Mr. Simon Clarke reports

AMERICAN LITHIUM COMPLETES STRATEGIC INVESTMENT IN SURGE BATTERY METALS

American Lithium Corp. has completed its strategic investment in Surge Battery Metals Inc. The investment of $5.36-million represents the full commitment from American Lithium and is the cornerstone investment in the recently announced Surge private placement. American Lithium now holds approximately 9.7 per cent of the total issued and outstanding shares of Surge.

In connection with the investment, American Lithium has been issued 13.4 million units of Surge at a price of 40 cents per unit, with each unit being composed of one common share and one share purchase warrant. Each warrant is exercisable for a period of three years from the date of issuance at a price of 55 cents per share. The securities comprising the units and any shares underlying the warrants may not be sold until Oct. 10, 2023 (being four months and a day from their issuance).

As part of its investment, American Lithium has the right to elect a director to the Surge board of directors, and has elected Ted O'Connor, its executive vice-president, to represent the company and he has been appointed with immediate effect. The company has also entered into an advisory agreement with Surge, pursuant to which it will provide technical advice to Surge in relation to the continuing exploration and development of the Nevada North lithium project, and will be provided all relevant data.

Simon Clarke, chief executive officer of the company, commented: "We are very pleased with this investment which will enable the continued exploration and development of the Nevada North lithium project, a claystone project which we believe is highly prospective, with the potential to be a large-scale, high-grade deposit. Our team has over six years of claystone experience successfully discovering, derisking and developing the TLC project, and this investment further reinforces our position as a leader in claystone development in Nevada. We believe that the potential of the higher quality Nevada claystone projects to provide near-term, high-purity lithium products, without the need for refining/upgrading overseas, positions them as a key source of truly secure domestic supply, unlike many other sources of lithium across North America."

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 work is well advanced at Falchani and has commenced at TLC.

We seek Safe Harbor.