PERTH,
Australia, April 30, 2024 /CNW/ - Hot Chili
Limited (TSXV: HCH) (ASX: HCH) (OTCQX: HHLKF) (the "Company" or
"Hot Chili") is pleased to announce that it has filed financial
reports for the quarter ended 31st March 2024.
The complete report is available under the Company's profile at
www.asx.com, www.sedar.com and on Hot Chili's website
(www.hotchili.net.au) .
Highlights include:
Costa Fuego Indicated Copper-Gold
Resource Increases to Approx. 798 Mt
- Mineral Resource has seen a 6% increase in
copper-equivalent1 (CuEq) contained metal in the
Indicated Resource and a 9% increase in CuEq contained metal in the
higher-grade component of the Indicated Resource (+0.6%
CuEq)
- Over 85% of Costa Fuego's CuEq contained metal is now
classified as Indicated - strong platform to deliver a maiden
Mineral Reserve for Costa Fuego Pre-feasibility study (PFS)
expected to be completed in H2 2024
Hot Chili Delivers Water Study and
Prepares to Create New Water Company
- Hot Chili has completed a Water Supply Concept Study for the
Huasco valley region of Chile,
confirming the potential for a large, multi-user, desalination
water supply network
- Submission of second maritime concession to accommodate both
raw seawater and desalinated water supply
- Preparation underway to transfer water assets into a new
stand-alone water company
Further Regional Consolidation for
Costa Fuego
- Large landholdings added to the south (Domeyko mining
centre) and southeast (Cometa project) of Costa Fuego
Execution of MOU for Port
Agreement
- Hot Chili and Las Losas Port execute a MOU to jointly fund a
feasibility study for bulk concentrate exports in addition to
negotiating a binding Port Services Agreement for Costa
Fuego
Exploration Advancing
- Deep penetrating, high resolution MIMDAS and Ground
Magnetics geophysical surveys underway at Productora and
Cortadera
- Drilling activities paused and awaiting geophysical survey
completion prior to re-commencement
Cash Position of A$9.5 million
This news release is authorised by the Managing Director for
release to the TSXV.
Qualifying Statements
Qualified Persons – NI 43-101
The information pertaining to the Mineral Resource Estimates
included in this report has been reviewed and approved by Ms.
Elizabeth Haren (FAUSIMM (CP) &
MAIG) of Haren Consulting Pty Ltd. All other scientific and
technical information in this report has been reviewed and approved
by Mr Christian Easterday, MAIG, Hot
Chili's Managing Director and Chief Executive Officer. Each of Ms.
Haren and Mr. Easterday are a qualified person within the meaning
of NI 43-101.
Competent Persons – JORC
The information in this report that relates to Mineral Resources
for Cortadera, Productora (including Alice) and San
Antonio which constitute the combined Costa Fuego Project is
based on information compiled by Ms Elizabeth Haren, a Competent Person who is a
Fellow and Chartered Professional of The Australasian Institute of
Mining and Metallurgy and a Member of the Australian Institute of
Geoscientists. Ms Haren is a full-time employee of Haren Consulting
Pty Ltd and an independent consultant to Hot Chili. Ms Haren
has sufficient experience, which is relevant to the style of
mineralisation and types of deposits under consideration and to the
activities undertaken, to qualify as a Competent Person as defined
in the 2012 Edition of the 'Australasian Code of Reporting of
Exploration Results, Mineral Resources and Ore Reserves'. Ms
Haren consents to the inclusion in the report of the matters based
on her information in the form and context in which it appears.
The information in this announcement that relates to Exploration
Results for the Cortadera projects is based upon information
compiled 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 deposits 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.
Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this report.
Cautionary Note for U.S. Investors Concerning Mineral
Resources
NI 43-101 is a rule of the Canadian Securities Administrators
which establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral
projects. Technical disclosure contained in this report has been
prepared in accordance with NI 43-101 and the Canadian Institute of
Mining, Metallurgy and Petroleum Classification System. These
standards differ from the requirements of the U.S. Securities and
Exchange Commission ("SEC") and resource information contained in
this report may not be comparable to similar information disclosed
by domestic United States
companies subject to the SEC's reporting and disclosure
requirements.
All amounts in this report are in U.S. dollars unless otherwise
noted.
Forward Looking
Statements
This report contains certain statements that are
"forward-looking information" within the meaning of Canadian
securities legislation and Australian securities legislation (each,
a "forward-looking statement"). Forward-looking statements reflect
the Company's current expectations, forecasts, and projections with
respect to future events, many of which are beyond the Company's
control, and are based on certain assumptions. No assurance can be
given that these expectations, forecasts, or projections will prove
to be correct, and such forward-looking statements included in this
report should not be unduly relied upon. Forward-looking
information is by its nature prospective and requires the Company
to make certain assumptions and is subject to inherent risks and
uncertainties. All statements other than statements of historical
fact are forward-looking statements. The use of any of the words
"believe", "could", "estimate", "expect", "may", "plan",
"potential", "project", "should", "toward", "up-scale", "will",
"would" and similar expressions are intended to identify
forward-looking statements.
