HCH.V · 2026-04-08 12:00:00

Hot Chili Confirms Major High-Grade Extension at La Verde from Standout

Drill Results

Drill Result of 62 m @ 1.03% CuEq¹ within 725 m @ 0.42% CuEq¹ from 18 m

depth

Two drill rigs in operation at the La Verde porphyry discovery, Cost Fuego copper-gold project, coastal Chile (CNW Group/Hot Chili Limited)

Highlights

Latest results

from ongoing drilling across the Company's La Verde copper-gold (Cu-Au) discovery in Chile

confirm a major extension to the deposit's

rapidly growing high-grade core

DKD039 returned the widest drill result recorded to date

, intersecting

725 m grading 0.42% CuEq

(0.36% Cu, 0.07 g/t Au) from 18 m depth down-hole,

including:

22 m grading 0.71% CuEq

(0.67% Cu, 0.03 g/t Au)

from 42 m depth

46 m grading 0.65% CuEq

(0.54% Cu, 0.12 g/t Au) from 249 m depth

51 m grading 0.62% CuEq

(0.51% Cu, 0.10 g/t Au) from 433 m depth

62 m grading 1.03% CuEq

(0.90% Cu, 0.18 g/t Au) from 671 m depth

The shallow result

of 22 m grading 0.71% CuEq from 42 m,

further expands the extent of an emerging higher-grade starter pit

for the Company's

Costa Fuego Cu-Au Project

The deeper result

of 61 m grading 1.03% CuEq from 670 m, significantly

extends La Verde's high-grade core by approximately 200 m down-dip

Drilling operations accelerating

with two drill rigs on site (Diamond (double shift) and Reverse Circulation (RC, single shift)) and a third drill rig planned to

be mobilised in May

Assay results pending for eleven drill holes

(four diamond and seven RC)

____________________________________

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).

Hot Chili's Managing Director Mr. Christian Easterday commented

"We are very pleased to deliver the most significant drill result to date from our La Verde copper-gold porphyry discovery in Chile.

Drill hole DKD039 recorded

725 m grading 0.42% CuEq from 18 m depth

- the widest significant drill intersection so far at La Verde. Most importantly, it has

confirmed a major 200 m down-dip extension to the high-grade core of the deposit, recording

62 m grading 1.03% CuEq from 671 m dept

h – also the widest

high-grade intersection recorded to date.

With two drill rigs now in operation and a third planned, the Company is focused on accelerating its definition of a potential higher-grade starter pit for Costa

Fuego, as well as continued expansion and integration of La Verde's high-grade core into Costa Fuego's resource base and mining inventory this year".

PERTH, Australia

April 8, 2026

/CNW/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to provide a

drilling update from its La Verde Cu-Au porphyry discovery (La Verde), located 30 km south of the Company's Costa Fuego Cu-Au Project planned central

processing hub in Chile's coastal Atacama region.

Diamond Drill Hole DKD039 – Most Significant Result to Date at La Verde

A standout significant intersection of

725 m grading 0.42% CuEq

from 18 m depth has been recorded in

diamond drill hole

DKD039

, along with several

other significant drill results across La Verde.

Drill hole DKD039 was collared on the western extent of La Verde's discovery footprint (Figure 2), and intersected multiple wide zones of +0.6%CuEq

mineralisation from near surface (Figure 3 and 4).

Importantly, DKD039 achieved two key objectives:

Further extended near-surface higher-grade mineralisation by approximately 60m to the west

- recording

22 m grading 0.71% CuEq

from 42 m

depth

within a wider intersection of 48 m grading 0.55% CuEq (0.50% Cu, 0.03 g/t Au) from 18 m depth, located immediately beneath shallow gravel cover,

and

Confirmed a significant 200 m down-dip extension of La Verde's high-grade core

- recording

61 m grading 1.03% CuEq

(0.90% Cu, 0.18 g/t Au,

1.81g/t Ag)

from 671 m

in association with high Cu/Au, A+B vein abundances >5% and massive and disseminated chalcopyrite (Figure 5).

