Ms. Joanne Freeze reports

XALI GOLD FILES TECHNICAL REPORT ON THE PICO MACHAY GOLD PROJECT IN PERU

Xali Gold Corp. has filed the National Instrument 43-101-compliant report titled "Technical Report Pico Machay Gold Deposit, Huancavelica Province, Peru," effective Nov. 18, 2025, and dated Dec. 4, 2025, on SEDAR+. This report was prepared by David Thomas, PGeo, of DKT Geosolutions Inc., on behalf of Xali Gold to comply with TSX Venture Exchange requirements related to the acquisition of the Pico Machay gold project.

A share purchase agreement (SPA) to acquire the company Minera Calipuy for Pico Machay was entered into by the company on Oct. 23, 2025 (see Oct. 24, 2025, news release), and the transaction is expected to close in the next few weeks. The transaction is subject to TSX-V acceptance.

"Completing this technical report is a fundamental step in the completion of the acquisition of the Pico Machay gold project," stated Joanne Freeze, president and chief executive officer of Xali Gold. "We strongly believe Pico Machay has the potential to add immediate and long-term value for our shareholders, and we look forward to unlocking that value through experienced exploration and development and responsible development."

Mr. Thomas is an independent qualified person for the company and Pico Machay. In addition to conducting the work required for the preparation of the technical report, he has been part of Xali Gold's Pico Machay due diligence team, which commenced a detailed review of all technical information available for the project in May, 2025. The technical report is an update of a previous NI 43-101 independent technical report completed by Caracle Creek International Consulting Inc. on Nov. 25, 2009, for Aquiline Resources Inc.

The technical report was prepared and completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (adopted May 10, 2014) and prepared pursuant to NI 43-101, Standards of Disclosure for Mineral Projects.

The technical report is available on the Xali Gold website and under the company's profile on SEDAR+.

About Pico Machay

The Pico Machay project is an advanced-exploration-stage gold project in Peru with a near-term production opportunity. It is located within the Southern Peru epithermal gold-silver belt and the well-established mining district of Huancavelica. Between 2005 and 2009, Aquiline and others completed various engineering studies, including resource estimations and metallurgical test work, on Pico Machay. Aquiline targeted an open-pit heap-leach operation, which was expected to be low cost and with a low strip ratio. Given that Aquiline's engineering work, prior to that company's acquisition by Pan American Silver, was based on a long-term gold price of $700 per ounce and several exploration targets remain untested by drilling, Xali Gold believes there is excellent upside potential.

About Xali Gold Corp.

Xali Gold is a gold and silver exploration company focused on advancing opportunities in the Americas. The company is focused on completing the acquisition, exploration and development of Pico Machay, an advanced-exploration-stage gold project in Peru.

Xali Gold also maintains exploration potential and two royalty agreements with third parties at El Oro in Mexico. The third parties have the rights to produce gold and silver from specific areas of the El Oro gold-silver project in central Mexico, a historic district-scale system with a long history of significant gold and silver production.

Xali Gold is dedicated to being a responsible community partner.

Joanne C. Freeze, PGeo, a qualified person as defined by NI 43-101, has reviewed and approved the contents of this release.

We seek Safe Harbor.