Hot Chili Limited Reports Results of the 2022 Annual General Meeting held 30 November 2022 AWST

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Hot Chili Ltd. (ASX: HCH) (TSXV:HCH) (OTCQX: HHLKF) ("Hot Chili" or the "Company") is pleased to advise the results of its 2022 Annual General Meeting (the "AGM") held in Perth, Australia on 30 November 2022 AWST.

A total of 31,821,621 ordinary shares, or 26% of Hot Chili's issued shares, were represented in person or by proxy at the AGM.

Resolution 4 was withdrawn from the Notice of Meeting as further described in the ASX announcement dated 29 November 2022 announcing the retirement of Mr George Randall Nickson as director of the company. All other resolutions listed as the items of business atthe AGM were tabled.

Apart from Resolution 5, all items of business put forth at the AGM were passed by the requisite majority.

Employee Incentive Plan (Resolution 9)

Shareholders re-approved the Employee Incentive Plan of the Company (the "SBC Plan"). The SBC Plan provides eligible directors, officers and employees of the Company and certain of the Company's contractors, with an incentive plan under which they may be offered awards pursuant to which they can acquire or earn equity securities of the Company. The purposes of the SBC plan are to: (i) establish a method by which eligible participants can participate in the future growth of the Company; (ii) provide an incentive and reward for eligible participants for their contributions to the Company; (iii) attract and retain a high standard of executive, managerial, technical and other personnel for the benefit of the Company; and (iv) align the interests of eligible participants more closely with the interests of the Company's shareholders through a culture of ownership and involvement.

Pursuant to the SBC Plan, the aggregate number of ordinary shares of the Company (the "Shares") that may be issued in any 12- month period cannot exceed 10% of the number of Shares issued and outstanding from time to time. The 2022 SBC Plan was conditionally approved by the TSX Venture Exchange (the "TSXV") on 27 October 2022 and remains subject to final acceptance of the TSXV. In accordance with the rules and policies of the TSXV, shareholder approval of the SBC Plan must be obtained annually at the Company's annual general meeting. In addition, the SBC Plan is also subject to review and acceptance by the TSXV on an annual basis.

The results in respect of each of the resolutions put to shareholders at the AGM are set out in Appendix One.

About Hot Chili

Hot Chili Ltd. is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location - low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. (Refer to ASX Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) and Technical Report NI 43-101 titled "Resource Report for the Costa Fuego Copper Project Located in Atacama, Chile", dated 13 May 2022). The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.

Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward?looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward?looking statements.

Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward?looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward?looking statements.

All forward?looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward?looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward?looking statements due to the inherent uncertainty therein.

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 news release.

Investor Relations

Graham Farrell

+1 416-842-9003

Graham.Farrell@harbor-access.com

Investor Relations

Jonathan Paterson

+1 475-477-9401

Jonathan.Paterson@harbor-access.com

Managing Director

Christian Easterday

admin@hotchili.net.au

https://www.hotchili.net.au/investors/

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