Hot Chili (HCH) Investor presentation summary

Strategic project overview

• Costa Fuego is a top global copper-gold development with a new porphyry discovery and strategic water assets in Chile, positioned at low elevation for reduced costs and streamlined permitting.

• The project advances on three fronts: the La Verde porphyry discovery, the advanced Costa Fuego Cu-Au project, and the Huasco water asset.

• Costa Fuego is among the largest undeveloped copper resources not controlled by a major, with 3.6 Mt CuEq in measured and indicated resources.

Financial and operational highlights

• Pre-feasibility study (PFS) shows a post-tax NPV8% of US$1.2B, IRR of 19%, and payback in 4.5 years at US$4.30/lb copper and US$2,280/oz gold.

• Life-of-mine free cash flow is projected at US$3.86B, with annual production of 116 kt CuEq over 14 years and a 20-year project life.

• Start-up capital is US$1.27B, with C1 cash costs at US$1.38/lb Cu, placing the project in the bottom quartile for capital intensity.

• Project is highly leveraged to copper price; every US$0.10/lb increase in copper adds ~US$100M to NPV.

Resource and exploration update

• La Verde discovery, 35 km from Productora, has delivered wide, high-grade, near-surface copper-gold intersections, expanding the resource footprint.

• Eleven drillholes define a 400m x 400m high-grade starter pit zone, with multiple intercepts above 0.6% CuEq within 200m of surface.

• District-scale porphyry cluster potential identified, with regulatory approval for new drill targets adjacent to La Verde.