Half-Yearly Report: Hot Chili Limited and Controlled Entities Interim Financial Report for the Half-Year Ended 31 December 2024
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 ha annunciato sviluppi significativi nel suo progetto hub di rame Costa Fuego per il semestre terminato il 31 dicembre 2024. L'azienda ha confermato una importante scoperta di porfido rame-oro nella recentemente acquisita La Verde Copper Mine, con risultati di perforazione che mostrano una vasta mineralizzazione che si estende per oltre 300m in verticale.
I punti salienti includono:
- Posizione di cassa di A$19 milioni al 31 dicembre 2024
- Acquisizione di La Verde assicurata tramite un accordo di opzione del valore totale di US$8,89 milioni
- Studio di pre-fattibilità (PFS) per il progetto Costa Fuego Cu-Au nelle fasi finali
- Completamento di flussi di lavoro chiave in metallurgia, estrazione e infrastrutture
- Progresso sul PFS per la fornitura d'acqua di Huasco con potenziale per opportunità di fornitura d'acqua di terzi
La scoperta di La Verde mostra risultati promettenti con un'impronta di mineralizzazione che si estende per 550m per 400m, rimanendo aperta in tutte le direzioni. L'azienda ha completato 19 fori di perforazione RC per un totale di 5.700m, con analisi di 12 fori che confermano una significativa mineralizzazione di rame-oro.
Hot Chili ha anunciado desarrollos significativos en su proyecto de hub de cobre Costa Fuego para el semestre que terminó el 31 de diciembre de 2024. La empresa confirmó un importante descubrimiento de porfido de cobre-oro en la recién adquirida La Verde Copper Mine, con resultados de perforación que muestran una amplia mineralización que se extiende más de 300m en vertical.
Los aspectos destacados incluyen:
- Posición de efectivo de A$19 millones al 31 de diciembre de 2024
- Adquisición de La Verde asegurada a través de un acuerdo de opción por un total de US$8,89 millones
- Estudio de pre-factibilidad (PFS) para el proyecto Costa Fuego Cu-Au en etapas finales
- Finalización de flujos de trabajo clave en metalurgia, minería e infraestructura
- Progreso en el PFS de suministro de agua de Huasco con potencial para oportunidades de suministro de agua de terceros
El descubrimiento de La Verde muestra resultados prometedores con una huella de mineralización que se extiende 550m por 400m, permaneciendo abierta en todas las direcciones. La empresa completó 19 agujeros de perforación RC que totalizan 5,700m, con ensayos de 12 agujeros que confirman una significativa mineralización de cobre-oro.
핫 칠리는 2024년 12월 31일로 종료된 반기 동안 코스타 후에고 구리 허브 프로젝트에서 중요한 발전을 발표했습니다. 이 회사는 새로 인수한 라 베르데 구리 광산에서 주요 구리-금 포르프리 발견을 확인했으며, 드릴링 결과는 수직으로 300m 이상에 걸쳐 광범위한 광물화를 보여줍니다.
주요 하이라이트는 다음과 같습니다:
- 2024년 12월 31일 기준 현금 보유액 1,900만 호주 달러
- 총 889만 미국 달러의 옵션 계약을 통해 확보된 라 베르데 인수
- 코스타 후에고 구리-금 프로젝트에 대한 사전 타당성 조사(PFS) 최종 단계
- 금속공학, 채굴 및 인프라의 주요 작업 흐름 완료
- 제3자 수자원 공급 기회 가능성을 가진 후아스코 수자원 공급 PFS 진행 중
라 베르데 발견은 550m x 400m의 광물화 발자국이 모든 방향으로 열려 있는 유망한 결과를 보여줍니다. 이 회사는 총 5,700m의 19개 RC 드릴 홀을 완료했으며, 12개 홀의 분석 결과는 중요한 구리-금 광물화를 확인했습니다.
Hot Chili a annoncé des développements significatifs dans son projet de hub de cuivre Costa Fuego pour le semestre se terminant le 31 décembre 2024. L'entreprise a confirmé une importante découverte de porphyre cuivre-or dans la nouvelle acquisition de La Verde Copper Mine, avec des résultats de forage montrant une large minéralisation s'étendant sur plus de 300m en profondeur.
Les points clés incluent:
- Position de trésorerie de 19 millions AUD au 31 décembre 2024
- Acquisition de La Verde sécurisée par un accord d'option d'une valeur totale de 8,89 millions USD
- Étude de faisabilité préliminaire (PFS) pour le projet Costa Fuego Cu-Au en phase finale
- Achèvement des flux de travail clés en métallurgie, extraction et infrastructures
- Progrès sur le PFS de l'approvisionnement en eau de Huasco avec un potentiel pour des opportunités d'approvisionnement en eau de tiers
La découverte de La Verde montre des résultats prometteurs avec une empreinte de minéralisation s'étendant sur 550m par 400m, restant ouverte dans toutes les directions. L'entreprise a réalisé 19 trous de forage RC totalisant 5 700m, avec des analyses de 12 trous confirmant une minéralisation significative de cuivre-or.
Hot Chili hat bedeutende Entwicklungen in seinem Costa Fuego Kupfer-Hub-Projekt für das zum 31. Dezember 2024 endende Halbjahr angekündigt. Das Unternehmen bestätigte eine bedeutende Kupfer-Gold-Porphyr-Entdeckung in der neu erworbenen La Verde Copper Mine, wobei die Bohrergebnisse eine breite Mineralisierung zeigen, die sich über 300m in der Tiefe erstreckt.
Wichtige Höhepunkte sind:
- Liquiditätsposition von 19 Millionen AUD zum 31. Dezember 2024
- Erwerb von La Verde durch einen Optionsvertrag im Gesamtwert von 8,89 Millionen USD gesichert
- Machbarkeitsstudie (PFS) für das Costa Fuego Cu-Au Projekt in den letzten Zügen
- Abschluss wichtiger Arbeitsströme in Metallurgie, Bergbau und Infrastruktur
- Fortschritte beim Huasco Wasserversorgungs-PFS mit Potenzial für Drittanbieter-Wasserversorgungsmöglichkeiten
Die Entdeckung von La Verde zeigt vielversprechende Ergebnisse mit einer Mineralisierungsfläche von 550m mal 400m, die in alle Richtungen offen bleibt. Das Unternehmen hat 19 RC-Bohrlöcher mit insgesamt 5.700m abgeschlossen, wobei die Analysen von 12 Löchern eine signifikante Kupfer-Gold-Mineralisierung bestätigen.
- Major copper-gold porphyry discovery at La Verde with significant mineralization
- Strong cash position of A$19 million
- PFS nearing completion with positive metallurgical test results
- Strategic acquisition of La Verde mine expanding Costa Fuego copper hub
- Significant future payments required for La Verde acquisition (US$8.89M total)
- Exploration results still speculative with no confirmed mineral resource
- Seven drill hole results still pending from La Verde
Review of Operations
Highlights
- Hot Chili adds former La Verde Copper Mine (La Verde) to its Costa Fuego coastal copper hub and confirms significant Cu-Au porphyry discovery.
- Costa Fuego Cu-Au Pre-feasibility Study (PFS): Final Stages Underway.
- Huasco Water – Water Supply PFS: Nearing Completion.
- 31 December 2024 cash position
A .$19 million
Hot Chili Confirms Major Cu-Au Porphyry Discovery at La Verde
On 11 February 2025, the Company announced new drill results from ten Reverse Circulation (RC) drill holes, confirming La Verde as a significant copper-gold porphyry discovery in low elevation coastal
Drilling confirms scale & growth potential*
- Wide, shallow mineralisation – current discovery footprint extends 550 m by 400 m and remains open in all directions.
