The agreement has been formalised and Hot Chili is expecting first revenue by the fourth quarter, with the deal driven by ENAMI to ensure ongoing operations (and hence employment) at its nearby processing plant.
Meanwhile, Hot Chili has reaffirmed the copper-gold resource for its Cortadera project is due in "coming months" and has already said it has the potential to "grow significantly beyond the limits" of the pending first estimate.
Hot Chili initiated an $8.9 million placement and rights issue last month that priced new shares at 1.5c each.
Shares in Hot Chili were up 7% to 1.6c in early trade, capitalising the company at $27.6 million.
