Xali Gold Adds Permitting Expert to Development and Operations Team at Pico Machay Gold Project in Peru
VANCOUVER, April 08, 2026 - Xali Gold Corp. (TSXV:XGC) ("Xali Gold" or the "Company") is pleased to announce that it has appointed Aran Gough as Senior Advisor - Environmental and Social Governance ("ESG"), for the advancement of its Pico Machay Gold Project ("Pico Machay" or the "Project") in Peru. Mr. Gough will lead all permitting work required from drilling through development, construction and into production.
"Aran will play a key role in advancing Pico Machay with a focus on responsible resource development," stated Joanne Freeze, President and CEO of Xali Gold. "He is currently guiding our submission of an FTA ("Ficha Tecnica Ambiental" - simplified environmental permit) for drilling. While timelines can vary depending on regulatory review, this type of permit in Peru can take as little as one month but usually is a three-month process such that we could expect to be drilling close to the end of Q2."
"Aran's extensive experience in Peru, and his track record of advancing projects from exploration, through development, construction and into operations, will also be instrumental as we prepare to initiate the EIA-d ("Detailed Environmental Impact Assessment") for operations," continued Ms. Freeze. "By integrating environmental planning early in the Project lifecycle, we aim to support a responsible and efficient path into production."
To provide additional context on Pico Machay, Xali Gold has published a video highlighting key target areas, historical work, and exploration potential across the Project, which can be seen here.
"After successful permitting of larger projects for many years, I'm excited to join Xali Gold to see such an exciting project into development on a short time frame," stated Aran Gough. "I look forward to supporting the advancement of permitting and environmental planning to help position Pico Machay for efficient and responsible development."
Mr. Gough has 29 years of international experience across the full mining lifecycle, permitting mining projects from exploration through development and into operations. He has held several senior leadership roles for major companies including in sustainable development, environmental management, and regulatory processes. Prior to working as an independent Sustainability and Environmental consultant, he served as Manager, Sustainable Development at Teck Resources Ltd., where he led sustainability strategy for multiple growth assets and supported active operations, advancing sustainability initiatives and regulatory planning. Mr. Gough previously held key leadership roles in Peru, including Environmental Services Manager for Proyecto Zafranal, where he successfully guided the project from exploration through feasibility, environmental assessment, and regulatory approval. Mr. Gough also held the position of Environmental Services Manager at Minera Chinalco Peru S.A., where he directed permitting and environmental studies/programs for the Toromocho Mine from exploration through feasibility, construction and into operations.
With extensive international experience managing projects across the full mining lifecycle, Mr. Gough brings strong expertise in regulatory strategy, risk management, and stakeholder engagement. A dual citizen of Canada and Perú, he is fluent in English and Spanish and is committed to advancing sustainable development through transparent, inclusive processes that balance environmental and social responsibility with strong fiscal and operational performance. Mr. Gough is a Registered Professional Biologist with the College of Applied Biology of B.C.
AGM Results
Xali Gold is also pleased to report that all matters submitted to shareholders at its Annual General Meeting ("AGM") held on April 7, 2026, were approved. Shareholders re-elected: Joanne Freeze, Larry Kornze, George Elliott, Matthew Melnyk, and Mario Chirinos to the Board of Directors to serve until the next AGM. Charlton & Company was appointed as the auditors of the Company and the Omnibus Equity Inventive Plan was also approved. A total of 51.25 M shares were voted by 35 shareholders (31.95% of outstanding shares).
For full voting details, please see the Xali Gold voting results as filed on SEDAR at www.sedarplus.ca.
About Pico Machay
Located within the Southern Peru Epithermal Gold-Silver Belt, Pico Machay sits in a historically productive mining district in the Western Cordillera Andes (click here for location map). The Project benefits from existing infrastructure and a mining-friendly community eager to partner on sustainable development.
Xali Gold remains confident in the significant upside potential at Pico Machay, which hosts a Historical 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 Historical Inferred Resource of 446,000 oz of gold (23.9 M tonnes grading 0.58 gpt gold). A total of 154 reverse circulation holes drilled prior to 2009, were relied upon to delineate the Historical Resource. All holes were drilled in a central zone while nine additional high-potential exploration targets remain untested.
