Mr. Simon Clarke reports

RECENT DRILLING AT TLC SIGNIFICANTLY EXPANDS HIGHER GRADE, NEAR SURFACE LITHIUM MINERALIZATION

American Lithium Corp. has released results from 14 stepout drill holes expanding the measured resource footprint at the Tonopah lithium project (TLC), located near the town of Tonopah, in Nevada. A total of 26 diamond core holes and 16 reverse circulation (RC) holes drilled in 2022 and 2023 will be added to the updated mineral resource block model and incorporated into an updated mineral resource estimate (MRE) on TLC.

The company also announces it has commenced early work which will be used to support mine permitting applications following the completion of the prefeasibility and associated study in H2 2024. It has appointed SRK Consulting (U.S.) Inc. of Elko, Nev., to co-ordinate the preparation of a mine plan of operations with the Bureau of Land Management. Additionally, the company has selected Nexus Environmental Consultants Inc. of Reno, Nev., to perform biological baseline studies in support of the mine plan of operations application.

TLC drilling highlights:

• Postresource drilling demonstrates continued expansion of TLC lithium deposit and continuity with significant intervals of claystone lithium (Li) mineralization greater than 1,000 parts per million Li at shallow depths;
• Extension of measured resource footprint in all directions;
• 73.1 metres averaging 1,148 ppm Li in TLC-2222C between 17.1 and 90.2 m down hole with up to 1,843 ppm Li over 1.5 m;
• 81.4 m averaging 1,135 ppm Li in TLC-2321C between 27.1 and 108.5 m down hole with up to 2,127 ppm Li over 1.5 m;
• 80.8 m averaging 1,090 ppm Li in TLC-2242 between three and 83.8 m down hole with up to 2,008 ppm Li over 1.5 m;
• Identification of additional shallow, high-grade lithium mineralization to the northeast should grow the MRE and positively impact project economics;
• Drill results will further refine the prefeasibility study mine plan;
• Data from all additional 42 drill holes have been sent to Stantec Consulting Inc. and will be incorporated into an updated MRE for the TLC project.

Simon Clarke, chief executive officer of American Lithium, states: "We continue to make excellent progress at TLC. Drill results from the remainder of our 2022 program and our expansion drilling in 2023 should add significantly to the very large existing measured and indicated resource. In addition, the thick, shallow, higher-grade sections added should further enhance robust project economics and will be reflected in an updated TLC mine plan in the PFS. Our confidence in the project continues to grow and we have now launched work with SRK and Nexus which will feed into and help us fast-track the mine permitting process following completion of the PFS is in 2024."

TLC select drill hole -- details

RC drill holes:

• TLC-2240, 2241 and 2242 as well as diamond drill holes TLC-2318C, 2320C, 2321C and 2333C were all drilled to the north of the existing measured resource footprint and extend the shallow, high-grade lithium mineralization approximately 850 m to the north. TLC-2333C marks the northernmost mineralized hole with greater than 1,000 ppm Li intersected over appreciable thicknesses.

Diamond drill holes:

• TLC-2222C was drilled in the west central resource area and essentially fills in a historic gap in the resource from 2000 era drilling that was not drilled deep enough.
• TLC-2228C was drilled in the central northwestern area to fill in a statistical gap in the measured resource footprint.
• TLC-2320C and 2221C were drilled to infill an existing gap in measured resource footprint in the south-central resource area.
• TLC-2218C and 2219C were drilled along the southeastern edge of the measured resource footprint to extend and confirm lithium mineralization.
• TLC-2213C was drilled on the eastern side of the project area, and extends the mineralized footprint with lower-grade, but above cut-off grade, Li mineralization, marking the east-central limit of the TLC deposit high-grade footprint.

Quality assurance, quality control and data verification

Two thousand twenty-two diamond drilling was conducted by First Drilling of Montrose, Colo., and 2023 diamond drilling was completed by IG Drilling of Spanish Fork, Utah, using large-diameter, PQ-size and HQ-size drilling entirely vertical holes. Drill core samples are nominally five feet (1.53 m) and are cut longitudinally, and one-half is cut a second time longitudinally with a diamond saw with one-quarter of the core placed in sealed bags and shipped to analytical laboratories.

Reverse circulation (RC) drilling is being conducted by Harris Exploration Drilling and Associates Inc. of Fallon, Nev., with 5.5-inch-diameter face-centred bit on vertical drill holes. Sampling was conducted using a riffle splitter or a cyclone splitter depending on the moisture content of the sampled material. Sampling was conducted over five-foot (1.52 m) intervals with individual samples placed in sealed bags and transported to the respective analytical labs.

Samples were shipped to either American Assay Laboratories (AAL) in Sparks, Nev., for sample preparation, processing using five-acid digest and inductively coupled plasma mass spectrometry multielement analysis. Pulps and rejects are returned and retained by the company. AAL is an ISO 9000 certified assay laboratory. The QA/QC program includes a comprehensive analytical quality assurance and quality control routine comprising the systematic use of company-inserted standards, blanks and field duplicate samples, 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 for the essentially flat-lying to gently dipping TLC host stratigraphy.

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 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.

We seek Safe Harbor.