Freeport-McMoRan (NYSE: FCX) secures Grasberg life-of-resource extension deal

Rhea-AI Filing Summary

Freeport-McMoRan announced a Memorandum of Understanding with the Indonesia government for a life-of-resource extension of operating rights for PT Freeport Indonesia in the Grasberg minerals district. The agreement would amend PTFI’s special mining business license to support long-term operations.

PTFI committed to increased support for communities in Papua, including funding a new hospital and two medical education facilities, and to boost exploration to identify and develop long-term resources and expansion opportunities. It will continue prioritizing domestic downstreaming through local sales of refined copper, precious metals, sulfuric acid and other products.

Under the MOU, FCX will transfer in 2041 a 12% share interest in PTFI to government interests at no cost, with reimbursement of its pro-rata post-2041 investment costs. FCX will maintain a 48.76% ownership interest in PTFI through 2041 and hold about 37% beginning in 2042. Existing governance, operating structure and key agreements are expected to continue over the life of the resource, and the extension remains subject to issuance of an amended license by the Indonesia government.

Insights

Mining sector and emerging-markets risk analyst

Life-of-resource MOU at Grasberg extends FCX’s key asset horizon but depends on Indonesian approvals.

The MOU with the Indonesia government for a life-of-resource extension at the Grasberg minerals district reinforces the long-term role of PT Freeport Indonesia in Freeport-McMoRan’s portfolio. Maintaining a 48.76% stake through 2041, then about 37% afterward, supports multi-decade copper and gold exposure.

In exchange, FCX accepts a 12% share transfer in 2041 to government interests at no cost, with reimbursement of its pro-rata post-2041 investment costs. The agreement also adds commitments for higher community support in Papua, including a new hospital and two medical education facilities, and increased exploration and downstreaming efforts.

The impact ultimately hinges on the Indonesia government issuing an amended special mining business license, as the extension and related terms are subject to that approval. Execution around license amendments, project studies, and expanded downstreaming will shape how much value FCX realizes over the resource life at Grasberg.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2026

Freeport-McMoRan Inc.

(Exact name of registrant as specified in its charter)

Delaware			001-11307-01			74-2480931
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

4340 E. Cotton Center Blvd., Suite 110
Phoenix			AZ			85040
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code: (602) 366-8100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.10 per share			FCX			The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

Freeport-McMoRan Inc. issued a press release dated February 18, 2026, announcing that it has entered into a Memorandum of Understanding with the Indonesia government for a life of resource extension of operating rights for PT Freeport Indonesia in the Grasberg minerals district. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 8.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number			Exhibit Title
99.1			Press release dated February 18, 2026, titled “FCX Announces Agreement for Life of Resource Extension of Operating Rights in Grasberg Minerals District.”
104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Freeport-McMoRan Inc.

By: /s/ Douglas N. Currault II

----------------------------------------

Douglas N. Currault II

Executive Vice President and General Counsel    

(authorized signatory)

Date: February 23, 2026

1 FCX Announces Agreement for Life of Resource Extension of Operating Rights in Grasberg Minerals District PHOENIX, AZ, February 18, 2026 - Freeport (NYSE: FCX) announced today that it has entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights for PT Freeport Indonesia (PTFI) in the Grasberg minerals district. Under the terms of the MOU, the parties agreed to the following: • PTFI’s special mining business license (IUPK) will be amended to provide for a life of resource extension of operating rights. • PTFI will increase support for communities in Papua, including financial support for a new hospital and two medical educational facilities. • PTFI will increase exploration spending and advance studies to identify and develop long-term resources and expansion opportunities. • PTFI will continue to prioritize domestic downstreaming through local sales of refined copper, precious metals, sulfuric acid and other products. PTFI will also be positioned to broaden its marketing of refined copper to the United States (U.S.) on market terms should the U.S. require additional supplies of copper. • FCX will transfer in 2041 a 12% share interest in PTFI to government interests at no cost, provided the acquiring party will reimburse FCX for its pro-rata costs incurred using book value for investments that benefit the post-2041 period. FCX will maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042. • The existing governance and operating structure, and terms of the existing shareholder agreement, the IUPK and other agreements in effect will continue over the life of the resource. Richard C. Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, said: “We value our long-standing partnership with the Indonesia government, the people of Indonesia and Papua, and the mutual trust that has been built over many years. The Grasberg operations have provided substantial benefits to all stakeholders over its six-decade history, and this extension will provide opportunities to continue to build substantial value for all stakeholders in one of the world’s most significant copper and gold deposits.” The extension of operating rights and other agreed terms are subject to the Indonesia government’s issuance of an amended IUPK. PTFI intends to expeditiously complete its extension application reflecting the agreed terms.

