Mr. Simon Clarke reports

AMERICAN LITHIUM MAKES NEW LITHIUM DISCOVERY 6 KM WEST OF FALCHANI, ASSAYS UP TO 2,668 PPM LITHIUM AND OVER 222 METRES OF MINERALIZATION - LARGE LITHIUM DISTRICT EMERGING

American Lithium Corp. has made a new lithium discovery from the initial drill hole completed at one of the key discovery targets previously identified from 2021 fieldwork conducted near the community of Quelcaya. Further holes have been drilled near this discovery with identical geology to the discovery hole and full assays expected shortly.

The Quelcaya exploration project comprises three areas of mapped surface lithium mineralization located 5.5 to 11 kilometres west of the company's Falchani lithium deposit near the village of Quelcaya in Puno, southeastern Peru. Quelcaya was the first of three exploration drilling permits submitted by the company, which was granted by the Peruvian Ministry of Energy and Mines (MINEM) in May, 2023. Drilling continues in and around Quelcaya with six drill hole platforms planned in total, each with multiple holes.

Highlights:

• Large lithium district emerging on west side of Macusani Plateau;
• Large-scale lithium mineralized zone 222.5 metres thick, averaging 1,560 parts per million Li at 119.1 m down hole; maximum one m interval sample with up to 2,668 ppm Li at 335 m;
• Cesium grades typically higher than average cesium grades in the main lithium-bearing mineralization at Falchani with similar potassium grades;
• Different style of mineralization from Falchani with significant potential for preconcentration; initial metallurgical work highlights potential to increase head grade through standard techniques;
• Further metallurgical work on preconcentration and leachability continues.

Simon Clarke, chief executive officer of American Lithium, states: "We are very excited with this discovery drill hole at Quelcaya. The lithium mineralization is in rocks that are texturally and geologically distinct from the Falchani tuff mineralization, but are obviously related to the same eight-million-year-old volcanic activity responsible for Falchani. The potential scale of this area of lithium mineralization is very large given the thickness seen in the discovery hole. The potential to preconcentrate the lithium in this style of mineralization is also very encouraging as we start to analyze the leachability and economic potential. This discovery also validates our thesis that the Macusani Plateau hosts more than just the Falchani lithium deposit and has the potential to become a major lithium district, which we control."

Q26-TV Quelcaya discovery hole:

• Platform Q26 drill hole Q26-TV (vertical), the first hole drilled on the three lithium anomalies comprising the Quelcaya area, intersected a long interval of lithium mineralization in subvolcanic to aplitic, fine-grained peraluminous intrusive granitic rocks, under barren, to weakly mineralized rhyolitic cover rocks.
• Aplitic microgranite was intersected from 119.1 m to 341.6 m (222.5 m true thickness). This interval averages 1,560 ppm lithium, 643 ppm cesium, 1,049 ppm rubidium and 3.32 per cent potassium with maximum one m interval sample of 2,668 ppm Li at 335 m.
• The crystalline nature of this new lithium-rich granitoid indicates that non-lithium-bearing phases, notably quartz and alkali feldspars, should be able to be eliminated through preconcentration/floatation work and lab trials are continuing.
• Leaching test work will be initiated on the whole rock samples, as well as any upgraded material to assess the amenability to the Falchani sulphuric acid flow sheet conditions.
• An interesting eight m interval (at 61 to 69 m) of cesium-rich mineralization was intersected in the overlying rhyolitic cover rocks averaging 1,686 ppm Cs, but with depleted Li (447 ppm), Rb (411 ppm) and severely depleted K (1.44 per cent); this is unusual as the rhyolite cover rocks do not usually contain highly anomalous Cs and are generally fairly homogeneous in all major and trace elements.
• From 341.6 m to 414.6 m (end of hole) coarser-grained alkaline intrusive rocks interpreted to be quartz monzo-diorite to grano-diorite were intersected. This interval averages very low Li (130 ppm), Cs (270 ppm) and Rb (403 ppm) but increased K (4.2 per cent). This rock is of unknown age but is interpreted to be much older basement rocks to the overlying eight-million-year-old and younger Macusani-Falchani volcanic-subvolcanic rocks.

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 inductively coupled plasma mass spectrometry/optical emission spectroscopy 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 quality 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

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. 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.