Copper Added to New USGS Critical Minerals List Highlighting Increased Support for US Copper Projects Like American Pacific's Madison & Palmer Projects

Executive Summary

• The U.S. Trump Administration added copper to the USGS 2025 list of critical minerals, signaling increased government focus, funding, and permitting support for domestic copper projects.
• American Pacific Mining highlighted recent high‑grade drilling results from its Madison (Montana) and Palmer (Alaska) copper‑gold projects, underscoring the quality of its assets in a now‑critical metal sector.
• Updated mineral resource estimate for the Palmer Project shows a substantial increase in contained copper, enhancing the company’s growth outlook.

Key Details

• Policy Update: Copper joins silver, zinc, lead, barite and 55 other minerals on the USGS critical minerals list (total 60). The administration plans up to US$1 billion in new funding initiatives for critical‑metal projects (grants up to US$250 million each) and direct equity stakes (e.g., 5 % in Thacker Pass lithium project).
• CEO Comment: Warwick Smith noted the policy change provides “tailwinds” for American Pacific’s Madison Copper‑Gold Project (Montana) and Palmer Copper‑Gold VMS Project (Alaska), improving prospects for future copper production.

Madison Copper‑Gold Project – Montana

• Historical production: 2.7 M lbs Cu at 20‑30 % grade (early 2000s).
• Historic drill highlights: 8.47 m @ 40.03 % Cu, 61.63 m @ 6.97 % Cu.
• Recent 2024/2025 drilling:
• APMMAD25‑08: 7.6 m @ 10.2 g/t Au (incl. 1.5 m @ 44.1 g/t Au).
• APMMAD24‑09: 8.14 m @ 3.66 % Cu; 29.72 m @ 2.09 % Cu; 9.75 m @ 1.56 % Cu within a 75.13‑m zone @ 0.98 % Cu.
• APMMAD24‑08: 2.90 m @ 2.41 % Cu and 3.17 g/t Au.
• APMMAD24‑06: 12.34 m @ 0.88 % Cu and 10.36 g/t Au.

Palmer Copper‑Zinc VMS Project – Alaska

• Highest‑grade copper intercepts (2023):
• CMR23‑172 Zone 1: 43.8 m @ 6.54 % Cu, 3.15 % Zn, 0.42 g/t Au, 27.97 g/t Ag (8.22 % CuEq).
• CMR23‑167 Zone 1: 37.1 m @ 4.57 % Cu, 8.44 % Zn, 0.50 g/t Au, 29.33 g/t Ag (8.40 % CuEq).
• CMR23‑169 Zone 1: 33.2 m @ 5.48 % Cu, 7.22 % Zn, 0.64 g/t Au, 36.78 g/t Ag (8.95 % CuEq).

• CMR23‑171 Zone 1: 23.9 m @ 9.03 % Cu, 3.49 % Zn, 0.83 g/t Au, 41.75 g/t Ag (11.15 % CuEq).

• 2025 Mineral Resource Estimate (Palmer):

• Indicated: 4.77 M t @ 1.69 % Cu, 5.17 % Zn, 0.14 % Pb, 28.4 g/t Ag, 0.29 g/t Au, 20.6 % Barite (3.5 % CuEq / 13.2 % ZnEq) → 178 M lbs Cu contained.
• Inferred: 12.00 M t @ 0.57 % Cu, 3.92 % Zn, 0.47 % Pb, 66.3 g/t Ag, 0.33 g/t Au, 25.5 % Barite (3.1 % CuEq / 8.9 % ZnEq) → 151.5 M lbs Cu contained.

Notable Quotes

• “The Trump Administration's addition of copper to the latest USGS Critical Minerals List represents a significant leap forward in validating the importance of domestic projects like our Madison Copper‑Gold Project…providing important tailwinds for advancing our high‑quality US copper assets.” – Warwick Smith, CEO

All technical information reviewed and approved by Peter Mercer, P.Geo., Senior Vice President of Advanced Projects (Qualified Person, NI 43‑101).