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Hot Chili Limited - Quarterly Report, Period Ending 30 September 2026

Financials Royalties & Streams

PERTH, Australia, Oct. 30, 2026 /CNW/ --

Highlights

Second Porphyry Discovery Confirmed at La Verde

Assay results for step-out drilling, completed after the reporting period, confirmed the discovery of a second porphyry center – La Verde South - near-doubling the growth potential of the La Verde Project.

First step-out Reverse Circulation (RC) drill hole DKP084, located approximately 250 m to the south of La Verde's +0.4% Cu mineralisation footprint, has delivered:

148 m grading 0.44% CuEq1 (0.39% Cu, 0.07 g/t Au) from 36 m Including 44 m grading 0.56% CuEq (0.50% Cu, 0.06 g/t Au) from 138 m First step-out diamond drill hole (DD) DKD100, located a further 100 m to the south of DKP084, also visually recorded a 307 m down-hole interval of copper porphyry-style mineralisation2.

Phase 2 resource infill and extensional drilling for La Verde is now complete, following 13 months and over 40,000m of DD and RC drilling, adding to the 10,000 m of RC drilling from Phase 1.

Hot Chili Delivers More Copper-Gold at La Verde

Strong assay results continued to be delivered during the quarter from the four drill rigs (2 Diamond and 2 Reverse Circulation) located at La Verde.

Continuity of higher-grade copper-gold mineralisation from shallow depths was further confirmed from infill drilling and step out diamond drilling continued to expand the discovery footprint.

Standout results reported during the quarter included:

DKP063 recorded 398 m grading 0.45% CuEq (0.35% Cu, 0.12 g/t Au) from surface Including 62 m grading 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from 20 m Which includes 34 m grading 1.00% CuEq (0.80% Cu, 0.27 g/t Au) from 42 m DKD060 recorded 472 m grading 0.41% CuEq (0.34% Cu, 0.08 g/t Au) from 49 m Including 105.8 m grading 0.70% CuEq (0.58% Cu, 0.15 g/t Au) from 397 m Including 32.6 m grading 0.90% CuEq (0.75% Cu, 0.19 g/t Au) from 438 m DKP064 recorded 126 m grading 0.45% CuEq (0.38% Cu, 0.08 g/t Au) from 54 m Including 26 m grading 0.70% CuEq (0.60% Cu, 0.13 g/t Au) from 108 m DKP078 recorded 240 m grading 0.43% CuEq (0.30% Cu, 0.17 g/t Au) from 36 m Including 54 m grading 0.60% CuEq (0.41% Cu, 0.26 g/t Au) from 46 m And including 42 m grading 0.50% CuEq (0.36% Cu, 0.20 g/t Au) from 188 m The maiden La Verde MRE, revised Costa Fuego PFS and preparation of the EIA submission remained on track, with assay results pending for 35 drill holes (24 infill drilling and 11 southern step-out drillholes).

La Verde Drilling Totals 50,000m, with Phase 2 Now Complete

Strong Cash Position of A$29.3 Million following closure of OR Royalty Amendment Agreement during the quarter.

View PDF version

Diamond and RC Drill rigs at the La Verde Cu-Au deposit.

SUMMARY OF OPERATIONAL ACTIVITIES

Second Porphyry Centre Confirmed at La Verde South

Assay results for step-out drilling, returned after the reporting period, confirmed the discovery of a second porphyry centre at La Verde South. Located immediately south of, and along strike from, the initial La Verde copper-gold porphyry discovery, extending the potential mineralisation footprint of La Verde to 1,400m.

The first Reverse Circulation (RC) step-out drill hole, DKP084, was collared approximately 250 m south of La Verde's existing +0.4% Cu mineralisation footprint and returned 148 m grading 0.44% CuEq1 (0.39% Cu, 0.07 g/t Au) from 36 m, including 44 m grading 0.56% CuEq (0.50% Cu, 0.06 g/t Au) from 138 m.

The intersection was primarily oxide copper porphyry-style mineralisation, commencing immediately below shallow gravel cover, and was designed to follow up previously reported RC drill hole DKP024, which recorded 114 m grading 0.4% CuEq (0.4% Cu) from 86 m, including 52 m grading 0.5% CuEq (0.5% Cu, 0.1 g/t Au) from 96 m (see announcement dated 19 May 2025).

The first southern Diamond Drill (DD) step-out drill hole, DKD100, was then collared a further 100 m south of DKP084 to test for higher-grade copper porphyry-style sulphide mineralisation beneath the oxide zone.

DKD100 visually recorded a 307 m downhole interval of copper porphyry-style mineralisation2, comprising oxide mineralisation between 40 m and 172 m and porphyry-style sulphide mineralisation between 172 m and 347 m.

Core photo from DKD100 (259 – 261 m downhole) with vein-hosted and disseminated chalcopyrite (2%) and pyrite (4%) mineralisation in strongly veined tonalite host rock[2].

Core photo from DKD100 (259 – 261 m downhole) with vein-hosted and disseminated chalcopyrite (2%) and pyrite (4%) mineralisation in strongly veined tonalite host rock2

1 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).

2 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assay results are pending and will be reported in accordance with the JORC Code (2012) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Sampling methodologies are described in the attached JORC Table 1.

Expansion Drilling Continues to Demonstrate Scale and Continuity

In parallel with southern step-out drilling, drilling across the main La Verde discovery continued to refine the geological interpretation of the mineralised system, further delineating the interpreted high-grade core and demonstrating the vertical and lateral continuity of porphyry-hosted copper-gold mineralisation.

