Mr. Simon Clarke reports

AMERICAN LITHIUM INTERSECTS HIGHEST GRADE LITHIUM AND CESIUM SAMPLES ENCOUNTERED TO DATE AT FALCHANI - UP TO 5,645 PPM LITHIUM AND UP TO 12,610 PPM CESIUM

American Lithium Corp. has provided details of assay results from three diamond drill holes recently drilled at the Falchani lithium project in Puno, southeastern Peru. These three holes were drilled under the 10-hole environmental impact assessment (EIA) hydrology drilling program launched at Falchani last fall as part of the EIA hydrology study designed by EDASI SAC and SRK Peru with fieldwork overseen by EDASI. This program has successfully demonstrated that there are no water table issues within proposed development areas across Falchani and the program has also enabled the drilling and analysis of core down to a depth of 120 metres (m). Once full results from this program are complete, all data and assays will be incorporated into an updated resource report on Falchani to be prepared by Stantec Consulting Inc.

Core logging and assay results from these three diamond holes intersected intervals of typical Falchani volcanic tuff, as well as large sections of breccias with highlights, including lithium up to 5,645 parts per million (ppm) and cesium (Cs) up to 1.22 per cent, the highest grades of both metals encountered to date from one-metre drill core interval samples at Falchani. These holes were drilled in key areas both within and outside the current Falchani resource footprint and will add additional information to the planned mineral resource estimate update with a focus on expanding the overall resource and reclassifying the existing resource. Full details of the results from these three holes are set out below.

EIA drill program and initial results:

• EIA diamond drill hole Pz04-TV (vertical) intersected lithium mineralization over the entire vertical drill hole; 0-120 m averaged 2,186 ppm lithium; 841 ppm Cs; 1,215 ppm rubidium (Rb); and 2.62 per cent potassium (K):
  • Several substantial subintervals of over 3,000 ppm Li intersected;
  • Maximum Li of 5,645 ppm Li over one m at 54 m downhole;
  • This drill hole is the westernmost drill hole reported at Falchani and extends the drilled mineralization approximately 250 m further west. Mineralization remains open at depth (over 120 m).
• EIA diamond drill hole Pz03-TV (vertical) intersected the strongest cesium mineralization to date with associated moderate lithium mineralization over the upper 63 m downhole averaging 1,428 ppm Li; 4,770 ppm Cs; 1,188 ppm Rb; and 2.67 per cent K:
  • The upper interval (zero to 23 m) is richer in Li with the lower interval (23 to 63 m) much richer in Cs, including the highest one-metre Cs interval sample encountered at Falchani of 12,160 ppm Cs (1.2 per cent Cs);
  • Cs mineralization is associated with more intense brecciation and hydrothermal overprint observed in this hole, drilled from within the natural valley separating the east and western parts of the Falchani resource. This hole establishes the deposit thickness/bottom within the valley.
• EIA diamond drill hole Pz06-TV (vertical) intersected typical Falchani tuff over the entire 86 m drilled and analyzed to date averaging 2,739 ppm Li; 338 ppm Cs; 1,292 ppm Rb; and 2.87 per cent K; drilling at this location continues in Li mineralization.
• Groundwater has yet to be encountered in any holes within the 120-metre reporting drill depth, so EDASI and the company are requesting permission from ANA, the National Water Authority, to drill deeper:
  • 10 diamond drill holes were approved for EIA drilling, including installation of downhole piezometers to monitor water table and local groundwater parameters where water is encountered;
  • Every five m EDASI collects drill hole wall-rock measurements of moisture content, water and more, resulting in very slow drill advancement but essential data and information for feasibility study;
  • Drill core chemical analysis is required under the EIA and reporting mineralization is allowed;
  • EIA program is close to completion and additional results will be reported when available.

Simon Clarke, chief executive officer of American Lithium, states: "We are excited to have intersected thick, high-grade lithium mineralization west of the current Falchani resource footprint, which should allow for resource expansion. The strong cesium and lithium mineralization encountered in the central valley bisecting Falchani is also very interesting from a strategic perspective with higher than previously recorded cesium grades. The entire EIA program will provide valuable additional data to the existing drill results from Falchani.

"We are also very pleased to be back working constructively and successfully in Peru. We received the first new permits for the new Quelcaya targets several weeks ago and have also launched a new drill program on some of our best targets across the Macusani Plateau. We anticipate receiving our next drill permits for additional infill and expansion drilling at both the Falchani deposit and the Macusani uranium project shortly. Expanding and reclassifying the resource is a key piece of the updated PEA we are targeting for the end of Q3."

Hole Pz04-TV was drilled approximately 250 m west of Platform 36 (Falchani West -- 2020 drilling), the westernmost holes from the 2020 resource drill program. Thick Li, Cs and Rb mineralization was intersected in rhyolite tuff, structural-hydrothermal breccia and subvolcanic rhyolitic intrusive rocks directly at surface to 120 m downhole depth. This expands the Falchani mineralization to the west, where the deposit remains open. The drill hole ended in mineralization and remains open at depth at this location.

Hole Pz03-TV was drilled in the northern portion of the intervening erosional valley that essentially bisects the Falchani deposit into eastern and western sides. It was collared 300 m southwest of Platform 25 (Falchani East -- 2020 drilling) and 450 m northeast of Platform 14 (Falchani West -- 2020 drilling). This drill hole intersected 63 m of Li, Cs and Rb mineralization in intensely brecciated rhyolite tuff lithologies, including the strongest Cs mineralization to date on the project (one-metre interval over 1.2 per cent Cs at 34 m downhole). This establishes the base of mineralization definitively at this location where previously resource modellers interpreted it as much thinner, due to lack of previous drilling. The remainder of the drill hole from 63 m to 115 m intersected older porphyritic rhyolite flow units with much lower Li, Cs and Rb contents.

Hole Pz06-TV was drilled approximately 100 m east of Platform 13 (Falchani West -- 2020 drilling) toward the intervening valley and has intersected typical Falchani tuff mineralization over the entire drilled and reported thickness of 86 m. This drill hole encountered adverse ground conditions and had to be abandoned while still in mineralization. The hole was subsequently restarted from surface and drilling continues in mineralized tuff units.

Quality assurance, quality control and data verification

Diamond drilling is being conducted using company-owned drill rigs with local contract staff. Drill core samples are cut longitudinally with a diamond saw with one-half of the core placed in sealed bags and shipped to Certimin's sample analytical laboratory in Lima for sample preparation, processing and ICP-MS/OES multielement analysis. Certimin is an ISO 9000 certified assay laboratory. The company's qualified person for the drill program, Ted O'Connor, has verified the data disclosed, including drill core, sampling and analytical data in the field and laboratory. The program is designed to include a comprehensive analytical quality assurance and control routine comprising the systematic use of company inserted standards, blanks and field duplicate samples, internal laboratory standards, and has also included check analyses at other accredited laboratories. Downhole thicknesses for vertical drill holes are considered accurate true thickness intersections.

Qualified person

Mr. O'Connor, PGeo, executive vice-president of American Lithium and a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the scientific and technical information contained in this news release.

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.

We seek Safe Harbor.