OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor HCH ASX (also TSXV: HCH and OTCQX: HHLKF)

Hot Chili Limited

PFS Developer · Copper · Gold · CL Rating locked: sign in to view v8.1 · hch-20261104t223112-full
Last 2026-11-06
A$1.19
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$241.5M
EV
A$212.2M
Cash
A$29.2M
Debt
A$0

Portfolio detail

Assets

3 assets

Core asset

Costa Fuego copper-gold project (Cortadera, Productora, Alice, San Antonio) incl. the Huasco Water supply interface

CL

PFS Developer89.6% ownedCopperGoldSilverOthers

PFS (Mar 2025) under revision as PFS2 to add La Verde; EIA submissions due Q2 2027; no funding committed; strategic partnering process under way

Developer · PFS developer
Study
PFS
Post-tax NPV (study prices, attributable)
US$1.1bd
NPV restated at our deck (attributable)
Locked
IRR
19%s
Initial capex (100%)
US$1.3bs
Capital intensity
US$17,162/(t/yr)d
LoM AISC
A$6,467/ts
Mine life
20.0 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$1.2B8% discount
IRR19%Published return
Initial capexUS$1.3BPublished capital estimate
Operating cost1.38USD/lb Cu

Post-tax NPV8% (base case, US$4.30/lb Cu, US$2,280/oz Au, Ag US$28/oz, Mo US$20/lb); pre-start capex only; C1 cost; AISC US$1.85/lb.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceIndicated (open pit and underground, total)798 MtCuEq 0.45%; Cu 0.37%; Au 0.10 g/t; Ag 0.50 g/t; Mo 85 ppmCopper · Gold · Silver · Others2024-02-26
Mineral ResourceInferred (open pit and underground, total)203 MtCuEq 0.31%; Cu 0.25%; Au 0.06 g/t; Ag 0.36 g/t; Mo 61 ppmCopper · Gold · Silver · Others2024-02-26
Ore ReserveProbable (open pit and underground, total)502 MtCuEq 0.46%; Cu 0.37%; Au 0.10 g/t; Ag 0.49 g/t; Mo 97 ppmCopper · Gold · Silver · Others2025-03-27
Ore ReserveProbable (open pit: Productora, Alice, Cortadera, San Antonio)356 MtCuEq 0.42%; Cu 0.34%; Au 0.07 g/t; Ag 0.37 g/t; Mo 98 ppmCopper · Gold · Silver · Others2025-03-27
Ore ReserveProbable (underground block cave, Cortadera)146 MtCuEq 0.56%; Cu 0.44%; Au 0.16 g/t; Ag 0.79 g/t; Mo 93 ppmCopper · Gold · Silver · Others2025-03-27
Milestones2
  1. EIA 1A (seawater) and EIA 1B (Costa Fuego) submissions

    Pending · High materiality

  2. Revised PFS2 incorporating La Verde (no date given)

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
EIA 1B Costa Fuego development projectChilePending—Yes
EIA 1A Huasco Water seawater intake, pumping and distributionChilePending—Yes
Economic studies2
StudyStageStatusDateSummary
Costa Fuego PFS (Wood, March 2025)PFSCurrent2025-03-27Post-tax NPV8 US$1.2bn, IRR 19% at US$4.30/lb Cu and US$2,280/oz Au; start-up capex US$1.27bn; 20-year life; C1 US$1.38/lb and AISC US$1.85/lb.
Costa Fuego PEA (2023 technical report)Scoping StudySuperseded2023-08-14Superseded by the 2025 PFS; the OR announcement of 7 July 2026 says it should no longer be relied upon.

Material

La Verde copper-gold porphyry discovery

CL

Discovery Drill Stage100% ownedCopperGold

Discovery drilling complete on Phase 2 (50,000 m total); maiden MRE expected later in 2026; not in the PFS mine plan; OR royalty extended to La Verde.

Exploration · Discovery drill stage
Ownership
100%r
Commodity
Cur
Country
CLr
Best recent intercept (grade x width)
193.5 %-md
Metres drilled (12M)
—
Exploration spend (12M)
A$18.8m

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Milestones1
  1. Maiden La Verde Mineral Resource Estimate

    Pending · High materiality

Material

Huasco Water (Aguas para El Huasco SpA), seawater supply to Costa Fuego and regional desalination

CL

PFS Developer80% ownedOthers

Stage 1 seawater PFS complete (Mar 2025); maritime concession granted; EIA 1A pending; 20-year MOU with an unnamed foundation off-taker; partnering interest reported.

Developer · PFS developer
Study
PFS (stage 1 seawater supply)
Post-tax NPV (study prices, attributable)
US$97.6md
NPV restated at our deck (attributable)
Locked
IRR
19%s
Initial capex (100%)
US$151.0ms
Capital intensity
—
LoM AISC
—
Mine life
20.0 yrss
Published study economicsIssuer or study metrics
NPVUS$122MPublished value
IRR19%Published return
Initial capexUS$151MPublished capital estimate

Post-tax NPV8% for stage 1 seawater supply, 100% basis; shares the Costa Fuego PFS assumptions.

Milestones1
  1. EIA 1A seawater intake submission (Q2 2027 company target)

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Maritime water concession (seawater extraction)ChileGranted—No
Economic studies1
StudyStageStatusDateSummary
Huasco Water stage 1 seawater PFSPFSCurrent2025-03-31Stage 1 seawater for 500 L/s: post-tax NPV8 US$122m, IRR 19%, construction capex US$151m, aligned with Costa Fuego PFS assumptions.

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)