Mr. Warwick Smith reports

AMERICAN PACIFIC DISCOVERS NEW GOLD ZONE 800 METRES FROM HISTORICAL MINE AREAS AT MADISON COPPER-GOLD PROJECT, MONTANA

American Pacific Mining Corp. has released assay results from four exploration holes testing separate targets at its 100-per-cent-owned Madison copper-gold project in Montana. Gold mineralization was intersected in all three reverse circulation (RC) holes (M26RC-01, M26RC-02, M26RC-03), while core-hole M26C-03 returned lead-zinc-bearing intervals.

All four drill holes tested new targets across the project, including targets located up to approximately 800 metres (m) from the historic Madison and Broadway mine areas. The results provide additional information for evaluating gold mineralization beyond the historical workings and refining the company's geological model.

Exploration results and continuing drilling (Table 1):

• M26RC-01 returned 9.2 metres at 3.74 grams per tonne gold from 166.1 m, including 4.6 m at 7.02 g/t gold from 167.6 m, also including 1.5 m of 10.65 g/t gold and 0.11 per cent copper.
• M26RC-02 returned 15.2 m at 1.03 g/t gold from 120.4 m, including 3.0 m at 2.43 g/t gold.
• M26RC-03 returned near-surface gold mineralization of 3.0 m at 4.53 g/t gold from 15.2 m, including 1.5 m at 5.58 g/t gold.
• M26C-03 returned narrow zinc- and lead-bearing intervals, including 0.5 m at 0.57 per cent lead and 0.14 per cent zinc. No significant gold interval is included in the results reported for this hole.

"These results provide exciting opportunities for follow-up in new areas that have not seen previous drilling," said Eric Saderholm, managing director of exploration. "Intersecting gold in all three RC holes gives us additional evidence of mineralization beyond the historical workings and helps us sharpen our next drill targets. These are encouraging results, but further drilling is needed to establish their extent and continuity. Importantly, these holes tested separate exploration targets up to 800 m away from the historical mine sites and are separate from the recently reported M26C-02 intersection of 30.8 m of 7.40 g/t gold, 9.62 g/t silver and 0.29 per cent copper, reported in September, where follow-up drilling is now under way. We expect to report additional results over the coming weeks and months."

Gold target testing

M26RC-01 intersected several gold-bearing intervals between 146.3 m and 239.2 m downhole, together with a separate shallow copper interval of 10.7 m at 0.26 per cent copper. M26RC-02 intersected gold mineralization in two reported intervals, while M26RC-03 returned gold mineralization at shallow downhole depths and three additional 1.5-metre gold intervals.

The results document gold mineralization in all three RC holes. Further geological interpretation and drilling would be required to establish continuity between the reported intersections or their relationship to mineralization at the historical Madison mine.

Eric Saderholm continued: "The identification of gold-dominant mineralization in these targets is an encouraging development for Madison, highlighting exploration opportunities beyond the historical mine area. Gold intercepts in all three RC holes, including higher-grade intervals and shallow mineralization, provide a strong foundation for refining targets and planning follow-up work. With some targets located distally from the historical Madison workings, these results reinforce the value of evaluating the broader property for additional gold-bearing zones."

Previously reported results

The Sept. 9, 2026, news release reported 30.8 m at 7.40 g/t gold, 9.62 g/t silver and 0.29 per cent copper in M26C-02, including 20.1 m at 11.15 g/t gold, 14.3 g/t silver and 0.42 per cent copper. These results are provided as context and are not new assays in this release. Today's reported holes tested targets separate from the previously reported hole M26C-02 and were not follow-up holes to that result. Follow-up drilling targeting the M26C-02 area is currently under way, with results expected over the coming months, subject to laboratory turnaround and technical review.

Prior updates about the 2026 Madison drill campaign were issued on Oct. 6, Sept. 9, Aug. 13, July 13, June 3 and June 1, 2026.

2026 Madison drill program

The 2026 drill campaign is the largest coordinated drill program undertaken by American Pacific at Madison and includes approximately 15,000 m of combined RC and diamond core drilling.

The program is designed to systematically extend and expand shallower high-grade copper-gold mineralization while simultaneously testing deeper porphyry targets identified through geological modelling, geochemistry and geophysical surveys.

Assays from additional drill holes completed thus far during the 2026 program remain pending and will be released as they are received, reviewed and interpreted.

Madison project sampling and analysis quality assurance and quality control statement

American Pacific Mining is committed to maintaining high-quality exploration and analytical practices at the Madison project. For RC drilling, sampling occurred on 1.5-metre (five-foot) intervals; if cored, then half-core samples were collected by company personnel under the supervision of qualified geological staff, with all drilling, sampling and logging conducted by qualified personnel. Samples were securely bagged, labelled and transported under chain-of-custody procedures to ALS Global Laboratories Geochemistry, 621 Washington St. South No. 600, Twin Falls, Idaho, 83301, United States, an independent ISO/IEC 17025-accredited laboratory.

Samples are prepared and analyzed using industry-standard analytical methods including ME-MS41, Au-AA23, Au-GRA21, ME-OG46 and Cu-OG46. The company reviewed laboratory internal QA/QC results, company-inserted standards, blanks and duplicate analyses. Final assay certificates are delivered directly to the company by ALS Global Laboratories.

Qualified person statement

Technical aspects of this press release have been reviewed and approved by the designated qualified person under National Instrument 43-101, Eric Saderholm, PGeo, managing director of exploration for the company.

About American Pacific Mining Corp.

American Pacific Mining is a precious and base metals explorer focused on opportunities in the Western United States. The company's flagship asset is the 100-per-cent-owned past-producing Madison 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 Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories. Through a 2025 transaction with Vizsla Copper, American Pacific has established a major equity position with milestone upside exposure to the advanced exploration stage Palmer copper-zinc VMS (volcanogenic massive sulphide) project in Alaska. American Pacific also holds a significant equity position in ICG Silver & Gold through a spinout of the Tuscarora district project. Several additional high-grade, precious metals projects located in key mining districts in Nevada remain in the asset portfolio. The company's mission is to provide shareholders discovery and exploration upside exposure across its portfolio through partnerships, spinouts and direct exploration.

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