American Lithium adds additional independent to Board of Directors with appointment of Peru based Director

American Lithium adds additional independent to Board of Directors with

appointment of Peru based Director

VANCOUVER, BRITISH COLUMBIA, October 04, 2022 – American Lithium Corp. (“American Lithium” or

the “Company”) (TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to announce the appointment of

Carsten Korch to the Board of Directors and as an audit committee member.

Carsten is a Peru based entrepreneur with more than 30 years’ experience as founder, co-founder, and

board member of companies across a variety of sectors. Carsten has lived in Peru for over 20 years and

is an established member of that community with deep relationships throughout the country.

Carsten is an innovative leader who specializes in project development and government issues and has

significant experience in audit and compensation committee matters. He was an early investor in Assante

Gold Corporation (West Africa) and has supported the company through exploration, development and

into production and is an independent board member and member of the audit committee. He is also on

the Board of Peru based Panoro Apurimac SA., a private company exploring for copper in Peru. Carsten

was born and raised in Denmark and communicates in 6 languages including Spanish.

Andy Bowering, Chairman of American Lithium stated, “We are very pleased to welcome Carsten to the

Company. He is an innovative, resourceful, and forward -thinking leader with deep relationships and

connections in Peru and strong knowledge of local matters. He sees great potential in our projects, as well

as the benefits they can unlock for Peru and is committed to supporting and working with our team and

stakeholders to help us maximize value.”

Options and RSU grants

In connection with the above appointment of Carsten Korch, the Company also announces that it has

granted an aggregate of 150,000 incentive stock options (the “Options”) and 150,000 restricted share

units (the “RSUs”) in accordance with the Company’s incentive plan (the “Incentive Plan”), and as

compensation for ongoing services rendered to the Company. The Options vest over a period of 12

months and are exercisable at a price of $2.14 until July 4, 2027. Each RSU represents the right to receive,

once vested, one common share in the capital of the Company. The RSUs vest on July 4, 2024, subject to

earlier vesting in the event of a change of control and subject to the polices of the TSX Venture Exchange.

About American Lithium

American Lithium, a member of the TSX Venture 50, is actively engaged in the development of large-scale

lithium projects within mining-friendly jurisdictions throughout the Americas. The Company is currently

focused on enabling the sh ift to the new energy paradigm through the continued development of its

strategically located TLC lithium claystone project in the richly mineralized Esmeralda lithium district in

Nevada, as well as continuing to advance its Falchani lithium and Macusani u ranium development-stage

projects in southeastern Peru. Both Falchani and Macusani have been through robust preliminary

economic assessments, exhibit strong significant expansion potential and enjoy strong community

support. Pre-feasibility work has now commenced at Falchani.

The TSX Venture 50 is a ranking of the top performers in each of 5 industry sectors in the TSX Venture

Exchange over the last year.

For more information, please contact the Company at [email protected] or visit our website

at www.americanlithiumcorp.com for project update videos and related background information.

Follow us on Facebook, Twitter and LinkedIn.

On behalf of the Board of Directors of American Lithium Corp.

“Simon Clarke”

CEO & Director

Tel: 604 428 6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press

release.

Cautionary Statement Regarding Forward Looking Information

This news release contains certain forward -looking information and forward -looking statements (c ollectively

“forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than

statements of historical fact, are forward -looking statements. Forward -looking statements in this news release

include, but are not limited to, statements regarding the ability to appeal the judicial ruling, and any other statements

regarding the business plans, expectations and objectives of American Lithium. Forward -looking statements are

frequently identified by such words as "may ", "will", "plan", "expect", "anticipate", "estimate", "intend", “indicate”,

“scheduled”, “target”, “goal”, “potential”, “subject”, “efforts”, “option” and similar words, or the negative

connotations thereof, referring to future events and results. Forward -looking statements are based on the current

opinions and expectations of management are not, and cannot be, a guarantee of future results or events. Although

American Lithium believes that the current opinions and expectations reflected in such forward -looking statements

are reasonable based on information available at the time, undue reliance should not be placed on forward -looking

statements since American Lithium can provide no assurance that such opinions and expectations will prove to be

correct. All forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and

uncertainties, including risks, uncertainties and assumptions related to: American Lithium’s ability to achieve its

stated goals; risks and uncertainties relating to the COVID -19 pandemic and the extent and manner to which

measures taken by governments and their agencies, American Lithium or others to attempt to reduce the spread of

