Sociedad Minera Cerro Verde A : OTROS HECHOS DE IMPORTANCIA

Freeport-McMoRan

Reports Fourth-Quarter and Year Ended 2022 Results

• Solid execution

◦ Copper and gold sales volumes exceeded October 2022 estimates ◦ Consolidated unit net cash costs below October 2022 estimate

• Strong financial position

• Favorable operational and market outlook

▪ Net income attributable to common stock in fourth-quarter 2022 totaled $697 million, $0.48 per share, and adjusted net income attributable to common stock totaled $748 million, $0.52 per share, after excluding net charges totaling $51 million, $0.04 per share.

▪ Consolidated sales totaled 1.0 billion pounds of copper, 458 thousand ounces of gold and 19 million pounds of molybdenum in fourth-quarter 2022, and 4.2 billion pounds of copper, 1.8 million ounces of gold and 75 million pounds of molybdenum for the year 2022. Consolidated sales for the year 2023 are expected to approximate 4.2 billion pounds of copper, 1.7 million ounces of gold and 80 million pounds of molybdenum, including 0.9 billion pounds of copper, 300 thousand ounces of gold and 20 million pounds of molybdenum in first-quarter 2023.

▪ Average realized prices in fourth-quarter 2022 were $3.77 per pound for copper, $1,789 per ounce for gold and $18.94 per pound for molybdenum.

▪ Average unit net cash costs were $1.53 per pound of copper in fourth-quarter 2022 and $1.50 per pound of copper for the year 2022. Unit net cash costs are expected to average $1.60 per pound of copper for the year 2023.

▪ Operating cash flows totaled $1.1 billion (net of $0.5 billion of working capital and other uses) in fourth-quarter 2022 and $5.1 billion (net of $1.5 billion of working capital and other uses) for the year 2022. Based on current sales volume and cost estimates, and assuming average prices of $4.00 per pound for copper, $1,900 per ounce for gold and $20.00 per pound for molybdenum, operating cash flows are expected to approximate $7.2 billion (including $0.1 billion of working capital and other sources) for the year 2023.

▪ Capital expenditures totaled $1.0 billion (including $0.5 billion for major mining projects and $0.3 billion for the Indonesia smelter projects) in fourth-quarter 2022 and $3.5 billion (including $1.7 billion for major mining projects and $0.8 billion for the Indonesia smelter projects) for the year ended 2022. Capital expenditures for the year 2023 are expected to approximate $5.2 billion (including $2.3 billion for major mining projects and $1.8 billion for the Indonesia smelter projects).

▪ At December 31, 2022, consolidated debt totaled $10.6 billion and consolidated cash and cash equivalents totaled $8.1 billion, resulting in net debt of $2.5 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 were repurchased for $1.3 billion for the period through July 11, 2022. Future share repurchases will be funded with available cash flow pursuant to FCX's established financial policy.

Firmado Digitalmente por:

JULIA JOHANNA TORREBLANCA

MARMANILLO

Fecha: 25/01/2023 05:27:56 p.m.

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PHOENIX, AZ, January 25, 2023 - Freeport-McMoRan Inc. (NYSE: FCX) reported fourth-quarter 2022 net income attributable to common stock of $697 million, $0.48 per share, and adjusted net income attributable to common stock of $748 million, $0.52 per share, after excluding net charges totaling $51 million, $0.04 per share, primarily associated with adjustments to reclamation liabilities at PT Freeport Indonesia (PT-FI) and charges for a proposed settlement related to legacy environmental litigation, partly offset by favorable adjustments to historical contested tax matters. For additional information, refer to the supplemental schedule, "Adjusted Net Income," beginning on page VII.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, "The Freeport team's performance in 2022 was solid. We achieved another year of growth in production volumes and enhanced our position as a leading producer of copper. I am particularly proud of the notable successful execution of our long-term projects in Indonesia and the significant accomplishments of our entire global team to address challenges faced by the global mining industry.

Our long-lived,large-scale and geographically diverse assets provide a solid foundation for the future production of metals required to support the global economy and the energy transition. Our plans focus on execution, building on our strong momentum and pursuing value responsibly and sustainably for the benefit of our stakeholders."

