Xali Gold Provides Update on Completion of the Acquisition of Pico Machay Gold Deposit

About this update from Xali Gold Corp.

[{"type":"text","content":"Xali Gold Provides Update on Completion of the Acquisition of Pico Machay Gold Deposit\nVANCOUVER, British Columbia, Dec. 22, 2025 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to advise that the TSX Venture Exchange (“TSX-V”) is advancing on its approval process for the acquisition of the Pico Machay Gold Deposit (“Pico Machay”), terms of which are detailed in the Xali Gold News Release dated October 24th, 2025. The Company understands that all outstanding technical and legal aspects have been addressed to the satisfaction of the TSX-V. The closing of both the Pico Machay acquisition and Tranche One of the previously announced non-brokered private placement (the “Private Placement”) are to be completed simultaneously. Both transactions are expected to close by the end of the week and remain subject to TSX-V acceptance. Following the TSX-V’s review of the Technical Report, the Company has filed an Amended Technical Report on the Pico Machay Gold Deposit in Huancavelica Province, Peru on SEDAR+ with an effective date of November 18th, 2025 and dated December 16th, 2025 (the “Amended Technical Report”). The Amended Technical Report incorporates minor modifications made in response to comments from the TSX-V and has now been approved. The Amended Technical Report was prepared by David Thomas, P.Geo., of DKT Geosolutions Inc., on behalf of Xali Gold to comply with TSX-V requirements related to the acquisition of Pico Machay. It is a National Instrument 43-101 (“NI 43-101”) compliant report and was prepared and completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves (adopted May 10, 2014). The minor amendments to the Technical Report include: Updating section headings within the report (i.e. Executive Summary has been updated to Summary).Disclosure in Adjacent Properties was reduced.Deleted the historical mineral resource estimates from the Mineral Resource Estimates section of the Technical Report, retaining them only within the Summary and History sections.Clarified Section 18.0 Recommendations, to state that while the recommended Phase 1 work program is important for st...

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