HCH.V · 2026-03-31 12:00:00

Hot Chili Quarterly Report - Period Ending 31 March 2026 PERTH, Australia ,

Financials

Hot Chili Quarterly Report - Period Ending 31 March

2026

PERTH, Australia

April 30, 2026

/CNW/ -

Highlights

$40 Million Funding to Accelerate Growth & Development of Costa Fuego

A$40 million private placement during the quarter received strong demand from Australian, Canadian and

overseas institutional investors, as well as the Company's three largest shareholders (Glencore, Blue Spec and

GS Group).

The Company is now set to deliver strong growth and development milestones for its Costa Fuego copper-gold

(Cu-Au) project (Costa Fuego) located in coastal Chile, including:

Delivery of a maiden Mineral Resource at La Verde;

Integration of La Verde into an expanded mine plan;

Completion and submission of an Environmental Impact Assessment (EIA); and

Continuation of Feasibility studies.

Global Engineering Firm Ausenco Appointed for Feasibility Study

Major High-Grade Extensions Continue at La Verde

Drilling at the Company's La Verde copper-gold (Cu-Au) porphyry discovery in Chile accelerated during the

quarter, with a second drill rig commencing in February

Widest drill result to date at La Verde, confirms a major extension to the deposits' rapidly growing high-

grade core:

DKD0039 recorded

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

Assays pending for thirteen drill holes

(seven diamond and six Reverse Circulation (RC)).

Higher-Grade Starter Pit Emerging

Assay results underpin an emerging, shallow zone of higher-grade Cu-Au mineralisation, outlining a potential

higher-grade starter pit for Costa Fuego

Thirteen significant drill intersections now delineate +0.6% CuEq zone from surface to 250 m depth,

demonstrating strong continuity of higher-grade material.

Additional significant intersections recorded from surface this quarter, included:

DKD036 recorded

150 m grading 0.52% CuEq

(0.37% Cu, 0.21 g/t Au) from

30 m depth

Including

38 m grading 0.70% CuEq

(0.55% Cu, 0.21 g/t Au) from 117 m

DKD035 recorded

220 m grading 0.47% CuEq

(0.37% Cu, 0.14 g/t Au) from

38 m depth

Including

68 m grading 0.64% CuEq

(0.52% Cu, 0.15 g/t Au) from 187 m

Strong Cash Position of A$35.2M

Diamond and RC Drill rigs accelerating development of the La Verde Cu-Au discovery. (CNW Group/Hot Chili Limited)

SUMMARY OF OPERATIONAL ACTIVITIES

Major High-Grade Extensions Continue at La Verde

Phase two diamond drilling continued during the quarter at the Company's La Verde copper-gold (Cu-Au) porphyry

discovery in Chile (La Verde). Drilling focused on continuing to expand the mineralised discovery footprint

Results were stronger than anticipated, with the depth extent doubling to 800 m from surface - significantly expanding

the high-grade core laterally and up to surface.

A standout significant intersection of

725 m grading 0.42% CuEq

from 18 m depth

has been recorded in diamond

drill hole DKD039, which was collared on the western extent of La Verde's discovery footprint (Figure 1), and

intersected multiple wide zones of +0.6% CuEq

mineralisation from near surface (Figure 2 and 3).

As the most significant result to date at La Verde, importantly, DKD039 achieved two key objectives:

Further extended near-surface higher-grade mineralisation by approximately 60 m 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 2).

Continued expansion and integration of La Verde's high-grade core into Costa Fuego's resource base and mining

inventory is a priority this year.

Higher-Grade Cu-Au Starter Pit Emerging

Diamond drilling at La Verde has continued to test the shallow up-dip potential of La Verde's high-grade core, with

significant intersections returned from drill holes DKD035, DKD036, DKD037 and DKD038.

