Hot Chili Quarterly Report Period Ending June 30, 2025
Hot Chili Quarterly Report Period Ending June 30, 2025
PERTH, Australia, July 29, 2025 /CNW/ -
Highlights
Latest Drill Results Double La Verde Porphyry Discovery Footprint
Completion of phase-one Reverse Circulation ("RC") drilling programme confirms significant copper-gold (Cu- Au) discovery, with mineralisation extending over 1 km in length and up to 750 m in width from near surface. Discovery remains open laterally and at depth, with over half of Hot Chili's drill holes ending in mineralisation. Significant intercepts from latest drill results included:
389 m grading 0.4% Cu and 0.1 g/t Au from 4 m depth to end-of-hole (DKP030)
including 46 m at 0.6% Cu and 0.2 g/t Au from 238 m including 34 m at 0.6% Cu and 0.2g/t Au from 322 m 286 m grading 0.3% Cu and 0.1 g/t Au from 4 m depth (DKP027)
including 154 m at 0.4% Cu, 0.1g/t Au from 44 m
District-Scale Porphyry Cluster Potential Emerging at La Verde
Geophysical and surface geochemical Programmes identify a cluster of three large targets adjacent to the La Verde porphyry discovery.
Phase-two expansion drilling of La Verde and first drilling across adjacent porphyry targets awaiting access approval.
Projects Registered for Priority Status by Chilean Ministry of Economy
Costa Fuego Copper-Gold Project and Huasco Water Project fulfilled key requirements to be considered in the Chilean government's list of strategic investment projects for the country to expedite through streamlined administrative approval processing.
Hot Chili Adds Mine-Build Credentials with Key Appointments
High profile Australian mining executive and former Gold Fields executive vice president Mr Stuart Mathews appointed to the Board of Directors in the role of Non-Executive Chair.
Well regarded Chilean mining executive and project director for several of Chile's largest mine developments, Mr Alberto Cerda, has been appointed to the executive role of Project Director.
Strategic Partnering Process Advancing
Ongoing strategic partnering process to secure qualified partners to support funding and delivery of Costa Fuego and Huasco Water, with BMO Capital Markets appointed as financial advisor.
A$5.2M Cash & A$2.0M in Returns Expected (VAT reimbursements)
This quarter saw the completion of the Phase 1 drilling at La Verde, located 30km south of Costa Fuego in coastal Chile (CNW Group/Hot Chili Limited)
Cautionary Statement – JORC Code (2012)
The Costa Fuego Copper-Gold Project is currently at the Pre-Feasibility Study ("PFS") stage. The production targets and forecast financial information contained in this report are based on technical and economic assessments that are preliminary in nature. While the PFS incorporates Measured, Indicated, and Inferred Mineral Resources, there is a lower level of geological confidence associated with Inferred Mineral Resources, and no certainty that further exploration or development will result in the conversion of Inferred Mineral Resources to Indicated or Measured categories.
The PFS is not a definitive study and is based on a number of assumptions, including commodity prices, capital and operating costs, metallurgical recoveries, permitting, and other factors, which are subject to change. The outcomes of the PFS should not be used as the basis for a final investment decision. Further work, including additional drilling, metallurgical testing, and detailed engineering, is required before the Company can make a decision to proceed to development.
Of the Mineral Resources scheduled for extraction in the PFS production plan, more than 99% are classified as Indicated, with the remaining <1% as Inferred. The Company has concluded that it has reasonable grounds for disclosing a production target which includes a small amount of Inferred Mineral Resources, as permitted under the JORC Code. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The viability of the development scenario envisaged in the PFS does not depend on the inclusion of Inferred Mineral Resources. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued drilling.
The Mineral Resources underpinning the production target in the PFS have been prepared by a competent person in accordance with the requirements of the JORC 2012. For full details on the Mineral Resource estimate, please refer to the ASX announcement of 27 March 2025.
To achieve the outcomes indicated in the PFS, including reaching Definitive Feasibility Study ("DFS"), mine construction and production stages, funding in the order of US$1.27 Billion will be required, including preproduction and working capital and assumed financing charges. Investors should note that that there is no certainty that Hot Chili will be able to raise that amount of funding when needed. One of the key assumptions is that the funding for the Project will be available when required and on acceptable terms. It is also possible that such funding may only be available on terms that may be dilutive to, or otherwise affect the value of, Hot Chili's existing shares. It is also possible that Hot Chili could pursue other value realisation strategies such as debt financing, a sale or partial sale of its interest in the Costa Fuego Copper Project and/or Huasco Water, sale of further royalties and/or streaming rights, sale of non-committed offtake rights, and sale of non-core assets.
The Company cautions that there is no certainty that the results or estimates contained in the PFS will be realised.
This Report contains forward-looking statements. Hot Chili has concluded that it has a reasonable basis for providing these forward-looking statements and believes it has a reasonable basis to expect it will be able to fund development of the Costa Fuego Copper Project. However, a number of factors could cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based solely of the results of the PFS.
SUMMARY OF OPERATIONAL ACTIVITIES
La Verde Exploration Update
Rapidly Expanding Discovery, Multiple Higher-Grade Centres Confirmed
The phase-one RC drilling programme across the La Verde copper-gold porphyry discovery ("La Verde"), located 30km south of the Company's Costa Fuego Copper-Gold Project ("Costa Fuego"), was completed on 8 April 2025 with a total of 31 RC drillholes for 9,630 m drilled. Final results from the phase-one drill programme reported during the quarter confirm:
Three higher-grade centres defined by multiple intersections (refer Figure 1)
Shallow copper-gold (Cu-Au) mineralisation extending over 1 km in length and up to 750 m in width (refer Figure 2).
The La Verde discovery remains open laterally and at depth with over half of Hot Chili's drilling ending in mineralisation (at depth of RC drill capability).
