Hot Chili Limited · ASX:HCH
Hot Chili — London Metals Exchange Week 2026
42 slides from Hot Chili's conference presentation, October 2026
Slide 1: Costa Fuego Copper-Gold Project
LME rsonal use only Costa Fuego ASX: HCH Copper-Gold Project TSXV: HCH Exciting New Porphyry Discovery OTCQX: HHLKF Top 5 Global Copper Development & Strategic Water Assets www.hotchili.net.au October 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: Building the World's Next Copper Major
3 Discoveries, 2 Cycles, 1 Goal - Building the World's Next Copper Major 20 Years Average Time to Build a Globally Meaningful New Copper Mine 2028 Costa Fuego MRE 2026 Costa Fuego MRE Growth Potential Growth Potential 2024 Costa Fuego MRE1 Further Growth rsonal use only 2020 Costa Fuego 4.2 Mt CuEq
Slide 4: Corporate Overview
Corporate Overview Top 5 Independent Global Copper Developer By Scale Capital Structure Ownership ASX/TSXV: HCH Stock Exchanges rsonal use only OTCQX: HHLKF Glencore, 7.5% GS Group , 5.1% Shares Outstanding 202.8 M Retail, Blue Spec, 42.8% 5.8% Options & Performance Rights 6.4 M Insiders, Cash A$46
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 (Sept 14th) C$2.70 A$1.43 / C$1.41 Transaction (Announced C$91 M private placement rsonal use only June 3rd) at C$0.68 Market Cap undiluted C$765 M1 A
Slide 6: Market Valuations (EV/lb) of Cu Developers Increasing
Market Valuations (EV/lb) of Cu Developers Increasing Sharp rallies by independent copper developers since mid-2025 18.0 Peer Group Mean Value (US$ EV/lb Proven + Probable Reserve CuEq metal) rsonal use only 16.3 6.50 16.0 HCH:ASX Value (US$ EV/lb Proven + Probable Reserve CuEq metal) 14.0 Market Va
Slide 7: 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) Domeyko Sulfuros – Tintina Mines rsonal use only 7.00 Copper Producer (Sumitomo/G Mining) 1.40 Copper World – Hudbay Advanced Copper Developer (FS sta
Slide 8: Advancing Three Strategic Fronts
Advancing Three Strategic Fronts rsonal use only Exciting La Verde Porphyry Discovery Advanced Costa Fuego Cu-Au Project Strategic Huasco Water Asset 8
Slide 9: 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 rsonal use only ✓ Access to Existing Infrastructure ✓ Permitting Timelines Reduced ✓ Offtake Not Fully Committed1 ✓ Power Line Risk Removed ✓ Water R
Slide 10: 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: 24,676 m (RC), 14,853 m (DD) rsonal use only Executed Option on Further Results confirm Results from
Slide 11: Second Porphyry Discovery Confirmed
Second Porphyry Discovery Confirmed First step-out drilling unlocks significant growth potential • Step-out drilling has confirmed La Verde South, a second rsonal use only porphyry center that nearly doubles the mineralisation footprint of La Verde. • RC drill hole DKP084 was collared ~250m south of
Slide 12: Costa Fuego Starter Pit Materialising
Costa Fuego Starter Pit Materialising Oxide Mineralisation Extends South – Increasing Potential Early Mine-Life Feed rsonal use only 1 Copper Equivalent (CuEq) reported for the drillhole intersections were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) +
Slide 13: La Verde Delivers Scale from Surface
La Verde Delivers Scale from Surface High-Grade Core Extends From Surface to 800 m Depth and Open rsonal use only 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
Slide 14: Major Growth Lever for Costa Fuego
Major Growth Lever for Costa Fuego Drilling Success Outlines Broad, Continuous Footprint • >40,000 m of RC and Diamond drilling defines a 1,400m rsonal use only x 800m x 800m footprint, open in all directions • Strong continuity of near-surface, high-grade mineralisation, with 15 drill holes recordi
Slide 15: 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 rsonal use only Costa Fuego 3.6 Mt CuEq Metal 0.45% CuEq Grade Average CuEq Grade of new supply Costa Fuego Project Location South America North America Other 1 The Glo
Slide 16: Costa Fuego Project Layout
Costa Fuego Project Layout Low Elevation and Integrated Infrastructure Advantages • Costa Fuego 2025 PFS (Productora + Cortadera) + La Verde rsonal use only has potential for 20 – 30 yr mine life, 100 – 150 ktpa CuEq • Planned Central Processing Facility at Productora, 35km north of La Verde – curre
Slide 17: 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 rsonal 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 19% Pa
Slide 18: 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$100 M Spot Price (+50%) 4,500 45% 7.50 7,000.00 rsonal use only September 2026 4,000 LT Consensus1 37% 40% 7.00 6,500.00 34% 3,500 March 35% 6,000.00 31% 3,611 2025 PFS 6.50 29%
Slide 19: Leverage to Cu Price – Global Developer Peer Group
Leverage to Cu Price – Global Developer Peer Group Leverage Index – Ratio of % increase in Cu price to % increase in Post-tax NPV8% • Costa Fuego has one of the highest leverages to copper price outside the control of a major mining company • Larger production scale favors higher leverage to copper
Slide 20: Capital Intensity – South American Peer Group
Capital Intensity – South American Peer Group Costa Fuego’s Elevation Advantage - Capital Intensity of Annual Produced Copper Equivalent1 PFS/DFS Study Stage (25% accuracy or lower) PEA Study Stage (50% accuracy or lower) rsonal use only 25,000 Capital Intensity (US$/t CuEq Avg Annual) 6,000 20,000
