Latest news with #PFS
Cision Canada
6 hours ago
- Business
- Cision Canada
Hot Chili Quarterly Report Period Ending June 30, 2025
PERTH, Australia, /CNW/ - Highlights Latest Drill Results Double La Verde Porphyry Discovery Footprint Completion of phase-one Reverse Circulation ("RC") drilling programme confirms significant copper-gold (Cu-Au) discovery, with mineralisation extending over 1 km in length and up to 750 m in width from near surface. Discovery remains open laterally and at depth, with over half of Hot Chili's drill holes ending in mineralisation. Significant intercepts from latest drill results included: 389 m grading 0.4% Cu and 0.1 g/t Au from 4 m depth to end-of-hole (DKP030) including 46 m at 0.6% Cu and 0.2 g/t Au from 238 m including 34 m at 0.6% Cu and 0.2g/t Au from 322 m 286 m grading 0.3% Cu and 0.1 g/t Au from 4 m depth (DKP027) including 154 m at 0.4% Cu, 0.1g/t Au from 44 m District-Scale Porphyry Cluster Potential Emerging at La Verde Geophysical and surface geochemical Programmes identify a cluster of three large targets adjacent to the La Verde porphyry discovery. Phase-two expansion drilling of La Verde and first drilling across adjacent porphyry targets awaiting access approval. Projects Registered for Priority Status by Chilean Ministry of Economy Costa Fuego Copper-Gold Project and Huasco Water Project fulfilled key requirements to be considered in the Chilean government's list of strategic investment projects for the country to expedite through streamlined administrative approval processing. Hot Chili Adds Mine-Build Credentials with Key Appointments High profile Australian mining executive and former Gold Fields executive vice president Mr Stuart Mathews appointed to the Board of Directors in the role of Non-Executive Chair. Well regarded Chilean mining executive and project director for several of Chile's largest mine developments, Mr Alberto Cerda, has been appointed to the executive role of Project Director. Strategic Partnering Process Advancing Ongoing strategic partnering process to secure qualified partners to support funding and delivery of Costa Fuego and Huasco Water, with BMO Capital Markets appointed as financial advisor. A$5.2M Cash & A$2.0M in Returns Expected (VAT reimbursements) Cautionary Statement – JORC Code (2012) The Costa Fuego Copper-Gold Project is currently at the Pre-Feasibility Study ("PFS") stage. The production targets and forecast financial information contained in this report are based on technical and economic assessments that are preliminary in nature. While the PFS incorporates Measured, Indicated, and Inferred Mineral Resources, there is a lower level of geological confidence associated with Inferred Mineral Resources, and no certainty that further exploration or development will result in the conversion of Inferred Mineral Resources to Indicated or Measured categories. The PFS is not a definitive study and is based on a number of assumptions, including commodity prices, capital and operating costs, metallurgical recoveries, permitting, and other factors, which are subject to change. The outcomes of the PFS should not be used as the basis for a final investment decision. Further work, including additional drilling, metallurgical testing, and detailed engineering, is required before the Company can make a decision to proceed to development. Of the Mineral Resources scheduled for extraction in the PFS production plan, more than 99% are classified as Indicated, with the remaining <1% as Inferred. The Company has concluded that it has reasonable grounds for disclosing a production target which includes a small amount of Inferred Mineral Resources, as permitted under the JORC Code. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The viability of the development scenario envisaged in the PFS does not depend on the inclusion of Inferred Mineral Resources. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resource with continued drilling. The Mineral Resources underpinning the production target in the PFS have been prepared by a competent person in accordance with the requirements of the JORC 2012. For full details on the Mineral Resource estimate, please refer to the ASX announcement of 27 March 2025. To achieve the outcomes indicated in the PFS, including reaching Definitive Feasibility Study ("DFS"), mine construction and production stages, funding in the order of US$1.27 Billion will be required, including pre-production and working capital and assumed financing charges. Investors should note that that there is no certainty that Hot Chili will be able to raise that amount of funding when needed. One of the key assumptions is that the funding for the Project will be available when required and on acceptable terms. It is also possible that such funding may only be available on terms that may be dilutive to, or otherwise affect the value of, Hot Chili's existing shares. It is also possible that Hot Chili could pursue other value realisation strategies such as debt financing, a sale or partial sale of its interest in the Costa Fuego Copper Project and/or Huasco Water, sale of further royalties and/or streaming rights, sale of non-committed offtake rights, and sale of non-core assets. The Company cautions that there is no certainty that the results or estimates contained in the PFS will be realised. This Report contains forward-looking statements. Hot Chili has concluded that it has a reasonable basis for providing these forward-looking statements and believes it has a reasonable basis to expect it will be able to fund development of the Costa Fuego Copper Project. However, a number of factors could cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based solely of the results of the PFS. SUMMARY OF OPERATIONAL ACTIVITIES La Verde Exploration Update R apidly E xpanding D iscovery, Multiple Higher-Grade Centres Confirmed The phase-one RC drilling programme across the La Verde copper-gold porphyry discovery ("La Verde"), located 30km south of the Company's Costa Fuego Copper-Gold Project ("Costa Fuego"), was completed on 8 April 2025 with a total of 31 RC drillholes for 9,630 m drilled. Final results from the phase-one drill programme reported during the quarter confirm: Three higher-grade centres defined by multiple intersections (refer Figure 1) Shallow copper-gold (Cu-Au) mineralisation extending over 1 km in length and up to 750 m in width (refer Figure 2). The La Verde discovery remains open laterally and at depth with over half of Hot Chili's drilling ending in mineralisation (at depth of RC drill capability). Significant drill results reported during the quarter included: 389 m grading 0.4% Cu and 0.1 g/t Au from 4 m depth to end-of-hole (DKP030) including 46 m at 0.6% Cu and 0.2 g/t Au from 238 m including 34 m at 0.6% Cu and 0.2g/t Au from 322m 120 m grading 0.4% Cu and 0.1 g/t Au from 6 m depth (DKP028) including 48 m at 0.5% Cu and 0.1 g/t Au from 26 m and, 114m at 0.3% Cu, 0.1g/t Au from 318m depth to end-of-hole including 34m at 0.4% Cu, 0.2g/t Au from 380 m to end-of-hole 114 m grading 0.4% Cu from 86 m depth (DKP024) including 52 m at 0.5% Cu and 0.1 g/t Au from 96 m 286 m grading 0.3% Cu and 0.1 g/t Au from 4 m depth (DKP027) including 154 m at 0.4% Cu, 0.1g/t Au from 44 m 228 m grading 0.3% Cu and 0.2 g/t Au from 42 m depth (DKP013) including 104 m at 0.4% Cu and 0.3 g/t Au from 42 m 202 m grading 0.3% Cu and 0.1 g/t Au from 50 m depth (DKP017) including 14 m at 0.4% Cu and 0.1 g/t Au from 96 m including 16 m at 0.4% Cu and 0.1 g/t Au from 180 m 138 m grading 0.3% Cu and 0.1 g/t Au from 6m depth to end-of-hole (DKP020) including 24 m at 0.4% Cu and 0.1 g/t Au from 6 m including 48 m at 0.4% Cu and 0.1 g/t Au from 36 m including 36 m at 0.4% Cu and 0.1 g/t Au from 102 m The Company is planning to commence diamond drilling planned for phase two to extend higher grade centres at depth. Regulatory application for phase-two drilling access has been submitted and is progressing. Baseline studies for a second Environmental Impact Assessment ("EIA") are ongoing to ensure timely integration of La Verde into Costa Fuego's potential future mine plan. District-Scale Porphyry Cluster Potential Emerging at La Verde Regional exploration activities reported during the quarter have identified multiple look-alike magnetic features adjacent to La Verde highlight potential for a broader district-scale porphyry system. The integration of a 3D magnetic inversion model from ground magnetic data shows a spatial correlation between the mineralised tonalitic porphyry intrusion and a NNE-SSW trending weakly magnetic anomaly over La Verde. This magnetic anomaly sits within a localised circular magnetic-low feature. This relationship has been used to identify three additional circular magnetic-low features (lookalike targets) adjacent to La Verde, all of which are well-positioned at the intersection point of major regional structures (Figure 3). In addition to the geophysical data, the Company has also completed 3D geochemical probability modelling using an extensive regional soil geochemistry programme (Figure 4). This work has outlined three priority porphyry targets as outlined in Figure 3, with two of these porphyry targets concealed under shallow gravel cover (blind exploration opportunity). Regulatory applications for access clearing are being progressed across these new target areas adjacent to La Verde. Table 1 - Drill Holes Completed for Costa Fuego in Quarter 2 2025 Table 2 – Significant Intersections returned for Costa Fuego in Quarter 2 2025 Hole_ID Coordinates Azim. Dip Hole Depth Intersection Interval Copper Gold Silver Molybdenum North East RL From To (m) (% Cu) (g/t Au) (ppm Ag) (ppm Mo) DKP013 6785971 324839 1192 244 -60 437 42 270 228 0.3 0.2 0.3 7 Incl 42 146 104 0.4 0.3 0.3 6 Or Incl 50 116 66 0.5 0.3 0.3 5 296 437 141 0.2 0.1 0.4 19 Incl 334 358 24 0.3 0.1 0.7 18 DKP014 6785852 324747 1149 299 -61 444 0 12 12 0.3 0.1 0.3 7 194 204 10 0.3 0.2 0.4 5 306 402 96 0.3 0.1 0.6 20 And incl 340 352 12 0.4 0.1 0.9 14 And incl 366 376 10 0.4 0.2 0.8 14 424 444 20 0.2 0.0 0.5 29 DKP015 6786096 324434 1159 130 -60 313 2 34 32 0.3 0.0 0.9 22 176 313 137 0.2 0.1 0.5 29 Incl 236 242 6 0.4 0.1 0.9 20 DKP016 6785947 324416 1111 111 -60 360 0 48 48 0.4 0.0 0.6 39 Incl 0 22 22 0.6 0.0 0.6 23 286 304 18 0.3 0.1 0.9 52 DKP017 6786094 324685 1184 97 -61 336 50 252 202 0.3 0.1 0.5 31 Incl 96 110 14 0.4 0.1 0.3 12 And incl 144 152 8 0.4 0.2 1.2 55 And incl 180 196 16 0.4 0.1 0.5 55 DKP018 6785835 324429 1094 97 -60 145 16 134 118 0.2 0.0 0.4 24 Incl 20 46 26 0.3 0.0 0.8 19 DKP019 6785720 324718 1130 253 -61 279.5 106 144 38 0.3 0.1 0.5 16 