Significant drill results reported during the quarter included:
389 m grading 0.4% Cu and 0.1 g/t Au from 4 m depth to end-of-hole (DKP030)
including 46 m at 0.6% Cu and 0.2 g/t Au from 238 m including 34 m at 0.6% Cu and 0.2g/t Au from 322m 120 m grading 0.4% Cu and 0.1 g/t Au from 6 m depth (DKP028)
including 48 m at 0.5% Cu and 0.1 g/t Au from 26 m
and, 114m at 0.3% Cu, 0.1g/t Au from 318m depth to end-of-hole
including 34m at 0.4% Cu, 0.2g/t Au from 380 m to end-of-hole 114 m grading 0.4% Cu from 86 m depth (DKP024)
including 52 m at 0.5% Cu and 0.1 g/t Au from 96 m
286 m grading 0.3% Cu and 0.1 g/t Au from 4 m depth (DKP027)
including 154 m at 0.4% Cu, 0.1g/t Au from 44 m 228 m grading 0.3% Cu and 0.2 g/t Au from 42 m depth (DKP013)
including 104 m at 0.4% Cu and 0.3 g/t Au from 42 m
202 m grading 0.3% Cu and 0.1 g/t Au from 50 m depth (DKP017)
including 14 m at 0.4% Cu and 0.1 g/t Au from 96 m including 16 m at 0.4% Cu and 0.1 g/t Au from 180 m
138 m grading 0.3% Cu and 0.1 g/t Au from 6m depth to end-of-hole (DKP020)
including 24 m at 0.4% Cu and 0.1 g/t Au from 6 m including 48 m at 0.4% Cu and 0.1 g/t Au from 36 m including 36 m at 0.4% Cu and 0.1 g/t Au from 102 m
The Company is planning to commence diamond drilling planned for phase two to extend higher grade centres at depth. Regulatory application for phase-two drilling access has been submitted and is progressing.
Baseline studies for a second Environmental Impact Assessment ("EIA") are ongoing to ensure timely integration of La Verde into Costa Fuego's potential future mine plan.
District-Scale Porphyry Cluster Potential Emerging at La Verde
Regional exploration activities reported during the quarter have identified multiple look-alike magnetic features adjacent to La Verde highlight potential for a broader district-scale porphyry system.
The integration of a 3D magnetic inversion model from ground magnetic data shows a spatial correlation between the mineralised tonalitic porphyry intrusion and a NNE-SSW trending weakly magnetic anomaly over La Verde. This magnetic anomaly sits within a localised circular magnetic-low feature. This relationship has been used to identify three additional circular magnetic-low features (lookalike targets) adjacent to La Verde, all of which are well-positioned at the intersection point of major regional structures (Figure 3).
In addition to the geophysical data, the Company has also completed 3D geochemical probability modelling using an extensive regional soil geochemistry programme (Figure 4).
This work has outlined three priority porphyry targets as outlined in Figure 3, with two of these porphyry targets concealed under shallow gravel cover (blind exploration opportunity). Regulatory applications for access clearing are being progressed across these new target areas adjacent to La Verde.
Figure 1. Oblique long-section of La Verde Cu-Au porphyry discovery (facing 335 azimuth +35 plunge) outlining the size potential of the emerging higher-grade centres and the broader copper mineralisation model, which remains open in all directions. Copper interpolants displayed as 3D meshes, drillholes displayed as thin black traces. For full details of the drilling intercepts and assay results to date, refer to the Company's announcement "Hot Chili Announces Latest Drill Results for La Verde" dated 19 May 2025. (CNW Group/Hot Chili Limited)
Figure 2. Plan view slice at 950 RL (± 50 m clipping) of tonalitic (pink polygon) and dioritic porphyry (red polygon) intrusions compared to the footprint of the +0.2% Copper interpolant (yellow outline). Returned Cu grades graphed downhole. For full details of the drilling intercepts and assay results to date, refer to the Company's announcement "Hot Chili Announces Latest Drill Results for La Verde" dated 19 May 2025. (CNW Group/Hot Chili Limited)
Figure 2. Plan view slice at 950 RL (± 50 m clipping) of tonalitic (pink polygon) and dioritic porphyry (red polygon) intrusions compared to the footprint of the +0.2% Copper interpolant (yellow outline). Returned Cu grades graphed downhole. For full details of the drilling intercepts and assay results to date, refer to the Company's announcement "Hot Chili Announces Latest Drill Results for La Verde" dated 19 May 2025. (CNW Group/Hot Chili Limited)
Figure 3. Plan view showing the La Verde +0.2% Cu mineralisation interpolant in relation to regional magnetic destruction footprint (red dashed), local magnetic low features (white dashed), weakly magnetic anomalies (white line) and Fathom 3D geochemical probability models (purple isosurfaces). Left – shown overlain on reduced-tothe-pole (RTP) ground magnetics and the 3D magnetic inversion model (sliced at 850 RL, displayed as blocks, filtered for Magnetic Susceptibility > 0.014). Right – shown in relation to mapped gravel cover, interpreted regional structures and soil sample coverage. A - A' indicates the position of long section in Figure 4. (CNW Group/Hot Chili Limited)
Figure 4. Long section view A - A’ facing north-west showing the La Verde +0.2% (yellow) and +0.3% copper (red) mineralisation interpolants in comparison to the 3D magnetic inversion model (displayed as blocks, filtered for Magnetic Susceptibility > 0.014) and 3D geochemical target at La Verde North-East. Local circular magnetic low features are outlined (white dashed line) and locations where shallow weakly magnetic anomalies extend to the surface are marked with blue arrows. Position of 850 RL depth shown for 3D magnetic inversion model slice in Figure 3. (CNW Group/Hot Chili Limited)
