Slides
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1 Costa Fuego Copper-Gold Project ASX: HCH TSXV: HCH OTCQX: HHLKF www.hotchili.net.au September 2026 Exciting New Porphyry Discovery Top 5 Global Copper Development & Strategic Water Assets
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2 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 presentation does not purport to be complete or contain all of the information that may be material to the current or future business, operations, financial condition or prospects of the Company and Hot Chili makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation. Certain information contained herein is based on, or derived from, information obtained from independent third-party sources, publicly available reports and other trade and industry sources. Hot Chili believes that such information is accurate and that the sources from which it has been obtained are reliable; however, Hot Chili has not independently verified such information and does not assume any responsibility for the accuracy or completeness of such information. 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. Cautionary Note for U.S. Investors Concerning Mineral Resources NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this presentation has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission (“SEC”), and technical information contained in this press release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC’s reporting and disclosure requirements. All amounts in this news release are in U.S. dollars unless otherwise noted. Non IFRS Financial Performance Measures “Total Cash Cost”, “Sustaining Capital”, “Expansion Capital”, “Start-Up Capital”, “All-in costs LOM”, “C1”, and “Free ” are not performance measures reported in accordance with International Financial Reporting Standards (“IFRS”). These performance measures are included because these statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how the Costa Fuego Project compares against its peer projects and to assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS. Mineral Reserves and Ore Reserves The Costa Fuego Mineral Reserve is reported in accordance with the JORC Code (2012) and the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definition, as required by NI 43-101. References to "Mineral Reserves" mean "Ore Reserves" as defined in the JORC Code and references to "Proven Mineral Reserves" mean "Proved Ore Reserves" as defined in the JORC Code. There is no material difference between the definitions of Probable Ore Reserves under the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves and the equivalent definitions in the JORC Code (2012). Terms Mineral Reserve (CIM) and Ore Reserve (JORC) are equivalent, and this study uses Mineral Reserve for consistency.
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3 Copper Tipping Point 2 Half-year (H1/H2) average prices: copper (LME/COMEX, US$/ lb), gold (LBMA, US$/oz) and iron ore 62% Fe CFR China (IMF via FRED, US$/t); final point is H1 2026. Cost lines are global all -project average all-in sustaining cost (AISC): copper ~US$2.90/lb, gold ~US$1,700/oz, iron ore ~US$75/t in 2026 on a global-average basis. Shaded band shows the price-over-cost indicative margin. Dashed lines beyond 2026 pr oject the five-year (2021-26) average price trend (iron ore held at its 2021- 26 average of ~US$110/t); cost lines escalate at 4% per year from 2026. Illustrative, not a forecast. 3 Value = estimated 2025 global production × 2025 average benchmark price; copper includes recycled output. Rounded to nearest US$1bn. 1 BHP’s new boss favours new builds over M&A - MINING.COM Metal Market Size3 Industry Margins2 “If you had to pay a takeover premium, that would get you well over $100,000/t, so you’re almost talking a five-to-one factor between building it versus buying it”. estimates it can deliver its copper growth pipeline at a 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 for listed pure-play copper companies, before accounting for any takeover premium: Future Copper Supply Moving From Buy to Build Declining GOLDCOPPER IRON ORE
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4 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Sep-26 HCH:ASX Share Price (AUD) Glencore, 7.5% GS Group , 5.1% Blue Spec, 5.8% Insiders, 1.6% Institutional, 37.2% Retail, 42.8% Stock Exchanges ASX/TSXV: HCH OTCQX: HHLKF Shares Outstanding 202.8 M Options & Performance Rights 6.4 M Cash A$46 M (approx. as of 31 July 2026) Market Capitalisation1 A$316 M (as of 14 September 2026)1 Corporate Overview Capital Structure Supporting Brokerage Ownership Investors By Type 1 HCH:ASX share price of A$1.55 as of 14 September 2026 12-Month Share Price Performance ASX Index S&P All Ordinaries since March 2026 ETF Coverage Sprott Copper Miners ETF NASDAQ : COPP Sprott Junior Copper Miners ETF NASDAQ : COPJ Grizzle Growth ETF NYSE : DARP ETF Shares ASX : CPPR HCH:ASX Closing Price Top 5 Independent Global Copper Developer By Scale
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5 Strong Regional Interest Recent transaction highlights potential of Huasco Valley for undeveloped copper projects Share price (Sept 14th) C$2.65 A$1.55 / C$1.54 Transaction (Announced June 3rd) C$91 M private placement at C$0.68 Market Cap undiluted C$392 M1 A$316 M / C$314 M Market Cap fully diluted C$743 M1 A$323 M / C$321 M Strategics Sumitomo & Gignac Family (20%), Franco Nevada (~6%) Glencore (7.5%) Project Domeyko Sulfuros Costa Fuego Location Atacama Coastal belt, Huasco Valley, ~104km from port Atacama Coastal belt, Huasco Valley, ~60km from port Infrastructure Requires access for seawater, power, port Access granted for seawater, power, port MOU executed Permitting Early Stage Timelines reduced Resource (M+I) 101 Mt @ 0.51% CuEq2 798 Mt @ 0.45% CuEq Resource (Inferred) 266 Mt @0.48% CuEq2 203 Mt @ 0.31% CuEq M+I/Inferred Resource 30% 80% Reserves None 502 Mt @ 0.43% CuEq Study Status PEA PFS NPV8 Post tax US$328 M US$1.2 B Startup Capex US$1.28 B US1.27 B Production (CuEq) 51 ktpa2 116 ktpa first 14 years First Production 2032 2031 Resource Growth Tricolor Exploration Target La Verde Maiden MRE 2026 Hot ChiliTintina Mines 1 Tintina: Market Caps are estimated post-placement and 100% project ownership. Strategic investors % based on post completion of transaction. Sources: 20260202_TTS_Technical-report_NI43-101_PEA_Domeyko-Sulfuros.pdf and 20260602_TTS_Announces-C91M-Private-Placement-and-Partnership_Gignac- and-Sumitomo-Corp-1.pdf. Sept 14th. 2 Tintina CuEq. calcs US$4.20/lb Cu, US$2,200/oz Au, recoveries 87.4% Cu, 65.4% Au. Hot Chili CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.30 USD/lb, Au=2,280 USD/oz, Mo=20 USD/lb, and Ag=27 USD/oz. Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t).
