Quarterly Report Period Ending 31st December 2022

Hot Chili Limited (ASX: HCH) (TSXV:HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") provides its activities report for the quarter ended 31 December 2022.

Highlights

• Consolidation Efforts Secure Major Extensions to Cortadera
• Access Granted by Chilean Naval Authority to Maritime Concession Land for Costa Fuego Appointment of New Canadian Director Stephen Quin
• Final 2022 Metallurgical Drill Results Confirm Robust Resource Estimate for Productora
  • MET026 - 80m¹ grading 0.7% CuEq* (0.6% Cu, 0.2g/t Au) from 101m downhole including 23m grading 1.0% CuEq (0.9% Cu, 0.2g/t Au) from 101m
    
  • MET028 - 277m² grading 0.5% CuEq (0.4% Cu, 0.1g/t Au) from 49m downhole including 46m grading 1.1% CuEq (1.0% Cu, 0.2g/t Au) from 280m
    
• Next Growth Phase Begins with Drilling Underway, Strong Cash Balance of A$10.8 M

Consolidation Efforts Secure Major Extension to Cortadera

During the quarter, Hot Chili announced the details of successful consolidation efforts to secure additional mining rights covering the western extensions to the Cortadera copper-gold porphyry resource, the centre- piece of the Company’s Costa Fuego senior copper development in Chile.

On 25^th November, the Company announced the execution of an Option Agreement with Chilean copper major Antofagasta Minerals S.A. (AMSA) enabling Hot Chili to acquire a 100% interest in AMSA’s mining rights adjoining the western margin of Cortadera.

Three days later, Hot Chili confirmed further consolidation after successfully securing several new prospective mining rights at a government-run, public auction for the Huasco region of Chile. The new mining rights are located alongside mining rights subject to the AMSA Option Agreement.

Together, these new landholdings consolidate the western extension of Cortadera, more than double the prospective strike length from 2.7km to 5.2km and allow Hot Chili to test a potentially much larger copper porphyry cluster.

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