Table 1 - Drill Holes Completed for Costa Fuego in Quarter 2 2025
| Prospect | Hole ID | North | East | RL | Depth | Azimuth | Dip | Results |
|---|---|---|---|---|---|---|---|---|
| La Verde | DKP031 | 6785786 | 324560 | 1123 | 279 | 272 | -60 | No Significant Intersection |
Table 2 – Significant Intersections returned for Costa Fuego in Quarter 2 2025
| Hole ID _ | Coordinates | Azim. | Dip | Hole Depth | Intersection | Interval | Copper | Gold | Silver | Molybdenum | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North | East | RL | From | To | (m) | (% Cu) | (g/t Au) | (ppm Ag) | (ppm Mo) | ||||
| DKP013 | 6785971 | 324839 | 1192 | 244 | -60 | 437 | 42 | 270 | 228 | 0.3 | 0.2 | 0.3 | 7 |
| Incl | 42 | 146 | 104 | 0.4 | 0.3 | 0.3 | 6 | ||||||
| Or Incl | 50 | 116 | 66 | 0.5 | 0.3 | 0.3 | 5 | ||||||
| 296 | 437 | 141 | 0.2 | 0.1 | 0.4 | 19 | |||||||
| Incl | 334 | 358 | 24 | 0.3 | 0.1 | 0.7 | 18 | ||||||
| DKP014 | 6785852 | 324747 | 1149 | 299 | -61 | 444 | 0 | 12 | 12 | 0.3 | 0.1 | 0.3 | 7 |
| 194 | 204 | 10 | 0.3 | 0.2 | 0.4 | 5 | |||||||
| 306 | 402 | 96 | 0.3 | 0.1 | 0.6 | 20 | |||||||
| And incl | 340 | 352 | 12 | 0.4 | 0.1 | 0.9 | 14 | ||||||
| And incl | 366 | 376 | 10 | 0.4 | 0.2 | 0.8 | 14 | ||||||
| 424 | 444 | 20 | 0.2 | 0.0 | 0.5 | 29 | |||||||
| DKP015 | 6786096 | 324434 | 1159 | 130 | -60 | 313 | 2 | 34 | 32 | 0.3 | 0.0 | 0.9 | 22 |
| 176 | 313 | 137 | 0.2 | 0.1 | 0.5 | 29 | |||||||
| Incl | 236 | 242 | 6 | 0.4 | 0.1 | 0.9 | 20 | ||||||
| DKP016 | 6785947 | 324416 | 1111 | 111 | -60 | 360 | 0 | 48 | 48 | 0.4 | 0.0 | 0.6 | 39 |
| Incl | 0 | 22 | 22 | 0.6 | 0.0 | 0.6 | 23 | ||||||
| 286 | 304 | 18 | 0.3 | 0.1 | 0.9 | 52 | |||||||
| DKP017 | 6786094 | 324685 | 1184 | 97 | -61 | 336 | 50 | 252 | 202 | 0.3 | 0.1 | 0.5 | 31 |
| Incl | 96 | 110 | 14 | 0.4 | 0.1 | 0.3 | 12 | ||||||
| And incl | 144 | 152 | 8 | 0.4 | 0.2 | 1.2 | 55 | ||||||
| And incl | 180 | 196 | 16 | 0.4 | 0.1 | 0.5 | 55 | ||||||
| DKP018 | 6785835 | 324429 | 1094 | 97 | -60 | 145 | 16 | 134 | 118 | 0.2 | 0.0 | 0.4 | 24 |
| Incl | 20 | 46 | 26 | 0.3 | 0.0 | 0.8 | 19 | ||||||
| DKP019 | 6785720 | 324718 | 1130 | 253 | -61 | 279.5 | 106 | 144 | 38 | 0.3 | 0.1 | 0.5 | 16 |
| Incl | 114 | 122 | 8 | 0.5 | 0.2 | 0.7 | 25 | ||||||
| 202 | 279.5 | 77.5 | 0.3 | 0.1 | 0.5 | 27 | |||||||
| DKP020 | 6785748 | 324586 | 1125 | 273 | -60 | 144 | 6 | 144 | 138 | 0.3 | 0.1 | 0.9 | 23 |
| Incl | 6 | 30 | 24 | 0.4 | 0.1 | 1.1 | 6 | ||||||
| And incl | 36 | 84 | 48 | 0.4 | 0.1 | 0.9 | 20 | ||||||
| And incl | 102 | 138 | 36 | 0.4 | 0.1 | 0.8 | 31 | ||||||
| DKP021 | 6785619 | 324325 | 1178 | 75 | -60 | 402 | 118 | 128 | 10 | 0.3 | 0.0 | 0.4 | 18 |
| 234 | 314 | 80 | 0.3 | 0.1 | 0.4 | 21 | |||||||
| Incl | 284 | 300 | 16 | 0.4 | 0.1 | 0.6 | 13 | ||||||
| 324 | 370 | 46 | 0.3 | 0.1 | 0.6 | 14 | |||||||
| DKP022 | 6785527 | 324414 | 1184 | 78 | -60 | 288 | 44 | 202 | 158 | 0.2 | 0.0 | 0.4 | 18 |
| Incl | 44 | 66 | 22 | 0.4 | 0.1 | 0.5 | 11 | ||||||
| 232 | 288 | 56 | 0.2 | 0.0 | 0.5 | 18 | |||||||
| Incl | 250 | 258 | 8 | 0.5 | 0.0 | 1.6 | 21 | ||||||
| And incl | 282 | 288 | 6 | 0.3 | 0.1 | 1.0 | 24 | ||||||
| DKP023 | 6785421 | 324320 | 1181 | 90 | -60 | 402 | 74 | 100 | 26 | 0.3 | 0.1 | 0.4 | 21 |
| 172 | 196 | 24 | 0.3 | 0.0 | 0.8 | 38 | |||||||
| 254 | 366 | 112 | 0.3 | 0.1 | 0.6 | 26 | |||||||
| DKP024 | 6785424 | 324417 | 1186 | 111 | -59 | 402 | 54 | 360 | 306 | 0.3 | 0.0 | 0.7 | 28 |
| Incl | 86 | 200 | 114 | 0.4 | 0.0 | 0.7 | 23 | ||||||
| Or Incl | 96 | 148 | 52 | 0.5 | 0.1 | 0.8 | 16 |
| And incl | 328 | 334 | 6 | 0.4 | 0.1 | 1.2 | 22 | ||||||
| DKP025 | 6785313 | 324415 | 1186 | 270 | -74 | 276 | 34 | 162 | 128 | 0.2 | 0.0 | 0.5 | 26 |
| Incl | 126 | 136 | 10 | 0.3 | 0.0 | 0.3 | 62 | ||||||
| DKP026 | 6785870 | 324312 | 1098 | 105 | -60 | 147 | 0 | 147 | 147 | 0.2 | 0.0 | 0.6 | 13 |
| Incl | 0 | 16 | 16 | 0.4 | 0.1 | 0.6 | 23 | ||||||
| DKP027 | 6785755 | 324906 | 1138 | 299 | -60 | 402 | 4 | 290 | 286 | 0.3 | 0.1 | 0.4 | 31 |
| Incl | 44 | 198 | 154 | 0.4 | 0.1 | 0.5 | 32 | ||||||
| Or Incl | 64 | 76 | 12 | 0.5 | 0.1 | 0.3 | 15 | ||||||
| DKP028 | 6785617 | 324758 | 1136 | 300 | -60 | 432 | 6 | 126 | 120 | 0.4 | 0.1 | 0.7 | 12 |
| Incl | 10 | 20 | 10 | 0.5 | 0.1 | 1.2 | 5 | ||||||
| And Incl | 26 | 74 | 48 | 0.5 | 0.1 | 0.8 | 13 | ||||||
| 318 | 432 | 114 | 0.3 | 0.1 | 0.5 | 53 | |||||||
| Incl | 380 | 414 | 34 | 0.4 | 0.2 | 0.9 | 106 | ||||||
| Or Incl | 384 | 396 | 12 | 0.5 | 0.2 | 1.1 | 221 | ||||||
| DKP029 | 6785615 | 324758 | 1136 | 265 | -60 | 366 | 6 | 102 | 96 | 0.3 | 0.1 | 0.9 | 19 |
| 54 | 64 | 10 | 0.4 | 0.1 | 0.8 | 27 | |||||||
| 112 | 206 | 94 | 0.2 | 0.0 | 0.3 | 44 | |||||||
| 252 | 264 | 12 | 0.4 | 0.0 | 1.6 | 33 | |||||||
| 304 | 366 | 62 | 0.2 | 0.0 | 0.3 | 43 | |||||||
| DKP030 | 6785770 | 324774 | 1132 | 275 | -60 | 393 | 4 | 393 | 389 | 0.4 | 0.1 | 0.9 | 21 |
| Incl | 20 | 30 | 10 | 0.5 | 0.2 | 0.5 | 4 | ||||||
| And incl | 186 | 286 | 100 | 0.5 | 0.1 | 0.9 | 35 | ||||||
| Or Incl | 238 | 284 | 46 | 0.6 | 0.2 | 0.9 | 49 | ||||||
| And incl | 322 | 356 | 34 | 0.6 | 0.2 | 0.9 | 28 | ||||||
| DKP031 | 6785789 | 324564 | 1128 | 279 | -60 | 279 | No significant intersection |
SUMMARY OF CORPORATE ACTIVITIES
Strategic Partnering Process
Following completion of the Pre-feasibility Studies ("PFS") for Costa Fuego and Huasco Water, Hot Chili initiated asset-level strategic partnering processes ("Partnering Process") to introduce one or more qualified partners with the financial, technical and operational capability to assist in funding and delivering each project.
