Xali Gold Closes Acquisition of Pico Machay Gold Project

About this update from Xali Gold Corp.

[{"type":"text","content":"Xali Gold Closes Acquisition of Pico Machay Gold Project\nVANCOUVER, British Columbia, Dec. 24, 2025 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is very pleased to announce the closing on December 24th, 2025, of the acquisition of the Pico Machay Gold Project (“Pico Machay” or the “Project”), an advanced exploration stage project in Peru with a near-term production goal, as announced in the Company’s October 24th, 2025 news release. Xali Gold acquired the company Minera Calipuy S.A.C. (“Calipuy”), which wholly owns Pico Machay, from Pan American Silver Corp. (“Pan American”) and its subsidiary, Aquiline Resources Inc. (“Aquiline”). “With the acquisition of Pico Machay now closed, our full attention turns to advancing the asset and unlocking its value,” said Joanne Freeze, President and CEO of Xali Gold. “Pico Machay offers both immediate value and substantial upside, particularly given that the historical resource was calculated using a long-term gold price of just US$700 per ounce. In the current gold price environment, we see a compelling opportunity to aggressively move the Project forward. Over the coming months, our priority will be to update the historical resource estimate as well as review and optimize previous engineering studies, including the low-cost, low-strip ratio open-pit heap-leach concept outlined by prior owners, with the objective of rapidly advancing the Project into near-term production.” As per the terms of the agreement with Pan American and Aquiline, Xali Gold has paid the initial cash payment of US$500,000 to close the acquisition and acquire the shares of Calipuy. Details on the remaining cash payments (all dollar values are United States dollars) are: Time PeriodCash PaymentsDecember 24th, 2026 (1st Year Anniversary)$1.5MDecember 24th, 2027 (2nd Year Anniversary)$1.5MDecember 24th, 2028 (3rd Year Anniversary)$4.0MDecember 24th, 2029 (4th Year Anniversary)$3.0MEarlier of December 24th, 2030 or commencement of commercial production$4.5MUpon completion of a technical report prepared in accordance with NI 43-101 disclosing aggregate mineral reserves or mineral resources classified as any of proven mineral reserves, probable mineral reserves,...

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