Hot Chili Limited · ASX:HCH
Hot Chili — Rule Symposium July 2026
40 slides from Hot Chili's conference presentation, Jul 7, 2026
Slide 1: Updated July 2026 Presentation – Hot Chili Limited
7 July 2026 UPDATED JULY 2026 PRESENTATION – HOT CHILI LIMITED (ASX: HCH) Hot Chili Limited ("HCH" or "the Company") responds to the ASX request to reissue the Rule Symposium July 2026 Corporate Presentation noting the following: • Slide 5 has been removed from the original presentation on the basis
Slide 2: Costa Fuego Copper-Gold Project
Costa Fuego ASX: HCH Copper-Gold Project TSXV: HCH Exciting New Porphyry Discovery, OTCQX: HHLKF Top Global Copper Development & Strategic Water Assets www.hotchili.net.au July 2026 1
Slide 3: 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 4: Corporate Overview
Corporate Overview Capital Structure Ownership ASX/TSXV: HCH Stock Exchanges Glencore, OTCQX: HHLKF 7.5% GS Group , 5.1% Shares Outstanding 202.2 M Retail, Blue Spec, 42.8% 5.8% Options & Performance Rights 13.4 M Insiders, Cash A$35.2 M (approx. as of 28 April 2026) Investors 1.6% Market Capitalisa
Slide 5: Strong Regional Interest
Strong Regional Interest Recent transaction highlights potential of Huasco Valley for undeveloped copper projects Tintina Mines Hot Chili Share price (June 3rd) C$2.45 A$2.08 / C$1.94 Transaction (Announced C$91 M private placement at June 3rd) C$0.68 Market Cap undiluted C$693 M1 A$420 M / C$392 M
Slide 6: 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 (Acquirer) 7.00 Copper Producer 1.40 Copper World – Hudbay Advanced Copper Developer (FS stage) (Mitsubishi) MAC Copper Copper Developer (PFS stage) 6.50 (Harmon
Slide 7: Advancing Three Strategic Fronts
Advancing Three Strategic Fronts Exciting La Verde Porphyry Discovery Advanced Costa Fuego Cu-Au Project Strategic Huasco Water Asset 6
Slide 8: 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 ✓ Access to Existing Infrastructure ✓ Permitting Timelines Reduced ✓ Offtake Not Fully Committed1 ✓ Power Line Risk Removed ✓ Water Risk Removed ✓ Po
Slide 9: 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: 14,750 m (RC), 11,200 m (DD) Executed Option on Executed Option on La Further Results confirm Result
Slide 10: Rapidly Delivering World-Class Results
Rapidly Delivering World-Class Results Accelerated Progression from Discovery to Development 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_recover
Slide 11: Major Growth Lever for Costa Fuego
Major Growth Lever for Costa Fuego Drilling Success Outlines Broad, Continuous Footprint • 26,000m of RC and Diamond drilling now defines a 1000m x 800m x 800m footprint, open in all directions • Strong continuity of high-grade mineralisation, with >12 drill holes recording +0.6% CuEq1 significant i
Slide 12: High-Grade Starter Pit Materialising
High-Grade Starter Pit Materialising Strong Continuity of High-Grade Mineralisation Beneath Shallow Gravel Cover DKP001 20 m @ 0.76% CuEq (0.6% Cu, 0.2g/t Au) from 144 m DKP013 DKD039 52 m @ 0.73% CuEq (0.5% Cu, 0.4g/t Au) from 52 m 22 m @ 0.71% CuEq (0.67% Cu, 0.03g/t Au) from 42 m DKD032 148 m @ 0
Slide 13: La Verde Expected to Continue Expanding
La Verde Expected to Continue Expanding Strong Pipeline of Pending Results • Assay results pending for 24 drill holes (5 DD, 19 RC), with at least six expected to confirm significant extensions to La Verde’s high-grade core1 • Second ISO-accredited laboratory engaged to assist in accelerating assay
Slide 14: World's Largest Undeveloped Copper Mineral Resources
World's Largest Undeveloped Copper Mineral Resources Peer Benchmark – Independent Projects Not Controlled by a Major Mining Company Costa Fuego 3.6 Mt CuEq Metal 0.45% CuEq Grade Average CuEq Grade of new supply Tier 1 Metal Project Location Costa Fuego South America North America Other 1 The Global
Slide 15: Costa Fuego Project Layout
Costa Fuego Project Layout Low Elevation and Integrated Infrastructure Advantages • Costa Fuego 2025 PFS (Productora + Cortadera) + La Verde has potential for 20 – 30 yr mine life, 100 – 150 ktpa CuEq • Planned Central Processing Facility at Productora, 35km north of La Verde – currently 20 Mtpa Sul
Slide 16: 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 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 19% Payback Period 4.5
