LI.V · 2024-10-10 12:00:00

American Lithium Issues Shareholder Letter

Shareholder Letters & Outlook

VANCOUVER, BRITISH COLUMBIA, October 10, 2024 – American Lithium Corp. (“American Lithium” or

the “Company”) (TSX-V:LI | Nasdaq:AMLI | Frankfurt:5LA1) is pleased to issue a letter to shareholders.

Dear Shareholders,

As the newly appointed Interim Chief Executive Officer of American Lithium, I am pleased to update you

on our progress as we prepare for an inevitable lithium market recovery, particularly for “Made in

America” lithium carbonate. All told, it has been a challenging period for the battery metals industry, with

market conditions affecting all lithium developers worldwide. Despite this, we are committed and poised

for what we are confident will be a robust recovery, especially with recent global developments creating

renewed optimism.

The sharp decline in lithium prices – from a high of $85,000 per ton to around $10,000 per ton , has

impacted valuations across the board for all lithium developers, including us. This being said, we remain

focused on diligently advancing each of our large-scale “green metals” deposits towards a pre-feasibility

study (an initial blueprint for a mine) and beyond.

To adapt to evolving market conditions, we have taken proactive steps, including cost-cutting measures,

carefully managing our advanced development work , implementing management changes, and

prioritizing the preservation of our treasury. These actions are designed to prepare us for when market

conditions improve. Our top priority remains ensuring the advancement of all ongoing projects and

continuing our strong relationships with our communities.

As the first seedlings of an industry -wide recovery begin to sprout, we are seeing new marketplaces

emerge to support the advent of premium pricing for lithium carbonate supplies. This bodes especially

well for American Lithium.

Plus, we aim to benefit from Peru’s bid to generate its own nuclear energy, as one of the founding

members of the International Atomic Energy Agency , by unlocking value at the Company’s premier

Macusani Uranium Project.

Our business fundamentals remain strong going forward. In fact, the past 18 months have seen our

resource base grow substantially at both TLC and Falchani, elevating them on a global scale.

Both countries in which we operate continue to support securing a strong domestic critical metals supply

chain and our goal is to provide a meaningful contribution to this end.

I look forward to the opportunity to share our strategic vision for the future with you and all our

stakeholders. In line with this, we will be publishing an operational update this month on our projects and

the path forward. Thank you for your ongoing support and commitment to the American Lithium.

About American Lithium

American Lithium is developing two of the world’s largest, advanced -stage lithium projects, along with

the largest undeveloped uranium project in Latin America. They include the TLC claystone lithium project

in Nevada, the Falchani hard rock lithium project and the Macusani uranium deposit, both in southern

Peru. All three projects, have been through robust preliminary economic assessments, exhibit 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.

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

“Alex Tsakumis”

Interim CEO and 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 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 explor ation,

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, 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 fili ngs 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 securi ties laws. Investors should 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 MINE M 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.

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