Base Metals

Nobel Resources Corp. (TSX V: NBLC; OTC: NBTRF) (the "Company" or "Nobel") has engaged the services of Generation IACP Inc. (" Generation ") to provide services as a market maker in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.  Generation will receive a fee of C$7,500 plus applicable taxes per month.  The agreement between the Company and Generation is for an initial term of six (6) months and shall be automatically renewed for subsequent six (6) month periods (collectively, the " Term ") unless the Company provides written notice of termination to Generation at least 30 days prior to the end of the Term or Generation provides a written notice of termination to the Company.  Commencing on the first anniversary of the agreement, the fee payable to Generation will automatically increase annually by 3.0%. No stock options or other compensation are being granted in connection with the engagement. Generation does not currently own any securities of the Company; however, Generation and its clients may acquire an interest in the securities of the Company in the future.

Generation is an arm's length party to the Company.  Generation's market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company's shares. Generation will be responsible for the costs it incurs in buying and selling the Company's shares, and no third party will be providing funds or securities for the market making activities.

About Generation IACP Inc.
Generation is based in Toronto, Ontario, and is an independently held and registered broker and member of the Investment Industry Regulatory Organization of Canada, the TSX-V, the Canadian Securities Exchange, and the NEO Exchange, and is a Participating Organization, as such term is defined in the rules and policies of the Toronto Stock Exchange.

About Nobel
Nobel Resources has the right to acquire 100% interest in the Algarrobo Iron Oxide Copper Gold (IOCG) project and 100% of the Salvadora project, potential IOCG style high grade copper properties in Chile. The country is a top mining jurisdiction as it is strategically located close to infrastructure and has world-class IOCG deposits within the Major Candelaria belt. Chile's mining capabilities benefit from close to surface, high grade mineralization within the mining face and has the necessary permitting in place.

For further information, please contact:
David Gower
Chief Executive Officer
dgower@nobel-resources.com
www.nobel-resources.com

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the market making services of Generation and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nobel, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Nobel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Nobel does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


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Nobel Resources

Overview

The idea that copper is “the new oil" may seem strange at first, but there's good reason for these claims. With the copper industry facing a potential 4.7 million metric ton deficit by 2030—experts like Trafigura Group are now saying new mines will need to be built to supply the estimated 10 million tonnes required to meet global demands for this metal.

There's no denying how much global demand there is for copper. In the last year alone, prices have surged from US$2.50 per pound to US$4.58. This has led investors to shift their attention to Chile, the world's top copper producer, as they look to invest in companies capable of supplying this increasing demand.

Nobel Resources (TSXV:NBLC) (OTCQB:NBTRF) is a mining company that's looking to take advantage of mineralized IOCG deposits in Chile through its flagship Algarrobo project. The company is operating in northern Chile, a strategic and relatively unexplored project that boasts past production that has persisted for decades and continues today. Presently artisanal miners are are direct-shipping ore grading at least 12 percent copper to the plant in Copiapo for processing.

An Iron oxide copper gold ore deposit (IOCG) deposits tend to be large in size, metallurgically simple, relatively high-grade, and suitable for highly profitable mines. The famous Candelaria Mine in the region which is owned by the lundin Group is a member of this deposit classification.

Nobel Resources CEO, David Gower, notes that the area has “never really been explored from a modern perspective" and hopes that “we'll be the first group to go in and apply modern techniques to prove up what's a very large system of mineralization."

Gower also explained to INN how the “Chilean coastal copper belt… is one of the most prolific copper belts in the world." It boasts “exceptional grades," with initial underground sampling with values as high as an approximately 15-30 percent copper range. Copper and, to a lesser extent, gold make Chile the ideal location for a new mining investment project.