The Partnering Process is ongoing, and the Company confirms it is currently assessing several non-binding, indicative, incomplete and conditional proposals. The Partnering Process may result in a range of possible transactions for the projects. Investors are cautioned that there is no certainty the Partnering Process will result in a transaction or binding agreement. The Company will keep the market updated in accordance with its continuous disclosure obligations.
Hot Chili has appointed BMO Capital Markets as its financial adviser in connection with the Partnering Process.
Cash Position and Capital Structure Changes
As of 30 June 2025, the Company had cash of A$5.2 million and no debt. In addition, a further A$2.0M of inbound funds are expected over the coming quarter through government VAT reimbursements.
The operating expenditure for quarter ended 30 June 2025 included payments for exploration and evaluation of A$3.3 million.
Included in this amount was A$1.6 million related to the final invoices for the competition of the Costa Fuego and Huasco Water Pre-feasibility Studies, initial activities related to the optimisation of the two-studies, and the advancement of the EIA.
A total of A$1.7 million was spent on exploration activities across La Verde and southern landholdings included in the Domeyko project, with phase-one drilling activities at La Verde having been completed on 10 April 2025.
The investing expenditure for quarter ended 30 June 2025 included the recoup of joint venture expenditure from CMP for A$2.7 million.
The Company is continuing discussions related to potential renegotiation of forthcoming Option payments in Q4 and is advancing the Partnering Process, as detailed above. In addition, the Company has various other funding opportunities available should they be required, including royalties, streaming and equity funding.
The following summarises the Company's securities on issue:
153,375,654 ordinary fully paid shares 1,914,000 options at AUD $1.50 expiring 24 July 2026 1,587,875 service rights 2,321,742 performance rights
Projects Registered for Priority Status by Chilean Ministry of Economy
On 30 April 2025, Hot Chili announced that its Costa Fuego Copper-Gold Project and Huasco Water Project in Chile had been officially registered with the Chilean Ministry of Economy's Office for Sustainable Project Management (GPS Division).
This registration grants the projects priority status as strategic investments, allowing them to benefit from streamlined administrative processes. Both projects met the government's criteria for sustainability-focused development and will now be subject to coordinated oversight aimed at expediting permitting and approvals. This includes the management of Hot Chili's second maritime concession application for Huasco Water and the upcoming EIA submissions for both projects.
Appointment of New Chair and Project Director
Hot Chili Limited announced on 7 May 2025 the appointment of Mr Stuart Mathews as Non-Executive Chair and Mr Alberto Cerda as Project Director, adding considerable strength to its leadership team heading into a pivotal stage of growth.
Mr Mathews brings over 32 years of international mining experience, including holding senior executive roles at Gold Fields where he oversaw operations delivering over one million ounces of gold annually and led the development of five mining projects from exploration to production.
Mr Cerda, a Chilean mining engineer with more than 40 years of experience, has held senior roles across major global mining companies including BHP, Barrick, and Glencore. He has directed numerous large-scale projects in Chile and abroad, most recently leading the Norte Abierto JV for Newmont and Barrick.
The combined expertise of the two new appointments will be instrumental in guiding Hot Chili through the final investment phase toward becoming a mid-tier copper-gold producer.
NI43-101 Technical Report Released for Costa Fuego Cu-Au Project PFS
Hot Chili filed an independent NI 43-101 technical report for its Costa Fuego Copper-Gold Project in Chile on SEDAR+. The report, titled "Costa Fuego Copper Project NI 43–101 Technical Report Preliminary Feasibility Study" and dated 9 May 2025 (effective 27 March 2025), supported the Company's previously announced PFS results. Prepared in accordance with Canadian disclosure standards, the report confirms there are no material differences from the information released on 27 March 2025. It is available on SEDAR+ and the Company's website.
Additional ASX Disclosure Information
ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the quarter.
ASX Listing Rule 5.3.3 - Schedule of Mineral Tenements as of 30 June 2025.
The schedule of Mineral Tenements and changes in interests is appended at the end of this activities report.
ASX Listing Rule 5.3.4: Reporting under a use of funds statement in a Prospectus does not apply to the Company currently.
ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the quarter per Section 6.1 of the Appendix 5B totalled $170,000. This is comprised of directors' salaries and superannuation of $170,000.
Health, Safety, Environment and Quality
Field operations during the period included geological reconnaissance activities, RC drilling, field mapping, and sampling exercises across the major Cortadera and Productora landholdings, as well as the new project at La Verde. Activities on new tenements are run from the Productora or Cortadera operations centres and their safety statistics are included under the figures for all projects.
There were no Lost Time Injuries ("LTI") during the quarter.
Hot Chili's sustainability framework ensures an emphasis on business processes that target long-term economic, environmental and social value. The Company is dedicated to continual monitoring and improvement of health, safety and the environmental systems. There is no greater importance than ensuring the safety of our people and their families.
