Freeport-McMoRan (FCX) risk factors: FY2025 10-K

1. Fluctuations in the market prices of the commodities we produce have caused and may continue to cause significant volatility in our financial performance and in the trading prices of our common stock. Extended material declines in the market prices of such commodities could adversely affect our financial condition and operating plans.
2. Fluctuations in the price and availability of consumables and components for key machines and equipment we purchase, and constraints on supply and logistics could affect our profitability and operating plans. Further, significant delays or increases in costs affecting transportation services may affect our business.
3. Our debt and other financial commitments may limit our financial and operating flexibility.
4. Changes in or the failure to comply with the requirements of mine closure and reclamation regulations could have a material adverse effect on our business.
5. Unanticipated legal proceedings or negative developments in pending legal proceedings or other contingencies could have a material adverse effect on our financial condition.
6. Changes in and interpretations of tax laws and regulations could have a material adverse effect on our financial condition.reworded

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1. Our operations are subject to evolving geopolitical, economic, regulatory and social risks.
2. Because our operations in Indonesia are material to our business, our business may be adversely affected by political, economic, regulatory and social uncertainties in Indonesia.
3. PTFI will not mine all of the mineral reserves in the Grasberg minerals district before the initial term of its IUPK expires in 2031. PTFI’s IUPK may not be extended through 2041 if it fails to abide by its terms and conditions and applicable laws and regulations.reworded

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1. The mud removal and other remediation activities, and the phased restart and ramp-up of the Grasberg Block Cave underground mine following the September 2025 mud rush incident may not be achieved as planned which could adversely impact our results of operations and financial condition.new
2. Our operations are subject to significant operational risks that could adversely affect our business, including the ability to smelt and refine, and our underground mining operations have higher risks than a surface mine.
3. Our management of waste rock and tailings are subject to significant environmental, safety and engineering challenges and risks that could adversely affect our business.
4. Our Indonesia mining operations are susceptible to difficult and costly environmental challenges, and future changes in Indonesia environmental laws could increase our costs.
5. Violence, civil and religious strife, and activism could result in loss of life and disrupt our operations.
6. South America.new
7. Our operations, including future expansions or developments, depend on the availability of secure water supplies.reworded
8. Our information and operational technology systems have been and in the future may be adversely affected by cybersecurity events, disruptions, damage, failure and risks associated with implementation and integration.Cybersecurity
9. Failure to successfully implement, advance or develop new technology systems and increased exposure to risks associated with the use of these systems may adversely affect our business.reworded
10. Major public health crises may have an adverse impact on our business.

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1. Labor disputes or labor unrest could disrupt our operations.
2. Our success depends on our ability to recruit, retain, develop and advance qualified personnel.

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1. Development projects are inherently risky and may require more capital and have lower economic returns than anticipated, and the development of our underground mines are also subject to other unique risks.
2. We may not be able to maintain or grow our mineral reserves.
3. Estimates of mineral reserves and mineral resources are uncertain and the volume and grade of ore actually recovered may vary from our estimates.

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1. The costs of compliance with environmental, health and safety laws and regulations applicable to our operations may constrain existing operations or expansion opportunities. Related permit and other approval requirements may delay or result in a suspension of our operations.
2. We incur significant costs for remediating environmental conditions on or related to properties in the U.S. that have not been operated in many years.reworded
3. We face complex and changing regulatory and stakeholder and other third-party expectations relating to our climate and energy transition plans, which may adversely affect our business. Further, we may not be able to timely or successfully transition from fossil fuel sources for our significant energy needs, which may result in reputational damage.reworded
4. The physical impacts of changing climate conditions may adversely affect our mining operations, workforce, communities, biodiversity and ecosystems, supply chains and customers, which may result in increased costs.reworded
5. Scrutiny, action and evolving expectations from stakeholders and other third parties with respect to our sustainability-related practices, performance, commitments and disclosures may impact our reputation, increase our costs and impact our access to capital or business strategy.reworded
6. Failure or the perceived failure to manage our relationships with the communities and/or Indigenous Peoples where we operate or that are near our operations could harm our reputation and social license to operate.

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1. Our holding company structure may impact our ability to service our debt, declare dividends, and repurchase shares and debt.
2. Anti-takeover provisions in our charter documents and Delaware law may make an acquisition of us more difficult.

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