The Geometry of Deposit Exploration and Resource Expansion

 
The Geometry of Deposit Exploration and Resource Expansion
MEGWA Monthly Technical Talk – Perth WA

The Geometry of the Cortadera Cu-Au Porphyry
Deposit     in Northern Chile: Implications for
Exploration and Resource Expansion
Dr. Steve Garwin, Chief Technical Advisor
for Hot Chili Limited
sgar@iinet.net.au

                                                                 ASX : HCH
                                                              OTCQB: HHLKF
                                                                16 June 2021
The Geometry of Deposit Exploration and Resource Expansion
Disclaimer
This Presentation is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the
material contained in the Presentation and nothing contained in the Presentation is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company
hereby excludes all warranties that can be excluded by law. The Presentation contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown
risks and uncertainties, and may differ materially from results ultimately achieved.

The Presentation contains “forward-looking statements”. All statements other than those of historical facts included in the Presentation are forward-looking statements including estimates of resources.
However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such
forward-looking statements. Such risks include, but are not limited to, copper and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade ore recovery
rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release
publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Presentation, or to reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Presentation and all other information with respect to the Company and
evaluating the business, financial performance and operations of the Company. Neither the provision of the Presentation nor any information contained in the Presentation or subsequently
communicated to any person in connection with the Presentation is, or should be taken as, constituting the giving of investment advice to any person.

                                                                                                                                                                           Hot Chili Presentation              2
The Geometry of Deposit Exploration and Resource Expansion
Cortadera / Productora Combined Resource:
                                                 742MT at 0.48% CuEq for 2.9 Mt Cu and 2.7 Moz Au

                                                  Favorable Infrastructure, low-altitude and 50km from a port

                         Cortadera ~ 91Ma *

* U-Pb SHRIMP dates from ANU (Armstrong, 2020)                                               Cortadera Presentation   3
The Geometry of Deposit Exploration and Resource Expansion
Cortadera Porphyry Cluster, Northern Chile
                                    looking southeast

                       Cuerpo 3

                 Cuerpo 2

            Cuerpo 1

                                               Cortadera Presentation   4
The Geometry of Deposit Exploration and Resource Expansion
Sheeted quartz veinlets with goethite in outcrop

                                             Cortadera Presentation   5
The Geometry of Deposit Exploration and Resource Expansion
Cortadera Cu-Au Porphyry, Northern Chile:
Quartz vein stockworks with chalcopyrite and pyrite
CRP0011D
Assay results 780-782m: 0.95% Cu, 0.6g/t Au, 1.6g/t Ag and 41 ppm Mo.
781.5m

                                                                        Cortadera Presentation   6
The Geometry of Deposit Exploration and Resource Expansion
Leading Global Copper-Gold Discovery
  Seven of the World’s Best Cu-Au Drill Results Recorded Since Jan 2018

                                                                             CRP0020D          incl. 412m @ 0.7% Cu and 0.3 g/t Au

            Cortadera      Hot Chili Limited                    Chile         CRP0061D                54        867         813      0.4   0.1

                                                                                                                                                 Source- Regulus Resources (TSXV.
                                                                                                                                                 REG) November 2019 Corporate
                                                                                                                                                 Presentation (slide 10) as per SNL
                                                                                                                                                 financial, SNL search criteria include:
                                                                                                                                                 >450 m interval, primarily copper
                                                                                                                                                 interval & reported after Jan 1, 2018.
                                                                                                                                                 Only longest reported interval
                                                                                                                                                 considered. Results ordered by down-
                                                                                                                                                 hole width of drill intersection and
                                                                                                                                                 addition of CRP0020D result.

CRP0088D        410m @ 0.5% Cu and 0.2 g/t Au (open) from 440-850m, incl. 144m @ 0.8% Cu and 0.3 g/t Au (open)

   Refer to ASX Announcement “Hot Chili Reports 144m at 1.0% CuEq and Discovers New Shallow Porphyry Zone at Cortadera” (16th June 2021)   Cortadera Presentation                          7
The Geometry of Deposit Exploration and Resource Expansion
Cuerpo 3 / Cortadera – Porphyry Cu-Au Centre
Average Grade Ranges 0.7% - 0.9% Copper & 0.3 – 0.4g/t Gold

                                                                                                                   Large Underground
                                                                                                                   development option
                                                                                                                    adds to Open Pit
                                                                                                                        potential

                                                                                                               Favourable grade range to
                                                                                                               reserve grade of other large
                                                                                                               underground copper mines -
                                                                                                                  Cadia East (Newcrest)
                                                                                                                   Australia
                                                                                                                   0.3% Cu & 0.47g/t Au

                                                                                                                  Candelaria (Lundin Mining)
                                                                                                                    Chile
                                                                                                                    0.85% Cu
Refer to ASX Announcements “Hot Chili Delivers One of the Best Global Drill Results of 2019 ” (4th Dec 2019)
                                                                                                                                    Cortadera Presentation   8
The Geometry of Deposit Exploration and Resource Expansion
Cortadera 4D Model: Geometry and Time
Inputs                                          Outputs
 All drilling and surface data:                 Chronological geological model
    Lithology (downhole and surface mapping)    Vein abundance model
    Quartz vein abundance from logging
    Mineralogy/ sulphides: cpy-py ratio from    Cu, Au, Ag, Mo, Zn, Au/Cu and Cu/Zn
     logging                                      isosurfaces
    Geochemistry- surface and downhole from     Cpy-py ratio isosurfaces
     assay data
                                                 Magnetic susceptibility model
 Geophysics (IP-Res, MT & MIMDAS)
                                                 Chlorite/white-mica model
 Surface topography
 Time: Porphyry chronology from vein            Drill Targets and Resource
  paragenesis and abundance                       Expansion / Definition
                                                                           Cortadera Presentation   9
The Geometry of Deposit Exploration and Resource Expansion
Plan View of Cortadera Geology Model
                                                                          Lithology Model
                                                                             5 Skarn / hornfels - proximal