Table 3. HSEQ Quarter 2 2025 Performance and Statistics
| Deposit | Productora | Cortadera | All Projects | |||
|---|---|---|---|---|---|---|
| Timeframe | Q2 2025 | Cum.² 2019 | Q2 2025 | Cum.² 2019 | Q2 2025 | Cum.² 2019 |
| LTI events | 0 | 0 | 0 | 6 | 0 | 8 |
| NLTI events | 0 | 4 | 0 | 6 | 0 | 11 |
| Days lost | 0 | 0 | 0 | 152 | 0 | 263 |
| LTIFR index | 0 | 0 | 0 | 20 | 0 | 18 |
| ISR index | 0 | 0 | 0 | 506 | 0 | 585 |
| IFR Index | 0 | 40 | 0 | 40 | 0 | 42 |
| Thousands of man-hours | 7.8 | 100 | 2.6 | 301 | 10.9 | 450 |
| Incidents on materials and assets | 0 | 1 | 0 | 0 | 0 | 1 |
| Environmental incidents | 0 | 0 | 0 | 0 | 0 | 0 |
| Headcount¹ | 19 | 12 | 9 | 30 | 30 | 49 |
Notes: HSEQ is the acronym for Health, Safety, Environment and Quality. LTIFR per million-manhours. Safety performance is reported on a monthly basis to the National Mine Safety Authority on a standard E-100 form; (1) Average monthly headcount (2) Cumulative statistics since April 2019.
Tenement Changes During the Quarter
During the Quarter, Sociedad Minera El Águila SpA ("SMEA") has claimed 8 mining exploration concessions ("Sierra Solis 1", "Sierra Solis 2", "Sierra Solis 3", "Sierra Solis 4", "Sierra Solis 5", "Sierra Solis 6", "Sierra Solis 7" and "Sierra Solis 8") which are in the process of being constituted.
The Company's existing tenements are detailed in the table below.
Table 4. Current Tenement Holdings in Chile as of 30 June 2025
Cortadera Project Tenements
| Cortadera Project | |||||
|---|---|---|---|---|---|
| N° | License ID | HCH % Held | HCH % Earning | Area (ha) Agreement Details | |
| 1 | ALCENIA 1/10 | 100% SMEA SpA | 50 | ||
| 2 | AMALIA 942 A 1/6 | 100% Frontera SpA | 53 | ||
| 3 | ATACAMITA 1/82 | 100% Frontera SpA | 82 | ||
| 4 | CORROTEO 1 1/260 | 100% Frontera SpA | 260 | ||
| 5 | CORROTEO 5 1/261 | 100% Frontera SpA | 261 | ||
| 6 | CORTADERA 1 1/200 | 100% Frontera SpA | 200 | ||
| 7 | CORTADERA 1/40 | 100% Frontera SpA | 374 | ||
| 8 | CORTADERA 2 1/200 | 100% Frontera SpA | 200 | ||
| 9 | CORTADERA 41 | 100% Frontera SpA | 1 | ||
| 10 | CORTADERA 42 | 100% Frontera SpA | 1 | ||
| 11 | LAS CANAS 1/15 | 100% Frontera SpA | 146 | ||
| 12 | LAS CANAS 16 | 100% Frontera SpA | 1 | ||
| 13 | LAS CANAS ESTE 2003 1/30 | 100% Frontera SpA | 300 | ||
| 14 | MAGDALENITA 1/20 | 100% Frontera SpA | 100 | ||
| 15 | PAULINA 10 B 1/16 | 100% Frontera SpA | 136 | ||
| 16 | PAULINA 11 B 1/30 | 100% Frontera SpA | 249 | ||
| 17 | PAULINA 12 B 1/30 | 100% Frontera SpA | 294 | ||
| 18 | PAULINA 13 B 1/30 | 100% Frontera SpA | 264 | ||
| 19 | PAULINA 14 B 1/30 | 100% Frontera SpA | 265 | ||
| 20 | PAULINA 15 B 1/30 | 100% Frontera SpA | 200 | ||
| 21 | PAULINA 22 A 1/30 | 100% Frontera SpA | 300 | ||
| 22 | PAULINA 24 1/24 | 100% Frontera SpA | 183 | ||
| 23 | PAULINA 25 A 1/19 | 100% Frontera SpA | 156 | ||
| 24 | PAULINA 26 A 1/30 | 100% Frontera SpA | 294 | ||
| 25 | PAULINA 27A 1/30 | 100% Frontera SpA | 300 | ||
| 26 | PURISIMA 1/8 (1/2 Y 5/6) | 100% Frontera SpA | 20 | NSR 1.5% | |
| 27 | CF 1 | 100% Frontera SpA | 300 | ||
| 28 | CF 2 | 100% Frontera SpA | 300 | ||
| 29 | CF 3 | 100% Frontera SpA | 300 | ||
| 30 | CF 4 | 100% Frontera SpA | 300 | ||
| 31 | CF 5 | 100% Frontera SpA | 200 | ||
| 32 | CF 6 | 100% Frontera SpA | 200 |
| 33 | CF 7 | 100% Frontera SpA | 100 |
| 34 | CF 8 | 100% Frontera SpA | 200 |
| 35 | CF 9 | 100% Frontera SpA | 100 |
| 36 | CF 10 | 100% Frontera SpA | 200 |
| 37 | CF 11 | 100% Frontera SpA | 200 |
| 38 | CHAPULIN COLORADO 1/3 | 100% Frontera SpA | 3 |
| 39 | CHILIS 1 | 100% Frontera SpA | 200 |
| 40 | CHILIS 3 | 100% Frontera SpA | 100 |
| 41 | CHILIS 4 | 100% Frontera SpA | 200 |
| 42 | CHILIS 5 | 100% Frontera SpA | 200 |
| 43 | CHILIS 6 | 100% Frontera SpA | 200 |
| 44 | CHILIS 7 | 100% Frontera SpA | 200 |
| 45 | CHILIS 8 | 100% Frontera SpA | 200 |
