Hot Chili Limited · ASX:HCH
Hot Chili — Investor Presentation (December 2025)
32 slides from Hot Chili's investor presentation, December 2025
Slide 1: Costa Fuego Copper-Gold Project
Costa Fuego Copper-Gold Project ASX: HCH Top Global Copper Development, Strategic Water Assets TSXV: HCH & Exciting New Porphyry Discovery OTCQX: HHLKF www.hotchili.net.au HCH I December 2025 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 ASX/TSXV: HCH Investors By Type Glencore 7.5% One of only five independent Stock Exchanges GS Group OTCQX: HHLKF 5.7% developers in the world holding an Blue Spec Shares Outstanding 177.3 M 5.5% advanced copper project with Retail, Insiders +100ktpa CuEq potentia
Slide 4: 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 5: La Verde Porphyry Discovery Exceeding Expectations
La Verde Porphyry Discovery Exceeding Expectations Gold-Rich Major Copper Discovery in Coastal Chile La Verde Open Pit Discovery Drillhole DKP002 (Shallow copper oxide pit) (Completed Nov 2024, Announced 18 Dec 2024) 308 m @ 0.5% Cu, 0.3g/t Au from 46 m Incl. 202 m @ 0.6% Cu, 0.3g/t Au from 70 m Inc
Slide 6: First Diamond Drillhole Confirms Growth Potential
First Diamond Drillhole Confirms Growth Potential All diamond drilling to date intersected copper porphyry style mineralisation. 324000mE 324500mE 325000mE 6786500mN 6786500mN • 31 Reverse Circulation (RC) holes and six Diamond N DKD032 (DKP002 Twin) 528.9 m @ 0.41% Cu, 0.21 g/t Au from 41m to EOH (
Slide 7: Copper Mineralisation Extents – Phase One
Copper Mineralisation Extents – Phase One Defined by 9,600 m of RC Drilling 7 1 See Announcement ‘First Diamond Drillhole Confirms Gold-Rich Major Copper Discovery in Coastal Chile’ dated 27 November 2025
Slide 8: Copper Mineralisation Extents – Phase Two
Copper Mineralisation Extents – Phase Two Defined by 9,600 m of RC Drilling and result from first Diamond Drillhole 1,000 m A SW higher-grade center (3) NE higher-grade center (1) & SE higher -grade centre (2) converging at depth A’ 1,100 Open Top of Fresh 260m Open 900 DKD032 (DKP002 Twin) 528.9 m
Slide 9: Shallow & Broad Gold-Rich Copper Mineralisation
Shallow & Broad Gold-Rich Copper Mineralisation Significant intersection from 41m to end of hole at 570m • Significantly expands vertical and lateral extents of the NE higher-grade mineralisation centre, characterised by a high gold-to-copper ratio • Six diamond drill holes complete to date • Final
Slide 10: 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 • Regulatory approval provides access for first drill testing of nearby large porphyry targets • Drill platform and access clearing planned to commence so
Slide 11: 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 12: 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$3.86 B 116 kt CuEq¹ Post-Tax IRR 19% Payback Period 4.5
Slide 13: Leverage to Cu Price – Global Developer Peer Group
Leverage to Cu Price – Global Developer Peer Group Leverage Index – Ratio of % increase in Cu price to % increase in Post-tax NPV8% • Costa Fuego has one of the highest leverages to copper price outside the control of a major mining company • Larger production scale favors higher leverage to copper
Slide 14: Capital Intensity – South American Peer Group
Capital Intensity – South American Peer Group Cost Fuego’s Elevation Advantage - Capital Intensity of Annual Produced Copper Equivalent1 PFS/DFS Study Stage (25% accuracy or lower) PEA Study Stage (50% accuracy or lower) 6,000 20,000 Capital Intensity (US$/t CuEq Avg Annual) 5,000 Elevation (masl*)
Slide 15: 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 ktpa Cathode SX-EW • Raw sea w
Slide 16: Huasco Water Preliminary Feasibility Study
ASX: HCH TSXV: HCH OTCQX: HHLKF Huasco Water Preliminary Feasibility Study April 2025 www.hotchili.net.au
Slide 17: Huasco Water PFS Key Outcomes
Huasco Water PFS Key Outcomes COMPANY PRESENTATION | 17 www.hotchili.net.au
Slide 18: 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 19: 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 20: Investment Highlights
Investment Highlights Costa Fuego is a Large Scale, Low Elevation Primary Copper Development Project Located in Chile High-quality, Long-life, Low-cost Near-term Copper Development Project 1 • After-tax NPV8% of US$1.20 B and IRR of 19% based on an initial project life of 20 years1 • Competitive cos
Slide 21: Appendices
Appendices ASX: HCH TSXV: HCH OTCQX: HHLKF www.hotchili.net.au 21
Slide 22: Global Project Resource Group
Global Project Resource Group Benchmarking Data Class Mt Cu% Cu Mt Cu Mlbs Au g/t Au Mg Au Moz Ag g/t Ag Mg Ag Moz Mo ppm Mo Mt Mo Mlbs CuEq% CuEq Mt Mea 527 0.33 1.74 3,830 0.35 184 6 1.66 874 28 178 0.09 207 0.63 3.30 Helad Cascabel Azule Pebble Ind 5,929 0.41 24.30 53,580 0.34 2016 65 1.66 9841 3
Slide 23: Global Project Resource Group (cont.)
Global Project Resource Group (cont.) Benchmarking Data Class Mt Cu% Cu Mt Cu Mlbs Au g/t Au Mg Au Moz Ag g/t Ag Mg Ag Moz Mo ppm Mo Mt Mo Mlbs CuEq% CuEq Mt MI Total 798 0.37 2.95 6,510 0.10 80 2.6 0.50 399 13 85 0.07 150 0.45 3.63 Fuego Costa Inf Total 203 0.25 0.51 1,119 0.06 12 0.4 0.36 73 2 61
Slide 24: Global Resource Peer Group
Global Resource Peer Group Resource benchmarking data Project Units Costa Fuego Marimaca Warintza Caravel Kharmagtai Escalones Casino Canariaco Norte Cascabel Vizcachitas Los Azules Cactus Santo Tomas Marimaca Solaris Caravel Minerals Xanadu Mines World Copper Western Copper Los Andes McEwen Mining
Slide 25: Global Developer and Market Peer Group
Global Developer and Market Peer Group Resource benchmarking data Project Units Costa Fuego Caravel Escalones Santo Domingo Casino Canariaco Norte Copper World Cascabel Vizcachitas Los Azules Cactus Santo Tomas Moonlight-Superior Copper Creek Berg Marimaca Altar Warintza Caravel Minerals Western Cop
Slide 26: 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 27: 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 28: Concentrate Specification
Concentrate Specification Defined by five Locked-Cycle Tests Copper-Gold-Silver-Molybdenum Copper-Gold-Silver-Molybdenum Concentrate Assays Concentrate 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 13
Slide 29: 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 30: 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 31: 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 32: Production Targets Statement
Production Targets Statement The production targets and forecast financial information derived from the production targets for: (1) Productora production mine site referred to in this release is based on 52% of ore tonnes defined within the Probable Ore Reserve and 31% of the Mineral Resource tonnes