COVID-19 could affect American Lithium, which could have a material advers e impact on many aspects of American

Lithium’s businesses including but not limited to: the ability to access mineral properties for indeterminate amounts

of time, the health of the employees or consultants resulting in delays or diminished capacity, socia l or political

instability in Peru which in turn could impact American Lithium’s ability to maintain the continuity of its business

operating requirements, may result in the reduced availability or failures of various local administration and critical

infrastructure, reduced demand for the American Lithium’s potential products, availability of materials, global travel

restrictions, and the availability of insurance and the associated costs; the judicial appeal process in Peru, and any

and all future remedi es pursued by American Lithium and its subsidiary Macusani to resolve the title for 32 of its

concessions; risks regarding the ongoing Ontario Securities Commission regulatory proceedings; the ongoing ability

to work cooperatively with stakeholders, including but not limited to local communities and all levels of government;

the potential for delays in exploration or development activities due to the COVID-19 pandemic; the interpretation of

drill results, the geology, grade and continuity of mineral deposit s; the possibility that any future exploration,

development or mining results will not be consistent with our expectations; risks that permits will not be obtained as

planned or delays in obtaining permits; mining and development risks, including risks related to accidents, equipment

breakdowns, labour disputes (including work stoppages, strikes and loss of personnel) or other unanticipated

difficulties with or interruptions in exploration and development; risks related to commodity price and foreign

exchange rate fluctuations; risks related to foreign operations; the cyclical nature of the industry in which American

Lithium operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or

delays in obtaining govern mental approvals; risks related to environmental regulation and liability; political and

regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment

and the effects upon the global market generally, a nd due to the COVID-19 pandemic measures taken to reduce the

spread of COVID-19, any of which could continue to negatively affect global financial markets, including the trading

price of American Lithium’s shares and could negatively affect American Lithiu m’s ability to raise capital and may

also result in additional and unknown risks or liabilities to American Lithium. Other risks and uncertainties related to

prospects, properties and business strategy of American Lithium are identified in the “Risks and Uncertainties” section

of Plateau’s Management’s Discussion and Analysis filed on January 19, 2021, in the “Risk Factors” section of

American Lithium’s Management’s Discussion and Analysis filed on January 29, 2021, and in recent securities filings

available at www.sedar.com. Actual events or results may differ materially from those projected in the forward -

looking statements. American Lithium undertakes no obligation to update forward -looking statements except as

required by applicable securities laws. Inve stors should not place undue reliance on forward -looking statements.

Cautionary Note Regarding Macusani Concessions Thirty -two of the 151 concessions held by American Lithium’s

subsidiary Macusani, are currently subject to Administrative and Judicial processes (together, the “Processes”) in Peru

to overturn resolutions issued by INGEMMET and the Mining Council of MINEM in February 2019 and July 2019,

respectively, which declared Macusani’s title to 32 of the concessions invalid due to late receipt of the annual validity

payments. In November 2019, Macusani applied for injunctive relief on 32 concessions in a Court in Lima, Peru and

was successful in obtaining such an injunction on 17 of the concessions including three of the four concessions

included in the Macusani Uranium Project PEA. The grant of the Precautionary Measure (Medida Cautelar) has

restored the title, rights and validity of those 17 concessions to Macusani until a final decision is obtained at the last

stage of the judicial process. A Precautionary Measure application was made at the same time for the remaining 15

concessions and was ultimately granted by a Court in Lima, Peru on March 2, 2021 which has also restored the title,

rights and validity of those 15 remaining concessions to Macusani, w ith the result being that all 32 concessions are

now protected by Precautionary Measure (Medida Cautelar) until a final decision on this matter is obtained at the

last stage of the judicial process. The favourable judge’s ruling confirming title to all 32 concessions from November

3, 2021 represents the final stage of the current judicial process. However, this ruling has recently been appealed by

MINEM and INGEMMET. American Lithium has no assurance that the outcome of these appeals will be in the

Company’s favour.