                                                          Late Porphyry      6 Skarn / hornfels - distal

                                                              Dyke           10 Early-mineral Porphyry

                                                                             20 Intra-mineral Porphyry
                         Cuerpo 4                                            30 Late-mineral Porphyry

                                     Cuerpo 2
                  Cuerpo 1

          Skarn

                   Intra mineral
                     porphyry
                                                    Cuerpo 3

                                    Early mineral
                  500m                porphyry
      N

                                                                                                   Cortadera Presentation   10
Copper and Gold Drill Results / 0.1% and 0.4% Cu Shells

                                     > 0.1% Cu

                                                                                 > 0.4% Cu

Refer to ASX Announcements “Hot Chili Delivers its Seventh World-Class Drill Result from Cortadera” (18th March 2021)
                                                                                                                        Cortadera Presentation   11
Oblique long section of copper mineralisation model
Cortadera Porphyry Discovery                                      Cuerpo 3
                                       Cuerpo 2
          Cuerpo 1                                                                                       1000RL

                                                                                          Copper Model
                                                                                           (+0.1% Cu)

                                                                                                          500RL

1.2km                                                                                     High Grade Core
                                                                                             (+0.4% Cu)
              No Drilling- Potential
                for a second high
             grade core in Cuerpo 2
                                        Potential for Cuerpo                                                0RL
                                        2 & 3 to join at depth

                                                                 No Drilling- Potential
                                                                 for high grade core to
Looking Northeast                                                  grow significantly
                                                2.3km

                                                                                                             Cortadera Presentation   12
Cortadera Key Datasets - Growth Potential
    Molybdenum Model (Plan View)                        A- & B-type Quartz Vein Abundance Model
  Growth Potential in N-S dyke corridors                   and IP Chargeability (Plan View)
                                                                             Cortadera
                                             Late N-S
                                             porphyry                       North Target
                                             dykes

           Cuerpo 4                                                                Cuerpo 3
                                       Cuerpo 3                                   North Target
                                       North Target

Cuerpo 1

+5ppm Mo                                                 +3% vein
                                                        abundance
                  Cuerpo 2

   +20ppm Mo                                                  +5% vein
                                                             abundance
                      +40ppm Mo
                                  Cuerpo 3                     1,500m
             1,500m
                                                                             IP 200m Depth Slice
                                                                                            Cortadera Presentation   13
Cortadera wall-rock
Hornfels / Skarn
(volcanics / siltstone)

                          Cortadera Presentation   14
Cortadera intrusions
Tonalite porphyry

                       Cortadera Presentation   15
Cortadera, Northern Chile
              Unidirectional solidification textures (UST): quartz-
                           magnetite-chalcopyrite
This texture is inferred to indicate that the magma became saturated with the ore components during crystallization,
before complete solidification.

                            Cu      Au      Mo

Left – Six parallel asymmetric undulatory vein surfaces composed of quartz crystals,
chalcopyrite, pyrite, magnetite in varying proportions – FJOD-01 @ 61m (24 cm).
Right – Close-up view of 1.5 cm-long oriented quartz with chalcopyrite, pyrite and magnetite
between and on top of the crystals. Central crystal with rhythmic deposition of magnetite and
chalcopyrite is only possible if deposition is unimpeded into fluid medium FJOD-01 @ 51.75m
(6 cm).
                                                                                                                       Cortadera Presentation   16
Cortadera: Chalcopyrite-pyrite and quartz veins
              hosted by tonalite
                                     HQ drill-core

                                             Cortadera Presentation   17
Mineragraphy
Chalcopyrite-pyrite-anhydrite veinlet with electrum in sericite-chlorite-anhydrite-albite-orthoclase altered
biotite quartz diorite to tonalite porphyry (CRPD013D, 773m; 0.6% Cu, 0.4g/t Au, 1.7g/t Ag and 254ppm Mo)

                             electrum

              pyrite

 50 microns
                       Electrum contains 75% Au and 25% Ag

                                                             (from Muhling, 2020)
                                                                                                  Cortadera Presentation   18
Cortadera Vein Paragenesis
• Classified on vein morphology, composition and texture.
• Grouped by interpreted relative age
                                                                                                              Early - Hotter

                             UST   Unidirectional solidification textures – quartz-magnetite-(chalcopyrite)
                             M     Magnetite veinlets
                             EDM   Early dark micaceous veins
Main mineralisation stages

                             A     Irregular/discontinuous early quartz veins
                                   (bearing minor chalcopyrite-pyrite ± magnetite)
                             B     Through-going / planar quartz-(chalcopyrite-pyrite-molybdenite) veins
                             ChQ   Quartz-chlorite-(pyrite) veins
                             C     Chalcopyrite-(pyrite) veins
                             D     Pyrite veins with sericite, quartz-carbonate or chloritic halos

                             Anh   Anhydrite veins (locally associated with C- and D-veins)
                                                                                                              Late - Cooler

