Hot Chili (HCH) Costa Fuego Copper Gold Project presentation summary

Project highlights and strategic positioning

• Costa Fuego is a top global copper-gold development with a new porphyry discovery and strategic water assets in Chile, benefiting from low elevation and proximity to infrastructure, reducing development risk and capital intensity.

• The project has advanced rapidly, with significant drilling success at La Verde, outlining a large, high-grade mineralized footprint and strong continuity of mineralization, supporting early feed and low-strip starter pit opportunities.

• Costa Fuego’s mineral resource stands at 798 Mt at 0.45% CuEq (indicated), with 203 Mt at 0.31% CuEq (inferred), and ore reserves of 502 Mt at 0.37% Cu, 0.10 g/t Au, and 0.49 g/t Ag.

• The project is supported by a robust capital structure, strong institutional and retail ownership, and inclusion in major ETFs, with a market capitalization of A$385M as of July 2026.

Financial performance and peer benchmarking

• The 2025 PFS delivers a post-tax NPV8% of US$1.2B, IRR of 19%, and a payback period of 4.5 years, with a 20-year mine life and annual production of 116 kt CuEq for the first 14 years.

• C1 cash cost is US$1.38/lb Cu, placing Costa Fuego in the bottom quartile for capital intensity and among the top five independent copper developers by life-of-mine annual production.

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

• Costa Fuego’s capital intensity and cost structure are favorable compared to South American and global peers, supported by low elevation and integrated infrastructure.

Strategic water assets and infrastructure

• The 80%-owned Huasco Water business holds the only active maritime license for seawater access in the region, providing a unique advantage in a water-constrained mining district.

• Prefeasibility study for Huasco Water shows a scalable, multi-user business with post-tax NPV8% of US$977M for full build-out, supporting both Costa Fuego and broader regional demand.

• Infrastructure includes permitted seawater pipeline, powerline easements, and proximity to port, enabling reduced permitting timelines and risk.