to common stockc,d	$	404	$	1,399	$	2,771	$	3,200
Diluted net income per share of common stock	$	0.28	$	0.94	$	1.90	$	2.16
Diluted weighted-average common shares outstanding		1,439			1,484			1,455			1,481
Operating cash flowse	$	758	$	1,965	$	4,070	$	5,435
Capital expenditures	$	836	$	541	$	2,422	$	1,344
At September 30:
Cash and cash equivalents	$	8,578	$	7,672	$	8,578	$	7,672
Total debt, including current portion	$	10,690	$	9,665	$	10,690	$	9,665

1. For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page X.
2. Includes (unfavorable) favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $(228) million ($(95) million to net income attributable to common stock or $(0.07) per share) in third-quarter 2022, $(9) million ($(3) million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2021, $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2022 and $169 million ($65 million to net income attributable to common stock or $0.05 per share) for the first nine months of 2021. For further discussion, refer to the supplemental schedule, "Derivative Instruments," beginning on page IX.
3. Includes net credits (charges) totaling $29 million ($0.02 per share) in third-quarter 2022, $79 million ($0.05 per share) in third-quarter 2021, $(23) million ($(0.02) per share) for the first nine months of 2022 and $(16) million ($(0.01) per share) for the first nine months of 2021 that are described in the supplemental schedule, "Adjusted Net Income," on page VII.
4. FCX defers recognizing profits on intercompany sales until final sales to third parties occur. For a summary of net impacts from changes in these deferrals, refer to the supplemental schedule, "Deferred Profits," on page X.
5. Working capital and other (uses) sources totaled $(269) million in third-quarter 2022, $180 million in third-quarter 2021, $(980) million for the first nine months of 2022 and $367 million for the first nine months of 2021.

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SUMMARY OPERATING DATA

		Three Months Ended			Nine Months Ended
		September 30,			September 30,
Copper (millions of recoverable pounds)		2022			2021			2022			2021
Production		1,056			987			3,140			2,810
Sales, excluding purchases		1,060			1,033			3,171			2,787
Average realized price per pound	$	3.50	$	4.20	$	3.88	$	4.22
Site production and delivery costs per pounda	$	2.35	$	1.88	$	2.16	$	1.92	b
Unit net cash costs per pounda	$	1.75	$	1.24	$	1.50	$	1.36
Gold (thousands of recoverable ounces)
Production		448			374			1,339			976
Sales		480			402			1,365			965
Average realized price per ounce	$	1,683	$	1,757	$	1,786	$	1,780
Molybdenum (millions of recoverable pounds)
Production		19			23			63			63
Sales, excluding purchases		17			20			56			63
Average realized price per pound	$	17.05	$	18.61	$	18.64	$	14.36

1. Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs by operating division to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XIII.
2. Includes $0.03 per pound of copper associated with nonrecurring labor-related charges at Cerro Verde. Refer to the supplemental schedule, "Adjusted Net Income," on page VII.

Market Conditions

The London Metal Exchange (LME) copper settlement price reached a high of $4.87 per pound in March 2022, supported by copper's increasingly important role in decarbonization technologies and limited mine supply. Beginning in June 2022, a series of macro-economic factors (including concerns about the global economy, Chinese economic data, European energy crisis, rising United States (U.S.) interest rates and currency exchange rates related to the strength of the U.S. dollar) led to a decline in copper prices. The LME copper settlement price declined to $3.74 per pound at June 30, 2022, and further declined during third-quarter 2022 to $3.47 per pound at September 30, 2022. The LME copper settlement price was $3.37 per pound on October 19, 2022.

Physical market fundamentals remain tight as evidenced by low levels of global exchange stocks. FCX's global customer base reports healthy demand for copper. FCX believes the outlook for copper fundamentals in the medium- and long-term remain favorable, with studies indicating that demand for copper may double in 15 years based on the global movement towards decarbonization. FCX also believes substantial new mine supply development will be required to meet the goals of the global energy transition, and current prices for copper are insufficient to support new mine supply development, which is expected to add to future supply deficits.

