Freeport-McMoRan, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoran second quarter conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. If you wish to ask a question during the Q&A session, press star one on your touchtone phone. If you require assistance during the conference, please press star zero. I would now like to turn the conference over to Mr. David Joint, Vice President, Investor Relations. Please go ahead, sir.

Good morning, everyone, and welcome to the Freeport conference call. Earlier this morning, FCX reported its second quarter 2025 operating and financial results. A copy of today's release with supplemental schedules and slides is available on our website, fcx.com. Today's conference call is being broadcast live on the internet, and anyone may listen to the call by accessing our website homepage and clicking on the webcast link. In addition to analyst investors, The financial press has been invited to listen to today's call. A replay of the webcast will be available on our website later today. Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments on the call include non-GAAP measures and forward-looking statements, and actual results may differ materially. Please refer to the cautionary language included in our press release and slides and to the risk factors described in our SEC filings. all of which are available on our website. Also on the call with me today are Richard Acterson, Chairman of the Board, Kathleen Quirk, President and Chief Executive Officer, Marie Robertson, Executive Vice President and CFO, and other senior members of our management team. Richard will make some opening remarks, Kathleen and Marie will review our slide materials, and then we'll open up the call for questions. Richard?

Thank you, David, and thank you all for joining us. Copper is currently in the spotlight, of course. COMEX prices are hitting all-time highs, LME prices are strong, uses are growing, electricity means copper, and the world is increasingly electric. This results in high demand, and the industry continues to be challenged to find the supplies to meet this demand and future demand. Governments are focused on critical minerals, including copper. Our company is strongly positioned One third of our copper is in the U.S., roughly one third in Indonesia, and one third in Peru and Chile. We are the dominant producer in the U.S., producing over 70% of the country's refined copper. We're fully integrated. We have substantial organic growth to the U.S., and we're committed to that growth. Freeport committed to its strategy to copper over 20 years ago. Our tagline has been foremost in copper, and that's what we're striving to be. The startup of the Indonesian smelter is a big accomplishment. Congratulations to Team 34. We will now be effectively fully integrated producer globally. We're pleased to see the trade agreement between Indonesia and the United States, productive discussions with President Prabowo and President Trump. We convey to the Indonesian leaders negotiating the deal To note that Freeport, a widely held public company in the U.S. with almost a 60-year history of operating in Indonesia, is the operator of the world's second largest copper mine located there. Grassberg Operations and District is our cornerstone asset, second largest copper mine in the world. In this most recent quarter, we had a net credit for operating costs of $1 a pound. This asset has enabled us to create the modern Freeport. With the smelter nearing completion, we are progressing our discussions with the Indonesian government about extending our operating rights beyond 2041. Doing so would create great value for FCX shareholders, but it also would be very positive for all stakeholders in the operation. With those comments, I'll turn the call over to Kathleen and Marie, and to report on our quarter and our outlook.