Freeport-McMoRan finished 2025 slightly ahead of guidance. Adjusted EBITDA came in around $10 billion and unit net cash costs were $1.65 per pound. Copper prices picked up late in the year and are trading about 30% higher than the 2025 average. The Grasberg restart in Indonesia is on track for Q2 2026. They expect 85% of production to be restored in the second half of the year following the recent mudflow event. In the US, the leach program generated over $200 million in 2025 and they are targeting $300 million for 2026. Management noted that AI data centers are becoming a significant demand driver. For the outlook, they are planning $4.3-4.5 billion in capex for 2026. Costs are expected to average $1.75 per pound next year but should drop in the second half as volumes improve.