A significant result was returned from DKD060 intersected 472 m grading 0.41% CuEq (0.34% Cu, 0.08g/t Au) from 49 m depth, including a significant higher-grade component comprising 105.8 m grading 0.70% CuEq from 397 m, which also included 32.6 m grading 0.90% CuEq from 438 m (Figure 4).

Results from RC drill hole DKP067 also expanded the lateral extent of mineralisation along La Verde's eastern flank. The drillhole, reported as a partial result, returned 112 m grading 0.47% CuEq (0.40% Cu, 0.10 g/t Au) from 42 m, including 26 m grading 0.70% CuEq (0.59% Cu, 0.14 g/t Au) from 62 m.

In-fill RC Drilling Confirms Continuity of Near-Surface, Bulk Mineralisation

RC drill holes targeting the up-dip extension of high-grade mineralisation at La Verde has continued to return wide intersections of copper-gold mineralisation from shallow depths. Importantly, results are distributed across the deposit, highlighting the scale and continuity of La Verde's growing high-grade core.

These results are headlined by DKP063 (Figure 4), which recorded 398 m grading 0.45% CuEq (0.35% Cu, 0.12 g/t Au) from surface. Within this, a significant higher-grade component includes 62 m grading 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from just 20 m depth, demonstrating the continuity of high-grade mineralisation at shallow depths and reinforcing the potential for a high-grade starter pit, capable of delivering early higher-grade material to the Costa Fuego mine plan.

DKP075 recorded a partial result of 132 m grading 0.57% CuEq (0.45% Cu, 0.16 g/t Au) from 24 m depth which included 42 m grading 0.70% CuEq (0.57% Cu, 0.19 g/t Au) from 96 m (Figure 5). Results for the final 177 m were still outstanding and are expected to be reported shortly.

Additionally, DKP064, which was collared at the southern extent of La Verde's high-grade core, returned 126 m grading 0.45% CuEq (0.38% Cu, 0.08 g/t Au) from 54 m depth, including 26 m grading 0.70% CuEq (0.60% Cu, 0.13 g/t Au) from 108 m, together with a second intersection of 74 m grading 0.35% CuEq (0.29% Cu, 0.07 g/t Au) from 276 m.

La Verde Drilling Totals 50,000m, with Phase 2 Now Complete

Drilling for the 40,000 m Phase 2 DD and RC program is now complete, following 13 months of progress and bringing the total at La Verde to 50,000 m. The Phase 1 RC program (completed from late 2024 to mid-2025) included 10,000 m and outlined a 750 m x 400 m x 400 m footprint, and in conjunction with Phase 2, has now identified a 1,400 m x 780 m x 800 m footprint across two porphyry centres. Resource infill drilling of La Verde is now complete, and drill rigs will start back up and focus on the growth of La Verde South in early 2027.

Project Development Integration

Since 30 June 2026, Hot Chili has further strengthened the dedicated Costa Fuego project development team and its integrated governance framework for the revised Pre-Feasibility Study (PFS) and Environmental Impact Assessment (EIA) programs, progressing multiple engineering, permitting, social, infrastructure and technical studies.

Key activities advanced include mine-plan inputs, hydrogeological and geotechnical investigations, TSF engineering and watermanagement studies, and evaluation of power-supply and transmission-line relocation options. Project controls are being consolidated through an integrated P6 schedule, clearer critical-path reporting, risk management and disciplined contractor cost and payment controls.

Environmental Impact Assessments (EIAs) Continue to Progress

During the quarter preparation of the Costa Fuego environmental approvals continued under the separate EIA 1A (Huasco Water) and EIA 1B (Costa Fuego) workstreams. Unusually heavy rainfall during July and August 2026 affected field activities resulted in delays which have been mitigated in part through four weeks of scheduled contingency. The Q2 2027 submission remains on track for both EIAs.

The two-stream permitting strategy has now been embedded in the project delivery framework:

EIA 1A: the seawater intake, pumping and distribution system. Work progressed on the Project Description, environmental chapters, PAS 155 and PAS 156 gap-closure actions, the Punta Huasco Sur protection-area consultation, and flora, vegetation, vertebrate fauna and entomofauna compatibility studies. The latest Project Description revision was under review in October.

EIA 1B: baseline studies, engineering inputs and environmental documentation progressed in parallel with the revised PFS2. Archaeological fieldwork was completed, hydrogeological field investigations and packer testing advanced, and the TSF, diversion-water and associated infrastructure packages continue to be developed for incorporation into the assessment.

Costa Fuego Revised PFS Advancement

During the quarter Hot Chili continued to advance workstreams at La Verde, designed to incorporate the new discovery into the Costa Fuego PFS as soon as possible. Geotechnical workstreams were completed at La Verde and are being incorporated into Mineral Resource Estimation and engineering design work, in parallel to metallurgical, hydrogeological and tailings testwork programs.

Analysis of multiple potential materials handling options between La Verde and Productora, the Costa Fuego central processing hub, are also underway. The potential development of a large open-pit mining scenario at Cortadera as an alternative to the previously defined open-pit and underground block cave operation for the later years of Costa Fuego's mine plan is also being finalised.

