Xali Gold Pauses FTA Application Temporarily for Drilling at Pico Machay

(TSXV:XGC) Xali Gold Corp. has temporarily paused its Ficha Técnica Ambiental (FTA) application for drilling on the Pico Machay Gold Project in Peru to allow additional time to compile further information on historical work at the project, as requested by Peru’s Ministry of Energy and Mines (MINEM). While gathering the requested data, the company will continue advancing other permitting work to minimize delays to the planned drill program. Xali Gold expects that addressing MINEM’s requests before resubmitting the FTA will facilitate a more optimized review process and reduce the likelihood of further clarification rounds or unnecessary approval delays. Joanne Freeze, President and CEO of Xali Gold, stated that the additional data requested by MINEM will be useful for future permitting and that drilling is still expected to commence before December. The company’s drilling contractor, GEMA (Geologia Estudios Medio Ambientales Drilling & Construction S.R.L.), estimates that the resource confirmation drilling program, using two drills, will take approximately six weeks, based on their experience with similar high-sulphidation gold projects in Peru, such as La Arena. Pico Machay is located within the Southern Peru Epithermal Gold-Silver Belt, in a historically productive mining district in the Western Cordillera of the Andes. The project benefits from existing infrastructure and a mining-friendly community. Pico Machay hosts a historical resource and several untested exploration targets. Historical engineering studies at Pico Machay, completed through 2009, evaluated the potential for a low-cost, low strip-ratio, open-pit heap-leach operation, based on a long-term gold price of $700/oz. Xali Gold considers the upside potential at Pico Machay to be very strong due to untested exploration targets and the historical resource. The company is focused on advancing Pico Machay as an advanced exploration-stage gold project in Peru with a near-term production goal. Joanne C. Freeze, P.Geo., President, CEO and Director, is the Qualified Person who has reviewed and approved the contents of this release.

Xali Gold Submits FTA Application and Selects Drill Contractor for Pico Machay

(TSXV:XGC) Xali Gold Corp. has submitted its Ficha Técnica Ambiental (FTA) application to Peru’s Ministry of Energy and Mines (MINEM) for resource confirmation and exploration drilling at the Pico Machay Gold Project in Huancavelica, Peru. The company has signed a contract with Geologia Estudios Medio Ambientales Drilling & Construction S.R.L. (GEMA) to conduct an initial 3,000-metre diamond drilling program. The FTA submission follows receipt of MINEM’s documentation regarding attendance at the October 7, 2026, public information workshop, which was the final outstanding item for the application announced as completed on October 21, 2026. Xali Gold anticipates a review and approval period of approximately 10 days following submission, subject to regulatory review and any requests for additional information. Joanne Freeze, President and CEO of Xali Gold, stated that the immediate priority is to obtain geological and assay data to support an updated mineral resource estimate, which will underpin a preliminary economic assessment (PEA) for evaluating development options and project economics. GEMA’s team has experience in exploration and geotechnical diamond drilling across Peru, including projects at elevations of 4,600 – 4,950 masl and above 4,000 masl, and has worked at several major mines. GEMA has two diamond drill rigs ready for the initial 3,000 m program at Pico Machay, with HQ-diameter core and individual holes planned to reach depths of approximately 150 to 300 m. Approximately 2,000 m of the initial 3,000 m program will twin 10% of the historical reverse circulation holes within the historical resource area to help verify previous results and improve understanding of gold mineralization controls. The FTA application covers a broader program totaling up to 20,000 m from 20 platforms, allowing for additional resource definition and exploration drilling beyond the initial program. The company is targeting commencement of drilling in early November 2026, subject to receipt of the required permits. Pico Machay is located within the Southern Peru Epithermal Gold-Silver Belt in a historically productive mining district in the Western Cordillera of the Andes. The project benefits from existing infrastructure and a mining-friendly community. Pico Machay hosts a historical resource and several untested exploration targets. Historical engineering studies at Pico Machay were completed through 2009 and evaluated the potential for a low-cost, low strip-ratio, open-pit heap-leach operation, based on a long-term gold price of $700/oz. Joanne C. Freeze, P.Geo., President, CEO and Director, is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the contents of this release.