                                                                                                              Cortadera Presentation   19
Cortadera Geological Units and Intrusive Phases

                                                                                                                                     Early
    Host         Pre-mineral Volcanics and Sediments                                                Low grade
    Rocks        Distal and Proximal and skarn/ hornfels adjacent to 10- and 20-series intrusions   Variable Grade

   Causal        Early-mineralisation tonalite porphyry intrusion                                   High grade
  Intrusion      10 series (typically > 5% A- and B-type quartz veins)                              0.2 – 1.1% Cu

Contributing     Intra-mineralisation tonalite porphyry intrusions                                  Moderate Grade
  Intrusion      20 series (about 1 - 5% A- and B-type quartz veins)                                0.1 -0.7% Cu

                 Late-mineralisation tonalite dykes                                                 Low grade to barren

Late- to Post-
                 30 series (< 1% A- and B-type quartz veins)                                        ≤ 0.1 – 0.2% Cu
Mineralisation   Post-mineralisation andesitic dykes                                                ‘Barren’ (< 0.05% Cu)
  Intrusions
                 40 series (no A- and B-type quartz veins)
                                                                                                                                     Late

                                                                                                                          Cortadera Presentation   20
Cortadera Geological Model: Grade Distribution by Rock Unit

                                                   Cortadera Presentation   21
Plan View of Cortadera Geology Model
                                                                                       Lithology Model
                                                                                          5 Skarn / hornfels - proximal
                                                                  Late Porphyry
                                                                                          6 Skarn / hornfels - distal
                                                                      Dyke
                                                                                          10 Early-mineral Porphyry

            C
                       Cuerpo 4               A’                                          20 Intra-mineral Porphyry

                                                                                          30 Late-mineral Porphyry

                 Cuerpo 1
                                                                   B’

                                     Cuerpo 2
    Skarn         Intra mineral
                    porphyry                  A
                                                   B   Cuerpo 3                   C’

                                  Early mineral
                                    porphyry

N               500m

                                                                                                      Cortadera Presentation   22
Long Section C-C’ displaying Copper model
C / WNW                                                         Cuerpo 2                        Cuerpo 3                  C’ / ESE
                        Cuerpo 1

                                    Copper Model
           1.2km                     (+0.1% Cu)

                                                   750m @ 0.6% Cu, 0.2g/t Au
                                                   Including:
                                                                               CRP0013D
                                                                                                              High Grade Core
                                                   188m @ 0.9% Cu, 0.4g/t Au
                                                   Or including:                                                 (+0.4% Cu)
                                                   100m @ 1.0% Cu, 0.5g/t Au

                                                                     2.5km
 *Long section looking NNE, 100m wide slice displaying copper isosurfaces and drill traces displaying Cu%   Cortadera Presentation   23
Long section C-C’ displaying Cu isosurfaces
C / WNW                                                      Cuerpo 2                           Cuerpo 3                     C’ / ESE
                        Cuerpo 1

                                                                                                     +0.5%
           1.2km
                                                                                                     +0.4%

                                                                                                      +0.3%

                                                750m @ 0.6% Cu, 0.2g/t Au
                                                                                                       +0.2%
                                                Including:
                                                                            CRP0013D
                                                188m @ 0.9% Cu, 0.4g/t Au                               +0.1%
                                                Or including:
                                                100m @ 1.0% Cu, 0.5g/t Au

                                                                  2.5km
 *Long section looking NNE, 100m wide slice displaying copper isosurfaces and drill traces displaying Cu%       Cortadera Presentation   24
Long Section C-C’ displaying Mo isosurfaces
 C / WNW                                                    Cuerpo 2                            Cuerpo 3                      C’ / ESE
                         Cuerpo 1

                                                   +40ppm

                                                  +30ppm

                                         +20ppm                                                         +50ppm

            1.2km

                                                              2.5km
*Long section looking NNE, 100m wide slice displaying molybdenum isosurfaces and drill traces displaying Cu%     Cortadera Presentation   25
Long section C-C’ displaying quartz vein abundance
C / WNW                                                  Cuerpo 2   Cuerpo 3                C’ / ESE
                       Cuerpo 1

                                      +2% +3%    +5%     +10%
            1.2km

 *Long section looking NNE, 100m wide slice displaying
 quartz vein abundance and drill traces displaying Cu%
                                                            2.5km              Cortadera Presentation   26
Long section C-C’ showing calculated chalcopyrite-pyrite
                                   ratio                        C’ / ESE
    C / WNW             Cuerpo 1                            Cuerpo 2                        Cuerpo 3

                       1           0.25
                                      0.1
                                                                                             1
                       0.5                                                                  0.5

1.2km                                                                                             0.5       0.25

                                                                   1
                                                                                                                     0.1
                                                                  0.5
                                                                       0.25
                                                                         0.1

                                                                   2.5km

*Long section looking NNE, displaying calculated cpy-py ratio isosurfaces and drill traces displaying Cu%          Cortadera Presentation   27
Long section C-C’ displaying geology model
C / WNW                                                                                                        C’ / ESE

                                                                       Cuerpo 2              Cuerpo 3
                                  Cuerpo 1

    Volcanic rocks

                                                                                                         Early mineral
                                                                                                           porphyry

                                             Late Porphyry                                                          Skarn
      Sedimentary rocks                          Dyke                                                             (proximal)