Incl 114 122 8 0.5 0.2 0.7 25 202 279.5 77.5 0.3 0.1 0.5 27 DKP020 6785748 324586 1125 273 -60 144 6 144 138 0.3 0.1 0.9 23 Incl 6 30 24 0.4 0.1 1.1 6 And incl 36 84 48 0.4 0.1 0.9 20 And incl 102 138 36 0.4 0.1 0.8 31 DKP021 6785619 324325 1178 75 -60 402 118 128 10 0.3 0.0 0.4 18 234 314 80 0.3 0.1 0.4 21 Incl 284 300 16 0.4 0.1 0.6 13 324 370 46 0.3 0.1 0.6 14 DKP022 6785527 324414 1184 78 -60 288 44 202 158 0.2 0.0 0.4 18 Incl 44 66 22 0.4 0.1 0.5 11 232 288 56 0.2 0.0 0.5 18 Incl 250 258 8 0.5 0.0 1.6 21 And incl 282 288 6 0.3 0.1 1.0 24 DKP023 6785421 324320 1181 90 -60 402 74 100 26 0.3 0.1 0.4 21 172 196 24 0.3 0.0 0.8 38 254 366 112 0.3 0.1 0.6 26 DKP024 6785424 324417 1186 111 -59 402 54 360 306 0.3 0.0 0.7 28 Incl 86 200 114 0.4 0.0 0.7 23 Or Incl 96 148 52 0.5 0.1 0.8 16 And incl 328 334 6 0.4 0.1 1.2 22 DKP025 6785313 324415 1186 270 -74 276 34 162 128 0.2 0.0 0.5 26 Incl 126 136 10 0.3 0.0 0.3 62 DKP026 6785870 324312 1098 105 -60 147 0 147 147 0.2 0.0 0.6 13 Incl 0 16 16 0.4 0.1 0.6 23 DKP027 6785755 324906 1138 299 -60 402 4 290 286 0.3 0.1 0.4 31 Incl 44 198 154 0.4 0.1 0.5 32 Or Incl 64 76 12 0.5 0.1 0.3 15 DKP028 6785617 324758 1136 300 -60 432 6 126 120 0.4 0.1 0.7 12 Incl 10 20 10 0.5 0.1 1.2 5 And Incl 26 74 48 0.5 0.1 0.8 13 318 432 114 0.3 0.1 0.5 53 Incl 380 414 34 0.4 0.2 0.9 106 Or Incl 384 396 12 0.5 0.2 1.1 221 DKP029 6785615 324758 1136 265 -60 366 6 102 96 0.3 0.1 0.9 19 54 64 10 0.4 0.1 0.8 27 112 206 94 0.2 0.0 0.3 44 252 264 12 0.4 0.0 1.6 33 304 366 62 0.2 0.0 0.3 43 DKP030 6785770 324774 1132 275 -60 393 4 393 389 0.4 0.1 0.9 21 Incl 20 30 10 0.5 0.2 0.5 4 And incl 186 286 100 0.5 0.1 0.9 35 Or Incl 238 284 46 0.6 0.2 0.9 49 And incl 322 356 34 0.6 0.2 0.9 28 DKP031 6785789 324564 1128 279 -60 279 No significant intersection SUMMARY OF CORPORATE ACTIVITIES Strategic Partnering Process Following completion of the Pre-feasibility Studies ("PFS") for Costa Fuego and Huasco Water, Hot Chili initiated asset-level strategic partnering processes ("Partnering Process") to introduce one or more qualified partners with the financial, technical and operational capability to assist in funding and delivering each project. The Partnering Process is ongoing, and the Company confirms it is currently assessing several non-binding, indicative, incomplete and conditional proposals. The Partnering Process may result in a range of possible transactions for the projects. Investors are cautioned that there is no certainty the Partnering Process will result in a transaction or binding agreement. The Company will keep the market updated in accordance with its continuous disclosure obligations. Hot Chili has appointed BMO Capital Markets as its financial adviser in connection with the Partnering Process. Cash Position and Capital Structure Changes As of 30 June 2025, the Company had cash of A$5.2 million and no debt. In addition, a further A$2.0M of inbound funds are expected over the coming quarter through government VAT reimbursements. The operating expenditure for quarter ended 30 June 2025 included payments for exploration and evaluation of A$3.3 million. Included in this amount was A$1.6 million related to the final invoices for the competition of the Costa Fuego and Huasco Water Pre-feasibility Studies, initial activities related to the optimisation of the two-studies, and the advancement of the EIA. A total of A$1.7 million was spent on exploration activities across La Verde and southern landholdings included in the Domeyko project, with phase-one drilling activities at La Verde having been completed on 10 April 2025. The investing expenditure for quarter ended 30 June 2025 included the recoup of joint venture expenditure from CMP for A$2.7 million. The Company is continuing discussions related to potential renegotiation of forthcoming Option payments in Q4 and is advancing the Partnering Process, as detailed above. In addition, the Company has various other funding opportunities available should they be required, including royalties, streaming and equity funding. The following summarises the Company's securities on issue: 153,375,654 ordinary fully paid shares 1,914,000 options at AUD $1.50 expiring 24 July 2026 1,587,875 service rights 2,321,742 performance rights Projects Registered for Priority Status by Chilean Ministry of Economy On 30 April 2025, Hot Chili announced that its Costa Fuego Copper-Gold Project and Huasco Water Project in Chile had been officially registered with the Chilean Ministry of Economy's Office for Sustainable Project Management (GPS Division). This registration grants the projects priority status as strategic investments, allowing them to benefit from streamlined administrative processes. Both projects met the government's criteria for sustainability-focused development and will now be subject to coordinated oversight aimed at expediting permitting and approvals. This includes the management of Hot Chili's second maritime concession application for Huasco Water and the upcoming EIA submissions for both projects. Appointment of New Chair and Project Director Hot Chili Limited announced on 7 May 2025 the appointment of Mr Stuart Mathews as Non-Executive Chair and Mr Alberto Cerda as Project Director, adding considerable strength to its leadership team heading into a pivotal stage of growth. Mr Mathews brings over 32 years of international mining experience, including holding senior executive roles at Gold Fields where he oversaw operations delivering over one million ounces of gold annually and led the development of five mining projects from exploration to production. Mr Cerda, a Chilean mining engineer with more than 40 years of experience, has held senior roles across major global mining companies including BHP, Barrick, and Glencore. He has directed numerous large-scale projects in Chile and abroad, most recently leading the Norte Abierto JV for Newmont and Barrick. The combined expertise of the two new appointments will be instrumental in guiding Hot Chili through the final investment phase toward becoming a mid-tier copper-gold producer. NI43-101 Technical Report Released for Costa Fuego Cu-Au Project PFS Hot Chili filed an independent NI 43-101 technical report for its Costa Fuego Copper-Gold Project in Chile on SEDAR+. The report, titled "Costa Fuego Copper Project NI 43–101 Technical Report Preliminary Feasibility Study" and dated 9 May 2025 (effective 27 March 2025), supported the Company's previously announced PFS results. Prepared in accordance with Canadian disclosure standards, the report confirms there are no material differences from the information released on 27 March 2025. It is available on SEDAR+ and the Company's website. Additional ASX Disclosure Information ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the quarter. ASX Listing Rule 5.3.3 - Schedule of Mineral Tenements as of 30 June 2025. The schedule of Mineral Tenements and changes in interests is appended at the end of this activities report. ASX Listing Rule 5.3.4: Reporting under a use of funds statement in a Prospectus does not apply to the Company currently. ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the quarter per Section 6.1 of the Appendix 5B totalled $170,000. This is comprised of directors' salaries and superannuation of $170,000. Health, Safety, Environment and Quality Field operations during the period included geological reconnaissance activities, RC drilling, field mapping, and sampling exercises across the major Cortadera and Productora landholdings, as well as the new project at La Verde. Activities on new tenements are run from the Productora or Cortadera operations centres and their safety statistics are included under the figures for all projects. There were no Lost Time Injuries ("LTI") during the quarter. Hot Chili's sustainability framework ensures an emphasis on business processes that target long-term economic, environmental and social value. The Company is dedicated to continual monitoring and improvement of health, safety and the environmental systems. There is no greater importance than ensuring the safety of our people and their families. Table 3. HSEQ Quarter 2 2025 Performance and Statistics Notes: HSEQ is the acronym for Health, Safety, Environment and Quality. LTIFR per million-manhours. Safety performance is reported on a monthly basis to the National Mine Safety Authority on a standard E-100 form; (1) Average monthly headcount (2) Cumulative statistics since April 2019. Tenement Changes During the Quarter During the Quarter, Sociedad Minera El Águila SpA ("SMEA") has claimed 8 mining exploration concessions ("Sierra Solis 1", "Sierra Solis 2", "Sierra Solis 3", "Sierra Solis 4", "Sierra Solis 5", "Sierra Solis 6", "Sierra Solis 7" and "Sierra Solis 8") which are in the process of being constituted. The Company's existing tenements are detailed in the table below. Table 4. Current Tenement Holdings in Chile as of 30 June 2025 Cortadera Project Tenements Cortadera Project N° License ID HCH % Held HCH % Earning Area (ha) Agreement Details 1 ALCENIA 1/10 100% SMEA SpA 50 2 AMALIA 942 A 1/6 100% Frontera SpA 53 3 ATACAMITA 1/82 100% Frontera SpA 82 4 CORROTEO 1 1/260 100% Frontera SpA 260 5 CORROTEO 5 1/261 100% Frontera SpA 261 6 CORTADERA 1 1/200 100% Frontera SpA 200 7 CORTADERA 1/40 100% Frontera SpA 374 8 CORTADERA 2 1/200 100% Frontera SpA 200 9 CORTADERA 41 100% Frontera SpA 1 10 CORTADERA 42 100% Frontera SpA 1 11 LAS CANAS 1/15 100% Frontera SpA 146 12 LAS CANAS 16 100% Frontera SpA 1 13 LAS CANAS ESTE 2003 1/30 100% Frontera SpA 300 14 MAGDALENITA 1/20 100% Frontera SpA 100 15 PAULINA 10 B 1/16 100% Frontera SpA 136 16 PAULINA 11 B 1/30 100% Frontera SpA 249 17 PAULINA 12 B 1/30 100% Frontera SpA 294 18 PAULINA 13 B 1/30 100% Frontera SpA 264 19 PAULINA 14 B 1/30 100% Frontera SpA 265 20 PAULINA 15 B 1/30 100% Frontera SpA 200 21 PAULINA 22 A 1/30 100% Frontera SpA 300 22 PAULINA 24 1/24 100% Frontera SpA 183 23 PAULINA 25 A 1/19 100% Frontera SpA 156 24 PAULINA 26 A 1/30 100% Frontera SpA 294 25 PAULINA 27A 1/30 100% Frontera SpA 300 26 PURISIMA 1/8 (1/2 Y 5/6) 100% Frontera SpA 20 NSR 1.5% 27 CF 1 100% Frontera SpA 300 28 CF 2 100% Frontera SpA 300 29 CF 3 100% Frontera SpA 300 30 CF 4 100% Frontera SpA 300 31 CF 5 100% Frontera SpA 200 32 CF 6 100% Frontera SpA 200 33 CF 7 100% Frontera SpA 100 34 CF 8 100% Frontera SpA 200 35 CF 9 100% Frontera SpA 100 36 CF 10 100% Frontera SpA 200 37 CF 11 100% Frontera SpA 200 38 CHAPULIN COLORADO 1/3 100% Frontera SpA 3 39 CHILIS 1 100% Frontera SpA 200 40 CHILIS 3 100% Frontera SpA 100 41 CHILIS 4 100% Frontera SpA 200 42 CHILIS 5 100% Frontera SpA 200 43 CHILIS 6 100% Frontera