Hot Chili Secures Cometa Project Acquisition in Chile

Hot Chili Limited (ASX: HCH) has finalized an Option Agreement with Bastion Minerals Limited, enabling the acquisition of 100% of Bastion’s Cometa Project in Chile, adjacent to Hot Chili’s Costa Fuego Copper-Gold Project. Cometa spans approximately 56km2 and boasts exploration potential for breccia-hosted and iron-oxide-copper-gold mineralization.

The agreement entails a US$100,000 initial payment to Bastion, followed by a US$200,000 payment within 12 months. The Option can be exercised within 30 months, with acquisition prices ranging from US$2.4 million to US$3 million. Hot Chili may choose to settle the consideration in cash or a cash-stock combination, subject to regulatory approvals. This move aligns with Hot Chili's strategy for consolidating the Costa Fuego copper project and signifies a significant step in its growth trajectory.

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