Copper-Gold Developer Advances High-Tech LiDAR Survey in Montana

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

American Pacific Mining Corp. (USGD:CSE; USGDF:OTC) is nearing the completion of an intricate underground survey at its Madison Copper-Gold Project in Silver Star, Montana, according to an April 28 release.

The company has teamed up with Water & Environmental Technologies Inc. (WET) and Dengel Surveying to conduct a high-resolution control survey and LiDAR scan of the historical underground ramp at the Madison mine. This survey is aimed at gathering essential spatial data to aid ongoing geological modeling, targeting, and future drill planning.

The survey consists of two main elements: a control survey and a LiDAR ramp scan. The control survey involves setting up precise control points both underground and on the surface, integrating these points to ensure spatial accuracy, and traversing the decline to about 800 feet from the mine entrance, near the current water level. The LiDAR ramp scan involves using the Emesent HVM100 system, which is specifically designed for environments where GPS is unavailable, to perform high-resolution 3D scanning of the underground ramp. This part of the survey also includes placing reflective targets to accurately georeference the dataset, resulting in the creation of a geolocated point cloud and a 3D mesh model.

Fieldwork for this survey is expected to wrap up in April 2026, with the final results anticipated to be delivered about three weeks after the completion of the field activities, American Pacific said. This survey is crucial for advancing the Madison project as it helps establish a precise 3-D framework of the existing underground workings, enhances the integration of historical and modern data sets, supports refined targeting of deeper skarn and porphyry mineralization, and aids in derisking future drill collar positioning and underground access planning.

The data obtained from this survey will be a key component of the company's developing district-scale geological model, which will improve the interpretation of structural controls and fluid pathways related to mineralization. Following the survey, the company plans to incorporate the data into its 3-D geological model to refine drill targeting beneath historical workings and evaluate potential strategies for underground access.

"This underground LiDAR survey is critically important as it's the first dependable underground data set ever amassed at Madison, uniting the various historical survey methods into one accurate and verifiable package," Managing Director of Exploration Eric Saderholm said. "With improved underground access caused by receding water, our team has seized the opportunity to rectify and eliminate any previous errors and variances in the available data, both surface and underground. The importance of this procedure for modeling, drilling, and future mineral inventory calculations cannot be understated."

A General Strengthening in the Copper Market

Copper and gold began 2026 from distinct positions but have found common ground in a theme characterized by structural tightness coupled with macroeconomic resistance, according to a report by S&P Global on April 16.

During a recent "Red Metal, Yellow Metal: Where Are Copper & Gold Headed?" webinar hosted by S&P Global, analysts delved into various factors influencing these metals, including shifts in monetary policy, geopolitical risks, supply constraints, and the dynamics of mining costs. These elements are collectively reshaping price expectations for both copper and gold.

The analysts highlighted that both metals are facing challenges such as declining ore grades and increased energy intensity in mining processes. These challenges are setting a higher long-term cost floor for mining operations. Additionally, the impact of emissions from these metals is now more dependent on the composition of the energy grid rather than solely on the design of the mines.

Focusing on copper, the commodity markets have seen a general strengthening, with notable gains in precious metals and materials related to batteries. Copper prices have shown resilience compared to other precious metals, reflecting the tightness in physical markets. Recent data indicate that the LME three-month copper price fell below US$12,000 per metric ton on March 20, 2026. Despite this drop, the average forecast for LME copper prices in 2026 is slightly above US$12,100 per ton. Global visible inventories of copper exceeded 1.3 million tonnes in March 2026, which adds pressure in the near term but does not alleviate the underlying structural tightness.

Analysts have pointed out that the market for copper concentrate is expected to remain in a tight state for an extended period, with a projected cumulative deficit of approximately 3 million tonnes by 2036. They also noted that most new supplies are likely to come from brownfield expansions, which limits the system's capacity to quickly adapt to changes in demand or to disruptions. This ongoing tightness in the copper market underscores the complex interplay of supply constraints and broader economic factors shaping the future of commodity prices.

However, according to a report on FX Street on April 30, Thu Lan Nguyen from Commerzbank recently pointed out that the surplus in copper supply has increased significantly early this year, reaching about 300,000 tons. This situation arose as copper production saw an expansion while demand remained stagnant. Specifically, while there was a slight increase in demand in January, February experienced a notable decline, coinciding with copper prices hovering around US$13,000 per ton, which is nearly 40% higher than the same period last year.

The bank notes that the combination of recent rapid price gains and high energy costs is a contributing factor that is likely to limit the short-term upside potential for copper prices. The data from the monthly report indicates that the supply surplus has grown by over 100,000 tons compared to the previous year in just the first two months. This surplus, along with weak demand exacerbated by high prices, is expected to cap any significant rally in copper prices in the near future.

