Hot Chili gets OK to expand drill coverage in Chile

Executive Summary

• Hot Chili Ltd. received regulatory approval to expand phase‑two diamond drilling at the La Verde Cu‑Au discovery in Chile.
• Two of eleven planned drill holes have been completed, showing wide visual intersections of porphyry‑style copper mineralization; assay results are pending and will be released on the ASX shortly.
• The expansion enables testing of lateral extensions and additional nearby targets, supporting potential resource growth and an extended mine life for the Costa Fuego project.

Key Details

• Regulatory green light granted for phase‑two drilling across the La Verde discovery footprint (≈1,000 m × 750 m, up to 400 m depth).
• Phase‑two drilling commenced on 22 Sept 2025 using a single drill rig operating double shifts from existing platforms.
• Program consists of 11 diamond drill holes; two holes are complete and have visually recorded wide porphyry‑style copper mineralization zones.
• Assay results for the completed holes are pending; results will be announced to the Australian Securities Exchange once received.
• Visual estimates are disclosed as non‑substitutes for laboratory assays, with a disclaimer on impurity information.
• Planned addition of a second drill rig (reverse circulation) to accelerate phase‑two drilling after platform clearing.
• Expansion aims to test further lateral and along‑strike extensions of the current discovery footprint and evaluate three nearby look‑alike targets slated for first‑pass drilling.
• Phase‑one results previously demonstrated significant resource growth potential, enhancing the economics of Hot Chili’s March 2025 prefeasibility study for the Costa Fuego project.

Notable Quotes

(No direct quotes provided in the release.)