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6 5.9 6.0 5.8 5.5 7.7 9.2 16.3 11.1 9.9 2.3 2.5 2.7 2.1 1.6 1.4 4.4 3.8 4.5 3.50 4.00 4.50 5.00 5.50 6.00 6.50 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 Dec-22 Mar-23 Jun-23 Sep-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 Aug-26 Copper Price (US$/lb Cu) Market Valuation (US$ EV/lb CuEq) Market Valuations (EV/lb) of Cu Developers Increasing Sharp rallies by independent copper developers since mid-2025 EV = Enterprise Value, Cu Price Source - https://tradingeconomics.com/commodity/copper, see slide 34 for peer company details While copper markets continue to strengthen, Hot Chili is trading significantly below the mean for its peer group of 7 independent junior copper developers, with a published Preliminary Economic Assessment or Prefeasibility Study, despite being one of the nearest-term, top-five production scale copper developers in the world EV/lb re-rate opportunity 2.2x Peer Group Mean Value (US$ EV/lb Proven + Probable Reserve CuEq metal) HCH:ASX Value (US$ EV/lb Proven + Probable Reserve CuEq metal)
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7 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Dec-23 Apr-24 Jul-24 Oct-24 Jan-25 May-25 Aug-25 Nov-25 Mar-26 Jun-26 Sep-26 Copper Price (US$/lb Cu) Price to Net-Asset Value (P/NAV) ratio Copper Project Transaction Values (P/NAV) Increasing Strengthening copper and gold prices in a supply-constrained market Source: Transaction Database - BMO (February 2026), Cu Price Source - https://tradingeconomics.com/commodity/copper Median P/NAV – Advanced Copper Developers 0.46 Project – Company (Acquirer) Copper Producer Advanced Copper Developer (FS stage) Copper Developer (PFS stage) SolGold (Jiangxi Copper) New World Resources (Kinterra) Copper World – Hudbay (Mitsubishi) Josemaria – Lundin (BHP) Santo Domingo – Capstone (Orion) MAC Copper (Harmony Gold) Neves-Corvo & Zinkgruvan – Lundin (Boliden AB) Cactus -Arizona Sonoran (Hudbay) Median P/NAV - Copper Producers 0.55 P/NAV re-rate opportunity 2.3x 0.90 0.78 0.60 Domeyko Sulfuros – Tintina Mines (Sumitomo/G Mining) Early Copper Developer (PEA stage) Los Calatos –Minera Hampton Peru (Chinalco)
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8 Advancing Three Strategic Fronts Exciting La Verde Porphyry Discovery Advanced Costa Fuego Cu-Au Project Strategic Huasco Water Asset
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9 Low Elevation Advantage – Lowers Economic Hurdle Long-term Commitment to Risk-Reduction of Future Development ✓ Water Risk Removed ✓ Permitting Timelines Reduced ✓ Offtake Not Fully Committed1 ✓ Power Line Risk Removed ✓ Access to Existing Infrastructure ✓ Port MOU Executed ✓ Project Registered for Priority Status 1 Glencore can purchase up to 60% of concentrate for first 8 years life of mine – at benchmark terms but must maintain >7.5% ownership in Company
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10 La Verde – Consolidation, Discovery, Growth Executed Option on Domeyko Landholding Executed Option on La Verde Copper Mine – RC drilling commences Significant Results from first two holes released, including: DKP002 – 308m @ 0.65% CuEq1 (0.5% Cu, 0.3 g/t Au) from 46m Further Results confirm scale of La Verde Discovery Results from Phase II DD confirm higher- grade core and convergence at depth, including: DKD032 – 529m @ 0.56% CuEq (0.41% Cu, 0.21 g/t Au) from 41m Q2 2024 Q3 – Q4 2024 Q1 2025 Q1 2026 Q2 2026 Consolidation (six years) Discovery Rapid Growth Name: La Verde Copper-Gold Porphyry Discovery Location: ~35 km southeast of planned Productora Central Processing Acquired: November 2024 Drilling to Date: 20,972 m (RC), 12,217 m (DD) 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 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 × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/ oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwor k completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x M o(ppm) + 0.0043 x Ag(g/t). Drilling accelerates, with HCH announcing widest intersection to date, with continued expansion of higher- grade core: DKD039 – 725m @ 0.42% CuEq (0.36% Cu, 0.07 g/t Au) from 18m Third rig (RC) commences to fast- track resource extension, strong results continue: DKD044 – 391m @ 0.52% CuEq (0.42% Cu, 0.11 g/t Au) from surface Fourth rig (RC) mobilised alongside second assay laboratory. High-grade, near- surface results include: DKP063 – 62m @ 0.91% CuEq (0.70% Cu, 0.30 g/t Au) from 20m Q3 2026
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11 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 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 × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t). Thick, High-Grade, Surface Enrichment Zone – Potential Early Mine-Life Feed Costa Fuego Starter Pit Materialising 2 See Slide 41 of this presentation for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
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12 1,000 m 800 m NNE Interpolant Cu Grades 200m > 0.3 % Cu > 0.2 % Cu > 0.4 % Cu> 0.5 % Cu 0.4 – 0.5 % Cu 0.3 – 0.4 % Cu 0.2 – 0.3 % Cu < 0.1% Cu 0.1 – 0.2 % Cu Drillhole Cu Grades Drill Holes Drilled hole, Assays pending Base of Weathering DKD039 725 m @ 0.42% CuEq (0.36% Cu, 0.07g/t Au) fr om 18 m Incl 22 m @ 0.71% CuEq (0.67% Cu, 0.03g/t Au) fr om 42 m & Incl 46 m @ 0.65% CuEq (0.54% Cu, 0.12g/t Au) fr om 249 m & Incl 51 m @ 0.62% CuEq (0.51% Cu, 0.1g/t Au) fr om 433 m & Incl 62 m @ 1.03% CuEq (0.90% Cu, 0.18g/t Au) fr om 671 m DKD060 472 m @ 0.41% CuEq (0.34% Cu, 0.08g/t Au) fr om 49 m Incl 63.7 m @ 0.50% CuEq (0.42% Cu, 0.10g/t Au) fr om 93.4 m & Incl 105.8 m @ 0.70% CuEq (0.58% Cu, 0.15g/t Au) fr om 397 m Which Incl 32.6 m @ 0.90% CuEq (0.75% Cu, 0.19g/t Au) fr om 438 m 123.1m @ 0.30% CuEq (0.27% Cu, 0.02g/t Au) fr om 642.1 m Incl 2.3m @ 4.63% CuEq ( 4.56% Cu, 0.02g/t Au) fr om 655.5m DKP063 398 m @ 0.45% CuEq (0.35% Cu, 0.12 g/t Au) fr om surface Incl 62 m @ 0.91% CuEq (0.70% Cu, 0.30 g/t Au) fr om 20 m DKD044 391.1 m @ 0.51% CuEq (0.42% Cu, 0.11g/t Au) fr om surface Incl 17.8 m @ 0.68% CuEq (0.63% Cu, 0.06g/t Au) fr om surface & Incl 40.7m @ 0.60% CuEq (0.50 % Cu, 0.12g/t Au) fr om 103.3 m & Incl 85.4 m @ 0.61% CuEq (0.50% Cu, 0.15g/t Au) fr om 160 m & Incl 19.7m @ 0.70% CuEq (0.57% Cu, 0.15g/t Au) fr om 276.1 m DKD032 528.9 m @ 0.56 CuEq (0.41% Cu, 0.21 g/t Au) fr om 41m to EOH Incl 148 m @ 0.82% CuEq (0.60% Cu, 0.30g/t Au) fr om 70 m & Incl 66 m @ 0.67% CuEq (0.45% Cu, 0.31g/t Au) fr om 295 m DKD033 495m @ 0.46% CuEq (0.38% Cu, 0.10 g/t Au) fr om 3 m Incl 37 m @ 0.63% CuEq (0.51% Cu, 0.13g/t Au) fr om 202 m & Incl 123 m @ 0.61% CuEq (0.50% Cu, 0.13g/t Au) fr om 289 m La Verde Delivers Scale from Surface High-Grade Core Extends From Surface to 800 m Depth and Open 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 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 × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t). 2 See Slide 41 of this presentation for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
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13 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 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 × Cu_recovery). The Metal Prices applied in the calculation were: Cu=4.50 USD/lb, Au=3,150 USD/oz, Mo=20 USD/lb, and Ag=30 USD/oz. The entirety of the intersection is assumed as fresh. The recovery and copper equivalent formula for La Verde uses Cortadera as a proxy, which is considered reasonable given both the similar mineralisation style and amenability testwork completed thus far at La Verde – Recoveries of 83% Cu, 56% Au, 83% Mo and 37% Ag. CuEq (%) = Cu(%) + 0.69 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0043 x Ag(g/t). Drilling Success Outlines Broad, Continuous Footprint Major Growth Lever for Costa Fuego • 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 significant intercepts • Shallow mineralisation from base of gravel, low-strip, early-feed development opportunity2 • Drilling operations accelerating with four drill rigs on site 2x Diamond (DD, double shift) and 2x Reverse Circulation (RC, single shift)) • Southern step-out drilling commenced 2 See Slide 41 of this presentation for detail on the US$3.50 Cu and US$6.00 Cu conceptual open pit shells (Exploration Targets). Any potential tonnage and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
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14 Peer Benchmark – Independent Projects Not Controlled by a Major Mining Company World's Largest Undeveloped Copper Mineral Resources 1 The Global Resource Peer Group of Mineral Resources were selected on the following basis: 23 of the largest global primary copper Mineral Resources (not controlled by a major miner) ranked by contained CuEq metal (Measured and Indicated classification). All Mineral Resources are published and are reported in accordance with JORC Code (2012) and/or NI 43-101 standards. Domeyko Sulfuros included due to close proximity to the Costa Fuego Project. 2 Resource CuEq on graph was constructed from public information (used without the consent of the source) and normalised using the following price deck: Copper US$4.30/lb, Gold US$2,280/oz, Molybdenum US$20/lb, Silver US$28/oz. CuEq grade and tonnes calculated using these prices and recoveries declared in each Project's public company documents. Hot Chili assembled the data from company public reports and announcements available on 15 June 2026. See Slides 30 to 31 for details. Average CuEq Grade of new supply Costa Fuego 3.6 Mt CuEq Metal 0.45% CuEq Grade Costa Fuego South America North America Other Project Location
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15 • 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 Sulphide Concentrator and 4 Mtpa Leach • Raw sea water for processing, extraction permit located 60 km from Productora via Huasco Water • Clean copper-gold concentrate Costa Fuego Project Layout Low Elevation and Integrated Infrastructure Advantages Project Timeline Guidance • Environmental Permit submission - Q2 2027 • Final Investment Decision - 2029 • First Production - 2031
