{"success":true,"data":{"pressRelease":{"id":"146111","rtpr_id":"nGNX8ysV7-20260917","ticker":"XGC","exchange":"","all_tickers":["XGC"],"title":"Xali Gold Advances PEA Team and Updated Resource and Development Programs at Pico Machay in Peru","author":"Globe Newswire","published_at":"2026-09-17T11:00:00.269Z","article_body":"VANCOUVER, British Columbia, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Xali Gold\nCorp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to announce\nthe advancement of environmental, metallurgical and exploration programs at\nits Pico Machay Gold Project (“Pico Machay” or the “Project”) in Peru,\ntogether with the planned commencement of work on an updated mineral resource\nestimate and Preliminary Economic Assessment (“PEA”). These coordinated\nprograms are designed to support the continued evaluation of Pico Machay and\nprepare the Project for future engineering, permitting and development.\n\nHighlights:\n* An experienced multidisciplinary engineering team has been assembled, with\nwork now underway to simultaneously commence both an updated mineral resource\nestimate and a PEA;\n* The Ficha Técnica Ambiental (“FTA”) approval process for the planned\ndrilling program continues to advance following two technical meetings with\nPeru’s Ministry of Energy and Mines (“MINEM”), while preparations are\nunderway for a public workshop with the local community;\n* Three drilling contractors have submitted bids for the planned 3,000 metre\n(“m”) diamond drill program, which includes approximately 2,000 m of\nresource confirmation drilling; the Company is reviewing the bids and\nnarrowing the field ahead of contractor selection.\n* As part of initiating the EIA-d (“Detailed Environmental Impact\nAssessment”), a research-grade meteorological station has been purchased and\ninstallation is underway. This will support engineering and environmental\nstudies and provide long-term monitoring through potential construction,\noperations and post-closure;\n* A Phase 1 metallurgical program is planned to commence shortly, representing\nthe first stage of a broader program designed to build on previous met work to\nsupport an updated feasibility study and potential development; and\n* Fieldwork has resumed to follow up on high-grade gold results and priority\nexploration targets identified during the Company’s earlier 2026 sampling\nprogram.\n“These programs demonstrate that we are moving Pico Machay forward with a\nclear focus on potential development,” stated Joanne Freeze, President and\nCEO of Xali Gold. “Our field team is launching a detailed mapping program to\nfollow up on the encouraging high-grade results and new exploration targets\ngenerated earlier this year. The team has also recently completed the\nrelogging of all previous reverse-circulation drill chips and is now building\na 3D model of the mineralization. PEA work will advance in tandem with the\nresource confirmation drilling, allowing the new results and updated mineral\nresource estimate to be incorporated into the study as soon as they become\navailable. The PEA will draw on the Feasibility Study released by Aquiline\nResources in 2008, updated with the results of the Company’s current\ntechnical programs.”  \n\nXali Gold has assembled a multidisciplinary team to advance the PEA and\nsupport subsequent engineering work through feasibility, potential\ndevelopment, construction and production. Team members each bring more than 25\nyears of experience in mine development or operations in Latin America,\nincluding Peru. Their expertise spans mineral resource estimation, mining,\nmetallurgy and processing, project economics, project finance, environmental\nstudies and environmental, social and governance (“ESG”) considerations.\nThis approach allows key components of the PEA to advance before and during\nthe planned drilling program.\n\nThe multidisciplinary team already working on the Project includes Adam\nJohnston, FAusIMM, CP (Met), a metallurgist with Transmin Metallurgical\nConsultants; David Thomas, P.Geo., a mineral resource geologist; and Aran\nGough, R.P.Bio, a registered professional biologist.\n\nXali Gold has also recently engaged Brent Cochrane, M.A., ICD.D., and Gordon\nZurowski, P.Eng. Mr. Cochrane brings more than 40 years of international\nmining finance experience and has worked in Peru’s mining industry since\n2001, including as Vice President, Finance and Administration of Compañía\nMinera Antamina S.A. His project financing experience in Peru includes the\nAntamina and Mina Justa copper projects.\n\nMr. Zurowski, Principal Mine Engineer with AGP Mining Consultants, has more\nthan 30 years of mine operations and consulting experience focused on open-pit\nmine planning, financial evaluation and economic studies. His project\nexperience includes Cuajone, Cañariaco Norte, Cerro Lindo, Magistral and\nMarcona in Peru, as well as Los Azules, Filo del Sol and Aurizona elsewhere in\nSouth America.\n\n“By assembling the full team now, we can advance much of the mining,\nmetallurgical, environmental and economic work before and during the resource\nconfirmation drilling,” continues Ms. Freeze. “The updated resource will\nform the basis for the PEA, and doing the studies in parallel should shorten\nthe timeline to complete the PEA. The long-term meteorological monitoring\nstation and planned staged metallurgical program are also important steps in\npreparing the Project for its next phases of evaluation and advancement.”