Thick, High-Grade, Surface Enrichment Zone Extends at La Verde

New La Verde drill intercepts extend high-grade copper-gold mineralisation from surface to over 760 m depth, underpinning work toward a maiden resource and updated PFS.

Rhea-AI Summary

Hot Chili (HHLKF) reported new high-grade copper-gold drill results from the La Verde porphyry discovery in Chile, including 398 m grading 0.45% CuEq from surface in hole DKP063.

Within this intercept, DKP063 returned 62 m grading 0.91% CuEq from 20 m depth, with higher-grade sub-intervals of 12 m and 34 m at 1.00% CuEq. DKP075 delivered a partial result of 132 m at 0.57% CuEq from 24 m, including 42 m at 0.70% CuEq, while DKP064 returned 126 m at 0.45% CuEq from 54 m, plus 74 m at 0.35% CuEq from 276 m.

Updated assays from deep hole DKD060 extend mineralisation to 765.2 m down-hole, including 472 m at 0.41% CuEq from 49 m and a 2.3 m interval at 4.63% CuEq. A maiden Mineral Resource Estimate for La Verde is targeted later in 2026, ahead of integrating the deposit into an updated Costa Fuego Prefeasibility Study and a planned Environmental Impact Assessment submission in Q2 2027.

Positive

• DKP063 intersected 398 m at 0.45% CuEq from surface, including 62 m at 0.91% CuEq from 20 m
• DKP075 returned a partial 132 m at 0.57% CuEq from 24 m, including 42 m at 0.70% CuEq
• DKP064 intersected 126 m at 0.45% CuEq from 54 m, plus 74 m at 0.35% CuEq from 276 m
• DKD060 updated to 472 m at 0.41% CuEq from 49 m, with mineralisation continuous to 765.2 m depth
• La Verde maiden Mineral Resource Estimate is targeted for completion later in 2026
• Revised Costa Fuego Pre-Feasibility Study and EIA submission are planned, with EIA targeted for Q2 2027

Negative

• Assays from 22 drillholes, including the final 177 m of DKP075, remain pending and could change the current interpretation
• La Verde is still an Exploration Target with insufficient drilling to estimate a Mineral Resource in the conceptual pit areas

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DKP063 returns 62 m grading 0.91% CuEq¹ (0.70% Cu, 0.30 g/t Au) from 20 m, within 398 m grading 0.45% CuEq from surface

Highlights

The La Verde porphyry discovery has delivered another round of high-grade, near-surface copper-gold drill results, 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.

Three high-grade intersections from shallow depths headline the latest Reverse Circulation (RC) drilling at La Verde, supporting the continuity of wide mineralised zones across the deposit. Significant intersections include:

• DKP063 recorded 398 m grading 0.45% CuEq (0.35% Cu, 0.12 g/t Au) from surface 
  • Including 62 m grading 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from 20 m depth
  • Which included 12 m grading 1.00% CuEq (0.66% Cu, 0.49 g/t Au) from 20 m depth
  • And included 34 m grading 1.00% CuEq (0.80% Cu, 0.27 g/t Au) from 42 m depth
• DKP075 recorded 132 m grading 0.57% CuEq (0.45% Cu, 0.16 g/t Au) from 24 m depth (partial)
  • Including 42 m grading 0.70% CuEq (0.57% Cu, 0.19 g/t Au) from 96 m
  • Assays are still outstanding for the remaining 177 m, results expected shortly
• DKP064 recorded 126 m grading 0.45% CuEq (0.38% Cu, 0.08 g/t Au) from 54 m depth
  • Including 26 m grading 0.70% CuEq (0.60% Cu, 0.13 g/t Au) from 108 m

Assays from 22 drillholes (two Diamond Drill (DD), one DD tail and 19 RC) remain pending, providing a steady flow of results as assay turnaround time improves from two accredited laboratories.

_______________________________________________________

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).

PERTH, Australia, Sept. 8, 2026 /PRNewswire/ -- Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to announce another set of 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.

Christian Easterday, Managing Director of Hot Chili, said: "DKP063 is among the strongest near-surface intersections we have drilled at La Verde so far, with comparable grades are now appearing across the deposit, we have confidence in the scale of a potential high-grade starter pit for Costa Fuego. With assays from 22 holes still to come, our focus is on converting this drilling into a maiden Mineral Resource and, from there, integrating this into an enhanced and upscaled Costa Fuego Prefeasibility study."

