Mr, Christian Easterday reports

HOT CHILI LIMITED RESULTS OF 2023 ANNUAL GENERAL MEETING

Hot Chili Ltd. has released the results of its 2023 annual general meeting held in Perth, Australia, on Nov. 29, 2023 (Australian Western Standard Time).

A total of 33,284,747 ordinary shares, or 28% of Hot Chili's issued shares, were represented in person or by proxy at the AGM.

All resolutions listed as the items of business at the AGM were tabled and all items of business put forth at the AGM were passed by the requisite majority.

Employee Incentive Plan (Resolution 7)

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

Pursuant to the SBC Plan, the aggregate number of ordinary shares of the Company (the "Shares") that may be issued in any 12- month period cannot exceed 10% of the number of Shares issued and outstanding from time to time. The 2023 SBC Plan was conditionally approved by the TSX Venture Exchange (the "TSXV") on 19 October 2023 and remains subject to final acceptance of the TSXV. In accordance with the rules and policies of the TSXV, shareholder approval of the SBC Plan must be obtained annually at the Company's annual general meeting. In addition, the SBC Plan is also subject to review and acceptance by the TSXV on an annual basis.

We seek Safe Harbor.