American Lithium Reports Successful Resource Conversion with Significant Increase in Measured Resources at TLC, up 47% to 6.17 Mt contained LCE
American Lithium Reports Successful Resource Conversion with Significant
Increase in Measured Resources at TLC, up 47% to 6.17 Mt contained LCE
VANCOUVER, BRITISH COLUMBIA, February 27, 2025 – American Lithium Corp. (“American Lithium” or
the “Company”) (TSX-V:LI | OTCQX:AMLIF | Frankfurt:5LA1) is pleased to announce an updated Mineral
Resource Estimate (“MRE”) for the Tonopah Lithium Claims (“TLC”) project , located in the Esmerelda
lithium district northwest of Tonopah, Nevada. Th e updated MRE has successfully converted Indicated
Resources to the Measured category, increasing Measured Resources 47% from the previous 2023 MRE
at TLC. The resource block model has been further refined, increasing the confidence of the TLC resource.
The vast majority of resources used in the 2024 PEA Mine Plan are now within the more reliable Measured
Resource footprint.
The updated MRE was completed by Stantec Consulting Services Inc. of Salt Lake City, UT and is based on
an additional 44 drill holes drilled since the previously filed January 2023 MRE.
Highlights: (see Table 1 February 2025 TLC MRE & Table 2 Previous January 2023 TLC MRE, below)
Link to: Figure 1 – TLC Project Updated Mineral Resource Block Outline and Drill Hole Location Map (also see below)
• Measured Resource – 6.17 Mt Lithium Carbonate Equivalent (“LCE”) ( 1,365 Mt @ 849 ppm Li) ;
increase of 47% contained LCE versus 2023 MRE
• Indicated Resource – 2.39 Mt LCE (553 Mt @ 808 ppm Li); decrease of 48% versus 2023 MRE
• Measured + Indicated Resource – 8.56 Mt LCE (1,918 Mt @ 839 ppm Li); 3% decrease from 2023 MRE
• Inferred Resource – 1.44 Mt LCE (345 Mt @ 780 ppm Li); 22% decrease from 2023 MRE
American Lithium Interim CEO, Alex Tsakumi s states: “We are very pleased with the newly established
and upgraded Measured Resource footprint at TLC as it not only increases the resource confidence level
in the Measured category but also represents the core of the 2024 PEA Mine Plan. Our focus remains on
diligently and prudently advancing our projects as we prepare for an anticipated recovery in the battery
metals market.”
Table 1 – Updated TLC Mineral Resource Estimate (February 2025)
• CIM definitions are followed for classification of Mineral Resource.
• Mineral Resource surface pit extent has been estimated using a lithium carbonate price of US20,000 US$/tonne and mining
cost of US$3.00 per tonne, a lithium recovery of 90%, fixed density of 1.70 g/cm3 (1.43 tons/yd3)
• Conversions: 1 metric tonne = 1.102 short tons, metric m3 = 1.308 yd3, Li2CO3:Li ratio = 5.32, LiOH.H2O:Li ratio =6.05
• Totals may not represent the sum of the parts due to rounding.
• The Mineral Resource estimate has been prepared by Joan Kester, PG of Stantec Consulting Services Inc. in conformity with
CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with
the Canadian S ecurities Administrators NI 43 -101. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.
Cutoff Volume Tonnes Li Million Tonnes (Mt)
Li (ppm) (Mm3) (Mt) (ppm) Li Li2CO3 LiOH.H2O
Measured
500 803 1,365 849 1.16 6.17 7.02
600 645 1,097 923 1.01 5.37 6.11
800 396 673 1,065 0.72 3.83 4.36
1,000 217 369 1,208 0.45 2.39 2.72
1,200 100 170 1,345 0.23 1.22 1.39
Indicated
500 325 553 808 0.45 2.39 2.72
600 238 405 903 0.37 1.97 2.24
800 141 240 1,050 0.25 1.33 1.51
1,000 70 119 1,212 0.14 0.74 0.85
1,200 32 54 1,365 0.07 0.37 0.42
Measured plus Indicated
500 1,128 1,918 839 1.61 8.56 9.74
600 883 1,502 919 1.38 7.34 8.35
800 537 913 1,062 0.97 5.16 5.87
1,000 287 488 1,209 0.59 3.13 3.57
1,200 132 224 1,339 0.30 1.59 1.81
Inferred
500 203 345 780 0.27 1.44 1.63
600 139 236 887 0.21 1.12 1.27
800 83 141 1,022 0.14 0.74 0.85
1,000 39 66 1,169 0.08 0.43 0.48
1,200 13 22 1,326 0.03 0.16 0.18
Table 2 – Previous TLC Mineral Resource Estimate (January 2023)
• CIM definitions are followed for classification of Mineral Resource.
