SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED) SUPPLEMENTARY MINERAL RESERVE INFORMATION

12 Months Ended

Dec. 31, 2022

Supplementary Mineral Reserve Information [Abstract]

Estimated Recoverable Proven and Probable Reserves by Location

SUPPLEMENTARY MINERAL RESERVE INFORMATION (UNAUDITED)

Recoverable proven and probable mineral reserves as of December 31, 2022, have been prepared using industry accepted practice and conform to the disclosure requirements under Subpart 1300 of SEC Regulation S-K. FCX’s proven and probable mineral reserves may not be comparable to similar information regarding mineral reserves disclosed in accordance with the guidance in other countries. Proven and probable mineral reserves were determined by the use of mapping, drilling, sampling, assaying and evaluation methods generally applied in the mining industry. Mineral reserves, as used in the reserve data presented here, mean an estimate of tonnage and grade of measured and indicated mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. Proven mineral reserves are the economically mineable part of a measured mineral resource. To classify an estimate as a proven mineral reserve, the qualified person must possess a high degree of confidence of tonnage, grade and quality. Probable mineral reserves are the economically mineable part of an indicated or, in some cases, a measured mineral resource. The qualified person’s level of confidence will be lower in determining a probable mineral reserve than it would be in determining a proven mineral reserve. To classify an estimate as a probable mineral reserve, the qualified person’s confidence must still be sufficient to demonstrate that extraction is economically viable considering reasonable investment and market assumptions.

FCX’s mineral reserve estimates are based on the latest available geological and geotechnical studies. FCX conducts ongoing studies of its ore bodies to optimize economic values and to manage risk. FCX revises its mine plans and estimates of proven and probable mineral reserves as required in accordance with the latest available studies.

Estimated recoverable proven and probable mineral reserves at December 31, 2022, were determined using metals price assumptions of $3.00 per pound for copper, $1,500 per ounce for gold and $12 per pound for molybdenum. For the three-year period ended December 31, 2022, LME copper settlement prices averaged $3.67 per pound, London PM gold prices averaged $1,789 per ounce and the weekly average price for molybdenum quoted by Platts Metals Daily averaged $14.44 per pound.

The recoverable proven and probable mineral reserves presented in the table below represent the estimated metal quantities from which FCX expects to be paid after application of estimated metallurgical recoveries and smelter recoveries, where applicable.

	Estimated Recoverable Proven and Probable Mineral Reserves
	at December 31, 2022
	Coppera (billion pounds)	Gold (million ounces)	Molybdenum (billion pounds)
North America	48.6	0.6	2.83
South America	31.7	—	0.70
Indonesiab	30.8	26.3	—
Consolidated basisc	111.0	26.9	3.53
Net equity interestb,d	80.4	13.5	3.20

Note: Totals may not foot because of rounding.

a.Estimated consolidated recoverable copper reserves included 1.8 billion pounds in leach stockpiles and 0.3 billion pounds in mill stockpiles.

b.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. As a result, PT-FI’s current long-term mine plan and planned operations are based on the assumption that PT-FI will abide by the terms and conditions of the IUPK and will be granted the 10-year extension from 2031 through 2041 (refer to Note 13 for discussion of PT-FI’s IUPK). As a result, PT-FI will not mine all of these mineral reserves during the initial term of the IUPK. Prior to the end of 2031, PT-FI expects to mine 46% of its proven and probable recoverable mineral reserves at December 31, 2022, representing 49% of FCX’s net equity share of recoverable copper reserves and 51% of FCX’s net equity share of recoverable gold reserves.

c.Consolidated mineral reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in North America (refer to Note 3 for further discussion). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 340 million ounces of silver, which were determined using $20 per ounce.

d.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of FCX’s ownership in subsidiaries). Excluded from the table above were FCX’s estimated recoverable proven and probable mineral reserves of 226 million ounces of silver.

		Estimated Recoverable Proven and Probable Mineral Reserves
		at December 31, 2022
		Orea (million metric tons)		Average Ore Grade Per Metric Tona				Recoverable Proven and Probable Mineral Reservesb
	FCX’s Interest	FCX’s Interest	100% Basis	Copper (%)	Gold (grams)		Molybdenum (%)	Copper (billion pounds)		Gold (million ounces)	Molybdenum (billion pounds)
North America
Production stage:
Morenci	72%	3,525	4,895	0.23	—		0.01	15.7		—	0.29
Sierrita	100%	2,735	2,735	0.22	—	c	0.02	11.1		0.1	1.10
Bagdad	100%	2,637	2,637	0.33	—	c	0.02	16.2		0.2	0.91
Safford, including    Lone Star	100%	1,071	1,071	0.40	—		—	7.0		—	—
Chino, including Cobre	100%	319	319	0.44	0.04		—	2.6		0.3	—
Climax	100%	151	151	—	—		0.14	—		—	0.45
Henderson	100%	51	51	—	—		0.16	—		—	0.16
Tyrone	100%	91	91	0.17	—		—	0.3		—	—
Miami	100%	—	—	—	—		—	0.1	c	—	—
South America
Production stage:
Cerro Verde	53.56%	2,268	4,235	0.35	—		0.01	28.0		—	0.70
El Abra	51.00%	368	722	0.42	—		—	3.6		—	—
Indonesiad
Production stage:
Grasberg Block Cave	48.76%	395	810	1.10	0.75		—	16.5		12.9	—
Deep Mill Level Zone	48.76%	186	382	0.75	0.62		—	5.4		5.9	—
Big Gossan	48.76%	24	49	2.27	0.95		—	2.2		1.0	—
Development stage:
Kucing Liar	48.76%	186	381	0.99	0.88		—	6.8		6.5	—
Total 100% basis			18,528					115.4		26.9	3.61
Consolidated basise			17,158					111.0		26.9	3.53
FCX’s net equity interestf			14,007					80.4		13.5	3.20

Note: Totals may not foot because of rounding.

a.Excludes material contained in stockpiles.

b.Includes estimated recoverable metals contained in stockpiles.

c.Amounts not shown because of rounding.

d.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through 2041. Refer to Note 13 for discussion of PT-FI’s IUPK.

e.Consolidated mineral reserves represent estimated metal quantities after reduction for Morenci’s joint venture partner interests (refer to Note 3 for further discussion).

f.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 3 for further discussion of FCX’s ownership in subsidiaries).