Broad, Shallow Copper-Gold Intersections Continue to Grow La Verde

The resource estimate is targeted later in 2026, with potential Costa Fuego mine-plan inclusion still conditional.

Rhea-AI Summary

Hot Chili (HHLKF) reported additional shallow copper-gold intersections at La Verde in Chile ahead of its first mineral resource estimate.

Updated hole DKP075 returned 188 m at 0.56% copper equivalent from 24 m, extending the previously reported 132 m interval. Copper equivalent combines metal grades using assumed prices and recoveries. DKP078 returned 240 m at 0.43% copper equivalent from 36 m, while partial results from DKP067 returned 112 m at 0.47% from 42 m on the eastern flank. Assays from 25 drillholes remain pending.

Hot Chili targets the resource estimate later in 2026 and intends to evaluate La Verde for a revised Costa Fuego pre-feasibility study before environmental assessment submission in Q2 2027. La Verde has no mineral resource or reserve, and no economic study includes it; inclusion in the mine plan or improved project economics remains uncertain.

Positive

• Minor pointDKP075 extended its previously reported 132 m interval to 188 m at 0.56% copper equivalent from 24 m.
• Minor pointDKP078 returned 240 m at 0.43% copper equivalent from 36 m, including higher-grade intervals.
• Minor pointDKP067 partial results returned 112 m at 0.47% copper equivalent from 42 m on the eastern flank.
• Minor pointDKP072 returned 160 m at 0.37% copper equivalent from 12 m.
• Minor pointDKP075 also returned 29 m at 0.50% copper equivalent from 304 m to hole end.

7 minor points

• Minor pointDKP082 returned 158 m at 0.36% copper equivalent from surface and 28 m at 0.43% from 236 m.
• Minor pointDKP077 returned 44 m at 0.33% copper equivalent from 230 m and 6 m at 0.46% from 318 m.
• Minor pointDKP079 returned 54 m at 0.30% copper equivalent from 156 m.
• Minor pointDKP080 returned 16 m at 0.24% copper equivalent from surface.
• Minor point. Forward-looking: it has not happened yet and may not happen.Hot Chili targets its first La Verde mineral resource estimate later in 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Hot Chili plans to evaluate potential La Verde feed for a revised Costa Fuego pre-feasibility study.
• Minor point. Forward-looking: it has not happened yet and may not happen.Hot Chili expects Costa Fuego environmental assessment submission in Q2 2027.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.La Verde mine-plan inclusion and improved Costa Fuego economics remain uncertain, conditional on resource estimation and evaluation.
• Minor pointAssays from 25 drillholes remain pending; DKP067 results for its first 42 m are also outstanding.
• Minor pointDKP081 was abandoned due to mechanical issues and redrilled as DKP082.
• Minor pointCopper-equivalent grades use Cortadera recovery assumptions as a proxy for La Verde.
• Minor pointReported intersections may include below-cut-off zones exceeding 30 m, provided their overall average meets reporting criteria.

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PERTH, Australia, Oct. 8, 2026 /PRNewswire/ -- Drilling at the La Verde porphyry discovery in coastal Chile continues to transform standout intersections into a coherent, well-defined mineralised system, ahead of the maiden Mineral Resource Estimate (MRE).

The latest results further define the scale, grade and continuity of near-surface higher-grade copper-gold mineralisation, supporting the Company's objective of integrating La Verde into the Costa Fuego copper-gold (Cu-Au) Project, located on Chile's coastal range at low elevation.

Significant intersections include:

• DKP075 recorded 188 m grading 0.56% CuEq¹ (0.44% Cu, 0.16 g/t Au) from 24 m (updated)
  • And 29 m grading 0.50% CuEq (0.39% Cu, 0.15 g/t Au) from 304 m to end of hole
• DKP067 recorded 112 m grading 0.47% CuEq (0.40% Cu, 0.10 g/t Au) from 42 m (partial)
  • Including 26 m grading 0.70% CuEq (0.59% Cu, 0.14 g/t Au) from 62 m
• DKP078 recorded 240 m grading 0.43% CuEq (0.30% Cu, 0.17 g/t Au) from 36 m
  • Including 54 m grading 0.60% CuEq (0.41% Cu, 0.26 g/t Au) from 46 m
  • And including 42 m grading 0.50% CuEq (0.36% Cu, 0.20 g/t Au) from 188 m

Assays from 25 drillholes (three Diamond, one Diamond tail and 21 Reverse Circulation) remain pending, with the focus at La Verde on rapid completion of the maiden MRE and integration into the revised Costa Fuego Pre-Feasibility Study (PFS).

