Shares in Hot Chili Limited (ASX:HCH) advanced 4.64% to A$1.58 on 5 October 2026. The copper development company attracted investor interest during the session, with market activity in copper-focused stocks reflecting broader sector dynamics alongside company-specific news flow.

Company Update

Against the day's trading backdrop, an annual Mineral Resources and Ore Reserves statement from Hot Chili Limited (ASX:HCH), dated 29 September 2026, was a reference point for investors. The company released its annual MROR statement for the Costa Fuego Project in Chile as of 30 June 2026, confirming the scale of its copper-gold resource and reserve base.

Business Model and Operational Footprint

Hot Chili Limited is an Australian-listed copper and gold developer advancing the Costa Fuego Project in Chile, located approximately 600 kilometres north of Santiago. The project comprises four deposits: Cortadera, Productora, Alice and San Antonio, all situated proximal to one another at low altitude between 800 and 1,000 metres.

The company has completed a Preliminary Feasibility Study, announced in March 2025, which incorporated a maiden Ore Reserve Estimate for Cortadera, San Antonio and Alice alongside an updated Reserve for Productora. Hot Chili lists on both the ASX and the TSX Venture Exchange, reflecting its engagement with both Australian and Canadian capital markets.

Sector Context

Copper is classified as a critical mineral for energy transition applications, including electric vehicles, power transmission infrastructure and renewable energy generation. Large-scale copper discoveries and development projects have become increasingly rare globally, and advanced projects with substantial resource and reserve bases in stable Mining jurisdictions attract institutional investor interest. Chile is one of the world's largest copper producers and has an established regulatory and infrastructure framework for mining development.

Preliminary Feasibility Studies represent a key milestone in the development pathway, as they provide a basis for project Economics assessment and can support financing discussions. Projects with defined Ore Reserves have met a higher standard of geological confidence and economic assessment than Mineral Resources alone.

The Announcement

The 29 September 2026 MROR statement confirmed that there had been no change to the previously reported Mineral Resource Estimates during the reporting period. The Mineral Resource Estimate has an effective date of 26 February 2024, while the Ore Reserve Estimate has an effective date of 27 March 2025.

The MROR statement reported Indicated Mineral Resources of 2.9 million tonnes of copper, 2.6 million ounces of gold, 12.8 million ounces of silver and 68,000 tonnes of molybdenum across the Costa Fuego project on a 100% basis. Inferred Mineral Resources are 0.5 million tonnes of copper, 0.4 million ounces of gold, 2.3 million ounces of silver and 12,000 tonnes of molybdenum. Probable Ore Reserves are estimated at 1.9 million tonnes of copper, 1.6 million ounces of gold, 8.0 million ounces of silver and 49,000 tonnes of molybdenum.

Growth Catalysts

Costa Fuego's scale, with Indicated Resources of 2.9 million tonnes of copper and a Probable Reserve of 1.9 million tonnes, positions it as a significant copper project by global standards. A multi-metal resource base including gold, silver and molybdenum provides potential by-product Revenue streams. Proximity of all four deposits within a defined project area may support development scale and processing efficiency. Advancement of the project through further feasibility work could attract larger mining company or institutional capital interest.

Risks

Development of a large-scale copper project from PFS stage to production requires substantial capital and a sustained period of engineering, permitting, financing and construction activity. The cost and timeline of this process are subject to material uncertainty. Copper and gold prices affect project economics and the threshold for a positive Investment decision. Inferred Mineral Resources are considered too speculative geologically for economic considerations and should not be included in economic analysis. The PFS and Ore Reserve are based on assumptions as at their respective effective dates, and updated studies may revise these outcomes.