October 30, 2026, 22:12 UTCPR Newswire

Hot Chili Limited - Quarterly Report, Period Ending 30 September 2026

PR Newswire

Highlights

Second Porphyry Discovery Confirmed at La Verde

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

Hot Chili Delivers More Copper-Gold at La Verde

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

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

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

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SUMMARY OF OPERATIONAL ACTIVITIES

Second Porphyry Centre Confirmed at La Verde South

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

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

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

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

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

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

1 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

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

Expansion Drilling Continues to Demonstrate Scale and Continuity

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

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

Results from RC drill hole DKP067 also expanded the lateral extent of mineralisation along La Verde's eastern flank. The drillhole, reported as a partial result, returned 112 m grading 0.47% CuEq (0.40% Cu, 0.10 g/t Au) from 42 m, including 26 m grading 0.70% CuEq (0.59% Cu, 0.14 g/t Au) from 62 m.

In-fill RC Drilling Confirms Continuity of Near-Surface, Bulk Mineralisation

RC drill holes targeting the up-dip extension of high-grade mineralisation at La Verde has continued to return wide intersections of copper-gold mineralisation from shallow depths. Importantly, results are distributed across the deposit, highlighting the scale and continuity of La Verde's growing high-grade core.

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

DKP075 recorded a partial result of 132 m grading 0.57% CuEq (0.45% Cu, 0.16 g/t Au) from 24 m depth which included 42 m grading 0.70% CuEq (0.57% Cu, 0.19 g/t Au) from 96 m (Figure 5). Results for the final 177 m were still outstanding and are expected to be reported shortly.

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

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

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

Project Development Integration

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

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

Environmental Impact Assessments (EIAs) Continue to Progress

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

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

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

Costa Fuego Revised PFS Advancement

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

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

Social Integration and Community Support

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

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

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

1 See Page 26 of this announcement for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

2 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu (%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

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

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 1 and 3) and B - B' (Figure 4) and C – C' (Figure 5) annotated with white dashed lines. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2, visual estimate from DKD100 shown3.

2 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

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

2 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).

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

Figure 5. Cross section slice (C – C') showing drill hole results for DKP075 and DKP078 (± 75m clipping) and updated +0.2% copper (yellow), +0.3% copper (red), +0.4% copper (magenta) mineralisation interpolants. Returned Cu grades shown on hole traces, drilled holes with pending assays are shown in black. Conceptual open pit shells1 displayed for $US3.50/lb Cu (short dash) and $US6.00/lb Cu (long dash) displayed as dashed lines. Results reported including CuEq2.

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

Prospect	Hole ID	East	North	RL	Depth	Dip	Azi.	Results
La Verde	DKD068	324321	6785527	1179	865.4	-61	72	Results Pending
DKP069	324671	6786109	1184	378	-69	77	Results Pending
DKP070	324516	6785676	1150	324	-58	271	Significant result returned Q3 2026
DKP071	324567	6785711	1133	397	-60	90	Results Pending
DKP072	324780	6785773	1132	408	-59	244	Significant result returned Q4 2026
DKP073	324866	6785725	1137	231	-64	249	Results Pending
DKP074	324703	6785591	1138	282	-60	271	Results Pending
DKP075	324632	6785991	1152	333	-57	99	Significant result returned Q4 2026
DKD076	324640	6785842	1134	618.5	-58	74	Results Pending
DKP077	324421	6785619	1178	324	-58	80	Significant result returned Q4 2026
DKP078	324658	6785901	1141	324	-69	332	Significant result returned Q4 2026
DKP079	324515	6785522	1188	360	-61	90	Significant result returned Q4 2026
DKP080	324054	6786141	1105	126	-60	239	Significant result returned Q4 2026
DKP081	324713	6785594	1138	30	-60	70	Significant result returned Q4 2026
DKP082	324713	6785593	1138	288	-67	71	Significant result returned Q4 2026
DKP083	324177	6786091	1102	216	-60	244	Results Pending
DKP084	324420	6785327	1187	366	-62	75	Significant result returned Q4 2026
DKP085	324257	6786043	1104	252	-60	250	Results Pending
DKD086	324507	6785744	1124	770.6	-60	35	Results Pending
DKP087	324911	6785764	1137	204	-58	71	Results Pending
DKP088	324427	6785221	1188	326	-59	92	Results Pending
DKP089	324957	6785822	1141	162	-57	262	Results Pending
DKP090	324249	6785307	1177	396	-60	89	Results Pending
DKP091	324997	6785961	1174	360	-59	301	Results Pending
DKP092	324205	6785152	1175	402	-60	91	Results Pending
DKP093	324956	6785820	1141	162	-61	306	Results Pending
DKP094	324695	6785663	1133	174	-59	271	Results Pending
DKP095	324352	6785006	1164	351	-60	91	Results Pending
DKP096	324733	6785525	1139	264	-64	70	Results Pending
DKP097	324508	6785000	1183	324	-60	89	Results Pending
DWEDKD001	324668	6786110	1184	231.1	-80	78	Results Pending
DWEDKD002	324549	6786081	1153	190	-89	170	Results Pending
DWEDKD003	324688	6785742	1128	250	-80	100	Results Pending
DWEDKD004	324909	6785767	1137	111.3	-79	50	Results Pending
DWEDKD005	324535	6785746	1123	186.1	-80	231	Results Pending

