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Hot Chili Ltd

Latest Drilling Lifts Growth Potential of La Verde's High-Grade Copper-Gold Core

Core photo from DKD049 (541 m downhole) showing vein-hosted and disseminated chalcopyrite and pyrite mineralisation in strongly A-B veined tonalite host rock. Broad 180 m down-hole visual drill intersection represents a significant 175 m step-out to La Verde’s high-grade core along its eastern flank, assay results expected May 2026[1] (CNW Group/Hot Chili Limited)

Highlights

  • Latest drill results from the Company's La Verde copper-gold (Cu-Au) discovery in coastal Chile continue to boost expectations, with several significant intersections of strong mineralisation visually1 confirmed across key extensions:
    • Eastern Flank – Broad 180 m zone of chalcopyrite-rich, porphyry-style copper mineralisation, significantly extends the width of La Verde's high-grade core (DKD049)
    • Higher-Grade Starter Pit – Three wide visual drill intersections of strong porphyry-style mineralisation from near-surface, add further up-dip continuity to La Verde's high-grade core (DKP052, DKP053 and DKP054 recording widths of 205m, 256m and 129m respectively)
  • Latest assay results from DKD040 confirm better-than-expected mineralisation in an area previously interpreted as lower grade from earlier first-pass Reverse Circulation (RC) drilling:
    • 86.6 m grading 0.45% CuEq2 (0.34% Cu, 0.15 g/t Au) from 4.4 m depth 
    • 163.9 m grading 0.43% CuEq (0.34% Cu, 0.11 g/t Au) from 185.2 m depth
  • Assay results pending for 14 drill holes (eight diamond and six RC), third drill rig expected to commence in coming week

___________________________________________________

1 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.

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).

PERTH, Australia , May 5, 2026 /CNW/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to provide another positive drilling update from its La Verde Cu-Au porphyry discovery (La Verde), located 30 km south of the Company's Costa Fuego Cu-Au Project planned central processing hub in Chile's coastal Atacama region.

Results to date confirm continued growth of the deposit's high-grade core and increasing confidence in continuity of higher grade near-surface mineralisation.

Significant Expansion of High-Grade Core Across Eastern Flank

Strong chalcopyrite-rich, porphyry-style copper mineralisation has been visually1 recorded over approximately 180 m downhole in recently completed drill hole DKD049, significantly expanding La Verde's higher-grade core, at depth, along its eastern flank (Figure 2 and Figure 4).

Importantly, the diamond hole was a 175 m step-out hole from previously interpreted mineralisation.

Results from DKD039, which recorded the highest-grade, widest intersection to date at La Verde, now combined with the visual observations from DKD049, have materially extended the higher-grade core to the east. The Company is currently focusing diamond drilling on testing further up-dip continuity of the eastern flank to the high-grade core (Figure 5).

Assay results are expected to be returned for DKD049 in late May 2026.

Higher-Grade Starter Pit Potential – Another Three RC Holes Strengthen Continuity

Reverse Circulation drilling has commenced on the up-dip extensions to La Verde's high-grade core, with the first three drill holes (DKP052, DKP053 and DKP054) collared in the centre of the potential higher-grade starter pit, beneath the location of an existing historical waste dump (Figure 2). All three drill holes recorded wide visual1 intersections of strong porphyry-style mineralisation from near-surface.

Consistent oxide mineralisation (copper limonites and green copper oxides) was reported from logging within and immediately beneath the waste dump, likely expanding the higher-grade, gold-rich core towards surface.  The drill holes also extended the chalcopyrite-rich, porphyry-style copper mineralisation laterally from previous interpretations, suggesting the +0.4% CuEq footprint is still open in all directions.

Assay results are expected to be returned DKP052, DKP053 and DKP054 in June 2026.

Diamond Drilling Confirms Better-Than-Expected Mineralisation

Diamond drillhole DKD040 was collared within La Verde's central high-grade core (Figure 2) and intersected multiple broad zones of +0.5% CuEq2 mineralisation from 4 m depth as it drilled towards the north-east, through an area previously interpreted to be lower grade (Figures 3 and 5).

DKD040 recorded better-than-expected results across a previously interpreted lower-grade area, limiting the influence of earlier first-pass RC results drilled on sub-optimal orientation. This has expanded the near-surface, gold-rich high-grade core, returning 16.7 m @ 0.60% CuEq1 (0.45% Cu, 0.20 g/t Au) from 12 m, within a broader intersection of 86.6 m @ 0.45% CuEq (0.34% Cu, 0.15 g/t Au) from 4.4 m, immediately beneath shallow gravel cover (Figure 3).

