Hot Chili (HCH) investor relations material

Strategic Positioning and Industry Context

• Ranked among the top five independent copper development projects globally, with a 1.5 billion tonne resource and a 30-year mine life, exceeding the annual metal production of former industry leaders.

• Copper prices have surged from $4 to $7–$8 per pound in recent months, making copper the most valuable metal market by value.

• The project benefits from a low-elevation, coastal location near infrastructure, providing significant capital and operational advantages over high-altitude competitors.

• The company holds the only maritime water license in the Huasco region, a strategic asset for future development and potential monetization.

• Institutional interest is growing, with major shareholders including Glencore and increasing ETF coverage.

Project Development and Milestones

• Significant progress at La Verde, including a major new porphyry discovery, with over 29,000m of drilling defining a 1,000m x 800m x 800m mineralised footprint open in all directions.

• Over 10 years of permitting and infrastructure work positions the project for EIA submission in Q2 next year and first production in 2031.

• Maiden Mineral Resource Estimate for La Verde is expected later in 2026, with integration into the Costa Fuego production hub and a revised PFS planned.

• The resource base is expected to reach about 5 million tons of contained copper and over 5 million ounces of gold, with 85% measured and indicated.

• A $60 million budget is allocated for development, EIA preparation, and drilling in the coming year.

Financial and Operational Outlook

• Costa Fuego’s PFS delivers a post-tax NPV8% of US$1.2B, IRR of 19%, and a payback period of 4.5 years at US$4.30/lb copper price.

• Projected annual revenue is $1–2 billion over multiple decades, with payback periods potentially dropping from 4.5 to 2.5 years due to high-grade starter pit.

• Project demonstrates strong leverage to copper price, with every US$0.10/lb increase in copper price adding ~US$100M to NPV8%.

• Costa Fuego ranks among the top five independent copper developers globally by life-of-mine annual CuEq production, with bottom quartile capital intensity and C1 cash costs.

• Strategic water assets (Huasco Water) add value, with a staged, fully permitted seawater supply business showing a post-tax NPV8% of up to US$977M for regional expansion.