American Lithium Announces Financial and Operating Highlights
American Lithium Announces Financial and Operating Highlights
for First Quarter Ended May 31, 2024
VANCOUVER, BRITISH COLUMBIA , July 16, 2024 – American Lithium Corp. (“American Lithium” or the
“Company”) (TSX -V:LI | Nasdaq:AMLI | Frankfurt:5LA1) is pleased to provide financial and operating
highlights for the first quarter ended May 31, 2024. Unless otherwise stated, all amounts presented are
in Canadian dollars.
Simon Clarke, CEO of American Lithium, comments, “The market backdrop remains challenging across the
lithium sector; however, we have continued to make solid progress while prudently managing our working
capital. Although prices in the uranium sector did consolidate somewhat during the quarter, commodity
pricing remains at strong levels and uranium fundamentals continue to strengthen, suggesting sustained
long-term strength in the sector. As the cycle evolves, our large-scale Macusani Uranium Project is wel l
positioned to benefit.”
Highlights for the Quarter:
• Strengthens Team in Peru - appointment of former Deputy Minister of Mines, Mr. Augusto Cauti
as a Strategic Corporate Advisor in relation to its Peruvian Operations.
• Social Initiative – launched the “Solar Electrification” program together with the Peruvian Armed
Forces involving the installation of solar panels in remote home which lack electricity.
• Strong Progress on Falchani Flow Sheet Optimization –At $5,092/t of lithium carbonate (“LC”) ,
current projected operating costs for Falchani (February 2024 PEA) are already amongst the
lowest globally . The implementation of a number of additional tried and tested
hydrometallurgical processing steps to optimize and simplify the core flow sheet should materially
reduce costs further:
o Reduction of sulfuric acid consumption by approximately 50% and considerable reduction
in reagent costs;
o Continued improvement in specification of key by-products, sulfate of potash and cesium;
o Ongoing work at ANSTO to further simplify flow sheet; and
o Numerous additional full cycle tests at TECMMINE have produced high purity LC (99.5 -
99.87% LC purity).
• Current Intent to Commence Falchani Pilot Work during H2, 2024
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 first quarter ended May 31,
2024. Copies of the Financial Statements and MD&A are available at www.americanlithiumcorp.com or
on SEDAR+ at www.sedarplus.ca.
Three Months
May 31, 2024
Three Months
May 31, 2023
Loss and comprehensive loss $7,006,169 $11,122,415
Loss per share - basic and diluted ($0.03) ($0.05)
As At
May 31, 2024
As At
February 29, 2024
Cash, cash equivalents and guaranteed investment
certificates $8,965,001 $11,889,416
Total assets $167,920,270 $173,594,831
Total current liabilities $2,627,113 $3,115,623
Total liabilities $3,536,802 $4,246,386
Total shareholders’ equity $164,383,468 $169,348,445
Ted O'Connor, PGeo, Executive Vice-President of American Lithium and a qualified person as defined by
NI 43-101, has reviewed and approved the scientific and technical information contained in this news
release.
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.
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 May 29, 2024 , 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 shou ld not place undue reliance on forward -
looking statements.
Cautionary Note Regarding 32 Concessions
Thirty-two of the one -hundred-seventy-four concessions comprising the Falchani and Macusani Projects
are currently subject to Administrative and Judicial processes in Peru to overturn resolutions issued by
INGEMMET and the Mining Council of MINEM in February 2019 and July 2019, respectively, which declared
title to thirty-two concessions invalid due to late receipt of the annual validity payments. On November 2,
2021, American Lithium was awarded a favorable ruling in regard to title to the concessions, bu t on
November 26, 2021, appeals of the judicial ruling were lodged by INGEMMET and MINEM. A three -judge
tribunal of Peru’s Superior Court unanimously upheld the ruling in a decision reported in November 2023.
American Lithium was subsequently notified that INGEMMET and MINEM have filed petitions to the
Supreme Court of Peru to assume jurisdiction in the proceedings. Given the precedent of the original ruling
it is hoped that the Supreme Court will not assume jurisdiction; however, there is no assurance of t he
outcome at this time.