     Lithology Model
                                                                                                                      Skarn
         5 Skarn / hornfels - proximal                                                                               (distal)
         6 Skarn / hornfels - distal

         10 Early-mineral Porphyry                     Intra mineral
                                                                             Early mineral
                                                         porphyry
         20 Intra-mineral Porphyry                                             porphyry
         30 Late-mineral Porphyry

*Long section looking NNE, displaying geology model and drill traces displaying Cu%                     Cortadera Presentation   28
Long section C-C’ displaying calculated mineralogy
                                                       alteration model
C / WNW                                                                                                                          C’ / ESE
                                                                       Cuerpo 2                     Cuerpo 3
                                    Cuerpo 1

                                                                                   se-ch
                                                                                                               bi

       ch                                                        an
                                                                       ab                           ab
                               se-ch
                                                                                               an
                                                            ab                                                                se-ch
          an                                                     se               se
                                       se                                                                                an

Alteration Model
      Potassic (Biotite > 1)
                                                                  bi                                                                   ch
      Propylitic (Chlorite > 3, Phengite < 10)                                                           se
                                                                                       se-ch
      Intermediate argillic (Chlorite > 3, Phengite > 10)

      Albite ( > 30)
                                                                                                                    bi
      Anhydrite ( > 5)

      Phyllic (Chlorite < 3, Phengite > 10)

*Long section looking NNE, displaying calculated alteration model and drill traces displaying Cu%                             Cortadera Presentation   29
Plan View of Cortadera Geology Model
                                                                                       Lithology Model
                                                                                          5 Skarn / hornfels - proximal
                                                                  Late Porphyry
                                                                                          6 Skarn / hornfels - distal
                                                                      Dyke
                                                                                          10 Early-mineral Porphyry

            C
                       Cuerpo 4               A’                                          20 Intra-mineral Porphyry

                                                                                          30 Late-mineral Porphyry

                 Cuerpo 1
                                                                   B’

                                     Cuerpo 2
    Skarn         Intra mineral
                    porphyry                  A
                                                   B   Cuerpo 3                   C’

                                  Early mineral
                                    porphyry

N               500m

                                                                                                      Cortadera Presentation   30
Cuerpo 2 Cross Section A-A’ with Cu-Mo
                               isosurfaces
     A                                                  A’               A                                      A’

                                            +0.7%

                                                                                                      +40ppm
                                            +0.5%                                                      +30ppm
                                +0.3%                                                  +50ppm           +20ppm
         1km                                                                 1km
                                            +0.4%

                                    +0.2%

                                        +0.1%

     Copper isosurfaces                                                    Molybdenum isosurfaces
*Cross section looking west, 200m wide slice displaying isosurfaces and drill traces displaying Cu%   Cortadera Presentation   31
Cuerpo 2 Cross Section A-A’ with quartz vein
                           abundance                                                     A’
 A                                    A’          A                             A’

                                                                     Copper Model
                                                                      (+0.1% Cu)

     1km
                                                                    High Grade Core
           +5%                                                         (+0.4% Cu)

            +3%
                        *Cross section looking
            +2%         west, 200m wide slice
                                                                *Cross section looking
                        displaying quartz vein
                                                                west, 200m wide slice
            +10%        abundance and drill
                                                                displaying copper
                        traces displaying Cu%
                                                                mineralisation model and
                                                                drill traces displaying Cu%

Quartz vein abundance                            Copper model
                                                                         Cortadera Presentation   32
                                                                                                  32
Cuerpo 2 Cross Section A-A’ displaying geology model
 A                                                          A’

Sedimentary rocks

                                           Intra mineral
                                             porphyry
 Volcanic rocks
                    1km

                                          Lithology Model
                                             5 Skarn / hornfels - proximal

                                             6 Skarn / hornfels - distal

                                             10 Early-mineral Porphyry

                                             20 Intra-mineral Porphyry
                                                                             *Cross section looking west, 200m wide
                                                                             slice displaying geology model and drill
                          Early mineral      30 Late-mineral Porphyry
                                                                             traces displaying Cu%
                            porphyry

Geology Model                                                                             Cortadera Presentation        33
Cuerpo 2 Cross Section A-A’ displaying
                                                  calculated mineralogy
            A                                                           A’       A                            A’

                                  ab

                             ch        se-ch
                                                              ab

                                               an

Alteration Model                                                   ch                  1
                                                                         1.4km
    Potassic (Biotite > 1)
    Propylitic                                 se
    (Chlorite > 3, Phengite < 10)                             bi
    Intermediate argillic                                                              0.5
    (Chlorite > 3, Phengite > 10)

    Albite ( > 30)
                                                                                             0.25
                                                    ab                                              0.1
    Anhydrite ( > 5)
    Phyllic
    (Chlorite < 3, Phengite > 10)                        ch

              Alteration model                                                   Cpy-py ratio
                                                                                                          Cortadera Presentation   34
Plan View of Cortadera Geology Model
                                                                                      Lithology Model
                                                                                         5 Skarn / hornfels - proximal
                                                                  Late Porphyry
                                                                                         6 Skarn / hornfels - distal
                                                                      Dyke
    C’                                                                                   10 Early-mineral Porphyry

                        Cuerpo 4             A’                                          20 Intra-mineral Porphyry

                                                                                         30 Late-mineral Porphyry

                  Cuerpo 1                                        B’

                                      Cuerpo 2
         Skarn     Intra mineral
                     porphyry
                                            A
                                                   B   Cuerpo 3

