Core Viewpoint - Freeport-McMoRan is a prominent mining company with a positive outlook from Morgan Stanley, despite facing legal challenges related to a securities fraud lawsuit [2][3][5]. Group 1: Company Overview - Freeport-McMoRan is recognized for its substantial copper and gold production, operating large, long-lived, and geographically diverse assets with significant reserves of copper, gold, and molybdenum [1]. - The company has a market capitalization of approximately $68.27 billion, indicating its strong presence in the mining sector [5]. Group 2: Stock Performance - As of December 15, 2025, Freeport-McMoRan's stock price is $47.55, reflecting a slight increase of 0.35% or $0.17, with fluctuations between a low of $47.39 and a high of $48.85 on that day [4][6]. - Over the past year, the stock has experienced a high of $49.12 and a low of $27.66, showcasing volatility in its performance [4]. Group 3: Analyst Ratings - Morgan Stanley has maintained an "Overweight" rating for Freeport-McMoRan, raising its price target to $53 from a previous target of $44, indicating confidence in the company's future performance [2][6]. - The positive rating from Morgan Stanley suggests potential growth opportunities for the company despite existing legal challenges [5]. Group 4: Legal Challenges - Freeport-McMoRan is currently facing a securities fraud lawsuit, with a reminder issued to investors who purchased FCX securities between February 15, 2022, and September 24, 2025, to apply as lead plaintiffs by January 12, 2026 [3][6].

Summary of Mining Equities Conference Call Industry Overview - **Sector Performance**: In 2025, mining equities outperformed equity benchmarks, primarily driven by gold and copper, while ferrous metals and energy remained flat or declined [1][15] - **2026 Outlook**: Expectations for copper, aluminium, and lithium to outperform due to supply constraints and energy transition, with a cautious view on traditional end markets in developed economies [2][15] Key Commodities Insights Copper - **Market Dynamics**: The medium-term outlook for copper remains bullish, with expectations of market tightness in 2026 due to limited growth in global mine output and a deficit in refined output [3][4] - **Investment Opportunities**: Freeport is highlighted as a top pick due to its discounted valuation and expected production recovery at the Grasberg mine [4][23] Aluminium - **Demand vs Supply**: The outlook for aluminium is mixed; while demand holds up, supply constraints are expected, particularly from China and developed markets [5][24] - **Investment Recommendation**: A buy recommendation for Norsk Hydro is reiterated, with expectations of stable operations and potential cash returns [8][24] Gold - **Market Sentiment**: Gold remains a consensus macro trade, with equities delivering strong returns in 2025. However, valuations are less compelling than at the start of the year [9][22] - **Top Picks**: Barrick and Newmont are identified as top picks, with potential for further catalysts in 2026 [10][22] Iron Ore - **Price Forecast**: The medium-term outlook for iron ore is bearish, with prices expected to stabilize around $100/t in the short term and decline to $90/t by 2027 due to increased supply from Simandou [11][20] Coal - **Market Conditions**: Met coal prices have risen above $200/t due to demand and supply disruptions, while thermal coal remains stable at $110/t [12][20] Diversified Miners - **Performance Comparison**: Vale outperformed in the bulks sector, while RIO and BHP performed in line with benchmarks. A preference for RIO over Vale and BHP is noted due to better growth prospects [13][25] Earnings and Price Target Changes - **Adjustments**: Earnings estimates and price targets have been adjusted based on commodity price forecasts, with notable upgrades for copper miners like FCX and KGHM [28][29] Conclusion - **Investment Strategy**: The report emphasizes a selective investment approach in mining equities, focusing on commodities with strong fundamentals and potential for price gains, particularly copper, aluminium, and gold [2][15][22]

Core Viewpoint - A class action securities lawsuit has been filed against Freeport-McMoRan Inc. alleging securities fraud affecting investors between February 15, 2022, and September 24, 2025 [1][2] Group 1: Allegations - The lawsuit claims that Freeport-McMoRan did not ensure adequate safety at the Grasberg Block Cave mine in Indonesia [2] - It is alleged that the lack of safety measures posed a heightened risk of worker fatalities [2] - The complaint states that these safety issues led to undisclosed regulatory, litigation, and reputational risks [2] - As a result, statements made by the defendants regarding Freeport-McMoRan's business and operations were materially false and misleading [2] Group 2: Legal Process - Investors who suffered losses during the specified timeframe have until January 12, 2026, to request appointment as lead plaintiff [3] - Participation in the lawsuit does not require serving as a lead plaintiff to share in any potential recovery [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive experience in complex securities litigation [4] - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as a leading securities litigation firm in the U.S. [4]