Slide 17: 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$100 M 4,500 45% 7.0 5,500 Spot Price (+40%) 4,000 37% 40% 6.5 July 2026 LT Consensus1 34% 3,500 March 35% 5,000 31% 3,611 6.0 2025 PFS 29% 3,000 3,223 30% Cu Price ($US/lb) 26%
Slide 18: 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 19: 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) 6,000 20,000 Capital Intensity (US$/t CuEq Avg Annual) 5,000 Elevation (masl*)
Slide 20: 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 21: Social Integration
Social Integration Visibility, Accessibility and Continued Social Investment for the Huasco Valley Over a Decade of Community Commitment Community Engagement Program for EIA • Huasco Valley Perception Study of Hot Chili was completed in June 20206, the results: • HCH will bring a modern kind of mini
Slide 22: Huasco Water - Strategic Water Assets
Huasco Water - Strategic Water Assets Only active maritime licence with permitted seawater access in the Huasco Valley region • Strategic water advantage - 80%-owned, fully Las Losas Alternative permitted Huasco Water business in a highly Port (CAP) Huasco Route water-constrained mining region Freir
Slide 23: Huasco Water — Prefeasibility Study Complete
Huasco Water — Prefeasibility Study Complete Strong financial results for a potential large, multi-user, water business Stage 1 Stage 2 Stage 3 Seawater Supply to Costa Fuego Desalinated Water Supply to Huasco Valley 500 L/s Desalinated Supply — Expansion 1,300 L/s 2,300 L/s Capacity Capacity Capaci
Slide 24: Board Members and Executive Team
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 (Glencore Nominee) Executive T
Slide 25: Management Team and Key Consultants
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 Dr John Beeson Elizabet
Slide 26: Appendices
ASX: HCH Appendices TSXV: HCH OTCQX: HHLKF www.hotchili.net.au 25
Slide 27: Notes to Mineral Resource Disclosure – Costa Fuego
Notes to Mineral Resource Disclosure – Costa Fuego Costa Fuego Project Mineral Resource Estimate 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 sig
Slide 28: Notes to Ore Reserve Disclosure – Costa Fuego
Notes to Ore Reserve Disclosure – Costa Fuego Costa Fuego Project Ore Reserve Estimate 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 (d
Slide 29: Global Project Resource Group
Global Project Resource Group Benchmarking Data Company 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 Hot Chili Candente McEwen Los Andes Western MI 2,491 0.14 3.5 0.18 15 1.5 117 144 0.36 359 0.38 9.5 Limted Copper Mining Copper Copper Vizcachitas Casino In
Slide 30: Global Project Resource Group (cont.)
Global Project Resource Group (cont.) Benchmarking Data Company 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 Ngex Aldebaran Northern MI 6,456 0.40 25.8 0.34 70.6 1.7 344.6 240 1.55 1,551 0.72 46.3 Minerals Resources Dynasty Pebble Inf 4,454 0.25 11.1 0.25 3
Slide 31: Global Resource Peer Group
Global Resource Peer Group Resource benchmarking data Moonlight 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 Andes McEwen Mining Arizo
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 Marimaca Casino Berg Mantoverde Mantos Blancos Cactus Santo Tomas Copper Creek Superior Aldebaran Resources Marimaca
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 2 Caravel Minerals Ltd Caravel https://app.sharelinktechnologies
Slide 34: Sulphide Concentrator
Sulphide Concentrator Extensive Recovery Testwork Completed, Clean Concentrate1, Variable Throughput Rates Metal Recoveries Variable Throughput Rates Average Recovery to Concentrator Number of Concentrate (%) Number (Mtpa) Tests of Tests Average 21.7 85 Cu Au Mo Ag Average 86 54 70 37 93 • Variable
Slide 35: Concentrate Specification
Concentrate Specification Defined by five Locked-Cycle Tests Copper-Gold-Silver- Copper-Gold-Silver- Molybdenum Concentrate Molybdenum Concentrate 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 154 Co ppm 263 Pb 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 Copper Price US$/lb 4.30 AUD:USD 0.72 Gold Price US$/oz 2,280 USD:CLP 690 Silver Price US
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: Contact Details
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 9315 9009 F: +61 8 931