Social Integration and Community Support

Hot Chili continued its community engagement activities, with a round of early community engagement (Participación Ciudadana Temprana, PCT) in Huasco, Freirina and Vallenar. Public information stands shared details about the Huasco Water project and introduced the Produce Futuro Fund. Additional baseline interviews were completed with a further 9 parties, including 7 Indigenous organisations and 2 neighbourhood associations.

Launched in September, the Produce Futuro Fund will provide grants to successful applicants to support economic development in the Huasco Valley. Hot Chili coordinated the launch and held support sessions to help community members apply. The company received more than 300 applications, with 55 grants to be awarded next quarter.

(Left) Hot Chili Community Team in Vallenar and (Right) Launch of the Produce Futuro Fund.

Figure 1. Long section view (A – A') showing recent drill hole results DKP084 (± 75m clipping) and +0.3% copper (red), +0.4% (purple) copper interpolants and extent of visual estimate3 of porphyry -style copper mineralisation in DKD100, relative to the La Verde Discovery Figure 1. Long section view (A – A’) showing recent drill hole results DKP084 (± 75m clipping) and +0.3% copper (red), +0.4% (purple) copper interpolants and extent of visual estimate3 of porphyry -style copper mineralisation in DKD100, relative to the La Verde Discovery.

1 See Page 26 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.

2 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).

3 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assay results are pending and will be reported in accordance with the JORC Code (2012) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Sampling methodologies are described in the attached JORC Table 1.

Figure 2. Plan view map of La Verde showing recent drill hole results and 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' long section (Figure 1 and 3) and B - B' (Figure 4) and C – C' (Figure 5) annotated with white dashed lines. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2, visual estimate from DKD100 shown3.

Figure 2. Plan view map of La Verde showing recent drill hole results and 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’ long section (Figure 1 and 3) and B - B’ (Figure 4) and C – C’ (Figure 5) annotated with white dashed lines. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2, visual estimate from DKD100 shown[3].

Figure 2. Legend.

1 See Page 26 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.

2 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).

3 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assay results are pending and will be reported in accordance with the JORC Code (2012) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Sampling methodologies are described in the attached JORC Table 1.

Figure 3. Long-section slice (A – A') showing drill hole results and updated +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. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2, visual estimate from DKD100 shown3.

Figure 3. Long-section slice (A – A’) showing drill hole results and updated +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. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2, visual estimate from DKD100 shown[3].

1 See Page 26 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.

2 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).

3 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assay results are pending and will be reported in accordance with the JORC Code (2012) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Sampling methodologies are described in the attached JORC Table 1.

Figure 4. Cross section slice (B – B') showing recent drill hole results DKP063, DKP064, DKP059 and DKD060 (± 75m clipping) and updated +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. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

Figure 4. Cross section slice (B – B’) showing recent drill hole results DKP063, DKP064, DKP059 and DKD060 (± 75m clipping) and updated +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. Conceptual open pit shells[1] displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq[2].

Figure 5. Cross section slice (C – C') showing drill hole results for DKP075 and DKP078 (± 75m clipping) and updated +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. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

Figure 5. Cross section slice (C – C’) showing drill hole results for DKP075 and DKP078 (± 75m clipping) and updated +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. Conceptual open pit shells[1] displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq[2].

Table 1. Drill Holes Completed for La Verde in Quarter 3 2026

ProspectHole IDEastNorthRLDepthDipAzi.Results
DKD06832432167855271179865.4-6172Results Pending
DKP06932467167861091184378-6977Results Pending
DKP07032451667856761150324-58271Significant result returned Q3 2026
DKP07132456767857111133397-6090Results Pending
DKP07232478067857731132408-59244Significant result returned Q4 2026
DKP07332486667857251137231-64249Results Pending
DKP07432470367855911138282-60271Results Pending
DKP07532463267859911152333-5799Significant result returned Q4 2026
DKD07632464067858421134618.5-5874Results Pending
DKP07732442167856191178324-5880Significant result returned Q4 2026
DKP07832465867859011141324-69332Significant result returned Q4 2026
La Verde
DKP07932451567855221188360-6190Significant result returned Q4 2026
DKP08032405467861411105126-60239Significant result returned Q4 2026
DKP0813247136785594113830-6070Significant result returned Q4 2026
DKP08232471367855931138288-6771Significant result returned Q4 2026
DKP08332417767860911102216-60244Results Pending
DKP08432442067853271187366-6275Significant result returned Q4 2026
DKP08532425767860431104252-60250Results Pending
DKD08632450767857441124770.6-6035Results Pending
DKP08732491167857641137204-5871Results Pending
DKP08832442767852211188326-5992Results Pending
DKP08932495767858221141162-57262Results Pending
DKP09032424967853071177396-6089Results Pending
DKP09132499767859611174360-59301Results Pending
DKP09232420567851521175402-6091Results Pending
DKP09332495667858201141162-61306Results Pending
DKP09432469567856631133174-59271Results Pending
DKP09532435267850061164351-6091Results Pending
DKP09632473367855251139264-6470Results Pending
DKP09732450867850001183324-6089Results Pending
DWEDKD00132466867861101184231.1-8078Results Pending
DWEDKD00232454967860811153190-89170Results Pending
DWEDKD00332468867857421128250-80100Results Pending
DWEDKD00432490967857671137111.3-7950Results Pending
DWEDKD00532453567857461123186.1-80231Results Pending