Infill Diamond Drill holes DKD037 and DKD038 – Confirm Continuity

Further results received from additional diamond drill holes (collared from surface) continue to confirm continuity of bulk tonnage mineralisation, including:

DKD037 recorded

184 m grading 0.42% CuEq

(0.32% Cu, 0.12 g/t Au)

from 105 m depth

including

27 m grading 0.60% CuEq

(0.48% Cu, 0.15 g/t Au)

from 203 m

DKD038 recorded

221 m grading 0.37% CuEq

(0.29% Cu, 0.11 g/t Au)

from 48 m depth

including

45 m grading 0.51% CuEq

(0.37% Cu, 0.19 g/t Au)

from 53 m

__________________________________

Ag(g/t).

Drill hole DKD037 was designed to target a gap between two higher-grade zones, with assay results now confirming expansion and continuity of mineralisation

across this zone (Figure 2).

Similar to drill hole DKD039, the significant intersection from DKD038 also commences immediately beneath shallow gravel cover, suggesting a large part of the

potential higher-grade starter pit will only require simple, cost-effective, shallow overburden removal (Figure 4).

Diamond Drill Tail Extensions DKP009D and DKP012D – Continue to Expand Footprint

Latest assay results from diamond drill tail DKP009D also extended La Verde's Cu-Au mineralisation footprint along the eastern flank of the discovery (Figures 2

and 4). The drillhole was a 200 m diamond tail to earlier RC drillhole DKP009 and reported

68 m grading 0.42% CuEq

(0.33% Cu, 0.11 g/t Au)

from 354 m

depth

extending mineralisation downhole of DKP009.

Similarly, diamond drill tail DKP012D extended La Verde's Cu-Au mineralisation footprint along the northern flank of the discovery. The drillhole was a 284 m

diamond tail to earlier RC drillhole DKP012 and reported

132 m grading 0.36% CuEq

(0.26% Cu, 0.05 g/t Au)

from 306 m depth

extending mineralisation

downhole of DKP012. Several higher-grade zones were intercepted in the tail, confirming the system is still open and mineralised to the north and will be followed

up with additional drilling along the interpreted NNE-trending structural corridor (Figure 2 and 4).

Including the new diamond tail extensions:

DKP009D now records 388 m grading 0.41% CuEq

(0.32% Cu, 0.12 g/t Au)

from 34 m

DKP012D now records 394 m grading 0.46% CuEq

(0.35% Cu, 0.11g/t Au)

from 44 m

Assay results are outstanding for four diamond and seven RC drillholes and the Company looks forward to providing further updates as results are received.

This announcement is authorised by the Board of Directors for release to ASX and TSXV.

For more information please contact:

Christian Easterday

Managing Director & CEO – Hot Chili

Tel: +61 8 9315 9009

Email:

[email protected]

Carol Marinkovich

Company Secretary – Hot Chili

Tel: +61 8 9315 9009

Email:

[email protected]

Graham Farrell

Investor & Public Relations

Email:

[email protected]

or visit Hot Chili's website at

www.hotchili.net.au

________________________________

Ag(g/t).

Figure 1. Location of La Verde in relation to Costa Fuego, coastal range Chile (CNW Group/Hot Chili Limited)

asl = above sea level

Table 1.

New significant drilling intersections from La Verde

Hole ID

Coordinates

Azim

Dip

Hole Depth

Intersection

Interval

Copper Eq

Copper

Gold

Silver

Molyb.

North

East

From

(m)

(% CuEq)

(% Cu)

(g/t Au)

(ppm Ag)

(ppm Mo)

