Hot Chili (HCH) Investor Update summary

Project Milestones, Feasibility Studies, and Strategic Context

• Pre-feasibility studies completed for Costa Fuego Copper Gold Project and Huasco Water, both showing robust economics and strategic value.

• Costa Fuego targets 95,000 tons copper and 50,000 ounces gold annually over a 14-year primary period, with a 20-year mine life and a 502 Mt maiden probable ore reserve at 0.37% Cu, 0.10 g/t Au, 0.49 g/t Ag, and 97 ppm Mo.

• Costa Fuego's post-tax NPV8% is US$1.2B, IRR 19% at US$4.30/lb copper, rising to US$2.2B NPV8% and 27% IRR at spot price; Huasco Water stage one NPV8% is US$122M, stage two NPV8% is US$977M.

• Huasco Water is the only industrial-scale water license in the region, with stage one supplying seawater to Costa Fuego and stage two targeting a US$1.4B regional desalination network.

• Both projects benefit from advanced permitting, secured water and power rights, and alignment with Chilean government water strategies.

Technical, Operational, and Risk Mitigation

• Mining uses open pit and underground block caving, with a 20.7 Mtpa sulphide concentrator and use of raw seawater for processing.

• US$442M allocated to risk mitigation, focusing on tailings storage, underground cave design, and technical assurance.

• Rope conveyor system and real-time monitoring adopted for cost and energy efficiency.

• Environmental Impact Assessment for Huasco Water Stage 1 is advanced and included in Costa Fuego EIA.

• Technical studies reviewed by independent qualified persons under NI 43-101 and JORC standards.

Growth, Exploration, and Resource Expansion

• La Verde Cu-Au porphyry discovery confirmed, with ongoing drilling and mineralisation open in all directions.

• La Verde expected to extend mine life towards 30 years and add higher-grade material.

• Second EIA underway to integrate La Verde and enhance project economics.

• Over 4,000L/s of potential desalinated water demand identified, including six undeveloped mining projects.

• MOUs in place for 165L/s of desalinated water with Agrosuper and Nutram; further agreements and expansion planned.