LI.V · 2023-08-31 12:00:00

American Lithium Announces Financial and Operating Highlights

Financials

for Second Quarter Ended August 31, 2023

VANCOUVER, BRITISH COLUMBIA, October 17, 2023 – American Lithium Corp. (“American Lithium” or

the “Company”) (TSX-V:LI | NASDAQ:AMLI | Frankfurt:5LA1) provides financial and operating highlights

for the second quarter ended August 31, 2023. Unless otherwise stated, all amounts presented are in

Canadian dollars.

“We continue to make progress across all projects,” stated Simon Clarke, CEO of American Lithium. “In

Nevada, w e enhanced our claystone profile with a strategic investment in Surge Battery Metals and

continued flow sheet improvements at TLC as we move through our pre-feasibility work.

In Peru, we are excited about high grade drill results at Falchani as we continue to advance the project, as

well as a new discovery at Quelcaya which establishes the potential of a large-scale lithium district.”

Highlights of the Quarter:

• Strategic Investment – invested C$5, 360,000 for a 9.7% interest in Surge Battery Metals to

support the development of the Northern Nevada Claystone Project.

• Intersected High-Grade Lithium at Falchani, Extending Known Mineralization – reported highest

grades of both lithium and cesium encountered at the project to date – up to 5,465 ppm lithium

and up to 12,610 ppm cesium.

• Macusani Spin Out Deferral – announced decision to continue to advance the Macusani Uranium

Project within American Lithium.

• Maiden ESG Report – published maiden Environmental, Social and Governance Report for the

fiscal period March 1, 2022 – February 2023.

Subsequent Events:

• Flow Sheet Refinement - continued refinement of TLC PEA flow sheet with higher lithium purity

indicating enhanced economic potential of this project.

• Lithium Discovery at Quelcaya in Peru – new lithium discovery 6 kilometres west of Falchani with

assays up to 2,668 ppm lithium and over 222 metres of continuous mineralization.

Selected Financial Data

The following selected financial data is summarized from the Company’s consolidated financial

statements and related notes thereto (the “Financial Statements”) for the second quarter ended August

31, 2023. Copies of the Financial Statements and MD&A are available at www.americanlithiumcorp.com

or on SEDAR+ at www.sedarplus.ca.

Three Months

August 31, 2023

Three Months

August 31, 2022

Loss and comprehensive loss ($10,579,027) ($10,709,964)

Loss per share - basic and diluted ($0.05) ($0.05)

As At

August 31, 2023

As At

February 28, 2023

Cash, cash equivalents and guaranteed investment

certificates $21,866,938 $40,622,180

Short-term investments $6,298,000 -

Total assets $185,429,628 $194,280,141

Total current liabilities $2,683,538 $1,738,766

Total liabilities $5,110,999 $1,890,074

Total shareholders’ equity $180,318,629 $192,390,067

About American Lithium

American Lithium is actively engaged in the development of large -scale lithium projects within mining -

friendly jurisdictions in the Americas. The Company is currently focused on 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 Hard-rock Lithium Project and Macusani Uranium

Project in southeastern Peru. All three projects, TLC, Falchani and Macusani have been through robust

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

support. Pre-feasibility work is well advanced at Falchani and has commenced at TLC.

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.

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

“Simon Clarke”

CEO & Director

Tel: 604 428 6128

Media Inquiries:

Nancy Thompson

Vorticom, Inc.

Tel: 212-532-2208

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 (collectively

“forward-looking statements”) within the meaning of applicable securities legisl ation. 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, the anticipate d

completion of pre -feasibility work , 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 in this press releas e include, without limitation, statements relating to

ongoing optimization work for the TLC project; the potential to produce battery grade lithium carbonate

and / or hydroxide, the Company’s ability to fund its activities and work programs with its current capital

and the Company’s business and strategic plans. Forward-looking statements are based on the current opinions

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

American Lithium believes th at 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 assuran ce 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 L ithium’s ability to achieve its

stated goals, which could have a material adverse 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 o f the

employees or consultants resulting in delays or diminished capacity, social 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 assoc iated costs; the judicial appeal process in Peru, and any and all future remedies pursued by

American Lithium and its subsidiary Macusani to resolve the title for 32 of its concessions; 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; the interpretation of drill results, the geology, grade and

continuity of mineral deposits; the possibility that any futu re 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 rela ted 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 governmental 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, any of which could continue to ne gatively affect global financial markets, including the trading price of

American Lithium’s shares and could negatively affect American Lithium’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 “Risk Factors” section of American Lithium’s

Management’s Discussion and Analysis filed on May 29, 2023, and in recent securit ies 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. Investors should not place undue reliance on forward-looking statements.

Cautionary Note Regarding Macusani Concessions

Thirty-two of the 169 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 conces sions 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 judicia l 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, with 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 confi rming 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.

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