Prepare the ingredients: deseed and finely chop the chili peppers, peel and crush the garlic, juice the limes, and finely chop the rosemary sprigs.
In a medium saucepan, heat the olive oil over medium heat. Add the chopped garlic and chili and sauté for 1-2 minutes, until fragrant.
Pour in the coconut milk, then add the lime juice, honey, rosemary, salt, and pepper. Stir well to combine.
Bring the sauce to a simmer, then reduce the heat to low and cook for 10-15 minutes, or until slightly thickened and the flavors have melded.
Taste the sauce and adjust the flavors as needed, adding more honey for sweetness or more lime juice for tartness.
For a smoother texture, blend with an immersion blender. Let the sauce cool, then transfer to a clean, airtight jar or container.
Store in the refrigerator for up to a week. Serve with grilled meats, fish, or vegetables.
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