FREEPORT-MCMORAN INC — Form 8-K

FCX reported Q2 2026 net income of $984M ($0.68/share); consolidated copper sales of 710M lbs at $6.17/lb; unit net cash costs of $1.97/lb (favorable to guidance). PTFI's Grasberg Block Cave phased ramp-up achieved planned operating rates; company targeting 65% production capacity in H2 2026, 80% by mid-2027, full capacity by YE 2027. Major growth projects advancing: Bagdad expansion (200–250M lbs/yr target, capital cost ~30% above 2023 estimate of $3.5B), El Abra major mill (~700M lbs/yr), leach innovation targeting 300M lbs/yr by YE 2026. Repurchased 1.7M shares for $110M; increased Cerro Verde ownership to 55.66% (2M shares for $107M). Net debt $2.1B (excluding PTFI downstream debt), within $3–4B target. Full-year 2026 copper sales guidance: 3.1B lbs; capex $4.3B.