HCH.V · 2023-12-31 12:00:00

Hot Chili Releases Interim Financial Report for

Financials

Quarter Ended 31 December 2023

PERTH, Australia

Jan. 31, 2024

/CNW/ - Hot Chili Limited (TSXV: HCH) (ASX: HCH) (OTCQX: HHLKF) (the

"Company" or "Hot Chili") is pleased to announce that it has filed financial reports for the quarter ended

December 2023

The complete report is available under the Company's profile at

www.asx.com

www.sedar.com

and on Hot Chili's

website (

www.hotchili.net.au

) .

Highlights include:

Hot Chili Reduces Option Payments in 2024 by

US$10 Million

Further Regional Consolidation Expands Costa Fuego

Options executed to acquire 100% interest in two historical mine areas located approximately 10km southwest

of Costa Fuego's planned central processing hub

Due diligence extended to facilitate execution of Option to acquire 100% interest in Bastion Minerals Limited's

(ASX: BMO) Cometa Project, located adjacent to Hot Chili's Costa Fuego landholding

Next Phase of Resource Expansion Drilling Commences

Ten diamond drill holes for approximately

5,000m

are planned to test seven targets adjacent to the Company's

two principal mineral resources: Cortadera; and Productora

Drilling aims to test multiple, large-scale resource growth opportunities, which may allow Hot Chili to consider

an up-lift in the Pre-feasibility study scale for Costa Fuego

First-Pass Exploration Drill Results Returned

Assay results have been received for first-pass drilling undertaken in late 2023 across three new satellite

targets within the Costa Fuego landholding: Marsellesa, Cordillera and Corroteo. Selected significant drill

intersections include:

25m

grading 0.4% Copper (Cu) from surface

including

10m

grading 0.8% Cu from

depth

(Marsellesa)

19m

grading 0.5% Cu

from

195m

depth downhole including

grading 2.2% Cu

from

195m

depth

(Marsellesa)

93m

grading 0.3% Cu from surface

including

14m

grading 0.4% Cu from surface

(Cordillera)

Additonal Highlights:

Costa Fuego Resource Upgrade Expected in Q1 2024

Pre-feasibility and Water Supply Concept Studies On-Track

Maritime Concession Works Begin

Strong Cash Position of

A$13.3 million

This news release is authorised by the Managing Director for release to the TSXV.

For more information please contact:

Christian Easterday

Managing Director – Hot Chili

Tel: +61 8 9315 9009

Email: [email protected]

Penelope Beattie

Company Secretary – Hot Chili

Tel: +61 8 9315 9009

Email: [email protected]

Harbor Access

Investor & Public Relations (Canada)

Email:[email protected]

or visit Hot Chili's website at

www.hotchili.net.au

Qualifying Statements

Qualified Persons – NI 43-101

The scientific and technical information in this new release, has been reviewed and approved by Mr

Christian

Easterday

, MAIG, Hot Chili's Managing Director and Chief Executive Officer, and a qualified person within the

meaning of NI 43-101.

Competent Persons – JORC

The information in this announcement that relates to Exploration Results for the Marsellesa and Cordillera projects

is based upon information compiled by Mr Christian Easterday, the Managing Director and a full-time employee

of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has

sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to

the activity which he is undertaking to qualify as a 'Competent Person' as defined in the 2012 Edition of the

'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr

Easterday consents to the inclusion in the report of the matters based on their information in the form and context in

which it appears.

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.

Cautionary Note for U.S. Investors Concerning Mineral Resources

NI 43-

101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer

makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this

news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy

and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and

Exchange Commission ("SEC") and resource information contained in this news release may not be comparable to

similar information disclosed by domestic

United States

companies subject to the SEC's reporting and disclosure

requirements.

All amounts in this news release are in U.S. dollars unless otherwise noted.

