Hot Chili Limited Request for Trading Halt
Hot Chili Limited Request for Trading Halt
PERTH
, Australia
,
June 27, 2023
/CNW/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX:
HHLKF) ("Hot Chili" or the "Company") advises that, at the request of the company, its ordinary
shares on the Australian Securities Exchange ("ASX") have been placed In a trading halt effective
27
June 2023
.
In its letter to the ASX, the Company noted that the request for the trading halt was made pending
the release of an announcement by the company concerning a form of Investment Agreement and
the results of a Preliminary Economic Assessment (Scoping Study) in relation to Its Coast Fuego
copper-gold project in the coastal range of the Atacama Region,
Chile
.
The Company will remain in a temporary trading halt on the ASX until the earlier of the
commencement of normal trading on
29 June 2023
or when the announcement Is released to the
market.
A copy of the ASX announcement Is available on SEDAR and at the Company's website
https://www.hotchili.net.au/category/investor-news/
This announcement is authorised by the Board of Directors for release to ASX and TSXV.
For more information please contact:
Managing Director
Company Secretary
Investor Relations - US
Investor Relations - Canada
Christian Easterday
Penelope Beattie
Jonathan Paterson
Graham Farrell
+61 8 9315 9009
+61 8 9315 9009
+1 475 477 9401
+1 416 842 9003
About Hot Chili
Hot Chili Ltd (ASX/TSXV: HCH, OTCQX: HHLKF) aims to build shareholder value through the
acquisition, exploration and development of high-quality copper assets in a low elevation and
accessible region of northern Chile. With substantial mineral resources already defined, the
Company's Costa Fuego Copper Hub is well positioned to benefit from the looming structural
shortfall in copper production due to its size, quality and low economic hurdle location with an
indicated resource of 2.8Mt Cu, 2.6Moz Au and 67kt of Mo (in
725Mt
) and inferred resource of 0.6
Mt Cu, 1.2
Moz Au
and 13kt Mo (in
202Mt
). Costa Fuego is rated by S&P Global Market
Intelligence one of the top 10 "low risk" undeveloped copper projects globally.
Hot Chili has materially de-risked the potential future development of Costa Fuego, securing
seawater extraction rights, surface rights for mining activities, easement corridors for water and
power pipelines, and electrical connection to the national power grid as well as entering into a LOI
with the nearby port of Las Losas.
Costa Fuego has exceptional ESG credentials due to the abundance of existing infrastructure,
amenability of ore processing using seawater, potential to operate Costa Fuego on a 100%
renewable power mix, minimal community impact and ability to drive growth in an economically
deprived area.
Hot Chili's growth trajectory continues with the recent announcement of further consolidation
contiguous with the bulk of its resources. This new, low-cost, acquisition contains near surface
copper-gold porphyry mineralization intersected in historic drilling that has yet to be followed up. The
Company commenced an initial
10,000m
drill program in
January 2023
to test highly prospective
copper-gold porphyry targets along strike of the existing porphyry cluster.
Hot Chili recently obtained secondary listings on the TSXV and OTCQX to better align with the
exchanges of its global copper peer group. The Company aims to narrow the relative valuation gap
with its North American listed peers, particularly as the general market starts to appreciate the
medium term structural deficit in copper –
the critical commodity
– and the copper price required to
incentivize new production.
Qualifying Statements
Forward Looking Statements
This Announcement is provided on the basis that neither the Company nor its representatives make
any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the
material contained in the Announcement and nothing contained in the Announcement is, or may be
relied upon as a promise, representation or warranty, whether as to the past or the future. The
Company hereby excludes all warranties that can be excluded by law. The Announcement contains
material which is predictive in nature and may be affected by inaccurate assumptions or by known
and unknown risks and uncertainties and may differ materially from results ultimately achieved.
The Announcement contains "forward-looking statements". All statements other than those of
historical facts included in the Announcement are forward-looking statements including estimates of
Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ materially from future results expressed,
projected or implied by such forward-looking statements. Such risks include, but are not limited to,
copper, gold and other metals price volatility, currency fluctuations, increased production costs and
variances in ore grade recovery rates from those assumed in mining plans, as well as political and
operational risks and governmental regulation and judicial outcomes. The Company does not
undertake any obligation to release publicly any revisions to any "forward-looking statement" to
reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of
unanticipated events, except as may be required under applicable securities laws. All persons should
consider seeking appropriate professional advice in reviewing the Announcement and all other
information with respect to the Company and evaluating the business, financial performance and
operations of the Company. Neither the provision of the Announcement nor any information contained
in the Announcement or subsequently communicated to any person in connection with the
Announcement is, or should be taken as, constituting the giving of investment advice to any person
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 news release.
View original content:
https://www.prnewswire.com/news-releases/hot-chili-limited-request-for-trading-halt-301864308.html
SOURCE
Hot Chili Limited
View original content:
http://www.newswire.ca/en/releases/archive/June2023/27/c1672.html
%SEDAR: 00053528E
CO: Hot Chili Limited
CNW 07:00e 27-JUN-23