Hot Chili Announces Registration of Costa Fuego and Huasco Water for Priority Status by Chilean Ministry of Economy

PERTH, April 30, 2025 - Hot Chili Ltd. (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to announce that its Costa Fuego copper-gold project (Costa Fuego) and Huasco Water project (Huasco Water), located along the coastal range of Chile, have both been registered before the Office for Sustainable Project Management (Oficina de Gestión de Proyectos Sustentables, GPS Division) by the Chilean Ministry of Economy.

Hot Chili applied for registration in September 2024, forming the view that both projects fulfilled key requirements to be considered in the Chilean government's list of strategic investment projects for the country to expedite through streamlined administrative approval processing.

The registration marks a significant step forward for Hot Chili and indicates that Costa Fuego and Huasco Water meet the Chilean government's objective criteria to acquire priority status. Both projects are now under the supervision and monitoring of the Office for Sustainable Project Management, which aims to optimise and accelerate the approvals process for projects that promote sustainability.

Hot Chili is now able to centralise and monitor all active permitting processes through a single platform, which includes the Company's second maritime concession application (Huasco Water) and future Environmental Impact Assessment submission (Costa Fuego and Huasco Water).

Registry is confirmed on the official website (https://ogp.economia.cl/grandes-proyectos/proyectos-de-inversion/) with unique identification codes for Costa Fuego (PRYXTX11), and Huasco Water (ZPJCFN59) already assigned.

The Company looks forward to providing further updates, including final drill results from its stage-1 drill programme across its exciting La Verde copper-gold porphyry discovery.

La Verde is the latest addition to the Company's Costa Fuego production hub, confirmed as a multi-decade, top quartile production scale and lowest quartile capital intensity copper project in the Company's recently released Pre-Feasibility Study (see announcement dated 27^th March 2025).

This announcement was approved and authorised for release by the Board of Hot Chili.

For further information, please contact:

or visit Hot Chili's website at www.hotchili.net.au

Disclaimer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This news release contains certain statements that are "forward-looking information" within the meaning of Canadian securities legislation and Australian securities legislation (each, a "forward-looking statement"). Forward-looking statements reflect the Company's current expectations, forecasts, and projections with respect to future events, many of which are beyond the Company's control, and are based on certain assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-looking statements included in this news release should not be unduly relied upon. The use of any of the words "anticipate", "believe", "could", "estimate", "expect", "may", "plan", "potential", "project", "should", "will", "would" and similar expressions are intended to identify forward-looking statements.

In this news release, forward-looking statements relate, among other things, to: timing and receipt of governmental approvals for Costa Fuego and Huasco Water; the potential of the La Verde copper-gold porphyry discovery; and the Company's future business plans. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors may, include, but are not limited to: operational risks; sovereign risks associated with the Company's operations in Chile; recruiting qualified personnel and retaining key personnel; future financial needs and availability of adequate financing; fluctuations in mineral prices; market volatility; exchange rate fluctuations; ability to exploit successful discoveries; title risks; environmental risks; financial failure or default of joint venture partners, contractors or service providers; competition risks; economic and market conditions; and other risks and uncertainties described elsewhere in this news release and elsewhere in the Company's public disclosure record.

Although the forward-looking statements contained in this news release are based upon assumptions which the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding: future commodity prices and demand; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future tax rates; future operating costs; availability of future sources of funding; and ability to obtain financing. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.

For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made herein, please refer to the public disclosure record of the Company, including the Company's most recent Annual Report, which is available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. New factors emerge from time to time, and it is not possible for management to predict all those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

The forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary statements and are made as of the date of this news release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Investors should read this entire news release and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of an investment in the Company.

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SOURCE Hot Chili Limited