Hot Chili Quarterly Report Period Ending
Hot Chili Quarterly Report
Period Ending
31 March 2025
PERTH, Australia
,
April 24, 2025
/CNW/ -
Highlights
Hot Chili Announces Preliminary Feasibility Study (PFS) & Maiden
1
Ore Reserve
2
for the
Costa Fuego Cu-Au Project
Low-risk, Chilean coastal copper development with advanced permitting -
multi-decade mine
life, top quartile copper production scale
3
and lowest quartile capital intensity
Strong economics and leverage to rising copper price:
Post-tax Net Present Value (NPV8%) of
US$1.2 billion
(approximately, within a range of
US$786 million
to
US$1.62 billion
)
and post-tax Internal Rate of Return (IRR) of 19%
(approximately, within a range of 15% to 22%)
Maiden ore reserve for Costa Fuego Copper-Gold Project (Costa Fuego) lowers operational
risk
1,2
:
Probable Ore Reserves of
502 Mt
at 0.37% Cu, 0.10 g/t Au, 0.49 g/t Ag and 97 ppm
Mo:
Across sulphide concentrator, oxide leach and low-grade sulphide leach processing
streams
Hot Chili Announces PFS for Huasco Water & MOU for Seawater Supply to Costa Fuego
Strong economics for a
large, multi-user, water business opportunity
Stage 1 PFS
4
for 500L/s of potential seawater supply to Costa Fuego
Post-tax NPV8% of
US$122 million
and IRR of 19%
Staged approach for regional, desalinated water supply with large 4,000 L/s catchment of
potential off-takers
Stage 2 PFS
for 1,300 L/s of potential desalinated water supply
Post-tax NPV8% of
US$977 million
and IRR of 19%
First-Mover Advantage
, only active maritime licence in the Huasco Valley region of
Chile
Hot Chili Confirms Major Cu-Au Porphyry Discovery at La Verde
Multiple new significant drill intersections
underpin rapidly growing oxide and sulphide
discovery, located 30km south of Costa Fuego, providing
significant potential for front-end,
open pit, mine life growth
Phase 1 drill programme completed on
10 April 2025
, phase 2 planned and awaiting
regulatory approval
Assay results for nineteen holes pending
and second Environmental Impact Assessment
(EIA) commenced to integrate La Verde into Costa Fuego and materially enhance project
economics
A$7.5M
Cash and
A$5.0M
in Returns Expected (VAT and JV recoup)
Expenditure reduced by 60% to 65% over next six months
during Definitive Feasibility Study
(DFS) planning & PFS optimisation phases
Potential Strategic Funding Discussions Advancing
Strong interest in asset-level investment opportunities
for Costa Fuego and Huasco Water
__________
1
Hot Chili previously released Ore Reserves for Productora, a component of Costa Fuego, in the ASX announcement 'Hot Chili Delivers PFS and Near Doubles Reserves at
Productora' 2 March 2016. Maiden Ore Reserve for Cortadera and San Antonio and Alice deposits, and updated Ore Reserve for Productora and as a whole Costa Fuego.
2
Hot Chili is a dual listed entity and complies with the JORC 2012 code for the ASX for the reporting of Exploration Results, Mineral Resources and Ore Reserves. The company
complies with CIM Definition Standards for Mineral Resources and Mineral Reserves (10 May 2014) that are incorporated by reference into NI 43-101 for the TSXV. Terminology of
Ore Reserves and Mineral Reserves are interchangeable and have the same meaning within this announcement.
3
S&P Market Intelligence. The Global Developer Peer Group of project studies were selected on the following basis: Global primary copper projects (not controlled by a major miner),
with net by-product credits where applicable, reporting studies of average annual life-of-mine copper production of greater than 40 kt, which have been published within the last 5
years.
4
The Huasco Water Supply PFS has been aligned with the preliminary feasibility study for the Company's Costa Fuego project (the "Costa Fuego PFS") and shares the same
assumptions for Costa Fuego in stage 1. See announcement dated 27
th
March 2025 "Hot Chili Announces PFS & Maiden Mineral Reserve for the Costa Fuego Cu-Au Project"
outlining the results of the Costa Fuego PFS. An independent technical report for the Costa Fuego PFS, prepared in accordance with National Instrument 43-101 -
Standards of
Disclosure for Mineral Projects
("NI 43-101") and JORC Code 20212 within 45 days thereof.
