Hot Chili entitlement offer closes for $14.1M (Aust.)

Executive Summary

• Hot Chili Ltd.’s entitlement offer was fully subscribed, raising approximately AU$14.1 million before costs.
• Proceeds will fund the completion of strategic partnering processes, diamond drilling at La Verde, ongoing development studies, exploration and general working capital.
• New shares are scheduled to be issued on 9 Sept 2025, with a total of 23,648,329 new shares allotted across the entitlement offer and ancillary short‑fall facility.

Key Details

• Offer terms: Non‑renounceable entitlement of 2 fully paid ordinary shares for every 13 existing shares at AU$0.60 per new share.
• Capital raised: AU$14,188,997 (before costs).
• Share allocation: 23,648,329 new shares issued under the entitlement offer and short‑fall facility.
• Use of proceeds:
• Completion of asset‑level strategic partnering process led by BMO Capital Markets.
• Diamond drilling program at the La Verde project.
• Ongoing development studies and exploration activities.
• General working capital requirements.
• Issuance date: New shares to be issued on Tuesday, 9 Sept 2025.
• Short‑fall facility: Eligible shareholders who applied for additional shares beyond their entitlement but were not fully allotted will receive refunds of excess application monies.

Notable Quotes

“To raise the full $14.1‑million is a strong validation of Hot Chili's Costa Fuego project as one of only a few large‑scale copper projects in the development pipeline with near‑term production timelines.” – Christian Easterday, Managing Director & CEO.