The Scoop

With the first quarter of 2026 behind us, I want to thank you for the work you’ve put in and the role you play on Team Freeport. While we continue working to consistently meet our targets, I appreciate the sustained effort and focus across the company. I’m grateful for the collaboration, diligence and teamwork you bring to our day-to-day work and your ongoing commitment to moving the organization forward.

As we look ahead, continued focus on our five core value drivers will be critical — keeping our people safe, executing our plans reliably and responsibly, enhancing development opportunities for our people, embracing innovation and technology to improve performance, and advancing our initiatives for profitable, long-term growth.

Freeport is exceptionally well positioned as a leading global producer of copper, with current large-scale producing assets and an attractive pipeline for future growth. The fundamentals are positive, but we must also be nimble and prepared for other scenarios. We will continue to focus on costs, efficiencies and profitable growth. We will not lose sight of the importance of operational excellence in all that we do.

While teams across the organization have developed goals to prioritize their work to the highest value initiatives, I would like to iterate our company-wide goals for 2026. Working together, we will continue building a strong, prosperous and long-lasting business for the future:

1. Safety – Protect our most important asset – our people. Continue to heighten awareness of our operating environment, improve our TRIR and meaningfully reduce high-risk incidents.
2. Execution – Achieve our operating plans at all sites, improve efficiencies, eliminate unplanned downtime, reduce costs and deliver on our projects. Restore Grasberg mining and smelting operations safely and efficiently.
3. Leach initiative – Produce 300 million pounds incrementally in 2026 and build confidence in achieving 400 million pounds in 2027. Execute our additive, heat and precision leaching projects to create a clearer path to 800 million pounds per year by 2030.
4. Drive value through innovation – The technology solutions being deployed with our Reinvent Mining initiative are essential to our long-term competitive cost position in the Americas and have significant value potential.
5. Advance optionality for future growth – We have exciting opportunities for major projects at Bagdad, El Abra and Safford. We are positioned to make an investment decision for a potential major expansion at Bagdad, file for permits at El Abra and complete studies at Safford/Lone Star for our next phase of long-term growth.
6. Team Freeport – Reach higher for continuous improvement. Challenge ourselves and motivate others to excel. Step up for expanded responsibilities and seek opportunities for personal and team development.

Each of us has an important role to play in achieving our overall company objectives. With the combination of a strong, talented and energized organization and a highly attractive portfolio of assets, we are positioned for ongoing success. We are counting on all of you to make it happen.

Thank you for your efforts. I am proud to be part of this winning team!