1 Copper Equivalent (CuEq) reported for the drillhole 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).

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to announce continued high-grade drill results from its La Verde Cu-Au porphyry discovery (La Verde), located 30 km south of the Company's Costa Fuego Cu-Au Project (Costa Fuego) planned central processing hub in Chile's coastal Atacama region.

Higher-Grade Enrichment Zone Displays Strong Continuity

Reverse Circulation (RC) drilling continues to target near-surface, higher-grade mineralisation, with latest results defining further mineralisation from shallow depths. The success of this drilling continues to inform a coherent, higher-grade near-surface zone that could support low-strip-ratio open pit mining during the early years of the current Costa Fuego Project 20-year mine plan.

Final assay results for RC drillhole DKP075 have been added to the previously reported intersection of 132 m grading 0.57% CuEq (0.45% Cu, 0.16 g/t Au) from 24 m depth (see announcement dated 7 September 2026). This intersection has been extended to 188 m grading 0.56% CuEq (0.44% Cu, 0.16 g/t Au) from 24 m, increasing the depth of the high-grade zone (Figures 3 & 5).

RC drillhole DKP078 was collared within La Verde's high-grade core and drilled at a different orientation to previously completed drill holes completed. DKP078 returned 240 m grading 0.43% CuEq (0.30% Cu, 0.17 g/t Au) from 36 m depth, including 54 m grading 0.60% CuEq (0.41% Cu, 0.26 g/t Au) from 46 m and 42 m grading 0.50% CuEq (0.36% Cu, 0.20 g/t Au) from 188 m.

Importantly, the results support the current geological interpretation at La Verde, developed following over 35,000 m of RC and Diamond (DD) drilling, ahead of the maiden MRE (Figures 3 & 5).

Further Confidence in Expanding Eastern Flank

Results from RC drill hole DKP067 further expanded the lateral extent of mineralisation along La Verde's eastern flank. The drillhole, reported as a partial result, returned 112 m grading 0.47% CuEq (0.40% Cu, 0.10 g/t Au) from 42 m, including 26 m grading 0.70% CuEq (0.59% Cu, 0.14 g/t Au) from 62 m.

DKP067 was collared from the same drill platform as previously reported RC drill hole DKP058, which returned 182 m grading 0.60% CuEq (0.52% Cu, 0.12 g/t Au) from 24 m (see announcement dated 24 August 2026). The strong results provide further confidence in the continuity of copper-gold mineralisation along La Verde's eastern flank (Figures 3 & 4). Results for the first 42 m of DKP067 remain outstanding and will be reported when returned.

La Verde Maiden MRE Modelling Well Advanced

Drilling and resource development are progressing in parallel at La Verde, with ongoing results being incorporated into geological and mineralisation models that continue to refine the understanding of the porphyry system. The Company is targeting completion of a maiden MRE for La Verde later this year¹, which is intended to allow potential higher-grade, near-surface open pit feed from La Verde to be evaluated for inclusion in the Costa Fuego mine plan.

Integration of La Verde into a revised Costa Fuego Pre-Feasibility Study (PFS) is expected to have a material impact on the economic metrics of the Costa Fuego Project, ahead of formal submission of the Costa Fuego Environmental Impact Assessment (EIA) in Q2 2027.

______________________________ 1 If a Mineral Resource is estimated, the Company intends to evaluate whether La Verde can be incorporated into a revised Costa Fuego Pre-Feasibility Study. There is currently no Mineral Resource or Mineral Reserve at La Verde, no economic study has been completed that includes La Verde, and there is no certainty that La Verde will be included in any future mine plan or that its inclusion would improve the economics of the Costa Fuego Project.

This announcement is authorised by the Board of Directors for release to ASX and TSXV.