\n\nUpdated Mineral Resource Estimate and PEA\n\nApproximately 2,000 m of the Company’s planned 3,000 m diamond drill program\nwill twin selected historical reverse-circulation holes within the historical\nresource area. The drill hole twinning, together with the completed historical\ndata compilation, drill-chip relogging and sampling, is intended to provide\nthe additional information required to prepare an updated mineral resource\nestimate.\n\nDevelopment of an initial three-dimensional geological model using Leapfrog\nsoftware is currently underway and is expected to be completed by the end of\nSeptember 2026. The model will integrate the historical drilling, geological,\nanalytical and topographic information with our team’s relogging work and\napproximately 40 interpretive cross sections. Detailed mapping will help\nrefine the interpretation of the controls on mineralization and guide the\nupcoming resource confirmation drill program. The model will subsequently be\nupdated as new drilling results become available and will support the\npreparation of the updated mineral resource estimate and PEA.\n\nExploration Permitting and Community Engagement\n\nThe FTA approval process for the planned drilling program at Pico Machay\ncontinues to advance. The Company has participated in two technical meetings\nwith the Mining Environmental Directorate of MINEM, which provided additional\nguidance regarding recent modifications to the FTA process. These\nmodifications include more deliverables from the Company, implemented to speed\nup the evaluation process.\n\nFollowing those meetings, Xali Gold engaged Embellie Advisory LLC\n(“Embellie”) to assess considerations relating to indigenous or native\nmembers of the Santa Ana community, including any potential impacts of the\nplanned drilling program on collective rights. Embellie will assist the\nCompany to incorporate those findings into its FTA submission.\n\nIn parallel, the Company is organizing a MINEM-facilitated public workshop for\nthe local community regarding the planned exploration program. The workshop is\nplanned for early October and will provide an opportunity to explain and\ndiscuss the proposed work and laws and practices in place to protect community\ninterests. This fits well with Xali Gold’s ongoing transparent engagement\nwith the community surrounding Pico Machay. The Company plans to submit its\nFTA application approximately one week after the workshop is completed and,\nbased on current guidance, expects a review and approval period of\napproximately 10 days following submission.\n\nInitiation of EIA-d\n\nXali Gold is beginning environmental data collection to support the\npreparation of the EIA-d, the longest lead-time component of the permitting\nprocess for mining operations in Peru. As an initial step, the Company has\npurchased and is installing a new wireless Vantage Pro2 Plus meteorological\nstation at Pico Machay. The research-grade station will collect site-specific\ninformation on wind speed, temperature, humidity, barometric pressure,\nrainfall, solar radiation and ultraviolet radiation, as well as related\nmeteorological measurements.\n\nThe data will be used to validate and supplement regional information\navailable from Peru’s National Service of Meteorology and Hydrology\n(“SENAMHI”). Correlating site-specific observations with the longer-term\nregional record will also help the Company estimate historical meteorological\nconditions at Pico Machay for the years preceding installation of the station.\n\nThe station is intended to form part of the Project’s long-term\nenvironmental monitoring infrastructure, supporting detailed environmental\nassessment and engineering design and, subject to the Project advancing,\ncontinuing through construction, operations, closure and post-closure\nmonitoring.\n\nExploration Follow-up Underway\n\nGround exploration has resumed at Pico Machay, with the field team conducting\ndetailed mapping and additional sampling to follow up on high-grade gold\nresults and priority exploration targets identified during the Company’s\nsurface and underground sampling program completed earlier in 2026.\n\nResults from that program included 2.92 grams per tonne (“g/t”) gold\n(“Au”) over 31.5 m from Surface Channel 1, including 13.76 g/t Au over 4.5\nm, within the historical resource area. In addition, 67 of 119 surface samples\nreturned more than 0.50 g/t Au, helping the Company define and refine multiple\nexploration targets. Gold mineralization and alteration characteristic of a\nhigh-sulphidation epithermal system were also identified in underground\nworkings across an area measuring approximately 1.35 kilometres by 0.83\nkilometres. Refer to Xali Gold news release dated July 28\n(https://www.globenewswire.com/Tracker?data=h3K5UeNLBrE72or8ys-233aus_a20ESJHqeSUeOop4CngkrgyEODHX4Y9XR3hx_8KY5htW9_vG_bo3koUDCqY0ADZ6sz67h8eRhN0GDoW2SOzEp8CQEB-f-Bl7W0uCAKOgo7vpZISGECGwK-ew95AHG6XooN_G7jy-z_YfVMA63BL6vbnVyI2WcsinJQb9IBjUqdI99xd-ZACcvWKka9eQ==)(th)\n(https://www.globenewswire.com/Tracker?data=uFHvu2-3AXLgx2Q0nTTMmCD93b-BjhwomNZ462sViVC35PtVkZ3bSubV-GXzt3k9YQwlkCk04AgPLs8EpT7_z188R21-lbxVr3ADzXFs56TkJCRdjw2gYRwExSEPq7OnjVzbQctLuuDc_LUpJXf56gRLNz_jSIxGnhQ2fsUxn3g=),\n2026\n(https://www.globenewswire.com/Tracker?data=kgK7Ab3Kyj2ToVETAA1P_r1pIuubnkTz2lSUPEU3KBZlHGdSDyApkhtpuzRQaQOgBkcs1HEzQ8ZD0KvsYrkn_R8sLlwWcS3ONgKi4_4IpZZUAtNNsSg_DYL04lxEcWlzSvgtCudFCHRodyRYMilC5StW06z_bTns3I2CkwrcVBU=)\nand titled “Xali Gold Continues to Demonstrate the Scale and Grade of Gold\nMineralization at Pico Machay” for further details.