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Overview of Hot Chili Ltd
Hot Chili Ltd (HHLKF) is a diversified mining and resource infrastructure company operating in Chile, with a core focus on copper-gold exploration and the development of strategic mining assets. The company is actively advancing its Costa Fuego Copper-Gold Project, a robust initiative in the coastal range of the Atacama region, where its expertise in copper mining, gold extraction, and mining infrastructure is evident. Hot Chili not only leverages advanced exploration techniques to discover and consolidate mineral resources, but it also integrates infrastructural developments such as port facilities and water supply networks to enhance operational efficiency and cost management.
Core Business Areas and Operations
Hot Chili operates predominantly through two interlinked business segments. The first is its mining exploration and development segment, which focuses on the discovery, evaluation, and potential development of copper-gold deposits. The Costa Fuego Project exemplifies this commitment, where extensive drilling, metallurgical testing, and feasibility studies are underway. The company employs modern geophysical surveys, mapping techniques, and drilling programs to identify high-potential targets within historical mining districts such as Domeyko. Ongoing consolidation of regional assets, including the strategic La Verde open pit acquisition, underscores its commitment to expanding its mineral resource base and reducing exploration risk.
The second segment pertains to resource infrastructure and water asset management. In an environment where water scarcity is a critical challenge, Hot Chili has secured vital maritime concessions that enable the extraction and desalination of seawater for both community and industrial use. Its innovative approach to developing a multi-user water network, complemented by joint ventures like Huasco Water, is designed to support mining developments as well as agricultural and community needs. Additionally, the company has initiated major port services and feasibility studies to convert existing port facilities for bulk concentrate export. This integrated model not only mitigates operational risks but also has the potential to unlock significant capital and operational savings.
Strategic Integration and Competitive Position
At the heart of Hot Chili's business model lies its ability to interconnect exploration success with infrastructural synergy. The company's strategic partnerships and MOUs, such as those with port service providers, play a critical role in securing essential logistic advantages. By developing a copper infrastructure corridor, Hot Chili positions itself as a vital enabler of potential mining projects in Chile's Huasco region. Equally, its pioneering efforts in water supply infrastructure resonate with broader mining trends in regions facing water scarcity, offering a blueprint for sustainable resource management. Such integration of multiple facets of mining operations places the company in a unique competitive niche, where the coordination between mineral extraction and supportive logistics amplifies its market significance.
Technical Expertise and Industry Knowledge
Hot Chili demonstrates considerable technical expertise through its rigorous exploration programs and adherence to international reporting standards (NI 43-101 and JORC Code). The company places a high priority on detailed technical studies, environmental assessments, and operational planning. Its use of advanced exploration technologies, combined with systematic consolidation of regional assets, reflects a deep understanding of geological processes and mining economics. Moreover, the deliberate design of its studies—ranging from water supply case studies to port feasibility assessments—ensures that every aspect of project development is meticulously validated, maximizing process reliability and investor confidence.
Risk Management and Operational Efficiency
Operation in a resource-rich yet challenging environment such as Chile requires robust risk management frameworks. Hot Chili has designed its operations to mitigate regulatory and operational risks while optimizing capital deployment. The company's strategic emphasis on joint ventures and shared infrastructure development specifically addresses the dual challenges of water scarcity and heavy logistical demands. By funding key feasibility studies and maintaining integrated control over its assets, Hot Chili sets a strong foundation for bridging exploration with commercial viability, thereby reinforcing its operational efficiency and cost-effectiveness in a competitive mining landscape.
Comprehensive Asset Portfolio and Market Impact
With a comprehensive asset portfolio that spans high-potential copper-gold deposits and critical water resources, Hot Chili plays a pivotal role in shaping the mining infrastructure landscape in Chile. The company's progressive acquisition of assets such as the La Verde project, along with its established water concessions and port access rights, positions it to potentially supply both high-grade mineral outputs and essential water resources. This dual focus supports not only mining operations but also broad community and industrial applications, thereby enhancing its overall market impact and strategic relevance.