SpA 200 44 CHILIS 7 100% Frontera SpA 200 45 CHILIS 8 100% Frontera SpA 200 46 CHILIS 9 100% Frontera SpA 300 47 CHILIS 10 1/38 100% Frontera SpA 190 48 CHILIS 11 100% Frontera SpA 200 49 CHILIS 12 1/60 100% Frontera SpA 300 50 CHILIS 13 100% Frontera SpA 300 51 CHILIS 14 100% Frontera SpA 300 52 CHILIS 15 100% Frontera SpA 300 53 CHILIS 16 100% Frontera SpA 300 54 CHILIS 17 100% Frontera SpA 300 55 CHILIS 18 100% Frontera SpA 300 56 CORTADERA 1 100% Frontera SpA 200 57 CORTADERA 2 100% Frontera SpA 200 58 CORTADERA 3 100% Frontera SpA 200 59 CORTADERA 4 100% Frontera SpA 200 60 CORTADERA 5 100% Frontera SpA 200 61 CORTADERA 6 1/60 100% Frontera SpA 265 62 CORTADERA 7 1/20 100% Frontera SpA 93 63 CRISTINA 1/40 100% SMEA SpA 40 64 DIABLITO 1/5 100% SMEA SpA 25 65 DONA FELIPA 1/10 100% Frontera SpA 50 66 DORO 1 100% Frontera SpA 200 67 DORO 2 100% Frontera SpA 200 68 DORO 3 100% Frontera SpA 300 69 FALLA MAIPO 2 1/10 100% Frontera SpA 99 70 FALLA MAIPO 3 1/8 100% Frontera SpA 72 71 FALLA MAIPO 4 1/26 100% Frontera SpA 26 72 MINORI 1 100% SMEA SpA 300 73 MINORI 2 100% SMEA SpA 300 74 MINORI 3 100% SMEA SpA 300 75 MINORI 4 100% SMEA SpA 300 76 PORFIADA B 100% Frontera SpA 200 77 PORFIADA D 100% Frontera SpA 300 78 PORFIADA G 100% Frontera SpA 200 79 PORFIADA I 100% Frontera SpA 300 80 PORFIADA II 100% Frontera SpA 300 81 PORFIADA III 100% Frontera SpA 300 82 PORFIADA IV 100% Frontera SpA 300 83 PORFIADA V 100% Frontera SpA 200 84 PORFIADA VI 100% Frontera SpA 100 85 PORFIADA X 100% Frontera SpA 200 86 SAN ANTONIO 1 100% Frontera SpA 200 87 SAN ANTONIO 2 100% Frontera SpA 200 88 SAN ANTONIO 3 100% Frontera SpA 300 89 SAN ANTONIO 4 100% Frontera SpA 300 90 SAN ANTONIO 5 100% Frontera SpA 300 91 SOLAR 1 100% Frontera SpA 300 92 SOLAR 2 100% Frontera SpA 300 93 SOLAR 3 100% Frontera SpA 300 94 SOLAR 4 100% Frontera SpA 300 95 SOLAR 5 100% Frontera SpA 300 96 SOLAR 6 100% Frontera SpA 300 97 SOLAR 7 100% Frontera SpA 300 98 SOLAR 8 100% Frontera SpA 300 99 SOLAR 9 100% Frontera SpA 300 100 SOLAR 10 100% Frontera SpA 300 101 SOLEDAD 1 100% Frontera SpA 300 102 SOLEDAD 2 100% Frontera SpA 300 103 SOLEDAD 3 100% Frontera SpA 300 104 SOLEDAD 4 100% Frontera SpA 300 TOTAL 22.653 Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited Productora Project Tenements Note. SMEA SpA is subsidiary company - 80% owned by Hot Chili Limited, 20% owned by CMP (Compañía Minera del Pacífico) Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited. Domeyko Project Tenements Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited. El Fuego Project Tenements Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited. Note. Frontera SpA is a 100% owned subsidiary company of Hot Chili Limited. Qualifying Statements The technical information in this presentation has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ( "NI 43-101" ) and Joint Ore Reserves Committee of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (the "JORC Code") and has been reviewed and approved by the "Qualified Persons" as defined under NI 43-101 and "Competent Persons" as defined under the JORC Code as set out below. The Costa Fuego Copper project pre-feasibility study (the "PFS") was compiled by the Qualified Persons and Competent Persons listed below based on information available up to the effective date of the PFS. Additional details of responsibilities are provided below under the headers 'Qualified Persons – NI 43-101' and 'Competent Persons – JORC' and are also provided in the PFS technical report titled "Costa Fuego Copper Project NI 43–101 Technical Report Preliminary Feasibility Study" and dated 9 May 2025 (effective 27 March 2025), available on SEDAR+ and the Company's website. PFS Technical Report For readers to fully understand the information relating to the PFS, they should read the PFS Technical Report in its entirety, including all qualifications, assumptions, limitations and exclusions that relate to the information to be set out in the PFS Technical Report. The PFS Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this presentation is subject to the assumptions and qualifications to be contained in the PFS Technical Report. The PFS technical report, titled "Costa Fuego Copper Project NI 43–101 Technical Report Preliminary Feasibility Study" and dated 9 May 2025 (effective 27 March 2025), is available on SEDAR+ ( and the Company's website ( Qualified Persons – NI 43-101 The PFS was compiled by Wood Australia Pty Ltd with contributions from a team of independent "Qualified Persons" within the meaning of NI 43 -101. The scientific and technical information contained in this presentation pertaining to Costa Fuego has been reviewed and verified by the following independent qualified persons within the meaning of NI 43-101: Ms Elizabeth Haren (FAUSIMM (CP) & MAIG) of Haren Consulting – Mineral Resource Estimate Mr Dean David (FAUSIMM (CP)) of Wood Pty Ltd – Metallurgy Mr Piers Wendlandt (PE) of Wood Pty Ltd – Market Studies and Contracts, Economic Analysis Mr David Cuello (MAUSIMM) of GMT Servicios de Ingeniería – Geotechnical Mr Jeffrey Stevens (Pr. Eng, MSAIMM) of Wood Pty Ltd – Infrastructure and Capital Cost Mr Luis Bernal (Comisión Minera (PC) Registered Member) of Process Mineral Consulting – Leaching Mr Anton von Wielligh (FAUSIMM) of ABGM Consulting Pty Ltd – Mine Planning and Scheduling Mr Edmundo LaPorte (PE, PEng, CPEng, SME Registered Member) of High River Services – Environmental The above independent Qualified Persons have verified the information disclosed herein, including the sampling, preparation, security, and analytical procedures underlying such information. Competent Persons – JORC The information in this presentation that relates to Mineral Resources, Exploration Results, and Ore Reserves for the Costa Fuego Project is based on information compiled by: Ms Elizabeth Haren (FAUSIMM (CP) & MAIG) who is a full-time employee of Haren Consulting – Mineral Resource Estimate Mr Dean David (FAUSIMM (CP)) who is a full-time employee of Wood Pty Ltd – Metallurgy Mr Piers Wendlandt (PE) who is a full-time employee of Wood Pty Ltd – Market Studies and Contracts, Economic Analysis Mr David Cuello (MAUSIMM) who is a full-time employee of GMT Servicios de Ingeniería – Geotechnical Mr Jeffrey Stevens (Pr. Eng, MSAIMM) who is a full-time employee of Wood Pty Ltd – Infrastructure and Capital Cost Mr Luis Bernal (Comisión Minera (PC) Registered Member) who is a full-time employee of Process Mineral Consulting – Leaching Mr Anton von Wielligh (FAUSIMM) who is a full-time employee of ABGM Consulting Pty Ltd – Mine Planning and Scheduling Mr Edmundo LaPorte (PE, PEng, CPEng, SME Registered Member) who is a full-time employee of High River Services – Environmental Mr Christian Easterday (MAIG), who is the Managing Director and is a full-time employee of Hot Chili Limited – Exploration Results Ms Haren, Mr David, Mr Wendlandt, Mr Cuello, Mr Stevens, Mr Bernal, Mr LaPorte, Mr Easterday and Mr von Wielligh each have sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the JORC Code and as Qualified Persons under NI43-101. Disclaimer This report does not purport to be complete or contain all the information that may be material to the current or future business, operations, financial condition, or prospects of Hot Chili Limited (Hot Chili, HCH or the Company). Certain information contained herein is based on, or derived from, information obtained from independent third-party sources, publicly available reports and other trade and industry sources. Hot Chili believes that such information is accurate and that the sources from which it has been obtained are reliable; however, Hot Chili has not independently verified such information and does not assume any responsibility for the accuracy or completeness of such information. Cautionary Note for U.S. Investors Concerning Mineral Resources NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning material mineral projects. Technical disclosure contained in this presentation has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and technical information contained in this presentation may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements. All amounts in this presentation are in U.S. dollars unless otherwise noted. Forward Looking Statements Statements in this report that are not historical facts are "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities legislation and Australian securities legislation (each, a "forward-looking statement"). The use of any of the words, "estimate", "expect", "may", "might", "opportunity", "plan", "potential", "project", "proposed", "should", "will", "would" and similar expressions are intended to identify forward-looking statements. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralisation that may be encountered if the Costa Fuego Project is developed. In this report, forward-looking statements relate, among other things, to: the potential of the La Verde discovery; regulatory applications and approvals; and the Company's future exploration and other business plans. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking statements in this announcement, including, but not limited to, the following material factors: the ability of drilling and other exploration activities to accurately predict mineralisation; operational risks; risks related to the cost estimates of exploration; sovereign risks associated with the Company's operations in Chile; changes in estimates of mineral resources or mineral reserves of properties where the Company holds interests; recruiting qualified personnel and retaining key personnel; future financial needs and availability of adequate financing; fluctuations in mineral prices; market volatility; exchange rate fluctuations; ability to exploit successful discoveries; the production at or performance of properties where the Company holds interests; ability to retain title to mining concessions; environmental risks; financial failure or default of joint venture partners, contractors or service providers; competition risks; economic and market conditions; and other risks and uncertainties described elsewhere in this announcement and elsewhere in the Company's public disclosure record. Although the forward-looking statements contained in this report are based upon assumptions which the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this announcement, the Company has made assumptions regarding: future commodity prices and demand; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing; and assumptions underlying estimates related to adjusted funds from operations. The Company has included the above summary of assumptions and risks related to forward-looking information provided in this announcement to provide investors with a more complete perspective on the Company's future operations, and such information may not be appropriate for other purposes. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made herein, please refer to the public disclosure record of the Company, including the Company's most recent Annual Report, which is available on SEDAR+ ( under the Company's issuer profile. New factors emerge from time to time, and it is not possible for management to predict all those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. The forward-looking statements contained in this announcement are expressly qualified by the foregoing cautionary statements and are made as of the date of this announcement. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this announcement or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Investors should read this entire announcement and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of an investment in the Company. Mineral Resource Statement Costa Fuego Combined Mineral Resource (Effective Date 26 February 2024) Mineral Resources are reported on a 100% Basis - combining Mineral Resource Estimates for the Cortadera, Productora, Alice and San Antonio deposits. All figures are rounded, reported to appropriate significant figures and reported in accordance with the Joint Ore Reserves Committee Code (2012) and NI 43-101. Mineral Resource estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (29 November 2019) and reported in accordance CIM Definition Standards for Mineral Resources and Mineral Reserves (10 May 2014) that are incorporated by reference into NI 43-101. Mineral Resources are inclusive of the Mineral Reserve The Productora deposit is 100% owned by Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint venture (JV) company – 80% owned by Sociedad Minera El Corazón SpA (a 100% subsidiary of Hot Chili), and 20% owned by Compañía Minera del Pacífico S.A (CMP). The Cortadera deposit is controlled by a Chilean incorporated company Sociedad Minera La Frontera SpA (Frontera). Frontera is a subsidiary company – 100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili. The San Antonio deposit is controlled through Frontera (100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili Liited) and Frontera is party to an Option Agreement pursuant to which it can earn a 100% interest in the property. The Mineral Resource Estimates (MRE) in the tables above form coherent bodies of mineralisation that are considered amenable to a combination of open pit and underground extraction methods based on the following parameters: Base Case Metal Prices: Copper US$ 3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver US$20/oz. All MRE were assessed for Reasonable Prospects of Eventual Economic Extraction (RPEEE) using both Open Pit and Block Cave Extraction mining methods at Cortadera and Open Pit mining methods at the Productora, Alice and San Antonio deposits. Metallurgical recovery averages for each deposit consider Indicated + Inferred material and are weighted to combine sulphide flotation and oxide leaching performance. Process recoveries: Cortadera – Weighted recoveries of 82% Cu, 55% Au, 81% Mo and 36% Ag. CuEq(%) = Cu(%) + 0.55 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x Ag(g/t). San Antonio - Weighted recoveries of 85% Cu, 66% Au, 80% Mo and 63% Ag. CuEq(%) = Cu(%) + 0.64 x Au(g/t) + 0.00044 x Mo(ppm) + 0.0072 x Ag(g/t) Alice - Weighted recoveries of 81% Cu, 47% Au, 52% Mo and 37% Ag. CuEq(%) = Cu(%) + 0.48 x Au(g/t) + 0.00030 x Mo(ppm) + 0.0044 x Ag(g/t). Productora – Weighted recoveries of 84% Cu, 47% Au, 48% Mo and 18% Ag. CuEq(%) = Cu(%) + 0.46 x Au(g/t) + 0.00026 x Mo(ppm) + 0.0021 x Ag(g/t). Costa Fuego – Recoveries of 83% Cu, 53% Au, 71% Mo and 26% Ag. CuEq(%) = Cu(%) + 0.53 x Au(g/t) + 0.00040 x Mo(ppm) + 0.0030 x Ag(g/t) Copper Equivalent (CuEq) grades are calculated based on the formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne × Cu recovery). The base case cut-off grade for Mineral Resources considered amenable to open pit extraction methods at the Cortadera, Productora, Alice and San Antonio deposits is 0.20% CuEq, while the cut-off grade for Mineral Resources considered amenable to underground extraction methods at the Cortadera deposit is 0.27% CuEq. It is the Company's opinion that all the elements included in the CuEq calculation have a reasonable potential to be recovered and sold. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The MRE include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as Mineral Reserves. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Measured or Indicated Mineral Resources with continued exploration. The effective date of the MRE is 26 February 2024. The MRE were previously reported in the 2025 PFS. Hot Chili confirms it is not aware of any new information or data that materially affects the information included in the 2025 PFS and all material assumptions and technical parameters stated for the MRE in the 2025 PFSA continue to apply and have not materially changed. Hot Chili Limited is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than as disclosed in the 2025 PFS. A detailed list of Costa Fuego Project risks is included in Chapter 25 of the 2025 PFS Technical Report titled "Costa Fuego Copper Project NI43-101 Technical Report Preliminary Feasibility Study" and dated 9 May 2025 (effective 27 March 2025), is available on SEDAR+ ( and the Company's website ( Ore Reserve Statement Costa Fuego Combined Ore Reserve (Effective Date 27 March 2025) Mineral Reserves are reported on a 100% Basis - combining Mineral Reserve estimates for the Cortadera, Productora, Alice and San Antonio deposits, and have an effective date of 27 March 2025. An Ore Reserve (declared in accordance with JORC Code 2012) was previously reported at Productora, a component of Costa Fuego, on 2nd March 2016 on the ASX. The Company was not subject to the requirements of NI 43-101 at that time. Mineral Reserve estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (29 November 2019) and reported in accordance CIM Definition Standards for Mineral Resources and Mineral Reserves (10 May 2014) that are incorporated by reference into NI 43-101. Mineral Reserve estimates are in accordance with the JORC Code. References to "Mineral Reserves" mean "Ore Reserves" as defined in the JORC Code and references to "Proven Mineral Reserves" mean "Proved Ore Reserves" as defined in the JORC Code. The Mineral Reserve reported above was not additive to the Mineral Resource. The Mineral Reserve is based on the 26 February 2024 Mineral Resource. Tonnages and grades are rounded to two significant figures. All figures are rounded, reported to appropriate significant figures and reported in accordance with the Joint Ore Reserves Committee Code (2012) and NI 43-101. As each number is rounded individually, the table may show apparent inconsistencies between the sum of rounded components and the corresponding rounded total. Mineral Reserves are reported using long-term metal prices of US$4.30/lb Cu, US$2,280/oz Au, US$27/oz Ag, US$20/lb Mo. The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (the point where material is delivered to the processing facility) and is therefore inclusive of ore loss and dilution. The Productora deposit is 100% owned by Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint venture (JV) company – 80% owned by Sociedad Minera El Corazón SpA (a 100% subsidiary of Hot Chili), and 20% owned by Compañía Minera del Pacífico S.A (CMP). The Cortadera deposit is controlled by a Chilean incorporated company Sociedad Minera La Frontera SpA (Frontera). Frontera is a subsidiary company – 100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili. The San Antonio deposit is controlled through Frontera (100% owned by Sociedad Minera El Corazón SpA, which is a 100% subsidiary of Hot Chili) and Frontera is party to an Option Agreement pursuant to which it can earn a 100% interest in the property. The Mineral Reserve Estimate as of 27 March 2025 for Costa Fuego was prepared by Anton von Wielligh, Fellow with the AUSIMM (FAUSIMM). Mr. von Wielligh fulfils the requirements to be a "Qualified Person" within the meaning of NI 43-101 and is the Competent Person under JORC for the Mineral Reserve. Hot Chili Limited is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than as disclosed in the 2025 PFS. A detailed list of Costa Fuego Project risks is included in Chapter 25 of the 2025 PFS Technical Report titled "Costa Fuego Copper Project NI43-101 Technical Report Preliminary Feasibility Study" and dated 9 May 2025 (effective 27 March 2025), is available on SEDAR+ ( and the Company's website ( Name of entity Hot Chili Limited ABN Quarter ended ("current quarter") 91 130 955 725 30 June 2025 Consolidated statement of cash flows Current quarter $A'000 Year to date (12 months) $A'000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (3,331) (20,082) (a) exploration & evaluation (a) development - - (b) production - - (c) staff costs (460) (2,115) (d) administration and corporate costs (982) (5,475) 1.3 Dividends received (see note 3) - - 1.4 Interest received 86 530 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (4,687) (27,142) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements (281) (3,835) (c) property, plant and equipment (17) (76) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (CMP recoup) 2,655 2,655 2.6 Net cash from / (used in) investing activities 2,357 (1,256) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (117) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities - (117) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 7,513 33,742 4.2 Net cash from / (used in) operating activities (item 1.9 above) (4,687) (27,142) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 2,357 (1,256) 4.4 Net cash from / (used in) financing activities (item 3.10 above) - (117) 4.5 Effect of movement in exchange rates on cash held (3) (47) 4.6 Cash and cash equivalents at end of period 5,180 5,180 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A'000 Previous quarter $A'000 5.1 Bank balances 5,180 2,513 5.2 Call deposits - 5,000 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 5,180 7,513 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 170 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A'000 Amount drawn at quarter end $A'000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A'000 8.1 Net cash from / (used in) operating activities (item 1.9) (4,687) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (4,687) 8.4 Cash and cash equivalents at quarter end (item 4.6) 5,180 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 5,180 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.11 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? The Company expects that expenditure will be reduced further as only optimisation activities expected during the next two quarters relating to the Costa Fuego and Huasco Water PFS. Exploration activities will also be significantly reduced, with drilling activities at La Verde having been completed on 10 April 2025. The Company is also continuing discussions related to potential renegotiation of forthcoming Option payments in Q4. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? A further A$2.0M of inbound funds are expected over the coming quarter through government VAT reimbursements. The Company continues to advance potential strategic partner funding discussions for asset level investment opportunities for Costa Fuego and Huasco Water (Partnering Process). Please see page 10 of this Quarterly Report for an update on the Partnering Process. In addition, the Company has various other funding opportunities available should they be required, including royalties, streaming and equity funding. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? The Company expects to be able to continue its operations and meets its objectives through a combination of existing reserves and has the potential to obtain future capital through either successful strategic funding discussions, royalties, streaming or the issue of equity. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. This statement gives a true and fair view of the matters disclosed. Date: 29 July 2025 Notes This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [ name of board committee – eg Audit and Risk Committee ]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee". If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. SOURCE Hot Chili Limited
Yahoo
a day ago
- Business
- Yahoo
Celcuity Announces Clinically Meaningful Improvement in Both Progression-Free Survival ('PFS') Primary Endpoints from PIK3CA Wild-Type Cohort of Phase 3 VIKTORIA-1 Trial
Hazard Ratios and Improvements in Median PFS areUnprecedented in HR+/HER2- Advanced Breast Cancer ('ABC') Gedatolisib + palbociclib + fulvestrant ('gedatolisib triplet') reduced the risk of disease progression or death by 76% vs. fulvestrant (HR=0.24; 95% CI: 0.17–0.35; p<0.0001). Median PFS was 9.3 months with the gedatolisib triplet versus 2.0 months with fulvestrant Gedatolisib + fulvestrant ('gedatolisib doublet') reduced the risk of progression or death by 67% vs. fulvestrant (HR=0.33; 95% CI: 0.24–0.48; p<0.0001). Median PFS was 7.4 months with the gedatolisib doublet versus 2.0 months with fulvestrant The efficacy results establish several new milestones in the history of drug development for HR+/HER2- advanced breast cancer Treatment discontinuation due to a treatment-related adverse event for the gedatolisib triplet and gedatolisib doublet was lower than was observed in Arm D of Celcuity's Phase 1b trial in ABC patients and lower than observed in any Phase 3 trials for currently approved drug combinations in HR+/HER2- ABC The favorable safety profile with the gedatolisib triplet and gedatolisib doublet was better than observed in the Phase 1b trial in ABC, including lower rates of hyperglycemia and stomatitis Full data from the PIK3CA wild-type cohort of the VIKTORIA-1 clinical trial will be presented at an upcoming medical conference later this year. Celcuity expects to submit a New Drug Application for gedatolisib to the U.S. Food and Drug Administration in the fourth quarter of 2025. Topline data for the VIKTORIA-1 PIK3CA mutation cohort is expected by the end of 2025. Management to host webcast and conference call today, July 28, 2025, at 8:00 a.m. ET MINNEAPOLIS, July 28, 2025 (GLOBE NEWSWIRE) -- Celcuity Inc. (Nasdaq: CELC), a clinical-stage biotechnology company pursuing development of targeted therapies for oncology, today announced positive topline results from the PIK3CA wild-type cohort of the Phase 3 VIKTORIA-1 clinical trial evaluating gedatolisib plus fulvestrant with and without palbociclib versus fulvestrant in adults with hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative, PIK3CA wild-type, locally advanced or metastatic breast cancer, following progression on, or after, treatment with a CDK4/6 inhibitor and an aromatase inhibitor. In the trial, the gedatolisib triplet demonstrated a statistically significant and clinically meaningful improvement in PFS among patients, reducing the risk of disease progression or death by 76% compared to fulvestrant (based on a hazard ratio [HR] of 0.24, 95% confidence interval [CI] 0.17-0.35; p<0.0001). The mPFS, as assessed by blinded independent central review ('BICR'), was 9.3 months with the gedatolisib triplet versus 2.0 months with fulvestrant, an incremental improvement of 7.3 months. The gedatolisib doublet also demonstrated a statistically significant and clinically meaningful improvement in PFS among patients, reducing the risk of disease progression or death by 67% compared to fulvestrant (HR of 0.33, 95% CI 0.24-0.48; p<0.0001). The mPFS, as assessed by BICR, was 7.4 months with the gedatolisib doublet versus 2.0 months with fulvestrant, an incremental improvement of 5.4 months. The topline efficacy data from the VIKTORIA-1 PIK3CA wild-type cohort established several new milestones in the history of drug development for HR+/HER2- advanced breast cancer: The hazard ratios for the gedatolisib triplet and doublet are more favorable than have ever been reported by any Phase 3 trial for patients with HR+/HER2- ABC. The 7.3- and 5.4-months incremental improvements in median PFS for the gedatolisib triplet and gedatolisib doublet over fulvestrant, respectively, are higher than have ever been reported by any Phase 3 trial for patients with HR+/HER2- ABC receiving at least their second line of therapy. Gedatolisib is the first inhibitor targeting the PI3K/AKT/mTOR pathway to demonstrate positive Phase 3 results in patients with HR+/HER2-/PIK3CA wild-type ABC whose disease progressed on or after treatment with a CDK4/6 inhibitor. Sara Hurvitz, MD, Senior Vice President, Clinical Research Division, Fred Hutchinson Cancer Center, Professor and Head, Division of Hematology and Oncology, University of Washington, Department of Medicine and co-principal investigator for the trial said: 'Patients with HR-positive, HER2-negative, PIK3CA wild-type advanced breast cancer whose disease has progressed while on, or after, treatment with a CDK4/6 inhibitor typically derive limited benefit from subsequent endocrine-based therapy. The topline data for both gedatolisib regimens from VIKTORIA-1 are potentially practice-changing. To my knowledge, we have not seen Phase 3 results in patients with HR-positive, HER2-negative advanced breast cancer before where there was a quadrupling of the likelihood of survival without disease progression relative to the study control.' Treatment discontinuation due to a treatment-related adverse event for the gedatolisib triplet and gedatolisib doublet was lower than was observed in Arm D of the Phase 1b trial in patients with ABC, and lower than observed in any Phase 3 trials for currently approved drug combinations in HR+/HER2- ABC. Additionally, the gedatolisib triplet and gedatolisib doublet were better tolerated than was observed in the Phase 1b trial in patients with ABC, including lower rates of hyperglycemia and stomatitis. Igor Gorbatchevsky, MD, Chief Medical Officer of Celcuity said: 'The topline data from VIKTORIA-1 demonstrate the potential for gedatolisib to become a transformative new medicine for the treatment of patients with HR-positive, HER2-negative, PIK3CA wild-type advanced breast cancer whose disease progressed on or after treatment with CDK4/6 inhibitors. The 7.3 and 5.4-months incremental improvement in median PFS relative to fulvestrant for the gedatolisib regimens are potentially paradigm shifting results. We are also very excited that treatment with gedatolisib combined with fulvestrant with or without palbociclib was well-tolerated by the VIKTORIA-1 patients and that only a few patients discontinued treatment due to an adverse event.' Brian Sullivan, Chairman, Chief Executive Officer and co-founder of Celcuity said, 'The efficacy improvement relative to the control that each of the gedatolisib regimens demonstrated was historic for this patient population. We are excited about the potential opportunity to provide a breakthrough therapeutic option for patients with HR-positive, HER2-negative, PIK3CA wild-type advanced breast cancer.' Full data from the PIK3CA wild-type cohort of the VIKTORIA-1 clinical trial will be presented at an upcoming medical conference later this year. Celcuity expects to submit a New Drug Application for gedatolisib to the U.S. Food and Drug Administration in the fourth quarter of 2025. Topline data for the VIKTORIA-1 PIK3CA mutation cohort is expected by the end of 2025. Webcast and Conference Call InformationThe Celcuity management team will host a webcast/conference call on Monday, July 28, 2025, at 8:00 a.m. ET to discuss the topline results from the Phase 3 VIKTORIA-1 trial. Those who would like to participate may access the live webcast here, or register in advance for the teleconference here. A replay of the webcast will be available on the Celcuity website following the live event. Notes HR+/HER2- Breast cancer Breast cancer is the second most common cancer and one of the leading causes of cancer-related deaths worldwide.1 More than two million breast cancer cases were diagnosed globally in 2022.1 While survival rates are high for those diagnosed with early breast cancer, only approximately 30% of patients who are diagnosed with or who progress to metastatic disease are expected to live five years after their diagnosis.2 HR+/HER2- breast cancer is the most common subtype of breast cancer, accounting for approximately 70% of all breast cancers.2 Three interconnected signaling pathways, estrogen, cyclin D1-CDK4/6, and PI3K/AKT/mTOR (PAM), are primary oncogenic drivers of HR+, HER2- breast cancer.3 Therapies inhibiting these pathways are approved and used in various combinations for advanced breast cancer. Currently approved inhibitors of the PAM pathway for breast cancer target a single PAM pathway component, such as PI3Kα, AKT, or mTORC1.4,5,6,7 However, resistance to CDK4/6 inhibitors and current endocrine therapies develops in many patients with advanced disease.8 