DKD037

6785842

324527

1122

-63

321.1

105

289

184

0.42

0.32

0.12

0.61

Incl

203

281

0.50

0.39

0.14

0.89

Or Incl

203

225

0.60

0.48

0.15

0.64

DKD038

6786088

324685

1185

149

-65

306.4

269

221

0.37

0.29

0.11

0.48

Incl

0.51

0.37

0.19

0.30

& Incl

126

235

109

0.41

0.32

0.11

0.59

Or Incl

175

213

0.50

0.40

0.13

0.77

DKD009D

324552

6786075

1152

131

-60

555.3

422

388

0.41

0.32

0.12

0.67

Incl

386

398

0.51

0.41

0.14

0.85

454

499

0.40

0.33

0.08

0.74

Incl

455

462

0.60

0.49

0.13

1.14

DKD012D

6785977

324839

1193

300

-60

590.7

438

394

0.46

0.35

0.11

0.53

Incl

0.61

0.46

0.21

0.25

& Incl

192

202

0.64

0.47

0.18

0.57

& Incl

228

308

0.56

0.46

0.12

0.81

471

493

0.34

0.22

0.04

0.34

203

DKD039

6785723

324420

1150

-60

872.4

18.0

743.5

725

0.42

0.36

0.07

0.68

Incl

42.4

64.0

0.71

0.67

0.03

0.29

& Incl

249.0

294.6

0.65

0.54

0.12

0.71

& Incl

433.0

484.0

0.62

0.51

0.10

1.25

& Incl

670.7

732.2

1.03

0.90

0.18

1.81

Or Incl

693.1

712.6

1.51

1.30

0.29

2.26

800.3

816.4

0.45

0.39

0.07

0.89

Notes to Table 1: 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. The selection of a 0.20% Cu cut-off grade is aligned with a marginal economic cut-off for bulk tonnage

polymetallic copper deposits of comparable grade in Chile and globally. Significant intersection widths (interval) have been rounded to the nearest metre.

Ag(g/t).

Figure 2. Plan view map of La Verde showing returned diamond drilling compared with updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper

(magenta) mineralisation interpolants. Drilled holes with pending assays are shown in black. Position of A – A’ cross section (Figure 3) and B

– B’ long section (Figure 4) annotated in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (blue) and $US6.00/lb Cu (green)

displayed as dashed lines. Results reported including CuEq2. (CNW Group/Hot Chili Limited)

See Page 10 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource

within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Ag(g/t).

Figure 3. Cross section slice along DKD039 (± 75m clipping) showing +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation

interpolants and returned assay results for DKD039, DKP012D, DKD037, DKP009D. Returned Cu grades shown on hole traces. (CNW Group/Hot Chili Limited)

Ag(g/t).

Figure 4. NNW facing longitudinal section of the La Verde porphyry system showing +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta)

mineralisation interpolants. Returned Cu grades shown on hole traces. Drilled holes with pending assays are shown in black. (CNW Group/Hot Chili Limited)

Ag(g/t)

Figure 5. Core photos for DKD039 showing high-grade zone of 19.6 m grading 1.51% CuEq (1.30% Cu, 0.29g/t Au, 2.26g/t Ag) from 693.1 m within the broader

high-grade zone 61.5m grading 1.03% CuEq (0.90% Cu, 0.18g/t Au) from 670.7 m. (CNW Group/Hot Chili Limited)

Qualifying Statements

Conceptual Open Pit Shells

Conceptual open pit shells represent Exploration Targets as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral

Resources and Ore Reserves' (JORC Code). They are based on completed exploration activities reported in the announcement released 19 May 2025 (

'Hot Chili

Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint'

The conceptual open pit shells were generated using copper (Cu) prices of US$3.50/lb Cu and US$6.00/lb Cu on a series of nested Cu grade shells. Other input

parameters informing the conceptual open-pit shells (pit slope angles, mining cost, processing cost, etc.) were derived from values reported in the March 2025

Costa Fuego Pre-feasibility Study and are considered appropriate for the style of mineralisation encountered at the La Verde Cu-Au porphyry discovery.

Any potential quantity and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource

within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Further exploration activities are detailed in this announcement and include (but may not necessarily be limited to) a program of diamond drillholes aiming to extend

the mineralised footprint at La Verde. Drilling commenced on 22 September 2025, with the length of the program dependent on a number of considerations

including (but not limited to) the results of the exploration activities and regulatory applications and approvals.

Qualified Person – NI 43-101

The technical information in this announcement has been reviewed and approved by Mr. Christian Easterday, MAIG, Hot Chili's Managing Director and a qualified

person within the meaning of National Instrument 43-101 –

Standards of Disclosure for Mineral Projects

Competent Person – JORC

The information in this announcement that relates to Exploration Results and Exploration Targets for the La Verde project is based upon information compiled by

Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited, who is a Member of the Australasian Institute of Geoscientists (AIG).

Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is

undertaking to qualify as a 'Competent Person' as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources

and Ore Reserves' (JORC Code). Mr Easterday consents to the inclusion in this announcement of the matters based on their information in the form and context

in which it appears.