                                   Early mineral
                                                                                  C
                                     porphyry

                 500m
N
                                                                                                     Cortadera Presentation   35
Cuerpo 3 Cross Section B-B’ with Cu and Mo
                                 isosurfaces
                                         B                                                                                 B’
B                                                          B’

                                                  +0.7%
         1.2km                                  +0.5%                            1.2km                                   +40ppm
                                                                                                               +50ppm
                                                                                                                                +30ppm
                                                                                                                                +20ppm
                  +0.4%
                 +0.3%

                   +0.2%

                     +0.1%

Copper isosurfaces                                                     Molybdenum isosurfaces
    *Cross section looking northwest, 200m wide slice displaying isosurfaces and drill traces displaying Cu%     Cortadera Presentation   36
Cuerpo 3 Cross Section B-B’ with quartz vein
                            abundance
B                                           B’          B                          B’

                                                                        Copper Model
                               +2%
                                                                         (+0.1% Cu)

    1.2km                            +3%                    1.2km           High Grade Core
                         +5%
                                                                               (+0.4% Cu)
                        +10%

                               *Oblique cross section
                                                                       *Oblique cross section
                               looking northwest,
                                                                       looking northwest, 200m
                               200m wide slice
                                                                       wide slice displaying
                               displaying quartz vein
                                                                       copper mineralisation
                               abundance and drill
                                                                       model and drill traces
                               traces displaying Cu%
                                                                       displaying Cu%
Quartz vein abundance                                   Copper model

                                                                         Cortadera Presentation   37
Cuerpo 3 Cross Section B-B’ displaying
                            geology
B                                               B’

Sedimentary rocks

                                              Intra mineral
 Volcanic rocks                                 porphyry

                    1.4km

                            > 0.3% Cu                Lithology Model
                                                        5 Skarn / hornfels - proximal

                                                        6 Skarn / hornfels - distal

                                                        10 Early-mineral Porphyry

                                                        20 Intra-mineral Porphyry

                                                        30 Late-mineral Porphyry
                                                                                        *Oblique cross section looking northwest, 200m
                                                                                        wide slice displaying geology model and drill
                              Early mineral
                                                                                        traces displaying Cu%
Geology Model                   porphyry

                                                                                                          Cortadera Presentation    38
Cuerpo 3 Cross Section B-B’ displaying calculated mineralogy
   B                                                     B’                        B                                      B’

        ch                                ch
             ab

                                     ab

                                                                                                                Cp/Py > 0.5
             an
                              an                                                         1
                                           Mo > 50ppm                                                            Mo > 50ppm
1.4km
                                                                                             0.5
                       se
                                               Alteration Model
                                          bi
                                                   Potassic (Biotite > 1)

                             se-ch                 Propylitic
                                                   (Chlorite > 3, Phengite < 10)
                                                   Intermediate argillic                           0.25   0.1
                                     ch
                        ab                         (Chlorite > 3, Phengite > 10)

                                                   Albite ( > 30)
                  ab
                                                   Anhydrite ( > 5)
                                                   Phyllic
                  ch                               (Chlorite < 3, Phengite > 10)

    Alteration model                                                               Cpy-py ratio                        Cortadera Presentation
                                                                                                                           Cortadera Presentation   39
Cuerpo 3 Cross Section B-B’ displaying calculated mineralogy
   B                                                     B’                         B                                                      B’

        ch                                                                                >6% py
                                          ch
             ab

                                     ab

             an                                                                                          2-4% py
                              an                                                                           2
                                                                                                                                       8
                                           Mo > 50ppm                                                                           Mo > 50ppm
1.4km                                                                                          3-4% py

                       se                                                                                          >6% py              6
                                               Alteration Model
                                                   Potassic (Biotite > 1)

                             se-ch                 Propylitic
                                                   (Chlorite > 3, Phengite < 10)
                                                   Intermediate argillic                                                           4
                                     ch
                        ab                         (Chlorite > 3, Phengite > 10)

                                                   Albite ( > 30)
                                                                                                                            2
                  ab
                                                   Anhydrite ( > 5)
                                                   Phyllic                                                                  1
                  ch                               (Chlorite < 3, Phengite > 10)

    Alteration model                                                               Pyrite model                                     Cortadera Presentation
                                                                                                                                       Cortadera  Presentation   40
Cuerpo 3:
                                                                    Porphyry quartz veins

                                                                      Data represents the average
                                                                      reading for structural measurements
                                                                      taken over ~100-150m intervals

     Primary Quartz Veins (1°)        Secondary Quartz Veins (2°)     No. of intervals: 85 (1°) + 35 (2°)
                                                                      No. of drillholes: 18
NW                               NW
               N                                 N

                        NE                                NE

                                                                                       Cortadera Presentation   41
Cuerpo 3 quartz vein geometry
               N
                             NE   SW                                                                           NE

                                        Copper Model
                                         (+0.1% Cu)                                            High Grade Core
                                                                                                  (+0.4% Cu)

SW
                                                                                              Primary quartz vein
                                         > 2% qtz veins
     Primary Quartz Veins (1°)                                                                orientation (1°)

                                                                                             Secondary quartz
 NW
               N                                                                             vein orientation (2°)

                      NE

                                  *Oblique cross section looking northwest,
                                  200m wide slice displaying dominant vein trends downhole
                                                                                                      Cortadera Presentation   42
Level-plan(650m RL) displaying copper model

                           Copper Model
                            (+0.1% Cu)

