PHOENIX ~ Freeport-McMoRan Inc. (FCX) has been notified by TRC Capital Investment Corporation (TRC) that it is making an unsolicited "mini-tender" offer to FCX shareholders to purchase up to 3,000,000 shares of FCX's common stock at a current below-market price of $32.20 per share. The offer price is approximately 4.4% below the $33.69 per share closing price of FCX's common stock on November 10, 2023, the last trading day prior to the date of the offer, and approximately 10% below the $35.54 per share closing price of FCX's common stock on November 16, 2023.

FCX has recommended that shareholders not tender their shares and take no action in response to TRC's offer. According to TRC's current offer documents, FCX shareholders who have already tendered their shares may withdraw them at any time prior to 12:01 a.m. New York City time on December 13, 2023 by following the procedures described in the offer documents.

FCX has made it clear that they do not endorse this unsolicited mini-tender offer and are not affiliated or associated in any way with TRC or its mini-tender offer documentation. The U.S Securities and Exchange Commission (SEC) has cautioned investors about mini-tender offers stating that they "have been increasingly used to catch investors off guard" and that investors "may end up selling their securities at below-market prices"

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Freeport-McMoRan Inc., headquartered in Phoenix Arizona is a leading international mining company with significant proven and probable reserves of copper, gold and molybdenum across its portfolio of assets which includes the Grasberg minerals district in Indonesia and large scale Morenci minerals district in Arizona as well as 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 with additional information available on its website at fcx.com

In light of this unsolicited mini-tender offer from TRC Capital Investment Corporation, Freeport McMoRan Inc has urged its shareholders not to tender their shares as they may end up selling them at below market prices according to SEC's guidance for investors on mini tender offers which can be found at http://www.sec.gov/investor/pubs/minitend.htm

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