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16 16 Post-Tax, Life of Mine Free Cashflow US$3.86 B Payback Period 4.5 Years Post-Tax NPV8% US$1.20 B Post-Tax IRR 19% Primary Production Annual Rate (14 Years) 116 kt CuEq¹ Start-Up Capital US$1.27 B Project Life 20 Years With Primary Production Life of 14 Years C1 Cash Cost (Net of By-Product Credits) US$1.38/lb Cu Open Pit Strip Ratio 1.5 ¹ PFS CuEq considers long-term commodity prices and metallurgical recoveries for the production feed from testwork. The CuEq met al was determined as the equivalent copper metal with equal value to all saleable production. See slide 38 for PFS commodity prices and slide 38 for PFS metallurgical recoveries. See Slides 2, 39, 40, and 41 for discussion of non-IFRS measures and additional cautionary language. NPV = Net Present Value, IRR = Internal Rate of Return. Au Mo Ag 48 koz/yr 2 kt/yr (4.4 Mlb/yr) 158 koz/yr Top Quartile Production Capacity Bottom Quartile Capital Intensity 95 kt/yr (255 Mlb/yr)Cu Strong financial results using 8% discount rate & long-term US$4.30/lb copper price and US$2,280/oz gold price Costa Fuego PFS Highlights
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17 2,500.00 3,000.00 3,500.00 4,000.00 4,500.00 5,000.00 5,500.00 6,000.00 6,500.00 7,000.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Au Price (US$/oz) Cu Price ($US/lb) Strongly Leveraged to Copper Price For every US$0.10¢/lb increase in copper price above US$4.30/lb, NPV8% increases by ~US$100 M See Slides 2, 39, 40, and 41 for additional cautionary language. NPV = Net Present Value, IRR = Internal Rate of Return. 1 Source: CIBC Capital Markets Inc. – September 7th, 2026 See Slide 38 for PFS commodity price assumptions and Slide 29 for Costa Fuego Mineral Resource Statement 278 754 1,203 1,641 2,050 2,447 2,838 3,223 3,611 11% 15% 19% 23% 26% 29% 31% 34% 37% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 3.40 3.70 4.00 4.30 4.60 4.90 5.20 5.50 5.80 6.10 6.40 6.70 7.00 IRR % NPV 8% US$M Cu Price (US$/lb) NPV8 IRR March 2025 PFS September 2026 LT Consensus1 Spot Price (+50%) Positive outlook for Cu and Au, long-term consensus prices $US5.03/lb Cu and $US3,570/oz Au1 Cu Price Au Price
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18 Warintza Solaris Resources Inc. Casino Western Copper and Gold Corp Berg Surge Copper Corp Vizcachitas Los Andes Copper Ltd Santo Domingo Capstone Copper Marimaca Marimaca Copper Santo Tomas Oroco Resource Corp. Costa Fuego Hot Chili Moonlight-Superior US Copper Corp. Copper Creek Faraday Copper Los Azules McEwen Copper Inc. 0 1 2 3 4 5Leverage Index 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 price The Global Developer Peer Group of project studies were selected on the following basis: Global primary copper projects (not controlled by a major miner), with net by-product credits where applicable, reporting studies of average annual life-of-mine copper production of greater than 40 kt, which have been published within the last 5 years. Projects with older studies were considered to be on hold. Significant projects such as Pebble and King-king were excluded by Hot Chili due to high perceived geopolitical risk, limiting the probability of development. Projects controlled by mid-tier mining companies near Costa Fuego were also included (Santa Domingo) for comparison purposes. References to active mines and other mineral projects is for illustration purposes only. There can be no assurances the Company will achieve comparable results. Source: Published Company reports on studies undertaken on projects that were not in production at the time of the studies. Information from projects has been sourced from publicly available data that has been provided under differing economic assumptions. Public information for projects has been adjusted to provide a standardised data set under a US$4.30/lb Cu price. Published sensitivity data provided results that bracketed an US$4.30/lb Cu price, which was then calculated. Details of the adjustment are provided in the reference table on Benchmarking Data in the appendix (see slides 34-35). PFS/DFS Study Stage (25% accuracy or lower) PEA Study Stage (50% accuracy or lower) Sphere size represents published Mineral Resource M+I CuEq Metal
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19 0 1,000 2,000 3,000 4,000 5,000 6,000 Elevation (masl*) Costa Fuego’s Elevation Advantage - Capital Intensity of Annual Produced Copper Equivalent1 Capital Intensity – South American Peer Group Sphere size represents projected Life of Mine Average Annual CuEq Production. 1 PFS CuEq considers long-term commodity prices and PFS metallurgical recoveries for the production feed from testwork. The CuEq metal was determined as the equivalent copper metal with equal value to all saleable production. See slide 36 for PFS commodity prices and slide 34 PFS metallurgical recoveries. The Global Developer Peer Group of project studies were selected on the following basis: Global primary copper projects (not controlled by a major miner), with net by-product credits where applicable, reporting studies of average annual life-of-mine copper production of greater than 40 kt, which have been published within the last 5 years. Projects with older studies were considered to be on hold. Significant projects such as Pebble and King-king were excluded by Hot Chili due to high perceived geopolitical risk, limiting the probability of development. Projects controlled by mid-tier mining companies near Costa Fuego were also included (Santo Domingo) for comparison purposes. References to active mines and other mineral projects is for illustration purposes only. There can be no assurances the Company will achieve comparable results. Source: Published Company reports on studies undertaken on projects that were not in production at the time of the studies. Information from projects has been sourced from publicly available data that has been provided under differing economic assumptions. Public information for projects has been adjusted to provide a standardised data set under a US$4.30/lb Cu price. Published sensitivity data provided results that bracketed a US$4.30/lb Cu price, which was then calculated. Details of the adjustment are provided in the reference table on Benchmarking Data in the appendix (see slide 33). ARG ARG CHL ECU CHL CHL CHL Decreasing Elevation Correlates with Decreasing Capital Intensity PFS/DFS Study Stage (25% accuracy or lower) PEA Study Stage (50% accuracy or lower) CHL 3,775 m 3,500 m 2,000 m 1,200 m 1,140 m 1,020 m 790 m 740 m 20,000 0 10,000 Capital Intensity (US$/t CuEq Avg Annual) Sphere size represents projected Life of Mine Average Annual CuEq Production 25,000 15,000 5,000
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20 Low Elevation Ensures Lower Costs than Peers Top Five Scale, Low-Cost Independent Cu Developer 1.84 1.67 1.23 1.55 2.02 1.75 1.38 1.54 1.71 1.25 1.01 0.9 1.1 1.3 1.5 1.7 1.9 2.1 - 50,000 100,000 150,000 200,000 250,000 C1 Cash Cost (US$/lb Cu) Life of Mine CuEq Production (tonnes/yr) PFS/DFS Study Stage (25% accuracy or lower) PEA Study Stage (50% accuracy or lower) Average C1 cost – US$1.50/lb Cu The Global Developer Peer Group of project studies were selected on the following basis: Global primary copper projects (not controlled by a major miner), with net by-product credits where applicable, reporting studies of average annual life-of-mine copper production of greater than 40 kt, which have been published within the last 5 years. Projects with older studies were considered to be on hold. Significant projects such as Pebble and King-king were excluded by Hot Chili due to high perceived geopolitical risk, limiting the probability of development. References to active mines and other mineral projects is for illustration purposes only. There can be no assurances the Company will achieve comparable results. Source: Published Company reports on studies undertaken on projects that were not in production at the time of the studies. Information from projects has been sourced from publicly available data that has been provided under differing economic assumptions. Public information for projects has been adjusted to provide a standardised data set under a US$4.30/lb Cu price. Published sensitivity data provided results that bracketed a US$4.30/lb Cu price, which was then calculated. Details of the adjustment are provided in the reference table on Benchmarking Data in the appendix (see slides 32-33). Top 5 Independent Copper Developers (by LOM annual CuEq Production) 224Market Cap (US$M) 924 1,090 107 15 398 179 110 1,167 284 1,312
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21 Social Integration Ongoing Community Involvement • Mental Health Program expanded to support to over 150 local recipients • Funding residences for children in Vallenar and Freirina for over 14 years 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 community • 93% High Positive Awareness, will help revitalize Huasco Valley Visibility, Accessibility and Continued Social Investment for the Huasco Valley Responsible Development • Hot Chili has never used groundwater at the Costa Fuego Project • Environmental footprint minimised by existing infrastructure Produce Futuro – Social fund • Launched Produce Futuro (social fund) focused on supporting the Huasco Valley’s rural entrepreneurs and community organisations