                                          High Grade Core
                                             (+0.4% Cu)

650m RL (+/-150m)
Copper model
                                                            Cortadera Presentation   43
Level-plan(650m RL) with Cu isosurfaces

                                       0.1%
                                                      +0.7%
                                             0.4%
                                                              +0.5%

                     +0.1%
                             +0.2%

                                     +0.3%

                                              +0.4%
650m RL (+/-150m)

Copper isosurfaces
                                                                      Cortadera Presentation   44
Level-plan (650m RL) with Mo isosurfaces

                         B’
                                       +40ppm
                              +50ppm

                                                 +30ppm

                                                  +20ppm
                                       0.1%

                                          0.4%

650m RL (+/-150m)

Molybdenum isosurfaces
                                                           Cortadera Presentation   45
Level-plan(650m RL) with quartz vein abundance

                        B’

                        +2%   +3%

                                              +5%
                                    0.1%
                                                    +10%

                                       0.4%

650m RL (+/-150m)
Quartz vein abundance
                                                           Cortadera Presentation   46
Level-plan (650m RL) displaying geology model
                                                                 Intra mineral
                                                                   porphyry

          Sedimentary rocks
                                                       0.1%

                                                                                 Early mineral
                                                          0.4%                     porphyry

   Lithology Model
      5 Skarn / hornfels - proximal   Volcanic rocks
      6 Skarn / hornfels - distal

      10 Early-mineral Porphyry

      20 Intra-mineral Porphyry

      30 Late-mineral Porphyry

  650m RL (+/-150m)
  Geology Model
                                                                                          Cortadera Presentation   47
Level-plan: alteration model

                               Cortadera Presentation   48
> 0.2% Cu outline,
                                                                                                                                     surface projection

                                                                                                                                      > 0.2% Cu-Eq. outline
                                                                                                                                      For Alpala deposit

                                                                                                                                    Alpala Bulk Resource
                                                                                                                                        (+0.2% CuEq)
                                                                                                                                 2.95Bt grading 0.52% CuEq

                                                                                                                                  Alpala High Grade Zone
                                                                                                                                       (+0.9% CuEq)
                                                                                                                                 420Mt grading 1.47% CuEq

Refer to ASX Announcements “Hot Chili Delivers its Seventh World-Class Drill Result from Cortadera” (18th March 2021)   Cortadera Presentation            49
Discovery Context Scale/Grade/Depth
Cascabel (Ecuador) Long-section                                                        Cortadera (Chile) Long-section                  Vertical
                                                                                                                                        Depth

                                                                                                                                        0m

                                                                                                                                        500m

                           0.9% CuEq

                                                                                         Very Limited drilling
                                                                                                                                        1,000m

                                                Alpala Bulk Resource
                                                    (+0.2% CuEq)                                   CRP0013D
                                             2.95Bt grading 0.52% CuEq                     High Grade Discovery Zone                     1,500m
        0.3% CuEq
                                              Alpala High Grade Zone                       188m @ 0.9% Cu, 0.4g/t Au
  500m                                             (+0.9% CuEq)                                  Or including:          500m
                                             420Mt grading 1.47% CuEq                      100m @ 1.0% Cu, 0.5g/t Au

          Similar strike extent of porphyry Cu-Au discovery windows
          Similar combined grade for Cortadera and Cascabel high grade zone
  Source: SolGold PacRim Presentation 5th April 2019. Refer to presentation for further detail on Cascabel CuEq grade    Cortadera Presentation   50
Large High Grade Zone Discovered
  Alpala section
                                                                                     Cuerpo 3 section
SW                                            NE

      V
                                        BX                                                                        750 RL

                   0.3%

                                                                                                                 Copper Model
                                                      Alpala Bulk Resource
                                                          (+0.2% CuEq)                                            (+0.1% Cu)
                                                   2.95Bt grading 0.52% CuEq
          D10
                                                    Alpala High Grade Zone                                     High Grade Core
                                                         (+0.9% CuEq)                                             (+0.4% Cu)
D20                       0.9% CuEq
                                                   420Mt grading 1.47% CuEq
                                                                                                                   0 RL

                      QD10

                                                                           CRP0013D
                                       QD15                        High Grade Discovery Zone            250m
                                                                   188m @ 0.9% Cu, 0.4g/t Au                            CRP0020D
                                                                         Or including:                          High Grade Discovery Zone
                                                                   100m @ 1.0% Cu, 0.5g/t Au                    412m @ 0.7% Cu, 0.3g/t Au