Furthermore, the ongoing uncertainty in the market, driven by persistently high energy prices, is anticipated to negatively impact future demand trends for copper. As a result, Commerzbank maintains a cautious outlook on the potential for any substantial increase in copper prices in the short term.

Plan of Arrangement With ICG Silver & Gold Ltd.

On March 25, 2026, American Pacific and ICG Silver & Gold Ltd. announced the successful completion of a previously stated plan of arrangement, which involved the transfer of 100% ownership of the Tuscarora and Danny Boy projects, collectively known as the Tuscarora District, from American Pacific to ICG. This transaction was finalized on the same day, marking a significant development for both companies.

"We have always believed that the Tuscarora District warranted a dedicated team to focus its energy and resources in systematically exploring this district-scale silver and gold opportunity in Nevada," American Pacific Chief Executive Officer Warwick Smith. "In our view, ICG is well-positioned to rapidly advance the Tuscarora District to a preliminary resource, leveraging the team's strong capital markets acumen, substantial technical depth, and significant leadership experience at major companies. We look forward to our shareholders benefiting from the advancement of the Tuscarora District, both directly and through American Pacific's equity exposure to ICG, while we concentrate our efforts on our flagship Madison Copper-Gold Project in Montana, where we expect drills to be turning later this month."

ICG's CEO, Steven Sirbovan, acknowledged the extensive efforts by the American Pacific team and previous operators in developing the Tuscarora District to its current advanced stage. He noted that the wealth of quality data available provides a solid foundation for ICG to develop a comprehensive geological model on a district scale. This model will facilitate thorough exploration of their extensive land package for silver and gold and will aid in advancing the project towards its first mineral resource estimate.

Expert: Seeing Underground

On April 28, Jeff Valks of The Gold Advisor wrote that this modern spatial dataset from the survey integrates both surface and underground workings, akin to upgrading from traditional paper maps to a GPS system before embarking on a journey. The new LiDAR scan provides a detailed laser map of the historic mine workings, crucial for aligning old data with new drilling targets as the team prepares to explore deeper skarn and porphyry zones beneath the existing tunnels.

The survey reaches approximately 800 feet from the mine's entrance using the Emesent HVM100 system, resulting in a geolocated point cloud, a 3D mesh model, and integrated underground-surface control points, Valks wrote. This integration is vital as it consolidates historical mine surveys, which were conducted using various methods across different eras, into a single, coherent framework. This alignment significantly enhances the accuracy with which drilling sites, or drill collars, are placed.

This advancement is timely, aligning with recent updates from the company that indicate improving underground access due to receding water levels, the identification of new geological anomalies, and magnetotelluric surveying that supports deeper exploration targets, the author noted. Now, the physical structure underground is catching up with the geological model, marking a typical progression in development-stage exploration from broad interpretation to precise targeting.

"This is a technical step, not a headline-grade discovery event," Valks said. "But bringing historic workings into a modern 3D framework ahead of deeper skarn and porphyry targeting strengthens the setup for what comes next at Madison."

The stock remains a Buy, Valks said, especially after hitting a 52-week low this week, presenting an excellent investment opportunity. The company has been streamlining its operations, focusing on securing cash flow and divesting non-core properties to concentrate efforts and capital on Madison, where the geological potential is most promising.

"I hold a long position; Jeff Clark maintains a long position with no plans to sell," he wrote.

Stock Saw Recent Buy Signal, Analysis Says

The stock of American Pacific recently received a buy signal from a pivot bottom point identified on April 27, according to an AI analysis of the stock on StockInvest.us on April 30. Despite this signal, the stock's price has not increased since the signal was issued, and it is anticipated to rise until a new top pivot is found.

However, the stock is also facing some negative indicators that could affect its short-term performance, the site said. Notably, there are sell signals from both the short-term and long-term moving averages, which together create a more bearish outlook for the stock. Additionally, the long-term average is positioned above the short-term average, reinforcing the general sell signal. 

Resistance could be encountered at the price levels of CA$0.146 and CA$0.160 during upward corrections. If the stock price breaks above either of these levels, new buy signals could be triggered. Currently, there is also a sell signal from the three-month Moving Average Convergence Divergence (MACD), adding to the negative sentiment surrounding the stock.

On the last trading day, American Pacific Mining Corp. experienced an increase in trading volume, but this coincided with a decline in stock price, StockInvest.us noted. This scenario, known as divergence, can sometimes serve as an early warning sign. While increasing volume alongside falling prices can occasionally be viewed positively, especially in typical selloffs, the notably low volume in this case heightens the risk and diminishes the reliability of other technical signals.

Ownership and Share Structure¹

Strategic junior mining investor Michael Gentile owns approximately 8.5% of the company, insiders and management own 9%, institutions own 1%, and the rest is retail.

The company's market capitalization is CA$37.06 million, based on 264.69 million shares outstanding. Its 52-week trading range spans from CA$0.12 to CA$0.29.