DKD040 also confirmed a significant ~70 m expansion of La Verde's higher-grade core beneath the eastern flank, returning 163.9 m grading 0.43% CuEq (0.34% Cu, 0.11 g/t Au) from 185.2 m, including a higher grade, gold-rich zone of 20 m at 0.60% CuEq (0.43 Cu%, 0.23 g/t Au) from 206 m.

Assay results are outstanding for eight diamond and six RC drill holes, and the Company look forward to providing further updates as results are received.

___________________________________

1Visual 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.

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).


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

__________________________________________________

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 1. Location of La Verde in relation to Costa Fuego, coastal range Chile (CNW Group/Hot Chili Limited)

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)

DKD040

6785907

324632

1139

60

-59

381

4.4

91.0

86.6

0.45

0.34

0.15

2.11

7







incl

12.0

28.7

16.7

0.60

0.45

0.20

0.78

3







& incl

53.7

78.4

24.7

0.55

0.41

0.19

1.07

6








185.2

349.1

163.9

0.43

0.34

0.11

0.85

17







incl

206.0

226.0

20.0

0.60

0.43

0.23

0.96

12







& incl

285.0

322.0

37.0

0.50

0.42

0.09

0.80

15

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).

Table 2. Mineral abundance details for DKD049, DKP052, DKP053 and DKP054

Hole ID

From (m)

To (m)

Mineral

Description (Mineralisation Mode)

