American Lithium Announces Financial and Operating Results for the Period
American Lithium Announces Financial and Operating Results for the Period
Ended May 31, 2022
VANCOUVER, BRITISH COLUMBIA, August 2, 2022 – American Lithium Corp. (“American Lithium” or the
“Company”) (TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) is pleased to report its operating and financial
results for the three month period ending May 31, 2022. Unless otherwise stated, all amounts presented
are in Canadian dollars.
“Q1 of the Company’s financial year was extremely busy with the ramp up in drilling and the launch of the
final phase of work needed to complete the maiden PEA at our TLC Project in Nevada (“TLC”), ” stated
Simon Clarke, CEO of American Lithium.
“Additionally, we have generated good momentum on all our projects in the last couple of months . In
particular, pre-feasibility work is underway at Falchani and process work has validated Sulfate of Potash
(“SOP”) as a key strategic by -product. At Macusani, field work continues to identify additional uranium
anomalies and drill targets and at TLC the Company reported its best drill results to date. We anticipate a
number of milestones this quarter and look forward to keeping you updated on development.”
Highlights During the Quarter
• Launch of final phase of PEA compilation at TLC - appointment of DRA Global as lead engineer to
finalize the TLC PEA, along with Stantec Consulting and ANSTO Minerals, Australia who have deep
collective expertise in lithium processing, resource calculation and mine / project design and
construction.
• Acquisition of water rights for TLC - agreement to acquire 431 acres of privately held agricultural
lands near TLC, along with the accompanying 1,468 acre-feet of water rights for consideration of
US$3.125 million . This brings the total water rights owned by the Company to approximately
2,500 acre-feet, which is expected to provide sufficient water for at least the init ial phases of
future production at TLC.
Subsequent Developments
• Drilling encounters best results to date at TLC - initial 5 diamond drill holes intersected lithium
mineralization with higher grades and consistently thicker mineralization than the existing TLC
resource. Program’s goal is focused on expanding and locating higher grade opportunities within
the current TLC resource.
• Pre-Feasibility work at Falchani - commencement of environmental work required for a pre -
feasibility study on the Falcha ni Project, with the initiation of an Environmental Impact
Assessment with SRK Peru. This process will run parallel with work to update the existing PEA on
Falchani and will also involve work in the field in and around Falchani.
• Validation of SOP as strate gic by-product at Falchani - successful precipitation of high purity,
fertilizer-quality SOP from the Company’s Falchani Project . This is strategically important given
Peru’s large dependence on importing fertilizers.
• Acquisition of additional concessions in Peru - acquired additional highly prospective mining
concessions covering approximately 14,243 hectares in Southern Peru in proximity to its existing
projects for total consideration of US$400,000 and 2,500,000 common shares of the Company.
• New Board and Management Appointees - appointment of Ms. Claudia Tornquist to the Board
of Directors, and the transitioning of Ted O’Connor from director to Executive Vice President.
• Public Relations and Marketing Initiatives - entered into agreements relating to public relations
and marketing activities with Vorticom Inc. (New York) and Crux Investor, (London, UK).
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 months ended Ma y 31,
2022. A copy of the Financial Statements and MD&A is available at www.americanlithiumcorp.com
on SEDAR at www.sedar.com.
Three months ended
May 31, 2022
Three months ended
May 31, 2021
Loss and comprehensive loss $8,992,780 $3,094,582
Loss per share - basic and diluted $0.04 $0.02
As at May 31, 2022
Year End
February 28, 2022
Cash $53,351,716 $55,855,718
Total assets $195.5 million $193.5 million
Total current liabilities $2,378,871 $1,863,445
Total liabilities $3,207,677 $2,691,682
Total shareholders’ equity $187.4 million $190.8 million
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 lithi um 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 signific ant 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 state ments”) 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", "anti cipate", "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 t he 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 inh erently 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 Americ an
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; 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 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 m ay
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. Investors should not place undue relia nce 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, with the result being that all 32 c oncessions 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.