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

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)
DKP045D	6785947	324415	1110	60	-60	840.5	0	16.0	16.0	0.42	0.40	0.02	1.08	24
							310.0	457.0	147.0	0.35	0.26	0.08	0.83	61
						Incl	381.3	407.0	25.7	0.50	0.37	0.14	1.44	58
DKP051	6785722	324332	1167	56	-65	372	54.0	124.0	70.0	0.25	0.20	0.06	0.49	21
							68.0	80.0	12.0	0.45	0.39	0.07	0.25	16
DKP052	6786024	324756	1188	245	-60	354	82.0	354.0	272.0	0.40	0.32	0.10	0.83	9
						Incl	92.0	134.0	42.0	0.50	0.39	0.14	0.91	13
						& Incl	226.0	242.0	16.0	0.64	0.54	0.13	1.39	6
						& Incl	252.0	280.0	28.0	0.60	0.48	0.16	0.89	6
DKP058	6785775	324785	1134	70	-57	402	24.0	206.0	182.0	0.50	0.41	0.10	0.77	20
(updated)						Incl	24.0	56.0	32.0	0.60	0.52	0.12	0.66	6
DKP059	6785728	324866	1139	70	-61	120	36	78	42.0	0.25	0.21	0.04	0.35	30
DKD060	6785762	324909	1139	260	-61	772.7	49.0	521.0	472.0	0.41	0.34	0.08	0.60	34
(updated)						Incl	93.4	157.1	63.7	0.50	0.42	0.10	0.73	10
						& Incl	397.0	502.8	105.8	0.70	0.58	0.15	0.99	19
						Or Incl	438.0	470.6	32.6	0.90	0.75	0.19	1.30	31
							642.1	765.2	123.1	0.30	0.27	0.02	0.80	23
						Incl	655.5	657.8	2.3	4.63	4.56	0.02	10.40	18
DKP061	6785608	324901	1147	271	-61	273	70	98	28.0	0.27	0.22	0.05	0.71	25
							166	206	40.0	0.40	0.33	0.08	1.10	21
DKP063	6785713	324566	1132	63	-70	417	0	398	398.0	0.45	0.35	0.12	0.58	18
						Incl	20	82	62.0	0.91	0.70	0.30	1.07	6
DKP063						Incl	20	32	12.0	1.00	0.66	0.49	1.40	7
						& Incl	42	76	34.0	1.00	0.80	0.27	0.95	5
DKP064	6785669	324508	1155	101	-57	426	54	180	126.0	0.45	0.38	0.08	1.03	24
						Incl	108	134	26.0	0.70	0.60	0.13	0.83	11
							276	350	74.0	0.35	0.29	0.07	0.85	16
DKP067	6785774	324785	1134	114	-60	300	42	154	112	0.47	0.4	0.1	0.89	8
						Incl	62	88	26	0.7	0.59	0.14	1.19	9
DKP072	6785767	324776	1133	244	-59	408	12	172	160	0.37	0.3	0.09	0.83	5
						Incl	12	52	40	0.53	0.45	0.11	0.97	4
						& Incl	144	172	28	0.49	0.39	0.14	0.92	7
DKP075	6785983	324631	1153	99	-57	333	24	212	188	0.56	0.44	0.16	0.72	10
							304	333	29	0.5	0.39	0.15	0.51	11
DKP077	6785616	324420	1177	80	-58	324	230	274	44	0.33	0.25	0.06	1.09	79
							318	324	6	0.46	0.36	0.09	2.1	81
DKP078	6785893	324659	1142	332	-69	324	36	276	240	0.43	0.3	0.17	0.69	13
						Incl	46	100	54	0.6	0.41	0.26	0.59	9
						& Incl	188	230	42	0.5	0.36	0.2	0.8	9
DKP079	6785514	324520	1187	90	-61	360	156	210	54	0.3	0.25	0.06	0.87	14
DKP080	6786126	324051	1103	240	-60	126	0	16	16	0.24	0.23	0.01	0.33	14
DKP0812	6785590	324705	1138	70	-60	30	0	30	30	0.35	0.28	0.09	0.61	7
DKP082	6785590	324705	1138	70	-67	288	0	158	158	0.36	0.3	0.08	1.02	14
						Incl	132	150	18	0.58	0.5	0.1	2.19	15
							236	264	28	0.43	0.32	0.15	0.98	10
DKP084	6785322	324417	1186	75	-62	366	36	184	148	0.44	0.39	0.07	1.0	8
						Incl	138	182	44	0.56	0.50	0.06	1.8	8

Notes to Table 2: Significant intercepts for La Verde are reported above a nominal cut-off grade of 0.20% Cu. Reported intersections may include internal dilution (intervals below 0.20% Cu), including zones exceeding 30 m downhole width, where the overall weighted average grade of the intersection remains above the cut-off grade. Significant intersections are separated where zones of internal dilution result in discrete intervals that do not meet the reporting criteria. The selection of a 0.20% Cu cut-off grade is aligned with a marginal economic cut-off for bulk tonnage polymetallic copper deposits of comparable grade in Chile and globally. Significant intersection widths (interval) have been rounded to the nearest metre.
	1	Copper Equivalent (CuEq) reported for the drill hole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar 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	DKP081 was abandoned due to mechanical issues and was redrilled as DKP082

SUMMARY OF CORPORATE ACTIVITIES

Strategic Partnering Process Update

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

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

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

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

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

OR Royalty Amendment Agreement

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

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

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

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

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

Cash Position

As of 30 September 2026, the Company had cash of A$29.3 million and no debt.

The operating expenditure for quarter ended 30 September 2026 included payments for staff costs of A$1.3 million and administration and corporate costs of A$1.5 million.

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

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

Capital Structure

The following summarises the Company's securities on issue:

202,901,656 ordinary fully paid shares
1,212,121 options at AUD $2.145 expiring 12 August 2028
420,302 service rights
4,729,457 performance rights

Additional ASX Disclosure Information

ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the quarter.

ASX Listing Rule 5.3.3 - Schedule of Mineral Tenements as of 30 September 2026.

The schedule of Mineral Tenements and changes in interests is appended at the end of this activities report.

ASX Listing Rule 5.3.4: Reporting under a use of funds statement in a Prospectus does not apply to the Company currently.

ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the quarter per Section 6.1 of the Appendix 5B totalled $234,000. This is comprised of directors' salaries and superannuation of $234,000.

Health, Safety, Environment and Quality

Field operations during the quarter included geological reconnaissance activities, diamond and reverse circulation drilling, sampling baselines and site investigations for EIA and revised PFS2, across the Company's Costa Fuego project landholdings, focused on La Verde and Productora. Activities on new tenements are run at the Productora or Cortadera operations centers and their safety statistics are included under the figures for all projects.

One Lost Time Injury (LTI) was recorded during the quarter. The LTI occurred during diamond drilling activities when an accident in retrieving a sample resulted in a fractured finger.

Hot Chili's sustainability framework ensures an emphasis on business processes that target long-term economic, environmental and social value. The Company is dedicated to continual monitoring and improvement of health, safety and the environmental systems. There is no greater importance than ensuring the safety of our people and their families.

Table 3. HSEQ Quarter 3 2026 Performance and Statistics

Deposit	Domeyko	Productora	All Projects
Timeframe	Q3 2026	Cum.2 2024	Q3 2026	Cum.2 2024	Q3 2026	Cum.2 2024
LTI events	1	1	0	1	1	5
NLTI events	1	0	0	1	1	6
Days lost	66	83	0	4	66	194
LTIFR index	23	20	0	16	20	21
ISR index	1543	552	0	66	1314	800
IFR Index	47	47	0	33	0	45
Thousands of man-hours	42.8	150	7.2	61	50.2	243
Incidents on materials and assets	0	2	0	0	0	2
Environmental incidents	0	0	0	0	0	0
Headcount¹	100	36	28	20	130	69

Notes:

HSEQ is the acronym for Health, Safety, Environment and Quality. LTIFR per million-manhours. Safety performance is reported on a monthly basis to the National Mine Safety Authority on a standard E-100 form; (1) Average monthly headcount (2) Cumulative statistics since April 2024.

Tenement Changes During the Quarter

During the Quarter, Sociedad Minera La Frontera SpA ("La Frontera") exercised the option granted under the San Antonio Purchase Option Agreement, thereby acquiring ownership of 30 mining concessions.

During the reporting period, La Frontera also obtained the extensions of the following mining exploration concessions: "Cortadera 1", "Cortadera 2", "Cortadera 3", "Cortadera 4", "Cortadera 5", "San Antonio 1", "San Antonio 2", "San Antonio 3", "San Antonio 4" and "San Antonio 5"

In the course of the Quarter, the following mining exploration concessions have expired upon reaching their expiration date: "CF 1", "CF 2", "CF 3", "CF 4", "CF 5", "Juli 19", "Juli 20", "Juli 22", "Juli 23", "Julieta 5", "Julieta 6", "Julieta 7", "Julieta 8", "Julieta 9", "Julieta 11", "Julieta 12", "Julieta 16" and "Julieta 17".

In addition, during the quarter, La Frontera filed the following exploitation mining claims (manifestaciones), exercising the preferential rights arising from the corresponding exploration concessions: "CF 1 1/60", "CF 2 1/60", "CF 3 1/60" and "CF 4 1/40". Furthermore, Sociedad Minera El Aguila SpA ("El Aguila") has claimed the following mining exploitation concessions, exercising the preferential rights arising from the corresponding exploration concessions: "Juli 19 1/60", "Juli 20 1/60", "Juli 22 1/60", "Juli 25 1/60", "Julieta 5 1/40", "Julieta 6 1/40", "Julieta 11 1/60", "Julieta 12 1/60", "Julieta 16 1/40" and "Julieta 17 1/40". In addition, during the period, El Aguila also filed the exploitation mining claim (manifestación) "Julita 7 1/60", which covers the areas comprised within the Julieta 8 and Julieta 9 exploration concessions, as well as the exploration mining application (pedimento) "Bigotes 10".

Finally, during the period, the exploration mining concessions "CF Sur 17", "CF Sur 27", and "CF Sur 30" were judicially declared lapsed because of non-compliance with Article 112 bis of the Chilean Mining Code, which prohibits the overlap of exploration mining concessions held by the same owner. Notwithstanding the foregoing, the area covered by such concessions is encompassed within the exploitation mining concessions currently undergoing the constitution process, namely "Porfiada Sur 1 1/60", "Porfiada Sur 2 1/60", "Porfiada Sur 3 1/40", and "Porfiada Sur 4 1/60". To avoid becoming subject to the same restriction, La Frontera abandoned the exploration concession applications "CF Sur 36" and "CF Sur 37", which were then in the process of being constituted.

The Company's existing tenements are detailed in the tables below.

Table 4. Current Tenement Holdings in Chile as of 30 September 2026

Cortadera Project Tenements

N°	License ID	HCH % Held	HCH % Earning	Area (ha)	Agreement Details
1	ALCENIA 1/10	100% Frontera SpA		50
2	AMALIA 942 A 1/6	100% Frontera SpA		53
3	ATACAMITA 1/82	100% Frontera SpA		82
4	CORROTEO 1 1/260	100% Frontera SpA		260
5	CORROTEO 5 1/261	100% Frontera SpA		261
6	CORTADERA 1 1/200	100% Frontera SpA		200
7	CORTADERA 1/40	100% Frontera SpA		374
8	CORTADERA 2 1/200	100% Frontera SpA		200
9	CORTADERA 41	100% Frontera SpA		1
10	CORTADERA 42	100% Frontera SpA		1
11	LAS CANAS 1/15	100% Frontera SpA		146
12	LAS CANAS 16	100% Frontera SpA		1
13	LAS CANAS ESTE 2003 1/30	100% Frontera SpA		300
14	MAGDALENITA 1/20	100% Frontera SpA		100
15	PAULINA 10 B 1/16	100% Frontera SpA		136
16	PAULINA 11 B 1/30	100% Frontera SpA		249
17	PAULINA 12 B 1/30	100% Frontera SpA		294
18	PAULINA 13 B 1/30	100% Frontera SpA		264
19	PAULINA 14 B 1/30	100% Frontera SpA		265
20	PAULINA 15 B 1/30	100% Frontera SpA		200
21	PAULINA 22 A 1/30	100% Frontera SpA		300
22	PAULINA 24 1/24	100% Frontera SpA		183
23	PAULINA 25 A 1/19	100% Frontera SpA		156
24	PAULINA 26 A 1/30	100% Frontera SpA		294
25	PAULINA 27A 1/30	100% Frontera SpA		300
26	PURISIMA 1/8 (1/2 Y 5/6)	100% Frontera SpA		20	NSR 1.5%
27	CF 1 1/60	100% Frontera SpA		300
28	CF 2 1/60	100% Frontera SpA		300
29	CF 3 1/60	100% Frontera SpA		300
30	CF 4 1/60	100% Frontera SpA		300
31	CF 6	100% Frontera SpA		200
32	CF 7	100% Frontera SpA		100
33	CF 8	100% Frontera SpA		200
34	CF 9	100% Frontera SpA		100
35	CF 10	100% Frontera SpA		200
36	CF 11	100% Frontera SpA		200
37	CHAPULIN COLORADO 1/3	100% Frontera SpA		3
38	CHILIS 1	100% Frontera SpA		200
39	CHILIS 3	100% Frontera SpA		100
40	CHILIS 4	100% Frontera SpA		200
41	CHILIS 5	100% Frontera SpA		200
42	CHILIS 6	100% Frontera SpA		200
43	CHILIS 7	100% Frontera SpA		200
44	CHILIS 8	100% Frontera SpA		200
45	CHILIS 9	100% Frontera SpA		300
46	CHILIS 10 1/38	100% Frontera SpA		190
47	CHILIS 11	100% Frontera SpA		200
48	CHILIS 12 1/60	100% Frontera SpA		300
49	CHILIS 13	100% Frontera SpA		300
50	CHILIS 14	100% Frontera SpA		300
51	CHILIS 15	100% Frontera SpA		300
52	CHILIS 16	100% Frontera SpA		300
53	CHILIS 17	100% Frontera SpA		300
54	CHILIS 18	100% Frontera SpA		300
55	CORTADERA 1	100% Frontera SpA		200
56	CORTADERA 2	100% Frontera SpA		200
57	CORTADERA 3	100% Frontera SpA		200
58	CORTADERA 4	100% Frontera SpA		200
59	CORTADERA 5	100% Frontera SpA		200
60	CORTADERA 6 1/60	100% Frontera SpA		265
61	CORTADERA 7 1/20	100% Frontera SpA		93
62	CRISTINA 1/40	100% Frontera SpA		40
63	DIABLITO 1/5	100% Frontera SpA		25
64	DONA FELIPA 1/10	100% Frontera SpA		50
65	DORO 1	100% Frontera SpA		200
66	DORO 2	100% Frontera SpA		200
67	DORO 3	100% Frontera SpA		300
68	FALLA MAIPO 2 1/10	100% Frontera SpA		99
69	FALLA MAIPO 3 1/8	100% Frontera SpA		72
70	FALLA MAIPO 4 1/26	100% Frontera SpA		26
71	MINORI 1	100% Frontera SpA		300
72	MINORI 2	100% Frontera SpA		300
73	MINORI 3	100% Frontera SpA		300
74	MINORI 4	100% Frontera SpA		300
75	PORFIADA B	100% Frontera SpA		200
76	PORFIADA D	100% Frontera SpA		300
77	PORFIADA G	100% Frontera SpA		200
78	PORFIADA I	100% Frontera SpA		300
79	PORFIADA II	100% Frontera SpA		300
80	PORFIADA III	100% Frontera SpA		300
81	PORFIADA IV	100% Frontera SpA		300
82	PORFIADA V	100% Frontera SpA		200
83	PORFIADA VI	100% Frontera SpA		100
84	PORFIADA X	100% Frontera SpA		200
85	SAN ANTONIO 1	100% Frontera SpA		200
86	SAN ANTONIO 2	100% Frontera SpA		200
87	SAN ANTONIO 3	100% Frontera SpA		300
88	SAN ANTONIO 4	100% Frontera SpA		300
89	SAN ANTONIO 5	100% Frontera SpA		300
90	MARINA 1/10	100% Frontera SpA		100
91	CATITA V 1/9	100% Frontera SpA		9
92	CHILIS 19	100% Frontera SpA		300
93	PAULINA	100% Frontera SpA		100
94	ARBOLEDA 7 1/25	100% Frontera SpA		234	NSR 1%
95	NAVARRO 1 41/60	100% Frontera SpA		81	NSR 1%
96	WH 1 1/20	100% Frontera SpA		100
	TOTAL			19.177

Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited

Productora Project Tenements

Productora Project
N°	License ID	HCH % Held	HCH % Earning	Area (ha)	Agreement Details
1	ALGA 7 A 1/32	80% SMEA SpA		89
2	ALGA VI 4	100% SMEA SpA		2
3	ALGA VI 5/24	80% SMEA SpA		66
4	ARENA 1 1/6	80% SMEA SpA		40
5	ARENA 2 1/17	80% SMEA SpA		113
6	AURO HUASCO 1A 1/8	80% SMEA SpA		35
7	CABRITO-CABRITO 1/9	80% SMEA SpA		50
8	CACHIYUYITO 1 1/20	80% SMEA SpA		100
9	CACHIYUYITO 2 1/60	80% SMEA SpA		300
10	CACHIYUYITO 3 1/60	80% SMEA SpA		300
11	CARMEN I, 1/50	80% SMEA SpA		222
12	CARMEN II, 1/60	80% SMEA SpA		274
13	CF 12	100% Frontera SpA		100
14	CF 13	100% Frontera SpA		200
15	CF 14	100% Frontera SpA		300
16	CHICA	80% SMEA SpA		1
17	CHOAPA 1/10	80% SMEA SpA		50
18	CUENCA A 1/51	80% SMEA SpA		255
19	CUENCA B 1/28	80% SMEA SpA		139
20	CUENCA C 1/51	80% SMEA SpA		255
21	CUENCA D	80% SMEA SpA		3
22	CUENCA E	80% SMEA SpA		1
23	ELEONOR RIGBY 1/10	100% Frontera SpA		100
24	ELQUI 1/14	80% SMEA SpA		61
25	ESPERANZA 1/5	80% SMEA SpA		11
26	FRAN 1 1/60	80% SMEA SpA		220
27	FRAN 12 1/40	80% SMEA SpA		200
28	FRAN 13 1/40	80% SMEA SpA		200
29	FRAN 14 1/40	80% SMEA SpA		200
30	FRAN 15 1/60	80% SMEA SpA		300
31	FRAN 18, 1/60	80% SMEA SpA		273
32	FRAN 2 1/20	80% SMEA SpA		100
33	FRAN 21, 1/46	80% SMEA SpA		226
34	FRAN 3 1/20	80% SMEA SpA		100
35	FRAN 4 1/20	80% SMEA SpA		100
36	FRAN 5 1/20	80% SMEA SpA		100
37	FRAN 6 1/26	80% SMEA SpA		130
38	FRAN 7 1/37	80% SMEA SpA		176
39	FRAN 8 1/30	80% SMEA SpA		120
40	JULI 10, 1/60	80% SMEA SpA		300
41	JULI 11, 1/60	80% SMEA SpA		300
42	JULI 12, 1/42	80% SMEA SpA		210
43	JULI 13, 1/20	80% SMEA SpA		100
44	JULI 14, 1/50	80% SMEA SpA		250
45	JULI 15, 1/55	80% SMEA SpA		275
46	JULI 16 1/60	80% SMEA SpA		300
47	JULI 17 1/20	80% SMEA SpA		100
48	JULI.19 1/60	80% SMEA SpA		300
49	JULI.20 1/60	80% SMEA SpA		300
50	JULI 21 1/60	80% SMEA SpA		300
51	JULI.22 1/60	80% SMEA SpA		300
52	JULI 23 1/60	80% SMEA SpA		300
53	JULI 24 1/60	80% SMEA SpA		300
54	JULI.25 1/60	80% SMEA SpA		300
55	JULI 27 B, 1/10	80% SMEA SpA		48
56	JULI 27, 1/30	80% SMEA SpA		146
57	JULI 28, 1/60	80% SMEA SpA		300
58	JULI 9, 1/60	80% SMEA SpA		300
59	JULIETA 10, 1/60	80% SMEA SpA		300
60	JULIETA 11 1/60	80% SMEA SpA		300
61	JULIETA 12 1/60	80% SMEA SpA		300
62	JULIETA 13 1/60	80% SMEA SpA		298
63	JULIETA 14 1/60	80% SMEA SpA		269
64	JULIETA 15 1/40	80% SMEA SpA		200
65	JULIETA 16 1/40	80% SMEA SpA		200
66	JULIETA 17 1/40	80% SMEA SpA		200
67	JULIETA 18 1/40	80% SMEA SpA		200
68	JULIETA 5 1/40	80% SMEA SpA		200
69	JULIETA 6 1/40	80% SMEA SpA		200
70	JULIETA 7 1/60	80% SMEA SpA		300
71	JULITA ¼	80% SMEA SpA		4
72	LEONA 2A 1/4	80% SMEA SpA		10
73	LIMARI 1/15	80% SMEA SpA		66
74	LOA 1/6	80% SMEA SpA		30
75	MAIPO 1/10	80% SMEA SpA		50
76	MONTOSA 1/4	80% SMEA SpA		35	NSR 3%
77	ORO INDIO 1A 1/20	80% SMEA SpA		82
78	PEGGY SUE 1/10	100% Frontera SpA		100
79	PRODUCTORA 1/16	80% SMEA SpA		75
80	TOLTEN 1/14	80% SMEA SpA		70
81	URANIO 1/70	0 %		350	25-year Lease Agreement US$250,000 per year (average for the 25 year term); plus 2% NSR all but gold; 4% NSR gold; 5% NSR non-metallic
82	ZAPA 1 1/10	80% SMEA SpA		100
83	ZAPA 1/6	80% SMEA SpA		6	GSR 1%
84	ZAPA 3 1/23	80% SMEA SpA		92
85	ZAPA 5A 1/16	80% SMEA SpA		80
86	ZAPA 7 1/24	80% SMEA SpA		120
87	SIERRA SOLIS 1	100% SMEA SpA		200
88	SIERRA SOLIS 2	100% SMEA SpA		300
89	SIERRA SOLIS 3	100% SMEA SpA		300
90	SIERRA SOLIS 4	100% SMEA SpA		200
91	SIERRA SOLIS 5	100% SMEA SpA		300
92	SIERRA SOLIS 6	100% SMEA SpA		300
93	SIERRA SOLIS 7	100% SMEA SpA		300
94	SIERRA SOLIS 8	100% SMEA SpA		300
95	ZAPALLO 1	100% SMEA SpA		100
96	ZAPALLO 2	100% SMEA SpA		200
97	ZAPALLO 3	100% SMEA SpA		200
98	HWZC 1 1/14	100% SMEA SpA		98
99	BUENA SUERTE 1/6	100% SMEA SpA		30
100	PILAR ½	100% SMEA SpA		10
101	BIGOTES 10	100% SMEA SpA		200
	TOTAL			17.516

Note: SMEA SpA is subsidiary company - 80% owned by Hot Chili Limited, 20% owned by CMP (Compañía Minera del Pacífico)
Note: Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited.

Domeyko Project Tenements

Domeyko Project
N°	License ID	HCH % Held	HCH % Earning	Area (ha)	Agreement Details
1	ANTONIO 1 1/56		100% Frontera SpA	280	100% HCH Domeyko Purchase Option Agreement US$320,000 (already satisfied) US$200,000 payable by April 19th 2027 US$3.480,000 payable by April 19th 2028 NSR 1%
2	ANTONIO 1/40		100% Frontera SpA	200
3	ANTONIO 10 1/21		100% Frontera SpA	63
4	ANTONIO 19 1/30		100% Frontera SpA	128
5	ANTONIO 21 1/20		100% Frontera SpA	60
6	ANTONIO 36 1/15		100% Frontera SpA	74
7	ANTONIO 5 1/40		100% Frontera SpA	200
8	ANTONIO 9 1/40		100% Frontera SpA	193
9	CAZURRO 1		100% Frontera SpA	200
10	CAZURRO 2		100% Frontera SpA	200
11	CAZURRO 3		100% Frontera SpA	300
12	CAZURRO 4		100% Frontera SpA	300
13	CAZURRO 5		100% Frontera SpA	100
14	CAZURRO 6		100% Frontera SpA	200
15	CAZURRO 7		100% Frontera SpA	200
16	CAZURRO 8		100% Frontera SpA	200
17	CERRO MOLY 1		100% Frontera SpA	300
18	CERRO MOLY 2		100% Frontera SpA	300
19	CERRO MOLY 3		100% Frontera SpA	300
20	CERRO MOLY 4		100% Frontera SpA	300
21	CAZURRO 3 1/60		100% Frontera SpA	300
22	CAZURRO 4 1/60		100% Frontera SpA	300
23	CAZURRO 7 1/40		100% Frontera SpA	200
24	EMILIO 1 1/8		100% Frontera SpA	38
25	EMILIO 3 1/9		100% Frontera SpA	45
26	INES 1/40		100% Frontera SpA	200
27	LORENA ½		100% Frontera SpA	2
28	MERCEDITA 1/7		100% Frontera SpA	22
29	PRIMO 1 1/6		100% Frontera SpA	36
30	SANTIAGUITO 5 1/24		100% Frontera SpA	114
31	DOMINOCEROS 1/20 (1/4)		100% Frontera SpA	20	100% HCH Dominoceros Purchase Option Agreement US$320,000 (already satisfied) US$680,000 (already satisfied) US$1,000,000 payable by October 25th 2026 US$6,890,000 payable by October 25th 2027
32	CF SUR 1	100% Frontera SpA		300
33	CF SUR 2	100% Frontera SpA		300
34	CF SUR 3	100% Frontera SpA		300
35	CF SUR 4	100% Frontera SpA		300
36	CF SUR 5	100% Frontera SpA		200
37	CF SUR 6	100% Frontera SpA		300
38	CF SUR 7	100% Frontera SpA		300
39	CF SUR 8	100% Frontera SpA		300
40	CF SUR 9	100% Frontera SpA		200
41	CF SUR 10	100% Frontera SpA		200
42	CF SUR 11	100% Frontera SpA		300
43	CF SUR 12	100% Frontera SpA		300
44	CF SUR 13	100% Frontera SpA		300
45	CF SUR 14	100% Frontera SpA		300
46	CF SUR 15	100% Frontera SpA		200
47	CF SUR 16	100% Frontera SpA		300
48	CF SUR 18	100% Frontera SpA		300
49	CF SUR 19	100% Frontera SpA		300
50	CF SUR 20	100% Frontera SpA		300
51	CF SUR 21	100% Frontera SpA		300
52	CF SUR 22	100% Frontera SpA		300
53	CF SUR 23	100% Frontera SpA		200
54	CF SUR 24	100% Frontera SpA		200
55	CF SUR 25	100% Frontera SpA		300
56	CF SUR 26	100% Frontera SpA		300
57	CF SUR 28	100% Frontera SpA		200
58	CF SUR 29	100% Frontera SpA		300
59	CF SUR 31	100% Frontera SpA		300
60	CF SUR 32	100% Frontera SpA		300
61	CF SUR 33	100% Frontera SpA		300
62	CF SUR 34	100% Frontera SpA		300
63	CF SUR 35	100% Frontera SpA		300
64	KRETA ¼	100% Frontera SpA		16	The mining concession is included in SanAntonio Purchase Option Agreement
65	MARI 1	100% Frontera SpA		300
66	MARI 1/12	100% Frontera SpA		64	The mining concession is included in San Antonio Purchase Option Agreement
67	MARI 6	100% Frontera SpA		300
68	MARI 8	100% Frontera SpA		300
69	PAJONALES	100% Frontera SpA		300
70	PORFIADA SUR 1 1/60	100% Frontera SpA		300	The mining concession is included in SanAntonio Purchase Option Agreement
71	PORFIADA SUR 2 1/60	100% Frontera SpA		300	The mining concession is included in SanAntonio Purchase Option Agreement
72	PORFIADA SUR 3 1/40	100% Frontera SpA		200	The mining concession is included in SanAntonio Purchase Option Agreement
73	PORFIADA SUR 4 1/60	100% Frontera SpA		300	The mining concession is included in SanAntonio Purchase Option Agreement
	TOTAL			16.655

Note: Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited.

El Fuego Project Tenements

San Antonio Project
N°	License ID	HCH % Held	HCH % Earning	Area (ha)	Agreement Details
1	MERCEDES 1/3	100% Frontera SpA		50	100% HCH San Antonio Purchase Option Agreement USD 4,400,000 already paid. In September 2026, Frontera SpA exercised the San Antonio Purchase Option Agreement. (2 additional and conditional payments of USD 2,000,000, each one, to be paid by December 31, 2030 under certain conditions detailed at title "Tenement Changes During the Quarter" of this quarterly report.)
2	PORFIADA A 1/33	100% Frontera SpA		160
3	PORFIADA C 1/60	100% Frontera SpA		300
4	PORFIADA E 1/20	100% Frontera SpA		100
5	PORFIADA F 1/50	100% Frontera SpA		240
6	PORFIADA IX 1/60	100% Frontera SpA		300
7	PORFIADA VII 1/60	100% Frontera SpA		270
8	PORFIADA VIII 1/60	100% Frontera SpA		300
9	PRIMA 1	100% Frontera SpA		1
10	PRIMA 2	100% Frontera SpA		2
11	ROMERO 1/31	100% Frontera SpA		31
12	SAN ANTONIO 1/5	100% Frontera SpA		25
13	SAN JUAN SUR 1/5	100% Frontera SpA		10
14	SAN JUAN SUR 6/23	100% Frontera SpA		90
15	SANTIAGO Z 1/30	100% Frontera SpA		300
16	SANTIAGO 1/4 Y 20	100% Frontera SpA		75
17	SANTIAGO 15/19	100% Frontera SpA		25
18	SANTIAGO 21/36	100% Frontera SpA		76
19	SANTIAGO 37/43	100% Frontera SpA		26
20	SANTIAGO A, 1/26	100% Frontera SpA		244
21	SANTIAGO B, 1/20	100% Frontera SpA		200
22	SANTIAGO C, 1/30	100% Frontera SpA		300
23	SANTIAGO D, 1/30	100% Frontera SpA		300
24	SANTIAGO E, 1/30	100% Frontera SpA		300
	TOTAL			3.725

Note: Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited.

Cordillera Project
N°	License ID	HCH % Held	HCH % Earning	Area (ha)	Agreement Details
1	ALBORADA III 1/35		100% Frontera SpA	162	100% HCH Purchase Option Agreement USD 100,000 already paid US$100,000 payable by November 14th 2026 US$100,000 payable by November 14th 2027 US$3,700,000 payable by November 14th 2028 NSR 1% for underground mining and 1,5% for open-pit mining
2	ALBORADA IV 1/20		100% Frontera SpA	54
3	ALBORADA VII 1/25		100% Frontera SpA	95
4	CAT IX 1/30		100% Frontera SpA	150
5	CATITA IX 1/20		100% Frontera SpA	100
6	CATITA XII 1/13		100% Frontera SpA	61
7	CORDILLERA 1/5		100% Frontera SpA	20
8	HERREROS 1/14		100% Frontera SpA	28
9	MINA HERREROS III 1/6		100% Frontera SpA	18
10	MINA HERREROS IV 1/10		100% Frontera SpA	23
11	PORSIACA 1/20		100% Frontera SpA	20
12	QUEBRADA 1/10		100% Frontera SpA	28
13	VETA 1/17		100% Frontera SpA	17
	TOTAL			776

Note: Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited.

Qualifying Statements

The scientific and technical information relating to the Company's Costa Fuego project in this report has been derived from or is based on the Costa Fuego Copper project pre-feasibility study (the "Costa Fuego PFS" or 2025 PFS), which has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and Joint Ore Reserves Committee of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (the "JORC Code") and reviewed and approved by the "Qualified Persons" as defined under NI 43-101 and "Competent Persons" as defined under the JORC Code, as set out below. The 2025 PFS was compiled by the Qualified Persons and Competent Persons listed below based on information available up to the effective date of the PFS. Additional details of responsibilities are provided at page 48 of presentation "Costa Fuego Preliminary Feasibility Study March 2025" released on March 27, 2025.

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 drill holes 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.

PFS Technical Report

For readers to fully understand the information in this report, they should read the PFS Technical Report available on SEDAR+ (www.sedarplus.ca) and at www.hotchili.net.au in its entirety titled "Costa Fuego Project, Chile, Preliminary Feasibility Study NI 43-101 Technical Report" dated May 9 2025 with an effective date of March 27 2025, including all qualifications, assumptions, limitations and exclusions. The PFS Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this report is subject to the assumptions and qualifications to be contained in the PFS Technical Report. The PFS Technical Report replaces and supersedes the technical report titled "Costa Fuego Copper Project – NI 43-101 Technical Report Mineral Resource Estimate Update" dated April 8, 2024, with an effective date of February 26, 2024 (the "2024 PEA").

Qualified Persons – NI 43-101

The PFS was compiled by Wood Australia Pty Ltd with contributions from a team of independent "Qualified Persons" within the meaning of NI 43 -101. The scientific and technical information contained in this report pertaining to Costa Fuego has been reviewed and verified by the following independent qualified persons within the meaning of NI 43-101:

Ms Elizabeth Haren (FAUSIMM (CP) & MAIG) of Haren Consulting – Mineral Resource Estimate
Mr Dean David (FAUSIMM (CP)) of Wood Pty Ltd – Metallurgy
Mr Piers Wendlandt (PE) of Wood Pty Ltd – Market Studies and Contracts, Economic Analysis
Mr David Cuello (MAUSIMM) of GMT Servicios de Ingeniería – Geotechnical
Mr Jeffrey Stevens (Pr. Eng, MSAIMM) of Wood Pty Ltd – Infrastructure and Capital Cost
Mr Luis Bernal (Comisión Minera (PC) Registered Member) of Process Mineral Consulting – Leaching
Mr Anton von Wielligh (FAUSIMM) of ABGM Consulting Pty Ltd – Mine Planning and Scheduling
Mr Edmundo LaPorte (PE, PEng, CPEng, SME Registered Member) of High River Services - Environmental

The above independent Qualified Persons have verified the information disclosed herein, including the sampling, preparation, security, and analytical procedures underlying such information.

Competent Persons – JORC

The information in this report that relates to Mineral Resources, Exploration Results, and Ore Reserves for the Costa Fuego Project is based on information compiled by:

Ms Elizabeth Haren (FAUSIMM (CP) & MAIG) who is a full-time employee of Haren Consulting – Mineral Resource Estimate
Mr Dean David (FAUSIMM (CP)) who is a full-time employee of Wood Pty Ltd – Metallurgy
Mr Piers Wendlandt (PE) who is a full-time employee of Wood Pty Ltd – Market Studies and Contracts, Economic Analysis
Mr David Cuello (MAUSIMM) who is a full-time employee of GMT Servicios de Ingeniería – Geotechnical
Mr Jeffrey Stevens (Pr. Eng, MSAIMM) who is a full-time employee of Wood Pty Ltd – Infrastructure and Capital Cost
Mr Luis Bernal (Comisión Minera (PC) Registered Member) who is a full-time employee of Process Mineral Consulting – Leaching
Mr Anton von Wielligh (FAUSIMM) who is a full-time employee of ABGM Consulting Pty Ltd – Mine Planning and Scheduling
Mr Edmundo LaPorte (PE, PEng, CPEng, SME Registered Member) who is a full-time employee of High River Services – Environmental
Mr Christian Easterday (MAIG), who is the Managing Director and is a full-time employee of Hot Chili Limited – Exploration Results

Ms Haren, Mr David, Mr Wendlandt, Mr Cuello, Mr Stevens, Mr Bernal, Mr LaPorte, Mr Easterday, and Mr von Wielligh each have sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the JORC Code and as Qualified Persons under NI43-101.

Disclaimer

This report has been prepared by management of Hot Chili Limited ("Hot Chili" or the "Company") and does not represent a recommendation to buy or sell securities of the Company. Investors should always consult their investment advisors prior to making any investment decisions. This report does not purport to be complete or contain all of the information that may be material to the current or future business, operations, financial condition or prospects of the Company and Hot Chili makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this report. Certain information contained herein is based on, or derived from, information obtained from independent third-party sources, publicly available reports and other trade and industry sources. Hot Chili believes that such information is accurate and that the sources from which it has been obtained are reliable; however, Hot Chili has not independently verified such information and does not assume any responsibility for the accuracy or completeness of such information. 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 news release.

Cautionary Note for U.S. Investors Concerning Mineral Resources

NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning material mineral projects. Technical disclosure contained in this report has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and technical information contained in this report may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.

All amounts in this report are in U.S. dollars unless otherwise noted.

Forward Looking Statements

This report contains certain statements that are "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of applicable Australian securities legislation (collectively, the "forward-looking statements"). Forward-looking statements reflect the Company's current expectations, forecasts, and projections with respect to future events, many of which are beyond the Company's control, and are based on certain assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-looking statements included in this announcement should not be unduly relied upon. Forward-looking information is by its nature prospective and requires the Company to make certain assumptions and is subject to inherent risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "capable", "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.

In this report, forward-looking statements relate, among other things, to: the potential of the La Verde discovery; regulatory applications and approvals; 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 report 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; the timely receipt of permits and approvals; metallurgical recoveries for La Verde based on Cortadera as a proxy; that pending assays will be received and reported on anticipated timelines; that drill density will be sufficient to support a mineral resource estimate; future tax rates; future operating costs; availability of future sources of funding; and 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.

Mineral Resource Statement
Costa Fuego Combined Mineral Resource (Effective Date 26 February 2024)

1	Mineral Resources are reported on a 100% Basis - combining Mineral Resource Estimates for the Cortadera, Productora, Alice and San Antonio deposits. All figures are rounded, reported to appropriate significant figures and reported in accordance with the Joint Ore Reserves Committee Code (2012) and NI 43-101. Mineral Resource estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (29 November 2019) and reported in accordance CIM Definition Standards for Mineral Resources and Mineral Reserves (10 May 2014) that are incorporated by reference into NI 43-101.
2	Mineral Resources are inclusive of the Mineral Reserve
3	The Productora deposit is 100% owned by Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint venture (JV) company – 80% owned by Sociedad Minera El Corazón SpA (a 100% subsidiary of Hot Chili), and 20% owned by Compañía Minera del Pacífico S.A (CMP).
4	The Cortadera deposit is controlled by a Chilean incorporated company Sociedad Minera La Frontera SpA (Frontera). Frontera is a subsidiary company – 100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili.
5	The San Antonio deposit is controlled through Frontera (100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili Limited) and Frontera is party to an Option Agreement pursuant to which it can earn a 100% interest in the property.
6	The Mineral Resource Estimates (MRE) in the tables above form coherent bodies of mineralisation that are considered amenable to a combination of open pit and underground extraction methods based on the following parameters: Base Case Metal Prices: Copper US$ 3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver US$20/oz.
7	All MRE were assessed for Reasonable Prospects of Eventual Economic Extraction (RPEEE) using both Open Pit and Block Cave Extraction mining methods at Cortadera and Open Pit mining methods at the Productora, Alice and San Antonio deposits.
8	Metallurgical recovery averages for each deposit consider Indicated + Inferred material and are weighted to combine sulphide flotation and oxide leaching performance. Process recoveries: Cortadera – Weighted recoveries of 82% Cu, 55% Au, 81% Mo and 36% Ag. CuEq(%) = Cu(%) + 0.55 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x Ag(g/t). San Antonio - Weighted recoveries of 85% Cu, 66% Au, 80% Mo and 63% Ag. CuEq(%) = Cu(%) + 0.64 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0072 x Ag(g/t) Alice - Weighted recoveries of 81% Cu, 47% Au, 52% Mo and 37% Ag. CuEq(%) = Cu(%) + 0.48 x Au(g/t) + 0.00030 x Mo(ppm) + 0.0044 x Ag(g/t). Productora – Weighted recoveries of 84% Cu, 47% Au, 48% Mo and 18% Ag. CuEq(%) = Cu(%) + 0.46 x Au(g/t) + 0.00026 x Mo(ppm) + 0.0021 x Ag(g/t). Costa Fuego – Recoveries of 83% Cu, 53% Au, 71% Mo and 26% Ag. CuEq(%) = Cu(%) + 0.53 x Au(g/t) + 0.00040 x Mo(ppm) + 0.0030 x Ag(g/t)
9	Copper Equivalent (CuEq) grades are calculated based on the 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 base case cut-off grade for Mineral Resources considered amenable to open pit extraction methods at the Cortadera, Productora, Alice and San Antonio deposits is 0.20% CuEq, while the cut-off grade for Mineral Resources considered amenable to underground extraction methods at the Cortadera deposit is 0.27% CuEq. It is the Company's opinion that all the elements included in the CuEq calculation have a reasonable potential to be recovered and sold.
10	Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The MRE include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as Mineral Reserves. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Measured or Indicated Mineral Resources with continued exploration.
11	The effective date of the MRE is 26 February 2024. The MRE was previously reported in the 2024 PEA. Hot Chili Limited confirms it is not aware of any new information or data that materially affects the information included in the 2024 PEA and all material assumptions and technical parameters stated for the MRE in the 2024 PEA continue to apply and have not materially changed.
12	Hot Chili Limited is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than as disclosed in the 2025 PFS. A detailed list of Costa Fuego Project risks is included in Chapter 25 of the 2025 PFS Technical Report titled "Costa Fuego Copper Project NI43-101 Technical Report Preliminary Feasibility Study" and dated 9 May 2025 (effective 27 March 2025), is available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.hotchili.net.au).