Conclusion
In summary, Hot Chili Ltd is a multifaceted resource company that expertly blends mining exploration with infrastructural innovation to address complex regional challenges. Its integrated business model, underscored by high-level technical expertise and strategic asset consolidation, ensures that the company remains a significant participant in Chile's industrial and mining sectors. By focusing on sustainable water and port infrastructure development alongside conventional mining operations, Hot Chili provides a balanced approach that benefits a wide range of stakeholders and underpins its enduring market presence.
The company maintains a neutral and analytical approach to its business operations, ensuring that all statements are backed by careful technical assessments and detailed feasibility studies. With a well-documented history of exploration success and strategic infrastructural development, Hot Chili continues to evolve as a key player in the resource sector, providing valuable insights for investors and industry observers alike.
Hot Chili (HHLKF) has announced corrections to its Preliminary Feasibility Study (PFS) for Huasco Water, its 80% owned water rights entity in Chile's Huasco Valley. The PFS outlines a three-stage water supply project:
Stage 1: 500L/s seawater supply with US$122M NPV, 19% IRR, US$151M capital cost, and 4.5-year payback. An MOU was executed for water supply to Costa Fuego Copper-Gold Project.
Stage 2: 1,300 L/s desalinated water supply with US$977M NPV, 19% IRR, US$1.4B capital cost, and 4-year payback.
Stage 3: Conceptual expansion to 2,300 L/s of desalinated water supply.
Huasco Water holds the only active maritime license in the region, with over 4,000 L/s of identified desalinated water demand from potential customers. Development is planned for the end of the decade, with first water supply targeted for Costa Fuego.
Hot Chili has announced the results of a Pre-Feasibility Study (PFS) for its 80%-owned subsidiary Huasco Water in Chile. The study outlines a three-stage water supply project:
Stage 1: 500L/s seawater supply with US$116M NPV, 19% IRR, US$151M capital cost, and 4.5-year payback. An MOU has been executed for water supply to Costa Fuego Copper-Gold Project.
Stage 2: 1,300 L/s desalinated water supply with US$958M NPV, 19% IRR, US$1.4B capital cost, and 4-year payback.
Stage 3: 2,300 L/s desalinated water expansion with US$1.3B NPV, 19% IRR, and US$1.9B capital cost.
Huasco Water holds the only active maritime license in the region after a ten-year approval process. The project targets water supply to community, agriculture, and mining in the Huasco Valley region over 42 years.
Hot Chili (HHLKF) has announced the results of its Pre-Feasibility Study (PFS) for the Costa Fuego copper-gold project in Chile. The project demonstrates top quartile copper production scale with a 20-year mine life and average annual production of 116,000 tonnes copper equivalent, including 95,000 tonnes copper and 48,000 ounces gold during primary production.
Key financial metrics include:
- Post-tax NPV (8%) of US$1.2 billion and IRR of 19%
- Start-up capital cost of US$1.27 billion
- Total life-of-mine free cash flow of US$3.86 billion
- Average C1 cash cost of US$1.38/lb
The project features a Probable Mineral Reserve of 502 Mt at 0.37% Cu, 0.10 g/t Au, 0.49 g/t Ag and 97 ppm Mo. Located at low elevation (740m) and 60km from port facilities, Costa Fuego benefits from existing infrastructure and proximity to workforce. The company plans to submit an Environmental Impact Assessment in 2025.
Hot Chili (HHLKF) has expanded its drilling coverage at the La Verde copper-gold porphyry discovery in Chile's Atacama region. The first-pass drill coverage now extends across 1,000m by 550m, with 27 reverse circulation holes totaling 8,162m completed to date.
The company has doubled its drilling coverage since February 2025, with shallow porphyry mineralization remaining open in all directions. Eight of 12 reported drill holes showed significant mineralization to end-of-hole, with assay results pending for fifteen additional holes. The discovery is located approximately 30km south of the company's planned Costa Fuego Project central processing hub.
Hot Chili is planning deeper diamond drill testing, while experiencing delays in assay turnaround time due to peak summer drilling season. The Pre-Feasibility Studies (PFS) for Costa Fuego and Huasco Water are in their final stages of completion.
