Freeport Q1 gold sales 100k oz below Jan guidance; PTFI resumes exports; costs up 5%

FREEPORT-MCMORAN INC

Q1 copper sales in-line with 850M lbs guidance; gold sales ~100k oz below 225k oz guidance.
Unit net cash costs ~5% above Jan $2.05/lb guidance due to lower gold by-product credits.
PTFI resumed concentrate exports on Mar 17 after regulatory approvals; PMR ramp continues.
Realized copper price ~$4.40/lb vs LME $4.24/lb; supported by US COMEX-linked sales (~1/3 of volume).
No material change expected to FY2025 annual sales guidance; Q1 earnings release set for Apr 24.

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