Survival rates are low with 30% of patients anticipated to live beyond five years after diagnosis.2 Optimizing the inhibition of the PAM pathway is an active area of focus for breast cancer research. VIKTORIA-1VIKTORIA-1 is a Phase 3 open-label, randomized clinical trial to evaluate the efficacy and safety of gedatolisib in combination with fulvestrant with or without palbociclib in adults with HR+/HER2- ABC whose disease progressed on or after prior CDK4/6 therapy in combination with an aromatase inhibitor. The clinical trial is enrolling subjects regardless of PIK3CA status while enabling separate evaluation of subjects according to their PIK3CA status. Subjects who meet eligibility criteria and do not have confirmed PI3KCA mutations (WT) were randomly assigned (1:1:1) to receive a regimen of either gedatolisib, palbociclib, and fulvestrant, gedatolisib and fulvestrant, or fulvestrant. Subjects who meet eligibility criteria and have confirmed PI3KCA mutations (MT) are randomly assigned (3:3:1) to receive a regimen of either the gedatolisib triplet, alpelisib and fulvestrant, or the gedatolisib doublet. GedatolisibGedatolisib is an investigational, multi-target PAM inhibitor that potently targets all four class I PI3K isoforms, mTORC1, and mTORC2 to induce comprehensive blockade of the PAM pathway.9,10,11 As a multi-target PAM inhibitor, gedatolisib's mechanism of action is highly differentiated from currently approved single-target inhibitors of the PAM pathway.11 Inhibition of only a single PAM component gives tumors an escape mechanism through cross-activation of the uninhibited targets. Gedatolisib's comprehensive PAM pathway inhibition ensures full suppression of PAM activity by eliminating adaptive resistance cross-activation that occurs with single-target inhibitors. Unlike single-target inhibitors of the PAM pathway, gedatolisib has demonstrated equal potency and comparable cytotoxicity in PIK3CA-mutant and -wild-type breast tumor cells in nonclinical studies and early clinical data.11,12 About CelcuityCelcuity is a clinical-stage biotechnology company pursuing development of targeted therapies for treatment of multiple solid tumor indications. The company's lead therapeutic candidate is gedatolisib, a potent, pan-PI3K and mTORC1/2 inhibitor that comprehensively blockades the PAM pathway. Its mechanism of action and pharmacokinetic properties are differentiated from other currently approved and investigational therapies that target PI3Kα, AKT, or mTORC1 alone or together. A Phase 3 clinical trial, VIKTORIA-1, evaluating gedatolisib in combination with fulvestrant with or without palbociclib in patients with HR+/HER2- advanced breast cancer is currently enrolling patients. A Phase 1/2 clinical trial, CELC-G-201, evaluating gedatolisib in combination with darolutamide in patients with metastatic castration resistant prostate cancer, is ongoing. A Phase 3 clinical trial, VIKTORIA-2, evaluating gedatolisib plus a CDK4/6 inhibitor and fulvestrant as first-line treatment for patients with HR+/HER2- advanced breast cancer is currently enrolling patients. More detailed information about Celcuity's active clinical trials can be found at Celcuity is headquartered in Minneapolis. Further information about Celcuity can be found at Follow us on LinkedIn and X. Forward-Looking StatementsThis press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 including statements relating to the potential therapeutic benefits of gedatolisib; the size, design and timing of our clinical trials; our interpretation of topline clinical trial data; the ability of our data to support the filing of an NDA with the FDA; our expectations regarding the timing of and our ability to obtain FDA approval to commercialize gedatolisib; and other expectations with respect to gedatolisib. Words such as, but not limited to, 'look forward to,' 'believe,' 'expect,' 'anticipate,' 'estimate,' 'intend,' "confidence," "encouraged," 'potential,' 'plan,' 'targets,' 'likely,' 'may,' 'will,' 'would,' 'should' and 'could,' and similar expressions or words identify forward-looking statements. The forward-looking statements included in this press release are based on management's current expectations and beliefs which are subject to a number of risks, uncertainties and factors, including that our topline results are based on a preliminary analysis of key efficacy and safety data, and such data may change following a more comprehensive review of the data related to the clinical trial; unforeseen delays in our planned NDA for gedatolisib; and our ability to obtain and maintain regulatory approvals to commercialize gedatolisib. In addition, all forward-looking statements are subject to other risks detailed in our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as such risks may be updated in our subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by these cautionary statements, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. References: Sung H, et al. Global Cancer Statistics 2020: GLOBOCAN Estimates of Incidence and Mortality Worldwide for 36 Cancers in 185 Countries. CA Cancer J Clin. 2021;10.3322/caac.21660. National Cancer Institute. Surveillance, Epidemiology and End Results Program (Accessed July 2025). Alves, C. L., & Ditzel, H. J. Drugging the PI3K/AKT/mTOR Pathway in ER+ Breast Cancer. Int J Mol Sci, 2023;24(5),4522. United States Package Insert, US FDA, ITOVEBI United States Package Insert, US FDA, PIQRAY United States Package Insert, US FDA, TRUCAP United States Package Insert, US FDA, AFINITOR Lloyd M R, et al. Mechanisms of Resistance to CDK4/6 Blockade in Advanced Hormone Receptor-positive, HER2-negative Breast Cancer and Emerging Therapeutic Opportunities. Clin Cancer Res. 2022;28(5):821-30 Venkatesan, A. M., et al. Bis(morpholino-1,3,5-triazine) derivatives: potent adenosine 5'-triphosphate competitive phosphatidylinositol-3-kinase/mammalian target of rapamycin inhibitors: discovery of compound 26 (PKI-587), a highly efficacious dual inhibitor. J Med Chem, 2010;53(6), 2636-2645. Mallon, R., et al. Antitumor efficacy of PKI-587, a highly potent dual PI3K/mTOR kinase inhibitor. Clin Cancer Res, 2011;17(10), 3193-3203. Rossetti, S., et al. Gedatolisib shows superior potency and efficacy versus single-node PI3K/AKT/mTOR inhibitors in breast cancer models. NPJ Breast Cancer, 2024;10(1), 40. Layman, R., et al. Gedatolisib in combination with palbociclib and endocrine therapy in women with hormone receptor-positive, HER2-negative advanced breast cancer: results from the dose expansion groups of an open-label, phase 1b study. Lancet Oncol, 2024;25(4), 474-487. View source version of release on Contacts: Celcuity Inc. Brian Sullivan, bsullivan@ Vicky Hahne, vhahne@ (763) 392-0123 ICR HealthcarePatti Bank, (415) 513-1284Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
3 days ago
- Business
- Yahoo
Provident Financial Services Second Quarter 2025 Earnings: EPS Beats Expectations
Provident Financial Services (NYSE:PFS) Second Quarter 2025 Results Key Financial Results Revenue: US$217.1m (up 131% from 2Q 2024). Net income: US$72.0m (up from US$11.5m loss in 2Q 2024). Profit margin: 33% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. EPS: US$0.55 (up from US$0.11 loss in 2Q 2024). This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. All figures shown in the chart above are for the trailing 12 month (TTM) period Provident Financial Services EPS Beats Expectations Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Looking ahead, revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Performance of the American Banks industry. The company's shares are up 2.2% from a week ago. Risk Analysis Don't forget that there may still be risks. For instance, we've identified 1 warning sign for Provident Financial Services that you should be aware of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Cision Canada
5 days ago
- Business
- Cision Canada
Freegold Significantly Upgrades and Expands Resources at Golden Summit
2024's drill program was highly successful at converting Inferred resources, upgrading and expanding Indicated resources – meeting the key objectives and providing a foundation for Pre-Feasibility activities. Indicated Primary Mineral Resource: 17.2 Moz at 1.24 g/t Au, a 42% increase in ounces and 15% grade increase from our Sept/24 resource estimate. Inferred Primary Mineral Resource: 11.9 Moz at 1.04 g/t Au, a 11 % increase in ounces, at the same grade Cut-off grades are unchanged at 0.50 g/t Au. The 2025 Program will consist of infill and expansion drilling. Infilling is expected to continue the trend of enhancing grade and ounces, while converting Inferred Resources to Indicated Resources. Ongoing Metallurgical Work has demonstrated >90% recoveries with sulphide-oxidizing methods such as BIOX®, POX, and the Albion Process™. Additional test work is ongoing for these and conventional processing methods. 2025 PROGRAM Drilling in progress with four rigs, 30,000m planned. Conversion of inferred resources into indicated & further exploration drilling. Ongoing metallurgical work, focusing on flowsheet optionality with sulphide oxidation is a key part of our strategy to maximize the potential of the resource . Commencement of a Pre-Feasibility Study (PFS) in late 2025. VANCOUVER, BC, July 24, 2025 /CNW/ - Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) ("Freegold" or the "Company") is pleased to announce an updated mineral resource estimate ("MRE") for its Golden Summit Project, located near Fairbanks, Alaska. In line with the results from our 2023 drill program, the 2024 program has significantly increased the number of ounces and improved Indicated grades, all while maintaining finding costs below US$4 per ounce. This new estimate incorporates data from drilling conducted in 2024 and includes metallurgical recoveries from our extensive metallurgical program. This represents another critical milestone in our ongoing exploration and development efforts. Comparison of July 2025, September 2024 and March 2023 Resource Estimates July 2025 Updated Mineral Resource Estimate Mineral Resources for the primary resources are reported at a cut-off grade of 0.50 g/t gold and constrained within an open pit shell using a gold price of US$2,490 /ounce, US$2.50/t mining cost, US$25 processing cost, US$2.00/t G+A, 92% gold recovery, and a 45° pit slope. Tonnes and ounces rounded to the nearest thousand. The July 2025 resource estimate utilises a recovery rate of 92%, which is the average of the three sulfide oxidation methods assessed to date, along with a 3-year trailing gold price of $2,490. Processing costs have