Freeport-McMoRan Inc.

- There is no mention of any new fundraising through debt or equity in the document. - The company emphasizes a strong balance sheet with investment-grade ratings and solid credit metrics (Page 6). - There are no significant debt maturities through 2026 and substantial flexibility for funding 2027 maturities (Page 6). - The firm focuses on managing capital expenditures carefully and deploying capital strategically to projects with the best return and risk profiles, funded largely through available cash flow and performance-based cash return policies (Pages 6-7). - Since adopting their financial policy in 2021, they have returned $6 billion to shareholders via dividends and share repurchases, indicating a strong capital return focus without raising new equity (Page 6). - Overall, current financial strategy relies on operational cash flows and managing debt maturities, with no indication of planned new fundraising.

- Capital expenditures forecasted at approximately $4.3 billion in 2026 and $4.5 billion in 2027, similar to prior estimates. - Discretionary projects capital investments of about $1.6 billion to $1.7 billion annually in 2026 and 2027. - Around 50% of discretionary CapEx related to Kucing Liar development and LNG project at Grasberg. - Remaining CapEx includes acceleration of tailings and infrastructure supporting Bagdad mine expansion and Atlantic Copper Circular Project (expected completion during 2026). - Additional $60-70 million CapEx added for modifications related to handling wet ore in Grasberg, including replacement of damaged chutes with newer technology. - No change to overall group CapEx guidance; timing variances within plan offset the additional costs. - Bagdad expansion project moving toward investment decision with no permitting hurdles; aiming for completion within 3-4 years. - Continued focus on value-enhancing growth projects and strong capital discipline under financial policy.

- Sales volumes of copper and gold are expected to grow, particularly in 2027 and 2028 as full recovery at Grasberg is reached (Page 6, Slide 14). - Second half volumes projected to be approximately 30% higher for copper and 50% higher for gold compared to the first half of the year (Page 6). - Expansion opportunities include scaling innovative leach initiatives in North America to 400 million pounds by 2027 and a path to 800 million pounds per annum by 2030 (Pages 5 & 3). - Bagdad mine expansion in Arizona is moving toward an investment decision with potential for doubling production (Page 5). - El Abra project in Chile progressing with plans for a large-scale expansion expected to transform it into a major contributor (Page 5). - Safford/Lone Star District studies ongoing to optimize expansion and development options (Page 5). - Grassberg ramp-up progressing with production blocks 2 and 3 mining resumed and future volume growth expected (Page 3 & 6).

- Freeport expects growing volumes in 2027 and 2028 as Grasberg reaches full recovery, with second half volumes approximately 30% higher for copper and 50% higher for gold than the first half. - Annual EBITDA projected to range from ~$14 billion at $5 copper to $21 billion at $7 copper for 2027-28. - Operating cash flows expected between ~$10 billion to $16 billion annually (at $5 to $7 copper). - High sensitivity to copper prices: every $0.10 per pound change in copper price equals ~$400 million in annual EBITDA. - Improving gold prices add approximately $110 million in annual EBITDA per $100/oz increase. - U.S. operations expected to see a ~60% increase in copper production over the next several years, driven by innovations and expansions. - Financial policy prioritizes strong balance sheet, shareholder returns, and disciplined investments in value-accretive growth projects. - No direct EPS guidance given, but robust EBITDA and cash flow outlook imply strong future profitability.

The document does not provide specific details on current or expected orderbook or pending orders. However, relevant insights related to project execution and equipment deliveries include: - At Grasberg, installation of new regulators ("silminators") on chutes is underway to address material handling bottlenecks. - Some equipment is already on-site, with additional units on order for phased installation over the coming months. - Fabrication of the enhanced silminators is progressing in Indonesia, with efforts to shorten construction cycle times. - Capital expenditures remain in line with prior estimates, approximately $4.3B in 2026 and $4.5B in 2027, supporting projects including Kucing Liar and LNG at Grasberg. - No direct commentary on order backlog or pending equipment orders beyond these project-related material and capital commitments.