Table 2. Significant Drilling Intersections from La Verde in Quarter 3 2026

Hole IDCoordinatesAzimDipHole DepthIntersectionIntervalCopper Eq1CopperGoldSilverMolyb.
NorthEastRLFromTo(m)(% CuEq)(% Cu)(g/t Au)(ppm Ag)(ppm Mo)
DKP045D6785947324415111060-60840.5016.016.00.420.400.021.0824
310.0457.0147.00.350.260.080.8361
Incl381.3407.025.70.500.370.141.4458
DKP0516785722324332116756-6537254.0124.070.00.250.200.060.4921
68.080.012.00.450.390.070.2516
DKP05267860243247561188245-6035482.0354.0272.00.400.320.100.839
Incl92.0134.042.00.500.390.140.9113
& Incl226.0242.016.00.640.540.131.396
& Incl252.0280.028.00.600.480.160.896
DKP058 (updated)6785775324785113470-5740224.0206.0182.00.500.410.100.7720
Incl24.056.032.00.600.520.120.666
DKP0596785728324866113970-61120367842.00.250.210.040.3530
DKD060 (updated)67857623249091139260-61772.749.0521.0472.00.410.340.080.6034
Incl93.4157.163.70.500.420.100.7310
& Incl397.0502.8105.80.700.580.150.9919
Or Incl438.0470.632.60.900.750.191.3031
642.1765.2123.10.300.270.020.8023
Incl655.5657.82.34.634.560.0210.4018
DKP06167856083249011147271-61273709828.00.270.220.050.7125
16620640.00.400.330.081.1021
DKP0636785713324566113263-704170398398.00.450.350.120.5818
Incl208262.00.910.700.301.076
DKP063Incl203212.01.000.660.491.407
& Incl427634.01.000.800.270.955
DKP06467856693245081155101-5742654180126.00.450.380.081.0324
Incl10813426.00.700.600.130.8311
27635074.00.350.290.070.8516
DKP06767857743247851134114-60300421541120.470.40.10.898
Incl6288260.70.590.141.199
DKP07267857673247761133244-59408121721600.370.30.090.835
Incl1252400.530.450.110.974
& Incl144172280.490.390.140.927
DKP0756785983324631115399-57333242121880.560.440.160.7210
304333290.50.390.150.5111
DKP0776785616324420117780-58324230274440.330.250.061.0979
31832460.460.360.092.181
DKP07867858933246591142332-69324362762400.430.30.170.6913
Incl46100540.60.410.260.599
& Incl188230420.50.360.20.89
DKP0796785514324520118790-61360156210540.30.250.060.8714
DKP08067861263240511103240-60126016160.240.230.010.3314
DKP08126785590324705113870-6030030300.350.280.090.617
DKP0826785590324705113870-6728801581580.360.30.081.0214
Incl132150180.580.50.12.1915
236264280.430.320.150.9810
DKP0846785322324417118675-62366361841480.440.390.071.08
Incl138182440.560.500.061.88

Notes to Table 2: 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.

1 Copper Equivalent (CuEq) reported for the drill hole 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).

2 DKP081 was abandoned due to mechanical issues and was redrilled as DKP082

SUMMARY OF CORPORATE ACTIVITIES

Strategic Partnering Process Update

Hot Chili continues to advance its asset-level strategic Partnering Process, aimed at introducing one or more qualified partners with the financial, technical and operational capability to assist in funding and delivery of the projects.

During the quarter management continued to facilitate ongoing due diligence activities, including arranging site visits, while discussions continued in relation to existing non-binding, indicative, incomplete and conditional proposals received for potential transactions involving the projects.

The Partnering Process may result in a range of transactions for the Projects. Investors are cautioned that there is no certainty the Partnering Process will result in a transaction or binding agreement.

BMO Capital Markets continues to act as financial adviser in connection with the Partnering Process.

The Company will continue to update the market in accordance with its continuous disclosure obligations.

OR Royalty Amendment Agreement

During the quarter, Hot Chili completed the Amended and Restated Investment Agreement with OR Royalties Inc. ("OR"), receiving net proceeds of A$20.4 million, after transaction costs, from the additional US$15 million royalty investment.

The transaction brings total consideration received under the OR royalty arrangement to US$30 million and expands OR's royalty interest to include the La Verde Project.

The additional non-dilutive funding further strengthens the Company's balance sheet and supports the ongoing advancement of La Verde and the broader Costa Fuego copper-gold development.

The agreement also incorporates an updated change of control buy-back provision, preserving strategic flexibility as the Company progresses its Strategic Partnering Process.

For further details, refer to the Company's announcement dated 7 July 2026.

Cash Position

As of 30 September 2026, the Company had cash of A$29.3 million and no debt.

The operating expenditure for quarter ended 30 September 2026 included payments for staff costs of A$1.3 million and administration and corporate costs of A$1.5 million.

The investing expenditure for quarter ended 30 September 2026 included payments for tenements of A$3.4 million relating mostly to the payment of the San Antonio Purchase Option Agreement for US$2 million, and payments for exploration and evaluation of A$10.1 million relating to drilling (four drill rigs in operation) and development study activities across the La Verde copper-gold porphyry discovery, value engineering workstreams and EIA submission activities. This was offset by the receipt of A$20.4 million (net of costs) from the OR Royalty Amendment Agreement.

With the Phase 2 resource infill and extensional drilling program at La Verde scheduled for completion by the end of October 2026, the Company anticipates a material reduction in exploration expenditure in subsequent quarters.

Capital Structure

The following summarises the Company's securities on issue:

202,901,656 ordinary fully paid shares 1,212,121 options at AUD $2.145 expiring 12 August 2028 420,302 service rights 4,729,457 performance rights

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 September 2026.

