Hot Chili Issues Quarterly Report for Q3 2024
Hot Chili provided updates on its Costa Fuego Copper-Gold Project's Pre-Feasibility Study (PFS), which is scheduled for completion in late 2024. Key developments include confirmation that optimal processing will use raw seawater, potential improvements in molybdenum flotation and copper oxide leach recoveries, and reduced treatment and refining costs compared to the 2023 PEA. The company is advancing its Environmental Impact Assessment for submission in mid-2025 and developing Huasco Water, a strategic water supply business. The company maintains a strong cash position of A$25.7 Million.
Hot Chili ha fornito aggiornamenti sullo Studio di Fattibilità Preliminare (PFS) del suo progetto Costa Fuego Copper-Gold, previsto per essere completato entro la fine del 2024. Tra i principali sviluppi, c'è la conferma che il trattamento ottimale utilizzerà acqua di mare grezza, potenziali miglioramenti nel recupero della flottazione del molibdeno e nelle estrazioni del rame ossidato, e costi di trattamento e raffinazione ridotti rispetto allo Studio di Fattibilità Economica Preliminare (PEA) del 2023. L'azienda sta avanzando nella sua Valutazione di Impatto Ambientale da presentare a metà del 2025 e sta sviluppando Huasco Water, un'attività strategica per la fornitura d'acqua. L'azienda mantiene una solida posizione di liquidità di A$25,7 milioni.
Hot Chili proporcionó actualizaciones sobre el Estudio de Prefactibilidad (PFS) de su proyecto Costa Fuego Copper-Gold, que se espera completar a finales de 2024. Entre los desarrollos clave, se confirma que el procesamiento óptimo utilizará agua de mar cruda, posibles mejoras en la flotación de molibdeno y recuperaciones de lixiviación de óxido de cobre, y costos de tratamiento y refinación reducidos en comparación con el PEA de 2023. La empresa está avanzando en su Evaluación de Impacto Ambiental para su presentación a mediados de 2025 y desarrollando Huasco Water, un negocio estratégico de suministro de agua. La empresa mantiene una sólida posición de liquidez de A$25,7 millones.
핫 칠리는 코스타 푸에고 구리-금 프로젝트의 예비 타당성 조사(PFS)에 대한 업데이트를 제공했으며, 이는 2024년 말에 완료될 예정입니다. 주요 개발 사항으로는 최적의 가공 방식이 원시 해수 사용을 확인하였고, 몰리브덴 선별 및 구리 산화물 용해 회수의 잠재적인 개선점과 2023년 PEA에 비해 감소된 처리 및 정제 비용이 포함됩니다. 회사는 2025년 중반 제출을 위한 환경 영향 평가를 진행 중이며, 전략적 수자원 공급 사업인 후아스코 워터를 개발하고 있습니다. 회사는 A$2570만의 강력한 현금 보유를 유지하고 있습니다.
Hot Chili a fourni des mises à jour sur son étude de faisabilité préliminaire (PFS) concernant le projet de cuivre-or de Costa Fuego, prévue pour se terminer à la fin de 2024. Les développements clés incluent la confirmation que le traitement optimal utilisera de l'eau de mer brute, des améliorations potentielles dans la flottation du molybdène et les taux de récupération de lixiviation du cuivre oxydé, ainsi que des coûts de traitement et de raffinage réduits par rapport à l'étude préliminaire de faisabilité (PEA) de 2023. L'entreprise avance dans son évaluation d'impact environnemental à soumettre à la mi-2025 et développe Huasco Water, une entreprise stratégique d'approvisionnement en eau. L'entreprise maintient une solide position de liquidité de 25,7 millions AUD.
Hot Chili hat Aktualisierungen zu seiner Voruntersuchung (PFS) des Costa Fuego Kupfer-Gold-Projekts bereitgestellt, das voraussichtlich Ende 2024 abgeschlossen sein wird. Zu den wichtigsten Entwicklungen gehört die Bestätigung, dass die optimale Verarbeitung Rohmeerwasser verwenden wird, potenzielle Verbesserungen bei der Molybdänflotation und den Kupferoxid-Ausbeuten sowie verringerte Behandlungs- und Raffinierungskosten im Vergleich zur PEA 2023. Das Unternehmen arbeitet an seiner Umweltverträglichkeitsprüfung, die Mitte 2025 eingereicht werden soll, und entwickelt Huasco Water, ein strategisches Wasserversorgungsunternehmen. Das Unternehmen hält eine starke Liquiditätsposition von A$25,7 Millionen.