Slide 21: 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 Top 5 Independent Copper Developers 2.1 PEA Study Stage (50% accuracy or lower) 2.02 (by LOM annual CuEq Production) rsonal use only Life of Mine CuEq Pr
Slide 22: Social Integration
Social Integration Visibility, Accessibility and Continued Social Investment for the Huasco Valley Community Engagement Program for EIA rsonal use only • Huasco Valley Perception Study of Hot Chili was completed in June 2026, the results: • HCH will bring a modern kind of mining, building positive t
Slide 23: 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 rsonal use only Las Losas Alternative permitted Huasco Water business in a highly Port (CAP) Huasco Route water-constrained min
Slide 24: Huasco Water — Prefeasibility Study Complete
Huasco Water — Prefeasibility Study Complete Strong financial results for a potential large, multi-user, water business Stage 1 rsonal use only 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
Slide 25: The Fall of Australia's Copper Houses Created a Strategic Opening
The Fall of Australia’s Copper Houses Created a Strategic Opening 150 ktpa copper production growth target to re-establish an Australian-owned producer of meaningful global scale rsonal use only Mt. Isa Mines Equinox Minerals Oz Minerals Hot Chili Limited 147 kt Cu1 124 kt Cu1 95 kt Cu 150 kt Cu 239
Slide 26: Appendices
rsonal use only ASX: HCH Appendices TSXV: HCH OTCQX: HHLKF www.hotchili.net.au 26
Slide 27: Board Members
Board Members rsonal use only 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 Nomi
Slide 28: Management Team
Management Team rsonal use only Miguel Tapia1 Chris McKie Miki Wang Cristóbal Juliá1 Yasna Cortez1 Exploration Manager Resource Development Corporate Projects Environmental & EIA and Sectoral Manager Manager Social Manager Permitting Manager Key Consultants Katie Collins Paulina Babul Guixé Group ES
Slide 29: Notes to Mineral Resource Disclosure – Costa Fuego
Notes to Mineral Resource Disclosure – Costa Fuego Costa Fuego Project Mineral Resource Estimate rsonal 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, reported to
Slide 30: Notes to Ore Reserve Disclosure – Costa Fuego
Notes to Ore Reserve Disclosure – Costa Fuego Costa Fuego Project Ore Reserve Estimate Costa Fuego OP Reserve Grade Contained Metal Tonnes CuEq Cu Au Ag Mo Copper Eq Copper Gold Silver Molybdenum Classification (Mt) (%) (%) (g/t) (g/t) (ppm) (kt) (kt) (koz) (koz) (kt) rsonal use only Proved - - - -
Slide 31: 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 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 Mining Copper Copper Vizcachitas Casino rsonal use only In
Slide 32: 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 rsonal use only Pebble Inf 4,454
Slide 33: Global Resource Peer Group
Global Resource Peer Group Resource benchmarking data Moonlight Domeyko rsonal use only Project Units Costa Fuego Marimaca Warintza Caravel Copper Creek Altar Berg Vizcachitas Los Azules Santo Tomas Superior Sulfuros Marimaca Solaris Caravel Aldebaran Surge Copper Los Andes McEwen Mining Oroco Compa
Slide 34: Global Developer and Market Peer Group
Global Developer and Market Peer Group Resource benchmarking data Operation Units Costa Fuego Los Azules Altar Vizcachitas Warnitza Santo Domingo Marimaca Casino Berg Santo Tomas Moonlight-Superior Copper Creek Domeyko Sulfuros Western Copper and Gold Company Hot Chili McEwen Mining Inc Aldebaran Re
Slide 35: Global Developer and Market Peer Group (continued)
Global Developer and Market Peer Group (continued) Reference data – hyperlinks rsonal use only Index Com pany Project Hyperlink 1 Arizona Sonoran Copper Co. Cactus https://arizonasonoran.com/site/assets/files/6384/ascu_ni_43-101_technical_report_pfs_3-28-2024.pdf 2 Cordoba Minerals Alacran Projects
Slide 36: Sulphide Concentrator
Sulphide Concentrator Extensive Recovery Testwork Completed, Clean Concentrate1, Variable Throughput Rates Metal Recoveries Variable Throughput Rates rsonal use only Average Recovery to Concentrator Number of Concentrate (%) Number (Mtpa) Tests of Tests Average 21.7 85 Cu Au Mo Ag Average 86 54 70 3
Slide 37: Concentrate Specification
Concentrate Specification Defined by five Locked-Cycle Tests Copper-Gold-Silver- Copper-Gold-Silver- Molybdenum Concentrate Molybdenum Concentrate rsonal 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 154 Co
Slide 38: 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 rsonal use only Copper Price US$/lb 4.30 AUD:USD 0.72 Gold Price US$/oz 2,280 USD:CLP 690
Slide 39: 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 40: 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 41: Qualifying Statements (continued)
Qualifying Statements (continued) Exploration Results and Exploration Targets The information in this announcement relating to previously reported Exploration Results for La Verde was previously reported in the Company’s announcements ‘Hot Chili Confirms Major Cu-Au Porphyry Discovery at La Verde’,
Slide 42: Hot Chili Limited
rsonal 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 9315 9