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22 Water off take agreement in place with Hot Chili Limited for Costa Fuego Project. No other agreements have been executed with any projects depicted in the illustration. Huasco Water - Strategic Water Assets Only active maritime licence with permitted seawater access in the Huasco Valley region • Strategic water advantage - 80%-owned, fully permitted Huasco Water business in a highly water-constrained mining region • Unique infrastructure position - only maritime concession to supply sea water to the Huasco Valley, an emerging jurisdiction for large-scale undeveloped copper projects • Clear growth pathway - PFS defined a staged approach with initial sea water supply to Costa Fuego (Stage 1, green), followed by expanded desalinated water distribution across the valley (Stage 2 and 3, blue) 50km Las Losas Port (CAP) VallenarFreirina Huasco 1000 0 2500 4200 Elevati on (MASL) Costa Fuego (Productora, Cortadera) Hot Chili Valeriano ATEX Lunahuasi NGEX Filo del Sol Lundin – BHP JV Nueva Union (Relincho , La Fortuna) Teck-Newmont JV Los Colorados CMP/ CAP Encierro AMSA -Barrick JV Industrial Non-mining Huasco Valley Communities Josemaría Lundin-BHP JV Alternative Route Initial Desalination Plant & Network
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23 Huasco Water — Prefeasibility Study Complete Strong financial results for a potential large, multi-user, water business Stage 1 Seawater Supply to Costa Fuego 500 L/s Capacity Post-Tax NPV₈ US$122 M Post-Tax IRR 19% Construction Capital US$151 M Payback Period 4.5 years MOU executed - near-term Stage 2 Desalinated Water Supply to Huasco Valley 1,300 L/s Post-Tax NPV₈ US$977 M Post-Tax IRR 19% Construction Capital US$1.4 B Payback Period 4.0 years Large catchment of potential off-takers Stage 3 Desalinated Supply — Expansion 2,300 L/s Cumulative supply Up to 2,300 L/s Identified demand >4,000 L/s Strategic window 150 km radius Build-out Expansion of Stage 2 Scalable for greater regional demand Capacity Capacity
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24 0.00 2.00 4.00 6.00 8.00 Cu Price (US$/lb) 2005 2010 2015 2020 2025 2030 HCH:ASX IPO Productora Discovery Productora PFS Cortadera Discovery La Verde Discovery Costa Fuego PFS Costa Fuego PFS2 HCH:TSXV Listing Final Investment Decision First Production 2011 Productora MRE1 0.5 Mt CuEq 2015 Productora MRE1 1.4 Mt CuEq 2020 Costa Fuego MRE1 3.5 Mt CuEq 2024 Costa Fuego MRE1 4.2 Mt CuEq 2026 Costa Fuego MRE Growth Potential 2028 Costa Fuego MRE Growth Potential Start of 2000’s Copper Cycle La Verde Drill Results Four Drill Rigs in Operation Second Maritime Concession Desalinated Water for the Huasco Major Resource Upgrade Addition of La Verde into Costa Fuego Upscaled and Enhanced Costa Fuego PFS Integration of La Verde Submission of Environmental Impact Assessment For Approval to Build Upcoming Catalysts Inferred CuEq metal tonnes Indicated CuEq metal tonnes Inclusion of La Verde Maiden MRE 1 Historical Mineral Resource Estimates are reported in accordance with the JORC Code (2012). References to the 2011, 2015, 2020 and 2024 Mineral Resource Estimates are extracted from previously released ASX announcements (see https://www.hotchili.net.au/investors/investor-centre/market-announcements). Hot Chili confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that all material assumptions and technical parameters continue to apply and have not materially changed. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. Further Growth from near-mine and regional targets 20 Years Average Time to Build a Globally Meaningful New Copper Mine 3 Discoveries, 2 Cycles, 1 Goal - Building the World's Next Copper Major Start of 2020’s Copper Cycle 0.2 Mt 0.3 Mt 1.1 Mt 0.3 Mt 2.0 Mt 1.5 Mt 3.6 Mt 0.6 Mt
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25 AppendicesASX: HCH TSXV: HCH OTCQX: HHLKF www.hotchili.net.au
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26 150 ktpa copper production growth target to re-establish an Australian-owned producer of meaningful global scale The Fall of Australia’s Copper Houses Created a Strategic Gap 239 kt Cu1 (2002) 147 kt Cu1 (2010) 124 kt Cu1 (2022) Mt. Isa Mines Equinox Minerals Oz Minerals 95 kt Cu (2025 PFS2) Hot Chili Limited 150 kt Cu (Growth Potential3) Acquired – Xstrata Year - 2003 Cost - US$3.0 B Acquired – Barrick Year - 2011 Cost - US$7.7 B Acquired – BHP Year - 2023 Cost - US$6.4 B The Next Great Australian Copper House? La Verde Discovery creates a pathway to lift Costa Fuego production towards and beyond 150 ktpa Cu. 1 Historic figures represent each company’s final complete reporting year before acquisition. MIM figure represents refined copper production; Equinox represents copper in concentrate; OZ Minerals represents group copper production. 2 Costa Fuego production target based on the March 2025 PFS, which outlined average annual production of 116 ktpa CuEq, includi ng 95 ktpa Cu and 48 kozpa Au, during primary production (first 14 years). 3 150 ktpa Cu figure represents growth potential associated with the integration of La Verde and is not the production target r eported in the March 2025 PFS. There is no certainty that this potential production rate will be achieved.
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27 Board Members Christian Easterday Managing Director & Chief Executive Officer Roberto de Andraca Adriasola 1 Non-Executive Director Mark Jamieson Non-Executive Director (Glencore Nominee) 1 resides in Chile Fiona Van Maanen Independent Non- Executive Director Stuart Matthews Independent Non- Executive Chair Executive Team Grant King Chief Operating Officer Carol Marinkovich Company Secretary Kirsty Sheerin Vice President Corporate Development Ryan Finkelstein Chief Financial Officer José Ignacio Silva 1 Executive Vice President Andrea Aravena 1 Vice President Geology David Bayona1 Project Director
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28 Management Team Miguel Tapia1 Exploration Manager Chris McKie Resource Development Manager Katie Collins Group ESG Manager 1 resides in Chile Cristóbal Juliá1 Environmental & Social Manager Key Consultants Elizabeth Haren Independent Resource Consultant Dr John Beeson Lead Structural Geologist Miki Wang Corporate Projects Manager Yasna Cortez1 EIA and Sectoral Permitting Manager Paulina Babul Guixé Project Manager
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29 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 significant figures and reported in accordance with the Joint Ore Reserves Committee Code (2012). Mineral resource estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and CIM Environmental, Social and Governance Guidelines for Mineral Resources and Mineral Reserve Estimation (September 8, 2023) and reported in accordance CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014) that are incorporated by reference into NI 43-101. 2 Mineral Reserves are inclusive of Mineral Resources 3 The Productora deposit is 100% owned by Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint venture (JV) company – 80% owned by Sociedad Minera El Corazón SpA (a 100% subsidiary of Hot Chili Limited), and 20% owned by Compañía Minera del Pacífico S.A (CMP). 4 The Cortadera deposit is controlled by a Chilean incorporated company Sociedad Minera La Frontera SpA (Frontera). Frontera is a subsidiary company – 100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili Limited. 5 The San Antonio deposit is controlled through Frontera (100% owned by Sociedad Minera El Corazón Limitada, which is a 100% subsidiary of Hot Chili Limited) and has an Option Agreement with a private party to earn a 100% interest. 6 The Mineral Resource Estimates in the tables above form coherent bodies of mineralisation that are considered amenable to a combination of open pit and underground extraction methods based on the following parameters: Base Case Metal Prices: Copper US$ 3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver US$20/oz. 7 All Mineral Resource Estimates were assessed for Reasonable Prospects of Eventual Economic Extraction (RPEEE) using both Open Pit and Block Cave Extraction mining methods at Cortadera and Open Pit mining methods at Productora, Alice and San Antonio. 8 Metallurgical recovery averages for each deposit consider Indicated + Inferred material and are weighted to combine sulphide flotation and oxide leaching performance. Process recoveries: Cortadera – Weighted recoveries of 82% Cu, 55% Au, 81% Mo and 36% Ag. CuEq(%) = Cu(%) + 0.55 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x Ag(g/t) San Antonio - Weighted recoveries of 85% Cu, 66% Au, 80% Mo and 63% Ag. CuEq(%) = Cu(%) + 0.64 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0072 x Ag(g/t) Alice - Weighted recoveries of 81% Cu, 47% Au, 52% Mo and 37% Ag. CuEq(%) = Cu(%) + 0.48 x Au(g/t) + 0.00030 x Mo(ppm) + 0.0044 x Ag(g/t) Productora – Weighted recoveries of 84% Cu, 47% Au, 48% Mo and 18% Ag. CuEq(%) = Cu(%) + 0.46 x Au(g/t) + 0.00026 x Mo(ppm) + 0.0021 x Ag(g/t) Costa Fuego – Recoveries of 83% Cu, 53% Au, 71% Mo and 26% Ag. CuEq(%) = Cu(%) + 0.53 x Au(g/t) + 0.00040 x Mo(ppm) + 0.0030 x Ag(g/t) 9 Resource Copper Equivalent (CuEq) grades are calculated based on the 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 × Cu recovery). The base case cut-off grade for mineral resources considered amenable to open pit extraction methods at the Cortadera, Productora, Alice and San Antonio deposits is 0.20% CuEq while the cut-off grade for Mineral Resources considered amenable to underground extraction methods at the Cortadera deposit is 0.27% CuEq. 10 Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. These Mineral Resource estimates include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as Mineral Reserves. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Measured or Indicated Mineral Resources with continued exploration. 11 The effective date of the estimate of Mineral Resources is March 27th, 2025. Refer to JORC Code Table 1 information in the announcement “Hot Chili Announces PFS & Maiden Ore Reserve for the Costa Fuego Cu-Au Project” dated 27 March 2025 related to the Costa Fuego Resource Estimate (MRE) by Competent Person Elizabeth Haren, constituting the MREs of Cortadera, Productora, Alice and San Antonio (which combine to form Costa Fuego). 12 Hot Chili Limited is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than as disclosed in the 2025 PFS. Technical Report ‘Costa Fuego Copper Project NI 43–101 Technical Report Preliminary Feasibility Study’ dated May 9th 2025.