Drilling operations continued at La Verde during the quarter, located 30km south of Costa Fuego in
coastal Chile (CNW Group/Hot Chili Limited)
Cautionary Statement – JORC Code (2012)
The Preliminary Economic Assessment referred to in this Report is equivalent to a Scoping Study under JORC Code (2012) reporting guidelines. It has been undertaken for the
purpose of initial evaluation of a potential development of the Costa Fuego Copper Project in Chile. It is a preliminary technical and economic study of the potential viability of the
Costa Fuego Copper Project. The PEA outcomes, production target and forecast financial information referred to in the Report are based on low level technical and economic
assessments that are insufficient to support estimation of Ore Reserves. The PEA is presented in US dollars to an accuracy level of +/- 35%. While each of the modifying factors
was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation and
appropriate studies are required before Hot Chili will be in a position to estimate any Ore Reserves or to provide any assurance of any economic development case. Given the
uncertainties involved, investors should not make any investment decisions based solely on the results of the PEA.
Of the Mineral Resources scheduled for extraction in the PEA production plan, approximately 99% are classified as Indicated and 1% as Inferred. The Company has concluded that
it has reasonable grounds for disclosing a production target which includes a small amount of Inferred Mineral Resources, as permitted under the JORC Code. There is a low level of
geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral
Resources or that the production target itself will be realised. The viability of the development scenario envisaged in the PEA does not depend on the inclusion of Inferred Mineral
Resources. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued drilling.
The Mineral Resources underpinning the production target in the PEA have been prepared by a competent person in accordance with the requirements of the JORC 2012. For full
details on the Mineral Resource estimate, please refer to the ASX announcement of 31 March 2022. The Mineral Resource Estimate update released in February 2024 does not
materially change the Mineral Resource inventory that formed the basis of the 2023 PEA, and no new scientific or technical information has been developed that would materially
affect the outcome of the 2023 PEA and, therefore, the results and conclusions of the 2023 PEA are considered current and have been restated for this Report.
To achieve the outcomes indicated in the PEA, including reaching Definitive Feasibility Study ("DFS"), mine construction and production stages, funding in the order of US$1.10 Billion
will be required, including pre-production and working capital and assumed financing charges. Investors should note that that there is no certainty that Hot Chili will be able to raise
that amount of funding when needed. One of the key assumptions is that the funding for the Project will be available when required and on acceptable terms. It is also possible that
such funding may only be available on terms that may be dilutive to, or otherwise affect the value of, Hot Chili's existing shares. It is also possible that Hot Chili could pursue other
value realisation strategies such as debt financing, a sale or partial sale of its interest in the Costa Fuego Copper Project and/or Huasco Water, sale of further royalties and/or
streaming rights, sale of non-committed offtake rights, and sale of non-core assets.
This Report contains forward-looking statements. Hot Chili has concluded that it has a reasonable basis for providing these forward-looking statements and believes it has a
reasonable basis to expect it will be able to fund development of the Costa Fuego Copper Project. However, a number of factors could cause actual results or expectations to differ
materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based
solely of the results of the PEA.