| 46 | CHILIS 9 | 100% Frontera SpA | 300 |
| 47 | CHILIS 10 1/38 | 100% Frontera SpA | 190 |
| 48 | CHILIS 11 | 100% Frontera SpA | 200 |
| 49 | CHILIS 12 1/60 | 100% Frontera SpA | 300 |
| 50 | CHILIS 13 | 100% Frontera SpA | 300 |
| 51 | CHILIS 14 | 100% Frontera SpA | 300 |
| 52 | CHILIS 15 | 100% Frontera SpA | 300 |
| 53 | CHILIS 16 | 100% Frontera SpA | 300 |
| 54 | CHILIS 17 | 100% Frontera SpA | 300 |
| 55 | CHILIS 18 | 100% Frontera SpA | 300 |
| 56 | CORTADERA 1 | 100% Frontera SpA | 200 |
| 57 | CORTADERA 2 | 100% Frontera SpA | 200 |
| 58 | CORTADERA 3 | 100% Frontera SpA | 200 |
| 59 | CORTADERA 4 | 100% Frontera SpA | 200 |
| 60 | CORTADERA 5 | 100% Frontera SpA | 200 |
| 61 | CORTADERA 6 1/60 | 100% Frontera SpA | 265 |
| 62 | CORTADERA 7 1/20 | 100% Frontera SpA | 93 |
| 63 | CRISTINA 1/40 | 100% SMEA SpA | 40 |
| 64 | DIABLITO 1/5 | 100% SMEA SpA | 25 |
| 65 | DONA FELIPA 1/10 | 100% Frontera SpA | 50 |
| 66 | DORO 1 | 100% Frontera SpA | 200 |
| 67 | DORO 2 | 100% Frontera SpA | 200 |
| 68 | DORO 3 | 100% Frontera SpA | 300 |
| 69 | FALLA MAIPO 2 1/10 | 100% Frontera SpA | 99 |
| 70 | FALLA MAIPO 3 1/8 | 100% Frontera SpA | 72 |
| 71 | FALLA MAIPO 4 1/26 | 100% Frontera SpA | 26 |
| 72 | MINORI 1 | 100% SMEA SpA | 300 |
| 73 | MINORI 2 | 100% SMEA SpA | 300 |
| 74 | MINORI 3 | 100% SMEA SpA | 300 |
| 75 | MINORI 4 | 100% SMEA SpA | 300 |
| 76 | PORFIADA B | 100% Frontera SpA | 200 |
| 77 | PORFIADA D | 100% Frontera SpA | 300 |
| 78 | PORFIADA G | 100% Frontera SpA | 200 |
| 79 | PORFIADA I | 100% Frontera SpA | 300 |
| 80 | PORFIADA II | 100% Frontera SpA | 300 |
| 81 | PORFIADA III | 100% Frontera SpA | 300 |
| 82 | PORFIADA IV | 100% Frontera SpA | 300 |
| 83 | PORFIADA V | 100% Frontera SpA | 200 |
| 84 | PORFIADA VI | 100% Frontera SpA | 100 |
| 85 | PORFIADA X | 100% Frontera SpA | 200 |
| 86 | SAN ANTONIO 1 | 100% Frontera SpA | 200 |
| 87 | SAN ANTONIO 2 | 100% Frontera SpA | 200 |
| 88 | SAN ANTONIO 3 | 100% Frontera SpA | 300 |
| 89 | SAN ANTONIO 4 | 100% Frontera SpA | 300 |
| 90 | SAN ANTONIO 5 | 100% Frontera SpA | 300 |
| 91 | SOLAR 1 | 100% Frontera SpA | 300 |
| 92 | SOLAR 2 | 100% Frontera SpA | 300 |
| 93 | SOLAR 3 | 100% Frontera SpA | 300 |
| 94 | SOLAR 4 | 100% Frontera SpA | 300 |
| 95 | SOLAR 5 | 100% Frontera SpA | 300 |
| 96 | SOLAR 6 | 100% Frontera SpA | 300 |
| 97 | SOLAR 7 | 100% Frontera SpA | 300 |
| 98 | SOLAR 8 | 100% Frontera SpA | 300 |
| 99 | SOLAR 9 | 100% Frontera SpA | 300 |
| 100 | SOLAR 10 | 100% Frontera SpA | 300 |
| 101 | SOLEDAD 1 | 100% Frontera SpA | 300 |
| 102 | SOLEDAD 2 | 100% Frontera SpA | 300 |
| 103 | SOLEDAD 3 | 100% Frontera SpA | 300 |
| 104 | SOLEDAD 4 | 100% Frontera SpA | 300 |
| TOTAL | 22.653 |
Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited
Productora Project Tenements
| Productora Project | ||||
|---|---|---|---|---|
| N° | License ID | HCH % Held | HCH % Earning | Area Agreement Details (ha) |
| 1 | ALGA 7 A 1/32 | 80% SMEA SpA | 89 | |
| 2 | ALGA VI 4 | 100% SMEA SpA | 2 | |
| 3 | ALGA VI 5/24 | 80% SMEA SpA | 66 | |
| 4 | ARENA 1 1/6 | 80% SMEA SpA | 40 | |
| 5 | ARENA 2 1/17 | 80% SMEA SpA | 113 | |
| 6 | AURO HUASCO 1A 1/8 | 80% SMEA SpA | 35 | |
| 7 | CABRITO-CABRITO 1/9 | 80% SMEA SpA | 50 | |
| 8 | CACHIYUYITO 1 1/20 | 80% SMEA SpA | 100 | |
| 9 | CACHIYUYITO 2 1/60 | 80% SMEA SpA | 300 | |
| 10 | CACHIYUYITO 3 1/60 | 80% SMEA SpA | 300 | |
| 11 | CARMEN I, 1/50 | 80% SMEA SpA | 222 | |
| 12 | CARMEN II, 1/60 | 80% SMEA SpA | 274 | |
| 13 | CF 12 | 100% Frontera SpA | 100 | |
| 14 | CF 13 | 100% Frontera SpA | 200 | |
| 15 | CF 14 | 100% Frontera SpA | 300 | |
| 16 | CHICA | 80% SMEA SpA | 1 | |
| 17 | CHOAPA 1/10 | 80% SMEA SpA | 50 | |
| 18 | CUENCA A 1/51 | 80% SMEA SpA | 255 | |
| 19 | CUENCA B 1/28 | 80% SMEA SpA | 139 | |
| 20 | CUENCA C 1/51 | 80% SMEA SpA | 255 | |
