Canadian mining company Xali Gold Corp. has completed a significant expansion in Peru through the acquisition of the Pico Machay Gold Project located in Huancavelica. This purchase of 100% of Minera Calipuy SAC, the project's owner, from Pan American Silver Corp. and its subsidiary Aquiline Resources Inc., was advised by the mining, mergers and acquisitions team at Dentons Peru and consolidates Xali Gold's presence in the Epithermal Gold and Silver Belt in southern Peru.
With this transaction, signed on October 23, 2025, Xali Gold assumes full control of a deposit considered to have high potential within the Epithermal Gold and Silver Belt of Southern Peru, an area recognized for hosting world-class mines such as Yanacocha and Pierina.
The transaction was designed considering future payments of up to US$17.5 million and is subject to approval by the Toronto Stock Exchange (TSX Venture Exchange).
Key points of the agreement
The Pico Machay Project is strategically located within the Southern Peruvian Epithermal Gold and Silver Belt, a region that is home to world-class mining operations, including Yanacocha and Pierina. The deposit boasts a logistically advantageous location in the district of Santa Ana, province of Castrovirreyna, with road and rail access to the port of Callao, optimizing logistics and mineral transport.
The project, which boasts significant historical measured and indicated gold resources, is considered key to the company's growth, with plans to update previous studies and explore near-term production potential. Xali Gold's CEO emphasized the company's commitment to responsible management and community engagement, highlighting the deposit's strategic location near transportation infrastructure.
Dentons Peru played a fundamental role in structuring and executing the complex ownership transfer in a highly regulated sector. “The transaction involved negotiating standard contractual terms, as well as managing the guarantees that Pan American will hold until the full payment of the deferred amounts,” explained Mario Chirinos, partner in the firm’s mining practice.
“Advising Xali Gold on the acquisition of Pico Machay underscores Dentons’ ability to handle complex cross-border transactions, ensuring our clients can capitalize on growth opportunities in Peru’s dynamic mining sector. This transaction not only represents a geographic expansion for Xali Gold, but also reinforces confidence in Peru as a key destination for international gold investment,” Chirinos emphasized.
