American Lithium Announces Royalty Buyback at its TLC Lithium Project in Nevada

American Lithium Announces Royalty Buyback

at its TLC Lithium Project in Nevada

VANCOUVER, BRITISH COLUMBIA , January 24, 2023 – American Lithium Corp . (“American Lithium” or

the “Company”) (TSX-V:LI | NASDAQ:AMLI | Frankfurt:5LA1) announces it has entered into an agreement

(the “Agreement”) with Nevada Alaska Mining Co. Inc., an arms-length party, to buy back the remaining

one percent (1%) gross overriding royalty (the “Royalty”) on the Company’s wholly owned TLC Lithium

Project (“TLC”) located in the Esmerelda lithium district northwest of Tonopah, Nevada.

Pursuant to the terms of the Agreement, American Lithium will i ssue 950,000 common shares in the

capital of the Company (“ Shares”) to Nevada Alaska Mining Co. Inc. The Shares will be subject to a

statutory hold period of four months and one day in accordance with applicable securities laws . The

acquisition of the Royalty, and issuance of the Shares, remains subject to the approval of the TSX Venture

Exchange.

Simon Clarke, American Lithium CEO, stated, “ we are very pleased to have reached this agreement with

the royalty holder to buy back thi s valuable royalty, which also ensures that the Company will control

100% of all concessions comprising TLC . As TLC moves through development and into production , this

transaction should be highly accretive and will maximize Project value. Removing this remaining royalty

also enables us to present TLC as wholly unencumbered in our maiden PEA which is expected to be

released in the next few days.”

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.

The TSX Venture 50 is a ranking of the top performers in each of 5 industry sectors in the TSX Venture

Exchange over the last year.

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 mean ing 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 intended completion

of the acquisition of the Royalty, and any other statements regarding the business plans, expectations and objectives

of American Lithium. Forward -looking statements are frequently identified by such words as "m ay", "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 uncertainti es 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 adve rse

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, soc ial 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 in frastructure, 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 remed ies 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 wil l 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; politi cal 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 succe ssful 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 tho se 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 o n 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 appe aled by MINEM and INGEMMET. American

Lithium has no assurance that the outcome of these appeals will be in the Company’s favour.