Hot Chili Limited announced the highest-grade drill intersection recorded by the Company to date. First assays returned from drilling across the historical Valentina high grade copper mine confirm a significant 120m strike extension to the deposit, recording 8m grading 5.9% CuEq (5.7% copper (Cu), 24.1g/t silver (Ag)) from 27m downhole in reverse circulation (RC) drill hole VAP0009. Valentina and its neighbouring San Antonio satellite copper deposit (Inferred resource of 4.2Mt grading 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287koz Ag, reported March 2022) are located immediately to the east of Cortadera, the centre-piece of the Company's Costa Fuego, coastal range, copper-gold hub in Chile.

Both deposits represent shallow high grade open pit opportunities, with the potential to provide front-end ore sources and make a positive material impact on the payback period and overall project economics of the Costa Fuego copper-gold development. Hot Chili's recently completed phase-one drilling programme at Valentina primarily focussed on proving continuity of the mineralised trend along strike of the successful 2018 drill campaign. Of the nine holes as part of a phase-one programme, four drill holes recorded significant intersections.

Best drill intersections include: 8m grading 5.9% CuEq (5.7% Cu, 24.1g/t Ag) from 27m depth and 2m grading 1.9% CuEq (1.8% Cu, 11g/t Ag) from 46m depth (VAP0009). 7m grading 2.0% CuEq (1.9% Cu, 11g/t Ag) from 163m depth (VAP0004). Drilling confirms continuity of the mineralised Valentina structure 120m south of current underground workings, in an area previously masked at-surface by a shallow horizon of Atacama gravels.

Mineralisation is interpreted to be fault-hosted, dipping steeply towards the east within a sequence of volcanic- sedimentary units, similar to the deposit setting of the neighbouring San Antonio resource. Copper grades between 27m and 35m depth in VAP0009 were associated with both copper sulphide (2-5 % chalcopyrite) and oxide mineralisation. Importantly, the result in RC drill hole VAP0009 is complimented by a twin Diamond Drill (DD) hole (VALMET0002 drilled for metallurgical test work), which recorded a much wider 17m visual intersection of copper sulphide and oxide mineralisation.