Mr. Simon Clarke reports

AMERICAN LITHIUM SIGNIFICANTLY EXTENDS FALCHANI LITHIUM MINERALIZATION WITH ONGOING DRILLING - LATEST RESULTS UP TO 5,025 PPM LITHIUM AND 8,290 PPM CESIUM

American Lithium Corp. has provided assay results from four additional vertical diamond drill holes recently completed under the environmental impact assessment (EIA) drill program at the Falchani lithium project in Puno, southeastern Peru. The holes, in addition to drill holes announced July 12, 2023, were drilled under the 10-hole 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. The EIA hydrological study was approved by ANA.

Highlights:

• Drilling intersected long intervals of typical Falchani volcanic tuff as well as upper breccia material with lithium mineralization up to 5,025 parts per million and cesium grades up to 8,290 ppm;
• Drilling has significantly extended lithium mineralization 400 metres west of the previous resource boundary;
• Final EIA drill results to be incorporated into an updated resource report being prepared by Stantec Consulting Inc.;
• Groundwater has yet to be encountered in any holes.

Currently, piezometers have been installed in four of the holes to monitor water activity through the calendar year. On completion of water monitoring, a final detailed EIA report will be filed with the authorities in 2024. In the interim, most of the fieldwork to enable the issuance of a semi-detailed EIA report should be completed this fall. Such a filing would allow drilling across Falchani without the need for additional drill permits.

Simon Clarke, chief executive officer of American Lithium, stated: "We are excited to continue to intersect thick lithium mineralization to the west of the current Falchani resource footprint. The entire EIA drilling program, in addition to providing valuable and required hydrological data, looks to be significantly expanding the mineralization at Falchani. An updated mineral resource, likely to show increased resource confidence and resource size, is expected shortly."

EIA drill program and results:

• Drill hole Pz07-TV intersected mineralization over the entire hole with the upper zero to 95 metres averaging 2,345 ppm lithium (Li), 829 ppm cesium (Cs), 1,265 ppm rubidium (Rb) and 2.57 per cent potassium (K); see attached table on drill hole Pz07-TV results:
  • Substantial subinterval of more than 3,000 ppm Li intersected from surface to 42 m;
  • Maximum Li of 4,102 ppm Li over one m at 32 m downhole;
  • This drill hole is now the westernmost drill hole reported at Falchani and extends the drilled mineralization approximately 400 m farther west;
  • Mineralization remains open at depth below 160 m.
• Drill hole Pz10-TV intersected mineralization over the entire 160 m depth averaging 2,196 ppm Li, 713 ppm Cs, 1,126 ppm Rb and 2.63 per cent K from zero to 160 m downhole, ending in mineralization; see attached table on drill hole Pz10-TV results:
• • A 74 m drill interval from 21 to 95 m averaged 3,055 ppm Li, 577 ppm Cs, 1,217 ppm Rb and 2.64 per cent K;
  • Maximum Li of 5,025 ppm Li over one m at 86 m downhole;
  • Mineralization remains open at depth below 160 m.
• Drill hole Pz05-TV intersected mineralization over the entire 160 m depth averaging 1,683 ppm Li, 1,598 ppm Cs, 1,173 ppm Rb and 3.06 per cent K from surface, ending in mineralization; see attached table on drill hole Pz10-TV results:
  • High-grade Cs was intersected over a 46.2 m interval from 104 to 150.2 m averaging 4,710 ppm Cs, 1,277 ppm Li, 1,083 ppm Rb and 2.71 per cent K;
  • Maximum Li of 3,282 ppm over one m at 149.2 m downhole;
  • Maximum Cs of 8,290 ppm (0.83 per cent Cs) over one m at 111.3 m downhole;
  • Mineralization remains open at depth below 160.15 m.
• Drill hole Pz08-TV intersected mineralization from surface to 13 m averaging 2,486 ppm Li, 1,998 ppm Cs, 1,267 ppm Rb and 3.11 per cent K from zero to 13 m downhole; the remainder of the drill hole intersected subvolcanic rhyolitic intrusive rocks; see attached table on drill hole Pz08-TV results:
  • A lower interval within the subvolcanic rocks intersected 25 m averaging 1,094 ppm Li, 1,081 ppm Cs, 569 ppm Rb and 3.55 per cent K from 64 to 89 m;
  • Additional work is being done on this style of lithium mineralization as it makes up the basement rock of the main lithium-mineralized tuffs.
• Groundwater has yet to be encountered in any holes within the 160 m reporting drill depth; EDASI and the company have requested permission from ANA to drill deeper.

Hole Pz07-TV was drilled approximately 450 m west of platform 36 (Falchani West -- 2020 drilling), the westernmost holes from the 2020 resource drill program, expanding the mineralized footprint extensively. Thick Li, Cs and Rb mineralization was intersected in rhyolite tuff, structural-hydrothermal breccia and subvolcanic rhyolitic intrusive rocks directly at surface to 160 m downhole depth. In addition to expanding the Falchani mineralization an additional 200 m to the west of Pz04-TV (see July 12, 2023, news release) the drill hole ended in mineralization, confirming mineralization remains open at depth in this area.

Hole Pz10-TV was drilled approximately 50 m southwest of platform PCHAC-36 to investigate the water table in this strongly mineralized area. The hole intersected similar mineralization of Falchani tuff and lower brecciated units over the entire 160 m drill hole.

Hole Pz05-TV was drilled in the central valley in the central area of the Falchani resource footprint and provides another window into the thick (greater than 160 m) mineralization linking the western and eastern portions of the Falchani deposit. The intense brecciation in the lower portions of the drill hole hosts higher-grade Cs mineralization with lower Li content.

Hole Pz08-TV was drilled along the southwestern edge of the lithium mineralized outcrop area at Tres Hermanas. While only 13 m of Falchani-style mineralized brecciated tuff were intersected, the basement subvolcanic rhyolitic intrusive rocks encountered below do have highly anomalous Li content, and this appears to establish the southern limit of the interpreted Falchani caldera system.

Quality assurance/quality control and data verification

Diamond drilling is being conducted using company-owned drill rigs with local contract personnel. 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, and 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

Ted 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 the 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.