Expected
Release of
Results

DKD049

536.7

539

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

May 2026

539

541

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

541

543

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

543

554

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

554

561.5

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

561.5

564.1

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

564.1

569

cp / py / mo

Disseminated and vein hosted cp/py/mo in early mineral porphyry

569

574.6

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

574.6

581

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

581

582.5

cp / py

Vein hosted cp/ py in early mineral porphyry

582.5

583.1

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

583.1

587

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

587

588

cp / py / mo

Vein hosted cp/py/mo in early mineral porphyry

588

590.3

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

590.3

593.3

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

593.3

594.5

cp / py

Vein hosted cp/ py in early mineral porphyry

594.5

600.5

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

600.5

605

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

605

612.4

cp / py

Vein hosted cp/ py in early mineral porphyry

612.4

617.2

cp / py

Disseminated and vein hosted cp/py in early mineral porphyry

617.2

621

cp / py

Altered wallrock with disseminated and vein hosted cp/py

621

623.5

cp / py

Altered wallrock with disseminated and vein hosted cp/py

623.5

625.5

cp / py

Altered wallrock with disseminated and vein hosted cp/py

625.5

626

cp / py

Altered wallrock with disseminated and vein hosted cp/py

626

628.8

cp / py

Altered wallrock with disseminated and vein hosted cp/py

628.8

634

cp / py

Altered wallrock with disseminated and vein hosted cp/py

634

636.5

cp / py

Altered wallrock with disseminated and vein hosted cp/py

636.5

637.7

cp / py

Altered wallrock with disseminated and vein hosted cp/py

637.7

639.8

cp / py

Altered wallrock and intra mineral porphyry with disseminated

and vein hosted cp/py

639.8

645.8

cp / py

Altered wallrock with disseminated and vein hosted cp/py

645.8

647

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

647

648.9

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

648.9

652

cp / py / mo

Disseminated and vein-hosted cp/py/mo in intramineral porphyry

652

654

cp / py

Disseminated and vein-hosted cp/py/ mo in intramineral porphyry

654

661.7

cp / py

Altered wallrock with disseminated cp/py

661.7

668.7

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

668.7

669

cp / py

Disseminated cp/ py in late mineral porphyry

672

674.8

cp / py

Disseminated cp/ py in late mineral porphyry

674.8

681

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

681

684

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

684

687

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

687

689

cp / py

Altered wallrock and intra mineral porphyry with disseminated

and vein hosted cp/py

689

691

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

691

692.4

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

692.4

694

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

694

696

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

696

698

cp / py / mo

Disseminated and vein-hosted cp/py/mo in intramineral porphyry

698

700

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

700

702

cp / py

Disseminated and vein-hosted cp/py in lstage stage breccia

containing clasts of intra mineral porphyry

702

705

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

705

710.1

cp / py

Disseminated and vein-hosted cp/py in intramineral porphyry

710.1

714.5

cp / py

Disseminated cp/py in late-stage breccia containing clasts of

altered wall rock

714.5

716

cp / py

Disseminated cp/py in late mineral porphyry

DKP052

84

88

lu / cy

Lu / cy in late breccia containing intra porphyry mineral clasts

June 2026

88

99

lu / cy

Lu / cy in intra mineral porphyry

99

111

oc / lu / cy

Oc / lu / cy in intra mineral porphyry

111

113

oc / lu / cy

Oc / lu / cy in intra mineral porphyry

113

115

oc / lu / cy

Oc / lu / cy in intra mineral porphyry

115

119

oc / lu / cy

Oc / lu / cy in late breccia containing intra porphyry mineral clasts

119

126

oc / lu / cy / co

Oc / lu / cy / co in intra mineral porphyry

126

129

oc / lu / cy

Oc / lu / cy in late breccia containing intra porphyry mineral clasts

129

146

oc / lu / cy

Oc / lu / cy / co in intra mineral porphyry

146

147

cp / py / lu / cc

Disseminated and vein hosted cp/ py in intra mineral porphyry

with minor lu/ cc

147

160

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

160

162

cp / py

Vein hosted cp/ py in intra mineral porphyry

162

171

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

171

179

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

179

185

cp / py

Disseminated and vein hosted cp/ py in late mineral porphyry

185

203

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

203

204

py

Disseminated and vein hosted py in late mineral porphyry

204

211

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

211

225

cp / py

Disseminated and vein hosted cp/ py in late mineral porphyry

225

228

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

228

233

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

233

240

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

240

248

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

248

264

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

264

277

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

277

279

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

279

289

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

DKP053

DKP053

64

65

lu / cy

Lu / cy in intra mineral porphyry

June 2026

65

70

oc / lu

Oc / lu in intra mineral porphyry

70

74

oc / lu

Oc / lu in intra mineral porphyry

74

75

oc / lu / co

Oc / lu / co in intra mineral porphyry

75

77

oc / lu

Oc / lu in intra mineral porphyry

77

80

oc / lu

Oc / lu in intra mineral porphyry

80

82

oc / lu

Oc / lu in intra mineral porphyry

82

89

oc / lu

Oc / lu in intra mineral porphyry

89

100

oc / lu

Oc / lu in intra mineral porphyry

100

106

py / oc / lu

Oc / lm and disseminated py in intra mineral porphyry

106

110

py / lu

Disseminated py/ lm in altered wall rock

110

117

lu

Lu in altered wall rocks and intra mineral porphyry

117

120

oc / lu

Oc / lm in altered wall rock and intra mineral porphyry

120

126

py / oc / lu

Oc / lm with disseminated py in altered wall rock and intra

mineral porphyry

June 2026

126

129

py / oc / lu

Oc / lm with disseminated py in altered wall rock and intra

mineral porphyry

129

138

py / oc / lu / cc

Oc / lm / cc with disseminated py in altered wall rock and intra

mineral porphyry

138

148

cpy / py / cc

Disseminated and vein hosted cp/ py with limonites in intra

mineral porphyry

148

150

cp / py / lu

Disseminated and vein hosted cp/ py with minor lu in intra

mineral porphyry

150

152

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

152

156

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

156

160

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

160

166

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

166

168

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

168

170

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

170

176

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

176

181

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

181

182

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

182

188

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

188

195

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

195

198

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