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 $234,000. This is comprised of directors' salaries and superannuation of $234,000.

Health, Safety, Environment and Quality

Field operations during the quarter included geological reconnaissance activities, diamond and reverse circulation drilling, sampling baselines and site investigations for EIA and revised PFS2, across the Company's Costa Fuego project landholdings, focused on La Verde and Productora. Activities on new tenements are run at the Productora or Cortadera operations centers and their safety statistics are included under the figures for all projects.

One Lost Time Injury (LTI) was recorded during the quarter. The LTI occurred during diamond drilling activities when an accident in retrieving a sample resulted in a fractured finger.

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 3 2026 Performance and Statistics

DepositDomeykoProductoraAll Projects
TimeframeQ3 2026Cum.2 2024Q3 2026Cum.2 2024Q3 2026Cum.2 2024
LTI events110115
NLTI events100116
Days lost66830466194
LTIFR index23200162021
ISR index15435520661314800
IFR Index4747033045
Thousands of man-hours42.81507.26150.2243
Incidents on materials and assets020002
Environmental incidents000000
Headcount¹10036282013069

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 2024.

Tenement Changes During the Quarter

During the Quarter, Sociedad Minera La Frontera SpA ("La Frontera") exercised the option granted under the San Antonio Purchase Option Agreement, thereby acquiring ownership of 30 mining concessions.

During the reporting period, La Frontera also obtained the extensions of the following mining exploration concessions: "Cortadera 1", "Cortadera 2", "Cortadera 3", "Cortadera 4", "Cortadera 5", "San Antonio 1", "San Antonio 2", "San Antonio 3", "San Antonio 4" and "San Antonio 5"

In the course of the Quarter, the following mining exploration concessions have expired upon reaching their expiration date: "CF 1", "CF 2", "CF 3", "CF 4", "CF 5", "Juli 19", "Juli 20", "Juli 22", "Juli 23", "Julieta 5", "Julieta 6", "Julieta 7", "Julieta 8", "Julieta 9", "Julieta 11", "Julieta 12", "Julieta 16" and "Julieta 17".

In addition, during the quarter, La Frontera filed the following exploitation mining claims (manifestaciones), exercising the preferential rights arising from the corresponding exploration concessions: "CF 1 1/60", "CF 2 1/60", "CF 3 1/60" and "CF 4 1/40". Furthermore, Sociedad Minera El Aguila SpA ("El Aguila") has claimed the following mining exploitation concessions, exercising the preferential rights arising from the corresponding exploration concessions: "Juli 19 1/60", "Juli 20 1/60", "Juli 22 1/60", "Juli 25 1/60", "Julieta 5 1/40", "Julieta 6 1/40", "Julieta 11 1/60", "Julieta 12 1/60", "Julieta 16 1/40" and "Julieta 17 1/40". In addition, during the period, El Aguila also filed the exploitation mining claim (manifestación) "Julita 7 1/60", which covers the areas comprised within the Julieta 8 and Julieta 9 exploration concessions, as well as the exploration mining application (pedimento) "Bigotes 10".

Finally, during the period, the exploration mining concessions "CF Sur 17", "CF Sur 27", and "CF Sur 30" were judicially declared lapsed because of non-compliance with Article 112 bis of the Chilean Mining Code, which prohibits the overlap of exploration mining concessions held by the same owner. Notwithstanding the foregoing, the area covered by such concessions is encompassed within the exploitation mining concessions currently undergoing the constitution process, namely "Porfiada Sur 1 1/60", "Porfiada Sur 2 1/60", "Porfiada Sur 3 1/40", and "Porfiada Sur 4 1/60". To avoid becoming subject to the same restriction, La Frontera abandoned the exploration concession applications "CF Sur 36" and "CF Sur 37", which were then in the process of being constituted.

The Company's existing tenements are detailed in the tables below.