increased from US$14 per tonne (72% recovery) to US$25 per tonne (92% recovery) to account for the additional processing needed to achieve these higher recoveries. Ongoing metallurgical work aims to identify the most effective oxidation method for the deposit and to further optimize the use of gravity, flotation, and CIL techniques, determining if a simpler flowsheet is preferable. Since 2020, Golden Summit has become one of North America's largest undeveloped gold resources. The significant increase in resource ounces and grade is due to several targeted drilling campaigns conducted between 2020 and 2024, continuous upgrades to geological models, and a deeper understanding of the site. Additionally, strong metallurgical results have contributed to these advancements. The project presents an exceptional development opportunity, further enhanced by its strategic proximity to essential infrastructure, including roads, supply centres, and a readily available labour force. The drilling programs have discovered significantly higher-grade material and have converted previously classified waste areas into mineralized zones deemed potentially economically viable. The expansion of mineralisation to the west has also provided new data on the higher-grade portions of Golden Summit. Consequently, there has been an increase in both the total indicated gold ounces and their grades within an open-pit context. While the increase in resource size has been our most notable success, the improvement in grade has been particularly rewarding for Freegold. The expanded database of drill holes has enabled us to refine the geological model and deepen our understanding of how higher-grade mineralisation is distributed within a broader lower-grade halo. Over the last year, the focus has been on strengthening fault control boundaries to identify a higher-grade corridor, which has contributed to our success in increasing the overall grade of the indicated resource. We anticipate that further infill drilling will help convert inferred resources into the indicated category and may continue the trend of increasing grade as we reduce drill spacing. This will contribute to greater confidence in the higher-grade zones identified in our model. The most recent resource estimate indicates growth in both overall resources and grades, while also maintaining Freegold's remarkably low discovery cost of less than $4.00 per ounce. In 2025, Freegold will focus on upgrading inferred resources to indicated resources to support further the planned pre-feasibility study (PFS), scheduled to commence later this year. Since inferred resources cannot be included in a PFS, drilling activities will focus on improving grade and increasing drill density to move inferred resources into the indicated category. Additionally, further drilling will aim to enhance the resource and define a smaller, higher-grade starter pit as the project progresses through the pre-feasibility phase. The goal is to reduce both operating and initial capital costs. This strategic approach is designed to optimize value by minimizing expenditures while maximizing resource grade and growth, thereby increasing overall effectiveness. Supplementary metallurgical test holes will be drilled to obtain additional material for comprehensive testing. This will help optimize recovery rates and identify the most suitable processing methods. In addition, geotechnical drilling is being conducted to assess groundwater conditions. Ongoing archaeological, paleontological, and cultural resources studies are also part of the process. Trade-off studies will be conducted to enhance the project's economics, weighing improved recovery rates against capital and operating expenses as development proceeds. These studies will also assess various cut-off grades and strip ratios. The table below presents specific cut-off grades applicable within and beneath the current pit. OXIDE PRIMARY UNDER PIT Mineral Resources for the primary resources are reported at a cut-off grade of 0.50 g/t gold and constrained within an open pit shell using a gold price of $ US$2,490/ounce, US$2.50/t mining cost, US$25 processing cost, US$2.00/t G+A, 92% gold recovery, and a 45° pit slope. Tonnes and ounces rounded to the nearest thousand. The Golden Summit assay dataset for the current MRE includes collar locations for 444 drill holes and 89,485 assays within the grade shell boundaries used to constrain the MRE. The MRE is constrained within three lithological domains that have been used for resource estimation: High-Grade Schist, Low-Grade Schist and Intrusive. These three domains are further constrained by a 0.14 g/t Au gradeshell. Compositing of samples is performed to mitigate the impact of sample length on the contribution of sample grade (sample support). Assays were composited to a length of three (3) meters, as over 90% of the samples within the three domains have a length equal to or less than three meters. Composites honour domain boundaries, and if the last sample within a domain was less than 1.0 meters in length, it was discarded. Capping analysis was conducted for composites in three domains using cumulative frequency curves. A break in the cumulative frequency curve for the High-Grade Schist domain at 110 g/t suggested that this would be an appropriate capping level. However, it was determined that applying this cap resulted in a lower average gold grade for the block model compared to the corresponding composite population. Consequently, the capping level was increased to 170 g/t. At this new level, only two composites were affected, resulting in a 1.5% reduction in the cumulative value of the composite population. In the Low-Grade Schist domain, the capping level was set at 70 g/t Au, where the cumulative frequency curve shows a sharp break. This affected ten composites, resulting in an approximate 1.5% decrease in the cumulative value of the composite population. For the Intrusive domain, the cumulative frequency curve exhibits a break between 7 and 8 g/t, and the capping level was set at 8 g/t. Six composites were impacted by this cap, resulting in a reduction of about 1.5% in the aggregate value of the population. In 2024, Freegold provided Tetra Tech with 75 specific gravity measurements, of which 33 were identified as intrusive and 42 as schist. The average specific gravity for intrusive samples was 2.68 g/cm³, while for schist samples, it was 2.67 g/cm³. These average values are very similar to previous measurements and were applied to the estimation domain wireframes. Variographic ranges were analyzed using Sage 2001 software, which generates least-squares best-fit curves for the variogram values. The Schist parameters were utilized for the High-Grade domain, as it is primarily located within the Schist domain. Grades were interpolated into the block model in a single pass using SGS Genesis software and the ordinary kriging method. For a grade to be interpolated into a block, a minimum of four (4) and a maximum of six (6) composites had to be present within the volume of the search ellipse. Additionally, a maximum of two composites was permitted from a single drill hole, ensuring that the grade interpolated into each block was informed by composites from at least two different drill holes. The dimensions of the search ellipses were determined by combining variographic ranges with the minimum requirements needed to include at least two drill holes. Mineral Resources were classified as Indicated or Inferred as defined by CIM (2005, 2014). Because the Golden Summit mineralization occurs in part at or near surface, the global estimated resource was constrained with a conceptual pit shell. The gold price was obtained from three-year trailing averages. Mining and processing costs were obtained from internal Freegold studies, and the process recovery is based on 2024 metallurgical tests. The block model has been validated through visual comparison of blocks and associated assay grades, as well as numeric comparison of assay, composite, and block model grades using swath plots. The past five years have been transformational for the Company, and 2025 is set to be an exciting year for Freegold. Our plans include further metallurgical test work, as well as additional infill and expansion drilling. The 2024 program demonstrated our ability to both expand the resource and improve the overall resource grade. A Pre-Feasibility Study (PFS), which will incorporate the 2025 drilling results, is expected to commence later this year. We want to acknowledge the continued support of our shareholders and look forward to making further progress with the 2025 program. Qualified Person and Technical Information A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 %, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au-SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the fine fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities. Several holes were analyzed by MSALABS. At MSALABS, the entire sample was dried and crushed to 70% passing -2mm (CRU-CPA). A ~500g riffle split was analyzed for gold using CHRYSOS PhotonAssay™ (CPA-Au1). From this, 250g was further riffle split from the original PhotonAssay™ sample, pulverized, and a 0.25g sub-sample was analyzed for multi-element geochemistry using MSA's IMS230 package, which includes 4-acid digestion and ICP-MS finish. MSALABS operates under ISO/IEC 17025 and ISO 9001 certified quality systems. A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards. The MRE, with an effective date of July 23, 2025, was prepared by Tetra Tech Canada. Greg Mosher, P. Geo and Maurie Marks, of Tetra Tech Canada are "Qualified Persons" for the Updated Mineral Resource Estimate as defined in NI 43-101 and are "independent" of Freegold for the purposes of NI 43-101. Greg Mosher and Maurie Marks have reviewed and approved the scientific and technical information herein regarding the Golden Summit project. Greg Mosher visited Golden Summit on November 11–12, 2022, and October 16, 2024. Greg Mosher and Maurie Marks visited the project on September 12, 2023. The full technical report, which is being prepared in accordance with NI 43-101 by Tetra Tech Canada, will be available on SEDAR ( under the Company's issuer profile within 45 days from this news release. Alvin Jackson, Vice President of Exploration and Development of the Company and a "Qualified Person" as defined in NI 43-101, has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein. Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2024, filed under Freegold's profile at for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.
