FY2021
Cortadera acquisition funding
The issuer reported A$25.6m raised during the reporting period and a subsequent A$40m raising announced for the final Cortadera acquisition payment and continued Costa Fuego development.
ASX: HCH · Five-year financial review
(ASX: HCH) Hot Chili Limited Financial Review - FY2021~25
Hot Chili Limited’s FY2021-FY2025 consolidated accounts describe a Costa Fuego exploration-and-development funding cycle: recurring statutory losses and operating cash outflows, sizeable investing activity, periodic equity financing, and an exploration-and-evaluation carrying balance that remained the dominant asset. The statutory A$ accounts are kept distinct from the project’s US$ study metrics.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 Group cash
A$5.189m
Consolidated closing cash and cash equivalents.
FY2025 total assets
A$244.805m
Consolidated closing total assets.
FY2025 statutory loss
A$(11.590)m
Consolidated loss after income tax.
FY2025 exploration carrying value
A$235.823m
Accounting carrying value, not project valuation.
Five years in context
The reporting sequence comprises five 30 June balance dates. Group cash moved from A$3.605m in FY2021 to A$23.722m after FY2022 funding, then to A$2.949m in FY2023; FY2024 financing preceded a A$33.742m closing balance, before cash finished FY2025 at A$5.189m. These are cash balances, not project funding commitments or study economics.
The saved statements are consolidated Group disclosures. They show total assets predominantly in exploration and evaluation expenditure, while total liabilities were A$5.169m at FY2025 and net assets were A$239.636m. This financial-position reading does not convert the Costa Fuego PFS or resource/reserve disclosures into accounting assets.
Events behind the numbers
FY2022
Equity raise and Productora option repayment
The issuer described an A$40m raise comprising a A$5m share purchase plan and A$35m placement, for the Cortadera payment, Costa Fuego development and repayment of the CMP option on Productora.
FY2023
PEA and royalty investment
The issuer reported release of the Costa Fuego PEA and a binding US$15m Osisko royalty investment. The PEA was described as preliminary and not certain to be realised.
FY2024
NSR sale proceeds in investing cash flow
The consolidated cash-flow statement reported A$21.287m net proceeds on sale of an NSR. The issuer separately described the July 2023 Osisko agreement as US$15m consideration for 1% copper and 3% gold NSRs across Costa Fuego; the report does not equate the two currencies or amounts.
FY2024
Resource classification upgrade
The issuer reported that more than 85% of contained CuEq metal in the Costa Fuego Mineral Resource was classified as Indicated, supporting its planned PFS.
FY2025
PFS and maiden reserve
The issuer reported delivery of the Costa Fuego PFS in March 2025 and a maiden Probable Mineral Reserve of 502Mt. These are project-stage disclosures, not Group cash-flow results.
FINANCIAL REVIEW / 01
The consolidated balance sheet remained exploration-asset-led
Exploration and evaluation expenditure rose from A$158.330m at FY2021 to A$235.823m at FY2025. Total assets reached A$250.882m in FY2024 before ending FY2025 at A$244.805m; the corresponding FY2025 net assets were A$239.636m. The table retains total liabilities alongside those asset balances rather than presenting exploration carrying value as a stand-alone financial capacity measure.
Liabilities fell from A$14.105m in FY2021 to A$1.784m in FY2023, then rose to A$5.169m in FY2025. This is a closing-balance observation; it does not identify the maturity, repayment profile or economic terms of every liability.
Total assets, net assets and total liabilities
A$ million
Total assetsNet assets / total equityTotal liabilities
AI-generated presentation · values from Consolidated closing financial position; no missing values plotted as zero.
Closing cash and exploration carrying value
A$ million
Cash and cash equivalentsExploration and evaluation expenditure (carrying value)
AI-generated presentation · values from Consolidated closing financial position; no missing values plotted as zero.
Consolidated closing financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 3.605 | 23.722 | 2.949 | 33.742 | 5.189 |
| Exploration and evaluation expenditure (carrying value) | 158.330 | 207.437 | 220.437 | 215.832 | 235.823 |
| Total assets | 161.996 | 231.596 | 224.432 | 250.882 | 244.805 |
| Total liabilities | 14.105 | 6.824 | 1.784 | 3.455 | 5.169 |
| Net assets / total equity | 147.892 | 224.771 | 222.649 | 247.427 | 239.636 |
Consolidated Group balance dates at 30 June. All amounts are A$ million, converted from saved whole-dollar statutory statement cells at 1e-6.
Exploration and evaluation expenditure is an accounting carrying value; it is neither a project valuation nor a measure of available cash.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash use was recurrent and funding was episodic
Operating cash flow was negative in each displayed year. Net investing cash flow was also negative except in FY2024, when it was a A$6.548m inflow despite A$12.034m of exploration-and-evaluation payments. The FY2024 statement also reported A$21.287m net proceeds on sale of an NSR, which explains why the total investing subtotal was positive while exploration cash payments remained an outflow. The two rows answer different questions: the former is the full investing subtotal and the latter is a disclosed investing component.
Financing cash inflows were A$26.403m in FY2021, A$75.475m in FY2022 and A$29.371m in FY2024. The component table identifies share-issue proceeds and costs where the saved statement reported them; FY2023 and FY2025 use the financing-total row because their component cells are dashes rather than reported monetary values.
Operating, investing and financing cash flows
A$ million
Net cash used in operating activitiesNet cash provided by / (used in) investing activitiesNet cash provided by / (used in) financing activities
AI-generated presentation · values from Consolidated cash-flow lanes and exploration payments; no missing values plotted as zero.