The information in this announcement relating to previously reported Exploration Results for La Verde was previously reported in the Company's announcements

'Hot Chili Confirms Major Cu-Au Porphyry Discovery at La Verde', 'Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint',

'District-Scale Porphyry Cluster Potential Emerging at La Verde Cu-Au Discovery', 'First Diamond Drillhole Confirms Gold-Rich Major Copper Discovery in Coastal

Chile', 'Near-Surface Higher-Grade Core Confirmed at La Verde', 'Rapid Growth of High Grade Core Continues at La Verde' and 'Shallow High Grade Results

Continue at La Verde' released to ASX on 26 February 2024, 19 May 2025, 29 May 2025, 27 November 2025, 10 December 2025, 20 January 2026 and 16

February 2026, respectively, which are available to view on the Company's website at

www.hotchili.net.au/investors/investor-centre/market-announcements

. The

Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements.

Disclaimer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this announcement.

Forward Looking Statements

This announcement contains certain statements that are "forward-looking information" within the meaning of Canadian securities legislation and Australian

securities legislation (each, a "forward-looking statement"). Forward-looking statements reflect the Company's current expectations, forecasts, and projections

with respect to future events, many of which are beyond the Company's control, and are based on certain assumptions. No assurance can be given that these

expectations, forecasts, or projections will prove to be correct, and such forward-looking statements included in this announcement should not be unduly relied

upon. Forward-looking information is by its nature prospective and requires the Company to make certain assumptions and is subject to inherent risks and

uncertainties. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "estimate", "expansion",

"expectations", likely", "may", "plan", "potential", "project", "reinforce", "large-scale", "could", "should", "will", "would", variants of these words and similar

expressions are intended to identify forward-looking statements.

The forward-looking statements within this announcement are based on information currently available and what management believes are reasonable

assumptions. Forward-looking statements speak only as of the date of this announcement.

In this announcement, forward-looking statements relate, among other things, to: the potential of the La Verde discovery; regulatory applications and approvals;

the timing and results of future economic studies; and the Company's future exploration and other business plans.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements

of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A

number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking statements in this

announcement, including, but not limited to, the following material factors: the ability of drilling and other exploration activities to accurately predict mineralisation;

operational risks; risks related to the cost estimates of exploration; sovereign risks associated with the Company's operations in Chile; changes in estimates of

mineral resources or mineral reserves of properties where the Company holds interests; recruiting qualified personnel and retaining key personnel; future financial

needs and availability of adequate financing; fluctuations in mineral prices; market volatility; exchange rate fluctuations; ability to exploit successful discoveries; the

production at or performance of properties where the Company holds interests; ability to retain title to mining concessions; environmental risks; financial failure or

default of joint venture partners, contractors or service providers; competition risks; economic and market conditions; and other risks and uncertainties described

elsewhere in this announcement and elsewhere in the Company's public disclosure record.

Although the forward-looking statements contained in this announcement are based upon assumptions which the Company believes to be reasonable, the

Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements

contained in this announcement, the Company has made assumptions regarding: future commodity prices and demand; availability of skilled labour; timing and

amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial

markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future tax rates; future operating costs; availability of future

sources of funding; ability to obtain financing; and assumptions underlying estimates related to adjusted funds from operations. The Company has included the

above summary of assumptions and risks related to forward-looking information provided in this announcement to provide investors with a more complete

perspective on the Company's future operations, and such information may not be appropriate for other purposes. The Company's actual results, performance or

achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any

of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.

For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made herein, please refer to the

public disclosure record of the Company, including the Company's most recent Annual Report, which is available on SEDAR+ (

www.sedarplus.ca

) under the

Company's issuer profile. New factors emerge from time to time, and it is not possible for management to predict all those factors or to assess in advance the

impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially

from those contained in any forward-looking statement.

The forward-looking statements contained in this announcement are expressly qualified by the foregoing cautionary statements and are made as of the date of

this announcement. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any

forward-looking statement to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, whether as

a result of new information, future events or results, or otherwise. Investors should read this entire announcement and consult their own professional advisors to

ascertain and assess the income tax and legal risks and other aspects of an investment in the Company.

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