Historically, copper prices have been correlated to various input costs, including energy and other commodity-related consumables. However, during 2022, prices for a number of commodity-related consumables have increased at a time when copper prices have declined. A return to historical long-term correlation and improved labor markets and supply chain constraints would improve cost and operational efficiencies.

The FCX management team and global organization have substantial experience and success in executing under volatile market conditions and a challenging operating environment. FCX benefits from a diversified portfolio of operations with an attractive cost structure, long-lived reserves, optionality in its project pipeline and a strong balance sheet and liquidity position.

FCX is closely monitoring market conditions and will adjust its operating plans to protect its liquidity and preserve its asset values, as necessary. FCX will maintain a strong balance sheet and liquidity position as it focuses on building long-term value in its business, executing its operating plans safely, responsibly and efficiently, and prudently managing costs and capital expenditures. FCX will opportunistically use excess cash to repurchase its debt and equity securities. Refer to FCX's Financial Policy beginning on page 10.

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Responsible Production

2021 Climate Report. In September 2022, FCX published its updated climate report, available on FCX's website at fcx.com/sustainability. The climate report details FCX's ongoing initiatives to reduce its greenhouse gas (GHG) emissions, improve energy efficiency, evaluate and integrate the use of lower carbon and renewable energy sources and enhance its resilience to future climate-related risks. FCX continues to advance its GHG emissions reduction initiatives across its global operations and has established 2030 GHG reduction targets that collectively cover nearly 100 percent of its Scope 1 and 2 GHG emissions.

The Copper Mark. FCX is committed to validating all of its copper producing sites with the Copper Mark, a comprehensive assurance framework designed to demonstrate the copper industry's responsible production practices. To achieve the Copper Mark, each site is required to complete an external assurance process to assess conformance with 32 environmental, social and governance (ESG) requirements. To date, FCX has achieved the Copper Mark at all 11 of its eligible copper producing sites in North America, South America and Europe, and PT Freeport Indonesia (PT-FI) has signed a letter of commitment and initiated the validation process.

ICMM. FCX is a founding member of the International Council on Mining & Metals (ICMM), an organization dedicated to a safe, fair and sustainable mining and metals industry, aiming continuously to strengthen ESG performance across the global mining and metals industry. As a member company, FCX is required to implement the 10 Mining Principles which define good ESG practices, and associated position statements, while also meeting 39 performance expectations and producing an externally verified sustainability report in accordance with the Global Reporting Initiative Standards subject to the ICMM Assurance & Validation Procedure.

Consolidated Sales Volumes

Third-quarter 2022 copper sales of 1.1 billion pounds were 4 percent higher than the July 2022 estimate and 3 percent higher than third-quarter 2021 sales, primarily reflecting strong production performance and the timing of shipments at PT-FI.

Third-quarter 2022 gold sales of 480 thousand ounces were 20 percent higher than the July 2022 estimate of 400 thousand ounces of gold, primarily reflecting higher ore grades and the timing of shipments. Third-quarter 2022 gold sales were 19 percent higher than third-quarter 2021 sales of 402 thousand ounces, primarily reflecting increased operating rates at the Grasberg minerals district.

Third-quarter 2022 molybdenum sales of 17 million pounds were lower than the July 2022 estimate of 21 million pounds and third-quarter 2021 sales of 20 million pounds, primarily reflecting lower by-product production from certain copper mines.

Consolidated sales volumes for the year 2022 are expected to approximate 4.2 billion pounds of copper, 1.8 million ounces of gold and 76 million pounds of molybdenum, including 1.0 billion pounds of copper, 420 thousand ounces of gold and 20 million pounds of molybdenum in fourth-quarter 2022. Projected sales volumes are dependent on operational performance, weather-related conditions, timing of shipments and other factors detailed in the Cautionary Statement below.