- Deeper potential remains untapped – Mineralisation commences from shallow depths, extends to more than 300m below surface, and 8 of 12 drill holes reported to date end in mineralisation at the limit of RC drilling depth capability.
- Gravel cover masking potentially much larger porphyry system – step-out drilling underway.
- Potential below the historical oxide copper open pit untested – drill testing yet to commence.
- Major discovery in its infancy – every drill hole has intersected porphyry-style, copper-gold mineralisation (refer to Table 1 for details on significant intercepts).
As at 11 February 2025, Hot Chili had completed 19 RC drill holes (5,700 m) at La Verde, with assay results from 12 holes reported so far confirming a major copper-gold porphyry discovery* in
Diamond drilling being planned, targeting potential for deeper, higher-grade zones intersected at depth and to test potential for +1km vertical depth extent, typical of other recent major porphyry discoveries, such as Hot Chili's neighbouring Cortadera discovery, *La Verde Mineral Exploration/Exploration Target Area: Exploration targets and/or Exploration zones and/or Exploration areas are speculative and there is no certainy that any future work or evaluation will lead to the definition of a mineral resource.
Adjacent Properties: The Company has no interest in, or rights to, any of the adjacent properties mentioned, and exploration results on adjacent properties are not necessarily indicative of mineralization on the Company's properties. Any references to exploration results or mineral occurrences on adjacent properties are provided for information only and do not imply any certainty of achieving similar results on the Company's properties. |
Notes to Table 1: Significant intercepts for La Verde are calculated above a nominal cut-off grade of | |
1 Previously released significant intercepts. See announcement dated 18th December 2024 | |
Hot Chili adds La Verde to its Costa Fuego Coastal Copper Hub
In November 2024, Hot Chili executed an Option Agreement to acquire a
La Verde encompasses 800m strike length of open pit workings, previously exploited by private interests for shallow copper-oxide mineralisation.
The La Verde Option Agreement, along with the recently executed Domeyko Option Agreement (see announcement dated 30th April 2024), for the first time consolidates and provides access to, a much larger potential porphyry copper deposit footprint measuring approximately 1.4km by 1.2km, based on geophysical surveys.
The material terms of the executed La Verde Option Agreement are as follows:
Hot Chili's
- Non-refundable cash payment of
US to SLM Dominoceros upon grant of the La Verde Option Agreement.$320,000 - Non-refundable cash payment of
US within 12 months from the grant of the La Verde Option Agreement.$680,000 - Non-refundable cash payment of
US within 24 months from the grant of the La Verde Option Agreement.$1,000,000 - Option may be exercised within 36 months of the date of grant of the La Verde Option for a final non-refundable cash payment of
US .$6,890,000
Costa Fuego Cu-Au Pre-feasibility Study (PFS): Final Stages Underway
During the period, Hot Chili completed key workstreams for Costa Fuego's PFS and Environmental Impact Assessment (EIA), achieving milestones in metallurgy, mining, infrastructure, and environmental planning.
Metallurgy
- Finalized metallurgical testwork using Nova Mineralis Novaminore® technology, which leverages saline water and regulated irrigation cycles for enhanced chalcopyrite recovery from heap leaching of low grade mineralisation.
- Demonstrated reduced freshwater dependency, aligning with Costa Fuego's planned seawater processing.
- Results informed predictive models for copper recovery and acid consumption, optimizing the mine schedule.
Mining
- Mine scheduling finalised using advanced software, incorporating feed from four open pits (Productora, Cortadera,
Alice , andSan Antonio ) and an underground block cave at Cortadera. - Multiple schedule iterations prioritized lower pre-start capital, faster payback, and optimized production rates.
- Initial capital and operating cost estimates were completed, with further optimization underway for inclusion in the PFS financial model.
Infrastructure
- Finalized site layout, including placement of heap/dump leach pads, waste dumps, stockpiles, mill site, tailings storage, and support buildings.
- Integrated surface water management systems, including diversion channels and dewatering infrastructure.
- Ongoing road optimization to align with the mining schedule.
Environment
- Advanced EIA preparation with additional hydrogeological and geotechnical investigations planned for 2025.
- Completed collection of 122 rock samples for acid rock drainage (ARD) and metal leaching (ML) tests to inform long-term infrastructure and mine closure planning.
- Conducted baseline environmental studies and integrated results into design decisions.
Huasco Water – Water Supply PFS: Nearing Completion
During the quarter, Hot Chili's
- Evaluation of marine works and the conveyance system to Costa Fuego and other potential third-party off-takers
- Completion of trade-off studies, including desalination plant (technology, location, and sizing), and pipeline configuration (routing and location of pumping stations) for potential third party off-takers. Note that Costa Fuego does not require desalinated water for processing.
- Optimisation of capital cost estimates for the initial stage of seawater supply to Costa Fuego
- Options for third party water supply, including desalinated water, continue to advance
Huasco Water controls the only active granted maritime water concession and most of the necessary permits to provide non-continental water supply to the Huasco Valley, following over a decade of permitting advancement for Hot Chili's coastal range Costa Fuego copper-gold project.
Uniquely, Huasco Water represents an opportunity for Hot Chili to potentially outsource its water infrastructure capital requirements in addition to providing significant additional funding optionality for Costa Fuego.
Hot Chili is continuing its discussions with potential water off-takers in the Huasco Valley and is also engaging with major water infrastructure groups in relation to potential partnership opportunities for financing and development of Huasco Water's future industrial water infrastructure.
Qualifying Statements
The Mineral Resource summary for the Costa Fuego Project is presented in Table 2.
1 | Mineral Resources are reported on a |
2 | The Productora deposit is |
3 | The Cortadera deposit is controlled by a Chilean incorporated company Sociedad Minera La Frontera SpA (Frontera). Frontera is a subsidiary company – |
4 | The |
5 | 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 |
6 | 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, |
7 | 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 | |
Productora – Weighted recoveries of | |
Costa Fuego – Recoveries of | |
8 | Copper Equivalent (CuEq) grades are calculated based on the formula: CuEq% = ((Cu% × Cu price |
9 | 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. |
10 | The effective date of the estimate of Mineral Resources for the period ending June 30 2024 is February 23rd, 2024. Refer to ASX Announcement "Hot Chili Indicated Resource at Costa Fuego Copper-Gold Project Increases to 798 Mt " for JORC Table 1 information in this statement related to the Costa Fuego Mineral Resource Estimate (MRE) by Competent Person Elizabeth Haren, who is also a qualified person (within the meaning of NI 43-101) constituting the MREs of Cortadera, Productora, |
11 | Hot Chili Limited is not aware of political, environmental or other risks that could materially affect the potential development of the Mineral Resources. |
The references to mineral resource estimates in this Half-yearly Report have been extracted from the estimate of mineral resources contained in the Company's announcement to ASX dated 26 February 2024 "Hot Chili Indicated Resource at Costa Fuego Copper-Gold Project Increases to 798 Mt", a copy of which is available on the Company's website at www.hotchili. net.au/investors/asx-announcements/. The Company confirms that it is not aware of any new information or data that materially affects the information included in this report about the Company's mineral resources and that all material assumptions and technical parameters underpinning the mineral resource estimates continue to apply and have not materially changed.
The references to exploration results in this Annual Report have been extracted from the Company's announcements to ASX dated 3 August 2023, "Hot Chili Commences 30,000m Drill Programme at Costa Fuego Copper-Gold Project", 28 August 2023, "Hot Chili Signs Binding Letter of Intent for Option to Acquire Cometa Project in
Qualified Persons – NI 43-101
The information pertaining to the Mineral Resource Estimates included in this Report has been reviewed and approved by Ms. Elizabeth Haren (FAUSIMM (CP) & MAIG) of Haren Consulting Pty Ltd. All other scientific and technical information in this Report has been reviewed and approved by Mr Christian Easterday, MAIG, Hot Chili's Managing Director and Chief Executive Officer. Each of Ms. Haren and Mr. Easterday are a qualified person within the meaning of NI 43-101.