Core Viewpoint - A class action lawsuit has been filed against Freeport-McMoRan Inc. and certain senior executives for securities fraud following significant stock drops attributed to potential violations of federal securities laws [1]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the District of Arizona, captioned Reed v. Freeport-McMoRan Inc., et al., No. 2:25-cv-04243, with claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [3]. - Investors have until January 12, 2026, to request to be appointed to lead the case [3]. Group 2: Company Operations and Safety Claims - Freeport operates the Grasberg Copper and Gold Mine in Indonesia, where it has been accused of overstating its commitment to safety while conducting unsafe mining practices that could lead to worker fatalities [4][5]. - The company had previously promoted its safety procedures, including the use of data and technology to prevent fatal incidents [4]. Group 3: Stock Price Impact - On September 9, 2025, Freeport's stock dropped by $2.77 per share (over 5.9%) following a press release about the suspension of mining operations due to a landslide that trapped seven team members [6]. - Following an update on September 24, 2025, indicating two fatalities and a projected 4% decrease in copper sales and 6% decrease in gold sales, the stock fell by $7.69 per share (almost 17%) [7]. - On September 25, 2025, reports of strained relations with the Indonesian government led to an additional drop of $2.33 per share (over 6%) [8]. - An Indonesian news report on September 28, 2025, suggested that the landslide was preventable, further impacting investor confidence [9].

Group 1 - The core point of the article is that a class action lawsuit has been filed against Freeport-McMoRan Inc. (NYSE: FCX) on behalf of investors who purchased shares during the specified class period, alleging that the company misled investors about safety conditions at its mines [1] Group 2 - The class period for the lawsuit is defined as February 15, 2022, to September 24, 2025 [1] - The law firm Robbins LLP is representing the stockholders in this case [1] - Investors are encouraged to submit a form or contact attorney Aaron Dumas, Jr. for more information regarding the lawsuit [1]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Freeport-McMoRan Inc. regarding a class action lawsuit alleging that the company made materially false and misleading statements related to safety practices at its Grasberg Block Cave mine in Indonesia [1]. Group 1: Allegations - The complaint alleges that Freeport did not adequately ensure safety at the Grasberg Block Cave mine [1]. - It is claimed that the lack of proper safety precautions posed a heightened risk that could foreseeably lead to worker fatalities [1]. - The allegations include that this situation constituted an undisclosed heightened risk of regulatory, litigation, and reputational issues [1]. - As a result, the defendants' statements about Freeport-McMoRan's business, operations, and prospects were materially false and misleading [1]. Group 2: Class Action Details - The class period for the lawsuit is from February 15, 2022, to September 24, 2025 [1]. - Shareholders are encouraged to register for the class action by January 12, 2026, to potentially be appointed as lead plaintiff [2]. - Once registered, shareholders will be enrolled in a portfolio monitoring software for status updates throughout the case [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting the rights of investors affected by deceit and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and engage in good corporate citizenship [3].

Core Viewpoint - A class action lawsuit has been filed against Freeport-McMoRan Inc. and certain senior executives for securities fraud following significant stock drops attributed to potential violations of federal securities laws [1][3]. Group 1: Lawsuit Details - The lawsuit is based on claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, representing investors in Freeport securities [3]. - Investors have until January 12, 2026, to request to lead the case, which is pending in the U.S. District Court for the District of Arizona [3]. Group 2: Company Operations and Safety Claims - Freeport operates the Grasberg Copper and Gold Mine in Indonesia, where it has been accused of overstating its commitment to safety while conducting unsafe mining practices [4][5]. - The company had previously promoted its safety procedures, including the use of data and technology to prevent fatal incidents [4]. Group 3: Stock Price Impact - On September 9, 2025, Freeport's stock dropped by $2.77 per share (over 5.9%) following a press release about suspended mining operations due to a landslide [6]. - Following updates on September 24, 2025, regarding fatalities and expected lower sales, the stock fell by $7.69 per share (almost 17%) [7]. - Additional reports on September 25, 2025, regarding strained relations with the Indonesian government led to a further drop of $2.33 per share (over 6%) [8]. - A report on September 28, 2025, indicated that the landslide was preventable, further impacting investor confidence [9].