Table 4. Current Tenement Holdings in Chile as of 30 September 2026

Cortadera Project Tenements

N°License IDHCH % HeldHCH % EarningArea (ha)Agreement Details
1ALCENIA 1/10100% Frontera SpA50
2AMALIA 942 A 1/6100% Frontera SpA53
3ATACAMITA 1/82100% Frontera SpA82
4CORROTEO 1 1/260100% Frontera SpA260
5CORROTEO 5 1/261100% Frontera SpA261
6CORTADERA 1 1/200100% Frontera SpA200
7CORTADERA 1/40100% Frontera SpA374
8CORTADERA 2 1/200100% Frontera SpA200
9CORTADERA 41100% Frontera SpA1
10CORTADERA 42100% Frontera SpA1
11LAS CANAS 1/15100% Frontera SpA146
12LAS CANAS 16100% Frontera SpA1
13LAS CANAS ESTE 2003 1/30100% Frontera SpA300
14MAGDALENITA 1/20100% Frontera SpA100
15PAULINA 10 B 1/16100% Frontera SpA136
16PAULINA 11 B 1/30100% Frontera SpA249
17PAULINA 12 B 1/30100% Frontera SpA294
18PAULINA 13 B 1/30100% Frontera SpA264
19PAULINA 14 B 1/30100% Frontera SpA265
20PAULINA 15 B 1/30100% Frontera SpA200
21PAULINA 22 A 1/30100% Frontera SpA300
22PAULINA 24 1/24100% Frontera SpA183
23PAULINA 25 A 1/19100% Frontera SpA156
24PAULINA 26 A 1/30100% Frontera SpA294
25PAULINA 27A 1/30100% Frontera SpA300
26PURISIMA 1/8 (1/2 Y 5/6)100% Frontera SpA20NSR 1.5%
27CF 1 1/60100% Frontera SpA300
28CF 2 1/60100% Frontera SpA300
29CF 3 1/60100% Frontera SpA300
30CF 4 1/60100% Frontera SpA300
31CF 6100% Frontera SpA200
32CF 7100% Frontera SpA100
33CF 8100% Frontera SpA200
34CF 9100% Frontera SpA100
35CF 10100% Frontera SpA200
36CF 11100% Frontera SpA200
37CHAPULIN COLORADO 1/3100% Frontera SpA3
38CHILIS 1100% Frontera SpA200
39CHILIS 3100% Frontera SpA100
40CHILIS 4100% Frontera SpA200
41CHILIS 5100% Frontera SpA200
42CHILIS 6100% Frontera SpA200
43CHILIS 7100% Frontera SpA200
44CHILIS 8100% Frontera SpA200
45CHILIS 9100% Frontera SpA300
46CHILIS 10 1/38100% Frontera SpA190
47CHILIS 11100% Frontera SpA200
48CHILIS 12 1/60100% Frontera SpA300
49CHILIS 13100% Frontera SpA300
50CHILIS 14100% Frontera SpA300
51CHILIS 15100% Frontera SpA300
52CHILIS 16100% Frontera SpA300
53CHILIS 17100% Frontera SpA300
54CHILIS 18100% Frontera SpA300
55CORTADERA 1100% Frontera SpA200
56CORTADERA 2100% Frontera SpA200
57CORTADERA 3100% Frontera SpA200
58CORTADERA 4100% Frontera SpA200
59CORTADERA 5100% Frontera SpA200
60CORTADERA 6 1/60100% Frontera SpA265
61CORTADERA 7 1/20100% Frontera SpA93
62CRISTINA 1/40100% Frontera SpA40
63DIABLITO 1/5100% Frontera SpA25
64DONA FELIPA 1/10100% Frontera SpA50
65DORO 1100% Frontera SpA200
66DORO 2100% Frontera SpA200
67DORO 3100% Frontera SpA300
68FALLA MAIPO 2 1/10100% Frontera SpA99
69FALLA MAIPO 3 1/8100% Frontera SpA72
70FALLA MAIPO 4 1/26100% Frontera SpA26
71MINORI 1100% Frontera SpA300
72MINORI 2100% Frontera SpA300
73MINORI 3100% Frontera SpA300
74MINORI 4100% Frontera SpA300
75PORFIADA B100% Frontera SpA200
76PORFIADA D100% Frontera SpA300
77PORFIADA G100% Frontera SpA200
78PORFIADA I100% Frontera SpA300
79PORFIADA II100% Frontera SpA300
80PORFIADA III100% Frontera SpA300
81PORFIADA IV100% Frontera SpA300
82PORFIADA V100% Frontera SpA200
83PORFIADA VI100% Frontera SpA100
84PORFIADA X100% Frontera SpA200
85SAN ANTONIO 1100% Frontera SpA200
86SAN ANTONIO 2100% Frontera SpA200
87SAN ANTONIO 3100% Frontera SpA300
88SAN ANTONIO 4100% Frontera SpA300
89SAN ANTONIO 5100% Frontera SpA300
90MARINA 1/10100% Frontera SpA100
91CATITA V 1/9100% Frontera SpA9
92CHILIS 19100% Frontera SpA300
93PAULINA100% Frontera SpA100
94ARBOLEDA 7 1/25100% Frontera SpA234NSR 1%
95NAVARRO 1 41/60100% Frontera SpA81NSR 1%
96WH 1 1/20100% Frontera SpA100
TOTAL19.177

Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited

Productora Project Tenements

Productora Project
N°License IDHCH % HeldHCH % EarningArea (ha)Agreement Details
1ALGA 7 A 1/3280% SMEA SpA89
2ALGA VI 4100% SMEA SpA2
3ALGA VI 5/2480% SMEA SpA66
4ARENA 1 1/680% SMEA SpA40
5ARENA 2 1/1780% SMEA SpA113
6AURO HUASCO 1A 1/880% SMEA SpA35
7CABRITO-CABRITO 1/980% SMEA SpA50
8CACHIYUYITO 1 1/2080% SMEA SpA100
9CACHIYUYITO 2 1/6080% SMEA SpA300
10CACHIYUYITO 3 1/6080% SMEA SpA300
11CARMEN I, 1/5080% SMEA SpA222
12CARMEN II, 1/6080% SMEA SpA274
13CF 12100% Frontera SpA100
14CF 13100% Frontera SpA200
15CF 14100% Frontera SpA300
16CHICA80% SMEA SpA1
17CHOAPA 1/1080% SMEA SpA50
18CUENCA A 1/5180% SMEA SpA255
19CUENCA B 1/2880% SMEA SpA139
20CUENCA C 1/5180% SMEA SpA255
21CUENCA D80% SMEA SpA3
22CUENCA E80% SMEA SpA1
23ELEONOR RIGBY 1/10100% Frontera SpA100
24ELQUI 1/1480% SMEA SpA61
25ESPERANZA 1/580% SMEA SpA11
26FRAN 1 1/6080% SMEA SpA220
27FRAN 12 1/4080% SMEA SpA200
28FRAN 13 1/4080% SMEA SpA200
29FRAN 14 1/4080% SMEA SpA200
30FRAN 15 1/6080% SMEA SpA300
31FRAN 18, 1/6080% SMEA SpA273
32FRAN 2 1/2080% SMEA SpA100
33FRAN 21, 1/4680% SMEA SpA226
34FRAN 3 1/2080% SMEA SpA100
35FRAN 4 1/2080% SMEA SpA100
36FRAN 5 1/2080% SMEA SpA100
37FRAN 6 1/2680% SMEA SpA130
38FRAN 7 1/3780% SMEA SpA176
39FRAN 8 1/3080% SMEA SpA120
40JULI 10, 1/6080% SMEA SpA300
41JULI 11, 1/6080% SMEA SpA300
42JULI 12, 1/4280% SMEA SpA210
43JULI 13, 1/2080% SMEA SpA100
44JULI 14, 1/5080% SMEA SpA250
45JULI 15, 1/5580% SMEA SpA275
46JULI 16 1/6080% SMEA SpA300
47JULI 17 1/2080% SMEA SpA100
48JULI.19 1/6080% SMEA SpA300
49JULI.20 1/6080% SMEA SpA300
50JULI 21 1/6080% SMEA SpA300
51JULI.22 1/6080% SMEA SpA300
52JULI 23 1/6080% SMEA SpA300
53JULI 24 1/6080% SMEA SpA300
54JULI.25 1/6080% SMEA SpA300
55JULI 27 B, 1/1080% SMEA SpA48
56JULI 27, 1/3080% SMEA SpA146
57JULI 28, 1/6080% SMEA SpA300
58JULI 9, 1/6080% SMEA SpA300
59JULIETA 10, 1/6080% SMEA SpA300
60JULIETA 11 1/6080% SMEA SpA300
61JULIETA 12 1/6080% SMEA SpA300
62JULIETA 13 1/6080% SMEA SpA298
63JULIETA 14 1/6080% SMEA SpA269
64JULIETA 15 1/4080% SMEA SpA200
65JULIETA 16 1/4080% SMEA SpA200
66JULIETA 17 1/4080% SMEA SpA200
67JULIETA 18 1/4080% SMEA SpA200
68JULIETA 5 1/4080% SMEA SpA200
69JULIETA 6 1/4080% SMEA SpA200
70JULIETA 7 1/6080% SMEA SpA300
71JULITA ¼80% SMEA SpA4
72LEONA 2A 1/480% SMEA SpA10
73LIMARI 1/1580% SMEA SpA66
74LOA 1/680% SMEA SpA30
75MAIPO 1/1080% SMEA SpA50
76MONTOSA 1/480% SMEA SpA35NSR 3%
77ORO INDIO 1A 1/2080% SMEA SpA82
78PEGGY SUE 1/10100% Frontera SpA100
79PRODUCTORA 1/1680% SMEA SpA75
80TOLTEN 1/1480% SMEA SpA70
81URANIO 1/700 %35025-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
82ZAPA 1 1/1080% SMEA SpA100
83ZAPA 1/680% SMEA SpA6GSR 1%
84ZAPA 3 1/2380% SMEA SpA92
85ZAPA 5A 1/1680% SMEA SpA80
86ZAPA 7 1/2480% SMEA SpA120
87SIERRA SOLIS 1100% SMEA SpA200
88SIERRA SOLIS 2100% SMEA SpA300
89SIERRA SOLIS 3100% SMEA SpA300
90SIERRA SOLIS 4100% SMEA SpA200
91SIERRA SOLIS 5100% SMEA SpA300
92SIERRA SOLIS 6100% SMEA SpA300
93SIERRA SOLIS 7100% SMEA SpA300
94SIERRA SOLIS 8100% SMEA SpA300
95ZAPALLO 1100% SMEA SpA100
96ZAPALLO 2100% SMEA SpA200
97ZAPALLO 3100% SMEA SpA200
98HWZC 1 1/14100% SMEA SpA98
99BUENA SUERTE 1/6100% SMEA SpA30
100PILAR ½100% SMEA SpA10
101BIGOTES 10100% SMEA SpA200
TOTAL17.516