Competent Person's Statement - JORC
The information in this Report that relates to Mineral Resources for Cortadera, Productora (including
The information in this announcement that relates to Exploration Results for the Cortadera projects is based upon information compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited, whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a 'Competent Person' as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Production targets and forecast financial information contained in PEA
The information in this report relating to any production targets and forecast financial information derived from the production targets comprised in the statements in this report about the PEA for the Costa Fuego Copper-Gold Project was previously reported in the Company's announcement 'Hot Chili Announces PEA for Costa Fuego' (the "Technical Report") released to ASX on 28 June 2023 and is available to view on the Company's website at www.hotchili.net.au/investors/asx-announcements/.
For readers to fully understand the information in this Half Year Report, they should read the Technical Report (available on www.SEDAR.com or at www.hotchili.net.au ) in its entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this Half Year Report that qualifies the technical information contained in the Technical Report. The 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 Half Year Report is subject to the assumptions and qualifications contained in the Report.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement, and that all material assumptions and technical parameters underpinning the production targets and forecast financial information derived from the production targets contained in the original market announcement continue to apply and have not materially changed.
Disclaimer
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 Report.
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 report has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the
All amounts in this report are in
Forward Looking Statements
This report contains certain statements that are "forward-looking information" within the meaning of Canadian securities legislation and Australian securities legislation (each, a "forward-looking statement"). Forward-looking statements reflect the Company's current expectations, forecasts, and projections with respect to future events, many of which are beyond the Company's control, and are based on certain assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-looking statements included in this report should not be unduly relied upon. Forward-looking information is by its nature prospective and requires the Company to make certain assumptions and is subject to inherent risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "believe", "could", "estimate", "expect", "may", "plan", "potential", "project", "should", "toward", "will", "would" and similar expressions are intended to identify forward-looking statements.
The forward-looking statements within this Report are based on information currently available and what management believes are reasonable assumptions. Forward-looking statements speak only as of the date of this report. In addition, this report may contain forward-looking statements attributed to third-party industry sources, the accuracy of which has not been verified by the Company.
In this Report, forward-looking statements relate, among other things, to: projections for and success of the Company and its projects; the ability of the Company to expand mineral resources beyond current mineral resource estimates; the results of current and planned geophysical, soil sampling and other exploration programs, including MIMDAS and Mag; the results and impacts of current and planned drilling to extend mineral resources and identify new deposits; the Company's ability to convert mineral resources to mineral reserves; the timing and outcomes of current and future planned economic studies including the planned PFS and DFS; the potential to develop a water business in the Huasco valley and the future economics thereof; the timing and results of the Water Supply Business Case Study; whether or not a second maritime water extraction permit will be granted; whether or not water offtake agreements and/or infrastructure partner agreements will be entered into and, if so, on what terms; the timing and outcomes of regulatory processes required to obtain permits for the development and operation of the Costa Fuego Project, including the EIA; whether or not the Company will make a development decision and the timing thereof; and estimates of planned exploration costs and the results thereof.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking statements in this Report, including, but not limited to, the following material factors: operational risks; risks related to the cost estimates of exploration; sovereign risks associated with the Company's operations in
Although the forward-looking statements contained in this Report are based upon assumptions which the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this Report, the Company has made assumptions regarding: future commodity prices and demand; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing; and assumptions underlying estimates related to adjusted funds from operations. The Company has included the above summary of assumptions and risks related to forward-looking information provided in this Report to provide investors with a more complete perspective on the Company's future operations, and such information may not be appropriate for other purposes. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.
For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made herein, please refer to the public disclosure record of the Company, including the Company's most recent Annual Report, which is available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. New factors emerge from time to time, and it is not possible for management to predict all those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
The forward-looking statements contained in this report are expressly qualified by the foregoing cautionary statements and are made as of the date of this Report. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this Report or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Investors should read this entire report and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of an investment.
Director's Report
The Directors of Hot Chili Limited present their report on the consolidated entity consisting of Hot Chili Limited ("the Company" or "Hot Chili") and the entities it controlled ("consolidated entity" or "the Group") at the end of, or during, the half-year ended 31 December 2024.
Directors
The following persons held office as directors of Hot Chili Limited at the date of this report or were directors at any time during the half-year ended 31 December 2024, unless otherwise stated:
Dr Nicole Adshead-Bell (Independent Non-Executive Chairman) (Resigned 11 March 2025)
Christian Easterday (Managing Director)
Roberto de Andraca Adriasola (Non-Executive Director)
Mark Jamieson (Non-Executive Director)
Stephen Quin (Independent Non-Executive Director) (Resigned 11 March 2025)
Principal Activities
The principal continuing activity of the consolidated entity is mineral exploration.
Significant Changes in the State of Affairs
During the half year under review, significant changes in the state of affairs of the consolidated entity were as follows:
In November 2024, the Company executed an Option Agreement to acquire a
In December 2024, the Company announced significant copper-gold, porphyry-style mineralisation at La Verde, with 202m grading
Results of Operations for the Half-Year Ended 31 December 2024
The results of the consolidated entity from continuing operations after providing for income tax and non-controlling interest for the half-year ended 31 December 2024 was a loss of
Dividends
No dividends were paid or declared since the end of the previous year ending 30 June 2024. The Directors do not recommend the payment of a dividend.
Rounding Off of Amounts
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191, dated 24 March 2016, issued by the Australian Securities and Investments Commission. Therefore, the amounts contained in the Directors' Report and in the financial report have been rounded to the nearest dollar in accordance with that Corporations Instrument, unless otherwise stated.
Review of Operations and Qualifying Statements
Refer to the Review of Operations report in Section 1 and associated Qualifying Statements in Section 2.
Matters Subsequent to Reporting Date 31 December 2024
On 6 January 2025, the Company issued 352,913 Service Rights and 366,094 Performance Rights under an employee incentive scheme. The Service and Performance Rights have been issued effective from the individuals start dates with the Company.
On 7 January 2025, announced that 1,850,001 options had expired without exercise or conversion.
On 4 February 2025, the Company announced that 1,259,789 options had expired without exercise or conversion.
On 11 February 2025, Hot Chili reported a second round of strong assay results from its La Verde copper-gold discovery, located approximately 30km south of the Company's Costa Fuego Copper-Gold Project planned central processing hub at low elevation in the coastal range of the Atacama region, Chile. The Company has now completed 19 RC drill holes (5,700 m) at La Verde, with assay results from 12 holes reported so far confirming a major copper-gold porphyry discovery in
On 11 March 2025 Dr Nicole Adshead-Bell, Non-Executive Chairman and Mr Stephen Quin, Non-Executive Director tendered their resignations, effectively immediately.
Auditors' Independence Declaration
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors' Report.
This report is made in accordance with a resolution of the Board of Directors made pursuant to section 306(3)(a) of the Corporations Act 2001.
Signed on behalf of the Board of Directors by:
Christian Easterday
Managing Director
Dated this 13th day of March 2025
For the Auditor's Independence Declaration and the Indpendent Auditor's Review Report, please refer to SEDAR+.
Director's Declaration
In the opinion of the Directors:
a) the attached financial statements and notes thereto comply with the Corporations Act 2001, the accounting standards (including Australian Accounting Standard AASB 134 Interim Financial Reporting), the Corporations Regulations 2001 and other mandatory professional reporting requirements;
b) the attached financial statements and notes thereto give a true and fair view of the consolidated entity's financial position as at 31 December 2024 and of its performance for the half-year ended on that date; and
c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors made pursuant to section 303(5)(a) of the Corporations Act 2001.
