Another High Grade Boost for Cortadera 658m at 0.6% CuEq including 130m at 0.9% CuEq

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or “Company”) is pleased to report another outstanding drill result at the Cortadera porphyry deposit, part of the Company’s Costa Fuego, coastal range, copper-gold hub in Chile.

Highlights

• More significant results from development study drilling at the Cortadera porphyry discovery, part of the Company’s low-altitude, Costa Fuego senior copper development in Chile
• CORMET005 returned 658m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 122ppm molybdenum (Mo)) from 232m depth down-hole, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth at the main porphyry (Cuerpo 3)
• 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth was recorded outside of the current high grade (+0.6% CuEq) resource model in CORMET005
• All three drill holes reported from Cuerpo 3 at Cortadera confirm expansion of the high grade core ahead of a planned Pre-feasibility study (PFS) and resource upgrade for Costa Fuego later this year
• Drilling underway across three fronts - Cortadera, Productora and Valentina - with further drill results expected in the coming weeks
• Update on PFS workstreams and port negotiations expected shortly

Hot Chili’s Managing Director Christian Easterday stated that Cortadera has a track record of outperforming expectation.

“The PFS in-fill drill programme across Cortadera has collected important geotechnical and hydrogeological information and has also continued to define and expand high grade resources.

“Upgrading our resources with wide drill intersections grading 0.8% to 1.0% copper equivalent is a great outcome, which demonstrates the quality and growth potential of Costa Fuego as one of the only low-altitude, material, copper developments in the world capable of near-term development.”

Latest Significant Drill Results from Cortadera

Latest results from development study drilling at Cortadera have returned further significant intersections.

Diamond drill hole CORMET005 returned 658m grading 0.6% CuEq (0.4% Cu, 0.2g/t Au, 122ppm Mo) from 232m depth, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth.

CORMET005 was drilled across the northern flank to the high grade core within the main porphyry (Cuerpo 3) at Cortadera. Pleasingly, the wide significant intersection again confirmed further extension to the high grade core and included an impressive 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth outside of the current high grade (+0.6% CuEq) resource model.

The latest result follows the previous two outstanding drill results (see announcements dated 4th April 2022 and 29th April 2022) from Cuerpo 3, which also confirmed further growth of the high grade core, notably:

• 552m at 0.6% CuEq from 276m depth, including 248m at 0.8% CuEq (CORMET003), and
• 876m grading 0.5% CuEq from 246m depth, including 206m grading 0.9% CuEq (CORMET006)

In addition, diamond drill hole CORMET002 has returned 370m grading 0.4% CuEq (0.3% Cu, 0.1g/t Au) from surface, including 20m grading 0.8% CuEq (0.6% Cu, 0.4g/t Au) from 24m depth, and including 22m grading 1.0% CuEq (0.8% Cu, 0.5g/t Au) from 136m depth at Cuerpo 2. These high grade intersections were also outside the current high grade resource at Cuerpo 2.

A final development study diamond drill hole (CORMET004) is being completed at Cortadera and results are also pending for four metallurgical diamond drill holes completed at Productora.

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