Xali Gold Moves Forward with Pico Machay Drilling Permit and Contractor Selection — Xali Gold Corp.

Event summary

Xali Gold Corp. is nearing completion of the Ficha Técnica Ambiental Drilling Permit (FTA) application for its Pico Machay Gold Project in Peru.
The company received positive feedback from Peru’s General Directorate of Mining Environmental Affairs (DGAAM) during a recent meeting.
A planned 3,000-meter diamond drill program is targeted to begin by the end of September 2026, subject to permit approval.
Approximately 2,000 meters of drilling will be dedicated to twinning historical resource holes, with an additional 1,000 meters for high-grade targeting.

The big picture

Xali Gold's progress in permitting and contractor selection for the Pico Machay project reflects broader trends in gold exploration, where advanced-stage projects with historical resources are being re-evaluated under current market conditions. The shift from RC to diamond drilling highlights the industry's focus on improving data quality and resource confidence. Success here could position Xali Gold as a key player in Peru's Southern Epithermal Gold-Silver Belt.

What we're watching

Permitting Timeline: Whether Xali Gold can secure the FTA permit and commence drilling by the end of September 2026 as targeted.
Drilling Results: How the diamond drilling compares to historical reverse circulation (RC) methods in terms of assay results and sample integrity.
Resource Estimation: The pace at which Xali Gold can provide an updated and potentially upgraded mineral resource estimate to support its first Preliminary Economic Assessment (PEA).