Highlights
The La Verde porphyry discovery has delivered another round of high-grade, near-surface coppergold 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
o Including 62 m grading 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from 20 m depth
o Which included 12 m grading 1.00% CuEq (0.66% Cu, 0.49 g/t Au) from 20 m depth
o 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)
o Including 42 m grading 0.70% CuEq (0.57% Cu, 0.19 g/t Au) from 96 m
o 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
o 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).
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) announced 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 highgrade 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.
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
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