SUMMARY OF OPERATIONAL ACTIVITIES
Costa Fuego PFS Delivered On-Time & Within Guidance
The Costa Fuego PFS was announced on
27th March 2025
. The PFS delivered globally meaningful
scale and a multi-decade project life for Costa Fuego. Highlights included:
Globally Meaningful Scale & Multi-Decade Mine Life
Project Life Extended to 20 Years
Average Annual Production Increased 116 ktpa Average CuEq
1
Production Rate:
Including
95 kt Cu and 48 koz Au during primary production (first 14 years)
Competitive Cost Position:
Life of mine (LOM) average C1 Cash Cost
2
of
US$ 1.38
/lb and
All-in-Sustaining Cost of
US$1.85
/lb (both estimated net of by-product credits)
Increase in Total Copper and Gold Production:
1.5 Mt Cu (3.31 Blb Cu) and 780 koz Au
produced over the LOM
Robust Financial Profile:
Total LOM revenue of approximately
US$17.3 billion
and total LOM
free cash flow of approximately
US$3.86 billion
(post-tax, after operating costs, capital costs,
and royalties)
Significant Risk Reduction:
PFS prepared assuming ± 25% accuracy. An additional
US$442
million
of capital costs applied to significantly reduce key areas of risk, including changes in
project scope and inflationary pressures
Strong Economics and Leverage to Rising Copper Price
Post-tax NPV8% of
US$1.2 billion
(approximately, within a range of
US$786 million
to
US$1.62 billion
) and
post-tax IRR of 19%
(approximately, within a range of 15% to 22%)
First Quartile Capital Intensity:
Start-up Capital Cost of
US$ 1.27 billion
delivers a capital
intensity of
US$ 14,079
/t of average annual CuEq. metal produced
Highly Leveraged to Copper Price:
At spot copper price of
US$5.30
/lb
3
, post-tax NPV8%
increases to
US$2.2 billion
and post-tax IRR to 30%, respectively
Low-Risk, Coastal Copper Development with Advanced Permitting
Low Elevation and Over a Decade of Permitting Advance Provides a Foundation for
Development:
One of only a few global copper development projects at low elevation with a
water permit, and grid power
Preparing to submit Environmental Impact Assessment (EIA):
Costa Fuego Stage-1 (EIA-
1) based on current PFS-scale and definition
Maiden Ore Reserve for Costa Fuego Lowers Operational Risk
Maiden
4
Ore Reserve
5
for Costa Fuego. Probable Ore Reserves of
502 Mt
at 0.37% Cu,
0.10 g/t Au, 0.49 g/t Ag and 97 ppm Mo:
Across sulphide concentrator, oxide leach and low-
grade sulphide leach processing streams
__________
1
The copper-equivalent (CuEq) annual production rate was based on the combined processing feed (across all sources) and used long-term commodity prices of: Copper US$
4.30/lb, Gold US$ 2,280/oz, Molybdenum US$ 20/lb, and Silver US$25/oz; and estimated metallurgical recoveries for the production feed to the following processes: Concentrator
(86% Cu, 54% Au, 37% Ag, 70% Mo), Oxide Leach (65% Cu only), & Low-grade Sulphide Leach (39% Cu only).
2
See page Announcement page 3 for full non-IFRS measures disclaimer.
3
Copper price – Fast markets quote 26/03/2025. High of $5.37/lb closing price $5.24/lb
4
Hot Chili previously released Ore Reserves for Productora, a component of Costa Fuego, in the ASX announcement 'Hot Chili Delivers PFS and Near Doubles Reserves at
Productora' 2 March 2016. Maiden Ore Reserve for Cortadera and San Antonio and Alice deposits, and updated Ore Reserve for Productora and as a whole Costa Fuego.
5
Hot Chili is a dual listed entity and complies with the JORC 2012 code for the ASX for the reporting of Exploration Results, Mineral Resources and Ore Reserves. The company
complies with CIM Definition Standards for Mineral Resources and Mineral Reserves (10 May 2014) that are incorporated by reference into NI 43-101 for the TSXV. Terminology of
Ore Reserves and Mineral Reserves are interchangeable and have the same meaning within this announcement.
Figure 3. Costa Fuego PFS to PEA highlights across key metrics (CNW Group/Hot Chili Limited)
Leverage to Cu Price - Global Developer Peer Group (CNW Group/Hot Chili Limited)
Sphere size represents Leverage Index – which was calculated as the ratio of % increase in Cu
price to % increase in NPV8%.
The Global Developer Peer Group of project studies were selected on the following basis: Global
primary copper projects (not controlled by a major miner), with net by-product credits where
applicable, reporting studies of average annual life-of-mine copper production of greater than 40 kt,
which have been published within the last 5 years. Projects with older studies were considered to
be on hold. Significant projects such as Pebble and King-king were excluded by Hot Chili due to high
perceived geopolitical risk, limiting the probability of development. Projects controlled by mid-tier
mining companies near Costa Fuego were also included (Josemaría,
Santa Domingo
, Mantos
Blanco and Mantoverde)
for comparison purposes. References to active mines and other mineral
projects is for illustration purposes only. There can be no assurances the Company will achieve
comparable results.
