Hot Chili (HCH) Investor presentation summary

Strategic project positioning and market context

• Costa Fuego is positioned as a top 5 global independent copper development with strategic water assets and low elevation advantages, reducing capital intensity and development risk compared to peers.

• The project benefits from strong regional interest, robust infrastructure access, and a unique, fully permitted seawater supply in a water-constrained region.

• Market valuations for copper developers have increased, but Costa Fuego trades below peer averages despite its scale and near-term production profile.

Project resources, reserves, and growth

• Costa Fuego's measured and indicated resources total 798 Mt at 0.45% CuEq, with 203 Mt inferred, ranking it among the world's largest undeveloped copper resources.

• Probable ore reserves stand at 502 Mt at 0.46% CuEq, supporting a 20-year mine life with potential for further expansion through the La Verde discovery.

• Recent drilling at La Verde has confirmed a large, high-grade porphyry system, with significant intercepts and rapid resource growth.

Financial performance and project economics

• The 2025 PFS outlines 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, with strong leverage to copper price increases.

• Life-of-mine C1 cash cost is US$1.38/lb Cu, placing the project in the bottom quartile for costs among global peers.

• The Huasco Water business PFS shows a post-tax NPV8% of US$977M for a staged desalinated water supply, with a 19% IRR and 4-year payback.