Coline Sandell-Hay | The Assay | April 7, 2022

Hot Chili Limited’s (ASX:HCH) (TSXV:HCH) (OTCQX:HHLKF) application to join the US-based OTCQX market has been accepted and the company’s shares will commence trading in the US on the OTCQX Best Market under the ticker OTCQX: HHLKF on April 7, 2022.

 The OTCQX Best Market is the highest tier of OTC Markets Group’s market platforms, on which 12,000 US and international securities trade.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

Managing Director, Christian Easterday, said Hot Chili Ltd has upgraded to OTCQX from the OTCQB Venture Market where it has been trading since 6 May 2021. By upgrading to the OTCQX the company is positioned to enhance its visibility and broaden its access to the extensive market of US retail, high net worth and institutional investors.

The primary advantages to North American investors of the company’s inclusion on the OTCQX platform include:

• It allows trading of HCH securities in the local time zone; appealing to investors and brokers who prefer securities that trade and settle during US trading hours.

• Trades and settlements are conducted in US Dollars with no exchange rate risk or additional FX fees.

 The company’s shares will continue to trade on the Australian Securities Exchange and the TSX Venture Exchange under the symbol HCH, with its shares now also tradeable on the OTCQX market (www.otcmarkets.com).

“We are delighted to be moving up to OTCQX, as we deliver the next level of growth. An upgrade to OTCQX is a logical next step for Hot Chili,” Mr Easterday said.

“This designation is OTC Market’s top tier and a step towards greater liquidity and support to our active North American investor outreach.”

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The Assay | May 17, 2022

Hot Chili Ltd (TSXV:HCH, OTCQX:HHLKF, ASX:HCH) has filed a National Instrument 43-101 Technical Report for its Costa Fuego copper-gold project in Chile with the Canadian Securities Administrators.

The filing of the report is further to its mineral resources upgrade announcement released to ASX on March 31, 2022 “Hot Chili Delivers Next Level of Growth” (Mineral Resources Upgrade Announcement).

The Report titled “Resource Report For the Costa Fuego Copper Project Located in Atacama, Chile Technical Report NI43-101” and dated May 13, 2022, with an effective date of March 31 2022, was prepared pursuant to Canadian National Instrument 43-101.

It is available for review on both SEDAR (www.sedar.com) and the company’s website (www.hotchili.net.au). The Report supports the news release dated March31, 2022 announcing a significant increase in the company’s mineral resource estimates at Costa Fuego.

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The Assay | May 20, 2022

Hot Chili Limited (ASX: HCH) (TSXV: HCH) has obtained another outstanding drill result at the Cortadera porphyry deposit, part of the company’s Costa Fuego, coastal range, copper-gold hub in Chile.

Managing Director Christian Easterday said that Cortadera has a track record of outperforming expectation.

“The PFS in-fill drill programme across Cortadera has collected important geotechnical and hydrogeological information and has also continued to define and expand high grade resources,” Mr Easterday said.

“Upgrading our resources with wide drill intersections grading 0.8% to 1.0% copper equivalent is a great outcome, which demonstrates the quality and growth potential of Costa Fuego as one of the only low-altitude, material, copper developments in the world capable of near-term development.”

Latest Significant Drill Results from Cortadera

 Latest results from development study drilling at Cortadera have returned further significant intersections.

 Diamond drill hole CORMET005 returned 658m grading 0.6% CuEq (0.4% Cu, 0.2g/t Au, 122ppm Mo) from 232m depth, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth.

CORMET005 was drilled across the northern flank to the high-grade core within the main porphyry (Cuerpo 3) at Cortadera.

Mr Easterday said that pleasingly, the wide significant intersection again confirmed further extension to the high grade core and included an impressive 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth outside of the current high grade (+0.6% CuEq) resource model.

The latest result follows the previous two outstanding drill results in April 2022 from Cuerpo 3, which also confirmed further growth of the high grade core, notably:
• 552m at 0.6% CuEq from 276m depth, including 248m at 0.8% CuEq (CORMET003), and

• 876m grading 0.5% CuEq from 246m depth, including 206m grading 0.9% CuEq (CORMET006)

In addition, diamond drill hole CORMET002 has returned 370m grading 0.4% CuEq (0.3% Cu, 0.1g/t Au) from surface, including 20m grading 0.8% CuEq (0.6% Cu, 0.4g/t Au) from 24m depth, and including 22m grading 1.0% CuEq (0.8% Cu, 0.5g/t Au) from 136m depth at Cuerpo 2.

These high-grade intersections were also outside the current high grade resource at Cuerpo 2.