Xali Gold Appoints Susan Mitchell as Senior Financial Advisor

(TSXV:XGC) Xali Gold Corp. has appointed Susan J. Mitchell as Senior Financial Advisor to the Company. Ms. Mitchell brings over 40 years of experience in mining finance and capital markets, including roles at international banks, a Fortune 400 mining company, and junior exploration and development companies. Her expertise covers capital sourcing, transaction structuring, mergers and acquisitions, financial risk management, and corporate governance. In her advisory role, Ms. Mitchell will support Xali Gold’s financing strategy and evaluation of capital sources as the Company advances exploration and considers development at its Pico Machay Gold Project in Peru. Joanne Freeze, President and CEO of Xali Gold, stated that Ms. Mitchell’s extensive mining finance experience and international capital markets relationships are valuable as the company advances Pico Machay. Ms. Mitchell began her career at Canadian Imperial Bank of Commerce in Toronto, where she held progressively senior positions in Mining, Corporate Finance, and Treasury Divisions, eventually becoming Senior Manager and leader of transaction teams over a ten-year period. She contributed to closing C$100 millions in global corporate finance and mergers and acquisitions, and raised C$1B primary capital for Treasury. One of her financings was a C$100 million mine acquisition that grew to a C$20+ billion market cap company. From 1995 to 1998, she served as Director, Treasury at Cyprus Amax Minerals Company, an international mining company with annual revenues exceeding $2 billion and operations in seven countries, where she was responsible for financial and corporate restructuring, capital allocation, and financial risk management. She later served as Managing Director, Metals and Mining, Global Structured Finance at Westdeutsche Landesbank in New York, establishing its global mining structured finance business and securing lead-bank mandates. Ms. Mitchell also worked as Director, Risk Solutions at Standard & Poor’s, developing credit risk management and corporate governance advisory proposals for clients across the Americas. Since 2004, she has led S. Mitchell & Associates LLC, advising companies on corporate finance, mergers and acquisitions, and financial structuring with debt and equity capital. Her previous roles include Senior Managing Director at Weild & Co. and advisor to Heliostar Metals Ltd. (then Redstar Gold). She is currently Managing Director at Pickwick Capital Partners and an advisor to New Age Metals Inc. Ms. Mitchell serves on the Board of Alaska Silver Corp. and is a member of its Audit Committee, and previously was a non-executive director at Talisker Resources Ltd. and Heliostar Metals Ltd. (then Redstar Gold), including leadership roles on compensation and governance committees. Ms. Mitchell holds a Bachelor of Arts in International Economics and Finance from McGill University, a Master of International Management from the American Graduate School of International Management (Thunderbird), and the IBDC.D director designation. Xali Gold is focused on the exploration and development of Pico Machay, an advanced exploration-stage gold project in Peru with a near-term production goal. The company emphasizes community engagement and responsible development guided by strong governance principles and Board oversight.

Xali Gold Completes Public Workshop, Advancing Exploration Permitting at Pico Machay in Peru

(TSXV:XGC) Xali Gold Corp. announced the successful completion of a public information workshop on October 7, 2026, as part of the Ficha Técnica Ambiental (FTA) approval process for its planned drilling program at the Pico Machay Gold Project in Peru. The workshop was organized by Peru’s Ministry of Energy and Mines (MINEM), in coordination with the Regional Government of Huancavelica and Xali Gold, and attended by approximately 60 residents from the Comunidad Campesina de Salcca Santa Ana, including community leaders and the president of the alpaca breeders’ association. Attendees engaged with government representatives, Geades Consultores (the Company’s Peru-based environmental consultant), and Xali Gold’s team to discuss the proposed drilling program, environmental and social considerations, relevant laws, and the Company’s broader exploration and development plans. Joanne Freeze, President and CEO of Xali Gold, emphasized the importance of the workshop in advancing the exploration permit application and maintaining open dialogue with the community. The Company previously completed two technical meetings with MINEM to obtain guidance on updated FTA requirements and engaged Embellie Advisory LLC to assess potential effects of the drilling on indigenous or native community rights. Xali Gold is finalizing its FTA application, with submission targeted for the week following the workshop. The review and approval process is anticipated to take approximately 10 days after submission, subject to regulatory timelines. The planned drilling program consists of 3,000 metres of diamond drilling, including approximately 2,000 metres to twin selected historical reverse-circulation holes, with the goal of supporting an updated mineral resource estimate and a subsequent Preliminary Economic Assessment. The workshop follows community authorization granted at an extraordinary assembly on June 28, 2026, allowing Xali Gold to undertake drilling, exploration, and environmental studies at Pico Machay. The Pico Machay project is located within the Southern Peru Epithermal Gold-Silver Belt in a historically productive mining district and benefits from existing infrastructure and a mining-friendly community. Historical engineering studies completed through 2009 evaluated the potential for a low-cost, low strip-ratio, open-pit heap-leach operation at a long-term gold price of $700/oz, and several exploration targets remain untested. Joanne C. Freeze, P.Geo., President, CEO, and Director, is the Qualified Person who reviewed and approved the contents of the release.

