Mr. Warwick Smith reports

AMERICAN PACIFIC PROVIDES UPDATE ON DRILL PROGRAMS AT ITS MADISON AND PALMER PROJECTS

American Pacific Mining Corp. has provided a progress update for two drill programs occurring at its Madison copper-gold project in Montana and its Palmer copper-zinc VMS (volcanic massive sulphide) project in Alaska.

Madison update

The Madison drill program was expanded from five to seven holes based on positive visual observations and real-time modelling updates that supported additional drill holes. A total of 3,452 feet (1,050 metres) were drilled and the phase I program at Madison is now complete. Phase I drilling focused on near-mine extensions and areas where historical drilling successes, including 14.69 metres (m) of 12.10 grams per tonne (g/t) gold (Au) and further downhole 61.63 m of 6.97 per cent copper (Cu), highlighted the potential to define future mineral resources with significant Au and Cu mineralization.

Native copper was observed in several drill holes and the company has completed detailed logging of lithology to enhance modeling to guide phase II drilling with a view toward stepping out, drilling deeper and expanding the mineralized footprint well beyond the historical mine site area. Results from phase I will be released beginning in Q3 2024 once received and interpreted.

"We are thrilled to have drill programs occurring at two very high-grade western United States copper and gold projects this summer, which will lead us into a catalyst-rich Q3 and Q4 this year as results are released," commented chief executive officer Warwick Smith. "This has been one of our most active summer seasons of drilling ever for American Pacific and we are well positioned for growth with a healthy treasury, positive trends in the gold and copper markets, and drill results we believe will further demonstrate the grade profiles and exploration upside at our flagship projects."

The next phase of drilling at Madison will follow up on successes from phase I drilling, as well as on deeper regional targets within the western portion of the property where surface samples of up to 48.5 g/t Au are suggestive of a buried intrusive heat source.

Palmer update

Drilling is well under way at Palmer with nine holes of a 14 hole program completed to date. The drill program is part of a planned $17.5-million ($12.8-million (U.S.)) exploration and development budget for 2024, financed by both joint venture partner Dowa Metals & Mining Alaska Ltd. and American Pacific. This year's drilling has focused on building upon the results of last year's campaign where the four most significant copper intercepts ever drilled at Palmer were reported earlier this year, including 43.8 m of 6.54 per cent Cu, 3.15 per cent zinc, 0.42 g/t Au and 27.97 g/t silver (8.22 per cent copper equivalent (CuEq)) (see Jna. 10, 2024, news release for full details).

The Palmer deposits have demonstrated potential for significant mineralization beyond the current indicated mineral resource estimate of 4,677 tonnes of 3.92 per cent CuEq and inferred mineral resource of 9,594 tonnes of 3.40 per cent CuEq. At least 16 separate known mineralized showings, many of which have never been drilled, exist on the property, with only two deposit areas included in the 2019 amended preliminary economic assessment.

The two programs are fully financed with American Pacific having a strong balance sheet ($6.17-million, as of April, 2024).

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.