Source: Published Company reports on studies undertaken on projects that were not in production at
the time of the studies. Information from projects has been sourced from publicly available data that
has been provided under differing economic assumptions. Public information for projects has been
adjusted to provide a standardised data set under a
US$4.30
/lb Cu price. Published sensitivity data
provided results that bracketed an
US$4.30
/lb Cu price, which was then calculated. Details of the
adjustment are provided in the reference table on Benchmarking Data in the appendix (see slides 55-
59 of presentation "Costa Fuego Copper-Gold Project Preliminary Feasibility Study & Maiden Ore
Reserve" Dated
27th March 2025
).
Capital Intensity - South American Peer Group (CNW Group/Hot Chili Limited)
Sphere size represents projected Life of Mine Average Annual CuEq* Production.
1
PFS CuEq
considers long-term commodity prices and PFS metallurgical recoveries for the production feed from
testwork. The CuEq metal was determined as the equivalent copper metal with equal value to all
saleable production. See slide 37 for PFS commodity prices and slides 33 & 34 for PFS
metallurgical recoveries.
The South American Developer Peer Group of project studies were selected on the following basis:
South American primary copper projects (not controlled by a major miner), net of by-product credits
where applicable, reporting studies of average annual life-of-mine copper production of greater than
40 kt, which have been published within the last 5 years. Projects with older studies were
considered to be on hold. Projects controlled by mid-tier mining companies near Costa Fuego were
also included (Josemaría,
Santa Domingo
, Mantos Blanco and Mantoverde)
for comparison
purposes. References to active mines and other mineral projects is for illustration purposes only.
There can be no assurances the Company will achieve comparable results.
Source: Published Company reports on studies undertaken on projects that were not in production at
the time of the studies. Information from projects has been sourced from publicly available data that
has been provided under differing economic assumptions. Public information for projects has been
adjusted to provide a standardised data set under a
US$4.30
/lb Cu price. Published sensitivity data
provided results that bracketed an
US$4.30
/lb Cu price, which was then calculated.
Details of the adjustment are provided in the reference table on Benchmarking Data in the appendix
(see slides 55-59 of presentation "Costa Fuego Copper-Gold Project Preliminary Feasibility Study &
Maiden Ore Reserve" Dated
27th March 2025
).
Huasco Water PFS Outlines Valuable Strategic Asset
The Huasco Water
1
PFS was announced on
31 March 2025
. The Huasco Water PFS presented a
robust business case for both Stage 1 and Stage 2 of its proposed regional scale seawater and
desalinated water business, with a conceptual level study for Stage 3 desalinated water supply
expansion. Highlights included:
Strong Economics for a Large, Multi-User, Water Business
Stage 1
2
Water Supply PFS for 500L/s of Potential Seawater Supply: Post-tax NPV8% of
US$122 million
and IRR of 19%.
Construction capital cost for seawater supply estimated at
US$151 million
with a 4.5-year payback
Stage 2 Water Supply PFS for 1,300 L/s of Potential Desalinated Water Supply: Post-tax
NPV8% of
US$977 million
and IRR of 19%.
Construction capital cost for desalinated water
supply estimated at
US$1.4 billion
with a 4-year payback. Stage 2 financial outcomes include
Stage 1 capital and operating cashflows
Stage 3 Conceptual Study for Expansion to 2,300 L/s of Potential Desalinated Water
Supply
Stage 1- Multi-Decade Seawater Supply to Costa Fuego
20 Year Seawater Supply with Foundation Off-taker:
Memorandum of Understanding (MOU)
executed for water supply of up to 500 L/s to Costa Fuego
Long Lead-times Permits Secured:
Granted maritime water concession to extract seawater,
permit for coastal land access, Stage 1 pipeline easements and connection to the electrical grid
secured
Near-Term Development Decision Tied to Costa Fuego:
First water supply planned for end
of decade
Stage 2 and 3 – Regional, Desalinated Water Supply Opportunity
Large Catchment of Potential Off-takers:
Over 4,000 L/s of desalinated water demand
identified, including six undeveloped mining projects without secured access to desalinated
water supply. No offtake agreements have been secured for stage 2 or 3 and discussions with
potential customers are ongoing
Staged Growth Approach:
Establishment of seawater supply infrastructure toward the end of
the decade, followed by the commencement of initial desalinated water supply shortly
thereafter, and subsequent staged expansion. The staged approach enables long term scalable
water supply to support mining, community, and agriculture in the Huasco Valley region with
potential to extend well beyond the initial project horizons
First-Mover Advantage
Only Active Maritime License:
HW Aguas para El Huasco SpA (Huasco Water), a joint
venture between Hot Chili (80% interest) and Compañia
Minera Del Pacifico
"CMP" (20%
interest), is the only company with permitted access to supply seawater in the Huasco Valley
region following a ten-year regulatory approval process
Desalination Permitting Advancing:
Over a year advanced on regulatory applications to
enable the supply of desalinated water from the existing maritime concession and a second
maritime concession application by Huasco Water
Long Permitting Timelines Continue:
No regulatory changes have been made to
Chile's
maritime permitting process since Huasco Water was granted its concession. Hot Chili
maintains a competitive advantage as the first mover in the area for a water distribution
business
EIA Advanced:
Stage 1 seawater supply is included within the Costa Fuego EIA, baseline
studies complete.
