Freeport-McMoRan Investor Meeting Takeaways

Research evidence excerpt

Freeport-McMoRan Investor Meeting Takeaways

J P M O R G A N North America Equity Research

10 June 2026

Freeport-McMoRan Overweight

FCX, FCX US

Investor Meeting Takeaways Price (09 Jun 26):$64.25

Metals & Mining

Bill Peterson AC

(1-415) 315-6766

bill.peterson@jpmchase.com

Bennett Moore

(1-212) 622-0188

bennett.moore@jpmchase.com

We hosted Freeport’s CEO, Kathleen Quirk, and CFO, Maree Robertson, for an J.P. Morgan Securities LLC

investor meeting where discussions primarily focused on: 1) Grasberg’s ramp since

the mudslide last fall; 2) opportunities and gating factors for leaching; and 3)

government policy/relations in both the US and Indonesia. Grasberg’s ramp remains

on track, with improvements “on the margin” in regard to natural dewatering. The

team reiterated confidence in leaching as an avenue for low-cost, capital-light growth,

where we sense greater upside from stockpile heating in the near term as reagent R&D

remains ongoing. On policy, the company is well-positioned to benefit from COMEX

premiums resulting from the potential inclusion of refined copper S232 tariffs, but the

team didn’t dismiss the potential for demand destruction and is in “no rush” to expand

domestic smelting capacity. Longer-term in Indonesia, we sense confidence in

finalizing LOM mining rights potentially as soon as later this year, and while future

royalty rates are protected under the IUPK stability agreement, management

suggested Indonesian natural resource policy has become an increasingly important

tool to bolster state revenues, especially considering cost inflation from the Middle

East conflict. When asked about M&A, CEO Kathleen Quick said there’s appetite for

the right opportunities (ex. gold), but it’s not the “base case” for growth and that if