 A final development study diamond drill hole (CORMET004) is being completed at Cortadera and results are also pending for four metallurgical diamond drill holes completed at Productora.

High-Grade Satellite Resource Drilling Underway

Resource growth drilling has commenced targeting the San Antonio and Valentina high grade copper deposits, located 5 kms northeast of Cortadera.

High-grade, copper-gold mineralisation at both deposits remains open at depth and along strike. Drilling is already underway at Valentina where ten drill holes are planned. A further thirteen drill holes are planned at San Antonio.

San Antonio’s maiden Inferred resource, reported in March, extends from surface and already stands at 4.2Mt @ 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287kt Ag. Both high grade satellite deposits are intended to form part of Costa Fuego’s next resource upgrade and combined PFS open pit mine schedule later this year.

Santiago Z Target Prepared for First-Ever Drilling Platform and access clearing across the Santiago Z exploration target is expected to be complete in the coming week and first-pass drilling is expected to commence following conclusion of drilling at Valentina and San Antonio.

Hot Chili’s soil results and mapping have confirmed a potentially large copper porphyry footprint measuring.

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Colin Sandell-Hay | The Assay | April 29, 2022

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) has received another strong result from its Cortadera porphyry discovery, as well as first assay results from exploration drilling being undertaken across its coastal range, Costa Fuego copper-gold hub in Chile.

Development study drill holes at Cortadera continue to return impressive assay results, with high-grade intersections reported from all holes in the program so far.

CORMET003 returned a significant intersection of 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth.

Importantly, the high-grade core of the main porphyry (Cuerpo 3) at Cortadera continues to demonstrate further growth potential following the recently announced resource upgrade for Costa Fuego comprising Indicated resources of 725Mt grading 0.47% CuEq for 2.8Mt Cu, 2.6Moz Au, 10.5Moz Ag and67kt Mo with high grade Indicated resources (+0.6% CuEq) standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo.

CORMET001 was drilled into Cuerpo 1 and also returned a strong result of 70m grading 0.6% CuEq (0.5% Cu, 0.1g/t Au and 11ppm Mo) from 86m depth down-hole. CORMET001 also ended in 6m grading 0.6% copper and supplied critical hydrological and geotechnical data that will be used to inform the Costa Fuego Pre-Feasibility Study (PFS) due Q3 2022.

CORMET003 (775m depth down-hole) – 0.8% copper, 0.1g/t gold, 1.7g/t silver and 510ppm molybdenum. Planar and continuous, chalcopyrite-pyrite-molybdenite-bearing, B-type quartz vein hosted in sericite-chlorite-(biotite) altered early-mineralization tonalite porphyry.

 Hot Chili has also provided an exploration update on drilling and access clearing activities across several large-scale and high grade, satellite targets being tested this year.

Assay results returned for the first eleven drill holes completed at the Productora Central target this year have provided encouragement and further drilling is planned. In addition, clearing activities are well advanced across Valentina, San Antonio and Santiago Z.

 Drilling is planned to commence at Valentina and then San Antonio in the coming weeks, and Santiago Z in the coming month.

 Further development study drill results from Cortadera are expected in the coming weeks.

Colin Sandell-Hay | The Assay | 28 Nov, 2022

Hot Chili Limited (ASX: HCH) has executed an Option Agreement with Chilean copper major Antofagasta Minerals S.A. (AMSA) enabling Hot Chili to acquire a 100% interest in AMSA’s mining rights adjoining the western margin of Hot Chili’s Cortadera copper-gold porphyry discovery, the centre-piece of the company’s Costa Fuego senior copper development in Chile.

This strategic option agreement consolidates the highly prospective AMSA mining rights, containing near- surface drill intersections of copper-gold porphyry mineralisation, with Hot Chili’s contiguous Cortadera project.

Cortadera has been the growth engine for Hot Chili since the company executed a transaction to acquire the project in 2019.

Cortadera’s current Indicated resource of 471Mt grading 0.46% CuEq for 1.7Mt copper and 1.8Moz gold and Inferred resource of 108Mt grading 0.35% CuEq for an additional 0.3Mt copper and 0.3Moz gold is contained within three porphyry centres, trending NW-SE, over a strike extent of 2.3km.

The option enables the consolidation of Cortadera and near doubles the prospective strike length of the discovery, increasing the near term, material resource growth potential for Hot Chili.

AMSA’s five mining rights cover 517 hectares and contain a large outcropping mineralised porphyry (Cuerpo 4 – 700m in strike length by 300m in width) with similar dimensions to Cortadera’s main porphyry (Cuerpo 3) as well as other identified porphyry targets, trending N-S, over a prospective strike extent of approximately 1.8km.