| 21 | CUENCA D | 80% SMEA SpA | 3 | |
| 22 | CUENCA E | 80% SMEA SpA | 1 | |
| 23 | ELEONOR RIGBY 1/10 | 100% Frontera SpA | 100 | |
| 24 | ELQUI 1/14 | 80% SMEA SpA | 61 | |
| 25 | ESPERANZA 1/5 | 80% SMEA SpA | 11 | |
| 26 | FRAN 1 1/60 | 80% SMEA SpA | 220 | |
| 27 | FRAN 12 1/40 | 80% SMEA SpA | 200 | |
| 28 | FRAN 13 1/40 | 80% SMEA SpA | 200 | |
| 29 | FRAN 14 1/40 | 80% SMEA SpA | 200 | |
| 30 | FRAN 15 1/60 | 80% SMEA SpA | 300 | |
| 31 | FRAN 18, 1/60 | 80% SMEA SpA | 273 | |
| 32 | FRAN 2 1/20 | 80% SMEA SpA | 100 | |
| 33 | FRAN 21, 1/46 | 80% SMEA SpA | 226 | |
| 34 | FRAN 3 1/20 | 80% SMEA SpA | 100 | |
| 35 | FRAN 4 1/20 | 80% SMEA SpA | 100 | |
| 36 | FRAN 5 1/20 | 80% SMEA SpA | 100 | |
| 37 | FRAN 6 1/26 | 80% SMEA SpA | 130 | |
| 38 | FRAN 7 1/37 | 80% SMEA SpA | 176 | |
| 39 | FRAN 8 1/30 | 80% SMEA SpA | 120 | |
| 40 | JULI 10, 1/60 | 80% SMEA SpA | 300 | |
| 41 | JULI 11, 1/60 | 80% SMEA SpA | 300 | |
| 42 | JULI 12, 1/42 | 80% SMEA SpA | 210 | |
| 43 | JULI 13, 1/20 | 80% SMEA SpA | 100 | |
| 44 | JULI 14, 1/50 | 80% SMEA SpA | 250 | |
| 45 | JULI 15, 1/55 | 80% SMEA SpA | 275 | |
| 46 | JULI 16 1/60 | 80% SMEA SpA | 300 | |
| 47 | JULI 17 1/20 | 80% SMEA SpA | 100 | |
| 48 | JULI 19 | 80% SMEA SpA | 300 | |
| 49 | JULI 20 | 80% SMEA SpA | 300 | |
| 50 | JULI 21 1/60 | 80% SMEA SpA | 300 | |
| 51 | JULI 22 | 80% SMEA SpA | 300 | |
| 52 | JULI 23 1/60 | 80% SMEA SpA | 300 | |
| 53 | JULI 24 1/60 | 80% SMEA SpA | 300 | |
| 54 | JULI 25 | 80% SMEA SpA | 300 | |
| 55 | JULI 27 B, 1/10 | 80% SMEA SpA | 48 | |
| 56 | JULI 27, 1/30 | 80% SMEA SpA | 146 |
| 57 | JULI 28, 1/60 | 80% SMEA SpA | 300 | |
| 58 | JULI 9, 1/60 | 80% SMEA SpA | 300 | |
| 59 | JULIETA 10, 1/60 | 80% SMEA SpA | 300 | |
| 60 | JULIETA 11 | 80% SMEA SpA | 300 | |
| 61 | JULIETA 12 | 80% SMEA SpA | 300 | |
| 62 | JULIETA 13 1/60 | 80% SMEA SpA | 298 | |
| 63 | JULIETA 14 1/60 | 80% SMEA SpA | 269 | |
| 64 | JULIETA 15 1/40 | 80% SMEA SpA | 200 | |
| 65 | JULIETA 16 | 80% SMEA SpA | 200 | |
| 66 | JULIETA 17 | 80% SMEA SpA | 200 | |
| 67 | JULIETA 18 1/40 | 80% SMEA SpA | 200 | |
| 68 | JULIETA 5 | 80% SMEA SpA | 200 | |
| 69 | JULIETA 6 | 80% SMEA SpA | 200 | |
| 70 | JULIETA 7 | 80% SMEA SpA | 100 | |
| 71 | JULIETA 8 | 80% SMEA SpA | 100 | |
| 72 | JULIETA 9 | 80% SMEA SpA | 100 | |
| 73 | JULITA ¼ | 80% SMEA SpA | 4 | |
| 74 | LEONA 2A 1/4 | 80% SMEA SpA | 10 | |
| 75 | LIMARI 1/15 | 80% SMEA SpA | 66 | |
| 76 | LOA 1/6 | 80% SMEA SpA | 30 | |
| 77 | MAIPO 1/10 | 80% SMEA SpA | 50 | |
| 78 | MONTOSA 1/4 | 80% SMEA SpA | 35 | NSR 3% |
| 79 | ORO INDIO 1A 1/20 | 80% SMEA SpA | 82 | |
| 80 | PEGGY SUE 1/10 | 100% Frontera SpA | 100 | |
| 81 | PRODUCTORA 1/16 | 80% SMEA SpA | 75 | |
| 82 | SUERTE 1/7 | 100% SMEA SpA | 21 | |
| 83 | SUERTE II 1/15 | 100% SMEA SpA | 15 | |
| 84 | TOLTEN 1/14 | 80% SMEA SpA | 70 | |
| 85 | URANIO 1/70 | 0 % | 350 | 25-year Lease Agreement US$250,000 per year (average for the 25 year term); plus 2% NSR all but gold; 4% NSR gold; 5% NSR non-metallic |
| 86 | ZAPA 1 1/10 | 80% SMEA SpA | 100 | |
| 87 | ZAPA 1/6 | 80% SMEA SpA | 6 | GSR 1% |
| 88 | ZAPA 3 1/23 | 80% SMEA SpA | 92 | |
| 89 | ZAPA 5A 1/16 | 80% SMEA SpA | 80 | |
| 90 | ZAPA 7 1/24 | 80% SMEA SpA | 120 | |
| 91 | SIERRA SOLIS 1 | 100% SMEA SpA | 200 | |
| 92 | SIERRA SOLIS 2 | 100% SMEA SpA | 300 | |
| 93 | SIERRA SOLIS 3 | 100% SMEA SpA | 300 | |
| 94 | SIERRA SOLIS 4 | 100% SMEA SpA | 200 | |
| 95 | SIERRA SOLIS 5 | 100% SMEA SpA | 300 | |
| 96 | SIERRA SOLIS 6 | 100% SMEA SpA | 300 | |
| 97 | SIERRA SOLIS 7 | 100% SMEA SpA | 300 | |
| 98 | SIERRA SOLIS 8 | 100% SMEA SpA | 300 | |
| TOTAL | 16.714 |
Note. SMEA SpA is subsidiary company - 80% owned by Hot Chili Limited, 20% owned by CMP (Compañía Minera del Pacífico) Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited.
