Mr. Simon Clarke reports

AMERICAN LITHIUM ANNOUNCES FINANCIAL AND OPERATING HIGHLIGHTS FOR SECOND QUARTER ENDED AUGUST 31, 2023

American Lithium Corp. has provided financial and operating highlights for the second quarter ended Aug. 31, 2023.

"We continue to make progress across all projects," stated Simon Clarke, chief executive officer of American Lithium. "In Nevada, we enhanced our claystone profile with a strategic investment in Surge Battery Metals and continued flow sheet improvements at TLC as we move through our prefeasibility work.

"In Peru, we are excited about high-grade drill results at Falchani as we continue to advance the project, as well as a new discovery at Quelcaya, which establishes the potential of a large-scale lithium district."

Highlights of the quarter:

• Strategic investment: invested $5.36-million for a 9.7-per-cent interest in Surge Battery Metals to support the development of the Northern Nevada claystone project;
• Intersected high-grade lithium at Falchani, extending known mineralization: reported highest grades of both lithium and cesium encountered at the project to date -- up to 5,465 parts per million lithium and up to 12,610 ppm cesium;
• Macusani spinout deferral: announced decision to continue to advance the Macusani uranium project within American Lithium;
• Maiden environmental, social and governance report: published maiden environmental, social and governance report for the fiscal period of March 1, 2022, to February, 2023.

Subsequent events:

• Flow sheet refinement: continued refinement of TLC preliminary economic assessment flow sheet with higher lithium purity indicating enhanced economic potential of this project;
• Lithium discovery at Quelcaya in Peru: new lithium discovery six kilometres west of Falchani with assays up to 2,668 ppm lithium and over 222 metres of continuous mineralization.

Selected financial data

The attached selected financial data are summarized from the company's consolidated financial statements and related notes thereto for the second quarter ended Aug. 31, 2023. Copies of the financial statements and management's discussion and analysis are available at the American Lithium website or on SEDAR+.

About American Lithium Corp.

American Lithium is actively engaged in the development of large-scale lithium projects within mining-friendly jurisdictions in 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 hardrock lithium project and its Macusani uranium project in southeastern Peru. All three projects, TLC, Falchani and Macusani, have been through robust preliminary economic assessments, exhibit strong expansion potential and enjoy strong community support. Prefeasibility work is well advanced at Falchani and has commenced at TLC.

We seek Safe Harbor.