In 2005, AMSA intersected significant copper-gold-molybdenum mineralisation at Cuerpo 4, with five shallow Reverse Circulation (RC) drill holes totalling 1,056m (Drilling data and associated drilling intersections not previously publicly reported, AMSA internal report.

Four of AMSA’s five drill holes recorded wide intersections of mineralisation, including COR-03 which recorded 128m grading 0.5% CuEq (0.4% Cu & 0.1g/t Au) from 28m downhole depth, including 16m grading 1.3% CuEq (1% Cu & 0.5g/t Au) from 28m.

The historical drilling across Cuerpo 4 clearly demonstrates open pit resource growth potential, given the shallow nature of copper-gold-molybdenum mineralisation, and near-surface, copper-gold enrichment.

Next Steps

A first-pass drilling programme comprising 16 holes for 6,000m is expected to start as soon as possible.

Drilling will test Cuerpo 4 and two other targets within AMSA’s landholding using RC and Diamond (DD) drilling. Hot Chili and AMSA have agreed on the detail and staging of the planned drilling programme after a collaborative and detailed geological review by both companies’ technical teams.

Drilling is also planned across Hot Chili’s Cortadera North target, where earlier exploration drilling targeting a large surface molybdenum anomaly in 2020 intersected wide zones of silver mineralisation. This work vectored towards a sizeable copper-gold porphyry target (Cuerpo 4) on AMSA’s adjacent mining right.

Hot Chili then ceased all exploration activities at Cortadera North until an agreement could be entered into with AMSA to enable Hot Chili to acquire the adjacent landholding.

Revision to Costa Fuego Growth and Development Timetable

The transaction provides the next step in Hot Chili’s long term growth strategy. The AMSA mining rights provide relatively low cost and highly accretive resource growth potential due to their proximity to the Company’s Cortadera open pit resource base.

Hot Chili’s next resource update, which was proposed to be delivered in late 2022, is now expected to be finalised in H2 2023 to include the proposed drilling on the AMSA mining rights.

The combined Pre-feasibility Study (PFS) for Costa Fuego, studying targeted annual production rates of up to 100kt Cu and up to 70koz Au for a +20 year life of mine, will be paused until the Company can assess the impact of resource growth potential at Cortadera. The Company’s decision to pivot the PFS ensures that future expenditure relating to the PFS can be optimised for infrastructure location and a potentially larger scale copper operation.

Only critical PFS workstreams will be continued to secure long-lead time items (environmental and social) and key value additions (metallurgical) to ensure Costa Fuego remains on-track to potentially be delivered into production in 2028.

A Preliminary Economic Assessment (PEA) of the combined Costa Fuego project at the current 20Mtpa sulphide concentrator study scale is now planned to be delivered in H1 2023.

Colin Sandell-Hay | The Assay | April 14, 2022

Hot Chili Limited (ASX: HCH) (TSXV:HCH) (OTCQX: HHLKF) continues to obtain strong results from its Cortadera porphyry discovery, the centrepiece of the company’s low-altitude, Costa Fuego senior copper development in Chile.

 Five development study Diamond Drill (DD) holes, of a six-hole programme, have been completed at Cortadera this year in preparation of the Costa Fuego PFS, forecast for completion in Q3 2022.

 Assay results returned from the first (CORMET006) of these five diamond drill holes have delivered an outstanding intersection of 876m grading 0.5% CuEq (0.4% copper (Cu), 0.1g/t gold (Au)) from 246m depth down-hole, including 206m grading 0.9% CuEq (0.7% Cu, 0.3g/t Au) from 414m depth (excluding 18m unsampled and excluding 4m unsampled due to geotechnical test work).

This latest significant drilling intersection from the main porphyry (Cuerpo 3) at Cortadera provides further confidence in the recently announced resource upgrade for Costa Fuego.

 Costa Fuego’s High Grade (+0.6% CuEq) Indicated resources have grown by 53% and now account for over one third of contained copper and gold (previously 20%).

High Grade Indicated resources stand at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag and 24kt Mo.

A significant component of the recently announced resource upgrade was driven by the definition of a large high-grade core extending over one km vertically at Cuerpo 3.

Results from CORMET006 have confirmed the estimation of the Cuerpo 3 high grade core is robust, while also providing critical hydrological and geotechnical testwork for mining studies.

Two DD rigs are in operation (development drilling) and one Reverse Circulation (RC) drill rig is undertaking exploration drilling at Productora, located 14km from Cortadera.

Assay results being returned from exploration drilling at Productora are also expected to be released shortly.

