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Hot Chili Releases Interim Financial Report for Quarter Ended 31st March 2024

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Hot Chili (HHLKF) announced its financial report for the quarter ending March 31, 2024, showing significant advancements in various areas.

The company reported a substantial increase in its Costa Fuego Indicated Copper-Gold Resource, reaching approximately 798 Mt. Moreover, the Mineral Resource reflected a 6% rise in copper-equivalent (CuEq) contained metal in the Indicated Resource and a 9% increase in CuEq contained metal in the higher-grade section of the Indicated Resource.

Additionally, Hot Chili has made progress in its water study, preparing to establish a new water company, and enhanced regional consolidation for Costa Fuego. The company is also working on exploration activities, with deep penetrating geophysical surveys and drilling initiatives.

Despite these positive developments, the company's cash position stood at A$9.5 million. The press release was authorized by the Managing Director for release to the TSXV.

Hot Chili (HHLKF) ha annunciato il suo rapporto finanziario per il trimestre conclusosi il 31 marzo 2024, evidenziando significativi progressi in vari settori. La società ha riferito un considerevole aumento della sua Risorsa Indicata di Rame-Oro Costa Fuego, raggiungendo circa 798 Mt. Inoltre, la Risorsa Minerale ha mostrato un aumento del 6% nel metallo equivalente di rame (CuEq) contenuto nella Risorsa Indicata e un incremento del 9% nel metallo CuEq contenuto nella sezione di grado superiore della Risorsa Indicata. Hot Chili ha anche fatto progressi nello studio idrico, preparandosi a istituire una nuova società idrica, e migliorato la consolidazione regionale per Costa Fuego. L'azienda sta inoltre lavorando su attività di esplorazione, con sondaggi geofisici profondi e iniziative di perforazione. Nonostante questi sviluppi positivi, la posizione di cassa della società ammontava a A$9,5 milioni. Il comunicato stampa è stato autorizzato dal Direttore Generale per la pubblicazione sulla TSXV.
Hot Chili (HHLKF) ha anunciado su informe financiero para el trimestre que terminó el 31 de marzo de 2024, mostrando avances significativos en varias áreas. La compañía informó un aumento sustancial en su Recurso Indicado de Cobre-Oro Costa Fuego, alcanzando aproximadamente 798 Mt. Además, el Recurso Mineral reflejó un aumento del 6% en metal equivalente de cobre (CuEq) contenido en el Recurso Indicado y un aumento del 9% en metal CuEq contenido en la sección de alto grado del Recurso Indicado. Asimismo, Hot Chili ha avanzado en su estudio del agua, preparándose para establecer una nueva compañía de agua, y ha mejorado la consolidación regional para Costa Fuego. La empresa también está trabajando en actividades de exploración, con encuestas geofísicas de penetración profunda e iniciativas de perforación. A pesar de estos desarrollos positivos, la posición de efectivo de la compañía se situó en A$9,5 millones. El comunicado de prensa fue autorizado por el Director Gerente para su publicación en la TSXV.
Hot Chili (HHLKF)는 2024년 3월 31일로 끝나는 분기에 대한 재무 보고서를 발표하여 여러 분야에서 중요한 진전을 보였습니다. 회사는 자사의 Costa Fuego 지정 구리-금 자원에서 상당한 증가를 보고하며, 약 798Mt에 도달했습니다. 또한, 광물 자원은 지정 자원에서 구리 등가(CuEq) 함유 금속이 6% 증가하고, 지정 자원의 고급 부분에서 CuEq 함유 금속이 9% 증가했다고 반영했습니다. 추가로, Hot Chili는 물 연구에서 진전을 이루어 새로운 물 회사를 설립할 준비를 하고 있으며, Costa Fuego의 지역 통합을 강화했습니다. 회사는 또한 심층 침투 지구 물리 조사와 시추 활동을 포함한 탐사 활동에 착수했습니다. 이러한 긍정적인 개발에도 불구하고, 회사의 현금 위치는 A$9.5백만이었습니다. 이 보도자료는 TSXV에 발표하기 위해 대표이사의 승인을 받았습니다.
Hot Chili (HHLKF) a annoncé son rapport financier pour le trimestre se terminant le 31 mars 2024, montrant des avancées significatives dans divers domaines. La société a rapporté une augmentation substantielle de sa Ressource Indiquée en Cuivre-Or de Costa Fuego, atteignant environ 798 Mt. De plus, la Ressource Minérale a reflété une hausse de 6% du métal équivalent en cuivre (CuEq) contenu dans la Ressource Indiquée et une augmentation de 9% du métal CuEq contenu dans la section de haute qualité de la Ressource Indiquée. En outre, Hot Chili a réalisé des progrès dans son étude sur l'eau, se préparant à établir une nouvelle compagnie des eaux, et a renforcé la consolidation régionale pour Costa Fuego. La société travaille également sur des activités d'exploration, avec des enquêtes géophysiques profondes et des initiatives de forage. Malgré ces développements positifs, la position de trésorerie de l'entreprise s'élevait à A$9,5 millions. Le communiqué de presse a été autorisé par le Directeur Général pour diffusion sur le TSXV.
Hot Chili (HHLKF) gab seinen Finanzbericht für das Quartal zum 31. März 2024 bekannt, der erhebliche Fortschritte in verschiedenen Bereichen zeigt. Das Unternehmen verzeichnete einen erheblichen Anstieg seiner Costa Fuego Angedeuteten Kupfer-Gold-Ressource, die etwa 798 Mt erreichte. Darüber hinaus zeigte die Mineralressource einen 6 % Anstieg des enthaltenen Kupferäquivalents (CuEq) in der Angedeuteten Ressource und einen 9 % Anstieg des CuEq in dem höhergradigen Abschnitt der Angedeuteten Ressource. Zusätzlich hat Hot Chili Fortschritte in seiner Wasserstudie gemacht, bereitet die Gründung einer neuen Wasserfirma vor und verbessert die regionale Konsolidierung für Costa Fuego. Das Unternehmen arbeitet auch an Explorationsaktivitäten, einschließlich tiefgehender geophysikalischer Untersuchungen und Bohrinitiativen. Trotz dieser positiven Entwicklungen belief sich die Bargeldposition des Unternehmens auf A$9,5 Millionen. Die Pressemitteilung wurde vom Geschäftsführer zur Veröffentlichung an der TSXV autorisiert.
Positive
  • Significant increase in Costa Fuego Indicated Copper-Gold Resource.
  • Enhanced Mineral Resource with a 6% rise in copper-equivalent contained metal in the Indicated Resource.
  • Progress in water study for Huasco valley region in Chile, potential for large desalination water supply network.
  • Regional consolidation for Costa Fuego with new landholdings and MOU for Port Agreement.
  • Advancements in exploration activities with deep penetrating geophysical surveys and drilling initiatives.
Negative
  • Cash position at A$9.5 million might pose financial challenges.
  • No mention of revenue or earnings growth in the press release.

