Announcement • Jul 14
American Pacific Mining Corp Commences Drilling At Madison Copper-Gold Project with Second Drill Rig American Pacific Mining Corp. announced that a second drill rig has arrived on site and is now turning at its 100%-owned Madison Copper-Gold Project in Montana to test near-surface skarn targets. The reverse circulation drill rig commenced drilling as part of the ongoing, fully-funded 15,000-metre program, which includes both diamond core and reverse circulation drilling, that began in early June. The 2026 drilling campaign at Madison is designed to aggressively test both near-surface skarn targets and deeper porphyry-style mineralization that management believes has the potential to underpin a large copper-gold system. The reverse circulation drill will focus on rapid, cost-effective testing of a series of near-surface skarn targets that share key geological characteristics with the historic Madison and Broadway Mine footprint, an area with a history of high-grade copper and gold production. These targets are designed to build on past work and aim to identify additional shallow, potentially high-grade mineralization that could contribute to the first mineral resource estimate targeted for 2027. Success in this phase of the program could demonstrate the potential to grow the known mineralized footprint around the existing skarn system. The staged reverse circulation and core strategy is intentionally designed to advance near-surface target testing in parallel with deeper system-scale exploration, providing investors with exposure to both potential shallow ounces and larger porphyry-style upside within the same drill program. The reverse circulation drill is testing the first reverse circulation hole (Hole ID M26RC-01). See the June 1, 2026, news release for full details of the 15,000-metre drill program. Additional updates will be provided as drilling advances. Technical aspects of this press release have been reviewed and approved by the designated Qualified Person under National Instrument 43-101, Eric Saderholm, P.Geo., Managing Director of Exploration for the Company. New Risk • May 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (CA$47.6m market cap, or US$34.6m). 