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30 Notes to Ore Reserve Disclosure – Costa Fuego Costa Fuego Project Ore Reserve Estimate 1 Mineral Reserves are reported on a 100% Basis - combining Mineral Reserve estimates for the Cortadera, Productora, Alice and San Antonio deposits, and have an effective date of 27 March 2025. 2 An Ore Reserve (declared in accordance with JORC Code 2012) was previously reported at Productora, a component of Costa Fuego, on 2nd March 2016 on the ASX. The Company was not subject to the requirements of NI 43-101 at that time. 3 Mineral Reserve estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Pract ice Guidelines (29 November 2019) and reported in accordance CIM Definition Standards for Mineral Resources and Mineral Reserves (10 May 2014) that are incorporated by reference into NI 43-101. Mineral Reserve estimates are in accordance with the JORC Code. References to "Mineral Reserves" mean "Ore Reserves" as defined in the JORC Code and references to "Proven Mineral Reserves" mean "Proved Ore Reserves" as defined in the JORC Code. 4 The Mineral Reserve reported above was not additive to the Mineral Resource. The Mineral Reserve is based on the 26 February 2024 Mineral Resource. 5 Tonnages and grades are rounded to two significant figures. All figures are rounded, reported to appropriate significant figu res and reported in accordance with the Joint Ore Reserves Committee Code (2012) and NI 43-101. As each number is rounded individually, the table may show apparent inconsistencies between the sum of rounded components and the corresponding rounded total. 6 Mineral Reserves are reported using long-term metal prices of US$4.30/lb Cu, US$2,280/oz Au, US$27/oz Ag, US$20/lb Mo. 7 The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (the point where material is delivered to the processing facility) and is therefore inclusive of ore loss and dilution. 8 The Productora deposit is 100% owned by Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint ve nture (JV) company – 80% owned by Sociedad Minera El Corazón SpA (a 100% subsidiary of Hot Chili), and 20% owned by Compañía Minera del Pacífico S.A (CMP). 9 The Cortadera deposit is controlled by a Chilean incorporated company Sociedad Minera La Frontera SpA (Frontera). Frontera is a subsidiary company – 100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili. 10 The San Antonio deposit is controlled through Frontera (100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidi ary of Hot Chili) and Frontera is party to an Option Agreement pursuant to which it can earn a 100% interest in the property. 11 The Mineral Reserve Estimate as of 27 March 2025 for Costa Fuego was prepared by Anton von Wielligh, Fellow with the AUSIMM (FAUSIMM). Mr. von Wielligh fulfils the requirements to be a "Qualified Person" within the meaning of NI 43 -101 and is the Competent Person under JORC for the Mineral Reserve. 12 Hot Chili Limited is not aware of political, environmental, or other risks that could materially affect the potential develop ment of the Mineral Reserves other than those that will be disclosed in a technical report for the PFS. A detailed list of Costa Fuego Project risks is also included in Chapter 25.12 of the 2024 PEA. Tonnes CuEq Cu Au Ag Mo Copper Eq Copper Gold Silver Molybdenum (Mt) (%) (%) (g/t) (g/t) (ppm) (kt) (kt) (koz) (koz) (kt) Proved - - - - - - - - - - - Probable 356 0.42 0.34 0.07 0.37 98 1,482 1,213 844 4,248 35 Total 356 0.42 0.34 0.07 0.37 98 1,482 1,213 844 4,248 35 Tonnes CuEq Cu Au Ag Mo Copper Eq Copper Gold Silver Molybdenum (Mt) (%) (%) (g/t) (g/t) (ppm) (kt) (kt) (koz) (koz) (kt) Proved - - - - - - - - - - Probable 146 0.56 0.44 0.16 0.79 93 820 645 734 3,704 14 Total 146 0.56 0.44 0.16 0.79 93 820 645 734 3,704 14 Tonnes CuEq Cu Au Ag Mo Copper Eq Copper Gold Silver Molybdenum (Mt) (%) (%) (g/t) (g/t) (ppm) (kt) (kt) (koz) (koz) (kt) Proved - - - - - - - - - - Probable 502 0.46 0.37 0.10 0.49 97 2,317 1,858 1,578 7,951 49 Total 502 0.46 0.37 0.10 0.49 97 2,317 1,858 1,578 7,951 49 Classification Contained Metal Grade Contained Metal Contained MetalGrade Classification Grade Classification Costa Fuego OP Reserve Costa Fuego UG Reserve Total Costa Fuego Reserve
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31 Global Project Resource Group Benchmarking Data Table constructed from public information (used without the consent of the source) and normalised using this price deck: Copper US$ 4.30/lb, Gold US$1,750/oz, Molybdenum US$14/lb, Silver US$20/oz. Copper Equivalent grade and tonnes calculated using these prices and recoveries declared in each project's public company documents. Hot Chili assembled the data from S&P and company public reports and announcements available on 15 June 2026. Project Company Class Mt Cu% Cu Mt Au g/t Au Moz Ag g/t Ag Moz Mo ppm Mo Mt Mo kt CuEq% CuEq Mt Casino Western Copper MI 2,491 0.14 3.5 0.18 15 1.5 117 144 0.36 359 0.38 9.5 Inf 1,412 0.10 1.4 0.14 6.4 1.2 52 92 0.13 130 0.24 3.4 Vizcachitas Los Andes Copper MI 1,541 0.38 5.9 0.0 0.0 0.0 54 155 0.24 239 0.44 6.8 Inf 1,823 0.34 6.2 0.0 0.0 0.94 55 123 0.22 224 0.39 7.1 Los Azules McEwen Mining MI 1,235 0.40 4.9 0.01 0.5 0.3 10 0.0 0.0 0 0.41 5.0 Inf 4,509 0.27 12.1 0.03 4.2 1.0 150 0.0 0.0 0 0.39 2.4 Costa Fuego Hot Chili Limted MI 798 0.37 3.0 0.10 2.6 0.5 13 85 0.07 68 0.45 3.6 Inf 203 0.25 0.5 0.06 0.4 0.36 2 61 0.01 12 0.30 0.6 Warintza Solaris Resources Inc MI 3,746 0.24 9.1 0.03 4.0 1.2 476 132 0.49 494 0.32 11.9 Inf 2,092 0.16 3.3 0.02 1.3 1.1 75 100 0.21 209 0.22 4.5 Caravel Caravel Minerals MI 699 0.24 1.7 0.00 0.0 0.0 0 50 0.03 35 0.24 1.7 Inf 578 0.23 1.3 0.00 0.0 0.0 0 44 0.03 26 0.23 1.3 Marimaca Marimaca Copper Corp MI 214 0.40 0.9 0.00 0.00 0.00 0 0 0.00 0 0.40 0.9 Inf 21 0.29 0.1 0.00 0.00 0.00 0 0 0.00 0 0.29 0.1 Santo Tomas Oroco MI 541 0.33 1.8 0.03 0.47 2.1 37 80 0.04 43 0.36 1.93 Inf 530 0.31 1.6 0.02 0.39 1.9 32 70 0.04 37 0.33 1.8 Berg Surge Copper Corp MI 1,413 0.21 3.0 0.02 0.92 4.7 213 250 0.35 353 0.37 5.24 Inf 1,004 0.16 1.6 0.01 0.30 4.3 139 270 0.27 271 0.32 3.23 Copper Creek Faraday Copper MI 422 0.45 1.9 0.00 0 1.2 156 82 0.04 35 0.48 2.04 Inf 84 0.34 0.3 0.00 0 0.6 2 70 0.01 6 0.37 0.31 Moonligh t Superior US Copper Corp MI 403 0.31 1.2 0.01 0.16 1.85 24 0 0.00 0 0.33 1.34 Inf 65 0.31 0.2 0.01 0.01 0.77 2 0 0.00 0 0.32 0.21
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32 Project Company Class Mt Cu% Cu Mt Au g/t Au Moz Ag g/t Ag Moz Mo ppm Mo Mt Mo kt CuEq% CuEq Mt Pebble Northern Dynasty MI 6,456 0.40 25.8 0.34 70.6 1.7 344.6 240 1.55 1,551 0.72 46.3 Inf 4,454 0.25 11.1 0.25 35.8 1.2 170.4 226 1.01 1,007 0.50 22.5 Altar Aldebaran Resources MI 2,397 0.42 9.98 0.07 5.08 1.22 93.8 0.00 0.00 0 0.46 10.9 Inf 1,216 0.42 4.46 0.04 1.71 1.25 49.0 0.00 0.00 0 0.45 5.4 Los Helados Ngex Minerals MI 2,080 0.40 8.32 0.15 10.03 1.50 100.3 0.00 0.00 0 0.51 10.6 Inf 1,080 0.34 3.67 0.10 3.47 1.50 52.1 0.00 0.00 0 0.42 4.5 King-King St Augustine Gold and Copper Ltd MI 962 0.23 2.25 0.32 9.91 0.00 0.00 0.00 0.00 0 0.56 5.4 Inf 189 0.22 0.41 0.26 1.61 0.00 0.00 0.00 0.00 0 0.46 0.9 Yandera Freeport Resources Inc MI 729 0.33 2.40 0.07 1.59 0.00 0.00 100 0.07 73 0.41 3.0 Inf 231 0.29 0.67 0.04 0.26 0.00 0.00 52 0.01 12 0.33 0.8 Cotabambas Panoro Minerals Ltd MI 507 0.34 1.70 0.20 3.29 0.54 8.8 21.47 0.01 11 0.46 2.3 Inf 496 0.27 1.34 0.17 2.69 2.53 40.4 27.11 0.01 13 0.38 1.9 La Verde Solaris Resources Inc MI 408 0.41 1.67 0.03 0.39 2.42 31.7 0.00 0.00 0 0.45 1.8 Inf 338 0.37 1.25 0.02 0.22 1.94 21.1 0.00 0.00 0 0.40 1.3 Antikori Regulus Resources MI 250 0.48 1.20 0.29 2.30 7.50 61.00 0.00 0.00 0 0.67 1.66 Inf 267 0.41 1.09 0.26 2.20 7.80 67.00 0.00 0.00 0 0.58 1.55 Haib Koryx Copper Inc. MI 414 0.35 1.45 0.00 0.00 0.00 0.00 0.00 0.00 0 0.35 1.45 Inf 345 0.33 1.14 0.00 0.00 0.00 0.00 0.00 0.00 0 0.33 1.14 Domeyko Sulfuros Tintina Mines MI 101 0.35 0.35 0.28 0.9 0.00 0.00 0.00 0.00 0 0.51 0.51 Inf 256 0.34 0.87 0.25 2.1 0.00 0.00 0.00 0.00 0 0.48 1.23 Global Project Resource Group (cont.) Benchmarking Data Table constructed from public information (used without the consent of the source) and normalised using this price deck: Copp er US$ 4.30/lb, Gold US$1,750/oz, Molybdenum US$14/lb, Silver US$20/oz. Copper Equivalent grade and tonnes calculated using these prices and recoveries declared in each project's public company doc uments. Hot Chili assembled the data from S&P and company public reports and announcements available on 19 November 2025.