The forward-looking statements within this report are based on
information currently available and what management believes are
reasonable assumptions. Forward-looking statements speak only as of
the date of this report. In addition, this report may contain
forward-looking statements attributed to third-party industry
sources, the accuracy of which has not been verified by the
Company.
In this report, forward-looking statements relate, among other
things, to: prospects, projections and success of the Company and
its projects; the ability of the Company to expand mineral
resources beyond current mineral resource estimates; the results of
current and planned geophysical programs; the results and impacts
of current and planned drilling to convert inferred mineral
resources to indicated, to extend mineral resources and to identify
new deposits; the Company's ability to convert mineral resources to
mineral reserves; opportunities for growth in mineral projects; the
timing and outcomes of current and future planned economic studies
including the planned PFS; the Company's ability to up-scale the
project; the potential to develop a water business in the Huasco
valley and the future economics thereof; whether or not a second
maritime water extraction permit will be granted; the results of
the planned feasibility study on the use of the Los Losas port for
the export of copper concentrates and the economic terms that might
be available for the use thereof; the timing and outcomes of
regulatory processes required to obtain permits for the development
and operation of the Costa Fuego Project and/or future planned
economic studies; whether or not the Company will make a
development decision and the timing thereof; the ability of the
Company to complete the PFS on the timeline indicated or at all and
the outcomes of the PFS; and estimates of planned exploration.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors, which may cause the actual
results, performance, or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. A number of factors could cause actual results to
differ materially from a conclusion, forecast or projection
contained in the forward-looking statements in this report,
including, but not limited to, the following material factors:
operational risks; risks related to the cost estimates of
exploration; sovereign risks associated with the Company's
operations in Chile; changes in
estimates of mineral resources of properties where the Company
holds interests; recruiting qualified personnel and retaining key
personnel; future financial needs and availability of adequate
financing; fluctuations in mineral prices; market volatility;
exchange rate fluctuations; ability to exploit successful
discoveries; the production at or performance of properties where
the Company holds interests; ability to retain title to mining
concessions; environmental risks; financial failure or default of
joint venture partners, contractors or service providers;
competition risks; economic and market conditions; and other risks
and uncertainties described elsewhere in this report and elsewhere
in the Company's public disclosure record.
Although the forward-looking statements contained in this report
are based upon assumptions which the Company believes to be
reasonable, the Company cannot assure investors that actual results
will be consistent with these forward-looking statements. With
respect to forward-looking statements contained in this report, the
Company has made assumptions regarding: future commodity prices and
demand; availability of skilled labour; timing and amount of
capital expenditures; future currency exchange and interest rates;
the impact of increasing competition; general conditions in
economic and financial markets; availability of drilling and
related equipment; effects of regulation by governmental agencies;
future tax rates; future operating costs; availability of future
sources of funding; ability to obtain financing; and assumptions
underlying estimates related to adjusted funds from operations. The
Company has included the above summary of assumptions and risks
related to forward-looking information provided in this report to
provide investors with a more complete perspective on the Company's
future operations, and such information may not be appropriate for
other purposes. The Company's actual results, performance or
achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what benefits the Company will derive therefrom.
For additional information with respect to these and other
factors and assumptions underlying the forward-looking statements
made herein, please refer to the public disclosure record of the
Company, including the Company's most recent Annual Report, which
is available on SEDAR+ (www.sedarplus.ca) under the Company's
issuer profile. New factors emerge from time to time, and it is not
possible for management to predict all those factors or to assess
in advance the impact of each such factor on the Company's business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statement.
The forward-looking statements contained in this report are
expressly qualified by the foregoing cautionary statements and are
made as of the date of this report. Except as may be required by
applicable securities laws, the Company does not undertake any
obligation to publicly update or revise any forward-looking
statement to reflect events or circumstances after the date of this
report or to reflect the occurrence of unanticipated events,
whether as a result of new information, future events or results,
or otherwise. Investors should read this entire report and consult
their own professional advisors to ascertain and assess the income
tax and legal risks and other aspects of an investment in the
Company.
____________________
1
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Copper Equivalent
(CuEq) is calculated based on the 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 × Cu
recovery).
It is the Company's opinion that all the elements included in the
CuEq calculation have a reasonable potential to be recovered and
sold.
Metallurgical recovery averages for each deposit consider Indicated
+ Inferred material and are weighted to combine sulphide flotation
and oxide leaching performance. Process recoveries: Cortadera –
Weighted recoveries of 82% Cu, 55% Au, 81% Mo and 36% Ag.
CuEq(%) = Cu(%) + 0.55 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x
Ag(g/t).
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SOURCE Hot Chili Limited