Hot Chili Limited (HCH) has announced its quarterly report for Q2 2024, highlighting significant advancements and financial achievements.

Hot Chili Secures A$31.9 Million Funding

Hot Chili has secured A$31.9 million in funding to accelerate the development of the Costa Fuego Copper Hub. The funding includes a A$24.9 million private placement to institutional and professional investors, along with an additional A$7 million raised in a Share Purchase Plan offered to existing eligible shareholders at the same price.

Hot Chili Creates Huasco Water

Hot Chili and Compania Minera del Pacifico (CMP) have established a new water company, Huasco Water. Hot Chili holds an 80% interest, while CMP holds the remaining 20%. This new venture aims to secure water assets and facilitate the supply of sea and desalinated water to the Huasco Valley region.

Costa Fuego Pre-Feasibility Study Progress

The Costa Fuego Pre-Feasibility Study (PFS) is on track for completion in late 2024. The study focuses on several areas, including drilling operations for metallurgical and hydrogeological studies, economic limits for pit design, and advanced scheduling for optimized mine designs.

Exploration Activities

Extensive geophysical surveys and soil sampling activities are underway at Productora, Cortadera, and the newly acquired Domeyko landholding. These surveys aim to provide additional resolution for high-priority growth targets.

Company Financial Status

As of June 30, 2024, Hot Chili reported a cash position of A$33.8 million. The recent funding round will support ongoing studies, exploration, and general working capital for the next 18 months.

New Appointments

Hot Chili has appointed Mrs. Carol Marinkovich as interim Company Secretary and Mr. Ryan Finkelstein as the new Chief Financial Officer. These appointments are expected to strengthen the company’s financial management.

Health, Safety, and Environment

Hot Chili is committed to maintaining high standards in health, safety, and environmental practices. The company reported one Lost Time Injury (LTI) during the quarter, prompting a review and refresher training on field safety protocols.

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