SUMMARY FINANCIAL DATA

		Three Months Ended			Years Ended
		December 31,			December 31,
		2022			2021			2022			2021
		(in millions, except per share amounts)
Revenuesa,b	$	5,758	$	6,164	$	22,780	$	22,845
Operating incomea	$	1,530	$	2,305	$	7,037	$	8,366
Net income attributable to common stockc,d	$	697	$	1,106	$	3,468	$	4,306
Diluted net income per share of common stock	$	0.48	$	0.74	$	2.39	$	2.90
Diluted weighted-average common shares outstanding		1,440			1,482			1,451			1,482
Operating cash flowse	$	1,069	$	2,280	$	5,139	$	7,715
Capital expenditures	$	1,047	$	771	$	3,469	$	2,115
At December 31:
Cash and cash equivalents	$	8,146	$	8,068	$	8,146	$	8,068
Total debt, including current portion	$	10,620	$	9,450	$	10,620	$	9,450

1. For segment financial results, refer to the supplemental schedules, "Business Segments," beginning on page XI.
2. Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $175 million ($76 million to net income attributable to common stock or $0.05 per share) in fourth-quarter 2022, $187 million ($75 million to net income attributable to common stock or $0.05 per share) in fourth-quarter 2021, $60 million ($25 million to net income attributable to common stock or $0.02 per share) for the year 2022 and $169 million ($65 million to net income attributable to common stock or $0.04 per share) for the year 2021. For further discussion, refer to the supplemental schedule, "Derivative Instruments," beginning on page IX.
3. Includes net charges totaling $51 million ($0.04 per share) in fourth-quarter 2022, $315 million ($0.21 per share) in fourth- quarter 2021, $74 million ($0.05 per share) for the year 2022 and $331 million ($0.22 per share) for the year 2021 that are described in the supplemental schedule, "Adjusted Net Income," beginning 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 $(548) million in fourth-quarter 2022, $388 million in fourth-quarter 2021, $(1.5) billion for the year 2022 and $755 million for the year 2021.

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SUMMARY OPERATING DATA

		Three Months Ended			Years Ended
		December 31,			December 31,
Copper (millions of recoverable pounds)		2022			2021			2022			2021
Production		1,070			1,033			4,210			3,843
Sales, excluding purchases		1,042			1,020			4,213			3,807
Average realized price per pound	$	3.77	$	4.42	$	3.90	$	4.33
Site production and delivery costs per pounda	$	2.28	$	1.96	$	2.19	$	1.93
Unit net cash costs per pounda	$	1.53	$	1.29	$	1.50	$	1.34
Gold (thousands of recoverable ounces)
Production		472			405			1,811			1,381
Sales		458			395			1,823			1,360
Average realized price per ounce	$	1,789	$	1,808	$	1,787	$	1,796
Molybdenum (millions of recoverable pounds)
Production		22			22			85			85
Sales, excluding purchases		19			19			75			82
Average realized price per pound	$	18.94	$	19.42	$	18.71	$	15.56

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 XIV.

Market Conditions

For the year 2022, the London Metal Exchange (LME) copper settlement prices ranged from a record high of $4.87 per pound in March to a low of $3.18 per pound in July, closed at $3.80 per pound on December 30, 2022, and averaged $3.99 per pound. Current physical market conditions are strong as evidenced by low levels of global exchange stocks. FCX's global customer base reports continued healthy demand for copper.

Improved market sentiment beginning in late 2022 was associated with prospects for improved demand from China, rising demand from global decarbonization initiatives, supply constraints, United States (U.S.) dollar exchange rates and low inventories. FCX believes the outlook for copper fundamentals in the medium- and long- term remain favorable, with third-party studies indicating that demand for copper may double in 15 years as a result of global decarbonization trends. FCX believes substantial new mine supply development will be required to meet the goals of the global energy transition, and higher copper prices will be required to support new mine supply development.

Historically, copper prices have been correlated to various input costs, including energy and other commodity-related consumables. During 2022, prices for a number of commodity-related consumables increased at a time when copper prices declined. While a number of commodity-related consumables have retreated from the highs of 2022, most cost elements remain high relative to long-term correlations. In addition, labor constraints, particularly in the U.S., continue to limit production levels. FCX will continue to carefully manage costs and drive efficiencies to mitigate cost increases.

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

Responsible Production

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 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. PT-FI is engaged in the validation review process having completed the assurance requirements and submitted its validation package in November 2022.

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In fourth-quarter 2022, the Copper Mark announced an extension of its framework to include molybdenum producers, among other metal producers, and launched pilot implementations for producers of these metals. In December 2022, FCX signed letters of commitment for its Climax and Henderson molybdenum mines to participate in the Molybdenum Mark, making FCX the first molybdenum miner to pilot the program.

Consolidated Sales Volumes

Fourth-quarter 2022 sales:

• Copper sales of 1.04 billion pounds were slightly higher than the October 2022 estimate of 1.02 billion pounds and fourth-quarter 2021 sales.
• Gold sales of 458 thousand ounces were 9% higher than the October 2022 estimate of 420 thousand ounces of gold and 16% higher than fourth-quarter 2021 sales of 395 thousand ounces, primarily reflecting higher operating rates and recoveries at the Grasberg minerals district.
• Molybdenum sales of 19 million pounds approximated the October 2022 estimate and fourth-quarter 2021 sales.