A 450 m x 400 m higher-grade, near-surface copper-gold zone has been defined by thirteen significant intersection

+0.6% CuEq at La Verde (Figure 4), including most recently:

DKD036 recorded

150 m grading 0.52% CuEq

(0.37% Cu, 0.21 g/t Au) from 30 m depth

Including 38 m grading 0.70% CuEq (0.55% Cu, 0.21 g/t Au) from 117 m, and

DKD035 recorded

220 m grading 0.47% CuEq

(0.37% Cu, 0.14 g/t Au) from 38 m depth

Including 68 m grading 0.64% CuEq (0.52% Cu, 0.15 g/t Au) from 187 m

Similar to previous near-surface drill intersections, these latest significant results commence immediately beneath

shallow gravel cover, indicating the potential for simple, cost-effective overburden removal in a future open pit

development.

These results have the potential to contribute to a higher-grade starter pit for the Costa Fuego mine schedule,

significantly reducing payback and positively impacting key financial metrics of Hot Chili's March 2025 Pre-Feasibility

Study.

Confirming Bulk Tonnage Continuity

Further assay results reported during the quarter continue to confirm continuity of bulk tonnage mineralisation at La

Verde, including:

DKD037 recorded 184 m grading 0.42% CuEq

(0.32% Cu, 0.12 g/t Au) from 105 m depth

including 22 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

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). The significant intersection from DKD038 also

commences immediately beneath shallow gravel cover (Figure 3).

La Verde Footprint Expands Further

During the quarter the diamond drill rig also completed four diamond drill tails, extending the mineralisation footprint

reached by the RC drilling in Phase 1, which ended in mineralisation.

Assay results from diamond drill tail DKP009D extended La Verde's Cu-Au mineralisation footprint along the eastern

flank of the discovery in the north (Figures 1 and 3). The drill hole was a 200 m diamond tail to earlier RC drill hole

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 the mineralisation footprint along the northern flank of the discovery.

The drill hole was a 284 m diamond tail to earlier RC drill hole 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).

DKP006D and DKP021D extended the mineralisation along the eastern flank of the discovery in the south, with

DKD021D recording an additional 54 m grading 0.42% CuEq (0.34% Cu, 0.11 g/t Au) from 593 m depth, including 19

m grading 0.66% CuEq (0.51% Cu, 0.21 g/t Au) from 593 m depth.

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

DKP021D now records

194 m grading 0.32% CuEq

(0.26% Cu, 0.06 g/t Au) from 284 m

DKP006D now records

110 m grading 0.39% CuEq

(0.27% Cu, 0.15 g/t Au) from 76 m

Diamond drilling has been instrumental in development of an early "4D litho-structural model" by the Company, with

the interpretation of multiple intrusive phases optimising drill target design. Hot Chili geologists are applying the same

targeting strategies that proved successful at the Company's nearby Cortadera Cu-Au porphyry Resource and

anticipate these methods will continue to drive growth at La Verde.

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).

Development Studies Progressing

Global engineering firm Ausenco – with offices in Chile and Australia – has been appointed as the lead engineering

group to progress the Feasibility Study for the Costa Fuego project. The appointment follows a review of major

engineering groups in Chile, with Ausenco's impressive execution of engineering, procurement, construction and

ramp-up of the nearby, similar-scale, coastal project Mantoverde, a key factor in the decision.

Figure 1. 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)

Legend for Figure 1. (CNW Group/Hot Chili Limited)

See Page 23 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.

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 ×

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

Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 2

. 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.

Figure 2. 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, DKP009D1. Returned Cu grades shown on hole traces. (CNW Group/Hot Chili Limited)

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 ×

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

Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 3. 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)

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 ×

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

Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

Figure 4. Plan view slice at 1025 m, clipped to +/- 125 m (surface is ~1150 mRL). Significant intersections are shown

for the entire drill hole, where available. 13 drill intersections +0.6% CuEq inform the high-grade core within 250 m of

surface. Drill holes with pending assays are shown in black. Updated +0.2% copper (yellow), +0.3% copper (red),

+0.4% copper (magenta) mineralisation interpolants included, drill hole intervals bolded by >0.6% CuEq1. (CNW

Group/Hot Chili Limited)

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 ×

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

Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

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

Prospect

Hole ID

North

East

Depth

Azi.

