Copper exploration company Hot Chili enhanced the terms of its option agreements related to land acquisitions for the Costa Fuego Copper-Gold Project in Chile.
Three options due in 2024 have been replaced with a single agreement, the El Fuego Option, exercisable in September 2026.
The new option substantially reduces option payments from US$11 million ($16.6 million) to US$1 million ($1.5 million) in 2024, extends Hot Chili's ownership to 100%, and prolongs the option expiry to 2026.
The El Fuego option focuses on the San Antonio, Valentina, and Santiago Z landholdings, aligning with Hot Chili's strategy to consolidate its Costa Fuego interests.