American Lithium Advances Key Lithium Projects in Nevada and Peru Highlighted in Q1 Results

American Lithium Corp. (TSX-V: LI), a lithium exploration and development company focused on projects in Nevada and Peru, announced its financial and operating results for the first quarter ended May 31, 2023. The Vancouver-based company highlighted progress on its TLC Lithium Project in Nevada and Falchani Lithium Project in Peru.

The company reported a comprehensive loss of $11.1 million for Q1 2023 compared to $9 million in Q1 2022. The increased loss reflects the company's continued investment in advancing its lithium projects towards production.

Key highlights for the quarter included:

• Appointing DRA Global to lead engineering for the Falchani pre-feasibility study.
• Filing a robust PEA for the TLC Project and appointing DRA Global to lead its pre-feasibility study.
• Receiving the first of three drill permits for Falchani, enabling exploration of highly prospective targets.

Simon Clarke, CEO of American Lithium, stated: "We continue to see good progress on all fronts and delivered on several key milestones." He noted that Falchani is advancing through pre-feasibility while TLC has now moved into that phase.

Importantly, the company received permits to commence drilling around Falchani, which subsequently revealed the highest lithium and cesium grades seen to date in July 2023. American Lithium also invested in Nevada lithium company Surge Battery Metals to support development in the region.

With lithium demand surging, American Lithium's projects position it strongly to benefit from the electric vehicle revolution. Investors should watch for ongoing de-risking of the company's assets as it marches towards lithium production this decade. Key milestones to monitor include results from ongoing drilling and completion of pre-feasibility studies for Falchani and TLC.