Macquarie has rates Hot Chili Limited (HCH) as an Outperform with a $1.03 target price (last close 42.5c). HCH is an ASX-listed copper explorer and developer with an advanced project currently in PFS at Productora in Chile. The broker believes that Productora will deliver a robust, low-cost, long-life mine with upside in resource growth and by-product credits.