Mr. Simon Clarke reports

AMERICAN LITHIUM FILES SEMI-DETAILED ENVIRONMENTAL IMPACT ASSESSMENT STUDY TO START FALCHANI MINE PERMITTING PROCESS AHEAD OF SCHEDULE

American Lithium Corp. has now completed and submitted the semi-detailed environmental impact assessment study (EIA-sd) for the Falchani lithium project in southern Peru to the Ministry of Energy and Mines (MINEM). The EIA-sd commenced in July, 2022, with SRK Peru leading the process and EDASI SAC providing environmental services, including detailed hydrological/hydrogeological studies at Falchani. The filing of the EIA-sd was achieved ahead of schedule. With the filing acknowledged by MINEM, regulatory approval for the EIA-sd is anticipated in the coming months. It is expected that the final EIA study, which will enable construction and production at Falchani, will be filed and approved following the completion of the prefeasibility study (PFS) and following submission and approval of detailed plans for mining and processing.

Highlights of EIA-sd:

• Provides a framework for approval of all major phases required to finalize the development of Falchani from mining reserve definition to completion of mine construction;
• A critical part of mine permitting in Peru and its approval should enable fast-tracking of full permits for building the mine, processing facilities and tailings disposal;
• Provides authority to drill up to 420 drill platforms across the Falchani project, with no additional drill permits required;
• Enables drilling of several additional strategic holes, building on the drilling done earlier this year under the hydrogeological permit, which is part of the EIA process;
• Completion of the final EIA study will follow conversion of measured and indicated resources to proven and probable reserves as part of the PFS and will enable the move to production at Falchani.

Simon Clarke, chief executive officer of American Lithium, states: "This is another major milestone for American Lithium. The EIA process was launched during the prior government at a difficult time for permitting in Peru and it is a testament to the hard work of our Peru team that we were able to advance the Falchani project in such a material way. I would also acknowledge the support of the new authorities in Peru in helping us fast-track this process with the common goal of seeing lithium production in the country as quickly as reasonably possible. With this approval, we will now be able to complete our PFS and move rapidly into the mine permitting process."

Qualified person

Ted O'Connor, PGeo, a director 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 enabling the shift to the new energy paradigm through the continued development of its strategically located TLC lithium project in the richly mineralized Esmeralda lithium district in Nevada, as well as continuing to advance its Falchani lithium and Macusani uranium development-stage projects 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 advancing well at TLC and Falchani.

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