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33 Source: Published Company reports on studies undertaken on projects that were not in production at the time of the studies. The peer group of projects were selected based on the following basis: Primary copper projects with by-product revenues where applicable, located within the Americas and including the largest ASX listed Copper project, Caravel. Studies published within the last 7 years. Projects with older studies were considered to be on hold. This excluded La Verde, Los Calatos and Yandera. Significant projects such as Pebble and King-king were excluded due to high perceived geopolitical risk, limiting the probability of development. CuEq metal calculated using a normalised price deck: Copper US$ 4.30/lb, Gold US$1,750/oz, Molybdenum US$14/lb, Silver US$20/oz. Resource benchmarking data Global Resource Peer Group Project Units Costa Fuego Marimaca Warintza Caravel Copper Creek Moonlight Superior Altar Berg Vizcachitas Los Azules Santo Tomas Domeyko Sulfuros Company Hot Chili Marimaca Copper Corp Solaris Resources Caravel Minerals Ltd Faraday Copper US Copper Corp Aldebaran Resources Surge Copper Corp. Los Andes Copper Ltd McEwen Mining Inc Oroco Resource Corp. Tintina Mines M&I CuEq Blbs 8.00 1.89 26.35 3.77 4.51 2.95 24.11 9.36 15.03 11.11 4.26 1.14 INF CuEq Blbs 1.37 0.14 9.97 2.92 0.68 0.45 12.00 3.57 15.64 29.01 3.88 2.81 Market Cap 2026-09-14 M 315 1,196 1,701 151 1,504 21 528 245 381 1,141 152 748 Currency AUD CAD CAD AUD CAD CAD CAD CAD CAD USD CAD CAD Exchange Rate to US$ US 0.71 0.72 0.72 0.71 0.72 0.72 0.72 0.72 0.72 1.00 0.72 0.72 Market Cap US$M 224 860 1,223 108 1,081 15 380 176 274 1,141 109 538 Price US$/share 1.11 6.36 7.32 0.19 3.67 0.10 2.05 0.45 9.01 18.59 0.33 1.90 Shares OS M 203 135 167 559 294 157 185 389 30 61 325 284
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34 Global Developer and Market Peer Group Source: Published Company reports on studies undertaken on projects that were not in production at the time of the studies. Information from projects has been sourced from publicly available data that has been provided under differing economic assumptions. Public information for projects has been adjusted to provide a standardised data set under an 8% discount rate and US$ 4.30/lb Cu price. The peer group of projects were selected based on the following basis: Primary copper projects with by-product revenues where applicable, located within the Americas Projects that were near Costa Fuego, specifically within the Atacama. This included Santa Domingo and Domeyko Sulfuros Studies published within the last 5 years. Projects with older studies were considered to be on hold. This excluded La Verde, Los Calatos and Yandera. Significant projects such as Pebble and King-king were excluded due to high perceived geopolitical risk, limiting the probability of development. 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 Company Hot Chili McEwen Mining Inc Aldebaran Resources Inc Los Andes Copper Ltd Solaris Resources Inc. Capstone Copper Marimaca Copper Corp Western Copper and Gold Corp Surge Copper Corp Oroco Resource Corp. US Copper Corp. Faraday Copper Tintina Mines Reported Level of Study PFS FS PEA PEA PFS FS DFS FS PEA PEA PEA PEA PEA Report Year 2025 2025 2025 2023 2025 2024 2025 2022 2023 2024 2024 2023 2026 Effective Date 27/03/2025 1/10/2025 30/10/2025 23/02/2023 6/11/2025 31/07/2024 26/08/2025 13/06/2022 12/06/2023 15/08/2024 16/12/2024 3/04/2023 23/01/2026 M&I CuEq Mt CuEq 3.63 5.04 10.93 6.82 11.95 1.98 0.85 9.46 4.25 1.93 1.34 2.04 0.51 INF CuEq Mt CuEq 0.62 13.16 5.44 7.09 4.92 0.57 0.06 3.39 1.62 1.76 0.21 0.31 1.23 Resource Category Split Mesaured/Indicated % 85% 19% 66% 46% 64% 70% 91% 64% 65% 50% 86% 83% 27% Inferred % 15% 81% 34% 54% 36% 30% 9% 36% 35% 50% 14% 17% 73% Elevation masl 740 3775 3400 2000 1200 1140 1020 1190 0 500 0 0 790 Nominal Annual Copper Throughput kt/annum 77,763 156,238 88,148 153,880 153,873 68,261 41,553 74,227 57,258 103,765 75,848 42,587 36,401 Produced Metal kt Cu 1,549,455 3,281,007 4,231,085 4,000,889 3,385,200 1,296,957 540,192 2,004,129 1,740,644 2,282,838 758,477 1,362,798 946,437 CAPEX 2025 Real Initial US$ 1,272,690,000 3,562,348,599 1,593,000,000 2,744,803,090 3,729,000,000 2,410,737,673 587,000,000 3,146,757,939 2,211,849,651 1,148,416,539 995,103,451 896,209,543 1,283,000,000 Startup Capital Intensity ($/nominal ann cu) US$/t Cu 16,518 22,801 18,072 17,837 24,234 35,317 14,126 42,394 38,630 11,067 13,120 21,044 35,246 Discount Rate % 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 7% 7% 8% Copper Study Price USS$/lb 4.30 4.25 4.35 3.68 4.50 4.10 4.30 3.50 4.00 4.00 4.15 3.80 4.30 Post-tax NPV US$ 1,203,000,000 2,940,000,000 2,009,000,000 2,776,000,000 4,617,000,000 1,720,000,000 709,000,000 1,703,820,000 1,541,864,000 1,480,000,000 1,075,000,000 713,000,000 327,600,000 Profitability Index 0.95 0.83 1.26 1.01 1.24 0.71 1.21 0.54 0.70 1.29 1.08 0.80 0.26 Metal Prices Cu US$/lb 4.30 4.00 3.50 3.85 3.68 4.25 4.00 3.50 4.00 4.00 4.15 3.80 4.30 Au US$/oz 2,280.00 1,700.00 1,650.00 1,750.00 - - 1,900.00 1,650.00 1,800.00 1,900.00 2,320.00 - 2,500.00 Mo US$/lb 20.00 20.00 12.00 - 12.90 - 15.00 12.00 15.00 15.00 - 13.00 - Ag US$/oz 28.00 18.00 22.00 22.50 21.79 - 24.00 22.00 23.00 24.00 27.40 20.00 - Normalised to US$4.30/lb Cu Price Total Revenue (Adjusted) US$ 17,966,302,042 11,809,940,753 43,810,163,907 43,114,797,441 44,295,286,657 31,094,754,991 5,119,509,897 43,810,163,907 27,893,954,893 25,059,179,735 8,948,332,432 13,783,175,602 12,607,420,071 Post-Tax NPV (Scaled @ $4.30/lb) US$ 1,203,000,000 2,821,511,628 2,009,000,000 4,054,515,152 4,417,000,000 1,905,365,854 709,000,000 3,125,000,000 2,423,750,000 1,878,500,000 1,191,177,885 1,233,526,316 327,600,000 Post-Tax IRR (Scaled @ $4.30/lb) US$ 19% 19% 21% 30% 26% 26% 31% 21% 22% 26% 23% 22% - Interpolated from Sensitivity Data Upper Published NPV US$ 2,050,000,000 4,966,000,000 - 4,137,000,000 6,417,000,000 2,658,000,000 1,221,000,000 3,351,000,000 3,443,000,000 2,549,000,000 2,291,000,000 1,499,000,000 1,241,000,000 Estimated NPV @$4.30/lb US$ 1,203,000,000 2,821,511,628 2,009,000,000 4,054,515,152 4,417,000,000 1,905,365,854 709,000,000 3,125,000,000 2,423,750,000 1,878,500,000 1,191,177,885 1,233,526,316 327,600,000 Lower Published NPV US$ 278,000,000 902,000,000 - 2,776,000,000 2,817,000,000 745,000,000 177,000,000 2,786,000,000 707,000,000 400,000,000 935,000,000 (142,000,000) (139,000,000) Upper Published IRR % 26% 26% 0% 30% 0% 32% 42% 22% 27% 31% 37% 25% - Estimated IRR @$4.30/lb % 19% 19% 21% 30% 0% 26% 31% 21% 22% 26% 23% 22% - Lower Published IRR % 11% 12% 0% 24% 0% 15% 15% 20% 12% 12% 21% 5% -
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35 Reference data – hyperlinks Global Developer and Market Peer Group (continued) Index Company 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 Minerals Corp. 3 Hot Chili Ltd Costa Fuego https://w w w .hotchili.net.au/UploadImages/announcements/NI-43101_Costa_Fuego_PFS_20250509-541.pdf 4 Los Andes Copper Ltd Vizcachitas https://losandescopper.com/site/assets/files/3685/techreport.pdf 5 McEw en Mining Inc Los Azules https://w w w .mcew enmining.com/investor-relations/press-releases/press-release-details/2025/Los-Azules- Feasibility-Study-Confirms-Economically-Robust-Copper-Project-With-Leading-ESG-Performance/default.aspx 6 Solaris Resources Inc Warintza https://w w w .solarisresources.com/blog/solaris-publishes-positive-pre-feasibility-study 7 SolGold Cascabel SolGold PLC Announces Completion of New Cascabel Pre-Feasibility Study - SolGold 8 Surge Copper Berg https://surgecopper.com/site/assets/files/6250/surge_copper_berg_pea_technical_report_final.pdf 9 Western Copper & Gold Corp Casino http://w esterncopperandgold.com/w p-content/uploads/2022/08/M3-PN200352-Casino-Feasibility-Study-NI-43- 101-Technical-Report_compressed.pdf 10 Mar imac a Mar imac a https://marimaca.com/corporate-documents/
