American Pacific Announces Approval of US$12.8 Million 2024 Budget for its High-Grade Palmer VMS Project in Southeast Alaska

NEWS RELEASE

American Pacific Announces Approval of US$12.8 Million 2024 Budget

for its High-Grade Palmer VMS Project in Southeast Alaska

Vancouver, British Columbia / March 25, 2024 – American Pacific Mining Corp (CSE: USGD / OTCQX:

USGDF / FWB: 1QC) (“American Pacific” or the “Company”) is pleased to announce the 2024 budget

and resource expansion -focused work program at the Palmer Project (“ Palmer” or the “ Project”), an

advanced-stage, high -grade volcanogenic massive sulphide -sulphate (“ VMS”) project located in

Southeast Alaska. Constantine North Inc., (“ Constantine”) a subsidiary of American Pacific, is the

operator for the Project, which is under a joint venture (“JV”) partnership with DOWA METALS & MINING

ALASKA LTD. (“Dowa”).

The 2023 program delivered the best four copper intercepts drilled to date at Palmer (see press release

dated January 10, 2024), highlighting the opportunity to define copper -rich zones within the known

mineral resource envelope. New interpretations develo ped following the 2023 campaign have the

opportunity to further impact the grade and tonnage profile by targeting areas with similar signatures

and structural settings.

The US$12.8 million 2024 program has been designed to continue expanding the known extent of the

high-grade copper mineralization within South Wall Zones 1 and 2. The 2024 program will also include

a series of step-out drill holes to test the nearby North Wall Target. The North Wall Target represents a

potential fault offset extension of the South Wall mineralization that has not yet been adequately

tested.

2024 Palmer work program highlights:

 Mineral resource expansion drilling focused on the South Wall, designed to follow up on

successes from the 2023 drill program by testing structural controls and extensions to the high-

grade copper and zinc mineralized trends.

 North Wall exploration drilling targeting the interpreted fault offset extension of the high-grade

South Wall Zone. Previous geological mapping and sampling has identified copper, zinc, and

barite mineralization with 500 metres of untested strike length (see Figure 2).

 Advancing regional exploration targets with a property -wide data analysis of historical work,

focused on modeling mineralization controls on new and previously identified prospects.

 Environmental and permitting activities, including ongoing environmental baseline studies and

compliance work.

 Engineering studies, including a mineral resource estimate update, critical trade-off studies, and

ongoing data collection in preparation for future feasibility studies.

Warwick Smith, CEO of American Pacific stated:

“During the 2023 resource definition program, our team discovered thick copper mineralization within

the known mineral resource envelope. In 2024, we will look to leverage and build upon last year’s high-

grade results while aiming at expansion through step-out and extensional drilling along the high-grade

trends in addition to discovery -focused drilling at the adjacent North Wall Target. The North Wall

alteration zone represents an outstanding and untested, near-surface target with very limited historical

drilling. We look forward to another productive year with our joint venture partner with plans to update

the mineral resource estimate by year-end.”

2024 Diamond Drilling Strategy

In 2024, the operations teams will focus on expansion drilling to identify lateral and downdip extensions

of the South Wall of the Palmer Deposit (Figures 3,4), targeted structural investigation drilling in South

Wall Zone 1 designed to follow up on the high-grade intersections of the 2023 drill program (Figure 1),

and exploration step-out drilling to test the North Wall alteration zone (Figure 2).

Preliminary interpretation of the copper -rich core mineralization within South Wall Zone 1 indicates

potential for several secondary cross -cutting structures. Understanding and targeting structural

controls on mineralization zoning in 2024 will help refine and inform the local and regional diamond

drilling strategy.

Figure 1. South Wall - Zone 1 Copper Equivalent Grade Shells with Structural Interpretation

North Wall – Targeting High-Grade Zone 1 Extension

The North Wall Target is less than 200 metres from the edge of South Wall Zone 1. This zone is newly

interpreted as the fault offset and the eastern extension of Zone 1 mineralization (see Figure 2). The

alteration zone at the North Wall Target has strong geological and geochemical similarities to South

Wall, but has seen limited drill testing along the 500 -metre mapped strike length. Historical surface

mapping has identified in- situ copper-zinc-barite mineralization leading the way to the potential of a

South Wall Zone eastern extension.

