Xali Gold files NI 43-101 report for Pico Machay

Executive Summary

• Xali Gold Corp. has filed a National Instrument 43-101-compliant technical report for the Pico Machay Gold Project in Peru, dated December 4, 2025, to satisfy TSX Venture Exchange requirements for the acquisition of Minera Calipuy.
• The acquisition of Minera Calipuy, which holds the Pico Machay project, was agreed upon on October 23, 2025, and is expected to close in the coming weeks, pending TSX-V acceptance.
• The technical report serves as an update to a 2009 report by Caracle Creek International Consulting Inc. and highlights the project's potential for near-term production and upside value based on historical engineering studies and untested exploration targets.

Key Details

• Technical Report Details:
  • Title: "Technical Report Pico Machay Gold Deposit, Huancavelica Province, Peru."
  • Qualified Person: David Thomas, PGeo, of DKT Geosolutions Inc.
  • Effective Date: November 18, 2025.
  • Report Date: December 4, 2025.
  • Standards: Prepared in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014) and NI 43-101.
  • Availability: Filed on SEDAR+ and available on the Xali Gold website.
• Transaction Status:
  • Target: Minera Calipuy (owner of the Pico Machay project).
  • Agreement Date: October 23, 2025.
  • Closing: Expected in the next few weeks; subject to TSX-V acceptance.
• Project Background & Potential:
  • Location: Huancavelica Province, Peru, within the Southern Peru epithermal gold-silver belt.
  • Stage: Advanced-exploration-stage with a near-term production opportunity.
  • Historical Work: Between 2005 and 2009, Aquiline Resources Inc. (prior to its acquisition by Pan American Silver) completed engineering studies, resource estimations, and metallurgical test work.
  • Previous Plan: Aquiline targeted an open-pit heap-leach operation, projected to be low cost with a low strip ratio.
  • Upside Potential: Xali Gold notes excellent upside potential because previous engineering work was based on a long-term gold price of $700/oz and several exploration targets remain untested by drilling.
• Company Context:
  • Xali Gold also holds exploration potential and two royalty agreements with third parties at the El Oro gold-silver project in Mexico.

Notable Quotes

• "Completing this technical report is a fundamental step in the completion of the acquisition of the Pico Machay gold project," stated Joanne Freeze, president and chief executive officer of Xali Gold. "We strongly believe Pico Machay has the potential to add immediate and long-term value for our shareholders, and we look forward to unlocking that value through experienced exploration and development and responsible development."