{N4163160.1} 2 FREEPORT: Foremost in Copper FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers. FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at fcx.com. Cautionary Statement: This press release contains forward-looking statements. Forward-looking statements are all statements other than statements of historical facts, such as expectations relating to the extension of PTFI’s life-of-resource operating rights, the terms and issuance of the amended IUPK, and continuation of existing operating and governance structures. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “commitments,” “future,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, satisfaction of requirements in accordance with PTFI’s IUPK to extend mining rights from 2031 through 2041; delays in Indonesia government approvals or failure to obtain Indonesia government approval, including on the agreed upon terms of the MOU and relating to the amendment to the IUPK to extend PTFI’s operating rights beyond 2041; potential delays in consummating the terms of the MOU, including finalizing the terms of any related agreements; PTFI’s ability to repair mud rush incident-related damage, implement enhanced operating procedures, safely restart, with a phased ramp-up, and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; recover amounts under insurance policies; resolve force majeure declarations and maintain relationships with commercial counterparties; changes in cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions, including market volatility regarding trade policies and tariff uncertainty; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory; results of technical, economic or feasibility studies; as well as other factors described in more detail under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission. Investors are cautioned that many of the assumptions upon which FCX’s forward-looking statements are based are likely to change after the date the forward-looking statements are made. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which are as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. # # #

FAQ

What did Freeport-McMoRan (FCX) agree with the Indonesia government about Grasberg?

Freeport-McMoRan agreed to a Memorandum of Understanding for a life-of-resource extension of operating rights for PT Freeport Indonesia in the Grasberg minerals district. The deal would amend PTFI’s mining license and maintain long-term operations under existing governance and operating structures.

How will Freeport-McMoRan’s ownership in PT Freeport Indonesia change under the MOU?

Under the MOU, FCX keeps its 48.76% ownership in PT Freeport Indonesia through 2041 and is expected to hold about 37% from 2042. In 2041, FCX will transfer a 12% share interest to government interests, with reimbursement of certain post-2041 investment costs.

What community commitments in Papua are included in Freeport-McMoRan’s Grasberg agreement?

PT Freeport Indonesia will increase support for communities in Papua, including financial support for a new hospital and two medical educational facilities. These commitments are part of the broader MOU tied to extending life-of-resource operating rights at the Grasberg minerals district.

How does the Grasberg MOU affect Freeport-McMoRan’s downstream copper strategy?

The MOU confirms PTFI will continue prioritizing domestic downstreaming through local sales of refined copper, precious metals, sulfuric acid and other products. It also positions PTFI to broaden refined copper marketing to the U.S. on market terms if additional U.S. copper supplies are needed.

What conditions still apply to Freeport-McMoRan’s life-of-resource extension at Grasberg?

The extension of operating rights and other terms are subject to the Indonesia government issuing an amended special mining business license for PT Freeport Indonesia. PTFI plans to complete its extension application, and the final outcome depends on government approvals and related agreements.

Why is the Grasberg life-of-resource extension important for FCX shareholders?

Grasberg is described as one of the world’s most significant copper and gold deposits, making long-term operating rights strategically important. The MOU supports multi-decade production potential, while clarifying future ownership, community obligations, exploration spending and downstreaming priorities for PT Freeport Indonesia.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 8.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB