Hot Chili Limited · ASX:HCH
Hot Chili — Investor Presentation (May 2026)
40 slides from Hot Chili's investor presentation, May 6, 2026
Slide 1: Costa Fuego Copper-Gold Project
For personal use only Costa Fuego ASX: HCH Copper-Gold Project TSXV: HCH Exciting New Porphyry Discovery, Top Global Copper OTCQX: HHLKF Development & Strategic Water Assets www.hotchili.net.au May 2026 1
Slide 2: Disclaimers
Disclaimers This presentation 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
Slide 3: Corporate Overview
Corporate Overview Capital Structure Ownership Glencore, ASX/TSXV: HCH For personal use only Stock Exchanges 7.5% GS Group , OTCQX: HHLKF 5.1% Retail, 42.8% Blue Spec, Shares Outstanding 202.2 M 5.8% Insiders, Options & Performance Rights 4.3 M Investors 1.6% By Type Cash A$35.2 M (approx. as of 28
Slide 4: Market Valuations (EV/lb) of Cu Developers Increasing
Market Valuations (EV/lb) of Cu Developers Increasing Sharp rallies by independent copper developers since mid-2025 9 Peer Group Mean In-situ Valuation (US¢ EV/lb Measured/Indicated CuEq metal) 6.00 For personal use only 8 7.9 HCH:ASX In-situ Valuation (US¢ EV/lb Measured/Indicated CuEq metal) In-si
Slide 5: Copper Project Transaction Values (P/NAV) Increasing
Copper Project Transaction Values (P/NAV) Increasing Strengthening copper and gold prices in a supply-constrained market Project – Company 1.40 Copper World – Hudbay 6.00 (Acquirer) ratio only (Mitsubishi) Copper Producer 1.20 Advanced Copper Developer (FS stage) MAC Copper Copper Developer (PFS sta
Slide 6: Advancing Three Strategic Fronts
Advancing Three Strategic Fronts For personal use only Exciting La Verde Porphyry Discovery Advanced Costa Fuego Cu-Au Project Strategic Huasco Water Asset 6
Slide 7: Low Elevation Advantage – Lowers Economic Hurdle
Low Elevation Advantage – Lowers Economic Hurdle Long-term Commitment to Risk-Reduction of Future Development ✓ Project Registered for Priority Status For personal use only ✓ Access to Existing Infrastructure ✓ Permitting Timelines Reduced ✓ Offtake Not Fully Committed1 ✓ Power Line Risk Removed ✓ W
Slide 8: La Verde – Consolidation, Discovery, Growth
La Verde – Consolidation, Discovery, Growth Name: La Verde Copper-Gold Porphyry Discovery Acquired: November 2024 Location: ~35 km southeast of planned Productora Central Processing Drilling to Date: 11,980 m (RC), 8250 m (DD) For personal use only Executed Option on Executed Option on La Further Re
Slide 9: La Verde – Major Growth Lever for Costa Fuego
La Verde – Major Growth Lever for Costa Fuego Near-surface, Gold-rich Copper Discovery, only 35 km from Productora • 35 Reverse Circulation (RC) holes, 13 For personal use only Diamond (DD) holes, and 6 Diamond Tails (RCDD) for 20,230 m drilled to date • Phase 1 RC defined a +0.2% Cu discovery footp
Slide 10: High-Grade Starter Pit Materialising
High-Grade Starter Pit Materialising Strong continuity of +0.60% CuEq2 drill intersections High-grade intersections within 200m of surface For personal use only Six drillholes with +0.70% CuEq assay results within 200m depth: • 148 m @ 0.82% CuEq (0.60% Cu, 0.30 g/t Au) from 70 m (DKD032) • Incl 30
Slide 11: Copper Mineralisation Extent – Phase 1
Copper Mineralisation Extent – Phase 1 Defined by Phase 1 RC drilling (31 drillholes totalling 9,800 m) 1,000 m NNE For personal use only 1,100 Open Top of Fresh 400 m 900 Open 700 Drillhole Cu Grades Interpolant Cu Grades > 0.5 % Cu > 0.4 % Cu 0.4 – 0.5 % Cu 500 0.3 - 0.4 % Cu 0.3 – 0.4 % Cu 0.2 –
Slide 12: Copper Mineralisation Extent – Phase 2
Copper Mineralisation Extent – Phase 2 Defined by 35 RC holes, 13 DD holes, and 6 RCDD holes - 14 holes pending assays For personal use only 1 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × 2 Visu
Slide 13: District-Scale Porphyry Cluster Set to be Drill Tested
District-Scale Porphyry Cluster Set to be Drill Tested Three nearby, look-alike porphyry Cu-Au targets For personal use only • Multiple look-alike magnetic features adjacent to the La Verde Cu-Au porphyry discovery highlight potential for a broader district-scale porphyry system • Regulatory approva
Slide 14: World's Largest Undeveloped Copper Mineral Resources
World's Largest Undeveloped Copper Mineral Resources Peer Benchmark – Projects Not Controlled by a Major Mining Company For personal use only Average CuEq Grade of new supply Indicated Resource contains 2.9 Mt (6.4 Blb) Costa Fuego Copper 1 The Global Resource Peer Group of Mineral Inferred Resource
Slide 15: Costa Fuego PFS Highlights
Costa Fuego PFS Highlights Strong financial results using 8% discount rate & long-term US$4.30/lb copper price and US$2,280/oz gold price For personal use only Post-Tax NPV8% Post-Tax, Life of Mine Free Primary Production Annual Rate US$1.20 B Cashflow (14 Years) US$3.86 B 116 kt CuEq¹ Post-Tax IRR
Slide 16: Strongly Leveraged to Copper Price
Strongly Leveraged to Copper Price For every US$0.10¢/lb increase in copper price above US$4.30/lb, NPV8% increases by ~US$100 M For personal use only March 2025 April 2026 4,500 45% PFS LT Consensus Spot Price (+40%) 4,000 40% 37% 3,500 34% 35% Since March 2025 PFS 31% 3,611 • Mine Life Growth + ?%
Slide 17: Leverage to Cu Price – Global Developer Peer Group
Leverage to Cu Price – Global Developer Peer Group Leverage Index – Ratio of % increase in Cu price to % increase in Post-tax NPV8% • Costa Fuego has one of the highest leverages to copper price outside the control of a major mining company • Larger production scale favors higher leverage to copper
Slide 18: Capital Intensity – South American Peer Group
Capital Intensity – South American Peer Group Costa Fuego’s Elevation Advantage - Capital Intensity of Annual Produced Copper Equivalent1 PFS/DFS Study Stage (25% accuracy or lower) PEA Study Stage (50% accuracy or lower) For personal use only 6,000 20,000 Capital Intensity (US$/t CuEq Avg Annual) 5
Slide 19: Top Five Scale, Low-Cost Independent Cu Developer
Top Five Scale, Low-Cost Independent Cu Developer Low Elevation Ensures Lower Costs than Peers PFS/DFS Study Stage (25% accuracy or lower) 250,000 2.1 PEA Study Stage (50% accuracy or lower) 2.02 Top 5 Independent Copper Developers (by LOM annual CuEq Production) Life of Mine CuEq Production (tonnes
Slide 20: Costa Fuego Project Layout
Costa Fuego Project Layout Proximity of Costa Fuego Mining Areas Offers Strategic Advantages For personal use only • Projects located at low elevation (average 740 m) on the Chilean coastal range • Proposed centralised processing facilities, including1: • 20.7 Mtpa Sulphide Concentrator • 4 Mtpa Hea
Slide 21: Huasco Water PFS Highlights
Huasco Water PFS Highlights Strong financial results for a potential large, multi-user, water business Seawater Supply Construction Capital Post-Tax NPV8% Stage 1 Potential Seawater Supply US$122 M US$151 M For personal use only Multi-decade Project Life Post-Tax IRR Payback Period 500 L/s MOU
Slide 22: Stage 1 – Seawater Supply to Costa Fuego
For personal use only Stage 1 – Seawater Supply to Costa Fuego N Proposed Sea Water Pipeline Route • Engineering studies for the seawater intake infrastructure mitigated key risks by incorporating advanced studies on wave propagation (including tsunamis) to ensure a 50-year life span • Single pumpin
Slide 23: Stage 2 & 3 – Desalinated Water Supply to the Huasco Valley
For personal use only Stage 2 & 3 – Desalinated Water Supply to the Huasco Valley • Upgraded seawater intake and a reverse osmosis desalination plant with scalable capacity • Seven strategically located pumping stations and the installation of a large-diameter pipeline system enables efficient water
Slide 24: Investment Thesis
Investment Thesis HCH primed to benefit from bullish market conditions in 2026 HCH trading at discount to analyst consensus, Positive outlook for Cu and Au, long-term despite +140% share price increase over last 12 months consensus prices $US4.79/lb Cu and $US3,603/oz Au2 For personal use only HCH:A
Slide 25: Appendices
For personal use only ASX: HCH Appendices TSXV: HCH OTCQX: HHLKF www.hotchili.net.au 25
Slide 26: Board Members
For personal use only Board Members Stuart Matthews Christian Easterday Fiona Van Maanen Roberto de Andraca Mark Jamieson Independent Non- Managing Director & Independent Non- Adriasola1 Non-Executive Director Executive Chair Chief Executive Officer Executive Director Non-Executive Director (Glencor
Slide 27: Management Team
For personal use only Management Team Marcelo Hernando1 Miguel Tapia1 Chris McKie Miki Wang Development Manager Exploration Manager Resource Development Manager Corporate Projects Manager Key Consultants Cristóbal Juliá1 Yasna Cortez1 Katie Collins Environmental & EIA and Special Group ESG Manager D
Slide 28: Notes to Mineral Resource Disclosure – Costa Fuego
Notes to Mineral Resource Disclosure – Costa Fuego Costa Fuego Project Mineral Resource Estimate For personal use only 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, repor
Slide 29: Global Project Resource Group
Global Project Resource Group Benchmarking Data SolGold Company Vizcachitas Casino Cascabel Project Class Mt Cu% Cu Mt Au g/t Au Moz Ag g/t Ag Moz Mo ppm Mo Mt Mo kt CuEq% CuEq Mt MI 3,013 0.36 10.8 0.28 27 0.9 91 0 0.0 0.0 0.55 16.6 For personal use only Inf 607 0.26 1.6 0.19 3.7 0.6 11 0 0.0 0.0 0
Slide 30: Global Project Resource Group (cont.)
Global Project Resource Group (cont.) Benchmarking Data Company Pebble Kharmagtai Project Class Mt Cu% Cu Mt Au g/t Au Moz Ag g/t Ag Moz Mo ppm Mo Mt Mo kt CuEq% CuEq Mt MI 1,340 0.21 2.9 0.16 7.0 0.0 0 0 0 0 0.32 4.3 Ngex Aldebaran Northern Xanadu For personal use only Minerals Resources Dynasty Mi
Slide 31: Global Resource Peer Group
Global Resource Peer Group Resource benchmarking data Moonlight For personal use only Project Units Costa Fuego Marimaca Warintza Caravel Copper Creek Escalones Altar Berg Vizcachitas Los Azules Cactus Santo Tomas Superior Marimaca Solaris Caravel Minerals World Copper Aldebaran Surge Copper Los And
Slide 32: Global Developer and Market Peer Group
Global Developer and Market Peer Group Resource benchmarking data Moonlight- Operation Units Costa Fuego Los Azules Escalones Altar Canariaco Norte Vizcachitas Warnitza Santo Domingo Cascabel Marimaca Casino Berg Mantoverde Mantos Blancos Copper World Cactus Santo Tomas Copper Creek Superior Aldebar
Slide 33: Global Developer and Market Peer Group (continued)
Global Developer and Market Peer Group (continued) Reference data – hyperlinks Index Company Project Hyperlink 1 Hot Chili Ltd Costa Fuego https://www.hotchili.net.au/UploadImages/announcements/NI-43101_Costa_Fuego_PFS_20250509-541.pdf For personal use only 2 Caravel Minerals Ltd Caravel https://app
Slide 34: Sulphide Concentrator
Sulphide Concentrator Extensive Recovery Testwork Completed, Clean Concentrate1, Variable Throughput Rates Metal Recoveries Variable Throughput Rates For personal use only Average Recovery to Concentrator Number of Concentrate (%) Number (Mtpa) Tests of Tests Average 21.7 85 Cu Au Mo Ag Average 86 5
Slide 35: Concentrate Specification
Concentrate Specification Defined by five Locked-Cycle Tests Copper-Gold-Silver- Copper-Gold-Silver- Molybdenum Concentrate Molybdenum Concentrate For personal use only Assays Assays Element Unit Value Element Unit Value Cu % 26 Mn ppm 98 Au ppm 5 Na ppm 2,392 Mo ppm 7,411 Ni ppm 82 Ag ppm 24 P ppm
Slide 36: Financial Model Assumptions
Financial Model Assumptions Long-term Copper and Gold Price Assumptions in Line with NBF 25-Bank Forecast Long-term Metal Price Assumptions Long-term Exchange Rate Assumptions Variable Units Price Currency Rate For personal use only Copper Price US$/lb 4.30 AUD:USD 0.72 Gold Price US$/oz 2,280 USD:C
Slide 37: Forward-Looking Information
Forward-Looking Information Statements in this presentation that are not historical facts are "forward-looking information" or "forward-looking statements” within the meaning of applicable Canadian securities legislation and Australian securities legislation. The use of words such as “future”, “fore
Slide 38: Qualifying Statements
Qualifying Statements The scientific and technical information relating to the Company’s Costa Fuego project in this presentation 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
Slide 39: Qualifying Statements (continued)
Qualifying Statements (continued) Exploration Results and Exploration Targets The information in this presentation relating to previously reported Exploration Results and Exploration Targets for La Verde was previously reported in the Company’s announcements ‘Hot Chili Confirms Major Cu-Au Porphyry
Slide 40: Hot Chili Limited
For personal use only Hot Chili Limited ACN 130 955 725 Mr Christian Easterday First Floor, 768 Canning Managing Director Highway, Applecross, Western E: admin@hotchili.net.au Australia 6153 PO Box 1725, Applecross, Western Australia 6953 Graham Farrell Investor & Public Relations (Canada) P: +61 8