Hot Chili Releases Q3 Activity Report - Updated PFS and Maiden MRE on Track for 2027

Highlights
Second Porphyry Discovery Confirmed at La Verde

Assay results for step-out drilling, completed after the reporting period, confirmed the discovery of a second
porphyry center – La Verde South – near-doubling the growth potential of the La Verde Project.
First step-out Reverse Circulation (RC) drill hole DKP084, located approximately 250 m to the south of La
Verde’s +0.4% Cu mineralisation footprint, has delivered:
148 m grading 0.44% CuEq1 (0.39% Cu, 0.07 g/t Au) from 36 m
o Including 44 m grading 0.56% CuEq (0.50% Cu, 0.06 g/t Au) from 138 m
First step-out diamond drill hole (DD) DKD100, located a further 100 m to the south of DKP084, also visually
recorded a 307 m down-hole interval of copper porphyry-style mineralisation2.
Phase 2 resource infill and extensional drilling for La Verde is now complete, following 13 months and
over 40,000m of DD and RC drilling, adding to the 10,000 m of RC drilling from Phase 1.

Hot Chili Delivers More Copper-Gold at La Verde

Strong assay results continued to be delivered during the quarter from the four drill rigs (2 Diamond and 2
Reverse Circulation) located at La Verde.
Continuity of higher-grade copper-gold mineralisation from shallow depths was further confirmed from
infill drilling and step out diamond drilling continued to expand the discovery footprint.
Standout results reported during the quarter included:
DKP063 recorded 398 m grading 0.45% CuEq (0.35% Cu, 0.12 g/t Au) from surface
o Including 62 m grading 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from 20 m
o Which includes 34 m grading 1.00% CuEq (0.80% Cu, 0.27 g/t Au) from 42 m
DKD060 recorded 472 m grading 0.41% CuEq (0.34% Cu, 0.08 g/t Au) from 49 m
o Including 105.8 m grading 0.70% CuEq (0.58% Cu, 0.15 g/t Au) from 397 m
o Including 32.6 m grading 0.90% CuEq (0.75% Cu, 0.19 g/t Au) from 438 m
DKP064 recorded 126 m grading 0.45% CuEq (0.38% Cu, 0.08 g/t Au) from 54 m
o Including 26 m grading 0.70% CuEq (0.60% Cu, 0.13 g/t Au) from 108 m
DKP078 recorded 240 m grading 0.43% CuEq (0.30% Cu, 0.17 g/t Au) from 36 m
o Including 54 m grading 0.60% CuEq (0.41% Cu, 0.26 g/t Au) from 46 m
o And including 42 m grading 0.50% CuEq (0.36% Cu, 0.20 g/t Au) from 188 m
The maiden La Verde MRE, revised Costa Fuego PFS and preparation of the EIA submission remained on
track, with assay results pending for 35 drill holes (24 infill drilling and 11 southern step-out drillholes).

La Verde Drilling Totals 50,000m, with Phase 2 Now Complete

Strong Cash Position of A$29.3 Million following closure of OR Royalty Amendment Agreement during the quarter.

Diamond and RC Drill rigs at the La Verde Cu-Au deposit

Cautionary Statement – JORC Code (2012)

