Hot Chili

What Hot Chili does

Hot Chili Limited is an Australian-listed copper developer (ASX: HCH; TSXV: HCH; OTCQX: HHLKF) advancing the Costa Fuego copper-gold project in Chile's Atacama region. The company is pre-revenue and is focused on advancing Costa Fuego through feasibility and permitting toward construction, supplemented by the La Verde porphyry discovery announced in December 2024 and the Huasco Water joint venture with CMP. The 2025 Pre-Feasibility Study outlines a 20-year mine life producing approximately 116ktpa copper-equivalent, with a post-tax NPV(8%) of US$1.2B and initial capex of US$1.27B, positioning the project in the top quartile for production scale and lowest quartile for capex intensity among intermediate copper developers.

The company's underlying technology is conventional for the sector: open-pit and underground extraction, seawater-based processing with pyrite flotation, and a logistics chain anchored by a coastal deep-water port, highway access, grid power, and the Huasco Water JV's processed seawater supply. The 2026 work program includes Ausenco-led feasibility study delivery and EIA submission targeted for late 2026. Capital is raised through equity — most recently an approximately A$40M placement in February 2026 led by Glencore with Blue Spec and GS Group — to fund feasibility, permitting, and organizational buildout rather than operating revenue. Once in production, copper-gold concentrate will be sold into global commodity markets, making the business model structurally dependent on copper and gold prices rather than named offtake customers.

Name

Hot Chili

Legal name

Hot Chili Limited (ACN 130 955 725)

Website

https://hotchili.net.au

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Hot Chili Limited is a pre-revenue Australian-listed copper developer advancing the Costa Fuego copper-gold project in Chile's Atacama region through feasibility and permitting, supplemented by the La Verde discovery and the Huasco Water joint venture, targeting first production on a 20-year, 116ktpa CuEq operation.

Ownership category

akta.pro rank

Product category

Copper-Gold Mining

NAICS

Copper Rolling, Drawing, Extruding, and Alloying (33142), Steam and Air-Conditioning Supply (22133), Copper Rolling, Drawing, Extruding, and Alloying (331420)

SIC

Miscellaneous Metal Ores (1090), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Copper Concentrate Trading & Marketing (IMAKADAI)

akta.pro secondary industries

Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper Refining (Electrorefining & Fire Refining) (IMAKADAF), Copper Recycling & Secondary Copper Smelting/Refining (IMAKADAK)

Keywords

• Copper mining development
• Copper-gold exploration
• Mineral resource extraction
• Mining feasibility studies
• Mining water infrastructure

Headquarters

HQ city

Applecross

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Copper Production and Sales: Primary revenue from copper concentrate sales and copper cathode production via SX-EW. The project produces clean copper concentrate with no deleterious elements, along with by-product gold, silver, and molybdenum credits. Average annual metal production during primary 14-year period: 95 kt Cu, 48 koz Au, 158 koz Ag, and 4.4 Mlb Mo.
2. Water Supply Services (Huasco Water): Stage 1: Supply of untreated seawater to Costa Fuego via 64km overland pipeline. Stage 2 and 3: Desalinated water supply to industrial and mining clients in Huasco Valley. Joint venture between Hot Chili (80%) and CMP (20%).

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Hot Chili is a copper-gold developer advancing the Costa Fuego project in Chile's coastal Atacama region toward production. The company is currently in the development and feasibility study phase, planning to produce copper concentrate and copper cathode, with by-product gold, silver, and molybdenum credits. It also operates the Huasco Water joint venture, providing seawater supply to the project and potentially desalination services to industrial clients in the Huasco Valley.

Product overview

Hot Chili Limited is a senior copper developer operating in Chile's Atacama region. The company's portfolio consists of three primary assets: the Costa Fuego Copper-Gold Project (the core development asset comprising four mineral deposits - Productora, Cortadera, San Antonio, and Alice), the La Verde Copper-Gold Discovery (a high-priority exploration target approximately 30 km from Costa Fuego that could enhance production through a potential high-grade starter pit), and Huasco Water (a strategic water infrastructure business providing seawater supply to Costa Fuego with expansion potential to serve other mining clients in the Huasco Valley). The company is listed on ASX (HCH), TSXV (HCH), and OTCQX (HHLKF).