\n\nThe current work is focused on further evaluating selected high-priority areas\nand improving the Company’s understanding of the distribution and controls\nof higher-grade mineralization. Results will be incorporated into the evolving\ngeological model and used to support planning for the next phase of work at\nPico Machay.\n\nAbout Pico Machay\n\nLocated within the Southern Peru Epithermal Gold-Silver Belt, Pico Machay sits\nin a historically productive mining district in the Western Cordillera of the\nAndes (click here for location map\n(https://www.globenewswire.com/Tracker?data=4tDriKTqrWhhGXm3GScsfyFOKzN4r_Mu52FONDnnnGd86uWPNyLp4NX1a1E26CdALKeCt1018q4pL2h17siHx9cvidC336eGS0NqvVbOZTi2038ITElvNCBNvbi5A4ix)).\nThe Project benefits from existing infrastructure and a mining-friendly\ncommunity eager to partner on sustainable development.\n\nXali Gold remains confident in the significant upside potential at Pico\nMachay, which hosts a historical resource and several untested exploration\ntargets on the Project. Various historical engineering studies at Pico Machay\nwere completed through 2009 and evaluated the potential for a low-cost, low\nstrip-ratio, open-pit heap-leach operation. Given that those studies were\nbased on a long-term gold price of $700/oz and several exploration targets\nremain untested, Xali Gold considers the upside potential to be very strong.\n\nAbout Xali Gold\n\nXali Gold is a gold and silver exploration company focused on advancing\nopportunities in the Americas. The Company is focused on the exploration and\ndevelopment of Pico Machay, an advanced exploration-stage gold project in Peru\nwith a near-term production goal. \n\nThe Company's approach to community engagement and responsible development is\nguided by strong governance principles and Board oversight that support\nlong-term stakeholder relationships.\n\nJoanne C. Freeze, P.Geo. is a Qualified Person as defined by National\nInstrument 43-101 and has reviewed and approved the contents of this release.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider accepts\nresponsibility for the adequacy or accuracy of this release.\n\nOn behalf of the Board of Xali Gold Corp.\n\n“Joanne Freeze” P.Geo.\nPresident, CEO and Director\n\nFor further information please contact:\nJoanne Freeze, President &\nCEO                                \nTel: + 1 (604) 512-3359\n                                                                \ninfo@xaligold.com                \n\nForward-looking Disclaimer\nThis press release contains forward-looking information within the meaning of\nCanadian securities laws (“forward-looking statements”). Forward-looking\nstatements are typically identified by words such as: believe, expect,\nanticipate, intend, estimate, plans, postulate and similar expressions, or are\nthose, which, by their nature, refer to future events. All statements that are\nnot statements of historical fact are forward-looking statements.\n\nForward-looking statements in this press release include, without limitation,\nstatements regarding: the timing and completion of contractor selection; the\ntiming of the planned public workshop and submission and approval of the FTA,\nif at all; the commencement, scope, timing and completion of the planned 3,000\nm diamond drill program; the timing and completion of the three-dimensional\ngeological model; the preparation and timing of an updated mineral resource\nestimate and PEA, including the anticipated benefits of advancing the related\nstudies in parallel; the timing, scope and results of the planned\nmetallurgical, mapping and sampling programs; the installation and use of the\nmeteorological station; the preparation of the EIA-d; and the continued\nadvancement and potential development, construction, operation and production\nof the Project.   These forward-looking statements are made as of the date\nof this press release. Although the Company believes the forward-looking\nstatements in this press release are reasonable, it can give no assurance that\nthe expectations and assumptions in such statements will prove to be correct.\nThe Company cautions investors that any forward-looking statements by the\nCompany are not guarantees of future results or performance, and are subject\nto risks, uncertainties, assumptions and other factors which could cause\nevents or outcomes to differ materially from those expressed or implied by\nsuch forward-looking statements.\n\nKnown risk factors and assumptions include risks associated with exploration\nand project development; accessing further funding and related dilution:\ncontinuing its projected growth, or being fully able to implement its business\nstrategies; the calculation of mineral resources and additional work required\nto convert historical resources to current mineral resources; the nature,\nquality and quantity of any mineral deposits that may be located on the\nproject; operational risks associated with mining and mineral processing;\nfluctuations in metal prices and assumptions including costs; title matters;\ngovernment regulation; obtaining and renewing necessary consents,\nauthorizations, licenses and permits; environmental liability and insurance;\nreliance on key personnel; local community opposition; currency fluctuations;\nlabour disputes; competition; variations in market conditions, and the\nvolatility of our common share price and volume; future sales of shares by\nexisting shareholders; and other risk factors described in Xali Gold’s MD&A\nand other filings with Canadian securities regulators, which may be viewed at\nwww.sedarplus.ca. Although we have attempted to identify important factors\nthat could cause actual actions, events or results to differ materially from\nthose described in forward-looking statements, there may be other factors that\ncause actions, events or results not to be as anticipated, estimated or\nintended.