                                      D15

                                                                                                         Cortadera Presentation             51
Cortadera Deposit Geometry
•      LeapFrog-assisted models show relationships between Cu grades, geology, mineralization and hydrothermal alteration
–      Examples include 0.4% and 0.2% Cu grade shells, molybdenum, quartz vein abundance, chalcopyrite-pyrite ratio, hydrothermal alteration and anhydrite
       distribution
– Increased-grade (> 0.4% Cu) associated with 10- and 20-series tonalite porphyry intrusions
    • Highest grades relate to early-mineralization 10-series tonalite porphyry (e.g., up to 1.1% Cu); Intra-mineralization 20-series intrusions contribute
      moderate grades to the deposit (e.g., 0.1% to 0.8% Cu); Late-mineralization 30-series are low-grade (< 0.1 to 0.2% Cu); Post-mineralization 40-series
      andesite dikes are ‘barren’ (< 0.05% Cu)
    • Steeply-dipping, west-northwesterly and northerly-trending structural controls to intrusive distribution and higher Cu-Au grades
• Molybdenum (in molybdenite) forms a halo to the Cu-Au cores of Cuerpos 1, 2 and 3
    • Mo < 30 ppm in deposit cores; Mo ranges from 30 to > 50 ppm in lower grade peripheries
• Porphyry-style quartz vein abundance shows a positive spatial correlation to Cu-Au grades and intrusive stages
    • Quartz veins > 5 volume-percent characterize > 0.4% Cu (10-series tonalite); Quartz vein abundance typically 1 - 5% in 20-series intrusions;
      Approximately two-percent quartz vein abundance coincides with the 0.1% Cu shell
    • Quartz vein orientations vary from the upper- to lower-portions of Cuerpo 3; NW-, N- and NE-trends are common; flat veins in core of deposit
• Sulfide mineral distribution provides vectors towards higher-grade ore zones
    • Chalcopyrite-pyrite ratios exceed 1:2 (cp/py > 0.5) in higher-grade cores (> 0.4% Cu); and approximate 1:10 to 1:5 for > 0.1% Cu peripheries
    • Chalcopyrite is transitional-stage and occurs with magnetite and pyrite; early-stage metals are characterized by magnetite + chalcopyrite
    • Pyrite in the higher-grade cores ranges from about 2 to 4%; in the lower-grade peripheries, pyrite ranges from about 5 to 8%
• Spatial and temporal relationships between hydrothermal alteration and copper-gold mineralization
    – Higher Cu-Au grades and chalcopyrite deposition related to > 30% albite in transitional-stage chlorite-sericite and late-stage phyllic overprints of early-
      stage potassic (biotite-albite) alteration and propylitic (chlorite-epidote-albite) alteration
    – Secondary albite is stable with potassic, propylitic, and sericite-chlorite alteration and partially destroyed by sericitic (phyllic) alteration
    – Anhydrite (disseminated + veins) forms haloes to the Cu-Au-bearing, sericitic deposit cores, showing a similar distribution to elevated Mo

                                                                                                                                  Cortadera Presentation            52
Large Footprint – Large System
                                                                                                                                        Cortadera Porphyry Deposit
                                                                                                                                       Historical data (secured in June 2019)
                                                                                                                                        provides breakthrough in
                                                                                                                                        understanding

                                                                                                                                       Tonalite Porphyry Cluster discovered
                                                                                                                                        within a classic large alteration
     Magnetic-                                                                                                                          footprint (4km x 3km in size)
 destructive phyllic
     alteration
     at Alpala                                                             Alpala
                                                                        > 0.4% CuEq                                                    Porphyry centres associated with
                                                                                                                                        discrete magnetic anomalies
  Inferred magnetite
      destruction
       at Alpala
                                                                                                                                       Type II chalcopyrite-pyrite-dominant
                                                                                                                                        Cu-Au porphyry system

Refer to“ “New Data Reveals Large System and Fourth Porphyry at Cortadera” (ASX Announcement 12th June 2019) for further detail on historical geophysical survey   Cortadera Presentation   53
Application of the Cortadera Model in District Exploration

                                                                                          Cortadera North target identified by historical
                                                                                           work with similar signature and size to
                                                                                           Cortadera, located 2km north of Cortadera

                                                                                          4 RC holes were drilled late 2020 at Cortadera
                                                                                           North testing the > 4.8 Mo surface anomaly.

                                                                                          RC drilling is again underway, holes were
                                                                                           designed to test the large Induced Polarisation
                                                                                           (IP) chargeability anomaly at Cortadera North

                  S. Gap

 Refer to ASX Announcements “Acceleration of Drilling at Cortadera” (24th February 2021)
                                                                                                                               Cortadera Presentation   54
CRP0088D Results: 410m at 0.5% Cu, 0.2g/t Au, 0.7g/t Ag and 71ppm Mo from 440m (open at depth);
 including 144m at 0.8% Cu, 0.3g/t Au, 1.6g/t Ag and 136ppm Mo from 706m (open at depth).
 822 to 824m depth (1.8% Cu & 0.6g/t Au)

                                                                768m to 770m (2.0% Cu, 0.7g/t Au,
                                                                4.1g/t Ag & 751ppm Mo)
                                                                Early-stage porphyry; chlorite-albite-sericite
                                                                alteration with 6% A-B quartz vein abundance

Refer to ASX Announcement “Hot Chili Reports 144m at 1.0% CuEq and Discovers New Shallow Porphyry Zone at Cortadera” (16th June 2021)   Cortadera Presentation   55
Plan View of Cortadera Cu- and Geology-Models with New Drill Results
                                                                                                                                         Porphyry intrusion models
                                  Cuerpo 1                                                                                               as of June 2021
                                                                         CRP0068D (New result)
                                                                         22m @ 0.5% Cu, 0.1g/t Au                +0.1% Copper
                                                                                                                Model (Oct 2020)
                                                                              CRP0094 (New result)
                                                                              10m @ 0.5% Cu, 0.1g/t Au                         CRP0013D (HG discovery hole, July 2019)
                                                                                                                               750m @ 0.6% Cu, 0.2g/t Au
                                                                                                                               Including 188m @ 0.9% Cu, 0.4g/t Au
                                                                                            Cuerpo 2                           or Incl 100m @ 1.0% Cu, 0.5g/t Au