Signed on behalf of the Board of Directors by:
Christian Easterday
Managing Director
Dated this 13th day of March 2025
Statement of Profit or Loss and Other Comprehensive Income
For the Half-Year Ended 31 December 2024
Consolidated Entity Half-Year Ended | ||
Note | Dec 2024 $ | Dec 2023 $ |
Interest income | 350,031 | 173,425 |
Total Income | 350,031 | 173,425 |
Depreciation | (98,050) | (65,336) |
Corporate fees | (254,732) | (221,257) |
Legal and professional | (654,930) | (290,490) |
Employee benefits expense | (1,065,067) | (961,504) |
Administration expenses | (680,568) | (454,355) |
Accounting fees | (84,378) | (17,033) |
Marketing expenses | (595,620) | (607,061) |
Travel costs | - | (100,003) |
Tenement write off 3 | (2,909,169) | - |
Foreign exchange gain | 98,946 | 207,735 |
Share-based payments expense | (754,210) | (1,860,807) |
Direct costs expensed | (1,350) | - |
Finance costs | (29,598) | (19,961) |
Total Expenses | (7,028,726) | (4,390,072) |
Loss before income tax | (6,678,695) | (4,216,647) |
Income tax expense | - | - |
Loss After Income Tax | (6,678,695) | (4,216,647) |
Other comprehensive income | - | - |
Total Comprehensive Loss | (6,678,695) | (4,216,647) |
Loss Attributable To: | ||
Non-controlling interest | (169,212) | (85,113) |
Owners of Hot Chili Limited | (6,509,483) | (4,131,534) |
(6,678,695) | (4,216,647) | |
Basic and diluted loss per share (cents) attributable | (5.27) | (3.46) |
The above Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.
Statement of Financial Position
As at 31 December 2024
Consolidated Entity | |||
Note | Dec 2024 $ | June 2024 $ | |
Current Assets | |||
Cash and cash equivalents | 19,032,095 | 33,741,518 | |
Other current assets | 342,885 | 278,530 | |
Total Current Assets | 19,374,980 | 34,020,048 | |
Non-Current Assets | |||
Plant and equipment | 198,266 | 162,654 | |
Exploration and evaluation expenditure | 3 | 224,663,494 | 215,831,609 |
Right-of-use assets | 4 | 418,562 | 508,689 |
Other non-current assets | 400,761 | 359,309 | |
Total Non-Current Assets | 225,681,083 | 216,862,261 | |
Total Assets | 245,056,063 | 250,882,309 | |
Current Liabilities | |||
Trade and other payables | 2,803,139 | 2,608,414 | |
Provisions | 237,209 | 267,526 | |
Lease liabilities | 5 | 181,779 | 162,588 |
Total Current Liabilities | 3,222,127 | 3,038,528 | |
Non-Current Liabilities | |||
Provisions | 26,262 | 24,591 | |
Lease liabilities | 5 | 306,847 | 392,014 |
Total Non-Current Liabilities | 333,109 | 416,605 | |
Total Liabilities | 3,555,236 | 3,455,133 | |
Net Assets | 241,500,827 | 247,427,176 | |
Equity | |||
Contributed equity | 8 | 297,713,521 | 297,651,726 |
Share-based payments reserve | 7,136,250 | 6,445,699 | |
Foreign currency translation reserve | 1,222 | 1,222 | |
Accumulated losses | (82,829,379) | (76,319,896) | |
Capital and Reserves Attributable to | 222,021,614 | 227,778,751 | |
Non-controlling interest | 19,479,213 | 19,648,425 | |
Total Equity | 241,500,827 | 247,427,176 | |
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
Statement of Changes in Equity
For the Half-Year Ended 31 December 2024
Consolidated | Contributed | Share-Based | Foreign | Accumulated | Non-Controlling | Total |
Entity | $ | $ | $ | $ | $ | $ |
Half-Year Ended Dec 2024 | ||||||
Balance at 1 July 2024 | 297,651,726 | 6,445,699 | 1,222 | (76,319,896) | 19,648,425 | 247,427,176 |
Loss for the period | - | - | - | (6,509,483) | (169,212) | (6,678,695) |
Total Comprehensive Loss | - | - | - | (6,509,483) | (169,212) | (6,678,695) |
Share issue costs | (1,864) | - | - | - | - | (1,864) |
Rights exercised | 63,659 | (63,659) | - | - | - | - |
Share-based payments | - | 754,210 | - | - | - | 754,210 |
Balance at 31 Dec 2024 | 297,713,521 | 7,136,250 | 1,222 | (82,829,379) | 19,479,213 | 241,500,827 |
Half-Year Ended Dec 2023 | ||||||
Balance at 1 July 2023 | 269,189,573 | 5,230,152 | 1,222 | (71,081,853) | 19,309,663 | 222,648,757 |
Loss for the period | - | - | - | (4,131,534) | (85,113) | (4,216,647) |
Total Comprehensive Loss | - | - | - | (4,131,534) | (85,113) | (4,216,647) |
Performance rights lapsed | - | (2,331,333) | - | 2,331,333 | - | - |
Share-based payments | - | 1,860,807 | - | - | - | 1,860,807 |
Balance at 31 Dec 2023 | 269,189,573 | 4,759,626 | 1,222 | (72,882,054) | 19,224,550 | 220,292,917 |
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Statement of Cash Flows
For the Half-Year Ended 31 December 2024
Consolidated Entity Half-Year Ended | |||
Note | Dec 2024 $ | Dec 2023 $ | |
Cash Flows from Operating Activities | |||
Payments to suppliers and employees | (3,522,097) | (2,802,824) | |
Interest received | 355,726 | 118,364 | |
Interest paid | (6) | (943) | |
Net Cash Used in Operating Activities | (3,166,377) | (2,685,403) | |
Cash Flows from Investing Activities | |||
Payments for plant and equipment | (58,977) | (4,484) | |
Payments for tenements | 3 | (2,471,940) | (1,353,279) |
Payments for exploration and evaluation | (8,856,940) | (7,017,096) | |
Proceeds on sale of NSR, net of transaction costs | - | 21,286,690 | |
Net Cash (Used in)/Received from Investing Activities | (11,387,857) | 12,911,831 | |
Cash Flows from Financing Activities | |||
Share issue costs | (117,115) | - | |
Repayment of lease liabilities | (95,568) | (77,361) | |
Net Cash Used in Financing Activities | (212,683) | (77,361) | |
Net (decrease)/increase in cash held | (14,766,917) | 10,149,067 | |
Cash and cash equivalents at the beginning of the period | 33,741,518 | 2,948,964 | |
Foreign exchange differences on cash | 57,494 | 222,855 | |
Cash and Cash Equivalents at the End of the Period | 19,032,095 | 13,320,886 | |
The above Statement of Cash Flows should be read in conjunction with the accompanying notes.
Notes to the Financial Statements
For the Half-Year Ended 31 December 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICIES
Statement of Compliance
The half-year financial report is a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting.
The half-year financial report does not include full disclosures of the type normally included in an annual financial report. Accordingly, it is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2024 and any public announcements made by Hot Chili Limited and its controlled entities during the half-year in accordance with the continuous disclosure requirements of the Corporations Act 2001.
Basis of Preparation
The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the most recent annual financial statements, unless otherwise stated. The accounting policies are consistent with Australian Accounting Standards and with IFRS Standards.
New or Amended Accounting Standards and Interpretations Adopted
The consolidated entity has adopted all new or amended accounting standards, interpretations and other accounting pronouncements issued by the Australian Accounting Standards Board ("AASB") that are effective for reporting periods beginning on or after 1 January 2025 and therefore mandatory for the current reporting period.
Any new or amended accounting standards, interpretations and other accounting pronouncements that are not yet mandatory have not been early adopted.