Payments for exploration and evaluation
A$ million
Payments for exploration and evaluation
AI-generated presentation · values from Consolidated cash-flow lanes and exploration payments; no missing values plotted as zero.
Reported share-issue proceeds and costs
A$ million
Proceeds from issue of sharesShare issue costs
AI-generated presentation · values from Equity-cash funding detail; no missing values plotted as zero.
Consolidated cash-flow lanes and exploration payments
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | (3.615) | (6.009) | (5.249) | (5.453) | (6.974) |
| Net cash provided by / (used in) investing activities | (25.390) | (48.882) | (15.496) | 6.548 | (21.339) |
| Payments for exploration and evaluation | (25.345) | (25.585) | (13.856) | (12.034) | (20.082) |
| Net cash provided by / (used in) financing activities | 26.403 | 75.475 | (0.147) | 29.371 | (0.195) |
Consolidated annual cash flows. Parentheses denote source-reported cash outflows; amounts are A$ million at 1e-6.
Investing cash flow is the statement total. Exploration payments are a component and are deliberately shown separately: FY2024 had exploration payments despite a positive net investing result.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Equity-cash funding detail
A$ million
| Metric | FY2021 | FY2022 | FY2024 |
|---|---|---|---|
| Proceeds from issue of shares | 28.019 | 76.814 | 31.900 |
| Share issue costs | (1.616) | (5.061) | (2.356) |
Consolidated cash-flow statement components, A$ million at 1e-6.
This three-year table contains only years with reported monetary component cells. FY2023 and FY2025 have dash-valued component cells and are not imputed as zero; the five-year financing-total row remains authoritative.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Recurring statutory losses include changing reported drivers
Loss after income tax improved from A$(9.744)m in FY2021 to A$(5.424)m in FY2023, then widened to A$(11.590)m in FY2025. This is the statutory consolidated result, not a proxy for investing cash flow or for Costa Fuego project economics.
Selected reported drivers changed in sign and magnitude across the period: foreign exchange was a gain in FY2023 and FY2024 but a loss in FY2025, while share-based payments were a FY2023 reversal and expenses in the other years. The display preserves the source signs, avoiding an artificial like-for-like earnings series.
Capitalised exploration was A$22.415m in FY2025, while cash payments for exploration and evaluation were A$20.082m and the closing exploration carrying value was A$235.823m. They are related but different accounting and cash-flow measures, so they are neither added nor treated as equivalent.
Statutory loss after income tax
A$ million
Loss after income tax
AI-generated presentation · values from Statutory result and selected reported drivers; no missing values plotted as zero.
Selected reported income-statement drivers
A$ million
Interest incomeForeign-exchange gain / (loss)Share-based payments reversal / (expense)
AI-generated presentation · values from Statutory result and selected reported drivers; no missing values plotted as zero.
Capitalised mineral exploration and evaluation
A$ million
Capitalised mineral exploration and evaluation
AI-generated presentation · values from Statutory result and selected reported drivers; no missing values plotted as zero.
Statutory result and selected reported drivers
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after income tax | (9.744) | (7.279) | (5.424) | (7.781) | (11.590) |
| Interest income | 0.001 | 0.004 | 0.171 | 0.265 | 0.484 |
| Foreign-exchange gain / (loss) | (0.285) | (0.466) | 0.119 | 0.324 | (0.011) |
| Share-based payments reversal / (expense) | (2.235) | (0.775) | 0.090 | (2.465) | (1.145) |
| Capitalised mineral exploration and evaluation | 13.233 | 25.852 | 11.463 | 14.055 | 22.415 |
Consolidated statutory income-statement and exploration-note measures, A$ million at 1e-6. Positive foreign exchange and share-based-payment values are gains/reversals; negative values are losses/expenses as presented.
Capitalised exploration is an annual accounting movement, not cash expenditure and not the closing carrying-value balance. The statutory loss is kept separate from both.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Costa Fuego study milestones remain separate from the Group accounts
The FY2023 PEA was expressly preliminary, included a stated Inferred-resource component and carried no certainty of realisation. The FY2025 PFS built on that PEA and the issuer reported a 502Mt Probable Mineral Reserve. Those milestones provide development context, but do not substitute for statutory Group revenue, cash or earnings.
The FY2025 PFS headline metrics—including US$1.27bn start-up capital—are US-dollar project-study estimates. They are not mixed into the A$ consolidated tables, and neither they nor the reserve are presented as available Group financing.
Reading the figures
- All displayed statutory monetary tables are consolidated and stated in A$ million at an explicit 1e-6 conversion from saved whole-dollar cells; where a source header did not repeat the currency, the statement’s consolidated A$ context is not broadened into a separate currency assertion.
- The FY2021 statutory loss uses the FY2023 five-year comparative cell because it explicitly identifies the FY2021 value; its source report year and its value period are distinct.
- Dash-valued equity-cash component cells are not imputed as zero. Financing statement totals remain displayed separately.
- Costa Fuego PEA/PFS economics and reserve/resource disclosures are issuer-reported project context in US dollars or physical units, not statutory Group accounts, forecasts, valuation or funding availability.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. GPT review against saved extractions; not an independent original-document audit.
Annual-report source registry
- Hot Chili Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Hot Chili Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Hot Chili Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Hot Chili Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Hot Chili Limited - 2025 Annual Report UpdatedExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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