• Mineral Resource surface pit extent has been estimated using a lithium carbonate price of US20,000 US$/tonne and mining
cost of US$3.00 per tonne, a lithium recovery of 90%, fixed density of 1.70 g/cm3 (1.43 tons/yd3)
• Conversions: 1 metric tonne = 1.102 short tons, metric m3 = 1.308 yd3, Li2CO3:Li ratio = 5.32, LiOH.H2O:Li ratio =6.05
• Totals may not represent the sum of the parts due to rounding.
• The Mineral Resource estimate has been prepared by Joan Kester, PG and Derek Loveday, P. Geo. of Stantec Consulting
Services Inc. in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and
are reported in accordance with the Canadian Securities Administrators NI 43 -101. Mineral resources are not mineral
reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be
converted into mineral reserve.
Cutoff Volume Tonnes Li Million Tonnes (Mt)
Li (ppm) (Mm3) (Mt) (ppm) Li Li2CO3 LiOH.H2O
Measured
500 506 860 924 0.79 4.2 4.78
600 416 707 1006 0.71 3.78 4.3
800 283 481 1153 0.55 2.93 3.33
1000 203 345 1255 0.43 2.29 2.6
1200 104 177 1401 0.25 1.33 1.51
Indicated
500 701 1192 727 0.87 4.63 5.26
600 438 745 835 0.62 3.3 3.75
800 218 371 987 0.37 1.97 2.24
1000 80 136 1148 0.16 0.85 0.97
1200 22 37 1328 0.05 0.27 0.3
Measured plus Indicated
500 1207 2052 809 1.66 8.83 10.04
600 854 1452 916 1.33 7.08 8.05
800 501 852 1080 0.92 4.9 5.57
1000 283 481 1227 0.59 3.14 3.57
1200 126 214 1402 0.3 1.6 1.81
Inferred
500 286 486 713 0.35 1.86 2.12
600 173 294 827 0.24 1.28 1.45
800 77 131 995 0.13 0.69 0.79
1000 31 53 1151 0.06 0.32 0.36
1200 8 14 1315 0.02 0.11 0.12
Figure 1 – TLC Project Updated Mineral Resource Block Outline and Drill Hole Location Map
Mineral Resource Estimation Calculation Methodology
The geologic model used for reporting of lithium resources was developed using Hexagon Mining’s
geological modelling and mine planning software, MinePlan version 16. 1.1. The geologic model from
which lithium resources are reported is a 3D block model developed using the Nevada State Plane Central
Zone NAD83 coordinate system and U.S. customary units. Block size is 50ft-X, 50ft-Y and 20ft-Z. Modeling
method and approach is similar to that described in the prior Technical Report (Loveday and Kester, 2023)
but with a re-interpretation of geologic controls on mineralization using the additional exploration drilling
and geophysical data.
A base case lithium resource cut-off grade has been calculated based on the economics of a medium size
(100 Mtpa) run-of-mine (ROM) surface mining operation that does not require blasting. Processing of the
mineralized material would be onsite extracting lithium from claystone using an ac id digestion method.
Resources are reported from within an economic pit shell at 45 -degree constant slope using Hexagon
mining Pseudoflow algorithm. Maximum pit depth is limited to 1,000 feet (304.8 m) below surface. No
underground mining is considered.
The following mining, processing, royalty, and recovery costs, in US$, were used to derive a base case cut-
off grade to produce a lithium carbonate (Li2CO3) equivalent product:
• Mining costs US$3/tonne;
• Processing costs US$49/tonne;
• Royalties US$1/tonne;
• General and administration US$1/tonne; and Processing recovery 90%.
