American Lithium Announces Management Changes and Applies to Nasdaq for Extension to Minimum Price Requirement

American Lithium Announces Management Changes and Applies to Nasdaq for

Extension to Minimum Price Requirement

VANCOUVER, BRITISH COLUMBIA, August 27, 2024 – American Lithium Corp. (“American Lithium” or the

“Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) announces the resignation of Simon Clarke as

Chief Executive Officer (“CEO”) and Director of the Company effective September 1, 2024. Mr. Clarke is

stepping down to pursue other interests but will continue to assist the Company in an advisory role. Alex

Tsakumis, who has served on the Board of Directors since 2022, will assume the role of Interim CEO.

Mr. Tsakumis is a seasoned mining executive who has worked in the mining sector for over 30 years. He

has been involved in exploration, development and production projects throughout his career with deep

knowledge and understanding of all aspects of the sector including capital markets and governance.

Andy Bowering, Executive Chairman comments, “On behalf of the Board of Directors, I would like to thank

Simon for his dedication and service to the Company during his tenure and wish him the very best and

every success in his future endeavors.”

The Company would also like to announce that pursuant to the news release of March 13, 2024, it has

applied for an additional 180-days’ notice (“extension”) from the Nasdaq Stock Market LLC (“Nasdaq”) to

regain compliance with the Minimum Bid Price Rule (“Minimum Bid”) of US$1.00 per share under

Nasdaq’s Listing Rule 5550(a)(2).

The extension has no immediate effect on the listing or trading of the Company’s common shares (the

“Shares”) on Nasdaq, or the operations of the Company. If the extension is granted, the Company would

have an additional 180 calendar days to regain compliance with the Minimum Bid, during which time the

Shares would continue to trade on Nasdaq. The extension remains subject to approval of Nasdaq and does

not have any impact on the listing of the Shares on the TSX Venture Exchange.

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.

“Andrew Bowering”

Executive Chairman

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 July 16 , 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 sho uld 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, but 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 the

outcome at this time.