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36 1 Refer to Costa Fuego concentrate specification sheet included in slide 35. 2 Averages for ‘Recovery to Concentrate’ and ‘Concentrator Variable Throughput Rates’ weighted by percentage of production feed metal Extensive Recovery Testwork Completed, Clean Concentrate1, Variable Throughput Rates Metal Recoveries Variable Throughput Rates • Variable throughput rates determined from extensive geometallurgical testwork • High-specification, clean concentrate produced • Four locked-cycle tests completed for the Costa Fuego project with very low arsenic recorded in the fresh water washed concentrate1 • Negligible deleterious elements reported in concentrate testwork2 Average Recovery to Concentrate (%) Number of Tests Cu Au Mo Ag Average 86 54 70 37 93 Concentrator (Mtpa) Number of Tests Average 21.7 85 Sulphide Concentrator
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37 ¹ Molybdenum content is high since assay is taken before Molybdenum is floated to create a specific Molybdenum Concentrate and a Copper-Gold-Silver Concentrate ² ND – not detected, below detection limit of assay technique Copper-Gold-Silver- Molybdenum Concentrate Assays Element Unit Value Cu % 26 Au ppm 5 Mo ppm 7,411 Ag ppm 24 Co ppm 263 Cl ppm 238 Al2O3 % 2 As ppm 44 Ba ppm 55 Bi ppm 24 CaO % 1 Cd ppm 7 F ppm ND² Fe % 28 Hg ppm 1 K ppm 3,842 MgO ppm 3,527 Copper-Gold-Silver- Molybdenum Concentrate Assays Element Unit Value Mn ppm 98 Na ppm 2,392 Ni ppm 82 P ppm 154 Pb ppm 136 S % 32 Sb ppm 11 Se ppm 86 SiO2 % 7 Sn ppm 9 Sr ppm 21 Te ppm 2 Th ppm 5 Ti % 0.1 V ppm 29 Zn ppm 262 Zr ppm 80 Concentrate Specification Defined by five Locked-Cycle Tests
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38 Long-term Copper and Gold Price Assumptions in Line with NBF 25-Bank Forecast Long-term Metal Price Assumptions Copper and Gold price assumption values from 25-Bank forecast of copper price out to 2028. Long-term Exchange Rate Assumptions Variable Units Price Copper Price US$/lb 4.30 Gold Price US$/oz 2,280 Silver Price US$/oz 28 Molybdenum Price US$/lb 20 Currency Rate AUD:USD 0.72 USD:CLP 690 USD:EUR 0.86 1,200 2,200 3,200 4,200 5,200 6,200 09/2021 09/2022 09/2023 09/2024 09/2025 09/2026 Gold Price (US$/oz Au) 2.00 3.00 4.00 5.00 6.00 7.00 8.00 09/2021 09/2022 09/2023 09/2024 09/2025 09/2026 Copper Price (US$/lb Cu) US$4.30/lb Cu US$2,280/oz Au Five-Year Gold Price History Five-Year Copper Price History Financial Model Assumptions
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39 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”, “forecast”, “consider”, “proposed”, “conceptual”, “opportunity”, “designed to”, "believe", “estimate”, "expect", "may", "plan", "potential", "project", "should", "will", “coming” and similar expressions are intended to identify forward-looking statements. Forward-looking statements relate to, among other things: prospects, projections and success of the Company and its projects, highlights and results from the Costa Fuego PFS and Huasco Water Supply PFS, financial modelling and potential strategic advantages of the Huasco Water Project, including potential seawater and desalinated water supplies and projected customer base, projected financial and economic analyses, including capital costs, sustaining costs, cash flows, NPV, and revenue generation, the anticipated production profile and mine life of the Costa Fuego Project, engineering and infrastructure designs (including power supply, water supply, tailings storage, site layout), expected access to local workforce due to project proximity to a regional centre, plans for monetization of cobalt and improvements to copper/gold recovery, processing suitability based on metallurgical test work, conceptual opportunities and potential discoveries at or near the Costa Fuego Project, expectations regarding environmental impact assessment (EIA) timelines and permitting processes, ongoing relationships with local communities, government and regulatory bodies, planned definitive feasibility study, comparisons to prior studies (e.g., 2024 PEA). Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that may be encountered if the Costa Fuego Project is developed. In preparing forward-looking statements, the Company has applied several material assumptions, including, but not limited to: continuity of future commodity prices and demand, availability of skilled labour, timing and amount of capital expenditures, future currency exchange and interest rates will be consistent with the Company’s expectations, that increasing competition will not have a material adverse impact, that general conditions in economic and financial markets will be sustained or will improve, availability of drilling and construction equipment, that regulation by governmental agencies and relations with local communities will not change in a materially adverse manner, that future tax rates, tariffs, capital and operating costs will be as expected, availability of future sources of funding on reasonable terms, that assumptions related to adjusted funds from operations and financial models will prove accurate, that the assumptions underlying the PFS and related technical and economic analyses will prove to be reasonable. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements of the Company to be materially different from those expressed or implied. These include, but are not limited to: operational risks and contractual obligations, industry-wide and project-specific risks identified in the PFS Technical Report, sovereign risks related to operations in Chile, changes in mineral resource and reserve estimates, recruiting and retaining qualified personnel, financial needs and availability of adequate financing, market volatility and commodity price fluctuations, currency and exchange rate risks, the production at or performance of properties where the Company holds interests, environmental risks, financial failure or default of joint venture partners, contractors, or service providers, competition risks, economic and market conditions, slowdown or temporary suspension of operations due to outbreak of disease, estimates used in budgeting and economic analyses proving incorrect, risks related to delays in the permitting process, potential defects in title due to prior unregistered agreements or claims. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other unknown or unpredictable factors. There can be no assurance that forward-looking information will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this presentation are based on the plans, expectations, and estimates of management as at the date hereof. Except as may be required by applicable securities laws, the Company does not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date hereof. For additional information and assumptions underlying these statements, refer to: •The Company’s public filings with the Australian Securities Exchange (ASX) •The Canadian public disclosure record on SEDAR+ (www.sedarplus.ca) •The Company’s news releases dated 27 March 2025, 31 March 2025 and 9 May 2025 the PFS Technical Report.