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 IDHCH % HeldHCH % EarningArea (ha)Agreement Details
1ANTONIO 1 1/56100% Frontera SpA280100% HCH Domeyko Purchase Option Agreement US$320,000 (already satisfied) US$200,000 payable by April 19th 2027 US$3.480,000 payable by April 19th 2028 NSR 1%
2ANTONIO 1/40100% Frontera SpA200
3ANTONIO 10 1/21100% Frontera SpA63
4ANTONIO 19 1/30100% Frontera SpA128
5ANTONIO 21 1/20100% Frontera SpA60
6ANTONIO 36 1/15100% Frontera SpA74
7ANTONIO 5 1/40100% Frontera SpA200
8ANTONIO 9 1/40100% Frontera SpA193
9CAZURRO 1100% Frontera SpA200
10CAZURRO 2100% Frontera SpA200
11CAZURRO 3100% Frontera SpA300
12CAZURRO 4100% Frontera SpA300
13CAZURRO 5100% Frontera SpA100
14CAZURRO 6100% Frontera SpA200
15CAZURRO 7100% Frontera SpA200
16CAZURRO 8100% Frontera SpA200
17CERRO MOLY 1100% Frontera SpA300
18CERRO MOLY 2100% Frontera SpA300
19CERRO MOLY 3100% Frontera SpA300
20CERRO MOLY 4100% Frontera SpA300
21CAZURRO 3 1/60100% Frontera SpA300
22CAZURRO 4 1/60100% Frontera SpA300
23CAZURRO 7 1/40100% Frontera SpA200
24EMILIO 1 1/8100% Frontera SpA38
25EMILIO 3 1/9100% Frontera SpA45
26INES 1/40100% Frontera SpA200
27LORENA ½100% Frontera SpA2
28MERCEDITA 1/7100% Frontera SpA22
29PRIMO 1 1/6100% Frontera SpA36
30SANTIAGUITO 5 1/24100% Frontera SpA114
31DOMINOCEROS 1/20 (1/4)100% Frontera SpA20100% HCH Dominoceros Purchase Option Agreement US$320,000 (already satisfied) US$680,000 (already satisfied) US$1,000,000 payable by October 25th 2026 US$6,890,000 payable by October 25th 2027
32CF SUR 1100% Frontera SpA300
33CF SUR 2100% Frontera SpA300
34CF SUR 3100% Frontera SpA300
35CF SUR 4100% Frontera SpA300
36CF SUR 5100% Frontera SpA200
37CF SUR 6100% Frontera SpA300
38CF SUR 7100% Frontera SpA300
39CF SUR 8100% Frontera SpA300
40CF SUR 9100% Frontera SpA200
41CF SUR 10100% Frontera SpA200
42CF SUR 11100% Frontera SpA300
43CF SUR 12100% Frontera SpA300
44CF SUR 13100% Frontera SpA300
45CF SUR 14100% Frontera SpA300
46CF SUR 15100% Frontera SpA200
47CF SUR 16100% Frontera SpA300
48CF SUR 18100% Frontera SpA300
49CF SUR 19100% Frontera SpA300
50CF SUR 20100% Frontera SpA300
51CF SUR 21100% Frontera SpA300
52CF SUR 22100% Frontera SpA300
53CF SUR 23100% Frontera SpA200
54CF SUR 24100% Frontera SpA200
55CF SUR 25100% Frontera SpA300
56CF SUR 26100% Frontera SpA300
57CF SUR 28100% Frontera SpA200
58CF SUR 29100% Frontera SpA300
59CF SUR 31100% Frontera SpA300
60CF SUR 32100% Frontera SpA300
61CF SUR 33100% Frontera SpA300
62CF SUR 34100% Frontera SpA300
63CF SUR 35100% Frontera SpA300
64KRETA ¼100% Frontera SpA16The mining concession is included in SanAntonio Purchase Option Agreement
65MARI 1100% Frontera SpA300
66MARI 1/12100% Frontera SpA64The mining concession is included in San Antonio Purchase Option Agreement
67MARI 6100% Frontera SpA300
68MARI 8100% Frontera SpA300
69PAJONALES100% Frontera SpA300
70PORFIADA SUR 1 1/60100% Frontera SpA300The mining concession is included in SanAntonio Purchase Option Agreement
71PORFIADA SUR 2 1/60100% Frontera SpA300The mining concession is included in SanAntonio Purchase Option Agreement
72PORFIADA SUR 3 1/40100% Frontera SpA200The mining concession is included in SanAntonio Purchase Option Agreement
73PORFIADA SUR 4 1/60100% Frontera SpA300The mining concession is included in SanAntonio Purchase Option Agreement
TOTAL16.655

Note: Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited.

El Fuego Project Tenements

San Antonio Project
N°License IDHCH % HeldHCH % EarningArea (ha)Agreement Details
1MERCEDES 1/3100% Frontera SpA50100% HCH San Antonio Purchase Option Agreement USD 4,400,000 already paid. In September 2026, Frontera SpA exercised the San Antonio Purchase Option Agreement. (2 additional and conditional payments of USD 2,000,000, each one, to be paid by December 31, 2030 under certain conditions detailed at title "Tenement Changes During the Quarter" of this quarterly report.)
2PORFIADA A 1/33100% Frontera SpA160
3PORFIADA C 1/60100% Frontera SpA300
4PORFIADA E 1/20100% Frontera SpA100
5PORFIADA F 1/50100% Frontera SpA240
6PORFIADA IX 1/60100% Frontera SpA300
7PORFIADA VII 1/60100% Frontera SpA270
8PORFIADA VIII 1/60100% Frontera SpA300
9PRIMA 1100% Frontera SpA1
10PRIMA 2100% Frontera SpA2
11ROMERO 1/31100% Frontera SpA31
12SAN ANTONIO 1/5100% Frontera SpA25
13SAN JUAN SUR 1/5100% Frontera SpA10
14SAN JUAN SUR 6/23100% Frontera SpA90
15SANTIAGO Z 1/30100% Frontera SpA300
16SANTIAGO 1/4 Y 20100% Frontera SpA75
17SANTIAGO 15/19100% Frontera SpA25
18SANTIAGO 21/36100% Frontera SpA76
19SANTIAGO 37/43100% Frontera SpA26
20SANTIAGO A, 1/26100% Frontera SpA244
21SANTIAGO B, 1/20100% Frontera SpA200
22SANTIAGO C, 1/30100% Frontera SpA300
23SANTIAGO D, 1/30100% Frontera SpA300
24SANTIAGO E, 1/30100% Frontera SpA300
TOTAL3.725

Note: Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited.

Cordillera Project

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