Mr. Warwick Smith reports

AMERICAN PACIFIC REPORTS MOST SIGNIFICANT COPPER DRILL INTERSECTIONS TO-DATE AT ITS PALMER VMS PROJECT, INCLUDING 43.8 METRES OF 6.54% AND 23.9 METRES OF 9.03% COPPER

American Pacific Mining Corp. has released the third and final batch of assay results from the 2023 resource definition and geotechnical drill programs at the Palmer project. Palmer is an advanced-stage, high-grade volcanogenic massive sulphide-sulphate deposit located in the Porcupine mining district of the Haines borough, Alaska, United States. Constantine North Inc., a subsidiary of American Pacific, is the operator for the project, and the approximately $20-million (U.S.) 2023 program was financed by joint venture partner Dowa Metals & Mining Co. Ltd.

The final batch of 2023 assay results includes the four most significant copper drill intersections (grade by thickness) reported to date at Palmer, with significant zinc, gold and silver results, as well as extending copper-zinc mineralization beyond the current mineral resource estimate.

Highlights include:

• CMR23-172, zone 1: 43.8 metres grading 6.54 per cent Cu, 3.15 per cent Zn, 0.42 gram per tonne Au and 27.97 g/t Ag (8.22 per cent copper equivalent);
• CMR23-167, zone 1: 37.1 m grading 4.57 per cent Cu, 8.44 per cent Zn, 0.50 g/t Au and 29.33 g/t Ag (8.40 per cent CuEq);
• CMR23-169, zone 1: 33.2 m grading 5.48 per cent Cu, 7.22 per cent Zn, 0.64 g/t Au and 36.78 g/t Ag (8.95 per cent CuEq);
• CMR23-171, zone 1: 23.9 m grading 9.03 per cent Cu, 3.49 per cent Zn, 0.83 g/t Au and 41.75 g/t Ag (11.15 per cent CuEq);
• CMR23-168, zone 1: 28.4 m grading 2.29 per cent Cu, 4.01 per cent Zn, 0.21 g/t Au and 26.61 g/t Ag (4.20 per cent CuEq);
• CMR23-174, zone 2-3: 39.8 m grading 1.11 per cent Cu, 4.34 per cent Zn, 0.45 g/t Au and 32.45 g/t Ag (3.31 per cent CuEq), including 17.8 m grading 1.05 per cent Cu, 8.86 per cent Zn, 0.94 g/t Au and 66.24 g/t Ag (5.54 per cent CuEq).

Notes: Copper equivalents calculated using the same metal prices and recovery assumptions as the company's National Instrument 43-101 technical report (JDS 2022). See the attached tables for all-new assay results and corresponding disclosure notes.

"The final assay results from Palmer's 2023 resource definition drilling have exceeded expectations with tremendous copper grades and aggregate metals values over significant widths," commented Peter Mercer, senior vice-president, advanced projects. "Last year's drilling has extended the mineralized envelope beyond the current MRE, and our team is updating our 3-D geological model. Preliminary interpretations have highlighted several priority target areas for follow-up drilling in 2024. In addition, the knowledge gained from this year's drilling will provide valuable insights as we re-evaluate and rank the numerous VMS showings throughout the mineralized district."

The 2023 diamond drill program targeted high-priority areas in two unique mineralized lenses, zone 1 and zone 2-3, which together make up the South Wall zone of the Palmer deposit. The company is incorporating all 2023 results into its 3-D geological model to complete interpretation/analysis and target rank drill locations for the 2024 program.

The third and final batch of assay results reported in this release consists of 13 drill holes (seven at zone 1, five at zone 2-3 and one geotechnical drill hole at the RW Oxide zone). See the company news releases dated Oct. 18 and Nov. 14, 2023, for previous 2023 assay results.

Key take-aways from latest assay results:

1. High-grade copper mineralization with strong metal zoning demonstrated in the core of zone 1;
2. Cu-Zn mineralization extends beyond the limits of the MRE in zone 1, highlighting the potential for mineral resource expansion and the discovery of additional lenses downdip and along strike;
3. Increased confidence in the current MRE and the 2023 infill drilling provides better methodology for assessing feasibility-level drill space requirements.