Differentiator

Problem solved

Functional benefit

Products and services

• Costa Fuego Copper-Gold Project A large-scale copper-gold development project located in Chile's coastal Atacama region, comprising four mineral deposits (Productora, Cortadera, San Antonio, and Alice) within a 10 km radius. The 2025 PFS outlines a 20-year mine life producing 95 kt Cu, 48 koz Au, 158 koz Ag, and 4.4 Mlb Mo annually over a 14-year primary production period, with US$1.2 billion post-tax NPV(8%), US$3.86 billion life-of-mine free cash flow, and a 4.5-year payback on US$1.27 billion capex.
• La Verde Copper-Gold Discovery A significant copper-gold porphyry discovery announced in December 2024, located approximately 30-35 km from the Costa Fuego project's planned Productora processing facility. The discovery features wide, shallow mineralisation extending over a 1000m x 750m footprint with potential to support a high-grade starter pit and increase production towards 150 ktpa CuEq.
• Huasco Water A strategic water infrastructure business operated as a joint venture (80% Hot Chili, 20% CMP) holding the only granted maritime concession in the Huasco Valley region. Stage 1 supplies untreated seawater to Costa Fuego via a 64 km overland pipeline; Stages 2 and 3 expand to include desalination and distribution to industrial and mining clients throughout the valley. Stage 1 economics: US$122M post-tax NPV(8%) at 19% IRR; Stage 2: US$977M post-tax NPV(8%) at 19% IRR.
• Cortadera Deposit A copper-gold-molybdenum porphyry deposit within the Costa Fuego project, featuring three mineralised centres (Cuerpo 1, 2, and 3). The Cortadera deposit is the largest deposit in the project and includes both open pit and underground block cave mining components, with block caving commencing in year 3 of the project schedule below the Cuerpo 3 open pit.
• Productora Deposit A tourmaline-breccia hosted copper-gold-molybdenum deposit displaying characteristics of both IOCG and Manto-type copper mineralisation. The Productora deposit is the processing centre of Costa Fuego and is held through a joint venture (80% Hot Chili, 20% CMP).
• San Antonio Deposit A lode-style copper skarn deposit within the Costa Fuego project, with mineralisation controlled by narrow northeast-trending fault zones. Located within a 10 km radius of the central processing facility.
• Alice Deposit A copper-molybdenum porphyry deposit proximal to the Productora deposit, lying on the western margin of an outcropping 6 km-long porphyry lithocap.

Quantifiable outcome

• 20-year mine life with 116ktpa CuEq average during 14-year primary production period
• +5 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• AusencocoreStrategic or Co-development Partner · 30 April 2026Global engineering firm appointed to progress the Costa Fuego feasibility study. Leading technical work to advance project toward definitive feasibility and production.
• Compañia Minera del Pacifico (CMP)coreStrategic or Co-development PartnerHuasco Water joint venture partner holding 20% interest. Hot Chili holds 80% interest and started the permitting process, obtaining permits and maritime concessions before the joint venture was formed in 2024.
• Maitencillo Substation (Power Grid)coreOthersGrid-connected power supply infrastructure 19km from Productora. Enables use of solar power from regional generators. Electrical connection secured for Costa Fuego project.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Filo Corp: Filo is a copper-gold developer advancing the Filo del Sol project on the Chile-Argentina border. Like Hot Chili, it is a junior copper developer with PFS-stage economics, significant exploration upside, and is targeting global copper markets in South America.
• NGEx Minerals: NGEx is exploring and developing the Lunahuasi copper-gold deposit in Chile's Vicuña district. It is a comparable South American copper-gold developer at a similar stage of advancement, sharing the same structural copper deficit thesis.
• Marimaca Copper: Marimaca is a Chilean copper developer advancing the Marimaca Oxide Project toward production using SX-EW. It is a direct peer given shared Chilean coastal Atacama location, copper cathode production pathway, and similar junior developer profile.
• Solaris Resources: Solaris is advancing the Warintza copper-molybdenum project in Ecuador. Like Hot Chili, it is a copper developer at PFS/DFS stage with large resource scale and exploration upside, both leveraged to the global copper supply thesis.
• Los Andes Copper: Los Andes Copper is developing the Vizcachitas copper-molybdenum project in central Chile. Comparable as a Chilean copper developer at PFS stage, with similar copper concentrate-plus-by-product revenue model.

Broad incumbents

• Capstone Copper: Capstone is a mid-tier copper producer with operating mines in Chile (Mantos Blancos, Mantoverde) and a development pipeline. It is comparable to Hot Chili as a Chile-focused copper platform but is already producing and thus represents a more advanced, broader incumbent.
• Hudbay Minerals: Hudbay is a copper-gold producer with operating assets in Peru and Canada and a growth pipeline. Comparable as a copper developer/producer pursuing copper-gold resources in South America but at a more advanced stage and broader portfolio.
• Antofagasta plc: Antofagasta is one of the world's largest copper miners with multiple operating mines in Chile, including close to Hot Chili's Costa Fuego region. It represents the broader incumbent Chilean copper mining industry against which Hot Chili's independent project competes for capital and partnerships.
• Teck Resources: Teck is a diversified major with copper growth projects in Chile (Quebrada Blanca) and globally. Comparable as a copper-focused major with Chile exposure and project development expertise that could be a future strategic partner or acquirer of Costa Fuego.

Others

• Glencore plc: Glencore is already Hot Chili's largest shareholder (7.5%) and a likely strategic partner. It is the world's largest copper trader and a major copper producer, providing a structural relationship and a reference benchmark for the offtake and partnering economics underpinning Costa Fuego.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/HotChiliLimited
• YouTubeyoutube.com/channel/UCj6XbfqnL5CH5JnX360Aoqg
• Facebookfacebook.com/Hot-Chili-Limited-102240301581797
• LinkedInlinkedin.com/company/hot-chili-limited
• Instagraminstagram.com/hotchililimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds9 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hot Chili