American Lithium Announces Financial and Operating Highlights
American Lithium Announces Financial and Operating Highlights
for Third Quarter Ended November 30, 2023
VANCOUVER, BRITISH COLUMBIA , January 16, 2024 – American Lithium Corp. (“American Lithium” or
the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) provides financial and operating highlights for
the third quarter ended November 30, 2023. Unless otherwise stated, all amounts presented are in
Canadian dollars.
Simon Clarke, CEO of American Lithium comments, “ This was an extremely busy period with significant
achievements across our projects in Peru and Nevada. This momentum has continued past quarter end
with the completion of the updated PEA for Falchani, highlighting very robust economics for the project,
including a tripling of NPV from the last PEA.”
Highlights of the Quarter:
• Resource Update at Falchani – newly updated mineral resource estimate (“MRE”) resulted in a
476% increase in Measured and Indicated Resources (“M&I”) to 5.53 million tonnes (“Mt”) of
lithium carbonate (447 Mt @ 2,327 parts per million (“ppm”) Li) to the block model.
• Unanimous Ruling in Peru - Peru’s Superior Court unanimously upheld the previously announced
ruling in favour of the Company’s subsidiary, Macusani Yellowcake in relation to title over 32
disputed concessions out of 172 owned by Macusani. The Court ruling clearly establishes that
Macusani is the rightful owner of these concessions and highlights that the action launched by
the Geological, Mining, and Metallurgical Ins titute (“ INGEMMET”) and Ministry of Energy and
Mines (“MINEM”) in October 2018 was baseless and unsubstantiated.
• Semi-Detailed Environmental Impact Study (EIA -sd) – submitted for Falchani to the MINEM
ahead of schedule. With the filing acknowledged by MINEM, regulatory approval for the EIA-sd is
anticipated in the coming months.
• Lithium Discovery at Quelcaya in Peru – new lithium (“Li”) discovery 6 kilometres west of Falchani
with assays up to 2,668 ppm lithium and over 222 metres of continuous mineralization.
• Flow Sheet Refinement - continued refinement of the TLC PEA flow sheet with higher Li purity
(99.54%) indicating enhanced economic potential of this project.
• Annual General Meeting – shareholders voted in favor of the proposals set forth in the
Management Information Circular, including the re -election of seven members to the board of
directors for the fiscal year.
Subsequent Events:
• Updated PEA for Falchani – highlights robust economics, after-tax NPV triples to US $5.11 billion,
IRR of 32% and low opex of $5,093 /t LCE.
• Technical Report Filed for Falchani - independent National Instrument 43-101 Technical Report
on the updated MRE for the Falchani filed showcasing the 476% increase in M&I Resources.
• Resource Footprint Expanded at TLC – step out drilling has expanded the measured resource
footprint at the TLC Lithium Project. A total of 26 diamond core holes and 16 reverse circulation
holes drilled in 2022 and 2023 will be added to the updated mineral resource block model and
incorporated into an updated MRE on TLC.
• Petition Filed in Peru – following the unanimous ruling from the Peruvian Superior Court
confirming the Company’s title to 32 disputed concessions, INGEMMET and MINEM petitioned
the Supreme Court in a final attempt to reverse the ruling.
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 third quarter ended November
30, 2023. Copies of the Financial Statements and MD&A are available at www.americanlithiumcorp.com
or on SEDAR+ at www.sedarplus.ca.
Three Months
November 30, 2023
Three Months
November 30, 2022
Loss and comprehensive loss ($11,169,972) ($5,436,973)
Loss per share - basic and diluted ($0.05) ($0.03)
As At
November 30, 2023
As At
February 28, 2023
Cash, cash equivalents and guaranteed investment
certificates $17,086,502 $40,622,180
Short-term investments $4,171,420 -
Total assets $177,178,511 $194,280,141
Total current liabilities $2,195,227 $1,738,766
Total liabilities $4,389,041 $1,890,074
Total shareholders’ equity $172,789,470 $192,390,067
About American Lithium
American Lithium 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 shift to
the new energy paradigm through the continued d evelopment of its strategically located TLC lithium
project (“TLC”) in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to
advance its Falchani lithium (“Falchani”) and Macusani uranium (“Macusani”) development-stage projects
in southeastern Peru. All three projects, TLC, Falchani and Macusani have been through robust preliminary
economic assessments, exhibit strong significant expansion potential and enjoy strong community
support. Pre-feasibility is advancing well TLC and Falchani.
For more information, please contact the Company at [email protected] or visit our website
at www.americanlithiumcorp.com.
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
(collectively “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 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 an d results. 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 that the current opinions and expectations reflec ted 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 pro ve 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;, 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 of the employees or
consultants resulting in de lays 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 associated costs; 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 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 g overnmental
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 general ly, 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
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 October 16, 2023, and in recent securities filings available at
www.sedarplus.ca. 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.