Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to announce that it has completed its Ficha Técnica Ambiental (“FTA”) application for its resource confirmation and exploration drilling program at the Pico Machay Gold Project (“Pico Machay” or the “Project”) in Huancavelica, Peru.
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it → announce → Huancavelica
The FTA application is expected to be submitted to Peru’s Ministry of Energy and Mines (“MINEM”) on October 21st or 22nd, as soon as the Company receives documentation from MINEM regarding the attendance of the successful informative workshop held on October 7th, 2026, with members of the Comunidad Campesina de Salcca Santa Ana (“Santa Ana community”) and representatives of MINEM.
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Company → expect → MINEM
“Submitting the FTA will bring us another step closer to the drilling planned to support an updated mineral resource estimate and subsequent preliminary economic assessment (“PEA”) at Pico Machay,” said Joanne Freeze, President and CEO of Xali Gold.
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Freeze → submit → Gold
“The program is planned to verify historical drilling results and improve our understanding of the controls to gold mineralization, providing a stronger foundation for the resource update.
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program → plan → update
The PEA will evaluate potential development options and project economics, helping us define the next steps for advancing Pico Machay.”
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us → evaluate → Machay
Xali Gold is planning an initial program of approximately 3,000 metres of diamond drilling, including approximately 2,000 metres to twin previous reverse circulation holes within the historical resource area.
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Gold → plan → area
The FTA permit will allow up to 20,000 metres from 20 platforms, which will include further resource definition drilling as well as extensive exploration drilling.
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which → allow → drilling
The proposed drilling locations are shown in Figure 1 below.
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locations → propose → Figure
Experienced Team Supporting Pico Machay’s Development
Xali Gold has assembled an experienced multidisciplinary team to advance Pico Machay through resource estimation and economic assessment, while preparing for potential future development.
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Gold → support → development
Combining expertise in geology, mine engineering, metallurgy, environmental management, permitting and project finance, with extensive experience in Peru, the team provides a strong foundation for evaluating the Project’s development potential and planning the technical, permitting and financial steps required to advance it.
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team → combine → it
The Company’s previously announced technical and project finance team includes:
- Ing. Wilder Frank Garcia Haro - Exploration Manager:
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team → announce → Haro
Xali Gold’s full-time Exploration Manager, Ing. Garcia brings more than 30 years of international exploration and mine development experience, including senior roles with Rio Alto, Tahoe Resources, Newmont, Barrick Gold, Gold Fields and Antamina.
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Manager → bring → Alto
His experience at Peru’s La Arena and Shahuindo gold operations includes leading exploration programs that expanded resources and supported mine planning, bringing directly relevant expertise to the advancement of Pico Machay.
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that → include → Machay
Principal Geologist with DKT Geosolutions, Mr. Thomas brings more than 30 years of geological experience, including resource estimation and evaluation of high-sulphidation epithermal gold deposits.
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Thomas → bring → deposits
His extensive South American experience includes mineral resource estimation at Cañariaco in Peru and resource estimate review at Gramalote in Colombia.
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experience → include → Colombia
He prepared the Company’s December 2025 technical report on Pico Machay and is part of the team advancing the updated mineral resource estimate.
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He → prepare → estimate
Principal Mine Engineer with AGP Mining Consultants, Mr. Zurowski has more than 30 years of experience in mine operations and consulting, specializing in open-pit planning and economic evaluation.
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Zurowski → have → planning
His Peruvian project experience includes Cuajone, Cañariaco Norte, Cerro Lindo, Magistral and Marcona.
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experience → include → Cuajone
Chief Metallurgist with Transmin Metallurgical Consultants, Mr. Johnston has more than 30 years of international experience spanning metallurgical testing, process design, commissioning and operations.
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Johnston → have → testing
His experience includes Peruvian heap-leach and high-sulphidation gold projects, including Corihuarmi, Tres Cruces and Pucamarca.
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experience → include → Corihuarmi
The Company’s Senior Advisor – ESG, Mr. Gough brings 29 years of international experience.
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Advisor → bring → experience
His work in Peru includes guiding Zafranal through environmental assessment and regulatory approval, and overseeing permitting and environmental programs for Toromocho through construction and into operations.
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work → include → operations
Mr. Cochrane brings more than 40 years of international mining finance experience, including serving as Vice President, Finance and Administration of Compañía Minera Antamina S.A.
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Cochrane → bring → S.A.
His financing experience in Peru includes both Antamina and Mina Justa.
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experience → include → Antamina
Ms. Mitchell brings more than 40 years of experience in mining finance and capital markets, with senior roles at CIBC, Cyprus AMAX Minerals and WestLB.
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Mitchell → bring → CIBC
She has extensive expertise in capital sourcing, transaction structuring, mergers and acquisitions, and financial risk management.
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She → have → sourcing
Susan will support the Company’s financing strategy and evaluation of potential capital sources as Pico Machay advances through resource estimation, subsequent economic assessment and consideration of future development.
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Machay → support → development
Located within the Southern Peru Epithermal Gold-Silver Belt, Pico Machay sits in a historically productive mining district in the Western Cordillera of the Andes (click here for location map).
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Machay → locate → map
The Project benefits from existing infrastructure and a mining-friendly community eager to partner on sustainable development.
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Project → benefit → development
Xali Gold remains confident in the significant upside potential at Pico Machay, which hosts a historical resource and several untested exploration targets on the Project.
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which → remain → Project
Various 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.
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studies → complete → operation
Given that those studies were based on a long-term gold price of $700/oz and several exploration targets remain untested, Xali Gold considers the upside potential to be very strong.
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potential → give → 700
Company also announces that on October 17, 2026, it has granted 1,600,000 incentive stock options (the “Options”) to eligible employees, consultants, and directors of the Company, in accordance with the Company’s Stock Option Plan.
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it → announce → Plan
The Options are exercisable at $0.20 per share for a period of five years from the date of grant, with 20% vesting immediately and an additional 20% vesting each quarter thereafter until fully vested.
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% → vest → vesting
About Xali Gold
Xali Gold is a gold and silver exploration company focused on advancing opportunities in the Americas.
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Gold → focus → Americas
The Company is focused on the exploration and development of Pico Machay, an advanced exploration-stage gold project in Peru with a near-term production goal.
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Company → focus → goal
The Company’s approach to community engagement and responsible development is guided by strong governance principles and Board oversight that support long-term stakeholder relationships.
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that → guide → relationships
Joanne C. Freeze, P.Geo. is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the contents of this release.
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Freeze → define → release
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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Exchange → accept → release
For further information please contact:
Joanne Freeze, President & CEO
Tel: + 1 (604) 512-3359
Forward-looking Disclaimer
This press release contains forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”).
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release → contact → statements
…and 11 more, not listed.
The Aporia
