Kucing Liar — gold & copper project

Underground deposit in the Grasberg minerals district under long-term mine development by PTFI since 2022. Sedimentary-rock hosted magnetite-rich skarn mineralization along major faults at the margins of the intrusions. 2025 studies identified a low-cost expansion increasing design capacity from 90,000 t/d to 130,000 t/d of ore and lifting reserves by ~20% (preliminary estimates ~8 blb copper and ~8 Moz gold recoverable through 2041, up from 7 blb/6 Moz); studies assumed ~10% Kucing Liar capital increase ($0.5B). ~$1.1B incurred through Dec 31, 2025; additional capital ~$4B through 2033 (avg ~$0.5B/yr). Initial production expected to commence ramping up in the 2030 timeframe; ultimate timing dependent on several factors.