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Colin Sandell-Hay | The Assay | April 29, 2022

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) has received another strong result from its Cortadera porphyry discovery, as well as first assay results from exploration drilling being undertaken across its coastal range, Costa Fuego copper-gold hub in Chile.

Development study drill holes at Cortadera continue to return impressive assay results, with high-grade intersections reported from all holes in the program so far.

CORMET003 returned a significant intersection of 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth.

Importantly, the high-grade core of the main porphyry (Cuerpo 3) at Cortadera continues to demonstrate further growth potential following the recently announced resource upgrade for Costa Fuego comprising Indicated resources of 725Mt grading 0.47% CuEq for 2.8Mt Cu, 2.6Moz Au, 10.5Moz Ag and67kt Mo with high grade Indicated resources (+0.6% CuEq) standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo.

CORMET001 was drilled into Cuerpo 1 and also returned a strong result of 70m grading 0.6% CuEq (0.5% Cu, 0.1g/t Au and 11ppm Mo) from 86m depth down-hole. CORMET001 also ended in 6m grading 0.6% copper and supplied critical hydrological and geotechnical data that will be used to inform the Costa Fuego Pre-Feasibility Study (PFS) due Q3 2022.

CORMET003 (775m depth down-hole) – 0.8% copper, 0.1g/t gold, 1.7g/t silver and 510ppm molybdenum. Planar and continuous, chalcopyrite-pyrite-molybdenite-bearing, B-type quartz vein hosted in sericite-chlorite-(biotite) altered early-mineralization tonalite porphyry.

 Hot Chili has also provided an exploration update on drilling and access clearing activities across several large-scale and high grade, satellite targets being tested this year.

Assay results returned for the first eleven drill holes completed at the Productora Central target this year have provided encouragement and further drilling is planned. In addition, clearing activities are well advanced across Valentina, San Antonio and Santiago Z.

 Drilling is planned to commence at Valentina and then San Antonio in the coming weeks, and Santiago Z in the coming month.

 Further development study drill results from Cortadera are expected in the coming weeks.

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The Assay | Colin Sandell-Hay | 24 Aug 2022

Hot Chili Limited (ASX: HCH) (TSXV: HCH) has drilled a new, shallow high grade, copper-silver drill intersection from its Valentina copper deposit in Chile.

The new drill result represents exceptional near-surface grades, providing an exciting potential additional front-end ore source for the company’s Costa Fuego coastal range copper-gold development.

 Assays results returned for VALMET0002, a twin Diamond Drill (DD) hole of Reverse Circulation (RC) drill hole VAP0009 recorded 3.0m grading 12.1% CuEq (11.8% Cu & 52.6g/t Ag) within a broader drilling intersection of 12m grading 4.6% CuEq (4.5% Cu & 16.5g/t Ag) from 25m depth down-hole.

The result confirms a significant 120m extension of high grade, copper-silver mineralisation to the south of the historical Valentina underground mine and provides material for development-related metallurgical testwork, key to the inclusion of the Valentina Resource in the Costa Fuego combined prefeasibility study (PFS) due in Q1 2023.

Copper soluble analysis has confirmed that mineralisation is principally sulphide (chalcocite, chalcopyrite, covellite) and amenable to flotation recovery, thus key to Valentina’s potential to contribute to early sulphide cash flow generation.

Valentina Shaping as a High Grade Ore Source Addition at Costa Fuego

Mineralisation at Valentina is now defined over approximately 300m strike, and is open at depth and along strike. In addition to VALMET0002, new significant intersections from the phase-2 drill programme also include:

• 5m grading 1.5% CuEq (1.5% Cu, 7.8g/t Ag) from 179m (VAP0017) including 2m @ 3.3% CuEq (3.2% Cu, 16.4g/t Ag)

• 2m @ 2.0% CuEq (1.9% Cu, 6.7g/t Ag) from 45m (VAP0016)

• 2m @ 1.5% CuEq (1.5% Cu, 9.3g/t Ag) from 68m depth (VAP0013)

• 3m @ 1.5% CuEq (1.4% Cu, 8.2g/t Ag) from 24m (VAP0015) Results have been returned for eleven of the seventeen phase-2 drillholes with assays pending for six drill holes.

Of the 11 drill holes returned, four drill holes recorded significant drill intersections (outlined above), three drill holes intersected the mineralised structure (0.2% to 0.5% Cu), one drill hole intersected historical workings (ineffective), and three drill holes did not intersect mineralisation.

Phase-two drilling at Valentina has focussed on proving continuity of the mineralised trend along-strike and at-depth below the historical shallow underground mine.

