LI.V · 2023-06-12 12:00:00

American Lithium Completes Strategic Investment in Surge Battery Metals

Financings

VANCOUVER, BRITISH COLUMBIA , June 12, 2023 – American Lithium Corp . (“American

Lithium” or the “ Company”) (TSX-V:LI | NASDAQ:AML| Frankfurt:5LA1) announces that it has

completed its strategic investment (the “ Investment”) in Surge Battery Metals Inc. ("Surge"). The

Investment of C$5,360,000 represents the full commitment from American Lithium and is the

cornerstone investment in the recently announced Surge private placement . American Lithium now

holds approximately 9.7% of the total issued and outstanding shares of Surge.

In connection with the Investment, American Lithium has been issued 13,400,000 units (each, a "Unit") of

Surge at a price of $0.40 per Unit with each Unit being comprised of one common share and on e share

purchase warrant (each, a "Warrant"). Each Warrant is exercisable for a period of three years from the

date of issuance at a price of $0.55 per share. The securities comprising the Units and any shares

underlying the Warrants may not be sold until October 10, 2023 (being four months and a day from their

issuance).

As part of its investment, American Lithium has the right to elect a Director to the Surge Board of Directors

and has elected Ted O’Connor, its Executive Vice President, to represent the Company and he has been

appointed with immediate effect. The Company has also entered into an Advisory Agreement with Surge

pursuant to which it will provide technical advice to Surge in relation to the ongoing exploration and

development of the Nevada North Lithium Project and will be provided all relevant data.

Simon Clarke, CEO of the Company commented, “ we are very pleased with this investment which will

enable the continued exploration and development of the Nevada North Lithium Project, a claystone

project which we believe is highly prospective with the potential to be a large-scale, high-grade deposit.

Our team has over 6 years of claystone experience successfully discovering, de-risking and developing the

TLC Project and this investment further reinforces our position as a leader in claystone development in

Nevada. We believe that the potential of the higher quality Nevada claystone projects to provide near-

term, high purity lithium products, without the need for refining / upgrading overseas, positions them as

a key source of truly secure domestic supply unlike many other sources of lithium across North America.”

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 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 Hard-rock Lithium Project and

Macusani Uranium Project 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. Pre -feasibility work is well advanced at Falchani and has commenced

at TLC.

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.

On behalf of the Board of Directors of American Lithium Corp.

“Simon Clarke”

CEO & Director

Tel: 604 428 6128

For Media Inquiries:

Nancy Thompson

Vorticom, Inc.

212-532-2208

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 informatio n 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 th is 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 and 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;, which could have a material adverse impact on many

aspects of American Lithium’s businesses including but n ot 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; 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 explorat ion 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, 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 abilit y 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, 2023 , 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, right s 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 fi nal 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.

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