The Company is planning a drill campaign, commencing September 10, to test 5 large targets comprising magnetic and coincident IP anomalies and with associated copper mineralization identified near surface in most cases (Figure 2 below shows the targets and approximate locations of the planned drilling). The campaign will comprise 40-50 diamond drill holes ranging in depth from 100 meters to approximately 500 meters for a total of 10,000 – 12,500 meters of drilling. Given the large scale of particularly the Central Target, several long holes per section will be required to evaluate the anomalies. The configuration used for the IP survey penetrates to at least 400 meters and the anomalies persist to that depth. Typically, IOCG deposits have a large vertical extent that can exceed 1 km.

Chile is a world-class, top mining country that contains valuable IOCG deposits. The country's mining potential is even more lucrative when you consider that a large portion of the high-grade mineralization occurs close to the surface. The Algarrobo project is located within 25km of a port and a smelter, plant and mill are located 45km south by road in the nearby city of Copiapó.

Gower describes the opportunity as “a very unique story" and believes Nobel Resources's main project has “a bright future at least for the next few years." Drilling operations have already begun, and the physical program for the project is halfway to completion. The business has achieved a National Instrument (NI) 43-101 from Canada with this progress.

Having started with a C$5 million budget, the company successfully raised over C$9 million, allowing it to accelerate the project and deliver further results over the next 12 months, according to the CEO. As of April 2021, the company maintains a strong cash position. Nobel Resources boasts a fully-funded and permitted exploration program.

Fully diluted, the company has 71,440,690 shares outstanding, which includes 3,755,000 and 1,907,400 shares worth of options and warrants respectively. Nobel Resources can be an excellent opportunity for investors, as it allows them access to an advanced, high-grade IOCG project in an active region with great discovery potential.

Company Highlights

  • Nobel Resources has a fully funded and permitted exploration program with a tight capital structure and shareholder alignment.
  • The company boasts a proven leadership team, with CEO David Gower bringing over 20 years of industry experience through his time at Falconbridge (now Glencore), and serves as a current Director of Alamos Gold (TSX:AGI).
  • Initial samples taken at the Algarrobo project site revealed mineralized veins that may be capable of producing up to 14MM tonnes of copper and gold.
  • The company is operating in a mining-friendly jurisdiction with access to critical infrastructure and additional copper mines in the area.
  • Nobel Resources has the right to acquire 100 percent of the Algarrobo IOCG property.
  • Nobel Resources also received approval from the TSX Venture Exchange to acquire 100 percent of the La Salvadora project.

Key Project

Algarrobo IOCG Project in Chile

Algarrobo is an extensively mineralized iron oxide copper gold (IOCG) ore region with significant large-scale potential.

The project is strategically located in Chile because the country is a top mining jurisdiction. Chile's mining capabilities benefit from mineralization that is high-grade and close to the surface. Permits are already in place for the operation as well.

Algarrobo is also an ideal mining environment thanks to a low elevation of less than 1,000m above sea level. It's covered and surrounded mainly by a shallow sand cover in the Atacama desert. The ores are of exceptional grade, with mineralized structures in the northeast trend extending at least 6 km. A new mineralized trend called the Gloria Trend has been discovered in thesouth part of the property. Where the two mineralized trends intersect is precisely where the large Central target has been identified in an area that is dune covered and completely unexplored.

Geophysical anomalies and planned drilling at Algarobbo. Partiularly note the Central Target which is 4 km by 2.5 km in an area where the two mineralized structural trends intersect.

The region offers developed infrastructure that's capable of supporting the project. The operation in Algarrobo is within 25 km of port Caldera on the Pacific Ocean, and the world-class IOCG deposits are part of the Major Candelaria coastal belt. A smelter, plant and mill all owned by ENAMI (Chile's National Mining Company) are available for use within 45 km in Copiapó. Paved roads are accessible throughout for easy access.

The deposit type is comparable to that of the major Candelaria deposit 60 km down south or Michilla in the north

Algarrobo contains significant high-grade copper mineralization near the surface. An oxide layer extends over 100 meters in depth, and sulphide mineralization is making its way down 500 meters in adjacent mines. The materialized stockpile has a cut-off grade below 12 percent copper.