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40 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 Canadian regulatory requirements set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and Joint Ore Reserves Committee of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (the “JORC Code”) and reviewed and approved by the “Qualified Persons” as defined under NI 43-101 and “Competent Persons” as defined under the JORC Code, as set out below. The 2025 PFS was compiled by the Qualified Persons and Competent Persons listed below based on information available up to the effective date of the PFS. Additional details of responsibilities are provided at page 48 of presentation “Costa Fuego Preliminary Feasibility Study March 2025” released on March 27 2025. PFS Technical Report For readers to fully understand the information in this presentation, they should read the technical report available on SEDAR+ (www.sedarplus.ca) and at www.hotchili.net.au in its entirety titled “Costa Fuego Project, Chile, Preliminary Feasibility Study NI 43-101 Technical Report” dated May 9, 2025 with an effective date of March 27, 2025 (the “PFS Technical Report”), including all qualifications, assumptions, limitations and exclusions. The PFS Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this presentation is subject to the assumptions and qualifications to be contained in the PFS Technical Report. The PFS Technical Report replaces and supersedes the technical report titled “Costa Fuego Copper Project – NI 43-101 Technical Report Mineral Resource Estimate Update” dated April 8, 2024, with an effective date of February 26, 2024 (the “2024 PEA”). Qualified Persons – NI 43-101 The PFS was compiled by Wood Australia Pty Ltd with contributions from a team of independent Qualified Persons within the meaning of NI 43 -101. The scientific and technical information contained in this presentation pertaining to Coast Fuego has been reviewed and verified by the following independent qualified persons within the meaning of NI 43-101: • Ms Elizabeth Haren (FAUSIMM (CP) & MAIG) of Haren Consulting – Mineral Resource Estimate • Mr Dean David (FAUSIMM (CP)) of Wood Pty Ltd – Metallurgy • Mr Piers Wendlandt (PE) of Wood Pty Ltd – Market Studies and Contracts, Economic Analysis • Mr David Cuello (MAUSIMM) of GMT Servicios de Ingeniería – Geotechnical • Mr Jeffrey Stevens (Pr. Eng, MSAIMM) of Wood Pty Ltd – Infrastructure and Capital Cost • Mr Luis Bernal (Comisión Minera (PC) Registered Member) of Process Mineral Consulting – Leaching • Mr Anton von Wielligh (FAUSIMM) of ABGM Consulting Pty Ltd – Mine Planning and Scheduling • Mr Edmundo LaPorte (PE, PEng, CPEng, SME Registered Member) of High River Services - Environmental The above independent Qualified Persons have verified the information disclosed herein, including the sampling, preparation, security, and analytical procedures underlying such information. Competent Persons – JORC The information in this presentation that relates to Exploration Results, Mineral Resources and Ore Reserves for the Costa Fuego Project is based on information compiled by: • Ms Elizabeth Haren (FAUSIMM (CP) & MAIG) who is a full-time employee of Haren Consulting – Mineral Resource Estimate • Mr Dean David (FAUSIMM (CP)) who is a full-time employee of Wood Pty Ltd – Metallurgy • Mr Piers Wendlandt (PE) who is a full-time employee of Wood Pty Ltd – Market Studies and Contracts, Economic Analysis • Mr David Cuello (MAUSIMM) who is a full-time employee of GMT Servicios de Ingeniería – Geotechnical • Mr Jeffrey Stevens (Pr. Eng, MSAIMM) who is a full-time employee of Wood Pty Ltd – Infrastructure and Capital Cost • Mr Luis Bernal (Comisión Minera (PC) Registered Member) who is a full-time employee of Process Mineral Consulting – Leaching • Mr Anton von Wielligh (FAUSIMM) who is a full-time employee of ABGM Consulting Pty Ltd – Mine Planning and Scheduling • Mr Edmundo LaPorte (PE, PEng, CPEng, SME Registered Member) who is a full-time employee of High River Services – Environmental • Mr Christian Easterday (MAIG), who is the Managing Director and is a full-time employee of Hot Chili Limited – Exploration Results Ms Haren, Mr David, Mr Wendlandt, Mr Cuello, Mr Stevens, Mr Bernal, Mr LaPorte, Mr Easterday and Mr von Wielligh each have 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 JORC Code and as Qualified Persons under NI43-101.
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41 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’, ’Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint’, ‘District-Scale Porphyry Cluster Potential Emerging at La Verde Cu-Au Discovery’, ‘First Diamond Drillhole Confirms Gold-Rich Major Copper Discovery in Coastal Chile’, ‘Near-Surface Higher-Grade Core Confirmed at La Verde’, ‘Rapid Growth of High Grade Core Continues at La Verde’, ‘Shallow High Grade Results Continue at La Verde’, ‘Hot Chili Confirms Major High-Grade Extension at La Verde’, ‘Latest Drilling Lifts HG Core Potential of La Verde’, ‘Strong Copper-Gold Results Continue at La Verde’ and ‘La Verde Emerging as Cornerstone Asset for HCH’ released to ASX on 26 February 2024, 19 May 2025, 29 May 2025, 27 November 2025, 10 December 2025, 20 January 2026, 16 February 2026, 8 April 2026, 5 May 2026, 16 June 2026, and 28 July 2026 respectively, which are available to view on the Company’s website at www.hotchili.net.au/investors/investor-centre/market-announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. Mineral Resources and Ore Reserves The information in this presentation that relates to Mineral Resources and Ore Reserves for Cortadera, Productora (including Alice) and San Antonio which constitute the combined Costa Fuego Project was previously reported in the Company’s announcement ‘PFS & Maiden Ore Reserve for the Costa Fuego Cu-Au Project’ released to ASX on 27 March 2025 (the “PFS Announcement”) and the technical report entitled ‘Costa Fuego Copper Project – NI 43-101 Technical Report Mineral Resource Estimate Update’ dated 9 May 2025 with an effective date of 27 March 2025 (the “MRE”), which are available to view on the Company’s website at www.hotchili.net.au/investors/investor-centre/market-announcements. The Company confirms it is not aware of any new information or data that materially affects the information included in the PFS Announcement and the MRE and all material assumptions and technical parameters stated for the Mineral Resources and Ore Reserves continue to apply and have not materially changed. Costa Fuego Production Targets and Derived Forecast Financial Information The information in this presentation relating to any production targets and forecast financial information derived from the production targets comprised in the statements in this presentation about the Costa Fuego Copper-Gold Project was previously reported in the PFS Announcement and the Company confirms all material assumptions underpinning those production targets and forecast financial information continue to apply and have not materially changed. Conceptual Open Pit Shells Conceptual open pit shells represent Exploration Targets as defined in the JORC Code. They are based on completed exploration activities previously reported in the Company’s announcement ‘Hot Chili Announces Latest Drill Results for La Verde, Doubling Porphyry Discovery Footprint’ released to ASX on 19 May 2025. The conceptual open pit shells were generated using copper (Cu) prices of US$3.50/lb Cu and US$6.00/lb Cu on a series of nested Cu grade shells. Other input parameters informing the conceptual open-pit shells (pit slope angles, mining cost, processing cost, etc.) were derived from values reported in the March 2025 Costa Fuego Pre-feasibility Study and are considered appropriate for the style of mineralisation encountered at the La Verde Cu-Au porphyry discovery. Any potential quantity and grade of the Exploration Target shown is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource within the target area, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Further exploration activities are detailed in this presentation and include (but may not necessarily be limited to) a program of diamond drillholes aiming to extend the mineralised footprint at La Verde. Drilling commenced on 22 September 2025, with the length of the program dependent on a number of considerations including (but not limited to) the results of the exploration activities and regulatory applications and approvals. Drilling continues as of the release date of this presentation. Huasco Water Supply PFS The information in this presentation concerning the Huasco Water Supply PFS and forward looking financial information based on the Huasco Water Supply PFS, was previously reported in the Company’s announcement 'Hot Chili's PFS for Huasco Water & MOU for Seawater Supply' released to ASX on 31 March 2025 (the “Water Supply PFS Announcement”), a copy which is available at the Company's website at www.hotchili.net.au/investors/market-announcements/. Further information about the forward looking financial information and basis on which it is stated in this presentation, including the assumptions, basis of assumptions, sensitivity analysis for key inputs, prospects for funding, risk factors and risk minimisation strategies relevant to the Huaso Water Supply PFS, is contained in the Water Supply PFS Announcement, which should be considered in conjunction with this presentation.
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42 Mr Christian Easterday Managing Director E: admin@hotchili.net.au Hot Chili Limited ACN 130 955 725 First Floor, 768 Canning Highway, Applecross,Western Australia 6153 PO Box 1725, Applecross, WesternAustralia 6953 P: +61 8 9315 9009 F: +61 8 9315 5004 Graham Farrell Investor & Public Relations (Canada) E: graham@hotchili.net.au