Hot Chili (HCH) investor relations material

Strategic project positioning and market context

• Costa Fuego is positioned as a top-five, near-term, large-scale copper-gold development with strategic water assets and a new porphyry discovery at La Verde, enhancing its growth profile.

• The project benefits from low elevation (average 740 m), proximity to infrastructure, and reduced permitting timelines, lowering development risk and capital intensity compared to peers.

• Despite a 140% share price increase over 12 months, the company trades at a significant discount to peer group EV/lb and P/NAV metrics, with strong leverage to rising copper and gold prices.

Resource base and exploration highlights

• Costa Fuego hosts 3.6 Mt CuEq in indicated resources and 0.5 Mt CuEq inferred, ranking among the world’s largest undeveloped copper resources not controlled by a major.

• The La Verde discovery, 35 km from the central processing hub, has rapidly expanded with significant high-grade, near-surface intersections, including 725m @ 0.42% CuEq and 529m @ 0.56% CuEq.

• Ongoing drilling at La Verde continues to expand the high-grade core and overall mineralised footprint, with multiple look-alike porphyry targets set for drill testing.

Project economics and financial metrics

• Costa Fuego’s PFS outlines a post-tax NPV8% of $1.2B, IRR of 19%, and a 4.5-year payback at $4.30/lb copper and $2,280/oz gold, with a 20-year mine life and 116 kt CuEq annual production for 14 years.

• C1 cash cost is $1.38/lb Cu (net of by-product credits), placing it in the bottom quartile for capital intensity and among the lowest-cost large-scale copper developers.

• Project NPV increases by ~$100M for every $0.10/lb increase in copper price, highlighting strong leverage to commodity price upside.