- Improved metallurgical performance expected for molybdenum flotation and copper oxide leach recoveries
- Reduction in long-term treatment and refining costs
- Improved long-term consensus commodity price forecasts for copper, gold, molybdenum and silver
- Strong cash position of A$25.7 Million
- Potential capital cost savings through water infrastructure outsourcing
- Project requires significant funding of US$1.10 Billion for development
- Potential future dilution risk for shareholders due to funding requirements
PERTH,
Highlights
Costa Fuego Copper-Gold Project Pre-Feasibility Study Progresses
- All Costa Fuego Pre-feasibility Study (PFS) workstreams planned for completion in late 2024
- Completion of hydrogeological drilling at the planned Tailings Storage Facility (TSF), as well as additional seawater and freshwater flotation trade-off test work has re-confirmed that optimal processing for Costa Fuego will be achieved using raw seawater
- Metallurgical workstreams indicate potential improvements for both molybdenum flotation and copper oxide leach recoveries when compared to the 2023 Preliminary Economic Assessment (PEA)
- Concentrate market studies confirm a reduction of long-term treatment costs (TC) and refining charges (RC) assumptions, when compared to the 2023 PEA
- Improvement in long-term consensus commodity price forecasts for all potentially payable metals (copper, gold, molybdenum and silver), when compared to the 2023 PEA
Costa Fuego Environmental Impact Assessment Advancing
- Completion of an additional winter-season environmental survey and commencement of a formal community engagement programme with local stakeholders and some indigenous groups
- EIA document preparation underway in advance of planned submission in mid-2025
Huasco Water – A Growing Strategic Asset for Hot Chili
- Hot Chili (
80% ownership) and its partner, Chilean iron ore company Compania Minera del Pacifico (CMP,20% ownership), continue to advance plans for a regional, multi-user, seawater and desalinated water supply business through its newly established company "HW Aguas para El Huasco SpA" (Huasco Water) - International engineering firm, ILF Group, appointed to complete regional Water Supply Business Case Study (PFS equivalent) for Huasco Water, due for completion in 1H 2025
- Hot Chili's approach to potentially outsourcing its water infrastructure aims to provide capital cost savings and project finance optionality for the development of Costa Fuego
Exploration Activities Underway in Advance of Growth Drilling
- Ground magnetic geophysical survey, surface soil sampling and surface mapping completed across the recently secured, 18,000-hectare Domeyko landholding, with results pending
- Further regional consolidation opportunities being assessed, discussions advancing well
Cash Position of
Cautionary Statement – JORC Code (2012)
The Preliminary Economic Assessment referred to in this Report is equivalent to a Scoping Study under JORC Code (2012) reporting guidelines. It has been undertaken for the purpose of initial evaluation of a potential development of the Costa Fuego Copper Project in
Of the Mineral Resources scheduled for extraction in the PEA production plan, approximately
The Mineral Resources underpinning the production target in the PEA have been prepared by a competent person in accordance with the requirements of the JORC 2012. For full details on the Mineral Resource estimate, please refer to the ASX announcement of 31 March 2022. The Mineral Resource Estimate update released in February 2024 does not materially change the Mineral Resource inventory that formed the basis of the 2023 PEA, and no new scientific or technical information has been developed that would materially affect the outcome of the 2023 PEA and, therefore, the results and conclusions of the 2023 PEA are considered current and have been restated for this Report.
To achieve the outcomes indicated in the PEA, including reaching Definitive Feasibility Study ("DFS"), mine construction and production stages, funding in the order of
This Report contains forward-looking statements. Hot Chili has concluded that it has a reasonable basis for providing these forward-looking statements and believes it has a reasonable basis to expect it will be able to fund development of the Costa Fuego Copper Project. However, a number of factors could cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based solely of the results of the PEA.
SUMMARY OF OPERATIONAL ACTIVITIES
Costa Fuego Copper-Gold Project Pre-Feasibility Study Update
During the quarter ending September 2024, the Company continued to focus on several development study workstreams for Costa Fuego's Pre-Feasibility Study (PFS) and Environmental Impact Assessment (EIA).
Metallurgy
Potential for improved molybdenum flotation recovery has been determined as part of final PFS metallurgy work programme, following review and analysis of previous flotation testwork. This higher recovery is expected to upgrade the value of molybdenum as a by-product credit in the PFS, when compared to reported values in the Company's 2023 Preliminary Economic Assessment (PEA) and increase the annual quantity of molybdenum concentrate projected to be produced.
