American Lithium Reports Significant Progress Across Portfolio in Q3 2023

• Resource update more than quadruples measured & indicated resources at flagship Falchani lithium project to 5.53M tonnes LCE
• Peru courts unanimously uphold Macusani Yellowcake's ownership of 32 disputed concessions
• Semi-detailed EIA submitted for Falchani; approval expected in coming months
• New lithium discovery at Quelcaya assays up to 2,668ppm Li over 222 meters
• Annual meeting approves all proposals; board re-elected for fiscal year

About American Lithium

American Lithium Corp (TSX-V: LI, NASDAQ: AMLI) is a lithium exploration and development company focused on enabling the global transition to electric vehicles through large-scale lithium projects in mining-friendly jurisdictions in the Americas. The company made significant progress advancing its Falchani and Macusani projects in Peru as well as its TLC project in Nevada during a news-filled third quarter of 2023.

With lithium demand forecast to grow over 5-fold through 2030 as EV adoption accelerates globally, American Lithium is positioning itself to be a major new supplier to this rapidly growing market. Investors have responded positively to the developments over the last quarter and American Lithium’s share price has reflected the increased investor enthusiasm.

Falchani Resource Quadruples

The headline development was a new resource estimate for the company’s flagship Falchani lithium project in Peru. The updated mineral resource saw measured and indicated resources increase 476% to 5.53 million tonnes LCE, underlining Falchani’s world-class potential. The resource update provides a robust foundation for American Lithium to aggressively advance Falchani towards production over the next few years to address surging lithium demand.

Key details:

• Measured & indicated resource estimate of 5.53Mt LCE at 2,327ppm Li
• Increase of 476% over previous M&I resources
• High-grade core of 3.13Mt LCE grading 2,719ppm Li identified

The significantly expanded resource base confirms Falchani’s potential to support a long-life, low-cost operation producing over 200,000 tonnes per year of lithium carbonate equivalent. With strong lithium demand forecast over the next decade, Falchani is likely to attract plenty of customer interest.

Peru Courts Confirm Disputed Concession Ownership

In a unanimous ruling, Peru’s Superior Court decisively upheld subsidiary Macusani Yellowcake’s ownership of 32 disputed concessions in the Macusani project area. The ruling is a clear vindication of American Lithium’s long-held position and disputes baseless claims dating back to 2018 challenging the company’s concession ownership.

By cementing legal ownership over the 32 concessions, covering almost 100km2 highly prospective for uranium and lithium, the court ruling provides American Lithium clear title to rapidly advance exploration and development work over the disputed ground. Investors can have renewed confidence progress at Macusani will continue unimpeded after this ruling.

While the Ministry of Mines lodged an appeal with the Supreme Court seeking to overturn the unanimous lower court rulings, American Lithium firmly believes Peru’s highest court will uphold the current verdicts in the company’s favor based on the strong evidence base underpinning their case.

Semi-Detailed EIA Submitted on Schedule

Sticking to guidance, American Lithium submitted its semi-detailed Environmental Impact Assessment for Falchani to Peruvian regulators at the end of November. With submission now formalized, the EIA approval process will get underway and is expected to conclude over the next few months.

Securing EIA approval is a crucial milestone for the project, demonstrating to investors and potential partners American Lithium can successfully navigate Peru’s rigorous regulatory system. With the recent court rulings also evidencing American Lithium’s capacity to overcome legal obstacles in the country, the company continues strengthening its reputation and relationships with Peruvian stakeholders.

Major New Lithium Discovery at Quelcaya

Exploration activities delivered a major new lithium discovery at American Lithium’s Quelcaya prospect, located just 6km from Falchani. High grade lithium mineralization was intersected over significant widths in the project’s first ever drill program. Critical takeaways:

• Mineralization traced over approx. 800m strike length and still open along strike
• High grade intervals include: 102m @ 1,652ppm Li from 4m depth and 222m @ 1,571ppm Li from 126m depth
• Results showcase district-scale pedigree as exploration continues to unlock value across portfolio

The exceptional lithium grades and thicknesses discovered at Quelcaya provide further evidence American Lithium is exploring a premier lithium district. Early indications suggest Quelcaya could represent a higher grade satellite resource that could supplement Falchani ore feed as American Lithium moves the flagship project into development.

While still early days, initial drill results from Quelcaya have exceed expectations and installed significant upside both in terms of scale and grade for American Lithium’s Peru projects. Investors will be watching closely for the next round of results which will assist preliminary resource modeling at Quelcaya.

Conclusion

American Lithium continues revealing world-class credentials across its Peru and Nevada lithium projects against a backdrop of surging lithium demand. With recent developments de-risking and unlocking substantial upside across the portfolio, American Lithium represents an attractive investment opportunity capable of generating transformational returns as the company transitions to developer and producer.