Xali Gold to Acquire Pico Machay Gold Project in Peru

About this update from Xali Gold Corp.

[{"type":"text","content":"Xali Gold to Acquire Pico Machay Gold Project in Peru\n\n\n\n VANCOUVER, British Columbia, Oct. 24, 2025 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (\"Xali Gold” or the “Company”) is pleased to announce that it has entered into a\n \n Share Purchase Agreement (“SPA”)\n \n on October 23\n \n rd\n \n to acquire the company Minera Calipuy S.A.C (“Calipuy”), which wholly owns the Pico Machay Gold Project (“Pico Machay” or the “Project”) in Central Peru, from Pan American Silver Corp. (TSX:PAAS) (NYSE:PAAS) (“Pan American”) and its subsidiary, Aquiline Resources Inc. (“Aquiline”).\n \n\n Pico Machay is a high-sulphidation gold deposit that lies within the northern extent of the Southern Peru Epithermal Gold-Silver Belt and has a Historic Measured and Indicated Resource of 264,600 ounces (“oz”) of gold (10.6 million (“M”) tonnes grading 0.78 grams per tonne (“gpt”) gold) and an additional Historic Inferred Resource of 446,000 oz of gold (23.9 M tonnes grading 0.58 gpt gold) (see Table 1 below for resource details).\n \n\n “The Pico Machay acquisition represents a pivotal step for Xali Gold as we expand our presence in one of the world's most prolific epithermal gold-silver countries,” said Joanne Freeze, President and CEO of Xali Gold. “With a historic resource already in place and various engineering studies conducted since discovery through 2010, the Project offers both immediate value and excellent upside potential. Pico Machay is especially compelling given that the original resource was calculated using a long-term gold price of US$700/oz. The current stronger gold price environment provides us with many opportunities to upgrade the project and evaluate additional production alternatives that may not have been supported by lower gold prices. With three decades of experience in Peru’s mining sector, we are confident that our team of South American and gold experts combined with the strengths of local partnerships and the country’s exceptional mineral potential, uniquely positions us to unlock the full value of this opportunity. Our focus will be to update the resource estimate and previous engineering studies with a near-term production goal, while...

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