Hot Chili Limited · ASX:HCH
Hot Chili — Precious Metals Summit 2026
42 slides from Hot Chili's conference presentation, September 2026
Slide 1: Costa Fuego Copper-Gold Project
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 September 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: Copper Tipping Point
Copper Tipping Point Future Copper Supply Moving From Buy to Build Industry Margins2 estimates it can deliver its copper growth pipeline at a COPPER GOLD IRON ORE capital intensity of $16,000/t to $30,000/t1. BHP CEO Brandon Craig compared that with an implied capital intensity of close to $85,000/t
Slide 4: Corporate Overview
Corporate Overview Top 5 Independent Global Copper Developer By Scale Capital Structure Ownership ASX/TSXV: HCH Stock Exchanges Glencore, OTCQX: HHLKF 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 M (approx. as of
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$2.65 A$1.55 / C$1.54 Transaction (Announced C$91 M private placement June 3rd) at C$0.68 Market Cap undiluted C$392 M1 A$316 M / C$314 M
Slide 6: Market Valuations (EV/lb) of Cu Developers Increasing
Market Valuations (EV/lb) of Cu Developers Increasing Sharp rallies by independent copper developers since mid-2025 18.0 Peer Group Mean Value (US$ EV/lb Proven + Probable Reserve CuEq metal) 16.3 6.50 16.0 HCH:ASX Value (US$ EV/lb Proven + Probable Reserve CuEq metal) 14.0 Market Valuation (US$ EV/
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 7.00 Copper Producer (Sumitomo/G Mining) 1.40 Copper World – Hudbay Advanced Copper Developer (FS stage) MAC Copper (
Slide 8: Advancing Three Strategic Fronts
Advancing Three Strategic Fronts 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 ✓ Access to Existing Infrastructure ✓ Permitting Timelines Reduced ✓ Offtake Not Fully Committed1 ✓ Power Line Risk Removed ✓ Water Risk Removed ✓ Po
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: 20,972 m (RC), 12,217 m (DD) Executed Option Executed Option on Further Results confirm Drilling acc
Slide 11: Costa Fuego Starter Pit Materialising
Costa Fuego Starter Pit Materialising Thick, High-Grade, Surface Enrichment Zone – Potential Early Mine-Life Feed 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 12: La Verde Delivers Scale from Surface
La Verde Delivers Scale from Surface High-Grade Core Extends From Surface to 800 m Depth and Open 1,000 m Base of Weathering DKP063 DKD032 398 m @ 0.45% CuEq (0.35% Cu, 0.12 g/t Au) from surface 528.9 m @ 0.56 CuEq (0.41% Cu, 0.21 g/t Au) from 41m to EOH Incl 62 m @ 0.91% CuEq (0.70% Cu, 0.30 g/t Au
Slide 13: Major Growth Lever for Costa Fuego
Major Growth Lever for Costa Fuego Drilling Success Outlines Broad, Continuous Footprint • 33,000m of RC and Diamond drilling defines a 1000m x 800m x 800m footprint, open in all directions • Strong continuity of near-surface, high-grade mineralisation, with 14 drill holes recording +0.7% CuEq1 sign
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 Costa Fuego Project Location South America North America Other 1 The Global Resource Pee
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$100 M Spot Price (+50%) 4,500 45% 7.50 7,000.00 September 2026 4,000 LT Consensus1 37% 40% 7.00 6,500.00 34% 3,500 March 35% 6,000.00 31% 3,611 2025 PFS 6.50 29% 3,000 26% 3,223
Slide 18: Leverage to Cu Price – Global Developer Peer Group
Leverage to Cu Price – Global Developer Peer Group Leverage Index – Ratio of % increase in Cu price to % increase in Post-tax NPV8% • Costa Fuego has one of the highest leverages to copper price outside the control of a major mining company • Larger production scale favors higher leverage to copper
Slide 19: Capital Intensity – South American Peer Group
Capital Intensity – South American Peer Group Costa Fuego’s Elevation Advantage - Capital Intensity of Annual Produced Copper Equivalent1 PFS/DFS Study Stage (25% accuracy or lower) PEA Study Stage (50% accuracy or lower) 25,000 Capital Intensity (US$/t CuEq Avg Annual) 6,000 20,000 5,000 15,000 Ele
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 Top 5 Independent Copper Developers 2.1 PEA Study Stage (50% accuracy or lower) 2.02 (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 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 mining, building positive ties with the co
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: Discoveries, Cycles, Goal - 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 2020 Costa Fuego 4.2 Mt CuEq Inclusion of fro
Slide 25: Appendices
ASX: HCH Appendices TSXV: HCH OTCQX: HHLKF www.hotchili.net.au 25
Slide 26: The Fall of Australia's Copper Houses Created a Strategic Gap
The Fall of Australia’s Copper Houses Created a Strategic Gap 150 ktpa copper production growth target to re-establish an Australian-owned producer of meaningful global scale Mt. Isa Mines Equinox Minerals Oz Minerals Hot Chili Limited 147 kt Cu1 124 kt Cu1 95 kt Cu 150 kt Cu 239 kt Cu1 (2010) (2022
Slide 27: 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 28: Management Team and Key Consultants
Management Team 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 ESG Manager Projec
Slide 29: 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 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) Proved - - - - - - - - - - - Pr
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 Inf 1,412 0.10 1.4
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 Pebble Inf 4,454 0.25 11.1 0.25 3
Slide 33: Global Resource Peer Group
Global Resource Peer Group Resource benchmarking data Moonlight Domeyko 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 Company Hot Chili Far
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 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 - Cordoba Minera
Slide 36: 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 37: 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 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 Copper Price US$/lb 4.30 AUD:USD 0.72 Gold Price US$/oz 2,280 USD:CLP 690 Silver Price US
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: 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