Consolidated sales volumes for the year 2023 are expected to approximate 4.2 billion pounds of copper, 1.7 million ounces of gold and 80 million pounds of molybdenum, including 0.9 billion pounds of copper, 300 thousand ounces of gold and 20 million pounds of molybdenum in first-quarter 2023. Consolidated copper and gold production volumes for the year 2023 are expected to be above consolidated sales volumes, primarily reflecting approximately 90 million pounds of copper and 120 thousand ounces of gold in inventory as a result of PT-FI's commercial arrangement with PT Smelting converting to a tolling arrangement. Projected sales volumes are dependent on operational performance, weather-related conditions, timing of shipments, extension of PT-FI's export license after March 19, 2023, and other factors detailed in the Cautionary Statement below.

Consolidated Unit Net Cash Costs

Fourth-quarter 2022 consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines of $1.53 per pound of copper were 9% lower than the October 2022 estimate of $1.68 per pound, primarily reflecting higher gold and molybdenum by-product credits and slightly lower unit site production and delivery costs. Fourth-quarter 2022 consolidated average unit net cash costs were higher than the fourth-quarter 2021 average of $1.29 per pound of copper, primarily reflecting increased costs for energy, sulfuric acid and maintenance and supplies. Refer to "Mining Operations" below for further discussion.

Assuming average prices of $1,900 per ounce of gold and $20.00 per pound of molybdenum for 2023 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 $1.60 per pound of copper for the year 2023 (including $1.78 per pound of copper in first-quarter 2023). The impact of price changes on 2023 consolidated unit net cash costs would approximate $0.04 per pound of copper for each $100 per ounce change in the average price of gold and $0.02 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.

MINING OPERATIONS

Leaching Innovation Initiatives. FCX is advancing efforts to improve copper recovery from its leach processes, including initiatives across FCX's North America and South America operations to 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 and FCX has identified opportunities to achieve an annual run rate of 200 million pounds of copper per year through these initiatives by the end of 2023.

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% 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.

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Lone Star is increasing its operating rates to achieve targeted production of approximately 300 million pounds of copper per year from oxide ores in 2023 (compared with the initial design capacity of 200 million pounds of copper per year). The oxide project at Lone Star advances the opportunity for development of the underlying, large-scale sulfide resources. FCX is conducting follow-on 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. FCX is advancing plans for expanded tailings infrastructure projects to support Bagdad's long-range plans. The timing of future development will be dependent on market conditions, labor and supply chain considerations and other economic factors.

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

		Three Months Ended			Years Ended
		December 31,			December 31,
Copper (millions of recoverable pounds)		2022			2021			2022			2021
Production		358			370			1,467			1,460
Sales, excluding purchases		338			364			1,469			1,436
Average realized price per pound	$	3.73	$	4.43	$	4.08	$	4.30
Molybdenum (millions of recoverable pounds)
Productiona		7			8			29			34
Unit net cash costs per pound of copperb
Site production and delivery, excluding adjustments	$	2.70	$	2.19	$	2.58	$	2.13
By-product credits		(0.32)			(0.39)			(0.33)			(0.33)
Treatment charges		0.11			0.10			0.10			0.09
Unit net cash costs	$	2.49		$	1.90		$	2.35		$	1.89

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 XIV.

FCX's consolidated copper sales volumes from North America of 338 million pounds in fourth-quarter 2022 were lower than fourth-quarter 2021 copper sales volumes of 364 million, primarily reflecting lower mill ore grades and the timing of shipments. North America copper sales are estimated to approximate 1.5 billion pounds for the year 2023.

Average unit net cash costs (net of by-product credits) for the North America copper mines of $2.49 per pound of copper in fourth-quarter 2022 were higher than fourth-quarter 2021 unit net cash costs of $1.90 per pound, primarily reflecting increased costs for energy, maintenance and supplies, and sulfuric acid, as well as lower sales volumes and lower molybdenum by-product credits.

Average unit net cash costs (net of by-product credits) for the North America copper mines are expected to approximate $2.45 per pound of copper for the year 2023, based on achievement of current sales volume and cost estimates and assuming an average molybdenum price of $20.00 per pound. North America's average unit net cash costs for the year 2023 would change by approximately $0.03 per pound for each $2 per pound change in the average price of molybdenum.

South America Mining. FCX operates two copper mines in South America - Cerro Verde in Peru (in which FCX owns a 53.56% interest) and El Abra in Chile (in which FCX owns a 51% interest). These operations are consolidated in FCX's financial statements. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Beginning in late 2022, heightened tensions, protests and social unrest emerged in Peru following a change in the country's political leadership. Demonstrations have continued in early 2023, and the civil unrest continues to

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