Revenue from a lithium carbonate product is estimated to be US$20,000/tonne for the cutoff grade
calculation. Using the above inputs and Li 2CO3:Li ratio of 5.32, a base case cut -off grade for lithium is
estimated to be 500 ppm, rounded from 501 ppm. The base case cut-off grade of 500 ppm lithium is the
same as the prior (Loveday and Kester, 2023) Mineral Resource Estimate (“ MRE”) using the same cost
assumptions as the prior MRE.
The updated base case MRE represents an increase of 47% Li2CO3 equivalent tonnes in the Measured
Category, a decrease of 48% for the Indicated category when compared to the prior MRE ( both at 5 00
ppm Li cutoff). Inferred Li 2CO3 equivalent resources have decreased by 22% percent when compared to
the prior MRE for the base case.
Resource Estimate Parameters:
• Resource Update Effective Date – February 7, 2023:
▪ 44 new drill holes (2022 to 2023) added to current MRE (16 RC and 28 Diamond)
▪ 82 drill holes (2019 to 2022 in previous MRE)
Quality Assurance, Quality Control and Data Verification
Diamond drilling was conducted by First Drilling of Montrose, Colorado using large diameter, PQ -size,
drilling entirely vertical holes in 2022. In 2023 eight (8) additional diamond cores were drilled by IG Drilling
of Payson, Utah using drill rig CS -14 using either a PQ or HQ diameter drill bit . Drill core samples are
nominally 5 -foot (1.53 m) length and are cut longitudinally, and one half of the HQ -size core, or one
quarter of PQ size core is placed in sealed bags and shipped to analytical laboratories.
Reverse Circulation (RC) drilling was conducted by Harris Exploration Drilling and Associates Inc., of Fallon,
Nevada with 5.5 -inch diameter face centred bit on vertical drill holes. Sampling was conducted using a
riffle splitter or a cyclone splitter depe nding on the moisture content of the sampled material. Sampling
was conducted over 5 -foot (1.52m) intervals with individual samples placed in sealed bags and
transported to the respective analytical labs. In 2023 three (3) RC holes were
drilled by Harris’s Canterra Rig using 5.5” diameter.
Samples were shipped to American Assay Laboratories (AAL) in Sparks, Nevada for sample preparation ,
processing and ICP -MS multi -element analysis. Pulps and rejects are returned and retained by the
Company. AAL is an ISO/IEC 17025 certified assay laborator y. The QA/QC program includes a
comprehensive analytical quality assurance and control routine comprising the systematic use of
Company inserted standards, blanks and field duplicate samples, and internal laboratory QA/QC standard
operating procedures. Downhole lengths (depths) for vertical drill holes are considered accurate true
depth intersections for the essentially flat-lying, to gently dipping TLC host stratigraphy.
Mineral Resource Estimate Preparation
The Mineral Resource estimate has been prepared by Joan Kester, PG of Stantec Consulting Services Inc.
in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines
and are reported in accordance with the Canadian Securities Administrators NI 43-101. Mineral resources
are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any
mineral resource will be converted into mineral reserve.
Qualified Persons
Ms. Joan Kester, PG and Ms. Mariea Kartick, P. Geo. of Stantec Consulting Services Inc. are Qualified
Persons as defined by National Instrument 43 -101 Standards of Disclosure for Mineral Projects , ha ve
prepared or supervised the preparation of, or ha ve reviewed and approved, the scientific and technical
data pertaining to the Mineral Resource estimates contained in this release, and will be preparing the NI-
43-101 Technical Report for filing on SEDAR within 45 days.
Mr. Ted O’Connor, P.Geo., Executive Vice President of American Lithium, and a Qualified Person as
defined by National Instrument 43 -101 Standards of Disclosure for Mineral Projects , has reviewed and
approved the scientific and technical information contained in this news release.
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.
Follow us on Facebook, Twitter and LinkedIn.
On behalf of the Board of Directors of American Lithium Corp.
“Alex Tsakumis”
Interim CEO
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 and results. Forward -looking statements are based on the current
opinions and expectations of management and are not, and cannot be, a guarantee of futur e 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 r isks, 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 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 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 dev elopment 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 wil l 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 difficul ties 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 t o 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 negat ively 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 id entified in the “Risk Factors” section of American Lithium’s Management’s
Discussion and Analysis filed on October 15 , 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 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 favorabl e 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.