__________
1
HW Aguas para El Huasco SpA ("Huasco Water"), a joint venture between Hot Chili (80% interest) and Compañia Minera Del Pacifico ""CMP" (20% interest)
2
The Huasco Water Supply PFS has been aligned with the preliminary feasibility study for the Company's Costa Fuego project (the "Costa Fuego PFS") and shares the same
assumptions for Costa Fuego in stage 1. See announcement dated 27
th
March 2025 "Hot Chili Announces PFS & Maiden Mineral Reserve for the Costa Fuego Cu-Au Project"
outlining the results of the Costa Fuego PFS. An independent technical report for the Costa Fuego PFS, prepared in accordance with National Instrument 43-101 -
Standards of
Disclosure for Mineral Projects
("NI 43-101") and JORC Code 20212 within 45 days thereof.
Huasco Water PFS Key Outcomes
Stage
Key Performance Indicator
IRR
12 %
15.5 %
19%
(Base case)
Stage 1
PFS
Engineering
(Seawater)
Fixed Water Tariff
US$M/year
23
28
33
Variable Water Tariff
US$/m³
0.48
0.58
0.69
Average Annual Price of Water
1
US$/m³
2.31
2.80
3.32
Nominal Seawater Water Demand
L/s
500
500
500
Costa Fuego PFS Total Cash Costs
US$/lb Cu
1.31
1.35
1.38
Impact on Costa Fuego PFS Total Cash Cost
US$/lb Cu
-0.07
-0.04
0
Post-tax NPV8
US$M
41
80
122
Levelized Cost of Water to Huasco Water (8%)
US $/m³
1.66
1.66
1.66
Construction Capital
US$M
151
151
151
Sustaining Capital
US$M
26
26
26
Stage 1 & 2
PFS Engineering
(Seawater & Desalinated Water)
Fixed Water Tariff
US$M/year
243
283
327
Variable Water Tariff
US$/m³
1.47
1.71
1.98
Average Annual Price of Water
2
US$/m³
6.39
7.44
8.59
Nominal Desalinated Water Demand
L/s
1,300
1,300
1,300
Post-tax NPV8
US$M
328
640
977
Levelized Cost of Water to Huasco Water (8%)
US $/m³
4.85
4.85
4.85
Construction Capital
US$M
1,430
1,430
1,430
Sustaining Capital
US$M
1,170
1,170
1,170
Stage 3
3
Conceptual Study
(Desalinated Water Expansion)
Fixed Water Tariff
US$M/year
312
359
410
Variable Water Tariff
US$/m³
1.78
2.04
2.33
Average Annual Price of Water
4
US$/m³
6.93
7.97
9.11
Nominal Desalinated Water Demand
L/s
2,300
2,300
2,300
Expansion Capital
US$M
1,900
1,900
1,900
Sustaining Capital
US$M
2,380
2,380
2,380
_________
1
Average Annual Price of Water for Costa Fuego. Price is calculated subject to each project's location and requirements.
2
Average Annual Price of Water for customers supplied in the Stage 2. Price is calculated subject to each customers location and requirements.
3
Stage 3 tariffs are the average for all customers for Stage 1, 2 and 3
4
Average Annual Price of Water for customers supplied in the Stage 3. Price is calculated subject to each customers location and requirements.