Cision Canada
16-07-2025
- Business
- Cision Canada
Denison Announces Discovery of Additional High-Grade Mineralization at Gryphon and Reports Results from Successful Delineation Program
TORONTO, July 16, 2025 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to announce the discovery of additional high-grade mineralization approximately 40 metres outside of the previously estimated mineralized domain associated with the D1 lens of the Gryphon uranium deposit ("Gryphon"). Drill hole WR-837AD2 intersected 2.3 metres at 1.69 % eU 3 O 8 including 0.5 metres at 5.48 % eU 3 O 8 in the down plunge direction from the previously defined D1 lens. This area remains open down-plunge and along strike to the northeast for further expansion. Gryphon is situated approximately 3 km northwest of the Company's flagship Phoenix In-Situ Recovery ("ISR") uranium mine development project, on Denison's 95%-owned Wheeler River property in northern Saskatchewan (see Figure 1). View PDF version. View PDF The discovery was made as part of a highly successful delineation drill program carried out at Gryphon during the first half of 2025. Results from the delineation drilling are expected to add confidence to the previously estimated mineral resources for Gryphon, having confirmed the current geological interpretation of the deposit and intersecting uranium grades in line with expected values. Denison's President and CEO, David Cates, commented, " Our 2025 Gryphon del ineation program was highly successful and achieved each of the program's key objectives – including (a) increasing the density of drill testing within the A1 high-grade domain and confirming the geological model, (b) collecting additional geotechnical, metallurgical and hydrogeological samples and information to support future project evaluation efforts, and (c) initial testing of areas identified for possible expansion of mineral resources that are outside of the mine design outlined in the 2023 Pre-Feasibility Study ("PFS"). The delineation results demonstrate that Gryphon is an excellent high-grade basement-hosted uranium deposit that justifies further project development evaluation and de-risking. With a focus on confirming the mineralization in the A-series of lenses, a limited number of drill holes were designed to test for possible expansion of the estimated mineral resource. As a result, we are excited that drill hole WR- 837AD2 encountered high-grade mineralization outside of the existing mineralized domain in an area that remains wide open for further expansion down-plunge and along strike. We are currently developing plans to f ollow-up this result and test other expansion targets." Gryphon Uranium Deposit Gryphon was discovered by Denison in 2014 and is estimated to contain Indicated Mineral Resources of 61.9 million pounds U 3 O 8 (1,643,000 tonnes an average grade of 1.7% U 3 O 8), plus Indicated Mineral Resources of 1.9 million pounds U 3 O 8 (73,000 tonnes at an average grade of 1.2% U 3 O 8), with an effective date of August 7, 2018. Gryphon is comprised of 24 primarily basement-hosted stacked lenses referred to as the A-series, B-series, C-series, D-series and E-series lenses, which are interpreted to be stacked to form a zone of mineralization measuring approximately 280 metres long by 113 metres wide, with each lens having variable thicknesses and generally plunging to the northeast and dipping to the southeast (See Figure 2). Four high-grade domains have been established within the A1 and D1 lenses. The A1 high-grade domain represents 40% of the total Indicated Mineral Resources estimated for the deposit; whereas the combination of the three D1 high-grade domains represent approximately 10% of the total Indicated Mineral Resources. Potential future development of the Gryphon deposit has been assessed as an underground mining operation at a PFS level in 2018 with a cost update completed in 2023. The outcomes of the study highlight robust economics with an estimated after-tax base-case Net Present Value ("NPV") of $864.2 million and internal rate of return ("IRR") of 37.6%, based on estimated Probable Reserves of 49.7 million pounds U 3 O 8 (1,275,000 tonnes at 1.8% U 3 O 8), a uranium selling price of USD$75/lb U 3 O 8 ($101.25/lb U 3 O 8), and an 8% discount rate. Gryphon's cash operating costs are estimated to be USD$12.75/lb U 3 O 8, and its all-in cost of production (including initial capital costs of CAD$737.4 million) is estimated to be US$25.47/lb U 3 O 8. Accordingly, Gryphon has the potential to be competitive with the lowest cost uranium mining operations in the world. The D series lenses were targeted for potential mineral resource expansion in 2025 given their high-grade, structurally controlled nature, and that previous drilling left the mineralization partially open in the down-plunge and along-strike directions. Prior to this program, no significant expansion drilling has occurred proximal to Gryphon since 2018. The last drill hole of the 2025 program (WR-837AD2) encountered high-grade uranium mineralization, which is interpreted to expand the extent of the D1 zone by ~40 metres in the down-plunge direction. This drill hole tested a 100-metre gap in the previous drill hole spacing (see Figure 3) and justifies further follow-up drilling to test to additional down-plunge extension as well as the potential for along strike continuation. Drill hole WR-836 was also completed in the expansion area and also encountered notable uranium mineralization, which indicates the system is open along strike to the north. Denison reports its initial drilling results as radiometric equivalent uranium ("%eU 3 O 8") from a calibrated, triple gamma, down-hole probe. All mineralized intersections have been sampled for chemical U 3 O 8 assay and final results will be compiled following receipt of the data. Table 1: Drill hole intercepts by lens for WR-836 and WR-83 7AD2. 1 Notes: 1. Drill hole orientation (azimuth/dip) for WR-836 is 306.8 o /-73.4 o and for WR-837AD2 is 311.1 o /-71.0 o 2. eU3O8 is radiometric equivalent uranium from a calibrated total gamma down-hole probe. All intersections have been sampled for chemical U3O8 assay 3. Intersection interval is composited above a cut-off grade of 0.05% eU3O8 4. Intersection interval is composited above a cut-off grade of 2.0% eU3O8 5. As most of the drill holes are oriented steeply toward the northwest and the basement mineralization is interpreted to dip moderately to the southeast, the true thickness of the mineralization is expected to be approximately 85% of the intersection lengths 2025 Delineation Drill Program Highlights A total of ~12,500 metres of diamond drilling was completed in seventeen drill holes and multiple off cuts during the 2025 delineation program at Gryphon. Overall, the delineation program confirmed the current geological interpretation of the deposit and supported the grade-thickness (GT) assumptions in the resource block model. The A1 lens was the primary focus of the drill program as the high-grade and low-grade domains contain approximately 50% of the estimated Indicated Mineral Resource for Gryphon. Several drill holes intersected the A1 high-grade domain and established additional continuity within the A-series lenses. The B and C series lenses are located below the A series within the center of the deposit and were also intersected as part of the 2025 delineation program. Together the B and C series lenses account for approximately 20% of the total estimated Indicated Mineral Resources. Several drill holes encountered significant results, demonstrating the high-grade nature of Gryphon, including the following results from WR-831D1D2, which tested the primary lenses and returned the best mineralized intercepts from the delineation program: Table 2: Drill hole intercepts by lens for WR-831D1D2. 1 Notes: 1. Drill hole orientation (azimuth/dip) 295.8 o /-77.0 o 2. eU 3 O 8 is radiometric equivalent uranium from a calibrated total gamma down-hole probe. All intersections have been sampled for chemical U 3 O 8 assay 3. Intersection interval is composited above a cut-off grade of 0.05% eU 3 O 8 4. Intersection interval is composited above a cut-off grade of 2.0% eU 3 O 8 5. Intersections with less than 0.5 GT were left out of the table to simplify the results 6. As most of the drill holes are oriented steeply toward the northwest and the basement mineralization is interpreted to dip moderately to the southeast, the true thickness of the mineralization is expected to be approximately 85% of the intersection lengths Additional Data Collected for Future De-risking and Study Work Approximately 250 kg of whole-core samples were collected for metallurgical test work. Metallurgical test programs are being developed to assess uranium recoveries to advance the evaluation work completed to support the 2018 and 2023 PFS. Geotechnical logging was completed on all drill holes and hydrogeological information was collected from two of the drill holes which were outfitted with vibrating wire piezometers (VWPs). The information collected from these exercises is expected to increase the understanding of different hydrogeological zones to support future mine-design planning. This work adds to the extensive database of geological, hydrogeological, geotechnical, and metallurgical data for Gryphon. This site-specific data is expected to be used to validate certain key assumptions in potential future technical studies further evaluating the Gryphon deposit for underground mining. About Wheeler River Wheeler River is the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin region, in northern Saskatchewan. The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited ("JCU", 10%). In August 2023, Denison filed a technical report summarizing the results of (i) the feasibility study completed for ISR mining of the high-grade Phoenix uranium deposit and (ii) a cost update to the 2018 Pre-Feasibility Study for conventional underground mining of the basement-hosted Gryphon uranium deposit. More information on the studies is available in the technical report titled "NI 43-101 Technical Report on the Wheeler River Project Athabasca Basin, Saskatchewan, Canada" dated August 8, 2023, with an effective date of June 23, 2023, a copy of which is available on Denison's website and under its profile on SEDAR+ at and on EDGAR at Based on the respective studies, both deposits have the potential to be competitive with the lowest cost uranium mining operations in the world. Permitting efforts for the planned Phoenix ISR operation commenced in 2019 and several notable milestones were achieved in 2024 with the submission of federal licensing documents and the acceptance of the final form of the project's Environmental Impact Statement by the Province of Saskatchewan and the Canadian Nuclear Safety Commission. Denison is a uranium mining, exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to Denison's effective 95% interest in its flagship Wheeler River Project, Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ("MLJV"), which includes unmined uranium deposits (planned for extraction via the MLJV's SABRE mining method starting in 2025) and the McClean Lake uranium mill (currently utilizing a portion of its licensed capacity to process the ore from the Cigar Lake mine under a toll milling agreement), plus a 25.17% interest in the Midwest Joint Venture's Midwest Main and Midwest A deposits, and a 70.55% interest in the Tthe Heldeth Túé ("THT") and Huskie deposits on the Waterbury Lake Property. The Midwest Main, Midwest A, THT and Huskie deposits are located within 20 kilometres of the McClean Lake mill. Taken together, Denison has direct ownership interests in properties covering ~384,000 hectares in the Athabasca Basin region. Additionally, through its 50% ownership of JCU (Canada) Exploration Company, Limited ("JCU"), Denison holds additional interests in various uranium project joint ventures in Canada, including the Millennium project (JCU, 30.099%), the Kiggavik project (JCU, 33.8118%), and Christie Lake (JCU, 34.4508%). In 2024, Denison celebrated its 70th year in uranium mining, exploration, and development, which began in 1954 with Denison's first acquisition of mining claims in the Elliot Lake region of northern Ontario. Qualified Persons The technical information contained in this press release has been reviewed and approved by Chad Sorba, Denison's Vice President Technical Services & Project Evaluation, who is a Qualified Persons in accordance with the requirements of NI 43-101. Cautionary Statement Regarding Forward-Looking Statements Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the applicable United States and Canadian legislation, concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'potential', 'plans', 'expects', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will ' ' be taken', 'occur' or 'be achieved'. In particular, this news release contains forward-looking information pertaining to the following: scope, objectives and interpreted results of the Gryphon delineation program; future plans, including potential future exploration potential and metallurgical test programs; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners and third parties. Statements relating to 'mineral reserves' or 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future. Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, the modelling and assumptions upon which the plans for Wheeler River are based may not be maintained after further work is completed. In addition, Denison may decide or otherwise be required to discontinue testing, evaluation and other work if it is unable to maintain or otherwise secure the necessary resources (such as testing facilities, capital funding, regulatory approvals, etc.). Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 2 8, 2025 or subsequent quarterly financial reports under the heading 'Risk Factors'. These factors are not, and should not be construed as being exhaustive. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation SOURCE Denison Mines Corp.