Xali Gold Continues to Demonstrate the Scale and Grade of Gold Mineralization at Pico Machay

(TSXV:XGC) Xali Gold Corp. announced the completion of assay results from its initial underground and surface channel and rock chip sampling program at its Pico Machay Gold Project in Central Peru. The company reported that 67 of 119 surface samples returned more than 0.50 g/t gold, and Surface Channel 1 returned 2.92 g/t Au over 31.5 meters, including 13.76 g/t Au over 4.5 meters. UG Channel 3 NS returned 1.49 g/t Au over 41.1 meters, including 3.44 g/t Au over 8.0 meters, while UG Channel 8 returned 1.18 g/t Au over 4.3 meters and UG Channel 9 returned 2.10 g/t Au over 1.35 meters. The sampling program included 197 samples: 78 underground channel samples and 119 surface samples, with 13 underground workings mapped and sampled since 2020. The historical resource area extends over approximately 750 meters east-west by 150 meters north-south, and the underground workings occur across an area of approximately 1.35 kilometers by 825 meters. The company projects a near-term production goal at Pico Machay and considers the upside potential to be very strong, with several untested targets and historical engineering studies targeting an open-pit heap-leach operation based on a long-term gold price of $700/oz. Xali Gold has now defined ten exploration targets, four of which overlap with those previously identified by Aquiline Resources.

Xali Gold Strengthens Technical Team at Pico Machay

(TSXV:XGC) Xali Gold Corp. announced the appointment of Ing. Wilder Frank Garcia Haro as Exploration Manager, effective immediately. Ing. Garcia brings more than 30 years of international exploration and mine development experience, including senior roles at Rio Alto, Tahoe Resources, Newmont, Barrick Gold, Gold Fields, and Antamina. From 2012 to 2019, he held senior leadership roles at the La Arena and Shahuindo mines, focusing on exploration, resource expansion, and mine geology. The company has engaged GRA Enterprises LLC DBA National Inflation Association to provide investor relations services for an initial period of six (6) months for a total fee of USD$75,000, payable in three installments: USD $30,000 upon signing, USD $30,000 due on July 15, 2026, and USD $15,000 due on August 15, 2026. The company shall have three options to renew the agreement for additional terms of three, six, or twelve months, with renewal fees of USD$50,000, USD$75,000, or USD$120,000, respectively. Xali Gold is focused on the exploration and development of Pico Machay, an advanced exploration-stage gold project in Peru, with a near-term production goal. The company projects updated mineral resource estimates, updated Preliminary Economic Assessment, and development activities for the Pico Machay Project.

Xali Gold Announces Community Agreement for Advancing the Pico Machay Gold Project

(TSXV:XGC) Xali Gold Corp. announced that it has received confirmation from the local community of Comunidad Campesina de Salcca Santa Ana of their support for the continued advancement of the Pico Machay Gold Project in Peru. Santa Ana held an extraordinary assembly on June 28 th during which they agreed to authorize the Company to carry out the drilling, exploration, and environmental studies necessary for the development of Pico Machay. Over the past four months, the Xali Gold (Minera Calipuy) community relations team has conducted social diagnosis and baseline studies, including transparent discussions with various community members. Pico Machay was discovered in 1997 and explored by several juniors including Aquiline Resources through 2009, with engineering studies targeting an open pit heap-leach operation expected to be low-cost and with a low strip ratio. Aquiline’s engineering work was based on a long-term gold price of $700/oz and several exploration targets remain untested. Xali Gold maintains two royalty agreements with third parties who have the rights to produce gold and silver from specific areas of the El Oro gold-silver Project in Mexico. The company projects a near-term production goal for Pico Machay and plans to continue advancing environmental baseline studies, drilling, geological mapping, resource modelling, and technical studies designed to support economic evaluations.

Xali Gold Discovers Higher Grade Gold Mineralization at Pico Machay

(TSXV:XGC) Xali Gold Corp. reported the first assay results from its recently completed underground and surface channel and rock chip sampling program at the Pico Machay Gold Project in Central Peru. Channel assay highlights include 2.22 g/t gold over 45.1 meters from Underground Channel 1, including 4.17 g/t gold over 20.0 meters, and 2.28 g/t gold over 40.0 meters from Surface Channel 2. To date, assay results have been received for approximately 25% of the 197 samples collected, with 51 samples analyzed so far. The program included 78 underground channel samples and 119 surface samples, aiming to validate, update, and potentially upgrade the historical mineral resource estimate at Pico Machay. Underground sampling was completed in three horizontal channels extending over 15 to 46 meter lengths, with continuous channel samples collected from the eastern walls over 2 to 4 meter intervals. The company projects completion of the Resource Update and Preliminary Economic Assessment (PEA) in the near future. Xali Gold maintains exploration potential at Pico Machay and holds two royalty agreements related to the El Oro gold-silver Project in Mexico.