Forward Looking Statements

This news release contains certain statements that are "forward-looking information" within the meaning of

Canadian securities legislation and Australian securities legislation (each, a "forward-looking statement"). Forward-

looking statements reflect the Company's current expectations, forecasts, and projections with respect to future

events, many of which are beyond the Company's control, and are based on certain assumptions. No assurance

can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-looking

statements included in this news release should not be unduly relied upon. Forward-looking information is by its

nature prospective and requires the Company to make certain assumptions and is subject to inherent risks and

uncertainties. All statements other than statements of historical fact are forward-looking statements. The use of any

of the words "believe", "could", "estimate", "expect", "may", "plan", "potential", "project", "should", 'toward", "up-

scale", "will", "would" and similar expressions are intended to identify forward- looking statements.

The forward-looking statements within this news release are based on information currently available and what

management believes are reasonable assumptions. Forward-looking statements speak only as of the date of this

news release. In addition, this news release may contain forward-looking statements attributed to third-party

industry sources, the accuracy of which has not been verified by the Company.

In this news release, forward-looking statements relate, among other things, to: prospects, projections

and success of the Company and its projects; the ability of the Company to expand mineral resources beyond

current mineral resource estimates; the results and impacts of current and planned drilling to convert inferred

mineral resources to indicated, to extend mineral resources and to identify new deposits; the Company's ability to

convert mineral resources to mineral reserves; opportunities for growth in mineral projects; the timing and outcomes

of current and future planned economic studies; the Company's ability to up-scale the project; the potential to

develop a water business in the Huasco valley and the future economics thereof; the timing and outcomes of

regulatory processes required to obtain permits for the development and operation of the Costa Fuego Project

and/or future planned economic studies; whether or not the

Company will make a development decision and the timing thereof; the ability of the Company

to complete the PFS on the timeline indicated or at all and the outcomes of the PFS; and estimates of planned

exploration.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause

the actual results, performance, or achievements of the Company to be materially different from any future results,

performance or achievements expressed or implied by the forward-looking statements. A number of factors could

cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking

statements in this news release, including, but not limited to, the following material factors: operational risks; risks

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

Chile

;

changes in estimates of mineral resources of properties where the Company holds interests; recruiting qualified

personnel and retaining key personnel; future financial needs and availability of adequate financing; fluctuations in

mineral prices; market volatility; exchange rate fluctuations; ability to exploit successful discoveries; the production

at or performance of properties where the Company holds interests; ability to retain title to mining concessions;

environmental risks; financial failure or default of joint venture partners, contractors or serv ice providers;

competition risks; economic and market conditions; and other risks and uncertainties described elsewhere in this

news release and elsewhere in the Company's public disclosure record.

Although the forward-looking statements contained in this news release are based upon assumptions which the

Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent

with these forward- looking statements. With respect to forward-looking statements contained in this news release,

the Company has made assumptions regarding: future commodity prices and demand; availability of skilled labour;

timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing

competition; general conditions in economic and financial markets; availability of drilling and related equipment;

effects of regulation by governmental agencies; future tax rates; future operating costs; availability of future

sources of funding; ability to obtain financing; and assumptions underlying estimates related to adjusted funds from

operations. The Company has included the above summary of assumptions and risks related to forward- looking

information provided in this news release to provide investors with a more complete perspective on the Company's

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

performance or achievement could differ materially from those expressed in, or implied by, these forward-looking

statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking

statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.

For additional information with respect to these and other factors and assumptions underlying the forward-looking

statements made herein, please refer to the public disclosure record of the Company, including the Company's

most recent Annual Report, which is available on SEDAR+ (

www.sedarplus.ca

) under the Company's issuer profile.

New factors emerge from time to time, and it is not possible for management to predict all those factors or to

assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or

combination of factors, may cause actual results to differ materially from those contained in any forward-looking

statement.

The forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary

statements and are made as of the date of this news release. Except as may be required by applicable securities

laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statement to

reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated

events, whether as a result of new information, future events or results, or otherwise. Investors should read this

entire news release and consult their own professional advisors to ascertain and assess the income tax and legal

risks and other aspects of an investment in the Company.

SOURCE

Hot Chili Limited

View original content:

http://www.newswire.ca/en/releases/archive/January2024/31/c6831.html

%SEDAR: 00053528E

CO: Hot Chili Limited

CNW 07:01e 31-JAN-24

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