Freeport-McMoRan

Volume and cash flow are inherently cyclical and exposed to events. The September 2025 mud‑rush at Grasberg reduced 2025 volumes and pushed a phased restart to begin in Q2 2026, with 2026 sales weighted to the back half and ~100 million lbs of copper and ~100 koz gold deferred in smelter inventories.

Although the secular demand case for copper is strong, Freeport’s quarterly variability from grades, mine sequencing, provisional pricing and smelter ramp make cash flows less predictable than our preferred toll‑like models. 2026 consolidated unit net cash costs are guided to average ~$1.75/lb under by‑product accounting, improving as Grasberg ramps.