Additional geometallurgical testwork was completed for acid-consumption analysis, to support predictive relationships between geological and alteration units at Productora and Cortadera for the planned heap and run-of-mine leach processing. Analysis is nearing completion and will enable optimisation of the throughput of the concentrator, as well as acid cost and recovery within the leaching circuit. Early outcomes indicate significant improvements in copper oxide leach recoveries can be achieved through increased acid addition, when compared to the 2023 PEA.
A final round of Locked-Cycle Tests further confirmed the quality of the Costa Fuego concentrates, with low levels of arsenic and other deleterious elements. Additional seawater and freshwater flotation trade-off tests were also completed and re-confirmed the planned concentrator would see optimal recovery using seawater.
Mining
Mine design for the four Costa Fuego mining locations (Productora, Cortadera,
Infrastructure
Infrastructure analysis and design continued during the quarter, with optimisation focussed on key infrastructure items including concentrator and the Solvent Extraction Electrowinning (SX-EW) plants, heap and dump leach pads, tailings dam storage facilities, and utility and access corridors between proposed mine sites and port facilities. Costa Fuego's utility and access corridor is planned to include access road works, seawater pipeline, power lines, concentrate transport route, port and rope conveyor.
Market Analysis
Assessment of the long-term copper concentrate market has indicated overcapacity in the smelter market, resulting in reduced global treatment costs (TC) and refining charges (RC) versus the assumptions used in the 2023 PEA. Current long-term TC/RC forecasts are materially lower than the USD
Long-term commodity price forecasts of all potentially saleable products used in the 2023 PEA for Costa Fuego have increased over the past 15 months reflecting continuing strong demand. When compared to the 2023 PEA, current long-term commodity price forecasts for copper (+
Environment
Advancement of environmental workstreams during the quarter focused on developing Costa Fuego's Tailings Storage Facility (TSF) operational plan and design, including hydrogeological and environmental studies of the planned TSF footprint. An additional four groundwater monitoring boreholes for 228m were completed during the quarter in association with infiltration tests as well as surface litho-structural mapping of the TSF area (Figure 1).
This work was supported through engagement with Chilean regulators to discuss the planned TSF approach, with the work being presented to the regulator for initial feedback.
A site visit at Costa Fuego was held in July 2024, attended by several of the Company's Qualified Persons, key technical consultants, and the Hot Chili development team. Attendees reviewed processing, mining and infrastructure designs on location, having regard for environmental and social considerations identified through Hot Chili's baseline surveys and community engagement processes. Infrastructure designs will continue to be refined to optimise the Project footprint whilst minimising potential environmental risks and impacts, while endeavouring to ensure that the Project delivers net benefits to the surrounding communities and population.
In September 2024, the Company executed several small-scale, lease mining agreements with a number of local miners, continuing Hot Chili's ongoing support for local mining employment. Hot Chili is dedicated to supporting the community and advancing sustainable mining in the region.
Costa Fuego Environmental Impact Assessment Advancing
Hot Chili is in the advanced stages of preparing its EIA for Costa Fuego ahead of planned submission in mid-2025. During the quarter, the Company's environmental team completed another winter period environmental baseline study and Company's community engagement team held several meetings with indigenous and non-indigenous stakeholders as part of Hot Chili's formal community engagement programme. The Company has also commenced documentation of over a decade of work undertaken in the Huasco region in support of its planned EIA submission.
Exploration Drilling at Productora – Sterilisation for Mine Infrastructure
During the quarter, Hot Chili's exploration team completed two drill holes for 873m to test a high-sulphidation epithermal (HSE) target identified within the mine development footprint, adjacent to the planned Productora open pit. Drill targeting utilised recently acquired geophysical datasets (MIMDAS) to refine a mineralisation style which had not previously been explored at Productora (Figure 2).
No significant drilling intersections were recorded, with the target now sterilised for planned site infrastructure, allowing the Company to finalise the mine infrastructure layout for the planned PFS and associated EIA.
Alteration zonation identified in drill hole PRD0020 have indicated potential for future HSE targets at depth towards the main Productora mineralisation system. These targets will be reviewed and incorporated into the Company's regional exploration target pipeline.
Regional Exploration Programmes Advancing - Domeyko landholding
An extensive ground magnetics survey comprising of 1,755-line km's (100m spaced, north-south oriented survey lines) was completed in August 2024 at the recently acquired Domeyko landholding (Figure 2), to assist with targeting across this large 18,000-hectare landholding.
