HCH.V · 2022-05-13 12:00:00

Perth, Australia | May 13, 2022 08:30 AM, Eastern

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Hot Chili Files NI 43-101

Technical Report for the

Costa Fuego Copper-Gold

Project in Chile

NEWS RELEASE BYHot Chili Limited

Perth, Australia | May 13, 2022 08:30 AM, Eastern

Hot Chili Ltd. (“Hot Chili” or the “Company”) (TSXV:HCH, OTCQX:HHLKF, ASX:HCH) is pleased to announce that it has filed a

National Instrument 43-101 Technical Report (“The Report”) for its Costa Fuego copper-gold project in Chile.

The Report titled “Resource Report For the Costa Fuego Copper Project Located in Atacama, Chile Technical Report NI43-101”

and dated May 13, 2022, with an effective date of March 31 2022, was prepared pursuant to National Instrument 43-101 (the

"Technical Report"). It is available for review on both SEDAR ( www.sedar.com) and the Company’s website

(www.hotchili.net.au).

The Report supports the news release dated 31 March 2022 announcing a significant increase in the Company’s mineral

resource estimates at Costa Fuego. This release is also available on SEDAR and at the company’s website. There are no

material differences between the Technical Report and the information disclosed in the news release dated 31 March 2022.

Technical Information

Scientific and technical information in this Announcement has been reviewed and approved 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) and a Qualified Person as defined in NI 43-101. For further information on Costa Fuego

please see the Technical Report.

About Hot Chili

Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa

Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora

copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile,

infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of

725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo

and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt

Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is

working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and

DTM), and test several high-priority exploration targets.

Certain statements contained in this news release, including information as to the future financial or operating

performance of Hot Chili and its projects may include statements that are "forward-looking statements" which

may include, amongst other things, statements regarding targets, estimates and assumptions in respect of

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mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices,

recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates

related to future technical, economic, market, political, social and other conditions.These forward-looking

statements are necessarily based upon a number of estimates and assumptions that, while considered

reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive,

political and social uncertainties and contingencies and involve known and unknown risks and uncertainties

that could cause actual events or results to differ materially from estimated or anticipated events or results

reflected in such forward-looking statements.

Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward-looking

statements, whether as a result of new information, future events, circumstances or results or otherwise after

the date of this news release or to reflect the occurrence of unanticipated events, other than as may be

required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan",

"intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-

looking statements.

All forward-looking statements made in this news release are qualified by the foregoing cautionary

statements. Investors are cautioned that forward-looking statements are not a guarantee of future

performance and accordingly investors are cautioned not to put undue reliance on forward-looking

statements due to the inherent uncertainty therein.

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.

Contact Details

Investor Relations

Graham Farrell

+1 416-842-9003

[email protected]

Company Website

https://www.hotchili.net.au/investors/

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