Mr. Simon Clarke reports

AMERICAN LITHIUM ANNOUNCES FINANCIAL HIGHLIGHTS FOR YEAR ENDED FEBRUARY 28, 2023 AND OPERATING HIGHLIGHTS FOR THE QUARTER

American Lithium Corp. has provided financial highlights for the fiscal year ended Feb. 28, 2023, and operating highlights from the quarter ended Feb. 28, 2023. Unless otherwise stated, all amounts presented are in Canadian dollars.

"This was indeed a very active quarter delivering on several key milestones, corporately and on the ground in Nevada and Peru," stated Simon Clarke, chief executive officer of American Lithium. "A new updated mineral resource estimate set the foundation for completion of a highly robust maiden PEA at our wholly owned TLC lithium project in Nevada and that project has now moved into prefeasibility. In Peru, we continue to make good progress on our Falchani lithium project as it moves through prefeasibility and as we look to complete the environmental impact assessment launched in 2022 with SRK. We were also very pleased to commence trading on the Nasdaq exchange in January and as previously announced continue to advance the spinout of our Macusani uranium project."

During the quarter:

• Mineral resource estimate at TLC -- reported significant increase in lithium resources at TLC: measured resources increased 25 per cent and indicated resources increased 129 per cent.
• Reporting of preliminary economic assessment -- announced the results of a robust PEA at TLC with base case after-tax net present value (8 per cent) of $3.26-billion (U.S.) and after-tax internal rate of return of 27.5 per cent.
• Macusani spinout -- announced intention to spin out its Macusani uranium project in Peru into an independent public company for the benefit of shareholders of record.
• Nasdaq listing -- commenced trading on Nasdaq Capital Markets under the symbol AMLI in January, 2023.
• Royalty buyback -- announced buyback of the remaining 1-per-cent royalty at TLC lithium project which is now 100 per cent owned by the company.
• Test work results at TLC -- confirmed 99.4 per cent purity lithium carbonate precipitation after 97.7 per cent lithium leach extraction and overall lithium recovery of 88.1 per cent at TLC lithium project.

Subsequent events:

• Strategic investment -- arranged a $7.16-million strategic investment in Surge Battery Metals after which American Lithium is expected to own approximately 9.9 per cent of the company's issued and outstanding common shares on an undiluted basis.
• Drill permit received in Peru -- first of three drill permits received to commence additional development and discovery drilling at and around the Falchani lithium project in Peru, a major development for the company.
• DRA Global -- appointed as lead engineer to fast-track completion of the prefeasibility study on Falchani, including updating existing PEA, and to launch prefeasibility study on TLC.
• National Instrument 43-101 technical report -- PEA filed for TLC lithium project.

Selected financial data

The selected financial data herein are summarized from the company's consolidated financial statements and related notes thereto for the fiscal year ended Feb. 28, 2023. Copies of the financial statements and management discussion and analysis are available on American Lithium's website or on SEDAR.

Market awareness program

The company also announces that it has engaged Native Ads Inc. to provide digital media services, marketing and data analytics services to the company, in consideration for an initial cash payment of $50,000 (U.S.). Services will be provided over a six-month period ending Nov. 30, 2023. Native Ads is a full-service advertising agency that owns and operates a proprietary ad exchange with over 80 integrated supply side platforms resulting in access to three billion to seven billion daily North American ad impressions. The company is at arm's length from Native Ads, and neither Native Ads nor any of its directors and officers own any securities of the company.

About American Lithium Corp.

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 the continued development 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 hard-rock lithium project and Macusani uranium project 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. Prefeasibility is well advanced at Falchani and has commenced at TLC.

We seek Safe Harbor.