In addition, the Company's exploration team continued to complete a major regional soil sampling and surface litho-structural mapping campaign at Domeyko (Figure 3 - 6). Approximately 1,181 soil samples and 76 rock chip samples have been collected across the Domeyko landholding to date, with assays returned for approximately
Several encouraging results up to
Table 1. Domeyko rock chip samples returned in Quarter 3 2024, sorted by Cu%
Sample ID | East | North | RL | Cu % | Au ppm | Ag ppm | Mo ppm |
M-48 | 319294 | 6791247 | 960 | 3.82 | 4.9 | 7.3 | 9 |
M-59 | 321708 | 6788289 | 972 | 3.46 | 0 | 22.3 | 1 |
M-35 | 318444 | 6791381 | 966 | 2.43 | 0.9 | 1.3 | 14 |
M-27 | 317493 | 6786330 | 875 | 2.42 | 0.3 | 0.9 | 6 |
M-31 | 319804 | 6786255 | 1047 | 1.72 | 0.1 | 8.9 | 25 |
M-55 | 319681 | 6789121 | 916 | 1.62 | 1.2 | 15.7 | 1 |
M-34 | 319025 | 6791473 | 969 | 1.4 | 1.9 | 1.3 | 12 |
M-45 | 319506 | 6791565 | 975 | 1.32 | 0 | 2.2 | 15 |
M-60 | 324159 | 6789542 | 1068 | 1.27 | 0.1 | 100 | 1 |
M-44 | 318329 | 6791572 | 982 | 1.25 | 10 | 4.8 | 1 |
M-57 | 318953 | 6790026 | 861 | 0.68 | 1.5 | 10.3 | 4 |
M-02 | 324378 | 6785903 | 1103 | 0.45 | 0 | 0.6 | 32 |
M-20 | 324463 | 6785778 | 1124 | 0.45 | 0 | 1.1 | 17 |
M-56 | 319614 | 6790239 | 881 | 0.42 | 0.2 | 1.4 | 3 |
M-16 | 324750 | 6785851 | 1121 | 0.41 | 0 | 0.1 | 1 |
M-13 | 324448 | 6785903 | 1115 | 0.35 | 0 | 1.2 | 11 |
M-47 | 319594 | 6791054 | 939 | 0.34 | 1.6 | 7.7 | 4 |
M-03 | 324335 | 6785889 | 1104 | 0.32 | 0 | 0.7 | 3 |
M-22 | 324528 | 6785708 | 1099 | 0.3 | 0 | 0.7 | 2 |
M-23 | 324688 | 6785540 | 1137 | 0.3 | 0 | 0.5 | 4 |
M-52 | 320020 | 6783421 | 1075 | 0.27 | 0.1 | 2.8 | 1 |
M-12 | 324178 | 6785910 | 1107 | 0.26 | 0 | 1.1 | 50 |
M-04 | 324277 | 6785844 | 1100 | 0.25 | 0 | 2.6 | 2 |
M-25 | 324583 | 6785649 | 1140 | 0.24 | 0 | 0.4 | 37 |
M-51 | 319273 | 6784143 | 996 | 0.24 | 0 | 1.8 | 0 |
M-17 | 324738 | 6785857 | 1119 | 0.17 | 0 | 0.2 | 3 |
M-01 | 324396 | 6785918 | 1105 | 0.16 | 0 | 2.2 | 17 |
M-14 | 324395 | 6785812 | 1116 | 0.16 | 0 | 0.4 | 23 |
M-07 | 324272 | 6785904 | 1110 | 0.15 | 0 | 0.2 | 4 |
M-09 | 324193 | 6785908 | 1088 | 0.14 | 0 | 0.5 | 73 |
M-18 | 324458 | 6785879 | 1117 | 0.12 | 0 | 0.5 | 38 |
M-30 | 319754 | 6786242 | 1033 | 0.12 | 0 | 1.8 | 37 |
M-46 | 319490 | 6791618 | 938 | 0.12 | 0.1 | 1 | 3 |
M-19 | 324480 | 6785834 | 1121 | 0.11 | 0.2 | 0.3 | 10 |
M-24 | 324627 | 6785627 | 1137 | 0.11 | 0 | 0.4 | 20 |
M-49 | 319190 | 6791171 | 948 | 0.11 | 0 | 0.3 | 3 |
M-06 | 324278 | 6785901 | 1110 | 0.1 | 0 | 0.9 | 13 |
M-21 | 324329 | 6785829 | 1118 | 0.09 | 0 | 0.3 | 10 |
M-10 | 324246 | 6786002 | 1137 | 0.08 | 1.5 | 5.4 | 70 |
M-05 | 324252 | 6785818 | 1109 | 0.07 | 0 | 0.4 | 54 |
M-08 | 324378 | 6785787 | 1124 | 0.06 | 0 | 0.6 | 12 |
M-15 | 324756 | 6785849 | 1121 | 0.06 | 0 | 0.5 | 0 |
M-39 | 318079 | 6790875 | 924 | 0.04 | 0 | 0.1 | 3 |
M-50 | 316024 | 6786640 | 832 | 0.04 | 0 | 0.2 | 0 |
M-58 | 318645 | 6790067 | 849 | 0.04 | 0 | 1.1 | 7 |
M-26 | 324478 | 6785667 | 1146 | 0.03 | 0 | 0.1 | 35 |