Dip

Results

La Verde

DKP009D

6,786,075

324,552

1,152

555.3

131

-60

Significant result returned Q4 2025

DKP012D

6,785,977

324,839

1,192

590.7

300

-60

Significant result returned Q4 2025

DKD039

6,785,723

324,420

1,150

840

-60

Significant result returned Q4 2025

DKD040

6,785,901

324,629

1,139

381

-59

Results Pending

DKP041

6,785,786

324,561

1,124

390

-70

Results Pending

DKD042

6,785,902

324,635

1,140

258.1

299

-70

Results Pending

DKP043

6,785,848

324,593

1,130

342

104

-56

Results Pending

DKD044

6,785,738

324,508

1,131

711.4

-65

Results Pending

DKP045D

6,785,944

324,410

1,109

306

-60

Results Pending

DKP046

6,786,015

324,591

1,153

184

230

-59

Results Pending

DKP047

6,785,882

324,380

1,090

-65

Results Pending

DKP048D

6,785,847

324,740

1,151

300

-62

Results Pending

DKD049

6,785,852

324,600

1,126

779.9

-62

Results Pending

DKP050

6,785,739

324,625

1,127

354

-60

Results Pending

Table 2. Significant Drilling Intersections from La Verde in Quarter 1 2026

Hole ID

Coordinates

Azi.

Dip

Hole

Depth

Intersection

Interval

Copper

Gold

Silver

Molyb.

North

East

From

(m)

(% Cu)

(g/t Au)

(ppm Ag)

(ppm Mo)

DKD033

6,785,775

324,785

1,132

274

-60

543

498

495

0.38

0.10

0.7

Incl

202

239

0.51

0.13

1.2

Incl

289

412

123

0.50

0.13

0.7

& Incl

521

543

0.18

0.04

0.3

DKD034

6,785,839

324,433

1,096

-59

714

194

620

426

0.37

0.08

0.7

Incl

426

533

107

0.46

0.10

1.0

Incl

566

618

0.50

0.08

1.0

& Incl

679

714

0.27

0.06

0.7

183

DKD035

6,786,027

324,596

1,153

-60

278.5

258

220

0.47

0.37

0.14

0.65

Incl

121

153

0.56

0.41

0.20

0.68

& Incl

187

255

0.64

0.52

0.15

0.88

Or Incl

187

207

0.76

0.61

0.21

1.05

DKD036

6,786,029

324,597

1,153

130

-54

371.9

180

150

0.52

0.37

0.21

0.86

Incl

117

155

0.70

0.55

0.21

1.31

238

371

133

0.42

0.33

0.12

0.46

Incl

254

289

0.63

0.49

0.19

0.69

DKP006D

6,785,721

324,727

1130

110

-60

384.2

186

110

0.39

0.27

0.15

0.84

Incl

124

172

0.54

0.38

0.22

1.09

Or Incl

124

144

0.74

0.49

0.35

1.36

& Incl

227

233

0.59

0.42

0.25

0.38

254

272

0.49

0.40

0.13

0.41

DKP021D

6,785,619

324,325

1178

-60

834.1

118

128

0.30

0.27

0.03

0.41

284

478

194

0.32

0.26

0.06

0.45

Incl

286

300

0.43

0.37

0.08

0.61

& Incl

437

449

0.51

0.40

0.10

0.81

593

647

0.42

0.34

0.11

0.61

Incl

593

612

0.66

0.51

0.21

0.93

757

766

0.43

0.30

0.15

0.47

DKD037

6,785,842

324,527

1,122

-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

6,786,088

324,685

1,185

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

6,786,075

324,552

1,152

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

6,785,977

324,839

1,193

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

DKD039

6,785,723

324,420

1,150

-60

872.4

18.0

744

725

0.42

0.36

0.07

0.68

Incl

42.4

0.71

0.67

0.03

0.29

& Incl

249.0

295

0.65

0.54

0.12

0.71

& Incl

433.0

484

0.62

0.51

0.10

1.25

& Incl

670.7

732

1.03

0.90

0.18

1.81

Or Incl

693.1

713

1.51

1.30

0.29

2.26

800.3

816

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.

