Mr. Simon Clarke reports

FOLLOWING UNANIMOUS RULING FROM SUPERIOR COURT OF PERU CONFIRMING COMPANY'S TITLE TO 32 DISPUTED CONCESSIONS, INGEMMET AND MINEM PETITION THE SUPREME COURT IN A FINAL ATTEMPT TO REVERSE THE RULING

American Lithium Corp. has been notified that Ingemmet and Minem have filed petitions to the Supreme Court of Peru to assume jurisdiction in the proceedings relating to the title of 32 disputed concessions out of a total of 174 owned by the company's subsidiary, Macusani Yellowcake. If jurisdiction is established, Ingemmet and Minem will attempt to persuade the Supreme Court to overturn the recent Superior Court ruling in favour of Macusani.

Key facts:

• The Supreme Court normally only hears cases where the law is claimed to have been misapplied, where a mistrial has occurred or where a matter of national security is at stake.
• More than 75 per cent of petitions to the Supreme Court are rejected before being heard because they do not meet the required threshold and the Supreme Court does not assume jurisdiction.
• In this case:
  • All previous court hearings have been ruled in favour of the company, including a very strong recent ruling from the Superior Court;
  • The Superior Court unanimously rejected appeals filed by Ingemmet and Minem in the first instance and refuted all of their arguments;
  • The facts of this case are clear and the company has never lost title to these disputed concessions.
• The company believes there are no grounds for the Supreme Court to assume jurisdiction and these petitions should be rejected as soon as possible to mark the end of this case.
• The company will take all other appropriate actions necessary to protect its interests.
• This dispute relates to approximately 18 per cent of the company's total concessions on the Macusani Plateau and it will continue to aggressively develop its projects in any event.

Simon Clarke, chief executive officer of American Lithium, says: "Following recent work, Falchani is now the fourth-largest hard-rock lithium project globally and Macusani uranium is one of the largest preconstruction uranium projects in the world and both have potential for significant additional growth. Both projects position Peru to be a major global player in the production of critical minerals and products that are required to enable the transition to the new energy economy. This will bring significant economic and other benefits, not only to the company but also to the communities surrounding the projects, the Puno region and Peru as a whole.

"Against this backdrop, and given the government of Peru has recently and repeatedly stressed its desire to see lithium developed as quickly as possible as an industrial metal, this attempt to resurrect and prolong this unfounded case is both frustrating and counterintuitive and clearly runs contrary to public interest. The facts of the case are clear cut and this attempt by certain officials within Ingemmet and Minem to continue to try to cause confusion and delay and to try to use the institution of the Supreme Court for their own personal agendas is frankly disappointing. However, we remain highly confident that common sense and justice will prevail and that these petitions will be rejected for the benefit of all stakeholders."

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.