2. OPERATING SEGMENTS
The Company's operations are in one reportable business segment, being the exploration for Copper. The Company operates in one geographical segment, being
The operating segment information is the same information as provided throughout the consolidated financial statements and therefore not duplicated. The information reported to the CODM is on at least a monthly basis.
3. EXPLORATION AND EVALUATION EXPENDITURE
Consolidated Entity | ||
Half-Year $ | Year Ended $ | |
Carrying amount at the beginning of the period | 215,831,609 | 220,436,849 |
Tenement write off5 | (2,909,169) | - |
Partial disposal of underlying mineral resource | - | (21,286,690) |
Consideration given for mineral exploration acquisition4 | 2,471,940 | 2,625,969 |
Capitalised mineral exploration and evaluation 2 | 9,269,114 | 14,055,481 |
Carrying Amount at the End of the Period 3 | 224,663,494 | 215,831,609 |
1 | In July 2023, the Company closed a |
2 | Capitalised mineral exploration and evaluation is net of reimbursements of VAT recovered following approval for VAT refunds from the Chilean Tax Authorities. |
3 | Management have determined that the capitalised expenditure relating to the projects in |
4 | Payments required under option and purchase agreements to secure tenements together with associated taxes & registration costs. |
The future realisation of these non-current assets is dependent on further exploration and funding necessary to commercialise the resources or realisation through sale. | |
5 | Marsellesa and Antofagasta Minerals S.A. (AMSA) Option agreements have been terminated due to unsuccessful exploration assessments by the Company. These terminations are not considered material to the exploration program. |
4. RIGHT-OF-USE ASSETS
Consolidated Entity | ||
Dec 2024 $ | June 2024 $ | |
Right-of-use assets at cost | 831,495 | 831,495 |
Less: Accumulated amortisation | (412,933) | (322,806) |
418,562 | 508,689 | |
Reconciliation of Right-of-Use Assets | Half-Year $ | Year Ended $ |
Opening balance | 508,689 | 277,591 |
Additions1 | - | 356,835 |
Amortisation | (90,127) | (125,737) |
Closing balance2 | 418,562 | 508,689 |
1. | From the previous year up until 1 June 2024, the Chilean entities leased their previous office premises at Avenida Isidora Goyenechea, Las Condes, |
2. | During the year, the Company continued its leases for its premises at 768 Canning Highway, Applecross, |
5. LEASE LIABILITIES
Consolidated Entity | ||
Dec 2024 $ | June 2024 $ | |
Current | 181,779 | 162,588 |
Non-current | 306,847 | 392,014 |
488,626 | 554,602 | |
Reconciliation of Lease Liabilities | Half-Year $ | Year Ended $ |
Opening balance | 554,602 | 333,608 |
Additions | - | 356,835 |
Repayments | (110,692) | (162,742) |
Interest | 29,592 | 37,435 |
Foreign exchange differences | 15,124 | (10,534) |
Closing balance | 488,626 | 554,602 |
6. COMMITMENTS FOR EXPENDITURE
(a) Exploration Commitments
In order to maintain current rights of tenure to exploration and mining tenements, the consolidated entity has the following discretionary exploration expenditure requirements up until the expiry of leases. These obligations are not provided for in the financial statements and are payable as follows:
Consolidated Entity | ||
31 Dec 2024 $ | 30 Jun 2024 $ | |
Within one year | 402,123 | 377,415 |
Later than one year but not later than five years | 1,608,493 | 1,509,662 |
More than five years | 4,825,479 | 4,906,401 |
6,836,095 | 6,793,478 | |
(b) Option Payment Commitments
The mining rights (which vary between
Consolidated Entity | ||
31 Dec 2024 $ | 30 Jun 2024 $ | |
Within one year | 3,506,514 | 4,378,019 |
Later than one year but not later than five years | 32,765,000 | 22,388,285 |
More than five years | - | - |
36,271,514 | 26,766,304 | |
7. CONTINGENT LIABILITIES
a) VAT
As at 31 December 2024, Hot Chili Limited had accumulated:
- VAT refund payments of
$15,434,266 $14,939,275 - VAT refund payments of
$10,157,243 $9,731,571
Consolidated Entity | ||
Dec 2024 $ | June 2024 $ | |
VAT recovered by Sociedad Minera El Águila SpA ( | 15,434,266 | 14,939,275 |
VAT recovered by Sociedad Minera Frontera SpA ( | 10,157,243 | 9,731,571 |
Total VAT Recovered by Chilean Subsidiaries ( | 25,591,509 | 24,670,846 |
Under the initial terms of the VAT refund payment, the consolidated entity initially had until the 31 December 2019 to commercialise production from Productora and meet certain export targets. Hot Chili also had the right to extend this term. The Company exercised its right to extend the date of commercial production from Productora with the Chilean Tax Authority. An extension to the benefit was extended to 30 June 2022 and a further extension until 30 June 2026 was also granted. An agreement with Sociedad Minera Fronters SpA provides an extension to 31 December 2026 for exports related to the Cortadera deposit.
In the event that the term is not extended further and the Company does not meet certain export targets, the Company will be required to re-pay the VAT refund payments to the Chilean Tax Authority subject to certain terms and conditions. However, if Hot Chili achieves the export targets within that timeframe or its renewal, if required, any VAT refund payments will not be required to be repaid.
b) Future Royalty Payments
In July 2023, the Company closed an Investment Agreement with Osisko Gold Royalties Ltd ("Osisko"). Under the terms of the Investment Agreement Osisko purchased a net smelter return royalty comprising
8. CONTRIBUTED EQUITY
Consolidated Entity | ||||
31 Dec 2024 | 30 June 2024 | |||
a) Share Capital | No. Shares | $ | No. Shares | $ |
Ordinary shares – fully paid | 151,420,450 | 297,713,521 | 151,345,206 | 297,651,726 |