Related projects both in the surrounding area and in the past point to the region's high potential for profitable mining operations. Algarrobo is surrounded by mid and large-sized operations; 6 active copper mines can be found within 100 km. For instance, Lundin Mining's Candelaria mine is indicative of IOCG deposits in the district: a 2019A production boasting 320 Mlbs Cu and 88 Koz Au.

The Property has been undercapitalized and possesses a significant upside potential. Nobel is conducting the first systematic evaluation on the 6,161 ha land package and its ample mineralization potential. Deposit mining has only been completed up to 40m, compared to over 500m in adjacent properties. The veins range in thickness between 1m and 8m. The big prize however would be a large tonnage system of the scale Chile is renowned for and targets have been identified with that scale associated with the extensive copper mineralization on the Property.

Management Team

David Gower, P.Geo. – CEO

Mr. Gower has held Executive and Director positions with several junior and midsize mining companies for the past 12 years. He has worked with Emerita Resources Corp. and has served as President of Brazil Potash Corp. David spent over 20 years with Glencore (formerly Falconbridge) as Director of Global Nickel and PGM exploration and as a member of the Senior Operating Team for mining projects and operations. He led exploration teams that made brownfield discoveries at Raglan, Sudbury, Matagami and Falcondo and greenfield discoveries at Araguaia in Brazil, Kabanga in Tanzania and Amazonas in Brazil. Mr. Gower is a Director of Alamos Gold.

Lawrence Guy – Director

Mr. Guy is Chief Executive Officer of North 52nd Asset Management Inc. and Chair of Emerita Resources Corp. Previously, Larry was a Portfolio Manager with Aston Hill Financial Inc. Prior to Aston Hill, Mr. Guy was Chief Financial Officer and Director of Navina Asset Management Inc., a company he co-founded that was subsequently acquired by Aston Hill Financial Inc. Mr. Guy has also held senior offices at Fairway Capital Management Corp. and First Trust Portfolios Canada Inc. Mr. Guy holds a Bachelor of Arts (Economics) degree from the University of Western Ontario and is a Chartered Financial Analyst.

Jeff Glass – Director

Jeff Glass is a partner at Blakes, Cassels & Graydon LLP where he advises leading investment dealers and senior issuers on public financings and securities regulatory matters. He also founded the Firm's Investment Products & Asset Management Practice. Jeff has been involved in the reformulation of the regulations and policies of the Ontario Securities Commission and has assisted the Toronto Stock Exchange in a review of its policies and procedures for the regulation of listed entities.

Michael D. Shuh – Director

Michael leads Canaccord Genuity's Financial Institutions Group in Canada. Before he joined Canaccord Genuity in 2017, he was Head of Financial Institutions Investment Banking at CIBC and also worked at National Bank Financial. As well as covering traditional financial institutions, Michael has deep expertise in structured products and special purpose acquisition corps ( SPACs). He also provides advice on raising capital and M&A to alternative financiers and FinTech companies. Michael has a Bachelor of Business Administration Honors from the Lazaridis School of Business & Economics at Wilfrid Laurier University and a Master of Business Administration from the Richard Ivey School of Business at the University of Western Ontario.

Vernon Arseneau, P.Geo. – COO and Director

Mr. Arseneau has over forty years of experience in exploration, project management and development, of which the last twenty-five have been in South America, principally in Peru, Chile and Argentina. Vern spent 20 years working as exploration manager and senior geologist for Noranda Inc. in Canada and South America. He was general manager of Noranda's Peru office and project manager of the El Pachon porphyry Cu-Mo project in Argentina. He has consulted on numerous base and precious metals projects, including work as Vice President of Exploration for Zincore Metals Inc. Arseneau was responsible for the exploration and feasibility studies of two zinc deposits and the discovery of the Dolores Cu-Mo porphyry in Peru. More recently, he was COO of Royal Road Minerals Ltd. exploring for gold in Colombia and Nicaragua. Vern holds a Bachelor of Science in geology.