Summary of results and initial observations:

• Zone 1: Drill holes CMR23-167, CMR23-169 and CMR23-171/172 stand out for their exceptional copper grades and thicknesses and support an emerging copper-rich core to zone 1.
• Zone 1: CMR23-172 intersected 43.8 m of 6.54 per cent Cu and 3.15 per cent Zn, extending below the MRE wire frame in an area correlating to the emerging copper-rich core and that remains open to the west and downdip.
• Zone 1: CMR23-168 (28.4 m of 2.29 per cent Cu and 4.01 per cent Zn) represents a priority stepout target for future drilling as there is limited drilling at greater-than-100-metre spacing downdip.
• Zone 1: CMR23-161 intersected 18.4 m of 1.6 per cent Cu and 14.7 m of 2.66 per cent Cu and 2.93 per cent Zn, with the bottom of the last intercept extending approximately 20.6 m below the limits of the zone 1 MRE in an area that remains open to the northeast and downdip.
• Zone 2-3: Two distinct sphalerite-chalcopyrite-pyrrhotite-barite massive sulphide horizons have been identified in the drill core. Zone 2-3 remains open for expansion along strike and within the current resource model. The Zone 2-3 mineralization is cut off by the Kudo fault at depth. The interpreted fault offset of the mineralization remains a compelling exploration target.
• RW Oxide zone: Geotechnical drill hole GT23-025 intersected 1.88 per cent lead, 0.94 g/t Au and 137.4 g/t Ag over 8.1 m. The RW Oxide zone has limited drilling and is not included in the current MRE. GT23-25 also bottomed in copper mineralization (0.9 m of 2.27 per cent Cu) in an area with limited drilling. This mineralization represents a proximal exploration target for future drill campaigns.

Quality assurance and quality control

There are strict quality assurance and quality control protocols at Palmer covering the planning and placing of drill holes in the field; drilling and retrieving drill core; drill hole surveying; core transport to the Palmer camp; core logging, sampling and bagging of core for analysis; transport of core from site to ALS Laboratory in North Vancouver, B.C., for sample preparation and analysis; recording and final statistical vetting of results.

Sampling procedures: The company's QA/QC drill core sample protocol consists of a collection of samples over a minimum 0.3-metre interval to a maximum 1.5-metre interval (depending on the lithology and style of mineralization) over the mineralized portions of the drill hole. The drill core sample is cut in half with a diamond saw, with half of the core placed in individual sealed polyurethane bags and the remaining half securely retained in the original core box for permanent storage. Drill core samples are shipped by transport truck in sealed woven plastic bags to the ALS geochemistry analytical lab facility in North Vancouver, B.C., for sample preparation and analysis. ALS geochemistry meets all requirements of international standards ISO/IEC 17025:2017 and ISO 9001:2015. ALS Global operates according to the guidelines set out in ISO/IEC Guide 25.

Gold was determined by fire assay fusion of a 30-gram subsample with atomic absorption spectroscopy (AAS). Various metals including silver, gold, copper, lead and zinc were analyzed by inductively coupled plasma (ICP) atomic emission spectroscopy, following multiacid digestion. The elements copper, lead and zinc are determined by ore grade assay for samples that return values greater than 10,000 parts per million by ICP analysis. Silver is determined by ore-grade assay for samples that return greater than 100 ppm by ICP analysis. Barium (BaO) analysis utilized lithium borate fusion into fused discs for XRF analyses, with BaO converted to BaSO4 (barite) using a conversion factor of BaO times 1.52217. Density measurements were determined at the project site by Constantine personnel on cut core for each assay sample.

The company maintains a robust QA/QC program that includes the collection and analysis of duplicate samples and the insertion of blanks and standards (certified reference material). In addition, prepared samples, sample replicates, duplicates and internal reference materials are routinely used as part of ALS Geochemistry's internal quality assurance program.

Qualified person statement

The technical information in this news release regarding the Palmer project has been reviewed and approved by Michael Vande Guchte, PGeo, vice-president, exploration, for the Palmer project, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About American Pacific Mining Corp.

American Pacific is a precious and base metal explorer and developer focused on opportunities in the western United States. The company has two flagship assets: the Palmer project, a volcanic massive sulphide-sulphate project in Alaska, under joint venture partnership with Dowa Metals & Mining, owner of Japan's largest zinc smelter; and the Madison project, a past-producing copper-gold project in Montana partnered with Kennecott Exploration, a division of the Rio Tinto Group. For the Madison transaction, American Pacific was selected as a finalist in both 2021 and 2022 for deal of the year at the S&P Global Platts global metals awards, an annual program that recognizes exemplary accomplishments in 16 performance categories. Also, in American Pacific's asset portfolio are three high-grade precious metal projects located in key mining districts of Nevada, United States: the Ziggerat gold project, partnered with Centerra Gold; the Gooseberry silver-gold project; and the Tuscarora gold-silver project. The company's mission is to grow by the drill bit and by acquisition.