Hot Chili Business Summary

Hot Chili Ltd (HHLKF) is an Australian-based mineral exploration and development company primarily focused on advancing its flagship Costa Fuego copper-gold project in the coastal range of Chile. The company operates a pre-production business model, generating capital through strategic equity placements—most recently closing an oversubscribed A$40 million private placement on February 12, 2026—and the potential monetization of its Huasco Water subsidiary, which holds critical seawater extraction licenses. Its primary business segments are divided into its copper-gold mineral assets (comprising the Cortadera, Productora, and San Antonio deposits) and its strategic water infrastructure division. Hot Chili competes directly with other mid-tier copper developers such as Marimaca Copper, Ero Copper, and Capstone Copper; it distinguishes itself as one of the few globally significant, low-altitude copper projects not controlled by a major mining house, offering a lower capital intensity and faster development timeline due to existing infrastructure proximity. The company is led by Managing Director and CEO Christian Easterday, a founding director and geologist with over 25 years of experience at top-tier firms including Placer Dome and Harmony Gold. The leadership team was further strengthened in May 2025 with the appointment of Stuart Mathews as Independent Non-Executive Chair, who previously served as Executive Vice President of Gold Fields Australasia, overseeing a million-ounce annual gold portfolio. Other key executives include Chief Operating Officer Grant King, a former Principal Mining Engineer at Wood, and Chief Financial Officer Ryan Finkelstein, a seasoned Chartered Accountant with a background at Grant Thornton. Hot Chili maintains a high-caliber investor base and board, featuring cornerstone support from Glencore (holding approximately 7.5%), Blue Spec Mining, and GS Group, alongside board members such as Roberto de Andraca Adriasola and Fiona Van Maanen.