American Lithium Announces Financial and Operating Highlights for the Third
American Lithium Announces Financial and Operating Highlights for the Third
Quarter Ended November 30, 2022
VANCOUVER, British Columbia, Feb. 02, 2023 -- American Lithium Corp. (“American Lithium ” or the “Company”) (TSX-V:LI
| NASDAQ:AMLI | Frankfurt:5LA1) is pleased to provide operating and financial highlights for the third-quarter ending November
30, 2022. Unless otherwise stated, all amounts presented are in Canadian dollars.
“During the quarter, the Company made strong progress and delivered on several key milestones,” stated Simon Clarke, CEO
of American Lithium. “Successful drilling at TLC allowed us to deliver new and expanded resources, forming the foundation for
the Company’s maiden PEA announced yesterday.”
During the Quarter:
• Positive drill results at TLC – continued to receive strong drill results from its 2022 drill program as it intersected high
grade sections at TLC.
• Board Appointment – addition of Carsten Korch to the Board of Directors as an independent director based in Lima,
Peru.
Subsequent Events:
• Mineral Resource Estimate at TLC – reported significant increase in lithium resources at TLC: Measured Resources
increased 25% and Indicated Resources increased 129%.
• Macusani “Spin-Out” – announced intention to “spin-out” its Macusani Uranium Project in Peru into an independent
public company for the benefit of shareholders.
• Nasdaq Listing - commenced trading on Nasdaq Capital Markets under the symbol AMLI.
• Test Work Results at TLC – confirmed 99.4% purity lithium carbonate precipitation after 97.7% lithium leach
extraction and overall lithium recovery of 88.1% at TLC.
• Royalty Buyback – announced buy back of remaining 1% royalty at TLC which is now 100% owned by the Company.
• Reporting of PEA – announced the results of a robust PEA at its wholly owned TLC project in Nevada.
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 three and six months ended November 30, 2022. A copy of the Financial
Statements and MD&A is available at www.americanlithiumcorp.com or on SEDAR at www.sedar.com.
Three months ended
November 30, 2022
Three months ended
November30, 2021
Loss and comprehensive loss $5,436,973 $5,025,637
Loss per share - basic and diluted $(0.03) $(0.03)
As at
November 30, 2022
Year End
February 28, 2022
Cash, cash equivalents and short-term investments $37,189,110 $55,855,718
Total assets $183,914,633 $193,493,125
Total current liabilities $2,191,745 $1,863,445
Total liabilities $2,362,560 $2,691,682
Total shareholders’ equity $181,552,073 $190,801,443
Options, RSU and PSU Grants
The Company announces that it has granted an aggregate of 1,300,000 incentive stock options (the “ Options”) to certain
officers, directors, employees and consultants of the Company in accordance with the Company’s incentive stock option 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 $4.85 until February 2, 2027.
The Company also announces that it has granted an aggregate of 2,420,000 restricted share units (each, an “ RSU”) and
2,000,000 performance share units (each, a “ PSU”) to certain officers, directors and employees of the Company. Each RSU
and PSU represents the right to receive, once vested, one common share in the capital of the Company. The RSUs vest on
February 2, 2024, subject to earlier vesting in the event of a change of control and subject to the polices of the TSX Venture
Exchange. The PSUs will vest upon a change of control or the disposition of a controlling interest in one of the Company’s
core assets, but will not vest in connection with the contemplated “spin-out” transaction involving the Macusani Uranium
Project as announced on December 7, 2022.
All securities issued to officers and directors of the Company will be subject to restrictions on resale for a period four-months-
and-one-day following the original issuance of such securities, in accordance with the policies 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 shift 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 uranium
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.
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 (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 ability to appeal the judicial ruling, the anticipated timing for completion of the PEA, 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 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 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
associated 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 due to the COVID-19 pandemic; 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 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, and 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 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 June 28,
2022, 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. 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
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, 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 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.