b) Movement in Ordinary Share Capital
Balance at the beginning of the period | 151,345,206 | 297,651,726 | 119,445,206 | 269,189,573 |
Shares issued under Private Placement to institutional & professional investors | - | - | 24,900,000 | 24,900,000 |
Shares issued under Share Purchase Plan to eligible shareholders | 75,244 | 63,659 | 7,000,000 | 7,000,000 |
Less: Costs associated with issue of share capital | - | (1,864) | - | (3,437,847) |
Balance at the End of the Period | 151,420,450 | 297,713,521 | 151,345,206 | 297,651,726 |
c) Unlisted Options Over Ordinary Share Capital
Issue Date | Expiry Date | Balance at No. | Issued During No. | Expiry / No. | Balance at No. | Exercisable at No. |
20 Sep 2021 | 30 Sep 2024 | 1,850,001 | - | (1,850,001) | - | - |
4 Sep 2022 | 28 Jan 2025 | 1,259,789 | - | - | 1,259,789 | 1,259,789 |
25 Jul 20241 | 25 Jul 2026 | 1,914,000 | - | - | 1,914,000 | 1,914,000 |
5,023,790 | - | (1,850,001) | 3,173,789 | 3,173,789 |
1 | Approved at the General Meeting of Shareholders on 4 July 2024. |
The weighted average exercise price of options on issue is
8. CONTRIBUTED EQUITY (CONT'D)
d) Service Rights
Grant Date | Last | Expiry | Balance at No. | Issued During No. | Lapsed / Exercise No. | Balance at No. | Exercisable at No. |
10 May 2023 | 31 Dec 2023 | 12 May 2028 | 938,953 | - | (47,404) | 891,549 | 891,549 |
10 May 2023 | 31 Dec 2024 | 12 May 2028 | 938,955 | - | (55,692) | 883,263 | 883,263 |
10 May 2023 | 31 Dec 2025 | 12 May 2028 | 938,956 | - | (111,384) | 827,572 | - |
21 Aug 2023 | 31 Dec 2023 | 22 Aug 2028 | 115,006 | - | (8,333) | 106,673 | 106,673 |
21 Aug 2023 | 31 Dec 2024 | 22 Aug 2028 | 115,006 | - | - | 115,006 | 115,006 |
21 Aug 2023 | 31 Dec 2025 | 22 Aug 2028 | 114,988 | - | - | 114,988 | - |
1 Jul 2024 | 31 Dec 2024 | 6 Jan 2030 | - | 115,231 | - | 115,231 | 115,231 |
1 Jul 2024 | 31 Dec 2025 | 6 Jan 2030 | - | 237,682 | - | 237,682 | - |
3,161,864 | 352,913 | (222,813) | 3,291,964 | 2,111,722 |
1 | Later expiry dates apply if service rights have vested on or before the last vesting day. |
2 | There were 352,913 service rights issued during the period. |
3 | Denotes service rights exercisable as a result of vesting conditions being met during the year. |
e) Performance Rights
Grant Date | Last | Expiry Date 1 | Balance at No. | Issued During No. | Lapsed / No. | Balance at No. | Exercisable at No. |
10 May 2023 | 31 Dec 2023 | 12 May 2028 | 290,480 | - | (16,591) | 273,889 | 273,889 |
10 May 2023 | 31 Dec 2024 | 12 May 2028 | 290,485 | - | (38,984) | 251,501 | 251,501 |
10 May 2023 | 31 Dec 2025 | 12 May 2028 | 1,286,433 | - | (172,646) | 1,113,787 | - |
10 May 2023 | 10 May 2026 | 12 May 2028 | 622,466 | - | (83,538) | 538,928 | - |
21 Aug 2023 | 31 Dec 2023 | 22 Aug 2028 | 40,244 | - | (2,916) | 37,328 | 37,328 |
21 Aug 2023 | 31 Dec 2024 | 22 Aug 2028 | 40,244 | - | - | 40,244 | 40,244 |
21 Aug 2023 | 31 Dec 2025 | 22 Aug 2028 | 178,262 | - | - | 178,262 | - |
21 Aug 2023 | 21 Aug 2026 | 22 Aug 2028 | 86,250 | - | - | 86,250 | - |
1 Jul 2024 | 31 Dec 2024 | 6 Jan 2030 | - | 40,371 | - | 40,371 | 40,371 |
1 Jul 2024 | 31 Dec 2025 | 6 Jan 2030 | - | 232,531 | - | 232,531 | - |
1 Jul 2024 | 21 Aug 2026 | 6 Jan 2030 | - | 93,192 | - | 93,192 | - |
2,834,864 | 366,094 | (314,675) | 2,886,283 | 643,333 |
1 | Later expiry dates apply if performance rights have vested on or before the last vesting day. |
2 | There were 366,094 performance rights issued during the period. |
3 | Denotes performance rights exercisable as a result of vesting conditions being met during the year. |
9. RELATED PARTY TRANSACTIONS
Remuneration, share-based payments and other arrangements of key management personnel are disclosed in the annual financial report for the year ended 30 June 2024. These arrangements with related parties continued to be in place during the period. No further related party arrangements were made, nor were there further related party transactions during the half-year period to 31 December 2024.
10. EVENTS OCCURRING AFTER REPORTING DATE
On 6 January 2025, the Company issued 352,913 Service Rights and 366,094 Performance Rights under an employee incentive scheme. The Service and Performance Rights have been issued effective from the individuals start dates with the Company.
On 7 January 2025, the Company announced that 1,850,001 options had expired without exercise or conversion.
On 4 February 2025, the Company announced that 1,259,789 options had expired without exercise or conversion.
On 11 February 2025, Hot Chili reported a second round of strong assay results from its La Verde copper-gold discovery, located approximately 30km south of the Company's Costa Fuego Copper-Gold Project planned central processing hub at low elevation in the coastal range of the Atacama region, Chile. The Company has now completed 19 RC drill holes (5,700 m) at La Verde, with assay results from 12 holes reported so far confirming a major copper-gold porphyry discovery in
On 11 March 2025 Dr Nicole Adshead-Bell, Non-Executive Chairman and Mr Stephen Quin, Non-Executive Director tendered their resignations, effectively immediately.
The Directors are not aware of any other matters or circumstances that have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the consolidated entity the results of those operations, or the state of affairs of the consolidated entity in future financial periods.
11. DIVIDENDS
No dividends were paid or declared for the period.
This section does not form part of the notes to the financial statements.
Table 3: Current Tenement (Patente) Holdings in
Cortadera Project