Three New, Near-Surface High-Grade Intersections Highlight Scale

Three RC drillholes targeting the up-dip extension of high-grade mineralisation at La Verde have each returned wide intersections of copper-gold mineralisation from shallow depths. Importantly, these results are distributed across the deposit, highlighting the scale and continuity of La Verde's growing high-grade core.

These results are headlined by DKP063 (Figure 3 and 4), which recorded 398 m grading 0.45% CuEq (0.35% Cu, 0.12 g/t Au) from surface. Within this, a significant higher-grade component includes 62 m grading 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from just 20 m depth, demonstrating the continuity of high-grade mineralisation at shallow depths (Figure 6) and reinforcing the potential for a high-grade starter pit, capable of delivering early higher-grade material to the Costa Fuego mine plan.

DKP075 recorded a partial result of 132 m grading 0.57% CuEq (0.45% Cu, 0.16 g/t Au) from 24 m depth which included 42 m grading 0.70% CuEq (0.57% Cu, 0.19 g/t Au) from 96 m (Figure 5). The hole was designed to test a near-surface data gap between two interpreted high-grade areas, with the result indicating continuity of a broad blanket of oxide mineralisation in this area. Results from the final 177 m of this hole are still outstanding and are expected to be reported shortly.

Additionally, DKP064, which was collared at the southern extent of La Verde's high-grade core, returned 126 m grading 0.45% CuEq (0.38% Cu, 0.08 g/t Au) from 54 m depth, including 26 m grading 0.70% CuEq (0.60% Cu, 0.13 g/t Au) from 108 m, together with a second intersection of 74 m grading 0.35% CuEq (0.29% Cu, 0.07 g/t Au) from 276 m.

Importantly, the presence of these grades at the southern margin of the interpreted high-grade core further supports the lateral continuity of higher-grade mineralisation and suggests potential for expansion in this direction, which remains to be tested (Figure 4).

Updated DKD060 Result Extends Mineralisation to 765m Down-Hole Depth

Final assay results for the deeper portion of DKD060 have been added to the previously reported intersection of 472 m grading 0.41% CuEq (0.34% Cu, 0.08 g/t Au) from 49 m (see announcement dated 24 August 2026).

An additional intersection of 123.1 m grading 0.30% CuEq (0.27% Cu, 0.02 g/t Au) from 642.1 m confirms continuity of the mineralised porphyry system to 765.2 m, close to the end-of-hole depth of 772.7 m, highlighting the vertical extent and scale potential of the La Verde discovery (Figure 4). The interval is punctuated by a narrow, higher-grade zone of 2.3 m grading 4.56% Cu from 655.5 m hosted within chalcopyrite-rich veining.

Advancing Toward Maiden MRE and Pre-Feasibility Study (PFS) Integration

Hot Chili continues to advance resource definition and development workstreams at La Verde, with a maiden Mineral Resource Estimate (MRE) targeted for completion later this year. The Company expects to follow with a revised Costa Fuego Pre-Feasibility Study (PFS), incorporating La Verde, ahead of formal submission of the Costa Fuego Environmental Impact Assessment (EIA) in Q2 2027.

Ongoing drilling continues to expand and upgrade confidence in La Verde's high-grade copper-gold mineralisation, supporting the Company's objective of integrating the discovery into the Costa Fuego mine plan and development strategy.

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

Figure 1. Location of La Verde in relation to Costa Fuego, coastal range Chile

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)
DKP059	6785728	324866	1139	70	-61	120	36	78	42.0	0.25	0.21	0.04	0.35	30
DKD060 (updated)	6785762	324909	1139	260	-61	772.7	49.0	521.0	472.0	0.41	0.34	0.08	0.60	34
						Incl	93.4	157.1	63.7	0.50	0.42	0.10	0.73	10
						& Incl	397.0	502.8	105.8	0.70	0.58	0.15	0.99	19
						Or Incl	438.0	470.6	32.6	0.90	0.75	0.19	1.30	31
							642.1	765.2	123.1	0.30	0.27	0.02	0.80	23
						Incl	655.5	657.8	2.3	4.63	4.56	0.02	10.40	18
DKP061	6785608	324901	1147	271	-61	273	70	98	28.0	0.27	0.22	0.05	0.71	25
							166	206	40.0	0.40	0.33	0.08	1.10	21
DKP063	6785713	324566	1132	63	-70	417	0	398	398.0	0.45	0.35	0.12	0.58	18
						Incl	20	82	62.0	0.91	0.70	0.30	1.07	6
						Which Incl	20	32	12.0	1.00	0.66	0.49	1.40	7
						& Incl	42	76	34.0	1.00	0.80	0.27	0.95	5
DKP064	6785669	324508	1155	101	-57	426	54	180	126.0	0.45	0.38	0.08	1.03	24
						Incl	108	134	26.0	0.70	0.60	0.13	0.83	11
							276	350	74.0	0.35	0.29	0.07	0.85	16
DKP075 (partial)	6785983	324631	1153	99	-57	333	24	156	132.0	0.57	0.45	0.16	0.68	7
						Incl	96	138	42.0	0.70	0.57	0.19	1.06	11