M-29 | 319638 | 6786195 | 1016 | 0.02 | 0 | 0.1 | 1 |
M-36 | 318406 | 6791480 | 962 | 0.02 | 0 | 0.3 | 1 |
M-43 | 319155 | 6791499 | 971 | 0.02 | 0 | 0.6 | 1 |
M-11 | 324147 | 6785914 | 1107 | 0.01 | 0 | 0.1 | 4 |
M-28 | 319252 | 6785709 | 978 | 0.01 | 0 | 0.2 | 1 |
M-32 | 319427 | 6786305 | 1031 | 0.01 | 0 | 0.2 | 1 |
M-33 | 316373 | 6789867 | 847 | 0.01 | 0 | 0.1 | 1 |
M-37 | 318363 | 6791526 | 965 | 0.01 | 0 | 0.1 | 0 |
M-40 | 318182 | 6790921 | 937 | 0.01 | 0 | 0.2 | 1 |
M-38 | 318294 | 6791487 | 974 | 0 | 0 | 0.1 | 1 |
M-41 | 318324 | 6790962 | 954 | 0 | 0 | 0.2 | 1 |
M-42 | 318363 | 6790862 | 936 | 0 | 0 | 0.1 | 0 |
M-53 | 320352 | 6783143 | 1168 | 0 | 0 | 0.1 | 0 |
M-54 | 321197 | 6786075 | 1041 | 0 | 0 | 0.3 | 0 |
The Company is well advanced in its regional exploration assessment of Domeyko ahead of prioritising targets for initial drill testing.
Table 2 - Drill Holes Completed for Costa Fuego in Quarter 3 2024
Prospect | Hole ID | North | East | RL | Depth | Azimuth | Dip | Results |
Productora Hydro | PROMW06 | 6827010 | 326460 | 597 | 42 | 0 | -90 | NSR |
Productora Hydro | PROMW07 | 6826927 | 323821 | 550 | 36 | 0 | -90 | NSR |
Productora Hydro | PROMW08 | 6826921 | 322951 | 526 | 84 | 0 | -90 | NSR |
Productora Hydro | PROMW09 | 6830173 | 325356 | 616 | 66 | 0 | -90 | NSR |
Productora Lithocap | PRD0020 | 6822550 | 322430 | 776 | 432 | 250 | -60 | NSR |
Productora Lithocap | PRD0021 | 6822705 | 321788 | 664 | 440.7 | 90 | -60 | 1m@ |
Note: NSR – no significant intersection recorded. Only minor mineralisation encountered in sterilisation drill hole PRD0021
SUMMARY OF CORPORATE ACTIVITIES
Huasco Water – A Growing Strategic Asset for Hot Chili
Hot Chili announced on 8th July 2024, the establishment of a new subsidiary water company - Huasco Water - and commenced transfer of water assets previously held by Hot Chili's subsidiary Sociedad Minera El Águila SpA (
In August 2024, Huasco Water appointed international engineering firm ILF Group to manage Huasco Water's regional Water Supply Business Case Study, which is well underway and due for completion in H1 2025 at a level of detail and confidence similar to a PFS.
The pre-feasibility level Water Supply Business Case Study is focussed on the initial stages of potential water supply to the Huasco region, being:
- Establishing sea water supply for Costa Fuego at a minimum scale of 600 Litres per second (l/s) by 2028. Hot Chili is positioned as a potential foundation customer and negotiation for a water off-take agreement is planned to commence in late 2024; and
- Establishing scalable, desalinated water supply for third parties in the Huasco Valley region at an initial scale of up to 1,300 l/s from 2030 onwards. Potential customers include projects like CMP's Las Colorados as well as other community, industrial and non-mining projects.
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 advance for Hot Chili's coastal range Costa Fuego copper-gold project.