License ID | HCH % Held | HCH % Earning | Area (ha) | Agreement Details |
MAGDALENITA 1/20 | 100 | |||
ATACAMITA 1/82 | 82 | |||
AMALIA 942 A 1/6 | 53 | |||
PAULINA 10 B 1/16 | 136 | |||
PAULINA 11 B 1/30 | 249 | |||
PAULINA 12 B 1/30 | 294 | |||
PAULINA 13 B 1/30 | 264 | |||
PAULINA 14 B 1/30 | 265 | |||
PAULINA 15 B 1/30 | 200 | |||
PAULINA 22 A 1/30 | 300 | |||
PAULINA 24 1/24 | 183 | |||
PAULINA 25 A 1/19 | 156 | |||
PAULINA 26 A 1/30 | 294 | |||
PAULINA 27A 1/30 | 300 | |||
CORTADERA 1 1/200 | 200 | |||
CORTADERA 2 1/200 | 200 | |||
CORTADERA 41 | 1 | |||
CORTADERA 42 | 1 | |||
LAS CANAS 16 | 1 | |||
LAS CANAS 1/15 | 146 | |||
CORTADERA 1/40 | 374 | |||
LAS CANAS ESTE 2003 1/30 | 300 | |||
CORROTEO 1 1/260 | 260 | |||
CORROTEO 5 1/261 | 261 | |||
PURISIMA | 20 | NSR |
Note. | Frontera SpA is a |
Table 3: Current Tenement (Patente) Holdings in
Productora Project
License ID | HCH % Held | HCH % Earning | Area (ha) | Agreement Details |
FRAN 1 1/60 | 220 | |||
FRAN 2 1/20 | 100 | |||
FRAN 3 1/20 | 100 | |||
FRAN 4 1/20 | 100 | |||
FRAN 5 1/20 | 100 | |||
FRAN 6 1/26 | 130 | |||
FRAN 7 1/37 | 176 | |||
FRAN 8 1/30 | 120 | |||
FRAN 12 1/40 | 200 | |||
FRAN 13 1/40 | 200 | |||
FRAN 14 1/40 | 200 | |||
FRAN 15 1/60 | 300 | |||
FRAN 18, 1/60 | 273 | |||
FRAN 21, 1/46 | 226 | |||
ALGA 7 A 1/32 | 89 | |||
ALGA VI 5/24 | 66 | |||
MONTOSA 1/4 | 35 | NSR | ||
CHICA | 1 | |||
ESPERANZA 1/5 | 11 | |||
LEONA 2A 1/4 | 10 | |||
CARMEN I, 1/50 | 222 | |||
CARMEN II, 1/60 | 274 | |||
ZAPA 1 1/10 | 100 | |||
ZAPA 3 1/23 | 92 | |||
ZAPA 5A 1/16 | 80 | |||
ZAPA 7 1/24 | 120 | |||
CABRITO-CABRITO 1/9 | 50 | |||
CUENCA A 1/51 | 255 | |||
CUENCA B 1/28 | 139 | |||
CUENCA C 1/51 | 255 | |||
CUENCA D | 3 | |||
CUENCA E | 1 | |||
CHOAPA 1/10 | 50 | |||
ELQUI 1/14 | 61 | |||
LIMARÍ 1/15 | 66 | |||
LOA 1/6 | 30 | |||
MAIPO 1/10 | 50 | |||
TOLTÉN 1/14 | 70 |
Table 3: Current Tenement (Patente) Holdings in
Productora Project (Cont'd)
License ID | HCH % Held | HCH % Earning | Area (ha) | Agreement Details |
CACHIYUYITO 1 1/20 | 100 | |||
CACHIYUYITO 2 1/60 | 300 | |||
CACHIYUYITO 3 1/60 | 300 | |||
PRODUCTORA 1/16 | 75 | |||
ORO INDIO 1A 1/20 | 82 | |||
AURO HUASCO 1A 1/8 | 35 | |||
URANIO 1/70 |
0 % |
0 % |
350 | 25-year Lease Agreement year term); plus |
JULI 9, 1/60 | 300 | |||
JULI 10, 1/60 | 300 | |||
JULI 11, 1/60 | 300 | |||
JULI 12, 1/42 | 210 | |||
JULI 13, 1/20 | 100 | |||
JULI 14, 1/50 | 250 | |||
JULI 15, 1/55 | 275 | |||
JULI 16 1/60 | 300 | |||
JULI 17 1/20 | 100 | |||
JULI 19 | 300 | |||
JULI 20 | 300 | |||
JULI 21 1/60 | 300 | |||
JULI 22 | 300 | |||
JULI 23 1/60 | 300 | |||
JULI 24 1/60 | 300 | |||
JULI 25 | 300 | |||
JULI 27, 1/30 | 146 | |||
JULI 27 B, 1/10 | 48 | |||
JULI 28, 1/60 | 300 | |||
JULIETA 5 | 200 | |||
JULIETA 6 | 200 | |||
JULIETA 7 | 100 | |||
JULIETA 8 | 100 | |||
JULIETA 9 | 100 | |||
JULIETA 10, 1/60 | 300 | |||
JULIETA 11 | 300 | |||
JULIETA 12 | 300 | |||
JULIETA 13 1/60 | 298 | |||
JULIETA 14 1/60 | 269 | |||
JULIETA 15 1/40 | 200 |
Table 3: Current Tenement (Patente) Holdings in
Productora Project (Cont'd)
License ID | HCH % Held | HCH % Earning | Area (ha) | Agreement Details |
JULIETA 16 | 200 | |||
JULIETA 17 | 200 | |||
JULIETA 18 1/40 | 200 | |||
ARENA 1 1/6 | 40 | |||
ARENA 2 1/17 | 113 | |||
ZAPA 1/6 | 6 | GSR | ||
JULIETA 1/4 | 4 |
Note. | SMEA SpA is subsidiary company - |
El Fuego Project
Licence ID | HCH % Held | HCH % Earning | Area (ha) | Exploration and Expenditure |
SANTIAGO 21/36 | 76 | USD 300,000 already paid.
(2 additional and conditional payments of USD | ||
SANTIAGO 37/43 | 26 | |||
SANTIAGO A, 1/26 | 244 | |||
SANTIAGO B, 1/20 | 200 | |||
SANTIAGO C, 1/30 | 300 | |||
SANTIAGO D, 1/30 | 300 | |||
SANTIAGO E, 1/30 | 300 | |||
PRIMA 1 | 1 | |||
PRIMA 2 | 2 | |||
SANTIAGO 15/19 | 25 | |||
SAN ANTONIO 1/5 | 25 | |||
SANTIAGO 1/4 Y 20 | 75 | |||
ROMERO 1/31 | 31 | |||
MERCEDES 1/3 | 50 | |||
KRETA 1/4 | 16 | |||
MARI 1/12 | 64 | |||
PORFIADA VII 1/60 | 270 | |||
PORFIADA VIII 1/60 | 300 | |||
SANTIAGO Z 1/30 | 300 | |||
PORFIADA IX 1/60 | 300 | |||
PORFIADA A 1/33 | 160 | |||
PORFIADA C 1/60 | 300 | |||
PORFIADA E 1/20 | 100 | |||
PORFIADA F 1/50 | 240 | |||
SAN JUAN SUR 1/5 | 10 | |||
SAN JUAN SUR 6/23 | 90 | |||
PORFIADA G | 200 | |||
CORTADERA 1 | 200 |
Table 3: Current Tenement (Patente) Holdings in
El Fuego Project (Cont'd)
Licence ID | HCH % Held | HCH % Earning | Area (ha) | Exploration and Expenditure |
CORTADERA 2 | 200 | |||
CORTADERA 3 | 200 | |||
CORTADERA 4 | 200 | |||
CORTADERA 5 | 200 | |||
CORTADERA 6 1/60 | 265 | |||
CORTADERA 7 1/20 | 93 | |||
SAN ANTONIO 1 | 200 | |||
SAN ANTONIO 2 | 200 | |||
SAN ANTONIO 3 | 300 | |||
SAN ANTONIO 4 | 300 | |||
SAN ANTONIO 5 | 300 | |||
DORO 1 | 200 | |||
DORO 2 | 200 | |||
DORO 3 | 300 | |||
PORFIADA I | 300 | |||
PORFIADA II | 300 | |||
PORFIADA III | 300 | |||
PORFIADA IV | 300 | |||
PORFIADA V | 200 | |||
PORFIADA X | 200 | |||
PORFIADA VI | 100 | |||
PORFIADA B | 200 | |||
PORFIADA D | 300 | |||
CHILIS 1 | 200 | |||
CHILIS 3 | 100 | |||
CHILIS 4 | 200 | |||
CHILIS 5 | 200 | |||
CHILIS 6 | 200 | |||
CHILIS 7 | 200 | |||
CHILIS 8 | 200 | |||
CHILIS 9 | 300 | |||
CHILIS 10 1/38 | 190 | |||
CHILIS 11 | 200 | |||
CHILIS 12 1/60 | 300 | |||
CHILIS 13 | 300 | |||
CHILIS 14 | 300 | |||
CHILIS 15 | 300 | |||
CHILIS 16 | 300 | |||
CHILIS 17 | 300 | |||
CHILIS 18 | 300 |
Table 3: Current Tenement (Patente) Holdings in
El Fuego Project (Cont'd)
Licence ID | HCH % Held | HCH % Earning | Area (ha) | Exploration and Expenditure |
SOLAR 1 | 300 | |||
SOLAR 2 | 300 | |||
SOLAR 3 | 300 | |||
SOLAR 4 | 300 | |||
SOLAR 5 | 300 | |||
SOLAR 6 | 300 | |||
SOLAR 7 | 300 | |||
SOLAR 8 | 300 | |||
SOLAR 9 | 300 | |||
SOLAR 10 | 300 | |||
