HOT CHILI ANNOUNCES BOARD CHANGES

Rhea-AI Summary

Hot Chili (ASX: HCH, TSXV: HCH, OTCQX: HHLKF) announced immediate board changes with the resignation of Dr Nicole Adshead-Bell (Non-Executive Chair) and Stephen Quin (Non-Executive Director). The company is preparing for its next development phase with upcoming Pre-feasibility Studies for the Chilean Costa Fuego copper-gold project and Huasco Water project.

The company plans to strengthen its board capabilities at this important growth period, particularly following the recent significant porphyry copper gold discovery at La Verde, which adds potential upside to Costa Fuego's scale.

Positive

• Recent significant porphyry copper gold discovery at La Verde expanding Costa Fuego's potential
• Advancing toward final development phase with upcoming Pre-feasibility Studies for two major projects

Negative

• Sudden departure of both Non-Executive Chair and Non-Executive Director creating leadership gap
• Board restructuring during critical pre-feasibility study phase could impact project timeline

PERTH, Australia, March 11, 2025 /PRNewswire/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") wishes to advise that Dr Nicole Adshead-Bell, Non-Executive Chair and Mr Stephen Quin, Non-Executive Director have tendered their resignations as Directors of the Company, effective immediately.

The Board extends its sincere appreciation to both Dr Adshead-Bell and Mr Quin for their dedicated service and valuable contributions during their tenure with the Company. The Board wishes them both well in their future endeavours.

With the impending release of the Company's Pre-feasibility Studies for its Chilean Costa Fuego copper- gold project and Huasco Water project, Hot Chili is preparing its next steps toward a final phase of development.

Further board appointments aim to strengthen the Company's capability at an important inflection in the Company's growth, with the recent announcement¹ of a significant porphyry copper gold discovery at La Verde adding further upside to Costa Fuego's scale.

The Company looks forward to providing further updates to the market.

This announcement was approved and authorised for release by:
Christian Easterday, Managing Director & CEO

For further information, please contact:

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

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

__________________________________

1 ASX Release dated 11 February 2025

View original content:https://www.prnewswire.com/news-releases/hot-chili-announces-board-changes-302397797.html

SOURCE Hot Chili Limited

FAQ

What major board changes did Hot Chili (HHLKF) announce in March 2025?

Dr Nicole Adshead-Bell (Non-Executive Chair) and Stephen Quin (Non-Executive Director) resigned from Hot Chili's board, effective immediately.

What upcoming milestones does Hot Chili (HHLKF) have in its development pipeline?

Hot Chili is preparing to release Pre-feasibility Studies for both its Chilean Costa Fuego copper-gold project and Huasco Water project.

What recent discovery has enhanced Hot Chili's (HHLKF) Costa Fuego project?

Hot Chili recently announced a significant porphyry copper gold discovery at La Verde, adding further upside potential to Costa Fuego's scale.

What strategic changes is Hot Chili (HHLKF) planning following the board resignations?

The company plans to make further board appointments to strengthen its capabilities during this important growth phase.