Mr. Warwick Smith reports

AMERICAN PACIFIC ANNOUNCES 2024 DRILLING AND EXPLORATION PROGRAMS AT THE HIGH-GRADE COPPER-GOLD MADISON PROJECT

American Pacific Mining Corp. has provided a project update, including 2024 exploration plans, for its 100-per-cent-owned high-grade Madison copper-gold (Cu-Au) project located in Madison county, Montana.

The 2024 exploration program will include a near-mine, 1,350-metre, five-hole phase I diamond drilling program, a planned phase II regional drill program, detailed scientific groundwork, incorporation of the newly acquired data and year-end mineral inventory modelling. The company's phase I program has been designed to include drill holes within the skarn that will aim to confirm and extend mineralization encountered in historical drilling (C05-06: 14.69 m of 12.10 grams per tonne gold and farther down hole 61.63 m of 6.97 per cent Cu. Full disclosure can be found in the National Instrument 43-101 technical report for the Madison project).

2024 program summary and objectives:

• Exploration of highly prospective untested target areas identified through the compilation of substantial historical and recent data.
• Phase I drill program will commence this spring, consisting of five diamond drill holes for total of 1,350 m, concentrating on the near-deposit area, allowing the company to gain valuable data regarding rock densities and mineralization-type tonnages, and the extent of the high-grade Cu-Au mineralization adjacent to previous mine workings.
• Detailed mapping, building on previously completed work, to refine deeper regional phase II drill targets, including the western portion of the property which contains historical, undrilled gold values of up to 48.5 grams per tonne Au, which the company believes represents leakage from a buried intrusive heat source.
• Phase II drill program will include new regional discovery drilling as well as follow up on successes from the near-deposit drilling in phase I.

Warwick Smith, American Pacific's chief executive officer, stated: "We will evaluate new partnership opportunities at Madison later this year, but for now we are excited to provide our shareholders with 100 per cent of the upside on the next phase of drilling. We look forward to getting this program under way as soon as weather permits, with multiple phases of exploration and drilling planned during 2024. Projects that carry the type of copper and gold grades that Madison does are rare, and our exploration efforts at the 100-per-cent-owned Madison project in 2024 will take aim at better defining the high-grade mineralization near the previous mine workings to support future mineral resource estimations, as well as testing select regional discovery targets that have been recently defined with limited to no previous drilling.

Managing director of exploration, Eric Saderholm, is at site this week to meet with Nevada-based Alford Drilling Company, which American Pacific has engaged to complete the phase I drilling. Excavation work has been commissioned through a southwest Montana-based contractor exemplifying American Pacific's commitment to enhance local employment, social licence and community involvement. This will also reduce project costs and decrease the response time for necessary work.

About the Madison project

The Madison mine historically exploited high-grade copper and gold skarn mineralization that American Pacific believes is related to a nearby copper-rich porphyritic intrusion complex and is likely to be the source of the district's mineralization. The company's model indicates that near-surface mineralization has its origins to the west of any historical drilling, which differs from previous interpretations. Detailed property-wide assessment of vein composition, attitude and character using fugitive calcite as a tool for vectoring to the heat and mineralization source is an essential component of the program.

The Madison project was host to small-scale production, which concluded in 2012 with 2.7 million pounds of copper produced at grades ranging from 20 to 35 per cent copper. Subsequent drilling at Madison in 2017 included 30.18 m of 24.50 grams per tonne gold d 0.39 per cent Cu and 10.97 m of 41.65 g/t Au and 0.38 per cent Cu (UG17-05 and UG17-06, respectively). Full disclosure can be found in the company's NI 43-101 43-101 technical report for the Madison project.

Qualified person statement

Technical aspects of this press release have been reviewed and approved by the designated qualified person under National Instrument 43-101, Mr. Saderholm, PGeo.

About American Pacific Mining Corp.

American Pacific Mining is a precious and base metals 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 (VMS) 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. 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 high-grade, precious metals projects located in key mining districts in Nevada, United States, including the Ziggurat gold project, partnered with Centerra Gold, and the Tuscarora gold-silver project. The company's mission is to grow by the drill bit and by acquisition.

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