\n\nThere can be no assurance that forward-looking statements will prove to be\naccurate, as actual results and future events could differ materially from\nthose anticipated in such statements. Accordingly, readers should not place\nundue reliance on forward-looking statements. Xali Gold expressly disclaims\nany intention or obligation to update or revise any forward-looking\ninformation, whether as a result of new information, future events or\notherwise, except in accordance with applicable securities laws.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/69f2575d-428a-4501-a39c-024785d21945)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX8ysV7-20260917","title":"Xali Gold Advances PEA Team and Updated Resource and Development Programs at Pico Machay in Peru","author":"Globe Newswire","ticker":"XGC","created":"2026-09-17T11:00:00.269Z","tickers":["XGC"],"exchange":"","article_body":"VANCOUVER, British Columbia, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Xali Gold\nCorp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to announce\nthe advancement of environmental, metallurgical and exploration programs at\nits Pico Machay Gold Project (“Pico Machay” or the “Project”) in Peru,\ntogether with the planned commencement of work on an updated mineral resource\nestimate and Preliminary Economic Assessment (“PEA”). These coordinated\nprograms are designed to support the continued evaluation of Pico Machay and\nprepare the Project for future engineering, permitting and development.\n\nHighlights:\n* An experienced multidisciplinary engineering team has been assembled, with\nwork now underway to simultaneously commence both an updated mineral resource\nestimate and a PEA;\n* The Ficha Técnica Ambiental (“FTA”) approval process for the planned\ndrilling program continues to advance following two technical meetings with\nPeru’s Ministry of Energy and Mines (“MINEM”), while preparations are\nunderway for a public workshop with the local community;\n* Three drilling contractors have submitted bids for the planned 3,000 metre\n(“m”) diamond drill program, which includes approximately 2,000 m of\nresource confirmation drilling; the Company is reviewing the bids and\nnarrowing the field ahead of contractor selection.\n* As part of initiating the EIA-d (“Detailed Environmental Impact\nAssessment”), a research-grade meteorological station has been purchased and\ninstallation is underway. This will support engineering and environmental\nstudies and provide long-term monitoring through potential construction,\noperations and post-closure;\n* A Phase 1 metallurgical program is planned to commence shortly, representing\nthe first stage of a broader program designed to build on previous met work to\nsupport an updated feasibility study and potential development; and\n* Fieldwork has resumed to follow up on high-grade gold results and priority\nexploration targets identified during the Company’s earlier 2026 sampling\nprogram.\n“These programs demonstrate that we are moving Pico Machay forward with a\nclear focus on potential development,” stated Joanne Freeze, President and\nCEO of Xali Gold. “Our field team is launching a detailed mapping program to\nfollow up on the encouraging high-grade results and new exploration targets\ngenerated earlier this year. The team has also recently completed the\nrelogging of all previous reverse-circulation drill chips and is now building\na 3D model of the mineralization. PEA work will advance in tandem with the\nresource confirmation drilling, allowing the new results and updated mineral\nresource estimate to be incorporated into the study as soon as they become\navailable. The PEA will draw on the Feasibility Study released by Aquiline\nResources in 2008, updated with the results of the Company’s current\ntechnical programs.”  \n\nXali Gold has assembled a multidisciplinary team to advance the PEA and\nsupport subsequent engineering work through feasibility, potential\ndevelopment, construction and production. Team members each bring more than 25\nyears of experience in mine development or operations in Latin America,\nincluding Peru. Their expertise spans mineral resource estimation, mining,\nmetallurgy and processing, project economics, project finance, environmental\nstudies and environmental, social and governance (“ESG”) considerations.\nThis approach allows key components of the PEA to advance before and during\nthe planned drilling program.\n\nThe multidisciplinary team already working on the Project includes Adam\nJohnston, FAusIMM, CP (Met), a metallurgist with Transmin Metallurgical\nConsultants; David Thomas, P.Geo., a mineral resource geologist; and Aran\nGough, R.P.Bio, a registered professional biologist.