For more information please contact:

Christian Easterday Managing Director & CEO – Hot Chili	Tel: +61 8 9315 9009 Email: admin@hotchili.net.au
Carol Marinkovich Company Secretary – Hot Chili	Tel: +61 8 9315 9009 Email: cosec@hotchili.net.au
Graham Farrell Investor & Public Relations	Email: graham@hotchili.net.au

or visit Hot Chili's website at www.hotchili.net.au

1asl = above sea level

Table 1. New significant drilling intersections from La Verde

Hole ID	Coordinates			Azim	Dip	Hole Depth	Intersection		Interval	Copper Eq1	Copper	Gold	Silver	Molyb.
	North	East	RL				From	To	(m)	(% CuEq)	(% Cu)	(g/t Au)	(ppm Ag)	(ppm Mo)
DKP067	6785774	324785	1134	114	-60	300	42	154	112	0.47	0.4	0.1	0.89	8
						Incl	62	88	26	0.7	0.59	0.14	1.19	9
DKP072	6785767	324776	1133	244	-59	408	12	172	160	0.37	0.3	0.09	0.83	5
						Incl	12	52	40	0.53	0.45	0.11	0.97	4
						& Incl	144	172	28	0.49	0.39	0.14	0.92	7
DKP075	6785983	324631	1153	99	-57	333	24	212	188	0.56	0.44	0.16	0.72	10
							304	333	29	0.5	0.39	0.15	0.51	11
DKP077	6785616	324420	1177	80	-58	324	230	274	44	0.33	0.25	0.06	1.09	79
							318	324	6	0.46	0.36	0.09	2.1	81
DKP078	6785893	324659	1142	332	-69	324	36	276	240	0.43	0.3	0.17	0.69	13
						Incl	46	100	54	0.6	0.41	0.26	0.59	9
						& Incl	188	230	42	0.5	0.36	0.2	0.8	9
DKP079	6785514	324520	1187	90	-61	360	156	210	54	0.3	0.25	0.06	0.87	14
DKP080	6786126	324051	1103	240	-60	126	0	16	16	0.24	0.23	0.01	0.33	14
DKP0812	6785590	324705	1138	70	-60	30	0	30	30	0.35	0.28	0.09	0.61	7
DKP082	6785590	324705	1138	70	-67	288	0	158	158	0.36	0.3	0.08	1.02	14
						Incl	132	150	18	0.58	0.5	0.1	2.19	15
							236	264	28	0.43	0.32	0.15	0.98	10

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.

1 Copper Equivalent (CuEq) reported for the drillhole 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).

2 DKP081 was abandoned due to mechanical issues, and was redrilled as DKP082

1 See Page 10 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.

2 Copper Equivalent (CuEq) reported for the drillhole 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).

1 See Page 10 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.

2 Copper Equivalent (CuEq) reported for the drillhole 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).

1 See Page 10 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.

2 Copper Equivalent (CuEq) reported for the drillhole 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).

1 See Page 10 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.

2 Copper Equivalent (CuEq) reported for the drillhole 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).

Qualifying Statements

Conceptual Open Pit Shells

Conceptual open pit shells represent Exploration Targets as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). They are based on completed exploration activities reported in the announcement released 19 May 2025 ('Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint').

The conceptual open pit shells were generated using copper (Cu) prices of US$3.50/lb Cu and US$6.00/lb Cu on a series of nested Cu grade shells. Other input parameters informing the conceptual open-pit shells (pit slope angles, mining cost, processing cost, etc.) were derived from values reported in the March 2025 Costa Fuego Pre-Feasibility Study and are considered appropriate for the style of mineralisation encountered at the La Verde Cu-Au porphyry discovery.

Any potential quantity 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.

Further exploration activities are detailed in this announcement and include (but may not necessarily be limited to) a program of diamond drillholes aiming to extend the mineralised footprint at La Verde. Drilling commenced on 22 September 2025, with the length of the program dependent on a number of considerations including (but not limited to) the results of the exploration activities and regulatory applications and approvals.

Qualified Person – NI 43-101

The technical information in this announcement has been reviewed and approved by Mr Christian Easterday, MAIG, Hot Chili's Managing Director and a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. For further information, please refer to the Company's technical report titled "Costa Fuego Project, NI 43-101 Technical Report Preliminary Feasibility Study", with an effective date of 27 March 2025, a copy of which is available for review under the Company's issuer profile on SEDAR+ (www.sedarplus.ca).

Competent Person – JORC

The information in this announcement that relates to Exploration Results and Exploration Targets for the La Verde project is based upon information compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited, who 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 this announcement of the matters based on their information in the form and context in which it appears.

