Freeport-McMoRan (FCX) chair Adkerson reports GRAT transfer, 3.58M direct shares

Rhea-AI Filing Summary

Freeport-McMoRan’s chairman and director Richard C. Adkerson reported changes in his ownership of the company’s common stock. On 11/29/2025, in accordance with the terms of a grantor retained annuity trust (GRAT) established on November 29, 2023, 28,773 shares of common stock were transferred to the remaindermen of that trust at a reported price of $0, coded as transaction type G.

After this transfer, Adkerson reports 1,643,102 shares held indirectly through GRATs and 192,330 shares held indirectly via an IRA, along with 3,576,690 shares held directly. The directly held amount includes 1,132,833 RSUs, of which 1,000,000 are vested but deferred. The filing notes that his direct and indirect holdings were also updated to reflect the establishment of a new GRAT and scheduled annuity-related share returns under earlier GRATs since his prior report.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ADKERSON RICHARD C

(Last) (First) (Middle)

333 NORTH CENTRAL AVENUE

(Street)

PHOENIX AZ 85004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FREEPORT-MCMORAN INC [ FCX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman of the Board

3. Date of Earliest Transaction (Month/Day/Year)
11/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/29/2025		G		28,773(1)	D	$0	1,643,102	I	Through GRATs
Common Stock								192,330	I	By IRA
Common Stock								3,576,690(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. In accordance with the terms of a GRAT established on November 29, 2023, 28,773 shares were transferred to the remaindermen of the trust upon the expiration of the GRAT on November 29, 2025.

2. Amount beneficially owned includes 1,132,833 RSUs, 1,000,000 of which are vested but deferred.

Remarks:

The Reporting Person's direct and indirect holdings have been updated to reflect the establishment of a new GRAT and the return of shares in connection with scheduled annuity payments under previously established GRATs that have occurred since his last Form 4.

	Kelly C. Simoneaux, on behalf of Richard C. Adkerson, pursuant to a power of attorney	12/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Freeport-McMoRan (FCX) report for Richard C. Adkerson?

Richard C. Adkerson, chairman and director of Freeport-McMoRan, reported a transaction on 11/29/2025 in which 28,773 shares of common stock were transferred from a GRAT to the trust's remaindermen at a reported price of $0, coded as transaction type G.

How many Freeport-McMoRan (FCX) shares does Richard C. Adkerson report owning after this Form 4?

Following the reported transaction, Richard C. Adkerson reports 1,643,102 shares held indirectly through GRATs, 192,330 shares held indirectly via an IRA, and 3,576,690 shares held directly.

What role do RSUs play in Richard C. Adkersons Freeport-McMoRan (FCX) holdings?

The reported 3,576,690 directly held shares include 1,132,833 RSUs, of which 1,000,000 are vested but deferred, meaning the shares have vested but delivery is deferred under the plan terms.

What is the significance of the GRAT in this Freeport-McMoRan (FCX) insider filing?

The filing explains that a GRAT established on November 29, 2023 expired on November 29, 2025, triggering a transfer of 28,773 shares to the remaindermen. It also notes updates for a new GRAT and scheduled annuity-related share returns under earlier GRATs.

Was the reported Freeport-McMoRan (FCX) transaction a market sale or a transfer?

The transaction is coded as G, indicating a transfer, with 28,773 shares moved to the remaindermen of a GRAT at a reported price of $0, rather than an open market sale.

What positions does Richard C. Adkerson hold at Freeport-McMoRan (FCX) according to this Form 4?

Richard C. Adkerson is reported as a director and an officer of Freeport-McMoRan, serving as Chairman of the Board.