\n\nXali Gold has also recently engaged Brent Cochrane, M.A., ICD.D., and Gordon\nZurowski, P.Eng. Mr. Cochrane brings more than 40 years of international\nmining finance experience and has worked in Peru’s mining industry since\n2001, including as Vice President, Finance and Administration of Compañía\nMinera Antamina S.A. His project financing experience in Peru includes the\nAntamina and Mina Justa copper projects.\n\nMr. Zurowski, Principal Mine Engineer with AGP Mining Consultants, has more\nthan 30 years of mine operations and consulting experience focused on open-pit\nmine planning, financial evaluation and economic studies. His project\nexperience includes Cuajone, Cañariaco Norte, Cerro Lindo, Magistral and\nMarcona in Peru, as well as Los Azules, Filo del Sol and Aurizona elsewhere in\nSouth America.\n\n“By assembling the full team now, we can advance much of the mining,\nmetallurgical, environmental and economic work before and during the resource\nconfirmation drilling,” continues Ms. Freeze. “The updated resource will\nform the basis for the PEA, and doing the studies in parallel should shorten\nthe timeline to complete the PEA. The long-term meteorological monitoring\nstation and planned staged metallurgical program are also important steps in\npreparing the Project for its next phases of evaluation and advancement.”\n\nUpdated Mineral Resource Estimate and PEA\n\nApproximately 2,000 m of the Company’s planned 3,000 m diamond drill program\nwill twin selected historical reverse-circulation holes within the historical\nresource area. The drill hole twinning, together with the completed historical\ndata compilation, drill-chip relogging and sampling, is intended to provide\nthe additional information required to prepare an updated mineral resource\nestimate.\n\nDevelopment of an initial three-dimensional geological model using Leapfrog\nsoftware is currently underway and is expected to be completed by the end of\nSeptember 2026. The model will integrate the historical drilling, geological,\nanalytical and topographic information with our team’s relogging work and\napproximately 40 interpretive cross sections. Detailed mapping will help\nrefine the interpretation of the controls on mineralization and guide the\nupcoming resource confirmation drill program. The model will subsequently be\nupdated as new drilling results become available and will support the\npreparation of the updated mineral resource estimate and PEA.\n\nExploration Permitting and Community Engagement\n\nThe FTA approval process for the planned drilling program at Pico Machay\ncontinues to advance. The Company has participated in two technical meetings\nwith the Mining Environmental Directorate of MINEM, which provided additional\nguidance regarding recent modifications to the FTA process. These\nmodifications include more deliverables from the Company, implemented to speed\nup the evaluation process.\n\nFollowing those meetings, Xali Gold engaged Embellie Advisory LLC\n(“Embellie”) to assess considerations relating to indigenous or native\nmembers of the Santa Ana community, including any potential impacts of the\nplanned drilling program on collective rights. Embellie will assist the\nCompany to incorporate those findings into its FTA submission.\n\nIn parallel, the Company is organizing a MINEM-facilitated public workshop for\nthe local community regarding the planned exploration program. The workshop is\nplanned for early October and will provide an opportunity to explain and\ndiscuss the proposed work and laws and practices in place to protect community\ninterests. This fits well with Xali Gold’s ongoing transparent engagement\nwith the community surrounding Pico Machay. The Company plans to submit its\nFTA application approximately one week after the workshop is completed and,\nbased on current guidance, expects a review and approval period of\napproximately 10 days following submission.\n\nInitiation of EIA-d\n\nXali Gold is beginning environmental data collection to support the\npreparation of the EIA-d, the longest lead-time component of the permitting\nprocess for mining operations in Peru. As an initial step, the Company has\npurchased and is installing a new wireless Vantage Pro2 Plus meteorological\nstation at Pico Machay. The research-grade station will collect site-specific\ninformation on wind speed, temperature, humidity, barometric pressure,\nrainfall, solar radiation and ultraviolet radiation, as well as related\nmeteorological measurements.\n\nThe data will be used to validate and supplement regional information\navailable from Peru’s National Service of Meteorology and Hydrology\n(“SENAMHI”). Correlating site-specific observations with the longer-term\nregional record will also help the Company estimate historical meteorological\nconditions at Pico Machay for the years preceding installation of the station.\n\nThe station is intended to form part of the Project’s long-term\nenvironmental monitoring infrastructure, supporting detailed environmental\nassessment and engineering design and, subject to the Project advancing,\ncontinuing through construction, operations, closure and post-closure\nmonitoring.\n\nExploration Follow-up Underway\n\nGround exploration has resumed at Pico Machay, with the field team conducting\ndetailed mapping and additional sampling to follow up on high-grade gold\nresults and priority exploration targets identified during the Company’s\nsurface and underground sampling program completed earlier in 2026.