Announcement • Aug 24

Hot Chili Limited Reports Strong Drill Results from La Verde Copper-Gold Porphyry Discovery

Hot Chili Limited accelerated its integration of the La Verde porphyry discovery into the Costa Fuego copper-gold (Cu-Au) project, located in Chile's coastal range. Recently returned Reverse Circulation (RC) and Diamond (DD) drill results continued to expand La Verde's high-grade core, and confirmed strong continuity of shallow, wide zones of Cu-Au mineralisation ahead of a planned maiden Mineral Resource Estimate (MRE). Significant intersections included: DKD060 recorded 472 m grading 0.41% CuEq (0.34% Cu, 0.08 g/t Au) from 49 m depth, including 63.7 m grading 0.50% CuEq (0.42% Cu, 0.10 g/t Au) from 93.4 m, and including 105.8 m grading 0.70% CuEq (0.58% Cu, 0.15 g/t Au) from 397 m. DKP058 recorded 182 m grading 0.50% CuEq (0.41% Cu, 0.10 g/t Au) from 24 m depth, including a 74 m downhole extension to the previously reported 108 m grading 0.54% CuEq (0.45% Cu, 0.11 g/t Au) from 24 m. DKP052 recorded 272 m grading 0.40% CuEq (0.32% Cu, 0.10 g/t Au) from 82 m depth, including 42 m grading 0.50% CuEq (0.39% Cu, 0.14 g/t Au) from 92 m, and including 28 m grading 0.60% CuEq (0.48% Cu, 0.16 g/t Au) from 252 m. Assays are pending for 18 drillholes (one DD, one DD tail, and 16 RC), and a fourth rig has been added to accelerate drilling operations following recent heavy rain in the Atacama region. Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) /(Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t). Step-Out DD Drilling continued to expand high grade core. Recently returned assay results from DD holes DKD060 and DKP045D confirmed the high-grade core remains open and extends at depth to the south and north, respectively. DKD060 intersected 472m grading 0.41% CuEq (0.34% Cu, 0.08g/t Au) from 49m depth, including a significant higher-grade component comprising 105.8m grading 0.70% CuEq from 397m, which also included 32.6m grading 0.90% CuEq from 438m. Results from DKD060 have refined the geological interpretation, with fewer late-stage dykes than previously modelled, supporting the expansion of the +0.4% Cu grade model. Results from DKD060 are partial, with assays pending for the final 142.7 m, from 630 m to the end of hole at 772.7 m. DKP045D was collared on the western edge of the mineralised footprint and intersected multiple zones of copper-gold mineralisation across the north-western flank. In-fill RC Drilling confirmed continuity of near-surface, bulk mineralisation. Assay results from DKP058 extended the previously reported intersection by a further 74 m downhole, increasing the total intersection to 182 m grading 0.50% CuEq (0.41% Cu, 0.10 g/t Au) from 24 m depth. Together with previously reported drill holes DKP053 and DKP054, the result further strengthened confidence in the continuity and growth potential of a broad near-surface enrichment horizon along the eastern flank. Shallow RC drilling targeting the up-dip extension of La Verde's high-grade core also returned a significant result from drill hole DKP052, which recorded 272 m grading 0.40% CuEq (0.32% Cu, 0.10g/t Au) from 82 m depth, including multiple intervals which confirmed the continuity of higher-grade zones, such as 42 m grading 0.50% CuEq from 92 m, 16 m grading 0.64% CuEq from 226 m and 28 m grading 0.60% CuEq from 252m. RC drill hole DKP051 was collared on the western margin of the La Verde mineralised footprint. The hole was designed as a pre-collar for a planned diamond drill hole aiming to test a potential north-western extension to DKD039, which previously returned 725 m grading 0.42% CuEq (0.36% Cu, 0.07 g/t Au) from 18 m depth. The pre-collar intersected 12 m grading 0.45% CuEq (0.39% Cu, 0.07 g/t Au) from 68 m, extending the interpreted near-surface oxide mineralisation horizon along the western flank. A fourth rig has now been added to accelerate drilling at La Verde, with the Company expanding drilling operations to six shifts per day (two DD rigs on double-shift and two RC rigs on single-shift). As Hot Chili advances toward a maiden MRE for La Verde later this year, the Company expects to follow with a revised Pre-Feasibility Study (PFS) for Costa Fuego, including La Verde, and the formal submission of the Costa Fuego Environmental Impact Assessment (EIA) in Second Quarter 2027. The integration of La Verde is anticipated to significantly enhance Costa Fuego's scale and economics – elevating its standing amongst the world's few remaining meaningful scale and near-term independent copper development projects. Costa Fuego currently ranks among the five largest copper development projects globally that are not controlled by a major mining company. Significant intercepts for La Verde are reported above a nominal cut-off grade of 0.20% Cu. Reported intersections may include internal dilution (intervals below 0.20% Cu), including zones exceeding 30 m downhole width, where the overall weighted average grade of the intersection remains above the cut-off grade. Significant intersections are separated where zones of internal dilution result in discrete intervals that do not meet the reporting criteria.

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