Mr. Simon Clarke reports

AMERICAN LITHIUM ANNOUNCES FINANCIAL AND OPERATING HIGHLIGHTS FOR FIRST QUARTER ENDED MAY 31, 2023

American Lithium Corp. has provided financial and operating highlights for the first quarter ended May 31, 2023. Unless otherwise stated, all amounts presented are in Canadian dollars.

"We continue to see good progress on all fronts and delivered on several key milestones," stated Simon Clarke, chief executive officer of American Lithium. "We filed a robust maiden PEA at our wholly owned TLC lithium project in Nevada and that project has now moved into prefeasibility with DRA Global as lead engineer.

"In Peru, we continue to make good progress at our Falchani lithium project as it moves through prefeasibility and as we look to complete the environmental impact assessment launched in 2022 with SRK and the associated drill program, which postquarter-end has delivered the highest-grade lithium and cesium samples seen to date.

"We were also pleased to receive the first of three drill permits to commence development and discovery drilling at and around Falchani, enabling the commencement of drilling on some highly prospective targets at Quelcaya five to six kilometres west from Falchani."

Highlights of the quarter:

• Appointment of DRA Global: announced the appointment of DRA Global as lead engineer to co-ordinate completion of prefeasibility at Falchani;
• Filing of TLC PEA: announced the filing of the TLC PEA report and appointment of DRA Global as lead engineer for TLC prefeasibility;
• 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.

Subsequent events:

• Strategic investment: invested $5.38-million (Canadian) in Surge Battery Metals (9.7-per-cent interest) to the support development of the Northern Nevada claystone project;
• July 12: intersected high-grade lithium at Falchani -- reported highest grades of both lithium and cesium encountered at the project to date.

Selected financial data

The selected financial data in the attached table are summarized from the company's consolidated financial statements and related notes thereto for the first quarter ended May 31, 2023. Copies of the financial statements and MD&A (management's discussion and analysis) are available on the company's website and on SEDAR.

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.