198

200

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

200

208

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

208

210

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

210

212

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

212

214

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

214

216

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

216

218

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

218

220

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

220

222

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

222

224

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

224

226

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

226

228

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

228

230

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

230

232

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

232

234

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

234

236

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

236

241

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

241

243

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

243

246

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

246

252

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

252

262

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

262

264

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

264

266

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

266

269

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

269

270

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

270

276

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

276

279

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

279

282

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

282

286

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

286

289

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

289

293

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

293

298

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

298

308

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

308

310

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

310

312

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

312

314

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

314

319

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

319

320

cp / py

Disseminated and vein hosted cp/ py in intra mineral porphyry

282

286

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

286

289

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

289

293

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

293

298

cp / py

Disseminated and vein hosted cp/ py in early mineral porphyry

DKP054

41

45

oc / lu

Oc / lu in altered wall rock

June 2026

45

49

oc / lu

Oc / lu in altered wall rock

49

51

oc / lu

Oc / lu in altered wall rock

51

55

oc / lu

Oc / lu in altered wall rock

55

61

oc / lu

Oc / lu in intra mineral porphyry

61

70

oc / lu

Oc / lu in intra mineral porphyry

70

74

oc / lu

Oc / lu in altered wall rock

74

82

oc / lu

Oc / lu in altered wall rock

82

84

oc / lu

Oc / lu in altered wall rock

84

91

oc / lu

Oc / lu in intra mineral porphyry

91

94

oc / lu

Oc / lu in intra mineral porphyry

94

97

oc / lu

Oc / lu in intra mineral porphyry

97

102

oc / lu

Oc / lu in altered wall rock

102

105

oc / lu

Oc / lu in intra mineral porphyry

105

112

oc / lu

Oc / lu in intra mineral porphyry

112

119

oc / lu

Oc / lu in intra mineral porphyry

119

123

oc / lu

Oc / lu in altered wall rock

123

127

oc / lu

Oc / lu in altered wall rock

127

132

oc / lu

Oc / lu in altered wall rock

132

135

oc / lu

Oc / lu in altered wall rock

135

141

oc / lu

Oc / lu in altered intra mineral porphyry

141

147

oc / lu

Oc / lu in altered intra mineral porphyry

147

154

cp / py / lu /

cc

Disseminated cp / py and with minor cc / lu in intra mineral

porphyry

154

160

cp / py / cc

Disseminated cp / py and with cc in intra mineral porphyry

160

163

cp / py / cc

Disseminated cp / py and with cc in intra mineral porphyry

163

170

cp / py

Disseminated and vein hosted cp / py in intra mineral porphyry

Notes to Table 2: cp = chalcopyrite, py = pyrite, mo = molybdenite, oc = copper oxide/s, lu = copper limonites, cc = chalcocite, ccu = clay with copper oxides, cy = clay, co = chrysocolla. 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.

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 2. Plan view map of La Verde showing recent drill hole result DKD040 and several previously returned higher-grade significant intersections compared with 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’ cross section (Figure 3), B – B’ cross section (Figure 4) and C-C’ long section (Figure 5) annotated with white dashed lines. Conceptual open pit shells1 displayed for $US3.50/lb Cu (blue) and $US6.00/lb Cu (green) displayed as dashed lines. Results reported including CuEq[2], drill holes displaying visual estimates noted[3]. (CNW Group/Hot Chili Limited)

1 See Page 12 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 Table 1.

Figure 3. Cross section slice along DKD040 (± 75m clipping) showing +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants and returned assay results for DKD040. Returned Cu grades shown on hole traces. Results reported including CuEq[1]. (CNW Group/Hot Chili Limited)

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 4. Cross section slice along DKD049 (± 75m clipping) showing +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Returned Cu grades shown on hole traces. Previous results reported by CuEq1, visual estimate from DKD049 shown[2]. (CNW Group/Hot Chili Limited)

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.

Figure 5. NNW facing longitudinal section of the La Verde porphyry system showing +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants, recent drill hole result DKD040 and several previously returned higher-grade significant intercepts. Returned Cu grades shown on hole traces. Drilled holes with pending assays shown in black. Results reported by CuEq[1], drill holes displaying visual estimates noted[2]. (CNW Group/Hot Chili Limited)

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

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' and 'Hot Chili Confirms Major High-Grade Extension 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 and 8 April 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 Canadian securities legislation and Australian securities legislation (each, a "forward-looking statement"). Forward-looking statements reflect the Company's current expectations, forecasts, and projections with respect to future events, many of which are beyond the Company's control, and are based on certain assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-looking statements included in this 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", "expectations", likely", "may", "plan", "potential", "project", "reinforce", "large-scale", "could", "should", "will", "would", 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.

Appendix 1.  JORC Code Table 1 for Domeyko Project (including the La Verde Porphyry)

The following table provides a summary of important assessment and reporting criteria used for the reporting of Mineral Resource and Ore Reserves in accordance with the Table 1 checklist in the Australasian Code for the Reporting of Exploration Results, Minerals Resources and Ore Reserves (The JORC Code, 2012 Edition).

The follow list provides the names and the sections for Competent Person responsibilities:

Section 1 and 2:  C. Easterday - MAIG (Hot Chili Limited)

Section 1 Sampling Techniques and Data 

Appendix 1. JORC Code Table 1 for Domeyko Project (including the La Verde Porphyry) (CNW Group/Hot Chili Limited)

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SOURCE Hot Chili Limited