Consolidated Unit Net Cash Costs

Third-quarter 2022 consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines of $1.75 per pound of copper were higher than the third-quarter 2021 average of $1.24 per pound, primarily reflecting higher energy prices and increased costs for other consumables such as sulfuric acid, explosives, key equipment parts and other supplies and services. Third-quarter 2022 consolidated average unit net cash costs were 5 percent higher than the July 2022 estimate of $1.67 per pound, primarily reflecting higher maintenance and supply costs. Refer to "Mining Operations" below for further discussion.

Assuming average prices of $1,700 per ounce of gold and $18.00 per pound of molybdenum in fourth- quarter 2022 and achievement of current sales volume and cost estimates, consolidated unit net cash costs (net of by-product credits) for FCX's copper mines are expected to average $1.55 per pound of copper for the year 2022 (including $1.68 per pound in fourth-quarter 2022). The impact of price changes during fourth-quarter 2022 on consolidated unit net cash costs for the year 2022 would approximate $0.02 per pound of copper for each $100 per ounce change in the average price of gold and less than $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum.

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MINING OPERATIONS

Leaching Innovation Initiatives. FCX is advancing efforts to improve copper recovery from all ore types using leach processes. Several initiatives ongoing across FCX's North America and South America operations incorporate new applications, technologies and data analytics. FCX believes these leach innovation initiatives provide potential opportunities to produce incremental copper from its large existing leach stockpiles and lower-grade material currently classified as waste. Initial results support the potential for incremental low-cost additions to FCX's production and reserve profile.

North America Copper Mines. FCX operates seven open-pit copper mines in North America - Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. In addition to copper, certain of these mines produce molybdenum concentrate, gold and silver. All of the North America mining operations are wholly owned, except for Morenci. FCX records its 72 percent undivided joint venture interest in Morenci using the proportionate consolidation method.

Operating and Development Activities. FCX has substantial reserves and future opportunities in the U.S., primarily associated with existing mining operations.

Lone Star is increasing its operating rates to achieve production of 300 million pounds of copper per year from oxide ores (compared with the initial design capacity of 200 million pounds per year). This oxide project at Lone Star advances the opportunity for development of the underlying, large-scale sulfide resources. FCX is also increasing exploration in the area to support metallurgical testing and mine development planning for a potential significant long-term investment to build additional scale on an economically attractive basis.

FCX is planning an expansion to double the concentrator capacity of the Bagdad operation in northwest Arizona. FCX is engaging stakeholders and is conducting a feasibility study, which is expected to be completed in 2023. The timing of future development will be dependent on market conditions and other economic factors.

Operating Data. Following is summary consolidated operating data for the North America copper mines:

		Three Months Ended			Nine Months Ended
		September 30,			September 30,
Copper (millions of recoverable pounds)		2022			2021			2022			2021
Production		373			377			1,109			1,090
Sales, excluding purchases		361			375			1,131			1,072
Average realized price per pound	$	3.57	$	4.34	$	4.17	$	4.24
Molybdenum (millions of recoverable pounds)
Productiona		7			9			22			26
Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments	$	2.76	$	2.12	$	2.54	$	2.11
By-product credits		(0.30)			(0.39)			(0.33)			(0.32)
Treatment charges		0.10			0.09			0.10			0.09
Unit net cash costs	$	2.56		$	1.82		$	2.31		$	1.88

1. Refer to summary operating data on page 3 for FCX's consolidated molybdenum sales, which include sales of molybdenum produced at the North America copper mines.
2. For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX's consolidated financial statements, refer to the supplemental schedules, "Product Revenues and Production Costs," beginning on page XIII.

FCX's consolidated copper sales volumes from North America of 361 million pounds in third-quarter 2022 were lower than third-quarter 2021 copper sales volumes of 375 million, primarily reflecting timing of shipments as quarterly production volumes in third-quarter 2022 approximated third-quarter 2021. North America copper sales are estimated to approximate 1.5 billion pounds for the year 2022.

Average unit net cash costs (net of by-product credits) for the North America copper mines of $2.56 per pound of copper in third-quarter 2022 were higher than third-quarter 2021 unit net cash costs of $1.82 per pound,

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