The information in this announcement relating to previously reported Exploration Results for La Verde was previously reported in the Company's announcements 'Hot Chili Confirms Major Cu-Au Porphyry Discovery at La Verde', 'Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint', 'District-Scale Porphyry Cluster Potential Emerging at La Verde Cu-Au Discovery', 'First Diamond Drillhole Confirms Gold-Rich Major Copper Discovery in Coastal Chile', 'Near-Surface Higher-Grade Core Confirmed at La Verde', 'Rapid Growth of High Grade Core Continues at La Verde', 'Shallow High Grade Results Continue at La Verde', 'Hot Chili Confirms Major High-Grade Extension at La Verde', 'Latest Drilling Lifts HG Core Potential of La Verde', 'Strong Copper-Gold Results Continue at La Verde', 'La Verde Emerging as Cornerstone Asset for HCH', 'Hot Chili Delivers More Copper-Gold at La Verde', and 'HG Enrichment Zone Extends at La Verde' released to ASX on 26 February 2024, 19 May 2025, 29 May 2025, 27 November 2025, 10 December 2025, 20 January 2026, 16 February 2026, 8 April 2026, 5 May 2026, 16 June 2026, 28 July 2026, 24 August 2026, and 7 September 2026 respectively, which are available to view on the Company's website at www.hotchili.net.au/investors/investor-centre/market-announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements.

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 announcement.

Forward Looking Statements

This announcement contains certain statements that are "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of applicable Australian securities regulation (collectively, the "forward-looking statements"). 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 announcement 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, "estimate", "expansion", "expand", "expected", "likely", "may", "momentum", "plan", "potential", "project", "large-scale", "should", "will", variants of these words and similar expressions are intended to identify forward-looking statements.

The forward-looking statements within this announcement are based on information currently available and what management believes are reasonable assumptions. Forward-looking statements speak only as of the date of this announcement.

In this announcement, forward-looking statements relate, among other things, to: the potential of the La Verde discovery; regulatory applications and approvals; the timing and results of future technical and economic studies, including the completion of a maiden MRE for La Verde; the potential incorporation of La Verde into a revised Costa Fuego Pre-Feasibility Study and any effect on the Costa Fuego Project; the timing of submission of the Costa Fuego EIA in Q2 2027; the results of pending assays; and the Company's future exploration and other business plans.

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 announcement, including, but not limited to, the following material factors: the ability of drilling and other exploration activities to accurately predict mineralisation; 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 or mineral reserves 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 service providers; competition risks; economic and market conditions; and other risks and uncertainties described elsewhere in this announcement and elsewhere in the Company's public disclosure record.

Although the forward-looking statements contained in this announcement 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 announcement, 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 announcement 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 announcement are expressly qualified by the foregoing cautionary statements and are made as of the date of this announcement. 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 announcement 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 announcement 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.

 

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SOURCE Hot Chili Limited

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Hot Chili's main new La Verde drilling results?

La Verde's main results were 188 m at 0.56% copper equivalent from 24 m in DKP075, 240 m at 0.43% from 36 m in DKP078, and partial results of 112 m at 0.47% from 42 m in DKP067. DKP075's updated interval extends the previously reported 132 m intersection.

When does Hot Chili expect La Verde's first resource estimate?

Hot Chili targets completion of La Verde's first mineral resource estimate later in 2026. If a resource is estimated, the company intends to evaluate inclusion in a revised Costa Fuego pre-feasibility study. La Verde currently has no mineral resource or reserve, and inclusion in a future mine plan is uncertain.

What assumptions underpin Hot Chili's La Verde copper-equivalent grades?

La Verde's copper-equivalent grades use Cortadera as a recovery proxy and assume the entire intersection is fresh material. Recovery assumptions are 83% copper, 56% gold, 83% molybdenum and 37% silver. Metal prices used are US$4.50/lb copper, US$3,150/oz gold, US$20/lb molybdenum and US$30/oz silver.

Can Hot Chili's La Verde drill intersections include lower-grade material?

Reported La Verde intersections can include material below the nominal 0.20% copper cut-off, including zones exceeding 30 m downhole width. The overall weighted average must remain above the cut-off. Intersections are separated where internal lower-grade zones create discrete intervals that do not meet reporting criteria.