The Costa Fuego Copper-Gold Project is currently at the Pre-Feasibility Study (“PFS”) stage. The production targets and forecast financial information contained in this report are based on technical and economic assessments that are preliminary in nature. While the PFS incorporates Indicated and Inferred Mineral Resources, there is a lower level of geological confidence associated with Inferred Mineral Resources, and no certainty that further exploration or development will result in the conversion of Inferred Mineral Resources to Indicated or Measured categories.
The PFS is not a definitive study and is based on a number of assumptions, including commodity prices, capital and operating costs, metallurgical recoveries, permitting, and other factors, which are subject to change. The outcomes of the PFS should not be used as the basis for a final investment decision. Further work, including additional drilling, metallurgical testing, and detailed engineering, is required before the Company can make a decision to proceed to development.
Of the Mineral Resources scheduled for extraction in the PFS production plan, more than 99% are classified as Indicated, with the remaining <1% as Inferred. The Company has concluded that it has reasonable grounds for disclosing a production target which includes a small amount of Inferred Mineral Resources, as permitted under the JORC Code. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realized. The viability of the development scenario envisaged in the PFS does not depend on the inclusion of Inferred Mineral Resources. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued drilling.
The Mineral Resources underpinning the production target in the PFS have been prepared by a Competent Person in accordance with the requirements of the JORC 2012. For full details on the Mineral Resource estimate, please refer to the ASX announcement of 27 March 2025.
To achieve the outcomes indicated in the PFS, including reaching Definitive Feasibility Study (“DFS”), mine construction and production stages, funding in the order of US$1.27 Billion will be required, including pre-production and working capital and assumed financing charges.
Investors should note that there is no certainty that Hot Chili will be able to raise that amount of funding when needed. One of the key assumptions is that the funding for the Project will be available when required and on acceptable terms. It is also possible that such funding
may only be available on terms that may be dilutive to, or otherwise affect the value of, Hot Chili’s existing shares. It is also possible that Hot Chili could pursue other value realisation strategies such as debt financing, a sale or partial sale of its interest in the Costa Fuego Copper Project and/or Huasco Water, sale of further royalties and/or streaming rights, sale of non-committed offtake rights, and sale of non-core assets.
The Company cautions that there is no certainty that the results or estimates contained in the PFS will be realised.
This Report contains forward-looking statements. Hot Chili has concluded that it has a reasonable basis for providing these forward-looking statements and believes it has a reasonable basis to expect it will be able to fund development of the Costa Fuego Copper Project. However, a number of factors could cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based solely of the results of the PFS.

SUMMARY OF OPERATIONAL ACTIVITIES

Second Porphyry Centre Confirmed at La Verde South

Assay results for step-out drilling, returned after the reporting period, confirmed the discovery of a second
porphyry centre at La Verde South. Located immediately south of, and along strike from, the initial La Verde
copper-gold porphyry discovery, extending the potential mineralisation footprint of La Verde to 1,400m.

The first Reverse Circulation (RC) step-out drill hole, DKP084, was collared approximately 250 m south of
La Verde’s existing +0.4% Cu mineralisation footprint and returned 148 m grading 0.44% CuEq1 (0.39%
Cu, 0.07 g/t Au) from 36 m, including 44 m grading 0.56% CuEq (0.50% Cu, 0.06 g/t Au) from 138 m.

The intersection was primarily oxide copper porphyry-style mineralisation, commencing immediately below
shallow gravel cover, and was designed to follow up previously reported RC drill hole DKP024, which
recorded 114 m grading 0.4% CuEq (0.4% Cu) from 86 m, including 52 m grading 0.5% CuEq (0.5%
Cu, 0.1 g/t Au) from 96 m (see announcement dated 19 May 2025).

The first southern Diamond Drill (DD) step-out drill hole, DKD100, was then collared a further 100 m south
of DKP084 to test for higher-grade copper porphyry-style sulphide mineralisation beneath the oxide zone.

DKD100 visually recorded a 307 m downhole interval of copper porphyry-style mineralisation2, comprising
oxide mineralisation between 40 m and 172 m and porphyry-style sulphide mineralisation between 172 m
and 347 m.

Core photo from DKD100 (259 – 261 m downhole) with vein-hosted and disseminated chalcopyrite (2%) and pyrite (4%) mineralization in strongly veined tonalite host rock2

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 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assay results are pending and will be reported in accordance with the JORC Code (2012) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Sampling methodologies are
described in the attached JORC Table 1.

Expansion Drilling Continues to Demonstrate Scale and Continuity

In parallel with southern step-out drilling, drilling across the main La Verde discovery continued to refine
the geological interpretation of the mineralized system, further delineating the interpreted high-grade core
and demonstrating the vertical and lateral continuity of porphyry-hosted copper-gold mineralization.

A significant result was returned from DKD060 intersected 472 m grading 0.41% CuEq (0.34% Cu,
0.08g/t Au) from 49 m depth, including a significant higher-grade component comprising 105.8 m grading
0.70% CuEq from 397 m, which also included 32.6 m grading 0.90% CuEq from 438 m (Figure 4).

Results from RC drill hole DKP067 also expanded the lateral extent of mineralization 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.