A conceptual study completed by Hot Chili in February 2024 (see announcement dated 26 February 2024) outlined potential for significant economic, environmental and social benefits for a variety of potential customers in the Huasco Valley, especially given growing community and regulatory opposition to continental water extraction in the Atacama, and the long lead times involved in securing maritime concessions and associated permitting in
Hot Chili is in discussion with potential water off-takers in the Huasco Valley and is also engaging with potential infrastructure partners in relation to the potential financing and development of Huasco Water's future industrial water infrastructure.
Hot Chili's approach to potentially outsourcing its water infrastructure aims to provide capital cost savings and project finance optionality for the development of Costa Fuego.
Cash Position and Capital Structure Changes
As of 30 September 2024, the Company had cash of
The operating expenditure for period ended 30 September 2024 included payments for exploration and evaluation of
The investing expenditure for period ended 30 September 2024 included payments for tenements of
The following summarises the Company's securities on issue:
- 151,420,450 ordinary fully paid shares
- 1,850,001 AUD
$2.25 options expiring 30 September 2024 - 1,259,789 options at
CAD expiring 31 January 2025$1.85 - 1,914,000 options at AUD
$1.50 - 5,429,240 service and performance rights.
Additional ASX Disclosure Information
ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the quarter.
ASX Listing Rule 5.3.3 - Schedule of Mineral Tenements as of 30 September 2024
The schedule of Mineral Tenements and changes in interests is appended at the end of this activities report.
ASX Listing Rule 5.3.4: Reporting under a use of funds statement in a Prospectus does not apply to the Company currently.
ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the quarter per Section 6.1 of the Appendix 5B totalled
Health, Safety, Environment and Quality
Field operations during the period included geological reconnaissance activities, reverse-circulation drilling, diamond drilling, core-testing and logging, field mapping, and sampling exercises across the major Cortadera and Productora landholdings, as well as new tenements at Domeyko. Activities on new tenements are run from the Productora or Cortadera operations centres and their safety statistics are included under the figures for all projects.
There were no Lost Time Injuries (LTI) during the quarter.
Hot Chili's sustainability framework ensures an emphasis on business processes that target long-term economic, environmental and social value. The Company is dedicated to continual monitoring and improvement of health, safety and the environmental systems. There is no greater importance than ensuring the safety of our people and their families.
Table 2. HSEQ Quarter 3 2024 Performance and Statistics
Deposit | Productora | Cortadera | All Projects | |||
Timeframe | Q3 2024 | Cum.² | Q3 2024 | Cum.² | Q3 2024 | Cum.² |
LTI events | 0 | 0 | 0 | 6 | 0 | 8 |
NLTI events | 0 | 4 | 0 | 6 | 0 | 11 |
Days lost | 0 | 0 | 0 | 152 | 19 | 263 |
LTIFR index | 0 | 0 | 0 | 21 | 70 | 19 |
ISR index | 0 | 0 | 0 | 522 | 1 | 626 |
IFR Index | 0 | 48 | 0 | 41 | 0 | 45 |
Thousands of man-hours | 9.1 | 83 | 2.9 | 291 | 18.8 | 420 |
Incidents on materials and assets | 0 | 1 | 0 | 0 | 0 | 1 |
Environmental incidents | 0 | 0 | 0 | 0 | 0 | 0 |
Headcount¹ | 29 | 11 | 14 | 32 | 12 | 51 |
Notes: HSEQ is the acronym for Health, Safety, Environment and Quality. LTIFR per million-manhours. Safety performance is reported on a monthly basis to the National Mine Safety Authority on a standard E-100 form; (1) Average monthly headcount (2) Cumulative statistics since April 2019. |
Tenement Changes During the Quarter
During the quarter, Sociedad Minera La Frontera SpA ("La Frontera") claimed two mining exploration concessions ("CF 10" and "CF 11"), which are in the process of being constituted. Also, some mining right names were standardised with a (-) symbol and six mining rights (Santiago A 1-26; Porfiada XII 1-60; Porfiada A 1-40; Porfiada F 1-50; Cortadera 6 1-60; and Chilis 10 1-38) were reduced in size due to mining right conversion into exploitation leases.
The Company's existing tenements are detailed in the table below.