Core Viewpoint - Bernstein Liebhard LLP is reminding investors of Freeport-McMoran Inc. about a securities fraud class action lawsuit related to the company's alleged misrepresentations concerning safety at the Grasberg Block Cave mine in Indonesia [1][3]. Group 1: Lawsuit Details - A class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of investors who purchased Freeport securities between February 15, 2022, and September 24, 2025 [3]. - The lawsuit alleges violations of the Securities Exchange Act of 1934 against Freeport and certain senior officers [3]. Group 2: Legal Participation - Investors wishing to serve as lead plaintiff must file papers by January 12, 2026, and participation as a lead plaintiff is not required to share in any recovery [4]. - All representation in the lawsuit is on a contingency fee basis, meaning shareholders pay no fees or expenses [4]. Group 3: Firm Background - Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for clients and has represented large public and private pension funds [5]. - The firm has been recognized multiple times in The National Law Journal's "Plaintiffs' Hot List" and has been listed in The Legal 500 for sixteen consecutive years [5].

1. Report's Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - In 2025, copper was the most outstanding variety in the non - ferrous metal sector, with the best supply - demand fundamentals, the strongest financial attributes, and the smoothest upward logic. Its annual increase was the largest since 2009 [1]. - In 2026, copper is expected to be one of the strongest - performing commodities. The supply of copper concentrates will be tighter than in 2025, and the global copper supply - demand pattern will shift from a tight balance to a supply shortage. The copper - gold ratio has room for significant repair, and valuation repair may become the underlying driver of copper price increases in 2026. The expected trading range of the main Shanghai copper contract is 89,000 - 91,000 yuan/ton as the support and 130,000 - 140,000 yuan/ton as the resistance [2][3]. 3. Summary According to the Directory First Part: Long - term Copper Price Trend Analysis and 2025 Trend Review - **Copper Price Historical Trend Review**: From the 1990s to 2023, copper prices experienced five major upward cycles, mainly driven by factors such as economic growth, financial attributes, and supply - demand imbalances. Since 2024, the contradiction of tight global copper mine supply has been prominent, and in 2025, the structural contradiction of refined copper inventory dominated the copper price trend [13][14][19]. - **2025 Copper Price Trend Review**: In 2025, the copper price showed different trends in different stages. In the first quarter, it oscillated strongly; in April, it recovered after a decline; from May to August, it fluctuated at a high level; from September to December, it entered a second main upward wave and reached a new high. Supply - side disturbances and demand - side changes were the main driving factors [22][24][27]. Second Part: Domestic and Overseas Macroeconomic Influencing Factors - **Domestic Economic K - shaped Differentiation, New and Old Kinetic Energies at Two Extremes**: In 2025, China's economic growth kinetic energy shifted from investment to consumption and exports. Investment also shifted from traditional infrastructure and real estate to high - end manufacturing, digital economy, and new energy. The anti - involution policy in the third quarter boosted inflation to some extent. In 2026, China's economy will continue this transformation trend, and copper will benefit from strong demand in related fields [33][42][44]. - **The US Dollar Index Enters the Middle of the Downtrend, and the US Manufacturing Industry Enters the Expansion Cycle**: In the future, the US copper demand has great growth potential. The US manufacturing industry has been performing strongly, and the "Creation Mission" plan will increase copper demand. The US dollar index is expected to continue to decline in 2026, which will boost the copper price from a valuation perspective [56][57][72]. Third Part: Spot Premiums and Discounts No specific summary content provided in the text, only a figure about the seasonal trend of spot premiums and discounts is mentioned [75]. Fourth Part: Global Copper Supply Analysis - **Frequent Disturbances in Global Copper Mine Supply, Strong Constraints on Copper Concentrate Production**: In the long - term, global copper mines face problems such as slow production growth and declining grades. In 2025, supply disturbances increased, and the annual production growth rate was expected to be less than 2%. The global competition for copper resources is intensifying. In 2026, the supply of copper concentrates is expected to remain tight [78][79][95]. - **The Tight Supply of the Mining End Has Not Been Transmitted to the Smelting End, and China's Electrolytic Copper Production Has Reached Record Highs**: In 2025, although the supply of copper concentrates in China was tight and TC processing fees hit a record low, electrolytic copper production still increased significantly, mainly due to new capacity, high prices of by - products, and the substitution of scrap copper. In 2026, the supply of copper concentrates will still be tight, and China's electrolytic copper production is expected to remain at a high level but may slightly decline year - on - year [107][108][111]. - **The Spread between Refined and Scrap Copper Widens, and the Supply of Recycled Copper Resources Is Tight**: In 2025, the supply of scrap copper in China was tight, mainly due to concerns about tariffs on US scrap copper