In-fill RC Drilling Confirms Continuity of Near-Surface, Bulk Mineralization
RC drill holes targeting the up-dip extension of high-grade mineralization at La Verde has continued to
return wide intersections of copper-gold mineralization from shallow depths. Importantly, 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 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
mineralization at shallow depths 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). Results
for the final 177 m were 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.

La Verde Drilling Totals 50,000m, with Phase 2 Now Complete

Drilling for the 40,000 m Phase 2 DD and RC program is now complete, following 13 months of
progress and bringing the total at La Verde to 50,000 m. The Phase 1 RC program (completed from
late 2024 to mid-2025) included 10,000 m and outlined a 750 m x 400 m x 400 m footprint, and in
conjunction with Phase 2, has now identified a 1,400 m x 780 m x 800 m footprint across two porphyry
centres. Resource infill drilling of La Verde is now complete, and drill rigs will start back up and focus on
the growth of La Verde South in early 2027.

Project Development Integration

Since 30 June 2026, Hot Chili has further strengthened the dedicated Costa Fuego project development
team and its integrated governance framework for the revised Pre-Feasibility Study (PFS) and
Environmental Impact Assessment (EIA) programs, progressing multiple engineering, permitting, social,
infrastructure and technical studies.

Key activities advanced include mine-plan inputs, hydrogeological and geotechnical investigations, TSF
engineering and water-management studies, and evaluation of power-supply and transmission-line
relocation options. Project controls are being consolidated through an integrated P6 schedule, clearer
critical-path reporting, risk management and disciplined contractor cost and payment controls.

Environmental Impact Assessments (EIAs) Continue to Progress

During the quarter preparation of the Costa Fuego environmental approvals continued under the separate
EIA 1A (Huasco Water) and EIA 1B (Costa Fuego) workstreams. Unusually heavy rainfall during July and
August 2026 affected field activities resulted in delays which have been mitigated in part through four weeks
of scheduled contingency. The Q2 2027 submission remains on track for both EIAs.

The two-stream permitting strategy has now been embedded in the project delivery framework:

EIA 1A: the seawater intake, pumping and distribution system. Work progressed on the Project
Description, environmental chapters, PAS 155 and PAS 156 gap-closure actions, the Punta
Huasco Sur protection-area consultation, and flora, vegetation, vertebrate fauna and
entomofauna compatibility studies. The latest Project Description revision was under review in
October.
EIA 1B: baseline studies, engineering inputs and environmental documentation progressed in
parallel with the revised PFS2. Archaeological fieldwork was completed, hydrogeological field
investigations and packer testing advanced, and the TSF, diversion-water and associated
infrastructure packages continue to be developed for incorporation into the assessment.

Costa Fuego Revised PFS Advancement

During the quarter Hot Chili continued to advance workstreams at La Verde, designed to incorporate the
new discovery into the Costa Fuego PFS as soon as possible. Geotechnical workstreams were completed
at La Verde and are being incorporated into Mineral Resource Estimation and engineering design work, in
parallel to metallurgical, hydrogeological and tailings testwork programs.

Analysis of multiple potential materials handling options between La Verde and Productora, the Costa
Fuego central processing hub, are also underway. The potential development of a large open-pit mining
scenario at Cortadera as an alternative to the previously defined open-pit and underground block cave
operation for the later years of Costa Fuego’s mine plan is also being finalized.

Social Integration and Community Support

Hot Chili continued its community engagement activities, with a round of early community engagement
(Participación Ciudadana Temprana, PCT) in Huasco, Freirina and Vallenar. Public information stands
shared details about the Huasco Water project and introduced the Produce Futuro Fund. Additional
baseline interviews were completed with a further 9 parties, including 7 Indigenous organizations and 2
neighbourhood associations.

Launched in September, the Produce Futuro Fund will provide grants to successful applicants to support
economic development in the Huasco Valley. Hot Chili coordinated the launch and held support sessions
to help community members apply. The company received more than 300 applications, with 55 grants to
be awarded next quarter.