Ore Reserve Statement
Costa Fuego Combined Ore Reserve (Effective Date 27 March 2025)

1	Mineral Reserves are reported on a 100% Basis - combining Mineral Reserve estimates for the Cortadera, Productora, Alice and San Antonio deposits, and have an effective date of 27 March 2025.
2	An Ore Reserve (declared in accordance with JORC Code 2012) was previously reported at Productora, a component of Costa Fuego, on 2nd March 2016 on the ASX. The Company was not subject to the requirements of NI 43-101 at that time.
3	Mineral Reserve estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (29 November 2019) and reported in accordance CIM Definition Standards for Mineral Resources and Mineral Reserves (10 May 2014) that are incorporated by reference into NI 43-101. Mineral Reserve estimates are in accordance with the JORC Code. References to "Mineral Reserves" mean "Ore Reserves" as defined in the JORC Code and references to "Proven Mineral Reserves" mean "Proved Ore Reserves" as defined in the JORC Code.
4	The Mineral Reserve reported above was not additive to the Mineral Resource. The Mineral Reserve is based on the 26 February 2024 Mineral Resource.
5	Tonnages and grades are rounded to two significant figures. All figures are rounded, reported to appropriate significant figures and reported in accordance with the Joint Ore Reserves Committee Code (2012) and NI 43-101. As each number is rounded individually, the table may show apparent inconsistencies between the sum of rounded components and the corresponding rounded total.
6	Mineral Reserves are reported using long-term metal prices of US$4.30/lb Cu, US$2,280/oz Au, US$27/oz Ag, US$20/lb Mo.
7	The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (the point where material is delivered to the processing facility) and is therefore inclusive of ore loss and dilution.
8	The Productora deposit is 100% owned by Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint venture (JV) company – 80% owned by Sociedad Minera El Corazón SpA (a 100% subsidiary of Hot Chili), and 20% owned by Compañía Minera del Pacífico S.A (CMP).
9	The Cortadera deposit is controlled by a Chilean incorporated company Sociedad Minera La Frontera SpA (Frontera). Frontera is a subsidiary company – 100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili.
10	The San Antonio deposit is controlled through Frontera (100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili) and Frontera is party to an Option Agreement pursuant to which it can earn a 100% interest in the property.
11	The Mineral Reserve Estimate as of 27 March 2025 for Costa Fuego was prepared by Anton von Wielligh, Fellow with the AUSIMM (FAUSIMM). Mr. von Wielligh fulfils the requirements to be a "Qualified Person" within the meaning of NI 43-101 and is the Competent Person under JORC for the Mineral Reserve.
12	Hot Chili Limited is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Reserves other than as disclosed in the 2025 PFS. A detailed list of Costa Fuego Project risks is included in Chapter 25 of the 2025 PFS Technical Report titled "Costa Fuego Copper Project NI43-101 Technical Report Preliminary Feasibility Study" and dated 9 May 2025 (effective 27 March 2025), is available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.hotchili.net.au).

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity
Hot Chili Limited
ABN		Quarter ended ("current quarter")
91 130 955 725		30 September 2026

Consolidated statement of cash flows	Current quarter $A'000	Year to date (3 months) $A'000
1.	Cash flows from operating activities	-	-
1.1	Receipts from customers
1.2	Payments for	-	-
	(a) exploration & evaluation
	(a) development	-	-
	(b) production	-	-
	(c) staff costs	(1,250)	(1,250)
	(d) administration and corporate costs	(1,538)	(1,538)
1.3	Dividends received (see note 3)	-	-
1.4	Interest received	183	183
1.5	Interest and other costs of finance paid	-	-
1.6	Income taxes paid	-	-
1.7	Government grants and tax incentives	-	-
1.8	Other (provide details if material)	-	-
1.9	Net cash from / (used in) operating activities	(2,605)	(2,605)

2.	Cash flows from investing activities	-	-
2.1	Payments to acquire or for:
	(a) entities
	(b) tenements	(3,371)	(3,371)
	(c) property, plant and equipment	(136)	(136)
	(d) exploration & evaluation	(10,144)	(10,144)
	(e) investments	-	-
	(f) other non-current assets	-	-
2.2	Proceeds from the disposal of:	-	-
	(a) entities
	(b) tenements	-	-
	(c) property, plant and equipment	-	-
	(d) investments	-	-
	(e) other non-current assets	-	-
2.3	Cash flows from loans to other entities	-	-
2.4	Dividends received (see note 3)	-	-
2.5	Other (OR Royalty funds – net of costs)	20,435	20,435
2.6	Net cash from / (used in) investing activities	6,784	6,784

3.	Cash flows from financing activities	-	-
3.1	Proceeds from issues of equity securities (excluding convertible debt securities)
3.2	Proceeds from issue of convertible debt securities	-	-
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of equity securities or convertible debt securities	-	-
3.5	Proceeds from borrowings	-	-
3.6	Repayment of borrowings	-	-
3.7	Transaction costs related to loans and borrowings	-	-
3.8	Dividends paid	-	-
3.9	Other (provide details if material)	-	-
3.10	Net cash from / (used in) financing activities	-	-

4.	Net increase / (decrease) in cash and cash equivalents for the period
4.1	Cash and cash equivalents at beginning of period	24,948	24,948
4.2	Net cash from / (used in) operating activities (item 1.9 above)	(2,605)	(2,605)
4.3	Net cash from / (used in) investing activities (item 2.6 above)	6,784	6,784
4.4	Net cash from / (used in) financing activities (item 3.10 above)	-	-
4.5	Effect of movement in exchange rates on cash held	122	122
4.6	Cash and cash equivalents at end of period	29,249	29,249

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A'000	Previous quarter $A'000
5.1	Bank balances	8,841	5,428
5.2	Call deposits	16,107	29,792
5.3	Bank overdrafts	-	-
5.4	Other (provide details)	-	-
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	24,948	35,220

6.	Payments to related parties of the entity and their associates	Current quarter $A'000
6.1	Aggregate amount of payments to related parties and their associates included in item 1	234
6.2	Aggregate amount of payments to related parties and their associates included in item 2	-
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

7.	Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.	Total facility amount at quarter end $A'000	Amount drawn at quarter end $A'000
7.1	Loan facilities	-	-
7.2	Credit standby arrangements	-	-
7.3	Other (please specify)	-	-
7.4	Total financing facilities	-	-

7.5	Unused financing facilities available at quarter end	-
7.6	Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

8.	Estimated cash available for future operating activities	$A'000
8.1	Net cash from / (used in) operating activities (item 1.9)	(2,605)
8.2	(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))	(10,144)
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(12,749)
8.4	Cash and cash equivalents at quarter end (item 4.6)	29,249
8.5	Unused finance facilities available at quarter end (item 7.5)	-
8.6	Total available funding (item 8.4 + item 8.5)	29,249

8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	2.29
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Although the Company has reported more than two quarters of funding available, it does not expect the current level of total cash outflows to continue. The Company's payments for exploration & evaluation expenditure during the quarter reflect the Phase 2 resource infill and extensional drilling program at La Verde, which is scheduled for completion by the end of October 2026. Following completion of this program, the Company anticipates a material reduction in exploration and evaluation expenditure in subsequent quarters, resulting in a reduction in overall cash outflows and an extension of its available cash runway.
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
This statement gives a true and fair view of the matters disclosed.

Date: 30 October 2026

Authorised by: By the Board

(Name of body or officer authorising release – see note 4)

Notes
1.	This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2.	If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3.	Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
4.	If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
5.	If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

For more information please contact: Christian Easterday, Managing Director & CEO – Hot Chili, Tel: +61 8 9315 9009, Email: [email protected]; Carol Marinkovich, Company Secretary – Hot Chili, Tel: +61 8 9315 9009, Email: [email protected]; Graham Farrell, Investor & Public Relations, Email: [email protected]; or visit Hot Chili's website at www.hotchili.net.au

SOURCE Hot Chili Limited

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