\n\nResults from that program included 2.92 grams per tonne (“g/t”) gold\n(“Au”) over 31.5 m from Surface Channel 1, including 13.76 g/t Au over 4.5\nm, within the historical resource area. In addition, 67 of 119 surface samples\nreturned more than 0.50 g/t Au, helping the Company define and refine multiple\nexploration targets. Gold mineralization and alteration characteristic of a\nhigh-sulphidation epithermal system were also identified in underground\nworkings across an area measuring approximately 1.35 kilometres by 0.83\nkilometres. Refer to Xali Gold news release dated July 28\n(https://www.globenewswire.com/Tracker?data=h3K5UeNLBrE72or8ys-233aus_a20ESJHqeSUeOop4CngkrgyEODHX4Y9XR3hx_8KY5htW9_vG_bo3koUDCqY0ADZ6sz67h8eRhN0GDoW2SOzEp8CQEB-f-Bl7W0uCAKOgo7vpZISGECGwK-ew95AHG6XooN_G7jy-z_YfVMA63BL6vbnVyI2WcsinJQb9IBjUqdI99xd-ZACcvWKka9eQ==)(th)\n(https://www.globenewswire.com/Tracker?data=uFHvu2-3AXLgx2Q0nTTMmCD93b-BjhwomNZ462sViVC35PtVkZ3bSubV-GXzt3k9YQwlkCk04AgPLs8EpT7_z188R21-lbxVr3ADzXFs56TkJCRdjw2gYRwExSEPq7OnjVzbQctLuuDc_LUpJXf56gRLNz_jSIxGnhQ2fsUxn3g=),\n2026\n(https://www.globenewswire.com/Tracker?data=kgK7Ab3Kyj2ToVETAA1P_r1pIuubnkTz2lSUPEU3KBZlHGdSDyApkhtpuzRQaQOgBkcs1HEzQ8ZD0KvsYrkn_R8sLlwWcS3ONgKi4_4IpZZUAtNNsSg_DYL04lxEcWlzSvgtCudFCHRodyRYMilC5StW06z_bTns3I2CkwrcVBU=)\nand titled “Xali Gold Continues to Demonstrate the Scale and Grade of Gold\nMineralization at Pico Machay” for further details.\n\nThe current work is focused on further evaluating selected high-priority areas\nand improving the Company’s understanding of the distribution and controls\nof higher-grade mineralization. Results will be incorporated into the evolving\ngeological model and used to support planning for the next phase of work at\nPico Machay.\n\nAbout Pico Machay\n\nLocated within the Southern Peru Epithermal Gold-Silver Belt, Pico Machay sits\nin a historically productive mining district in the Western Cordillera of the\nAndes (click here for location map\n(https://www.globenewswire.com/Tracker?data=4tDriKTqrWhhGXm3GScsfyFOKzN4r_Mu52FONDnnnGd86uWPNyLp4NX1a1E26CdALKeCt1018q4pL2h17siHx9cvidC336eGS0NqvVbOZTi2038ITElvNCBNvbi5A4ix)).\nThe Project benefits from existing infrastructure and a mining-friendly\ncommunity eager to partner on sustainable development.\n\nXali Gold remains confident in the significant upside potential at Pico\nMachay, which hosts a historical resource and several untested exploration\ntargets on the Project. Various historical engineering studies at Pico Machay\nwere completed through 2009 and evaluated the potential for a low-cost, low\nstrip-ratio, open-pit heap-leach operation. Given that those studies were\nbased on a long-term gold price of $700/oz and several exploration targets\nremain untested, Xali Gold considers the upside potential to be very strong.\n\nAbout Xali Gold\n\nXali Gold is a gold and silver exploration company focused on advancing\nopportunities in the Americas. The Company is focused on the exploration and\ndevelopment of Pico Machay, an advanced exploration-stage gold project in Peru\nwith a near-term production goal. \n\nThe Company's approach to community engagement and responsible development is\nguided by strong governance principles and Board oversight that support\nlong-term stakeholder relationships.\n\nJoanne C. Freeze, P.Geo. is a Qualified Person as defined by National\nInstrument 43-101 and has reviewed and approved the contents of this release.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider accepts\nresponsibility for the adequacy or accuracy of this release.\n\nOn behalf of the Board of Xali Gold Corp.\n\n“Joanne Freeze” P.Geo.\nPresident, CEO and Director\n\nFor further information please contact:\nJoanne Freeze, President &\nCEO                                \nTel: + 1 (604) 512-3359\n                                                                \ninfo@xaligold.com                \n\nForward-looking Disclaimer\nThis press release contains forward-looking information within the meaning of\nCanadian securities laws (“forward-looking statements”). Forward-looking\nstatements are typically identified by words such as: believe, expect,\nanticipate, intend, estimate, plans, postulate and similar expressions, or are\nthose, which, by their nature, refer to future events. All statements that are\nnot statements of historical fact are forward-looking statements.\n\nForward-looking statements in this press release include, without limitation,\nstatements regarding: the timing and completion of contractor selection; the\ntiming of the planned public workshop and submission and approval of the FTA,\nif at all; the commencement, scope, timing and completion of the planned 3,000\nm diamond drill program; the timing and completion of the three-dimensional\ngeological model; the preparation and timing of an updated mineral resource\nestimate and PEA, including the anticipated benefits of advancing the related\nstudies in parallel; the timing, scope and results of the planned\nmetallurgical, mapping and sampling programs; the installation and use of the\nmeteorological station; the preparation of the EIA-d; and the continued\nadvancement and potential development, construction, operation and production\nof the Project.   These forward-looking statements are made as of the date\nof this press release. Although the Company believes the forward-looking\nstatements in this press release are reasonable, it can give no assurance that\nthe expectations and assumptions in such statements will prove to be correct.