      CRP0098 (New result)                                                                                                             CRP0088D (new result)
      56m @ 0.4% Cu, 0.1g/t Au                                                                                                         410m @ 0.5% Cu, 0.2g/t Au
      Incl 20m @ 0.7% Cu, 0.2g/t Au                                                                                                    Incl 144 @ 0.8% Cu, 0.3g/t Au
                                                                                                                                       Incl 62m @ 1.0% Cu, 0.4g/t Au
                                        New porphyry                                                                                   Assays pending Open at depth
                                        discovery zone

                                                     CRP0091 (New result)
                                                     14m @ 0.4% Cu, 0.1g/t Au                                                                     Cuerpo 3
           DD Drilled, Significant Intercept
           DD Drilled, Assays Pending
          DD Drilling underway

                                                                  Cu %
                 Early Porphyry
                 Typically grades 0.3-1.0% Cu & 0.2-0.4 g/t Au.
                 ± 5% quartz veinlets, MAB, A and B veins.

                 Intra-Mineral Porphyry                                         CRP0047D (new results)
                 Typically grades 0.1-0.4% Cu & 0.1g/t Au.                      218m @ 0.5% Cu, 0.1g/t Au
                 ± 2% quartz veinlets, dominantly ‘B’ veins,
                 and late sulfide veinlets.
                                                                                Incl 24m @ 0.75 Cu, 0.2g/t Au

Refer to ASX Announcement “Hot Chili Reports 144m at 1.0% CuEq and Discovers New Shallow Porphyry Zone at Cortadera” (16th June 2021)                              Cortadera Presentation   56
Qualifying Statements
Competent Person’s Statement
Exploration Results
Exploration information in this Presentation is based upon work undertaken by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili
Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Easterday consents to the inclusion in the report
of the matters based on their information in the form and context in which it appears..

Competent Person’s Statement- Productora Mineral Resources
The information in this Announcement that relates to the Productora Project Mineral Resources, is based on information compiled by Mr N Ingvar Kirchner. Mr
Kirchner is employed by AMC Consultants (AMC). AMC has been engaged on a fee for service basis to provide independent technical advice and final audit for
the Productora Project Mineral Resource estimates. Mr Kirchner is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Member of
the Australian Institute of Geoscientists (AIG). Mr Kirchner has sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Kirchner consents to the inclusion in this report of the matters based on
the source information in the form and context in which it appears.
Competent Person’s Statement- Cortadera & Costa Fuego Mineral Resources
The information in this report that relates to Mineral Resources for the Cortadera and Costa Fuego Project is based on information compiled by Elizabeth Haren, a
Competent Person who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of
Geoscientists. Elizabeth Haren is employed as an associate Principal Geologist of Wood, who was engaged by Hot Chili Limited. Elizabeth Haren has sufficient
experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Elizabeth Haren
consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
.

                                                                                                                                         Hot Chili Presentation         57
Qualifying Statements
Reporting of Copper Equivalent
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne ×
Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t ×
Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb,
and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and
Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego
(Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
Independent JORC Code Costa Fuego Combined Mineral Resource (Reported 12th October 2020)
  Costa Fuego Combined Resource                                           Grade                                                      Contained Metal
   Deposit Classfication Tonnage CuEq                             Cu       Au         Ag      Mo      Copper Eq          Copper             Gold             Silver         Molybdenum
                    (+0.25% CuEq*)          (Mt)        (%)      (%)      (g/t)       (g/t)   (ppm)    (tonnes)          (tonnes)          (ounces)         (ounces)            (tonnes)
 Cortadera   Indicated                          183    0.49     0.40      0.15        0.7      43        905,000          728,000           889,000         4,227,000                 7,900
             Inferred                           267    0.44     0.35      0.12        0.7      73      1,181,000          935,000         1,022,000         5,633,000                19,400
             Sub Total                          451    0.46     0.37      0.13        0.7     61       2,086,000        1,663,000         1,911,000         9,860,000                27,300
 Productora Indicated                           208    0.54     0.46      0.10                140      1,122,000          960,000           643,000               -                  29,200
             Inferred                            67    0.44     0.38      0.08                109        295,000          255,000           167,000               -                   7,200
             Sub Total                          273    0.52     0.44      0.09                133      1,417,000        1,215,000           810,000               -                  36,400
 Costa Fuego Indicated                          391 0.52 0.43             0.12                 95      2,027,000        1,688,000         1,533,000                 -                37,000
 (Combined) Inferred                            334 0.44 0.36             0.11                 80      1,476,000        1,191,000         1,189,000                 -                26,700
             Total                             724 0.48 0.40 0.12 0.7**                       88      3,503,000 2,879,000 2,722,000 9,860,000                                       63,700
Reported at or above 0.25% CuEq*. Figures in the above table are rounded, reported to appropriate significant figures, and reported in accordance with the JORC Code - Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Metal rounded to nearest thousand, or if less, to the nearest hundred. * * Copper Equivalent (CuEq) reported for the resource were calculated using the
following formula:: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) /
(Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical
Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred +
Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate

                                                                                                                                                                                               Hot Chili Presentation   58
Hot Chili Limited
ACN 130 955 725
ASX: HCH

Level 1, 768 Canning Highway, Applecross,
Western Australia 6153
P: +61 8 9315 9009
F: +61 8 9315 5004
www.hotchili.net.au
                                             Cortadera
                                            Copper-Gold
                                             Porphyry
                                             Discovery

                                                      Cortadera Presentation   59
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