LI.V · 2021-11-02 12:00:00

Peruvian Judicial ruling confirms Company’s title to all 32 disputed Concessions

Legal & Disputes

VANCOUVER, BRITISH COLUMBIA, November 2, 2021 – American Lithium Corp. (“American Lithium” or

the “Company”) (TSX-V:LI | OTCQB:LIACF | Frankfurt:5LA1) has been made aware that the judicial ruling

in relation to title to the 32 disputed concessions on the Falchani and Macusani projects in Peru has been

issued in favour of Macusani Yellowcake S.A.C., the Company’s Peruvian subsidiary. The ruling restores

full title to these concessions. The presiding judge’s decision was announced in Court SALA 6, and issued

digitally on the afternoon of November 2 , 2021 (see Link to Spanish Ruling: https://cdn-ceo-

ca.s3.amazonaws.com/1go377l-10759_sentencia.pdf).

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.

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 conta ins 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 statem ents. Forward -looking statements in this news release

include, but are not limited to, statements regarding the ability of INGEMMET or MINEM 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",

"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 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 a nd 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 could impact American Lithium’s ability to maintain the continuity

of its business operating requirem ents, 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 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; risk s 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 Discussion 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 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 151 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 obta ining 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, rights and validity of those 17 concess ions 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, 20 21 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

published on November 2, 2021, represents the final stage of the current judicial process. However, this ruling may

be appealed by INGEMMET or MINEM within five business days. American Lithium has no assurance that an appeal

is, or is not, forthcoming, nor the potential outcome of such appeals .

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