Various historical engineering studies at Pico Machay targeted an open pit heap-leach operation, which was expected to be low-cost and with a low strip ratio. 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.
Details of the acquisition can be found in the Company's October 24th, 2025 and December 24th, 2025 news releases.
Technical Information
Information regarding the historical resource at Pico Machay is outlined in the technical report titled: "Amended Technical Report on the Pico Machay Gold Deposit in Huancavelica Province, Peru" prepared by David G. Thomas, P.Geo. for Xali Gold dated December 16th, 2025 and filed on www.sedarplus.ca as well as the report titled: "Independent Technical Report and Resource Estimate Pico Machay Gold Deposit" prepared by Caracle Creek International Consulting Inc. for Aquiline Resources Inc. (purchased by Pan American Silver) on November 25th, 2009. All resource estimates have used the same categories in accordance with CIM Standards on Mineral Resources and Reserves.
All resource estimates for Pico Machay are considered historical in nature and are based on prior data and reports prepared by previous property owners. A qualified person ("QP") has not done sufficient work yet to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as current resources. The QP considers the historical estimates to be relevant as they were prepared using industry-standard estimation methodologies, reporting categories, and technical practices commonly relied upon by mining companies and other issuers for comparable mineral projects. Significant data compilation, redrilling, resampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.
All scientific and technical information in this news release has been prepared by, or approved by David G. Thomas, P.Geo. and Joanne C. Freeze, P.Geo., QPs as defined by National Instrument 43-101 for the Pico Machay Project. Ms. Freeze is the President and CEO of Xali Gold and Mr. Thomas is Independent.
Resources were estimated using historical drilling (up to 2004) and current drilling (drilled between 2004 and 2008). The resource estimate includes holes up to Hole ABS-246, drilled in 2008. Micromine software (Version 11.0.4) was used to facilitate the resource estimating process and the estimate was prepared in accordance with CIM Standards on Mineral Resources and Reserves.
Mineralized zones were outlined to enforce geological control during block modelling. The geological continuity of the broader mineralized zones, especially for the main zone, was quite good and could be readily followed from hole-to-hole and section-to-section. An average specific gravity (rock density) value, based on eleven samples, of 2.31 was used.
A block model was created, constrained by the zone wireframes. Blocks in the Inferred category were defined based on search ellipse parameters with a range of 40m. Blocks in the Indicated and Measured categories were identified manually, based on drill intercepts spacing values of 27 and 20m, respectively. Ordinary block kriging was used to estimate block grades.
About Xali Gold
Xali Gold is a gold and silver exploration company focused on advancing opportunities in the 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. 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, a historic district-scale precious metal system with a long history of significant gold and silver production.
Xali Gold is committed to working as a responsible partner with local communities.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
On behalf of the Board of Xali Gold Corp.
"Joanne Freeze" P.Geo.
President, CEO and Director
For further information please contact:
Joanne Freeze, President & CEO
Tel: + 1 (604) 512-3359
info@xaligold.com
Forward-looking Disclaimer
This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements.
Forward-looking statements in this press release include, without limitation: the timing to advance the Project; the timing on the FTA; the timing to conduct updated exploration work on the Project, including optimizing prior engineering studies and timing to prepare a current mineral resource estimate for the Company (that is not a historical resource under NI 43-101); the timing to complete modelling, mapping and reconnaissance and sampling on the Project; timing to complete a PEA or Feasibility Study, if at all; and timing to bring the Project into production, if at all. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.
Known risk factors and assumptions include risks associated with exploration and project development; accessing further funding and related dilution: continuing its projected growth, or being fully able to implement its business strategies; the calculation of mineral resources and additional work required to convert historical resources to current mineral resources; the nature, quality and quantity of any mineral deposits that may be located on the project; operational risks associated with mining and mineral processing; fluctuations in metal prices and assumptions including costs; title matters; government regulation; obtaining and renewing necessary consents, authorizations, licenses and permits; environmental liability and insurance; reliance on key personnel; local community opposition; currency fluctuations; labour disputes; competition; variations in market conditions, and the volatility of our common share price and volume; future sales of shares by existing shareholders; and other risk factors described in Xali Gold's MD&A and other filings with Canadian securities regulators, which may be viewed at www.sedarplus.ca. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Xali Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