(Left) Hot Chili Community Team in Vallenar and (Right) Launch of the Produce Futuro Fund

Figure 1. Long section view (A – A’) showing recent drill hole results DKP084 (± 75m clipping) and +0.3% copper
(red), +0.4% (purple) copper interpolants and extent of visual estimate3 of porphyry -style copper mineralisation in DKD100, relative to the La Verde Discovery

1 See Page 26 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).3 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assay results are pending and will be reported in accordance with the JORC Code (2012) and National Instrument 43-101 –Standards of Disclosure for Mineral Projects. Sampling methodologies are described in the attached JORC Table1.

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) mineralization interpolants. Drilled holes with pending assays are shown in black. Position of A – A’ long section (Figure 1 and 3) and B – B’ (Figure 4) and C – C’ (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, visual estimate from DKD100 shown3.

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).

3 Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. Assay results are pending and will be reported in accordance with the JORC Code (2012) and National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Sampling methodologies are described in the attached JORC Table 1.

Figure 3. Long-section slice (A – A’) showing drill hole results and updated +0.2% copper (yellow), +0.3% copper (red),+0.4% copper (magenta) mineralization 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, visual estimate from DKD100 shown3.

(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 mineralization 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.

Figure 5. Cross section slice (C – C’) showing drill hole results for DKP075 and DKP078 (± 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.

Table 1. Drill Holes Completed for La Verde in Quarter 3 2026

Table 2. Significant Drilling Intersections from La Verde in Quarter 3 2026

Notes to Table 2: 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. Significant intersection widths (interval) have been rounded to the nearest metre.
1 Copper Equivalent (CuEq) reported for the drill hole 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 mineralization 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).
2DKP081 was abandoned due to mechanical issues and was redrilled as DKP082

SUMMARY OF CORPORATE ACTIVITIES
Strategic Partnering Process Update

Hot Chili continues to advance its asset-level strategic Partnering Process, aimed at introducing one or more qualified partners with the financial, technical and operational capability to assist in funding and delivery of the projects.

During the quarter management continued to facilitate ongoing due diligence activities, including arranging site visits, while discussions continued in relation to existing non-binding, indicative, incomplete and conditional proposals received for potential transactions involving the projects.

The Partnering Process may result in a range of transactions for the Projects. Investors are cautioned that there is
no certainty the Partnering Process will result in a transaction or binding agreement.

BMO Capital Markets continues to act as financial adviser in connection with the Partnering Process.

The Company will continue to update the market in accordance with its continuous disclosure obligations.

OR Royalty Amendment Agreement

During the quarter, Hot Chili completed the Amended and Restated Investment Agreement with OR Royalties Inc.
(“OR”), receiving net proceeds of A$20.4 million, after transaction costs, from the additional US$15 million royalty
investment.

The transaction brings total consideration received under the OR royalty arrangement to US$30 million and expands OR’s royalty interest to include the La Verde Project.

The additional non-dilutive funding further strengthens the Company’s balance sheet and supports the ongoing
advancement of La Verde and the broader Costa Fuego copper-gold development.

The agreement also incorporates an updated change of control buy-back provision, preserving strategic flexibility as the Company progresses its Strategic Partnering Process.

For further details, refer to the Company’s announcement dated 7 July 2026.

Cash Position

As of 30 September 2026, the Company had cash of A$29.3 million and no debt.
The operating expenditure for quarter ended 30 September 2026 included payments for staff costs of A$1.3 million and administration and corporate costs of A$1.5 million.

The investing expenditure for quarter ended 30 September 2026 included payments for tenements of A$3.4 million relating mostly to the payment of the San Antonio Purchase Option Agreement for US$2 million, and payments for exploration and evaluation of A$10.1 million relating to drilling (four drill rigs in operation) and development study activities across the La Verde copper-gold porphyry discovery, value engineering workstreams and EIA submission activities. This was offset by the receipt of A$20.4 million (net of costs) from the OR Royalty Amendment Agreement.

With the Phase 2 resource infill and extensional drilling program at La Verde scheduled for completion by the end of October 2026, the Company anticipates a material reduction in exploration expenditure in subsequent quarters.

Hot Chili is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer

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Hot Chili Releases Q3 Activity Report – Updated PFS and Maiden MRE on Track for 2027

SUMMARY OF OPERATIONAL ACTIVITIES

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