Mr. Warwick Smith reports

AMERICAN PACIFIC PROVIDES UPDATE ON FULLY SUBSCRIBED FINANCING

American Pacific Mining Corp. has provided an update on its previously announced non-brokered private placement of up to 22.5 million units of the company at a price of 20 cents per unit for gross proceeds of up to $4.5-million. The offering will be conducted by way of: (i) a private placement pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions) to qualified investors in all the provinces of Canada; and (ii) otherwise in those jurisdictions where the offering can lawfully be made, including the United States under applicable private placement exemptions.

As previously disclosed by the company, the offering is fully subscribed. The company anticipates the offering will be completed on or around April 16, 2024.

The company intends to use the net proceeds from the offering for exploration and development on the company's Palmer project, Madison project, and other mineral exploration and development projects, and for general corporate purposes. The company may pay a finder's fee in connection with the offering to eligible arm's-length finders in accordance with the policies of the Canadian Securities Exchange. Eventus Capital Corp. has been appointed as a finder in connection with the offering.

This offering is being conducted under the listed issuer financing exemption as per Part 5A of NI 45-106. As a result, the securities issued will not be subject to a hold period under the prevailing Canadian securities laws. A third amended and restated offering document dated April 10, 2024, related to this offering, is available on the company's SEDAR+ profile and on the American Pacific website. Potential investors are advised to thoroughly review the offering document prior to making any investment decisions.

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. 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 Metal Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories. Also, in American Pacific's asset portfolio are high-grade, precious metal 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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