We update our FCX model to reflect realized 4Q LME & COMEX copper prices with 4Q EBITDA set at $1.2bn, with provisional pricing providing a tailwind. Results could be a little noisy given the Grasberg closure and re- start. Investors’ main focus will be any updates around the Grasberg ramp-up. Other topics will include N.Am and S.Am production and cost outlook, Bagdad project update & approval timeline, progress on US cost reduction initiatives, and update on Indonesia IUPK extension. We raise our target price by ~30% to $67/sh from $48/sh, owing to a higher P/NAV (1.6x vs 1.2x) based on Citi commodity team’s ST bullish view on copper (see Global Commodities: Base metals to take centre stage…). Although we do acknowledge that 2026 peak copper disruption may be Jan 1, with supply returning through the year (Grasberg, Kamoa Kakula).