Table 3. Current Tenement ('Patente') Holdings in
Cortadera Project Tenements | ||||
License ID | HCH % Held | HCH % | Area | 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 | |||
Note. Frontera SpA is a |
Productora Project Tenements | ||||
License ID | HCH % | HCH % | Area | 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 7A, 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 | |||
255 | ||||
139 | ||||
255 | ||||
3 | ||||
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 | |||
CACHIYUYITO 1, 1-20 | 100 | |||
CACHIYUYITO 2, 1-60 | 300 | |||
CACHIYUYITO 3, 1-60 | 300 | |||
LA PRODUCTORA 1-16 | 75 | |||
ORO INDIO 1A, 1-20 | 82 | |||
AURO HUASCO I, 1-8 | 35 | |||
URANIO, 1-70 | 0 % | 0 % | 350 | 25-year Lease Agreement |
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 | |||
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 Tenements | |||||
License ID | HCH % Held | HCH % Earning | Area | Agreement Details | |
76 |
(2 additional and conditional payments of US | ||||
26 | |||||
Santiago A, 1 al 26 | 244 | ||||
Santiago B, 1 al 20 | 200 | ||||
Santiago C, 1 al 30 | 300 | ||||
Santiago D, 1 al 30 | 300 | ||||
Santiago E, 1 al 30 | 300 | ||||
Prima Uno | 1 | ||||
Prima Dos | 2 | ||||
25 | |||||
25 | |||||
75 | |||||
Romero 1 AL 31 | 31 | ||||
Mercedes 1 al 3 | 50 | ||||
Kreta 1 al 4 | 16 | ||||
Mari 1 al 12 | 64 | ||||
PORFIADA VII 1 al 60 | 270 | ||||
PORFIADA VIII 1 al 60 | 300 | ||||
300 | |||||
PORFIADA IX 1 al 60 | 300 | ||||
PORFIADA C 1 al 60 | 300 | ||||
PORFIADA E 1 al 20 | 100 | ||||
PORFIADA E 1 al 50 | 240 | ||||
10 | |||||
90 | |||||
PORFIADA G | 200 | ||||
CORTADERA 1 | 200 | ||||
CORTADERA 2 | 200 | ||||
CORTADERA 3 | 200 | ||||
CORTADERA 4 | 200 | ||||
CORTADERA 5 | 200 | ||||
CORTADERA 6 1/60 | 265 | ||||
CORTADERA 7, 1-20 | 93 | ||||
200 | |||||
200 | |||||
300 | |||||
300 | |||||
300 | |||||
DORO 1 | 200 | ||||
DORO 2 | 200 | ||||
DORO 3 | 300 | ||||
PORFIADA I | 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 | ||||
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 | 3 | ||||
PEGGY SUE 1/10 | 100 | ||||
DONA FELIPA 1 al 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 | ||||
ARBOLEDA 7 1/25 | Option AMSA | 234 | |||
Option AMSA | 81 | ||||
Option AMSA | 78 | ||||
MONICA 21/40 | Option AMSA | 85 | |||
MONICA 41/52 | Option AMSA | 39 | |||
CORDILLERA 1/5 | 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 | 50 | NSR | |||
COMETA 1 1/60 | 300 |
Option may be exercised, alternatively, within 12, 18 or 30
a) b)
a) b) c) If the Option is exercised, the consideration payable to Bastion to | |||
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 | ||||
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 | ||||
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 | ||||
Note. Frontera SpA is a |
Qualifying Statements
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 Persons – 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 Domeyko project 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.
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 "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: prospects, projections 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 programs; the results and impacts of planned drilling to extend mineral resources and to 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 in the Company.
