$FCX · FREEPORT-MCMORAN INC

Freeport-McMoRan issued a Q3 2026 operational update on October 2, 2026. Consolidated copper production of approximately 830 million pounds and gold production of approximately 230 thousand ounces both approximated expectations. However, gold sales were impacted by a deferral of ~60K oz from Q3 to Q4 due to timing in Indonesia, pushing unit net cash costs ~5% above the July estimate of $2.00/lb. The PTFI smelter restarted in late August 2026, and the Grasberg ramp-up continues toward 80% capacity by mid-2027.

Extended-hours trading shows FCX at $70.39, up +1.57% vs the regular close, suggesting the market is taking the in-line copper production and smelter restart positively despite the gold sales deferral and modest cost overrun.

The update provides the first quantitative read on Grasberg's recovery trajectory since the September 2025 mud rush, with smelter restart and mill throughput at 67% of pre-incident rates.

The operational update highlights ongoing recovery from the September 2025 Grasberg mud rush, a key supply-side event for global copper markets. FCX's Bagdad expansion investment decision is targeted by year-end 2026.

Grasberg Block Cave ramp-up remains at ~67% of pre-incident rates; full capacity not expected until year-end 2027. Weather disruptions (flooding, power outages, strong winds) impacted U.S. operations, while abnormally dry conditions in Indonesia challenge milling.