Following Unanimous Ruling from Superior Court of Peru Confirming Company’s Title to 32 Disputed Concessions, INGEMMET and MINEM Petition the Supreme Court in a Final Attempt to Reverse the Ruling
Following Unanimous Ruling from Superior Court of Peru Confirming
Company’s Title to 32 Disputed Concessions, INGEMMET and MINEM Petition
the Supreme Court in a Final Attempt to Reverse the Ruling
VANCOUVER, British Columbia, Dec. 29, 2023 -- American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI |
Nasdaq:AMLI | Frankfurt:5LA1) announces that it has been notified that INGEMMET and MINEM have filed petitions to the
Supreme Court of Peru to assume jurisdiction in the proceedings relating to the title of 32 disputed concessions out of a total
of 174 owned by the Company's subsidiary, Macusani Yellowcake (“Macusani”). If jurisdiction is established, INGEMMET and
MINEM will attempt to persuade the Supreme Court to overturn the recent Superior Court ruling in favor of Macusani.
Key facts:
• The Supreme Court normally only hears cases where the law is claimed to have been misapplied, where a mistrial has
occurred or where a matter of national security is at stake;
• More than 75% of petitions to the Supreme Court are rejected before being heard because they do not meet the
required threshold and the Supreme Court does not assume jurisdiction;
• In this case:
A. All previous court hearings have been ruled in favor of the Company, including a very strong recent ruling from the
Superior Court;
B. The Superior Court unanimously rejected appeals filed by INGEMMET and MINEM in the first instance and
refuted all of their arguments;
C. The facts of this case are clear and the Company has never lost title to these “disputed” concessions.
• The Company believes there are no grounds for the Supreme Court to assume jurisdiction and these petitions should be
rejected as soon as possible to mark the end of this case;
• The Company will take all other appropriate actions necessary to protect its interests; and
• This dispute relates to approx. 18% of the Company’s total concessions on the Macusani Plateau and it will continue
to aggressively develop its projects in any event.
Simon Clarke, CEO of American Lithium, says: “Following recent work, Falchani is now the 4th largest hard-rock lithium
project globally and Macusani uranium is one of the largest pre-construction uranium projects in the world and both have
potential for significant additional growth. Both projects position Peru to be a major global player in the production of critical
minerals and products that are required to enable the transition to the new energy economy. This will bring significant
economic and other benefits, not only to the Company but also to the communities surrounding the projects, the Puno region
and Peru as a whole.
Against this backdrop and given the Government of Peru has recently and repeatedly stressed its desire to see lithium
developed as quickly as possible as an industrial metal, this attempt to resurrect and prolong this unfounded case is both
frustrating and counter intuitive and clearly runs contrary to public interest. The facts of the case are clear cut and this attempt
by certain officials within INGEMMET and MINEM to continue to try to cause confusion and delay and to try to use the
institution of the Supreme Court for their own personal agendas is frankly disappointing. However, we remain highly confident
that common sense and justice will prevail and that these petitions will be rejected for the benefit of all stakeholders.”
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 enabling the shift to the new energy paradigm through the
continued development of its strategically located TLC lithium project (“TLC”) in the richly mineralized Esmeralda lithium
district in Nevada, as well as continuing to advance its Falchani lithium (“Falchani”) and Macusani uranium (“Macusani”)
development-stage projects 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 is advancing well TLC and Falchani.
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.
“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 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 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 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 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 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 October 16, 2023, 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.