Domeyko Project Tenements
| Domeyko Project | |||||
|---|---|---|---|---|---|
| N° | License ID | HCH % Held | HCH % Earning | Area (ha) | Agreement Details |
| 1 | ANTONIO 1 1/56 | 100% Frontera SpA | 280 | ||
| 2 | ANTONIO 1/40 | 100% Frontera SpA | 200 | ||
| 3 | ANTONIO 10 1/21 | 100% Frontera SpA | 63 | ||
| 4 | ANTONIO 19 1/30 | 100% Frontera SpA | 128 | ||
| 5 | ANTONIO 21 1/20 | 100% Frontera SpA | 60 | ||
| 6 | ANTONIO 36 1/15 | 100% Frontera SpA | 74 | ||
| 7 | ANTONIO 5 1/40 | 100% Frontera SpA | 200 | ||
| 8 | ANTONIO 9 1/40 | 100% Frontera SpA | 193 | ||
| 9 | CAZURRO 1 | 100% Frontera SpA | 200 | ||
| 10 | CAZURRO 2 | 100% Frontera SpA | 200 | ||
| 11 | CAZURRO 3 | 100% Frontera SpA | 300 | ||
| 12 | CAZURRO 4 | 100% Frontera SpA | 300 | ||
| 13 | CAZURRO 5 | 100% Frontera SpA | 100 | ||
| 14 | CAZURRO 6 | 100% Frontera SpA | 200 | ||
| 15 | CAZURRO 7 | 100% Frontera SpA | 200 | ||
| 16 | CAZURRO 8 | 100% Frontera SpA | 200 | ||
| 17 | CERRO MOLY 1 | 100% Frontera SpA | 300 |
| 18 | CERRO MOLY 2 | 100% Frontera SpA | 300 | ||
| 19 | CERRO MOLY 3 | 100% Frontera SpA | 300 | ||
| 20 | CERRO MOLY 4 | 100% Frontera SpA | 300 | ||
| 21 | CAZURRO 3 1/60 | 100% Frontera SpA | 300 | ||
| 22 | CAZURRO 4 1/60 | 100% Frontera SpA | 300 | ||
| 23 | CAZURRO 7 1/40 | 100% Frontera SpA | 200 | ||
| 24 | EMILIO 1 1/8 | 100% Frontera SpA | 38 | ||
| 25 | EMILIO 3 1/9 | 100% Frontera SpA | 45 | ||
| 26 | INES 1/40 | 100% Frontera SpA | 200 | ||
| 27 | LORENA 1/2 | 100% Frontera SpA | 2 | ||
| 28 | MERCEDITA 1/7 | 100% Frontera SpA | 22 | ||
| 29 | PRIMO 1 1/6 | 100% Frontera SpA | 36 | ||
| 30 | SANTIAGUITO 5 1/24 | 100% Frontera SpA | 114 | ||
| 31 | DOMINOCEROS 1/20 (1/4) | 100% Frontera SpA | 20 | 100% HCH Dominoceros Purchase Option Agreement US$320,000 (already satisfied) US$680,000 payable by October 25th 2025 US$1000,000 payable by October 25th 2026 US$6.890,000 payable by October 25th 2027 | |
| 32 | CF SUR 1 | 100% Frontera SpA | 300 | ||
| 33 | CF SUR 2 | 100% Frontera SpA | 300 | ||
| 34 | CF SUR 3 | 100% Frontera SpA | 300 | ||
| 35 | CF SUR 4 | 100% Frontera SpA | 300 | ||
| 36 | CF SUR 5 | 100% Frontera SpA | 200 | ||
| 37 | CF SUR 6 | 100% Frontera SpA | 300 | ||
| 38 | CF SUR 7 | 100% Frontera SpA | 300 | ||
| 39 | CF SUR 8 | 100% Frontera SpA | 300 | ||
| 40 | CF SUR 9 | 100% Frontera SpA | 200 | ||
| 41 | CF SUR 10 | 100% Frontera SpA | 200 | ||
| 42 | CF SUR 11 | 100% Frontera SpA | 300 | ||
| 43 | CF SUR 12 | 100% Frontera SpA | 300 | ||
| 44 | CF SUR 13 | 100% Frontera SpA | 300 | ||
| 45 | CF SUR 14 | 100% Frontera SpA | 300 | ||
| 46 | CF SUR 15 | 100% Frontera SpA | 200 | ||
| 47 | CF SUR 16 | 100% Frontera SpA | 300 | ||
| 48 | CF SUR 17 | 100% Frontera SpA | 300 | ||
| 49 | CF SUR 18 | 100% Frontera SpA | 300 | ||
| 50 | CF SUR 19 | 100% Frontera SpA | 300 | ||
| 51 | CF SUR 20 | 100% Frontera SpA | 300 | ||
| 52 | CF SUR 21 | 100% Frontera SpA | 300 | ||
| 53 | CF SUR 22 | 100% Frontera SpA | 300 | ||
| 54 | CF SUR 23 | 100% Frontera SpA | 200 | ||
| 55 | CF SUR 24 | 100% Frontera SpA | 200 | ||
| 56 | CF SUR 25 | 100% Frontera SpA | 300 | ||
| 57 | CF SUR 26 | 100% Frontera SpA | 300 | ||
| 58 | CF SUR 27 | 100% Frontera SpA | 300 | ||
| 59 | CF SUR 28 | 100% Frontera SpA | 200 | ||
| 60 | CF SUR 29 | 100% Frontera SpA | 300 | ||
| 61 | CF SUR 30 | 100% Frontera SpA | 200 | ||
| 62 | CF SUR 31 | 100% Frontera SpA | 300 | ||
| 63 | CF SUR 32 | 100% Frontera SpA | 300 | ||
| 64 | CF SUR 33 | 100% Frontera SpA | 300 | ||
| 65 | CF SUR 34 | 100% Frontera SpA | 300 | ||
| 66 | CF SUR 35 | 100% Frontera SpA | 300 | ||
| 67 | KRETA ¼ | 100% Frontera SpA | 16 | The mining concession is included in San Antonio Purchase Option Agreement | |
| 68 | MARI 1 | 100% Frontera SpA | 300 | ||
| 69 | MARI 1/12 | 100% Frontera SpA | 64 | The mining concession is included in San Antonio Purchase Option Agreement | |
| 70 | MARI 6 | 100% Frontera SpA | 300 | ||
| 71 | MARI 8 | 100% Frontera SpA | 300 | ||
| TOTAL | 16.055 |
Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited.
El Fuego Project Tenements
| San Antonio Project | ||||
|---|---|---|---|---|
| N° | License ID | HCH % Held | HCH % Earning | Area Agreement Details (ha) |
| 1 | MERCEDES 1/3 | 100% Frontera SpA | 50 | |
| 2 | PORFIADA A 1/33 | 100% Frontera SpA | 160 |