Mineral Resource Statement
Costa Fuego Combined Mineral Resource (Effective Date 26th February 2024)
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 is February 26th, 2024. Hot Chili confirms it is not aware of any new information or data that materially affects the information included in the Resource Announcement and all material assumptions and technical parameters stated for the Mineral Resource Estimates in the Resource Announcement continue to apply and have not materially changed. |
11 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 this Report. A detailed list of Costa Fuego Project risks is included in Chapter 25.12 of the Technical Report "Costa Fuego Copper Project – NI 43-101 Technical Report Mineral Resource Estimate Update" dated April 8th, 2024. |
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity | ||
Hot Chili Limited | ||
ABN | Quarter ended ("current quarter") | |
91 130 955 725 | 30 September 2024 | |
Consolidated statement of cash flows | Current quarter | Year to date | |
1. | Cash flows from operating activities | - | - |
1.1 | Receipts from customers | ||
1.2 | Payments for | (4,106) | (4,106) |
(a) exploration & evaluation * | |||
(a) development | - | - | |
(b) production | - | - | |
(c) staff costs | (734) | (734) | |
(d) administration and corporate costs | (1,222) | (1,222) | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | 209 | 209 |
1.5 | Interest and other costs of finance paid | - | - |
1.6 | Income taxes paid | - | - |
1.7 | Government grants and tax incentives | - | - |
1.8 | Other (provide details if material) | - | - |
1.9 | Net cash from / (used in) operating activities | (5,853) | (5,853) |
* Included in this amount was | |||
2. | Cash flows from investing activities | - | - |
2.1 | Payments to acquire or for: | ||
(a) entities | |||
(b) tenements | (1,915) | (1,915) | |
(c) property, plant and equipment | (11) | (11) | |
(d) exploration & evaluation | - | - | |
(e) investments | - | - | |
(f) other non-current assets | - | - | |
2.2 | Proceeds from the disposal of: | - | - |
(a) entities | |||
(b) tenements | - | - | |
(c) property, plant and equipment | - | - | |
(d) investments | - | - | |
(e) other non-current assets | - | - | |
2.3 | Cash flows from loans to other entities | - | - |
2.4 | Dividends received (see note 3) | - | - |
2.5 | Other | - | - |
2.6 | Net cash from / (used in) investing activities | (1,926) | (1,926) |
3. | Cash flows from financing activities | - | - |
3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | ||
3.2 | Proceeds from issue of convertible debt securities | - | - |
3.3 | Proceeds from exercise of options | - | - |
3.4 | Transaction costs related to issues of equity securities or convertible debt securities | (117) | (117) |
3.5 | Proceeds from borrowings | - | - |
3.6 | Repayment of borrowings | - | - |
3.7 | Transaction costs related to loans and borrowings | - | - |
3.8 | Dividends paid | - | - |
3.9 | Other (provide details if material) | - | - |
3.10 | Net cash from / (used in) financing activities | (117) | (117) |
4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
4.1 | Cash and cash equivalents at beginning of period | 33,742 | 33,742 |
4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (5,853) | (5,853) |
4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (1,926) | (1,926) |
4.4 | Net cash from / (used in) financing activities (item 3.10 above) | (117) | (117) |
4.5 | Effect of movement in exchange rates on cash held | (266) | (266) |
4.6 | Cash and cash equivalents at end of period | 25,580 | 25,580 |
5. | Reconciliation of cash and cash equivalents | Current quarter | Previous quarter |
5.1 | Bank balances | 15,580 | 23,742 |
5.2 | Call deposits | 10,000 | 10,010 |
5.3 | Bank overdrafts | - | - |
5.4 | Other (provide details) | - | - |
5.5 | Cash and cash equivalents at end of | 25,580 | 33,752 |
6. | Payments to related parties of the entity and their associates | Current quarter |
6.1 | Aggregate amount of payments to related parties and their | 163 |
6.2 | Aggregate amount of payments to related parties and their | - |
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an | ||
7. | Financing facilities | Total facility | Amount drawn at |
7.1 | Loan facilities | - | - |
7.2 | Credit standby arrangements | - | - |
7.3 | Other (please specify) | - | - |
7.4 | Total financing facilities | - | - |
7.5 | Unused financing facilities available at quarter end | ||
7.6 | Include in the box below a description of each facility above, including the lender, interest | ||
N/A | |||
8. | Estimated cash available for future operating activities | $A'000 |
8.1 | Net cash from / (used in) operating activities (item 1.9) | (5,853) |
8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | - |
8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (5,853) |
8.4 | Cash and cash equivalents at quarter end (item 4.6) | 25,580 |
8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
8.6 | Total available funding (item 8.4 + item 8.5) | 25,580 |
8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 4.37 |
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". | ||
8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: | |
8.8.1 Does the entity expect that it will continue to have the current level of net operating | ||
N/A | ||
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further | ||
N/A | ||
8.8.3 Does the entity expect to be able to continue its operations and to meet its business | ||
N/A | ||
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. | ||
Compliance statement
1 | This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. |
2 | This statement gives a true and fair view of the matters disclosed. |
Date: | 31 October 2024 |
Authorised by: | By the Board |
(Name of body or officer authorising release – see note 4) |
Notes
- This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
- If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
- Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
- If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
- If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
For full JORC disclosures, please refer to ASX announcements found here.
Contact
Mr Christian Easterday
Managing Director
E: admin@hotchili.net.au
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SOURCE Hot Chili Limited
FAQ
When will Hot Chili (HHLKF) complete its Costa Fuego Pre-feasibility Study?
What is the current cash position of Hot Chili (HHLKF)?
When will Hot Chili (HHLKF) submit its Environmental Impact Assessment?
How much funding does Hot Chili (HHLKF) need for the Costa Fuego project?