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 ×

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

Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

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, engagement levels remained strong, with additional parties entering the Partnering Process, with

several advancing through due diligence, including site visits. The Company has received further non-binding,

indicative, incomplete and conditional proposals in relation to potential transactions for the Projects and remains

actively engaged in assessing these alongside existing proposals.

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.

Successful Closing of A$40 Million Funding

In February 2026, the Company closed a A$40 million (before costs) private placement to institutional, professional

and other investors. The placement is intended to support Costa Fuego's position as one of the few globally

significant copper projects not controlled by major mining companies, with the potential to contribute substantially to

new copper supply this decade.

Hot Chili issued a total of 24,242,425 shares made up of 13,209,698 ordinary fully paid shares at A$1.65 on the ASX

and 11,032,727 ordinary fully paid shares at CAD$1.56 on the TSXV. Additionally, 1,212,121 broker options were

issued at an exercise price of A$2.145 with an expiry date of 12 August 2028 to complete the capital raising

transaction.

Proceeds will be used to accelerate drilling across the La Verde Cu-Au discovery to establish a maiden mineral

resource and further define the potential size, scale and grade of a higher-grade starter pit for the Costa Fuego

Project, development of the Company's Huasco Water Project, commencement of the Costa Fuego Feasibility Study,

completion and submission of the Costa Fuego EIA, ongoing exploration, strategic funding activities and for general

working capital purposes.

Cash Position

As of 31 March 2026, the Company had cash of A$35.2 million and no debt.

The operating expenditure for quarter ended 31 March 2026 included payments for staff costs of A$0.7 million and

administration and corporate costs of A$1.7 million.

The investing expenditure for quarter ended 31 March 2026 included payments for tenements of A$2.3 million,

including payments for US$1.0 million for the Dominoceros Purchase Option Agreement and US$0.3 million AMSA

Purchase Option and payments for exploration and evaluation of A$3.1 million relating to activities across the La

Verde copper-gold porphyry discovery, value engineering works and EIA submission activities.

Capital Structure

The following summarises the Company's securities on issue:

177,561,814 ordinary fully paid shares

1,914,000 options at AUD $1.50 expiring 24 July 2026

1,212,121 options at AUD $2.145 expiring 12 August 2028

1,176,563 service and 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 31 March 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 drilling, field mapping, and

sampling exercises across the Company's Costa Fuego project landholdings, focused on La Verde. 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.

There was a single Lost Time Injury (LTI) during the quarter, where accidental contact with a damaged core tray

injured a worker's hand.

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 1 2026 Performance and Statistics

Deposit

Domeyko

Productora

All Projects

Timeframe

Q1 2026

Cum.² 2024

Q1 2026

Cum.² 2024

Q1 2026

Cum.² 2024

LTI events

NLTI events

Days lost

LTIFR index

ISR index

201

579

IFR Index

Thousands of man-hours

19.9

4.2

25.4

152

Incidents on materials and assets

Environmental incidents

Headcount¹

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, the following mining exploration concessions have expired upon reaching their expiration date

(March 30): Solar 1, Solar 3, Solar 5, Solar 7, Solar 9 Soledad 2 and Soledad 4.

In addition, the following exploitation concessions in process of being granted have been abandoned, as they do not

hold priority rights over the overlapping area: Suerte 1/7, Suerte II 1/15, Domeyko I 1/12 and Domeyko II 1/40.

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

Table 4.