La Verde Exploration Update
On
11 February 2025
, Hot Chili reported a second round of strong assay results from its La Verde
copper-gold discovery, located approximately 30km south of Costa Fuego. Highlights included:
Rapidly Emerging Major Copper-Gold Porphyry Discovery
New drill results
from an additional ten Reverse Circulation (RC) drill holes confirm La Verde
as a major copper-gold porphyry discovery in low elevation coastal
Chile
, with broad,
consistently mineralised intersections extending over
300 m
vertically, commencing at shallow
depths.
Multiple new significant drill intersections
underpin rapidly growing oxide and sulphide
discovery:
320 m
grading 0.3% Cu and 0.1 g/t Au from
34 m
to end-of-hole
(DKP009)
including
134 m
at 0.4% Cu and 0.2 g/t Au from
180 m
depth
including
56 m
at 0.5% Cu and 0.2 g/t Au from
258 m
depth
200 m
grading 0.4% Cu and 0.1 g/t Au from
48 m
to end-of-hole
(DKP005)
including
38 m
at 0.5% Cu and 0.2 g/t Au from
68 m
depth
172 m
grading 0.4% Cu and 0.2 g/t Au from
48 m
(DKP012)
including
20 m
at 0.5% Cu and 0.2 g/t Au from
62 m
depth
and
78 m
grading 0.5% Cu and 0.1 g/t Au from
228 m
to end-of-hole
including
32 m
at 0.6% Cu and 0.2 g/t Au from
232 m
depth
135.5 m
grading 0.3% Cu and 0.1 g/t Au from
64 m
to end-of-hole
(DKP006)
including
62 m
at 0.4% Cu and 0.2 g/t Au from
124 m
depth
which included
26 m
at 0.5% Cu and 0.3g/t Au from
124 m
depth
32 m
grading 0.4% Cu from surface
(DKP011)
80 m
grading 0.3% Cu and 0.1 g/t Au from
8 m
depth
(DKP004)
including
34 m
at 0.4% Cu from
8 m
depth
La Verde Discovery Keeps Growing – Large Scale Appeal
New drill results reinforce La Verde's potential scale
, adding to the strong results reported
on
18 December 2024
:
308 m
grading 0.5% Cu, 0.3 g/t Au from
46 m
to end-of-hole
(DKP002)
including
202 m
at 0.6% Cu, 0.3g/t Au from
70 m
depth
which included
100 m
at 0.7% Cu and 0.3g/t Au from
118 m
depth
362 m
grading 0.3% Cu, 0.1g/t Au from
28m
to end-of-hole
(DKP001)
including
174 m
at 0.4% Cu and 0.1 g/t Au from
36 m
depth
which included
22 m
at 0.6% Cu, 0.2g/t Au from
144 m
depth
Drilling Coverage at La Verde Doubled
& Porphyry Mineralisation Remains Open
First-pass drill coverage now extends across an area measuring
1,000 m
by
550 m
:
30
reverse circulation (RC) holes for
9,352 m
drilled.
Assay results pending for nineteen drill holes:
Assay turnaround time from laboratories
slower than usual due to peak summer drilling season in the high Andes
Shallow porphyry mineralisation remains open in all directions
Phase 1 drill programme completed on 10
th
April 2025
Next Steps
Regulatory application for further clearing access being advanced
Phase 2 drill programme
(RC and diamond drilling)
planned to commence following
regulatory approval
Deeper diamond drill testing being planned:
8 of 12 RC drill holes reported to date recorded
significant mineralisation to end-of-hole
Advanced four-dimensional geological modelling underway
in addition to regional scale
exploration activities across the La Verde discovery area and Domeyko landholdings
Second EIA commenced
to integrate La Verde into Costa Fuego
View looking SW across the La Verde copper-gold porphyry discovery – showing the location of
discovery drill hole DKP002 and historic copper oxide open pit area. (CNW Group/Hot Chili Limited)
Figure 1 Plan view map of the La Verde porphyry system showing significant intercepts compared to
recent drill hole collars (yellow circles), planned drill collars (white circles) historic drill collars (black
circles), +1% A+B vein footprint from mapping and drillholes (blue outline) and copper mineralisation
interpolants from returned assay results. For full details of the drilling intercepts and assay results to
date, refer to the Company's announcement "Hot Chili Confirms Major Cu-Au Porphyry Discovery at
La Verde" dated 11 February 2025. (CNW Group/Hot Chili Limited)