Freeport Provides Update on PT Freeport Indonesia Operations

Freeport (NYSE: FCX) announced today an update on the search for the remaining five team members who were missing following the previously reported September 8 mud rush incident at the Grasberg Block Cave mine in Indonesia.

On October 5, 2025, PT Freeport Indonesia (PTFI) located the five missing team members who regrettably were found deceased. The Freeport organization extends its deepest condolences to the families of these individuals and continues to mourn the loss of two team members found deceased on September 20, 2025.

Richard C. Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, said, “We are grieving for our seven coworkers lost in this tragic incident and extend our sincere condolences to the families who lost loved ones. We appreciate the extraordinary efforts of the emergency response team who worked tirelessly to locate our coworkers. We are committed to investigating the cause of the incident and to taking all steps necessary to prevent recurrence.”

During the incident, a sudden rush of approximately 800,000 metric tons of wet material entered the mine from the former Grasberg open pit and traveled rapidly to multiple mine levels, including the service level of the mine where the seven team members were conducting development activities.

To prioritize the search, mining operations in the Grasberg minerals district have been temporarily suspended since September 8, as previously reported.

PTFI is progressing an investigation to identify the cause of this incident, which is unprecedented in PTFI’s multi-decade history of block cave mining operations. The investigation team includes external experts and will address root cause analysis and recommendations to safeguard against future occurrences. PTFI expects the investigation to be completed by year-end 2025.

PTFI is working closely with Indonesian government authorities to review the incident and future operating plans.

On September 24, 2025, FCX provided a preliminary assessment of potential production impacts from this incident. There have been no updates to this assessment. Further information will be provided as the investigation progresses, and damage assessments are completed.

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