Current Tenement Holdings in Chile as of March 31

2026

Cortadera Project Tenements

Cortadera Project

N°

License ID

HCH % Held

HCH % Earning

Area

(ha)

Agreement Details

ALCENIA 1/10

100% SMEA SpA

AMALIA 942 A 1/6

100% Frontera SpA

ATACAMITA 1/82

100% Frontera SpA

CORROTEO 1 1/260

100% Frontera SpA

260

CORROTEO 5 1/261

100% Frontera SpA

261

CORTADERA 1 1/200

100% Frontera SpA

200

CORTADERA 1/40

100% Frontera SpA

374

CORTADERA 2 1/200

100% Frontera SpA

200

CORTADERA 41

100% Frontera SpA

CORTADERA 42

100% Frontera SpA

LAS CANAS 1/15

100% Frontera SpA

146

LAS CANAS 16

100% Frontera SpA

LAS CANAS ESTE 2003 1/30

100% Frontera SpA

300

MAGDALENITA 1/20

100% Frontera SpA

100

PAULINA 10 B 1/16

100% Frontera SpA

136

PAULINA 11 B 1/30

100% Frontera SpA

249

PAULINA 12 B 1/30

100% Frontera SpA

294

PAULINA 13 B 1/30

100% Frontera SpA

264

PAULINA 14 B 1/30

100% Frontera SpA

265

PAULINA 15 B 1/30

100% Frontera SpA

200

PAULINA 22 A 1/30

100% Frontera SpA

300

PAULINA 24 1/24

100% Frontera SpA

183

PAULINA 25 A 1/19

100% Frontera SpA

156

PAULINA 26 A 1/30

100% Frontera SpA

294

PAULINA 27A 1/30

100% Frontera SpA

300

PURISIMA 1/8 (1/2 Y 5/6)

100% Frontera SpA

NSR 1.5%

CF 1

100% Frontera SpA

300

CF 2

100% Frontera SpA

300

CF 3

100% Frontera SpA

300

CF 4

100% Frontera SpA

300

CF 5

100% Frontera SpA

200

CF 6

100% Frontera SpA

200

CF 7

100% Frontera SpA

100

CF 8

100% Frontera SpA

200

CF 9

100% Frontera SpA

100

CF 10

100% Frontera SpA

200

CF 11

100% Frontera SpA

200

CHAPULIN COLORADO 1/3

100% Frontera SpA

CHILIS 1

100% Frontera SpA

200

CHILIS 3

100% Frontera SpA

100

CHILIS 4

100% Frontera SpA

200

CHILIS 5

100% Frontera SpA

200

CHILIS 6

100% Frontera SpA

200

CHILIS 7

100% Frontera SpA

200

CHILIS 8

100% Frontera SpA

200

CHILIS 9

100% Frontera SpA

300

CHILIS 10 1/38

100% Frontera SpA

190

CHILIS 11

100% Frontera SpA

200

CHILIS 12 1/60

100% Frontera SpA

300

CHILIS 13

100% Frontera SpA

300

CHILIS 14

100% Frontera SpA

300

CHILIS 15

100% Frontera SpA

300

CHILIS 16

100% Frontera SpA

300

CHILIS 17

100% Frontera SpA

300

CHILIS 18

100% Frontera SpA

300

CORTADERA 1

100% Frontera SpA

200

CORTADERA 2

100% Frontera SpA

200

CORTADERA 3

100% Frontera SpA

200

CORTADERA 4

100% Frontera SpA

200

CORTADERA 5

100% Frontera SpA

200

CORTADERA 6 1/60

100% Frontera SpA

265

CORTADERA 7 1/20

100% Frontera SpA

CRISTINA 1/40

100% SMEA SpA

DIABLITO 1/5

100% SMEA SpA

DONA FELIPA 1/10

100% Frontera SpA

DORO 1

100% Frontera SpA

200

DORO 2

100% Frontera SpA

200

DORO 3

100% Frontera SpA

300

FALLA MAIPO 2 1/10

100% Frontera SpA

FALLA MAIPO 3 1/8

100% Frontera SpA

FALLA MAIPO 4 1/26

100% Frontera SpA

MINORI 1

100% SMEA SpA

300

MINORI 2

100% SMEA SpA

300

MINORI 3

100% SMEA SpA

300

MINORI 4

100% SMEA SpA

300

PORFIADA B

100% Frontera SpA

200

PORFIADA D

100% Frontera SpA

300

PORFIADA G

100% Frontera SpA

200

PORFIADA I

100% Frontera SpA

300

PORFIADA II

100% Frontera SpA

300

PORFIADA III

100% Frontera SpA

300

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