Figure 2. North Wall Alteration Zone in proximity to South Wall Zone 1

The 2024 drilling campaign is being completed under an approved Plan of Operations from the Bureau

of Land Management. In support of future programs American Pacific’s subsidiary, Constantine, the

project operator, is pursuing authorization from the Alaska Department of Natural Resources for an

updated Plan of Operations outlining the additional work programs needed for pre-feasibility level data

gathering over the next five years.

American Pacific will be contributing approximately $750,000 USD in kind by contributing its

management fee towards the 2024 program. The Company’s joint venture partner, Dowa Metals &

Mining Co., Ltd., has committed to fund the balance of the 2024 program.

Figure 3. South Wall – Zone 1 Mineralized Thickness with Structural Interpretation with Planned 2024

Pierce Points. Designed to Define and Expand the Zone 1 Mineral Resource.

Figure 4. South Wall – Zone 2 Mineralized Thickness and Planned 2024 Pierce Points. Designed to Define

and Expand the Zone 2 Mineral Resource.

¹Amended NI 43-101 Technical Report Palmer Project Alaska, USA, JDS Energy and Mining Inc. 2019

Qualified Person Statement

The technical information in this news release has been reviewed and approved by Michael Vande

Guchte, P.Geo., VP Exploration for the Palmer Project and a qualified person as defined by National

Instrument 43-101, Standards of Disclosure for Mineral Projects.

About the Palmer Project

The Palmer Project is an advanced -stage high-grade volcanogenic massive sulphide -sulphate project

located within the Porcupine Mining District of the Haines Borough, Alaska. The Project is operated in

a joint venture partnership between American Pacific, through its wholly -owned subsidiary,

Constantine North Inc. as the manager (operator), with 31.53% ownership and Dowa Metals & Mining

Co., Ltd (Dowa), with 68.47% ownership.

As of December 31, 2023, over US$100 million had been invested in exploration and development work

and environmental programs to responsibly advance the Project. The Palmer Project hosts a National

Instrument 43 -101 mineral resource of 4.68 million tonnes of 10.2% zinc equivalent (3.9% copper

equivalent) in the indicated category and 9.59 million tonnes of 8.9% zinc equivalent (3.4% copper

equivalent) in the inferred category. Please refer to the Company’s Preliminary Economic Assessment

(“PEA”), which was completed in June 2019 (filed July 18, 2019, amended March 7, 2022; filed on

www.sedar.com).

The amended PEA is preliminary in nature and includes inferred mineral resources that are considered

too speculative geologically to have economic considerations applied to them that would enable them

to be categorized as mineral reserves. There is no certainty that amended PEA results will be realized.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

About American Pacific Mining Corp.

American Pacific Mining Corp. 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, USA, 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.

On Behalf of the Board of American Pacific Mining Corp.

“Warwick Smith”

CEO & Director

Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada

Investor Relations Contact:

Kristina Pillon, High Tide Consulting Corp.,

604.908.1695 / [email protected]

Media Relations Contact:

Adam Bello, Primoris Group Inc.

416.489.0092 / [email protected]

Forward-looking Information

This news release includes certain statements that may be deemed to be “forward-looking information” within

the meaning of Canadian securities legislation. All statements in this news release, other than statements of

historical facts are forward looking statements, including statements that address our expectations with respect

to future work programs at Madison. Forward-looking statements are often, but not always, identified by the use

of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict",

"potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements

involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ

materially from those anticipated in such forward-looking statements. Although American Pacific believes the

expectations expressed in such forward-looking statements are based on reasonable assumptions, such

statements are not guarantees of future performance and actual results or developments may differ materially

from those in the forward -looking statements. Factors that could cause actual results to differ materially from

those in forward-looking statements include, but are not limited to, timing of receipt of required permits, changes

in applicable laws, changes in commodities prices, changes in mineral production performance, exploitation and

exploration successes, as applicable, continued availability of capital and financing, and general economic,

market or business conditions, political risk, currency risk and capital cost inflation. In additi on, forward-looking

statements are subject to various risks, including that data is incomplete and considerable additional work will

be required to complete further evaluation, including but not limited to drilling, engineering and socio -economic

studies and investment. The reader is referred to American Pacific’s filings with the Canadian securities regulators

for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement

will come to pass, and investors should not place undue reliance upon forward-looking statements.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its

Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the

adequacy or accuracy of this release.