Xali Gold Completes FTA Application for Drilling and Outlines Development Team for Pico Machay
Xali’s FTA submission for the Pico Machay project advances drilling toward an updated resource and preliminary economic assessment.
Xali Gold Corp. has completed its Ficha Técnica Ambiental (FTA) application for resource confirmation and exploration drilling at the Pico Machay Gold Project in Peru. The company expects to submit the application to Peru’s Ministry of Energy and Mines (MINEM) by October 22, 2026, following a community workshop held on October 7, 2026.
To support these activities, Xali Gold Corp. has appointed a multidisciplinary development team comprising experts in exploration, resource estimation, mine engineering, metallurgy, environmental management, and project finance. The planned drilling program targets an initial approximately 3,000 metres of diamond drilling, with permitted capacity for up to 20,000 metres across 20 platforms. Strategic objectives for the program include verifying historical drilling results, improving the understanding of gold mineralization controls, supporting an updated mineral resource estimate (MRE), and conducting a Preliminary Economic Assessment (PEA).
In conjunction with these developments, the company granted 1,600,000 incentive stock options to employees, consultants, and directors at an exercise price of $0.20 per share, with the options vesting over five years.
Xali Gold Corp. (XGC) completed the Final Technical Assessment (FTA), a standard permitting milestone that moves the company closer to initiating diamond drilling. This development aligns with prior guidance that targeted an FTA submission in late October 2026 and does not introduce new financial terms or unexpected catalysts.
The company also granted stock options, a standard compensation practice that is dilutive but immaterial to the overall capital structure. No material changes to project economics, acquisition terms, or liquidity position were disclosed. The news is incremental and confirms the company is on track to de-risk the Pico Machay asset.
Xali Gold Corp. (XGC) is a gold exploration and development company focused on the Pico Machay Gold Project in the Southern Peru Epithermal Gold-Silver Belt. The project is in the advanced exploration stage, with historical engineering studies conducted between 2005 and 2009 targeting a low-cost, low strip-ratio open-pit heap-leach operation based on a $700/oz gold price. Historical resources total 264,600 ounces of Measured & Indicated gold and 446,000 ounces of Inferred gold.
Xali Gold acquired 100% of the project in December 2025 from Pan American Silver Corp. and Aquiline Resources Inc. The company aims to advance Pico Machay toward near-term production by updating the resource, completing a PEA, and securing operational permits.