PERTH, Australia, April 30, 2024 /PRNewswire/ - 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 31st March  2024.

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:
Costa Fuego Indicated Copper-Gold Resource Increases to Approx. 798 Mt
  • Mineral Resource has seen a 6% increase in copper-equivalent1 (CuEq) contained metal in the Indicated Resource and a 9% increase in CuEq contained metal in the higher-grade component of the Indicated Resource (+0.6% CuEq)
  • Over 85% of Costa Fuego's CuEq contained metal is now classified as Indicated - strong platform to deliver a maiden Mineral Reserve for Costa Fuego Pre-feasibility study (PFS) expected to be completed in H2 2024
Hot Chili Delivers Water Study and Prepares to Create New Water Company
  • Hot Chili has completed a Water Supply Concept Study for the Huasco valley region of Chile, confirming the potential for a large, multi-user, desalination water supply network
  • Submission of second maritime concession to accommodate both raw seawater and desalinated water supply
  • Preparation underway to transfer water assets into a new stand-alone water company
Further Regional Consolidation for Costa Fuego
  • Large landholdings added to the south (Domeyko mining centre) and southeast (Cometa project) of Costa Fuego
Execution of MOU for Port Agreement
  • Hot Chili and Las Losas Port execute a MOU to jointly fund a feasibility study for bulk concentrate exports in addition to negotiating a binding Port Services Agreement for Costa Fuego
Exploration Advancing
  • Deep penetrating, high resolution MIMDAS and Ground Magnetics geophysical surveys underway at Productora and Cortadera
  • Drilling activities paused and awaiting geophysical survey completion prior to re-commencement
Cash Position of A$9.5 million

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

Qualifying Statements

Qualified Persons – NI 43-101

The information pertaining to the Mineral Resource Estimates included in this report has been reviewed and approved by Ms. Elizabeth Haren (FAUSIMM (CP) & MAIG) of Haren Consulting Pty Ltd. All other scientific and technical information in this report has been reviewed and approved by Mr Christian Easterday, MAIG, Hot Chili's Managing Director and Chief Executive Officer. Each of Ms. Haren and Mr. Easterday are a qualified person within the meaning of NI 43-101.

Competent Persons – JORC

The information in this report that relates to Mineral Resources for Cortadera, Productora (including Alice) and San Antonio which constitute the combined Costa Fuego Project is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Ms Haren is a full-time employee of Haren Consulting Pty Ltd and an independent consultant to Hot Chili.  Ms Haren has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Ms Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this announcement that relates to Exploration Results for the Cortadera 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 report.

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 report 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 report 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 report are in U.S. dollars unless otherwise noted.

Forward Looking Statements

This report 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 report 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 report are based on information currently available and what management believes are reasonable assumptions. Forward-looking statements speak only as of the date of this report. In addition, this report may contain forward-looking statements attributed to third-party industry sources, the accuracy of which has not been verified by the Company.

In this report, 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 of current and planned geophysical programs; 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 including the planned PFS; 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; whether or not a second maritime water extraction permit will be granted; the results of the planned feasibility study on the use of the Los Losas port for the export of copper concentrates and the economic terms that might be available for the use 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 report, 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 service providers; competition risks; economic and market conditions; and other risks and uncertainties described elsewhere in this report and elsewhere in the Company's public disclosure record.

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

____________________

1

Copper Equivalent (CuEq) is calculated based on the 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).
It is the Company's opinion that all the elements included in the CuEq calculation have a reasonable potential to be recovered and sold.
Metallurgical recovery averages for each deposit consider Indicated + Inferred material and are weighted to combine sulphide flotation and oxide leaching performance. Process recoveries: Cortadera – Weighted recoveries of 82% Cu, 55% Au, 81% Mo and 36% Ag.  CuEq(%) = Cu(%) + 0.55 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x Ag(g/t).

Cision View original content:https://www.prnewswire.com/news-releases/hot-chili-releases-interim-financial-report-for-quarter-ended-31st-march--2024-302131574.html

SOURCE Hot Chili Limited

FAQ

What was the increase in Costa Fuego Indicated Copper-Gold Resource?

The Costa Fuego Indicated Copper-Gold Resource increased to approximately 798 Mt.

What are the highlights of Hot Chili's financial report for the quarter ended March 31, 2024?

The highlights include an increase in copper-equivalent contained metal, progress in water study, regional consolidation, and advancements in exploration activities.

What is Hot Chili 's cash position as per the press release?

Hot Chili 's cash position stood at A$9.5 million.

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