Further Consolidation of Cortadera

• Hot Chili has succeeded in securing several new prospective mining rights, adjacent to mining rights in the recently announced transaction with Antofagasta Minerals S.A. (AMSA)
  
• The new mining rights cover the western extension of Hot Chili’s Cortadera copper-gold discovery, the centrepiece of the Company’s low-altitude, Costa Fuego senior copper development in Chile
• The new mining rights were secured 100% and at low cost through a government-run public auction, recently held for the Huasco region of Chile
• Prospective strike length of the existing Cortadera discovery has more than doubled from 2.3km to 5.2km with the addition of these new mining rights and those secured through the AMSA Option agreement
• Four large porphyry targets secured with the potential to materially increase the scale of Costa Fuego
• First-pass drilling to start as soon as possible, testing for a larger porphyry cluster at Cortadera

The Company has succeeded in securing several new prospective mining rights at a recently held, government-run, public auction for the Huasco region of Chile. The new mining rights are located alongside mining rights of the recently announced (25^th November 2022) transaction with Antofagasta Minerals S.A. (AMSA).

Together, these new landholdings consolidate the western extension of Cortadera and allow Hot Chili to test a potentially much larger copper porphyry cluster.

Hot Chili has now secured four new large porphyry targets adjacent to the existing Cortadera resource (Cuerpo 1, 2 and 3), and added significant prospective strike length across two mineralised trends:

• Las Canas trend (+1.8km, N-S) - Three large porphyry targets including the Cuerpo 4 porphyry target (700m in strike length by 300m in width and drill confirmed, see announcement dated 25^th November 2022 for details of AMSA transaction)
  
• Cortadera trend (+1.1km, NW-SE) – One large porphyry target located directly along-strike from Cortadera on the Serrano fault, an important mineralising fault corridor connecting the Cortadera and Productora copper-gold deposits

The new landholding successfully acquired at auction contains the Cortadera trend extension and comprises seven mining rights covering 757 hectares. Three mining rights (Falla Maipo 2, 3, 4) were acquired for US$110,000 and the remaining four mining rights (CF 6, 7, 8, 9) were successfully awarded following forfeiture of overlapping third party mining rights.

Figures on the following pages outline the location of the new mining rights in relation to Cortadera. Drilling across the western extension to Cortadera is planned to commence as soon as possible.

This recent strategic consolidation of the Cortadera porphyry deposit area has the potential to deliver another significant leg of resource growth to the Costa Fuego copper hub.

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