Hot Chili (ASX: HCH, TSXV: HCH, OTCQX: HHLKF) has appointed Mrs Fiona Van Maanen as an Independent Non-Executive Director, effective March 17, 2025. Van Maanen brings over 30 years of executive experience in corporate governance, financial management, and accounting in the mining industry.
Van Maanen currently serves as Non-Executive Director at several mining companies including Westgold Resources (ASX: WGX), Wildcat Resources (ASX: WC8), and Pantoro (ASX: PNR). In her new role at Hot Chili, she will Chair the Company's Audit & Risk Committee. She will stand for election as a director at the Company's 2025 Annual General Meeting.
Hot Chili has announced significant developments in its Costa Fuego copper hub project for the half-year ended December 31, 2024. The company confirmed a major copper-gold porphyry discovery at the newly acquired La Verde Copper Mine, with drilling results showing broad mineralization extending over 300m vertically.
Key highlights include:
- Cash position of A$19 million as of December 31, 2024
- La Verde acquisition secured through option agreement worth US$8.89 million total
- Pre-feasibility Study (PFS) for Costa Fuego Cu-Au project in final stages
- Completion of key workstreams in metallurgy, mining, and infrastructure
- Progress on Huasco Water Supply PFS with potential for third-party water supply opportunities
The La Verde discovery shows promising results with mineralization footprint extending 550m by 400m, remaining open in all directions. The company completed 19 RC drill holes totaling 5,700m, with assays from 12 holes confirming significant copper-gold mineralization.
Hot Chili (ASX: HCH, TSXV: HCH, OTCQX: HHLKF) announced immediate board changes with the resignation of Dr Nicole Adshead-Bell (Non-Executive Chair) and Stephen Quin (Non-Executive Director). The company is preparing for its next development phase with upcoming Pre-feasibility Studies for the Chilean Costa Fuego copper-gold project and Huasco Water project.
The company plans to strengthen its board capabilities at this important growth period, particularly following the recent significant porphyry copper gold discovery at La Verde, which adds potential upside to Costa Fuego's scale.
Hot Chili (HHLKF) has confirmed a major copper-gold porphyry discovery at La Verde in coastal Chile through additional drilling results. The discovery shows broad mineralizations extending over 300m vertically, starting at shallow depths. Key intersections include 320m grading 0.3% Cu and 0.1 g/t Au and 200m grading 0.4% Cu and 0.1 g/t Au.
The discovery footprint currently extends 550m by 400m and remains open in all directions. Eight of twelve drill holes ended in mineralization, suggesting deeper potential. The company has completed 19 RC drill holes totaling 5,700m, with results from 12 holes reported so far. Hot Chili has A$19 million in cash as of December 31, 2024, and Pre-Feasibility Studies for Costa Fuego and Huasco Water are nearing completion.
Hot Chili has confirmed a significant copper-gold discovery at La Verde, located 30km south of their Costa Fuego Project in Chile. Key drilling results include a 202m intersection grading 0.6% copper and 0.3g/t gold from 70m depth. The first two drill holes of a 4,000m program have shown promising results, with DKP002 recording 308m grading 0.5% Cu and 0.3g/t Au.
La Verde's porphyry footprint measures approximately 850m by 700m, comparable to the Company's Cortadera Cuerpo 3 deposit. The program has been expanded to 6,000m with results pending for 10 more drill holes. The company maintains a strong financial position with A$25.7 million in treasury as of September 2024, and plans to release the Costa Fuego PFS and Water Supply Business Case Study PFS in Q1 2025.
Hot Chili (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) announces its 2024 Annual General Meeting scheduled for Thursday, November 28, 2024, at 9:30am AWST. Shareholders can attend either in person at the company's office in Applecross, WA, or participate online through the Teams Platform. The virtual format will allow for real-time written questions during the meeting regarding resolutions outlined in the October 25, 2024 Notice of Meeting. In-person registration begins at 9:15am AWST.
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