Hot Chili Limited announced that recent drill results from its Cortadera copper-gold discovery continue to expand the deposit ahead of a global resource upgrade for the Company's Costa Fuego coastal copper development in Chile. These include: CRP0148 - 156m grading 0.4% CuEq (0.4% copper (Cu), 0.1g/t gold (Au)) from surface, including 32m grading 0.6%CuEq (0.5% copper (Cu), 0.2g/t gold (Au)) from 90m depth. CRP0183 - 80m grading 0.4% CuEq (0.4% copper (Cu), 0.1g/t gold (Au)) from 10m depth including 12m grading 0.6%CuEq (0.6% copper (Cu), 0.1g/t gold (Au)) from 44m depth. CRP0178 - 72m grading 0.4% CuEq (0.4% copper (Cu), 0.1g/t gold (Au)) from surface including 28m grading 0.7%CuEq (0.7% copper (Cu), 0.1g/t gold (Au)) from surface. CRP0176 - 114m grading 0.3% CuEq (0.3% copper (Cu), 0.1g/t gold (Au)) from surface including 24m grading 0.6%CuEq (0.6% copper (Cu), 0.1g/t gold (Au)) from surface. CRP0158 - 62m grading 0.4% CuEq (0.4% copper (Cu), 0.1g/t gold (Au)) from 4m depth including 18m grading 0.7%CuEq (0.6% copper (Cu), 0.2g/t gold (Au)) from 26m depth. Three months of drilling results from the end of the Company's 2021 drilling campaign at Cortadera are being compiled and further announcements are expected. Drilling in late 2021, focussed on expanding any remaining open flanks on each of Cortadera's three porphyries and completing required in-fill drill holes for upgrading resource classification. Initial results analysed from shallow Reverse Circulation (RC) drilling across Cuerpo 1 and Cuerpo 2 has confirmed wide intersections of copper-gold mineralisation from surface across both porphyries. Cuerpo 2 has recorded some of the highest grade copper results at Cortadera and the recent campaign to delineate the shallow mineralisation has proven successful. Expansion of the +0.4% CuEq mineralisation from surface was bolstered by several drillholes, particularly to the south and east of Cuerpo 2. So far, up to five drillholes have recorded significant intercepts of +0.3% CuEq mineralisation at a maximum of 36 m downhole with the majority from less than 10 m downhole. This material is predominately within the oxidised weathering zone and suggests that an expansion of the +0.4% Cu material laterally and vertically is likely at Cuerpo 2. In addition, several wide intersections of mineralisation were recorded across Cuerpo 1, further expanding the +0.3 CuEq mineralisation extent. Hot Chili has commenced an initial 20,000m exploration drilling programme to test several prioritised, large copper-gold targets within its combined Costa Fuego landholding in Chile. RC drilling commenced in late December 2021 across the Productora central target, located immediately adjacent to the Productora resource and measuring 1.2km by 1.0km in dimension. Three of eight first-pass RC drill holes are complete, and several diamond hole extensions are planned once
RC drill results are received. Additional targets located within the consolidated Costa Fuego landholdings (Productora, Santiago Z and El
Fuego) are scheduled for drilling over the coming months. The Company has received regulatory approval for platform clearing at Santiago Z, which is planned to commence in the coming month. In addition, drilling is planned across multiple extensional targets located within the Cortadera landholding,
outside of the Cortadera resource window. News Flow and Key Catalysts in 2022: Hot Chili is fully funded for 18 months to accelerate its growth and development plan for Costa Fuego. The Company expects to provide further news flow over the coming weeks, including: · Further Cortadera drilling results being received, reviewed and compiled from 2021 resource drilling. Development study updates related to advances in mining optimisations and metallurgical workstreams for the Costa Fuego combined Pre-feasibility study. Corporate updates, and Exploration drilling updates as results are received.