SOLEDAD 1 | 300 | |||
SOLEDAD 2 | 300 | |||
SOLEDAD 3 | 300 | |||
SOLEDAD 4 | 300 | |||
CF 1 | 300 | |||
CF 2 | 300 | |||
CF 3 | 300 | |||
CF 4 | 300 | |||
CF 5 | 200 | |||
CHAPULIN COLORADO 1/3 | 3 | |||
PEGGY SUE 1/10 | 100 | |||
DONA FELIPA 1/10 | 50 | |||
ELEANOR RIGBY 1/10 | 100 | |||
CF 6 | 200 | |||
CF 7 | 100 | |||
CF 8 | 200 | |||
CF 9 | 100 | |||
MARI 1 | 300 | |||
MARI 6 | 300 | |||
MARI 8 | 300 | |||
FALLA MAIPO 2 1/10 | 99 | |||
FALLA MAIPO 3 1/8 | 72 | |||
FALLA MAIPO 4 1/26 | 26 |
Table 3: Current Tenement (Patente) Holdings in
El Fuego Project (Cont'd)
Licence ID | HCH % Held | HCH % Earning | Area (ha) | Exploration and Expenditure |
CORDILLERA 1/5 | Option Cordillera | 20 | NSR
| |
QUEBRADA 1/10 | 28 | |||
ALBORADA III 1/35 | 162 | |||
ALBORADA IV 1/20 | 54 | |||
ALBORADA VII 1/25 | 95 | |||
CAT IX 1/30 | 150 | |||
CATITA IX 1/20 | 100 | |||
CATITA XII 1/13 | 61 | |||
MINA HERREROS III 1/6 | 18 | |||
MINA HERREROS IV 1/10 | 23 | |||
HERREROS 1/14 | 28 | |||
VETA 1/17 | 17 | |||
PORSIACA 1/20 | 20 | |||
MARSELLESA 1/5 | Option Marsellesa | 50 |
NSR | |
COMETA 1 1/60 | Option Cometa | 300 |
Option may be exercised, alternatively, within 12, 18 or
• If the Option is exercised within 12 months a)
b)
• If the Option is exercised within 18 or 30
a) b) c) If the Option is exercised, the consideration payable | |
COMETA 2 1/60 | 300 | |||
COMETA 3 1/60 | 300 | |||
COMETA NORTE 1 B 1/40 | 200 | |||
COMETA NORTE 2 B 1/40 | 200 | |||
COMETA ESTE 1B | 200 | |||
COMETA ESTE 2B | 200 | |||
COMETA ESTE 3B | 300 | |||
COMETA ESTE 4B | 300 | |||
COMETA 4B | 200 | |||
COMETA SUR UNO D | 200 | |||
COMETA SUR DOS D | 200 | |||
COMETA 4A | 300 | |||
COMETA 3D | 200 | |||
COMETA IV D | 300 | |||
COMETA V D | 300 | |||
COMETA VI D | 300 | |||
COMETA NORTE 1 D | 200 | |||
COMETA NORTE 2 D | 200 | |||
COMETA NORTE 3 D | 300 | |||
COMETA NORTE 4 D | 200 | |||
COMETA NORTE 5 D | 100 | |||
COMETA OESTE I D | 200 |
Table 3: Current Tenement (Patente) Holdings in
El Fuego Project (Cont'd)
Licence ID | HCH % Held | HCH % Earning | Area (ha) | Exploration and Expenditure |
COMETA OESTE II D | 200 | |||
ANTONIO 1 1/56 | Option Domeyko | 280 | NSR | |
ANTONIO 1/40 | 200 | |||
ANTONIO 10 1/21 | 63 | |||
ANTONIO 19 1/30 | 128 | |||
ANTONIO 21 1/20 | 60 | |||
ANTONIO 5 1/40 | 200 | |||
ANTONIO 9 1/40 | 193 | |||
EMILIO 1 1/8 | 38 | |||
EMILIO 3 1/9 | 45 | |||
INES 1/40 | 200 | |||
LORENA 1/2 | 2 | |||
MERCEDITA 1/7 | 22 | |||
PRIMO 1 1/6 | 36 | |||
SANTIAGUITO 5 1/24 | 114 | |||
CAZURRO 1 | 200 | |||
CAZURRO 2 | 200 | |||
CAZURRO 3 | 300 | |||
CAZURRO 4 | 300 | |||
CAZURRO 5 | 100 | |||
CAZURRO 6 | 200 | |||
CAZURRO 7 | 200 | |||
CAZURRO 8 | 200 | |||
CERRO MOLY 1 | 300 | |||
CERRO MOLY 2 | 300 | |||
CERRO MOLY 3 | 300 | |||
CERRO MOLY 4 | 300 | |||
CF SUR 1 | 300 | |||
CF SUR 2 | 300 | |||
CF SUR 3 | 300 | |||
CF SUR 4 | 300 | |||
CF SUR 5 | 200 | |||
CF SUR 6 | 300 |
Table 3: Current Tenement (Patente) Holdings in
El Fuego Project (Cont'd)
Licence ID | HCH % Held | HCH % Earning | Area (ha) | Exploration and Expenditure |
CF SUR 7 | 300 | |||
CF SUR 8 | 300 | |||
CF SUR 9 | 200 | |||
CF SUR 10 | 200 | |||
CF SUR 11 | 300 | |||
CF SUR 12 | 300 | |||
CF SUR 13 | 300 | |||
CF SUR 14 | 300 | |||
CF SUR 15 | 200 | |||
CF SUR 16 | 300 | |||
CF SUR 17 | 300 | |||
CF SUR 18 | 300 | |||
CF SUR 19 | 300 | |||
CF SUR 20 | 300 | |||
CF SUR 21 | 300 | |||
CF SUR 22 | 300 | |||
CF SUR 23 | 200 | |||
CF SUR 24 | 200 | |||
CF SUR 25 | 300 | |||
CF SUR 26 | 300 | |||
CF SUR 27 | 300 | |||
CF SUR 28 | 200 | |||
CF SUR 29 | 300 | |||
CF SUR 30 | 200 | |||
CF SUR 31 | 300 | |||
CF SUR 32 | 300 | |||
CF SUR 33 | 300 | |||
CF SUR 34 | 300 | |||
CF SUR 35 | 300 | |||
CF 10 | 200 | |||
CF 11 | 200 | |||
CF 12 | 100 | |||
CF 13 | 200 | |||
CF 14 | 300 | |||
DOMINOCEROS 1/20 | 100 | |||
ALCENIA 1/10 | 50 | |||
ALGA VI 4 | 2 |
Table 3: Current Tenement (Patente) Holdings in
El Fuego Project (Cont'd)
Licence ID | HCH % Held | HCH % Earning | Area (ha) | Exploration and Expenditure |
CRISTINA 1/40 | 40 | |||
DIABLITO 1/5 | 25 | |||
MINORI 1 | 300 | |||
MINORI 2 | 300 | |||
MINORI 3 | 300 | |||
MINORI 4 | 300 |
Note. | Frontera SpA is a |
Note. | SMEA SpA is subsidiary company - |
Corporate Directory
Directors | Solicitors | |
Dr Nicole Adshead-Bell (Resigned 11 March 2025) | ||
(Independent Non-Executive Chairman) | Blackwall Legal LLP | |
Level 26, 140 St George's Terrace | ||
Christian Easterday | ||
(Managing Director) | ||
Roberto de Andraca Adriasola | Bennet | |
(Non-Executive Director) | 3400 One First Canadian Place | |
P.O. Box 130 | ||
Mark Jamieson | Toronto ON, M5X 1A4 | |
(Non-Executive Director) | ||
Share Registries | ||
Stephen Quin (Resigned 11 March 2025) | ||
(Independent Non-Executive Director) | ||
Computershare Investor | ||
Company Secretary | Services Pty Limited | |
Carol Marinkovich | Level 17, 221 St Georges Terrace | |
Executive Management | Telephone: +61 (0)8 9323 2000 | |
Facsimile: +61 (0)8 9323 2033 | ||
Jose Ignacio Silva | ||
(Executive Vice President) | ||
Computershare Investor Services Inc | ||
Grant King | 100 University Ave, 8th Floor | |
(Chief Operating Officer) | Toronto ON, M5J 2Y1 | |
Telephone: +1 416 263 9200 | ||
Principal Place of Business | Facsimile: +1 888 453 0330 | |
First Floor, 768 Canning Highway | Auditor | |
APPLECROSS WA 6153 | ||
RSM Australia Partners | ||
Telephone: +61 (0)8 9315 9009 | ||
Principal Banker | ||
Stock Exchange Codes | ||
Westpac Banking Corporation National Australia Bank | ||
ASX: HCH | ||
TSXV: HCH | ||
OTCQX: HHLKF | ||
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SOURCE Hot Chili Limited
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