\nThe Company cautions investors that any forward-looking statements by the\nCompany are not guarantees of future results or performance, and are subject\nto risks, uncertainties, assumptions and other factors which could cause\nevents or outcomes to differ materially from those expressed or implied by\nsuch forward-looking statements.\n\nKnown risk factors and assumptions include risks associated with exploration\nand project development; accessing further funding and related dilution:\ncontinuing its projected growth, or being fully able to implement its business\nstrategies; the calculation of mineral resources and additional work required\nto convert historical resources to current mineral resources; the nature,\nquality and quantity of any mineral deposits that may be located on the\nproject; operational risks associated with mining and mineral processing;\nfluctuations in metal prices and assumptions including costs; title matters;\ngovernment regulation; obtaining and renewing necessary consents,\nauthorizations, licenses and permits; environmental liability and insurance;\nreliance on key personnel; local community opposition; currency fluctuations;\nlabour disputes; competition; variations in market conditions, and the\nvolatility of our common share price and volume; future sales of shares by\nexisting shareholders; and other risk factors described in Xali Gold’s MD&A\nand other filings with Canadian securities regulators, which may be viewed at\nwww.sedarplus.ca. Although we have attempted to identify important factors\nthat could cause actual actions, events or results to differ materially from\nthose described in forward-looking statements, there may be other factors that\ncause actions, events or results not to be as anticipated, estimated or\nintended.\n\nThere can be no assurance that forward-looking statements will prove to be\naccurate, as actual results and future events could differ materially from\nthose anticipated in such statements. Accordingly, readers should not place\nundue reliance on forward-looking statements. Xali Gold expressly disclaims\nany intention or obligation to update or revise any forward-looking\ninformation, whether as a result of new information, future events or\notherwise, except in accordance with applicable securities laws.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/69f2575d-428a-4501-a39c-024785d21945)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-17T11:00:00.333223028Z","server_sent_at_ms":1789642800333},"received_at":"2026-09-17T11:00:00.519Z","source_url":null},"analysis":{"id":"134943","press_release_id":"146111","analysis_json":{"industry":{"label":"Gold","sector":"Materials"},"redFlags":["resource and PEA will rest on a historical estimate and 2008 Aquiline feasibility study that must be converted to a current NI 43-101 resource","historical studies were based on a $700/oz gold price — economics are dated and will need full revalidation","FTA application not yet submitted and approval timing remains subject to MINEM and community engagement outcomes","release acknowledges reliance on accessing further funding and related dilution to complete planned programs"],"eventType":"operations_update","narrative":"Xali Gold has assembled a multidisciplinary engineering team and is commencing an updated mineral resource estimate and PEA at its Pico Machay Gold Project in Peru, alongside environmental, metallurgical and exploration programs designed to prepare the project for development.\n\nPermitting and drilling are advancing in parallel: the FTA approval process progressed through two technical meetings with Peru's MINEM, a community workshop is planned for early October with FTA submission about a week later and an expected roughly 10-day review, and three contractors have bid on the planned 3,000 m diamond drill program including about 2,000 m of resource confirmation twinning.\n\nThe update follows encouraging 2026 sampling that returned 2.92 g/t gold over 31.5 m, including 13.76 g/t over 4.5 m, with 67 of 119 surface samples exceeding 0.50 g/t; fieldwork has resumed to follow up on those high-grade targets.\n\nThe PEA will build on a 2008 feasibility study by Aquiline Resources based on a $700/oz gold price, which management cites as evidence of strong upside given subsequent exploration success and untested targets.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Pico Machay moves toward PEA and permitting — watch for drill contractor selection, FTA submission in October, and updated resource as the next catalysts."},"keyFigures":{"customDimensions":{"surface_channel_result":"2.92 g/t Au over 31.5 m, including 13.76 g/t Au over 4.5 m","drilling_contractor_bids":3,"expected_fta_review_period":"approximately 10 days after submission","historical_study_gold_price":"$700/oz","surface_samples_above_0.5gt":"67 of 119","underground_mineralized_area":"approximately 1.35 km x 0.83 km","3d_geological_model_completion":"end of September 2026","planned_diamond_drill_program_m":3000,"resource_confirmation_drilling_m":2000}},"quotedText":"These programs demonstrate that we are moving Pico Machay forward with a clear focus on potential development","namedEntities":{"people":[{"name":"Joanne Freeze","role":"President, CEO and Director; Qualified Person"},{"name":"Adam Johnston","role":"Metallurgist, Transmin Metallurgical Consultants"},{"name":"David Thomas","role":"Mineral resource