Hot Chili Limited · ASX:HCH
Hot Chili — Investor Presentation (February 2026)
40 slides from Hot Chili's investor presentation, Feb 17, 2026
Slide 1: Costa Fuego Copper-Gold Project
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 February 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 7.5% GS Group , Stock Exchanges OTCQX: HHLKF 5.1% Retail, 42.8% Blue Spec, Shares Outstanding 201.8 M 5.8% Insiders, Options & Performance Rights 6.8 M Investors 1.6% By Type Cash A$40 M (approx. as of 13 Feb 2026)1,3 Institution
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 9.0 6.00 Peer Group Mean In-situ Valuation (US¢ EV/lb Measured/Indicated CuEq metal) In-situ Valuation (US¢ EV/lb Measured/Indicated CuEq metal) 8.0 7.9 HCH:ASX In-situ Valuation (US¢
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 6.00 Project – Company (Acquirer) Condestable - Southern Peaks 1.40 (Rio2) Copper Producer Copper World - Hudbay (Mitsubishi) Advanced Copper Developer (FS stage) MAC Copper Kalka
Slide 6: 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 7: Low Elevation Advantage – Lowers Economic Hurdle
Low Elevation Advantage – Lowers Economic Hurdle Long-term Commitment to Risk-Reduction of Future Development Hot Chili Projects Registered for Priority Status Chilean Ministry of Economy – to streamline final approvals Water Risk Removed Granted maritime concession with land access All water req
Slide 8: La Verde – Consolidation, Discovery, Growth
La Verde – Consolidation, Discovery, Growth Name: La Verde Copper-Gold Porphyry Discovery Acquired: November 2024 Location: ~30 km southeast of planned Productora Central Processing Drilling to Date: 9,600 m (RC), 4,950 m (DD) Executed Option on Executed Option on La Further Results confirm Results
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 323500mE 324000mE 324500mE 325000mE 325500mE 6786500mN DKD035 (New Result) DKD036 (New Result) 6786500mN • 31 Reverse Circulation (RC) holes, 8 Diamond (DD) holes, 220m @ 0.47% CuEq (0.
Slide 10: High-Grade Starter Pit Materialising
High-Grade Starter Pit Materialising Strong continuity of +0.60% CuEq1 drill intersections +0.6% CuEq significant intercepts within 200 m of surface shown on hole traces. Intervals coloured by CuEq Eleven drillholes now define a 400 m x 400 m +0.60% CuEq near-surface zone. Five drillholes with +0.70
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 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 – 0.3 % Cu 0.2 – 0.3 % C
Slide 12: Copper Mineralisation Extent – Phase 2
Copper Mineralisation Extent – Phase 2 Defined by Phase 1 and eight Phase 2 diamond drillhole results, five holes pending assays 1,000 m NNE DKP006D (DD Tail, Updated Result) DKD035 (New Result) 110 m @ 0.39% CuEq 220 m @ 0.47% CuEq (0.27% Cu, 0.15g/t Au) from 76 m (0.37% Cu, 0.14g/t Au) from 38 m I
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 – two concealed below shallow gravel cover • Multiple look-alike magnetic features adjacent to the La Verde Cu-Au porphyry discovery highlight potential for a broader district-scale porphyry system
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 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 contains 0.5 Mt (1.1
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 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 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 Sensitivity to Copper Price (Post-Tax NPV8% & IRR) 4,500 PFS LT Consensus Spot Price (+40%) 45% Since March 2025 PFS 4,000 40% • Cu Price +5% 37% 34% 3,500 3,611 35% (US$4
Slide 17: Leverage to Cu Price – Global Developer Peer Group
Leverage to Cu Price – Global Developer Peer Group Leverage Index – Ratio of % increase in Cu price to % increase in Post-tax NPV8% • Costa Fuego has one of the highest leverages to copper price outside the control of a major mining company • Larger production scale favors higher leverage to copper
Slide 18: Capital Intensity – South American Peer Group
Capital Intensity – South American Peer Group Costa Fuego’s Elevation Advantage - Capital Intensity of Annual Produced Copper Equivalent1 PFS/DFS Study Stage (25% accuracy or lower) PEA Study Stage (50% accuracy or lower) 6,000 20,000 Capital Intensity (US$/t CuEq Avg Annual) 5,000 Elevation (masl*)
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) Top 5 Independent Copper Developers 2.02 (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 • 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 Heap Leach • Raw sea wate
Slide 21: Huasco Water PFS Highlights
Huasco Water PFS Highlights Strong financial results for a potential large, multi-user, water business Permitted Seawater Supply Construction Capital Post-Tax NPV8% Stage 1 Potential Seawater Supply US$122 M US$151 M Multi-decade Project Life Post-Tax IRR Payback Period 500 L/s MOU Executed, N
Slide 22: Stage 1 – Seawater Supply to Costa Fuego
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 pumping station employed for
Slide 23: Stage 2 & 3 – Desalinated Water Supply to the Huasco Valley
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 transmission to poten
Slide 24: Investment Thesis
Investment Thesis HCH primed to benefit from bullish market conditions in 2026 HCH still 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 $US4.51/lb Cu and $US3,317/oz Au2 $6.50 $5,000 HCH:ASX
Slide 25: Appendices
ASX: HCH Appendices TSXV: HCH OTCQX: HHLKF www.hotchili.net.au 25
Slide 26: 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 27: Management Team and Key Consultants
Management Team Marcelo Hernando1 Miguel Tapia1 Cristóbal Juliá1 Chris McKie Katie Collins Miki Wang Development Manager Exploration Manager Environmental Resource Development Group ESG Manager Corporate Projects Manager Manager Manager Key Consultants Dr John Beeson Elizabeth Haren Lead Structural
Slide 28: 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 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 Inf 607 0.26 1.6 0.19 3.7 0.6 11 0 0.0 0.0 0.39 2.4 Hot Chili Cand
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 Minerals Resources Dynasty Miners Inf 960 0.20 1.9
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 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 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 and DKD039 mineral abundances
Concentrate Specification DKD039 mineral abundances Defined by five Locked-Cycle Tests Expected Copper-Gold-Silver- Copper-Gold-Silver- From Release Hole ID To (m) Mineral Mineral % Description (Mineralisation Mode) Molybdenum Concentrate Molybdenum Concentrate (m) of Assays Assays cp / py 0.5% / 1.
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