Greg Duras – CFO

Mr. Duras is a senior executive with over 20 years of experience in the resource sector in corporate development, financial management and cost control positions. He's held the position of CFO at several publicly traded companies, including Savary Gold Corp., Nordic Gold Corp and Avion Gold Corp. He is currently CFO of Red Pine Exploration. Greg is a Certified General Accountant and a Certified Professional Accountant and holds a Bachelor of Administration from Lakehead University.

Damian Lopez – Corporate Secretary

Mr. Lopez is a corporate securities lawyer who works as a legal consultant to various TSX and TSX Venture Exchange listed companies. He previously worked as a securities and merger & acquisitions lawyer at a large Toronto corporate legal firm, where he worked on a variety of corporate and commercial transactions. Mr. Lopez obtained a Juris Doctor from Osgoode Hall and has received a Bachelor of Commerce with a major in Economics from Rotman Commerce at the University of Toronto.

Paul Pint – Director

Paul Pint is a Chartered Professional Accountant with over 30 years of capital markets experience. Mr. Pint started his professional career in 1991 with Ernst & Young in the Financial Services Group. Beginning in 1995, he moved into Institutional Equities with CIBC World Markets. Over the next 20+ years he worked in various senior roles in the investment banking and equity sales industry, holding several senior roles with large Canadian banks as well as boutique investment banks and dealers.

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Valentina Delivers Hot Chili’s Highest-Grade Result 8m grading 5.7% Copper & 24g/t Silver

(NewsDirect)

Valentina Delivers Hot Chili's Highest-Grade Result 8m grading 5.7% Copper & 24g/t Silver

Highlights

· New assay results from the Valentina copper deposit confirm a potential second high grade satellite addition for the Company's low-altitude, Costa Fuego senior copper development in Chile

* Copper Equivalent (CuEq) reported for the drill holes were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries used for Cortadera were Cu=83%, Au=56%, Mo=82%, and Ag=37%. Average fresh rock metallurgical recoveries used for Productora/Alice were Cu=89%, Au=58%, Mo=60%, and Ag=0%. 1 including 3m unsampled outside of metallurgical test area.

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or "Company") is pleased to announce the highest-grade drill intersection recorded by the Company to date.

First assays returned from drilling across the historical Valentina high grade copper mine confirm a significant 120m strike extension to the deposit, recording 8m grading 5.9% CuEq (5.7% copper (Cu), 24.1g/t silver (Ag)) from 27m downhole in reverse circulation (RC) drill hole VAP0009.

Valentina and its neighbouring San Antonio satellite copper deposit (Inferred resource of 4.2Mt grading 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287koz Ag, reported March 2022) are located immediately to the east of Cortadera, the centre-piece of the Company's Costa Fuego, coastal range, copper-gold hub in Chile.

Both deposits represent shallow high grade open pit opportunities, with the potential to provide front-end ore sources and make a positive material impact on the payback period and overall project economics of the Costa Fuego copper-gold development.

Impressive First Assay Results from Valentina, More to Come

Hot Chili's recently completed phase-one drilling programme at Valentina primarily focussed on proving continuity of the mineralised trend along strike of the successful 2018 drill campaign (see announcement dated 5th September 2018).

Of the nine holes as part of a phase-one programme, four drill holes recorded significant intersections. Best drill intersections include:

· 8m grading 5.9% CuEq (5.7% Cu, 24.1g/t Ag) from 27m depth and 2m grading 1.9% CuEq (1.8% Cu, 11g/t Ag) from 46m depth (VAP0009)

· 7m grading 2.0% CuEq (1.9% Cu, 11g/t Ag) from 163m depth (VAP0004)

Drilling confirms continuity of the mineralised Valentina structure 120m south of current underground workings, in an area previously masked at-surface by a shallow horizon of Atacama gravels.

Mineralisation is interpreted to be fault-hosted, dipping steeply towards the east within a sequence of volcanic-sedimentary units, similar to the deposit setting of the neighbouring San Antonio resource. Copper grades between 27m and 35m depth in VAP0009 were associated with both copper sulphide (2-5 % chalcopyrite) and oxide mineralisation.