The results of VAP0017 (5m grading 1.5% Cu, 7.8g/t Ag, including 2m grading 3.2% Cu, 16.4g/t Ag) confirm continuity of the steeply dipping mineralised host-structure, 100m below historical mine workings.

Importantly, high grade results recorded in VAP0009 and VALMET0002 lie on the southern extent of drilling in an area previously masked at-surface by a shallow horizon of Atacama gravels. Significant extensional potential remains untested in this area.

Mineralisation is interpreted to be fault-hosted, dipping steeply towards the east within a sequence of volcanic-sedimentary units, similar to the deposit setting of the neighbouring San Antonio resource (Inferred resource of 4.2Mt grading 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287koz Ag)

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By The Assay – TSX Edition 2022 | June 2022

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Hot Chili Limited Big Cision in Big Copper – The Assay – TSX Edition 2022

Cortadera’s North Flank Delivers Wide Copper Hits

Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) has unveiled that recent drill results from its Cortadera copper-gold discovery in Chile continue to demonstrate strong resource growth.

Hot Chili’s Resource Development Manager Kirsty Sheerin said the expansion of the main porphyry was very pleasing ahead of the company’s plans to up-grade the maiden 451Mt Cortadera resource. “The North Flank of the high-grade core to the main porphyry has continued to be a significant resource addition,” Sheerin said.

“We have added approximately 170m of width to Cuerpo 3 and hope to extend several other open flanks to the high-grade core by year-end. “We are also continuing to see positive shallow intersections in the current RC drilling program at Cuerpo 2.

“The next resource upgrade at Cortadera will provide a strong basis for the first combined open pit and block cave mining reserve estimate at our growing Costa Fuego copper-gold development.” Cuerpo 3 North Flank Confirmed as Extensive High-Grade Addition

Continued strong results have been reported from extensional resource drilling across the North Flank to the high-grade core of the main porphyry (Cuerpo 3) at Cortadera.

CRP0134D returned an extensive intersection of 610m grading 0.5% CuEq (0.4% copper (Cu), 0.1g/t gold (Au)) from 216m depth down-hole, including 138m grading 0.8% CuEq (0.6% Cu, 0.1g/t Au) from 634m depth.

Importantly, the high-grade results in CRP0134D were recorded at approximately the same vertical depth and lateral to CRP0124D, which recorded 82m grading 1.0% CuEq (0.7% Cu and 0.3g/t Au) within a broader intersection of 362m grading 0.6% CuEq (0.5% Cu, 0.2g/t Au) from 634m depth.

This recent drilling has demonstrated strong continuity of high grade (+0.7% CuEq) mineralisation and extended the North Flank by approximately 170m. A follow-up hole (CRP0155D) is currently underway to extend the North Flank by a further 80m. CRP0155D is currently at 490m depth and is in mineralisation.

Expansion of Shallow Resources at Cortadera

Initial results have been returned for 5 shallow Reverse Circulation (RC) drill holes at Cuerpo 2. The results have extended the boundary of the resource across the southern, eastern and north eastern flanks of Cuerpo 2.

In addition, CRP0139 was drilled in an up-dip position over the Cuerpo 2 resource and has recorded a 42m intersection grading 0.5% CuEq (0.4% Cu, 0.3g/t Au) from 180m depth to end-of-hole, within a broader 222m zone grading 0.3% CuEq (0.2% Cu, 0.1g/t Au) from surface.

The result of CRP0139 has shown an upgrade in both copper and gold from the maiden resource model in this area. Assay results are pending for a further five drill holes which have recorded wide zones of oxide and sulphide mineralisation from surface.

Additional RC drilling is continuing in this area to determine the potential for this shallow mineralisation to extend further.

 Momentum Building Ahead of Canadian TSXV Dual-Listing

Hot Chili is currently the only major copper-gold developer in the America’s that is not listed in Canada. The Company’s low-altitude Costa Fuego copper-gold development in Chile is expected to compare favourably to leading copper-gold developers in Canada, which currently trade at many multiples of Hot Chili’s market capitalisation.

The Company plans to continue building momentum with its activities and news flow ahead of its dual listing on the TSXV in Q4 this year, with several updates expected from ongoing drilling, exploration and development workstreams. Hot Chili is operating five shifts of drilling per day with three drill rigs at Cortadera.

In addition, a fourth drill rig is being sourced to commence drill testing several large-scale growth targets.

Following its dual listing in Canada, Hot Chili aims to release a major resource upgrade from Cortadera followed by the completion of a combined Pre-feasibility study.

These two major milestones will lay the foundation for the company’s transformation into a major copper-gold producer in the coming years.

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The Assay – Hot Chili Warming Up In Chile