geologist"},{"name":"Aran Gough","role":"Registered professional biologist"},{"name":"Brent Cochrane","role":"Mining finance advisor; former VP Finance and Administration, Compañía Minera Antamina"},{"name":"Gordon Zurowski","role":"Principal Mine Engineer, AGP Mining Consultants"}],"products":["Pico Machay Gold Project","Leapfrog software","Vantage Pro2 Plus meteorological station"],"companies":[{"name":"Xali Gold Corp.","ticker":"XGC","relationship":"filer"},{"name":"Transmin Metallurgical Consultants","relationship":"consultant"},{"name":"AGP Mining Consultants","relationship":"consultant"},{"name":"Embellie Advisory LLC","relationship":"consultant (community/indigenous rights assessment)"},{"name":"Aquiline Resources","relationship":"author of 2008 historical feasibility study"},{"name":"Compañía Minera Antamina S.A.","relationship":"mentioned in advisor biography"},{"name":"Peru Ministry of Energy and Mines (MINEM)","relationship":"regulator"},{"name":"Peru National Service of Meteorology and Hydrology (SENAMHI)","relationship":"regional data source"}],"dollarAmounts":[{"amount":"$700/oz","context":"long-term gold price underpinning the 2008 historical feasibility studies"}]},"materialImpact":{"score":2,"reasoning":"Routine operational progress update from a micro-cap gold explorer: team assembly, permitting milestones, and planned drilling/studies with no new resource numbers, economic results, or financing announced. Incrementally positive for the development path but not market-moving."},"tickerRelevance":{"others":[],"primary":"XGC"},"globalImportance":12,"audienceRelevance":12,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap TSXV junior explorer","eventGravity":"routine operational progress update","sectorWeight":"gold exploration — niche retail following","issuerAuthored":true,"marketCapAdjustment":"no new economic or resource figures to move valuation"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"Xali Gold has assembled a multidisciplinary engineering team and is commencing an updated mineral resource estimate and PEA at its Pico Machay Gold Project in Peru, alongside environmental, metallurgical and exploration programs designed to prepare the project for development.\n\nPermitting and drilling are advancing in parallel: the FTA approval process progressed through two technical meetings with Peru's MINEM, a community workshop is planned for early October with FTA submission about a week later and an expected roughly 10-day review, and three contractors have bid on the planned 3,000 m diamond drill program including about 2,000 m of resource confirmation twinning.\n\nThe update follows encouraging 2026 sampling that returned 2.92 g/t gold over 31.5 m, including 13.76 g/t over 4.5 m, with 67 of 119 surface samples exceeding 0.50 g/t; fieldwork has resumed to follow up on those high-grade targets.\n\nThe PEA will build on a 2008 feasibility study by Aquiline Resources based on a $700/oz gold price, which management cites as evidence of strong upside given subsequent exploration success and untested targets.","key_figures":{"customDimensions":{"surface_channel_result":"2.92 g/t Au over 31.5 m, including 13.76 g/t Au over 4.5 m","drilling_contractor_bids":3,"expected_fta_review_period":"approximately 10 days after submission","historical_study_gold_price":"$700/oz","surface_samples_above_0.5gt":"67 of 119","underground_mineralized_area":"approximately 1.35 km x 0.83 km","3d_geological_model_completion":"end of September 2026","planned_diamond_drill_program_m":3000,"resource_confirmation_drilling_m":2000}},"named_entities":{"people":[{"name":"Joanne Freeze","role":"President, CEO and Director; Qualified Person"},{"name":"Adam Johnston","role":"Metallurgist, Transmin Metallurgical Consultants"},{"name":"David Thomas","role":"Mineral resource geologist"},{"name":"Aran Gough","role":"Registered professional biologist"},{"name":"Brent Cochrane","role":"Mining finance advisor; former VP Finance and Administration, Compañía Minera Antamina"},{"name":"Gordon Zurowski","role":"Principal Mine Engineer, AGP Mining Consultants"}],"products":["Pico Machay Gold Project","Leapfrog software","Vantage Pro2 Plus meteorological station"],"companies":[{"name":"Xali Gold Corp.","ticker":"XGC","relationship":"filer"},{"name":"Transmin Metallurgical Consultants","relationship":"consultant"},{"name":"AGP Mining Consultants","relationship":"consultant"},{"name":"Embellie Advisory LLC","relationship":"consultant (community/indigenous rights assessment)"},{"name":"Aquiline Resources","relationship":"author of 2008 historical feasibility study"},{"name":"Compañía Minera Antamina S.A.","relationship":"mentioned in advisor biography"},{"name":"Peru Ministry of Energy and Mines (MINEM)","relationship":"regulator"},{"name":"Peru National Service of Meteorology and Hydrology (SENAMHI)","relationship":"regional data source"}],"dollarAmounts":[{"amount":"$700/oz","context":"long-term gold price underpinning the 2008 historical feasibility studies"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-17T11:00:32.390Z","global_importance":12,"audience_relevance":12,"importance_components":{"tickerTier":"micro-cap TSXV junior explorer","eventGravity":"routine operational progress update","sectorWeight":"gold exploration — niche retail following","issuerAuthored":true,"marketCapAdjustment":"no new economic or resource figures to move valuation"}},"durationMs":31862,"modelName":"glm-5.3-flash"}}