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).

Figure 2. Plan view map of La Verde showing recent drill hole results and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Drilled holes with pending assays are shown in black. Position of A – A' long section (Figure 3), B – B' cross section (Figure 4) and C – C' cross section (Figure 5) annotated with white dashed lines. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

1 See Page 11 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).

Figure 3. Long-section slice (A – A') showing recent drill hole results and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Returned Cu grades shown on hole traces, drilled holes with pending assays are shown in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

1 See Page 11 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).

Figure 4. Cross section slice (B – B') showing recent drill hole results DKP063, DKP064, DKP059 and DKD060 (± 75m clipping) and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Returned Cu grades shown on hole traces, drilled holes with pending assays are shown in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

1 See Page 11 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).

Figure 5. Cross section slice (C – C') showing partial drill hole results DKP075 (± 75m clipping) and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Returned Cu grades shown on hole traces, drilled holes with pending assays are shown in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

1 See Page 11 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).

Figure 6. Oblique slice towards NW (Azi 325°, Plunge+26°). 0.3% and 0.4% Cu interpolants displayed for oxide and transitional material, sliced along NNE orientation with the front removed. US$3.50/lb Cu conceptual open pit shell displayed in dark grey; US$6.00/lb Cu conceptual open pit shell displayed in light grey1. Base of weathering shown as dashed blue line. Results reported including CuEq2.

1 See Page 11 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', and 'Hot Chili Delivers More Copper-Gold 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, and 24 August 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", "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 economic studies; 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

What are the most notable new drill results from La Verde?

The headline intercept is from DKP063, which returned 398 m grading 0.45% CuEq (0.35% Cu, 0.12 g/t Au) from surface. This includes 62 m at 0.91% CuEq from 20 m, with sub-intervals of 12 m at 1.00% CuEq from 20 m and 34 m at 1.00% CuEq from 42 m. Other notable results are DKP075 with a partial 132 m at 0.57% CuEq from 24 m, including 42 m at 0.70% CuEq from 96 m, and DKP064 with 126 m at 0.45% CuEq from 54 m plus 74 m at 0.35% CuEq from 276 m.

How deep does the mineralisation at La Verde extend based on the updated drilling?

Updated assays from deep diamond hole DKD060 add 123.1 m grading 0.30% CuEq from 642.1 m to previously reported results. This confirms continuous mineralisation in the porphyry system to 765.2 m down-hole, close to the end-of-hole depth of 772.7 m. Within this deeper interval is a 2.3 m zone grading 4.63% CuEq from 655.5 m.

What are Hot Chili's next development steps for La Verde and Costa Fuego?

The company is targeting completion of a maiden Mineral Resource Estimate for La Verde later in 2026. It then plans a revised Costa Fuego Prefeasibility Study that will incorporate La Verde, ahead of formal submission of the Costa Fuego Environmental Impact Assessment (EIA) planned for Q2 2027.

How is Copper Equivalent (CuEq) calculated for the La Verde drill results?

CuEq is calculated using the formula CuEq (%) = Cu(%) + 0.69 × Au(g/t) + 0.00044 × Mo(ppm) + 0.0043 × Ag(g/t). Metal prices used are Cu at US$4.50/lb, Au at US$3,150/oz, Mo at US$20/lb and Ag at US$30/oz. Recoveries applied are 83% for Cu, 56% for Au, 83% for Mo and 37% for Ag, using Cortadera as a proxy due to similar mineralisation style and testwork results.

How many drillholes at La Verde still have pending assays?

Assays are pending for 22 drillholes at La Verde, comprising two diamond drill holes, one diamond tail and 19 reverse circulation holes. This includes the remaining 177 m of hole DKP075, with results expected to provide a continued flow of assay updates as laboratory turnaround times improve.