Importantly, the result in RC drill hole VAP0009 is complimented by a twin Diamond Drill (DD) hole (VALMET0002 drilled for metallurgical test work), which recorded a much wider 17m visual intersection of copper sulphide and oxide mineralisation ( see announcement dated 13th June 2022 ).

Assay results for VALMET0002 are expected to be received shortly following additional test work requirements and delays in receiving ore grade analysis results. A second-phase of seventeen shallow RC drill holes has been recently completed at Valentina with results expected to be received over the coming weeks.

Sixteen Drillholes Completed at San Antonio Ahead of Updated Mineral Resource

Thirteen RC and three DD drill holes have been completed at the San Antonio high-grade copper resource to upgrade its categorisation from Inferred to Indicated, ahead of a planned resource upgrade for Costa Fuego in late 2022.

RC drill holes have in-filled and extended the mineralised trend along interpreted high-grade plunging shoots, with most of the drill holes supporting the current interpretation of structure and mineralisation at San Antonio.

Diamond drillholes will provide material for metallurgical testwork, key to the inclusion of the San Antonio Resource in the Costa Fuego combined prefeasibility study (PFS) due in Q1 2023.

Assay results from San Antonio drilling are also expected to be received in the coming weeks.

First drilling is now underway across the Santiago Z porphyry target, one of several large-scale targets planned for testing this year.

The Company looks forward to next drilling results from Valentina and San Antonio, and an exciting period of exploration drilling across its consolidated, coastal range, landholdings.

Figure 1 Location of Cortadera, Productora, San Antonio and Valentina in relation to coastal range infrastructure of Hot Chili's combined Costa Fuego copper-gold project, located 600km north of Santiago in Chile

Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.

* Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were Cu=83%, Au=51%, Mo=67% and Ag=23%.

Table 1 New Significant RC Results at Valentina

Significant intercepts are calculated above a nominal cut-off grade of 0.5% Cu, with a minimum estimated true thickness of 1.5m. These parameters are aligned with marginal economic cut-off grades for narrow, high-grade polymetallic copper deposits of similar grade in Chile and elsewhere in the world.

Down-hole significant intercept widths are estimated to be at or around 70 per cent of true-widths of mineralisation

* Copper Equivalent (CuEq) reported for the drill holes at Valentina used Costa Fuego averages (as no metallurgical testwork has been completed) using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.

Figure 2. Location of drill holes in relation to the Valentina high grade copper deposit. Valentina is open along strike to the north and to the south underneath a 10 to 15m deep cover of gravel.

Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.

Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) +(Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.

** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate

Competent Person's Statement- Exploration Results

Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person' as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Competent Person's Statement- Costa Fuego Mineral Resources

The information in this report that relates to Mineral Resources for Cortadera, Productora and San Antonio which constitute the combined Costa Fuego Project is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Ms Haren is a full-time employee of Haren Consulting Pty Ltd and an independent consultant to Hot Chili. Ms Haren has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ms Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears. For further information on the Costa Fuego Project, refer to the technical report titled "Resource Report for the Costa Fuego Technical Report", dated December 13, 2021, which is available for review under Hot Chili's profile at www.sedar.com.

Reporting of Copper Equivalent

Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.

About Hot Chili

Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.

Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.

Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.

All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Details

Investor Relations

Graham Farrell

+1 416-842-9003

Graham.Farrell@harbor-access.com

Investor Relations

Jonathan Paterson

+1 475-477-9401

Jonathan.Paterson@harbor-access.com

Managing Director

Christian Easterday

admin@hotchili.net.au

Company Website

https://www.hotchili.net.au/investors/

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American West Metals

Extensive Shallow Copper Intersected In Canada

American West Metals Limited (American West Metals or the Company) (ASX: AW1) is pleased to announce further outstanding visual results for another four diamond drill holes completed by the Company at the Storm Copper Project (Storm or the Project) on Somerset Island, Nunavut, Canada.

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