Xali Gold Closes Private Placement for $1 Million

(TSXV:XGC) Xali Gold Corp. closed a non-brokered private placement on June 23, 2026, for gross proceeds of C$1,000,000. The Private Placement resulted in the issuance of 4,000,000 common shares at a price of C$0.25 per Share, with no warrants issued. Finder’s fees equal to 6% of the value of the Private Placement were paid, totaling C$30,000 in cash and 120,000 common shares. The proceeds will be allocated to the continued exploration and development of the Pico Machay Gold Project in Peru, including technical work for an updated mineral resource estimate and Preliminary Economic Assessment (PEA), as well as geological, permitting, and community initiatives. The Shares are subject to a mandatory four month and one day hold period commencing the day of closing. Xali Gold maintains two royalty agreements with third parties for gold and silver production from specific areas of the El Oro gold-silver Project in Mexico. The company projects that updating the historical resource and completing a PEA will significantly de-risk the Pico Machay Project and help unlock significant value.

Xali Gold Completes Initial Underground and Surface Sampling Program on the Pico Machay Gold Project in Peru

(TSXV:XGC) Xali Gold Corp. announced the completion of the initial underground and surface rock chip sampling program on its Pico Machay Gold Project in Central Peru. The Program included all accessible underground workings excavated since Aquiline Resources’ 2009 exploration, resource, and feasibility work at Pico Machay and was predominantly within the historical resource area. Underground sampling was completed in three north-south oriented horizontal galleries extending over 21 to 46 metre lengths, one east-west crosscut 34 m in length, and some smaller workings. A total of 197 samples were collected, with 78 from underground and 119 from surface outcrops, and all samples have been submitted to SGS in Lima, Peru for gold and silver analysis. Of the samples, 125 were initially sent to the ALS laboratory in Peru before being moved to SGS for alignment with future Metallurgical testing. The results are expected in approximately two weeks, and the company expects the results to support the preparation of an updated mineral resource estimate, which is expected to form the basis of an updated Preliminary Economic Assessment for Pico Machay. Xali Gold maintains exploration potential as well as two royalty agreements with third parties who have the rights to produce gold and silver from specific areas of the El Oro gold-silver Project in Mexico.

Xali Gold Completes Baseline Studies on the Pico Machay Gold Project in Peru

Xali Gold Corp. (TSXV:XGC) announced the completion of baseline studies required for the Ficha Técnica Ambiental - Drilling Permit (FTA) on its Pico Machay Gold Project in Peru. The studies, conducted by GEADES, included environmental and social baseline sampling and monitoring, with fieldwork finalized on May 10, 2026. The company expects to submit the FTA application to the DGAAM of MINEM by or near the end of June. Completion of these studies marks a significant step in advancing the Pico Machay Project, which aims to become a near-term gold development opportunity in Peru. Xali Gold is also progressing with underground and surface sampling programs and ongoing community engagement for a long-term surface access and shared value agreement. The company maintains exploration potential at Pico Machay and holds two royalty agreements related to the El Oro gold-silver Project in Mexico. Next steps include technical evaluations, planning for future drilling, metallurgical studies, resource modelling, and advancement of a Preliminary Economic Study (PEA).

Xali Gold Implements Baseline Studies for Drilling Permit Application at Pico Machay Gold Project in Peru

Xali Gold Corp. (TSXV:XGC) announced it has engaged GEADES, a Peruvian environmental and social consulting firm, to support environmental protection activities and complete baseline studies for the Ficha Técnica Ambiental Drilling Permit (FTA) at its Pico Machay Gold Project in Peru. Field work will be conducted from May 5 to 11, with the FTA expected to be submitted to the DGAAM of MINEM in June 2026. The company also retained GRA Enterprises LLC DBA National Inflation Association (NIA) for investor relations services for an initial term of six months at a total cost of US$75,000. Xali Gold maintains exploration potential at Pico Machay and holds two royalty agreements on the El Oro gold-silver Project in Mexico. The company is focused on advancing Pico Machay towards near-term production.

Xali Gold Advances Pico Machay Gold Project with Underground and Surface Sampling Program

Xali Gold Corp. (TSXV:XGC) announced it has completed more than 50% of its initial underground and surface rock chip sampling program at the Pico Machay Gold Project in central Peru, with 125 samples collected and submitted for analysis. The program aims to verify historical grades and support an updated mineral resource estimate, targeted for completion in Q3 2026. The project currently hosts a Historical Measured and Indicated Resource of 264,600 ounces of gold and a Historical Inferred Resource of 446,000 ounces of gold. Sampling was conducted both underground and on surface, with 36 underground and 89 surface samples collected. The company highlights significant upside potential at Pico Machay, supported by existing infrastructure and community support.