imports and policy impacts on recycled copper rod enterprises. In 2026, the situation of tight scrap copper supply may continue [123][124][127]. - **The Willingness to Export Electrolytic Copper Has Significantly Increased, and Imports Have Decreased**: In 2025, affected by the expected US tariff on copper imports, the export willingness of electrolytic copper in China increased, and imports decreased. The demand for copper concentrate imports increased [132][133][134]. Fifth Part: Global Inventory Structural Contradictions Are Prominent Since 2024, the impact of the global copper inventory structure on the price has been increasing. In 2025, the total inventory of the three major exchanges increased, but the COMEX inventory increased significantly, while the Shanghai and London inventories were maintained at low levels. In 2026, the structural contradiction of global copper inventory is expected to remain difficult to resolve [141][142][143]. Sixth Part: Copper Demand Analysis - **China's Copper Product Output Reached a Record High, and the Output Growth Rates of Refined Copper Rods and Copper Foil Were Obvious**: In 2025, China's copper product output reached a record high, with the output of refined copper rods and copper foil growing rapidly. In 2026, the output growth rate of refined copper rods is expected to increase, while the output of copper tubes and copper rods may decline, and the demand for copper foil is expected to continue to grow at a high rate [149][150][151]. - **Power Grid and New Energy Demand Are Strong, and Real Estate Demand Continues to Be Weak**: In 2025, power grid investment increased, while real estate investment declined, and the demand for copper in the home appliance sector weakened. In 2026, power grid investment is expected to achieve double - digit growth, while real estate and home appliance demand are expected to have limited improvement [169][170][171]. - **New Energy and AI Fields Are Expected to Be Important Sources of Future Copper Demand Increases**: In 2025, the copper consumption in the new energy industry increased. In the future, the new energy vehicle market is expected to maintain a growth rate of over 20%, and the copper demand in the AI field is expected to increase explosively. By 2030, the combined copper demand in the new energy and AI fields is expected to account for 22% of the total demand [181][182][185]. Seventh Part: Arbitrage Analysis In 2025, there were differences in the price increases of major global copper markets in the first half of the year. The copper - to - zinc ratio continued to rise. In 2026, the copper - to - zinc ratio is expected to continue to increase, and the copper - to - London ratio still has room to decline [202][204]. Eighth Part: Position Analysis In 2025, the net long positions in the COMEX copper futures and options market increased significantly, and the long positions of LME copper investment funds also increased. The investment funds had an obvious impact on the copper price [210]. Ninth Part: Seasonal Analysis Copper prices tend to perform well in January, March, October, November, and December, mainly due to demand - side factors such as policy support and seasonal demand peaks [215]. Tenth Part: Copper Options Market Analysis In 2025, the implied volatility of copper options showed an upward trend, and the option market was bullish on copper prices. In 2026, the implied volatility center of copper is expected to move up, which is beneficial to option buyers [218]. Eleventh Part: Copper Supply - Demand Balance Sheet In 2025, the global copper market's supply - surplus situation improved. In 2026, the global copper market is expected to shift from a supply surplus to a supply shortage, with an expected shortage of 150,000 tons [226]. Twelfth Part: Technical Trend Analysis From a technical perspective, copper has broken through the nearly 20 - year oscillation range since 2006, and the future upward space is promising [232]. Thirteenth Part: Full - text Summary and Operational Suggestions In 2026, copper is expected to be one of the strongest - performing commodities. The supply - demand pattern will shift to a shortage. The recommended operations are for downstream demanders to conduct long - hedging in far - month contracts, for spot holders to hold and wait for price increases, and for option buyers to consider buying call options [235][236]. Fourteenth Part: Related Stocks The report lists the performance of some copper - related stocks in 2025, including their year - to - date price increases and current prices [237].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Freeport-McMoRan Inc. securities between February 15, 2022, and September 24, 2025, about the upcoming lead plaintiff deadline for a securities class action lawsuit [1]. Group 1: Class Action Details - Investors who bought Freeport-McMoRan securities during the specified Class Period may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by January 12, 2026 [3]. - The lawsuit alleges that Freeport-McMoRan made false or misleading statements regarding safety at the Grasberg Block Cave mine in Indonesia, which led to increased risks for workers and potential regulatory and reputational issues [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements, including the largest securities class action settlement against a Chinese company [4]. - The firm has been ranked No. 1 for securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions of dollars for investors [4]. - In 2019, the firm secured over $438 million for investors, and its founding partner was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020 [4].