Company Receives Official Peruvian Judicial Ruling Confirming Title to Disputed Concessions - Five-day appeal process triggered

Company Receives Official Peruvian Judicial Ruling Confirming Title to Disputed

Concessions - Five-day appeal process triggered

VANCOUVER, BRITISH COLUMBIA, November 16, 2021 – American Lithium Corp. (“American Lithium” or

the “Company ”) (TSX-V:LI | OTCQB: LIACF | Frankfurt:5LA1 ) was officially notified, early evening on

November 15, 2021, of the judicial ruling issued in favour of Macusani Yellowcake S.A.C., the Company’s

Peruvian subsidiary, in relation to title over 32 disputed concessions out of its 151 concessions in Peru.

The Company notes that this notification confirms the judgement previously reported to the Compan y,

and previously announced, and marks the start of a five working day process during which appeals may

be lodged by relevant parties.

American Lithium has obtained information, yet to be officially verified, that the judgement will be

appealed by the regulatory authorities (typically the case in these proceedings) but has not yet received

details or official confirmation. The Company will provide further updates once information has been

received through official notification.

As released by th e Company on November 3, 2021, the presiding judge’s strong and definitive decision

restoring the Company’s ownership title over the 32 concessions disputed by INGEMMET was announced

in Court SALA 6, and issued digitally on the afternoon of November 2, 2021 (Link to: Spanish Ruling here).

The Company has obtained a Certified English Translation of the judicial resolution, which is provided

through here (Link to: Certified English translation).

Simon Clarke, CEO of American Lithium, stated “Official receipt of the judicial ruling confirming title to our

32 disputed concessions represents an excellent outcome for the Company and is the right decision

following the lengthy judicial pr ocess, further delayed by the COVID pandemic. It is typical for Peruvian

regulators to appeal judicial decisions as a matter of course, however, the strength of the presiding judge’s

arguments supporting our maintained ownership to the disputed concessions gives us great comfort that

any appeal will be unsuccessful. We look forward to pushing ahead with our in -depth plans for further

development and exploration at both the Falchani Lithium and Macusani Uranium projects.”

About American Lithium

American Lithium , a member of the TSX 50, is actively engaged in the acquisition, exploration and

development of 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

exploration and develop ment 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 projects in southeastern Peru. Both Falchani and Macusani have been

through preliminary economic assessments, exhibit strong additional exploration potential and are

situated near significant infrastructure.

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

For further information, please contact:

American Lithium Corp.

Email: [email protected]

Website: www.americanlithiumcorp.com

Neither 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, 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", "estima te", "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 informati on 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 uncertai n 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 uncertainties 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 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 c ould 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; risks regarding the ongoing Ontario Securities Commission regulatory proceedings; 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 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 di sputes (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 ope rations; 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 r egulation 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, 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 “Risks and Uncertainties” section

of Plateau’s Management’s Di scussion and Analysis filed on January 19, 2021, in the “Risk Factors” section of

American Lithium’s Management’s Discussion and Analysis filed on January 29, 2021, and in recent securities filings

available at www.sedar.com. Actual events or results may d iffer 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 151 concessions held by American Lithium’s

subsidiary Macusani, are currently subject to Administrative and Judicial processes (together, the “Processes”) in Peru

to overtu rn 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 Pre cautionary Measure (Medida Cautelar) has

restored the title, rights 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 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 represents the

final stage of the current judicial process. However, this ruling may be appealed within five business days. American

Lithium has no assurance that an appeal is, or is not, forthcoming, nor the potential outcome of such appeals .